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)

655 9^th Street, Des Moines, IA 50392-2080
(Address of principal executive offices)

Principal Management Corporation, 655 9^th Street, 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:	October 31, 2016
Date of reporting period:	January 31, 2016

ITEM 1 – SCHEDULE OF INVESTMENTS

Schedule of Investments
California Municipal Fund
January 31, 2016 (unaudited)
		Principal					Principal
MUNICIPAL BONDS - 99.14%		Amount (000's)     Value (000's)			MUNICIPAL BONDS (continued)		Amount (000's)  Value (000's)
California - 97.59%					California (continued)
Abag Finance Authority for Nonprofit Corps					California Statewide Financing Authority
5.00%, 08/01/2043	$	1,500	$	1,714	6.00%, 05/01/2043	$	2,050	$	2,082
Alameda Community Improvement					6.00%, 05/01/2043		1,550		1,576
Commission Successor Agency (credit					Carson Redevelopment Agency Successor
support from BAM)					Agency (credit support from NATL)
5.00%, 09/01/2031(a)		1,000		1,176	5.50%, 10/01/2016(a)		1,000		1,033
Alameda Unified School District-Alameda					City of Alhambra CA (credit support from
County/CA					NATL)
5.00%, 08/01/2032		1,795		2,174	6.13%, 09/02/2018(a)		1,715		1,722
Alum Rock Union Elementary School					City of Bakersfield CA Wastewater
District					Revenue (credit support from AGM)
5.25%, 08/01/2043		1,000		1,168	5.00%, 09/15/2032(a)		2,000		2,145
Anaheim Public Financing Authority					City of Compton CA
5.25%, 10/01/2034		1,000		1,119	2.20%, 06/01/2016		1,000		1,000
Association of Bay Area Governments (credit					City of Compton CA Water Revenue
support from XLCA)					6.00%, 08/01/2039		1,250		1,336
5.25%, 09/01/2029(a)		130		130	City of Irvine CA
Baldwin Park Financing Authority					5.00%, 09/01/2049		1,000		1,111
4.63%, 08/01/2016		395		401	City of Long Beach CA Harbor Revenue
Bay Area Toll Authority					5.00%, 05/15/2036		1,000		1,198
5.13%, 04/01/2039		3,000		3,401	City of Los Angeles Department of Airports
California Educational Facilities Authority					5.00%, 05/15/2036		1,500		1,742
5.00%, 12/29/2015(b)		3,642		4,078	5.13%, 05/15/2033		1,230		1,353
5.00%, 10/01/2036		1,000		1,207	City of Riverside CA Sewer Revenue
5.00%, 01/01/2038(b)		1,379		1,477	5.00%, 08/01/2040		4,000		4,638
5.00%, 10/01/2038(b)		900		997	City of San Francisco CA Public Utilities
5.00%, 10/01/2045		1,000		1,173	Commission Water Revenue
5.25%, 10/01/2039(b)		6,500		7,254	5.00%, 11/01/2036		2,010		2,355
5.38%, 04/01/2034		1,000		1,139	City of Torrance CA
California Health Facilities Financing					6.00%, 06/01/2022		1,000		1,015
Authority					City of Turlock CA
5.00%, 11/15/2031		1,100		1,356	5.13%, 10/15/2031		1,000		1,077
5.00%, 02/01/2035		2,000		2,295	5.13%, 10/15/2037		1,000		1,077
5.00%, 11/15/2046(c)		6,000		6,974	City of Vernon CA Electric System Revenue
5.75%, 09/01/2039		2,000		2,286	5.13%, 08/01/2021		515		566
6.00%, 07/01/2039		2,000		2,299	5.13%, 08/01/2021		1,485		1,650
6.50%, 10/01/2038		15		17	Coachella Valley Unified School
6.50%, 10/01/2038		985		1,132	District/CA (credit support from AGM)
California Infrastructure & Economic					0.00%, 08/01/2039(a),(e)		7,800		3,082
Development Bank (credit support from					Dinuba Financing Authority
NATL ST INTERCEPT)					5.38%, 09/01/2038		1,000		1,016
5.00%, 08/15/2018(a)		500		502	Dinuba Redevelopment Agency (credit
California Pollution Control Financing					support from BAM)
Authority					5.00%, 09/01/2033(a)		2,000		2,317
4.30%, 07/01/2040		1,500		1,561	East Bay Municipal Utility District Water
5.00%, 07/01/2030(d)		2,000		2,231	System Revenue
5.00%, 07/01/2037(d)		4,000		4,386	5.00%, 06/01/2036		1,000		1,147
California School Finance Authority					El Monte Union High School District (credit
5.00%, 07/01/2035(d)		1,925		2,118	support from AGC)
California State Public Works Board					5.50%, 06/01/2034(a)		2,000		2,253
5.00%, 11/01/2037		1,375		1,590	Escondido Union High School District
5.00%, 10/01/2039		4,500		5,231	0.00%, 08/01/2041(e)		1,000		366
California State University					Fontana Redevelopment Agency (credit
5.25%, 11/01/2038		2,000		2,264	support from NATL)
California State University (credit support					5.20%, 09/01/2030(a)		1,000		1,002
from AGM)					Foothill-De Anza Community College
5.00%, 11/01/2039(a)		1,000		1,087	District
California Statewide Communities					5.00%, 08/01/2040		1,500		1,740
Development Authority					Golden State Tobacco Securitization Corp
5.00%, 10/01/2028		1,875		2,158	4.50%, 06/01/2027		5,565		5,579
5.00%, 03/01/2029		1,500		1,839	5.00%, 06/01/2045		5,500		6,274
5.00%, 02/01/2030		2,000		2,283	5.75%, 06/01/2047		5,800		5,539
5.25%, 12/01/2034		3,500		3,897	Indio Redevelopment Agency
7.25%, 11/15/2041(d)		1,500		1,750	5.63%, 08/15/2035		1,355		1,493
California Statewide Communities					Inland Valley Development Agency
Development Authority (credit support from					5.25%, 09/01/2037		1,000		1,147
CA MTG INS)					La Verne Public Financing Authority
6.25%, 08/15/2028(a)		2,250		2,561	7.25%, 09/01/2026		800		802
California Statewide Communities					Lancaster Redevelopment Agency Successor
Development Authority (credit support from					Agency
FHA INS)					6.88%, 08/01/2039		545		657
6.25%, 08/01/2024(a)		800		949	6.88%, 08/01/2039		455		523

See accompanying notes

1

Schedule of Investments
California Municipal Fund
January 31, 2016 (unaudited)
		Principal					Principal
MUNICIPAL BONDS (continued)		Amount (000's)     Value (000's)			MUNICIPAL BONDS (continued)		Amount (000's) Value (000's)
California (continued)					California (continued)
Los Angeles County Public Works Financing					Riverside County Transportation
Authority					Commission
5.00%, 08/01/2042	$	1,400	$	1,612	5.00%, 06/01/2032	$	1,500	$	1,723
Los Angeles County Sanitation Districts					Rocklin Unified School District (credit
Financing Authority					support from NATL)
5.00%, 10/01/2035		4,500		5,388	0.00%, 08/01/2019(a),(e)		1,360		1,155
Los Angeles Department of Water					0.00%, 08/01/2020(a),(e)		1,415		1,139
5.38%, 07/01/2038		1,000		1,119	0.00%, 08/01/2023(a),(e)		1,225		839
Los Angeles Unified School District/CA					Salinas Valley Solid Waste Authority (credit
5.00%, 07/01/2029		2,000		2,266	support from AGM)
Los Angeles Unified School					5.50%, 08/01/2031(a)		1,500		1,782
District/CA (credit support from AGM)					San Bernardino County Redevelopment
5.00%, 07/01/2032(a)		1,000		1,057	Agency Successor Agency (credit support
Marin Healthcare District					from AGC)
5.00%, 08/01/2034		1,000		1,204	5.00%, 09/01/2018(a)		1,565		1,571
Merced Union High School District					San Diego Community College District
0.00%, 08/01/2032(e)		3,380		1,870	5.25%, 08/01/2033(b)		1,950		2,232
Morongo Band of Mission Indians/The					San Diego Public Facilities Financing
6.50%, 03/01/2028(d)		1,000		1,096	Authority Water Revenue
Needles Public Utility Authority					5.38%, 08/01/2034		2,000		2,284
6.50%, 02/01/2022		2,130		2,131	San Diego Redevelopment Agency Successor
Norco Community Redevelopment Agency					Agency
Successor Agency (credit support from BAM)					6.40%, 09/01/2019		1,000		1,004
5.00%, 03/01/2032(a)		1,000		1,157	San Francisco Bay Area Rapid Transit
Norco Financing Authority (credit support					District
from AGM)					5.00%, 07/01/2028		1,755		2,031
5.63%, 10/01/2034(a)		1,000		1,132	San Francisco City & County Airport Comm-
Northern Inyo County Local Hospital District					San Francisco International Airport
5.00%, 12/01/2029		1,010		1,053	5.00%, 05/01/2030(c)		325		403
Oakland Unified School District/Alameda					5.00%, 05/01/2031(c)		1,000		1,233
County					San Francisco City & County Redevelopment
5.00%, 08/01/2040		3,400		3,836	Agency
Ontario Redevelopment Financing					5.00%, 08/01/2044		1,500		1,621
Authority (credit support from AMBAC)					6.50%, 08/01/2039		1,000		1,147
5.50%, 08/01/2016(a)		1,055		1,060	San Joaquin Hills Transportation Corridor
Ontario Redevelopment Financing					Agency
Authority (credit support from NATL)					5.00%, 01/15/2034		2,500		2,788
5.25%, 08/01/2016(a)		1,060		1,064	San Luis Obispo County Financing
Palm Desert Financing Authority (credit					Authority (credit support from AGM)
support from NATL)					5.00%, 08/01/2030(a)		1,000		1,131
5.00%, 08/01/2022(a)		1,280		1,300	San Luis Obispo County Financing
Pittsburg Successor Agency Redevelopment					Authority (credit support from BAM)
Agency (credit support from AGM)					5.00%, 09/01/2037(a)		1,000		1,163
5.00%, 09/01/2028(a),(c)		1,000		1,219	Santa Clara County Financing Authority
5.00%, 09/01/2029(a),(c)		1,000		1,209	5.25%, 05/15/2036		2,000		2,176
Pittsburg Unified School District					Santa Margarita Water District
0.00%, 08/01/2036(e)		1,365		621	5.00%, 09/01/2038		465		509
5.00%, 08/01/2043		2,900		3,270	Semitropic Improvement District
Pittsburg Unified School District (credit					5.00%, 12/01/2038		2,000		2,255
support from AGM)					Southern California Public Power Authority
5.50%, 08/01/2031(a)		1,000		1,118	5.00%, 11/01/2029		2,270		2,733
Pomona Public Financing Authority (credit					5.25%, 07/01/2029		695		832
support from NATL)					5.25%, 07/01/2031		695		809
5.00%, 02/01/2021(a)		5,000		5,014	State of California
Pomona Unified School District (credit					2.45%, 12/01/2031		1,000		1,002
support from NATL)					5.00%, 02/01/2038		1,450		1,687
6.15%, 08/01/2030(a)		1,000		1,224	5.00%, 04/01/2043		3,380		3,908
Port Commission of the City & County of San					5.25%, 11/01/2040		1,500		1,757
Francisco					5.75%, 04/01/2031		675		774
4.00%, 03/01/2035		1,000		1,038	6.00%, 03/01/2033		2,000		2,396
Port of Los Angeles					6.00%, 04/01/2038		3,000		3,463
5.00%, 08/01/2032		1,740		2,045	State of California Department of Water
Poway Unified School District					Resources
0.00%, 08/01/2036(e)		4,000		1,879	5.00%, 12/01/2028		1,615		1,775
Richmond Joint Powers Financing Authority					5.00%, 12/01/2028		65		72
6.25%, 07/01/2024		1,000		1,161	Stockton East Water District (credit support
Ripon Unified School District (credit support					from NATL)
from BAM)					5.25%, 04/01/2022(a)		1,780		1,784
0.00%, 08/01/2033(a),(e)		1,110		499	Stockton Unified School District (credit
Riverside Community Properties Development					support from AGM)
Inc					5.00%, 08/01/2038(a)		1,500		1,726
6.00%, 10/15/2038		1,000		1,198

See accompanying notes

2

				Schedule of Investments
				California Municipal Fund
				January 31, 2016 (unaudited)
	Principal
MUNICIPAL BONDS (continued)	Amount (000's)			Value (000's)
California (continued)
Tobacco Securitization Authority of Southern
California
5.13%, 06/01/2046	$	1,500	$	1,373
Tulare County Transportation Authority
5.00%, 02/01/2029		1,000		1,201
Tustin Public Financing Authority
5.00%, 04/01/2041		1,000		1,132
University of California
5.00%, 05/15/2044		1,000		1,153
5.25%, 05/15/2039(b)		2,513		2,838
5.25%, 05/15/2039(b)		487		556
Walnut Energy Center Authority
5.00%, 01/01/2035		1,225		1,370
Western Municipal Water District Facilities
Authority
5.00%, 10/01/2034		1,700		1,952
Woodland-Davis Clean Water Agency (credit
support from AGM)
5.00%, 03/01/2039(a)		1,500		1,735
		$		263,041
Virgin Islands - 1.55%
Virgin Islands Public Finance Authority
5.00%, 10/01/2030		3,700		4,178
TOTAL MUNICIPAL BONDS		$		267,219
Total Investments		$		267,219
Liability for Floating Rate Notes Issued in Conjunction with
Securities Held - (3.99)%
Notes with interest rates of 0.02% and 0.03%	$	(10,739	) $	(10,739	)
at January 31, 2016 and contractual maturity
of collateral of 2017.(f)
Total Net Investments		$		256,480
Other Assets in Excess of Liabilities, Net - 4.85%		$		13,063
TOTAL NET ASSETS - 100.00%		$		269,543

(a)	Credit support indicates investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution, or government agency.
(b)	Security or portion of underlying security related to Inverse Floaters entered into by the Fund. See Notes to Financial Statements for additional information.
(c)	Security purchased on a when-issued basis.
(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $11,581 or 4.30% of net assets.
(e)	Non-Income Producing Security
(f)	Floating rate securities. The interest rate(s) shown reflect the rates in effect at January 31, 2016.

Portfolio Summary (unaudited)
Sector	Percent
Revenue Bonds	57.44	%
Insured	18.90	%
General Obligation Unlimited	13.96	%
Prerefunded	5.86	%
Tax Allocation	1.41	%
Special Tax	1.20	%
General Obligation Limited Notes	0.37	%
Liability For Floating Rate Notes Issued	(3.99	)%
Other Assets in Excess of Liabilities, Net	4.85	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

3

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
	INVESTMENT COMPANIES - 6.36%		Shares Held		Value (000			's)			Principal
									BONDS (continued)		Amount (000's)    Value (000's)
	Publicly Traded Investment Fund - 6.36%
	Goldman Sachs Financial Square Funds -			265,320,051		$	265,320		Airlines (continued)
	Government Fund								American Airlines 2013-1 Class B Pass
									Through Trust
	TOTAL INVESTMENT COMPANIES				$		265,320		5.63%, 01/15/2021(b)	$	1,323	$	1,333
	PREFERRED STOCKS - 0.48%		Shares Held		Value (000			's)	American Airlines 2013-2 Class A Pass
									Through Trust
	Banks- 0.41	%							4.95%, 07/15/2024		1,672		1,768
	Bank of America Corp 6.50%; Series Y (a)			35,000			912		American Airlines 2014-1 Class A Pass
	CoBank ACB 6.20% (a)			35,000			3,524		Through Trust
	Morgan Stanley (a)			145,000			3,769		3.70%, 04/01/2028		1,474		1,472
	Royal Bank of Canada (a)			90,000			2,704		American Airlines 2015-1 Class A Pass
	State Street Corp 5.90%; Series D (a)			225,000			6,052		Through Trust
					$		16,961		3.38%, 11/01/2028		4,948		4,788
	Diversified Financial Services - 0.01%								American Airlines 2015-1 Class B Pass
	RBS Capital Funding Trust V (a)			15,000			369		Through Trust
									3.70%, 11/01/2024		259		250
									United Airlines 2014-1 Class A Pass Through
	Electric - 0.03%								Trust
	SCE Trust III (a)			50,000			1,331		4.00%, 10/11/2027		3,600		3,681
									United Airlines 2014-2 Class A Pass Through
	Telecommunications - 0.03%								Trust
	Verizon Communications Inc			50,000			1,326		3.75%, 03/03/2028		2,430		2,457
									US Airways 2001-1G Pass Through Trust
	TOTAL PREFERRED STOCKS				$		19,987		7.08%, 09/20/2022		203		217
									US Airways 2013-1 Class A Pass Through
			Principal						Trust
	BONDS- 64.75	%	Amount (000's)		Value (000			's)	3.95%, 05/15/2027		1,307		1,323
	Advertising - 0.02%										$		17,858
	MDC Partners Inc
	6.75%, 04/01/2020(b)		$	885		$	877		Apparel - 0.03%
									NIKE Inc
									3.88%, 11/01/2045		1,455		1,449
	Aerospace & Defense - 0.45%
	Air 2 US
	8.03%, 10/01/2020(b)			202			212		Automobile Asset Backed Securities - 7.52%
	8.63%, 10/01/2020(b)			223			229		Ally Auto Receivables Trust 2014-2
									0.68%, 07/17/2017(c)		1,358		1,358
	BAE Systems Holdings Inc
	2.85%, 12/15/2020(b)			2,095			2,112		Ally Auto Receivables Trust 2014-3
									0.81%, 09/15/2017(c)		4,877		4,875
	3.85%, 12/15/2025(b)			3,825			3,862
									Ally Auto Receivables Trust 2014-SN2
	Embraer Netherlands Finance BV								1.03%, 09/20/2017(c)		12,084		12,069
	5.05%, 06/15/2025			1,100			987		1.21%, 02/20/2019(c)		7,300		7,284
Lockheed Martin Corp									AmeriCredit Automobile Receivables 2016-1
	2.50%, 11/23/2020			2,720			2,742		1.17%, 06/10/2019 (c)		6,500		6,500
	3.55%, 01/15/2026			4,480			4,596
	4.70%, 05/15/2046			3,995			4,222		1.52%, 06/10/2019		2,900		2,903
									AmeriCredit Automobile Receivables Trust
					$		18,962		2013-2
	Agriculture - 0.83%								0.65%, 12/08/2017		19		19
	Altria Group Inc								AmeriCredit Automobile Receivables Trust
	2.85%, 08/09/2022			2,815			2,824		2014-2
	4.50%, 05/02/2043			2,190			2,105		0.70%, 10/10/2017(c)		1,007		1,006
	9.95%, 11/10/2038			915			1,478		2.18%, 06/08/2020		2,000		2,013
	BAT International Finance PLC								Americredit Automobile Receivables Trust
	2.75%, 06/15/2020(b)			485			494		2014-4
	Imperial Tobacco Finance PLC								0.82%, 04/09/2018(c)		6,274		6,270
	2.25%, 02/26/2021		EUR	500			570		AmeriCredit Automobile Receivables Trust
	3.38%, 02/26/2026			150			181		2015-2
	4.25%, 07/21/2025(b)		$	4,210			4,320		2.40%, 01/08/2021(c)		7,850		7,839
	4.88%, 06/07/2032		GBP	150			232		AmeriCredit Automobile Receivables Trust
	5.50%, 09/28/2026			100			166		2015-3
	Philip Morris International Inc								0.93%, 01/08/2019(c)		1,400		1,399
	4.38%, 11/15/2041		$	1,355			1,336		ARI Fleet Lease Trust 2012-B
	Pinnacle Operating Corp								0.73%, 01/15/2021(b),(c)		903		903
	9.00%, 11/15/2020(b)			1,785			1,669		BMW Vehicle Lease Trust 2015-1
	Reynolds American Inc								1.24%, 12/20/2017		5,515		5,523
	3.25%, 06/12/2020			2,895			2,970		Capital Auto Receivables Asset Trust 2013-2
	3.25%, 11/01/2022			6,290			6,366		1.24%, 10/20/2017		2,260		2,260
	4.45%, 06/12/2025			4,035			4,280		Capital Auto Receivables Asset Trust 2014-2
	5.70%, 08/15/2035			2,595			2,843		1.26%, 05/21/2018(c)		5,500		5,504
	5.85%, 08/15/2045			2,455			2,723		Capital Auto Receivables Asset Trust 2015-2
					$		34,557		0.83%, 10/20/2017(c)		9,125		9,109
									CarMax Auto Owner Trust 2014-4
	Airlines - 0.43%								1.25%, 11/15/2019		8,500		8,502
	Air Canada								2.44%, 11/16/2020		2,000		2,016
	6.75%, 10/01/2019(b)			555			569

See accompanying notes

4

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
			Principal				Principal
BONDS (continued)		Amount (000's)     Value (000's)				BONDS (continued)	Amount (000's)  Value (000's)
Automobile Asset Backed Securities (continued)						Automobile Asset Backed Securities (continued)
CarMax Auto Owner Trust 2015-1						Santander Drive Auto Receivables Trust 2015-
0.88%, 03/15/2018(c)		$	3,288	$	3,288	1
CarMax Auto Owner Trust 2015-2						0.91%, 07/16/2018(c)	$	4,258	$	4,257
0.71%, 06/15/2018(c)			8,541		8,539	SunTrust Auto Receivables Trust 2015-1
Chesapeake Funding LLC						0.99%, 06/15/2018(b),(c)		11,652		11,652
0.84%, 03/07/2026(b),(c)			15,483		15,440	Volkswagen Auto Lease Trust 2015-A
0.87%, 01/07/2025(b),(c)			1,899		1,898	0.75%, 06/20/2017(c)		7,743		7,725
1.67%, 04/07/2024(b),(c)			1,483		1,483	1.25%, 12/20/2017		14,540		14,444
Chrysler Capital Auto Receivables Trust 2014-						Volkswagen Auto Loan Enhanced Trust 2014-
B						1
0.69%, 09/15/2017(b),(c)			2,106		2,105	0.91%, 10/22/2018		2,265		2,254
Chrysler Capital Auto Receivables Trust 2015-						World Omni Auto Receivables Trust 2014-B
B						1.14%, 01/15/2020		9,700		9,689
1.46%, 12/17/2018(b)			7,350		7,354			$		313,727
Drive Auto Receivables Trust 2015-A
1.01%, 11/15/2017(b),(c)			975		975	Automobile Floor Plan Asset Backed Securities - 1.34%
						Ally Master Owner Trust
Drive Auto Receivables Trust 2015-C						0.88%, 04/15/2018(c)		8,000		7,999
1.10%, 02/15/2018(b),(c)			2,734		2,733
Drive Auto Receivables Trust 2015-D						1.60%, 10/15/2019		8,000		8,009
1.30%, 06/15/2018(b),(c)			10,758		10,757	Ford Credit Floorplan Master Owner Trust A
						0.83%, 02/15/2019(c)		1,105		1,104
Drive Auto Receivables Trust 2016-A
1.62%, 03/15/2018(b),(c)			11,000		11,000	GE Dealer Floorplan Master Note Trust
						0.81%, 07/20/2019(c)		10,575		10,564
3.17%, 05/15/2020(b),(c)			1,000		1,001
						0.83%, 04/20/2018(c)		28,127		28,127
Enterprise Fleet Financing LLC
1.59%, 02/22/2021(b),(c)			3,500		3,490			$		55,803
Ford Credit Auto Owner Trust 2016-A						Automobile Manufacturers - 2.24%
1.39%, 07/15/2020			1,620		1,621	American Honda Finance Corp
GM Financial Automobile Leasing Trust						2.45%, 09/24/2020		5,130		5,217
2014-1						Daimler AG
1.76%, 05/21/2018(b)			5,110		5,108	2.00%, 04/07/2020	EUR	500		572
1.99%, 05/21/2018(b)			2,000		2,003	Daimler Finance North America LLC
GM Financial Automobile Leasing Trust						1.45%, 08/01/2016(b)	$	2,005		2,009
2014-2						1.65%, 03/02/2018(b)		2,830		2,802
1.22%, 01/22/2018(b),(c)			16,450		16,443	2.25%, 03/02/2020(b)		3,390		3,345
1.96%, 03/20/2018(b)			1,500		1,501	2.45%, 05/18/2020(b)		5,480		5,406
2.43%, 03/20/2018(b)			4,250		4,250	2.70%, 08/03/2020(b)		2,055		2,045
Hertz Fleet Lease Funding LP						Daimler International Finance BV
0.82%, 04/10/2028(b),(c)			4,660		4,649	3.50%, 06/06/2019	GBP	150		225
0.97%, 12/10/2027(b),(c)			10,067		10,046	Fiat Chrysler Automobiles NV
Honda Auto Receivables 2015-3 Owner						4.50%, 04/15/2020	$	750		733
Trust						Ford Motor Co
0.92%, 11/20/2017			2,700		2,701	7.40%, 11/01/2046		1,130		1,410
Hyundai Auto Lease Securitization Trust						Ford Motor Credit Co LLC
2016	-A					2.60%, 11/04/2019		2,375		2,335
0.00%, 07/16/2018(b),(c),(d),(e)			20,000		20,000	4.39%, 01/08/2026		775		781
Mercedes Benz Auto Lease Trust 2015-B						8.00%, 12/15/2016		11,315		11,905
0.95%, 01/16/2018(c)			4,500		4,504	General Motors Co
MMCA Auto Owner Trust 2014-A						3.50%, 10/02/2018		12,870		12,924
1.21%, 12/16/2019(b),(c)			6,367		6,352	4.88%, 10/02/2023		4,620		4,655
1.92%, 12/16/2019(b)			330		330	6.25%, 10/02/2043		530		532
Nissan Auto Receivables 2013-C Owner						General Motors Financial Co Inc
Trust						2.63%, 07/10/2017		3,695		3,685
0.67%, 08/15/2018(c)			1,445		1,443	3.25%, 05/15/2018		4,655		4,668
Nissan Auto Receivables 2015-A Owner						3.45%, 04/10/2022		3,960		3,803
Trust						4.30%, 07/13/2025		110		105
1.05%, 10/15/2019(c)			6,500		6,486	General Motors Financial International BV
Santander Drive Auto Receivables Trust 2014-						0.85%, 02/23/2018	EUR	250		270
1						1.88%, 10/15/2019		500		550
2.36%, 04/15/2020			1,000		1,004	Hyundai Capital America
Santander Drive Auto Receivables Trust 2014-						2.40%, 10/30/2018(b)	$	2,015		2,018
2						Jaguar Land Rover Automotive PLC
0.80%, 04/16/2018(c)			3,633		3,631	3.50%, 03/15/2020(b)		800		774
Santander Drive Auto Receivables Trust 2014-						4.13%, 12/15/2018(b)		540		544
4						5.63%, 02/01/2023(b)		3,065		3,019
0.75%, 01/16/2018(c)			1,923		1,922	Navistar International Corp
Santander Drive Auto Receivables Trust 2014-						8.25%, 11/01/2021		2,215		1,379
5						Nissan Motor Acceptance Corp
0.83%, 04/16/2018(c)			4,266		4,264	0.97%, 03/03/2017(b),(c)		3,000		2,993
1.77%, 09/16/2019			4,000		4,003	Toyota Motor Credit Corp
2.48%, 06/15/2020			4,000		4,030	1.01%, 01/17/2019(c)		1,320		1,308
						Volkswagen Group of America Finance LLC
						0.81%, 11/20/2017(b),(c)		10,000		9,627

See accompanying notes

5

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
			Principal						Principal
	BONDS (continued)		Amount (000's)     Value (000's)				BONDS (continued)		Amount (000's)  Value (000's)
	Automobile Manufacturers (continued)						Banks (continued)
	Volkswagen International Finance NV						Cooperatieve Rabobank UA	(continued)
	1.13%, 11/18/2016(b)		$	1,625	$	1,604	4.63%, 12/01/2023		$	2,800	$	2,901
				$		93,243	4.63%, 05/23/2029		GBP	250		359
							5.25%, 09/14/2027			125		191
	Automobile Parts & Equipment - 0.20%						5.25%, 08/04/2045		$	7,490		7,858
	Dana Holding Corp						5.50%, 01/22/2049(a),(c)		EUR	1,000		1,066
	5.50%, 12/15/2024			1,590		1,428	5.75%, 12/01/2043		$	465		519
	6.00%, 09/15/2023			315		300	11.00%, 12/29/2049(a),(b),(c)			1,560		1,900
	6.75%, 02/15/2021			415		419	Discover Bank/Greenwood DE
	Gestamp Funding Luxembourg SA						2.60%, 11/13/2018			5,500		5,508
	5.63%, 05/31/2020(b)			200		201
							Fifth Third Bank/Cincinnati OH
	Lear Corp						2.88%, 10/01/2021			3,125		3,166
	5.25%, 01/15/2025			1,905		1,979	First Horizon National Corp
	Nemak SAB de CV						3.50%, 12/15/2020			4,600		4,593
	5.50%, 02/28/2023(b)			1,500		1,493
							Goldman Sachs Group Inc/The
	Schaeffler Holding Finance BV						2.60%, 04/23/2020			2,590		2,578
	6.75%, PIK 7.50%, 11/15/2022(b),(f)			765		799
							3.85%, 07/08/2024			4,405		4,467
	ZF North America Capital Inc						4.25%, 10/21/2025			4,470		4,455
	4.00%, 04/29/2020(b)			1,070		1,068
	4.50%, 04/29/2022(b)			195		188	4.25%, 01/29/2026		GBP	100		153
	4.75%, 04/29/2025(b)			510		478	4.75%, 10/12/2021		EUR	500		629
							4.75%, 10/21/2045		$	3,570		3,533
				$		8,353	5.15%, 05/22/2045			5,000		4,873
	Banks- 8.90	%					5.38%, 03/15/2020			2,415		2,648
	Abbey National Treasury Services PLC/United						5.38%, 12/29/2049(a),(c)			9,945		9,709
	Kingdom						5.95%, 01/15/2027			1,725		1,941
	1.01%, 09/29/2017(c)			7,000		6,956	6.75%, 10/01/2037			735		849
	1.88%, 02/17/2020		GBP	100		141	Huntington National Bank/The
	3.88%, 10/15/2029			100		150	1.04%, 04/24/2017(c)			12,100		12,044
	Associated Banc-Corp						2.88%, 08/20/2020			2,000		2,020
	2.75%, 11/15/2019		$	1,965		1,973	ING Bank NV
	4.25%, 01/15/2025			7,610		7,776	0.70%, 04/16/2020		EUR	250		274
	5.13%, 03/28/2016			5,055		5,069	1.30%, 10/01/2019(b),(c)		$	3,000		2,969
	Banco Bilbao Vizcaya Argentaria SA						2.00%, 11/26/2018(b)			2,540		2,539
	3.00%, 10/20/2020			4,485		4,487	2.70%, 08/17/2020(b)			7,105		7,207
	Banco Santander SA						5.80%, 09/25/2023(b)			1,800		1,936
	6.25%, 03/12/2049(a),(c)		EUR	100		100	Intesa Sanpaolo SpA
	Bank of America Corp						3.93%, 09/15/2026		EUR	750		818
	3.95%, 04/21/2025		$	3,315		3,232	5.02%, 06/26/2024(b)		$	10,415		9,989
	4.20%, 08/26/2024			5,320		5,281	5.71%, 01/15/2026(b)			9,500		9,334
	4.25%, 10/22/2026			2,906		2,865	7.70%, 12/29/2049(a),(b),(c)			2,610		2,519
	4.75%, 04/21/2045			3,000		2,865	JPMorgan Chase & Co
	6.10%, 12/29/2049(a),(c)			5,955		6,054	4.50%, 01/24/2022			1,225		1,321
	6.25%, 09/29/2049(a),(c)			3,595		3,595	4.95%, 06/01/2045			3,540		3,541
	Bank of New York Mellon Corp/The						5.00%, 12/29/2049(a),(c)			3,625		3,401
	4.95%, 12/29/2049(a),(c)			16,715		16,491	Lloyds Banking Group PLC
	Barclays PLC						5.30%, 12/01/2045(b)			2,000		2,029
	8.25%, 12/29/2049(a),(c)			3,800		3,980	Morgan Stanley
	BBVA Banco Continental SA						1.75%, 02/25/2016			8,610		8,616
	5.00%, 08/26/2022(b)			975		996	2.38%, 07/23/2019			6,435		6,418
	BBVA Bancomer SA/Texas						2.38%, 03/31/2021		EUR	500		577
	6.75%, 09/30/2022(b)			3,000		3,229	4.00%, 07/23/2025		$	3,290		3,355
	BBVA Subordinated Capital SAU						4.30%, 01/27/2045			3,140		2,949
	3.50%, 04/11/2024(c)		EUR	300		333	4.88%, 11/01/2022			3,270		3,478
	BPCE SA						5.00%, 11/24/2025			11,920		12,570
	2.65%, 02/03/2021(d)		$	4,290		4,313	5.55%, 12/29/2049(a),(c)			2,700		2,671
	2.75%, 11/30/2027(c)		EUR	300		323	Nordea Bank AB
	4.63%, 07/11/2024(b)		$	5,550		5,434	2.50%, 09/17/2020(b)			4,295		4,320
	5.15%, 07/21/2024(b)			1,250		1,252	4.62%, 02/15/2022(c)		EUR	500		562
	5.25%, 04/16/2029		GBP	200		292	4.88%, 05/13/2021(b)		$	2,000		2,164
	CIT Group Inc						5.50%, 09/29/2049(a),(b),(c)			1,340		1,286
	3.88%, 02/19/2019		$	3,795		3,765	PNC Bank NA
	Citizens Bank NA/Providence RI						6.00%, 12/07/2017			7,400		7,905
	2.30%, 12/03/2018			1,670		1,676	Popular Inc
	Citizens Financial Group Inc						7.00%, 07/01/2019			900		838
	4.30%, 12/03/2025			6,150		6,294	Royal Bank of Scotland Group PLC
	City National Corp/CA						5.13%, 05/28/2024			410		412
	5.25%, 09/15/2020			2,270		2,528	7.50%, 12/29/2049(a),(c)			910		926
	Compass Bank						7.64%, 03/29/2049(a),(c)			390		401
	1.85%, 09/29/2017			2,675		2,661	Santander Issuances SAU
	2.75%, 09/29/2019			2,125		2,116	2.50%, 03/18/2025		EUR	100		102
	Cooperatieve Rabobank UA						5.18%, 11/19/2025		$	2,600		2,460
	4.38%, 08/04/2025			4,500		4,580

See accompanying notes

6

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)      Value (000's)				BONDS (continued)		Amount (000's)  Value (000's)
Banks (continued)					Biotechnology (continued)
Santander UK Group Holdings PLC					Gilead Sciences Inc (continued)
4.75%, 09/15/2025(b)	$	5,635	$	5,591	4.75%, 03/01/2046		$	1,410	$	1,438
Skandinaviska Enskilda Banken AB					4.80%, 04/01/2044			575		586
2.45%, 05/27/2020(b)		3,500		3,519				$		13,803
2.63%, 11/17/2020(b)		12,400		12,537
3.00%, 12/18/2020	GBP	175		262	Building Materials - 0.51%
5.75%, 11/29/2049(a),(c)	$	7,695		7,320	Boise Cascade Co
7.09%, 12/29/2049(a),(c)	EUR	500		593	6.38%, 11/01/2020			390		396
					Cemex SAB de CV
Svenska Handelsbanken AB					6.13%, 05/05/2025(b)			650		556
2.66%, 01/15/2024(c)		500		560
					7.25%, 01/15/2021(b)			2,210		2,102
5.25%, 12/29/2049(a),(c)	$	2,500		2,368
UBS AG					CRH America Inc
4.75%, 02/12/2026(c)	EUR	250		285	8.13%, 07/15/2018			3,425		3,906
UBS AG/Jersey					CRH Finance LTD
7.25%, 02/22/2022(c)	$	4,840		5,022	3.13%, 04/03/2023		EUR	250		302
					Crh Finance UK PLC
UBS AG/London					4.13%, 12/02/2029(c)		GBP	200		292
6.00%, 04/18/2018	EUR	250		306
UBS AG/Stamford CT					CRH Finland Services OYJ
2.35%, 03/26/2020	$	3,575		3,585	2.75%, 10/15/2020		EUR	250		292
					Martin Marietta Materials Inc
UBS Group Funding Jersey Ltd					1.70%, 06/30/2017(c)		$	9,280		9,221
2.95%, 09/24/2020(b)		4,290		4,270
UBS Preferred Funding Trust V					4.25%, 07/02/2024			2,830		2,826
6.24%, 05/29/2049(a)		2,459		2,461	Norbord Inc
					5.38%, 12/01/2020(b)			650		650
US Bancorp
2.35%, 01/29/2021		6,725		6,769	Vulcan Materials Co
Wells Fargo & Co					4.50%, 04/01/2025			915		908
2.60%, 07/22/2020		1,540		1,553				$		21,451
3.90%, 05/01/2045		25		23	Chemicals - 0.63%
4.90%, 11/17/2045		3,745		3,762	A Schulman Inc
5.87%, 12/29/2049(a),(c)		2,865		3,020	6.88%, 06/01/2023(b)			665		599
5.90%, 12/29/2049(a),(c)		2,075		2,093	Agrium Inc
Westpac Banking Corp					3.38%, 03/15/2025			4,630		4,148
0.70%, 05/19/2017(c)		6,650		6,641	Aruba Investments Inc
		$		371,194	8.75%, 02/15/2023(b)			1,000		946
Beverages - 1.09%					Axiall Corp
Anheuser-Busch Cos LLC					4.88%, 05/15/2023			1,570		1,478
5.60%, 03/01/2017		1,090		1,139	Blue Cube Spinco Inc
					9.75%, 10/15/2023(b)			365		392
Anheuser-Busch InBev Finance Inc
2.65%, 02/01/2021		10,495		10,559	CF Industries Inc
3.30%, 02/01/2023		3,755		3,811	4.95%, 06/01/2043			1,350		1,047
3.65%, 02/01/2026		5,105		5,174	5.15%, 03/15/2034			1,595		1,360
4.70%, 02/01/2036		7,035		7,127	Consolidated Energy Finance SA
					6.75%, 10/15/2019(b)			2,200		1,936
4.90%, 02/01/2046		7,005		7,254
					Cornerstone Chemical Co
Anheuser-Busch InBev Worldwide Inc					9.38%, 03/15/2018(b)			720		641
3.75%, 07/15/2042		2,210		1,896
Coca-Cola Icecek AS					Dow Chemical Co/The
4.75%, 10/01/2018(b)		2,050		2,108	4.38%, 11/15/2042			515		439
Constellation Brands Inc					Eagle Spinco Inc
3.75%, 05/01/2021		1,265		1,272	4.63%, 02/15/2021			1,900		1,841
3.88%, 11/15/2019		520		536	Mexichem SAB de CV
4.25%, 05/01/2023		1,855		1,899	5.88%, 09/17/2044			1,300		1,056
Corp Lindley SA					Monsanto Co
6.75%, 11/23/2021(b)		700		765	3.95%, 04/15/2045			2,780		2,122
6.75%, 11/23/2021		865		945	4.40%, 07/15/2044			802		648
					NOVA Chemicals Corp
Pernod Ricard SA					5.00%, 05/01/2025(b)			985		923
5.75%, 04/07/2021(b)		1,045		1,166
					5.25%, 08/01/2023(b)			2,105		2,060
		$		45,651	Solvay Finance America LLC
Biotechnology - 0.33%					3.40%, 12/03/2020(b)			3,100		3,102
Celgene Corp					4.45%, 12/03/2025(b)			1,675		1,672
2.13%, 08/15/2018		815		817				$		26,410
2.88%, 08/15/2020		3,375		3,403
3.88%, 08/15/2025		1,070		1,080	Commercial Mortgage Backed Securities - 5.94%
4.63%, 05/15/2044		665		624	Banc of America Commercial Mortgage Trust
5.00%, 08/15/2045		580		579	2007-3
					0.70%, 06/10/2049(b),(c)			1,000		978
5.25%, 08/15/2043		115		117
Genzyme Corp					Banc of America Commercial Mortgage Trust
5.00%, 06/15/2020		810		914	2008-1
					6.47%, 02/10/2051(c)			3,255		3,501
Gilead Sciences Inc
3.05%, 12/01/2016		840		854	Banc of America Commercial Mortgage Trust
3.65%, 03/01/2026		1,230		1,256	2015-UB	S7
4.60%, 09/01/2035		2,095		2,135	3.71%, 09/15/2048			2,000		2,077

See accompanying notes

7

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
		Principal						Principal
BONDS (continued)		Amount (000's)      Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Commercial Mortgage Backed Securities (continued)						Commercial Mortgage Backed Securities (continued)
BCRR Trust 2009-1						GE Commercial Mortgage Corp Series 2007-
5.86%, 07/17/2040(b)	$	1,945	$	2,024		C1 Trust
CD 2006-CD3 Mortgage Trust						5.61%, 12/10/2049(c)	$	6,575	$	6,693
5.62%, 10/15/2048		1,632		1,646		GS Mortgage Securities Trust 2011-GC5
CD 2007-CD4 Commercial Mortgage Trust						1.81%, 08/10/2044(b),(c)		142,718		6,150
5.37%, 12/11/2049		5,490		5,592		GS Mortgage Securities Trust 2012-GCJ7
CFCRE Commercial Mortgage Trust 2011-						2.70%, 05/10/2045(c)		18,822		1,673
C2						GS Mortgage Securities Trust 2013-GC16
5.76%, 12/15/2047(b),(c)		800		869		1.69%, 11/10/2046(c)		30,786		1,964
Citigroup Commercial Mortgage Trust 2012-						5.49%, 11/10/2046(c)		800		839
GC8						GS Mortgage Securities Trust 2013-GCJ12
4.29%, 09/10/2045(b)		800		828		3.78%, 06/10/2046(c)		780		781
Citigroup Commercial Mortgage Trust 2015-						GS Mortgage Securities Trust 2014-GC26
GC27						1.25%, 11/10/2047(c)		50,146		3,466
3.14%, 02/10/2048(c)		5,000		4,974		GS Mortgage Securities Trust 2015-GC34
3.57%, 02/10/2048(c)		6,500		6,407		3.51%, 10/10/2048(c)		1,482		1,513
Citigroup Commercial Mortgage Trust 2015-						JP Morgan Chase Commercial Mortgage
GC29						Securities Corp
3.19%, 04/10/2048(c)		3,000		3,003		2.01%, 12/15/2047(c)		21,497		1,637
4.29%, 04/10/2048(c)		2,000		1,854		3.35%, 12/15/2047(b),(c)		500		508
Citigroup Commercial Mortgage Trust 2015-						JP Morgan Chase Commercial Mortgage
GC35						Securities Trust 2005-CIBC12
3.82%, 11/10/2048		1,000		1,046		5.55%, 09/12/2037(c)		242		67
COMM 2010-RR1						JP Morgan Chase Commercial Mortgage
5.54%, 12/11/2049(b),(c)		900		925		Securities Trust 2006-CIBC17
COMM 2013-CCRE11 Mortgage Trust						5.43%, 12/12/2043		1,838		1,864
1.34%, 10/10/2046(c)		59,230		3,682		5.46%, 12/12/2043		5,000		5,024
4.72%, 10/10/2046		5,000		5,470		JP Morgan Chase Commercial Mortgage
COMM 2013-CCRE6 Mortgage Trust						Securities Trust 2006-LDP9
4.31%, 03/10/2046(b),(c)		500		435		5.34%, 05/15/2047		208		212
COMM 2013-LC6 Mortgage Trust						JP Morgan Chase Commercial Mortgage
4.43%, 01/10/2046(b),(c)		1,470		1,296		Securities Trust 2007-C1
COMM 2014-CCRE16 Mortgage Trust						6.16%, 02/15/2051(c)		10,000		10,508
4.05%, 04/10/2047		600		642		JP Morgan Chase Commercial Mortgage
COMM 2014-CCRE17 Mortgage Trust						Securities Trust 2010-C1
4.90%, 05/10/2047(c)		1,850		1,847		5.95%, 06/15/2043(b)		2,585		2,723
COMM 2014-LC17 Mortgage Trust						JP Morgan Chase Commercial Mortgage
4.49%, 10/10/2047		5,000		5,216		Securities Trust 2011-C5
COMM 2014-UBS5 Mortgage Trust						3.15%, 08/15/2046		1,757		1,769
1.25%, 09/10/2047(c)		71,308		4,206		5.50%, 08/15/2046(b),(c)		800		847
COMM 2015-CCRE22 Mortgage Trust						JP Morgan Chase Commercial Mortgage
4.26%, 03/10/2048(c)		1,750		1,642		Securities Trust 2013-C16
COMM 2015-PC1 Mortgage Trust						1.50%, 12/15/2046(c)		13,204		708
4.29%, 07/10/2050(c)		2,000		2,088		JPMBB Commercial Mortgage Securities
Commercial Mortgage Pass Through						Trust 2013-C15
Certificates						1.73%, 11/15/2045(c)		49,165		2,766
4.93%, 10/15/2045(b),(c)		5,290		5,199		JPMBB Commercial Mortgage Securities
Credit Suisse Commercial Mortgage Trust						Trust 2014-C18
Series 2006-C3						4.97%, 02/15/2047(c)		1,000		1,065
6.01%, 06/15/2038(c)		78		78		4.97%, 02/15/2047(c)		2,700		2,671
Credit Suisse Commercial Mortgage Trust						JPMBB Commercial Mortgage Securities
Series 2006-C5						Trust 2014-C19
0.92%, 12/15/2039(c)		13,221		39		1.42%, 04/15/2047(c)		47,234		2,220
Credit Suisse Commercial Mortgage Trust						JPMBB Commercial Mortgage Securities
Series 2007-C3						Trust 2014-C24
5.89%, 06/15/2039(c)		1,577		1,607		1.23%, 11/15/2047(c)		9,445		554
Credit Suisse First Boston Mortgage Securities						4.07%, 11/15/2047(b),(c)		1,000		747
Corp						4.57%, 11/15/2047(c)		4,350		4,195
0.57%, 11/15/2037(b),(c)		694		—		JPMBB Commercial Mortgage Securities
4.77%, 07/15/2037		35		35		Trust 2015-C28
CSMC Series 2009-RR1						3.99%, 10/15/2048(c)		7,000		6,647
5.38%, 02/15/2040(b)		3,165		3,221		JPMBB Commercial Mortgage Securities
CSMC Series 2009-RR3						Trust 2015-C31
5.34%, 12/15/2043(b),(c)		1,545		1,584		1.19%, 08/15/2048(c)		43,286		2,850
DBUBS 2011-LC2 Mortgage Trust					LB	-UBS Commercial Mortgage Trust 2005-
4.54%, 07/10/2044(b)		5,000		5,465		C3
5.64%, 07/10/2044(b),(c)		5,000		5,148		1.03%, 07/15/2040(b),(c)		2,597		73
FHLMC Multifamily Structured Pass Through					LB	-UBS Commercial Mortgage Trust 2007-
Certificates						C1
0.00%, 11/25/2025(c),(d),(e),(g)		3,000		3,090		0.60%, 02/15/2040(c)		9,890		38

See accompanying notes

8

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
				Principal					Principal
	BONDS (continued)			Amount (000's)    Value (000's)			BONDS (continued)		Amount (000's)    Value (000's)
	Commercial Mortgage Backed Securities (continued)						Commercial Mortgage Backed Securities (continued)
	LB-UBS Commercial Mortgage Trust 2007-						WFRBS Commercial Mortgage Trust 2013-
	C2						C12
	5.43%, 02/15/2040		$	1,908	$	1,951	1.58%, 03/15/2048(b),(c)	$	57,399	$	3,821
	LB-UBS Commercial Mortgage Trust 2007-						WFRBS Commercial Mortgage Trust 2014-
	C6						C22
	6.11%, 07/15/2040			7,350		7,664	4.07%, 09/15/2057		5,000		5,177
	ML-CFC Commercial Mortgage Trust 2006-						4.37%, 09/15/2057(c)		2,000		2,034
	4						WFRBS Commercial Mortgage Trust 2014-
	5.20%, 12/12/2049			2,000		2,046	C23
	Morgan Stanley Bank of America Merrill						0.85%, 10/15/2057(c)		54,400		2,208
	Lynch Trust 2013-C11								$		247,671
	0.84%, 08/15/2046(c)			28,921		607
	Morgan Stanley Bank of America Merrill						Commercial Services - 0.12%
	Lynch Trust 2013-C9						Ahern Rentals Inc
							7.38%, 05/15/2023(b)		760		555
	3.46%, 05/15/2046			1,781		1,813
							ERAC USA Finance LLC
	Morgan Stanley Bank of America Merrill						3.30%, 10/15/2022(b)		3,695		3,672
	Lynch Trust 2014-C15
	1.35%, 04/15/2047(c)			55,179		3,494	Jurassic Holdings III Inc
							6.88%, 02/15/2021(b)		385		231
	4.05%, 04/15/2047			3,000		3,214
							TMS International Corp
	Morgan Stanley Bank of America Merrill						7.63%, 10/15/2021(b)		925		714
	Lynch Trust 2014-C16
	1.39%, 06/15/2047(c)			25,658		1,675			$		5,172
	4.92%, 06/15/2047(c)			4,250		4,223	Computers - 0.84%
	Morgan Stanley Bank of America Merrill						Apple Inc
	Lynch Trust 2014-C18						0.58%, 05/03/2018(c)		5,473		5,459
	4.59%, 10/15/2047(c)			3,250		3,394	0.64%, 05/06/2019(c)		3,980		3,958
	Morgan Stanley Bank of America Merrill						2.85%, 05/06/2021		230		238
	Lynch Trust 2015-C20						3.45%, 02/09/2045		2,035		1,698
	3.61%, 02/15/2048(c)			2,000		2,023	Compiler Finance Sub Inc
	4.16%, 02/15/2048(c)			1,975		1,908	7.00%, 05/01/2021(b)		515		216
	Morgan Stanley Bank of America Merrill						Dell Inc
	Lynch Trust 2015-C26						5.65%, 04/15/2018		365		376
	3.89%, 10/15/2048			3,000		3,077	Hewlett Packard Enterprise Co
	Morgan Stanley Bank of America Merrill						2.85%, 10/05/2018(b)		1,390		1,390
	Lynch Trust 2015-C27						3.60%, 10/15/2020(b)		3,445		3,454
	3.75%, 12/15/2047(c)			1,000		1,044	4.90%, 10/15/2025(b)		2,005		1,908
	Morgan Stanley Capital I Trust 2007-IQ13						6.20%, 10/15/2035(b)		2,495		2,250
	5.36%, 03/15/2044(c)			700		715	6.35%, 10/15/2045(b)		3,665		3,315
	MSBAM Commercial Mortgage Securities						HP Inc
	Trust 2012-CKSV						6.00%, 09/15/2041		2,180		1,767
	1.27%, 10/15/2030(b),(c)			23,124		1,404	IHS Inc
	UBS Commercial Mortgage Trust 2012-C1						5.00%, 11/01/2022		285		285
	3.40%, 05/10/2045(c)			550		569	International Business Machines Corp
	UBS-Barclays Commercial Mortgage Trust						0.73%, 02/12/2019(c)		5,550		5,531
	2012	-C3					Seagate HDD Cayman
	3.09%, 08/10/2049(c)			1,610		1,641	4.88%, 06/01/2027(b)		1,000		753
	5.12%, 08/10/2049(b),(c)			1,500		1,551	5.75%, 12/01/2034(b)		3,300		2,242
	UBS-Barclays Commercial Mortgage Trust								$		34,840
	2012	-C4
	1.81%, 12/10/2045(b),(c)			19,923		1,713	Consumer Products - 0.03%
	3.32%, 12/10/2045(b),(c)			2,300		2,347	Jarden Corp
	UBS-Barclays Commercial Mortgage Trust						6.13%, 11/15/2022		110		114
	2013	-C5					Spectrum Brands Inc
	3.18%, 03/10/2046(c)			2,025		2,069	5.75%, 07/15/2025(b)		1,135		1,163
	4.23%, 03/10/2046(b),(c)			1,090		951			$		1,277
	Wachovia Bank Commercial Mortgage Trust						Credit Card Asset Backed Securities - 0.74%
	Series 2006-C27						BA Credit Card Trust
	5.77%, 07/15/2045			807		806	0.72%, 01/15/2020(c)		1,115		1,115
	Wachovia Bank Commercial Mortgage Trust						Barclays Dryrock Issuance Trust
	Series 2006-C28						0.77%, 03/16/2020(c)		5,000		4,995
	0.58%, 10/15/2048(b),(c)			18,478		18,281
							1.48%, 09/15/2020		2,250		2,253
	Wachovia Bank Commercial Mortgage Trust						Cabela's Credit Card Master Note Trust
	Series 2007-C30						0.78%, 03/16/2020(c)		5,832		5,820
	0.63%, 12/15/2043(b),(c)			1,350		1,273
							Chase Issuance Trust
	5.25%, 12/15/2043			833		832	0.68%, 04/15/2019(c)		7,183		7,150
	Wachovia Bank Commercial Mortgage Trust						0.89%, 04/15/2019(c)		2,150		2,142
	Series 2007-C34
	5.68%, 05/15/2046(c)			241		250	Citibank Credit Card Issuance Trust
							0.63%, 08/24/2018(c)		6,625		6,623
	Wells Fargo Commercial Mortgage Trust
	2015-NX	S3					World Financial Network Credit Card Master
	4.64%, 09/15/2057(c)			1,400		1,410	Trust
							1.26%, 03/15/2021		785		785
									$		30,883

See accompanying notes

9

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)    Value (000's)				BONDS (continued)	Amount (000's)  Value (000's)
Distribution & Wholesale - 0.08%					Diversified Financial Services (continued)
American Builders & Contractors Supply Co					Visa Inc (continued)
Inc					4.15%, 12/14/2035	$	1,595	$	1,648
5.75%, 12/15/2023(b)	$	570	$	581	4.30%, 12/14/2045		6,730		6,946
Global Partners LP / GLP Finance Corp							$		98,408
7.00%, 06/15/2023		975		702
HD Supply Inc					Electric - 3.32%
5.25%, 12/15/2021(b)		405		417	Alabama Power Co
7.50%, 07/15/2020		725		754	3.75%, 03/01/2045		1,835		1,717
WW Grainger Inc					3.85%, 12/01/2042		850		807
4.60%, 06/15/2045		980		1,044	4.15%, 08/15/2044		3,335		3,311
		$		3,498	CMS Energy Corp
					4.70%, 03/31/2043		910		919
Diversified Financial Services - 2.36%					4.88%, 03/01/2044		1,835		1,904
AerCap Ireland Capital Ltd / AerCap Global					Commonwealth Edison Co
Aviation Trust					3.70%, 03/01/2045		3,680		3,437
4.63%, 10/30/2020		605		596	3.80%, 10/01/2042		2,170		2,060
Aircastle Ltd					4.35%, 11/15/2045		1,660		1,730
4.63%, 12/15/2018		380		383	4.60%, 08/15/2043		1,380		1,459
5.13%, 03/15/2021		2,340		2,311	Consolidated Edison Co of New York Inc
5.50%, 02/15/2022		530		527	3.30%, 12/01/2024		3,000		3,069
7.63%, 04/15/2020		240		263	4.50%, 12/01/2045		2,900		3,003
Ally Financial Inc					4.63%, 12/01/2054		1,940		1,961
3.25%, 11/05/2018		830		813	Dominion Resources Inc/VA
4.75%, 09/10/2018		220		222	3.90%, 10/01/2025		4,530		4,581
5.75%, 11/20/2025		775		773	DTE Energy Co
Blackstone Holdings Finance Co LLC					6.38%, 04/15/2033		4,795		5,985
2.00%, 05/19/2025	EUR	250		278	Duke Energy Corp
Countrywide Financial Corp					3.75%, 04/15/2024		1,500		1,528
6.25%, 05/15/2016	$	4,530		4,595	Dynegy Inc
Credit Acceptance Corp					6.75%, 11/01/2019		715		690
6.13%, 02/15/2021		3,010		2,882	7.38%, 11/01/2022		1,385		1,226
7.38%, 03/15/2023(b)		1,275		1,234	Edison International
Denali Borrower LLC / Denali Finance Corp					3.75%, 09/15/2017		1,420		1,467
5.63%, 10/15/2020(b)		1,420		1,495	Electricite de France SA
Fly Leasing Ltd					2.15%, 01/22/2019(b)		1,805		1,811
6.38%, 10/15/2021		2,050		1,983	2.35%, 10/13/2020(b)		16,390		16,467
GE Capital International Funding Co					3.63%, 10/13/2025(b)		3,205		3,184
0.96%, 04/15/2016(b)		4,671		4,673	4.25%, 12/29/2049(a),(c)	EUR	500		521
2.34%, 11/15/2020(b)		19,706		19,778	4.63%, 09/11/2024		250		335
4.42%, 11/15/2035(b)		1,714		1,759	4.88%, 01/22/2044(b)	$	1,140		1,120
Icahn Enterprises LP / Icahn Enterprises					4.95%, 10/13/2045(b)		1,515		1,502
Finance Corp					5.50%, 10/17/2041	GBP	100		155
3.50%, 03/15/2017		395		392	5.63%, 12/29/2049(a),(b),(c)	$	4,365		3,946
4.88%, 03/15/2019		940		865	6.00%, 12/29/2049(a),(c)	GBP	100		127
6.00%, 08/01/2020		1,025		962	6.25%, 05/30/2028		50		87
ILFC E-Capital Trust II					Elwood Energy LLC
4.74%, 12/21/2065(b),(c)		155		139	8.16%, 07/05/2026	$	630		680
Intercontinental Exchange Inc					Eskom Holdings SOC Ltd
2.75%, 12/01/2020		3,620		3,678	7.13%, 02/11/2025(b)		875		754
3.75%, 12/01/2025		2,900		2,973	Exelon Corp
International Lease Finance Corp					2.85%, 06/15/2020		4,560		4,565
2.46%, 06/15/2016(c)		30		30	5.10%, 06/15/2045(b)		1,480		1,489
6.25%, 05/15/2019		2,405		2,519	Florida Power & Light Co
MasterCard Inc					4.05%, 06/01/2042		1,035		1,064
1.10%, 12/01/2022	EUR	250		273	4.13%, 02/01/2042		755		774
National Rural Utilities Cooperative Finance					Indiantown Cogeneration LP
Corp					9.77%, 12/15/2020		656		738
0.61%, 05/12/2017(c)	$	4,200		4,200	Kentucky Utilities Co
4.75%, 04/30/2043(c)		855		823	3.30%, 10/01/2025		3,950		4,073
Navient Corp					Lamar Funding Ltd
6.13%, 03/25/2024		1,025		842	3.96%, 05/07/2025(b)		900		763
OneMain Financial Holdings Inc					Louisville Gas & Electric Co
7.25%, 12/15/2021(b)		1,225		1,213	3.30%, 10/01/2025		5,470		5,659
Peachtree Corners Funding Trust					MidAmerican Energy Co
3.98%, 02/15/2025(b)		10,340		10,375	4.25%, 05/01/2046		2,900		2,979
Springleaf Finance Corp					Miran Mid-Atlantic Series C Pass Through
5.25%, 12/15/2019		2,000		1,830	Trust
6.90%, 12/15/2017		135		138	10.06%, 12/30/2028		2,197		2,109
SUAM Finance BV					Mirant Mid-Atlantic Series B Pass Through
4.88%, 04/17/2024(b)		625		611	Trust
Visa Inc					9.13%, 06/30/2017		307		307
2.20%, 12/14/2020		8,720		8,791	Northern States Power Co/MN
3.15%, 12/14/2025		4,520		4,595	3.40%, 08/15/2042		265		241

See accompanying notes

10

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
	Principal							Principal
BONDS (continued)	Amount (000's)       Value (000's)				BONDS (continued)			Amount (000's) Value (000's)
Electric (continued)					Entertainment (continued)
NRG Energy Inc					Lions Gate Entertainment Corp
6.25%, 05/01/2024	$	835	$	666	5.25%, 08/01/2018		$	265	$	277
8.25%, 09/01/2020		820		744	Peninsula Gaming LLC / Peninsula Gaming
Oncor Electric Delivery Co LLC					Corp
2.15%, 06/01/2019		4,630		4,569	8.38%, 02/15/2018(b)			1,200		1,218
5.25%, 09/30/2040		950		1,017	Regal Entertainment Group
Pacific Gas & Electric Co					5.75%, 03/15/2022			1,785		1,796
3.50%, 06/15/2025		3,320		3,431	WMG Acquisition Corp
4.45%, 04/15/2042		645		659	6.00%, 01/15/2021(b)			126		128
PacifiCorp					WMG Holdings Corp
3.85%, 06/15/2021		1,137		1,217	13.75%, 10/01/2019			755		802
4.10%, 02/01/2042		1,675		1,659				$		12,775
Perusahaan Listrik Negara PT
5.50%, 11/22/2021(b)		1,875		1,905	Environmental Control - 0.03%
PPL Electric Utilities Corp					Republic Services Inc
3.00%, 09/15/2021		465		484	3.80%, 05/15/2018			1,215		1,268
4.75%, 07/15/2043		1,435		1,599
PPL WEM Ltd / Western Power Distribution					Food- 0.88	%
Ltd					BI-LO LLC / BI-LO Finance Corp
3.90%, 05/01/2016(b)		2,470		2,481	9.25%, 02/15/2019(b)			1,110		1,055
5.38%, 05/01/2021(b)		5,140		5,675	Cencosud SA
Public Service Electric & Gas Co					5.50%, 01/20/2021(b)			350		354
3.65%, 09/01/2042		365		347	5.50%, 01/20/2021			2,100		2,122
4.15%, 11/01/2045		1,600		1,644	Gruma SAB de CV
Puget Energy Inc					4.88%, 12/01/2024(b)			1,375		1,425
6.00%, 09/01/2021		2,935		3,355	Grupo Bimbo SAB de CV
Southern California Edison Co					4.88%, 06/27/2044(b)			2,150		1,825
3.60%, 02/01/2045		3,660		3,409	Ingles Markets Inc
3.90%, 12/01/2041		390		381	5.75%, 06/15/2023			1,305		1,308
4.05%, 03/15/2042		1,610		1,612	JBS USA LLC / JBS USA Finance Inc
Virginia Electric & Power Co					5.75%, 06/15/2025(b)			915		700
4.00%, 01/15/2043		245		240	JM Smucker Co/The
4.45%, 02/15/2044		1,560		1,643	2.50%, 03/15/2020			2,000		2,010
4.65%, 08/15/2043		1,620		1,747	3.50%, 03/15/2025			2,910		2,940
Western Power Distribution West Midlands					4.38%, 03/15/2045			4,910		4,778
PLC					Kraft Heinz Foods Co
5.75%, 04/16/2032	GBP	100		178	2.80%, 07/02/2020(b)			6,475		6,520
Wisconsin Electric Power Co					5.00%, 07/15/2035(b)			1,155		1,184
4.30%, 12/15/2045	$	1,495		1,578	5.20%, 07/15/2045(b)			1,575		1,656
		$		138,544	Post Holdings Inc
					7.38%, 02/15/2022			685		722
Electronics - 0.23%					7.75%, 03/15/2024(b)			475		506
Keysight Technologies Inc					Smithfield Foods Inc
3.30%, 10/30/2019		4,300		4,262	5.25%, 08/01/2018(b)			855		872
4.55%, 10/30/2024		1,245		1,214	5.88%, 08/01/2021(b)			1,425		1,446
Sanmina Corp
4.38%, 06/01/2019(b)		210		211	TreeHouse Foods Inc
					6.00%, 02/15/2024(b)			820		844
Tyco Electronics Group SA					Wm Wrigley Jr Co
1.10%, 03/01/2023	EUR	500		535	2.40%, 10/21/2018  (b)			1,650		1,664
2.38%, 12/17/2018	$	150		150	3.38%, 10/21/2020(b)			2,745		2,827
3.50%, 02/03/2022		2,935		3,030
7.13%, 10/01/2037		105		138				$		36,758
		$		9,540	Forest Products & Paper - 0.11%
					Domtar Corp
Engineering & Construction - 0.07%					6.25%, 09/01/2042			2,155		2,024
Aguila 3 SA
7.88%, 01/31/2018(b)		390		396	Klabin Finance SA
					5.25%, 07/16/2024(b)			800		708
SBA Tower Trust
2.90%, 10/15/2044(b)		2,700		2,707	Resolute Forest Products Inc
					5.88%, 05/15/2023			955		612
		$		3,103	Sappi Papier Holding GmbH
Entertainment - 0.31%					7.50%, 06/15/2032(b)			630		567
Carmike Cinemas Inc					Tembec Industries Inc
6.00%, 06/15/2023(b)		720		746	9.00%, 12/15/2019(b)			805		509
CCM Merger Inc					Verso Paper Holdings LLC / Verso Paper Inc
9.13%, 05/01/2019(b)		2,640		2,719	11.75%, 01/15/2019			835		146
Cinemark USA Inc								$		4,566
4.88%, 06/01/2023		2,555		2,510
DreamWorks Animation SKG Inc					Gas- 0.14	%
6.88%, 08/15/2020(b)		1,435		1,421	Dominion Gas Holdings LLC
Eldorado Resorts Inc					2.80%, 11/15/2020			3,645		3,705
7.00%, 08/01/2023 (b)		1,175		1,158	4.80%, 11/01/2043			75		73
					Nakilat Inc
					6.07%, 12/31/2033			350		368

See accompanying notes

11

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)    Value (000's)				BONDS (continued)	Amount (000's)  Value (000's)
Gas (continued)					Healthcare - Services (continued)
Talent Yield Investments Ltd					Tenet Healthcare Corp
4.50%, 04/25/2022(b)	$	1,500	$	1,591	6.00%, 10/01/2020	$	155	$	164
		$		5,737	UnitedHealth Group Inc
					1.90%, 07/16/2018		2,425		2,439
Healthcare - Products - 1.07%					4.63%, 07/15/2035		4,780		5,086
ConvaTec Finance International SA					4.75%, 07/15/2045		3,380		3,621
8.25%, PIK 9.00%, 01/15/2019(b),(f)		1,850		1,647
					WellCare Health Plans Inc
ConvaTec Healthcare E SA					5.75%, 11/15/2020		1,180		1,201
10.50%, 12/15/2018(b)		400		408
DJO Finco Inc / DJO Finance LLC / DJO							$		44,866
Finance Corp					Holding Companies - Diversified - 0.06%
8.13%, 06/15/2021(b)		1,720		1,445	Alfa SAB de CV
Hill-Rom Holdings Inc					5.25%, 03/25/2024(b)		1,323		1,340
5.75%, 09/01/2023(b),(c)		740		754	Argos Merger Sub Inc
Kinetic Concepts Inc / KCI USA Inc					7.13%, 03/15/2023(b)		1,115		1,123
10.50%, 11/01/2018		1,325		1,285			$		2,463
Mallinckrodt International Finance SA /
Mallinckrodt CB LLC					Home Builders - 0.21%
5.63%, 10/15/2023(b)		2,060		1,931	Beazer Homes USA Inc
Medtronic Inc					6.63%, 04/15/2018		685		698
2.50%, 03/15/2020		2,160		2,194	CalAtlantic Group Inc
3.50%, 03/15/2025		1,506		1,546	5.88%, 11/15/2024		520		540
4.38%, 03/15/2035		4,150		4,236	KB Home
4.63%, 03/15/2045		7,510		7,877	4.75%, 05/15/2019		390		374
Universal Hospital Services Inc					Lennar Corp
7.63%, 08/15/2020		1,470		1,294	4.13%, 12/01/2018		1,725		1,742
					4.50%, 11/15/2019		675		694
Zimmer Biomet Holdings Inc					4.75%, 11/15/2022(c)		1,265		1,233
2.00%, 04/01/2018		4,000		3,987
2.70%, 04/01/2020		10,765		10,711	WCI Communities Inc
3.15%, 04/01/2022		1,035		1,024	6.88%, 08/15/2021		2,105		2,147
3.55%, 04/01/2025		3,915		3,814	Woodside Homes Co LLC / Woodside Homes
4.25%, 08/15/2035		325		301	Finance Inc
					6.75%, 12/15/2021(b)		1,725		1,497
		$		44,454
							$		8,925
Healthcare - Services - 1.08%
Aetna Inc					Home Equity Asset Backed Securities - 0.03%
2.75%, 11/15/2022		400		395	First NLC Trust 2005-1
					0.92%, 05/25/2035(c)		307		209
Anthem Inc
3.13%, 05/15/2022		865		850	JP Morgan Mortgage Acquisition Trust 2006-
3.50%, 08/15/2024		1,175		1,164	CW2
					0.58%, 08/25/2036(c)		772		723
4.35%, 08/15/2020		505		542
4.63%, 05/15/2042		1,485		1,390	New Century Home Equity Loan Trust 2005-
4.65%, 01/15/2043		1,250		1,189	1
					1.01%, 03/25/2035(c)		85		85
4.65%, 08/15/2044		855		812
					Saxon Asset Securities Trust 2004-1
Centene Corp					2.12%, 03/25/2035(c)		282		117
4.75%, 05/15/2022		2,040		1,958
5.75%, 06/01/2017		4,580		4,735	Specialty Underwriting & Residential Finance
					Trust Series 2004-BC1
Centene Escrow Corp					1.19%, 02/25/2035(c)		303		277
5.63%, 02/15/2021(b),(d)		470		478
6.13%, 02/15/2024(b),(d)		580		596			$		1,411
Cigna Corp					Insurance - 2.01%
4.00%, 02/15/2022		1,875		1,967	ACE INA Holdings Inc
4.38%, 12/15/2020		2,530		2,744	2.30%, 11/03/2020		8,575		8,602
Fresenius Medical Care US Finance II Inc					3.35%, 05/03/2026		5,395		5,506
4.75%, 10/15/2024(b)		1,180		1,186	Aegon NV
5.88%, 01/31/2022(b)		985		1,066	4.00%, 04/25/2044(c)	EUR	250		255
6.50%, 09/15/2018(b)		330		363	American International Group Inc
HCA Holdings Inc					3.38%, 08/15/2020	$	6,505		6,613
6.25%, 02/15/2021		925		976	3.75%, 07/10/2025		9,060		8,690
HCA Inc					3.88%, 01/15/2035		5,400		4,451
4.75%, 05/01/2023		2,685		2,692	4.50%, 07/16/2044		2,815		2,461
5.00%, 03/15/2024		1,045		1,058	5.00%, 04/26/2023	GBP	150		238
5.25%, 04/15/2025		1,500		1,537	CNO Financial Group Inc
5.88%, 03/15/2022		580		622	4.50%, 05/30/2020	$	545		559
IASIS Healthcare LLC / IASIS Capital Corp					Liberty Mutual Group Inc
8.38%, 05/15/2019		310		291	7.00%, 03/07/2067(b),(c)		2,760		2,567
Molina Healthcare Inc					Metropolitan Life Global Funding I
5.38%, 11/15/2022(b)		1,000		997	0.88%, 01/20/2022	EUR	250		268
MPH Acquisition Holdings LLC					Pricoa Global Funding I
6.63%, 04/01/2022(b)		2,390		2,393	2.20%, 05/16/2019(b)	$	3,170		3,179
Roche Holdings Inc					Prudential Financial Inc
6.50%, 03/04/2021	EUR	250		354	5.38%, 05/15/2045(c)		6,175		6,053

See accompanying notes

12

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
				Principal				Principal
	BONDS (continued)			Amount (000's)     Value (000's)			BONDS (continued)	Amount (000's) Value (000's)
	Insurance (continued)						Media (continued)
	TIAA Asset Management Finance Co LLC						Cable One Inc
	2.95%, 11/01/2019(b)		$	6,675	$	6,649	5.75%, 06/15/2022(b)	$	180	$	182
	Voya Financial Inc						Cablevision Systems Corp
	5.50%, 07/15/2022			3,500		3,915	8.00%, 04/15/2020		990		936
	5.65%, 05/15/2053(c)			8,615		8,356	CBS Corp
	XLIT Ltd						5.75%, 04/15/2020		810		900
	4.45%, 03/31/2025			9,000		8,886	CCO Holdings LLC / CCO Holdings Capital
	5.50%, 03/31/2045			6,890		6,671	Corp
				$		83,919	5.13%, 05/01/2023(b)		4,820		4,820
							CCO Safari II LLC
	Internet - 0.15%						4.46%, 07/23/2022(b)		3,494		3,500
	Alibaba Group Holding Ltd						6.38%, 10/23/2035(b)		585		588
	3.13%, 11/28/2021			3,200		3,160	6.48%, 10/23/2045(b)		1,190		1,198
	Zayo Group LLC / Zayo Capital Inc						6.83%, 10/23/2055(b)		2,395		2,384
	6.00%, 04/01/2023			2,115		2,067	CCOH Safari LLC
	10.13%, 07/01/2020			883		949	5.75%, 02/15/2026(b)		180		179
				$		6,176	Comcast Corp
	Iron & Steel - 0.21%						3.38%, 02/15/2025		5,570		5,693
	AK Steel Corp						4.20%, 08/15/2034		510		502
	7.63%, 05/15/2020			820		312	4.60%, 08/15/2045		325		327
	ArcelorMittal						5.50%, 11/23/2029	GBP	125		218
	6.13%, 06/01/2018			345		314	6.40%, 03/01/2040	$	1,975		2,484
	6.50%, 03/01/2021(c)			1,940		1,576	6.50%, 11/15/2035		330		410
	8.00%, 10/15/2039(c)			2,165		1,526	CSC Holdings LLC
	Commercial Metals Co						8.63%, 02/15/2019		185		197
	4.88%, 05/15/2023			2,785		2,315	DIRECTV Holdings LLC / DIRECTV
	7.35%, 08/15/2018			740		755	Financing Co Inc
	Signode Industrial Group Lux SA/Signode						2.75%, 05/19/2023	EUR	250		292
	Industrial Group US Inc						3.80%, 03/15/2022	$	2,145		2,167
	6.38%, 05/01/2022(b)			2,240		1,859	5.20%, 11/18/2033	GBP	100		155
				$		8,657	6.00%, 08/15/2040	$	1,560		1,546
							6.38%, 03/01/2041		1,195		1,254
	Leisure Products & Services - 0.05%						DISH DBS Corp
	NCL Corp Ltd						4.25%, 04/01/2018		710		711
	4.63%, 11/15/2020(b)			1,325		1,288	5.88%, 07/15/2022		1,890		1,779
	5.25%, 11/15/2019(b)			920		925	5.88%, 11/15/2024		760		677
				$		2,213	6.75%, 06/01/2021		2,710		2,764
							7.88%, 09/01/2019		1,517		1,646
	Lodging - 0.17%						NBCUniversal Enterprise Inc
	Boyd Gaming Corp						1.31%, 04/15/2018(b),(c)		5,490		5,482
	6.88%, 05/15/2023			515		523
	9.00%, 07/01/2020			364		384	NBCUniversal Media LLC
	MGM Resorts International						2.88%, 01/15/2023		4,325		4,380
	6.00%, 03/15/2023			705		703	4.45%, 01/15/2043		1		1
	6.63%, 12/15/2021			1,065		1,094	Neptune Finco Corp
							6.63%, 10/15/2025(b)		445		462
	8.63%, 02/01/2019			190		211	10.13%, 01/15/2023(b)		1,250		1,322
	10.00%, 11/01/2016			1,205		1,265
							Numericable-SFRSAS
	Wyndham Worldwide Corp						6.00%, 05/15/2022 (b)		235		231
	2.50%, 03/01/2018			2,920		2,901
				$		7,081	RCN Telecom Services LLC / RCN Capital
							Corp
	Machinery - Construction & Mining - 0.01%						8.50%, 08/15/2020(b)		1,685		1,693
	Vander Intermediate Holding II Corp						Sky PLC
	9.75%, PIK 10.50%, 02/01/2019(b),(f)			875		422	1.50%, 09/15/2021	EUR	250		274
							2.88%, 11/24/2020	GBP	100		145
							Time Warner Cable Inc
	Machinery - Diversified - 0.00%						5.88%, 11/15/2040	$	10		9
	CNH Industrial Capital LLC						6.75%, 07/01/2018		920		1,005
	3.88%, 07/16/2018			80		78	8.75%, 02/14/2019		1,165		1,346
							Time Warner Inc
	Media- 2.17	%					2.10%, 06/01/2019		1,080		1,070
	21st Century Fox America Inc						3.60%, 07/15/2025		2,225		2,160
	4.75%, 09/15/2044			850		804	3.88%, 01/15/2026		1,065		1,060
	5.40%, 10/01/2043			2,145		2,147	4.05%, 12/15/2023		3,670		3,785
	6.15%, 02/15/2041			2,600		2,801	4.65%, 06/01/2044		610		532
	Altice Financing SA						4.85%, 07/15/2045		1,830		1,650
	6.50%, 01/15/2022(b)			475		473	6.25%, 03/29/2041		2,456		2,602
	7.88%, 12/15/2019(b)			400		417	Unitymedia GmbH
	Altice Finco SA						6.13%, 01/15/2025(b)		895		909
	7.63%, 02/15/2025(b)			905		833	Unitymedia Hessen GmbH & Co KG /
	8.13%, 01/15/2024(b)			520		499	Unitymedia NRW GmbH
	Altice Luxembourg SA						5.50%, 01/15/2023(b)		1,275		1,333
	7.75%, 05/15/2022(b)			2,800		2,611

See accompanying notes

13

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
	Principal							Principal
BONDS (continued)	Amount (000's)			Value (000's)	BONDS (continued)			Amount (000's)    Value (000's)
Media (continued)					Mortgage Backed Securities - 2.37%
Univision Communications Inc					Adjustable Rate Mortgage Trust 2004-2
8.50%, 05/15/2021(b)	$	1,355	$	1,345	1.57%, 02/25/2035(c)		$	38	$	38
Viacom Inc					Fannie Mae REMIC Trust 2005-W2
4.85%, 12/15/2034		3,405		2,764	0.63%, 05/25/2035(c)			498		493
5.25%, 04/01/2044		520		413	Fannie Mae REMICS
5.85%, 09/01/2043		525		442	2.25%, 07/25/2040			244		244
VTR Finance BV					3.00%, 04/25/2027			5,777		569
6.88%, 01/15/2024(b)		930		867	3.50%, 09/25/2027(c)			9,279		1,111
Walt Disney Co/The					3.50%, 11/25/2027(c)			2,388		264
2.30%, 02/12/2021		2,480		2,498	3.50%, 05/25/2028			3,885		402
WideOpenWest Finance LLC /					3.50%, 03/25/2031(c)			6,167		637
WideOpenWest Capital Corp					5.57%, 07/25/2039(c)			11,365		1,457
13.38%, 10/15/2019		1,535		1,405	5.67%, 02/25/2043(c)			7,631		1,596
10.25%, 07/15/2019		1,395		1,315	5.72%, 11/25/2042(c)			10,679		2,414
		$		90,594	5.72%, 06/25/2043(c)			13,668		3,119
					6.07%, 12/25/2021(c)			954		104
Metal Fabrication & Hardware - 0.01%					6.07%, 03/25/2022(c)			668		70
Wise Metals Intermediate Holdings LLC/Wise					35.74%, 08/25/2035(c)			24		5
Holdings Finance Corp
9.75%, PIK 10.50%, 06/15/2019(b),(f)		1,455		553	Freddie Mac REMICS
					0.88%, 06/15/2023(c)			31		31
					1.03%, 08/15/2018(c)			309		311
Mining - 0.41%					1.25%, 09/15/2033			540		540
Anglo American Capital PLC					2.00%, 02/15/2036(c)			1,208		1,207
1.57%, 04/15/2016(b),(c)		4,150		4,118	2.75%, 03/15/2041			1,426		1,466
Barrick North America Finance LLC					3.00%, 09/15/2025(c)			5,351		332
4.40%, 05/30/2021		2,881		2,630	3.00%, 05/15/2027(c)			10,865		730
BHP Billiton Finance USA Ltd					3.00%, 10/15/2027(c)			1,557		145
2.05%, 09/30/2018		1,670		1,622	3.00%, 02/15/2029(c)			10,277		978
FMG Resources August 2006 Pty Ltd					3.50%, 02/15/2028			6,747		674
6.88%, 04/01/2022(b)		1,895		1,061	3.50%, 01/15/2040(c)			6,276		738
8.25%, 11/01/2019(b)		880		713	3.50%, 03/15/2041			7,987		1,023
9.75%, 03/01/2022(b)		405		351	4.00%, 04/15/2025(c)			7,069		470
Glencore Funding LLC					5.79%, 07/15/2045(c)			20,197		4,571
3.13%, 04/29/2019(b)		945		720	6.22%, 05/15/2026(c)			4,932		750
Newmont Mining Corp					6.32%, 09/15/2034(c)			957		127
4.88%, 03/15/2042		775		536	Freddie Mac Structured Agency Credit Risk
Rio Tinto Finance USA Ltd					Debt Notes
3.50%, 11/02/2020		30		29	1.28%, 04/25/2024(c)			4,658		4,653
4.13%, 05/20/2021		140		139	1.33%, 10/25/2027(c)			6,989		6,968
Rio Tinto Finance USA PLC					1.58%, 12/25/2027(c)			7,809		7,803
2.00%, 03/22/2017		2,350		2,313	1.68%, 01/25/2025(c)			2,749		2,749
St Barbara Ltd					1.68%, 03/25/2028(c)			4,835		4,838
8.88%, 04/15/2018(b)		880		854	1.78%, 04/25/2028(c)			3,778		3,782
Taseko Mines Ltd					1.88%, 09/25/2024(c)			10,901		10,945
7.75%, 04/15/2019		1,072		579	2.08%, 08/25/2024(c)			2,667		2,676
Teck Resources Ltd					2.82%, 08/25/2024(c)			7,605		7,681
2.50%, 02/01/2018		1,530		1,256	Ginnie Mae
		$		16,921	1.75%, 10/16/2037			732		740
					3.50%, 02/20/2040(c)			4,921		672
Miscellaneous Manufacturers - 0.55%					4.00%, 08/20/2045			11,634		2,781
Bombardier Inc					4.50%, 05/16/2043(c)			3,721		701
5.50%, 09/15/2018(b)		1,100		976
					4.50%, 04/16/2044			1,217		142
7.50%, 03/15/2025(b)		575		396	5.00%, 10/16/2022(c)			1,194		23
General Electric Co					5.17%, 02/20/2045(c)			23,972		5,079
5.00%, 12/29/2049(a),(c)		2,943		3,024	5.62%, 08/20/2043(c)			9,429		1,557
5.30%, 02/11/2021		6,800		7,754	5.82%, 08/16/2045(c)			19,403		4,645
5.88%, 01/14/2038		534		658	6.22%, 08/20/2038(c)			10,334		1,635
Ingersoll-Rand Global Holding Co Ltd					Impac CMB Trust Series 2007-A
2.88%, 01/15/2019		1,065		1,070	0.68%, 05/25/2037(b),(c)			1,691		1,542
5.75%, 06/15/2043		790		882	Merrill Lynch Mortgage Investors Trust Series
Ingersoll-Rand Luxembourg Finance SA					2005	-A8
3.55%, 11/01/2024		3,405		3,374	0.78%, 08/25/2036(c)			162		142
4.65%, 11/01/2044		1,065		1,030
Siemens Financieringsmaatschappij NV					Residential Asset Securitization Trust 2004-
1.45%, 05/25/2018(b)		1,133		1,132	A10
					5.50%, 02/25/2035			32		32
2.75%, 09/10/2025	GBP	100		143	Wells Fargo Mortgage Backed Securities
2.88%, 03/10/2028	EUR	250		315	2005-AR16 Trust
3.75%, 09/10/2042	GBP	100		144	2.70%, 03/25/2035(c)			418		410
Tyco International Finance SA								$		98,812
5.13%, 09/14/2045	$	2,110		2,133
		$		23,031

See accompanying notes

14

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Office & Business Equipment - 0.11%					Oil & Gas (continued)
Xerox Corp					Petrobras Global Finance BV
2.95%, 03/15/2017	$	555	$	556	5.38%, 01/27/2021	$	2,245	$	1,687
3.50%, 08/20/2020		1,795		1,774	Petroleos Mexicanos
6.75%, 02/01/2017		550		571	4.25%, 01/15/2025(b)		700		601
6.75%, 12/15/2039		1,730		1,549	5.50%, 02/04/2019(b),(d),(g)		2,850		2,886
		$		4,450	5.50%, 06/27/2044		575		433
					6.38%, 01/23/2045		60		51
Oil & Gas - 1.65%					6.88%, 08/04/2026(b),(d),(g)		800		813
Anadarko Petroleum Corp					Phillips 66
3.45%, 07/15/2024		4,585		3,679	4.65%, 11/15/2034		2,180		1,908
4.50%, 07/15/2044		1,525		1,014	Pioneer Natural Resources Co
Apache Corp					3.45%, 01/15/2021		3,955		3,707
4.25%, 01/15/2044		365		250	4.45%, 01/15/2026		1,645		1,500
4.75%, 04/15/2043		2,395		1,761	QEP Resources Inc
Baytex Energy Corp					5.25%, 05/01/2023		1,025		697
5.13%, 06/01/2021(b)		370		222
					6.80%, 04/01/2018		200		184
BP Capital Markets PLC
0.88%, 05/10/2019(c)		6,585		6,486	Repsol Oil & Gas Canada Inc
					3.75%, 02/01/2021		3,505		2,856
Carrizo Oil & Gas Inc					7.75%, 06/01/2019		2,355		2,182
6.25%, 04/15/2023		145		101	Seven Generations Energy Ltd
7.50%, 09/15/2020		2,907		2,260	6.75%, 05/01/2023(b)		285		237
Chaparral Energy Inc					Sunoco LP / Sunoco Finance Corp
7.63%, 11/15/2022		1,456		277	5.50%, 08/01/2020(b)		765		717
9.88%, 10/01/2020		655		115	6.38%, 04/01/2023(b)		1,075		992
Chesapeake Energy Corp					Ultra Petroleum Corp
6.50%, 08/15/2017		295		145	6.13%, 10/01/2024(b)		1,475		206
8.00%, 12/15/2022(b)		1,356		580
					Woodside Finance Ltd
CNOOC Finance 2013 Ltd					3.65%, 03/05/2025(b)		1,065		909
3.00%, 05/09/2023		850		803	WPX Energy Inc
ConocoPhillips					7.50%, 08/01/2020		830		521
5.75%, 02/01/2019		500		524	YPF SA
ConocoPhillips Co					8.88%, 12/19/2018(b)		2,250		2,295
1.26%, 05/15/2022(c)		3,300		3,079
Continental Resources Inc/OK							$		68,634
3.80%, 06/01/2024		4,128		2,667	Oil & Gas Services - 0.09%
Denbury Resources Inc					Archrock Partners LP / Archrock Partners
5.50%, 05/01/2022		1,055		369	Finance Corp
Devon Energy Corp					6.00%, 10/01/2022		395		296
2.25%, 12/15/2018		4,935		4,268	Halliburton Co
Drill Rigs Holdings Inc					2.70%, 11/15/2020		2,610		2,549
6.50%, 10/01/2017(b)		330		175	PHI Inc
Ecopetrol SA					5.25%, 03/15/2019		755		610
5.38%, 06/26/2026		1,145		916	Seventy Seven Operating LLC
Encana Corp					6.63%, 11/15/2019		1,385		288
5.15%, 11/15/2041		1,085		616			$		3,743
EP Energy LLC / Everest Acquisition Finance
Inc					Other Asset Backed Securities - 1.26%
6.38%, 06/15/2023		845		296	Chase Funding Trust Series 2003-5
					1.03%, 07/25/2033(c)		649		586
9.38%, 05/01/2020		2,665		1,133
					Chase Funding Trust Series 2004-1
Halcon Resources Corp					0.89%, 12/25/2033(c)		23		21
8.63%, 02/01/2020(b)		275		173
9.75%, 07/15/2020		1,550		225	Countrywide Asset-Backed Certificates
					2.03%, 01/25/2034(c)		10		9
12.00%, 02/15/2022(b)		58		34
					Dell Equipment Finance Trust 2014-1
Linn Energy LLC / Linn Energy Finance					0.64%, 07/22/2016(b)		27		27
Corp
6.25%, 11/01/2019(c)		820		102	Dell Equipment Finance Trust 2015-1
					1.01%, 07/24/2017(b)		14,000		13,978
6.50%, 05/15/2019		1,015		137
8.63%, 04/15/2020		310		46	Dell Equipment Finance Trust 2015-2
					1.33%, 12/22/2017(b),(c)		10,000		10,001
Marathon Petroleum Corp					1.72%, 09/22/2020(b),(c)		5,200		5,196
4.75%, 09/15/2044		3,485		2,646
Nabors Industries Inc					JP Morgan Mortgage Acquisition Trust 2007-
2.35%, 09/15/2016		1,400		1,381	CH3
					0.58%, 03/25/2037(c)		1,283		1,271
Noble Energy Inc
3.90%, 11/15/2024		1,880		1,581	Kubota Credit Owner Trust 2015-1
					1.54%, 03/15/2019(b),(c)		8,880		8,853
5.05%, 11/15/2044		1,435		1,036
Northern Blizzard Resources Inc					Popular ABS Mortgage Pass-Through Trust
7.25%, 02/01/2022(b)		715		511	2005-1
					0.70%, 05/25/2035(c)		1,090		972
Oasis Petroleum Inc
6.50%, 11/01/2021		455		273	Trade MAPS 1 Ltd
					1.12%, 12/10/2018(b),(c)		11,500		11,434
6.88%, 03/15/2022		290		168
6.88%, 01/15/2023		1,870		1,066			$		52,348
PDC Energy Inc
7.75%, 10/15/2022		2,250		2,137

See accompanying notes

15

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)    Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Packaging & Containers - 0.44%					Pipelines (continued)
Ardagh Finance Holdings SA					Enbridge Inc
8.63%, PIK 8.63%, 06/15/2019(b),(f)	$	398	$	366	0.87%, 06/02/2017(c)		$	4,580	$	4,366
Ardagh Packaging Finance PLC / Ardagh					Energy Transfer Equity LP
Holdings USA Inc					5.88%, 01/15/2024			410		320
3.51%, 12/15/2019(b),(c)		1,150		1,100	Energy Transfer Partners LP
6.00%, 06/30/2021(b)		220		198	4.05%, 03/15/2025			2,885		2,364
7.00%, 11/15/2020(b)		46		43	4.90%, 03/15/2035			950		663
Berry Plastics Corp					EnLink Midstream Partners LP
6.00%, 10/15/2022(b)		485		495	4.15%, 06/01/2025			3,440		2,354
Beverage Packaging Holdings Luxembourg II					4.40%, 04/01/2024			904		645
SA / Beverage Packaging Holdings II					5.05%, 04/01/2045			1,210		706
5.63%, 12/15/2016(b)		240		237	Enterprise Products Operating LLC
6.00%, 06/15/2017(b)		660		637	3.70%, 02/15/2026			1,915		1,722
Coveris Holding Corp					4.90%, 05/15/2046			2,730		2,267
10.00%, 06/01/2018(b)		1,500		1,421	Kinder Morgan Energy Partners LP
Coveris Holdings SA					4.70%, 11/01/2042			1,540		1,077
7.88%, 11/01/2019(b)		885		699	5.63%, 09/01/2041			680		523
Crown Cork & Seal Co Inc					Kinder Morgan Inc/DE
7.38%, 12/15/2026		1,615		1,728	3.05%, 12/01/2019			1,575		1,458
Packaging Corp of America					5.05%, 02/15/2046			850		619
4.50%, 11/01/2023		5,775		5,880	ONEOK Partners LP
Reynolds Group Issuer Inc / Reynolds Group					4.90%, 03/15/2025			2,515		2,020
Issuer LLC / Reynolds Group Issuer					Sabine Pass Liquefaction LLC
(Luxembourg) S.A.					5.63%, 02/01/2021(c)			990		906
7.88%, 08/15/2019		1,065		1,105	5.63%, 03/01/2025			910		783
WestRock RKT Co					6.25%, 03/15/2022			745		686
3.50%, 03/01/2020		4,330		4,432	Sabine Pass LNG LP
		$		18,341	7.50%, 11/30/2016			350		361
					TransCanada PipeLines Ltd
Pharmaceuticals - 1.12%					4.63%, 03/01/2034			965		847
AbbVie Inc					5.00%, 10/16/2043			1,605		1,445
2.50%, 05/14/2020		5,245		5,206	7.13%, 01/15/2019			730		809
3.60%, 05/14/2025		1,565		1,566	Transportadora de Gas Internacional SA ESP
4.70%, 05/14/2045		3,975		3,900	5.70%, 03/20/2022			1,315		1,276
Actavis Funding SCS					Western Gas Partners LP
3.00%, 03/12/2020		3,425		3,467	5.45%, 04/01/2044			3,700		2,358
3.45%, 03/15/2022		2,000		2,029	Williams Partners LP
3.80%, 03/15/2025		3,705		3,759	3.60%, 03/15/2022			3,185		2,326
4.55%, 03/15/2035		410		404	Williams Partners LP / ACMP Finance Corp
Alphabet Holding Co Inc					4.88%, 05/15/2023			4,760		3,617
7.75%, 11/01/2017		820		801	4.88%, 03/15/2024			2,950		2,212
Forest Laboratories LLC					6.13%, 07/15/2022			585		477
5.00%, 12/15/2021(b)		7,670		8,408
JLL/Delta Dutch Pledgeco BV								$		48,011
8.75%, PIK 9.50%, 05/01/2020(b),(f)		1,210		1,071	Real Estate - 0.15%
Novartis Capital Corp					American Campus Communities Operating
3.00%, 11/20/2025		2,630		2,659	Partnership LP
4.00%, 11/20/2045		2,300		2,323	3.35%, 10/01/2020			1,900		1,928
Novartis Finance SA					China Overseas Finance Cayman VI Ltd
1.63%, 11/09/2026	EUR	250		286	4.25%, 05/08/2019			1,100		1,140
Perrigo Co PLC					Crescent Resources LLC / Crescent Ventures
1.30%, 11/08/2016	$	690		685	Inc
Pfizer Inc					10.25%, 08/15/2017(b)			1,310		1,310
5.20%, 08/12/2020		3,626		4,112	Prologis LP
Roche Finance Europe BV					1.38%, 10/07/2020		EUR	250		270
5.38%, 08/29/2023	GBP	100		175	3.75%, 11/01/2025		$	1,680		1,694
Valeant Pharmaceuticals International Inc								$		6,342
5.38%, 03/15/2020(b)	$	1,270		1,198
5.50%, 03/01/2023(b)		545		481	REITS- 1.02	%
5.88%, 05/15/2023(b)		2,675		2,394	American Tower Corp
7.50%, 07/15/2021(b)		600		595	3.30%, 02/15/2021			3,495		3,509
Wyeth LLC					DDR Corp
6.00%, 02/15/2036		565		688	3.63%, 02/01/2025			2,170		2,073
Zoetis Inc					DuPont Fabros Technology LP
1.15%, 02/01/2016		490		490	5.88%, 09/15/2021			1,315		1,354
		$		46,697	Equinix Inc
					4.88%, 04/01/2020			230		239
Pipelines - 1.15%					5.38%, 01/01/2022			935		972
Boardwalk Pipelines LP					5.38%, 04/01/2023			730		756
3.38%, 02/01/2023		4,445		3,476	5.88%, 01/15/2026			740		766
Columbia Pipeline Group Inc					Hospitality Properties Trust
3.30%, 06/01/2020(b)		5,620		5,328	4.25%, 02/15/2021(d)			4,025		3,984

See accompanying notes

16

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
		Principal				Principal
BONDS (continued)		Amount (000's)    Value (000's)			BONDS (continued)	Amount (000's)  Value (000's)
REITS (continued)					Retail (continued)
Host Hotels & Resorts LP					Wal-Mart Stores Inc
4.50%, 02/01/2026	$	1,635	$	1,638	1.00%, 04/21/2017	$	2,750	$	2,758
iStar Inc							$		65,822
3.88%, 07/01/2016		245		244
4.88%, 07/01/2018		390		372	Savings & Loans - 0.02%
5.00%, 07/01/2019		125		118	Nationwide Building Society
9.00%, 06/01/2017		490		501	1.25%, 03/03/2025	EUR	500		532
					6.88%, 03/11/2049(a),(c)	GBP	100		139
Kimco Realty Corp
3.40%, 11/01/2022		2,160		2,185			$		671
PLA Administradora Industrial S de RL de					Semiconductors - 0.21%
CV					Applied Materials Inc
5.25%, 11/10/2022(b)		1,150		1,058	5.10%, 10/01/2035	$	3,110		3,162
Regency Centers LP					Micron Technology Inc
5.88%, 06/15/2017		5,375		5,669	5.25%, 01/15/2024(b)		1,805		1,467
Retail Properties of America Inc					NXP BV / NXP Funding LLC
4.00%, 03/15/2025		3,160		3,000	5.75%, 02/15/2021(b)		200		207
Scentre Group Trust 1 / Scentre Group Trust					QUALCOMM Inc
2					4.80%, 05/20/2045		1,135		1,010
2.38%, 04/28/2021(b)		4,030		3,955	Semiconductor Manufacturing International
Select Income REIT					Corp
4.15%, 02/01/2022		3,170		3,090	4.13%, 10/07/2019(b)		2,250		2,262
Simon Property Group LP					Sensata Technologies UK Financing Co plc
2.50%, 09/01/2020		4,490		4,561	6.25%, 02/15/2026(b)		670		683
2.50%, 07/15/2021		2,550		2,564			$		8,791
		$		42,608
					Shipbuilding - 0.02%
Retail - 1.58%					Huntington Ingalls Industries Inc
BMC Stock Holdings Inc					5.00%, 11/15/2025(b)		680		700
9.00%, 09/15/2018(b)		1,880		1,951
Claire's Stores Inc
9.00%, 03/15/2019(b)		395		236	Software - 0.49%
					Activision Blizzard Inc
CVS Health Corp					5.63%, 09/15/2021(b)		2,885		3,029
2.80%, 07/20/2020		1,110		1,128	6.13%, 09/15/2023(b)		970		1,038
3.88%, 07/20/2025		874		903
4.13%, 05/15/2021		3,160		3,389	Fidelity National Information Services Inc
4.75%, 12/01/2022(b)		6,515		7,114	2.85%, 10/15/2018		2,450		2,476
4.88%, 07/20/2035		5,155		5,352	3.63%, 10/15/2020		2,580		2,628
5.00%, 12/01/2024(b)		1,835		2,022	First Data Corp
					5.00%, 01/15/2024(b)		535		535
5.13%, 07/20/2045		4,725		5,077	5.75%, 01/15/2024(b)		535		531
CVS Pass-Through Trust
5.93%, 01/10/2034(b)		1,076		1,185	Microsoft Corp
7.51%, 01/10/2032(b)		2,780		3,342	2.00%, 11/03/2020		2,515		2,540
Dollar Tree Inc					3.13%, 11/03/2025		25		26
5.25%, 03/01/2020(b)		325		341	4.45%, 11/03/2045		1,060		1,086
5.75%, 03/01/2023(b)		650		685	MSCI Inc
					5.25%, 11/15/2024(b)		785		810
Home Depot Inc/The					5.75%, 08/15/2025(b)		355		375
3.35%, 09/15/2025		6,070		6,262
JC Penney Corp Inc					Oracle Corp
5.65%, 06/01/2020		1,850		1,526	2.25%, 01/10/2021	EUR	250		293
L Brands Inc					2.50%, 10/15/2022	$	773		763
6.88%, 11/01/2035(b)		745		770	2.95%, 05/15/2025		1,675		1,639
Landry's Holdings II Inc					3.13%, 07/10/2025	EUR	250		315
10.25%, 01/01/2018(b)		1,085		1,074	4.38%, 05/15/2055	$	1,895		1,718
Landry's Inc					Rackspace Hosting Inc
9.38%, 05/01/2020(b)		1,460		1,542	6.50%, 01/15/2024(b)		686		626
Macy's Retail Holdings Inc							$		20,428
5.90%, 12/01/2016		3,694		3,831	Sovereign - 1.01%
6.90%, 04/01/2029		145		158	Australia Government Bond
McDonald's Corp					3.25%, 04/21/2029	AUD	125		92
2.10%, 12/07/2018		1,105		1,115	4.50%, 04/15/2020		200		156
2.75%, 12/09/2020		2,685		2,723	Belgium Government Bond
3.70%, 01/30/2026		810		819	0.80%, 06/22/2025(b)	EUR	50		55
4.70%, 12/09/2035		1,235		1,246	4.25%, 09/28/2022		305		421
4.88%, 12/09/2045		4,050		4,091	Brazilian Government International Bond
Michaels Stores Inc					2.63%, 01/05/2023	$	1,000		790
5.88%, 12/15/2020(b)		1,007		1,037
					Bundesrepublik Deutschland
Petco Holdings Inc					1.00%, 08/15/2024	EUR	395		460
8.50%, PIK 9.25%, 10/15/2017(b),(f)		1,905		1,941
					1.50%, 09/04/2022		200		240
Rite Aid Corp					1.50%, 05/15/2024		425		514
6.13%, 04/01/2023(b)		900		950
					4.75%, 07/04/2028		15		25
Tops Holding LLC / Tops Markets II Corp					Canada Housing Trust No 1
8.00%, 06/15/2022(b)		1,320		1,254	1.70%, 12/15/2017(b)	CAD	525		382

See accompanying notes

17

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)      Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Sovereign (continued)					Sovereign (continued)
Canada Housing Trust No 1 (continued)					Spain Government Bond
2.40%, 12/15/2022(b)	CAD	40	$	30	0.25%, 04/30/2018	EUR	500	$	544
Chile Government International Bond					1.15%, 07/30/2020		100		112
3.13%, 01/21/2026	$	800		788	2.75%, 10/31/2024(b)		175		210
Colombia Government International Bond					4.65%, 07/30/2025(b)		40		55
7.38%, 03/18/2019		100		111	4.85%, 10/31/2020(b)		295		385
Croatia Government International Bond					5.15%, 10/31/2044(b)		25		40
6.38%, 03/24/2021		1,100		1,192	5.50%, 04/30/2021(b)		100		136
Denmark Government Bond					Sweden Government Bond
1.75%, 11/15/2025	DKK	750		120	1.50%, 11/13/2023	SEK	550		69
Dominican Republic International Bond					4.25%, 03/12/2019		200		27
6.88%, 01/29/2026(b)	$	800		810	Switzerland Government Bond
France Government Bond OAT					2.50%, 03/08/2036	CHF	30		43
0.50%, 05/25/2025	EUR	100		108	Turkey Government International Bond
1.00%, 05/25/2019		200		226	3.25%, 03/23/2023	$	1,425		1,320
1.75%, 11/25/2024		485		583	United Kingdom Gilt
3.00%, 04/25/2022		740		949	1.25%, 07/22/2018	GBP	100		145
3.50%, 04/25/2026		30		42	1.75%, 07/22/2019		35		52
4.50%, 04/25/2041		25		44	1.75%, 09/07/2022		490		721
Hungary Government International Bond					2.00%, 07/22/2020		40		60
5.38%, 02/21/2023	$	1,740		1,902	3.25%, 01/22/2044		200		337
Indonesia Government International Bond					4.25%, 12/07/2040		60		116
5.38%, 10/17/2023(b)		1,925		2,049	4.75%, 12/07/2030		25		49
Ireland Government Bond					Uruguay Government International Bond
3.40%, 03/18/2024	EUR	360		473	5.10%, 06/18/2050	$	800		692
Italy Buoni Poliennali Del Tesoro							$		41,979
0.25%, 05/15/2018		235		256
2.50%, 12/01/2024		100		119	Student Loan Asset Backed Securities - 1.20%
3.50%, 03/01/2030(b)		500		651	Navient Private Education Loan Trust 2014-
3.75%, 08/01/2021		355		450	A
					0.91%, 05/16/2022(b),(c)		1,975		1,971
4.25%, 09/01/2019		75		93
4.75%, 06/01/2017		75		86	Navient Private Education Loan Trust 2015-
5.00%, 09/01/2040		15		24	A
					0.93%, 12/15/2021(b),(c)		3,669		3,657
6.00%, 05/01/2031		20		33
					Navient Student Loan Trust 2014-8
Japan Government Ten Year Bond					0.71%, 08/25/2020(c)		3,665		3,644
0.50%, 12/20/2024	JPY	35,000		301
0.60%, 03/20/2023		30,000		259	Navient Student Loan Trust 2015-1
					0.73%, 09/26/2022(c)		1,951		1,935
1.40%, 06/20/2019		81,000		702
1.50%, 09/20/2018		139,500		1,199	SLM Private Education Loan Trust 2012-A
					1.83%, 08/15/2025(b),(c)		6,694		6,709
Japan Government Thirty Year Bond
1.50%, 03/20/2045		36,000		327	SLM Private Education Loan Trust 2012-C
					1.53%, 08/15/2023(b),(c)		2,634		2,636
Japan Government Twenty Year Bond
1.40%, 09/20/2034		11,000		101	SLM Private Education Loan Trust 2012-D
					1.48%, 06/15/2023(b),(c)		3,634		3,635
1.50%, 06/20/2034		100,000		936
1.90%, 03/20/2024		95,000		905	SLM Private Education Loan Trust 2012-E
					1.18%, 10/16/2023(b),(c)		2,582		2,581
Kazakhstan Government International Bond
5.13%, 07/21/2025(b)	$	1,200		1,194	SLM Private Education Loan Trust 2013-A
					1.03%, 08/15/2022(b),(c)		3,586		3,578
Mexican Bonos
5.00%, 12/11/2019(c)	MXN	3,500		193	SLM Private Education Loan Trust 2013-B
					1.08%, 07/15/2022(b),(c)		4,949		4,938
6.50%, 06/10/2021(c)		11,500		665
					SLM Private Education Loan Trust 2014-A
Mexico Government International Bond					1.03%, 07/15/2022(b),(c)		7,948		7,893
3.63%, 03/15/2022	$	100		100
4.00%, 10/02/2023		230		233	SLM Student Loan Trust 2012-6
					0.71%, 09/25/2019(c)		6,926		6,892
4.13%, 01/21/2026		1,500		1,502
Netherlands Government Bond							$		50,069
1.75%, 07/15/2023(b)	EUR	150		182	Telecommunications - 2.32%
2.00%, 07/15/2024(b)		170		211	AT&T Inc
5.50%, 01/15/2028		25		42	2.38%, 11/27/2018		795		801
Panama Government International Bond					2.45%, 06/30/2020		3,555		3,516
3.75%, 03/16/2025	$	550		542	4.35%, 06/15/2045		2,205		1,834
4.00%, 09/22/2024		2,500		2,512	4.45%, 05/15/2021		4,160		4,455
Peruvian Government International Bond					4.50%, 05/15/2035		4,555		4,108
4.13%, 08/25/2027		2,225		2,197	B Communications Ltd
Poland Government Bond					7.38%, 02/15/2021(b)		230		249
5.25%, 10/25/2020	PLN	315		88	Bharti Airtel International Netherlands BV
Poland Government International Bond					5.13%, 03/11/2023(b)		2,400		2,468
3.00%, 03/17/2023	$	850		838	CC Holdings GS V LLC / Crown Castle GS
Romanian Government International Bond					III Corp
4.88%, 01/22/2024(b)		1,850		2,005	3.85%, 04/15/2023		3,570		3,588
Russian Foreign Bond - Eurobond					CenturyLink Inc
7.50%, 03/31/2030(c)		4,465		5,358	5.63%, 04/01/2025		960		816

See accompanying notes

18

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)     Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Telecommunications (continued)					Telecommunications (continued)
Digicel Group Ltd					Virgin Media Finance PLC (continued)
8.25%, 09/30/2020(b)	$	1,500	$	1,213	6.00%, 10/15/2024(b)		$	405	$	408
Embarq Corp					Virgin Media Secured Finance PLC
8.00%, 06/01/2036		570		565	5.25%, 01/15/2026(b)			380		376
Empresa Nacional de Telecomunicaciones					Vodafone Group PLC
SA					2.50%, 09/26/2022			2,720		2,557
4.75%, 08/01/2026(b)		1,150		1,079	Wind Acquisition Finance SA
Frontier Communications Corp					4.75%, 07/15/2020(b)			1,245		1,223
8.88%, 09/15/2020(b)		395		396	7.38%, 04/23/2021(b)			2,320		2,205
11.00%, 09/15/2025(b)		1,360		1,311				$		96,567
10.50%, 09/15/2022(b)		730		710
Goodman Networks Inc					Transportation - 0.57%
12.13%, 07/01/2018		780		234	CSX Corp
Intelsat Jackson Holdings SA					3.95%, 05/01/2050			5,395		4,542
6.63%, 12/15/2022		420		272	5.50%, 04/15/2041			1,880		2,081
7.25%, 10/15/2020		710		611	6.25%, 03/15/2018			740		808
Intelsat Luxembourg SA					7.38%, 02/01/2019			964		1,112
6.75%, 06/01/2018		125		92	Eletson Holdings Inc
					9.63%, 01/15/2022(b)			1,595		1,356
7.75%, 06/01/2021		3,085		1,342
8.13%, 06/01/2023		630		260	FedEx Corp
Level 3 Communications Inc					3.20%, 02/01/2025			1,528		1,496
5.75%, 12/01/2022		855		881	4.75%, 11/15/2045			4,850		4,781
Level 3 Financing Inc					Hornbeck Offshore Services Inc
4.10%, 01/15/2018(c)		295		295	5.00%, 03/01/2021			445		251
5.38%, 08/15/2022		1,320		1,340	Navios Maritime Acquisition Corp / Navios
5.38%, 01/15/2024(b)		365		369	Acquisition Finance US Inc
					8.13%, 11/15/2021(b)			2,810		2,234
6.13%, 01/15/2021		270		283
Ooredoo International Finance Ltd					Navios Maritime Holdings Inc / Navios
3.88%, 01/31/2028		1,300		1,184	Maritime Finance II US Inc
					7.38%, 01/15/2022(b)			1,235		445
Sable International Finance Ltd
8.75%, 02/01/2020(b)		200		209	8.13%, 02/15/2019			385		115
SES SA					Navios South American Logistics Inc / Navios
4.63%, 03/09/2020	EUR	250		312	Logistics Finance US Inc
					7.25%, 05/01/2022(b)			2,610		1,344
Sprint Capital Corp
6.88%, 11/15/2028	$	565		372	Union Pacific Corp
6.90%, 05/01/2019		640		512	3.88%, 02/01/2055			1,105		995
Sprint Communications Inc					4.38%, 11/15/2065			1,780		1,657
7.00%, 08/15/2020		3,065		2,253	United Parcel Service Inc
9.13%, 03/01/2017		236		235	1.63%, 11/15/2025		EUR	250		280
Sprint Corp					5.13%, 02/12/2050		GBP	50		97
7.13%, 06/15/2024		1,995		1,347				$		23,594
7.88%, 09/15/2023		680		485	Trucking & Leasing - 0.06%
Telefonica Emisiones SAU					Penske Truck Leasing Co Lp / PTL Finance
6.42%, 06/20/2016		595		605	Corp
7.05%, 06/20/2036		625		737	3.38%, 02/01/2022(b)		$	2,535		2,487
Telstra Corp Ltd
2.50%, 09/15/2023	EUR	250		298	TOTAL BONDS			$		2,700,236
T-Mobile USA Inc							Principal
6.00%, 03/01/2023	$	540		543	CONVERTIBLE BONDS - 0.04%		Amount (000's)  Value (000's)
6.13%, 01/15/2022		185		188
6.25%, 04/01/2021		2,460		2,503	Banks- 0.03	%
6.50%, 01/15/2024		190		192	ING Groep NV
6.50%, 01/15/2026		1,140		1,140	6.00%, 12/29/2049(a),(c)			1,200		1,163
6.63%, 04/28/2021		585		605
UPCB Finance IV Ltd
5.38%, 01/15/2025(b)		602		578	Semiconductors - 0.01%
					Jazz US Holdings Inc
Verizon Communications Inc					8.00%, 12/31/2018			430		617
0.88%, 06/09/2017(c)		7,740		7,711
1.35%, 06/09/2017		3,270		3,266	TOTAL CONVERTIBLE BONDS			$		1,780
2.25%, 09/14/2018(c)		7,303		7,463
2.38%, 02/17/2022	EUR	500		582	SENIOR FLOATING RATE INTERESTS -      Principal
2.63%, 12/01/2031		150		166	3.31	%	Amount (000's) Value (000's)
4.07%, 06/18/2024(b)	GBP	100		151	Aerospace & Defense - 0.11%
4.52%, 09/15/2048	$	3,256		2,853	B/E Aerospace Inc, Term Loan B
4.75%, 02/17/2034	GBP	150		225	4.00%, 11/19/2021(c)		$	4,555	$	4,549
5.01%, 08/21/2054	$	5,568		5,010
5.15%, 09/15/2023		10,287		11,381
6.25%, 04/01/2037		425		472	Apparel - 0.01%
					Calceus Acquisition Inc, Term Loan B1
VimpelCom Holdings BV					5.00%, 09/24/2020(c)			755		589
7.50%, 03/01/2022(b)		2,500		2,538
Virgin Media Finance PLC
5.75%, 01/15/2025(b)		600		594

See accompanying notes

19

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (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)
Automobile Manufacturers - 0.07%					Entertainment (continued)
FCA US LLC, Term Loan B					WMG Acquisition Corp, Term Loan B
3.50%, 05/24/2017(c)	$	1,957	$	1,948	3.75%, 07/07/2020(c)		$	3,733	$	3,577
Navistar Inc, Term Loan B								$		14,291
6.50%, 08/06/2020(c)		960		842
		$		2,790	Food- 0.10	%
					B&G Foods Inc, Term Loan B
Automobile Parts & Equipment - 0.01%					3.75%, 10/21/2022(c)			1,350		1,347
Federal-Mogul Holdings Corp, Term Loan C					JBS USA LLC, Term Loan B
4.75%, 04/02/2021(c)		678		541	4.00%, 08/18/2022(c)			2,440		2,330
					Pinnacle Foods Finance LLC, Term Loan I
					3.75%, 01/13/2023(c)			470		470
Building Materials - 0.07%
Builders FirstSource Inc, Term Loan B								$		4,147
6.00%, 07/22/2022(c)		1,512		1,483	Forest Products & Paper - 0.17%
GYP Holdings III Corp, Term Loan B					Caraustar Industries Inc, Term Loan B
4.75%, 03/26/2021(c)		801		754	8.00%, 04/26/2019(c)			1,333		1,306
7.75%, 03/25/2022(c)		720		681	8.00%, 05/01/2019(c)			4,787		4,683
		$		2,918	NewPage Corp, Term Loan B
					9.50%, 02/05/2021(c)			3,700		920
Chemicals - 0.31%
A Schulman Inc, Term Loan B								$		6,909
4.00%, 05/11/2022(c)		1,154		1,125	Healthcare - Products - 0.09%
Aruba Investments Inc, Term Loan B					Kinetic Concepts Inc, Term Loan E1
4.50%, 02/02/2022(c)		666		636	4.50%, 05/04/2018(c)			2,203		2,127
Axiall Holdco Inc, Term Loan B					Mallinckrodt International Finance SA, Term
4.00%, 02/25/2022(c)		1,716		1,704	Loan B1
Emerald Performance Materials LLC, Term					3.25%, 03/19/2021(c)			1,552		1,504
Loan								$		3,631
7.75%, 07/22/2022(c)		3,585		3,368
Ineos US Finance LLC, Term Loan B					Healthcare - Services - 0.22%
3.75%, 12/15/2020(c)		3,215		3,062	DaVita HealthCare Partners Inc, Term Loan
					B
Methanol Holdings Trinidad Ltd, Term Loan					3.50%, 06/18/2021(c)			1,406		1,403
B
4.25%, 06/16/2022(c)		3,353		3,068	Lantheus Medical Imaging Inc, Term Loan B
					7.04%, 06/24/2022(c)			2,751		2,476
		$		12,963
					MPH Acquisition Holdings LLC, Term Loan
Commercial Services - 0.03%					B
TMS International Corp, Term Loan B					3.75%, 03/19/2021(c)			2,200		2,143
4.50%, 10/04/2020(c)		1,914		1,359	Radnet Management Inc, Term Loan B
					4.27%, 10/10/2018(c)			154		151
					8.00%, 03/25/2021(c)			3,260		2,967
Computers - 0.03%
Oberthur Technologies of America Corp,								$		9,140
Term Loan B2					Insurance - 0.05%
4.50%, 10/18/2019(c)		1,270		1,239	Asurion LLC, Term Loan
					8.50%, 02/19/2021(c)			1,850		1,556
					Asurion LLC, Term Loan B1
Consumer Products - 0.07%					5.00%, 05/24/2019(c)			209		196
Dell International LLC, Term Loan B2
4.00%, 04/29/2020(c)		3,130		3,120	Asurion LLC, Term Loan B2
					4.25%, 06/19/2020(c)			343		313
								$		2,065
Diversified Financial Services - 0.06%
Delos Finance Sarl, Term Loan B					Internet - 0.03%
3.50%, 02/26/2021(c)		2,495		2,484	Zayo Group LLC, Term Loan B
					3.75%, 05/06/2021(c)			1,166		1,148
Electric - 0.08%
Energy Future Intermediate Holding Co LLC,					Lodging - 0.06%
DIP Term Loan					Hilton Worldwide Finance LLC, Term Loan
0.00%, 04/28/2016(c),(h)		3,050		3,037	B
Texas Competitive Electric Holdings Co LLC,					0.00%, 09/23/2020(c),(h)			2,415		2,409
Term Loan NONEXT
4.95%, 04/25/2015(c)		1,803		526
					Media- 0.15	%
		$		3,563	CCO Safari III LLC, Term Loan I
					3.50%, 01/23/2023(c)			950		948
Entertainment - 0.34%
CCM Merger Inc, Term Loan B					Numericable US LLC, Term Loan B1
4.50%, 07/30/2021(c)		2,865		2,847	4.50%, 04/23/2020(c)			456		438
Eldorado Resorts Inc, Term Loan B					Numericable US LLC, Term Loan B2
4.25%, 07/15/2022(c)		3,112		3,081	4.50%, 04/23/2020(c)			394		379
Lions Gate Entertainment Corp, Term Loan					Univision Communications Inc, Term Loan
B					C3
5.00%, 03/11/2022(c)		3,850		3,792	4.00%, 03/01/2020(c)			156		152
Peninsula Gaming LLC, Term Loan B					Univision Communications Inc, Term Loan
4.25%, 11/30/2017(c)		998		994	C4
					4.00%, 03/01/2020(c)			2,385		2,325

See accompanying notes

20

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (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)
	Media (continued)						Software - 0.16%
	WideOpenWest Finance LLC, Term Loan B						Activision Blizzard Inc, Term Loan B
	4.50%, 04/01/2019(c)		$	1,358	$	1,320	3.25%, 07/26/2020(c)		$	2,364	$	2,363
	WideOpenWest Finance LLC, Term Loan B1						Evergreen Skills Lux Sarl, Term Loan
	3.75%, 07/17/2017(c)			740		722	3.75%, 04/08/2021(c)			2,218		2,118
				$		6,284	First Data Corp, Term Loan B
							4.18%, 07/08/2022(c)			1,850		1,814
	Mining - 0.04%						4.43%, 03/24/2021(c)			395		393
	FMG Resources August 2006 Pty Ltd, Term									$		6,688
	Loan B
	4.25%, 06/30/2019(c)			2,254		1,557	Telecommunications - 0.06%
							Altice Financing SA, Delay-Draw Term Loan
							DD
							5.50%, 07/03/2019(c)			964		957
	Oil & Gas - 0.06%
	Drillships Financing Holding Inc, Term Loan
	B1						NTELOS  Inc,  Term Loan B			230		228
	6.00%, 03/31/2021(c)			1,510		459	5.75%, 11/09/2019 (c)
							T-Mobile USA Inc, Term Loan B
	Seadrill Operating LP, Term Loan B						3.50%, 11/03/2022(c)			1,200		1,200
	4.00%, 02/12/2021(c)			5,069		2,012
				$		2,471				$		2,385
							Trucking & Leasing - 0.04%
	Oil & Gas Services - 0.07%						Fly Funding II Sarl, Term Loan
	Navios Maritime Midstream Partners LP,						3.50%, 08/09/2019(c)			1,522		1,503
	Term Loan B
	5.50%, 06/15/2020(c)			3,025		2,979
	Seventy Seven Operating LLC, Term Loan B						TOTAL SENIOR FLOATING RATE INTERESTS			$		137,972
	3.75%, 06/17/2021(c)			231		131	U.S. GOVERNMENT & GOVERNMENT		Principal
				$		3,110	AGENCY OBLIGATIONS - 37.12%		Amount (000's) Value (000's)
							Federal Home Loan Mortgage Corporation (FHLMC) -
	Packaging & Containers - 0.05%						3.87	%
	Berry Plastics Group Inc, Term Loan F						2.09%, 06/01/2043(c)		$	1,295	$	1,336
	4.00%, 09/16/2022(c)			1,349		1,341	2.27%, 12/01/2035(c)			45		47
	SIG Combibloc PurchaseCo Sarl, Term Loan						2.49%, 01/01/2034(c)			48		49
	B						2.50%, 07/01/2034(c)			16		17
	4.25%, 03/11/2022(c)			665		657	2.52%, 05/01/2037(c)			310		329
				$		1,998	2.80%, 07/01/2043(c)			6,358		6,559
							3.00%, 01/01/2043			4,128		4,228
	Pharmaceuticals - 0.22%						3.00%, 02/01/2043			1,671		1,708
	DPx Holdings BV, Term Loan B						3.50%, 02/01/2042(i)			32,000		33,450
	4.25%, 01/22/2021(c)			2,218		2,121
							3.50%, 06/01/2044			1,582		1,658
	Endo Luxembourg Finance I Co Sarl, Term						3.50%, 05/01/2045			28,751		30,155
	Loan B						3.50%, 10/01/2045			17,709		18,620
	3.75%, 06/24/2022(c)			2,135		2,107
							4.00%, 02/01/2043(i)			2,100		2,242
	Grifols Worldwide Operations USA Inc, Term						4.00%, 02/01/2044			16,810		18,042
	Loan B						4.00%, 10/01/2044			4,466		4,792
	3.43%, 03/05/2021(c)			1,811		1,804
							4.50%, 04/01/2031			1,612		1,763
	Valeant Pharmaceuticals International Inc,						4.50%, 04/01/2041			9,488		10,333
	Term Loan BE1						5.00%, 03/01/2018			190		197
	3.75%, 08/05/2020(c)			1,712		1,643
							5.00%, 05/01/2018			137		142
	Valeant Pharmaceuticals International Inc,						5.00%, 10/01/2018			106		109
	Term Loan BF1						5.00%, 01/01/2019			157		164
	4.00%, 04/01/2022(c)			1,737		1,670
							5.00%, 06/01/2031			1,293		1,428
				$		9,345	5.00%, 02/01/2039			1,454		1,594
	REITS- 0.12	%					5.00%, 09/01/2039			3,313		3,688
	iStar Inc, Term Loan A2						5.00%, 08/01/2040			3,136		3,470
	7.00%, 03/19/2017(c)			4,999		4,974	5.00%, 03/01/2041			3,870		4,299
							5.50%, 03/01/2018			61		62
							5.50%, 08/01/2023			806		889
	Retail - 0.21%						5.50%, 05/01/2033			107		120
	Academy Ltd, Term Loan B						5.50%, 10/01/2033			88		98
	5.00%, 06/16/2022(c)			2,520		2,410
							5.50%, 12/01/2033			1,128		1,279
	Dollar Tree Inc, Term Loan B2						5.50%, 11/01/2036			935		1,053
	4.19%, 07/06/2022(c)			2,010		2,000
							5.50%, 04/01/2038			386		437
	Michaels Stores Inc, Term Loan B						5.50%, 08/01/2038			711		816
	4.00%, 01/20/2028(c)			2,370		2,336
							5.50%, 03/01/2040			1,120		1,265
	PetSmart Inc, Term Loan B						6.00%, 07/01/2017			4		5
	4.26%, 03/11/2022(c)			1,953		1,890
							6.00%, 03/01/2022			31		35
				$		8,636	6.00%, 07/01/2023			374		421
	Semiconductors - 0.22%						6.00%, 06/01/2028			5		5
	Avago Technologies Cayman Finance Ltd,						6.00%, 01/01/2029			2		2
	Term Loan B-1						6.00%, 03/01/2031			16		18
	0.00%, 11/11/2022(c),(h)			5,005		4,921	6.00%, 12/01/2031			50		57
	NXP BV, Term Loan B						6.00%, 12/01/2032			51		58
	3.75%, 11/05/2020(c)			4,255		4,245	6.00%, 02/01/2033			147		166
				$		9,166	6.00%, 12/01/2033			63		73

See accompanying notes

21

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (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)
(continued)					Federal National Mortgage Association (FNMA) (continued)
6.00%, 10/01/2036(c)	$	440	$	501	3.50%, 11/01/2044		$	6,069	$	6,367
6.00%, 12/01/2037(c)		234		263	3.50%, 03/01/2045			12,817		13,510
6.00%, 01/01/2038(c)		80		92	3.50%, 04/01/2045			5,700		5,987
					4.00%, 08/01/2020			1,313		1,375
6.00%, 01/01/2038		504		584	4.00%, 01/01/2029			3,545		3,754
6.00%, 07/01/2038		2,032		2,343
6.50%, 06/01/2017		18		19	4.00%, 02/01/2031			588		634
					4.00%, 03/01/2034			1,243		1,348
6.50%, 03/01/2029		9		11	4.00%, 04/01/2034			6,623		7,166
6.50%, 03/01/2029		1		1
6.50%, 05/01/2029		13		15	4.00%, 05/01/2044			6,386		6,870
					4.00%, 02/01/2045			458		490
6.50%, 04/01/2031		6		7	4.00%, 03/01/2045			6,957		7,440
6.50%, 06/01/2031		1		1
6.50%, 09/01/2031		4		5	4.00%, 10/01/2045			8,487		9,111
					4.00%, 10/01/2045			4,562		4,883
6.50%, 02/01/2032		1		1	4.00%, 02/01/2046(i)			70,755		75,591
6.50%, 02/01/2032		4		5	4.50%, 04/01/2024			2,113		2,260
6.50%, 05/01/2032		17		19	4.50%, 02/01/2043  (i)			10,000		10,870
6.50%, 04/01/2035		113		137	4.50%, 04/01/2044			5,672		6,166
6.50%, 10/01/2035		80		93
7.00%, 12/01/2029		9		10	4.50%, 12/01/2044			17,301		18,818
					4.50%, 11/01/2045			2,327		2,544
7.00%, 06/01/2030		14		15	5.00%, 03/01/2018			62		64
7.00%, 12/01/2030		11		12
7.00%, 09/01/2031		2		2	5.00%, 09/01/2033			7,133		7,883
					5.00%, 02/01/2035			3,650		4,064
7.50%, 09/01/2030		2		3	5.00%, 05/01/2039			2,382		2,650
7.50%, 09/01/2030		2		2
7.50%, 01/01/2031		13		17	5.00%, 04/01/2040			688		764
					5.00%, 06/01/2040			207		229
7.50%, 03/01/2031		3		4	5.00%, 05/01/2041			3,946		4,371
7.50%, 02/01/2032		6		6
8.00%, 09/01/2030		52		56	5.00%, 06/01/2041			4,456		4,979
					5.00%, 10/01/2041			5,482		6,070
		$		161,502	5.50%, 09/01/2017			9		10
Federal National Mortgage Association (FNMA) - 12.75%					5.50%, 10/01/2017			11		11
1.82%, 10/01/2034(c)		177		184	5.50%, 06/01/2020			170		177
2.05%, 09/01/2038(c)		1,540		1,616	5.50%, 09/01/2020			822		883
2.23%, 02/01/2036(c)		39		41	5.50%, 02/01/2023			59		66
2.25%, 04/01/2036(c)		263		279	5.50%, 06/01/2023			153		170
2.30%, 07/01/2033(c)		942		989	5.50%, 07/01/2023			5		5
2.31%, 03/01/2035(c)		251		267	5.50%, 07/01/2033			206		230
2.33%, 01/01/2033(c)		90		94	5.50%, 09/01/2033			253		284
2.38%, 07/01/2034(c)		339		360	5.50%, 08/01/2036			2,246		2,517
2.45%, 12/01/2032(c)		100		105	5.50%, 02/01/2037			132		149
2.49%, 08/01/2035(c)		235		251	5.50%, 04/01/2038			4,187		4,733
2.50%, 04/01/2028		4,282		4,399	5.50%, 12/01/2038			1,777		2,024
2.50%, 06/01/2028		285		293	5.50%, 05/01/2040			920		1,026
2.50%, 09/01/2029		1,366		1,401	6.00%, 02/01/2023			24		27
2.50%, 03/01/2030		15,076		15,433	6.00%, 02/01/2038(c)			976		1,106
2.50%, 02/01/2031(i)		19,600		20,040	6.00%, 05/01/2038			156		176
2.59%, 12/01/2036(c)		512		540	6.00%, 08/01/2038			713		820
2.76%, 04/01/2033(c)		179		189	6.00%, 08/01/2038			237		268
2.88%, 03/01/2035(c)		3,969		4,236	6.00%, 03/01/2040			5,719		6,493
3.00%, 02/01/2027(i)		27,000		28,137	6.50%, 02/01/2017			1		1
3.00%, 07/01/2028		7,717		8,060	6.50%, 03/01/2017			1		1
3.00%, 10/01/2029		1,649		1,721	6.50%, 08/01/2017			12		12
3.00%, 10/01/2030		6,767		7,065	6.50%, 05/01/2022			10		11
3.00%, 08/01/2034		8,517		8,878	6.50%, 12/01/2031			8		9
3.00%, 10/01/2034		4,335		4,518	6.50%, 02/01/2032			2		2
3.00%, 12/01/2040		229		234	6.50%, 02/01/2032			3		4
3.00%, 11/01/2042		734		752	6.50%, 04/01/2032			8		9
3.00%, 03/01/2043		6,351		6,494	6.50%, 06/01/2032			2		3
3.00%, 04/01/2043		34,543		35,321	6.50%, 08/01/2032			21		24
3.00%, 04/01/2043		827		846	6.50%, 07/01/2037			648		778
3.00%, 05/01/2043		1,253		1,283	6.50%, 07/01/2037			462		550
3.00%, 05/01/2043		8,103		8,284	6.50%, 12/01/2037			597		691
3.00%, 08/01/2043		5,237		5,355	6.50%, 02/01/2038			488		572
3.00%, 02/01/2046(i)		4,000		4,083	6.50%, 03/01/2038			294		336
3.36%, 04/01/2041(c)		1,202		1,269	6.50%, 09/01/2038			933		1,068
3.50%, 02/01/2027(i)		9,450		9,987	7.00%, 02/01/2032			17		19
3.50%, 10/01/2033		5,143		5,455	7.00%, 03/01/2032			49		57
3.50%, 08/01/2034		3,830		4,059	7.50%, 08/01/2032			11		13
3.50%, 01/01/2041		409		429				$		531,675
3.50%, 02/01/2043(i)		80,125		83,914	Government National Mortgage Association (GNMA) -
3.50%, 05/01/2043		580		611	7.15	%
3.50%, 07/01/2043		2,847		3,002	1.50%, 07/20/2043(c)			1,185		1,203
3.50%, 09/01/2044		9,126		9,608	3.00%, 06/20/2043			5,390		5,586

See accompanying notes

22

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (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)
(continued)					U.S. Treasury (continued)
						2.13%, 05/15/2025	$		15,285	$	15,560
3.00%, 01/20/2045	$	2,885	$	2,980		2.25%, 11/15/2025			40		41
3.00%, 01/20/2046		9,500		9,813
3.00%, 02/01/2046		32,000		33,005		2.38%, 05/31/2018			350		362
3.00%, 02/01/2046(i)		6,600		6,801		2.38%, 08/15/2024			325		338
3.50%, 02/01/2042(i)		15,200		16,004		2.50%, 02/15/2045			450		426
3.50%, 03/15/2042		2,038		2,159		2.88%, 08/15/2045			2,690		2,749
						3.00%, 11/15/2044			23,400		24,539
3.50%, 04/15/2042		533		562		3.00%, 05/15/2045			2,545		2,667
3.50%, 04/15/2042		1,980		2,092
3.50%, 10/15/2042		2,297		2,442		3.13%, 02/15/2042			25		27
						3.25%, 12/31/2016			150		154
3.50%, 06/15/2043		11,717		12,432		3.38%, 05/15/2044			495		558
3.50%, 01/20/2045		1,301		1,374		3.75%, 11/15/2043(k)			37,035		44,846
3.50%, 02/01/2046		93,500		98,613		3.88%, 08/15/2040			44,545		54,528
4.00%, 02/01/2042		25,000		26,722		4.38%, 05/15/2040			12,140		15,980
4.00%, 02/15/2042		1,651		1,783
4.00%, 02/01/2043(i)		25,000		26,704		4.50%, 02/15/2036			175		234
						4.75%, 02/15/2041			70		97
4.00%, 04/15/2045		6,827		7,296		6.25%, 05/15/2030			100		150
4.50%, 06/20/2025		5,412		5,807
4.50%, 09/15/2039		607		672					$		484,256
4.50%, 03/15/2040		5,689		6,199	U.S. Treasury Bill - 0.96%
4.50%, 02/01/2043(i)		10,000		10,851		0.34%, 05/26/2016(l)			40,000		39,955
4.50%, 01/20/2044		5,786		6,242
5.00%, 11/15/2033		3,117		3,481
5.00%, 06/15/2034		66		74	U.S. Treasury Inflation-Indexed Obligations - 0.78%
5.00%, 10/20/2039		319		353		0.13%, 04/15/2019			4,153		4,175
5.00%, 07/20/2040		480		522		0.13%, 01/15/2022			4,614		4,559
5.00%, 02/15/2042		2,401		2,668		0.13%, 07/15/2024			8,796		8,530
5.50%, 10/15/2033		1,076		1,234		0.25%, 01/15/2025			15,972		15,557
5.50%, 05/20/2035		121		135					$		32,821
5.50%, 02/15/2038		1,431		1,600	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
6.00%, 07/20/2028		52		59	OBLIGATIONS				$		1,548,346
6.00%, 11/20/2028		45		51	Total Investments				$		4,673,641
6.00%, 01/20/2029		51		59	Liabilities in Excess of Other Assets, Net - (12.07)%				$		(503,183	)
6.00%, 07/20/2029		11		13	TOTAL NET ASSETS - 100.00%				$		4,170,458
6.00%, 08/15/2031		21		24
6.00%, 01/15/2032		5		5
6.00%, 02/15/2032		41		47	(a)	Perpetual security. Perpetual securities pay an indefinite stream of
6.00%, 02/15/2033		45		51		interest, but they may be called by the issuer at an earlier date.
6.00%, 12/15/2033		50		57	(b)	Security exempt from registration under Rule 144A of the Securities Act of
6.50%, 03/20/2028		9		11		1933. These securities may be resold in transactions exempt from
6.50%, 05/20/2029		9		10		registration, normally to qualified institutional buyers. At the end of the
6.50%, 02/20/2032		4		5		period, the value of these securities totaled $792,088 or 18.99% of net
6.50%, 10/15/2032		27		31		assets.
6.50%, 12/15/2032		92		106	(c)	Variable Rate. Rate shown is in effect at January 31, 2016.
7.00%, 06/15/2031		17		20	(d)	Security purchased on a when-issued basis.
7.00%, 07/15/2031		2		2	(e)	Non-Income Producing Security
7.00%, 06/15/2032		144		169	(f)	Payment in kind; the issuer has the option of paying additional securities
8.00%, 01/20/2031		6		8		in lieu of cash.
		$		298,137	(g)	Fair value of these investments is determined in good faith by the Manager
						under procedures established and periodically reviewed by the Board of
U.S. Treasury - 11.61%						Directors. At the end of the period, the fair value of these securities totaled
0.50%, 09/30/2016		350		350		$6,789 or 0.16% of net assets.
0.50%, 11/30/2016		10,080		10,072	(h)	This Senior Floating Rate Note will settle after January 31, 2016, at which
0.50%, 04/30/2017		2,100		2,095		time the interest rate will be determined.
0.63%, 08/15/2016		23,145		23,158	(i)	Security was purchased in a "to-be-announced" ("TBA") transaction. See
0.88%, 11/30/2017		380		381		Notes to Financial Statements for additional information.
0.88%, 07/15/2018		8,570		8,566	(j)	Security or a portion of the security was pledged to cover margin
1.25%, 11/30/2018		250		252		requirements for swap and/or swaption contracts. At the end of the period,
1.25%, 01/31/2019		300		302		the value of these securities totaled $6,990 or 0.17% of net assets.
1.25%, 01/31/2020		8,019		8,031	(k)	Security or a portion of the security was pledged to cover margin
1.38%, 12/31/2018(j)		73,220		74,047		requirements for futures contracts. At the end of the period, the value of
1.38%, 01/31/2020		85,000		85,558		these securities totaled $1,819 or 0.04% of net assets.
1.38%, 03/31/2020		13,650		13,727	(l)	Rate shown is the discount rate of the original purchase.
1.38%, 04/30/2020		12,450		12,515
1.50%, 01/31/2022		2,025		2,020
1.75%, 09/30/2019		25,130		25,679
1.75%, 10/31/2020		1,000		1,018
1.75%, 04/30/2022		1,230		1,242
1.88%, 11/30/2021		30,000		30,618
2.00%, 05/31/2021		4,540		4,675
2.13%, 08/31/2020		6,075		6,293
2.13%, 12/31/2021		95		98
2.13%, 12/31/2022		10,000		10,303

See accompanying notes

23

Schedule of Investments
Core Plus Bond Fund
January 31, 2016 (unaudited)
Portfolio Summary (unaudited)
Sector			Percent
Mortgage Securities			32.09			%
Financial			15.14			%
Government			14.36			%
Asset Backed Securities			12.09			%
Consumer, Non-cyclical			7.28			%
Exchange Traded Funds			6.36			%
Consumer, Cyclical			6.00			%
Communications			4.93			%
Utilities			3.57			%
Industrial			3.22			%
Energy			3.02			%
Technology			2.07			%
Basic Materials			1.88			%
Diversified			0.06			%
Liabilities in Excess of Other Assets, Net			(12.07			)%
TOTAL NET ASSETS			100.00			%
Exchange Cleared Credit Default Swaps
Buy Protection
		(Pay)/										Upfront			Unrealized
		Receive			Expiration							Premiums			Appreciation/
Reference Entity		Fixed Rate			Date			Notional Amount				Paid/(Received)			(Depreciation)			Fair Value
CDX.NA.HY.24			(5.00	)%	06/20/2020			$	64,449		$	(3,506		) $	1,933		$	(1,573	)
CDX.NA.HY.25			(5.00	)%	12/20/2020				55,000			(183		)	330			147
CDX.NA.HY.25			(5.00	)%	12/20/2020				55,000				257		(110	)		147
Total										$		(3,432		) $	2,153		$	(1,279	)
Amounts in thousands
Foreign Currency Contracts
													Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept					In Exchange For			Fair Value					Asset			Liability
Brown Brothers Harriman & Co	03/09/2016	EUR			58,000		$		64	$		63	$		—		$	(1	)
Brown Brothers Harriman & Co	03/09/2016	JPY	53,390,181						434			441			7			—
Total													$		7		$	(1	)
													Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver					In Exchange For			Fair Value					Asset			Liability
Brown Brothers Harriman & Co	02/09/2016	EUR	17,220,463				$		18,780	$		18,657	$		123		$	—
Brown Brothers Harriman & Co	02/09/2016	GBP	4,041,587						5,880			5,759			121			—
Brown Brothers Harriman & Co	03/09/2016	AUD	407,656						298			288			10			—
Brown Brothers Harriman & Co	03/09/2016	CAD	615,052						460			439			21			—
Brown Brothers Harriman & Co	03/09/2016	CHF			62,034				63			61			2			—
Brown Brothers Harriman & Co	03/09/2016	DKK	847,114						124			123			1			—
Brown Brothers Harriman & Co	03/09/2016	EUR	7,181,591						7,826			7,786			40			—
Brown Brothers Harriman & Co	03/09/2016	GBP	1,015,003						1,533			1,446			87			—
Brown Brothers Harriman & Co	03/09/2016	JPY	630,076,624						5,126			5,209			—			(83	)
Brown Brothers Harriman & Co	03/09/2016	MXN	15,930,597						928			876			52			—
Brown Brothers Harriman & Co	03/09/2016	PLN	391,853						98			96			2			—
Brown Brothers Harriman & Co	03/09/2016	SEK	848,345						100			99			1			—
Total													$		460		$	(83	)
Amounts in thousands except contracts
Futures Contracts
																	Unrealized
Type	Long/Short		Contracts					Notional Value							Fair Value		Appreciation/(Depreciation)
US 10 Year Note; March 2016		Long			281		$		35,454	$					36,411	$		957
US 2 Year Note; March 2016		Short			72				15,664						15,741			(77	)
US 5 Year Note; March 2016		Short			55				6,523						6,637			(114	)
US Long Bond; March 2016		Short			47				7,199						7,568			(369	)
US Ultra Bond; March 2016		Long			281				44,232						46,699			2,467
Total															$			2,864
Amounts in thousands except contracts

See accompanying notes

24

Schedule of Investments
Diversified International Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 95.71%	Shares Held     Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Advertising - 0.40%				Chemicals (continued)
WPP PLC	1,095,469	$	23,824	Yara International ASA	421,787	$	15,990
					$		97,263
Aerospace & Defense - 0.85%				Commercial Services - 1.03%
Safran SA	513,965		33,296	Ashtead Group PLC	1,356,705		17,502
Thales SA	221,304		16,844	Ritchie Bros Auctioneers Inc	501,100		11,439
	$		50,140	TAL Education Group ADR(a)	661,399		31,727
					$		60,668
Agriculture - 1.03%
Imperial Tobacco Group PLC	543,974		29,454	Computers - 0.49%
KT&G Corp	359,229		31,111	Cap Gemini SA	318,690		29,122
	$		60,565
Airlines - 1.33%				Diversified Financial Services - 2.05%
easyJet PLC	183,188		4,061	Euronext NV (c)	228,658		11,084
International Consolidated Airlines Group SA	2,745,383		21,188	Intermediate Capital Group PLC	1,269,232		10,581
Ryanair Holdings PLC ADR	680,632		53,327	Macquarie Group Ltd	976,440		50,366
	$		78,576	ORIX Corp	2,984,190		42,204
				Paragon Group of Cos PLC/The	1,554,090		7,005
Automobile Manufacturers - 4.44%					$		121,240
Daimler AG	456,752		31,979
Fuji Heavy Industries Ltd	997,800		40,833	Electric - 2.22%
Honda Motor Co Ltd	453,100		12,282	Enel SpA	7,259,117		29,803
Maruti Suzuki India Ltd	447,449		27,118	Iberdrola SA	7,805,779		54,869
Renault SA	461,940		39,197	Korea Electric Power Corp	1,063,085		46,668
Toyota Motor Corp	1,844,237		111,078		$		131,340
	$		262,487	Electrical Components & Equipment - 0.26%
Automobile Parts & Equipment - 1.17%				Prysmian SpA	747,050		15,371
Bridgestone Corp	655,697		23,888
Continental AG	216,665		45,467	Electronics - 2.53%
	$		69,355	Hon Hai Precision Industry Co Ltd	22,276,526		52,408
Banks - 10.71%				Hoya Corp	1,277,404		49,311
Axis Bank Ltd	4,034,449		24,474	Murata Manufacturing Co Ltd	411,641		47,613
Bank of Ireland (a)	60,554,616		19,971		$		149,332
Bank of Kyoto Ltd/The	1,441,274		11,181	Energy - Alternate Sources - 0.62%
Bank of Montreal	801,133		43,016	Vestas Wind Systems A/S	562,558		36,811
Canadian Imperial Bank of Commerce/Canada	385,400		25,101
China Construction Bank Corp	46,162,272		28,182
Commonwealth Bank of Australia	511,245		28,898	Engineering & Construction - 1.67%
Danske Bank A/S	1,153,245		31,035	Acciona SA	157,121		12,070
Erste Group Bank AG (a)	465,892		13,458	Promotora y Operadora de Infraestructura	1,135,107		13,047
HDFC Bank Ltd ADR	175,139		10,566	SAB de CV
HDFC Bank Ltd (b)	342,386		6,243	Skanska AB	1,034,769		19,964
KBC Groep NV	559,143		32,043	Vinci SA	794,319		53,813
Mediobanca SpA	3,088,142		24,749		$		98,894
Mitsubishi UFJ Financial Group Inc	10,604,276		54,378	Entertainment - 0.25%
Mizuho Financial Group Inc	27,136,830		46,953	Betfair Group PLC	239,122		14,972
Nordea Bank AB	4,545,021		45,767
Royal Bank of Canada	869,759		45,043
Skandinaviska Enskilda Banken AB	3,422,283		32,986	Food - 3.35%
Svenska Handelsbanken AB	1,782,217		22,425	Delhaize Group	451,626		47,402
Toronto-Dominion Bank/The	1,856,934		70,452	Ezaki Glico Co Ltd	337,089		18,425
Yes Bank Ltd	1,413,838		15,663	Greencore Group PLC	2,638,636		14,658
	$		632,584	Gruma SAB de CV	1,458,587		21,986
				Nestle SA	1,106,331		81,506
Beverages - 1.41%				Uni-President Enterprises Corp	8,175,840		13,672
Ambev SA	5,485,200		25,590		$		197,649
Anheuser-Busch InBev SA/NV	456,767		57,445
	$		83,035	Forest Products & Paper - 0.65%
				Mondi PLC	1,785,145		29,103
Biotechnology - 1.12%				Smurfit Kappa Group PLC	430,690		9,345
China Biologic Products Inc (a)	105,363		13,515
					$		38,448
CSL Ltd	440,617		32,821
Genmab A/S (a)	157,375		19,763	Gas - 0.50%
	$		66,099	National Grid PLC	2,084,373		29,366
Building Materials - 1.23%
CRH PLC	1,753,493		46,510	Hand & Machine Tools - 0.27%
Kingspan Group PLC	1,013,615		26,048	Fuji Electric Co Ltd	4,577,737		15,914
	$		72,558
Chemicals - 1.65%				Healthcare - Services - 1.46%
Evonik Industries AG	800,598		24,716	Fresenius SE & Co KGaA	727,006		48,242
Givaudan SA (a)	14,546		27,240	ICON PLC (a)	199,942		13,210
Lonza Group AG (a)	191,363		29,317	Netcare Ltd	4,466,070		9,503

See accompanying notes

25

Schedule of Investments
Diversified International Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held     Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Healthcare - Services (continued)				Private Equity - 0.41%
Ramsay Health Care Ltd	347,929	$	15,106	3i Group PLC	3,828,205	$	24,272
	$		86,061
Home Builders - 2.82%				Real Estate - 2.72%
Barratt Developments PLC	4,916,273		42,170	Brookfield Asset Management Inc	2,680,402		80,915
Persimmon PLC (a)	835,932		24,392	Cheung Kong Property Holdings Ltd	3,162,840		17,144
Sekisui House Ltd	2,693,668		42,401	Deutsche Wohnen AG	908,277		23,946
Taylor Wimpey PLC	20,972,493		57,829	Vonovia SE	927,653		28,273
	$		166,792	Wheelock & Co Ltd	2,771,631		10,611
					$		160,889
Home Furnishings - 1.03%
Howden Joinery Group PLC	2,946,496		21,105	REITS - 0.24%
Steinhoff International Holdings NV	8,280,516		39,773	Segro PLC	2,228,428		13,985
	$		60,878
Insurance - 6.07%				Retail - 6.38%
AXA SA	1,923,797		47,542	Alimentation Couche-Tard Inc	1,984,546		86,386
BB Seguridade Participacoes SA	3,322,900		19,216	CK Hutchison Holdings Ltd	4,586,989		57,313
Direct Line Insurance Group PLC	8,864,150		47,614	Dollarama Inc	1,080,216		57,963
Fairfax Financial Holdings Ltd	55,071		28,355	GS Retail Co Ltd	362,706		19,893
Hannover Rueck SE	495,032		52,101	Next PLC	279,685		27,721
Legal & General Group PLC	8,393,549		29,296	Pandora A/S	587,858		78,647
NN Group NV	663,897		22,492	Travis Perkins PLC	462,435		12,100
PICC Property & Casualty Co Ltd	7,091,775		12,131	Wal-Mart de Mexico SAB de CV	14,540,178		36,499
Sampo Oyj	637,204		30,856		$		376,522
SCOR SE	701,410		24,450	Semiconductors - 2.91%
Tokio Marine Holdings Inc	1,242,750		44,465	ARM Holdings PLC	2,000,365		28,536
	$		358,518	Infineon Technologies AG	2,383,296		31,892
Internet - 1.83%				Samsung Electronics Co Ltd	50,198		48,564
Alibaba Group Holding Ltd ADR(a)	261,126		17,503	Taiwan Semiconductor Manufacturing Co Ltd	14,633,544		63,011
Auto Trader Group PLC (c)	3,909,467		21,947		$		172,003
Tencent Holdings Ltd	3,665,932		68,871	Software - 1.67%
	$		108,321	HCL Technologies Ltd	1,131,594		14,517
Investment Companies - 0.88%				SAP SE	640,612		51,047
Investor AB	1,544,334		51,731	UBISOFT Entertainment (a)	1,198,668		32,924
					$		98,488
Leisure Products & Services - 0.23%				Telecommunications - 8.10%
Yamaha Motor Co Ltd	665,617		13,333	Bharti Infratel Ltd	3,485,622		18,667
				BT Group PLC	10,024,316		69,766
				China Mobile Ltd	5,061,546		55,597
Media - 1.78%				China Telecom Corp Ltd	63,083,444		29,671
ITV PLC	18,142,529		69,357	Deutsche Telekom AG	3,674,076		63,976
ProSiebenSat.1 Media SE	713,389		35,643	KDDI Corp	2,096,438		53,087
	$		105,000	Nippon Telegraph & Telephone Corp	1,646,663		70,103
Miscellaneous Manufacturers - 1.18%				NTT DOCOMO Inc	1,768,700		39,226
FUJIFILM Holdings Corp	1,074,620		41,521	Orange SA	3,260,938		57,900
Largan Precision Co Ltd	392,000		28,135	Proximus SADP	582,255		20,127
	$		69,656		$		478,120
Oil & Gas - 3.95%				Transportation - 1.87%
Bharat Petroleum Corp Ltd	1,373,747		18,107	Canadian National Railway Co	1,110,648		60,214
Caltex Australia Ltd	1,721,284		46,032	East Japan Railway Co	443,600		40,775
Canadian Natural Resources Ltd	1,465,500		31,373	Euronav NV	791,794		9,541
Lukoil PJSC ADR	670,025		22,795		$		110,530
Statoil ASA	2,057,812		28,158	Water - 0.56%
Suncor Energy Inc	1,606,532		38,050	Veolia Environnement SA	1,377,981		33,222
TOTAL SA	1,095,650		48,670
	$		233,185	TOTAL COMMON STOCKS	$		5,652,512
Pharmaceuticals - 7.32%				INVESTMENT COMPANIES - 3.70%	Shares Held    Value (000's)
Actelion Ltd (a)	227,786		30,018
				Publicly Traded Investment Fund - 3.70%
Bayer AG	17,460		1,965
BTG PLC (a)	1,887,708		15,820	Goldman Sachs Financial Square Funds -	218,447,056		218,447
Novartis AG	794,536		61,555	Government Fund
Novo Nordisk A/S	1,877,560		104,896	TOTAL INVESTMENT COMPANIES	$		218,447
Roche Holding AG	481,459		124,710
Shire PLC	999,207		56,048
Teva Pharmaceutical Industries Ltd ADR	606,087		37,262
	$		432,274
Pipelines - 1.07%
Keyera Corp	463,860		12,715
TransCanada Corp	1,451,427		50,404
	$		63,119

See accompanying notes

26

				Schedule of Investments
				Diversified International Fund
				January 31, 2016 (unaudited)
PREFERRED STOCKS - 0.18%	Shares Held			Value (000's)
Chemicals - 0.18%
FUCHS PETROLUB SE		264,362	$	10,842
TOTAL PREFERRED STOCKS		$		10,842
Total Investments		$		5,881,801
Other Assets in Excess of Liabilities, Net - 0.41%		$		24,234
TOTAL NET ASSETS - 100.00%		$		5,906,035

(a)	Non-Income Producing Security
(b)	Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. At the end of the period, the fair value of these securities totaled $6,243 or 0.11% of net assets.
(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $33,031 or 0.56% of net assets.

Portfolio Summary (unaudited)
Country	Percent
Japan	13.86	%
United Kingdom	11.26	%
Canada	10.84	%
Germany	7.60	%
France	7.04	%
Switzerland	6.00	%
Denmark	4.59	%
Ireland	4.05	%
United States	3.70	%
China	3.42	%
Australia	2.94	%
Sweden	2.93	%
Belgium	2.82	%
Taiwan, Province Of China	2.67	%
Korea, Republic Of	2.48	%
Hong Kong	2.38	%
India	2.31	%
South Africa	1.32	%
Mexico	1.21	%
Italy	1.18	%
Spain	1.13	%
Brazil	0.77	%
Norway	0.75	%
Israel	0.63	%
Netherlands	0.57	%
Finland	0.52	%
Russian Federation	0.39	%
Austria	0.23	%
Other Assets in Excess of Liabilities, Net	0.41	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

27

Schedule of Investments
Equity Income Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 98.06%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Aerospace & Defense - 2.19%				Gas - 1.24%
Lockheed Martin Corp	280,113	$	59,104	Sempra Energy	657,629	$	62,310
Raytheon Co	394,613		50,605
	$		109,709	Healthcare - Products - 4.02%
Apparel - 1.13%				Abbott Laboratories	2,026,922		76,719
VF Corp	908,023		56,842	Becton Dickinson and Co	338,294		49,178
				Medtronic PLC	992,544		75,354
					$		201,251
Automobile Manufacturers - 1.44%
PACCAR Inc	1,472,187		72,240	Insurance - 5.92%
				Allstate Corp/The	731,787		44,346
				Chubb Ltd	1,260,690		142,546
Automobile Parts & Equipment - 2.22%				MetLife Inc	2,057,173		91,853
Autoliv Inc	666,792		68,533	Swiss Re AG ADR	774,152		17,961
Johnson Controls Inc	1,195,333		42,876		$		296,706
	$		111,409
				Machinery - Diversified - 2.19%
Banks - 9.58%				Deere & Co	1,423,226		109,603
Australia & New Zealand Banking Group Ltd	184,352		3,202
ADR
Bank of Nova Scotia/The	1,076,344		43,958	Media - 0.38%
Grupo Financiero Santander Mexico SAB de	2,389,476		18,327	Walt Disney Co/The	197,454		18,920
CV ADR
JPMorgan Chase & Co	1,955,790		116,370	Miscellaneous Manufacturers - 2.06%
M&T Bank Corp	325,368		35,849	3M Co	207,894		31,392
PNC Financial Services Group Inc/The	1,126,982		97,653	Parker-Hannifin Corp	739,531		71,853
US Bancorp	1,873,623		75,057		$		103,245
Wells Fargo & Co	1,781,359		89,478
	$		479,894	Oil & Gas - 9.55%
				Chevron Corp	708,718		61,283
Beverages - 0.82%				Cimarex Energy Co	668,184		62,141
Coca-Cola Co/The	953,488		40,924	Exxon Mobil Corp	968,264		75,379
				HollyFrontier Corp	450,849		15,766
Chemicals - 1.80%				Marathon Petroleum Corp	2,153,535		89,996
Air Products & Chemicals Inc	332,306		42,107	Occidental Petroleum Corp	1,400,551		96,400
EI du Pont de Nemours & Co	575,140		30,344	Royal Dutch Shell PLC - B shares ADR	1,755,642		77,477
PPG Industries Inc	186,342		17,725		$		478,442
	$		90,176	Pharmaceuticals - 8.29%
Computers - 4.31%				GlaxoSmithKline PLC ADR	128,039		5,287
Accenture PLC - Class A	174,081		18,372	Johnson & Johnson	615,926		64,327
Apple Inc	1,261,092		122,755	Merck & Co Inc	1,360,804		68,952
EMC Corp/MA	2,198,075		54,446	Novartis AG ADR	722,254		56,314
International Business Machines Corp	162,528		20,282	Pfizer Inc	2,418,873		73,751
	$		215,855	Roche Holding AG ADR	2,614,024		84,747
				Teva Pharmaceutical Industries Ltd ADR	1,005,668		61,829
Distribution & Wholesale - 0.85%					$		415,207
Genuine Parts Co	493,524		42,527
				Pipelines - 2.32%
				Enterprise Products Partners LP	3,678,374		87,950
Diversified Financial Services - 5.80%				Kinder Morgan Inc/DE	1,719,553		28,287
BlackRock Inc	327,141		102,807		$		116,237
Discover Financial Services	1,764,824		80,811
FNF Group	3,297,896		106,786	Private Equity - 1.01%
	$		290,404	KKR & Co LP	3,697,672		50,399
Electric - 5.87%
Eversource Energy	1,370,128		73,713	REITS - 4.57%
NextEra Energy Inc	544,880		60,869	American Capital Agency Corp	2,569,164		43,856
WEC Energy Group Inc	1,339,654		73,989	Annaly Capital Management Inc	5,294,442		50,297
Xcel Energy Inc	2,240,060		85,615	Digital Realty Trust Inc	1,684,472		134,892
	$		294,186		$		229,045
Electrical Components & Equipment - 0.75%				Retail - 1.98%
Emerson Electric Co	818,565		37,638	Costco Wholesale Corp	252,170		38,108
				Starbucks Corp	879,124		53,424
				Tiffany & Co	118,980		7,596
Electronics - 1.06%					$		99,128
Garmin Ltd	288,286		10,142
Honeywell International Inc	418,802		43,220	Semiconductors - 5.67%
	$		53,362	Applied Materials Inc	3,716,256		65,592
				Maxim Integrated Products Inc	1,435,298		47,939
Food - 3.22%				Microchip Technology Inc	2,357,229		105,627
Kraft Heinz Co/The	761,697		59,458	Taiwan Semiconductor Manufacturing Co Ltd	2,900,872		64,835
Kroger Co/The	2,631,503		102,129	ADR
	$		161,587		$		283,993

See accompanying notes

28

Schedule of Investments Equity Income Fund January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held	Value(000's)
Software - 1.03%
Microsoft Corp	933,580		$51,431
Telecommunications - 2.63%
BCE Inc	1,793,456		72,276
Verizon Communications Inc	1,192,793		59,604
			$131,880
Toys, Games & Hobbies - 2.26%
Hasbro Inc	1,526,569		113,394
Transportation - 1.90%
Norfolk Southern Corp	383,341		27,026
Union Pacific Corp	522,572		37,625
United Parcel Service Inc	327,376		30,511
			$95,162
TOTAL COMMON STOCKS			$4,913,106
INVESTMENT COMPANIES - 1.58%	Shares Held	Value(000's)
Publicly Traded Investment Fund - 1.58%
Morgan Stanley Institutional Liquidity Funds -	79,185,493		79,185
Government Portfolio
TOTAL INVESTMENT COMPANIES			$79,185
Total Investments			$4,992,291
Other Assets in Excess of Liabilities, Net - 0.36%			$18,102
TOTAL NET ASSETS - 100.00%			$5,010,393

Portfolio Summary (unaudited)
Sector	Percent
Financial	26.88	%
Consumer, Non-cyclical	16.35	%
Energy	11.87	%
Technology	11.01	%
Industrial	10.15	%
Consumer, Cyclical	9.88	%
Utilities	7.11	%
Communications	3.01	%
Basic Materials	1.80	%
Exchange Traded Funds	1.58	%
Other Assets in Excess of Liabilities, Net	0.36	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

29

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 19.90%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Advertising - 0.00%				Computers - 0.09%
Multiplus SA	34,500	$	273	Accenture PLC - Class A	46,617	$	4,920
				Amdocs Ltd	17,615		964
				International Business Machines Corp	24,265		3,028
Aerospace & Defense - 0.03%					$		8,912
BAE Systems PLC	350,695		2,594
				Cosmetics & Personal Care - 0.06%
Agriculture - 0.44%				Procter & Gamble Co/The	73,094		5,971
Altria Group Inc	18,503		1,131
Imperial Tobacco Group PLC	368,973		19,978	Diversified Financial Services - 0.06%
Philip Morris International Inc	265,954		23,939	Ashford Inc (a),(b)	1,934		103
	$		45,048	Century Tokyo Leasing Corp	37,400		1,385
				Intermediate Capital Group PLC	150,756		1,257
Airlines - 0.00%				Macquarie Group Ltd	4,816		248
Air New Zealand Ltd	249,559		479	Tai Fook Securities Group Ltd	648,000		323
				Tokai Tokyo Financial Holdings Inc	130,300		732
Apparel - 0.01%				Urban & Civic PLC	472,923		1,799
Gunze Ltd	353,000		993		$		5,847
Peak Sport Products Co Ltd	1,939,000		493	Electric - 3.18%
	$		1,486	AES Corp/VA	523,759		4,976
Automobile Manufacturers - 0.10%				Alliant Energy Corp	88,002		5,750
Toyota Motor Corp	160,300		9,655	Ameren Corp	69,250		3,111
				Avangrid Inc (b)	115,000		4,422
				Avista Corp	37,512		1,389
Automobile Parts & Equipment - 0.05%				CMS Energy Corp	260,000		10,109
Bridgestone Corp	135,200		4,925	Dominion Resources Inc/VA	250,000		18,042
Norma Group SE	10,553		529	DTE Energy Co (a)	262,000		22,273
	$		5,454	DUET Group	3,109,413		5,117
Banks - 0.66%				Duke Energy Corp	178,708		13,457
Bank of Montreal	156,300		8,392	Edison International	100,000		6,180
Bank of Nova Scotia/The	166,000		6,800	Enel SpA	974,628		4,001
Canadian Imperial Bank of Commerce/Canada	95,400		6,213	Eversource Energy (a)	398,132		21,419
Commonwealth Bank of Australia	52,447		2,965	Exelon Corp	375,261		11,096
Gunma Bank Ltd/The	116,000		642	FirstEnergy Corp	111,557		3,688
JPMorgan Chase & Co (a)	150,879		8,977	Iberdrola SA	1,602,963		11,267
Mizuho Financial Group Inc	968,100		1,675	Infraestructura Energetica Nova SAB de CV	170,000		667
National Australia Bank Ltd	83,269		1,654	Iren SpA	346,515		512
National Penn Bancshares Inc	251,837		2,871	ITC Holdings Corp (a)	851,569		33,978
PacWest Bancorp	121,615		4,465	NextEra Energy Inc (a)	272,882		30,483
Toronto-Dominion Bank/The	189,109		7,175	PG&E Corp	313,138		17,194
Webster Financial Corp	14,378		477	Pinnacle West Capital Corp (a)	35,000		2,321
Wells Fargo & Co (a)	265,390		13,331	Portland General Electric Co	27,285		1,061
Westpac Banking Corp	72,871		1,614	Power Assets Holdings Ltd	1,427,000		13,043
				PPL Corp (a)	518,000		18,161
	$		67,251
				Public Service Enterprise Group Inc	105,315		4,350
Beverages - 0.11%				SCANA Corp (a)	343,000		21,592
Ambev SA	909,200		4,242	Southern Co/The	165,000		8,072
PepsiCo Inc	65,670		6,521	SSE PLC	431,638		8,956
	$		10,763	WEC Energy Group Inc (a)	120,000		6,628
Building Materials - 0.02%				Xcel Energy Inc	219,641		8,395
Masco Corp	28,707		758		$		321,710
Universal Forest Products Inc	13,153		906	Electrical Components & Equipment - 0.01%
	$		1,664	Kung Long Batteries Industrial Co Ltd	185,000		762
Chemicals - 0.05%
LyondellBasell Industries NV	57,809		4,507	Electronics - 0.06%
Olin Corp	16,385		278	Hon Hai Precision Industry Co Ltd	1,911,300		4,497
	$		4,785	Hu Lane Associate Inc	132,000		543
				Siix Corp	22,800		660
Commercial Services - 0.66%					$		5,700
Abertis Infraestructuras SA	816,141		12,159
Atlantia SpA	255,682		6,699	Energy - Alternate Sources - 0.07%
CCR SA	3,121,500		9,974	NextEra Energy Partners LP	210,000		5,668
Cengage Learning Holdings II Inc (b)	34,465		672	Pattern Energy Group Inc	89,610		1,698
COSCO Pacific Ltd	5,298,000		6,014		$		7,366
Hutchison Port Holdings Trust	11,276,939		5,388
Jiangsu Expressway Co Ltd	4,760,000		5,727	Engineering & Construction - 0.19%
				Aena SA (b),(c)	11,160		1,243
KAR Auction Services Inc	13,225		442
Macquarie Infrastructure Corp	14,541		975	BBA Aviation PLC	2,126,817		4,955
Programmed Maintenance Services Ltd	310,714		446	China Machinery Engineering Corp	391,000		270
Sabre Corp	37,000		948	Downer EDI Ltd	205,260		459
Transurban Group	2,300,209		17,734	Ferrovial SA	48,916		1,072
	$		67,178	Fraport AG Frankfurt Airport Services	74,491		4,518
				Worldwide

See accompanying notes

30

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Engineering & Construction (continued)				Insurance (continued)
Grupo Aeroportuario del Pacifico SAB de CV	267,203	$	2,250	Validus Holdings Ltd	32,427	$	1,435
Kandenko Co Ltd	156,000		951		$		57,752
LendLease Group	200,000		1,868
NCC AB	45,821		1,555	Internet - 0.05%
	$		19,141	Cogent Communications Holdings Inc	155,000		5,178
Entertainment - 0.02%
Regal Entertainment Group	44,753		772	Investment Companies - 0.01%
Vail Resorts Inc	7,333		917	New Mountain Finance Corp	40,224		473
				THL Credit Inc	46,765		454
	$		1,689		$		927
Environmental Control - 0.04%				Iron & Steel - 0.00%
Waste Management Inc	80,924		4,285	Schnitzer Steel Industries Inc	20,651		278
Food - 0.01%
Cal-Maine Foods Inc	21,588		1,089	Lodging - 0.03%
				Accor SA	54,000		2,051
				Star Entertainment Grp Ltd/The	160,997		621
Forest Products & Paper - 0.02%					$		2,672
Stora Enso OYJ	190,624		1,553
				Media - 0.41%
				Charter Communications Inc (b)	72,000		12,338
Gas - 0.90%				Comcast Corp - Class A	160,000		8,914
Atmos Energy Corp	20,000		1,384	Houghton Mifflin Harcourt Co (b)	360,119		6,424
Gas Natural SDG SA	210,095		4,127	ProSiebenSat.1 Media SE	76,442		3,819
National Grid PLC	2,235,755		31,499	Time Warner Cable Inc	56,000		10,193
National Grid PLC ADR(a)	105,000		7,435		$		41,688
NiSource Inc (a)	549,846		11,552
Rubis SCA	32,520		2,433	Mining - 0.06%
Sempra Energy	193,500		18,334	BHP Billiton PLC	376,307		3,654
Snam SpA	849,994		4,769	Boliden AB	36,661		510
				Mirabela Nickel Ltd (b),(d),(e)	26,307,311		1,545
UGI Corp	196,485		6,681
Vectren Corp	21,034		880		$		5,709
Western Gas Equity Partners LP (a)	93,146		2,519
				Miscellaneous Manufacturers - 0.04%
	$		91,613	AO Smith Corp	6,566		459
Hand & Machine Tools - 0.01%				General Electric Co	139,210		4,051
Basso Industry Corp (b)	621,900		1,213		$		4,510
				Oil & Gas - 1.07%
Healthcare - Products - 0.02%				Antero Midstream Partners LP	261,494		5,193
CR Bard Inc	4,615		846	BP PLC	770,072		4,159
Fisher & Paykel Healthcare Corp Ltd	121,644		684	Caltex Australia Ltd	96,040		2,568
	$		1,530	Chevron Corp	98,561		8,523
				ConocoPhillips (a)	137,609		5,378
Healthcare - Services - 0.02%				Denbury Resources Inc	103,762		162
HealthSouth Corp	29,017		1,039	EQT GP Holdings LP	70,085		1,514
Quest Diagnostics Inc	15,946		1,047	Exxon Mobil Corp (a)	364,888		28,406
	$		2,086	Noble Corp plc	76,457		596
Holding Companies - Diversified - 0.06%				Royal Dutch Shell PLC ADR	465,000		20,428
China Merchants Holdings International Co	2,090,000		5,769	Royal Dutch Shell PLC - A Shares	70,000		1,529
Ltd				Royal Dutch Shell PLC - B Shares	227,752		4,962
				Statoil ASA	352,559		4,824
				Suncor Energy Inc	182,300		4,318
Home Builders - 0.03%				Tesoro Corp	9,166		800
Bellway PLC	14,606		580	TORC Oil & Gas Ltd	189,500		733
Berkeley Group Holdings PLC	11,822		598	TOTAL SA	170,076		7,555
Galliford Try PLC	24,524		521	Valero Energy Partners LP (d)	146,787		6,514
Sekisui House Ltd	114,200		1,797	Whitecap Resources Inc	112,340		614
	$		3,496		$		108,776
Insurance - 0.57%				Oil & Gas Services - 0.03%
American Financial Group Inc/OH	14,972		1,063	Targa Resources Corp	119,788		2,692
AXA SA	503,929		12,453
Beazley PLC	200,084		1,076
Direct Line Insurance Group PLC	1,447,782		7,777	Packaging & Containers - 0.02%
Everest Re Group Ltd	6,057		1,084	Sonoco Products Co	51,820		2,047
Hannover Rueck SE	60,478		6,365
Muenchener Rueckversicherungs-Gesellschaft	25,086		4,833	Pharmaceuticals - 0.59%
AG in Muenchen				AbbVie Inc	267,195		14,669
Old Republic International Corp	62,554		1,131	AstraZeneca PLC	62,091		3,998
Phoenix Group Holdings	79,331		983	Australian Pharmaceutical Industries Ltd	329,535		492
SCOR SE	81,151		2,829	Johnson & Johnson	61,293		6,402
Sun Life Financial Inc	70,800		2,031	Kaken Pharmaceutical Co Ltd	13,900		918
Swiss Re AG	79,146		7,367	Merck & Co Inc	149,201		7,560
Travelers Cos Inc/The	68,433		7,325	Pfizer Inc (a)	709,079		21,620

See accompanying notes

31

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Pharmaceuticals (continued)				REITS (continued)
Recordati SpA	39,262	$	973	Crown Castle International Corp	421,864	$	36,364
Roche Holding AG	11,259		2,916	CubeSmart (a)	226,974		7,102
	$		59,548	CyrusOne Inc	28,812		1,062
				CYS Investments Inc (a)	136,793		943
Pipelines - 2.97%				DCT Industrial Trust Inc (a)	106,592		3,815
Buckeye Partners LP (a)	320,839		18,686
Columbia Pipeline Group Inc (a)	458,813		8,511	Digital Realty Trust Inc	70,902		5,678
				Duke Realty Corp	392,380		7,899
Columbia Pipeline Partners LP	252,535		3,864	Education Realty Trust Inc	80,000		3,126
DCP Midstream Partners LP (a)	102,782		1,929
				EPR Properties (a)	117,069		7,018
Enbridge Energy Partners LP	274,023		5,004	Equinix Inc	3,810		1,183
Enbridge Inc	346,309		12,029	Equity One Inc (a)	230,872		6,400
Energy Transfer Equity LP (a)	1,333,763		11,577
				Equity Residential	113,046		8,715
EnLink Midstream LLC	153,582		1,943	Essex Property Trust Inc (a)	26,659		5,681
Enterprise Products Partners LP (a)	1,495,892		35,767
				Eurocommercial Properties NV	39,000		1,705
EQT Midstream Partners LP	194,903		13,267	Fortune Real Estate Investment Trust	2,465,000		2,481
Genesis Energy LP (a)	186,188		5,291
				General Growth Properties Inc	386,930		10,850
Kinder Morgan Inc/DE	306,518		5,042	GEO Group Inc/The	174,690		5,167
Magellan Midstream Partners LP (a)	409,680		26,314
MPLX LP (a)	591,923		18,213	Goodman Group	1,200,000		5,254
				Granite Real Estate Investment Trust	26,400		710
ONEOK Inc	156,665		3,903	Great Portland Estates PLC	271,548		2,978
ONEOK Partners LP	289,808		7,923	Highwoods Properties Inc	12,664		536
Phillips 66 Partners LP	169,581		9,612	Hoshino Resorts REIT Inc	330		3,290
Plains All American Pipeline LP (a)	933,587		19,708
				Hospitality Properties Trust (a)	99,910		2,357
Shell Midstream Partners LP	237,677		8,452	Hospitality Property Fund Ltd	200,000		133
Spectra Energy Corp	337,864		9,274	Hyprop Investments Ltd	121,497		776
Spectra Energy Partners LP (d)	289,306		12,125
Sunoco Logistics Partners LP (a)	749,677		16,695	Immobiliare Grande Distribuzione SIIQ SpA	986,436		779
Tesoro Logistics LP (a),(d)	297,297		13,179	Japan Hotel REIT Investment Corp	1,610		1,223
				Japan Logistics Fund Inc	850		1,692
TransCanada Corp	100,834		3,502	Kenedix Office Investment Corp	320		1,621
Western Gas Partners LP (a),(d)	328,381		10,735
Williams Cos Inc/The (a)	771,397		14,888	Kenedix Retail REIT Corp	544		1,106
				Klepierre	209,006		9,059
Williams Partners LP	130,344		2,870	Lamar Advertising Co	61,554		3,454
	$		300,303	Land Securities Group PLC	256,856		4,028
Real Estate - 0.61%				LaSalle Hotel Properties	75,000		1,662
ADO Properties SA (b),(c)	185,000		5,167	Liberty Property Trust (a)	127,200		3,730
Aeon Mall Co Ltd	125,000		1,910	LondonMetric Property PLC	3,270,000		7,564
Atrium European Real Estate Ltd (b)	227,000		781	Medical Properties Trust Inc	471,070		5,182
Beijing Capital Land Ltd	1,956,000		733	Merlin Properties Socimi SA	436,666		5,071
Citycon OYJ (b)	2,255,857		5,384	Mid-America Apartment Communities Inc	22,884		2,147
Croesus Retail Trust	9,160,715		5,217	Mirvac Group	5,833,543		7,965
Dalian Wanda Commercial Properties Co Ltd	790,000		3,814	Monmouth Real Estate Investment Corp	98,568		1,013
(c)				National Storage Affiliates Trust	346,525		6,026
Deutsche Wohnen AG	155,000		4,086	New Residential Investment Corp	64,597		736
Fabege AB	220,900		3,425	NewRiver Retail Ltd	1,631,464		7,827
Frasers Centrepoint Ltd	1,550,000		1,798	Nomura Real Estate Master Fund Inc	5,612		6,903
KWG Property Holding Ltd	1,178,500		747	Omega Healthcare Investors Inc	17,177		545
Mitsui Fudosan Co Ltd	491,400		11,568	Orix JREIT Inc	950		1,324
New World Development Co Ltd	5,733,000		4,693	Physicians Realty Trust	115,595		1,973
Religare Health Trust	3,256,400		2,156	Piedmont Office Realty Trust Inc	230,000		4,257
RMR Group Inc/The (a),(b)	6,256		130	Prologis Inc	284,250		11,219
Shimao Property Holdings Ltd	501,000		706	Public Storage (a)	25,597		6,490
Sponda OYJ	655,000		2,679	Pure Industrial Real Estate Trust	390,000		1,242
Sun Hung Kai Properties Ltd	171,933		1,865	QTS Realty Trust Inc	15,558		719
TLG Immobilien AG	180,000		3,435	Sabra Health Care REIT Inc	354,280		6,505
UNITE Group PLC/The	130,000		1,196	Saul Centers Inc	42,000		2,137
Vukile Property Fund Ltd	400,000		388	Segro PLC	417,009		2,617
	$		61,878	Senior Housing Properties Trust	160,000		2,317
				Shopping Centres Australasia Property Group	391,022		597
REITS - 4.00%				Simon Property Group Inc (a)	167,246		31,155
Agree Realty Corp	208,640		7,703	Spirit Realty Capital Inc	990,000		10,375
AIMS AMP Capital Industrial REIT	1,525,150		1,453	Spring Real Estate Investment Trust	14,736,000		5,334
Alexandria Real Estate Equities Inc	79,620		6,304	STAG Industrial Inc	120,713		2,044
Altarea SCA	21,400		4,094	Stockland	1,541,000		4,521
American Tower Corp	125,030		11,795	STORE Capital Corp	163,476		4,053
Apartment Investment & Management Co	169,890		6,651	Summit Hotel Properties Inc	438,340		4,449
Ashford Hospitality Prime Inc (a)	10,574		116	Sun Communities Inc	131,460		8,754
Ashford Hospitality Trust Inc (a)	258,350		1,436	UDR Inc	43,486		1,548
Assura PLC	5,310,099		4,135	Vastned Retail NV	76,000		3,327
Big Yellow Group PLC	150,000		1,652	Wereldhave NV	151,920		8,300
Boston Properties Inc (a)	45,577		5,297	Westfield Corp	480,000		3,417
Canadian Apartment Properties REIT	40,551		866	Workspace Group PLC	265,000		3,057
Champion REIT	12,800,000		6,023	WP Glimcher Inc	317,429		2,882
Crombie Real Estate Investment Trust	200,636		1,908		$		404,602

See accompanying notes

32

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held	Value(000			's)
Retail - 0.03%				Water (continued)
ANTA Sports Products Ltd	182,000	$	440	Cia de Saneamento Basico do Estado de Sao	748,654		$	3,975
Foot Locker Inc	15,501		1,047	Paulo ADR
Man Wah Holdings Ltd	1,287,200		1,399	Suez Environnement Co	228,000			4,227
Reject Shop Ltd/The	45,084		336	Veolia Environnement SA	379,198			9,142
	$		3,222			$		34,545
Savings & Loans - 0.06%				TOTAL COMMON STOCKS		$		2,014,797
Berkshire Hills Bancorp Inc	43,305		1,203	INVESTMENT COMPANIES - 2.72%	Shares Held	Value(000			's)
New York Community Bancorp Inc	210,681		3,261	Publicly Traded Investment Fund - 2.72%
Provident Financial Services Inc	74,519		1,464	BlackRock Liquidity Funds FedFund Portfolio	27,589,940			27,590
	$		5,928	Morgan Stanley Institutional Liquidity Funds -	248,181,289			248,181
Semiconductors - 0.05%				Government Portfolio
Analog Devices Inc	9,913		534			$		275,771
Powertech Technology Inc	370,000		777	TOTAL INVESTMENT COMPANIES		$		275,771
Silicon Motion Technology Corp ADR	23,657		735	CONVERTIBLE PREFERRED STOCKS -
Taiwan Semiconductor Manufacturing Co Ltd	656,000		2,825	0.05%	Shares Held	Value(000			's)
Visual Photonics Epitaxy Co Ltd	436,000		670	Banks - 0.05%
	$		5,541	Wells Fargo & Co (f)	3,902			4,573
Software - 0.29%
Blackbaud Inc	5,308		326	TOTAL CONVERTIBLE PREFERRED STOCKS		$		4,573
Hansen Technologies Ltd	198,712		520	PREFERRED STOCKS - 2.22%	Shares Held	Value(000			's)
InterXion Holding NV (b)	31,632		994
				Banks - 0.85%
Microsoft Corp	495,609		27,303	AgriBank FCB (f)	33,000			3,552
	$		29,143	Bank of America Corp 6.63%; Series I (f)	18,146			481
				Bank of New York Mellon Corp/The (f)	14,468			373
Storage & Warehousing - 0.07%				Barclays Bank PLC 8.13% (f)	154,120			4,056
Safestore Holdings PLC	1,268,258		6,207	Citigroup Inc 6.88%; Series K (f)	163,700			4,497
Sumitomo Warehouse Co Ltd/The	197,000		1,015	Citigroup Inc 7.13%; Series J (f)	223,000			6,081
	$		7,222	CoBank ACB 6.20% (f)	7,000			705
Supranational Bank - 0.00%				CoBank ACB 6.25% (c),(f)	50,000			5,172
Banco Latinoamericano de Comercio Exterior	20,451		477	Deutsche Bank Contingent Capital Trust II (f)	366,970			9,259
SA				Fifth Third Bancorp (f)	209,585			5,879
				GMAC Capital Trust I	157,000			3,996
				Goldman Sachs Group Inc/The (f)	32,200			804
Telecommunications - 1.24%				ING Groep NV 6.13% (f)	134,564			3,431
AT&T Inc	451,008		16,263	JPMorgan Chase & Co 6.10% (f)	23,400			600
BCE Inc (a)	225,000		9,067
				M&T Bank Corp - Series A (f)	1,505			1,537
Bezeq The Israeli Telecommunication Corp	547,273		1,180	Morgan Stanley - Series E (f)	4,021			114
Ltd				PNC Financial Services Group Inc/The (f)	234,700			6,543
Cable & Wireless Communications PLC	3,310,787		3,264	Royal Bank of Canada (f)	14,793			445
Chunghwa Telecom Co Ltd	872,000		2,702
Cisco Systems Inc	575,817		13,699	Royal Bank of Scotland Group PLC 5.75%;	214,354			5,310
Cleveland Unlimited Inc (b),(d),(e)	1		9	Series  L (f)
				State Street Corp 5.25%; Series C (f)	220,550			5,686
Deutsche Telekom AG	104,663		1,822	State Street Corp 5.90%; Series D (f)	65,000			1,749
Far EasTone Telecommunications Co Ltd	1,493,000		3,086	TCF Financial Corp (f)	48,227			1,312
Freenet AG	44,985		1,399	US Bancorp (f)	356,543			9,434
Frontier Communications Corp	500,000		2,275	Valley National Bancorp (f)	184,000			4,953
HKT Trust & HKT Ltd	4,039,637		5,314	Wells Fargo & Co 6.63% (f)	1,861			53
Infrastrutture Wireless Italiane SpA (b),(c)	182,470		921
KDDI Corp	466,200		11,805			$		86,022
Level 3 Communications Inc (b)	60,000		2,929	Diversified Financial Services - 0.05%
Nippon Telegraph & Telephone Corp	159,600		6,795	Affiliated Managers Group Inc 6.38%	22,111			573
NTT DOCOMO Inc	238,800		5,296	Charles Schwab Corp/The (f)	165,953			4,343
Orange SA	371,137		6,590			$		4,916
Taiwan Mobile Co Ltd	602,000		1,811
Telenor ASA	183,708		2,997	Electric - 0.11%
T-Mobile US Inc (b)	113,000		4,537	Entergy Arkansas Inc 4.90%	13,312			334
Verizon Communications Inc (a)	375,000		18,739	Entergy Arkansas Inc 5.75%	56,299			1,429
Vodafone Group PLC ADR	100,000		3,220	Entergy Louisiana LLC 4.70%	170,915			4,153
	$		125,720	Entergy Louisiana LLC 5.88%	5,220			132
				Entergy New Orleans Inc	52,335			1,344
Transportation - 0.38%				Integrys Holding Inc	2,759			72
CEVA Group PLC (b),(e)	123		55	Interstate Power & Light Co (f)	79,458			2,046
CSX Corp	138,088		3,179	NextEra Energy Capital Holdings Inc - Series	83,258			2,092
East Japan Railway Co	54,700		5,028	I
Groupe Eurotunnel SE	319,406		3,671			$		11,602
Kamigumi Co Ltd	362,000		3,262
Kansas City Southern	38,215		2,709	Food - 0.01%
Union Pacific Corp (a)	280,183		20,173	Dairy Farmers of America Inc (c),(f)	10,000			1,019
	$		38,077
Water - 0.34%				Insurance - 0.53%
American Water Works Co Inc (a)	265,000		17,201	Aegon NV 6.38% (f)	330,080			8,447
				Aflac Inc	159,572			4,096

See accompanying notes

33

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
	PREFERRED STOCKS (continued)		Shares Held     Value (000's)
									Principal
	Insurance (continued)						BONDS (continued)		Amount (000's) Value (000's)
	Allstate Corp/The 6.63%; Series E (f)			118,903	$	3,266	Aerospace & Defense (continued)
	Allstate Corp/The 6.75%; Series C (f)			43,356		1,211	TransDigm Inc (continued)
	American Financial Group Inc/OH 5.75%			1,442		37	6.00%, 07/15/2022		$	2,540	$	2,489
	American Financial Group Inc/OH 6.38%			22,964		605				$		42,943
	Arch Capital Group Ltd (f)			92,770		2,412
	Aspen Insurance Holdings Ltd 5.95% (f)			94,222		2,437	Agriculture - 0.25%
	Aspen Insurance Holdings Ltd 7.25% (f)			132,920		3,501	Vector Group Ltd
	Axis Capital Holdings Ltd 6.88% (f)			138,578		3,627	7.75%, 02/15/2021			24,256		25,348
	Delphi Financial Group Inc 7.38%			294,254		7,274
	Hartford Financial Services Group Inc/The			153,051		4,699	Automobile Manufacturers - 0.07%
	Protective Life Corp 6.25%			122,353		3,246	Fiat Chrysler Finance Europe
	Reinsurance Group of America Inc			22,411		641	4.75%, 07/15/2022		EUR	1,000		1,121
	RenaissanceRe Holdings Ltd - Series E (f)			13,905		349	6.75%, 10/14/2019			1,200		1,446
	Torchmark Corp			82,341		2,147	Jaguar Land Rover Automotive PLC
	XLIT Ltd (f)			6,623		5,220	3.88%, 03/01/2023		GBP	1,600		2,052
				$		53,215
							Peugeot SA
	Media- 0.01	%					6.50%, 01/18/2019		EUR	2,100		2,541
	Comcast Corp			34,156		884				$		7,160
							Automobile Parts & Equipment - 0.11%
	REITS- 0.18	%					Gestamp Funding Luxembourg SA
	Digital Realty Trust Inc - Series E (f)			17,565		451	5.88%, 05/31/2020			1,000		1,112
	Digital Realty Trust Inc - Series F (f)			62,726		1,640	Metalsa SA de CV
							4.90%, 04/24/2023(c)		$	1,583		1,361
	Digital Realty Trust Inc - Series H (f)			8,320		223
	Equity Residential (f)			20,702		1,355	Rhino Bondco S.P.A
	Kimco Realty Corp 5.50% (f)			68,294		1,709	7.25%, 11/15/2020		EUR	1,500		1,727
	National Retail Properties Inc (f)			69,373		1,809	Schaeffler Holding Finance BV
	Prologis Inc - Series Q (f)			92,034		5,735	5.75%, 11/15/2021			4,745		5,449
	PS Business Parks Inc - Series T (f)			114,591		2,916	Tupy Overseas SA
							6.63%, 07/17/2024(c)		$	1,525		1,237
	Public Storage Inc 5.20%; Series W (f)			8,422		212
	Public Storage Inc 5.88%; Series A (f)			57,851		1,548				$		10,886
	Public Storage Inc 6.00%; Series Z (f)			20,000		531	Banks- 2.69	%
	Public Storage Inc 6.38%; Series Y (f)			12,032		326	ABN AMRO Bank NV
	Ventas Realty LP / Ventas Capital Corp			3,047		81	6.25%, 09/13/2022(g)			2,000		2,088
				$		18,536	Agricola Senior Trust
							6.75%, 06/18/2020(c)			2,660		2,630
	Savings & Loans - 0.01%
	Astoria Financial Corp (f)			2,980		77	Banco Bilbao Vizcaya Argentaria SA
							9.00%, 05/29/2049(f)			3,000		3,135
	First Niagara Financial Group Inc (f)			39,846		1,084
				$		1,161	Banco Davivienda SA
							5.88%, 07/09/2022(c)			1,440		1,405
	Telecommunications - 0.31%						Banco do Brasil SA/Cayman
	Centaur Funding Corp 9.08% (c)			11,900		14,328	6.25%, 12/29/2049(f),(g)			625		302
	Qwest Corp 7.00%			44,419		1,151	Banco Inbursa SA Institucion de Banca
	Qwest Corp 7.38%			283,876		7,276	Multiple
	Qwest Corp 7.50%			136,946		3,546	4.13%, 06/06/2024(c)			3,160		2,955
	Telephone & Data Systems Inc 6.88%			25,608		652	Banco Santander SA
	Telephone & Data Systems Inc 7.00%			121,991		3,073	6.38%, 05/29/2049(f),(g)			2,000		1,844
	Verizon Communications Inc			65,121		1,727	Bancolombia SA
				$		31,753	5.13%, 09/11/2022			6,346		6,076
							Bank of America Corp
	Transportation - 0.16%						6.25%, 09/29/2049(f),(g)			4,600		4,600
	CEVA Group PLC (b),(e)			267		120
							6.50%, 10/29/2049(f),(g)			700		731
	Seaspan Corp			674,400		15,983	Bank of New York Mellon Corp/The
				$		16,103	4.95%, 12/29/2049(f),(g)			4,000		3,946
	TOTAL PREFERRED STOCKS			$		225,211	Barclays PLC
			Principal				3.65%, 03/16/2025			4,200		4,018
	BONDS- 67.54	%	Amount (000's)    Value (000's)				6.63%, 06/29/2049(f),(g)			1,961		1,908
							8.25%, 12/29/2049(f),(g)			4,000		4,190
	Advertising - 0.17%
	MDC Partners Inc						BBVA Bancomer SA/Texas
	6.75%, 04/01/2020(c)		$	17,150	$	17,000	6.75%, 09/30/2022(c)			2,115		2,277
							BNP Paribas SA
							7.20%, 06/29/2049(c),(f)			4,400		4,950
	Aerospace & Defense - 0.42%						7.37%, 12/29/2049(c),(f),(g)			3,000		2,944
	Aerojet Rocketdyne Holdings Inc						Cadence Financial Corp
	7.13%, 03/15/2021			5,000		5,075	4.88%, 06/28/2019(c),(d)			3,500		3,465
	Finmeccanica SpA						Citigroup Capital III
	4.50%, 01/19/2021		EUR	3,200		3,779	7.63%, 12/01/2036			8,600		10,627
	LMI Aerospace Inc						Citigroup Inc
	7.38%, 07/15/2019		$	4,607		4,354	5.95%, 12/29/2049(f)			4,900		4,754
	StandardAero Aviation Holdings Inc						6.30%, 12/29/2049(f),(g)			6,500		6,305
	10.00%, 07/15/2023(c)			6,050		5,868	Citizens Financial Group Inc
	TransDigm Inc						5.50%, 12/29/2049(c),(f),(g)			6,000		5,833
	5.50%, 10/15/2020			21,926		21,378

See accompanying notes

34

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's)	Value (000's)		BONDS (continued)		Amount (000's)		Value (000's)
Banks (continued)					Building Materials - 0.29%
Cooperatieve Rabobank UA					Cemex Finance LLC
11.00%, 12/29/2049(c),(f),(g)	$	9,015	$	10,978	9.38%, 10/12/2022(c)		$	2,232	$	2,254
Corestates Capital III					Cemex SAB de CV
0.93%, 02/15/2027(c),(g)		500		427	6.13%, 05/05/2025(c)			4,491		3,844
Credit Agricole SA					CIMPOR Financial Operations BV
6.63%, 09/29/2049(c),(f),(g)		4,000		3,764	5.75%, 07/17/2024(c)			2,334		1,435
8.38%, 12/31/2049(c),(f),(g)		1,900		2,113	GCP Applied Technologies Inc
Credit Suisse Group AG					9.50%, 02/01/2023(c)			940		994
7.50%, 12/29/2049(c),(f),(g)		1,000		1,027	HeidelbergCement Finance Luxembourg SA
Dresdner Funding Trust I					7.50%, 04/03/2020		EUR	2,000		2,584
8.15%, 06/30/2031(c)		5,000		6,000	Reliance Intermediate Holdings LP
Finansbank AS/Turkey					6.50%, 04/01/2023(c)		$	15,975		16,331
6.25%, 04/30/2019(c)		6,457		6,762	Votorantim Cimentos SA
Fleet Capital Trust V					7.25%, 04/05/2041(c)			2,642		1,810
1.53%, 12/18/2028(g)		7,500		6,337				$		29,252
Global Bank Corp
5.13%, 10/30/2019		3,000		2,979	Chemicals - 0.36%
Goldman Sachs Group Inc/The					Axalta Coating Systems US Holdings Inc /
5.70%, 12/29/2049(f),(g)		2,000		1,972	Axalta Coating Systems Dutch Holding B
HSBC Capital Funding LP/Jersey					5.75%, 02/01/2021		EUR	3,900		4,352
10.18%, 12/29/2049(c),(f),(g)		4,000		5,950	Braskem America Finance Co
					7.13%, 07/22/2041(c)		$	800		620
ICICI Bank Ltd
6.37%, 04/30/2022(g)		4,100		4,131	Braskem Finance Ltd
Itau Unibanco Holding SA/Cayman Island					5.75%, 04/15/2021			2,125		1,958
5.65%, 03/19/2022(c)		3,795		3,501	6.45%, 02/03/2024			4,110		3,606
					7.38%, 10/29/2049(c),(f)			1,533		1,200
JPMorgan Chase & Co
5.30%, 12/29/2049(f),(g)		2,000		1,988	Huntsman International LLC
6.13%, 12/29/2049(f),(g)		5,500		5,519	5.13%, 04/15/2021		EUR	1,000		986
6.75%, 01/29/2049(f),(g)		19,000		20,567	INEOS Group Holdings SA
KeyCorp Capital III					5.75%, 02/15/2019			1,800		1,901
7.75%, 07/15/2029		795		968	Mexichem SAB de CV
					5.88%, 09/17/2044(c)		$	1,947		1,582
M&T Bank Corp
6.45%, 12/29/2049(f),(g)		535		567	OCP SA
					5.63%, 04/25/2024(c)			794		789
6.88%, 12/29/2049(f)		1,900		1,917
Morgan Stanley					PSPC Escrow Corp
5.55%, 12/29/2049(f),(g)		1,250		1,237	6.00%, 02/01/2023		EUR	4,500		3,900
					Sinochem Offshore Capital Co Ltd
National Savings Bank					3.25%, 04/29/2019(c)		$	7,298		7,395
5.15%, 09/10/2019(c)		500		454
					TPC Group Inc
Nordea Bank AB					8.75%, 12/15/2020(c)			12,365		8,223
5.50%, 09/29/2049(c),(f),(g)		4,100		3,936
5.50%, 09/29/2049(f),(g)		9,000		8,640				$		36,512
6.13%, 12/29/2049(c),(f),(g)		2,000		1,901	Coal- 0.64	%
PNC Financial Services Group Inc/The					CONSOL Energy Inc
6.75%, 07/29/2049(f),(g)		8,500		9,114	5.88%, 04/15/2022			6,545		4,230
Provident Funding Associates LP / PFG					8.00%, 04/01/2023			6,750		4,522
Finance Corp					Foresight Energy LLC / Foresight Energy
6.75%, 06/15/2021(c)		16,920		16,116	Finance Corp
Royal Bank of Scotland Group PLC					7.88%, 08/15/2021(c)			66,260		52,677
7.50%, 12/29/2049(f),(g)		6,163		6,271	SunCoke Energy Partners LP / SunCoke
8.00%, 12/29/2049(f),(g)		600		616	Energy Partners Finance Corp
Societe Generale SA					7.38%, 02/01/2020(c)			6,088		3,455
1.36%, 12/29/2049(c),(f),(g)		3,000		2,760
7.88%, 12/29/2049(c),(f),(g)		2,000		1,927				$		64,884
8.00%, 12/29/2049(c),(f),(g)		1,000		987	Commercial Mortgage Backed Securities - 16.88%
8.25%, 09/29/2049(f),(g)		7,500		7,817	Banc of America Commercial Mortgage Trust
Standard Chartered PLC					2006-6
5.70%, 03/26/2044		6,100		5,951	5.48%, 10/10/2045			5,000		4,944
7.01%, 07/29/2049(c),(f)		4,150		4,399	Banc of America Merrill Lynch Commercial
TC Ziraat Bankasi AS					Mortgage Inc
4.25%, 07/03/2019(c)		1,870		1,839	4.77%, 07/10/2043			14,250		13,220
Trade & Development Bank of Mongolia					4.85%, 07/10/2043			9,500		1,900
LLC					5.52%, 11/10/2042(g)			3,044		3,038
9.38%, 05/19/2020(c)		780		692	CD 2006-CD2 Mortgage Trust
Turkiye Vakiflar Bankasi TAO					5.62%, 01/15/2046(g)			8,755		8,269
6.87%, 02/03/2025(c),(g)		7,118		6,843	CD 2006-CD3 Mortgage Trust
UBS Group AG					5.69%, 10/15/2048(g)			15,650		12,631
6.87%, 12/29/2049(f),(g)		5,500		5,390	CD 2007-CD4 Commercial Mortgage Trust
US Bancorp					5.40%, 12/11/2049			38,214		30,953
5.12%, 12/29/2049(f),(g)		4,200		4,232	CFCRE Commercial Mortgage Trust 2011-
Wells Fargo & Co					C1
7.98%, 12/31/2049(f),(g)		12,000		12,540	5.75%, 04/15/2044(c),(g)			5,550		6,088
		$		272,112

See accompanying notes

35

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's)	Value(000	's)	BONDS (continued)		Amount (000's)        Value (000's)
Commercial Mortgage Backed Securities (continued)					Commercial Mortgage Backed Securities (continued)
Citigroup Commercial Mortgage Trust 2007-					Credit Suisse Commercial Mortgage Trust
C6					Series 2006-C1 (continued)
5.90%, 07/10/2017(c),(g)	$	30,000	$ 25,337		5.72%, 02/15/2039(g)	$	19,700	$	19,608
5.90%, 12/10/2049(g)		19,345	16,336		5.72%, 02/15/2039(c),(g)		23,036		22,839
Citigroup Commercial Mortgage Trust 2012-					Credit Suisse Commercial Mortgage Trust
GC8					Series 2006-C2
5.00%, 09/10/2045(c),(g)		1,875	1,612		5.86%, 03/15/2039(g)		1,000		1,000
Citigroup Commercial Mortgage Trust 2013-					Credit Suisse Commercial Mortgage Trust
GC15					Series 2007-C1
4.25%, 09/10/2046(c),(g)		16,492	12,547		5.42%, 02/15/2040		12,500		12,541
5.27%, 09/10/2046(c),(g)		7,700	6,897		5.46%, 02/15/2040		30,000		17,533
Citigroup Commercial Mortgage Trust 2014-					Credit Suisse Commercial Mortgage Trust
GC19					Series 2007-C5
1.40%, 03/10/2047(c),(g)		15,244	1,140		0.49%, 09/15/2040(c),(g)		258,294		1,136
Citigroup Commercial Mortgage Trust 2014-					Credit Suisse First Boston Mortgage Securities
GC23					Corp
1.45%, 07/10/2047(c),(g)		55,444	4,142		5.23%, 12/15/2040(c),(g)		6,700		6,669
COMM 2012-CCRE1 Mortgage Trust					Credit Suisse Mortgage Capital Certificates
2.46%, 05/15/2045(c)		13,993	10,331		2006-C4
5.54%, 05/15/2045(c),(g)		8,889	8,687		5.54%, 09/15/2039(g)		29,489		28,538
COMM 2012-CCRE4 Mortgage Trust					CSAIL Commercial Mortgage Trust
4.73%, 10/15/2045(c),(g)		5,000	4,566		0.50%, 04/15/2050(c),(g)		62,192		2,273
COMM 2012-CCRE5 Mortgage Trust					DBUBS 2011-LC1 Mortgage Trust
4.48%, 12/10/2045(c),(g)		3,375	3,207		0.36%, 11/10/2046(c),(g)		142,384		2,001
4.48%, 12/10/2045(c),(g)		7,500	6,769		DBUBS 2011-LC2 Mortgage Trust
COMM 2013-CCRE11 Mortgage Trust					1.54%, 07/10/2044(c),(g)		15,861		561
1.04%, 10/10/2046(c),(e),(g)		40,266	1,963		DBUBS 2011-LC3 Mortgage Trust
4.37%, 10/10/2046(c),(g)		5,108	3,981		3.75%, 08/10/2044(c)		12,029		10,323
5.34%, 10/10/2046(c),(g)		13,519	12,205		FHLMC Multifamily Structured Pass Through
Comm 2013-CCRE13 Mortgage Trust					Certificates
4.91%, 12/10/2023(c),(g)		6,421	5,711		0.85%, 03/25/2020(g)		151,295		3,703
4.91%, 12/10/2023(c),(g)		18,660	15,257		1.30%, 01/25/2021(g)		60,421		2,858
COMM 2013-CCRE6 Mortgage Trust					1.48%, 11/25/2019(g)		56,209		2,285
1.64%, 03/10/2046(g)		87,134	4,535		1.51%, 04/25/2041(g)		86,714		4,796
4.31%, 03/10/2046(c),(g)		21,400	18,612		1.61%, 08/25/2020(g)		28,435		1,406
4.31%, 03/10/2046(c),(g)		10,500	8,278		1.67%, 08/25/2040(g)		73,469		3,844
COMM 2013-CCRE7 Mortgage Trust					1.70%, 08/25/2016(g)		21,776		94
4.49%, 03/10/2046(c),(g)		7,500	6,439		1.70%, 04/25/2017(g)		68,281		825
COMM 2013-LC6 Mortgage Trust					1.72%, 06/25/2042(g)		13,000		645
4.43%, 01/10/2046(c),(g)		15,205	13,409		1.76%, 04/25/2045(g)		48,322		2,335
COMM 2014-CCRE15 Mortgage Trust					1.97%, 11/25/2039(g)		28,598		1,367
4.42%, 02/10/2047(c),(g)		5,414	4,379		2.07%, 09/25/2039(g)		32,000		1,592
COMM 2014-CCRE17 Mortgage Trust					2.17%, 10/25/2025(g)		47,224		2,376
0.33%, 05/10/2047(c),(g)		44,717	977		2.29%, 12/25/2039(g)		15,514		1,745
0.96%, 05/10/2047(c),(g)		62,604	3,041		2.33%, 01/25/2041(g)		15,537		1,606
4.46%, 05/10/2047(c),(g)		5,311	3,906		2.61%, 07/25/2039(g)		89,000		5,012
4.96%, 05/10/2047(c),(g)		17,469	15,564		2.66%, 11/25/2041(g)		25,000		3,264
COMM 2014-CCRE21 Mortgage Trust					2.66%, 12/25/2043(g)		18,309		2,082
1.57%, 12/10/2047(c),(g)		20,879	2,129		2.90%, 08/25/2039(g)		38,877		5,291
COMM 2014-LC17 Mortgage Trust					2.91%, 01/25/2043(g)		85,739		10,899
3.11%, 10/10/2047(c)		4,383	2,838		3.34%, 02/25/2042(g)		92,991		14,198
3.69%, 10/10/2047(c),(g)		3,000	2,270		3.61%, 06/25/2041(g)		4,400		749
Comm 2014-UBS2 Mortgage Trust					4.79%, 11/25/2044(g)		1,800		349
5.18%, 03/10/2047(c),(g)		13,190	11,095		FREMF 2011-K704 Mortgage Trust
COMM 2014-UBS3 Mortgage Trust					0.10%, 10/25/2030(c),(g)		562,699		1,198
1.45%, 06/10/2047(c),(g)		60,721	4,437		FREMF 2016-KBAM Mortgage Trust
4.97%, 06/10/2047(c),(g)		21,861	18,247		0.00%, 09/25/2022(b),(c),(e),(g),(h)		84,100		78,758
COMM 2014-UBS5 Mortgage Trust					GE Capital Commercial Mortgage Corp
3.49%, 09/10/2047(c),(g)		10,000	6,576		4.68%, 06/10/2048(g)		1,604		1,603
COMM 2014-UBS6 Mortgage Trust					GE Commercial Mortgage Corp Series 2007-
0.50%, 12/10/2047(c),(g)		60,589	2,105		C1 Trust
COMM 2015-LC23 Mortgage Trust					5.54%, 12/10/2049(c)		9,000		9,132
3.80%, 10/10/2053(c),(g)		6,000	4,497		5.61%, 12/10/2049(g)		7,000		7,126
Commercial Mortgage Pass Through					GS Mortgage Securities Corp II
Certificates					3.38%, 05/10/2050(g)		4,500		2,946
3.50%, 02/10/2047(c)		18,498	12,622		5.02%, 11/10/2045(c),(g)		8,500		7,127
Commercial Mortgage Trust 2007-GG9					5.02%, 11/10/2045(c),(g)		5,000		4,521
5.51%, 03/10/2039		53,926	49,370		GS Mortgage Securities Trust 2010-C1
5.53%, 03/10/2039		14,000	10,366		1.60%, 08/10/2043(c),(g)		45,790		2,451
Credit Suisse Commercial Mortgage Trust					GS Mortgage Securities Trust 2010-C2
Series 2006-C1					5.36%, 12/10/2043(c),(g)		10,000		9,880
5.72%, 02/15/2039(g)		3,790	3,784

See accompanying notes

36

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
		Principal						Principal
BONDS (continued)		Amount (000's)	Value (000	's)		BONDS (continued)		Amount (000's)	Value (000's)
Commercial Mortgage Backed Securities (continued)						Commercial Mortgage Backed Securities (continued)
GS Mortgage Securities Trust 2011-GC5						JP Morgan Chase Commercial Mortgage
5.47%, 08/10/2044(c),(g)	$	3,660	$ 3,404			Securities Trust 2013-C10
GS Mortgage Securities Trust 2012-GC6						0.44%, 12/15/2047(c),(g)	$	276,436	$	6,059
0.25%, 01/10/2045(c),(g)		226,505	2,366			JP Morgan Chase Commercial Mortgage
GS Mortgage Securities Trust 2012-GCJ7						Securities Trust 2013-C16
5.91%, 05/10/2045(c),(g)		7,429	7,066			1.43%, 12/15/2046(c),(g)		20,750		1,603
GS Mortgage Securities Trust 2013-GC16						3.74%, 12/15/2046(c)		10,000		7,332
3.50%, 11/10/2046(c),(g)		2,500	1,789			5.18%, 12/15/2046(c),(g)		16,203		14,684
5.49%, 11/10/2046(c),(g)		3,544	3,175			JP Morgan Chase Commercial Mortgage
GS Mortgage Securities Trust 2013-GCJ14						Securities Trust 2013-LC11
4.93%, 08/10/2046(c),(g)		3,500	3,031			1.13%, 04/15/2046(c),(g)		49,841		2,692
4.93%, 08/10/2046(c),(g)		7,742	6,574			1.69%, 04/15/2046(g)		74,334		5,376
4.93%, 08/10/2046(c),(g)		2,500	1,982			JP Morgan Chase Commercial Mortgage
GS Mortgage Securities Trust 2014-GC26						Securities Trust 2014-C20
1.36%, 11/10/2047(c),(g)		29,811	2,633			1.31%, 07/15/2047(g)		94,999		5,370
JP Morgan Chase Commercial Mortgage						JPMBB Commercial Mortgage Securities
Securities Trust 2005-CIBC12						Trust 2013-C12
4.99%, 09/12/2037		84	84			4.22%, 07/15/2045(g)		13,826		11,732
JP Morgan Chase Commercial Mortgage						JPMBB Commercial Mortgage Securities
Securities Trust 2005-LDP1						Trust 2013-C15
5.95%, 03/15/2046(c),(g)		4,233	4,232			5.25%, 11/15/2045(c),(g)		23,750		21,055
JP Morgan Chase Commercial Mortgage						JPMBB Commercial Mortgage Securities
Securities Trust 2005-LDP4						Trust 2014-C18
5.13%, 10/15/2042		7,368	7,353			1.29%, 02/15/2047(g)		58,696		3,297
JP Morgan Chase Commercial Mortgage						4.97%, 02/15/2047(c),(g)		5,000		4,263
Securities Trust 2006-CIBC14						JPMBB Commercial Mortgage Securities
5.75%, 12/12/2044(g)		20,340	20,208			Trust 2014-C23
JP Morgan Chase Commercial Mortgage						1.02%, 09/15/2047(g)		292,762		12,647
Securities Trust 2006-CIBC16						JPMBB Commercial Mortgage Securities
5.62%, 05/12/2045		20,140	19,392			Trust 2014-C24
JP Morgan Chase Commercial Mortgage						1.23%, 11/15/2047(g)		129,254		7,576
Securities Trust 2006-CIBC17						4.07%, 11/15/2047(c),(g)		18,500		13,818
5.49%, 12/12/2043		30,435	14,533			JPMBB Commercial Mortgage Securities
JP Morgan Chase Commercial Mortgage						Trust 2014-C26
Securities Trust 2006-LDP6						4.57%, 01/15/2048(g)		5,000		4,794
5.75%, 04/15/2043(g)		5,599	5,597			JPMBB Commercial Mortgage Securities
JP Morgan Chase Commercial Mortgage						Trust 2015-C28
Securities Trust 2006-LDP7						0.50%, 10/15/2048(c),(g)		54,005		1,989
6.11%, 04/15/2045(g)		9,000	7,911			1.35%, 10/15/2048(g)		62,753		4,332
JP Morgan Chase Commercial Mortgage						4.38%, 10/15/2048(g)		8,600		7,606
Securities Trust 2006-LDP9						JPMBB Commercial Mortgage Securities
5.34%, 05/15/2047		1,000	994			Trust 2015-C29
JP Morgan Chase Commercial Mortgage						3.84%, 05/15/2048(g)		4,500		3,105
Securities Trust 2007-C1						JPMBB Commercial Mortgage Securities
6.16%, 02/15/2051(g)		17,000	17,863			Trust 2015-C30
JP Morgan Chase Commercial Mortgage						0.87%, 07/15/2048(g)		84,138		3,552
Securities Trust 2007-CIBC19						JPMBB Commercial Mortgage Securities
5.89%, 02/12/2049(g)		35,000	31,992			Trust 2015-C31
JP Morgan Chase Commercial Mortgage						0.50%, 08/15/2048(c),(g)		42,377		1,598
Securities Trust 2007-CIBC20						LB Commercial Mortgage Trust 2007-C3
6.38%, 02/12/2051(c),(g)		5,755	5,703			6.10%, 07/15/2044(g)		5,000		4,915
JP Morgan Chase Commercial Mortgage						6.10%, 07/15/2044(g)		12,738		12,444
Securities Trust 2010-C1					LB	-UBS Commercial Mortgage Trust 2003-
3.77%, 06/15/2043(c)		5,000	1,883			C8
JP Morgan Chase Commercial Mortgage						0.38%, 09/15/2037(c),(g)		739		—
Securities Trust 2010-CNTR					LB	-UBS Commercial Mortgage Trust 2004-
2.20%, 08/05/2032(c),(g)		11,864	746			C1
JP Morgan Chase Commercial Mortgage						5.00%, 01/15/2036		1,000		997
Securities Trust 2011-C3					LB	-UBS Commercial Mortgage Trust 2005-
4.41%, 02/15/2046(c)		4,330	3,736			C3
JP Morgan Chase Commercial Mortgage						4.95%, 07/15/2040(g)		1,422		1,506
Securities Trust 2011-C5					LB	-UBS Commercial Mortgage Trust 2006-
4.00%, 08/15/2046(c)		6,000	4,967			C6
5.50%, 08/15/2046(c),(g)		4,844	4,904			5.47%, 09/15/2039(g)		8,500		8,468
JP Morgan Chase Commercial Mortgage					LB	-UBS Commercial Mortgage Trust 2006-
Securities Trust 2012-C6						C7
2.97%, 05/15/2045(c)		7,500	5,489			5.41%, 11/15/2038		24,907		23,037
5.37%, 05/15/2045(c),(g)		3,835	3,660		LB	-UBS Commercial Mortgage Trust 2007-
JP Morgan Chase Commercial Mortgage						C6
Securities Trust 2012-C8						6.32%, 07/15/2040(g)		17,000		17,215
2.75%, 10/15/2045(c),(g)		8,553	6,229			6.35%, 07/15/2040(g)		13,250		13,112
						6.35%, 07/15/2040(g)		8,841		8,240

See accompanying notes

37

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
		Principal					Principal
	BONDS (continued)	Amount (000's)	Value (000	's)	BONDS (continued)		Amount (000's)	Value (000's)
	Commercial Mortgage Backed Securities (continued)				Commercial Mortgage Backed Securities (continued)
LB	-UBS Commercial Mortgage Trust 2007-				UBS Commercial Mortgage Trust 2012-C1
	C7				0.45%, 05/10/2045(c),(g)	$	143,076	$	3,012
	6.45%, 09/15/2045(g)	$8,845	$ 8,911		5.00%, 05/10/2045(c)		8,000		6,799
LB	-UBS Commercial Mortgage Trust 2008-				UBS-Barclays Commercial Mortgage Trust
	C1				2012-C2
	6.25%, 04/15/2041(g)	13,964	7,998		1.87%, 05/10/2063(c),(g)		36,148		2,287
	Merrill Lynch Mortgage Trust 2006-C1				UBS-Barclays Commercial Mortgage Trust
	5.91%, 05/12/2039(g)	15,000	12,602		2012-C3
	Merrill Lynch Mortgage Trust 2006-C2				4.96%, 08/10/2049(c),(g)		20,994		18,146
	5.80%, 08/12/2043(g)	18,000	17,693		5.12%, 08/10/2049(c),(g)		25,827		24,475
	Merrill Lynch Mortgage Trust 2007-C1				UBS-Barclays Commercial Mortgage Trust
	6.03%, 06/12/2050(g)	15,870	263		2012-C4
	6.03%, 06/12/2050(g)	10,784	108		4.65%, 12/10/2045(c),(g)		21,000		19,229
ML	-CFC Commercial Mortgage Trust 2006-				4.65%, 12/10/2045(c),(g)		17,981		15,045
	3				UBS-Barclays Commercial Mortgage Trust
	5.48%, 07/12/2046(g)	24,265	24,206		2013-C5
	5.52%, 07/12/2046(g)	20,750	17,974		4.23%, 03/10/2046(c),(g)		9,150		7,983
	5.55%, 07/12/2046(g)	2,500	1,761		4.23%, 03/10/2046(c),(g)		2,500		1,964
ML	-CFC Commercial Mortgage Trust 2007-				Wachovia Bank Commercial Mortgage Trust
	5				Series 2006-C26
	5.45%, 08/12/2048	15,070	13,356		6.20%, 06/15/2045(g)		13,067		12,874
ML	-CFC Commercial Mortgage Trust 2007-				Wachovia Bank Commercial Mortgage Trust
	9				Series 2006-C29
	6.19%, 09/12/2049(g)	35,490	33,768		5.37%, 11/15/2048		20,879		20,520
	Morgan Stanley Bank of America Merrill				Wachovia Bank Commercial Mortgage Trust
	Lynch Trust 2012-C5				Series 2007-C30
	0.15%, 08/15/2045(c),(g)	221,584	1,178		5.46%, 12/15/2043(g)		6,778		6,644
	4.84%, 08/15/2045(c),(g)	6,787	6,300		5.48%, 12/15/2043		22,500		21,945
	Morgan Stanley Bank of America Merrill				Wachovia Bank Commercial Mortgage Trust
	Lynch Trust 2013-C10				Series 2007-C34
	4.22%, 07/15/2046(c),(g)	5,609	4,957		6.22%, 05/15/2046(g)		8,718		8,416
	Morgan Stanley Bank of America Merrill				Wachovia Commercial Mortgage Securities
	Lynch Trust 2013-C11				Inc Commercial Mortgage Pass Through
	0.84%, 08/15/2046(g)	163,886	3,441		Certificates Series 2003 C5
	Morgan Stanley Bank of America Merrill				2.33%, 06/15/2035(c),(g)		478		10
	Lynch Trust 2013-C13				Wells Fargo Commercial Mortgage Trust
	5.06%, 11/15/2046(c),(g)	5,462	4,994		2010-C1
	Morgan Stanley Bank of America Merrill				0.68%, 11/15/2043(c),(g)		13,678		346
	Lynch Trust 2013-C8				Wells Fargo Commercial Mortgage Trust
	1.58%, 12/15/2048(g)	113,101	5,549		2014-LC18
	4.31%, 12/15/2048(c),(g)	18,500	16,094		1.34%, 12/15/2047(g)		86,044		6,395
	Morgan Stanley Bank of America Merrill				3.96%, 12/15/2047(c),(g)		13,500		9,856
	Lynch Trust 2013-C9				Wells Fargo Commercial Mortgage Trust
	4.30%, 05/15/2046(c),(g)	4,150	3,386		2015-C28
	Morgan Stanley Bank of America Merrill				4.28%, 05/15/2048(g)		10,000		6,923
	Lynch Trust 2014-C14				Wells Fargo Commercial Mortgage Trust
	4.99%, 02/15/2047(c),(g)	10,331	8,712		2015-NXS1
	Morgan Stanley Bank of America Merrill				4.24%, 05/15/2048(g)		6,500		4,860
	Lynch Trust 2014-C15				Wells Fargo Commercial Mortgage Trust
	1.06%, 04/15/2047(c),(e),(g)	67,485	3,965		2015-NXS2
	5.06%, 04/15/2047(c),(g)	8,786	7,769		4.39%, 07/15/2058(g)		9,153		6,682
	5.06%, 04/15/2047(c),(g)	4,000	3,317		Wells Fargo Commercial Mortgage Trust
	Morgan Stanley Bank of America Merrill				2015-NXS3
	Lynch Trust 2014-C16				3.15%, 09/15/2057(c),(g)		5,000		3,249
	4.42%, 06/15/2047(c),(g)	17,104	13,416		WFRBS Commercial Mortgage Trust 2011-
	4.92%, 06/15/2047(c),(g)	20,000	16,977		C4
	4.92%, 06/15/2047(g)	5,510	5,474		0.77%, 06/15/2044(c),(g)		106,130		1,886
	Morgan Stanley Bank of America Merrill				WFRBS Commercial Mortgage Trust 2011-
	Lynch Trust 2014-C18				C5
	1.14%, 10/15/2047(g)	193,397	8,985		0.17%, 11/15/2044(c),(g)		121,416		835
	4.49%, 10/15/2047	4,408	4,386		WFRBS Commercial Mortgage Trust 2013-
	Morgan Stanley Bank of America Merrill				C11
	Lynch Trust 2015-C20				4.32%, 03/15/2045(c),(g)		10,000		8,042
	1.54%, 02/15/2048(c),(g)	41,500	4,329		WFRBS Commercial Mortgage Trust 2014-
	Morgan Stanley Bank of America Merrill				C20
	Lynch Trust 2015-C26				3.99%, 05/15/2047(c),(g)		10,000		7,417
	3.06%, 10/15/2048(c),(g)	7,185	4,774		WFRBS Commercial Mortgage Trust 2014-
	Morgan Stanley Capital I Trust 2007-HQ13				C22
	5.93%, 12/15/2044	13,275	13,438		4.06%, 09/15/2057(c),(g)		10,000		6,963
	Morgan Stanley Capital I Trust 2011-C3
	1.35%, 07/15/2049(c),(g)	37,878	984

See accompanying notes

38

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)    Value (000's)				BONDS (continued)	Amount (000's)  Value (000's)
Commercial Mortgage Backed Securities (continued)					Diversified Financial Services (continued)
WFRBS Commercial Mortgage Trust 2014-					American Express Co
C24					5.20%, 05/29/2049(f),(g)	$	2,000	$	1,905
3.69%, 11/15/2047(c)	$	11,047	$	7,771	Charles Schwab Corp/The
		$		1,709,841	7.00%, 02/28/2049(f),(g)		4,198		4,775
					Depository Trust & Clearing Corp/The
Commercial Services - 1.18%					4.88%, 12/29/2049(c),(f),(g)		9,000		8,960
AA Bond Co Ltd					Drawbridge Special Opportunities Fund LP/
5.50%, 07/31/2043	GBP	1,525		2,022	Drawbridge Special Opportunities Finance
ADT Corp/The					5.00%, 08/01/2021(c)		15,300		14,688
6.25%, 10/15/2021	$	4,850		5,032
Ancestry.com Holdings LLC					Financiera de Desarrollo Territorial SA
9.63%, PIK 10.38%, 10/15/2018(c),(i)		36,930		34,483	Findeter
					7.88%, 08/12/2024(c)	COP	2,500,000		637
Atento Luxco 1 SA					Icahn Enterprises LP / Icahn Enterprises
7.38%, 01/29/2020		3,575		3,191	Finance Corp
Avis Budget Finance PLC					5.88%, 02/01/2022	$	7,700		6,882
6.00%, 03/01/2021	EUR	2,500		2,745	6.00%, 08/01/2020		1,250		1,173
ENA Norte Trust
4.95%, 04/25/2028(c)	$	3,167		3,238	Jefferies Finance LLC / JFIN Co-Issuer Corp
					7.38%, 04/01/2020(c)		12,025		10,041
Europcar Groupe SA					7.50%, 04/15/2021(c)		6,500		5,293
5.75%, 06/15/2022	EUR	3,200		3,511	Jefferies LoanCore LLC / JLC Finance Corp
Jaguar Holding Co II / Pharmaceutical Product					6.88%, 06/01/2020(c)		8,700		8,178
Development LLC
6.38%, 08/01/2023(c)	$	8,625		8,496	Lock AS
					5.50%, 08/15/2020(c),(g)	EUR	500		540
Midas Intermediate Holdco II LLC / Midas					7.00%, 08/15/2021(c)		2,700		3,001
Intermediate Holdco II Finance Inc
7.88%, 10/01/2022(c)		9,838		8,707	MBNA Capital B
					1.13%, 02/01/2027(g)	$	7,500		6,338
Team Health Inc
7.25%, 12/15/2023(c)		21,555		22,525	National Financial Partners Corp
					9.00%, 07/15/2021(c)		18,439		16,595
Truven Health Analytics Inc					Nationstar Mortgage LLC / Nationstar Capital
10.63%, 06/01/2020		12,950		12,691	Corp
United Rentals North America Inc					6.50%, 07/01/2021		2,700		2,383
4.63%, 07/15/2023		8,775		8,512	7.88%, 10/01/2020		2,800		2,667
WEX Inc
4.75%, 02/01/2023(c)		5,100		4,615	NewStar Financial Inc
					7.25%, 05/01/2020		5,275		4,906
		$		119,768	Oxford Finance LLC / Oxford Finance Co-
Computers - 0.12%					Issuer Inc
NCR Corp					7.25%, 01/15/2018(c)		6,149		6,210
5.88%, 12/15/2021		4,950		4,863	Pershing Square Holdings Ltd
6.38%, 12/15/2023		7,528		7,448	5.50%, 07/15/2022(c)		4,500		3,966
		$		12,311	Quicken Loans Inc
					5.75%, 05/01/2025(c)		400		375
Consumer Products - 0.12%					SUAM Finance BV
Central Garden & Pet Co					4.88%, 04/17/2024(c)		821		803
6.13%, 11/15/2023		5,200		5,317			$		154,921
Spectrum Brands Inc
6.63%, 11/15/2022		6,500		6,922	Electric - 0.84%
		$		12,239	AES Corp/VA
					7.38%, 07/01/2021		10,264		10,572
Distribution & Wholesale - 0.27%					Comision Federal de Electricidad
Alliance Automotive Finance PLC					4.88%, 01/15/2024(c)		891		887
6.25%, 12/01/2021	EUR	1,600		1,785	Dominion Resources Inc/VA
American Tire Distributors Inc					7.50%, 06/30/2066		700		585
10.25%, 03/01/2022(c)	$	14,750		12,242	Electricite de France SA
H&E Equipment Services Inc					5.25%, 01/29/2049(c),(f),(g)		4,790		4,293
7.00%, 09/01/2022		6,990		6,396	5.63%, 12/29/2049(f),(g)		9,980		9,022
VWR Funding Inc					Enel SpA
4.63%, 04/15/2022	EUR	3,400		3,446	5.00%, 01/15/2075(g)	EUR	3,900		4,325
4.63%, 04/15/2022(c)		3,850		3,902	Eskom Holdings SOC Ltd
		$		27,771	5.75%, 01/26/2021(c)	$	1,130		984
					6.75%, 08/06/2023(c)		700		604
					7.13%, 02/11/2025		900		775
Diversified Financial Services - 1.53%					7.13%, 02/11/2025 (c)		31,243		26,920
AerCap Ireland Capital Ltd / AerCap Global
Aviation Trust					Listrindo Capital BV
4.63%, 10/30/2020	$	11,800		11,623	6.95%,  02/21/2019  (c)		4,989		5,064
Aircastle Ltd					Majapahit Holding BV
5.50%, 02/15/2022		3,000		2,985	7.75%, 01/20/2020  (c)		1,730		1,931
Alliance Data Systems Corp
5.25%, 12/01/2017(c)		1,500		1,504	7.88%, 06/29/2037		1,375		1,473
5.38%, 08/01/2022(c)		16,800		15,918	NextEra Energy Capital Holdings Inc
					7.30%, 09/01/2067(g)		5,000		4,650
6.38%, 04/01/2020(c)		4,500		4,539
					Perusahaan Listrik Negara PT
Ally Financial Inc					5.50%, 11/22/2021(c)		1,640		1,667
3.25%, 11/05/2018		8,200		8,036	RWE AG
					7.00%, 10/12/2072(g)		2,800		2,786

See accompanying notes

39

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
			Principal						Principal
	BONDS (continued)		Amount (000's)      Value (000's)				BONDS (continued)		Amount (000's)  Value (000's)
	Electric (continued)						Food (continued)
	Terraform Global Operating LLC						Cencosud SA (continued)
	9.75%, 08/15/2022(c)		$	7,585	$	5,916	5.15%, 02/12/2025(c)		$	2,200	$	2,009
	Three Gorges Finance I Cayman Islands Ltd						6.63%, 02/12/2045(c)			2,250		1,891
	3.70%, 06/10/2025(c)			2,718		2,834	Cosan Luxembourg SA
				$		85,288	5.00%, 03/14/2023(c)			4,256		3,277
							ESAL GmbH
	Electronics - 0.27%						6.25%, 02/05/2023(c)			2,055		1,598
	Real Alloy Holding Inc						FPC Finance Ltd
	10.00%, 01/15/2019(c),(d)			19,820		19,820
							6.00%, 06/28/2019			1,850		1,976
	Techem Energy Metering Service GmbH &						Grupo Bimbo SAB de CV
	Co KG						4.88%, 06/27/2044(c)			2,650		2,249
	7.88%, 10/01/2020		EUR	3,300		3,804	JBS Investments GmbH
	Trionista TopCo GmbH						7.75%, 10/28/2020(c)			2,995		2,651
	6.88%, 04/30/2021			3,400		3,850	KeHE Distributors LLC / KeHE Finance
				$		27,474	Corp
	Energy - Alternate Sources - 0.20%						7.63%, 08/15/2021(c)			7,775		7,853
	ContourGlobal Power Holdings SA						Marfrig Holdings Europe BV
	7.13%, 06/01/2019(c)		$	15,242		13,680	6.88%, 06/24/2019(c)			4,575		4,112
	Greenko Dutch BV						Marfrig Overseas Ltd
	8.00%, 08/01/2019			2,020		2,115	9.50%, 05/04/2020(c)			975		948
	TerraForm Power Operating LLC						Minerva Luxembourg SA
	5.88%, 02/01/2023(c)			3,500		2,791	7.75%, 01/31/2023(c)			2,925		2,728
	6.13%, 06/15/2025(c)			1,675		1,294	Moy Park BondCo PLC
				$		19,880	6.25%, 05/29/2021		GBP	1,900		2,653
							Pinnacle Foods Finance LLC / Pinnacle Foods
	Engineering & Construction - 0.19%						Finance Corp
	AECOM						5.88%, 01/15/2024(c)		$	12,925		13,377
	5.75%, 10/15/2022			5,800		5,865	Premier Foods Finance PLC
	Heathrow Finance PLC						6.50%, 03/15/2021		GBP	2,600		3,445
	5.75%, 03/03/2025		GBP	1,700		2,474	R&R PIK PLC
	7.13%, 03/01/2017			1,500		2,215	9.25%, PIK 10.00%, 05/15/2018(i)		EUR	5,670		6,178
	Michael Baker Holdings LLC / Micahel Baker						Simmons Foods Inc
	Finance Corp						7.88%, 10/01/2021(c)		$	2,210		1,956
	8.88%, PIK 9.63%, 04/15/2019(c),(i)		$	4,564		3,194	Tesco PLC
	Michael Baker International LLC / CDL						6.13%, 02/24/2022		GBP	3,100		4,580
	Acquisition Co Inc						TreeHouse Foods Inc
	8.25%, 10/15/2018(c)			2,650		2,272	6.00%, 02/15/2024(c)		$	10,650		10,956
	Odebrecht Finance Ltd						US Foods Inc
	7.13%, 06/26/2042(c)			2,350		1,058	8.50%, 06/30/2019			70,990		70,635
	7.13%, 06/26/2042			1,730		779				$		166,134
	Pratama Agung Pte Ltd
	6.25%, 02/24/2020			1,240		1,217	Forest Products & Paper - 0.21%
				$		19,074	Cascades Inc
							5.50%, 07/15/2022(c)			2,500		2,394
	Entertainment - 0.80%						5.75%, 07/15/2023(c)			2,900		2,770
	Choctaw Resort Development Enterprise						Fibria Overseas Finance Ltd
	7.25%, 11/15/2019(c)			7,930		7,613	5.25%, 05/12/2024			4,886		4,581
	GLP Capital LP / GLP Financing II Inc						Mercer International Inc
	4.38%, 11/01/2018			2,000		2,010	7.00%, 12/01/2019			6,340		6,086
	4.88%, 11/01/2020			11,782		11,517	7.75%, 12/01/2022			3,970		3,662
	Regal Entertainment Group						Smurfit Kappa Acquisitions
	5.75%, 03/15/2022			2,983		3,002	2.75%, 02/01/2025		EUR	2,000		2,031
	5.75%, 06/15/2023			1,500		1,477				$		21,524
	Vougeot Bidco PLC
	7.88%, 07/15/2020		GBP	2,000		2,978	Gas- 0.14	%
	WMG Acquisition Corp						LBC Tank Terminals Holding Netherlands
	6.00%, 01/15/2021(c)		$	2,536		2,580	BV
	6.75%, 04/15/2022(c)			56,865		50,041	6.88%, 05/15/2023(c)		$	11,600		11,078
				$		81,218	Perusahaan Gas Negara Persero Tbk
							5.13%, 05/16/2024(c)			2,947		2,865
	Food- 1.64	%								$		13,943
	Bakkavor Finance 2 PLC
	8.25%, 02/15/2018		GBP	925		1,345	Hand & Machine Tools - 0.00%
	Boparan Finance PLC						Stanley Black & Decker Inc
	5.50%, 07/15/2021(g)			3,500		4,414	5.75%, 12/15/2053			450		469
	Bumble Bee Holdco SCA
	9.63%, PIK 10.38%, 03/15/2018(c),(i)		$	8,132		8,091
							Healthcare - Products - 0.43%
	Bumble Bee Holdings Inc						ConvaTec Finance International SA
	9.00%, 12/15/2017(c)			5,400		5,454	8.25%, PIK 9.00%, 01/15/2019(c),(i)			28,321		25,206
	Campofrio Food Group SA						ConvaTec Healthcare E SA
	3.38%, 03/15/2022		EUR	1,000		1,065	10.50%, 12/15/2018(c)			13,749		14,024
	Cencosud SA
	4.88%, 01/20/2023(c)		$	750		693

See accompanying notes

40

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
		Principal					Principal
	BONDS (continued)	Amount (000's)     Value (000's)				BONDS (continued)	Amount (000's)  Value (000's)
	Healthcare - Products (continued)					Home Builders - 0.04%
	Sterigenics-Nordion Holdings LLC					Brookfield Residential Properties Inc
	6.50%, 05/15/2023(c)	$	4,640	$	4,437	6.38%, 05/15/2025(c)	$	4,400	$	3,707
			$		43,667
	Healthcare - Services - 1.66%					Home Furnishings - 0.06%
	Acadia Healthcare Co Inc					Magnolia BC SA
	5.13%, 07/01/2022		2,700		2,497	9.00%, 08/01/2020	EUR	1,000		1,148
	5.63%, 02/15/2023		9,208		8,679	Tempur Sealy International Inc
	6.13%, 03/15/2021		2,000		1,990	5.63%, 10/15/2023(c)	$	4,900		4,998
	Amsurg Corp							$		6,146
	5.63%, 07/15/2022		7,900		7,930
	Centene Escrow Corp					Insurance - 2.05%
	6.13%, 02/15/2024(c),(h)		9,500		9,761	ACE Capital Trust II
						9.70%, 04/01/2030		4,000		5,692
	CHS/Community Health Systems Inc					AG Insurance SA/NV
	5.13%, 08/01/2021		2,000		1,985	6.75%, 03/29/2049(f),(g)		3,000		3,177
	6.88%, 02/01/2022		3,925		3,552
						AIG Life Holdings Inc
	DaVita HealthCare Partners Inc					7.57%, 12/01/2045  (c)		2,900		3,784
	5.00%, 05/01/2025		3,650		3,591	8.50%, 07/01/2030		5,400		7,074
	5.75%, 08/15/2022		5,200		5,382
						Allstate Corp/The
	Envision Healthcare Corp					5.75%, 08/15/2053(g)		100		102
	5.13%, 07/01/2022(c)		4,500		4,421
						American Equity Investment Life Holding
	HCA Inc					Co
	5.88%, 02/15/2026		16,200		16,524	6.63%, 07/15/2021		22,490		23,390
	HealthSouth Corp
	5.75%, 09/15/2025(c)		3,600		3,491	American International Group Inc
						8.18%, 05/15/2068		1,500		1,952
	Holding Medi-Partenaires SAS					AXA SA
	7.00%, 05/15/2020	EUR	2,265		2,587	8.60%, 12/15/2030		6,332		8,471
	HomeVi SAS					Catlin Insurance Co Ltd
	6.88%, 08/15/2021		2,300		2,566	7.25%, 07/29/2049 (c),(f)		6,150		4,797
	Molina Healthcare Inc
	5.38%, 11/15/2022(c)	$	8,675		8,653	Chubb Corp/The
						6.38%, 03/29/2067(g)		900		843
	MPH Acquisition Holdings LLC
	6.63%, 04/01/2022(c)		20,790		20,816	Dai-ichi Life Insurance Co Ltd/The
						5.10%, 10/29/2049(c),(f),(g)		2,400		2,520
	Select Medical Corp					Fidelity & Guaranty Life Holdings Inc
	6.38%, 06/01/2021		3,175		2,727	6.38%, 04/01/2021(c)		6,725		6,893
	Surgical Care Affiliates Inc
	6.00%, 04/01/2023(c)		15,370		14,832	Glen Meadow Pass-Through Trust
						6.51%, 02/12/2067(c),(g)		3,000		2,310
	Tenet Healthcare Corp
	4.01%, 06/15/2020(c),(g)		4,700		4,618	Great-West Life & Annuity Insurance Capital
						LP
	6.75%, 06/15/2023		8,975		8,302	6.63%, 11/15/2034(c)		2,400		2,712
	8.13%, 04/01/2022		30,000		30,075	HUB International Ltd
	WellCare Health Plans Inc					7.88%, 10/01/2021(c)		7,200		6,318
	5.75%, 11/15/2020		2,600		2,646	9.25%, 02/15/2021(c),(h)		15,090		15,430
			$		167,625	Ironshore Holdings US Inc
	Holding Companies - Diversified - 1.90%					8.50%, 05/15/2020(c)		3,410		3,961
	Argos Merger Sub Inc					Kemper Corp
	7.13%, 03/15/2023(c)		4,700		4,735	4.35%, 02/15/2025		2,500		2,546
	CeramTec Group GmbH					Liberty Mutual Group Inc
	8.25%, 08/15/2021	EUR	4,300		4,970	7.80%, 03/07/2087(c)		9,061		10,330
	Co-operative Group Holdings 2011 Ltd					Liberty Mutual Insurance Co
	7.50%, 07/08/2026	GBP	1,500		2,319	7.70%, 10/15/2097(c)		946		1,218
	Dubai Holding Commercial Operations MTN					Lincoln National Corp
	Ltd					6.05%, 04/20/2067(g)		684		497
	6.00%, 02/01/2017		8,800		12,587	7.00%, 05/17/2066(g)		3,802		2,832
	GCS Holdco Finance I SA					MetLife Capital Trust IV
	6.50%, 11/15/2018	EUR	2,950		3,284	7.88%, 12/15/2067(c)		5,000		6,000
	HRG Group Inc					MetLife Capital Trust X
	7.75%, 01/15/2022	$	80,281		76,267	9.25%, 04/08/2068(c)		11,000		14,740
	7.75%, 01/15/2022(c)		9,990		9,491	MetLife Inc
	7.88%, 07/15/2019		10,790		11,262	6.40%, 12/15/2066(g)		6,800		7,140
	7.88%, 07/15/2019(c)		1,950		2,035	Mitsui Sumitomo Insurance Co Ltd
	KraussMaffei Group GmbH					7.00%, 03/15/2072(c)		600		696
	8.75%, 12/15/2020	EUR	1,360		1,572	Provident Financing Trust I
	Opal Acquisition Inc					7.41%, 03/15/2038		4,400		4,970
	8.88%, 12/15/2021(c)	$	52,321		41,595	Prudential Financial Inc
	ProGroup AG					5.88%, 09/15/2042(g)		3,700		3,880
	5.13%, 05/01/2022	EUR	3,300		3,682	Prudential PLC
	Sinochem Overseas Capital Co Ltd					7.75%, 01/29/2049(f)		2,215		2,250
	4.50%, 11/12/2020	$	2,116		2,237	Reinsurance Group of America Inc
	4.50%, 11/12/2020(c)		14,256		15,072	3.18%, 12/15/2065(g)		5,000		3,971
	6.30%, 11/12/2040		950		1,168	USI Inc/NY
			$		192,276	7.75%, 01/15/2021(c)		6,849		6,147

See accompanying notes

41

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)     Value (000's)				BONDS (continued)		Amount (000's)  Value (000's)
Insurance (continued)					Machinery - Diversified - 0.47%
Voya Financial Inc					Cleaver-Brooks Inc
5.65%, 05/15/2053(g)	$	6,200	$	6,014	8.75%, 12/15/2019(c)		$	10,645	$	10,006
Wayne Merger Sub LLC					9.75%, 12/31/2019(c),(d),(e)			12,500		11,375
8.25%, 08/01/2023(c)		27,600		24,149	CNH Industrial Capital LLC
Wilton Re Finance LLC					3.88%, 07/16/2018			2,100		2,037
5.88%, 03/30/2033(c),(g)		8,450		9,098	4.38%, 11/06/2020			9,500		9,025
XLIT Ltd					SPL Logistics Escrow LLC / SPL Logistics
6.50%, 12/31/2049(f),(g)		2,100		1,524	Finance Corp
		$		207,428	8.88%, 08/01/2020(c)			7,044		6,410
					Zebra Technologies Corp
Internet - 0.60%					7.25%, 10/15/2022			8,210		8,539
Ancestry.com Inc								$		47,392
11.00%, 12/15/2020		13,810		14,639
Cogent Communications Group Inc					Media- 2.77	%
5.38%, 03/01/2022(c)		3,050		2,958	Altice Financing SA
Match Group Inc					6.63%, 02/15/2023(c)			13,350		13,116
6.75%, 12/15/2022(c)		2,395		2,395	Altice US Finance I Corp
Netflix Inc					5.38%, 07/15/2023(c)			4,800		4,824
5.50%, 02/15/2022(c)		6,435		6,628	Cable One Inc
TIBCO Software Inc					5.75%, 06/15/2022(c)			2,967		2,997
11.38%, 12/01/2021(c)		4,850		4,025	CCO Holdings LLC / CCO Holdings Capital
Zayo Group LLC / Zayo Capital Inc					Corp
6.00%, 04/01/2023		23,775		23,240	5.13%, 05/01/2023(c)			10,150		10,150
6.38%, 05/15/2025		6,650		6,451	6.63%, 01/31/2022			4,000		4,240
		$		60,336	CCO Safari II LLC
					4.46%, 07/23/2022(c)			4,350		4,358
Investment Companies - 0.03%					CCOH Safari LLC
American Capital Ltd					5.75%, 02/15/2026(c)			8,850		8,800
6.50%, 09/15/2018(c)		2,000		2,055
					Clear Channel Worldwide Holdings Inc
Grupo Aval Ltd					6.50%, 11/15/2022			7,350		6,542
4.75%, 09/26/2022(c)		1,481		1,344
					6.50%, 11/15/2022			5,000		4,631
		$		3,399	7.63%, 03/15/2020			14,830		12,235
Iron & Steel - 0.31%					7.63%, 03/15/2020			5,140		4,061
ABJA Investment Co Pte Ltd					Columbus International Inc
4.85%, 01/31/2020		4,114		3,888	7.38%, 03/30/2021(c)			5,793		5,807
5.95%, 07/31/2024		2,330		1,955	CSC Holdings LLC
ArcelorMittal					5.25%, 06/01/2024			7,000		6,177
6.13%, 06/01/2025		1,270		921	6.75%, 11/15/2021			2,450		2,419
6.50%, 03/01/2021(g)		1,025		833	DISH DBS Corp
7.25%, 02/25/2022(g)		1,000		812	4.25%, 04/01/2018			2,900		2,904
Metalloinvest Finance Ltd					5.13%, 05/01/2020			8,675		8,610
5.63%, 04/17/2020(c)		2,200		2,057	5.88%, 07/15/2022			2,150		2,024
6.50%, 07/21/2016(c)		550		554	5.88%, 11/15/2024			7,900		7,041
Optima Specialty Steel					Grupo Televisa SAB
12.00%, 12/30/2016(d),(e)		14,740		11,792	6.13%, 01/31/2046			3,830		3,786
Samarco Mineracao SA					LGE HoldCo VI BV
4.13%, 11/01/2022(c)		5,153		2,163	7.13%, 05/15/2024		EUR	4,400		5,124
ThyssenKrupp AG					McGraw-Hill Global Education Holdings LLC
4.00%, 08/27/2018	EUR	1,700		1,936	/ McGraw-Hill Global Education Finance
Vale Overseas Ltd					9.75%, 04/01/2021		$	11,363		12,073
6.88%, 11/21/2036	$	3,000		1,893	Midcontinent Communications &
6.88%, 11/10/2039		4,844		3,027	Midcontinent Finance Corp
					6.88%, 08/15/2023(c)			11,975		12,095
		$		31,831
					Neptune Finco Corp
Lodging - 0.30%					6.63%, 10/15/2025(c)			18,150		18,830
Hilton Worldwide Finance LLC / Hilton					10.88%, 10/15/2025(c)			9,400		9,940
Worldwide Finance Corp					Nielsen Finance LLC / Nielsen Finance Co
5.63%, 10/15/2021		7,450		7,674	5.00%, 04/15/2022(c)			16,803		16,950
Interval Acquisition Corp					Numericable-SFR SAS
5.63%, 04/15/2023(c)		2,100		2,089	4.88%, 05/15/2019(c)			11,000		10,917
MCE Finance Ltd					5.63%, 05/15/2024		EUR	4,100		4,502
5.00%, 02/15/2021(c)		5,692		5,069	6.00%, 05/15/2022(c)		$	3,400		3,349
Seminole Hard Rock Entertainment Inc /					6.25%, 05/15/2024(c)			3,000		2,925
Seminole Hard Rock International LLC					Quebecor Media Inc
5.88%, 05/15/2021(c)		3,115		3,123	5.75%, 01/15/2023			1,000		1,006
Studio City Finance Ltd					RCN Telecom Services LLC / RCN Capital
8.50%, 12/01/2020(c)		1,900		1,810	Corp
8.50%, 12/01/2020		750		714	8.50%, 08/15/2020(c)			6,929		6,964
Wynn Las Vegas LLC / Wynn Las Vegas					Sirius XM Radio Inc
Capital Corp					6.00%, 07/15/2024(c)			12,000		12,570
4.25%, 05/30/2023(c)		950		807	Tribune Media Co
5.50%, 03/01/2025(c)		10,000		8,769	5.88%, 07/15/2022(c)			3,550		3,541
		$		30,055

See accompanying notes

42

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)        Value (000's)				BONDS (continued)	Amount (000's)       Value (000's)
Media (continued)					Miscellaneous Manufacturers (continued)
Unitymedia GmbH					General Electric Co (continued)
3.75%, 01/15/2027	EUR	2,750	$	2,631	5.00%, 12/29/2049(f),(g)	$	21,719	$	22,316
6.13%, 01/15/2025(c)	$	19,400		19,695	Trinseo Materials Operating SCA / Trinseo
Unitymedia Hessen GmbH & Co KG /					Materials Finance Inc
Unitymedia NRW GmbH					6.38%, 05/01/2022	EUR	3,400		3,520
5.50%, 01/15/2023(c)		1,225		1,281			$		49,914
Univision Communications Inc
8.50%, 05/15/2021(c)		5,500		5,459	Mortgage Backed Securities - 0.12%
					BCAP LLC 2013-RR4 Trust
VTR Finance BV					4.07%, 02/13/2051(c),(e),(g)	$	40,390		1,258
6.88%, 01/15/2024(c)		8,515		7,941
					6.07%, 02/13/2051(c),(e),(g)		11,334		10,995
Ziggo Bond Finance BV
5.88%, 01/15/2025(c)		8,763		8,040			$		12,253
		$		280,555	Municipals - 0.01%
Metal Fabrication & Hardware - 0.15%					Bogota Distrito Capital
Optimas OE Solutions Holding LLC / Optimas					9.75%, 07/26/2028	COP	1,900,000		607
OE Solutions Inc
8.63%, 06/01/2021(c)		13,020		10,546	Oil & Gas - 4.62%
Shale-Inland Holdings LLC / Shale-Inland					Antero Resources Corp
Finance Corp					5.13%, 12/01/2022	$	3,300		2,780
8.75%, 11/15/2019(c)		7,920		4,950	5.38%, 11/01/2021		5,100		4,322
		$		15,496	5.63%, 06/01/2023(c)		5,000		4,150
					Atlas Energy Holdings Operating Co LLC /
Mining - 1.27%					Atlas Resource Finance Corp
Aleris International Inc					7.75%, 01/15/2021(d)		9,283		1,358
7.63%, 02/15/2018		970		844	9.25%, 08/15/2021(d)		10,462		1,752
7.88%, 11/01/2020		3,340		2,572
Barrick Gold Corp					Bill Barrett Corp
5.25%, 04/01/2042		1,595		1,070	7.63%, 10/01/2019		6,022		3,583
					BreitBurn Energy Partners LP / BreitBurn
Barrick North America Finance LLC					Finance Corp
5.75%, 05/01/2043		2,270		1,581
Century Aluminum Co					7.88%, 04/15/2022		21,446		3,485
7.50%, 06/01/2021(c)		32,532		21,227	8.63%, 10/15/2020		4,540		760
Cia Brasileira de Aluminio					CNOOC Finance 2015 USA LLC
4.75%, 06/17/2024(c)		2,093		1,612	3.50%, 05/05/2025		5,272		5,078
					Comstock Resources Inc
Cia Minera Ares SAC					10.00%, 03/15/2020(c)		10,150		3,933
7.75%, 01/23/2021(c)		1,601		1,413
					CrownRock LP / CrownRock Finance Inc
Cia Minera Milpo SAA					7.13%, 04/15/2021(c)		2,800		2,478
4.63%, 03/28/2023(c)		3,825		3,180
					7.75%, 02/15/2023(c)		2,883		2,566
Corp Nacional del Cobre de Chile
3.00%, 07/17/2022(c)		19,454		17,974	Delek & Avner Tamar Bond Ltd
					5.08%, 12/30/2023(c)		2,306		2,287
4.25%, 07/17/2042(c)		3,805		2,909
					5.41%, 12/30/2025(c)		952		942
4.50%, 08/13/2023(c)		2,899		2,831
4.50%, 09/16/2025(c)		7,978		7,642	Ecopetrol SA
4.88%, 11/04/2044(c)		15,130		12,649	4.13%, 01/16/2025		616		468
4.88%, 11/04/2044		2,650		2,215	5.38%, 06/26/2026		5,702		4,562
5.63%, 09/21/2035(c)		2,185		2,065	5.88%, 05/28/2045		7,271		5,033
6.15%, 10/24/2036		11,188		11,095	7.38%, 09/18/2043		2,521		1,938
Eldorado Gold Corp					EP Energy LLC / Everest Acquisition Finance
6.13%, 12/15/2020(c)		10,225		8,563	Inc
Joseph T Ryerson & Son Inc					6.38%, 06/15/2023		5,300		1,855
9.00%, 10/15/2017		24,145		18,229	9.38%, 05/01/2020		4,850		2,061
Mirabela Nickel Ltd					EP PetroEcuador via Noble Sovereign
0.00%,09/10/2044  (b),(d),(e)		139		—	Funding I Ltd
					6.22%, 09/24/2019(g)		22,689		17,528
Southern Copper Corp					Gazprom OAO Via Gaz Capital SA
5.25%, 11/08/2042		1,944		1,418	4.95%, 07/19/2022(c)		4,677		4,387
5.88%, 04/23/2045		650		499	6.00%, 01/23/2021(c)		2,126		2,111
Vedanta Resources PLC					6.51%, 03/07/2022(c)		2,760		2,788
6.00%, 01/31/2019(c)		881		543
					8.15%, 04/11/2018(c)		2,754		2,939
6.75%, 06/07/2016		750		727	9.25%, 04/23/2019(c)		3,701		4,101
7.13%, 05/31/2023(c)		236		130
					9.25%, 04/23/2019		14,392		15,947
Yamana Gold Inc					GeoPark Latin America Ltd Agencia en Chile
4.95%, 07/15/2024		7,500		5,984	7.50%, 02/11/2020(c)		3,520		2,147
		$		128,972	IronGate Energy Services LLC
Miscellaneous Manufacturers - 0.49%					11.00%, 07/01/2018(c),(d)		2,400		1,200
Amsted Industries Inc					KazMunayGas National Co JSC
5.00%, 03/15/2022(c)		12,011		11,891	6.38%, 04/09/2021(c)		16,163		15,816
5.38%, 09/15/2024(c)		7,944		7,785	6.38%, 04/09/2021		14,180		13,876
CBC Ammo LLC / CBC FinCo Inc					7.00%, 05/05/2020(c)		1,530		1,541
7.25%, 11/15/2021(c)		5,400		4,401	7.00%, 05/05/2020		3,434		3,460
General Electric Co					9.13%, 07/02/2018(c)		3,041		3,243
4.00%, 12/29/2049(f),(g)		1		1

See accompanying notes

43

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (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)
Keane Group Holdings					SandRidge Energy Inc
8.75%, 08/08/2019(d),(e),(g)	$	2,216	$ 1,573		7.50%, 03/15/2021	$	3,450	$	26
8.75%, 08/08/2019(d),(e),(g)		6,648	4,720		8.75%, 06/01/2020(c)		7,625		1,439
Legacy Reserves LP / Legacy Reserves					Sinopec Group Overseas Development 2012
Finance Corp					Ltd
6.63%, 12/01/2021		20,891	4,283		4.88%, 05/17/2042(c)		1,053		1,103
8.00%, 12/01/2020		7,550	1,472		State Oil Co of the Azerbaijan Republic
Lonestar Resources America Inc					4.75%, 03/13/2023		10,340		8,487
8.75%, 04/15/2019(c)		2,850	1,425		6.95%, 03/18/2030		9,243		7,565
Lukoil International Finance BV					Summit Midstream Holdings LLC / Summit
3.42%, 04/24/2018(c)		733	717		Midstream Finance Corp
3.42%, 04/24/2018		7,690	7,527		5.50%, 08/15/2022		900		567
Memorial Production Partners LP / Memorial					7.50%, 07/01/2021		786		574
Production Finance Corp					Teine Energy Ltd
6.88%, 08/01/2022		15,399	4,312		6.88%, 09/30/2022(c)		5,694		4,548
Memorial Resource Development Corp					Ultra Petroleum Corp
5.88%, 07/01/2022		2,375	1,781		5.75%, 12/15/2018(c)		8,250		1,165
Milagro Oil & Gas Inc					Unit Corp
0.00%, 05/15/2016(b),(d),(e)		5,765	1,118		6.63%, 05/15/2021		9,640		6,266
Newfield Exploration Co					Whiting Petroleum Corp
5.38%, 01/01/2026		670	539		5.75%, 03/15/2021		3,100		1,945
Pacific Exploration and Production Corp					WPX Energy Inc
5.13%, 03/28/2023(c)		750	90		5.25%, 01/15/2017		16,310		15,617
5.63%, 01/19/2025(c)		6,115	756		YPF SA
Pertamina Persero PT					8.50%, 07/28/2025(c)		5,167		4,809
4.30%, 05/20/2023(c)		3,253	2,941		8.75%, 04/04/2024(c)		9,047		8,664
5.25%, 05/23/2021		1,000	984		8.88%, 12/19/2018(c)		5,117		5,220
6.50%, 05/27/2041		320	278		Zhaikmunai LLP
Petrobras Global Finance BV					6.38%, 02/14/2019(c)		1,318		965
2.89%, 03/17/2017(g)		343	319		7.13%, 11/13/2019(c)		8,760		6,415
3.25%, 03/17/2017		1,052	989				$		467,674
3.41%, 03/17/2020(g)		1,770	1,230
4.88%, 03/17/2020		3,545	2,672		Oil & Gas Services - 0.05%
6.88%, 01/20/2040		4,000	2,534		BIBBY Offshore Services PLC
8.38%, 12/10/2018		460	431		7.50%, 06/15/2021	GBP	1,300		1,148
Petroleos de Venezuela SA					FTS International Inc
5.13%, 10/28/2016		21,232	11,784		6.25%, 05/01/2022	$	6,543		1,227
					8.01%, 06/15/2020(c),(g)		4,050		2,685
5.25%, 04/12/2017		26,960	10,515
5.50%, 04/12/2037		11,575	3,368				$		5,060
6.00%, 05/16/2024		20,805	6,137		Packaging & Containers - 0.56%
8.50%, 11/02/2017		70,072	28,897		Ardagh Packaging Finance PLC
9.00%, 11/17/2021		2,210	737		9.25%, 10/15/2020	EUR	4,500		5,048
Petroleos Mexicanos					Ball Corp
3.50%, 07/23/2020		15,340	14,217		4.38%, 12/15/2020	$	5,850		6,060
3.50%, 01/30/2023		7,991	6,812		4.38%, 12/15/2023	EUR	1,500		1,664
4.25%, 01/15/2025(c)		9,186	7,891		Berry Plastics Corp
4.50%, 01/23/2026(c)		2,254	1,938		5.13%, 07/15/2023	$	5,000		4,875
4.88%, 01/18/2024		11,352	10,267		6.00%, 10/15/2022(c)		6,750		6,885
5.50%, 01/21/2021		158	155		Crown European Holdings SA
5.50%, 06/27/2044(c)		3,910	2,947		3.38%, 05/15/2025	EUR	550		550
5.50%, 06/27/2044		1,150	867		4.00%, 07/15/2022		500		552
5.50%, 06/27/2044		3,227	2,432		Horizon Holdings III SASU
5.63%, 01/23/2046		3,000	2,310		5.13%, 08/01/2022		800		884
5.63%, 01/23/2046(c)		29,957	23,067		Novelis Inc
6.00%, 03/05/2020		1,480	1,506		8.38%, 12/15/2017	$	1,850		1,776
6.38%, 02/04/2021(c),(e),(h)		5,296	5,361		8.75%, 12/15/2020		8,250		7,498
6.38%, 01/23/2045		5,814	4,906		Reynolds Group Issuer Inc / Reynolds Group
6.50%, 06/02/2041		6,723	5,728		Issuer LLC / Reynolds Group Issuer
6.88%, 08/04/2026(c),(e),(h)		16,344	16,610		(Luxembourg) S.A.
9.50%, 09/15/2027		1,204	1,367		5.75%, 10/15/2020		9,650		9,662
Precision Drilling Corp					6.88%, 02/15/2021(g)		5,700		5,900
5.25%, 11/15/2024		2,550	1,476		SIG Combibloc Holdings SCA
PTT Exploration & Production PCL					7.75%, 02/15/2023	EUR	4,600		5,133
4.88%, 12/29/2049(c),(f),(g)		6,955	6,477
							$		56,487
Puma International Financing SA
6.75%, 02/01/2021(c)		11,117	10,289		Pharmaceuticals - 0.42%
QEP Resources Inc					Capsugel SA
5.25%, 05/01/2023		3,050	2,074		7.00%, PIK 7.75%, 05/15/2019(c),(i)	$	7,625		7,453
Rosneft Oil Co via Rosneft International					DPx Holdings BV
Finance Ltd					7.50%, 02/01/2022(c)		650		609
3.15%, 03/06/2017(c)		8,898	8,798
4.20%, 03/06/2022(c)		4,786	4,200

See accompanying notes

44

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
			Principal					Principal
	BONDS (continued)		Amount (000's)			Value (000's)	BONDS (continued)	Amount (000's)		Value (000's)
	Pharmaceuticals (continued)						Retail - 1.23%
	Endo Ltd / Endo Finance LLC / Endo Finco						1011778 BC ULC / New Red Finance Inc
	Inc						4.63%, 01/15/2022(c)	$	8,950	$	8,995
	6.00%, 07/15/2023(c)		$	11,000	$	11,055	6.00%, 04/01/2022(c)		29,440		30,728
	JLL/Delta Dutch Pledgeco BV						99 Cents Only Stores LLC
	8.75%, PIK 9.50%, 05/01/2020(c),(i)			7,750		6,859	11.00%, 12/15/2019		7,372		2,212
	Valeant Pharmaceuticals International						AmeriGas Finance LLC / AmeriGas Finance
	6.38%, 10/15/2020(c)			6,000		5,760	Corp
	Valeant Pharmaceuticals International Inc						7.00%, 05/20/2022		6,290		6,164
	4.50%, 05/15/2023		EUR	4,800		4,460	Carrols Restaurant Group Inc
	5.38%, 03/15/2020(c)		$	6,400		6,036	8.00%, 05/01/2022		2,400		2,529
				$		42,232	Douglas GmbH
							6.25%, 07/15/2022	EUR	1,000		1,127
	Pipelines - 0.45%						Ferrellgas LP / Ferrellgas Finance Corp
	Crestwood Midstream Partners LP /						6.50%, 05/01/2021	$	500		394
	Crestwood Midstream Finance Corp						6.75%, 01/15/2022		3,400		2,677
	6.13%, 03/01/2022			3,847		2,318	6.75%, 06/15/2023(c)		9,900		7,524
	Enterprise Products Operating LLC
	7.03%, 01/15/2068(g)			5,850		5,850	Group 1 Automotive Inc
							5.25%, 12/15/2023(c)		1,950		1,833
	Gibson Energy Inc
	6.75%, 07/15/2021(c)			9,350		8,696	Jo-Ann Stores LLC
							8.13%, 03/15/2019(c)		8,932		7,190
	Oleoducto Central SA
	4.00%, 05/07/2021(c)			2,264		2,060	L Brands Inc
							6.88%, 11/01/2035(c)		1,550		1,602
	Rose Rock Midstream LP / Rose Rock						Men's Wearhouse Inc/The
	Finance Corp						7.00%, 07/01/2022		2,700		1,930
	5.63%, 07/15/2022			3,250		1,950	Nathan's Famous Inc
	Sabine Pass Liquefaction LLC						10.00%, 03/15/2020(c)		30,360		31,726
	5.63%, 04/15/2023			11,040		9,688	NPC International Inc / NPC Quality Burgers
	5.63%, 03/01/2025			11,150		9,589	Inc / NPC Operating Co B Inc
	6.25%, 03/15/2022			5,024		4,628	10.50%, 01/15/2020		4,600		4,721
	TransCanada PipeLines Ltd
	6.35%, 05/15/2067(g)			800		534	Petco Animal Supplies Inc
							9.25%, 12/01/2018(c)		3,200		3,290
				$		45,313	Pizzaexpress Financing 2 PLC
	Real Estate - 0.30%						6.63%, 08/01/2021	GBP	2,000		2,936
	China Overseas Finance Cayman V Ltd						Stonegate Pub Co Financing PLC
	3.95%, 11/15/2022			1,800		1,805	5.75%, 04/15/2019		1,212		1,729
	Country Garden Holdings Co Ltd						Suburban Propane Partners LP/Suburban
	7.25%, 04/04/2021(c)			250		255	Energy Finance Corp
	7.25%, 04/04/2021			690		703	5.50%, 06/01/2024	$	6,400		5,328
	7.50%, 03/09/2020			715		743	5.75%, 03/01/2025		350		291
	Deutsche Raststaetten Gruppe IV GmbH								$		124,926
	6.75%, 12/30/2020		EUR	2,000		2,284	Semiconductors - 0.19%
	Greystar Real Estate Partners LLC
	8.25%, 12/01/2022(c)		$	2,250		2,312	Micron Technology Inc
							5.25%, 08/01/2023(c)		9,850		7,978
	Kennedy-Wilson Inc						5.63%, 01/15/2026(c)		2,400		1,860
	5.88%, 04/01/2024			11,400		10,887	Sensata Technologies UK Financing Co plc
	Longfor Properties Co Ltd						6.25%, 02/15/2026(c)		9,000		9,180
	6.88%, 10/18/2019			2,730		2,839			$		19,018
	MAF Global Securities Ltd
	7.13%, 10/29/2049(f),(g)			8,124		8,200	Software - 1.81%
				$		30,028	Aspect Software Inc
							10.63%, 05/15/2017(d)		10,501		7,876
	Regional Authority - 0.13%						Audatex North America Inc
	Brazil Loan Trust 1						6.00%, 06/15/2021(c)		8,400		8,463
	5.48%, 07/24/2023(c)			7,789		6,679
							6.13%, 11/01/2023(c)		28,450		28,663
	Provincia de Buenos Aires/Argentina						Emdeon Inc
	9.38%, 09/14/2018			6,455		6,568	6.00%, 02/15/2021(c)		10,600		9,858
				$		13,247	Ensemble S Merger Sub Inc
	REITS- 0.32	%					9.00%, 09/30/2023(c)		8,500		7,926
	Equinix Inc						Epicor / Eagle Parent 2L Note
	5.38%, 01/01/2022			5,785		6,017	9.25%, 06/01/2023(e),(g)		15,000		14,550
	5.38%, 04/01/2023			2,750		2,846	First Data Corp
	5.88%, 01/15/2026			6,500		6,727	5.00%, 01/15/2024(c)		10,000		10,000
	GEO Group Inc/The						5.38%, 08/15/2023(c)		3,450		3,519
	5.88%, 10/15/2024			5,200		5,005	5.75%, 01/15/2024(c)		12,500		12,406
	Iron Mountain Inc						7.00%, 12/01/2023(c)		14,030		14,135
	6.00%, 10/01/2020(c)			9,400		10,011	Infor US Inc
	RHP Hotel Properties LP / RHP Finance						5.75%, 08/15/2020(c)		800		806
	Corp						6.50%, 05/15/2022(c)		13,600		11,866
	5.00%, 04/15/2021			1,525		1,544	Informatica LLC
				$		32,150	7.13%, 07/15/2023(c)		9,250		8,279
							Microsoft Corp
							4.20%, 11/03/2035		2,900		2,940

See accompanying notes

45

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)      Value (000's)				BONDS (continued)	Amount (000's)    Value (000's)
Software (continued)					Sovereign (continued)
Nuance Communications Inc					Costa Rica Government International Bond
5.38%, 08/15/2020(c)	$	17,207	$	17,207	4.25%, 01/26/2023	$	24,117	$	21,283
Open Text Corp					4.38%, 04/30/2025(c)		10,307		8,709
5.63%, 01/15/2023(c)		13,375		13,308	4.38%, 04/30/2025		4,750		4,014
SS&C Technologies Holdings Inc					7.00%, 04/04/2044(c)		6,379		5,358
5.88%, 07/15/2023(c)		10,937		11,320	7.16%, 03/12/2045(c)		2,200		1,848
		$		183,122	7.16%, 03/12/2045		11,390		9,568
					Croatia Government International Bond
Sovereign - 12.16%					3.88%, 05/30/2022	EUR	3,500		3,860
1MDB Global Investments Ltd					5.50%, 04/04/2023(c)	$	4,487		4,680
4.40%, 03/09/2023		11,700		10,316	5.50%, 04/04/2023		4,694		4,896
Angolan Government International Bond					6.00%, 01/26/2024(c)		12,978		13,949
9.50%, 11/12/2025(c)		30,847		25,763
					6.38%, 03/24/2021(c)		12,149		13,170
9.50%, 11/12/2025		4,358		3,640	6.75%, 11/05/2019(c)		6,205		6,758
Argentina Bonar Bonds					6.75%, 11/05/2019		7,609		8,287
7.00%, 04/17/2017(d)		5,975		6,021
					Dominican Republic International Bond
Argentine Republic Government International					5.50%, 01/27/2025		2,533		2,381
Bond					5.88%, 04/18/2024(c)		4,855		4,685
0.00%, 11/14/2002(b),(d)	EUR	734		875
					5.88%, 04/18/2024(c)		20,294		19,584
0.00%, 11/26/2003(b),(d)		345		411
0.00%, 03/04/2004(b),(d)		545		649	6.60%, 01/28/2024		8,380		8,443
					6.88%, 01/29/2026(c)		4,500		4,556
0.00%, 07/01/2004(b)		60		71
					7.45%, 04/30/2044(c)		18,877		18,216
0.00%, 07/20/2004(b)		138		154
0.00%, 12/04/2005(b)	$	430		864	7.50%, 05/06/2021		775		820
					7.50%, 05/06/2021(c)		2,600		2,749
0.00%, 01/26/2007(b)	EUR	74		88
0.00%, 09/07/2007(b),(d)		532		634	Ecuador Government International Bond
					10.50%, 03/24/2020(c)		1,600		1,184
0.00%, 12/19/2008(b)	$	245		512
0.00%, 04/07/2009(b)		10		20	10.50%, 03/24/2020		7,945		5,879
0.00%, 05/26/2009(b),(d)	EUR	2,200		2,622	Egypt Government International Bond
					5.88%, 06/11/2025(c)		15,674		13,071
0.00%, 10/30/2009(b)		70		83
					6.88%, 04/30/2040(c)		2,250		1,790
0.00%, 01/30/2017(b)	$	35		73
0.00%, 03/31/2023(b),(d)	EUR	2,200		2,741	El Salvador Government International Bond
0.00%, 03/31/2023(b),(d),(g)	$	2,110		2,595	5.88%, 01/30/2025		2,041		1,623
					6.38%, 01/18/2027(c)		2,705		2,150
0.00%, 03/31/2023(b),(d)		5,648		6,947
0.00%, 12/31/2033(b)	EUR	47,626		53,475	7.38%, 12/01/2019		7,705		7,426
0.00%, 12/31/2033(b)		4,009		4,458	7.65%, 06/15/2035		10,649		8,386
0.00%, 12/15/2035(b),(g),(j)	$	2,850		301	7.75%, 01/24/2023		7,288		6,787
0.00%, 12/15/2035(b),(g)	EUR	31,731		3,517	8.25%, 04/10/2032		4,231		3,692
0.00%, 12/15/2035(b),(g)	$	15,989		1,727	EMATUM Via Mozambique EMATUM
0.00%, 12/31/2038(b)	EUR	3,000		1,797	Finance 2020 BV
					6.31%, 09/11/2020		3,880		3,066
Bahrain Government International Bond
7.00%, 01/26/2026(c)	$	4,507		4,493	Ethiopia International Bond
					6.63%, 12/11/2024(c)		6,391		5,498
Brazil Minas SPE via State of Minas Gerais
5.33%, 02/15/2028(g)		9,022		6,902	Export Credit Bank of Turkey
					5.38%, 11/04/2016(c)		250		255
Brazil Notas do Tesouro Nacional Serie F					Gabon Government International Bond
10.00%, 01/01/2025	BRL	57,722		10,601	6.38%, 12/12/2024(c)		9,604		7,391
10.00%, 01/01/2018		24,946		5,780	6.95%, 06/16/2025(c)		2,257		1,738
Brazilian Government International Bond					Ghana Government International Bond
2.63%, 01/05/2023	$	1,100		869	7.88%, 08/07/2023(c)		4,704		3,401
4.25%, 01/07/2025		27,444		23,012	7.88%, 08/07/2023		4,080		2,950
5.00%, 01/27/2045		15,896		10,928	8.13%, 01/18/2026(c)		19,996		14,319
5.63%, 01/07/2041		34,086		25,564	8.13%, 01/18/2026		3,547		2,540
7.13%, 01/20/2037		14,241		12,888	8.50%, 10/04/2017		1,910		1,756
7.13%, 01/20/2037		1,665		1,507	10.75%, 10/14/2030(c)		4,960		4,695
8.25%, 01/20/2034		9,556		9,652	Hungary Government Bond
8.88%, 04/15/2024		2,335		2,598	3.50%, 06/24/2020	HUF	4,175,000		15,384
Colombia Government International Bond					Hungary Government International Bond
4.38%, 07/12/2021		3,884		3,894	5.38%, 02/21/2023	$	7,476		8,173
5.00%, 06/15/2045		12,280		10,039	5.75%, 11/22/2023		2,327		2,610
5.63%, 02/26/2044		3,321		2,898	Indonesia Government International Bond
6.13%, 01/18/2041		2,000		1,860	3.38%, 04/15/2023(c)		10,169		9,623
7.38%, 09/18/2037		2,685		2,826	3.38%, 07/30/2025(c)	EUR	4,640		4,760
7.75%, 04/14/2021	COP	3,538,000		1,080	4.13%, 01/15/2025	$	1,386		1,358
8.13%, 05/21/2024	$	4,115		4,845	4.75%, 01/08/2026(c)		12,820		13,053
8.13%, 05/21/2024		1,500		1,766	4.88%, 05/05/2021		3,005		3,154
9.85%, 06/28/2027	COP	6,738,000		2,289	5.25%, 01/17/2042(c)		2,000		1,891
11.75%, 02/25/2020	$	2,082		2,665	5.25%, 01/17/2042		2,766		2,616
10.38%, 01/28/2033		5,359		7,208	5.88%, 01/15/2024(c)		11,352		12,439
Colombian TES					5.95%, 01/08/2046(c)		2,500		2,587
7.00%, 05/04/2022	COP	10,000,000		2,830	6.63%, 02/17/2037		2,955		3,170
7.75%, 09/18/2030		12,905,300		3,432	6.75%, 01/15/2044(c)		2,937		3,202
10.00%, 07/24/2024		816,000		269	7.75%, 01/17/2038		3,643		4,332

See accompanying notes

46

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)		Value(000	's)	BONDS (continued)	Amount (000's)  Value (000's)
Sovereign (continued)					Sovereign (continued)
Indonesia Government International					Republic of Paraguay
Bond (continued)					4.63%, 01/25/2023(c)	$	5,134	$	5,018
8.50%, 10/12/2035	$	6,760	$ 8,546		6.10%, 08/11/2044(c)		3,367		3,249
Indonesia Treasury Bond					Romania Government Bond
8.25%, 05/15/2036	IDR	91,400,000	6,396		4.75%, 02/24/2025	RON	21,400		5,587
8.38%, 09/15/2026		86,800,000	6,325		Russian Federal Bond - OFZ
Iraq International Bond					7.00%, 08/16/2023	RUB	405,100		4,518
5.80%, 01/15/2028(d)	$	28,521	18,022		Russian Foreign Bond - Eurobond
Ivory Coast Government International Bond					4.50%, 04/04/2022	$	200		202
5.38%, 07/23/2024(c)		1,872	1,614		4.88%, 09/16/2023		2,000		2,035
5.38%, 07/23/2024		1,000	862		5.00%, 04/29/2020		5,000		5,187
5.75%, 12/31/2032(g)		42,718	37,034		5.63%, 04/04/2042		18,200		17,410
6.38%, 03/03/2028(c)		11,772	10,372		5.88%, 09/16/2043		3,800		3,713
6.38%, 03/03/2028(c)		2,250	1,982		Serbia International Bond
Jamaica Government International Bond					5.88%, 12/03/2018		1,014		1,062
6.75%, 04/28/2028		6,570	6,521		5.88%, 12/03/2018(c)		9,469		9,919
7.63%, 07/09/2025		11,175	11,818		Slovakia Government International Bond
7.88%, 07/28/2045		3,540	3,398		4.38%, 05/21/2022(c)		848		949
10.63%, 06/20/2017		1,000	1,079		Slovenia Government International Bond
Kazakhstan Government International Bond					5.25%, 02/18/2024(c)		5,425		6,042
5.13%, 07/21/2025(c)		3,340	3,324		5.50%, 10/26/2022(c)		1,075		1,211
6.50%, 07/21/2045(c)		9,185	8,911		South Africa Government Bond
Kenya Government International Bond					8.75%, 01/31/2044	ZAR	55,612		3,117
6.88%, 06/24/2024		2,434	2,166		10.50%, 12/21/2026		146,193		10,006
6.88%, 06/24/2024(c)		17,380	15,469		South Africa Government International Bond
Lithuania Government International Bond					4.67%, 01/17/2024	$	7,242		7,052
6.13%, 03/09/2021(c)		4,990	5,782		5.88%, 09/16/2025		10,661		11,118
Mexican Bonos					Sri Lanka Government International Bond
7.75%, 05/29/2031(g)	MXN	199,000	12,163		5.13%, 04/11/2019(c)		248		236
8.00%, 06/11/2020(g)		111,000	6,792		5.88%, 07/25/2022(c)		4,760		4,301
10.00%, 12/05/2024(g)		102,500	7,223		6.13%, 06/03/2025(c)		7,203		6,282
Mexico Government International Bond					6.25%, 10/04/2020(c)		7,655		7,337
3.60%, 01/30/2025	$	18	17		6.85%, 11/03/2025(c)		3,040		2,766
4.13%, 01/21/2026		3,225	3,228		Turkey Government Bond
4.60%, 01/23/2046		9,357	8,304		8.00%, 03/12/2025(g)	TRY	9,982		2,881
4.75%, 03/08/2044		15,517	14,043		10.50%, 01/15/2020(g)		12,239		4,146
4.75%, 03/08/2044		1,625	1,471		Turkey Government International Bond
6.05%, 01/11/2040		6,106	6,572		3.25%, 03/23/2023	$	22,514		20,858
Morocco Government International Bond					4.25%, 04/14/2026		4,880		4,651
4.25%, 12/11/2022(c)		3,589	3,608		4.88%, 04/16/2043		4,503		4,013
Namibia International Bonds					5.13%, 03/25/2022		2,948		3,059
5.25%, 10/29/2025(c)		11,685	10,809		5.63%, 03/30/2021		1,760		1,872
Nigeria Government International Bond					5.63%, 03/30/2021		2,779		2,957
6.38%, 07/12/2023(c)		1,940	1,716		5.75%, 03/22/2024		7,254		7,755
6.38%, 07/12/2023		8,473	7,494		6.88%, 03/17/2036		866		982
6.75%, 01/28/2021		8,941	8,397		7.00%, 03/11/2019		1,620		1,775
Panama Government International Bond					7.00%, 06/05/2020		3,924		4,384
3.75%, 03/16/2025		4,345	4,280		7.38%, 02/05/2025		8,012		9,438
4.30%, 04/29/2053		2,665	2,272		7.50%, 11/07/2019		4,006		4,511
6.70%, 01/26/2036		2,716	3,246		8.00%, 02/14/2034		6,768		8,534
8.13%, 04/28/2034		9,109	11,910		Ukraine Government International Bond
8.88%, 09/30/2027		2,019	2,806		7.75%, 09/01/2020(c)		2,785		2,617
9.38%, 04/01/2029		5,795	8,359		7.75%, 09/01/2022(c)		14,479		13,494
Panama Notas del Tesoro					7.75%, 09/01/2023(c)		4,382		4,029
4.88%, 02/05/2021		5,853	6,134		7.75%, 09/01/2024(c)		5,389		4,919
Perusahaan Penerbit SBSN Indonesia III					7.75%, 09/01/2025(c)		6,344		5,760
4.35%, 09/10/2024(c)		1,835	1,791		7.75%, 09/01/2026(c)		500		453
Peruvian Government International Bond					Ukreximbank Via Biz Finance PLC
5.63%, 11/18/2050		2,621	2,706		9.63%, 04/27/2022		5,475		4,802
6.55%, 03/14/2037		1,109	1,278		9.75%, 01/22/2025		1,615		1,383
8.75%, 11/21/2033		1,575	2,189		Uruguay Government International Bond
Poland Government Bond					4.38%, 10/27/2027		845		826
1.50%, 04/25/2020	PLN	13,091	3,123		Venezuela Government International Bond
3.25%, 07/25/2025		11,600	2,908		9.00%, 05/07/2023		7,470		2,540
Republic of Angola Via Northern Lights III					13.63%, 08/15/2018(d)		6,000		2,610
BV					11.95%, 08/05/2031		3,640		1,347
7.00%, 08/16/2019	$	4,073	3,829		Zambia Government International Bond
Republic of Azerbaijan International Bond					5.38%, 09/20/2022		12,166		8,083
4.75%, 03/18/2024(c)		12,378	11,047		8.50%, 04/14/2024(c)		10,426		7,451
Republic of Cameroon International Bond					8.97%, 07/30/2027(c)		12,680		9,004
9.50%, 11/19/2025		2,300	1,972		8.97%, 07/30/2027		3,112		2,210
							$		1,231,781

See accompanying notes

47

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)     Value (000's)				BONDS (continued)	Amount (000's)     Value (000's)
Supranational Bank - 0.27%					Telecommunications (continued)
African Export-Import Bank					Portugal Telecom International Finance BV
3.88%, 06/04/2018	$	3,600	$	3,574	5.63%, 02/08/2016	EUR	1,385	$	1,481
Eastern and Southern African Trade and					Qualitytech LP/QTS Finance Corp
Development Bank					5.88%, 08/01/2022	$	6,170		6,263
6.38%, 12/06/2018		3,270		3,262	Sirius XM Canada Holdings Inc
European Bank for Reconstruction &					5.63%, 04/23/2021(c)	CAD	3,600		2,480
Development					Sixsigma Networks Mexico SA de CV
5.63%, 03/15/2017	INR	130,000		1,896	8.25%, 11/07/2021(c)	$	2,421		2,203
Inter-American Development Bank					Sprint Communications Inc
7.25%, 07/17/2017	IDR	105,000,000		7,415	6.00%, 11/15/2022(d)		900		605
International Finance Corp					7.00%, 03/01/2020(c)		2,050		1,968
6.45%, 10/30/2018	INR	275,670		4,050	8.38%, 08/15/2017		8,070		7,808
7.75%, 12/03/2016		179,000		2,649	9.00%, 11/15/2018(c)		3,950		4,029
7.80%, 06/03/2019		317,670		4,815	9.13%, 03/01/2017		2,100		2,090
		$		27,661	Sprint Corp
					7.25%, 09/15/2021		4,500		3,240
Telecommunications - 2.71%					7.63%, 02/15/2025		650		444
Alcatel-Lucent USA Inc					7.88%, 09/15/2023		2,950		2,102
6.75%, 11/15/2020(c)	$	4,000		4,300
					TBG Global Pte Ltd
Altice Luxembourg SA					4.63%, 04/03/2018(c)		3,015		2,925
7.25%, 05/15/2022	EUR	5,400		5,535	Telecom Italia SpA
Avaya Inc					3.25%, 01/16/2023	EUR	3,500		3,800
7.00%, 04/01/2019(c)	$	5,450		3,624
					Telefonica Celular del Paraguay SA
B Communications Ltd					6.75%, 12/13/2022(c)	$	675		608
7.38%, 02/15/2021(c)		5,292		5,738
					Telefonica Europe BV
Bharti Airtel International Netherlands BV					4.20%, 12/29/2049(f),(g)	EUR	3,400		3,497
5.13%, 03/11/2023(c)		1,823		1,875
					Telemar Norte Leste SA
5.35%, 05/20/2024		1,350		1,411	5.50%, 10/23/2020(c)	$	1,325		709
CenturyLink Inc					Telenet Finance V Luxembourg SCA
5.63%, 04/01/2020		6,700		6,574	6.25%, 08/15/2022	EUR	1,000		1,158
5.63%, 04/01/2025		3,000		2,550	6.75%, 08/15/2024		3,900		4,584
Colombia Telecomunicaciones SA ESP
8.50%, 12/29/2049(c),(f),(g)		4,219		3,471	T-Mobile USA Inc
					6.00%, 03/01/2023	$	3,485		3,504
Comcel Trust via Comunicaciones Celulares					6.46%, 04/28/2019		1,280		1,320
SA					6.50%, 01/15/2026		12,600		12,600
6.88%, 02/06/2024(c)		4,425		3,540
					UPC Holding BV
CommScope Inc					6.38%, 09/15/2022	EUR	4,600		5,262
4.38%, 06/15/2020(c)		7,450		7,580
					UPCB Finance IV Ltd
CommScope Technologies Finance LLC					5.38%, 01/15/2025(c)	$	5,450		5,232
6.00%, 06/15/2025(c)		12,125		11,792
					ViaSat Inc
Digicel Group Ltd					6.88%, 06/15/2020		4,950		5,210
7.13%, 04/01/2022(c)		11,858		8,840
8.25%, 09/30/2020(c)		11,726		9,485	VimpelCom Holdings BV
					5.95%, 02/13/2023(c)		6,374		5,928
Digicel Ltd					7.50%, 03/01/2022(c)		3,288		3,338
6.75%, 03/01/2023(c)		700		602
					Virgin Media Finance PLC
Empresa de Telecomunicaciones de Bogota					6.00%, 10/15/2024(c)		14,725		14,835
7.00%, 01/17/2023(c)	COP	8,325,000		2,075
					6.38%, 10/15/2024	GBP	3,500		4,987
Frontier Communications Corp					Wind Acquisition Finance SA
7.13%, 01/15/2023	$	1,700		1,415	4.75%, 07/15/2020(c)	$	5,500		5,404
8.88%, 09/15/2020(c)		5,800		5,822
					7.00%, 04/23/2021	EUR	3,650		3,826
Hughes Satellite Systems Corp					7.38%, 04/23/2021(c)	$	4,675		4,444
7.63%, 06/15/2021		11,225		12,095			$		273,989
Inmarsat Finance PLC
4.88%, 05/15/2022(c)		2,600		2,567	Transportation - 0.27%
Interoute Finco PLC					BNSF Funding Trust I
7.38%, 10/15/2020(c)	EUR	7,700		8,746	6.61%, 12/15/2055(g)		4,610		5,140
Koninklijke KPN NV					CEVA Group PLC
7.00%, 03/28/2073(c),(g)	$	400		408	7.00%, 03/01/2021(c)		8,945		7,380
Level 3 Financing Inc					Kazakhstan Temir Zholy Finance BV
5.13%, 05/01/2023		4,900		4,924	6.38%, 10/06/2020(c)		2,605		2,499
5.38%, 08/15/2022		4,200		4,263	Lima Metro Line 2 Finance Ltd
5.38%, 01/15/2024(c)		6,150		6,212	5.88%, 07/05/2034(c)		1,725		1,624
6.13%, 01/15/2021		4,700		4,923	Pelabuhan Indonesia II PT
7.00%, 06/01/2020		2,000		2,100	4.25%, 05/05/2025(c)		6,970		6,168
Matterhorn Telecom Holding SA					5.38%, 05/05/2045(c)		1,640		1,271
4.88%, 05/01/2023	EUR	5,595		5,076	XPO Logistics Inc
Millicom International Cellular SA					5.75%, 06/15/2021	EUR	3,675		3,544
6.00%, 03/15/2025	$	3,350		2,847			$		27,626
6.63%, 10/15/2021(c)		3,631		3,232	TOTAL BONDS		$		6,839,925
Oi Brasil Holdings Cooperatief UA
5.75%, 02/10/2022(c)		3,200		1,392
Oi SA
9.75%, 09/15/2016(c)	BRL	6,695		1,091

See accompanying notes

48

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
			Principal				SENIOR FLOATING RATE INTERESTS		Principal
	CONVERTIBLE BONDS - 0.03%		Amount (000's)			Value (000's)	(continued)		Amount (000s's)		Value (000's)
	Banks- 0.01	%					Commercial Services (continued)
	ING Groep NV						Washington Inventory Service, Term Loan
	6.50%, 12/29/2049(f),(g)		$	1,000	$	969	10.25%, 06/18/2019(d),(g)		$	6,800	$	5,576
										$		28,746
	Mining - 0.02%						Computers - 0.04%
	Mirabela Nickel Ltd						Expert Global Solutions Inc/Georgia, Term
	9.50%, PIK 9.50%, 06/24/2019(c),(d),(e),(i)			6,650		1,862	Loan B
							8.50%, 04/02/2018(g)			4,379		4,350
	TOTAL CONVERTIBLE BONDS			$		2,831
	CREDIT LINKED STRUCTURED NOTES		Principal
	- 0.06	%	Amount (000's)			Value (000's)	Distribution & Wholesale - 0.20%
							Foundation Building Materials LLC, Term
	Sovereign - 0.06%						Loan
	Republic of Iraq - Merrill Lynch						7.25%, 10/07/2022(g)			2,800		2,648
	2.59%, 01/07/2028(d),(e),(g)		JPY	536,954		2,426	11.50%, 10/06/2023(g)			14,370		13,508
	Titulos De Tesoreria B - Citigroup Inc						HBC Holdings LLC, Term Loan B
	11.00%, 07/27/2020(c)		COP	12,000,000		4,057	6.75%, 09/30/2019(d),(e),(g)			3,456		3,353
				$		6,483	Performance Food Group Inc, Term Loan
	TOTAL CREDIT LINKED STRUCTURED NOTES			$		6,483	6.76%, 11/07/2019(g)			1,186		1,183
	SENIOR FLOATING RATE INTERESTS -             Principal									$		20,692
	7.67	%	Amount (000's)			Value (000's)	Diversified Financial Services - 0.24%
	Agriculture - 0.18%						Connolly Corp, Term Loan
	North Atlantic Trading Co Inc, Term Loan B						8.00%, 05/13/2022(g)			22,255		21,866
	7.81%, 01/13/2020(g)		$	7,219	$	7,129	LPL Holdings Inc, Term Loan B
	NVA Holdings Inc/United States, Term Loan						4.75%, 11/10/2022(g)			1,900		1,887
	8.00%, 08/08/2022(g)			3,400		3,298				$		23,753
	8.00%, 08/08/2022(g)			7,639		7,410
							Electric - 0.08%
				$		17,837	Invenergy Thermal Operating I LLC, Term
	Automobile Manufacturers - 0.03%						Loan B
	Navistar Inc, Term Loan B						6.50%, 10/05/2022(g)			6,185		5,906
	6.50%, 08/07/2020(g)			3,600		3,157	Panda Liberty LLC, Term Loan B1
							0.00%, 08/21/2020(g),(k)			2,300		2,070
										$		7,976
	Automobile Parts & Equipment - 0.09%
	BBB Industries US Holdings Inc, Term Loan						Electronics - 0.24%
	B						CPI Buyer LLC, Term Loan
	6.00%, 10/15/2021(g)			2,185		2,166	8.50%, 07/18/2022(d),(g)			10,160		9,449
	Mavis Tire Supply LLC, Term Loan						Linxens France SA, Term Loan
	6.25%, 10/31/2020(e),(g)			7,114		7,007	9.50%, 07/31/2023(d),(g)			15,795		15,321
				$		9,173				$		24,770
	Beverages - 0.01%						Engineering & Construction - 0.01%
	Arctic Glacier USA Inc, Term Loan B						NANA Development Corp, Term Loan B
	6.00%, 05/10/2019(g)			1,250		1,200	8.00%, 03/13/2018(d),(g)			675		641
	Building Materials - 0.04%						Entertainment - 0.28%
	GYP Holdings III Corp, Term Loan B						Amaya Holdings BV, Term Loan
	4.75%, 03/26/2021(g)			4,716		4,441	5.00%, 08/01/2021(g)			9,975		9,170
							Cyan Blue Holdco 3 Ltd, Term Loan
							6.41%, 02/09/2022(g)		GBP	7,700		10,960
	Chemicals - 0.16%						Delta 2 Lux Sarl, Term Loan B
	Road Infrastructure Investment LLC, Term						7.75%, 07/29/2022(g)		$	10,260		8,516
	Loan
	7.75%, 09/21/2021(d),(g)			440		409				$		28,646
	Royal Holdings Inc/IN, Term Loan						Environmental Control - 0.14%
	8.50%, 06/12/2023(g)			11,870		11,504	Infiltrator Systems Integrated LLC, Term
	Solenis International LP, Term Loan						Loan
	7.75%, 07/02/2022(g)			6,100		4,575	9.75%, 05/19/2023(g)			14,000		13,720
				$		16,488
	Commercial Services - 0.28%						Food- 0.32	%
	Acosta Holdco Inc, Term Loan B						AdvancePierre Foods Inc, Term Loan
	4.25%, 09/26/2021(g)			893		852	9.50%, 10/02/2017(g)			10,081		9,917
	Busy Bees Group Ltd, Term Loan						Albertsons LLC, Term Loan B4
	5.18%, 04/29/2022(g)		GBP	1,200		1,693	5.50%, 08/11/2021(g)			7,444		7,274
	Concentra Inc, Term Loan B						American Seafoods Group LLC, Term Loan
	9.00%, 04/22/2023(g)		$	10,200		9,996	6.00%, 08/04/2021(g)			3,259		3,183
	9.00%, 04/22/2023(g)			7,220		7,076	CTI Foods Holding Co LLC, Term Loan
	Lineage Logistics LLC, Term Loan B						8.25%, 06/14/2019(g)			3,360		3,058
	4.50%, 03/31/2021(g)			1,663		1,484	Milk Specialties Co, Term Loan B
	Taxware Holdings, Term Loan						8.25%, 11/07/2018(g)			8,856		8,790
	7.50%, 04/01/2022(e),(g)			2,090		2,069				$		32,222

See accompanying notes

49

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (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)
Healthcare - Products - 0.32%					Lodging - 0.19%
CareCore National LLC, Term Loan					Parq Holdings LP, Term Loan
5.50%, 02/12/2021(g)	$	4,819	$	4,150	8.50%, 12/04/2020(g)		$	19,771	$	18,782
5.50%, 02/12/2021(g)		8,139		7,010
Physio-Control International Inc, Term Loan
B					Machinery - Diversified - 0.24%
5.51%, 05/19/2022(g)		3,895		3,812	CPM Holdings Inc, Term Loan
					10.25%, 12/02/2022(d),(g)			15,780		15,691
10.00%, 05/19/2023(g)		19,440		17,545
					CPM Holdings Inc, Term Loan B
		$		32,517	6.00%, 04/01/2022(g)			8,816		8,684
Healthcare - Services - 1.01%								$		24,375
Affordable Care Holding Corp, Term Loan
5.75%, 10/22/2020(g)		3,600		3,528	Media- 0.10	%
					Cengage Learning Acquisitions Inc, Term
American Renal Holdings Inc, Delay-Draw					Loan EXIT
Term Loan DD					7.00%, 03/06/2020(g)			4,270		4,156
8.50%, 02/14/2020(g)		5,899		5,604
					Neptune Finco Corp, Term Loan B
HC Group Holdings III Inc, Term Loan B					5.00%, 09/23/2022(g)			3,300		3,291
6.00%, 03/25/2022(g)		8,919		8,857
Heartland Dental  LLC, Term Loan					Springer Science+Business Media GmbH,
5.50%, 12/21/2018 (g)		16,173		15,020	Term Loan B9
					4.75%, 08/14/2020(g)			3,239		3,091
9.75%, 06/20/2019(g)		21,740		20,218
Surgery Center Holdings Inc, Term Loan								$		10,538
8.50%, 07/23/2021(g)		5,031		4,528	Metal Fabrication & Hardware - 0.00%
US Renal Care Inc, Term Loan					Doncasters Group Ltd, Term Loan
9.00%, 11/17/2023(g)		16,400		16,052	9.50%, 10/28/2020(g)			270		256
9.00%, 11/17/2023(g)		28,380		27,777
		$		101,584	Mining - 0.02%
Holding Companies - Diversified - 0.08%					Chemstralia Pty Ltd, Term Loan B
Spirit Retail Bidco Ltd, Term Loan					7.25%, 02/09/2022(g)			2,484		2,384
4.46%, 06/30/2021(d),(e),(g)		7,730		7,575
					Miscellaneous Manufacturers - 0.07%
Home Furnishings - 0.01%					Survitec Group Ltd, Term Loan
Targus Group International Inc, PIK Term					5.27%, 02/24/2022(g)		GBP	1,100		1,535
Loan B					UTEX Industries Inc, Term Loan
14.55%, PIK 1.00%, 05/24/2016(d),(g),(i)		1,298		746	8.25%, 05/16/2022(g)		$	8,890		3,556
					UTEX Industries Inc, Term Loan B
					5.00%, 05/14/2021(g)			3,349		1,909
Insurance - 0.63%
AssuredPartners Inc, Term Loan								$		7,000
5.75%, 10/14/2022(g)		3,450		3,388	Oil & Gas - 0.02%
Asurion LLC, Term Loan					Petrochoice Holdings Inc, Term Loan
8.50%, 02/19/2021(g)		21,950		18,469	6.00%, 07/30/2022(g)			2,494		2,450
8.50%, 02/19/2021(g)		35,984		30,278
Asurion LLC, Term Loan B
0.00%, 08/04/2022(g),(k)		7,300		6,658	Oil & Gas Services - 0.01%
					FTS International Inc, Term Loan
Hyperion Insurance Group Ltd, Term Loan B					5.75%, 04/09/2021(g)			1,300		268
5.50%, 03/26/2022(g)		5,016		4,696
		$		63,489	Panda Temple Power II LLC, Term Loan B
					7.25%, 04/03/2019(g)			850		722
Internet - 0.50%								$		990
Accuvant, Term Loan
6.25%, 01/28/2022(g)		3,970		3,841	Packaging & Containers - 0.25%
10.00%, 01/30/2023(g)		27,705		25,489	Berlin Packaging LLC, Term Loan
					7.75%, 09/23/2022(g)			17,050		16,006
Active Network Inc/The, Term Loan B
5.50%, 11/06/2020(g)		1,572		1,510	FPC Holdings Inc, Term Loan
					9.25%, 05/15/2020(d),(g)			9,400		6,204
EIG Investors Corp, Term Loan B
5.00%, 11/09/2019(g)		3,580		3,467	Prolampac Intermediate Inc, Term Loan B
					5.75%, 08/06/2022(g)			2,999		2,924
ProQuest LLC, Term Loan B
5.75%, 09/24/2021(g)		3,474		3,350				$		25,134
Severin Acquisition LLC, Term Loan					Pharmaceuticals - 0.44%
5.50%, 07/29/2021(e),(g)		2,643		2,617	9089969 Canada Inc, Term Loan A2
TCH-2 Holdings LLC, Term Loan					6.00%, 12/23/2021(g)			911		893
8.75%, 11/06/2021(g)		4,700		4,324	BioScrip Inc, Delay-Draw Term Loan B-DD
Tibco Software Inc, Term Loan					5.85%, 07/22/2020(g)			5,830		5,218
6.50%, 11/25/2020(g)		7,445		6,356	BioScrip Inc, Term Loan B
		$		50,954	5.85%, 06/05/2020(g)			9,717		8,697
Leisure Products & Services - 0.13%					Genoa a QoL Healthcare Co LLC, Term
					Loan
Equinox Holdings Inc, Term Loan					8.75%, 04/28/2023(g)			13,076		12,160
9.75%, 05/16/2020(g)		12,500		12,531
					Lanai Holdings III Inc, Term Loan
Fitness International LLC, Term Loan B					8.75%, 08/14/2023(g)			16,800		16,296
0.00%, 06/24/2020(g),(k)		150		142
		$		12,673

See accompanying notes

50

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (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)
Pharmaceuticals (continued)					Transportation - 0.08%
Nellson Nutraceutical LLC, Term Loan A1					CEVA Group PLC, SYNTH LOC
6.00%, 12/23/2021(g)	$	1,466	$	1,437		6.50%, 03/19/2021(g)	$		649	$	531
		$		44,701	CEVA Group PLC, Term Loan
						6.50%, 03/12/2021(g)			928		759
Retail - 0.46%						6.50%, 03/19/2021(g)			116		95
99 Cents Only Stores LLC, Term Loan B2					CEVA Intercompany BV, Term Loan
4.50%, 01/11/2019(g)		8,109		5,022
						6.50%, 03/19/2021(g)			672		551
Belk Inc, Term Loan					SIRVA Worldwide Inc, Term Loan
5.75%, 11/18/2022(g)		5,700		4,999
						7.50%, 03/22/2019(g)			6,739		6,469
Mattress Holding Corp, Term Loan B									$		8,405
5.00%, 10/01/2021(g)		4,186		4,066
Nautilus Merger Sub Inc, Term Loan					TOTAL SENIOR FLOATING RATE INTERESTS				$		776,216
6.75%, 03/11/2022(g)		13,312		12,579	Total Investments			$	10,145,807
Petco Animal Supplies Inc, Term Loan					Liabilities in Excess of Other Assets, Net - (0.18)%				$		(18,337	)
0.00%, 01/15/2023(g),(k)		5,100		4,992	TOTAL NET ASSETS - 100.00%			$	10,127,470
0.00%, 01/15/2023(g),(k)		1,700		1,664
PetSmart Inc, Term Loan B
4.25%, 03/10/2022(g)		2,729		2,641	(a)	Security or a portion of the security was pledged to cover margin
Sears Roebuck Acceptance Corp, Term Loan						requirements for options contracts. At the end of the period, the value of
5.50%, 06/30/2018(g)		11,404		10,634		these securities totaled $148,646 or 1.47% of net assets.
					(b)	Non-Income Producing Security
		$		46,597	(c)	Security exempt from registration under Rule 144A of the Securities Act of
Semiconductors - 0.05%						1933. These securities may be resold in transactions exempt from
Avago Technologies Cayman Ltd, Term						registration, normally to qualified institutional buyers. At the end of the
Loan						period, the value of these securities totaled $3,361,891 or 33.20% of net
0.00%, 11/11/2022(g),(k)		1,000		983		assets.
0.00%, 11/11/2022(g),(k)		4,200		4,130	(d)	Security is Illiquid. At the end of the period, the value of these securities
						totaled $236,988 or 2.34% of net assets.
					(e)	Fair value of these investments is determined in good faith by the Manager
Software - 0.42%						under procedures established and periodically reviewed by the Board of
Advanced Computer Software Group PLC,						Directors. At the end of the period, the fair value of these securities totaled
Term Loan						$201,271 or 1.99% of net assets.
10.50%, 01/30/2023(g)		5,100		4,807
					(f)	Perpetual security. Perpetual securities pay an indefinite stream of
Air Newco LLC, Term Loan B						interest, but they may be called by the issuer at an earlier date.
6.50%, 01/28/2022(g)		4,566		4,314
					(g)	Variable Rate. Rate shown is in effect at January 31, 2016.
Compuware Corp, Term Loan B1
6.25%, 12/11/2019 (g)		4,275		3,917	(h)	Security purchased on a when-issued basis.
					(i)	Payment in kind; the issuer has the option of paying additional securities
Evergreen Skills Lux Sarl, Term Loan
9.25%,  04/28/2022  (g)		14,157		6,866		in lieu of cash.
					(j)	Security is a Principal Only Strip.
Infor US Inc, Term Loan B3					(k)	This Senior Floating Rate Note will settle after January 31, 2016, at which
3.75%, 06/03/2020(g)		298		280
Infor US Inc, Term Loan B5						time the interest rate will be determined.
3.75%, 06/03/2020(g)		476		448
Informatica LLC, Term Loan B
4.50%, 06/03/2022(g)		1,995		1,901
MA FinanceCo LLC, Term Loan B
5.26%, 10/07/2021(g)		1,531		1,497
Magic Newco LLC, Term Loan
12.00%, 12/06/2019(g)		10,000		10,387
MedAssets Inc, Term Loan
0.00%, 01/22/2023(g),(k)		7,820		7,757
		$		42,174
Storage & Warehousing - 0.03%
Americold Realty Trust Inc, Term Loan
6.50%, 11/03/2022(g)		3,000		2,992
Telecommunications - 0.27%
Avaya Inc, Term Loan B6
6.50%, 03/31/2018(g)		3,276		2,461
Avaya Inc, Term Loan B7
6.25%, 04/30/2020(g)		6,950		4,643
Gogo Intermediate Holdings LLC, Term Loan
B1
11.25%, 06/21/2017(d),(g)		4,252		4,252
Gogo Intermediate Holdings LLC, Term Loan
B2
7.50%, 03/21/2018(g)		1,393		1,337
LTS Buyer LLC, Term Loan
8.00%, 03/28/2021(g)		5,947		5,687
Tower Development Corp, Term Loan
6.11%, 02/01/2017(d),(e),(g)		8,595		8,595
		$		26,975

See accompanying notes

51

     Schedule of Investments Global Diversified Income Fund January 31, 2016 (unaudited)

Portfolio Summary (unaudited)			Portfolio Summary (unaudited) (continued)
Country	Percent		Country	Percent
United States	64.16	%	India	0.04	%
United Kingdom	3.01	%	Belgium	0.03	%
Canada	2.34	%	Cameroon	0.02	%
Luxembourg	2.06	%	Curacao	0.01	%
Mexico	1.89	%	Slovakia	0.01	%
Netherlands	1.84	%	New Zealand	0.01	%
France	1.61	%	Uruguay	0.01	%
Brazil	1.33	%	Mongolia	0.01	%
Cayman Islands	1.19	%	Liabilities in Excess of Other Assets, Net	(0.18	)%
Argentina	1.15	%	TOTAL NET ASSETS	100.00	%
Indonesia	0.99	%
Turkey	0.97	%
Japan	0.93	%
Germany	0.88	%
Colombia	0.80	%
Venezuela	0.67	%
Australia	0.67	%
Chile	0.64	%
South Africa	0.62	%
Dominican Republic	0.60	%
Kazakhstan	0.57	%
Croatia	0.56	%
Cote d'Ivoire	0.52	%
Costa Rica	0.50	%
Hong Kong	0.50	%
Ireland	0.49	%
Bermuda	0.45	%
Panama	0.44	%
Spain	0.40	%
Italy	0.33	%
Russian Federation	0.32	%
Ukraine	0.31	%
Virgin Islands, British	0.31	%
El Salvador	0.30	%
Ghana	0.30	%
Angola	0.29	%
Singapore	0.27	%
Azerbaijan	0.27	%
Supranational	0.27	%
Zambia	0.26	%
Hungary	0.26	%
Jersey, Channel Islands	0.23	%
Jamaica	0.22	%
Sri Lanka	0.20	%
Iraq	0.20	%
Taiwan, Province Of China	0.20	%
Sweden	0.19	%
Kenya	0.17	%
Nigeria	0.17	%
Switzerland	0.16	%
Marshall Islands	0.16	%
Egypt	0.15	%
China	0.13	%
Norway	0.12	%
Serbia	0.11	%
Namibia	0.11	%
Peru	0.10	%
Malaysia	0.10	%
Israel	0.10	%
Finland	0.10	%
Gabon	0.09	%
Paraguay	0.09	%
Ecuador	0.07	%
Slovenia	0.07	%
Poland	0.06	%
Lithuania	0.06	%
Barbados	0.06	%
Romania	0.06	%
Thailand	0.06	%
Morocco	0.05	%
Ethiopia	0.05	%
Austria	0.05	%
Guernsey	0.04	%
Bahrain	0.04	%

See accompanying notes

52

Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
Credit Default Swaps
Sell Protection
		Implied
		Credit Spread		(Pay)/						Upfront			Unrealized
		as of January		Receive		Expiration	Notional Amount			Premiums			Appreciation/			Fair Value (b)
Counterparty (Issuer)	Reference Entity	31, 2016	(c)	Fixed Rate		Date		(a)		Paid/(Received)			(Depreciation)			Asset		Liability
Credit Suisse	Petroleos de	107.35	%	5.00	%	06/20/2016	$	20,000	$	(1,436	)	$	(4,783	)	$	—	$	(6,219	)
	Venezuela SA
Total								$		(1,436	)	$	(4,783	)	$	—	$	(6,219	)

Amounts in thousands

(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 is $20,000.

(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.

Foreign Currency Contracts
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For		Fair Value		Asset		Liability
Bank of America NA	02/05/2016	EUR	2,631,000	$	2,852	$	2,850	$	—	$	(2	)
Bank of America NA	02/29/2016	ZAR	97,942,311		6,029		6,139		110		—
HSBC Securities Inc	02/16/2016	RUB	485,227,926		6,315		6,406		91		—
HSBC Securities Inc	02/29/2016	MYR	13,263,023		3,118		3,205		87		—
JP Morgan Chase	02/05/2016	EUR	44,812,416		48,566		48,548		—		(18	)
JP Morgan Chase	02/05/2016	GBP	2,718,121		3,916		3,873		—		(43	)
JP Morgan Chase	02/08/2016	EUR	870,644		950		943		—		(7	)
JP Morgan Chase	02/22/2016	COP	23,843,907,100		7,221		7,257		36		—
JP Morgan Chase	02/29/2016	HUF	965,979,438		3,347		3,364		17		—
JP Morgan Chase	02/29/2016	PLN	52,649,047		12,799		12,907		108		—
Royal Bank of Scotland PLC	02/19/2016	COP	10,321,514,448		3,157		3,142		—		(15	)
Royal Bank of Scotland PLC	02/29/2016	MXN	229,396,611		12,442		12,628		186		—
Standard Chartered Bank, Hong Kong	02/16/2016	RUB	243,118,009		3,165		3,210		45		—
Standard Chartered Bank, Hong Kong	02/19/2016	MYR	13,954,094		3,158		3,367		209		—
Standard Chartered Bank, Hong Kong	02/29/2016	MYR	13,252,656		3,118		3,202		84		—
Total								$	973	$	(85	)
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset		Liability
Bank of America NA	02/05/2016	CAD	3,570,000	$	2,525	$	2,548	$	—	$	(23	)
Bank of America NA	02/05/2016	EUR	18,840,000		20,547		20,410		137		—
Bank of America NA	02/05/2016	GBP	10,037,000		14,584		14,302		282		—
Bank of America NA	02/29/2016	ZAR	51,866,167		3,241		3,251		—		(10	)
HSBC Securities Inc	02/29/2016	EUR	22,806,155		24,842		24,719		123		—
HSBC Securities Inc	02/29/2016	GBP	2,134,217		3,054		3,041		13		—
JP Morgan Chase	02/05/2016	EUR	60,567,532		65,495		65,617		37		(159	)
JP Morgan Chase	02/05/2016	GBP	40,296,683		59,249		57,418		1,834		(3	)
JP Morgan Chase	02/05/2016	JPY	332,955,400		2,793		2,750		43		—
JP Morgan Chase	02/08/2016	EUR	200,040,311		218,348		216,728		1,620		—
JP Morgan Chase	02/16/2016	COP	37,124,640,000		11,330		11,303		27		—
JP Morgan Chase	02/16/2016	RUB	245,807,718		3,164		3,245		—		(81	)
JP Morgan Chase	02/29/2016	TRY	19,365,725		6,406		6,507		—		(101	)
JP Morgan Chase	03/02/2016	BRL	12,699,073		3,120		3,150		—		(30	)
Royal Bank of Scotland PLC	02/29/2016	HUF	957,736,655		3,329		3,335		—		(6	)
Royal Bank of Scotland PLC	02/29/2016	MXN	56,753,514		3,120		3,124		—		(4	)
Royal Bank of Scotland PLC	02/29/2016	ZAR	95,266,470		5,785		5,971		—		(186	)
Standard Chartered Bank, Hong Kong	02/02/2016	BRL	31,398,900		8,069		7,850		219		—
Standard Chartered Bank, Hong Kong	02/29/2016	MYR	12,940,856		3,120		3,127		—		(7	)
Total								$	4,335	$	(610	)
Amounts in thousands except contracts

See accompanying notes

53

			Schedule of Investments
Global Diversified Income Fund
January 31, 2016 (unaudited)
Options
						Upfront Premiums						Unrealized
Written Options Outstanding		Exercise Price	Expiration Date	Contracts		Paid/(Received)			Fair Value			Appreciation/(Depreciation)
Call - Consumer Discretionary Select Sector	$	76.00	02/22/2016	1,780	$	(183	)	$	(117	)	$	66
SPDR Fund
Call - Consumer Discretionary Select Sector	$	73.00	02/22/2016	925		(172	)		(205	)		(33	)
SPDR Fund
Call - iShares MSCI EAFE ETF	$	56.00	02/22/2016	129,636		(10,390	)		(10,508	)		(118	)
Call - iShares MSCI Emerging Markets ETF	$	30.00	02/22/2016	48,373		(3,480	)		(5,465	)		(1,985	)
Call - iShares U.S. Real Estate ETF	$	74.00	02/22/2016	1,965		(166	)		(66	)		100
Call - iShares U.S. Real Estate ETF	$	72.00	02/22/2016	1,006		(133	)		(122	)		11
Call - SPDR Dow Jones Industrial Average ETF $		165.00	02/22/2016	2,655		(805	)		(684	)		121
Trust
Call - SPDR Dow Jones Industrial Average ETF $		167.00	02/22/2016	5,214		(1,122	)		(842	)		280
Trust
Call - SPDR S&P MidCap 400 ETF Trust	$	235.00	02/22/2016	515		(265	)		(389	)		(124	)
Call - SPDR S&P MidCap 400 ETF Trust	$	240.00	02/22/2016	1,003		(366	)		(421	)		(55	)
Call - SPDR S&P500 ETF Trust	$	193.00	02/22/2016	6,071		(2,289	)		(2,314	)		(25	)
Call - SPDR S&P500 ETF Trust	$	196.00	02/22/2016	11,889		(3,134	)		(2,615	)		519
Call - Utilities Select Sector SPDR Fund	$	44.00	02/22/2016	4,949		(270	)		(829	)		(559	)
Total					$	(22,775	)	$	(24,577	)	$	(1,802	)
Amounts in thousands except contracts

See accompanying notes

54

Schedule of Investments
Global Real Estate Securities Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 97.07%	Shares Held	Value (000's)		COMMON STOCKS (continued)		Shares Held	Value(000			's)
Engineering & Construction - 0.30%				REITS (continued)
LendLease Group	934,670	$	8,728	Regency Centers Corp		138,208			$10,005
				Saul Centers Inc		211,722			10,770
				Segro PLC		4,455,049			27,958
Holding Companies - Diversified - 0.83%				Simon Property Group Inc		1,095,597			204,088
Wharf Holdings Ltd/The	5,129,880		24,006	SL Green Realty Corp		522,122			50,442
				Spirit Realty Capital Inc		1,957,280			20,512
Lodging - 1.15%				Spring Real Estate Investment Trust		517,000			187
Accor SA	610,679		23,192	STORE Capital Corp		708,479			17,563
Hilton Worldwide Holdings Inc	566,080		10,082	Sun Communities Inc		392,540			26,139
	$		33,274	Sunstone Hotel Investors Inc		2,127,050			25,269
				Tanger Factory Outlet Centers Inc		91,200			2,918
Real Estate - 18.61%				Unibail-Rodamco SE		177,465			44,732
Aeon Mall Co Ltd	1,312,300		20,056	Ventas Inc		240,533			13,306
CapitaLand Ltd	16,961,600		36,871	Vornado Realty Trust		163,921			14,500
Castellum AB	91,860		1,370	Welltower Inc		1,100,432			68,469
CBRE Group Inc (a)	258,000		7,216	Westfield Corp		6,497,736			46,255
Cheung Kong Property Holdings Ltd	2,134,000		11,567	Workspace Group PLC		2,020,714			23,312
China Resources Land Ltd	5,250,000		12,975					$	2,191,346
Dalian Wanda Commercial Properties Co Ltd	4,438,900		21,431
(b)				Software - 0.05%
Deutsche Wohnen AG	2,392,090		63,065	InterXion Holding NV (a)		44,528			1,399
Fabege AB	2,177,593		33,760
Mitsubishi Estate Co Ltd	849,077		16,809	Storage & Warehousing - 0.49%
Mitsui Fudosan Co Ltd	3,849,793		90,628	Safestore Holdings PLC		2,911,260			14,248
New World Development Co Ltd	28,869,000		23,633
Sponda OYJ	1,844,955		7,546	TOTAL COMMON STOCKS				$	2,811,980
Sumitomo Realty & Development Co Ltd	1,780,000		49,897	INVESTMENT COMPANIES - 2.41%		Shares Held		Value(000		's)
Sun Hung Kai Properties Ltd	6,086,577		66,035
TLG Immobilien AG	914,089		17,442	Publicly Traded Investment Fund - 2.41%
UNITE Group PLC/The	3,660,793		33,666	Morgan Stanley Institutional Liquidity Funds -		69,788,024			69,788
Vonovia SE	167,593		5,108	Government Portfolio
Wihlborgs Fastigheter AB	1,036,005		19,904
	$		538,979	TOTAL INVESTMENT COMPANIES				$	69,788
REITS - 75.64%				Total Investments				$	2,881,768
Alexandria Real Estate Equities Inc	366,750		29,039	Other Assets in Excess of Liabilities, Net - 0.52%				$	15,150
American Tower Corp	236,551		22,316	TOTAL NET ASSETS - 100.00%				$	2,896,918
Apartment Investment & Management Co	1,058,013		41,421
AvalonBay Communities Inc	510,080		87,474
Big Yellow Group PLC	1,011,284		11,137	(a)	Non-Income Producing Security
Boston Properties Inc	656,295		76,268	(b)	Security exempt from registration under Rule 144A of the Securities Act of
Crown Castle International Corp	381,200		32,859		1933. These securities may be resold in transactions exempt from
CubeSmart	1,926,722		60,287		registration, normally to qualified institutional buyers. At the end of the
DDR Corp	932,477		15,955		period, the value of these securities totaled $21,431 or 0.74% of net assets.
Derwent London PLC	559,927		25,970
Duke Realty Corp	1,962,685		39,509
Education Realty Trust Inc	518,072		20,246		Portfolio Summary (unaudited)
EPR Properties	382,147		22,910	Country					Percent
Equinix Inc	133,950		41,601	United States					57.01	%
Equity One Inc	1,184,363		32,831	Japan					9.54	%
Equity Residential	1,185,546		91,394	United Kingdom					7.56	%
Essex Property Trust Inc	456,205		97,222	Hong Kong					6.36	%
Extra Space Storage Inc	77,530		7,031	Australia					5.33	%
Federal Realty Investment Trust	243,982		36,800	France					4.84	%
First Industrial Realty Trust Inc	1,375,624		28,324	Germany					2.96	%
General Growth Properties Inc	2,443,573		68,518	Sweden					1.90	%
Goodman Group	12,510,507		54,780	Spain					1.66	%
Great Portland Estates PLC	4,102,629		44,996	Singapore					1.27	%
Host Hotels & Resorts Inc	824,271		11,416	China					0.74	%
Hudson Pacific Properties Inc	534,076		13,571	Finland					0.26	%
Japan Logistics Fund Inc	1,843		3,669	Netherlands					0.05	%
Japan Retail Fund Investment Corp	14,244		30,173	Other Assets in Excess of Liabilities, Net					0.52	%
Kilroy Realty Corp	134,321		7,505	TOTAL NET ASSETS					100.00	%
Kimco Realty Corp	119,099		3,238
Klepierre	1,671,021		72,425
Land Securities Group PLC	2,410,729		37,809
Link REIT	7,926,500		45,474
Merlin Properties Socimi SA	4,148,109		48,172
Mirvac Group	32,600,915		44,514
Nomura Real Estate Master Fund Inc	33,344		41,017
Orix JREIT Inc	17,188		23,962
Pebblebrook Hotel Trust	1,023,411		24,992
Prologis Inc	2,166,185		85,499
Public Storage	404,627		102,597

See accompanying notes

55

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2016 (unaudited)
	INVESTMENT COMPANIES - 1.87%		Shares Held			Value (000's )			Principal
							BONDS (continued)	Amount (000's)		Value (000's)
	Publicly Traded Investment Fund - 1.87%
	Goldman Sachs Financial Square Funds -		29,267,549		$	29,268	Commercial Mortgage Backed Securities (continued)
	Government Fund						WFRBS Commercial Mortgage Trust 2013-C14
	TOTAL INVESTMENT COMPANIES			$		29,268	4.13%, 06/15/2046(a),(b)	$	2,500	$	2,191
							WFRBS Commercial Mortgage Trust 2014-C22
			Principal
	BONDS- 31.31	%	Amount (000's)		Value (000's)		4.06%, 09/15/2057(a),(b)		4,840		3,370
	Commercial Mortgage Backed Securities - 13.18%						WFRBS Commercial Mortgage Trust 2014-
	CFCRE Commercial Mortgage Trust 2011-						C23
	C1						4.52%, 10/15/2057(a)		9,700		9,975
	6.07%, 04/15/2044(a),(b)		$	3,000	$	3,233	WFRBS Commercial Mortgage Trust 2014-
	Citigroup Commercial Mortgage Trust 2013-						LC14
	GC17						4.34%, 03/15/2047(a)		8,000		7,790
	4.54%, 11/10/2046			6,363		6,922			$		205,994
	Citigroup Commercial Mortgage Trust 2015-
	GC35						Home Equity Asset Backed Securities - 0.80%
	4.35%, 11/10/2048(a)			4,300		4,324	ACE Securities Corp Mortgage Loan Trust
	COMM 2014-UBS4 Mortgage Trust						Series 2007-D1
	4.78%, 08/10/2047(a)			5,000		4,619	6.34%, 02/25/2038(a),(b)		4,110		3,945
	Ginnie Mae						6.93%, 02/25/2038(b)		8,610		8,495
	0.11%, 04/16/2053(a)			21,226		540			$		12,440
	0.45%, 05/16/2053(a)			54,525		2,578
	0.51%, 02/16/2053(a)			66,582		3,033	Mortgage Backed Securities - 17.11%
	0.53%, 01/16/2054(a)			46,297		2,195	BNPP Mortgage Securities LLC 2009-1
	0.57%, 08/16/2053(a)			19,044		549	Trust
							6.00%, 08/27/2037(b)		6,757		7,011
	0.59%, 12/16/2053(a)			36,463		1,760
	0.63%, 08/16/2051(a)			91,308		4,872	Citigroup Mortgage Loan Trust 2014-A
							5.43%, 01/25/2035(a),(b)		6,593		6,977
	0.67%, 10/16/2053(a)			43,895		2,316
	0.68%, 06/16/2052(a)			40,426		1,962	Fannie Mae Interest Strip
	0.69%, 03/16/2049(a)			39,327		1,572	3.50%, 12/25/2043		7,343		1,245
							7.00%, 04/25/2024(a)		60		12
	0.71%, 04/16/2047(a)			107,790		5,767
	0.74%, 11/16/2045(a)			44,634		2,471	Fannie Mae REMICS
							1.03%, 04/25/2027(a)		14		15
	0.75%, 09/16/2053(a)			31,289		1,288
							1.79%, 04/25/2045(a)		46,249		3,326
	0.77%, 06/16/2054(a)			73,436		3,329
							1.81%, 06/25/2045(a)		63,677		4,779
	0.78%, 12/16/2053(a)			85,913		4,975
							1.83%, 08/25/2044(a)		62,951		4,677
	0.80%, 02/16/2053(a)			87,415		5,742
							1.85%, 11/25/2044(a)		41,079		3,193
	0.82%, 11/16/2052(a)			60,073		3,786
	0.84%, 10/16/2054(a)			56,293		2,692	2.00%, 12/25/2042		5,614		4,778
							2.50%, 02/25/2028(a)		24,338		2,254
	0.87%, 04/16/2056(a)			39,864		2,727
	0.88%, 03/16/2052(a)			70,957		5,194	2.50%, 11/25/2041		6,747		6,903
	0.88%, 02/16/2053(a)			50,804		3,414	3.00%, 04/25/2045		5,126		4,909
							3.50%, 01/25/2028(a)		23,251		2,711
	0.89%, 06/16/2054(a)			31,354		1,673
							3.50%, 06/25/2033(a)		24,255		2,521
	0.91%, 02/16/2053(a)			61,103		3,899
							3.50%, 01/25/2040(a)		27,452		3,308
	0.91%, 01/16/2056(a)			25,210		1,754
							3.50%, 11/25/2042(a)		30,489		5,480
	0.95%, 07/16/2047(a)			87,745		5,852
	0.96%, 02/16/2046(a)			66,273		4,041	3.50%, 02/25/2043		1,809		1,915
	0.96%, 09/16/2053(a)			60,272		3,785	4.00%, 06/25/2039		10,000		10,748
	1.00%, 12/16/2053(a)			15,488		830	4.00%, 12/25/2039		14,928		1,998
	1.00%, 06/16/2057(a)			17,947		1,574	7.00%, 04/25/2032		1,569		1,804
	1.01%, 10/16/2056(a)			44,614		3,797	9.00%, 05/25/2020		16		18
	1.21%, 03/16/2049(a)			36,860		2,334	Freddie Mac REMICS
							1.33%, 02/15/2021(a)		10		10
	2.63%, 09/16/2055(a)			6,511		6,567
							1.93%, 04/15/2040(a)		57,898		4,161
	2.75%, 02/16/2055			12,000		12,168	1.95%, 05/15/2041(a)		52,906		3,337
	3.00%, 09/16/2049			6,200		6,112	1.99%, 10/15/2040(a)		59,840		4,769
	3.49%, 07/16/2045(a)			6,391		6,643
							2.03%, 10/15/2040(a)		47,953		3,513
	GS Mortgage Securities Trust 2011-GC5						2.50%, 11/15/2032		7,457		7,475
	5.47%, 08/10/2044(a),(b)			4,624		4,644
							2.50%, 01/15/2043(a)		19,232		2,602
	GS Mortgage Securities Trust 2013-GC13						2.50%, 02/15/2043		3,853		3,818
	4.20%, 07/10/2046(a),(b)			5,000		4,180
							3.00%, 08/15/2028		4,636		4,824
	GS Mortgage Securities Trust 2015-GC34						3.00%, 11/15/2030(a)		10,191		821
	4.81%, 10/10/2048			4,169		3,969	3.00%, 06/15/2031(a)		15,172		1,467
	JP Morgan Chase Commercial Mortgage						3.00%, 06/15/2040		8,151		8,494
	Securities Trust 2013-C10						3.00%, 10/15/2042		2,690		2,781
	3.37%, 12/15/2047(a)			7,800		7,961
							3.00%, 03/15/2043		7,639		7,903
	JP Morgan Chase Commercial Mortgage						3.00%, 05/15/2044		1,588		1,590
	Securities Trust 2013-C16						3.00%, 05/15/2044(a)		4,523		4,702
	5.11%, 12/15/2046(a)			8,000		8,623
							3.50%, 01/15/2028(a)		12,223		1,360
	JPMBB Commercial Mortgage Securities						3.50%, 04/15/2040		15,918		1,309
	Trust 2014-C25						4.00%, 06/15/2028(a)		3,333		84
	4.60%, 11/15/2047(a)			5,000		4,788
							4.00%, 05/15/2039		4,825		5,112
	Wells Fargo Commercial Mortgage Trust						4.00%, 11/15/2042(a)		17,858		2,959
	2015-C31						4.50%, 05/15/2037(a)		4,524		4,714
	4.77%, 11/15/2048(a)			6,000		5,614
							6.50%, 08/15/2027		109		118

See accompanying notes

56

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2016 (unaudited)
			Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
BONDS (continued)			Amount (000's) Value (000's)			AGENCY OBLIGATIONS (continued)		Amount (000's) Value (000's)
						Federal Home Loan Mortgage Corporation (FHLMC)
Mortgage Backed Securities (continued)						(continued)
Freddie Mac Strips
1.91%, 10/15/2037(a)		$	71,144	$	5,532	4.50%, 07/01/2039	$	2,205	$	2,412
1.99%, 02/15/2038(a)			60,639		4,466	4.50%, 12/01/2040		5,779		6,292
3.00%, 10/15/2027(a)			22,072		2,565	4.50%, 04/01/2041		7,345		8,160
Ginnie Mae						4.50%, 11/01/2043		7,088		7,877
1.19%, 03/20/2041(a)			50,732		2,222	4.50%, 01/01/2044		7,299		8,094
3.00%, 05/16/2037			14,000		14,371	5.00%, 10/01/2025		105		115
3.25%, 05/20/2045(a)			4,869		5,177	5.00%, 12/01/2032		89		98
3.50%, 04/20/2038(a)			12,453		1,298	5.00%, 02/01/2033		910		1,011
3.50%, 10/20/2041(a)			20,488		2,365	5.00%, 01/01/2034		816		913
3.50%, 01/20/2043			24,980		5,499	5.00%, 05/01/2034		195		215
3.50%, 05/20/2043 (a)			16,484		2,852	5.00%, 05/01/2035		187		205
3.50%, 04/16/2044			4,956		5,021	5.00%, 07/01/2035		87		96
4.00%, 02/20/2034			6,585		7,084	5.00%, 07/01/2035		4		5
4.00%,11/16/2038			1,005		1,054	5.00%, 10/01/2035		16		17
4.00%, 02/20/2044 (a)			10,382		1,518	5.00%, 11/01/2035		706		783
4.50%, 04/20/2045(a)			10,981		2,796	5.00%, 07/01/2044		5,443		6,059
						5.50%, 04/01/2018		30		30
5.00%, 11/20/2039			6,984		7,775	5.50%, 03/01/2029		1		1
LF Rothschild Mortgage Trust III
9.95%, 09/01/2017			1		1	5.50%, 05/01/2033		15		16
Morgan Stanley Re-REMIC Trust 2010-R1						5.50%, 10/01/2033		19		21
2.62%,  07/26/2035 (a),(b)			9,700		9,244	5.50%, 12/01/2033		552		616
New Residential Mortgage Loan Trust 2014-						5.50%, 07/01/2037		38		42
3						5.50%, 04/01/2038		18		19
4.75%, 11/25/2054(a),(b)			8,237		8,859	5.50%, 05/01/2038		88		97
New Residential Mortgage Loan Trust 2015-						6.00%, 04/01/2017		46		47
2						6.00%, 04/01/2017		43		44
5.60%, 08/25/2055(a)			7,041		7,456	6.00%, 05/01/2017		50		51
Sequoia Mortgage Trust 2013-2						6.00%, 07/01/2017		2		2
3.66%, 02/25/2043(a)			6,763		6,837	6.00%, 01/01/2021		54		57
Springleaf Mortgage Loan Trust 2013-3						6.00%, 06/01/2028		12		14
3.79%, 09/25/2057(a),(b)			4,800		4,844	6.00%, 05/01/2031		127		146
						6.00%, 10/01/2031		4		5
			$		267,341	6.00%, 02/01/2032		21		24
Other Asset Backed Securities - 0.22%						6.00%, 09/01/2032		222		250
TAL Advantage V LLC						6.00%, 11/01/2033		513		586
3.33%, 05/20/2039(a),(b)			3,393		3,362	6.00%, 11/01/2033		344		387
						6.00%, 05/01/2034		1,302		1,459
TOTAL BONDS			$		489,137	6.00%, 05/01/2034		1,706		1,953
U.S. GOVERNMENT & GOVERNMENT			Principal			6.00%, 09/01/2034		127		146
AGENCY OBLIGATIONS - 67.01%			Amount (000's)     Value (000's)			6.00%, 02/01/2035		131		150
						6.00%, 10/01/2036(a)		88		100
Federal Home Loan Mortgage Corporation (FHLMC) -
15.59	%					6.00%, 03/01/2037		148		171
2.00%, 03/01/2028		$	2,783	$	2,818	6.00%, 05/01/2037		216		245
2.17%, 03/01/2036(a)			253		261	6.00%, 01/01/2038(a)		69		79
2.50%, 08/01/2027			2,285		2,349	6.00%, 03/01/2038		65		73
2.50%, 09/01/2027			7,295		7,497	6.00%, 04/01/2038		162		183
2.50%, 02/01/2028			7,207		7,407	6.00%, 07/01/2038		345		392
2.85%, 10/01/2032(a)			2		2	6.00%, 10/01/2038		216		247
3.00%, 01/01/2027			6,393		6,691	6.00%, 09/01/2039		6,268		7,313
3.00%, 02/01/2027			6,599		6,907	6.50%, 11/01/2016		14		14
3.00%, 04/01/2035			3,663		3,814	6.50%, 06/01/2017		9		9
3.00%, 10/01/2042			8,349		8,556	6.50%, 12/01/2021		273		311
3.00%, 10/01/2042			10,318		10,535	6.50%, 04/01/2022		232		264
3.00%, 05/01/2043			7,483		7,664	6.50%, 05/01/2022		89		102
3.50%, 11/01/2026			4,153		4,393	6.50%, 08/01/2022		57		65
3.50%, 02/01/2032			6,943		7,368	6.50%, 05/01/2023		90		95
3.50%, 04/01/2032			6,063		6,434	6.50%, 07/01/2023		2		3
3.50%, 12/01/2041			3,728		3,927	6.50%, 01/01/2024		6		7
3.50%, 02/01/2042			2,712		2,839	6.50%, 07/01/2025		1		2
3.50%, 04/01/2042			1,063		1,113	6.50%, 07/01/2025		2		2
3.50%, 04/01/2042			11,107		11,635	6.50%, 09/01/2025		1		2
3.50%, 07/01/2042			12,152		12,738	6.50%, 10/01/2025		1		2
3.50%, 09/01/2042			8,581		8,990	6.50%, 10/01/2025		3		3
3.50%, 08/01/2043			8,451		8,890	6.50%, 03/01/2029		6		7
3.50%, 02/01/2044			9,440		9,914	6.50%, 03/01/2029		66		76
4.00%, 12/01/2040			7,436		8,021	6.50%, 04/01/2031		263		300
4.00%, 10/01/2041			4,980		5,345	6.50%, 10/01/2031		98		111
4.00%, 12/01/2041			6,636		7,200	6.50%, 02/01/2032		15		17
4.00%, 07/01/2042			4,521		4,905	6.50%, 04/01/2032		12		14
4.00%, 07/01/2043			5,901		6,420	6.50%, 04/01/2035		8		10
4.00%, 09/01/2044			7,378		7,995	6.50%, 02/01/2037		31		35
4.50%, 08/01/2033			603		657	7.00%, 07/01/2024		3		4

See accompanying notes

57

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2016 (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)
(continued)					Federal National Mortgage Association (FNMA) (continued)
					4.00%, 08/01/2044	$	14,424	$	15,671
7.00%, 01/01/2028	$	449	$	505	4.00%, 08/01/2044		5,754		6,251
7.00%, 06/01/2029		161		189
7.00%, 01/01/2031		1		1	4.00%, 11/01/2044		4,330		4,704
					4.00%, 02/01/2045		7,609		8,267
7.00%, 04/01/2031		102		115	4.00%, 07/01/2045		8,826		9,497
7.00%, 10/01/2031		121		135
7.00%, 04/01/2032		252		303	4.00%, 09/01/2045		14,042		15,256
					4.50%, 12/01/2019		49		51
7.50%, 12/01/2030		4		4	4.50%, 01/01/2020		184		192
7.50%, 02/01/2031		2		3
7.50%, 02/01/2031		32		36	4.50%, 09/01/2025		3,289		3,558
					4.50%, 07/01/2039		2,247		2,463
8.00%, 08/01/2030		1		1	4.50%, 09/01/2039		2,890		3,180
8.00%, 12/01/2030		10		10
8.50%, 04/01/2019		1		1	4.50%, 03/01/2041		5,260		5,761
					4.50%, 03/01/2042		12,972		14,329
8.50%, 07/01/2029		139		155	4.50%, 09/01/2043		6,411		7,139
		$		243,516	4.50%, 09/01/2043		10,359		11,536
Federal National Mortgage Association (FNMA) - 39.05%					4.50%, 09/01/2043		5,604		6,241
2.00%, 10/01/2027		3,608		3,647	4.50%, 11/01/2043		9,221		10,269
2.00%, 10/01/2027		4,884		4,936	4.50%, 05/01/2044		9,908		10,832
2.00%, 02/01/2028		6,413		6,481	4.50%, 09/01/2044		7,956		8,860
2.00%, 08/01/2028		3,850		3,891	4.50%, 10/01/2044		5,486		6,110
2.00%, 07/01/2030		8,073		8,092	5.00%, 01/01/2018		24		25
2.48%, 12/01/2033(a)		127		133	5.00%, 11/01/2018		141		146
2.50%, 06/01/2027		8,263		8,500	5.00%, 04/01/2019		42		45
2.50%, 05/01/2028		4,246		4,371	5.00%, 01/01/2026		124		136
2.50%, 05/01/2028		3,632		3,739	5.00%, 04/01/2035		249		278
2.50%, 07/01/2028		12,989		13,239	5.00%, 05/01/2035		141		156
2.50%, 03/01/2030		10,037		10,278	5.00%, 07/01/2035		47		52
2.59%, 03/01/2028(a)		14		15	5.00%, 02/01/2038		2,787		3,141
2.63%, 11/01/2033(a)		11		11	5.00%, 03/01/2038		2,102		2,366
3.00%, 04/01/2027		6,029		6,299	5.00%, 02/01/2040		11,015		12,458
3.00%, 05/01/2029		9,533		9,969	5.00%, 04/01/2040		1,195		1,336
3.00%, 06/01/2042		7,525		7,695	5.00%, 05/01/2040		4,135		4,677
3.00%, 10/01/2042		7,864		8,075	5.00%, 07/01/2040		3,049		3,439
3.00%, 11/01/2042		10,805		11,075	5.00%, 07/01/2041		5,486		6,125
3.00%, 12/01/2042		7,909		8,100	5.00%, 07/01/2041		12,531		14,173
3.00%, 01/01/2043		6,666		6,833	5.00%, 02/01/2044		5,036		5,696
3.00%, 01/01/2043		7,954		8,146	5.50%, 09/01/2017		22		22
3.00%, 02/01/2043		8,308		8,524	5.50%, 09/01/2017		3		3
3.00%, 02/01/2043		7,311		7,484	5.50%, 12/01/2017		130		133
3.00%, 04/01/2043		9,993		10,182	5.50%, 03/01/2018		30		31
3.00%, 04/01/2045		11,520		11,795	5.50%, 06/01/2019		7		8
3.00%, 07/01/2045		3,897		3,988	5.50%, 06/01/2019		9		9
3.50%, 02/01/2042		8,631		9,123	5.50%, 07/01/2019		36		37
3.50%, 03/01/2042		4,551		4,776	5.50%, 07/01/2019		11		11
3.50%, 06/01/2042		4,731		4,969	5.50%, 07/01/2019		3		3
3.50%, 07/01/2042		5,502		5,779	5.50%, 07/01/2019		22		24
3.50%, 07/01/2042		7,252		7,643	5.50%, 08/01/2019		45		47
3.50%, 09/01/2042		12,446		13,121	5.50%, 08/01/2019		8		9
3.50%, 11/01/2042		7,606		8,028	5.50%, 09/01/2019		54		57
3.50%, 02/01/2043		2,971		3,142	5.50%, 06/01/2026		105		117
3.50%, 05/01/2043		7,058		7,450	5.50%, 05/01/2033		185		204
3.50%, 10/01/2044		9,161		9,684	5.50%, 07/01/2033		963		1,099
3.50%, 11/01/2044		8,263		8,734	5.50%, 09/01/2033		581		663
3.50%, 03/01/2045		4,707		4,955	5.50%, 02/01/2035		2,278		2,571
3.50%, 03/01/2045		7,543		7,960	5.50%, 02/01/2037		14		16
3.50%, 06/01/2045		9,510		10,053	5.50%, 12/01/2037		1,411		1,606
3.50%, 08/01/2045		7,757		8,200	5.50%, 03/01/2038		380		434
3.50%, 09/01/2045		7,315		7,710	5.50%, 03/01/2038		563		636
4.00%, 01/01/2034		2,224		2,401	6.00%, 12/01/2016		36		37
4.00%, 08/01/2039		5,681		6,076	6.00%, 01/01/2017		1		1
4.00%, 09/01/2040		4,352		4,696	6.00%, 04/01/2017		9		10
4.00%, 01/01/2041		6,618		7,090	6.00%, 08/01/2017		170		174
4.00%, 04/01/2041		4,155		4,452	6.00%, 08/01/2018		145		149
4.00%, 04/01/2041		5,091		5,458	6.00%, 12/01/2022		20		23
4.00%, 11/01/2041		6,108		6,553	6.00%, 03/01/2029		71		81
4.00%, 02/01/2042		3,452		3,737	6.00%, 08/01/2031		465		531
4.00%, 04/01/2042		7,514		8,053	6.00%, 12/01/2031		4		4
4.00%, 03/01/2043		6,601		7,133	6.00%, 12/01/2031		2		2
4.00%, 08/01/2043		10,986		11,968	6.00%, 01/01/2032		350		388
4.00%, 08/01/2043		6,485		7,064	6.00%, 11/01/2032		10		12
4.00%, 10/01/2043		8,205		8,886	6.00%, 04/01/2033		281		308
4.00%, 04/01/2044		4,215		4,580	6.00%, 02/01/2034		228		258

See accompanying notes

58

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2016 (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)
6.00%, 03/01/2034		$	500	$	565
6.00%, 09/01/2034			1,050		1,174	5.50%, 07/20/2033	$	1,741	$	1,951
						5.50%, 03/20/2034		1,783		1,998
6.00%, 11/01/2037			150		169	5.50%, 05/20/2035		193		216
6.00%, 02/01/2038			187		212
6.00%, 03/01/2038			112		128	5.50%, 01/15/2039		392		437
						6.00%, 10/15/2023		103		116
6.00%, 08/01/2038			978		1,118	6.00%, 11/15/2023		19		22
6.00%, 04/01/2039			1,103		1,271
6.50%, 09/01/2024			286		328	6.00%, 11/15/2023		46		52
						6.00%, 12/15/2023		20		22
6.50%, 08/01/2028			69		79	6.00%, 12/15/2023		25		28
6.50%, 11/01/2028			49		56
6.50%, 12/01/2028			42		48	6.00%, 12/15/2023		2		2
						6.00%, 01/15/2024		14		15
6.50%, 02/01/2029			29		34	6.00%, 01/20/2024		6		6
6.50%, 03/01/2029			53		60
6.50%, 04/01/2029			27		31	6.00%, 02/15/2024		17		19
						6.00%, 02/15/2024		26		29
6.50%, 06/01/2031			118		132	6.00%, 02/15/2024		27		30
6.50%, 06/01/2031			72		82
6.50%, 06/01/2031			78		89	6.00%, 03/15/2024		16		18
						6.00%, 04/20/2024		28		32
6.50%, 09/01/2031			6		7	6.00%, 05/20/2024		20		23
6.50%, 12/01/2031			6		6
6.50%, 01/01/2032			34		39	6.00%, 05/20/2024		18		21
						6.00%, 10/20/2024		12		13
6.50%, 04/01/2032			22		26	6.00%, 09/20/2025		23		26
6.50%, 04/01/2032			369		423
6.50%, 08/01/2032			165		193	6.00%, 04/20/2026		69		79
						6.00%, 10/20/2028		10		12
6.50%, 11/01/2032			221		249	6.00%, 02/20/2029		110		127
6.50%, 11/01/2032			420		476	6.00%, 05/20/2032(a)		317		368
6.50%, 02/01/2033			238		272	6.00%, 08/15/2032		39		44
6.50%, 07/01/2034			668		777
6.50%, 04/01/2036			11		12	6.00%, 09/15/2032		74		83
6.50%, 08/01/2036			88		100	6.00%, 02/15/2033		26		29
						6.00%, 07/20/2033		1,336		1,544
6.50%, 08/01/2036			140		160	6.00%, 08/15/2038		287		326
6.50%, 10/01/2036			57		66
6.50%, 11/01/2036			53		62	6.50%, 09/15/2023		23		27
6.50%, 07/01/2037			34		41	6.50%, 09/15/2023		13		15
6.50%, 07/01/2037			47		57	6.50%, 09/15/2023		8		9
						6.50%, 09/15/2023		14		16
6.50%, 08/01/2037			848		1,017	6.50%, 10/15/2023		21		24
6.50%, 08/01/2037			68		78
6.50%, 01/01/2038			12		14	6.50%, 11/15/2023		5		5
						6.50%, 12/15/2023		27		31
6.50%, 02/01/2038			35		42	6.50%, 12/15/2023		7		8
6.50%, 05/01/2038			12		14
7.00%, 05/01/2022			16		17	6.50%, 12/15/2023		14		16
						6.50%, 12/15/2023		19		22
7.00%, 08/01/2028			85		97	6.50%, 01/15/2024		12		14
7.00%, 12/01/2028			92		105
7.00%, 07/01/2029			89		103	6.50%, 01/15/2024		40		46
						6.50%, 01/15/2024		7		9
7.00%, 11/01/2031			370		422	6.50%, 01/15/2024		18		21
7.00%, 07/01/2032			182		206
7.50%, 12/01/2024			123		136	6.50%, 01/15/2024		10		12
						6.50%, 01/15/2024		7		7
7.50%, 07/01/2029			26		26	6.50%, 03/15/2024		25		28
7.50%, 02/01/2030			86		95
7.50%, 01/01/2031			2		2	6.50%, 04/15/2024		17		19
						6.50%, 04/20/2024		11		13
7.50%, 08/01/2032			15		18	6.50%, 07/15/2024		45		52
8.00%, 05/01/2022			1		1
8.50%, 09/01/2025			1		2	6.50%, 01/15/2026		9		10
						6.50%, 03/15/2026		15		17
9.00%, 09/01/2030			33		40	6.50%, 07/20/2026		2		2
			$		610,083	6.50%, 10/20/2028		11		13
Government National Mortgage Association (GNMA) -						6.50%, 03/20/2031		89		104
7.45	%					6.50%, 04/20/2031		72		86
3.00%, 11/15/2042			7,130		7,366	6.50%, 07/15/2031		2		2
3.00%, 11/15/2042			9,468		9,833	6.50%, 10/15/2031		15		17
3.00%, 12/15/2042			7,399		7,660	6.50%, 07/15/2032		6		7
3.00%, 02/15/2043			7,781		8,080	6.50%, 05/20/2034		626		766
3.50%, 12/20/2041			5,823		6,159	6.80%, 04/20/2025		42		43
3.50%, 08/20/2042			7,174		7,602	7.00%, 11/15/2022		5		6
3.50%, 06/20/2043			7,782		8,254	7.00%, 11/15/2022		10		10
3.50%, 08/15/2043			10,066		10,623	7.00%, 12/15/2022		38		41
4.00%, 08/15/2041			6,261		6,804	7.00%, 12/15/2022		7		7
4.00%, 02/20/2043			3,446		3,705	7.00%, 01/15/2023		7		7
4.00%, 03/15/2044			6,515		7,104	7.00%, 01/15/2023		17		17
4.00%, 10/20/2044			6,261		6,738	7.00%, 01/15/2023		3		3
4.50%, 10/15/2039			4,313		4,742	7.00%, 02/15/2023		22		22
4.50%, 09/20/2041			5,166		5,643	7.00%, 07/15/2023		9		9
5.00%, 02/15/2034			216		241	7.00%, 07/15/2023		17		18
5.00%, 10/15/2039			4,342		4,881	7.00%, 07/15/2023		8		9

See accompanying notes

59

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2016 (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)
(continued)					U.S. Treasury - 4.51%
						2.25%, 11/30/2017	$	5,900	$	6,054
7.00%, 08/15/2023	$	17	$	19		3.00%, 11/15/2044		14,800		15,520
7.00%, 10/15/2023		14		15
7.00%, 12/15/2023		17		19		3.13%, 05/15/2021		18,000		19,554
						4.25%, 11/15/2040		9,510		12,305
7.00%, 12/15/2023		15		16		5.25%, 11/15/2028		5,300		7,149
7.00%, 01/15/2026		12		12
7.00%, 01/15/2027		24		26		6.25%, 08/15/2023		7,500		9,912
7.00%, 10/15/2027		2		2				$		70,494
7.00%, 10/15/2027		1		1	U.S. Treasury Strip - 0.41%
7.00%, 10/15/2027		9		9		0.00%, 05/15/2020(c),(d)		6,800		6,430
7.00%, 11/15/2027		25		25
7.00%, 12/15/2027		6		6	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
7.00%, 12/15/2027		2		2	OBLIGATIONS			$		1,046,813
7.00%, 02/15/2028		1		1	Total Investments			$		1,565,218
7.00%, 04/15/2028		3		3	Liabilities in Excess of Other Assets, Net - (0.19)%			$		(2,901	)
7.00%, 06/15/2028		147		165	TOTAL NET ASSETS - 100.00%			$		1,562,317
7.00%, 12/15/2028		74		83
7.00%, 01/15/2029		53		59
7.00%, 03/15/2029		33		34	(a)	Variable Rate. Rate shown is in effect at January 31, 2016.
7.00%, 04/15/2029		182		203	(b)	Security exempt from registration under Rule 144A of the Securities Act of
7.00%, 04/15/2029		18		18		1933. These securities may be resold in transactions exempt from
7.00%, 05/15/2031		10		12		registration, normally to qualified institutional buyers. At the end of the
7.00%, 06/20/2031		69		84		period, the value of these securities totaled $70,355 or 4.50% of net assets.
7.00%, 07/15/2031		2		2	(c)	Non-Income Producing Security
7.00%, 09/15/2031		2		3	(d)	Security is a Principal Only Strip.
7.25%, 09/15/2025		19		19
7.50%, 04/15/2017		1		1
7.50%, 04/15/2017		2		2
7.50%, 04/15/2017		3		3		Portfolio Summary (unaudited)
7.50%, 07/15/2018		4		4	Sector					Percent
7.50%, 12/15/2021		20		20	Mortgage Securities					92.39	%
7.50%, 02/15/2022		7		7	Government					4.92	%
7.50%, 03/15/2022		1		1	Exchange Traded Funds					1.87	%
7.50%, 03/15/2022		8		8	Asset Backed Securities					1.01	%
7.50%, 04/15/2022		3		3	Liabilities in Excess of Other Assets, Net					(0.19	)%
7.50%, 04/15/2022		23		23	TOTAL NET ASSETS					100.00	%
7.50%, 04/15/2022		6		6
7.50%, 07/15/2022		20		20
7.50%, 08/15/2022		15		15
7.50%, 08/15/2022		4		4
7.50%, 08/15/2022		2		2
7.50%, 08/15/2022		2		2
7.50%, 02/15/2023		9		10
7.50%, 05/15/2023		12		12
7.50%, 05/15/2023		3		3
7.50%, 06/15/2023		14		15
7.50%, 10/15/2023		1		1
7.50%, 11/15/2023		12		12
7.50%, 03/15/2024		21		23
7.50%, 08/15/2024		1		1
7.50%, 05/15/2027		6		6
7.50%, 05/15/2027		17		17
7.50%, 06/15/2027		10		10
7.50%, 08/15/2029		54		61
7.50%, 09/15/2029		20		20
7.50%, 10/15/2029		64		73
7.50%, 11/15/2029		49		50
7.50%, 11/15/2029		80		84
8.00%, 06/15/2017		1		1
8.00%, 02/15/2022		20		22
8.00%, 04/15/2022		14		14
8.00%, 12/15/2030		7		9
9.00%, 11/15/2021		48		53
9.50%, 10/15/2017		3		3
9.50%, 11/15/2017		3		3
9.50%, 09/20/2018		16		16
9.50%, 09/15/2020		7		7
9.50%, 12/20/2020		15		15
9.50%, 01/20/2021		1		1
9.50%, 02/20/2021		1		1
9.50%, 08/15/2021		48		55
		$		116,290

See accompanying notes

60

Schedule of Investments
High Yield Fund
January 31, 2016 (unaudited)
	COMMON STOCKS - 0.02%		Shares Held	Value(000's)						Principal
							BONDS (continued)			Amount (000's)	Value (000's)
	Biotechnology - 0.00%
	Neuro-Hitech Inc (a),(b)		250,000			$—	Banks- 4.95	%
							Barclays PLC
							8.25%, 12/29/2049(f),(g)		$	37,160	$	38,921
	Commercial Services - 0.02%						CIT Group Inc
	Network Holding Co KSCC (a),(b),(c)		393,257			488
							3.88%, 02/19/2019			17,125		16,988
							ING Bank NV
	Computers - 0.00%						5.80%, 09/25/2023(d)			18,700		20,118
	GCB S3 Inc (a),(b)		10,000,000			—	JPMorgan Chase & Co
							5.00%, 12/29/2049(f),(g)			27,925		26,197
							Popular Inc
	Energy - Alternate Sources - 0.00%						7.00%, 07/01/2019			8,920		8,307
	Ogden Corp (a),(b),(c)		5,000,000			—
							Royal Bank of Scotland Group PLC
							7.50%, 12/29/2049(f),(g)			12,800		13,024
	TOTAL COMMON STOCKS					$488	Wells Fargo & Co
	INVESTMENT COMPANIES - 1.78%		Shares Held	Value(000's)			5.87%, 12/29/2049(f),(g)			8,765		9,239
							5.90%, 12/29/2049(f),(g)			18,000		18,158
	Publicly Traded Investment Fund - 1.78%
	Goldman Sachs Financial Square Funds -		54,260,398			54,260				$		150,952
	Government Fund						Beverages - 0.79%
							Constellation Brands Inc
	TOTAL INVESTMENT COMPANIES					$54,260	3.75%, 05/01/2021			7,770		7,813
			Principal				4.25%, 05/01/2023			15,780		16,155
	BONDS- 88.81	%	Amount (000's)		Value(000's)					$		23,968
	Advertising - 0.37%						Building Materials - 1.17%
	MDC Partners Inc						Boise Cascade Co
	6.75%, 04/01/2020(d)		$11,318			$11,219	6.38%, 11/01/2020			7,920		8,039
							Cemex SAB de CV
	Aerospace & Defense - 0.17%						6.13%, 05/05/2025(d)			3,675		3,146
	Air 2 US						7.25%, 01/15/2021(d)			8,785		8,354
	8.63%, 10/01/2020(d)		5,197			5,326	Norbord Inc
							5.38%, 12/01/2020(d)			10,175		10,175
							Vulcan Materials Co
	Agriculture - 0.68%						4.50%, 04/01/2025			5,925		5,881
	Pinnacle Operating Corp									$		35,595
	9.00%, 11/15/2020(d)		22,113			20,676
							Chemicals - 2.71%
							A Schulman Inc
	Airlines - 0.39%						6.88%, 06/01/2023(d)			7,105		6,395
	Air Canada						Aruba Investments Inc
	6.75%, 10/01/2019(d)		3,265			3,347	8.75%, 02/15/2023(d)			10,280		9,727
	American Airlines 2015-1 Class B Pass						Axiall Corp
	Through Trust						4.88%, 05/15/2023			8,767		8,252
	3.70%, 11/01/2024		2,685			2,596	Blue Cube Spinco Inc
	United Airlines 2014-1 Class B Pass Through						9.75%, 10/15/2023(d)			3,315		3,564
	Trust						Consolidated Energy Finance SA
	4.75%, 10/11/2023		3,332			3,324	6.75%, 10/15/2019(d)			11,995		10,556
	US Airways 2001-1G Pass Through Trust						Cornerstone Chemical Co
	7.08%, 09/20/2022		2,392			2,553	9.38%, 03/15/2018(d)			9,815		8,735
						$11,820	Eagle Spinco Inc
	Automobile Manufacturers - 1.87%						4.63%, 02/15/2021			12,340		11,954
	Fiat Chrysler Automobiles NV						NOVA Chemicals Corp
	4.50%, 04/15/2020		7,500			7,327	5.00%, 05/01/2025(d)			4,760		4,463
	Jaguar Land Rover Automotive PLC						5.25%, 08/01/2023(d)			19,515		19,100
	3.50%, 03/15/2020(d)		7,400			7,160				$		82,746
	4.13%, 12/15/2018(d)		11,130			11,214
	4.25%, 11/15/2019(d)		12,880			12,944	Commercial Services - 0.52%
							Ahern Rentals Inc
	5.63%, 02/01/2023(d)		6,780			6,678	7.38%, 05/15/2023(d)			7,070		5,161
	Navistar International Corp						Jurassic Holdings III Inc
	8.25%, 11/01/2021		18,595			11,575	6.88%, 02/15/2021(d)			8,060		4,836
						$56,898	TMS International Corp
	Automobile Parts & Equipment - 1.47%						7.63%, 10/15/2021(d)			7,500		5,794
	Dana Holding Corp									$		15,791
	5.50%, 12/15/2024		5,970			5,362	Computers - 0.28%
	6.00%, 09/15/2023		6,525			6,215	Compiler Finance Sub Inc
	Lear Corp						7.00%, 05/01/2021(d)			12,770		5,363
	5.25%, 01/15/2025		8,450			8,778	IHS Inc
	Schaeffler Holding Finance BV						5.00%, 11/01/2022			3,065		3,065
	6.75%, PIK 7.50%, 11/15/2022(d),(e)		7,500			7,838
	ZF North America Capital Inc									$		8,428
	4.00%, 04/29/2020(d)		10,200			10,182	Consumer Products - 0.36%
	4.50%, 04/29/2022(d)		2,030			1,956	Spectrum Brands Inc
	4.75%, 04/29/2025(d)		4,780			4,481	5.75%, 07/15/2025(d)			10,830		11,101
						$44,812

See accompanying notes

61

Schedule of Investments
High Yield Fund
January 31, 2016 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's)    Value (000's)			BONDS (continued)		Amount (000's)   Value (000's)
Distribution & Wholesale - 1.03%					Entertainment (continued)
American Builders & Contractors Supply Co					Eldorado Resorts Inc
Inc					7.00%, 08/01/2023(d)		$	10,345	$	10,190
5.75%, 12/15/2023(d)	$	5,550	$	5,661	Peninsula Gaming LLC / Peninsula Gaming
Global Partners LP / GLP Finance Corp					Corp
7.00%, 06/15/2023		10,170		7,322	8.38%, 02/15/2018(d)			16,680		16,930
HD Supply Inc					Regal Entertainment Group
5.25%, 12/15/2021(d)		2,525		2,598	5.75%, 03/15/2022			8,090		8,141
7.50%, 07/15/2020		15,120		15,725	WMG Acquisition Corp
		$		31,306	6.75%, 04/15/2022(d)			9,685		8,523
					WMG Holdings Corp
Diversified Financial Services - 5.85%					13.75%, 10/01/2019			8,435		8,962
AerCap Ireland Capital Ltd / AerCap Global								$		118,444
Aviation Trust
4.63%, 10/30/2020		5,865		5,777	Food- 2.19	%
4.63%, 07/01/2022		16,135		15,691	BI-LO LLC / BI-LO Finance Corp
Aircastle Ltd					9.25%, 02/15/2019(d)			10,875		10,331
4.63%, 12/15/2018		3,915		3,949	Ingles Markets Inc
5.13%, 03/15/2021		17,575		17,355	5.75%, 06/15/2023			10,265		10,291
5.50%, 02/15/2022		5,165		5,139	JBS USA LLC / JBS USA Finance Inc
7.63%, 04/15/2020		8,050		8,815	5.75%, 06/15/2025(d)			9,165		7,011
Ally Financial Inc					Post Holdings Inc
5.75%, 11/20/2025		7,155		7,137	7.38%, 02/15/2022			6,910		7,281
Credit Acceptance Corp					7.75%, 03/15/2024(d)			4,585		4,883
6.13%, 02/15/2021		27,150		25,996	Smithfield Foods Inc
7.38%, 03/15/2023(d)		11,060		10,701	5.25%, 08/01/2018(d)			4,339		4,426
Denali Borrower LLC / Denali Finance Corp					5.88%, 08/01/2021(d)			14,255		14,469
5.63%, 10/15/2020(d)		7,410		7,799	TreeHouse Foods Inc
Fly Leasing Ltd					6.00%, 02/15/2024(d)			7,945		8,174
6.38%, 10/15/2021		20,730		20,056				$		66,866
Icahn Enterprises LP / Icahn Enterprises
Finance Corp					Forest Products & Paper - 0.79%
5.88%, 02/01/2022		6,100		5,452	Resolute Forest Products Inc
6.00%, 08/01/2020		7,060		6,627	5.88%, 05/15/2023			9,830		6,291
					Sappi Papier Holding GmbH
Navient Corp					7.50%, 06/15/2032(d)			5,985		5,387
6.13%, 03/25/2024		9,965		8,184	7.75%, 07/15/2017(d)			5,000		5,175
OneMain Financial Holdings Inc
7.25%, 12/15/2021(d)		17,355		17,182	Tembec Industries Inc
					9.00%, 12/15/2019(d)			9,430		5,964
Springleaf Finance Corp
5.25%, 12/15/2019		13,650		12,490	Verso Paper Holdings LLC / Verso Paper Inc
		$		178,350	11.75%, 01/15/2019			7,920		1,386
								$		24,203
Electric - 1.90%
Dynegy Inc					Hand & Machine Tools - 0.16%
6.75%, 11/01/2019		3,500		3,377	Paternoster Holding III GmbH
					8.50%, 02/15/2023(d)		EUR	4,900		4,910
7.38%, 11/01/2022		12,610		11,160
Elwood Energy LLC
8.16%, 07/05/2026		6,915		7,469	Healthcare - Products - 2.34%
Indiantown Cogeneration LP					ConvaTec Finance International SA
9.77%, 12/15/2020		2,336		2,628	8.25%, PIK 9.00%, 01/15/2019(d),(e)		$	17,065		15,188
Miran Mid-Atlantic Series C Pass Through					ConvaTec Healthcare E SA
Trust					10.50%, 12/15/2018(d)			300		306
10.06%, 12/30/2028		18,968		18,209	DJO Finco Inc / DJO Finance LLC / DJO
Mirant Mid-Atlantic Series B Pass Through					Finance Corp
Trust					8.13%, 06/15/2021(d)			16,265		13,663
9.13%, 06/30/2017		338		338	Hill-Rom Holdings Inc
NRG Energy Inc					5.75%, 09/01/2023(d),(f)			6,440		6,561
6.25%, 05/01/2024		6,760		5,391	Kinetic Concepts Inc / KCI USA Inc
8.25%, 09/01/2020		10,375		9,415	10.50%, 11/01/2018			3,560		3,453
		$		57,987	Mallinckrodt International Finance SA /
					Mallinckrodt CB LLC
Engineering & Construction - 0.27%					5.63%, 10/15/2023(d)			19,915		18,670
Aguila 3 SA
7.88%, 01/31/2018(d)		8,070		8,201	Universal Hospital Services Inc
					7.63%, 08/15/2020			15,410		13,561
								$		71,402
Entertainment - 3.89%
Carmike Cinemas Inc					Healthcare - Services - 4.09%
6.00%, 06/15/2023(d)		7,040		7,295	Centene Corp
CCM Merger Inc					4.75%, 05/15/2022			14,700		14,112
9.13%, 05/01/2019(d)		22,291		22,960	Centene Escrow Corp
					5.63%, 02/15/2021(d),(h)			3,930		3,999
Cinemark USA Inc					6.13%, 02/15/2024(d),(h)			4,935		5,071
4.88%, 06/01/2023		20,905		20,539
					Fresenius Medical Care US Finance II Inc
DreamWorks Animation SKG Inc					4.75%, 10/15/2024(d)			5,770		5,799
6.88%, 08/15/2020(d)		15,055		14,904

See accompanying notes

62

Schedule of Investments
High Yield Fund
January 31, 2016 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)		Value (000's)		BONDS (continued)		Amount (000's)		Value (000's)
Healthcare - Services (continued)					Lodging (continued)
Fresenius Medical Care US Finance II					MGM Resorts International
Inc (continued)					6.00%, 03/15/2023		$	6,510	$	6,490
5.88%, 01/31/2022(d)	$	7,825	$	8,471	6.63%, 12/15/2021			6,290		6,463
6.50%, 09/15/2018(d)		4,895		5,384	10.00%, 11/01/2016			3,205		3,365
HCA Holdings Inc								$		21,758
6.25%, 02/15/2021		2,480		2,616
HCA Inc					Machinery - Construction & Mining - 0.15%
4.75%, 05/01/2023		21,400		21,454	Vander Intermediate Holding II Corp
					9.75%, PIK 10.50%, 02/01/2019(d),(e)			9,350		4,511
5.00%, 03/15/2024		17,315		17,531
5.25%, 04/15/2025		3,915		4,013
5.88%, 03/15/2022		8,015		8,596	Media- 8.70	%
Molina Healthcare Inc					Altice Financing SA
5.38%, 11/15/2022(d)		10,005		9,980	6.50%, 01/15/2022(d)			5,830		5,801
MPH Acquisition Holdings LLC					6.63%, 02/15/2023(d)			3,000		2,947
6.63%, 04/01/2022(d)		8,280		8,290	Altice Finco SA
WellCare Health Plans Inc					8.13%, 01/15/2024(d)			3,775		3,624
5.75%, 11/15/2020		9,115		9,275	Altice Luxembourg SA
		$		124,591	7.75%, 05/15/2022(d)			27,815		25,937
					Cable One Inc
Holding Companies - Diversified - 0.39%					5.75%, 06/15/2022(d)			2,150		2,172
Argos Merger Sub Inc
7.13%, 03/15/2023(d)		11,930		12,019	Cablevision Systems Corp
					8.00%, 04/15/2020			10,875		10,277
					CCO Holdings LLC / CCO Holdings Capital
Home Builders - 2.09%					Corp
Lennar Corp					5.13%, 05/01/2023(d)			39,650		39,650
4.13%, 12/01/2018		9,125		9,217	CCOH Safari LLC
4.50%, 11/15/2019		8,300		8,528	5.75%, 02/15/2026(d)			1,680		1,671
4.75%, 11/15/2022(f)		7,561		7,372	DISH DBS Corp
WCI Communities Inc					5.88%, 07/15/2022			22,230		20,924
6.88%, 08/15/2021		21,855		22,292	5.88%, 11/15/2024			8,205		7,313
Woodside Homes Co LLC / Woodside Homes					6.75%, 06/01/2021			19,035		19,416
Finance Inc					7.88%, 09/01/2019			12,500		13,563
6.75%, 12/15/2021(d)		18,625		16,157	Neptune Finco Corp
		$		63,566	6.63%, 10/15/2025(d)			4,225		4,383
					10.13%, 01/15/2023(d)			13,135		13,890
Insurance - 2.54%					Numericable-SFR SAS
CNO Financial Group Inc					6.00%, 05/15/2022(d)			7,655		7,540
4.50%, 05/30/2020		4,545		4,658
Liberty Mutual Group Inc					RCN Telecom Services LLC / RCN Capital
7.00%, 03/07/2067(d),(f)		19,172		17,830	Corp
					8.50%, 08/15/2020(d)			16,475		16,557
Voya Financial Inc
5.65%, 05/15/2053(f)		56,572		54,875	TVN Finance Corp III AB
					7.38%, 12/15/2020(d)		EUR	2,200		2,550
		$		77,363	Unitymedia GmbH
Internet - 1.33%					6.13%, 01/15/2025(d)		$	8,940		9,076
United Group BV					Unitymedia Hessen GmbH & Co KG /
7.88%, 11/15/2020(d)	EUR	12,000		13,689	Unitymedia NRW GmbH
Zayo Group LLC / Zayo Capital Inc					5.50%, 01/15/2023(d)			16,650		17,409
6.00%, 04/01/2023	$	21,635		21,148	Univision Communications Inc
10.13%, 07/01/2020		5,286		5,682	6.75%, 09/15/2022(d)			4,516		4,651
					8.50%, 05/15/2021(d)			11,896		11,807
		$		40,519
					WideOpenWest Finance LLC /
Iron & Steel - 2.31%					WideOpenWest Capital Corp
AK Steel Corp					13.38%, 10/15/2019			21,140		19,343
7.63%, 05/15/2020		6,355		2,415	10.25%, 07/15/2019			3,180		2,997
ArcelorMittal					Ziggo Bond Finance BV
6.50%, 03/01/2021(f)		2,275		1,848	4.63%, 01/15/2025(d)		EUR	1,500		1,508
8.00%, 10/15/2039(f)		38,810		27,361				$		265,006
Commercial Metals Co
4.88%, 05/15/2023		23,670		19,676	Metal Fabrication & Hardware - 0.12%
Signode Industrial Group Lux SA/Signode					Wise Metals Intermediate Holdings LLC/Wise
Industrial Group US Inc					Holdings Finance Corp
6.38%, 05/01/2022(d)		22,965		19,061	9.75%, PIK 10.50%, 06/15/2019(d),(e)		$	10,055		3,821
		$		70,361
Leisure Products & Services - 0.75%					Mining - 1.84%
NCL Corp Ltd					FMG Resources August 2006 Pty Ltd
4.63%, 11/15/2020(d)		12,870		12,516	6.88%, 04/01/2022(d)			8,180		4,581
5.25%, 11/15/2019(d)		10,175		10,226	8.25%, 11/01/2019(d)			17,720		14,353
					9.75%, 03/01/2022(d)			4,215		3,657
		$		22,742
					Midwest Vanadium Pty Ltd
Lodging - 0.71%					0.00%, 02/15/2018(a),(d)			11,225		505
Boyd Gaming Corp					St Barbara Ltd
6.88%, 05/15/2023		5,360		5,440	8.88%, 04/15/2018(d)			15,120		14,666

See accompanying notes

63

Schedule of Investments
High Yield Fund
January 31, 2016 (unaudited)
		Principal						Principal
BONDS (continued)		Amount (000's)	Value (000's)		BONDS (continued)			Amount (000's)	Value (000's)
Mining (continued)					Packaging & Containers (continued)
Taseko Mines Ltd					Ardagh Packaging Finance PLC / Ardagh
7.75%, 04/15/2019	$	10,635	$	5,743	Holdings USA Inc (continued)
Teck Resources Ltd					6.00%, 06/30/2021(d)		$	4,280	$	3,863
2.50%, 02/01/2018		15,185		12,471	7.00%, 11/15/2020(d)			1,039		984
		$		55,976	Berry Plastics Corp
					6.00%, 10/15/2022(d)			4,645		4,738
Miscellaneous Manufacturers - 0.34%
Bombardier Inc					Beverage Packaging Holdings Luxembourg II
5.50%, 09/15/2018(d)		6,875		6,101	SA / Beverage Packaging Holdings II
					5.63%, 12/15/2016(d)			4,845		4,784
7.50%, 03/15/2025(d)		6,235		4,287
					6.00%, 06/15/2017(d)			2,755		2,659
		$		10,388	Coveris Holding Corp
Oil & Gas - 4.39%					10.00%, 06/01/2018(d)			11,160		10,574
Baytex Energy Corp					Coveris Holdings SA
5.13%, 06/01/2021(d)		7,195		4,317	7.88%, 11/01/2019(d)			8,780		6,936
Carrizo Oil & Gas Inc					Crown Cork & Seal Co Inc
6.25%, 04/15/2023		1,510		1,055	7.38%, 12/15/2026			15,449		16,530
7.50%, 09/15/2020		14,800		11,507	Reynolds Group Issuer Inc / Reynolds Group
Chaparral Energy Inc					Issuer LLC / Reynolds Group Issuer
7.63%, 11/15/2022		18,979		3,606	(Luxembourg) S.A.
9.88%, 10/01/2020		7,360		1,288	7.88%, 08/15/2019			2,735		2,838
Chesapeake Energy Corp					9.88%, 08/15/2019			1,193		1,166
8.00%, 12/15/2022(d)		11,430		4,886				$		75,523
Denbury Resources Inc					Pharmaceuticals - 1.97%
5.50%, 05/01/2022		18,285		6,400	Alphabet Holding Co Inc
EP Energy LLC / Everest Acquisition Finance					7.75%, 11/01/2017			9,020		8,817
Inc					JLL/Delta Dutch Pledgeco BV
6.38%, 06/15/2023		8,430		2,950	8.75%, PIK 9.50%, 05/01/2020(d),(e)			11,640		10,301
9.38%, 05/01/2020		21,895		9,305	Valeant Pharmaceuticals International Inc
Halcon Resources Corp					5.38%, 03/15/2020(d)			10,120		9,545
8.63%, 02/01/2020(d)		3,090		1,947
					5.50%, 03/01/2023(d)			8,875		7,832
9.75%, 07/15/2020		18,280		2,651	5.88%, 05/15/2023(d)			19,955		17,860
12.00%, 02/15/2022(d)		1,082		628
					7.50%, 07/15/2021(d)			5,895		5,847
Linn Energy LLC / Linn Energy Finance								$		60,202
Corp
6.25%, 11/01/2019(f)		9,585		1,198	Pipelines - 1.23%
6.50%, 05/15/2019		13,210		1,783	Energy Transfer Equity LP
Northern Blizzard Resources Inc					5.88%, 01/15/2024			7,960		6,209
7.25%, 02/01/2022(d)		13,414		9,591	Sabine Pass Liquefaction LLC
Oasis Petroleum Inc					5.63%, 02/01/2021(f)			10,410		9,525
6.50%, 11/01/2021		3,655		2,193	5.63%, 03/01/2025			20,000		17,200
6.88%, 03/15/2022		5,645		3,274	6.25%, 03/15/2022			4,915		4,528
6.88%, 01/15/2023		11,825		6,740				$		37,462
PDC Energy Inc
7.75%, 10/15/2022		24,945		23,698	Real Estate - 0.53%
QEP Resources Inc					Crescent Resources LLC / Crescent Ventures
5.25%, 05/01/2023		13,091		8,902	Inc
					10.25%, 08/15/2017(d)			16,155		16,155
Seven Generations Energy Ltd
6.75%, 05/01/2023(d)		3,080		2,556
Sunoco LP / Sunoco Finance Corp					REITS- 1.42	%
5.50%, 08/01/2020(d)		7,070		6,628	DuPont Fabros Technology LP
6.38%, 04/01/2023(d)		10,945		10,097	5.88%, 09/15/2021			12,075		12,437
Ultra Petroleum Corp					Equinix Inc
6.13%, 10/01/2024(d)		13,355		1,870	5.38%, 01/01/2022			10,065		10,467
WPX Energy Inc					5.88%, 01/15/2026			3,125		3,234
7.50%, 08/01/2020		7,750		4,868	iStar Inc
		$		133,938	3.88%, 07/01/2016			1,630		1,622
					4.88%, 07/01/2018			7,230		6,905
Oil & Gas Services - 0.56%					9.00%, 06/01/2017			8,295		8,482
Archrock Partners LP / Archrock Partners
Finance Corp								$		43,147
6.00%, 10/01/2022		7,955		5,966	Retail - 4.01%
PHI Inc					BMC Stock Holdings Inc
5.25%, 03/15/2019		10,570		8,535	9.00%, 09/15/2018(d)			14,375		14,914
Seventy Seven Operating LLC					Claire's Stores Inc
6.63%, 11/15/2019		11,835		2,456	9.00%, 03/15/2019(d)			3,120		1,864
		$		16,957	Dollar Tree Inc
					5.75%, 03/01/2023(d)			6,640		6,997
Packaging & Containers - 2.48%
Ardagh Finance Holdings SA					JC Penney Corp Inc
8.63%, PIK 8.63%, 06/15/2019(d),(e)		7,678		7,064	5.65%, 06/01/2020			15,695		12,948
					L Brands Inc
Ardagh Packaging Finance PLC / Ardagh					6.88%, 11/01/2035(d)			7,245		7,490
Holdings USA Inc
3.51%, 12/15/2019(d),(f)		14,000		13,387

See accompanying notes

64

Schedule of Investments
High Yield Fund
January 31, 2016 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)     Value (000's)				BONDS (continued)		Amount (000's)  Value (000's)
Retail (continued)					Telecommunications (continued)
Landry's Holdings II Inc					Sprint Capital Corp
10.25%, 01/01/2018(d)	$	18,155	$	17,973	6.88%, 11/15/2028		$	7,235	$	4,766
Landry's Inc					Sprint Communications Inc
9.38%, 05/01/2020(d)		11,755		12,416	7.00%, 08/15/2020			26,235		19,283
Michaels Stores Inc					9.00%, 11/15/2018(d)			6,850		6,987
5.88%, 12/15/2020(d)		12,293		12,662	Sprint Corp
Petco Holdings Inc					7.13%, 06/15/2024			8,840		5,967
8.50%, PIK 9.25%, 10/15/2017(d),(e)		9,525		9,704	7.88%, 09/15/2023			7,845		5,590
Rite Aid Corp					T-Mobile USA Inc
6.13%, 04/01/2023(d)		11,685		12,328	6.13%, 01/15/2022			4,110		4,182
Tops Holding LLC / Tops Markets II Corp					6.25%, 04/01/2021			20,800		21,164
8.00%, 06/15/2022(d)		13,525		12,849	6.50%, 01/15/2024			4,025		4,065
		$		122,145	6.50%, 01/15/2026			9,620		9,620
					6.63%, 04/28/2021			12,140		12,550
Savings & Loans - 0.00%					UPCB Finance IV Ltd
Washington Mutual Bank / Henderson NV					5.38%, 01/15/2025(d)			2,000		1,920
0.00%, 06/15/2011(a),(b)		3,500		—
0.00%, 01/15/2013(a),(b)		3,000		1	Virgin Media Finance PLC
					5.75%, 01/15/2025(d)			5,000		4,950
0.00%, 01/15/2015(a),(f)		2,000		—
					6.00%, 10/15/2024(d)			2,940		2,962
		$		1	Virgin Media Secured Finance PLC
Semiconductors - 0.84%					5.25%, 01/15/2026(d)			3,965		3,925
Micron Technology Inc					Wind Acquisition Finance SA
5.25%, 01/15/2024(d)		22,140		17,989	4.75%, 07/15/2020(d)			10,885		10,694
NXP BV / NXP Funding LLC					7.38%, 04/23/2021(d)			23,940		22,758
5.75%, 02/15/2021(d)		805		833				$		229,672
Sensata Technologies UK Financing Co plc					Transportation - 2.06%
6.25%, 02/15/2026(d)		6,640		6,773
					Eletson Holdings Inc
		$		25,595	9.63%, 01/15/2022(d)			17,244		14,657
Shipbuilding - 0.23%					Hornbeck Offshore Services Inc
Huntington Ingalls Industries Inc					5.00%, 03/01/2021			9,980		5,639
5.00%, 11/15/2025(d)		6,820		7,025	Navios Maritime Acquisition Corp / Navios
					Acquisition Finance US Inc
					8.13%, 11/15/2021(d)			37,660		29,940
Software - 2.04%					Navios Maritime Holdings Inc / Navios
Activision Blizzard Inc					Maritime Finance II US Inc
5.63%, 09/15/2021(d)		17,765		18,653	7.38%, 01/15/2022(d)			16,245		5,848
6.13%, 09/15/2023(d)		15,090		16,146
					Navios South American Logistics Inc / Navios
First Data Corp					Logistics Finance US Inc
5.00%, 01/15/2024(d)		5,355		5,355	7.25%, 05/01/2022(d)			13,220		6,808
5.75%, 01/15/2024(d)		5,570		5,528
								$		62,892
MSCI Inc					TOTAL BONDS			$		2,706,504
5.25%, 11/15/2024(d)		6,675		6,884
5.75%, 08/15/2025(d)		3,315		3,506			Principal
Rackspace Hosting Inc					CONVERTIBLE BONDS - 0.68%		Amount (000's) Value (000's)
6.50%, 01/15/2024(d)		6,681		6,096	Banks- 0.26	%
		$		62,168	ING Groep NV
					6.00%, 12/29/2049(f),(g)			8,150		7,900
Telecommunications - 7.54%
B Communications Ltd
7.38%, 02/15/2021(d)		5,550		6,017	Food Service - 0.00%
CenturyLink Inc					FU JI Food and Catering Services Holdings
5.63%, 04/01/2025		9,885		8,402	Ltd
Frontier Communications Corp					0.00%, 11/09/2009(a),(b)		HKD	46,500		—
8.88%, 09/15/2020(d)		3,175		3,187	0.00%, 10/18/2010(a),(b)		CNY	245,000		—
11.00%, 09/15/2025(d)		12,975		12,505				$		—
10.50%, 09/15/2022(d)		10,545		10,255
Goodman Networks Inc					Semiconductors - 0.42%
12.13%, 07/01/2018		14,363		4,309	Jazz US Holdings Inc
Intelsat Jackson Holdings SA					8.00%, 12/31/2018		$	8,893		12,762
6.63%, 12/15/2022		5,795		3,752
7.25%, 10/15/2020		12,140		10,440	TOTAL CONVERTIBLE BONDS			$		20,662
Intelsat Luxembourg SA					SENIOR FLOATING RATE INTERESTS -        Principal
7.75%, 06/01/2021		10,180		4,428	7.33	%	Amount (000's) Value (000's)
Level 3 Communications Inc					Aerospace & Defense - 0.47%
5.75%, 12/01/2022		5,470		5,634	B/E Aerospace Inc, Term Loan B
Level 3 Financing Inc					4.00%, 11/19/2021(f)		$	14,232	$	14,214
5.13%, 05/01/2023		4,440		4,462
5.38%, 08/15/2022		7,935		8,054
5.38%, 01/15/2024(d)		3,460		3,495	Building Materials - 0.06%
					GYP Holdings III Corp, Term Loan B
Play Finance 1 SA					7.75%, 03/25/2022(f)			1,850		1,750
6.50%, 08/01/2019	EUR	3,000		3,349

See accompanying notes

65

Schedule of Investments

High Yield Fund

January 31, 2016 (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)

Chemicals - 0.26%

Oil & Gas Services - 0.08%

Emerald Performance Materials LLC, Term

Seventy Seven Operating LLC, Term Loan B

Loan

3.75%, 06/17/2021(f)

$

4,477

$

2,529

7.75%, 07/22/2022(f)

$

8,475

$

7,963

Packaging & Containers - 0.22%

Consumer Products - 0.27%

SIG Combibloc PurchaseCo Sarl, Term Loan

Dell International LLC, Term Loan B2

B

4.00%, 04/29/2020(f)

8,321

8,294

4.25%, 03/11/2022(f)

6,754

6,671

Electric - 0.12%

Pharmaceuticals - 0.21%

Texas Competitive Electric Holdings Co LLC,

Valeant Pharmaceuticals International Inc,

Term Loan NONEXT

Term Loan BF1

4.95%, 04/25/2015(f)

12,873

3,756

4.00%, 04/01/2022(f)

6,579

6,323

Entertainment - 0.80%

REITS - 0.37%

CCM Merger Inc, Term Loan B

iStar Inc, Term Loan A2

4.50%, 07/30/2021(f)

5,027

4,996

7.00%, 03/19/2017(f)

11,323

11,266

Lions Gate Entertainment Corp, Term Loan

B

5.00%, 03/11/2022(f)

10,245

10,091

Retail - 0.66%

Academy Ltd, Term Loan B

Peninsula Gaming LLC, Term Loan B

5.00%, 06/16/2022(f)

13,450

12,867

4.25%, 11/30/2017(f)

9,481

9,446

Michaels Stores Inc, Term Loan B

$

24,533

4.00%, 01/20/2028(f)

6,391

6,300

Forest Products & Paper - 0.81%

PetSmart Inc, Term Loan B

Caraustar Industries Inc, Term Loan B

4.26%, 03/11/2022(f)

953

922

8.00%, 04/26/2019(f)

11,637

11,405

$

20,089

8.00%, 05/01/2019(f)

11,491

11,242

NewPage Corp, Term Loan B

Semiconductors - 0.59%

9.50%, 02/05/2021(f)

8,208

2,042

Avago Technologies Cayman Finance Ltd,

Term Loan B-1

$

24,689

0.00%, 11/11/2022(f),(i)

10,725

10,546

Healthcare - Services - 0.91%

NXP BV, Term Loan B

Lantheus Medical Imaging Inc, Term Loan B

3.75%, 11/05/2020(f)

7,540

7,521

7.04%, 06/24/2022(f)

12,995

11,695

$

18,067

MPH Acquisition Holdings LLC, Term Loan

B

Telecommunications - 0.32%

3.75%, 03/19/2021(f)

8,223

8,009

Altice Financing SA, Delay-Draw Term Loan

DD

Radnet Management Inc, Term Loan B

5.50%, 07/03/2019(f)

4,974

4,938

8.00%, 03/25/2021(f)

8,770

7,981

NTELOS Inc, Term Loan B

$

27,685

5.75%, 11/09/2019(f)

4,759

4,735

Insurance - 0.21%

$

9,673

Asurion LLC, Term Loan

TOTAL SENIOR FLOATING RATE INTERESTS

$

223,316

8.50%, 02/19/2021(f)

7,505

6,315

Total Investments

$

3,005,230

Other Assets in Excess of Liabilities, Net - 1.39%

$

42,290

Internet - 0.03%

TOTAL NET ASSETS - 100.00%

$

3,047,520

Zayo Group LLC, Term Loan B

3.75%, 05/06/2021(f)

801

788

(a)

Non-Income Producing Security

(b)

Fair value of these investments is determined in good faith by the Manager

Media- 0.71

%

under procedures established and periodically reviewed by the Board of

Adria Topco BV, PIK Term Loan

Directors. At the end of the period, the fair value of these securities totaled

0.00%, PIK 9.00%, 06/04/2019(e),(f),(i)

1,400

1,375

$489 or 0.02% of net assets.

Univision Communications Inc, Term Loan

(c)

Security is Illiquid. At the end of the period, the value of these securities

C3

totaled $488 or 0.02% of net assets.

4.00%, 03/01/2020(f)

3,217

3,139

(d)

Security exempt from registration under Rule 144A of the Securities Act of

Univision Communications Inc, Term Loan

1933. These securities may be resold in transactions exempt from

C4

registration, normally to qualified institutional buyers. At the end of the

4.00%, 03/01/2020(f)

7,903

7,701

period, the value of these securities totaled $1,389,760 or 45.60% of net

WideOpenWest Finance LLC, Term Loan B

assets.

4.50%, 04/01/2019(f)

9,699

9,433

(e)

Payment in kind; the issuer has the option of paying additional securities

$

21,648

in lieu of cash.

(f)

Variable Rate. Rate shown is in effect at January 31, 2016.

Mining - 0.10%

(g)

Perpetual security. Perpetual securities pay an indefinite stream of

FMG Resources August 2006 Pty Ltd, Term

interest, but they may be called by the issuer at an earlier date.

Loan B

(h)

Security purchased on a when-issued basis.

4.25%, 06/30/2019(f)

4,587

3,168

(i)

This Senior Floating Rate Note will settle after January 31, 2016, at which

time the interest rate will be determined.

Oil & Gas - 0.13%

Seadrill Operating LP, Term Loan B

4.00%, 02/12/2021(f)

9,812

3,895

See accompanying notes

66

Schedule of Investments
High Yield Fund
January 31, 2016 (unaudited)
Portfolio Summary (unaudited)
Sector			Percent
Communications			19.00	%
Consumer, Cyclical			17.66	%
Financial			16.13	%
Consumer, Non-cyclical			14.35	%
Basic Materials			8.82	%
Industrial			7.90	%
Energy			6.39	%
Technology			4.17	%
Utilities			2.02	%
Exchange Traded Funds			1.78	%
Diversified			0.39	%
Other Assets in Excess of Liabilities, Net			1.39	%
TOTAL NET ASSETS			100.00	%
Foreign Currency Contracts
										Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For			Fair Value		Asset		Liability
Barclays Bank PLC	03/11/2016	EUR	25,806,000		$	28,146	$	27,979	$	167	$	—
Total									$	167	$	—
Amounts in thousands except contracts

See accompanying notes

67

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
	COMMON STOCKS - 0.08%			Shares Held	Value(000			's)				Principal
									BONDS (continued)			Amount (000's)	Value (000's)
	Electric - 0.04%
	Dynegy Inc (a)			15,000			$178		Automobile Manufacturers (continued)
	Upstate New York Power Producers Inc			6,862			160		Fiat Chrysler Automobiles NV		(continued)
	(a),(b),(c)								5.25%, 04/15/2023		$	630	$	587
					$		338		General Motors Co
									0.00%, 12/01/2020(a),(b),(c)			25		—
	Packaging & Containers - 0.00%								0.00%, 12/01/2020(a),(b),(c)			50		—
	Constar International (a),(b),(c)			9,689			—		0.00%, 07/15/2023(a),(b),(c)			1,000		—
									0.00%, 09/01/2025(a),(b),(c)			700		—
	Retail - 0.00%								0.00%, 05/01/2028(a),(b),(c)			150		—
	Nebraska Book Holdings Inc (a),(b)			20,064			25		0.00%, 03/06/2032(a),(b),(c)			75		—
	Neebo, Inc - Warrants (a),(b),(c)			7,519			—		0.00%, 07/15/2033(a),(b),(c)			100		—
	Neebo, Inc - Warrants (a),(b),(c)			3,508			—		0.00%, 07/15/2033(a),(b),(c)			5,050		—
									0.00%, 03/15/2036(a),(b),(c)			725		—
					$		25
									Jaguar Land Rover Automotive PLC
	Telecommunications - 0.04%								4.13%, 12/15/2018(e)			383		386
	NII Holdings Inc (a)			77,871			284		4.25%, 11/15/2019(e)			566		569
									5.63%, 02/01/2023(e)			300		296
	Transportation - 0.00%								JB Poindexter & Co Inc
	Gener8 Maritime Inc - Warrants (a),(b),(c)			1,507			—		9.00%, 04/01/2022(e)			449		462
												$		3,192
	TOTAL COMMON STOCKS				$		647		Automobile Parts & Equipment - 1.01%
	INVESTMENT COMPANIES - 3.60%			Shares Held	Value(000			's)	American Axle & Manufacturing Inc
	Publicly Traded Investment Fund - 3.60%								6.63%, 10/15/2022			1,000		1,000
	BlackRock Liquidity Funds FedFund Portfolio			28,973,293			28,973		Goodyear Tire & Rubber Co/The
									5.13%, 11/15/2023			395		404
	TOTAL INVESTMENT COMPANIES				$		28,973		6.50%, 03/01/2021			930		977
									7.00%, 05/15/2022			1,170		1,251
	PREFERRED STOCKS - 0.19%			Shares Held	Value(000			's)	MPG Holdco I Inc
	Insurance - 0.19%								7.38%, 10/15/2022			289		278
	XLIT Ltd (d)			1,935			1,525		Tenneco Inc
									5.38%, 12/15/2024			660		668
									ZF North America Capital Inc
	Packaging & Containers - 0.00%								4.00%, 04/29/2020(e)			2,375		2,371
	Constar International (a),(b),(c)			977			—
									4.50%, 04/29/2022(e)			520		501
									4.75%, 04/29/2025(e)			759		712
	TOTAL PREFERRED STOCKS				$		1,525					$		8,162
				Principal
	BONDS- 87.77	%		Amount (000's)	Value(000			's)	Banks- 3.26	%
									Bank of America Corp
	Advertising - 0.31%								6.10%, 12/29/2049(d),(f)			935		951
	Acosta Inc
	7.75%, 10/01/2022(e)		$	2,815		$	2,316		Barclays Bank PLC
									7.63%, 11/21/2022			860		961
	Lamar Media Corp
	5.75%, 02/01/2026(e)			210			216		Barclays PLC
									8.25%, 12/29/2049(d),(f)			435		456
					$		2,532		BNP Paribas SA
	Aerospace & Defense - 0.14%								7.37%, 12/29/2049(d),(e),(f)			261		256
	Orbital ATK Inc								CIT Group Inc
	5.25%, 10/01/2021			216			218		3.88%, 02/19/2019			1,695		1,681
	5.50%, 10/01/2023(e)			170			173		5.00%, 05/15/2017			1,080		1,103
	TransDigm Inc								5.00%, 08/15/2022			928		938
	6.00%, 07/15/2022			519			509		5.25%, 03/15/2018			1,385		1,431
	7.50%, 07/15/2021			215			219		5.38%, 05/15/2020			3,412		3,532
									5.50%, 02/15/2019(e)			130		134
					$		1,119		6.63%, 04/01/2018(e)			3,905		4,128
	Airlines - 0.39%								Citigroup Inc
	Continental Airlines 2005-ERJ1 Pass Through								5.87%, 12/29/2049(d),(f)			645		626
	Trust								5.95%, 12/29/2049(d),(f)			1,120		1,100
	9.80%, 10/01/2022			361			389		6.13%, 12/29/2049(d),(f)			1,030		1,036
	Continental Airlines 2012-3 Class C Pass Thru								Credit Agricole SA
	Certificates								8.13%, 12/29/2049(d),(e),(f)			410		410
	6.13%, 04/29/2018			845			883		Royal Bank of Scotland Group PLC
	Delta Air Lines 2012-1 Class B Pass Through								6.00%, 12/19/2023			1,555		1,649
	Trust								6.13%, 12/15/2022			3,256		3,515
	6.88%, 05/07/2019(e)			300			322		7.50%, 12/29/2049(d),(f)			561		571
	Northwest Airlines 2007-1 Class A Pass								8.00%, 12/29/2049(d),(f)			279		286
	Through Trust								Societe Generale SA
	7.03%, 05/01/2021			1,074			1,194		8.00%, 12/29/2049(d),(e),(f)			1,440		1,422
	UAL 2007-1 Pass Through Trust											$		26,186
	6.64%, 01/02/2024			296			313
					$		3,101		Beverages - 0.45%
									Constellation Brands Inc
	Automobile Manufacturers - 0.40%								3.75%, 05/01/2021			229		230
	Fiat Chrysler Automobiles NV								3.88%, 11/15/2019			375		386
	4.50%, 04/15/2020			913			892

See accompanying notes

68

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
			Principal						Principal
BONDS (continued)			Amount (000's)	Value (000's)		BONDS (continued)			Amount (000's)	Value (000's)
Beverages (continued)						Chemicals (continued)
Constellation Brands Inc	(continued)					Huntsman International LLC
4.25%, 05/01/2023		$	995	$	1,019	4.88%, 11/15/2020		$	365	$	324
4.75%, 11/15/2024			805		840	Momentive Performance - Escrow
4.75%, 12/01/2025			177		183	0.00%, 10/15/2020(a),(b),(c)			1,575		—
6.00%, 05/01/2022			295		328	Momentive Performance Materials Inc
Cott Beverages Inc						3.88%, 10/24/2021			1,575		1,059
6.75%, 01/01/2020			621		640	NOVA Chemicals Corp
			$		3,626	5.00%, 05/01/2025(e)			1,778		1,667
						PolyOne Corp
Biotechnology - 0.13%						5.25%, 03/15/2023			914		895
Concordia Healthcare Corp
7.00%, 04/15/2023(e)			1,225		1,066	PQ Corp
						8.75%, 11/01/2018(e)			2,900		2,697
						Rain CII Carbon LLC / CII Carbon Corp
Building Materials - 2.05%						8.00%, 12/01/2018(e)			530		440
Building Materials Corp of America						8.25%, 01/15/2021(e)			210		158
5.38%, 11/15/2024(e)			670		660	Tronox Finance LLC
6.00%, 10/15/2025(e)			90		92	6.38%, 08/15/2020			30		18
CEMEX Espana SA/Luxembourg						7.50%, 03/15/2022(e)			916		552
9.88%, 04/30/2019(e)			1,650		1,710	WR Grace & Co-Conn
Cemex Finance LLC						5.13%, 10/01/2021(e)			401		403
6.00%, 04/01/2024(e)			757		647	5.63%, 10/01/2024(e)			192		191
9.38%, 10/12/2022(e)			220		222				$		14,970
Cemex SAB de CV
6.13%, 05/05/2025(e)			203		174	Coal- 0.14	%
6.50%, 12/10/2019(e)			125		118	Cloud Peak Energy Resources LLC / Cloud
7.25%, 01/15/2021(e)			1,950		1,854	Peak Energy Finance Corp
GCP Applied Technologies Inc						6.38%, 03/15/2024			597		154
9.50%, 02/01/2023(e)			500		529	CONSOL Energy Inc
Hardwoods Acquisition Inc						5.88%, 04/15/2022			1,470		950
7.50%, 08/01/2021(e)			778		583				$		1,104
Headwaters Inc						Commercial Services - 3.70%
7.25%, 01/15/2019			635		648	ACE Cash Express Inc
Masco Corp						11.00%, 02/01/2019(e)			1,106		498
4.45%, 04/01/2025			506		506	ADT Corp/The
5.95%, 03/15/2022			690		756	2.25%, 07/15/2017			790		784
Masonite International Corp						4.13%, 06/15/2023			2,912		2,679
5.63%, 03/15/2023(e)			373		382	4.88%, 07/15/2042			900		639
NCI Building Systems Inc						Ahern Rentals Inc
8.25%, 01/15/2023(e)			420		437	7.38%, 05/15/2023(e)			563		411
NWH Escrow Corp						APX Group Inc
7.50%, 08/01/2021(e)			197		143	8.75%, 12/01/2020			3,310		2,656
Summit Materials LLC / Summit Materials						Avis Budget Car Rental LLC / Avis Budget
Finance Corp						Finance Inc
6.13%, 07/15/2023			1,166		1,125	5.25%, 03/15/2025(e)			156		141
Unifrax I LLC / Unifrax Holding Co						Cenveo Corp
7.50%, 02/15/2019(e)			725		580	8.50%, 09/15/2022(e)			420		201
US Concrete Inc						Garda World Security Corp
8.50%, 12/01/2018			795		823	7.25%, 11/15/2021(e)			925		721
USG Corp						Harland Clarke Holdings Corp
5.50%, 03/01/2025(e)			395		400	9.25%, 03/01/2021(e)			445		307
6.30%, 11/15/2016			480		492	Hertz Corp/The
9.75%, 01/15/2018(f)			2,175		2,392	5.88%, 10/15/2020			980		965
Vulcan Materials Co						7.38%, 01/15/2021			789		799
4.50%, 04/01/2025			594		590	Jaguar Holding Co II / Pharmaceutical Product
7.50%, 06/15/2021			520		599	Development LLC
			$		16,462	6.38%, 08/01/2023(e)			1,235		1,217
						Live Nation Entertainment Inc
Chemicals - 1.86%						7.00%, 09/01/2020(e)			274		288
Ashland Inc
4.75%, 08/15/2022(f)			867		825	Mustang Merger Corp
						8.50%, 08/15/2021(e)			383		387
Axalta Coating Systems US Holdings Inc /
Axalta Coating Systems Dutch Holding B						RR Donnelley & Sons Co
7.38%, 05/01/2021(e)			870		913	6.00%, 04/01/2024			615		520
						6.50%, 11/15/2023			839		738
Axiall Corp						7.00%, 02/15/2022			665		623
4.88%, 05/15/2023			532		501	7.25%, 05/15/2018			383		400
Basell Finance Co BV
8.10%, 03/15/2027(e)			575		716	7.63%, 06/15/2020			2,755		2,776
Blue Cube Spinco Inc						7.88%, 03/15/2021			1,215		1,196
9.75%, 10/15/2023(e)			1,202		1,292	8.25%, 03/15/2019			2,275		2,446
10.00%, 10/15/2025(e)			883		954	Service Corp International/US
Hexion Inc						5.38%, 05/15/2024			1,845		1,951
6.63%, 04/15/2020			1,399		1,084	8.00%, 11/15/2021			440		517
10.00%, 04/15/2020			341		281

See accompanying notes

69

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Commercial Services (continued)					Diversified Financial Services (continued)
Team Health Inc					Ally Financial Inc (continued)
7.25%, 12/15/2023(e)	$	425	$	444	8.00%, 11/01/2031	$	706	$	801
United Rentals North America Inc					8.00%, 11/01/2031		900		1,013
5.50%, 07/15/2025		550		491	CNG Holdings Inc
5.75%, 11/15/2024		1,050		969	9.38%, 05/15/2020(e)		920		377
6.13%, 06/15/2023		2,140		2,060	E*TRADE Financial Corp
7.38%, 05/15/2020		945		973	4.63%, 09/15/2023		382		376
8.25%, 02/01/2021		920		959	5.38%, 11/15/2022		465		489
		$		29,756	Icahn Enterprises LP / Icahn Enterprises
					Finance Corp
Computers - 0.36%					3.50%, 03/15/2017		1,745		1,732
IHS Inc					4.88%, 03/15/2019		520		478
5.00%, 11/01/2022		2,422		2,422	5.88%, 02/01/2022		669		598
Riverbed Technology Inc
8.88%, 03/01/2023(e)		560		512	ILFC E-Capital Trust I
					4.49%, 12/21/2065(e),(f)		1,483		1,331
		$		2,934	ILFC E-Capital Trust II
Consumer Products - 0.19%					4.74%, 12/21/2065(e),(f)		915		824
Central Garden & Pet Co					International Lease Finance Corp
6.13%, 11/15/2023		80		82	3.88%, 04/15/2018		620		614
Spectrum Brands Inc					4.63%, 04/15/2021		2,672		2,622
5.75%, 07/15/2025(e)		630		646	5.88%, 08/15/2022		185		191
6.13%, 12/15/2024(e)		736		765	6.25%, 05/15/2019		2,820		2,954
		$		1,493	8.63%, 01/15/2022		1,700		1,993
					8.88%, 09/01/2017		1,795		1,921
Cosmetics & Personal Care - 0.28%					National Financial Partners Corp
Edgewell Personal Care Co					9.00%, 07/15/2021(e)		480		432
4.70%, 05/19/2021		525		537	Nationstar Mortgage LLC / Nationstar Capital
4.70%, 05/24/2022		1,360		1,383	Corp
Revlon Consumer Products Corp					6.50%, 07/01/2021		232		205
5.75%, 02/15/2021(f)		325		317	6.50%, 06/01/2022		142		122
		$		2,237	7.88%, 10/01/2020		515		491
Distribution & Wholesale - 0.59%					9.63%, 05/01/2019		126		131
American Builders & Contractors Supply Co					Navient Corp
Inc					4.63%, 09/25/2017		205		201
5.75%, 12/15/2023(e)		155		158	4.88%, 06/17/2019		3,945		3,610
Beacon Roofing Supply Inc					5.50%, 01/15/2019		1,475		1,383
6.38%, 10/01/2023(e)		243		251	5.88%, 03/25/2021		1,145		990
Global Partners LP / GLP Finance Corp					6.13%, 03/25/2024		854		701
6.25%, 07/15/2022		315		221	Quicken Loans Inc
					5.75%, 05/01/2025(e)		756		710
7.00%, 06/15/2023		425		306
H&E Equipment Services Inc					Walter Investment Management Corp
7.00%, 09/01/2022		894		818	7.88%, 12/15/2021		2,440		1,763
HD Supply Inc							$		46,880
5.25%, 12/15/2021(e)		1,580		1,625	Electric - 2.49%
7.50%, 07/15/2020		925		962	AES Corp/VA
Univar USA Inc					4.88%, 05/15/2023		1,000		885
6.75%, 07/15/2023(e)		475		420	5.50%, 04/15/2025		525		471
		$		4,761	Calpine Corp
					0.00%, 07/15/2013(a),(b),(c)		1,500		—
Diversified Financial Services - 5.83%
					5.38%, 01/15/2023		1,615		1,470
AerCap Ireland Capital Ltd / AerCap Global					5.50%, 02/01/2024		1,000		875
Aviation Trust					6.00%, 01/15/2022(e)		1,550		1,610
3.75%, 05/15/2019		1,810		1,783
4.50%, 05/15/2021		2,520		2,469	Dynegy Inc
4.63%, 07/01/2022		379		369	5.88%, 06/01/2023		727		589
Aircastle Ltd					6.75%, 11/01/2019		575		555
5.13%, 03/15/2021		880		869	7.38%, 11/01/2022		900		796
5.50%, 02/15/2022		405		403	GenOn Energy Inc
6.25%, 12/01/2019		1,532		1,617	9.88%, 10/15/2020		1,000		680
					InterGen NV
Alliance Data Systems Corp					7.00%, 06/30/2023(e)		643		495
5.38%, 08/01/2022(e)		305		289
Ally Financial Inc					IPALCO Enterprises Inc
2.75%, 01/30/2017		410		405	5.00%, 05/01/2018		650		679
3.25%, 11/05/2018		140		137	NRG Energy Inc
3.60%, 05/21/2018		1,385		1,368	6.25%, 07/15/2022		1,790		1,477
4.13%, 03/30/2020		465		458	6.25%, 05/01/2024		1,000		797
4.63%, 05/19/2022		192		192	6.63%, 03/15/2023		2,053		1,699
4.63%, 03/30/2025		825		802	7.88%, 05/15/2021		3,170		2,758
5.13%, 09/30/2024		665		674	8.25%, 09/01/2020		470		427
5.50%, 02/15/2017		335		339	Talen Energy Supply LLC
					4.62%, 07/15/2019(e),(f)		2,931		2,242
6.25%, 12/01/2017		1,665		1,727
8.00%, 03/15/2020		3,505		3,926	6.50%, 06/01/2025		1,312		892

See accompanying notes

70

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
	Principal							Principal
BONDS (continued)	Amount (000's)       Value (000's)				BONDS (continued)			Amount (000's) Value (000's)
Electric (continued)					Entertainment (continued)
Terraform Global Operating LLC					Peninsula Gaming LLC / Peninsula Gaming
9.75%, 08/15/2022(e)	$	382	$	298	Corp
Texas Competitive Electric Holdings Co LLC					8.38%, 02/15/2018(e)		$	1,850	$	1,878
/ TCEH Finance Inc					Pinnacle Entertainment Inc
0.00%, 10/01/2020(a),(e),(f)		1,075		347	6.38%, 08/01/2021			980		1,039
		$		20,042	7.50%, 04/15/2021			960		998
					7.75%, 04/01/2022			955		1,041
Electrical Components & Equipment - 0.25%					Regal Entertainment Group
Anixter Inc					5.75%, 03/15/2022			1,885		1,897
5.50%, 03/01/2023(e)		425		417
					5.75%, 06/15/2023			525		517
Energizer Holdings Inc
5.50%, 06/15/2025(e)		809		752	Scientific Games International Inc
					6.25%, 09/01/2020			1,215		577
EnerSys					6.63%, 05/15/2021			925		439
5.00%, 04/30/2023(e)		240		236
					7.00%, 01/01/2022(e)			330		310
International Wire Group Holdings Inc					10.00%, 12/01/2022			5,590		3,885
8.50%, 10/15/2017(e)		593		593
					Shingle Springs Tribal Gaming Authority
		$		1,998	9.75%, 09/01/2021(e)			637		664
Electronics - 0.21%					Six Flags Entertainment Corp
Allegion PLC					5.25%, 01/15/2021(e)			1,535		1,563
5.88%, 09/15/2023		295		305	WMG Acquisition Corp
Flextronics International Ltd					5.63%, 04/15/2022(e)			500		485
4.63%, 02/15/2020		245		250	6.75%, 04/15/2022(e)			800		704
5.00%, 02/15/2023		1,080		1,096				$		34,707
		$		1,651	Environmental Control - 0.13%
Energy - Alternate Sources - 0.04%					Casella Waste Systems Inc
TerraForm Power Operating LLC					7.75%, 02/15/2019			1,075		1,043
5.88%, 02/01/2023(e)		209		167
6.13%, 06/15/2025(e)		210		162
					Food- 2.55	%
		$		329	Albertson's Holdings LLC/Safeway Inc
					7.75%, 10/15/2022(e)			1,304		1,363
Engineering & Construction - 0.64%
					Bumble Bee Holdings Inc
AECOM					9.00%, 12/15/2017(e)			425		429
5.75%, 10/15/2022		444		449
5.88%, 10/15/2024		2,275		2,267	Darling Ingredients Inc
MasTec Inc					5.38%, 01/15/2022			1,345		1,318
4.88%, 03/15/2023		1,197		1,002	Dean Foods Co
					6.50%, 03/15/2023(e)			1,500		1,545
SBA Communications Corp
4.88%, 07/15/2022		520		520	Ingles Markets Inc
Tutor Perini Corp					5.75%, 06/15/2023			440		441
7.63%, 11/01/2018		923		923	JBS USA LLC / JBS USA Finance Inc
					5.75%, 06/15/2025(e)			621		475
		$		5,161	5.88%, 07/15/2024(e)			1,421		1,137
Entertainment - 4.32%					7.25%, 06/01/2021(e)			1,227		1,112
AMC Entertainment Inc					7.25%, 06/01/2021(e)			1,517		1,375
5.75%, 06/15/2025		695		708	8.25%, 02/01/2020(e)			1,193		1,127
5.88%, 02/15/2022		685		705	Pilgrim's Pride Corp
CCM Merger Inc					5.75%, 03/15/2025(e)			395		380
9.13%, 05/01/2019(e)		190		196	Pinnacle Foods Finance LLC / Pinnacle Foods
Cedar Fair LP / Canada's Wonderland Co /					Finance Corp
Magnum Management Corp					5.88%, 01/15/2024(e)			370		383
5.25%, 03/15/2021		1,325		1,358	Post Holdings Inc
Chukchansi Economic Development					6.00%, 12/15/2022(e)			2,760		2,739
Authority					6.75%, 12/01/2021(e)			1,339		1,401
0.00%, 05/30/2020(a),(e)		1,268		717	7.75%, 03/15/2024(e)			882		939
Cinemark USA Inc					8.00%, 07/15/2025(e)			478		514
5.13%, 12/15/2022		500		503	Safeway Inc
Eldorado Resorts Inc					5.00%, 08/15/2019			3		3
7.00%, 08/01/2023(e)		80		79	Smithfield Foods Inc
GLP Capital LP / GLP Financing II Inc					5.88%, 08/01/2021(e)			1,426		1,447
4.38%, 11/01/2018		590		593	6.63%, 08/15/2022			875		920
4.88%, 11/01/2020		4,530		4,428	SUPERVALU Inc
5.38%, 11/01/2023		1,750		1,675	7.75%, 11/15/2022			1,343		1,142
International Game Technology PLC					TreeHouse Foods Inc
6.50%, 02/15/2025(e)		1,715		1,535	4.88%, 03/15/2022			53		53
Isle of Capri Casinos Inc					6.00%, 02/15/2024(e)			285		293
5.88%, 03/15/2021		1,545		1,580				$		20,536
8.88%, 06/15/2020		915		965
Mohegan Tribal Gaming Authority					Food Service - 0.02%
9.75%, 09/01/2021		3,475		3,414	Aramark Services Inc
11.00%, 09/15/2018(e)		254		254	5.13%, 01/15/2024(e)			135		139

See accompanying notes

71

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
				Principal			Principal
	BONDS (continued)			Amount (000's) Value (000's)		BONDS (continued)	Amount (000's) Value (000's)
	Forest Products & Paper - 0.14%					Healthcare - Services (continued)
	Cascades Inc					Envision Healthcare Corp
	5.50%, 07/15/2022(e)		$	408	$391	5.13%, 07/01/2022(e)	$929	$	913
	5.75%, 07/15/2023(e)			300	286	Fresenius Medical Care US Finance II Inc
	Clearwater Paper Corp					4.13%, 10/15/2020(e)	538		544
	4.50%, 02/01/2023			370	352	4.75%, 10/15/2024(e)	1,270		1,277
	5.38%, 02/01/2025(e)			104	100	5.63%, 07/31/2019(e)	1,939		2,099
				$	1,129	5.88%, 01/31/2022(e)	1,214		1,314
						6.50%, 09/15/2018(e)	1,810		1,991
	Gas- 0.13	%				Fresenius Medical Care US Finance Inc
	AmeriGas Partners LP / AmeriGas Finance					5.75%, 02/15/2021(e)	255		274
	Corp					HCA Holdings Inc
	6.25%, 08/20/2019			500	493	6.25%, 02/15/2021	619		653
	NGL Energy Partners LP / NGL Energy					HCA Inc
	Finance Corp					4.25%, 10/15/2019	1,890		1,937
	5.13%, 07/15/2019			281	205	4.75%, 05/01/2023	245		246
	6.88%, 10/15/2021			516	361	5.00%, 03/15/2024	2,109		2,135
				$	1,059	5.25%, 04/15/2025	571		585
	Hand & Machine Tools - 0.09%					5.38%, 02/01/2025	1,726		1,745
	Milacron LLC / Mcron Finance Corp					5.88%, 03/15/2022	531		570
	7.75%, 02/15/2021(e)			790	699	5.88%, 05/01/2023	478		498
						5.88%, 02/15/2026	480		490
						6.50%, 02/15/2020	2,377		2,621
	Healthcare - Products - 1.45%					7.50%, 02/15/2022	825		916
	Alere Inc					7.69%, 06/15/2025	1,130		1,203
	6.38%, 07/01/2023(e)			661	625
						IASIS Healthcare LLC / IASIS Capital Corp
	6.50%, 06/15/2020			983	958	8.38%, 05/15/2019	4,682		4,390
	ConvaTec Healthcare E SA
	10.50%, 12/15/2018(e)			1,383	1,411	LifePoint Health Inc
						5.50%, 12/01/2021	598		607
	Crimson Merger Sub Inc					5.88%, 12/01/2023	620		643
	6.63%, 05/15/2022(e)			457	306
						MPH Acquisition Holdings LLC
	DJO Finco Inc / DJO Finance LLC / DJO					6.63%, 04/01/2022(e)	1,235		1,236
	Finance Corp
	8.13%, 06/15/2021(e)			1,995	1,676	Tenet Healthcare Corp
						4.38%, 10/01/2021	530		523
	Halyard Health Inc					4.50%, 04/01/2021	750		735
	6.25%, 10/15/2022			320	310	5.00%, 03/01/2019	401		378
	Hill-Rom Holdings Inc					5.50%, 03/01/2019	270		257
	5.75%, 09/01/2023(e),(f)			325	331
						6.00%, 10/01/2020	1,151		1,217
	Hologic Inc					6.25%, 11/01/2018	1,417		1,499
	5.25%, 07/15/2022(e)			1,095	1,134
						6.75%, 06/15/2023	575		532
	Mallinckrodt International Finance SA					6.88%, 11/15/2031	535		417
	4.75%, 04/15/2023			143	124	8.00%, 08/01/2020	603		604
	Mallinckrodt International Finance SA /					8.13%, 04/01/2022	1,587		1,591
	Mallinckrodt CB LLC					Universal Health Services Inc
	4.88%, 04/15/2020(e)			815	780	3.75%, 08/01/2019(e)	455		464
	5.50%, 04/15/2025(e)			1,835	1,633	4.75%, 08/01/2022(e)	259		259
	5.63%, 10/15/2023(e)			1,098	1,029
	5.75%, 08/01/2022(e)			815	778		$		49,434
	Sterigenics-Nordion Holdings LLC					Holding Companies - Diversified - 0.37%
	6.50%, 05/15/2023(e)			190	182	Argos Merger Sub Inc
	Teleflex Inc					7.13%, 03/15/2023(e)	2,930		2,952
	5.25%, 06/15/2024			367	367
				$	11,644	Home Builders - 1.80%
	Healthcare - Services - 6.15%					Brookfield Residential Properties Inc
	Acadia Healthcare Co Inc					6.38%, 05/15/2025(e)	188		158
	6.13%, 03/15/2021			253	252	Brookfield Residential Properties Inc /
	Amsurg Corp					Brookfield Residential US Corp
	5.63%, 11/30/2020			364	369	6.13%, 07/01/2022(e)	248		218
	5.63%, 07/15/2022			690	693	CalAtlantic Group Inc
	Centene Escrow Corp					5.38%, 10/01/2022	735		740
	5.63%, 02/15/2021(e),(g)			540	549	5.88%, 11/15/2024	389		404
	6.13%, 02/15/2024(e),(g)			360	370	8.38%, 01/15/2021	910		1,039
	CHS/Community Health Systems Inc					DR Horton Inc
	5.13%, 08/15/2018			1,321	1,328	4.38%, 09/15/2022	682		678
	5.13%, 08/01/2021			1,128	1,119	4.75%, 02/15/2023	128		128
	6.88%, 02/01/2022			1,280	1,158	5.75%, 08/15/2023	1,610		1,694
	7.13%, 07/15/2020			386	369	Lennar Corp
	8.00%, 11/15/2019			1,381	1,370	4.50%, 06/15/2019	85		87
	DaVita HealthCare Partners Inc					4.50%, 11/15/2019	820		843
	5.00%, 05/01/2025			2,035	2,002	4.75%, 12/15/2017	1,065		1,092
	5.13%, 07/15/2024			1,285	1,292	4.75%, 11/15/2022(f)	1,695		1,653
	5.75%, 08/15/2022			1,159	1,200	4.75%, 05/30/2025	410		392
						4.88%, 12/15/2023	100		98

See accompanying notes

72

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
		Principal				Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)	Amount (000's) Value (000's)
Home Builders (continued)					Iron & Steel (continued)
M/I Homes Inc					Commercial Metals Co (continued)
6.75%, 01/15/2021(e)	$	410	$	398	6.50%, 07/15/2017	$	200	$	207
Mattamy Group Corp					7.35%, 08/15/2018		300		306
6.50%, 11/15/2020(e)		626		570	Signode Industrial Group Lux SA/Signode
Meritage Homes Corp					Industrial Group US Inc
6.00%, 06/01/2025		215		210	6.38%, 05/01/2022(e)		600		498
7.00%, 04/01/2022		355		363	Steel Dynamics Inc
7.15%, 04/15/2020		315		328	5.13%, 10/01/2021		300		280
PulteGroup Inc					5.25%, 04/15/2023		200		181
6.00%, 02/15/2035		290		282	5.50%, 10/01/2024		320		289
Taylor Morrison Communities Inc / Monarch					6.38%, 08/15/2022		320		309
Communities Inc							$		7,903
5.25%, 04/15/2021(e)		1,260		1,184
5.63%, 03/01/2024(e)		366		332	Leisure Products & Services - 0.24%
5.88%, 04/15/2023(e)		467		437	NCL Corp Ltd
					5.25%, 11/15/2019(e)		920		925
Toll Brothers Finance Corp
4.00%, 12/31/2018		230		235	Royal Caribbean Cruises Ltd
4.38%, 04/15/2023		150		144	5.25%, 11/15/2022		650		666
4.88%, 11/15/2025		269		264	Sabre GLBL Inc
					5.25%, 11/15/2023(e)		86		85
WCI Communities Inc					5.38%, 04/15/2023(e)		289		290
6.88%, 08/15/2021		487		497
		$		14,468			$		1,966
Home Furnishings - 0.05%					Lodging - 1.34%
Tempur Sealy International Inc					Boyd Gaming Corp
5.63%, 10/15/2023(e)		405		413	6.88%, 05/15/2023		776		788
					Downstream Development Authority of the
					Quapaw Tribe of Oklahoma
Housewares - 0.03%					10.50%, 07/01/2019(e)		400		385
Scotts Miracle-Gro Co/The					FelCor Lodging LP
6.00%, 10/15/2023(e)		267		279	6.00%, 06/01/2025		225		227
					Golden Nugget Escrow Inc
					8.50%, 12/01/2021(e)		390		378
Insurance - 0.33%
CNO Financial Group Inc					Hilton Worldwide Finance LLC / Hilton
5.25%, 05/30/2025		481		486	Worldwide Finance Corp
Fidelity & Guaranty Life Holdings Inc					5.63%, 10/15/2021		1,125		1,158
6.38%, 04/01/2021(e)		425		435	MGM Resorts International
Hartford Financial Services Group Inc/The					6.00%, 03/15/2023		435		434
8.13%, 06/15/2068(f)		395		425	6.63%, 12/15/2021		500		514
Liberty Mutual Group Inc					7.75%, 03/15/2022		1,845		1,956
7.80%, 03/07/2087(e)		626		714	8.63%, 02/01/2019		1,360		1,510
USI Inc/NY					Seminole Hard Rock Entertainment Inc /
7.75%, 01/15/2021(e)		636		571	Seminole Hard Rock International LLC
					5.88%, 05/15/2021(e)		775		777
		$		2,631	Station Casinos LLC
Internet - 0.42%					7.50%, 03/01/2021		1,430		1,473
Blue Coat Holdings Inc					Wynn Las Vegas LLC / Wynn Las Vegas
8.38%, 06/01/2023(e)		273		276	Capital Corp
IAC/InterActiveCorp					4.25%, 05/30/2023(e)		210		178
4.88%, 11/30/2018		965		976	5.50%, 03/01/2025(e)		1,185		1,039
Netflix Inc							$		10,817
5.50%, 02/15/2022(e)		675		696
5.88%, 02/15/2025(e)		425		438	Machinery - Construction & Mining - 0.34%
					BlueLine Rental Finance Corp
VeriSign Inc					7.00%, 02/01/2019(e)		1,006		789
5.25%, 04/01/2025		149		147
Zayo Group LLC / Zayo Capital Inc					Oshkosh Corp
6.00%, 04/01/2023		580		567	5.38%, 03/01/2025		323		320
10.13%, 07/01/2020		259		278	Terex Corp
		$		3,378	6.00%, 05/15/2021		1,220		1,098
					6.50%, 04/01/2020		555		530
Iron & Steel - 0.98%							$		2,737
AK Steel Corp
8.75%, 12/01/2018		470		401	Machinery - Diversified - 0.78%
					ATS Automation Tooling Systems Inc
Allegheny Technologies Inc					6.50%, 06/15/2023(e)		453		461
7.63%, 08/15/2023(f)		295		195
ArcelorMittal					Briggs & Stratton Corp
6.13%, 06/01/2025		215		156	6.88%, 12/15/2020		475		512
6.50%, 03/01/2021(f)		200		162	Case New Holland Industrial Inc
7.25%, 02/25/2022(f)		2,290		1,861	7.88%, 12/01/2017		2,605		2,789
8.00%, 10/15/2039(f)		3,195		2,253	Gardner Denver Inc
					6.88%, 08/15/2021(e)		345		253
10.85%, 06/01/2019(f)		545		507
Commercial Metals Co					Manitowoc Co Inc/The
4.88%, 05/15/2023		359		298	8.50%, 11/01/2020		1,025		1,071

See accompanying notes

73

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
				Principal					Principal
	BONDS (continued)			Amount (000's)   Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
	Machinery - Diversified (continued)						Media (continued)
	Zebra Technologies Corp						Numericable-SFR SAS
	7.25%, 10/15/2022		$	1,163	$	1,210	4.88%, 05/15/2019(e)	$	1,625	$	1,613
				$		6,296	6.00%, 05/15/2022(e)		5,477		5,395
							6.25%, 05/15/2024(e)		1,392		1,358
	Media- 9.57	%					Quebecor Media Inc
	Altice Financing SA						5.75%, 01/15/2023		180		181
	6.63%, 02/15/2023(e)			865		850
							Quebecor World PLC
	Altice Finco SA						0.00%, 01/15/2025(a),(b),(c)		480		1
	8.13%, 01/15/2024(e)			200		192
							0.00%, 11/15/2025(a),(b),(c)		1,075		1
	Altice Luxembourg SA						0.00%, 08/01/2027(a),(b),(c)		830		1
	7.63%, 02/15/2025(e)			1,069		951
	7.75%, 05/15/2022(e)			3,479		3,244	RCN Telecom Services LLC / RCN Capital
							Corp
	AMC Networks Inc						8.50%, 08/15/2020(e)		398		400
	7.75%, 07/15/2021			812		861	Sinclair Television Group Inc
	Cablevision Systems Corp						5.63%, 08/01/2024(e)		940		914
	8.00%, 04/15/2020			1,125		1,063	6.13%, 10/01/2022		1,030		1,058
	8.63%, 09/15/2017			80		83	Sirius XM Radio Inc
	CCO Holdings LLC / CCO Holdings Capital						4.25%, 05/15/2020(e)		190		193
	Corp						4.63%, 05/15/2023(e)		525		515
	5.13%, 02/15/2023			70		70	5.75%, 08/01/2021(e)		630		654
	5.13%, 05/01/2023(e)			1,308		1,308
							5.88%, 10/01/2020(e)		2,085		2,174
	5.25%, 03/15/2021			215		223	TEGNA Inc
	5.25%, 09/30/2022			845		856	4.88%, 09/15/2021(e)		145		146
	5.38%, 05/01/2025(e)			888		879
							5.13%, 10/15/2019		1,850		1,938
	5.75%, 09/01/2023			56		57	5.13%, 07/15/2020		1,055		1,092
	6.50%, 04/30/2021			190		198	5.50%, 09/15/2024(e)		495		498
	6.63%, 01/31/2022			1,156		1,226	6.38%, 10/15/2023		565		596
	CCO Safari II LLC						7.13%, 09/01/2018		382		390
	4.46%, 07/23/2022(e)			394		395
							Time Warner Cable Inc
	CCOH Safari LLC						7.30%, 07/01/2038		485		515
	5.75%, 02/15/2026(e)			3,949		3,927
							Tribune Media Co
	Cequel Communications Holdings I LLC /						5.88%, 07/15/2022(e)		1,405		1,401
	Cequel Capital Corp
	5.13%, 12/15/2021(e)			1,455		1,309	Unitymedia GmbH
							6.13%, 01/15/2025(e)		400		406
	5.13%, 12/15/2021(e)			384		346
	6.38%, 09/15/2020(e)			1,502		1,451	Unitymedia Hessen GmbH & Co KG /
							Unitymedia NRW GmbH
	Clear Channel Worldwide Holdings Inc						5.00%, 01/15/2025(e)		600		598
	6.50%, 11/15/2022			1,847		1,644	5.50%, 01/15/2023(e)		800		836
	6.50%, 11/15/2022			2,148		1,990	Univision Communications Inc
	7.63%, 03/15/2020			2,601		2,146	5.13%, 05/15/2023(e)		2,230		2,163
	7.63%, 03/15/2020			150		118	5.13%, 02/15/2025(e)		300		284
	CSC Holdings LLC						6.75%, 09/15/2022(e)		517		532
	6.75%, 11/15/2021			616		608	Videotron Ltd
	7.63%, 07/15/2018			765		807	5.38%, 06/15/2024(e)		809		815
	8.63%, 02/15/2019			120		128	WideOpenWest Finance LLC /
	Cumulus Media Holdings Inc						WideOpenWest Capital Corp
	7.75%, 05/01/2019			2,440		942	10.25%, 07/15/2019		685		646
	DISH DBS Corp								$		76,993
	5.00%, 03/15/2023			545		474
	5.13%, 05/01/2020			1,830		1,816	Metal Fabrication & Hardware - 0.02%
	5.88%, 07/15/2022			215		202	Wise Metals Group LLC / Wise Alloys
	5.88%, 11/15/2024			2,460		2,192	Finance Corp
	6.75%, 06/01/2021			4,440		4,528	8.75%, 12/15/2018(e)		240		201
	7.88%, 09/01/2019			455		494
	Gray Television Inc
	7.50%, 10/01/2020			883		911	Mining - 0.93%
	iHeartCommunications Inc						Alcoa Inc
	6.88%, 06/15/2018			503		277	5.13%, 10/01/2024		1,655		1,357
							5.87%, 02/23/2022		208		184
	7.25%, 10/15/2027			730		310	5.90%, 02/01/2027		619		508
	9.00%, 12/15/2019			857		588
	9.00%, 03/01/2021			82		53	5.95%, 02/01/2037		45		33
							6.75%, 01/15/2028		661		555
	11.25%, 03/01/2021			3,209		2,142
	10.00%, 01/15/2018			440		181	Aleris International Inc
							7.63%, 02/15/2018		218		190
	Liberty Interactive LLC						Coeur Mining Inc
	8.50%, 07/15/2029			695		693	7.88%, 02/01/2021		618		354
	LIN Television Corp						First Quantum Minerals Ltd
	5.88%, 11/15/2022			1,020		1,028	6.75%,  02/15/2020  (e)		439		200
	Neptune Finco Corp						7.00%, 02/15/2021(e)		324		147
	10.88%, 10/15/2025(e)			1,970		2,083
							FMG Resources August 2006 Pty Ltd
	Nexstar Broadcasting Inc						9.75%, 03/01/2022(e)		510		442
	6.13%, 02/15/2022(e)			445		423
	Nielsen Finance LLC / Nielsen Finance Co						Hecla Mining Co
	5.00%, 04/15/2022(e)			3,382		3,412	6.88%, 05/01/2021		842		507

See accompanying notes

74

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Mining (continued)					Oil & Gas (continued)
Lundin Mining Corp					Jones Energy Holdings LLC / Jones Energy
7.50%, 11/01/2020(e)	$	490	$	416	Finance Corp
7.88%, 11/01/2022(e)		350		283	6.75%, 04/01/2022	$	379	$	155
New Gold Inc					Jupiter Resources Inc
6.25%, 11/15/2022(e)		484		362	8.50%, 10/01/2022(e)		535		190
7.00%, 04/15/2020(e)		435		363	Linn Energy LLC / Linn Energy Finance
Taseko Mines Ltd					Corp
7.75%, 04/15/2019		305		165	6.50%, 09/15/2021		522		59
Teck Resources Ltd					7.75%, 02/01/2021		2,601		312
3.75%, 02/01/2023		240		128	8.63%, 04/15/2020		1,330		199
4.75%, 01/15/2022		475		260	MEG Energy Corp
6.00%, 08/15/2040		1,865		862	6.50%, 03/15/2021(e)		165		94
6.25%, 07/15/2041		410		190	7.00%, 03/31/2024(e)		519		271
		$		7,506	Memorial Resource Development Corp
					5.88%, 07/01/2022		555		416
Miscellaneous Manufacturers - 0.15%					Newfield Exploration Co
Bombardier Inc					5.38%, 01/01/2026		425		343
4.75%, 04/15/2019(e)		428		338
5.50%, 09/15/2018(e)		322		286	5.63%, 07/01/2024		636		533
6.00%, 10/15/2022(e)		855		586	5.75%, 01/30/2022		1,345		1,154
					Oasis Petroleum Inc
		$		1,210	6.50%, 11/01/2021		1,130		678
Office & Business Equipment - 0.05%					6.88%, 03/15/2022		1,481		859
CDW LLC / CDW Finance Corp					Parker Drilling Co
5.00%, 09/01/2023		136		137	7.50%, 08/01/2020		259		181
5.50%, 12/01/2024		240		250	PBF Holding Co LLC / PBF Finance Corp
					7.00%, 11/15/2023(e)		367		336
		$		387
					Penn Virginia Corp
Oil & Gas - 3.54%					8.50%, 05/01/2020		373		61
Antero Resources Corp					Precision Drilling Corp
5.13%, 12/01/2022		514		433	5.25%, 11/15/2024		633		366
5.38%, 11/01/2021		675		572	6.50%, 12/15/2021		235		153
5.63%, 06/01/2023(e)		985		818	QEP Resources Inc
6.00%, 12/01/2020		578		506	5.25%, 05/01/2023		549		373
Blue Racer Midstream LLC / Blue Racer					5.38%, 10/01/2022		550		374
Finance Corp					6.88%, 03/01/2021		1,075		817
6.13%, 11/15/2022(e)		500		374	Range Resources Corp
California Resources Corp					4.88%, 05/15/2025(e)		680		551
5.00%, 01/15/2020		109		22	5.00%, 03/15/2023		1,055		823
5.50%, 09/15/2021		97		19	Rice Energy Inc
6.00%, 11/15/2024		50		9	7.25%, 05/01/2023		405		311
8.00%, 12/15/2022(e)		680		270	Sabine Oil & Gas Corp
Chesapeake Energy Corp					0.00%, 02/15/2017(a)		195		6
8.00%, 12/15/2022(e)		2,730		1,167	SM Energy Co
Cimarex Energy Co					5.00%, 01/15/2024		880		473
4.38%, 06/01/2024		492		431	5.63%, 06/01/2025		409		219
5.88%, 05/01/2022		142		132	6.50%, 11/15/2021		585		341
Citgo Holding Inc					6.50%, 01/01/2023		615		355
10.75%, 02/15/2020(e)		455		432	Stone Energy Corp
CITGO Petroleum Corp					7.50%, 11/15/2022		562		149
6.25%, 08/15/2022(e)		537		514	Summit Midstream Holdings LLC / Summit
Comstock Resources Inc					Midstream Finance Corp
9.50%, 06/15/2020		359		42	5.50%, 08/15/2022		450		284
10.00%, 03/15/2020(e)		566		219	Sunoco LP / Sunoco Finance Corp
Concho Resources Inc					5.50%, 08/01/2020(e)		462		433
5.50%, 04/01/2023		1,492		1,354	6.38%, 04/01/2023(e)		825		761
6.50%, 01/15/2022		545		510	Talos Production LLC / Talos Production
ConocoPhillips Co					Finance Inc
4.30%, 11/15/2044		263		197	9.75%, 02/15/2018(e)		689		241
Denbury Resources Inc					Tesoro Corp
4.63%, 07/15/2023		1,055		348	5.13%, 04/01/2024		328		308
EP Energy LLC / Everest Acquisition Finance					Transocean Inc
Inc					6.50%, 11/15/2020		163		98
6.38%, 06/15/2023		1,661		581	7.13%, 12/15/2021(f)		777		456
7.75%, 09/01/2022		627		219	Ultra Petroleum Corp
9.38%, 05/01/2020		911		387	5.75%, 12/15/2018(e)		850		120
Halcon Resources Corp					6.13%, 10/01/2024(e)		646		90
13.00%, 02/15/2022(e)		641		167	Unit Corp
Hilcorp Energy I LP / Hilcorp Finance Co					6.63%, 05/15/2021		1,510		982
5.00%, 12/01/2024(e)		561		433	W&T Offshore Inc
5.75%, 10/01/2025(e)		551		431	8.50%, 06/15/2019		424		112
7.63%, 04/15/2021(e)		691		627	Whiting Petroleum Corp
					5.00%, 03/15/2019		1,100		715

See accompanying notes

75

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Oil & Gas (continued)					Pharmaceuticals (continued)
Whiting Petroleum Corp (continued)					Quintiles Transnational Corp
6.25%, 04/01/2023	$	655	$	409	4.88%, 05/15/2023(e)	$	200	$	202
WPX Energy Inc					Valeant Pharmaceuticals International
5.25%, 09/15/2024		343		187	6.38%, 10/15/2020(e)		3,300		3,168
6.00%, 01/15/2022		1,594		925	6.75%, 08/15/2021(e)		338		328
		$		28,487	7.00%, 10/01/2020(e)		495		488
					7.25%, 07/15/2022(e)		330		322
Oil & Gas Services - 0.23%					Valeant Pharmaceuticals International Inc
Archrock Partners LP / Archrock Partners					5.38%, 03/15/2020(e)		1,565		1,476
Finance Corp					5.50%, 03/01/2023(e)		3,295		2,908
6.00%, 10/01/2022		370		277	5.63%, 12/01/2021(e)		479		436
Basic Energy Services Inc					5.88%, 05/15/2023(e)		4,195		3,754
7.75%, 10/15/2022		462		120	6.13%, 04/15/2025(e)		3,990		3,586
Pioneer Energy Services Corp					6.75%, 08/15/2018(e)		2,039		2,030
6.13%, 03/15/2022		244		93	7.50%, 07/15/2021(e)		473		469
Sea Trucks Group Ltd							$		24,770
9.00%, 03/26/2018(e)		683		388
Trinidad Drilling Ltd					Pipelines - 3.89%
7.88%, 01/15/2019(e)		435		352	Crestwood Midstream Partners LP /
Western Refining Logistics LP / WNRL					Crestwood Midstream Finance Corp
Finance Corp					6.13%, 03/01/2022		750		452
7.50%, 02/15/2023		661		602	6.25%, 04/01/2023(e)		1,580		960
		$		1,832	DCP Midstream LLC
					4.75%, 09/30/2021(e)		375		267
Packaging & Containers - 1.57%					5.35%, 03/15/2020(e)		300		245
Ardagh Packaging Finance PLC					8.13%, 08/16/2030		330		246
9.13%, 10/15/2020(e)		241		242
					DCP Midstream Operating LP
Ardagh Packaging Finance PLC / Ardagh					2.50%, 12/01/2017		555		500
Holdings USA Inc					5.60%, 04/01/2044		705		421
7.00%, 11/15/2020(e)		137		130
9.13%, 10/15/2020(e)		397		399	Energy Transfer Equity LP
					5.50%, 06/01/2027		645		458
Ball Corp					5.88%, 01/15/2024		2,110		1,646
4.38%, 12/15/2020		730		756	7.50%, 10/15/2020		990		871
5.00%, 03/15/2022		575		595	Genesis Energy LP / Genesis Energy Finance
5.25%, 07/01/2025		388		399	Corp
Berry Plastics Corp					5.63%, 06/15/2024		625		456
5.13%, 07/15/2023		1,050		1,024	6.75%, 08/01/2022		220		180
Constar International
0.00%, PIK 0.00%, 12/31/2017(a),(b),(c),(f),(h)		516		54	Hiland Partners LP / Hiland Partners Finance
					Corp
Graphic Packaging International Inc					5.50%, 05/15/2022(e)		294		263
4.75%, 04/15/2021		352		355	MPLX LP
Novelis Inc					4.50%, 07/15/2023(e)		1,834		1,436
8.75%, 12/15/2020		870		791	4.88%, 12/01/2024(e)		2,920		2,279
Owens-Brockway Glass Container Inc					4.88%, 06/01/2025(e)		1,053		822
5.00%, 01/15/2022(e)		840		806
5.88%, 08/15/2023(e)		148		145	NGPL PipeCo LLC
					9.63%, 06/01/2019(e)		200		187
6.38%, 08/15/2025(e)		83		82
					PBF Logistics LP / PBF Logistics Finance
Reynolds Group Issuer Inc / Reynolds Group					Corp
Issuer LLC / Reynolds Group Issuer					6.88%, 05/15/2023		272		231
(Luxembourg) S.A.					Regency Energy Partners LP / Regency
5.75%, 10/15/2020		1,445		1,447	Energy Finance Corp
6.88%, 02/15/2021(f)		1,045		1,081
					4.50%, 11/01/2023		250		200
7.13%, 04/15/2019		870		886	5.50%, 04/15/2023		1,420		1,193
8.25%, 02/15/2021		760		709	Rockies Express Pipeline LLC
9.88%, 08/15/2019		1,171		1,145	5.63%, 04/15/2020(e)		900		806
Sealed Air Corp					6.00%, 01/15/2019(e)		360		338
5.50%, 09/15/2025(e)		995		1,015
					6.85%, 07/15/2018(e)		1,255		1,217
6.50%, 12/01/2020(e)		500		551
					6.88%, 04/15/2040(e)		830		631
		$		12,612	7.50%, 07/15/2038(e)		645		514
Pharmaceuticals - 3.08%					Rose Rock Midstream LP / Rose Rock
Endo Finance LLC					Finance Corp
5.75%, 01/15/2022(e)		91		91	5.63%, 07/15/2022		422		253
Endo Finance LLC / Endo Finco Inc					5.63%, 11/15/2023		961		519
5.87%, 01/15/2023(e),(f)		2,500		2,481	Sabine Pass Liquefaction LLC
7.75%, 01/15/2022(e)		161		168	5.63%, 02/01/2021(f)		410		375
Endo Ltd / Endo Finance LLC / Endo Finco					5.63%, 04/15/2023		1,355		1,189
Inc					5.63%, 03/01/2025		5,072		4,362
6.00%, 07/15/2023(e)		1,895		1,904	5.75%, 05/15/2024		2,525		2,216
6.00%, 02/01/2025(e)		765		756	Targa Resources Partners LP / Targa
Grifols Worldwide Operations Ltd					Resources Partners Finance Corp
5.25%, 04/01/2022		200		203	4.13%, 11/15/2019		935		785
					4.25%, 11/15/2023		380		277
					5.00%, 01/15/2018		300		280

See accompanying notes

76

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
				Principal					Principal
	BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
	Pipelines (continued)						Retail (continued)
	Targa Resources Partners LP / Targa						Jo-Ann Stores LLC
	Resources Partners Finance						8.13%, 03/15/2019(e)	$	225	$	181
	Corp (continued)						L Brands Inc
	5.25%, 05/01/2023		$	850	$	659	5.63%, 10/15/2023		1,885		2,003
	6.38%, 08/01/2022			600		498	Landry's Inc
	Tesoro Logistics LP / Tesoro Logistics						9.38%, 05/01/2020(e)		450		475
	Finance Corp						Nebraska Book Holdings Inc
	6.13%, 10/15/2021			775		701	15.00%, 06/30/2016(e)		328		335
	6.25%, 10/15/2022(e)			1,478		1,346	Neiman Marcus Group LTD LLC
	Transcontinental Gas Pipe Line Co LLC						8.00%, 10/15/2021(e)		1,270		953
	7.85%, 02/01/2026(e)			275		287	New Albertsons Inc
	Williams Partners LP / ACMP Finance Corp						6.63%, 06/01/2028		325		250
	6.13%, 07/15/2022			875		713	7.75%, 06/15/2026		265		227
				$		31,279	8.00%, 05/01/2031		417		357
							8.70%, 05/01/2030		95		84
	Real Estate - 0.03%						Party City Holdings Inc
	Kennedy-Wilson Inc						6.13%, 08/15/2023(e)		270		262
	5.88%, 04/01/2024			229		219	QVC Inc
							5.13%, 07/02/2022		710		722
	REITS- 1.79	%					5.45%, 08/15/2034		555		449
	Communications Sales & Leasing Inc / CSL						Radio Systems Corp
	Capital LLC						8.38%, 11/01/2019(e)		589		607
	6.00%, 04/15/2023(e)			207		198	Real Mex Restaurants Inc
	8.25%, 10/15/2023			1,340		1,183	7.00%, PIK 0.58%, 03/21/2016(b),(c),(h)		161		133
	Crown Castle International Corp						Rite Aid Corp
	4.88%, 04/15/2022			1,619		1,700	6.13%, 04/01/2023(e)		2,272		2,397
	5.25%, 01/15/2023			606		645	6.75%, 06/15/2021		1,495		1,581
	Equinix Inc						9.25%, 03/15/2020		1,130		1,191
	5.38%, 01/01/2022			404		420	Sally Holdings LLC / Sally Capital Inc
	5.38%, 04/01/2023			200		207	5.63%, 12/01/2025		550		568
	5.75%, 01/01/2025			282		290	Serta Simmons Bedding LLC
	5.88%, 01/15/2026			898		929	8.13%, 10/01/2020(e)		800		820
	ESH Hospitality Inc						Suburban Propane Partners LP/Suburban
	5.25%, 05/01/2025(e)			335		323	Energy Finance Corp
	Iron Mountain Inc						5.75%, 03/01/2025		200		166
	5.75%, 08/15/2024			3,367		3,325	7.38%, 08/01/2021		617		605
	6.00%, 10/01/2020(e)			608		647	Tops Holding LLC / Tops Markets II Corp
	MPT Operating Partnership LP / MPT Finance						8.00%, 06/15/2022(e)		395		375
	Corp						Yum! Brands Inc
	5.50%, 05/01/2024			1,980		1,950	3.75%, 11/01/2021		200		181
	Omega Healthcare Investors Inc								$		24,551
	5.88%, 03/15/2024			1,310		1,323
	RHP Hotel Properties LP / RHP Finance						Semiconductors - 1.22%
	Corp						Advanced Micro Devices Inc
							6.75%, 03/01/2019		503		343
	5.00%, 04/15/2023			270		269	7.00%, 07/01/2024		899		557
	Sabra Health Care LP / Sabra Capital Corp
	5.50%, 02/01/2021			1,005		1,025	7.50%, 08/15/2022		75		47
							Amkor Technology Inc
				$		14,434	6.38%, 10/01/2022		1,350		1,279
	Retail - 3.05%						Freescale Semiconductor Inc
	1011778 BC ULC / New Red Finance Inc						6.00%, 01/15/2022(e)		1,325		1,388
	4.63%, 01/15/2022(e)			675		678	Micron Technology Inc
	6.00%, 04/01/2022(e)			705		736	5.25%, 08/01/2023(e)		404		327
	AmeriGas Finance LLC / AmeriGas Finance						5.25%, 01/15/2024(e)		785		638
	Corp						5.50%, 02/01/2025		387		306
	7.00%, 05/20/2022			1,573		1,542	5.63%, 01/15/2026(e)		280		217
	Caleres Inc						Microsemi Corp
	6.25%, 08/15/2023			310		306	9.13%, 04/15/2023(e)		396		417
	Claire's Stores Inc						NXP BV / NXP Funding LLC
	6.13%, 03/15/2020(e)			728		386	4.13%, 06/15/2020(e)		392		390
	8.88%, 03/15/2019			2,463		505	4.63%, 06/15/2022(e)		812		790
	9.00%, 03/15/2019(e)			1,527		912	5.75%, 02/15/2021(e)		297		307
	Dollar Tree Inc						5.75%, 03/15/2023(e)		232		237
	5.75%, 03/01/2023(e)			1,440		1,517	Qorvo Inc
	Ferrellgas LP / Ferrellgas Finance Corp						6.75%, 12/01/2023(e)		494		488
	6.75%, 01/15/2022			2,055		1,618	Sensata Technologies BV
	6.75%, 06/15/2023(e)			566		430	5.00%, 10/01/2025(e)		496		477
	Group 1 Automotive Inc						5.63%, 11/01/2024(e)		696		710
	5.25%, 12/15/2023(e)			280		263	Sensata Technologies UK Financing Co plc
	Guitar Center Inc						6.25%, 02/15/2026(e)		853		870
	6.50%, 04/15/2019(e)			611		515			$		9,788
	JC Penney Corp Inc
	8.13%, 10/01/2019			241		221

See accompanying notes

77

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Software - 2.21%					Telecommunications (continued)
Activision Blizzard Inc					Inmarsat Finance PLC
5.63%, 09/15/2021(e)	$	2,139	$	2,246	4.88%, 05/15/2022(e)	$	1,340	$	1,323
Audatex North America Inc					Intelsat Jackson Holdings SA
6.00%, 06/15/2021(e)		617		622	5.50%, 08/01/2023		2,244		1,789
6.13%, 11/01/2023(e)		212		214	7.25%, 04/01/2019		521		473
Emdeon Inc					7.25%, 10/15/2020		980		843
6.00%, 02/15/2021(e)		445		414	7.50%, 04/01/2021		394		337
First Data Corp					Intelsat Luxembourg SA
5.00%, 01/15/2024(e)		970		970	7.75%, 06/01/2021		2,927		1,273
5.38%, 08/15/2023(e)		440		449	8.13%, 06/01/2023		1,085		448
5.75%, 01/15/2024(e)		895		888	Level 3 Communications Inc
6.75%, 11/01/2020(e)		394		415	5.75%, 12/01/2022		636		655
7.00%, 12/01/2023(e)		2,925		2,947	Level 3 Financing Inc
IMS Health Inc					5.13%, 05/01/2023		132		133
6.00%, 11/01/2020(e)		401		414	5.38%, 01/15/2024(e)		885		894
Infor Software Parent LLC / Infor Software					5.38%, 05/01/2025		1,353		1,361
Parent Inc					6.13%, 01/15/2021		250		262
7.13%, PIK 7.88%, 05/01/2021(e),(h)		1,444		1,029	7.00%, 06/01/2020		612		643
Infor US Inc					Nokia OYJ
5.75%, 08/15/2020(e)		116		117	6.63%, 05/15/2039		216		219
6.50%, 05/15/2022(e)		2,162		1,886	Plantronics Inc
Informatica LLC					5.50%, 05/31/2023(e)		295		297
7.13%, 07/15/2023(e)		464		415	Qwest Capital Funding Inc
MSCI Inc					6.88%, 07/15/2028		159		121
5.25%, 11/15/2024(e)		1,438		1,483	7.75%, 02/15/2031		780		640
5.75%, 08/15/2025(e)		1,275		1,348	Qwest Corp
Nuance Communications Inc					6.88%, 09/15/2033		745		705
5.38%, 08/15/2020(e)		1,195		1,195	7.25%, 09/15/2025		310		343
Open Text Corp					SBA Telecommunications Inc
5.63%, 01/15/2023(e)		435		433	5.75%, 07/15/2020		580		602
SS&C Technologies Holdings Inc					SoftBank Group Corp
5.88%, 07/15/2023(e)		300		310	4.50%, 04/15/2020(e)		988		984
		$		17,795	Sprint Capital Corp
					6.88%, 11/15/2028		2,795		1,841
Telecommunications - 9.75%					6.90%, 05/01/2019		209		167
Alcatel-Lucent USA Inc					8.75%, 03/15/2032		1,174		828
6.45%, 03/15/2029		269		278	Sprint Communications Inc
Avaya Inc					6.00%, 11/15/2022(b)		2,253		1,515
7.00%, 04/01/2019(e)		1,344		894
					7.00%, 03/01/2020(e)		1,334		1,281
10.50%, 03/01/2021(e)		924		231
					7.00%, 08/15/2020		1,570		1,154
CenturyLink Inc					9.00%, 11/15/2018(e)		1,271		1,296
5.63%, 04/01/2025		381		324	9.13%, 03/01/2017		185		184
6.45%, 06/15/2021		1,835		1,788	11.50%, 11/15/2021		374		313
6.75%, 12/01/2023		895		847	Sprint Corp
7.60%, 09/15/2039		295		221	7.13%, 06/15/2024		4,338		2,928
Cincinnati Bell Inc					7.25%, 09/15/2021		1,544		1,112
8.38%, 10/15/2020		986		1,003	7.63%, 02/15/2025		347		237
Citizens Communications Co					7.88%, 09/15/2023		3,643		2,595
7.13%, 03/15/2019		135		134	Syniverse Holdings Inc
CommScope Inc					9.13%, 01/15/2019		1,600		608
5.50%, 06/15/2024(e)		762		733
					Telecom Italia Capital SA
CommScope Technologies Finance LLC					6.00%, 09/30/2034		1,165		1,043
6.00%, 06/15/2025(e)		1,165		1,133
					7.00%, 06/04/2018		160		172
Consolidated Communications Inc					Telecom Italia SpA
6.50%, 10/01/2022		569		481	5.30%, 05/30/2024(e)		735		717
Embarq Corp					T-Mobile USA Inc
8.00%, 06/01/2036		3,948		3,910	6.00%, 03/01/2023		2,227		2,240
Frontier Communications Corp					6.13%, 01/15/2022		1,525		1,552
6.25%, 09/15/2021		215		181	6.25%, 04/01/2021		675		687
7.13%, 01/15/2023		100		83	6.38%, 03/01/2025		1,132		1,135
7.63%, 04/15/2024		570		476	6.50%, 01/15/2024		622		628
8.50%, 04/15/2020		1,565		1,551	6.50%, 01/15/2026		460		460
8.75%, 04/15/2022		404		364	6.54%, 04/28/2020		1,160		1,195
8.88%, 09/15/2020(e)		167		168
					6.63%, 11/15/2020		275		283
9.00%, 08/15/2031		2,233		1,775	6.63%, 04/28/2021		1,501		1,552
9.25%, 07/01/2021		733		707	6.63%, 04/01/2023		521		533
11.00%, 09/15/2025(e)		1,817		1,751
10.50%, 09/15/2022(e)		598		582	6.73%, 04/28/2022		1,703		1,747
					6.84%, 04/28/2023		936		964
Goodman Networks Inc					UPCB Finance IV Ltd
12.13%, 07/01/2018		950		285	5.38%, 01/15/2025(e)		745		715
Hughes Satellite Systems Corp					Virgin Media Finance PLC
6.50%, 06/15/2019		943		1,033	5.75%, 01/15/2025(e)		226		224

See accompanying notes

78

Schedule of Investments
High Yield Fund I
January 31, 2016 (unaudited)
			Principal			SENIOR FLOATING RATE INTERESTS		Principal
BONDS (continued)			Amount (000's)          Value (000's)			(continued)		Amount (000's)  Value (000's)
Telecommunications (continued)						Airlines - 0.05%
Virgin Media Finance PLC (continued)						American Airlines Inc, Term Loan B
6.00%, 10/15/2024(e)		$	1,500	$	1,511	3.25%, 06/27/2020(f)	$	430	$	422
Virgin Media Secured Finance PLC
5.25%, 01/15/2026(e)			360		356
5.38%, 04/15/2021(e)			1,368		1,399	Automobile Manufacturers - 0.19%
						FCA US LLC, Term Loan B
West Corp						3.25%, 12/31/2018(f)		578		574
5.38%, 07/15/2022(e)			515		434
						3.50%, 05/24/2017(f)		728		725
Wind Acquisition Finance SA						3.50%, 05/24/2017(f)		226		225
4.75%, 07/15/2020(e)			2,905		2,854
7.38%, 04/23/2021(e)			1,554		1,477			$		1,524
Windstream Services LLC						Biotechnology - 0.07%
6.38%, 08/01/2023			270		195	Concordia Healthcare Corp, Term Loan B
7.50%, 06/01/2022			2,473		1,904	5.25%, 10/20/2021(f)		550		525
7.50%, 04/01/2023			790		606
7.75%, 10/01/2021			645		503
			$		78,423	Building Materials - 0.06%
						Stardust Finance Holdings Inc, Term Loan B
Transportation - 0.31%						6.50%, 03/14/2022(f)		554		518
Bluewater Holding BV
10.00%, 12/10/2019(e)			1,300		585
						Commercial Services - 0.11%
Martin Midstream Partners LP / Martin						Acosta Holdco Inc, Term Loan B
Midstream Finance Corp						4.25%, 09/26/2021(f)		238		228
7.25%, 02/15/2021			1,043		892	Hertz Corp/The, Term Loan B1
Navios Maritime Acquisition Corp / Navios						3.75%, 03/11/2018(f)		360		358
Acquisition Finance US Inc
8.13%, 11/15/2021(e)			140		111	Pharmaceutical Product Development LLC,
						Term Loan B
Navios Maritime Holdings Inc / Navios						4.25%, 08/05/2022(f)		319		312
Maritime Finance II US Inc
7.38%, 01/15/2022(e)			900		324			$		898
Navios South American Logistics Inc / Navios						Computers - 0.19%
Logistics Finance US Inc						Presidio Inc, Term Loan B
7.25%, 05/01/2022(e)			594		306	5.25%, 02/02/2022(f)		785		753
Ultrapetrol Bahamas Ltd						Riverbed Technology Inc, Term Loan B
0.00%, 06/15/2021(a)			1,514		257	6.00%, 02/25/2022(f)		571		564
			$		2,475	6.00%, 02/25/2022(f)		215		213
TOTAL BONDS			$		705,954			$		1,530
			Principal
CONVERTIBLE BONDS - 0.09%			Amount (000's)            Value (000's)			Consumer Products - 0.17%
						Dell International LLC, Term Loan B2
Electric - 0.09%						4.00%, 04/29/2020(f)		451		449
NRG Yield Inc						Prestige Brands Inc, Term Loan B3
3.25%, 06/01/2020(e)			250		205	3.50%, 09/03/2021(f)		365		364
Upstate New York Power Producers Inc						Spectrum Brands Inc, Term Loan
20.00%, 06/15/2017(b),(c),(e)			259		497	3.50%, 06/16/2022(f)		592		590
			$		702			$		1,403
Retail - 0.00%						Distribution & Wholesale - 0.05%
Real Mex Restaurants Inc						HD Supply Inc, Term Loan
1.12%, PIK 2.27%, 03/21/2018(b),(c),(h)			83		—	3.75%, 08/06/2021(f)		434		426
TOTAL CONVERTIBLE BONDS			$		702	Diversified Financial Services - 0.07%
SENIOR FLOATING RATE INTERESTS -                   Principal						Walter Investment Management Corp, Term
7.87	%		Amount (000's)          Value (000's)			Loan
Advertising - 0.22%						4.75%, 12/11/2020(f)		772		598
Advantage Sales & Marketing Inc, Term
Loan
7.50%, 07/21/2022(f)		$	1,799	$	1,573	Electric - 0.48%
						Calpine Corp, Term Loan
Advantage Sales & Marketing Inc, Term Loan						4.00%, 01/15/2023(f)		695		667
B						Calpine Corp, Term Loan B5
4.25%, 07/21/2021(f)			238		227	3.50%, 05/20/2022(f)		249		236
Vertis Inc, Term Loan EXIT						Dynegy Inc, Term Loan B2
0.00%, 12/31/2016(a),(b),(c),(f)			1,359		1	4.00%, 04/16/2020(f)		364		351
			$		1,801	Texas Competitive Electric Holdings Co LLC,
Aerospace & Defense - 0.13%						Term Loan EXT
TransDigm Inc, Term Loan D						4.91%, 10/10/2017(f)		8,239		2,483
3.75%, 05/21/2021(f)			238		231	Texas Competitive Electric Holdings Co LLC,
TransDigm Inc, Term Loan E						Term Loan NONEXT
3.50%, 05/13/2022(f)			878		840	4.91%, 10/10/2016(f)		510		149
			$		1,071			$		3,886

See accompanying notes

79

Schedule of Investments
High Yield Fund I
January 31, 2016 (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)
	Entertainment - 0.60%						Lodging - 0.30%
	Cowlitz Tribal Gaming Authority, Term						Hilton Worldwide Finance LLC, Term Loan
	Loan						B
	11.50%, 10/02/2020(f)		$	1,245	$	1,170	3.50%, 09/23/2020(f)		$	375	$	374
	Delta 2 Lux Sarl, Term Loan B						MGM Resorts International, Term Loan B
	7.75%, 07/29/2022(f)			600		498	3.50%, 12/13/2019(f)			489		484
	Delta 2 Lux Sarl, Term Loan B3						ROC Finance LLC, Term Loan B
	4.75%, 07/30/2021(f)			200		188	5.00%, 03/27/2019(f)			681		603
	Eldorado Resorts Inc, Term Loan B						Station Casinos LLC, Term Loan B
	4.25%, 07/15/2022(f)			428		424	4.25%, 02/25/2018(f)			472		463
	Graton Economic Development Authority,						4.25%, 02/25/2020(f)			467		458
	Term Loan B									$		2,382
	4.75%, 08/06/2022(f)			393		390
	Mohegan Tribal Gaming Authority, Term						Media- 1.07	%
	Loan B						Altice Financing SA, Delay-Draw Term Loan
	5.50%, 11/19/2019(f)			1,803		1,745	DD
							5.50%, 07/15/2019(f)			686		681
	Scientific Games International Inc, Term Loan						CCO Safari III LLC, Term Loan I
	B1						3.50%, 01/23/2023(f)			1,335		1,333
	6.00%, 05/22/2020(f)			443		396
				$		4,811	iHeartCommunications Inc, Term Loan D-
							EXT
	Food- 0.35	%					7.18%, 01/23/2019(f)			3,072		2,031
	Albertsons LLC, Term Loan B						Neptune Finco Corp, Term Loan B
	5.50%, 12/09/2022(f)			1,375		1,342	5.00%, 10/09/2022(f)			1,245		1,241
	Dole Food Co Inc, Term Loan B						Sinclair Television Group Inc, Term Loan B1
	4.50%, 10/25/2018(f)			83		81	3.50%, 07/30/2021(f)			364		359
	4.50%, 12/01/2018(f)			51		50	Tribune Media Co, Term Loan B
	4.50%, 12/01/2018(f)			83		81	3.75%, 12/27/2020(f)			333		327
	4.50%, 12/01/2018(f)			95		92	3.75%, 12/27/2020(f)			512		502
	4.50%, 12/01/2018(f)			95		92	Univision Communications Inc, Term Loan
	4.50%, 12/01/2018(f)			83		81	C3
	4.50%, 12/01/2018(f)			83		81	4.00%, 03/01/2020(f)			919		896
	4.50%, 12/01/2018(f)			83		81	4.00%, 03/01/2020(f)			374		365
	Pinnacle Foods Finance LLC, Term Loan G						Univision Communications Inc, Term Loan
	3.00%, 04/29/2020(f)			217		214	C4
	Pinnacle Foods Finance LLC, Term Loan H						4.00%, 03/01/2020(f)			119		116
	3.00%, 04/29/2020(f)			176		174	4.00%, 03/01/2020(f)			792		772
	Pinnacle Foods Finance LLC, Term Loan I									$		8,623
	0.00%, 01/13/2023(f),(i)			140		140
	3.75%, 01/13/2023(f)			265		265	Mining - 0.14%
				$		2,774	Coeur Mining Inc, Term Loan B
							9.00%, 06/23/2020(b),(f)			359		341
	Food Service - 0.18%						9.00%, 06/23/2020(f)			119		113
	Aramark Services Inc, Term Loan F						FMG Resources August 2006 Pty Ltd, Term
	3.25%, 02/21/2021(f)			1,487		1,476	Loan B
							4.25%, 06/30/2019(f)			372		256
							4.25%, 06/30/2019(f)			556		384
	Healthcare - Products - 0.03%
	DJO Finance LLC, Term Loan B									$		1,094
	4.25%, 06/24/2020(f)			241		232	Oil & Gas - 0.14%
							Alon USA Partners LP, Term Loan B
							9.25%, 11/13/2018(f)			140		139
	Healthcare - Services - 0.11%
							EXCO Resources Inc, Term Loan
	inVentiv Health Inc, Term Loan B4						12.50%, 10/21/2018(f)			788		297
	7.75%, 05/15/2018(f)			867		858
							Fieldwood Energy LLC, Term Loan
							8.38%, 09/30/2020(f)			420		68
	Holding Companies - Diversified - 0.03%						MEG Energy Corp, Term Loan B
	Twin River Management Group Inc, Term						3.75%, 03/31/2020(f)			474		366
	Loan B						Sabine Oil & Gas Corp, Term Loan B
	5.25%, 07/10/2020(f)			222		221	0.00%, 01/18/2018(a),(f)			667		16
							Shelf Drilling Midco Ltd, PIK Term Loan B
							10.00%, PIK 0.75%, 10/08/2018(f),(h)			460		225
	Internet - 0.26%
	Go Daddy Operating Co LLC, Term Loan B									$		1,111
	4.25%, 05/05/2021(f)			250		248	Oil & Gas Services - 0.02%
	4.25%, 05/13/2021(f)			1		—	Navios Maritime Midstream Partners LP,
	Match Group Inc, Term Loan B						Term Loan B
	5.50%, 10/27/2022(f)			1,262		1,257	5.50%, 06/18/2020(f)			190		187
	Zayo Group LLC, Term Loan B
	3.75%, 05/06/2021(f)			618		609
				$		2,114	Packaging & Containers - 0.11%
							Berry Plastics Group Inc, Term Loan E
							3.75%, 12/18/2020(f)			240		237
							Berry Plastics Group Inc, Term Loan F
							4.00%, 09/16/2022(f)			453		451

See accompanying notes

80

Schedule of Investments
High Yield Fund I
January 31, 2016 (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)
	Packaging & Containers (continued)						Telecommunications (continued)
	Berry Plastics Group Inc, Term Loan						UPC Financing Partnership, Term Loan AH
	F (continued)							3.34%, 06/10/2021(f)	$	575	$	562
	4.00%, 09/16/2022(f)		$	162	$	161				$		2,699
	4.00%, 10/03/2022(f)			8		8
				$		857	Transportation - 0.09%
							Commercial Barge Line Co, Term Loan B
	Real Estate - 0.19%							9.75%, 11/06/2020(f)		370		324
	Realogy Group LLC, Term Loan B						Gruden Acquisition Inc, Term Loan
	3.75%, 03/05/2020(f)			1,579		1,567		9.50%, 07/31/2023(f)		345		326
							OSG Bulk Ships Inc, Term Loan B-EXIT
								5.25%, 08/05/2019(f)		88		77
	REITS- 0.02	%
	Equinix Inc, Term Loan									$		727
	4.00%, 12/07/2022(f)			175		175	TOTAL SENIOR FLOATING RATE INTERESTS			$		63,307
							Total Investments			$		801,108
							Other Assets in Excess of Liabilities, Net - 0.40%			$		3,223
	Retail - 0.87%						TOTAL NET ASSETS - 100.00%			$		804,331
	J Crew Group Inc, Term Loan B
	4.00%, 02/26/2021(f)			359		242
	4.00%, 02/26/2021(f)			294		198	(a)	Non-Income Producing Security
	4.00%, 02/26/2021(f)			355		240	(b)	Security is Illiquid. At the end of the period, the value of these securities
	4.00%, 02/26/2021(f)			354		239		totaled $2,729 or 0.34% of net assets.
	JC Penney Corp Inc, Term Loan						(c)	Fair value of these investments is determined in good faith by the Manager
	6.00%, 05/21/2018(f)			369		360		under procedures established and periodically reviewed by the Board of
	6.00%, 05/21/2018(f)			1,477		1,442		Directors. At the end of the period, the fair value of these securities totaled
	PetSmart Inc, Term Loan B							$848 or 0.11% of net assets.
	4.25%, 03/10/2022(f)			1,449		1,402	(d)	Perpetual security. Perpetual securities pay an indefinite stream of
	Rite Aid Corp, Term Loan 2							interest, but they may be called by the issuer at an earlier date.
	4.88%, 06/11/2021(f)			1,000		997	(e)	Security exempt from registration under Rule 144A of the Securities Act of
	Sears Roebuck Acceptance Corp, Term Loan							1933. These securities may be resold in transactions exempt from
	B							registration, normally to qualified institutional buyers. At the end of the
	5.50%, 06/30/2018(f)			1,152		1,074		period, the value of these securities totaled $273,937 or 34.06% of net
	Serta Simmons Bedding LLC, Term Loan B							assets.
	4.25%, 10/01/2019(f)			353		351	(f)	Variable Rate. Rate shown is in effect at January 31, 2016.
	4.25%, 10/01/2019(f)			290		288	(g)	Security purchased on a when-issued basis.
	4.25%, 10/01/2019(f)			148		147	(h)	Payment in kind; the issuer has the option of paying additional securities
				$		6,980		in lieu of cash.
	Semiconductors - 0.93%						(i)	This Senior Floating Rate Note will settle after January 31, 2016, at which
	Avago Technologies Cayman Ltd, Term							time the interest rate will be determined.
	Loan
	0.00%, 11/11/2022(f),(i)			2,450		2,409
	0.00%, 11/11/2022(f),(i)			920		905		Portfolio Summary (unaudited)
	Avago Technologies Cayman Ltd, Term Loan						Sector					Percent
	B						Communications					21.98	%
	3.75%, 04/16/2019(f)			1,905		1,902
							Consumer, Non-cyclical					18.82	%
	Microsemi Corp, Term Loan						Consumer, Cyclical					15.48	%
	0.00%, 12/17/2022(f),(i)			687		682
							Financial					11.71	%
	NXP BV, Term Loan						Energy					8.00	%
	3.75%, 11/05/2020(f)			1,340		1,337	Industrial					7.07	%
	3.75%, 11/05/2020(f)			205		204	Technology					5.26%
				$		7,439	Basic Materials					4.05	%
	Software - 0.30%						Exchange Traded Funds					3.60	%
	Evergreen Skills Lux Sarl, Term Loan						Utilities					3.23	%
	3.75%, 04/08/2021(f)			151		144	Diversified					0.40	%
	3.75%, 04/08/2021(f)			391		374	Other Assets in Excess of Liabilities, Net					0.40	%
	First Data Corp, Term Loan B						TOTAL NET ASSETS					100.00	%
	4.18%, 06/24/2022(f)			1,320		1,294
	First Data Corp, Term Loan B1
	3.93%, 09/24/2018(f)			574		566
				$		2,378
	Telecommunications - 0.34%
	Cincinnati Bell Inc, Term Loan B
	4.00%, 08/09/2020(f)			181		174
	4.00%, 08/09/2020(f)			169		163
	4.00%, 08/20/2020(f)			181		174
	CommScope Inc, Term Loan B
	3.83%, 12/29/2022(f)			344		341
	Level 3 Financing Inc, Term Loan BI
	3.95%, 01/15/2020(f)			688		686
	Level 3 Financing Inc, Term Loan BIII
	3.95%, 08/01/2019(f)			600		599

See accompanying notes

81

Schedule of Investments
Income Fund
January 31, 2016 (unaudited)
	COMMON STOCKS - 0.00%		Shares Held		Value(000			's)			Principal
									BONDS (continued)		Amount (000's)	Value (000's)
	Computers - 0.00%
	GCB S3 Inc (a),(b)			9,825,000		$	—		Banks (continued)
									ING Bank NV
									3.75%, 03/07/2017(e)	$	5,000	$	5,124
	Diversified Financial Services - 0.00%								4.00%, 03/15/2016(e)		7,000		7,027
	Adelphia Recovery Trust (a),(b),(c)			658,740			3
									JPMorgan Chase & Co
									3.25%, 09/23/2022		5,000		5,035
	Transportation - 0.00%								3.63%, 05/13/2024		15,000		15,199
	Trailer Bridge Inc (a),(b)			7,120			—		3.90%, 07/15/2025		5,000		5,126
									7.90%, 04/29/2049(d),(f)		7,000		7,066
	TOTAL COMMON STOCKS				$		3		JPMorgan Chase Bank NA
	INVESTMENT COMPANIES - 3.16%		Shares Held		Value(000			's)	0.90%, 06/14/2017(d)		5,000		4,983
									Morgan Stanley
	Publicly Traded Investment Fund - 3.16%								2.65%, 01/27/2020		5,000		5,007
	Goldman Sachs Financial Square Funds -			98,143,889			98,144		3.80%, 04/29/2016		4,000		4,028
	Government Fund								3.95%, 04/23/2027		10,000		9,652
									4.00%, 07/23/2025		5,000		5,099
	TOTAL INVESTMENT COMPANIES				$		98,144		4.88%, 11/01/2022		2,000		2,127
				Principal					5.50%, 07/28/2021		5,000		5,593
	BONDS- 61.54	%	Amount (000's)		Value(000			's)	PNC Bank NA
	Airlines - 0.31%								2.95%, 01/30/2023		5,000		4,931
									2.95%, 02/23/2025		10,000		9,899
	United Airlines 2013-1 Class A Pass Through								PNC Financial Services Group Inc/The
	Trust								6.75%, 07/29/2049(d),(f)		18,000		19,300
	4.30%, 02/15/2027		$	9,168		$	9,557		SunTrust Bank/Atlanta GA
									2.75%, 05/01/2023		15,000		14,563
	Automobile Floor Plan Asset Backed Securities - 3.39%								US Bancorp
	Ally Master Owner Trust								1.65%, 05/15/2017		9,000		9,057
	0.88%, 04/15/2018(d)			13,000			12,999		2.95%, 07/15/2022		5,000		5,042
	0.90%, 01/15/2019(d)			5,000			5,001		3.00%, 03/15/2022		2,000		2,067
	BMW Floorplan Master Owner Trust								3.60%, 09/11/2024		9,500		9,832
	0.93%, 07/15/2020(d),(e)			13,500			13,458		4.13%, 05/24/2021		3,000		3,270
	CNH Wholesale Master Note Trust								US Bank NA/Cincinnati OH
	1.03%, 08/15/2019(d),(e)			13,000			12,986		2.80%, 01/27/2025		5,000		4,978
	Ford Credit Floorplan Master Owner Trust A								Wells Fargo & Co
	0.83%, 02/15/2019(d)			6,000			5,992		7.98%, 12/31/2049(d),(f)		15,000		15,675
	Mercedes-Benz Master Owner Trust 2015-B										$		275,377
	0.81%, 04/15/2020(d),(e)			15,000			14,922
	Nissan Master Owner Trust Receivables								Beverages - 1.81%
	0.73%, 02/15/2018(d)			14,000			14,000		Anheuser-Busch InBev Finance Inc
	0.83%, 01/15/2020(d)			15,000			15,012		3.65%, 02/01/2026		19,000		19,256
	Volkswagen Credit Auto Master Trust								Anheuser-Busch InBev Worldwide Inc
	0.78%, 07/22/2019(d),(e)			11,000			10,884		2.50%, 07/15/2022		9,000		8,765
					$		105,254		7.75%, 01/15/2019		10,000		11,581
									Innovation Ventures LLC / Innovation
	Automobile Manufacturers - 1.90%								Ventures Finance Corp
	American Honda Finance Corp								9.50%, 08/15/2019(e)		16,264		16,661
	1.12%, 10/07/2016(d)			4,500			4,509				$		56,263
	1.60%, 02/16/2018(e)			10,000			9,988
	3.80%, 09/20/2021(e)			10,000			10,712		Biotechnology - 1.66%
	Ford Motor Credit Co LLC								Amgen Inc
	3.98%, 06/15/2016			20,000			20,180		3.63%, 05/15/2022		4,500		4,667
	4.39%, 01/08/2026			9,500			9,571		3.88%, 11/15/2021		13,000		13,694
	General Motors Co								Gilead Sciences Inc
	4.88%, 10/02/2023			4,000			4,030		3.50%, 02/01/2025		4,750		4,880
					$		58,990		3.65%, 03/01/2026		18,000		18,387
									4.40%, 12/01/2021		9,000		9,845
	Banks- 8.88	%									$		51,473
	Bank of America Corp
	3.88%, 08/01/2025			7,000			7,075		Chemicals - 1.24%
	5.42%, 03/15/2017			5,000			5,190		Airgas Inc
	6.50%, 07/15/2018			2,000			2,203		1.65%, 02/15/2018		13,500		13,437
	6.75%, 06/01/2028			2,000			2,489		2.38%, 02/15/2020		7,000		7,004
	8.00%, 07/29/2049(d),(f)			4,000			4,039		3.65%, 07/15/2024		6,750		6,765
	8.13%, 12/29/2049(d),(f)			10,000			10,144		Axiall Corp
	Bank of New York Mellon Corp/The								4.88%, 05/15/2023		2,500		2,353
	2.60%, 08/17/2020			9,500			9,622		Eagle Spinco Inc
	Citigroup Inc								4.63%, 02/15/2021		9,250		8,961
	3.88%, 03/26/2025			20,000			19,248				$		38,520
	4.45%, 09/29/2027			8,000			7,896		Commercial Services - 0.69%
	4.50%, 01/14/2022			4,000			4,307		ERAC USA Finance LLC
	Goldman Sachs Group Inc/The								3.30%, 10/15/2022(e)		2,000		1,987
	3.63%, 02/07/2016			5,000			5,001		4.50%, 08/16/2021(e)		6,000		6,429
	3.63%, 01/22/2023			4,000			4,062		6.38%, 10/15/2017(e)		4,000		4,282
	5.25%, 07/27/2021			13,000			14,421

See accompanying notes

82

Schedule of Investments
Income Fund
January 31, 2016 (unaudited)
		Principal						Principal
BONDS (continued)		Amount (000's)    Value (000's)			BONDS (continued)			Amount (000's) Value (000's)
Commercial Services (continued)					Electronics - 0.62%
ERAC USA Finance LLC (continued)					Corning Inc
7.00%, 10/15/2037(e)	$	7,000	$	8,605	2.90%, 05/15/2022		$	5,000	$	4,851
		$		21,303	4.25%, 08/15/2020			10,000		10,629
					4.75%, 03/15/2042			4,000		3,875
Computers - 0.41%								$		19,355
Apple Inc
2.40%, 05/03/2023		13,000		12,758	Entertainment - 0.19%
					Greektown Holdings LLC/Greektown
					Mothership Corp
Credit Card Asset Backed Securities - 0.90%					8.88%, 03/15/2019(e)			1,250		1,231
Cabela's Credit Card Master Note Trust
0.78%, 03/16/2020(d)		10,253		10,231	Peninsula Gaming LLC / Peninsula Gaming
0.98%, 10/15/2019(d),(e)		9,500		9,506	Corp
					8.38%, 02/15/2018(e)			4,500		4,568
1.10%, 07/17/2023(d)		8,000		8,013
		$		27,750				$		5,799
					Environmental Control - 1.63%
Diversified Financial Services - 1.18%
GE Capital International Funding Co					ADS Waste Holdings Inc
2.34%, 11/15/2020(e)		1,659		1,665	8.25%, 10/01/2020			21,000		19,425
					Republic Services Inc
International Lease Finance Corp					3.20%, 03/15/2025			10,000		9,861
8.63%, 01/15/2022		3,000		3,518
8.75%, 03/15/2017(d)		8,500		8,934	3.55%, 06/01/2022			6,000		6,253
Jefferies Finance LLC /JFIN Co-Issuer Corp					3.80%, 05/15/2018			2,000		2,088
7.38%,  04/01/2020 (e)		3,750		3,131	5.00%, 03/01/2020			12,000		13,048
Jefferies Group LLC								$		50,675
5.13%, 04/13/2018		5,000		5,193	Food- 0.64	%
5.13%, 01/20/2023		1,500		1,492	Kraft Heinz Foods Co
6.25%, 01/15/2036		9,000		8,086	3.50%, 07/15/2022(e)			5,000		5,090
8.50%, 07/15/2019		4,000		4,596	3.95%, 07/15/2025(e)			14,500		14,862
		$		36,615				$		19,952
Electric - 5.68%					Forest Products & Paper - 0.58%
Exelon Generation Co LLC					Plum Creek Timberlands LP
6.20%, 10/01/2017		14,000		14,881	3.25%, 03/15/2023			5,000		4,888
6.25%, 10/01/2039		3,000		2,661	4.70%, 03/15/2021			12,000		12,970
GenOn Americas Generation LLC								$		17,858
8.50%, 10/01/2021		12,500		8,000
GenOn Energy Inc					Healthcare - Services - 2.10%
9.88%, 10/15/2020		6,500		4,420	HCA Inc
LG&E and KU Energy LLC					5.88%, 05/01/2023			4,500		4,691
3.75%, 11/15/2020		5,000		5,242	7.50%, 02/15/2022			3,000		3,330
4.38%, 10/01/2021		5,000		5,354	7.50%, 11/06/2033			1,700		1,768
Louisville Gas & Electric Co					HealthSouth Corp
3.30%, 10/01/2025		3,000		3,104	5.75%, 11/01/2024			2,000		1,974
					5.75%, 09/15/2025(e)			1,000		970
Metropolitan Edison Co
3.50%, 03/15/2023(e)		9,000		8,984	7.75%, 09/15/2022			3,426		3,555
					Roche Holdings Inc
NiSource Finance Corp					0.94%, 09/30/2019(d),(e)			31,000		30,639
3.85%, 02/15/2023		2,000		2,074
6.13%, 03/01/2022		5,000		5,781	Vantage Oncology LLC / Vantage Oncology
					Finance Co
Oncor Electric Delivery Co LLC					9.50%, 06/15/2017(e)			22,000		18,315
2.95%, 04/01/2025		4,000		3,854
7.00%, 09/01/2022		17,000		20,633				$		65,242
PacifiCorp					Insurance - 2.93%
5.25%, 06/15/2035		5,000		5,781	Berkshire Hathaway Finance Corp
6.25%, 10/15/2037		2,000		2,527	0.92%, 01/12/2018(d)			14,500		14,479
Solar Star Funding LLC
3.95%, 06/30/2035(e)		7,000		7,134	Berkshire Hathaway Inc
5.38%, 06/30/2035(e)		15,500		17,759	3.00%, 02/11/2023			5,000		5,128
					3.75%, 08/15/2021			5,000		5,402
Southwestern Electric Power Co					Fidelity National Financial Inc
3.55%, 02/15/2022		12,000		12,506	5.50%, 09/01/2022			5,000		5,435
Talen Energy Supply LLC					6.60%, 05/15/2017			12,000		12,576
4.60%, 12/15/2021		11,000		6,325	First American Financial Corp
6.50%, 05/01/2018		3,000		2,779	4.30%, 02/01/2023			20,000		20,277
TransAlta Corp					4.60%, 11/15/2024			5,000		5,166
4.50%, 11/15/2022		18,000		12,971	Prudential Financial Inc
6.65%, 05/15/2018		4,000		3,941	4.50%, 11/16/2021			2,000		2,201
Tucson Electric Power Co					5.38%, 06/21/2020			2,000		2,237
3.05%, 03/15/2025		2,000		1,947	7.38%, 06/15/2019			4,000		4,649
3.85%, 03/15/2023		14,000		14,304	8.88%, 06/15/2068(d)			12,000		13,485
5.15%, 11/15/2021		3,000		3,355				$		91,035
		$		176,317

See accompanying notes

83

Schedule of Investments
Income Fund
January 31, 2016 (unaudited)
				Principal						Principal
	BONDS (continued)			Amount (000's)    Value (000's)			BONDS (continued)			Amount (000's) Value (000's)
	Internet - 0.06%						Oil & Gas (continued)
	VeriSign Inc						Rowan Cos Inc
	5.25%, 04/01/2025		$	1,750	$	1,731	4.88%, 06/01/2022		$	8,000	$	5,287
							5.00%, 09/01/2017			14,000		12,258
							Tesoro Corp
	Iron & Steel - 1.07%						5.38%, 10/01/2022			8,750		8,433
	Allegheny Technologies Inc
	5.95%, 01/15/2021			17,000		10,710	W&T Offshore Inc
	7.63%, 08/15/2023(d)			14,250		9,405	8.50%, 06/15/2019			25,250		6,691
	ArcelorMittal						Whiting Petroleum Corp
	6.50%, 03/01/2021(d)			16,000		13,000	5.75%, 03/15/2021			18,000		11,295
				$		33,115				$		122,607
							Oil & Gas Services - 1.67%
	Leisure Products & Services - 0.17%
	Royal Caribbean Cruises Ltd						Archrock Partners LP / Archrock Partners
	7.25%, 03/15/2018			5,000		5,375	Finance Corp
							6.00%, 04/01/2021			24,000		17,880
							Schlumberger Holdings Corp
	Lodging - 0.13%						3.63%, 12/21/2022(e)			6,500		6,360
	Boyd Gaming Corp						4.00%, 12/21/2025(e)			9,500		9,251
	6.88%, 05/15/2023			4,000		4,060	Weatherford International Ltd/Bermuda
							4.50%, 04/15/2022			12,750		8,383
	Media- 2.10	%					5.13%, 09/15/2020			14,000		9,975
	21st Century Fox America Inc									$		51,849
	4.50%, 02/15/2021			5,000		5,426	Other Asset Backed Securities - 1.17%
	6.40%, 12/15/2035			8,000		9,038	Drug Royalty II LP 2
	Comcast Corp						3.48%, 07/15/2023(d),(e)			13,396		13,573
	2.85%, 01/15/2023			10,000		10,212	PFS Financing Corp
	3.13%, 07/15/2022			2,000		2,066	0.98%, 02/15/2018(d),(e)			14,000		13,997
	5.15%, 03/01/2020			2,000		2,246	1.05%, 04/15/2020(d),(e)			9,000		8,852
	Historic TW Inc									$		36,422
	9.15%, 02/01/2023			5,260		6,974
	NBCUniversal Enterprise Inc						Packaging & Containers - 0.26%
	1.31%, 04/15/2018(d),(e)			3,000		2,996	Sealed Air Corp
							5.50%, 09/15/2025(e)			2,000		2,040
	Time Warner Cable Inc						6.88%, 07/15/2033(e)			6,000		6,158
	4.00%, 09/01/2021			2,000		2,037
	4.13%, 02/15/2021			2,000		2,060				$		8,198
	5.00%, 02/01/2020			2,000		2,127	Pharmaceuticals - 0.93%
	6.55%, 05/01/2037			6,000		5,989	AbbVie Inc
	6.75%, 06/15/2039			5,500		5,602	2.90%, 11/06/2022			13,750		13,511
	7.30%, 07/01/2038			7,750		8,235	Actavis Funding SCS
				$		65,008	3.45%, 03/15/2022			5,000		5,074
	Miscellaneous Manufacturers - 0.44%						3.80%, 03/15/2025			10,000		10,146
	General Electric Co									$		28,731
	1.51%, 03/15/2023(d)			13,000		12,823
							Pipelines - 2.35%
	5.30%, 02/11/2021			573		653	Buckeye Partners LP
				$		13,476	4.15%, 07/01/2023			10,000		8,359
	Office & Business Equipment - 0.02%						4.35%, 10/15/2024			7,500		6,165
							Columbia Pipeline Group Inc
	CDW LLC / CDW Finance Corp						4.50%, 06/01/2025(e)			11,000		9,922
	5.50%, 12/01/2024			500		520
							El Paso Natural Gas Co LLC
							7.50%, 11/15/2026			9,500		9,513
	Oil & Gas - 3.95%						Express Pipeline LLC
	BG Energy Capital PLC						7.39%, 12/31/2019(e)			2,520		2,662
	2.88%, 10/15/2016(e)			2,000		2,017	Southeast Supply Header LLC
	4.00%, 10/15/2021(e)			11,500		11,820	4.25%, 06/15/2024(e)			14,000		12,769
	BP Capital Markets PLC						Southern Natural Gas Co LLC
	2.50%, 11/06/2022			3,000		2,790	8.00%, 03/01/2032			4,000		3,701
	3.25%, 05/06/2022			4,000		3,927	Tennessee Gas Pipeline Co LLC
	4.75%, 03/10/2019			14,000		15,034	8.38%, 06/15/2032			2,000		1,930
	Helmerich & Payne International Drilling Co						TransCanada PipeLines Ltd
	4.65%, 03/15/2025			7,000		6,675	1.28%, 06/30/2016(d)			5,000		4,989
	Linn Energy LLC / Linn Energy Finance						6.10%, 06/01/2040			5,000		4,898
	Corp						7.25%, 08/15/2038			7,000		7,918
	6.50%, 05/15/2019			16,000		2,160				$		72,826
	Nabors Industries Inc
	5.00%, 09/15/2020			14,000		11,234	REITS- 6.69	%
	5.10%, 09/15/2023			5,000		3,528	Alexandria Real Estate Equities Inc
	Petro-Canada						3.90%, 06/15/2023			4,000		4,030
	9.25%, 10/15/2021			8,500		10,256	4.30%, 01/15/2026			9,000		9,136
	Phillips 66						4.60%, 04/01/2022			20,500		21,896
	4.30%, 04/01/2022			9,000		9,202	BioMed Realty LP
							3.85%, 04/15/2016			6,000		6,032
							4.25%, 07/15/2022			8,000		8,929

See accompanying notes

84

Schedule of Investments
Income Fund
January 31, 2016 (unaudited)
		Principal						Principal
BONDS (continued)		Amount (000's)            Value (000's)			BONDS (continued)		Amount (000's)		Value(000			's)
REITS (continued)					Trucking & Leasing - 0.72%
BioMed Realty LP (continued)					Penske Truck Leasing Co Lp / PTL Finance
6.13%, 04/15/2020	$	8,000	$	9,293	Corp
CubeSmart LP					3.75%, 05/11/2017(e)		$	22,000		$	22,425
4.00%, 11/15/2025		5,000		5,037
4.38%, 12/15/2023		8,000		8,413	TOTAL BONDS				$		1,909,553
4.80%, 07/15/2022		9,000		9,804	SENIOR FLOATING RATE INTERESTS -			Principal
Duke Realty LP					0.15	%	Amount (000's)		Value(000			's)
3.88%, 10/15/2022		3,000		3,064
4.38%, 06/15/2022		4,000		4,190	Oil & Gas - 0.11%
HCP Inc					Drillships Financing Holding Inc, Term Loan
2.63%, 02/01/2020		5,000		4,975	B1
					6.00%, 03/31/2021(d)		$	9,614		$	2,920
3.75%, 02/01/2019		5,000		5,178
5.38%, 02/01/2021		3,000		3,304	Drillships Ocean Ventures Inc, Term Loan B
					5.50%, 07/16/2021(d)			1,478			574
Healthcare Realty Trust Inc
3.88%, 05/01/2025		5,000		4,951					$		3,494
5.75%, 01/15/2021		4,000		4,463	Transportation - 0.04%
Hospitality Properties Trust					Trailer Bridge Inc, Term Loan
4.50%, 06/15/2023		5,000		4,976	10.00%, 04/02/2016(b),(c),(d)			1,095			1,095
4.65%, 03/15/2024		5,000		4,942
5.00%, 08/15/2022		14,000		14,458	TOTAL SENIOR FLOATING RATE INTERESTS				$		4,589
Kimco Realty Corp					U.S. GOVERNMENT & GOVERNMENT			Principal
6.88%, 10/01/2019		12,000		13,769	AGENCY OBLIGATIONS - 34.46%		Amount (000's)		Value(000			's)
Omega Healthcare Investors Inc					Federal Home Loan Mortgage Corporation (FHLMC) -
5.25%, 01/15/2026		7,500		7,797	5.37	%
Simon Property Group LP					3.00%, 10/01/2042		$	12,678		$	12,944
2.75%, 02/01/2023		7,000		6,951	3.00%, 10/01/2042			13,493			13,776
4.38%, 03/01/2021		3,000		3,288	3.00%, 11/01/2042			13,326			13,606
10.35%, 04/01/2019		9,000		11,076	3.50%, 10/01/2041			7,319			7,665
Ventas Realty LP / Ventas Capital Corp					3.50%, 04/01/2042			10,097			10,578
3.25%, 08/15/2022		8,000		7,885	3.50%, 04/01/2042			9,104			9,532
4.00%, 04/30/2019		3,000		3,147	3.50%, 04/01/2045			15,650			16,440
Welltower Inc					4.00%, 04/01/2039			5,895			6,394
3.75%, 03/15/2023		3,000		2,975	4.00%, 02/01/2045			13,990			14,948
4.50%, 01/15/2024		5,000		5,187	4.50%, 08/01/2033			1,579			1,720
4.95%, 01/15/2021		3,000		3,260	4.50%, 08/01/2033			1,462			1,593
6.13%, 04/15/2020		2,000		2,263	4.50%, 08/01/2033			685			746
6.20%, 06/01/2016		3,000		3,048	4.50%, 05/01/2039			3,829			4,162
		$		207,717	4.50%, 06/01/2039			3,326			3,672
Savings & Loans - 0.23%					4.50%, 07/01/2039			8,524			9,379
First Niagara Financial Group Inc					4.50%, 12/01/2040			8,735			9,510
7.25%, 12/15/2021		6,000		7,151	4.50%, 10/01/2041			11,455			12,480
					5.00%, 08/01/2035			1,425			1,597
					5.00%, 11/01/2035			1,402			1,548
Software - 1.36%					5.00%, 10/01/2038			2,071			2,225
Oracle Corp					5.00%, 08/01/2039			5,392			5,965
2.50%, 05/15/2022		24,000		23,732	5.50%, 11/01/2017			204			211
2.95%, 05/15/2025		19,000		18,593	5.50%, 01/01/2018			47			47
		$		42,325	5.50%, 05/01/2031			282			314
Storage & Warehousing - 0.09%					5.50%, 06/01/2035			661			736
Mobile Mini Inc					5.50%, 01/01/2036			1,563			1,768
7.88%, 12/01/2020		2,750		2,805	5.50%, 04/01/2036			1,577			1,786
					6.00%, 03/01/2031			52			59
					6.00%, 05/01/2032			142			160
Telecommunications - 0.74%					6.00%, 06/01/2038			612			695
Qwest Corp					6.50%, 01/01/2029			64			73
6.75%, 12/01/2021		19,000		19,808	6.50%, 05/01/2029			123			140
Sprint Corp					6.50%, 06/01/2029			108			123
7.88%, 09/15/2023		4,500		3,206	6.50%, 06/01/2029			55			64
		$		23,014	6.50%, 08/01/2029			70			80
Transportation - 0.65%					7.00%, 01/01/2032			24			25
Navios Maritime Holdings Inc / Navios									$		166,761
Maritime Finance II US Inc					Federal National Mortgage Association (FNMA) - 15.24%
7.38%, 01/15/2022(e)		14,000		5,040	3.00%, 03/01/2042			10,494			10,728
Trailer Bridge Inc					3.00%, 03/01/2042			10,234			10,463
0.00%, 11/15/2016(a),(b),(c)		12,000		—	3.00%, 05/01/2042			11,942			12,212
16.75%, PIK 4.06%, 03/31/2017(b),(c),(d),(g)		16,268		15,065	3.00%, 06/01/2042			10,964			11,212
		$		20,105	3.00%, 06/01/2042			10,946			11,193
					3.50%, 12/01/2040			7,910			8,302
					3.50%, 01/01/2041			6,324			6,638
					3.50%, 01/01/2041			6,589			6,916
					3.50%, 12/01/2041			5,707			5,989

See accompanying notes

85

Schedule of Investments
Income Fund
January 31, 2016 (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)						U.S. Treasury (continued)
3.50%, 01/01/2042		$	8,693	$	9,151		2.88%, 05/15/2043	$	15,000	$	15,403
3.50%, 03/01/2042			9,509		9,980		3.00%, 11/15/2044		15,000		15,730
3.50%, 04/01/2042			12,172		12,768		3.13%, 05/15/2021		15,000		16,295
3.50%, 02/01/2043			15,106		15,904		3.13%, 08/15/2044		15,000		16,138
3.50%, 06/01/2043			14,848		15,634		3.38%, 05/15/2044		15,000		16,923
3.50%, 03/01/2045			15,055		15,850		3.50%, 02/15/2039		15,000		17,401
4.00%, 03/01/2039			4,332		4,630		3.63%, 02/15/2020		15,000		16,419
4.00%, 08/01/2040			4,218		4,520		3.63%, 02/15/2044		15,000		17,734
4.00%, 09/01/2040			8,237		8,887		3.75%, 11/15/2043		10,000		12,109
4.00%, 11/01/2040			3,384		3,626		4.38%, 02/15/2038		15,000		19,778
4.00%, 11/01/2040			5,051		5,420				$		429,015
4.00%, 10/01/2041			5,183		5,554	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
4.00%, 10/01/2041			7,013		7,515	OBLIGATIONS			$		1,069,221
4.00%, 11/01/2041			14,723		15,777	Total Investments			$		3,081,510
4.00%, 04/01/2042			9,873		10,581	Other Assets in Excess of Liabilities, Net - 0.69%			$		21,471
4.00%, 08/01/2043			13,692		14,731	TOTAL NET ASSETS - 100.00%			$		3,102,981
4.00%, 08/01/2043			16,099		17,365
4.00%, 11/01/2043			15,635		16,928
4.00%, 11/01/2043			13,846		14,891	(a)	Non-Income Producing Security
4.00%, 01/01/2044			14,619		15,723	(b)	Fair value of these investments is determined in good faith by the Manager
4.00%, 02/01/2044			15,532		16,759		under procedures established and periodically reviewed by the Board of
4.00%, 07/01/2044			15,073		16,118		Directors. At the end of the period, the fair value of these securities totaled
4.00%, 09/01/2044			13,966		14,934		$16,163 or 0.52% of net assets.
4.50%, 06/01/2039			1,921		2,091	(c)	Security is Illiquid. At the end of the period, the value of these securities
4.50%, 08/01/2039			3,044		3,358		totaled $16,163 or 0.52% of net assets.
4.50%, 05/01/2040			4,108		4,488	(d)	Variable Rate. Rate shown is in effect at January 31, 2016.
4.50%, 08/01/2040			14,272		15,557	(e)	Security exempt from registration under Rule 144A of the Securities Act of
4.50%, 10/01/2040			9,887		10,778		1933. These securities may be resold in transactions exempt from
4.50%, 12/01/2040			10,519		11,519		registration, normally to qualified institutional buyers. At the end of the
4.50%, 08/01/2041			13,202		14,390		period, the value of these securities totaled $376,801 or 12.14% of net
4.50%, 10/01/2043			11,698		12,715		assets.
4.50%, 05/01/2044			19,111		20,894	(f)	Perpetual security. Perpetual securities pay an indefinite stream of
5.00%, 01/01/2018			166		172		interest, but they may be called by the issuer at an earlier date.
5.00%, 10/01/2032			169		187	(g)	Payment in kind; the issuer has the option of paying additional securities
5.00%, 08/01/2035			2,808		3,107		in lieu of cash.
5.00%, 04/01/2039			1,378		1,541
5.00%, 12/01/2039			1,915		2,119
5.00%, 04/01/2040			4,279		4,787
5.00%, 06/01/2040			3,802		4,257		Portfolio Summary (unaudited)
5.50%, 03/01/2033			235		263	Sector					Percent
5.50%, 02/01/2035			2,847		3,214	Mortgage Securities					20.63	%
6.00%, 04/01/2032			118		134	Financial					19.91	%
6.50%, 09/01/2028			50		57	Government					13.83	%
6.50%, 11/01/2028			27		31	Energy					8.08	%
6.50%, 05/01/2031			26		29	Consumer, Non-cyclical					7.83	%
6.50%, 05/01/2032			212		250	Utilities					5.68	%
7.00%, 01/01/2030			4		5	Asset Backed Securities					5.46	%
			$		472,842	Industrial					4.36	%
Government National Mortgage Association (GNMA) -						Exchange Traded Funds					3.16	%
0.02	%					Communications					2.90	%
6.00%, 05/20/2032(d)			423		490	Basic Materials					2.89	%
7.00%, 06/20/2031			92		113	Consumer, Cyclical					2.79	%
			$		603	Technology					1.79	%
						Other Assets in Excess of Liabilities, Net					0.69	%
U.S. Treasury - 13.83%						TOTAL NET ASSETS					100.00	%
0.63%, 12/15/2016			15,000		14,999
0.75%, 10/31/2017			15,000		14,992
0.88%, 02/28/2017			15,000		15,031
1.25%, 10/31/2019			15,000		15,055
1.38%, 11/30/2018			15,000		15,173
1.63%, 04/30/2019			15,000		15,274
1.63%, 07/31/2019			15,000		15,267
1.63%, 06/30/2020			15,000		15,224
1.63%, 11/15/2022			15,000		14,980
1.75%, 05/31/2016			15,000		15,064
1.75%, 05/15/2022			15,000		15,151
1.75%, 05/15/2023			15,000		15,042
2.00%, 11/15/2021			15,000		15,408
2.25%, 11/15/2024			5,000		5,150
2.38%, 05/31/2018			15,000		15,520
2.50%, 05/15/2024			15,000		15,779
2.63%, 11/15/2020			15,000		15,877
2.75%, 11/15/2023			15,000		16,099

See accompanying notes

86

Schedule of Investments
Inflation Protection Fund
January 31, 2016 (unaudited)
	INVESTMENT COMPANIES - 2.43%			Shares Held           Value (000's)				Principal
							BONDS (continued)	Amount (000's)      Value (000's)
	Publicly Traded Investment Fund - 2.43%
	BlackRock Liquidity Funds FedFund Portfolio			40,060,965	$	40,061	Other Asset Backed Securities (continued)
							Countrywide Asset-Backed Certificates
	TOTAL INVESTMENT COMPANIES			$		40,061	1.55%, 12/25/2032(a)	$	42	$	38
				Principal			Fannie Mae Grantor Trust 2004-T9
	BONDS- 4.63	%	Amount (000's)       Value (000's)				0.65%, 04/25/2035(a)		4		5
							Fannie Mae REMIC Trust 2003-W16
	Commercial Mortgage Backed Securities - 0.02%						0.73%, 11/25/2033(a)		1		1
	CD 2007-CD4 Commercial Mortgage Trust						Long Beach Mortgage Loan Trust 2004-2
	0.56%, 12/11/2049(a),(b)		$	3,888	$	14	1.22%, 06/25/2034(a)		93		90
	Commercial Mortgage Trust 2007-GG9								$		290
	0.43%, 03/10/2039(a),(b)			32,379		74
	G-FORCE 2005-RR2 LLC						Sovereign - 4.33%
	0.73%, 12/25/2039(a),(b),(c)			125		118	Bundesrepublik Deutschland Bundesobligation
	Ginnie Mae						Inflation Linked Bond
	0.76%, 03/16/2047(a)			581		13	0.75%, 04/15/2018	EUR	3,751		4,175
	ML-CFC Commercial Mortgage Trust 2006-						Deutsche Bundesrepublik Inflation Linked
	3						Bond
	0.93%, 07/12/2046(a),(b)			11,858		30	0.10%, 04/15/2023		19,591		22,531
				$		249	1.50%, 04/15/2016		17		19
							Italy Buoni Poliennali Del Tesoro
	Home Equity Asset Backed Securities - 0.00%						1.25%, 09/15/2032(b)		7,162		7,964
	New Century Home Equity Loan Trust 2005-						2.10%, 09/15/2016		43		47
	1						2.35%, 09/15/2024(b)		1,427		1,777
	1.01%, 03/25/2035(a)			55		55	2.55%, 09/15/2041		1,662		2,255
	Option One Mortgage Loan Trust 2005-1						2.60%, 09/15/2023		1,073		1,357
	1.93%, 02/25/2035(a)			23		3	Japanese Government CPI Linked Bond
				$		58	0.10%, 09/10/2024	JPY	2,127,700		18,366
	Mortgage Backed Securities - 0.26%						New Zealand Government Bond
							3.08%, 09/20/2030(a)	NZD	17,940		13,097
	Alternative Loan Trust 2007-OA7
	0.64%, 05/25/2047(a)			1,056		549			$		71,588
	Bear Stearns ALT-A Trust 2007-2						TOTAL BONDS		$		76,452
	0.60%, 04/25/2037(a)			494		361	U.S. GOVERNMENT & GOVERNMENT	Principal
	Chase Mortgage Finance Trust Series 2007-						AGENCY OBLIGATIONS - 93.74%	Amount (000's)     Value (000's)
	A2						U.S. Treasury - 0.92%
	2.70%, 07/25/2037(a)			107		107
							1.63%, 07/31/2019	$	15,000	$	15,267
	Fannie Mae REMIC Trust 2004-W5
	0.88%, 02/25/2047(a)			35		35
	Fannie Mae REMIC Trust 2005-W2						U.S. Treasury Inflation-Indexed Obligations - 92.82%
	0.63%, 05/25/2035(a)			23		23	0.13%, 04/15/2016		23,868		23,761
	Freddie Mac REMICS						0.13%, 04/15/2017		57,948		57,989
	0.83%, 09/15/2033(a)			24		24	0.13%, 04/15/2018		92,369		92,809
	0.88%, 06/15/2023(a)			2		2	0.13%, 04/15/2019		95,331		95,834
	HomeBanc Mortgage Trust 2005-5						0.13%, 04/15/2020		84,772		84,980
	0.77%, 01/25/2036(a)			460		401	0.13%, 01/15/2022		55,563		54,906
	Impac CMB Trust Series 2004-5						0.13%, 07/15/2022		17,204		17,018
	2.75%, 10/25/2034(a)			29		22	0.13%, 01/15/2023		62,887		61,474
	Impac CMB Trust Series 2004-6						0.13%, 07/15/2024		90,843		88,097
	1.41%, 10/25/2034(a)			18		17	0.25%, 01/15/2025		152,920		148,939
	Impac CMB Trust Series 2005-1						0.38%, 07/15/2023		20,764		20,705
	1.05%, 04/25/2035(a)			134		111	0.38%, 07/15/2025		34,868		34,456
	Impac CMB Trust Series 2005-5						0.63%, 07/15/2021		10,763		11,041
	1.19%, 08/25/2035(a)			28		18	0.63%, 01/15/2024		91,869		92,637
	Impac CMB Trust Series 2007-A						0.63%, 01/15/2026		8,700		8,787
	0.68%, 05/25/2037(a),(b)			594		541	0.63%, 02/15/2043		27,996		24,496
	JP Morgan Alternative Loan Trust 2007-A1						0.75%, 02/15/2042		27,573		24,966
	0.58%, 03/25/2037(a)			623		587	0.75%, 02/15/2045(d)		61,612		55,386
	Merrill Lynch Alternative Note Asset Trust						1.13%, 01/15/2021		87,062		91,269
	Series 2007-A3						1.25%, 07/15/2020		17,657		18,644
	0.64%, 04/25/2037(a)			2,571		1,396	1.38%, 07/15/2018		6,994		7,292
	WaMu Mortgage Pass-Through Certificates						1.38%, 01/15/2020		26,060		27,457
	Series 2005-AR2 Trust						1.38%, 02/15/2044(d)		53,828		56,394
	0.80%, 01/25/2045(a)			75		68	1.75%, 01/15/2028		27,535		30,685
	WaMu Mortgage Pass-Through Certificates						2.00%, 01/15/2026		19,742		22,424
	Series 2006-AR9 Trust						2.13%, 02/15/2040		18,491		22,315
	0.65%, 08/25/2046(a)			47		5	2.13%, 02/15/2041		14,223		17,261
				$		4,267	2.38%, 01/15/2025		61,270		70,960
							2.38%, 01/15/2027		20,955		24,728
	Other Asset Backed Securities - 0.02%						2.50%, 07/15/2016		19,663		19,943
	Argent Securities Trust 2006-W3						2.50%, 01/15/2029		37,916		45,759
	0.55%, 04/25/2036(a)			31		11	3.38%, 04/15/2032		2,648		3,659
	Asset-Backed Pass-Through Certificates						3.63%, 04/15/2028		27,183		36,172
	Series 2004-R2
	1.04%, 04/25/2034(a)			147		145

See accompanying notes

87

Schedule of Investments
Inflation Protection Fund
January 31, 2016 (unaudited)
U.S. GOVERNMENT & GOVERNMENT				Principal
AGENCY OBLIGATIONS (continued)			Amount (000's)         Value (000's)
U.S. Treasury Inflation-Indexed Obligations (continued)
3.88%, 04/15/2029(d)			$	28,701		$	39,682
					$		1,532,925
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS					$		1,548,192
TOTAL PURCHASED OPTIONS - 0.34%					$		5,599
TOTAL PURCHASED CAPPED OPTIONS - 0.00%					$		17
TOTAL PURCHASED INTEREST RATE SWAPTIONS -
0.20	%				$		3,333
Total Investments					$		1,673,654
Liabilities in Excess of Other Assets, Net - (1.34)%					$		(22,152	)
TOTAL NET ASSETS - 100.00%					$		1,651,502
(a)		Variable Rate. Rate shown is in effect at January 31, 2016.
(b)		Security exempt from registration under Rule 144A of the Securities Act of
		1933. These securities may be resold in transactions exempt from
		registration, normally to qualified institutional buyers. At the end of the
		period, the value of these securities totaled $10,518 or 0.64% of net assets.
(c)		Fair value of these investments is determined in good faith by the Manager
		under procedures established and periodically reviewed by the Board of
		Directors. At the end of the period, the fair value of these securities totaled
		$118 or 0.01% of net assets.
(d)		Security or a portion of the security was pledged to cover margin
		requirements for swap and/or swaption contracts. At the end of the period,
		the value of these securities totaled $2,258 or 0.14% of net assets.
		Portfolio Summary (unaudited)
Sector							Percent
Government							98.07	%
Exchange Traded Funds							2.43	%
Purchased Options							0.34	%
Mortgage Securities							0.28	%
Purchased Interest Rate Swaptions							0.20	%
Asset Backed Securities							0.02	%
Purchased Capped Options							0.00	%
Liabilities in Excess of Other Assets, Net							(1.34	)%
TOTAL NET ASSETS							100.00	%
Foreign Currency Contracts
														Unrealized Appreciation/(Depreciation)
Counterparty			Delivery Date		Contracts to Accept				In Exchange For			Fair Value		Asset		Liability
Bank of America NA			02/18/2016		GBP		2,883,668		$	4,086	$	4,109	$	23	$	—
Barclays Bank PLC			02/16/2016		EUR		930,000			1,001		1,008		7		—
Barclays Bank PLC			02/16/2016		GBP		2,623,811			3,887		3,738		—		(149	)
Citigroup Inc			02/03/2016		MXN		139,365,000			8,006		7,683		—		(323	)
Citigroup Inc			02/16/2016		EUR		7,480,000			8,181		8,105		—		(76	)
Citigroup Inc			04/25/2016		EUR		3,960,000			4,319		4,299		—		(20	)
Deutsche Bank AG			02/09/2016		GBP		5,650,000			8,130		8,051		—		(79	)
Deutsche Bank AG			02/16/2016		GBP		5,582,475			8,192		7,954		—		(238	)
Deutsche Bank AG			02/18/2016		EUR		2,489,373			2,689		2,698		9		—
Deutsche Bank AG			03/15/2016		CAD		11,825,472			8,160		8,443		283		—
Deutsche Bank AG			03/22/2016		JPY		594,169,627			4,985		4,915		—		(70	)
Deutsche Bank AG			03/22/2016		SEK		103,929,140			12,675		12,131		—		(544	)
Deutsche Bank AG			04/25/2016		EUR		3,530,000			3,851		3,832		—		(19	)
Goldman Sachs & Co			02/18/2016		EUR		1,881,859			2,032		2,039		7		—
Goldman Sachs & Co			03/22/2016		CHF		3,285,000			3,330		3,214		—		(116	)
HSBC Securities Inc			02/03/2016		EUR		2,500,000			2,715		2,708		—		(7	)
HSBC Securities Inc			02/09/2016		GBP		2,810,000			4,165		4,004		—		(161	)
HSBC Securities Inc			02/18/2016		EUR		3,153,767			3,407		3,418		11		—
JP Morgan Chase			03/22/2016		CHF		12,164,703			12,666		11,903		—		(763	)
JP Morgan Chase			04/06/2016		NZD		6,200,000			4,050		3,998		—		(52	)
Morgan Stanley & Co			02/03/2016		EUR		500,000			542		542		—		—
Morgan Stanley & Co			02/09/2016		GBP		2,600,000			3,854		3,705		—		(149	)
Morgan Stanley & Co			02/16/2016		EUR		3,090,000			3,325		3,348		23		—
Morgan Stanley & Co			02/16/2016		GBP		5,678,147			8,430		8,090		—		(340	)
Morgan Stanley & Co			03/22/2016		JPY		1,220,931,802			10,449		10,099		—		(350	)
Morgan Stanley & Co			05/16/2016		JPY		489,098,000			4,079		4,052		—		(27	)
State Street Financial			02/03/2016		EUR		12,750,000			13,964		13,812		—		(152	)
Total													$	363	$	(3,635	)

See accompanying notes

88

Schedule of Investments
Inflation Protection Fund
January 31, 2016 (unaudited)
Foreign Currency Contracts (continued)
							Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset			Liability
Bank of America NA	02/03/2016	GBP	300,000	$	427	$	427	$	—		$	—
Bank of America NA	02/03/2016	JPY	1,274,513,500		10,707		10,528		179			—
Bank of America NA	02/18/2016	EUR	3,750,000		4,086		4,064		22			—
Bank of New York Mellon	02/03/2016	EUR	274,000		295		297		—			(2	)
Barclays Bank PLC	02/16/2016	EUR	3,542,674		3,888		3,839		49			—
Barclays Bank PLC	02/16/2016	GBP	680,901		1,001		970		31			—
Barclays Bank PLC	03/04/2016	JPY	1,319,076,500		11,099		10,903		196			—
Barclays Bank PLC	03/22/2016	JPY	592,180,612		4,985		4,898		87			—
Citigroup Inc	02/03/2016	EUR	50,000		54		54		—			—
Citigroup Inc	02/16/2016	GBP	5,474,814		8,181		7,801		380			—
Citigroup Inc	04/06/2016	NZD	6,200,000		4,041		3,998		43			—
Commonwealth Bank of Australia	03/03/2016	EUR	100,000		108		108		—			—
Deutsche Bank AG	02/03/2016	MXN	108,796,200		6,000		5,998		2			—
Deutsche Bank AG	02/09/2016	GBP	5,650,000		8,142		8,050		92			—
Deutsche Bank AG	02/16/2016	EUR	7,520,000		8,191		8,149		48			(6	)
Deutsche Bank AG	02/18/2016	GBP	1,885,768		2,689		2,687		2			—
Deutsche Bank AG	02/23/2016	GBP	2,855,000		4,074		4,068		6			—
Deutsche Bank AG	03/22/2016	CHF	12,164,703		12,675		11,903		772			—
Deutsche Bank AG	04/25/2016	EUR	3,451,992		3,735		3,748		—			(13	)
Goldman Sachs & Co	02/18/2016	GBP	1,425,362		2,033		2,031		2			—
Goldman Sachs & Co	03/03/2016	NZD	18,630,000		12,089		12,037		52			—
Goldman Sachs & Co	03/22/2016	SEK	28,080,241		3,330		3,278		52			—
Goldman Sachs & Co	04/25/2016	EUR	4,038,008		4,368		4,384		—			(16	)
HSBC Securities Inc	02/03/2016	EUR	100,000		108		108		—			—
HSBC Securities Inc	02/18/2016	GBP	2,386,771		3,407		3,401		6			—
HSBC Securities Inc	03/15/2016	CAD	11,824,884		8,160		8,442		—			(282	)
JP Morgan Chase	02/03/2016	JPY	54,000,000		463		446		17			—
JP Morgan Chase	03/22/2016	SEK	103,938,872		12,666		12,132		534			—
Morgan Stanley & Co	02/03/2016	EUR	52,633,000		57,167		57,018		151			(2	)
Morgan Stanley & Co	02/03/2016	JPY	25,000,000		211		206		5			—
Morgan Stanley & Co	02/03/2016	MXN	39,206,914		2,159		2,161		—			(2	)
Morgan Stanley & Co	02/09/2016	GBP	2,805,000		4,072		3,997		75			—
Morgan Stanley & Co	02/16/2016	EUR	7,677,326		8,431		8,319		112			—
Morgan Stanley & Co	02/16/2016	GBP	2,260,088		3,325		3,220		105			—
Morgan Stanley & Co	03/03/2016	EUR	150,000		163		163		—			—
Morgan Stanley & Co	05/16/2016	GBP	2,740,000		4,080		3,905		175			—
State Street Financial	02/03/2016	JPY	6,000,000		51		50		1			—
State Street Financial	02/03/2016	MXN	9,739,000		528		537		—			(9	)
State Street Financial	02/03/2016	NZD	20,946,000		14,110		13,563		547			—
UBS AG	02/03/2016	GBP	149,000		219		212		7			—
UBS AG	02/03/2016	JPY	1,299,513,500		10,913		10,734		179			—
UBS AG	03/03/2016	EUR	37,231,000		40,684		40,356		328			—
UBS AG	03/03/2016	GBP	32,000		46		46		—			—
UBS AG	03/04/2016	JPY	1,319,076,500		10,898		10,903		—			(5	)
Total							$		4,257		$	(337	)
Amounts in thousands except contracts
Futures Contracts
												Unrealized
Type	Long/Short		Contracts		Notional Value				Fair Value			Appreciation/(Depreciation)
90 Day Eurodollar; March 2016		Short	1	$	248		$		248	$		—
90 Day Eurodollar; March 2017		Long	1		248				248			—
Euro Bund 10 Year Bund; March 2016		Short	112		19,209				19,819			(610	)
Euro-Bobl 5 Year; March 2016		Short	7		992				1,004			(12	)
Euro-BTP; March 2016		Short	178		26,549				26,984			(435	)
Japan 10 Year Bond TSE; March 2016		Short	39		47,895				48,457			(562	)
US 10 Year Note; March 2016		Long	41		5,290				5,313			23
US 2 Year Note; March 2016		Long	49		10,664				10,713			49
US 5 Year Note; March 2016		Long	678		81,375				81,815			440
US Long Bond; March 2016		Short	113		17,974				18,197			(223	)
US Ultra Bond; March 2016		Short	106		16,692				17,616			(924	)
Total									$			(2,254	)
Amounts in thousands except contracts

See accompanying notes

89

Schedule of Investments
Inflation Protection Fund
January 31, 2016 (unaudited)
Interest Rate Swaps
		(Pay)/
		Receive									Upfront
		Floating	Fixed		Expiration		Notional				Premiums			Unrealized					Fair Value
Counterparty (Issuer) Floating Rate Index		Rate	Rate		Date		Amount				Paid/(Received)				Appreciation/(Depreciation)				Asset		Liability
Barclays Bank PLC	US CPI Urban	Pay	1.85	%	03/10/2016		$	20,405		$		—		$		(248	)	$	— $		(248	)
	Consumers
	NAS(CPURNSA)
Barclays Bank PLC	US CPI Urban	Receive	2.07	%	03/10/2018			20,405				—				(83	)		—		(83	)
	Consumers
	NAS(CPURNSA)
Deutsche Bank AG	Eurostat Eurozone	Receive	0.74	%	01/18/2021		EUR	12,834				—				24			24		—
	HICP ex Tobacco NSA
	(CPTFEMU)
Deutsche Bank AG	Eurostat Eurozone	Pay	1.18	%	01/18/2026			12,834				—				48			48		—
	HICP ex Tobacco NSA
	(CPTFEMU)
Deutsche Bank AG	Eurostat Eurozone	Pay	1.18	%	01/18/2026			12,834				—				48			48		—
	HICP ex Tobacco NSA
	(CPTFEMU)
Deutsche Bank AG	Eurostat Eurozone	Receive	0.76	%	01/18/2021			12,834				—				14			14		—
	HICP ex Tobacco NSA
	(CPTFEMU)
Total									$			—		$		(197	)	$	134	$	(331	)
Amounts in thousands
Exchange Cleared Interest Rate Swaps
		(Pay)/
		Receive									Upfront
		Floating	Fixed		Expiration		Notional				Premiums			Unrealized
	Floating Rate Index	Rate	Rate		Date		Amount		Paid/(Received)						Appreciation/(Depreciation)				Fair Value
	3 Month LIBOR	Receive	2.20	%	08/09/2020		$	21,200		$		—		$		(921	)	$			(921	)
	3 Month LIBOR	Pay	2.26	%	03/09/2025			12,200				—				522					522
	3 Month LIBOR	Receive	2.16	%	09/25/2025			6,300				—				(205	)				(205	)
	3 Month LIBOR	Receive	2.56	%	05/15/2041			9,060				—				(475	)				(475	)
	3 Month LIBOR	Receive	2.60	%	05/15/2041			8,596				—				(516	)				(516	)
	3 Month LIBOR	Pay	2.66	%	05/15/2041			4,330				—				310					310
	3 Month LIBOR	Receive	1.51	%	01/14/2021			26,890				1				(272	)				(271	)
	3 Month LIBOR	Receive	2.15	%	01/21/2026			44,765				1				(1,347	)		(1,346			)
	3 Month LIBOR	Receive	2.10	%	01/21/2026			44,765				1				(1,137	)		(1,136			)
	3 Month LIBOR	Pay	1.87	%	01/22/2026			86,150				2				321					323
Total									$			5		$		(3,720	)	$	(3,715			)
Amounts in thousands
Interest Rate Swaptions
			Pay/
			Receive											Upfront
Purchased Swaptions		Floating	Rate Floating				Exercise	Expiration	Notional			Premiums				Fair		Unrealized
Outstanding	Counterparty (Issuer)	Index	Rate				Rate	Date			Amount			Paid/(Received)		Value			Appreciation/(Depreciation)
Call - 30 Year Interest	Deutsche Bank AG	3 Month	Pay			2.68% 01/13/2021					$11,800		$	1,433	$	1,775	$				342
Rate Swap		LIBOR
Put - 30 Year Interest	Barclays Bank PLC	3 Month	Receive			4.00% 11/22/2017					6,900			313		64					(249	)
Rate Swap		LIBOR
Put - 30 Year Interest	Deutsche Bank AG	3 Month	Receive			2.95% 06/02/2016					9,718			181		50					(131	)
Rate Swap		LIBOR
Put - 30 Year Interest	Deutsche Bank AG	3 Month	Receive			3.25% 03/17/2016					28,140			503		—					(503	)
Rate Swap		LIBOR
Put - 30 Year Interest	Deutsche Bank AG	3 Month	Receive			2.68% 01/13/2021					11,800			1,578		1,444					(134	)
Rate Swap		LIBOR
Total												$		4,008	$	3,333	$				(675	)
			Pay/
			Receive											Upfront
Written Swaptions		Floating Rate	Floating				Exercise	Expiration	Notional			Premiums				Fair		Unrealized
Outstanding	Counterparty (Issuer)	Index	Rate				Rate	Date	Amount					Paid/(Received)		Value			Appreciation/(Depreciation)
Call - 10 Year Interest	Barclays Bank PLC	3 Month	Receive			2.10% 03/07/2017 $					17,600		$	(391	) $	(625	) $				(234	)
Rate Swap		LIBOR
Call - 10 Year Interest	Barclays Bank PLC	3 Month	Receive			3.10% 03/17/2017					8,800			(223	)	(314	)				(91	)
Rate Swap		LIBOR
Call - 10 Year Interest	Barclays Bank PLC	3 Month	Receive			2.10% 03/07/2017					8,800			(168	)	(313	)				(145	)
Rate Swap		LIBOR
Put - 10 Year Interest	Barclays Bank PLC	3 Month	Pay			3.10% 03/07/2017					17,600			(496	)	(90	)				406
Rate Swap		LIBOR

See accompanying notes

90

						Schedule of Investments
Inflation Protection Fund
January 31, 2016 (unaudited)
Interest Rate Swaptions (continued)
						Pay/
						Receive											Upfront
Written Swaptions			Floating Rate			Floating			Exercise		Expiration						Notional			Premiums					Fair		Unrealized
Outstanding	Counterparty (Issuer)		Index			Rate		Rate			Date						Amount		Paid/(Received)						Value		Appreciation/(Depreciation)
Put - 10 Year Interest	Barclays Bank PLC		3 Month			Pay			3.10%     03/07/2017						8,800			$		(258	)	$	(44			) $	214
Rate Swap			LIBOR
Put - 10 Year Interest	Barclays Bank PLC		3 Month			Pay			3.10%     03/17/2017						8,800					(222	)		(48			)	174
Rate Swap			LIBOR
Put - 5 Year Interest	Deutsche Bank AG		3 Month			Pay			2.10%     01/13/2017						74,700					(697	)		(458			)	239
Rate Swap			LIBOR
Total																	$		(2,455)						$ (1,892) $		563
Amounts in thousands
Options
														Upfront Premiums													Unrealized
Purchased Options Outstanding				Exercise Price			Expiration Date			Contracts				Paid/(Received)						Fair Value					Appreciation/(Depreciation)
Call - CHF versus SEK			CHF		9.10	03/21/2016				17,370,000			$				33		$				7		$		(26	)
Call - EUR versus GBP			EUR		0.74	02/17/2016				14,930,000							128						462				334
Call - EUR versus USD			EUR		1.09	02/08/2016				30,070,000							85						75				(10	)
Call - NZD versus USD			NZD		0.70	04/05/2016				23,990,000							43						37				(6	)
Call - US 10 Year Future; March 2016			$		126.50	02/22/2016					509						512						1,583				1,071
Call - US 10 Year Future; March 2016			$		130.00	02/22/2016					498						203						241				38
Call - USD versus CAD			$		1.47	03/22/2016				16,335,000							235						58				(177	)
Call - USD versus JPY			$		120.00	03/18/2016				48,805,000							397						904				507
Call - USD versus JPY			$		121.75	03/18/2016				16,360,000							164						177				13
Call - USD versus MXN			$		18.00	02/29/2016				8,165,000							379						168				(211	)
Call - USD versus SEK			$		8.75	03/04/2016				16,490,000							89						77				(12	)
Put - CHF versus NOK			CHF		7.72	08/02/2016				32,280,000							397						156				(241	)
Put - CHF versus SEK			CHF		8.26	03/21/2016				17,370,000							279						110				(169	)
Put - EUR versus GBP			EUR		0.72	02/17/2016				14,930,000							113						1				(112	)
Put - EUR versus GBP			EUR		0.77	02/17/2016				14,930,000							52						74				22
Put - EUR versus MXN			EUR		18.50	04/11/2016				15,235,000							123						103				(20	)
Put - EUR versus USD			EUR		1.08	02/08/2016				30,070,000							85						82				(3	)
Put - EUR versus USD			EUR		1.07	04/04/2016				14,985,000							175						175				—
Put - GBP versus USD			GBP		1.40	02/22/2016				21,385,000							133						90				(43	)
Put - JPN 10 Year Bond Future; March 2016			JPY		148.50	03/01/2016					40						57						33				(24	)
Put - NZD versus USD			NZD		0.63	04/05/2016				23,990,000							278						213				(65	)
Put - NZD versus USD			NZD		0.65	04/05/2016				23,990,000							275						447				172
Put - US 10 Year Future; March 2016			$		126.50	02/22/2016					509						382						15				(367	)
Put - USD versus JPY			$		117.00	03/18/2016				16,360,000							196						71				(125	)
Put - USD versus JPY			$		119.25	03/18/2016				16,360,000							174						140				(34	)
Put - USD versus MXN			$		16.15	02/29/2016				16,325,000							118						1				(117	)
Put - USD versus SEK			$		8.46	03/04/2016				16,490,000							113						99				(14	)
Total													$				5,218		$				5,599		$		381
														Upfront Premiums													Unrealized
Written Options Outstanding			Exercise Price				Expiration Date			Contracts				Paid/(Received)						Fair Value					Appreciation/(Depreciation)
Call - CHF versus SEK			CHF		9.10	03/21/2016				17,370,000			$				(183	)	$				(8	)	$		175
Call - EUR versus MXN			EUR		21.50	04/11/2016				15,235,000							(103	)					(125	)			(22	)
Call - NZD versus USD			NZD		0.68	04/05/2016				23,990,000							(89	)					(80	)			9
Call - NZD versus USD			NZD		0.70	04/05/2016				23,990,000							(174	)					(37	)			137
Call - USD versus JPY			$		123.00	03/18/2016				48,805,000							(138	)					(338	)			(200	)
Call - USD versus MXN			$		18.00	02/29/2016				16,325,000							(122	)					(335	)			(213	)
Put - EUR versus GBP			EUR		0.74	02/17/2016				14,930,000							(358	)					(462	)			(104	)
Put - NZD versus USD			NZD		0.65	04/05/2016				23,990,000							(522	)					(447	)			75
Put - USD versus CAD			$		1.42	03/22/2016				16,335,000							(150	)					(394	)			(244	)
Put - USD versus JPY			$		115.00	03/18/2016				16,270,000							(109	)					(39	)			70
Put - USD versus JPY			$		119.25	03/18/2016				16,360,000							(338	)					(140	)			198
Total													$				(2,286	)	$	(2,405				)	$		(119	)
Amounts in thousands except contracts
Purchased Capped Options
																	Upfront
	Counterparty		Strike								Expiration				Notional		Premiums										Unrealized
Description	(Issuer)		Index		Exercise Index						Date				Amount					Paid/(Received)		Fair Value				Appreciation/(Depreciation)
Cap - US CPI Urban	Deutsche Bank AG	$	2.00	Max	(0, USCPIU-				11/07/2016			$		50,685		$			46		$		12		$		(34	)
Consumers NAS						2%)
Cap - US CPI Urban	Deutsche Bank AG	$	2.00	Max	(0, USCPIU-				11/11/2016					20,315					22				5				(17	)
Consumers NAS						2%)
Total															$				68		$		17		$		(51	)
Amounts in thousands

See accompanying notes

91

Schedule of Investments
International Emerging Markets Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 96.43%	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held    Value (000's)
Advertising - 0.18%				Electric - 2.53%
Multiplus SA	251,900	$	1,996	China Power International Development Ltd	7,621,000	$	3,404
				Huadian Power International Corp Ltd	8,241,631		4,927
				Korea Electric Power Corp	433,501		19,030
Agriculture - 1.28%					$		27,361
KT&G Corp	159,363		13,802
				Electronics - 2.14%
				AAC Technologies Holdings Inc	606,000		3,883
Airlines - 0.54%				Elite Material Co Ltd	2,692,000		4,681
Air China Ltd	386,000		251
China Eastern Airlines Corp Ltd (a)	11,344,000		5,539	Hon Hai Precision Industry Co Ltd	6,199,918		14,586
	$		5,790		$		23,150
				Engineering & Construction - 2.22%
Apparel - 0.32%				Grupo Aeroportuario del Pacifico SAB de CV	1,178,500		9,925
Pou Chen Corp	2,758,000		3,452	Grupo Aeroportuario del Sureste SAB de CV	495,231		6,777
				Promotora y Operadora de Infraestructura	630,108		7,242
Automobile Manufacturers - 4.27%				SAB de CV
Ashok Leyland Ltd	8,197,932		10,896		$		23,944
Dongfeng Motor Group Co Ltd	6,558,000		7,807
Ford Otomotiv Sanayi AS	188,921		2,069	Food - 2.65%
Kia Motors Corp	325,081		12,343	Gruma SAB de CV	965,700		14,556
Maruti Suzuki India Ltd	214,313		12,989	Uni-President Enterprises Corp	8,413,040		14,069
	$		46,104		$		28,625
Automobile Parts & Equipment - 2.11%				Forest Products & Paper - 1.35%
Ceat Ltd	276,094		3,850	Fibria Celulose SA	414,275		4,563
Hankook Tire Co Ltd	135,310		5,277	Mondi PLC	246,304		4,016
				Sappi Ltd (a)	1,307,358		5,955
Hiroca Holdings Ltd	1,655,000		6,226
Hota Industrial Manufacturing Co Ltd	1,762,000		7,406		$		14,534
	$		22,759	Holding Companies - Diversified - 0.87%
Banks - 12.44%				KOC Holding AS	1,162,638		4,666
Abu Dhabi Commercial Bank PJSC	3,274,061		5,420	Siam Cement PCL/The	387,550		4,690
Banco de Chile	58,658,471		6,041		$		9,356
Bangkok Bank PCL	740,688		3,203	Home Furnishings - 1.54%
Bank Negara Indonesia Persero Tbk PT	12,867,300		4,640	Steinhoff International Holdings NV	3,468,221		16,659
Barclays Africa Group Ltd	827,319		7,546
China Construction Bank Corp	50,629,722		30,909
Erste Group Bank AG (a)	349,988		10,110	Insurance - 3.42%
Grupo Financiero Banorte SAB de CV	2,078,815		10,831	AIA Group Ltd	2,371,600		13,185
				China Taiping Insurance Holdings Co Ltd (a)	3,037,600		6,412
HDFC Bank Ltd ADR	216,772		13,078
Industrial & Commercial Bank of China Ltd	13,469,000		7,010	Dongbu Insurance Co Ltd	127,017		7,214
Industrial Bank of Korea	935,875		9,055	PICC Property & Casualty Co Ltd	5,946,460		10,172
Investec PLC	766,962		4,879		$		36,983
Malayan Banking Bhd	825,300		1,709	Internet - 7.34%
OTP Bank PLC	462,927		9,848	Alibaba Group Holding Ltd ADR(a)	236,175		15,831
Turkiye Halk Bankasi AS	1,459,489		5,052	Baidu Inc ADR(a)	67,327		10,993
Yes Bank Ltd	460,463		5,101	JD.com Inc ADR(a)	217,754		5,668
	$		134,432	Tencent Holdings Ltd	2,492,300		46,822
Beverages - 2.04%					$		79,314
Ambev SA	3,689,400		17,212	Leisure Products & Services - 0.51%
Arca Continental SAB de CV	802,500		4,821	Bajaj Auto Ltd	160,444		5,563
Arca Continental SAB de CV - Rights (a),(b),(c)	802,500		—
	$		22,033
				Media - 2.49%
Chemicals - 1.65%				Dish TV India Ltd (a)	1,940,478		2,627
LG Chem Ltd	49,442		12,372	Naspers Ltd	192,292		24,300
Lotte Chemical Corp	23,546		5,476		$		26,927
	$		17,848
				Metal Fabrication & Hardware - 0.44%
Commercial Services - 0.81%				Hyosung Corp	52,425		4,801
TAL Education Group ADR(a)	182,663		8,762
				Oil & Gas - 10.00%
Computers - 2.12%				Bharat Petroleum Corp Ltd	423,661		5,584
Infosys Ltd ADR	1,019,344		18,257	China Petroleum & Chemical Corp	17,449,978		9,858
Luxoft Holding Inc (a)	62,324		4,679	CNOOC Ltd	5,464,000		5,569
	$		22,936	Gazprom PAO ADR	1,346,681		4,866
Diversified Financial Services - 3.12%				GS Holdings Corp	78,625		3,328
E.Sun Financial Holding Co Ltd	9,078,000		4,712	Hindustan Petroleum Corp Ltd	631,086		7,617
Fubon Financial Holding Co Ltd	6,922,000		7,642	Lukoil PJSC ADR	473,544		16,111
Indiabulls Housing Finance Ltd	518,237		5,436	MOL Hungarian Oil & Gas PLC	101,309		4,926
KB Financial Group Inc	274,625		7,025	Reliance Industries Ltd	953,509		14,625
Mega Financial Holding Co Ltd	7,458,184		4,755	Sasol Ltd	357,144		9,395
SinoPac Financial Holdings Co Ltd	15,191,000		4,085	SK Innovation Co Ltd	95,554		10,560
	$		33,655	Tatneft PAO ADR	199,078		5,435

See accompanying notes

92

Schedule of Investments
International Emerging Markets Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held	Value(000			's)	PREFERRED STOCKS (continued)		Shares Held	Value(000			's)
Oil & Gas (continued)						Media - 0.06%
Thai Oil PCL (c)	2,927,800		$	5,314		Zee Entertainment Enterprises Ltd		50,630,718		$	678
Tupras Turkiye Petrol Rafinerileri AS (a)	188,919			4,802
		$		107,990		TOTAL PREFERRED STOCKS			$		19,994
Pharmaceuticals - 2.58%						Total Investments			$		1,081,751
Aurobindo Pharma Ltd	1,408,984			17,430		Liabilities in Excess of Other Assets, Net - (0.14)%			$		(1,516	)
Wockhardt Ltd (a)	342,552			6,474		TOTAL NET ASSETS - 100.00%			$		1,080,235
Yuhan Corp	14,144			3,955
		$		27,859		(a)	Non-Income Producing Security
Pipelines - 0.32%						(b)	Security is Illiquid. At the end of the period, the value of these securities
Petronet LNG Ltd	939,969			3,419			totaled $0 or 0.00% of net assets.
						(c)	Fair value of these investments is determined in good faith by the Manager
							under procedures established and periodically reviewed by the Board of
Real Estate - 1.41%							Directors. At the end of the period, the fair value of these securities totaled
China Overseas Land & Investment Ltd	2,326,000			6,796			$5,314 or 0.49% of net assets.
China Vanke Co Ltd	2,049,800			4,695
Shimao Property Holdings Ltd	2,654,500			3,742
		$		15,233
							Portfolio Summary (unaudited)
REITS - 0.55%						Country					Percent
Mexico Real Estate Management SA de CV (a)	4,995,200			5,907
						China					18.00	%
						Korea, Republic Of					16.61	%
Retail - 4.01%						Taiwan, Province Of China					14.75	%
ANTA Sports Products Ltd	2,365,000			5,717		India					13.09	%
Astra International Tbk PT	12,761,900			6,068		Mexico					7.03	%
GS Retail Co Ltd	151,138			8,289		South Africa					6.73	%
Shinsegae Co Ltd	42,171			7,513		Hong Kong					5.37	%
Wal-Mart de Mexico SAB de CV	6,279,100			15,762		Brazil					3.99	%
		$		43,349		Indonesia					3.00	%
						Russian Federation					2.44	%
Semiconductors - 10.48%						United States					1.86	%
Powertech Technology Inc	3,285,000			6,899		Turkey					1.53	%
Samsung Electronics Co Ltd	45,921			44,426		Hungary					1.37	%
Silicon Motion Technology Corp ADR	137,179			4,265		Thailand					1.23	%
Taiwan Semiconductor Manufacturing Co Ltd	11,485,685			49,457		Austria					0.93	%
Win Semiconductors Corp	5,142,468			8,195		Malaysia					0.72	%
		$		113,242		Chile					0.56	%
Software - 0.92%						United Arab Emirates					0.50	%
NetEase Inc ADR	63,670			9,942		Switzerland					0.43	%
						Liabilities in Excess of Other Assets, Net					(0.14	)%
						TOTAL NET ASSETS					100.00	%
Telecommunications - 6.90%
Bharti Infratel Ltd	820,252			4,393
China Mobile Ltd	2,237,093			24,573
Chunghwa Telecom Co Ltd	6,084,000			18,850
LG Uplus Corp	610,409			4,950
Telekomunikasi Indonesia Persero Tbk PT	88,518,900			21,717
		$		74,483
Textiles - 0.32%
Welspun India Ltd	276,087			3,403
Transportation - 0.56%
MISC Bhd	2,877,300			6,093
TOTAL COMMON STOCKS		$		1,041,706
INVESTMENT COMPANIES - 1.86%	Shares Held	Value(000			's)
Publicly Traded Investment Fund - 1.86%
Goldman Sachs Financial Square Funds -	20,050,513			20,051
Government Fund
TOTAL INVESTMENT COMPANIES		$		20,051
PREFERRED STOCKS - 1.85%	Shares Held	Value(000			's)
Chemicals - 0.47%
Braskem SA	843,600			5,062
Holding Companies - Diversified - 1.32%
Itausa - Investimentos Itau SA	8,286,900			14,254

See accompanying notes

93

Schedule of Investments
International Fund I
January 31, 2016 (unaudited)
COMMON STOCKS - 97.16%	Shares Held     Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Aerospace & Defense - 2.59%				Electric - 0.35%
MTU Aero Engines AG	24,757	$	2,273	Huaneng Power International Inc	1,573,800	$	1,295
Safran SA	72,330		4,686
Thales SA	34,430		2,620	Electrical Components & Equipment - 0.49%
	$		9,579	TKH Group NV	49,000		1,821
Agriculture - 1.15%
KT&G Corp	48,863		4,232	Electronics - 2.22%
				AAC Technologies Holdings Inc	668,000		4,280
Airlines - 1.11%				Fujitsu General Ltd	158,700		2,134
Japan Airlines Co Ltd	109,200		4,099	Pegatron Corp	780,000		1,783
					$		8,197
Apparel - 0.40%				Energy - Alternate Sources - 0.63%
Gildan Activewear Inc	58,000		1,464	Gigasolar Materials Corp	115,000		2,333
Automobile Manufacturers - 5.46%				Engineering & Construction - 0.61%
Daimler AG	60,055		4,205	Promotora y Operadora de Infraestructura	195,100		2,242
Fuji Heavy Industries Ltd	165,000		6,752	SAB de CV
Geely Automobile Holdings Ltd	6,403,000		2,756
Shinmaywa Industries Ltd	175,000		1,414	Entertainment - 0.96%
Toyota Motor Corp	83,900		5,053	Aristocrat Leisure Ltd	481,041		3,535
	$		20,180
Automobile Parts & Equipment - 6.26%				Food - 1.88%
Brembo SpA	55,852		2,292	Colruyt SA	70,000		3,743
Bridgestone Corp	140,200		5,108	SPAR Group Ltd/The	127,000		1,469
Continental AG	27,960		5,867	Viscofan SA	29,000		1,738
Koito Manufacturing Co Ltd	101,800		4,717		$		6,950
Linamar Corp	39,400		1,536
TS Tech Co Ltd	66,000		1,637	Forest Products & Paper - 0.91%
Valeo SA	15,150		1,969	Mondi PLC	205,648		3,353
	$		23,126
Banks - 1.84%				Hand & Machine Tools - 0.58%
BOC Hong Kong Holdings Ltd	488,000		1,299	KUKA AG	27,955		2,149
Fukuoka Financial Group Inc	562,900		2,389
Sumitomo Mitsui Financial Group Inc	92,500		3,103	Healthcare - Services - 0.61%
	$		6,791	ICON PLC (a)	34,000		2,246
Chemicals - 4.54%
Nissan Chemical Industries Ltd	184,900		4,281	Home Builders - 5.84%
Nitto Denko Corp	101,300		5,825	Barratt Developments PLC	640,146		5,491
Symrise AG	57,000		3,696	Bellway PLC	80,421		3,193
Yara International ASA	78,159		2,963	Berkeley Group Holdings PLC	72,577		3,669
	$		16,765	Haseko Corp	410,000		4,294
				Persimmon PLC (a)	96,126		2,805
Commercial Services - 1.12%
Intrum Justitia AB	87,092		2,886	Taylor Wimpey PLC	765,052		2,110
Zhejiang Expressway Co Ltd	1,430,000		1,254		$		21,562
	$		4,140	Home Furnishings - 0.52%
Computers - 7.29%				Howden Joinery Group PLC	266,000		1,905
Atos SE	45,382		3,588
Cap Gemini SA	21,400		1,956	Insurance - 8.98%
Cognizant Technology Solutions Corp (a)	56,000		3,545	Allianz SE	27,618		4,470
Ingenico Group SA	36,188		4,272	AXA SA	246,507		6,092
Nomura Research Institute Ltd	175,400		6,365	China Life Insurance Co Ltd/Taiwan	2,615,000		1,857
Obic Co Ltd	70,500		3,652	Dai-ichi Life Insurance Co Ltd/The	235,100		3,249
Teleperformance	42,374		3,530	People's Insurance Co Group of China Ltd/The	6,130,780		2,459
	$		26,908	PICC Property & Casualty Co Ltd	2,281,000		3,902
				Porto Seguro SA	115,800		758
Consumer Products - 0.59%				Prudential PLC	177,238		3,482
Societe BIC SA	13,500		2,199	Swiss Life Holding AG (a)	7,997		2,038
				Tokio Marine Holdings Inc	135,300		4,841
Diversified Financial Services - 5.39%					$		33,148
CTBC Financial Holding Co Ltd	4,215,900		1,980
				Internet  - 1.75%
E.Sun Financial Holding Co Ltd	3,939,000		2,044	Paysafe GroupPLC (a)	397,000		2,287
Fubon Financial Holding Co Ltd	1,839,100		2,031
Henderson Group PLC	699,232		2,764	Tencent Holdings Ltd	222,200		4,175
London Stock Exchange Group PLC	107,506		3,807		$		6,462
Macquarie Group Ltd	64,446		3,324	Lodging - 0.91%
Magellan Financial Group Ltd	111,000		1,820	Star Entertainment Grp Ltd/The	870,183		3,359
Mitsubishi UFJ Lease & Finance Co Ltd	432,000		2,145
	$		19,915

See accompanying notes

94

Schedule of Investments
International Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held		Value(000			's)
Machinery - Construction & Mining - 0.46%				Transportation (continued)
Takeuchi Manufacturing Co Ltd	108,782	$	1,699	Hitachi Transport System Ltd	31,000			$	505
							$		7,596
Machinery - Diversified - 0.60%				Water - 1.19%
Kubota Corp	150,100		2,218	Guangdong Investment Ltd	3,427,500				4,385
Metal Fabrication & Hardware - 1.69%				TOTAL COMMON STOCKS		$	358,776
Assa Abloy AB	183,975		3,899	INVESTMENT COMPANIES - 2.48%	Shares Held		Value(000			's)
Catcher Technology Co Ltd	315,100		2,345	Publicly Traded Investment Fund - 2.48%
	$		6,244	First American Government Obligations Fund	9,147,946				9,148
Miscellaneous Manufacturers - 1.67%
CRRC Corp Ltd	1,376,000		1,286	TOTAL INVESTMENT COMPANIES			$		9,148
Sunny Optical Technology Group Co Ltd	1,311,700		2,815	Total Investments		$	367,924
Zhuzhou CSR Times Electric Co Ltd	400,000		2,064	Other Assets in Excess of Liabilities, Net - 0.36%			$		1,340
	$		6,165	TOTAL NET ASSETS - 100.00%		$	369,264
Oil & Gas - 1.19%
DCC PLC	21,000		1,621	(a) Non-Income Producing Security
Tupras Turkiye Petrol Rafinerileri AS (a)	109,000		2,771
	$		4,392
Packaging & Containers - 0.61%				Portfolio Summary (unaudited)
CCL Industries Inc	16,000		2,256	Country					Percent
				Japan					28.17	%
Pharmaceuticals - 5.63%				China					9.37	%
Alfresa Holdings Corp	122,800		2,288	France					9.12	%
Ipsen SA	48,367		2,788	United Kingdom					8.62	%
Novo Nordisk A/S	88,389		4,938	Germany					6.91	%
Shire PLC	36,000		2,019	Taiwan, Province Of China					6.45	%
Sino Biopharmaceutical Ltd	3,309,500		2,280	Australia					4.22	%
Sirtex Medical Ltd	68,000		1,835	Hong Kong					3.80	%
Suzuken Co Ltd/Aichi Japan	65,700		2,273	Canada					3.75	%
Towa Pharmaceutical Co Ltd	42,300		2,356	United States					3.44	%
	$		20,777	Denmark					2.37	%
				Sweden					1.84	%
Real Estate - 0.71%				Ireland					1.60	%
China Overseas Land & Investment Ltd	892,400		2,607	South Africa					1.31	%
China Overseas Property Holdings Ltd (a)	297,466		36	Korea, Republic Of					1.15	%
	$		2,643	Israel					1.07	%
Retail - 4.07%				Belgium					1.01	%
Alimentation Couche-Tard Inc	110,600		4,814	Norway					0.80	%
ANTA Sports Products Ltd	1,106,000		2,674	Turkey					0.75	%
Lojas Renner SA	265,000		1,176	Italy					0.62	%
Next PLC	25,941		2,571	Isle of Man					0.62	%
Pandora A/S	28,375		3,796	Mexico					0.61	%
	$		15,031	Switzerland					0.55	%
				Brazil					0.53	%
Semiconductors - 2.54%				Netherlands					0.49	%
Infineon Technologies AG	215,000		2,877	Spain					0.47	%
Mellanox Technologies Ltd (a)	37,000		1,682	Other Assets in Excess of Liabilities, Net					0.36	%
Taiwan Semiconductor Manufacturing Co Ltd	215,800		4,823	TOTAL NET ASSETS			100.00			%
ADR
	$		9,382
Software - 4.74%
Capcom Co Ltd	112,300		2,489
Check Point Software Technologies Ltd (a)	28,900		2,277
Constellation Software Inc/Canada	10,300		3,750
NetEase Inc ADR	36,300		5,668
Nexon Co Ltd	204,800		3,324
	$		17,508
Telecommunications - 4.53%
China Mobile Ltd	312,200		3,429
Chunghwa Telecom Co Ltd	1,500,000		4,647
KDDI Corp	274,800		6,959
TPG Telecom Ltd	234,000		1,686
	$		16,721
Toys, Games & Hobbies - 0.49%
Bandai Namco Holdings Inc	79,300		1,804
Transportation - 2.06%
Central Japan Railway Co	38,200		7,091

See accompanying notes

95

Schedule of Investments
International Fund I
January 31, 2016 (unaudited)
Futures Contracts
								Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value		Appreciation/(Depreciation)
eMini MSCI EAFE; March 2016	Long	87	$	6,845	$	6,967	$	122
S&P 500 Emini; March 2016	Long	31		2,938		2,992		54
Total						$		176
Amounts in thousands except contracts

See accompanying notes

96

Schedule of Investments
LargeCap Growth Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 95.52%	Shares Held          Value (000's)			COMMON STOCKS (continued)	Shares Held	Value(000			's)
Airlines - 4.26%				Pharmaceuticals (continued)
Delta Air Lines Inc	1,367,230	$	60,555	Eli Lilly & Co	561,559		$	44,419
United Continental Holdings Inc (a)	1,093,277		52,783			$		200,151
	$		113,338	Retail - 14.29%
Apparel - 4.83%				L Brands Inc	580,091			55,776
NIKE Inc	1,823,684		113,087	McDonald's Corp	450,147			55,719
Under Armour Inc (a)	179,908		15,369	Starbucks Corp	1,336,204			81,201
	$		128,456	Target Corp	933,809			67,626
				TJX Cos Inc/The	553,900			39,460
Banks - 1.52%				Ulta Salon Cosmetics & Fragrance Inc (a)	442,115			80,098
Capital One Financial Corp	615,039		40,359			$		379,880
				Semiconductors - 3.91%
Beverages - 2.48%				Avago Technologies Ltd	196,581			26,285
Constellation Brands Inc	432,057		65,880	Lam Research Corp	545,142			39,135
				NXP Semiconductors NV (a)	514,173			38,450
Biotechnology - 5.15%						$		103,870
Alexion Pharmaceuticals Inc (a)	235,578		34,378
				Software - 4.24%
Gilead Sciences Inc	1,233,591		102,388	Activision Blizzard Inc	1,126,204			39,214
	$		136,766	Microsoft Corp	500,300			27,562
Building Materials - 1.26%				ServiceNow Inc (a)	275,085			17,113
Masco Corp	1,266,900		33,433	Tableau Software Inc (a)	360,579			28,933
						$		112,822
Chemicals - 3.59%				Telecommunications - 0.92%
PPG Industries Inc	1,002,602		95,368	Palo Alto Networks Inc (a)	164,190			24,545
Commercial Services - 4.03%				TOTAL COMMON STOCKS		$		2,539,602
FleetCor Technologies Inc (a)	284,220		34,914	INVESTMENT COMPANIES - 3.52%	Shares Held	Value(000			's)
McGraw Hill Financial Inc	465,775		39,600	Publicly Traded Investment Fund - 3.52%
PayPal Holdings Inc (a)	902,300		32,609	Goldman Sachs Financial Square Funds -	93,525,779			93,526
	$		107,123	Government Fund
Computers - 5.72%
Apple Inc	1,562,517		152,095	TOTAL INVESTMENT COMPANIES		$		93,526
				Total Investments		$		2,633,128
				Other Assets in Excess of Liabilities, Net - 0.96%		$		25,641
Cosmetics & Personal Care - 1.00%				TOTAL NET ASSETS - 100.00%		$		2,658,769
Procter & Gamble Co/The	326,300		26,655
Diversified Financial Services - 8.15%				(a) Non-Income Producing Security
MasterCard Inc	1,017,909		90,625
Synchrony Financial (a)	1,043,219		29,648
Visa Inc	1,293,956		96,387	Portfolio Summary (unaudited)
	$		216,660	Sector				Percent
Food - 1.32%				Consumer, Cyclical				26.85	%
Mondelez International Inc	814,855		35,120	Consumer, Non-cyclical				24.98	%
				Communications				15.30	%
				Technology				13.87	%
Healthcare - Products - 3.47%				Financial				9.67	%
Edwards Lifesciences Corp (a)	677,696		53,003	Basic Materials				3.59	%
Intuitive Surgical Inc (a)	72,621		39,277	Exchange Traded Funds				3.52	%
	$		92,280	Industrial				1.26	%
Internet - 14.38%				Other Assets in Excess of Liabilities, Net				0.96	%
Alphabet Inc - A Shares (a)	157,066		119,582	TOTAL NET ASSETS				100.00	%
Amazon.com Inc (a)	159,423		93,581
Facebook Inc (a)	1,109,086		124,451
Netflix Inc (a)	237,848		21,844
Splunk Inc (a)	496,358		22,976
	$		382,434
Leisure Products & Services - 2.30%
Royal Caribbean Cruises Ltd	746,702		61,200
Lodging - 1.17%
Hilton Worldwide Holdings Inc	1,749,986		31,167
Pharmaceuticals - 7.53%
Allergan plc (a)	157,554		44,813
Bristol-Myers Squibb Co	1,433,822		89,127
DexCom Inc (a)	305,722		21,792

See accompanying notes

97

Schedule of Investments
LargeCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS - 96.48%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Advertising - 0.06%				Beverages (continued)
Interpublic Group of Cos Inc/The	37,123	$	833	Monster Beverage Corp (a)	13,609	$	1,838
Nielsen Holdings PLC	14,943		720	PepsiCo Inc	132,383		13,146
Omnicom Group Inc	32,428		2,378		$		33,815
	$		3,931	Biotechnology - 4.81%
Aerospace & Defense - 1.79%				Alexion Pharmaceuticals Inc (a)	1,050,948		153,365
B/E Aerospace Inc	9,406		380	Alnylam Pharmaceuticals Inc (a)	4,836		333
Boeing Co/The	925,096		111,132	Amgen Inc	61,655		9,417
General Dynamics Corp	13,116		1,754	Biogen Inc (a)	78,578		21,456
Harris Corp	2,419		210	BioMarin Pharmaceutical Inc (a)	186,136		13,778
Lockheed Martin Corp	11,701		2,469	Bluebird Bio Inc (a)	2,847		118
Northrop Grumman Corp	3,510		650	Celgene Corp (a)	412,741		41,406
Rockwell Collins Inc	11,394		922	Charles River Laboratories International Inc	3,768		280
Spirit AeroSystems Holdings Inc (a)	11,995		509	(a)
TransDigm Group Inc (a)	4,554		1,023	Gilead Sciences Inc	119,166		9,891
United Technologies Corp	13,437		1,178	Illumina Inc (a)	11,698		1,848
	$		120,227	Incyte Corp (a)	185,400		13,082
				Intercept Pharmaceuticals Inc (a)	1,269		135
Agriculture - 0.55%				Intrexon Corp (a)	3,683		107
Altria Group Inc	171,971		10,509	Ionis Pharmaceuticals Inc (a)	9,534		371
Philip Morris International Inc	250,493		22,547	Juno Therapeutics Inc (a)	951		26
Reynolds American Inc	77,988		3,896	Medivation Inc (a)	12,536		410
	$		36,952	Puma Biotechnology Inc (a)	1,988		83
				Regeneron Pharmaceuticals Inc (a)	59,045		24,804
Airlines - 1.49%				Seattle Genetics Inc (a)	8,501		280
Alaska Air Group Inc	358,445		25,235	United Therapeutics Corp (a)	3,683		454
American Airlines Group Inc	1,684,275		65,670	Vertex Pharmaceuticals Inc (a)	342,368		31,070
Delta Air Lines Inc	82,601		3,658
JetBlue Airways Corp (a)	12,164		259		$		322,714
Southwest Airlines Co	72,949		2,744	Building Materials - 0.47%
United Continental Holdings Inc (a)	44,615		2,154	Armstrong World Industries Inc (a)	2,876		111
	$		99,720	Eagle Materials Inc	4,483		240
Apparel - 2.07%				Fortune Brands Home & Security Inc	5,320		258
Carter's Inc	5,193		505	Lennox International Inc	3,705		444
Hanesbrands Inc	953,891		29,160	Martin Marietta Materials Inc	930		117
Michael Kors Holdings Ltd (a)	16,901		674	Masco Corp	30,232		798
				USG Corp (a)	8,543		153
NIKE Inc	543,208		33,685
Ralph Lauren Corp	524		59	Vulcan Materials Co	335,510		29,592
Skechers U.S.A. Inc (a)	11,514		325		$		31,713
Under Armour Inc (a)	858,092		73,306
				Chemicals - 1.67%
VF Corp	20,329		1,273	Air Products & Chemicals Inc	17,421		2,207
	$		138,987	Airgas Inc	1,514		212
				Axalta Coating Systems Ltd (a)	8,907		212
Automobile Manufacturers - 0.54%
Ferrari NV (a)	227,860		9,062	Celanese Corp	1,463		93
PACCAR Inc	19,346		949	CF Industries Holdings Inc	19,520		586
Tesla Motors Inc (a)	137,638		26,317	Chemours Co/The	10,045		40
	$		36,328	Dow Chemical Co/The	20,883		877
				Eastman Chemical Co	3,660		224
Automobile Parts & Equipment - 0.20%				Ecolab Inc	864,855		93,292
Allison Transmission Holdings Inc	10,385		247	EI du Pont de Nemours & Co	25,100		1,324
BorgWarner Inc	18,650		548	Huntsman Corp	12,560		108
Delphi Automotive PLC	33,014		2,144	International Flavors & Fragrances Inc	6,949		813
Johnson Controls Inc	8,450		303	LyondellBasell Industries NV	36,768		2,867
Lear Corp	5,541		575	Monsanto Co	28,544		2,586
Mobileye NV (a)	336,800		9,137	NewMarket Corp	828		314
Visteon Corp	4,008		268	Platform Specialty Products Corp (a)	2,517		19
WABCO Holdings Inc (a)	4,906		440	PPG Industries Inc	16,327		1,553
	$		13,662	Praxair Inc	23,465		2,347
				RPM International Inc	11,500		451
Banks - 1.35%				Sherwin-Williams Co/The	4,872		1,246
Bank of New York Mellon Corp/The	18,939		686	WR Grace & Co (a)	6,158		501
Morgan Stanley	2,464,900		63,792
Signature Bank/New York NY (a)	4,094		570		$		111,872
State Street Corp	455,000		25,357	Commercial Services - 1.49%
	$		90,405	Aaron's Inc	4,441		102
				Aramark	16,579		530
Beverages - 0.50%				Automatic Data Processing Inc	22,623		1,880
Brown-Forman Corp - A Shares	2,430		258	Avis Budget Group Inc (a)	8,806		231
Brown-Forman Corp - B Shares	10,070		985	Booz Allen Hamilton Holding Corp	9,681		274
Coca-Cola Co/The	235,294		10,099	Cintas Corp	7,934		682
Coca-Cola Enterprises Inc	19,946		926	CoStar Group Inc (a)	2,716		476
Constellation Brands Inc	18,851		2,874	Equifax Inc	10,300		1,090
Dr Pepper Snapple Group Inc	29,141		2,734	FleetCor Technologies Inc (a)	504,218		61,938
Keurig Green Mountain Inc	10,700		955	Gartner Inc (a)	7,429		653

See accompanying notes

98

Schedule of Investments
LargeCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Commercial Services (continued)				Diversified Financial Services (continued)
Global Payments Inc	11,840	$	698	CBOE Holdings Inc	7,367	$	491
H&R Block Inc	23,406		797	Charles Schwab Corp/The	3,354,668		85,645
Hertz Global Holdings Inc (a)	33,794		307	CME Group Inc/IL	198,700		17,853
KAR Auction Services Inc	5,278		176	CoreLogic Inc/United States (a)	5,181		185
McGraw Hill Financial Inc	16,441		1,398	Credit Acceptance Corp (a)	828		148
Moody's Corp	10,690		953	Eaton Vance Corp	10,269		294
Morningstar Inc	2,182		175	Federated Investors Inc	9,237		234
PayPal Holdings Inc (a)	629,350		22,744	Interactive Brokers Group Inc - A Shares	1,540		50
Quanta Services Inc (a)	3,993		75	Intercontinental Exchange Inc	194,114		51,207
Robert Half International Inc	12,258		536	Invesco Ltd	4,929		148
RR Donnelley & Sons Co	12,316		172	Lazard Ltd	11,047		398
Sabre Corp	11,512		295	Legg Mason Inc	3,358		103
SEI Investments Co	12,079		474	LPL Financial Holdings Inc	7,139		217
Service Corp International/US	19,709		477	MasterCard Inc	91,547		8,150
ServiceMaster Global Holdings Inc (a)	10,602		447	NorthStar Asset Management Group Inc/New	16,935		195
Total System Services Inc	14,871		597	York
United Rentals Inc (a)	8,425		404	Santander Consumer USA Holdings Inc (a)	583		6
Vantiv Inc (a)	13,179		620	T Rowe Price Group Inc	15,688		1,113
Western Union Co/The	46,000		821	TD Ameritrade Holding Corp	736,500		20,313
WEX Inc (a)	3,583		260	Visa Inc	3,495,152		260,354
	$		100,282	Waddell & Reed Financial Inc	7,291		200
Computers - 4.78%					$		451,415
Accenture PLC - Class A	60,582		6,394	Electric - 0.01%
Apple Inc	1,421,515		138,370	Calpine Corp (a)	3,443		53
Cadence Design Systems Inc (a)	27,509		538	Dominion Resources Inc/VA	2,360		170
Cognizant Technology Solutions Corp (a)	1,466,886		92,868	ITC Holdings Corp	4,558		182
DST Systems Inc	2,948		311		$		405
EMC Corp/MA	9,499		235
Fortinet Inc (a)	12,866		362	Electrical Components & Equipment - 0.06%
Genpact Ltd (a)	3,088,743		73,883	Acuity Brands Inc	3,764		762
IHS Inc (a)	5,160		540	AMETEK Inc	20,793		978
International Business Machines Corp	47,731		5,956	Emerson Electric Co	49,296		2,267
Leidos Holdings Inc	1,937		89	Hubbell Inc	977		88
NetApp Inc	9,101		200		$		4,095
Synopsys Inc (a)	2,698		116	Electronics - 2.10%
Teradata Corp (a)	10,873		265	Allegion PLC	8,602		521
VeriFone Systems Inc (a)	10,486		245	Amphenol Corp	1,748,862		86,691
	$		320,372	Fitbit Inc (a)	4,339		72
Consumer Products - 0.11%				FLIR Systems Inc	9,000		263
Avery Dennison Corp	7,511		457	Gentex Corp	17,222		236
Church & Dwight Co Inc	11,409		958	Honeywell International Inc	71,246		7,352
Clorox Co/The	18,052		2,330	Jabil Circuit Inc	5,760		115
				Keysight Technologies Inc (a)	13,340		312
Jarden Corp (a)	17,811		945
				Mettler-Toledo International Inc (a)	2,228		697
Kimberly-Clark Corp	17,385		2,232
Spectrum Brands Holdings Inc	2,512		239	National Instruments Corp	1,496,987		42,664
	$		7,161	PerkinElmer Inc	1,400		68
				Trimble Navigation Ltd (a)	3,358		65
Cosmetics & Personal Care - 1.70%				Tyco International Plc	31,160		1,071
Colgate-Palmolive Co	47,603		3,215	Waters Corp (a)	6,665		808
Coty Inc	7,486		184		$		140,935
Estee Lauder Cos Inc/The	1,299,688		110,798
	$		114,197	Energy - Alternate Sources - 0.00%
				TerraForm Power Inc	343		3
Distribution & Wholesale - 1.04%
Fastenal Co	1,628,273		66,043
Fossil Group Inc (a)	4,170		136	Engineering & Construction - 0.19%
				AECOM (a)	3,011		83
Genuine Parts Co	12,558		1,082	SBA Communications Corp (a)	125,778		12,487
HD Supply Holdings Inc (a)	15,539		408
				TopBuild Corp (a)	4,618		124
Ingram Micro Inc	2,926		83
LKQ Corp (a)	27,449		752		$		12,694
Watsco Inc	2,563		298	Entertainment - 0.01%
WW Grainger Inc	5,299		1,042	Gaming and Leisure Properties Inc	1,505		39
	$		69,844	International Game Technology PLC	8,924		129
				Madison Square Garden Co/The (a)	1,844		284
Diversified Financial Services - 6.73%
Affiliated Managers Group Inc (a)	4,473		600	Regal Entertainment Group	10,252		177
Air Lease Corp	1,522		39	Six Flags Entertainment Corp	7,367		371
Alliance Data Systems Corp (a)	3,736		746		$		1,000
Ally Financial Inc (a)	4,221		67	Environmental Control - 1.57%
American Express Co	9,882		529	Clean Harbors Inc (a)	3,502		155
Ameriprise Financial Inc	9,108		826	Stericycle Inc (a)	865,262		104,135
Artisan Partners Asset Management Inc	3,134		98	Waste Management Inc	18,776		994
BlackRock Inc	3,839		1,206		$		105,284

See accompanying notes

99

Schedule of Investments
LargeCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Food - 0.24%				Holding Companies - Diversified - 0.00%
Blue Buffalo Pet Products Inc (a)	3,358	$	57	Leucadia National Corp	5,650	$	94
Campbell Soup Co	9,381		529
ConAgra Foods Inc	3,420		143
Flowers Foods Inc	14,897		306	Home Builders - 0.03%
General Mills Inc	35,859		2,026	DR Horton Inc	13,388		368
Hain Celestial Group Inc/The (a)	9,161		333	Lennar Corp - A Shares	6,082		256
				Lennar Corp - B Shares	1,841		64
Hershey Co/The	12,554		1,106	NVR Inc (a)	379		626
Hormel Foods Corp	11,182		899
Ingredion Inc	1,344		135	Thor Industries Inc	5,244		275
Kellogg Co	13,555		996	Toll Brothers Inc (a)	6,500		180
Kraft Heinz Co/The	35,516		2,772		$		1,769
Kroger Co/The	105,991		4,114	Home Furnishings - 0.02%
McCormick & Co Inc/MD	11,071		974	Harman International Industries Inc	6,121		455
Sprouts Farmers Market Inc (a)	13,043		297	Leggett & Platt Inc	13,111		544
Sysco Corp	10,919		435	Tempur Sealy International Inc (a)	5,972		361
Tyson Foods Inc	1,962		105	Whirlpool Corp	930		125
WhiteWave Foods Co/The (a)	14,346		542		$		1,485
	$		15,769
				Housewares - 0.02%
Forest Products & Paper - 0.02%				Newell Rubbermaid Inc	12,575		488
International Paper Co	41,636		1,424	Scotts Miracle-Gro Co/The	3,899		268
				Toro Co/The	5,261		392
Hand & Machine Tools - 0.02%				Tupperware Brands Corp	4,999		232
Lincoln Electric Holdings Inc	6,632		353		$		1,380
Regal Beloit Corp	490		27	Insurance - 0.08%
Snap-on Inc	5,033		813	AmTrust Financial Services Inc	951		54
Stanley Black & Decker Inc	845		80	Aon PLC	16,922		1,486
	$		1,273	Arthur J Gallagher & Co	8,611		324
				Berkshire Hathaway Inc - Class B (a)	14,137		1,835
Healthcare - Products - 6.54%
Align Technology Inc (a)	7,249		479	Erie Indemnity Co	2,460		237
				Markel Corp (a)	180		151
Baxter International Inc	20,368		745
Becton Dickinson and Co	125,462		18,238	Marsh & McLennan Cos Inc	19,365		1,033
Bio-Techne Corp	1,222		101	Willis Towers Watson PLC	1,471		168
Boston Scientific Corp (a)	6,160		108		$		5,288
Bruker Corp (a)	8,845		198	Internet - 19.15%
Cooper Cos Inc/The	2,809		368	Alphabet Inc - A Shares (a)	277,579		211,334
CR Bard Inc	6,343		1,162	Alphabet Inc - C Shares (a)	214,916		159,672
Danaher Corp	2,506,058		217,149	Amazon.com Inc (a)	604,422		354,796
DENTSPLY International Inc	3,830		226	CDW Corp/DE	12,206		469
Edwards Lifesciences Corp (a)	22,242		1,740	Dropbox Inc (a),(b),(c),(d)	52,984		498
Henry Schein Inc (a)	7,127		1,079	eBay Inc (a)	126,971		2,979
Hill-Rom Holdings Inc	5,084		249	Expedia Inc	9,045		914
Hologic Inc (a)	21,181		719	F5 Networks Inc (a)	6,395		600
IDEXX Laboratories Inc (a)	7,985		560	Facebook Inc (a)	2,455,373		275,518
Intuitive Surgical Inc (a)	327,142		176,935	FireEye Inc (a)	11,082		156
Patterson Cos Inc	4,914		209	Flipkart Online Services Pvt Ltd (a),(b),(c),(d)	6,882		979
ResMed Inc	12,057		684	GoDaddy Inc (a)	2,943		90
Sirona Dental Systems Inc (a)	4,957		527	IAC/InterActiveCorp	6,995		363
St Jude Medical Inc	20,348		1,076	Liberty Ventures (a)	12,933		509
Stryker Corp	138,625		13,745	LinkedIn Corp (a)	160,869		31,837
Thermo Fisher Scientific Inc	10,890		1,438	Netflix Inc (a)	158,446		14,552
Varian Medical Systems Inc (a)	8,721		673	Priceline Group Inc/The (a)	106,689		113,621
VWR Corp (a)	1,243		30	Splunk Inc (a)	10,607		491
Zimmer Biomet Holdings Inc	3,341		332	Tencent Holdings Ltd ADR	1,298,100		24,326
	$		438,770	TripAdvisor Inc (a)	1,355,875		90,518
				VeriSign Inc (a)	9,224		697
Healthcare - Services - 3.87%
Aetna Inc	193,946		19,751		$		1,284,919
Anthem Inc	370,586		48,358	Iron & Steel - 0.00%
Centene Corp (a)	10,416		646	Steel Dynamics Inc	3,434		63
Cigna Corp	219,038		29,264
DaVita HealthCare Partners Inc (a)	946,042		63,498
Envision Healthcare Holdings Inc (a)	16,419		363	Leisure Products & Services - 0.25%
HCA Holdings Inc (a)	8,653		602	Brunswick Corp/DE	7,063		281
Health Net Inc/CA (a)	1,945		129	Harley-Davidson Inc	10,218		409
				Norwegian Cruise Line Holdings Ltd (a)	10,548		479
Humana Inc	173,735		28,282
Laboratory Corp of America Holdings (a)	3,111		350	Polaris Industries Inc	5,989		442
LifePoint Health Inc (a)	1,067		74	Royal Caribbean Cruises Ltd	186,400		15,277
MEDNAX Inc (a)	4,960		345		$		16,888
Premier Inc (a)	4,813		154
				Lodging - 1.32%
UnitedHealth Group Inc	587,331		67,637	Choice Hotels International Inc	4,271		187
Universal Health Services Inc	1,725		194	Extended Stay America Inc	9,930		127
	$		259,647	Hilton Worldwide Holdings Inc	2,398,518		42,718

See accompanying notes

100

Schedule of Investments
LargeCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Lodging (continued)				Oil & Gas (continued)
Marriott International Inc/MD	18,162	$	1,113	EOG Resources Inc	2,816	$	200
MGM Resorts International (a)	2,117,337		42,516	HollyFrontier Corp	2,546		89
Starwood Hotels & Resorts Worldwide Inc	15,045		936	Marathon Petroleum Corp	3,874		162
Wyndham Worldwide Corp	10,802		701	Memorial Resource Development Corp (a)	7,164		114
	$		88,298	Murphy USA Inc (a)	1,226		71
				Range Resources Corp	896		26
Machinery - Construction & Mining - 0.01%				Tesoro Corp	617		54
Caterpillar Inc	10,666		664		$		1,483
				Oil & Gas Services - 0.23%
Machinery - Diversified - 1.49%				FMC Technologies Inc (a)	570,025		14,336
BWX Technologies Inc	3,772		113	Oceaneering International Inc	1,395		47
Cognex Corp	7,663		247
Cummins Inc	11,372		1,022	RPC Inc	917		11
				Schlumberger Ltd	12,911		933
Deere & Co	3,544		273	Targa Resources Corp	2,337		53
Flowserve Corp	516,649		19,964
Graco Inc	5,506		400		$		15,380
IDEX Corp	6,412		465	Packaging & Containers - 0.04%
Middleby Corp/The (a)	5,050		456	Ball Corp	11,709		783
Nordson Corp	5,371		325	Bemis Co Inc	1,801		86
Rockwell Automation Inc	11,440		1,093	Crown Holdings Inc (a)	5,752		264
Roper Technologies Inc	2,267		398	Graphic Packaging Holding Co	19,076		217
Wabtec Corp/DE	1,177,819		75,322	Owens-Illinois Inc (a)	1,911		25
	$		100,078	Packaging Corp of America	8,443		429
Media  -  0.58%				Sealed Air Corp	17,846		723
AMC Networks Inc (a)	5,827		424	Silgan Holdings Inc	4,008		212
Cablevision Systems Corp	4,102		131	WestRock Co	2,867		101
CBS Corp	29,584		1,405		$		2,840
Comcast Corp - Class A	199,489		11,114	Pharmaceuticals - 8.05%
Discovery Communications Inc - A Shares (a)	14,008		387	AbbVie Inc	134,223		7,369
Discovery Communications Inc - C Shares (a)	23,499		639	Agios Pharmaceuticals Inc (a)	2,058		87
DISH Network Corp (a)	12,849		620	Akorn Inc (a)	6,245		162
FactSet Research Systems Inc	3,671		553	Alkermes PLC (a)	9,805		314
Scripps Networks Interactive Inc	8,814		537	Allergan plc (a)	325,357		92,541
Sirius XM Holdings Inc (a)	207,188		767	AmerisourceBergen Corp	13,209		1,183
Starz (a)	8,489		241	Baxalta Inc	28,140		1,126
Time Warner Cable Inc	16,933		3,082	Bristol-Myers Squibb Co	2,510,498		156,052
Time Warner Inc	25,580		1,802	Cardinal Health Inc	30,070		2,447
Twenty-First Century Fox Inc - A Shares	48,202		1,300	Eli Lilly & Co	494,341		39,102
Twenty-First Century Fox Inc - B Shares	29,573		802	Endo International PLC (a)	6,589		365
Viacom Inc - A Shares	2,926		142	Express Scripts Holding Co (a)	1,312,021		94,295
Viacom Inc - B Shares	30,257		1,381	Herbalife Ltd (a)	5,963		276
Walt Disney Co/The	145,151		13,908	Jazz Pharmaceuticals PLC (a)	4,867		627
	$		39,235	Johnson & Johnson	28,988		3,028
				Mallinckrodt PLC (a)	3,668		213
Metal Fabrication & Hardware - 0.01%				McKesson Corp	93,128		14,992
Precision Castparts Corp	1,555		365
Valmont Industries Inc	609		65	Mead Johnson Nutrition Co	1,205,781		87,407
				Merck & Co Inc	26,158		1,325
	$		430	Mylan NV (a)	28,919		1,524
Mining - 0.00%				OPKO Health Inc (a)	24,106		194
Compass Minerals International Inc	3,087		231	Perrigo Co PLC	2,159		312
Royal Gold Inc	397		12	Quintiles Transnational Holdings Inc (a)	5,974		363
Tahoe Resources Inc	2,621		20	Valeant Pharmaceuticals International Inc (a)	364,220		32,860
	$		263	VCA Inc (a)	7,174		368
				Zoetis Inc	40,538		1,745
Miscellaneous Manufacturers - 0.52%					$		540,277
3M Co	38,062		5,748
AO Smith Corp	6,767		473	Pipelines - 0.02%
AptarGroup Inc	1,539		112	ONEOK Inc	7,785		194
Carlisle Cos Inc	1,649		138	Williams Cos Inc/The	61,965		1,196
Donaldson Co Inc	11,151		314		$		1,390
Illinois Tool Works Inc	17,967		1,618	Real Estate - 0.02%
Ingersoll-Rand PLC	2,410		124	CBRE Group Inc (a)	24,675		690
Parker-Hannifin Corp	5,556		540
Textron Inc	754,540		25,820	Four Corners Property Trust Inc	1,979		34
				Jones Lang LaSalle Inc	2,994		421
	$		34,887		$		1,145
Office & Business Equipment - 0.00%				REITS - 0.57%
Pitney Bowes Inc	9,017		177	American Tower Corp	194,470		18,346
				Boston Properties Inc	8,434		980
Oil & Gas - 0.02%				Columbia Property Trust Inc	2,799		62
Cabot Oil & Gas Corp	33,618		698	Crown Castle International Corp	33,253		2,866
Continental Resources Inc/OK (a)	2,561		54	Digital Realty Trust Inc	6,987		560
CVR Energy Inc	431		15	Empire State Realty Trust Inc	6,706		111

See accompanying notes

101

Schedule of Investments
LargeCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
REITS (continued)				Semiconductors (continued)
Equinix Inc	3,429	$	1,065	Atmel Corp	35,784	$	288
Equity LifeStyle Properties Inc	7,723		509	Avago Technologies Ltd	15,396		2,059
Extra Space Storage Inc	10,635		964	Broadcom Corp	2,375		130
Federal Realty Investment Trust	5,862		884	Intel Corp	76,663		2,378
Healthcare Trust of America Inc	2,444		69	IPG Photonics Corp (a)	3,374		273
Iron Mountain Inc	7,135		197	KLA-Tencor Corp	13,881		930
Lamar Advertising Co	7,520		422	Lam Research Corp	9,880		709
Omega Healthcare Investors Inc	4,937		157	Linear Technology Corp	20,989		897
Plum Creek Timber Co Inc	6,868		278	Maxim Integrated Products Inc	9,402		314
Post Properties Inc	2,355		135	Microchip Technology Inc	18,017		807
Public Storage	13,192		3,345	Micron Technology Inc (a)	8,924		98
Simon Property Group Inc	28,299		5,272	NXP Semiconductors NV (a)	1,401,054		104,771
Tanger Factory Outlet Centers Inc	9,474		303	ON Semiconductor Corp (a)	37,017		317
Welltower Inc	20,367		1,267	Qorvo Inc (a)	12,350		489
Weyerhaeuser Co	4,331		111	QUALCOMM Inc	14,603		662
	$		37,903	Skyworks Solutions Inc	16,312		1,124
				Texas Instruments Inc	62,430		3,304
Retail - 7.05%				Xilinx Inc	6,183		311
Advance Auto Parts Inc	6,375		969		$		143,447
AutoNation Inc (a)	7,127		308
AutoZone Inc (a)	3,677		2,822	Shipbuilding - 0.01%
Bed Bath & Beyond Inc (a)	15,336		662	Huntington Ingalls Industries Inc	4,424		566
Brinker International Inc	6,724		334
CarMax Inc (a)	312,692		13,815
Chipotle Mexican Grill Inc (a)	1,872		848	Software - 6.57%
				Adobe Systems Inc (a)	30,044		2,678
Coach Inc	4,263		158	Akamai Technologies Inc (a)	1,179,077		53,789
Copart Inc (a)	11,275		378
				Allscripts Healthcare Solutions Inc (a)	8,211		113
Costco Wholesale Corp	709,523		107,223	ANSYS Inc (a)	644,787		56,864
CST Brands Inc	7,037		273	athenahealth Inc (a)	3,282		465
CVS Health Corp	98,246		9,490	Autodesk Inc (a)	14,208		665
Darden Restaurants Inc	3,211		202	Black Knight Financial Services Inc (a)	2,656		80
Dick's Sporting Goods Inc	6,268		245
Dillard's Inc	1,099		77	Broadridge Financial Solutions Inc	11,250		603
				CDK Global Inc	14,431		636
Dollar General Corp	283,038		21,245	Cerner Corp (a)	18,051		1,047
Dollar Tree Inc (a)	13,867		1,128
				Citrix Systems Inc (a)	13,857		976
Domino's Pizza Inc	4,863		554	Dun & Bradstreet Corp/The	1,393		137
Dunkin' Brands Group Inc	8,597		338	Electronic Arts Inc (a)	38,675		2,496
Foot Locker Inc	10,979		742	Fidelity National Information Services Inc	22,314		1,333
Gap Inc/The	21,782		538	Fiserv Inc (a)	29,677		2,806
GNC Holdings Inc	9,448		265	IMS Health Holdings Inc (a)	12,065		279
Home Depot Inc/The	112,432		14,139	Inovalon Holdings Inc (a)	3,869		65
Kate Spade & Co (a)	10,878		194
L Brands Inc	14,872		1,430	Intuit Inc	32,428		3,097
Liberty Interactive Corp QVC Group (a)	21,088		550	Jack Henry & Associates Inc	7,576		615
				King Digital Entertainment Plc	11,191		201
Lowe's Cos Inc	753,929		54,027	Microsoft Corp	1,552,651		85,535
Macy's Inc	21,223		858	MSCI Inc	9,720		669
McDonald's Corp	85,571		10,592	NetSuite Inc (a)	916,064		63,548
Michaels Cos Inc/The (a)	8,017		175
MSC Industrial Direct Co Inc	1,624		105	Oracle Corp	114,077		4,142
				Paychex Inc	38,351		1,835
Nordstrom Inc	12,289		603	PTC Inc (a)	10,641		315
Nu Skin Enterprises Inc	2,706		86	Rackspace Hosting Inc (a)	11,461		232
O'Reilly Automotive Inc (a)	11,813		3,082
				Red Hat Inc (a)	15,948		1,117
Panera Bread Co (a)	2,343		454
				salesforce.com inc (a)	1,914,909		130,329
Penske Automotive Group Inc	3,290		103	ServiceNow Inc (a)	345,341		21,484
Rite Aid Corp (a)	47,531		370
				SolarWinds Inc (a)	6,361		381
Ross Stores Inc	47,083		2,649
Sally Beauty Holdings Inc (a)	14,634		403	Solera Holdings Inc	5,929		322
				SS&C Technologies Holdings Inc	6,663		428
Starbucks Corp	2,840,167		172,598	Tableau Software Inc (a)	4,256		342
Target Corp	17,233		1,248	Ultimate Software Group Inc/The (a)	2,580		453
Tiffany & Co	7,537		481	Veeva Systems Inc (a)	6,910		167
TJX Cos Inc/The	67,562		4,813	VMware Inc (a)	7,444		341
Tractor Supply Co	411,778		36,364
Ulta Salon Cosmetics & Fragrance Inc (a)	5,445		986		$		440,585
Urban Outfitters Inc (a)	10,463		239	Telecommunications - 1.19%
Walgreens Boots Alliance Inc	18,141		1,446	Arista Networks Inc (a)	3,397		204
Williams-Sonoma Inc	8,257		427	ARRIS International PLC (a)	2,903		74
World Fuel Services Corp	1,048		41	AT&T Inc	72,558		2,617
Yum! Brands Inc	26,000		1,882	CommScope Holding Co Inc (a)	5,177		116
	$		472,959	Juniper Networks Inc	827,893		19,539
				Level 3 Communications Inc (a)	2,774		135
Semiconductors - 2.14%				Motorola Solutions Inc	14,981		1,000
Analog Devices Inc	17,299		932	Palo Alto Networks Inc (a)	111,800		16,713
Applied Materials Inc	42,974		759	T-Mobile US Inc (a)	596,200		23,937
ASML Holding NV - NY Reg Shares	238,400		21,895	Verizon Communications Inc	306,902		15,336

See accompanying notes

102

Schedule of Investments
LargeCap Growth Fund I
January 31, 2016 (unaudited)

COMMON STOCKS (continued)		Shares Held	Value(000			's)	(c)	Restricted Security. Please see Restricted Security Sub-Schedule for more
								information.
Telecommunications (continued)							(d)	Fair value of these investments is determined in good faith by the Manager
Zayo Group Holdings Inc (a)		10,007		$	250
								under procedures established and periodically reviewed by the Board of
			$		79,921			Directors. At the end of the period, the fair value of these securities totaled
Textiles - 0.01%								$45,069 or 0.67% of net assets.
Mohawk Industries Inc (a)		3,854			641
Toys, Games & Hobbies - 0.01%								Portfolio Summary (unaudited)
Hasbro Inc		8,249			613		Sector		Percent
							Consumer, Non-cyclical		27.89	%
Transportation - 1.09%							Communications		21.57	%
Canadian Pacific Railway Ltd		269,500			32,267		Consumer, Cyclical		14.06	%
CH Robinson Worldwide Inc		12,807			830		Technology		13.52	%
CSX Corp		15,201			350		Industrial		9.37	%
Expeditors International of Washington Inc		16,847			760		Financial		8.75	%
FedEx Corp		209,624			27,855		Exchange Traded Funds		2.61	%
Genesee & Wyoming Inc (a)		2,064			102		Basic Materials		1.69	%
JB Hunt Transport Services Inc		8,187			595		Energy		0.27	%
Landstar System Inc		4,689			269		Utilities		0.01	%
Old Dominion Freight Line Inc (a)		6,285			345		Diversified		0.00	%
Teekay Corp		1,454			10		Other Assets in Excess of Liabilities, Net		0.26	%
Union Pacific Corp		78,107			5,624		TOTAL NET ASSETS		100.00	%
United Parcel Service Inc		42,096			3,923
			$		72,930
Trucking & Leasing - 0.00%
AMERCO		431			158
TOTAL COMMON STOCKS			$		6,473,052
INVESTMENT COMPANIES - 2.61%		Shares Held	Value(000			's)
Publicly Traded Investment Fund - 2.61%
Cash Account Trust - Government & Agency		3,460,234			3,460
Portfolio - Government Cash Managed
First American Government Obligations Fund		119,433,953			119,434
Morgan Stanley Institutional Liquidity Funds -		52,237,994			52,238
Government Portfolio
			$		175,132
TOTAL INVESTMENT COMPANIES			$		175,132
CONVERTIBLE PREFERRED STOCKS -
0.45	%	Shares Held	Value(000			's)
Internet - 0.45%
Airbnb Inc - Series D (a),(b),(c),(d)		121,527			11,313
Airbnb Inc - Series E (a),(b),(c),(d)		29,361			2,733
Dropbox Inc (a),(b),(c),(d)		254,085			3,639
Flipkart Online Services Pvt Ltd Series A		2,350			334
(a),(b),(c),(d)
Flipkart Online Services Pvt Ltd Series C		4,148			590
(a),(b),(c),(d)
Flipkart Online Services Pvt Ltd Series E		7,712			1,097
(a),(b),(c),(d)
Uber Technologies Inc (a),(b),(c),(d)		209,292			10,208
			$		29,914
TOTAL CONVERTIBLE PREFERRED STOCKS			$		29,914
PREFERRED STOCKS - 0.20%		Shares Held	Value(000			's)
Internet - 0.14%
Flipkart Online Services Pvt Ltd Series G		34,940			4,970
(a),(b),(c),(d)
Uber Technologies Inc (a),(b),(c),(d)		98,844			4,820
			$		9,790
Software - 0.06%
Magic Leap Inc (a),(b),(c),(d)		168,788			3,888
TOTAL PREFERRED STOCKS			$		13,678
Total Investments			$		6,691,776
Other Assets in Excess of Liabilities, Net - 0.26%			$		17,135
TOTAL NET ASSETS - 100.00%			$		6,708,911

(a)	Non-Income Producing Security
(b)	Security is Illiquid. At the end of the period, the value of these securities totaled $41,181 or 0.61% of net assets.

See accompanying notes

103

Schedule of Investments
LargeCap Growth Fund I
January 31, 2016 (unaudited)
Futures Contracts
											Unrealized
Type	Long/Short	Contracts		Notional Value				Fair Value			Appreciation/(Depreciation)
S&P 500 Emini; March 2016	Long	1,858	$		187,166	$			179,306	$	(7,860	)
Total									$		(7,860	)
Amounts in thousands except contracts
Restricted Securities
Security Name	Trade Date				Cost			Value			Percent of Net Assets
Airbnb Inc - Series D	04/16/2014			$	4,948		$	11,313			0.17	%
Airbnb Inc - Series E	07/14/2015				2,733				2,733		0.04	%
Dropbox Inc	11/07/2014				1,012				498		0.01	%
Dropbox Inc	01/30/2014				4,853				3,639		0.05	%
Flipkart Online Services Pvt Ltd	03/19/2015				785				979		0.01	%
Flipkart Online Services Pvt Ltd Series A	03/19/2015				268				334		0.00	%
Flipkart Online Services Pvt Ltd Series C	03/19/2015				473				590		0.01	%
Flipkart Online Services Pvt Ltd Series E	03/19/2015				879				1,097		0.02	%
Flipkart Online Services Pvt Ltd Series G	12/17/2014				4,184				4,970		0.07	%
Magic Leap Inc	01/20/2016				3,888				3,888		0.06	%
Uber Technologies Inc	12/03/2015				4,821				4,820		0.07	%
Uber Technologies Inc	12/05/2014				6,973			10,208			0.15	%
Amounts in thousands

See accompanying notes

104

Schedule of Investments
LargeCap Growth Fund II
January 31, 2016 (unaudited)
COMMON STOCKS - 95.51%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Advertising - 0.06%				Biotechnology - 3.56%
Interpublic Group of Cos Inc/The	3,132	$	70	Alexion Pharmaceuticals Inc (a)	15,005	$	2,189
Nielsen Holdings PLC	1,260		61	Alnylam Pharmaceuticals Inc (a)	408		28
Omnicom Group Inc	2,732		200	Amgen Inc	23,142		3,535
	$		331	Biogen Inc (a)	16,229		4,431
				BioMarin Pharmaceutical Inc (a)	1,099		81
Aerospace & Defense - 2.49%				Bluebird Bio Inc (a)	236		10
B/E Aerospace Inc	793		32	Celgene Corp (a)	5,422		544
Boeing Co/The	53,627		6,442	Charles River Laboratories International Inc	318		24
General Dynamics Corp	1,107		148	(a)
Harris Corp	197		17	Gilead Sciences Inc	66,464		5,517
Lockheed Martin Corp	34,383		7,255	Illumina Inc (a)	5,577		881
Northrop Grumman Corp	295		55	Incyte Corp (a)	14,645		1,034
Rockwell Collins Inc	963		78	Intercept Pharmaceuticals Inc (a)	106		11
Spirit AeroSystems Holdings Inc (a)	1,011		43	Intrexon Corp (a)	283		8
TransDigm Group Inc (a)	385		87	Ionis Pharmaceuticals Inc (a)	804		31
United Technologies Corp	1,133		99	Juno Therapeutics Inc (a)	89		2
	$		14,256	Medivation Inc (a)	1,056		34
				Puma Biotechnology Inc (a)	159		7
Agriculture - 0.97%				Regeneron Pharmaceuticals Inc (a)	4,411		1,853
Altria Group Inc	48,388		2,957	Seattle Genetics Inc (a)	716		24
Philip Morris International Inc	25,353		2,282	United Therapeutics Corp (a)	311		38
Reynolds American Inc	6,573		328	Vertex Pharmaceuticals Inc (a)	1,670		152
	$		5,567
					$		20,434
Airlines - 0.80%
Alaska Air Group Inc	21,832		1,536	Building Materials - 0.03%
				Armstrong World Industries Inc (a)	224		9
American Airlines Group Inc	3,503		137
Delta Air Lines Inc	55,769		2,470	Eagle Materials Inc	377		20
JetBlue Airways Corp (a)	1,025		22	Fortune Brands Home & Security Inc	448		22
Southwest Airlines Co	6,149		231	Lennox International Inc	312		37
United Continental Holdings Inc (a)	3,761		182	Martin Marietta Materials Inc	72		9
	$		4,578	Masco Corp	2,547		67
				USG Corp (a)	713		13
Apparel - 0.56%				Vulcan Materials Co	143		13
Carter's Inc	22,392		2,177		$		190
Hanesbrands Inc	2,902		89
Michael Kors Holdings Ltd (a)	1,424		57	Chemicals - 2.84%
NIKE Inc	10,452		648	Air Products & Chemicals Inc	1,468		186
Ralph Lauren Corp	49		6	Airgas Inc	126		18
Skechers U.S.A. Inc (a)	969		27	Axalta Coating Systems Ltd (a)	751		18
Under Armour Inc (a)	1,230		105	Celanese Corp	142		9
VF Corp	1,714		107	CF Industries Holdings Inc	1,637		49
	$		3,216	Chemours Co/The	717		3
				Dow Chemical Co/The	68,131		2,861
Automobile Manufacturers - 0.03%				Eastman Chemical Co	309		19
PACCAR Inc	1,631		80	Ecolab Inc	44,272		4,776
Tesla Motors Inc (a)	496		95	EI du Pont de Nemours & Co	2,115		112
	$		175	Huntsman Corp	992		9
				International Flavors & Fragrances Inc	586		68
Automobile Parts & Equipment - 0.36%				LyondellBasell Industries NV	25,239		1,968
Allison Transmission Holdings Inc	876		21	Monsanto Co	2,409		218
BorgWarner Inc	1,574		46	NewMarket Corp	70		27
Delphi Automotive PLC	2,783		181	Platform Specialty Products Corp (a)	257		2
Johnson Controls Inc	713		25	PPG Industries Inc	23,614		2,246
Lear Corp	467		48	Praxair Inc	1,978		198
Visteon Corp	338		23	RPM International Inc	970		38
WABCO Holdings Inc (a)	18,905		1,695
				Sherwin-Williams Co/The	13,304		3,401
	$		2,039	WR Grace & Co (a)	518		42
Banks - 0.02%					$		16,268
Bank of New York Mellon Corp/The	1,596		58	Commercial Services - 1.23%
Signature Bank/New York NY (a)	345		48
				Aaron's Inc	415		9
	$		106	Aramark	1,397		45
Beverages - 4.05%				Automatic Data Processing Inc	1,907		158
Brown-Forman Corp - A Shares	205		22	Avis Budget Group Inc (a)	742		19
Brown-Forman Corp - B Shares	849		83	Booz Allen Hamilton Holding Corp	816		23
Coca-Cola Co/The	253,876		10,896	Cintas Corp	668		57
Coca-Cola Enterprises Inc	1,684		78	CoStar Group Inc (a)	229		40
Constellation Brands Inc	1,590		242	Equifax Inc	869		92
Dr Pepper Snapple Group Inc	2,456		231	FleetCor Technologies Inc (a)	664		82
Keurig Green Mountain Inc	903		81	Gartner Inc (a)	626		55
Monster Beverage Corp (a)	1,148		155	Global Payments Inc	999		59
PepsiCo Inc	115,063		11,426	H&R Block Inc	1,972		67
	$		23,214	Hertz Global Holdings Inc (a)	2,848		26
				KAR Auction Services Inc	439		15

See accompanying notes

105

Schedule of Investments
LargeCap Growth Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Commercial Services (continued)				Diversified Financial Services (continued)
McGraw Hill Financial Inc	1,386	$	118	Credit Acceptance Corp (a)	67	$	12
Moody's Corp	893		80	Eaton Vance Corp	865		25
Morningstar Inc	178		14	Federated Investors Inc	778		20
PayPal Holdings Inc (a)	6,159		223	Interactive Brokers Group Inc - A Shares	144		5
Quanta Services Inc (a)	374		7	Intercontinental Exchange Inc	435		115
Robert Half International Inc	1,034		45	Invesco Ltd	398		12
RR Donnelley & Sons Co	1,060		15	Lazard Ltd	930		33
Sabre Corp	970		25	Legg Mason Inc	261		8
SEI Investments Co	1,018		40	LPL Financial Holdings Inc	601		18
Service Corp International/US	1,661		40	MasterCard Inc	44,247		3,939
ServiceMaster Global Holdings Inc (a)	894		38	NorthStar Asset Management Group Inc/New	1,416		16
Total System Services Inc	1,252		50	York
United Rentals Inc (a)	710		34	Santander Consumer USA Holdings Inc (a)	54		—
Vantiv Inc (a)	1,110		52	T Rowe Price Group Inc	1,323		94
Verisk Analytics Inc (a)	74,410		5,432	Visa Inc	178,628		13,306
Western Union Co/The	3,876		69	Waddell & Reed Financial Inc	612		17
WEX Inc (a)	302		22		$		21,242
	$		7,051	Electric - 0.01%
Computers - 5.98%				Calpine Corp (a)	322		5
Accenture PLC - Class A	5,107		539	Dominion Resources Inc/VA	190		14
Apple Inc	257,231		25,039	ITC Holdings Corp	375		15
Cadence Design Systems Inc (a)	2,318		45		$		34
Cognizant Technology Solutions Corp (a)	19,395		1,228
DST Systems Inc	249		26	Electrical Components & Equipment - 0.06%
EMC Corp/MA	257,020		6,367	Acuity Brands Inc	317		64
Fortinet Inc (a)	1,084		30	AMETEK Inc	1,755		83
Genpact Ltd (a)	1,363		33	Emerson Electric Co	4,155		191
IHS Inc (a)	435		46	Hubbell Inc	99		9
International Business Machines Corp	4,023		502		$		347
Leidos Holdings Inc	181		8	Electronics - 1.10%
NetApp Inc	767		17	Allegion PLC	724		44
Synopsys Inc (a)	187		8	Amphenol Corp	1,555		77
Teradata Corp (a)	917		22	Fitbit Inc (a)	336		6
VeriFone Systems Inc (a)	884		21	FLIR Systems Inc	758		22
Western Digital Corp	6,714		322	Gentex Corp	1,451		20
	$		34,253	Honeywell International Inc	42,765		4,414
Consumer Products - 0.59%				Jabil Circuit Inc	453		9
				Keysight Technologies Inc (a)	1,092		25
Avery Dennison Corp	632		38	Mettler-Toledo International Inc (a)	1,952		611
Church & Dwight Co Inc	34,088		2,864
Clorox Co/The	1,521		196	National Instruments Corp	322		9
Jarden Corp (a)	1,502		80	PerkinElmer Inc	131		6
				Trimble Navigation Ltd (a)	314		6
Kimberly-Clark Corp	1,461		188
Spectrum Brands Holdings Inc	212		20	Tyco International Plc	2,627		90
				Waters Corp (a)	7,797		945
	$		3,386
					$		6,284
Cosmetics & Personal Care - 0.60%
Colgate-Palmolive Co	4,013		271	Engineering & Construction - 0.52%
				AECOM (a)	259		7
Coty Inc	625		15	SBA Communications Corp (a)	29,749		2,953
Estee Lauder Cos Inc/The	36,949		3,150	TopBuild Corp (a)	366		10
	$		3,436
					$		2,970
Distribution & Wholesale - 0.06%
Fossil Group Inc (a)	335		11	Entertainment - 0.01%
Genuine Parts Co	1,059		91	Gaming and Leisure Properties Inc	141		4
HD Supply Holdings Inc (a)	1,311		35	International Game Technology PLC	706		10
				Madison Square Garden Co/The (a)	155		24
Ingram Micro Inc	274		8
LKQ Corp (a)	2,313		63	Regal Entertainment Group	847		15
Watsco Inc	216		25	Six Flags Entertainment Corp	621		31
WW Grainger Inc	448		88		$		84
	$		321	Environmental Control - 0.75%
				Clean Harbors Inc (a)	279		12
Diversified Financial Services - 3.71%				Stericycle Inc (a)	34,732		4,180
Affiliated Managers Group Inc (a)	377		51
Air Lease Corp	142		4	Waste Management Inc	1,583		84
Alliance Data Systems Corp (a)	316		63		$		4,276
Ally Financial Inc (a)	395		6	Food - 3.55%
American Express Co	833		45	Blue Buffalo Pet Products Inc (a)	314		5
Ameriprise Financial Inc	768		70	Campbell Soup Co	790		45
Artisan Partners Asset Management Inc	237		7	ConAgra Foods Inc	271		11
BlackRock Inc	325		102	Flowers Foods Inc	1,257		26
CBOE Holdings Inc	47,351		3,154	General Mills Inc	107,424		6,070
Charles Schwab Corp/The	4,100		105	Hain Celestial Group Inc/The (a)	772		28
CoreLogic Inc/United States (a)	432		15	Hershey Co/The	1,059		93

See accompanying notes

106

Schedule of Investments
LargeCap Growth Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held   Value (000's)
Food (continued)				Home Builders (continued)
Hormel Foods Corp	942	$	76	Lennar Corp - A Shares	513	$	22
Ingredion Inc	103		10	Lennar Corp - B Shares	172		6
Kellogg Co	1,117		82	NVR Inc (a)	33		54
Kraft Heinz Co/The	2,993		234	Thor Industries Inc	441		23
Kroger Co/The	210,966		8,187	Toll Brothers Inc (a)	548		15
McCormick & Co Inc/MD	61,294		5,392		$		151
Sprouts Farmers Market Inc (a)	1,099		25
Sysco Corp	921		37	Home Furnishings - 0.02%
Tyson Foods Inc	183		10	Harman International Industries Inc	516		38
WhiteWave Foods Co/The (a)	1,208		46	Leggett & Platt Inc	1,105		46
				Tempur Sealy International Inc (a)	503		30
	$		20,377	Whirlpool Corp	73		10
Forest Products & Paper - 0.02%					$		124
International Paper Co	3,510		120
				Housewares - 0.02%
				Newell Rubbermaid Inc	1,061		41
Hand & Machine Tools - 0.02%				Scotts Miracle-Gro Co/The	329		23
Lincoln Electric Holdings Inc	560		30	Toro Co/The	443		33
Regal Beloit Corp	45		3	Tupperware Brands Corp	421		19
Snap-on Inc	432		70		$		116
Stanley Black & Decker Inc	79		7
	$		110	Insurance - 1.96%
				Aflac Inc	30,405		1,762
Healthcare - Products - 2.40%				American International Group Inc	44,248		2,499
Abbott Laboratories	44,250		1,675	AmTrust Financial Services Inc	89		5
Align Technology Inc (a)	611		40	Aon PLC	1,427		126
Baxter International Inc	1,718		63	Arthur J Gallagher & Co	725		27
Becton Dickinson and Co	1,059		154	Berkshire Hathaway Inc - Class B (a)	23,102		2,998
Bio-Techne Corp	114		9	Erie Indemnity Co	207		20
Boston Scientific Corp (a)	466		8	Markel Corp (a)	12		10
Bruker Corp (a)	745		17	Marsh & McLennan Cos Inc	71,083		3,791
Cooper Cos Inc/The	16,252		2,131	Willis Towers Watson PLC	121		14
CR Bard Inc	9,958		1,825		$		11,252
Danaher Corp	50,632		4,388
DENTSPLY International Inc	322		19	Internet - 11.53%
Edwards Lifesciences Corp (a)	17,456		1,366	Alphabet Inc - A Shares (a)	34,849		26,532
Henry Schein Inc (a)	602		91	Alphabet Inc - C Shares (a)	1,488		1,105
				Amazon.com Inc (a)	17,575		10,317
Hill-Rom Holdings Inc	428		21
Hologic Inc (a)	1,762		60	CDW Corp/DE	22,154		851
IDEXX Laboratories Inc (a)	673		47	eBay Inc (a)	10,703		251
Intuitive Surgical Inc (a)	2,514		1,359	Expedia Inc	39,527		3,994
				F5 Networks Inc (a)	539		51
Patterson Cos Inc	414		18	Facebook Inc (a)	115,344		12,943
ResMed  Inc	1,017		58	FireEye Inc (a)	935		13
Sirona Dental Systems Inc (a)	417		44	GoDaddy Inc (a)	275		8
St Jude Medical Inc	1,716		91
Stryker Corp	862		85	IAC/InterActiveCorp	589		31
ThermoFisher Scientific  Inc	919		121	Liberty Ventures (a)	1,090		43
Varian  Medical SystemsInc (a)	734		57	LinkedIn Corp (a)	11,989		2,373
VWR Corp (a)	116		3	Netflix Inc (a)	2,148		197
				Pandora Media Inc (a)	63,264		615
Zimmer Biomet Holdings Inc	281		28	Priceline Group Inc/The (a)	263		280
	$		13,778	Splunk Inc (a)	37,389		1,730
Healthcare - Services - 2.34%				Symantec Corp	81,856		1,624
Aetna Inc	982		100	TripAdvisor Inc (a)	21,822		1,457
Anthem Inc	666		87	VeriSign Inc (a)	22,518		1,703
Centene Corp (a)	878		54		$		66,118
Cigna Corp	1,302		174
DaVita HealthCare Partners Inc (a)	400		27	Iron & Steel - 0.00%
Envision Healthcare Holdings Inc (a)	1,384		31	Steel Dynamics Inc	351		6
HCA Holdings Inc (a)	729		51
Health Net Inc/CA (a)	152		10	Leisure Products & Services - 0.02%
Humana Inc	703		114	Brunswick Corp/DE	595		24
Laboratory Corp of America Holdings (a)	61,922		6,957	Harley-Davidson Inc	861		35
LifePoint Health Inc (a)	100		7	Norwegian Cruise Line Holdings Ltd (a)	889		40
MEDNAX Inc (a)	418		29	Polaris Industries Inc	505		37
Premier Inc (a)	350		11
					$		136
UnitedHealth Group Inc	49,933		5,751
Universal Health Services Inc	143		16	Lodging - 0.25%
	$		13,419	Choice Hotels International Inc	354		16
				Extended Stay America Inc	803		10
Holding Companies - Diversified - 0.00%				Hilton Worldwide Holdings Inc	3,900		69
Leucadia National Corp	529		9	Las Vegas Sands Corp	24,130		1,088
				Marriott International Inc/MD	1,532		94
				MGM Resorts International (a)	347		7
Home Builders - 0.03%
DR Horton Inc	1,129		31	Starwood Hotels & Resorts Worldwide Inc	1,269		79

See accompanying notes

107

Schedule of Investments
LargeCap Growth Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held     Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Lodging (continued)				Oil & Gas (continued)
Wyndham Worldwide Corp	910	$	59	Marathon Petroleum Corp	323	$	13
	$		1,422	Memorial Resource Development Corp (a)	671		11
				Murphy USA Inc (a)	114		7
Machinery - Construction & Mining - 0.01%				Range Resources Corp	83		2
Caterpillar Inc	899		56	Tesoro Corp	57		5
					$		2,068
Machinery - Diversified - 0.41%				Oil & Gas Services - 0.33%
BWX Technologies Inc	289		9	FMC Technologies Inc (a)	1,043		26
Cognex Corp	645		21
Cummins Inc	959		86	Halliburton Co	55,675		1,770
				Oceaneering International Inc	130		4
Deere & Co	299		23	Schlumberger Ltd	1,089		79
Flowserve Corp	471		18
Graco Inc	463		34	Targa Resources Corp	219		5
IDEX Corp	540		39		$		1,884
Middleby Corp/The (a)	426		38	Packaging & Containers - 0.04%
Nordson Corp	453		27	Ball Corp	988		66
Rockwell Automation Inc	964		92	Bemis Co Inc	168		8
Roper Technologies Inc	191		34	Crown Holdings Inc (a)	484		22
Wabtec Corp/DE	30,029		1,921	Graphic Packaging Holding Co	1,610		18
	$		2,342	Owens-Illinois Inc (a)	133		2
Media - 4.78%				Packaging Corp of America	712		36
AMC Networks Inc (a)	491		36	Sealed Air Corp	1,505		61
Cablevision Systems Corp	316		10	Silgan Holdings Inc	336		18
CBS Corp	2,494		118	WestRock Co	222		8
Comcast Corp - Class A	262,892		14,646		$		239
Discovery Communications Inc - A Shares (a)	1,180		33	Pharmaceuticals - 8.19%
Discovery Communications Inc - C Shares (a)	1,980		54	AbbVie Inc	44,815		2,460
DISH Network Corp (a)	1,082		52	Agios Pharmaceuticals Inc (a)	160		7
FactSet Research Systems Inc	309		47	Akorn Inc (a)	526		14
Scripps Networks Interactive Inc	742		45	Alkermes PLC (a)	827		27
Sirius XM Holdings Inc (a)	403,897		1,495	Allergan plc (a)	8,894		2,529
Starz (a)	716		20	AmerisourceBergen Corp	1,114		100
Time Warner Cable Inc	1,430		260	Baxalta Inc	2,372		95
Time Warner Inc	2,149		151	Bristol-Myers Squibb Co	85,656		5,324
Twenty-First Century Fox Inc - A Shares	4,064		110	Cardinal Health Inc	47,346		3,852
Twenty-First Century Fox Inc - B Shares	2,492		68	Eli Lilly & Co	6,687		529
Viacom Inc - A Shares	227		11	Endo International PLC (a)	555		31
Viacom Inc - B Shares	2,551		116	Express Scripts Holding Co (a)	95,173		6,840
Walt Disney Co/The	105,902		10,147	Herbalife Ltd (a)	502		23
	$		27,419	Jazz Pharmaceuticals PLC (a)	410		53
				Johnson & Johnson	76,219		7,961
Metal Fabrication & Hardware - 0.01%				Mallinckrodt PLC (a)	310		18
Precision Castparts Corp	131		31
Valmont Industries Inc	57		6	McKesson Corp	26,921		4,334
				Mead Johnson Nutrition Co	19,697		1,428
	$		37	Merck & Co Inc	2,206		112
Mining - 0.00%				Mylan NV (a)	2,438		128
Compass Minerals International Inc	260		19	OPKO Health Inc (a)	2,033		16
Royal Gold Inc	37		1	Perrigo Co PLC	23,202		3,354
Tahoe Resources Inc	221		2	Pfizer Inc	82,403		2,512
	$		22	Quintiles Transnational Holdings Inc (a)	504		31
				Teva Pharmaceutical Industries Ltd ADR	37,547		2,308
Miscellaneous Manufacturers - 1.72%				VCA Inc (a)	21,504		1,103
3M Co	53,713		8,111	Zoetis Inc	40,232		1,732
AO Smith Corp	570		40		$		46,921
AptarGroup Inc	144		10
Carlisle Cos Inc	131		11	Pipelines - 0.02%
Donaldson Co Inc	940		26	ONEOK Inc	643		16
Illinois Tool Works Inc	1,514		136	Williams Cos Inc/The	5,204		100
Ingersoll-Rand PLC	187		10		$		116
Parker-Hannifin Corp	15,615		1,518	Real Estate  - 0.02%
Textron Inc	560		19	CBRE GroupInc (a)	2,079		58
	$		9,881	Four Corners Property Trust Inc	185		3
Office & Business Equipment - 0.00%				Jones Lang LaSalle Inc	252		36
Pitney Bowes Inc	761		15		$		97
				REITS - 0.84%
Oil & Gas - 0.36%				American Tower Corp	3,141		296
Cabot Oil & Gas Corp	2,821		59	Boston Properties Inc	712		83
Concho Resources Inc (a)	20,405		1,941	Columbia Property Trust Inc	262		6
Continental Resources Inc/OK (a)	240		5	Crown Castle International Corp	2,803		242
CVR Energy Inc	40		1	Digital Realty Trust Inc	588		47
EOG Resources Inc	234		17	Empire State Realty Trust Inc	508		8
HollyFrontier Corp	190		7	Equinix Inc	290		90

See accompanying notes

108

Schedule of Investments
LargeCap Growth Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
REITS (continued)				Semiconductors (continued)
Equity LifeStyle Properties Inc	650	$	43	Broadcom Corp	186	$	10
Extra Space Storage Inc	897		81	Intel Corp	6,475		201
Federal Realty Investment Trust	494		74	IPG Photonics Corp (a)	284		23
Healthcare Trust of America Inc	201		6	KLA-Tencor Corp	1,171		78
Iron Mountain Inc	595		16	Lam Research Corp	832		60
Lamar Advertising Co	633		36	Linear Technology Corp	1,770		76
Omega Healthcare Investors Inc	412		13	Maxim Integrated Products Inc	64,496		2,154
Plum Creek Timber Co Inc	579		23	Microchip Technology Inc	1,518		68
Post Properties Inc	207		12	Micron Technology Inc (a)	697		8
Public Storage	1,112		282	ON Semiconductor Corp (a)	3,119		27
Simon Property Group Inc	17,802		3,316	Qorvo Inc (a)	1,040		41
Tanger Factory Outlet Centers Inc	798		26	QUALCOMM Inc	1,232		56
Welltower Inc	1,718		107	Skyworks Solutions Inc	14,484		998
Weyerhaeuser Co	338		9	Texas Instruments Inc	5,262		278
	$		4,816	Xilinx Inc	65,280		3,281
Retail - 12.93%					$		7,699
Advance Auto Parts Inc	538		82	Shipbuilding - 0.01%
AutoNation Inc (a)	601		26	Huntington Ingalls Industries Inc	373		48
AutoZone Inc (a)	9,910		7,605
Bed Bath & Beyond Inc (a)	1,292		56
				Software - 7.82%
Brinker International Inc	566		28	Adobe Systems Inc (a)	28,577		2,547
CarMax Inc (a)	1,471		65
				Akamai Technologies Inc (a)	1,282		58
Chipotle Mexican Grill Inc (a)	159		72
				Allscripts Healthcare Solutions Inc (a)	635		9
Coach Inc	340		13	ANSYS Inc (a)	176		16
Copart Inc (a)	950		32
				athenahealth Inc (a)	276		39
Costco Wholesale Corp	43,032		6,503	Autodesk Inc (a)	1,198		56
CST Brands Inc	593		23	Black Knight Financial Services Inc (a)	248		7
CVS Health Corp	70,032		6,764
Darden Restaurants Inc	269		17	Broadridge Financial Solutions Inc	947		51
				CDK Global Inc	1,215		53
Dick's Sporting Goods Inc	528		21	Cerner Corp (a)	36,228		2,101
Dillard's Inc	103		7	Citrix Systems Inc (a)	50,440		3,554
Dollar General Corp	3,113		234
Dollar Tree Inc (a)	171,951		13,983	Dun & Bradstreet Corp/The	110		11
				Electronic Arts Inc (a)	20,988		1,354
Domino's Pizza Inc	409		47	Fidelity National Information Services Inc	1,881		112
Dunkin' Brands Group Inc	725		29	Fiserv Inc (a)	37,493		3,546
Foot Locker Inc	925		62	IMS Health Holdings Inc (a)	1,018		24
Gap Inc/The	1,835		45	Inovalon Holdings Inc (a)	362		6
GNC Holdings Inc	796		22	Intuit Inc	2,732		261
Home Depot Inc/The	48,898		6,149
Kate Spade & Co (a)	901		16	Jack Henry & Associates Inc	639		52
				King Digital Entertainment Plc	940		17
L Brands  Inc	1,254		121
Liberty Interactive Corp QVC Group (a)	1,777		46	Microsoft Corp	330,105		18,186
Lowe's Cos Inc	7,548		541	MSCI Inc	820		56
				Oracle Corp	316,921		11,507
Macy's Inc	1,789		72	Paychex Inc	3,233		155
McDonald's Corp	64,954		8,040	PTC Inc (a)	897		27
Michaels Cos Inc/The (a)	681		15
				Rackspace Hosting Inc (a)	966		20
MSC Industrial Direct Co Inc	152		10	Red Hat Inc (a)	1,344		94
Nordstrom Inc	1,036		51	salesforce.com inc (a)	3,322		226
Nu Skin Enterprises Inc	253		8	ServiceNow Inc (a)	7,473		465
O'Reilly Automotive Inc (a)	27,645		7,213
				SolarWinds Inc (a)	535		32
Panera Bread Co (a)	202		39
Penske Automotive Group Inc	260		8	Solera Holdings Inc	500		27
Rite Aid Corp (a)	4,005		31	SS&C Technologies Holdings Inc	561		36
				Tableau Software Inc (a)	359		29
Ross Stores Inc	56,403		3,173	Ultimate Software Group Inc/The (a)	217		38
Sally Beauty Holdings Inc (a)	1,233		34
				Veeva Systems Inc (a)	576		14
Starbucks Corp	11,545		702	VMware Inc (a)	627		29
Target Corp	1,453		105
Tiffany & Co	635		41		$		44,815
TJX Cos Inc/The	148,137		10,553	Telecommunications - 2.66%
Tractor Supply Co	1,009		89	Arista Networks Inc (a)	286		17
Ulta Salon Cosmetics & Fragrance Inc (a)	460		83	ARRIS International PLC (a)	297		8
Urban Outfitters Inc (a)	882		20	AT&T Inc	53,197		1,918
Walgreens Boots Alliance Inc	1,529		122	Cisco Systems Inc	27,414		652
Williams-Sonoma Inc	18,088		934	CommScope Holding Co Inc (a)	405		9
World Fuel Services Corp	98		4	Juniper Networks Inc	673		16
Yum! Brands Inc	2,187		158	Level 3 Communications Inc (a)	220		11
	$		74,114	Motorola Solutions Inc	1,264		84
				Verizon Communications Inc	250,252		12,505
Semiconductors - 1.34%				Zayo Group Holdings Inc (a)	843		21
Analog Devices Inc	1,443		78
Applied Materials Inc	3,626		64		$		15,241
Atmel Corp	3,019		24
Avago Technologies Ltd	1,298		174

See accompanying notes

109

Schedule of Investments
LargeCap Growth Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held	Value(000			's)
Textiles - 0.01%
Mohawk Industries Inc (a)	325		$	54
Toys, Games & Hobbies - 0.01%
Hasbro Inc	695			52
Transportation - 1.45%
CH Robinson Worldwide Inc	1,081			70
CSX Corp	1,280			29
Expeditors International of Washington Inc	84,622			3,818
FedEx Corp	10,460			1,390
Genesee & Wyoming Inc (a)	193			10
JB Hunt Transport Services Inc	690			50
Landstar System Inc	395			23
Old Dominion Freight Line Inc (a)	529			29
Teekay Corp	156			1
Union Pacific Corp	35,444			2,552
United Parcel Service Inc	3,541			330
		$		8,302
Trucking & Leasing - 0.00%
AMERCO	34			12
TOTAL COMMON STOCKS		$		547,446
INVESTMENT COMPANIES - 4.10%	Shares Held	Value(000			's)
Publicly Traded Investment Fund - 4.10%
Cash Account Trust - Government & Agency	362,502			362
Portfolio - Government Cash Managed
First American Government Obligations Fund	3,037,942			3,038
Morgan Stanley Institutional Liquidity Funds -	20,128,229			20,129
Government Portfolio
		$		23,529
TOTAL INVESTMENT COMPANIES		$		23,529
Total Investments		$		570,975
Other Assets in Excess of Liabilities, Net - 0.39%		$		2,209
TOTAL NET ASSETS - 100.00%		$		573,184
(a) Non-Income Producing Security
Portfolio Summary (unaudited)
Sector				Percent
Consumer, Non-cyclical				27.51	%
Communications				19.03	%
Consumer, Cyclical				15.11	%
Technology				15.11	%
Industrial				8.62	%
Financial				6.55	%
Exchange Traded Funds				4.10	%
Basic Materials				2.86	%
Energy				0.71	%
Utilities				0.01	%
Diversified				0.00	%
Other Assets in Excess of Liabilities, Net				0.39	%
TOTAL NET ASSETS				100.00	%
Futures Contracts
											Unrealized
Type	Long/Short			Contracts		Notional Value			Fair Value	Appreciation/(Depreciation)
S&P 500 Emini; March 2016	Long			327		$	30,802	$	31,557	$	755
Total									$		755
Amounts in thousands except contracts

See accompanying notes

110

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 98.06%	Shares Held   Value (000's)			COMMON STOCKS (continued)	Shares Held   Value (000's)
Advertising - 0.26%				Banks (continued)
Interpublic Group of Cos Inc/The	107,339	$	2,409	Zions Bancorporation	53,961	$	1,224
Nielsen Holdings PLC	96,168		4,631		$		309,875
Omnicom Group Inc	63,993		4,694	Beverages - 2.43%
	$		11,734	Brown-Forman Corp - B Shares	26,846		2,627
Aerospace & Defense - 1.99%				Coca-Cola Co/The	1,033,934		44,376
Boeing Co/The	166,362		19,985	Coca-Cola Enterprises Inc	55,154		2,560
General Dynamics Corp	78,497		10,500	Constellation Brands Inc	45,738		6,974
Harris Corp	32,864		2,858	Dr Pepper Snapple Group Inc	49,897		4,682
L-3 Communications Holdings Inc	20,706		2,419	Keurig Green Mountain Inc	30,685		2,739
Lockheed Martin Corp	69,809		14,730	Molson Coors Brewing Co	47,972		4,341
Northrop Grumman Corp	48,177		8,916	Monster Beverage Corp (a)	39,627		5,351
Raytheon Co	79,537		10,200	PepsiCo Inc	384,837		38,214
Rockwell Collins Inc	34,722		2,808		$		111,864
United Technologies Corp	217,911		19,109	Biotechnology - 2.79%
	$		91,525	Alexion Pharmaceuticals Inc (a)	59,520		8,686
Agriculture - 1.85%				Amgen Inc	199,261		30,433
Altria Group Inc	517,927		31,651	Biogen Inc (a)	58,881		16,078
Archer-Daniels-Midland Co	157,633		5,572	Celgene Corp (a)	207,536		20,820
Philip Morris International Inc	409,257		36,837	Gilead Sciences Inc	380,698		31,598
Reynolds American Inc	218,954		10,937	Illumina Inc (a)	38,672		6,108
	$		84,997	Regeneron Pharmaceuticals Inc (a)	20,507		8,615
				Vertex Pharmaceuticals Inc (a)	64,907		5,890
Airlines - 0.59%					$		128,228
American Airlines Group Inc	166,505		6,492
Delta Air Lines Inc	207,752		9,201	Building Materials - 0.17%
Southwest Airlines Co	171,795		6,463	Martin Marietta Materials Inc	17,471		2,194
United Continental Holdings Inc (a)	98,480		4,755	Masco Corp	88,881		2,346
	$		26,911	Vulcan Materials Co	35,217		3,106
					$		7,646
Apparel - 0.84%
Hanesbrands Inc	103,502		3,164	Chemicals - 1.93%
Michael Kors Holdings Ltd (a)	48,618		1,940	Air Products & Chemicals Inc	51,215		6,490
NIKE Inc	356,472		22,105	Airgas Inc	17,131		2,398
Ralph Lauren Corp	15,535		1,748	CF Industries Holdings Inc	61,568		1,847
Under Armour Inc (a)	47,578		4,064	Dow Chemical Co/The	297,048		12,476
VF Corp	90,090		5,640	Eastman Chemical Co	39,255		2,403
	$		38,661	Ecolab Inc	70,206		7,573
				EI du Pont de Nemours & Co	231,509		12,214
Automobile Manufacturers - 0.61%				FMC Corp	35,297		1,261
Ford Motor Co	1,029,626		12,294	International Flavors & Fragrances Inc	21,198		2,479
General Motors Co	374,078		11,088	LyondellBasell Industries NV	94,979		7,406
PACCAR Inc	93,367		4,581	Monsanto Co	116,186		10,526
	$		27,963	Mosaic Co/The	88,582		2,135
Automobile Parts & Equipment - 0.32%				PPG Industries Inc	71,129		6,766
BorgWarner Inc	59,209		1,738	Praxair Inc	75,244		7,524
Delphi Automotive PLC	73,987		4,805	Sherwin-Williams Co/The	20,904		5,345
Goodyear Tire & Rubber Co/The	71,033		2,018		$		88,843
Johnson Controls Inc	171,088		6,137	Coal - 0.01%
	$		14,698	CONSOL Energy Inc	60,506		480
Banks - 6.74%
Bank of America Corp	2,750,531		38,893	Commercial Services - 1.09%
Bank of New York Mellon Corp/The	288,711		10,457	ADT Corp/The	43,569		1,289
BB&T Corp	206,082		6,731	Automatic Data Processing Inc	121,831		10,123
Capital One Financial Corp	140,543		9,222	Cintas Corp	23,099		1,985
Citigroup Inc	786,921		33,507	Equifax Inc	31,296		3,311
Citizens Financial Group Inc	139,475		2,964	H&R Block Inc	62,304		2,121
Comerica Inc	46,685		1,601	McGraw Hill Financial Inc	71,401		6,070
Fifth Third Bancorp	209,828		3,315	Moody's Corp	45,434		4,050
Goldman Sachs Group Inc/The	104,785		16,929	PayPal Holdings Inc (a)	293,673		10,613
Huntington Bancshares Inc/OH	210,443		1,806	Quanta Services Inc (a)	42,201		789
JPMorgan Chase & Co	972,396		57,858	Robert Half International Inc	35,049		1,534
KeyCorp	220,668		2,463	Total System Services Inc	44,713		1,796
M&T Bank Corp	42,261		4,656	United Rentals Inc (a)	24,521		1,175
Morgan Stanley	398,944		10,325	Verisk Analytics Inc (a)	41,175		3,006
Northern Trust Corp	57,413		3,564	Western Union Co/The	133,473		2,381
PNC Financial Services Group Inc/The	134,140		11,623		$		50,243
Regions Financial Corp	344,849		2,800
State Street Corp	106,583		5,940	Computers - 5.15%
SunTrust Banks Inc	134,617		4,924	Accenture PLC - Class A	165,046		17,419
US Bancorp	434,334		17,399	Apple Inc	1,472,763		143,359
Wells Fargo & Co	1,227,831		61,674	Cognizant Technology Solutions Corp (a)	160,625		10,169
				CSRA Inc	36,375		974

See accompanying notes

111

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Computers (continued)				Electric (continued)
EMC Corp/MA	512,157	$	12,686	TECO Energy Inc	62,137	$	1,685
Hewlett Packard Enterprise Co	475,014		6,536	WEC Energy Group Inc	83,390		4,606
HP Inc	477,177		4,633	Xcel Energy Inc	134,058		5,124
International Business Machines Corp	235,760		29,420		$		136,388
NetApp Inc	77,224		1,694
SanDisk Corp	53,013		3,748	Electrical Components & Equipment - 0.24%
Seagate Technology PLC	78,991		2,295	AMETEK Inc	62,838		2,957
Teradata Corp (a)	35,132		855	Emerson Electric Co	172,905		7,950
Western Digital Corp	61,209		2,937		$		10,907
	$		236,725	Electronics - 1.12%
Consumer Products - 0.46%				Agilent Technologies Inc	87,542		3,296
Avery Dennison Corp	24,065		1,465	Allegion PLC	25,335		1,534
Church & Dwight Co Inc	34,623		2,908	Amphenol Corp	81,429		4,036
Clorox Co/The	34,100		4,401	Corning Inc	312,493		5,815
Kimberly-Clark Corp	95,887		12,314	FLIR Systems Inc	36,489		1,067
	$		21,088	Garmin Ltd	31,173		1,097
				Honeywell International Inc	203,583		21,010
Cosmetics & Personal Care - 1.73%				PerkinElmer Inc	29,568		1,429
Colgate-Palmolive Co	236,928		16,000	TE Connectivity Ltd	102,045		5,833
Estee Lauder Cos Inc/The	58,795		5,012	Tyco International Plc	111,674		3,840
Procter & Gamble Co/The	718,658		58,707	Waters Corp (a)	21,572		2,615
	$		79,719		$		51,572
Distribution & Wholesale - 0.21%				Energy - Alternate Sources - 0.03%
Fastenal Co	76,525		3,104	First Solar Inc (a)	19,994		1,373
Genuine Parts Co	39,825		3,432
WW Grainger Inc	15,259		3,001	Engineering & Construction - 0.06%
	$		9,537	Fluor Corp	37,407		1,679
Diversified Financial Services - 3.18%				Jacobs Engineering Group Inc (a)	32,374		1,270
Affiliated Managers Group Inc (a)	14,274		1,915		$		2,949
Alliance Data Systems Corp (a)	16,150		3,227
American Express Co	220,996		11,823	Environmental Control - 0.25%
				Republic Services Inc	63,290		2,766
Ameriprise Financial Inc	45,992		4,169	Stericycle Inc (a)	22,449		2,701
BlackRock Inc	33,356		10,483	Waste Management Inc	109,688		5,808
Charles Schwab Corp/The	316,469		8,079
CME Group Inc/IL	89,346		8,028		$		11,275
Discover Financial Services	112,922		5,171	Food - 1.89%
E*TRADE Financial Corp (a)	77,372		1,823	Campbell Soup Co	47,442		2,676
Franklin Resources Inc	100,099		3,469	ConAgra Foods Inc	114,356		4,762
Intercontinental Exchange Inc	31,341		8,268	General Mills Inc	157,883		8,922
Invesco Ltd	111,966		3,351	Hershey Co/The	37,954		3,344
Legg Mason Inc	28,457		871	Hormel Foods Corp	35,635		2,865
MasterCard Inc	261,571		23,288	JM Smucker Co/The	31,613		4,057
Nasdaq Inc	30,369		1,883	Kellogg Co	67,404		4,950
Navient Corp	95,706		915	Kraft Heinz Co/The	157,066		12,261
Synchrony Financial (a)	220,261		6,260	Kroger Co/The	257,139		9,980
T Rowe Price Group Inc	66,328		4,706	McCormick & Co Inc/MD	30,718		2,702
Visa Inc	514,166		38,300	Mondelez International Inc	419,789		18,093
	$		146,029	Sysco Corp	138,682		5,521
				Tyson Foods Inc	78,096		4,167
Electric - 2.97%				Whole Foods Market Inc	90,148		2,642
AES Corp/VA	177,741		1,688
Ameren Corp	64,093		2,879		$		86,942
American Electric Power Co Inc	129,652		7,905	Forest Products & Paper - 0.08%
CMS Energy Corp	73,191		2,846	International Paper Co	109,510		3,746
Consolidated Edison Inc	77,448		5,374
Dominion Resources Inc/VA	157,261		11,349
DTE Energy Co	47,409		4,030	Gas - 0.25%
Duke Energy Corp	181,828		13,692	AGL Resources Inc	31,762		2,019
Edison International	86,065		5,319	CenterPoint Energy Inc	113,656		2,031
Entergy Corp	47,122		3,326	NiSource Inc	84,179		1,768
Eversource Energy	83,788		4,508	Sempra Energy	62,288		5,902
Exelon Corp	242,909		7,183		$		11,720
FirstEnergy Corp	111,749		3,694	Hand & Machine Tools - 0.14%
NextEra Energy Inc	121,653		13,590	Snap-on Inc	15,340		2,479
NRG Energy Inc	82,991		883	Stanley Black & Decker Inc	39,551		3,731
Pepco Holdings Inc	66,994		1,787		$		6,210
PG&E Corp	129,556		7,114
Pinnacle West Capital Corp	29,281		1,942	Healthcare - Products - 2.80%
PPL Corp	177,458		6,222	Abbott Laboratories	394,048		14,915
Public Service Enterprise Group Inc	133,653		5,520	Baxter International Inc	144,498		5,289
SCANA Corp	37,752		2,376	Becton Dickinson and Co	55,667		8,092
Southern Co/The	240,102		11,746	Boston Scientific Corp (a)	355,342		6,229

See accompanying notes

112

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held     Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Healthcare - Products (continued)				Internet (continued)
CR Bard Inc	19,517	$	3,577	eBay Inc (a)	291,788	$	6,845
Danaher Corp	157,489		13,646	Expedia Inc	31,089		3,141
DENTSPLY International Inc	36,946		2,176	F5 Networks Inc (a)	18,590		1,743
Edwards Lifesciences Corp (a)	56,981		4,457	Facebook Inc (a)	599,757		67,299
Henry Schein Inc (a)	21,905		3,317	Netflix Inc (a)	112,897		10,369
Intuitive Surgical Inc (a)	9,870		5,338	Priceline Group Inc/The (a)	13,150		14,004
Medtronic PLC	371,446		28,200	Symantec Corp	178,445		3,540
Patterson Cos Inc	22,062		937	TripAdvisor Inc (a)	29,847		1,993
St Jude Medical Inc	74,666		3,947	VeriSign Inc (a)	25,920		1,960
Stryker Corp	83,431		8,272	Yahoo! Inc (a)	229,501		6,773
Thermo Fisher Scientific Inc	105,424		13,922		$		294,173
Varian Medical Systems Inc (a)	25,592		1,974
Zimmer Biomet Holdings Inc	45,217		4,488	Iron & Steel - 0.07%
	$		128,776	Nucor Corp	84,428		3,299
Healthcare - Services - 1.75%
Aetna Inc	92,111		9,381	Leisure Products & Services - 0.25%
Anthem Inc	68,963		8,999	Carnival Corp	121,587		5,852
Cigna Corp	68,046		9,091	Harley-Davidson Inc	50,681		2,027
DaVita HealthCare Partners Inc (a)	44,032		2,955	Royal Caribbean Cruises Ltd	45,328		3,715
HCA Holdings Inc (a)	82,920		5,770		$		11,594
Humana Inc	39,154		6,374	Lodging - 0.20%
Laboratory Corp of America Holdings (a)	26,732		3,003	Marriott International Inc/MD	50,941		3,122
Quest Diagnostics Inc	37,866		2,487	Starwood Hotels & Resorts Worldwide Inc	44,563		2,774
Tenet Healthcare Corp (a)	26,328		714	Wyndham Worldwide Corp	30,670		1,990
UnitedHealth Group Inc	251,770		28,994	Wynn Resorts Ltd	21,464		1,445
Universal Health Services Inc	24,088		2,713		$		9,331
	$		80,481
				Machinery - Construction & Mining - 0.21%
Holding Companies - Diversified - 0.03%				Caterpillar Inc	153,801		9,573
Leucadia National Corp	88,057		1,458
				Machinery - Diversified - 0.46%
Home Builders - 0.13%				Cummins Inc	43,389		3,900
DR Horton Inc	86,681		2,385	Deere & Co	82,353		6,342
Lennar Corp - A Shares	47,295		1,993	Flowserve Corp	34,569		1,336
PulteGroup Inc	83,926		1,407	Rockwell Automation Inc	34,872		3,333
	$		5,785	Roper Technologies Inc	26,628		4,678
Home Furnishings - 0.12%				Xylem Inc/NY	47,380		1,703
Harman International Industries Inc	18,776		1,397		$		21,292
Leggett & Platt Inc	35,950		1,492	Media - 2.90%
Whirlpool Corp	20,655		2,776	Cablevision Systems Corp	58,790		1,876
	$		5,665	CBS Corp	114,565		5,442
				Comcast Corp - Class A	645,028		35,934
Housewares - 0.06%				Discovery Communications Inc - A Shares (a)	39,493		1,090
Newell Rubbermaid Inc	70,556		2,736	Discovery Communications Inc - C Shares (a)	68,145		1,854
				News Corp - A Shares	100,787		1,307
Insurance - 3.95%				News Corp - B Shares	28,476		380
Aflac Inc	112,726		6,534	Scripps Networks Interactive Inc	24,993		1,524
Allstate Corp/The	102,309		6,200	TEGNA Inc	58,561		1,406
American International Group Inc	326,765		18,456	Time Warner Cable Inc	74,808		13,616
Aon PLC	72,357		6,355	Time Warner Inc	211,188		14,876
Assurant Inc	17,391		1,414	Twenty-First Century Fox Inc - A Shares	309,262		8,341
Berkshire Hathaway Inc - Class B (a)	494,882		64,221	Twenty-First Century Fox Inc - B Shares	113,904		3,087
Chubb Ltd	121,734		13,764	Viacom Inc - B Shares	91,706		4,185
Cincinnati Financial Corp	38,954		2,245	Walt Disney Co/The	401,762		38,497
Hartford Financial Services Group Inc/The	108,201		4,347		$		133,415
Lincoln National Corp	65,371		2,580
Loews Corp	73,945		2,737	Mining - 0.15%
Marsh & McLennan Cos Inc	137,797		7,349	Alcoa Inc	346,079		2,523
MetLife Inc	293,643		13,111	Freeport-McMoRan Inc	305,331		1,404
Progressive Corp/The	154,399		4,825	Newmont Mining Corp	139,770		2,790
Prudential Financial Inc	118,606		8,312		$		6,717
Torchmark Corp	30,298		1,646	Miscellaneous Manufacturers - 2.72%
Travelers Cos Inc/The	80,361		8,602	3M Co	162,645		24,559
Unum Group	64,308		1,842	Dover Corp	40,935		2,393
Willis Towers Watson PLC	36,292		4,154	Eaton Corp PLC	122,251		6,175
XL Group PLC	78,655		2,852	General Electric Co	2,493,081		72,549
	$		181,546	Illinois Tool Works Inc	86,417		7,783
Internet - 6.40%				Ingersoll-Rand PLC	68,957		3,549
Alphabet Inc - A Shares (a)	76,956		58,590	Parker-Hannifin Corp	35,920		3,490
Alphabet Inc - C Shares (a)	78,489		58,313	Pentair PLC	47,615		2,244
Amazon.com Inc (a)	101,538		59,603	Textron Inc	72,291		2,474
					$		125,216

See accompanying notes

113

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Office & Business Equipment - 0.08%				Pipelines (continued)
Pitney Bowes Inc	52,052	$	1,019	ONEOK Inc	55,282	$	1,377
Xerox Corp	251,387		2,451	Spectra Energy Corp	177,358		4,869
	$		3,470	Williams Cos Inc/The	180,230		3,478
Oil & Gas - 5.09%					$		19,582
Anadarko Petroleum Corp	134,229		5,247	Publicly Traded Investment Fund - 0.33%
Apache Corp	99,855		4,248	iShares Core S&P 500 ETF	77,069		14,999
Cabot Oil & Gas Corp	109,328		2,269
Chesapeake Energy Corp	136,709		463	Real Estate  - 0.05%
Chevron Corp	497,153		42,989	CBRE GroupInc(a)	76,797		2,148
Cimarex Energy Co	24,978		2,323
ConocoPhillips	326,139		12,745
Devon Energy Corp	102,054		2,847	REITS - 2.80%
Diamond Offshore Drilling Inc	17,028		317	American Tower Corp	111,889		10,556
Ensco PLC	62,215		608	Apartment Investment & Management Co	41,320		1,618
EOG Resources Inc	145,209		10,313	AvalonBay Communities Inc	36,157		6,201
EQT Corp	40,294		2,488	Boston Properties Inc	40,568		4,714
Exxon Mobil Corp	1,099,670		85,609	Crown Castle International Corp	88,168		7,600
Helmerich & Payne Inc	28,472		1,446	Equinix Inc	18,090		5,618
Hess Corp	63,482		2,698	Equity Residential	96,222		7,418
Marathon Oil Corp	178,903		1,741	Essex Property Trust Inc	17,443		3,717
Marathon Petroleum Corp	140,788		5,884	Extra Space Storage Inc	32,569		2,954
Murphy Oil Corp	42,715		838	Federal Realty Investment Trust	18,351		2,768
Newfield Exploration Co (a)	42,699		1,241	General Growth Properties Inc	153,813		4,313
Noble Energy Inc	112,429		3,639	HCP Inc	122,844		4,415
Occidental Petroleum Corp	201,746		13,886	Host Hotels & Resorts Inc	198,543		2,750
Phillips 66	125,411		10,052	Iron Mountain Inc	50,757		1,398
Pioneer Natural Resources Co	42,597		5,280	Kimco Realty Corp	109,178		2,968
Range Resources Corp	44,740		1,322	Macerich Co/The	35,549		2,772
Southwestern Energy Co (a)	101,550		903	Plum Creek Timber Co Inc	45,857		1,858
Tesoro Corp	31,801		2,775	Prologis Inc	138,500		5,467
Transocean Ltd	90,318		941	Public Storage	38,879		9,858
Valero Energy Corp	127,192		8,632	Realty Income Corp	65,933		3,678
	$		233,744	Simon Property Group Inc	81,732		15,225
				SL Green Realty Corp	26,337		2,544
Oil & Gas Services - 0.96%				Ventas Inc	87,959		4,866
Baker Hughes Inc	115,195		5,012	Vornado Realty Trust	46,816		4,141
Cameron International Corp (a)	50,484		3,315
FMC Technologies Inc (a)	60,222		1,514	Welltower Inc	93,479		5,816
				Weyerhaeuser Co	134,837		3,453
Halliburton Co	226,069		7,187		$		128,686
National Oilwell Varco Inc	99,256		3,230
Schlumberger Ltd	333,129		24,075	Retail - 6.82%
	$		44,333	Advance Auto Parts Inc	19,346		2,942
				AutoNation Inc (a)	20,163		872
Packaging & Containers - 0.16%				AutoZone Inc (a)	8,052		6,179
Ball Corp	36,010		2,406	Bed Bath & Beyond Inc (a)	44,085		1,903
Owens-Illinois Inc (a)	42,486		550
				Best Buy Co Inc	78,762		2,200
Sealed Air Corp	52,150		2,114	CarMax Inc (a)	53,527		2,365
WestRock Co	67,918		2,396	Chipotle Mexican Grill Inc (a)	8,238		3,732
	$		7,466	Coach Inc	73,308		2,716
Pharmaceuticals - 7.18%				Costco Wholesale Corp	115,544		17,461
AbbVie Inc	431,830		23,708	CVS Health Corp	292,505		28,253
Allergan plc (a)	104,110		29,612	Darden Restaurants Inc	30,463		1,921
AmerisourceBergen Corp	51,603		4,622	Dollar General Corp	76,852		5,768
Baxalta Inc	154,023		6,163	Dollar Tree Inc (a)	62,023		5,044
Bristol-Myers Squibb Co	440,689		27,393	GameStop Corp	27,865		730
Cardinal Health Inc	86,902		7,071	Gap Inc/The	60,514		1,496
Eli Lilly & Co	257,814		20,393	Home Depot Inc/The	334,919		42,119
Endo International PLC (a)	54,988		3,050	Kohl's Corp	50,142		2,495
Express Scripts Holding Co (a)	178,643		12,839	L Brands Inc	67,281		6,469
Johnson & Johnson	730,908		76,336	Lowe's Cos Inc	241,731		17,322
Mallinckrodt PLC (a)	30,628		1,779	Macy's Inc	83,042		3,356
McKesson Corp	60,784		9,785	McDonald's Corp	242,557		30,024
Mead Johnson Nutrition Co	52,074		3,775	Nordstrom Inc	35,941		1,765
Merck & Co Inc	737,934		37,391	O'Reilly Automotive Inc (a)	26,056		6,798
Mylan NV (a)	109,114		5,749	PVH Corp	21,804		1,600
Perrigo Co PLC	38,673		5,592	Ross Stores Inc	106,984		6,019
Pfizer Inc (b)	1,630,642		49,718	Signet Jewelers Ltd	21,008		2,437
Zoetis Inc	121,006		5,209	Staples Inc	170,017		1,516
	$		330,185	Starbucks Corp	392,220		23,835
				Target Corp	162,734		11,785
Pipelines - 0.43%				Tiffany & Co	29,465		1,881
Columbia Pipeline Group Inc	102,787		1,907	TJX Cos Inc/The	176,860		12,599
Kinder Morgan Inc/DE	483,365		7,951	Tractor Supply Co	35,485		3,134

See accompanying notes

114

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held      Value (000's)			COMMON STOCKS (continued)		Shares Held		Value(000			's)
Retail (continued)				Transportation (continued)
Urban Outfitters Inc (a)	22,933	$	525	Norfolk Southern Corp		78,869			$	5,560
Walgreens Boots Alliance Inc	230,090		18,343	Ryder System Inc		14,112				750
Wal-Mart Stores Inc	414,443		27,502	Union Pacific Corp		225,622				16,245
Yum! Brands Inc	113,915		8,244	United Parcel Service Inc		183,891				17,139
	$		313,350					$		63,302
Savings & Loans - 0.03%				TOTAL COMMON STOCKS			$	4,507,085
People's United Financial Inc	81,950		1,178	INVESTMENT COMPANIES - 1.87%		Shares Held		Value(000			's)
				Publicly Traded Investment Fund - 1.87%
Semiconductors - 2.79%				Morgan Stanley Institutional Liquidity Funds -		85,811,803				85,812
Analog Devices Inc	82,433		4,440	Government Portfolio
Applied Materials Inc	303,551		5,358
Avago Technologies Ltd	99,289		13,276	TOTAL INVESTMENT COMPANIES				$		85,812
Broadcom Corp	148,192		8,102	Total Investments			$	4,592,897
Intel Corp	1,246,557		38,668	Other Assets in Excess of Liabilities, Net - 0.07%				$		3,033
KLA-Tencor Corp	41,194		2,760	TOTAL NET ASSETS - 100.00%			$	4,595,930
Lam Research Corp	41,840		3,004
Linear Technology Corp	63,171		2,699
Microchip Technology Inc	53,656		2,404	(a)	Non-Income Producing Security
Micron Technology Inc (a)	286,809		3,164	(b)	Security or a portion of the security was pledged to cover margin
NVIDIA Corp	135,010		3,954		requirements for futures contracts. At the end of the period, the value of
Qorvo Inc (a)	37,336		1,479		these securities totaled $12,812 or 0.28% of net assets.
QUALCOMM Inc	397,053		18,002
Skyworks Solutions Inc	50,493		3,480
Texas Instruments Inc	267,964		14,183		Portfolio Summary (unaudited)
Xilinx Inc	67,881		3,412	Sector						Percent
	$		128,385	Consumer, Non-cyclical						24.06	%
Software - 4.78%				Financial						16.75	%
Activision Blizzard Inc	133,271		4,640	Communications						13.00	%
Adobe Systems Inc (a)	131,761		11,744	Technology						12.71	%
Akamai Technologies Inc (a)	47,003		2,144	Consumer, Cyclical						10.31	%
Autodesk Inc (a)	59,752		2,798	Industrial						8.90	%
CA Inc	82,286		2,364	Energy						6.52	%
Cerner Corp (a)	80,428		4,666	Utilities						3.22	%
Citrix Systems Inc (a)	40,633		2,863	Basic Materials						2.23	%
Dun & Bradstreet Corp/The	9,544		939	Exchange Traded Funds						2.20	%
Electronic Arts Inc (a)	82,102		5,299	Diversified						0.03	%
Fidelity National Information Services Inc	73,286		4,377	Other Assets in Excess of Liabilities, Net						0.07	%
Fiserv Inc (a)	60,370		5,709	TOTAL NET ASSETS						100.00	%
Intuit Inc	69,738		6,661
Microsoft Corp	2,110,064		116,243
Oracle Corp	845,714		30,708
Paychex Inc	84,762		4,057
Red Hat Inc (a)	48,288		3,383
salesforce.com inc (a)	164,876		11,221
	$		219,816
Telecommunications - 3.44%
AT&T Inc	1,625,094		58,601
CenturyLink Inc	145,023		3,686
Cisco Systems Inc	1,340,882		31,899
Frontier Communications Corp	308,591		1,404
Juniper Networks Inc	93,771		2,213
Level 3 Communications Inc (a)	76,229		3,721
Motorola Solutions Inc	42,442		2,834
Verizon Communications Inc	1,074,822		53,709
	$		158,067
Textiles - 0.06%
Mohawk Industries Inc (a)	16,794		2,795
Toys, Games & Hobbies - 0.10%
Hasbro Inc	29,628		2,201
Mattel Inc	89,642		2,473
	$		4,674
Transportation - 1.38%
CH Robinson Worldwide Inc	37,939		2,457
CSX Corp	257,538		5,929
Expeditors International of Washington Inc	49,242		2,222
FedEx Corp	69,370		9,218
JB Hunt Transport Services Inc	23,915		1,739
Kansas City Southern	28,829		2,043

See accompanying notes

115

		Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2016 (unaudited)
Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
S&P 500 Emini; March 2016	Long	842	$	83,205	$	81,257		$	(1,948	)
Total							$		(1,948	)
Amounts in thousands except contracts

See accompanying notes

116

Schedule of Investments
LargeCap Value Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 98.25%	Shares Held          Value (000's)			COMMON STOCKS (continued)	Shares Held	Value(000			's)
Aerospace & Defense - 3.37%				Insurance - 6.59%
General Dynamics Corp	500,700	$	66,979	AmTrust Financial Services Inc	121,692		$	6,960
Orbital ATK Inc	106,400		9,600	Berkshire Hathaway Inc - Class B (a)	150,200			19,491
	$		76,579	Everest Re Group Ltd	387,800			69,393
				Reinsurance Group of America Inc	108,400			9,131
Agriculture - 2.76%				Travelers Cos Inc/The	419,500			44,903
Altria Group Inc	102,000		6,233			$		149,878
Archer-Daniels-Midland Co	736,700		26,042
Philip Morris International Inc	338,500		30,469	Media - 1.92%
	$		62,744	Comcast Corp - Class A	783,900			43,671
Airlines - 0.96%
Delta Air Lines Inc	492,600		21,817	Miscellaneous Manufacturers - 2.75%
				General Electric Co	2,148,000			62,507
Automobile Manufacturers - 0.78%
General Motors Co	598,100		17,728	Oil & Gas - 10.77%
				Apache Corp	354,600			15,085
				Chevron Corp	56,700			4,903
Automobile Parts & Equipment - 0.78%				ConocoPhillips	443,400			17,328
Goodyear Tire & Rubber Co/The	626,600		17,802	Exxon Mobil Corp	778,000			60,567
				Newfield Exploration Co (a)	852,500			24,782
Banks - 12.76%				Noble Corp plc	2,481,200			19,329
Bank of America Corp	342,000		4,836	Tesoro Corp	456,600			39,838
Citigroup Inc	621,000		26,442	Valero Energy Corp	929,200			63,065
Goldman Sachs Group Inc/The	41,300		6,672			$		244,897
Huntington Bancshares Inc/OH	665,800		5,713	Oil & Gas Services - 0.98%
JPMorgan Chase & Co	1,496,800		89,060	Cameron International Corp (a)	340,900			22,384
SunTrust Banks Inc	1,253,800		45,864
Wells Fargo & Co	2,223,000		111,661
	$		290,248	Pharmaceuticals - 8.69%
				Cardinal Health Inc	745,200			60,637
Biotechnology - 1.31%				Johnson & Johnson	334,200			34,904
Amgen Inc	194,690		29,735	Pfizer Inc	3,345,700			102,010
						$		197,551
Building Materials - 1.20%				REITS - 6.41%
Owens Corning	593,500		27,414	Apartment Investment & Management Co	352,200			13,789
				Equity Residential	911,300			70,252
Chemicals - 2.65%				Extra Space Storage Inc	290,100			26,309
Dow Chemical Co/The	1,433,500		60,207	Simon Property Group Inc	109,000			20,304
				UDR Inc	421,800			15,012
						$		145,666
Computers - 1.18%
Amdocs Ltd	350,000		19,159	Retail - 4.60%
NetApp Inc	347,400		7,618	Darden Restaurants Inc	207,900			13,110
	$		26,777	Foot Locker Inc	542,800			36,672
				Target Corp	757,200			54,836
Cosmetics & Personal Care - 1.11%						$		104,618
Procter & Gamble Co/The	310,600		25,373
				Semiconductors - 2.23%
Diversified Financial Services - 2.63%				Intel Corp	1,636,500			50,764
CoreLogic Inc/United States (a)	512,500		18,296
Synchrony Financial (a)	1,458,400		41,448	Software - 3.86%
	$		59,744	Electronic Arts Inc (a)	529,400			34,170
				Microsoft Corp	973,000			53,603
Electric - 5.23%						$		87,773
Ameren Corp	616,110		27,676
FirstEnergy Corp	838,000		27,704	Telecommunications - 4.65%
Public Service Enterprise Group Inc	1,538,500		63,540	AT&T Inc	629,500			22,700
	$		118,920	Cisco Systems Inc	3,488,000			82,979
						$		105,679
Electronics - 0.24%
Keysight Technologies Inc (a)	234,400		5,485	TOTAL COMMON STOCKS		$		2,234,193
				INVESTMENT COMPANIES - 1.68%	Shares Held	Value(000			's)
Food - 3.88%				Publicly Traded Investment Fund - 1.68%
Ingredion Inc	151,500		15,259	Goldman Sachs Financial Square Funds -	38,167,009			38,167
Kroger Co/The	1,340,600		52,029	Government Fund
Tyson Foods Inc (b)	393,200		20,981
	$		88,269	TOTAL INVESTMENT COMPANIES		$		38,167
				Total Investments		$		2,272,360
Healthcare - Services - 3.96%				Other Assets in Excess of Liabilities, Net - 0.07%		$		1,535
Aetna Inc	300,700		30,623	TOTAL NET ASSETS - 100.00%		$		2,273,895
Anthem Inc	358,200		46,742
UnitedHealth Group Inc	109,400		12,598
	$		89,963	(a) Non-Income Producing Security

See accompanying notes

117

Schedule of Investments
LargeCap Value Fund
January 31, 2016 (unaudited)

(b)      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 these securities totaled $10,672 or 0.47% of net assets.

Portfolio Summary (unaudited)
Sector	Percent
Financial	28.39	%
Consumer, Non-cyclical	21.71	%
Energy	11.75	%
Industrial	7.56	%
Technology	7.27	%
Consumer, Cyclical	7.12	%
Communications	6.57	%
Utilities	5.23	%
Basic Materials	2.65	%
Exchange Traded Funds	1.68	%
Other Assets in Excess of Liabilities, Net	0.07	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

118

Schedule of Investments
LargeCap Value Fund III
January 31, 2016 (unaudited)
COMMON STOCKS - 95.48%	Shares Held     Value (000's)			COMMON STOCKS (continued)	Shares Held   Value (000's)
Advertising - 0.01%				Banks (continued)
Nielsen Holdings PLC	2,672	$	129	Synovus Financial Corp	5,147	$	157
				TCF Financial Corp	5,794		70
				US Bancorp	40,041		1,604
Aerospace & Defense - 5.84%				Wells Fargo & Co	1,039,814		52,230
Boeing Co/The	81,600		9,803	Zions Bancorporation	6,510		148
General Dynamics Corp	260,684		34,872		$		244,382
Harris Corp	3,537		308
Lockheed Martin Corp	2,796		590	Beverages - 0.43%
Northrop Grumman Corp	3,226		597	Brown-Forman Corp - A Shares	207		22
Orbital ATK Inc	2,265		204	Brown-Forman Corp - B Shares	2,271		222
Raytheon Co	154,409		19,801	Molson Coors Brewing Co	3,316		300
Spirit AeroSystems Holdings Inc (a)	921		39	PepsiCo Inc	70,300		6,981
Triumph Group Inc	1,806		46		$		7,525
United Technologies Corp	410,028		35,955
				Biotechnology - 0.01%
	$		102,215	Alnylam Pharmaceuticals Inc (a)	427		29
Agriculture - 3.01%				Bio-Rad Laboratories Inc (a)	790		101
Altria Group Inc	358,756		21,923		$		130
Archer-Daniels-Midland Co	14,830		524
Bunge Ltd	4,756		295	Building Materials - 1.21%
				Armstrong World Industries Inc (a)	897		35
Philip Morris International Inc	333,898		30,055
	$		52,797	CRH PLC ADR	753,039		20,272
				Fortune Brands Home & Security Inc	3,727		181
Airlines - 0.01%				Martin Marietta Materials Inc	1,977		248
JetBlue Airways Corp (a)	7,506		160	Owens Corning	4,249		196
				Vulcan Materials Co	2,733		241
Apparel - 0.62%					$		21,173
Ralph Lauren Corp	1,858		209	Chemicals - 2.29%
VF Corp	169,300		10,598	Air Products & Chemicals Inc	201,530		25,535
	$		10,807	Airgas Inc	1,894		265
				Albemarle Corp	3,817		201
Automobile Manufacturers - 0.98%				Cabot Corp	2,565		103
Ford Motor Co	1,291,118		15,416	Celanese Corp	5,021		320
General Motors Co	58,642		1,738	Dow Chemical Co/The	34,928		1,467
PACCAR Inc	1,673		82	Eastman Chemical Co	3,987		244
	$		17,236	EI du Pont de Nemours & Co	11,642		614
Automobile Parts & Equipment - 1.22%				Huntsman Corp	2,872		25
Allison Transmission Holdings Inc	3,610		86	Mosaic Co/The	11,938		288
Goodyear Tire & Rubber Co/The	9,425		268	Platform Specialty Products Corp (a)	3,716		28
Johnson Controls Inc	581,611		20,862	Praxair Inc	1,125		113
Lear Corp	771		80	Sherwin-Williams Co/The	42,440		10,851
	$		21,296	Westlake Chemical Corp	1,800		82
					$		40,136
Banks - 13.95%
Associated Banc-Corp	6,097		107	Coal - 0.00%
Bank of America Corp	2,650,265		37,475	CONSOL Energy Inc	7,733		61
Bank of Hawaii Corp	1,840		110
Bank of New York Mellon Corp/The	23,985		869	Commercial Services - 1.23%
BankUnited Inc	3,954		133	Aaron's Inc	2,652		61
BB&T Corp	31,054		1,014	ADT Corp/The	5,976		177
BOK Financial Corp	1,230		62	Aramark	1,218		39
Capital One Financial Corp	341,984		22,441	Automatic Data Processing Inc	2,160		179
CIT Group Inc	12,446		365	Booz Allen Hamilton Holding Corp	397,983		11,259
Citigroup Inc	536,803		22,857	H&R Block Inc	1,154		39
Citizens Financial Group Inc	10,452		222	KAR Auction Services Inc	3,673		123
Comerica Inc	5,894		202	Macquarie Infrastructure Corp	2,454		165
Commerce Bancshares Inc/MO	3,364		138	ManpowerGroup Inc	2,792		213
Cullen/Frost Bankers Inc	2,045		98	PayPal Holdings Inc (a)	251,660		9,095
East West Bancorp Inc	5,180		168	Quanta Services Inc (a)	5,432		102
Fifth Third Bancorp	35,237		557	RR Donnelley & Sons Co	4,539		63
Goldman Sachs Group Inc/The	10,318		1,667		$		21,515
Huntington Bancshares Inc/OH	27,967		240
JPMorgan Chase & Co	906,956		53,964	Computers - 2.47%
KeyCorp	27,848		311	Amdocs Ltd	290,206		15,886
M&T Bank Corp	3,823		421	Apple Inc	106,100		10,328
Morgan Stanley	36,685		949	Brocade Communications Systems Inc	15,174		121
Northern Trust Corp	5,585		347	Computer Sciences Corp	4,691		150
PacWest Bancorp	4,212		155	CSRA Inc	4,691		126
PNC Financial Services Group Inc/The	306,531		26,561	DST Systems Inc	93,784		9,886
Popular Inc	3,611		91	EMC Corp/MA	66,670		1,651
Regions Financial Corp	31,923		259	Hewlett Packard Enterprise Co	73,538		1,012
Signature Bank/New York NY (a)	325		45	HP Inc	72,705		706
State Street Corp	311,773		17,375	IHS Inc (a)	479		50
SunTrust Banks Inc	26,525		970	International Business Machines Corp	15,033		1,876

See accompanying notes

119

Schedule of Investments
LargeCap Value Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held     Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Computers (continued)				Electric (continued)
Leidos Holdings Inc	2,097	$	97	PG&E Corp	11,466	$	630
Lexmark International Inc	2,311		65	Pinnacle West Capital Corp	4,260		282
NCR Corp (a)	5,740		123	PPL Corp	26,556		931
NetApp Inc	7,145		157	Public Service Enterprise Group Inc	20,909		864
SanDisk Corp	5,010		354	SCANA Corp	5,379		339
Synopsys Inc (a)	4,809		206	Southern Co/The	33,579		1,643
Teradata Corp (a)	1,391		34	TECO Energy Inc	8,748		237
Western Digital Corp	9,200		441	WEC Energy Group Inc	230,372		12,723
	$		43,269	Westar Energy Inc	5,271		230
				Xcel Energy Inc	21,936		838
Consumer Products - 0.05%					$		50,056
Avery Dennison Corp	652		40
Clorox Co/The	2,770		357	Electrical Components & Equipment - 0.02%
Kimberly-Clark Corp	3,444		442	Emerson Electric Co	7,859		361
	$		839	Energizer Holdings Inc	2,376		76
Cosmetics & Personal Care - 0.98%					$		437
Avon Products Inc	13,803		47	Electronics - 1.80%
Colgate-Palmolive Co	175,411		11,845	Agilent Technologies Inc	8,000		301
Procter & Gamble Co/The	64,845		5,297	Arrow Electronics Inc (a)	3,337		172
	$		17,189	Avnet Inc	4,738		189
				Corning Inc	48,578		904
Distribution & Wholesale - 0.01%				Fitbit Inc (a)	873		15
Fossil Group Inc (a)	418		13
				FLIR Systems Inc	2,162		63
Genuine Parts Co	253		22	Garmin Ltd	3,985		140
Ingram Micro Inc	5,280		149	Gentex Corp	5,973		82
WESCO International Inc (a)	1,602		65
				Honeywell International Inc	280,949		28,994
	$		249	Jabil Circuit Inc	5,776		115
Diversified Financial Services - 2.01%				Keysight Technologies Inc (a)	1,251		29
Air Lease Corp	3,614		93	National Instruments Corp	3,269		93
American Express Co	374,502		20,036	PerkinElmer Inc	3,405		165
Ameriprise Financial Inc	718		65	Trimble Navigation Ltd (a)	8,534		165
BlackRock Inc	2,046		643	Tyco International Plc	3,046		105
Charles Schwab Corp/The	7,837		200		$		31,532
CME Group Inc/IL	7,662		688
CoreLogic Inc/United States (a)	1,797		64	Energy - Alternate Sources - 0.01%
				First Solar Inc (a)	2,674		184
Discover Financial Services	18,979		869
E*TRADE Financial Corp (a)	10,057		237
FNF Group	9,931		322	Engineering & Construction - 0.05%
Franklin Resources Inc	17,046		591	AECOM (a)	4,647		128
Interactive Brokers Group Inc - A Shares	2,222		72	Chicago Bridge & Iron Co NV ADR	3,436		133
Intercontinental Exchange Inc	1,716		453	Fluor Corp	5,045		226
Invesco Ltd	302,436		9,052	Jacobs Engineering Group Inc (a)	4,487		176
Legg Mason Inc	2,466		76	SBA Communications Corp (a)	1,532		152
Nasdaq Inc	4,199		260		$		815
Navient Corp	12,525		120
OneMain Holdings Inc (a)	1,902		50	Entertainment - 0.01%
Raymond James Financial Inc	4,549		199	Dolby Laboratories Inc	1,800		65
Santander Consumer USA Holdings Inc (a)	2,869		30	Gaming and Leisure Properties Inc	2,720		71
Synchrony Financial (a)	37,471		1,065	International Game Technology PLC	1,936		28
TD Ameritrade Holding Corp	1,784		49		$		164
Waddell & Reed Financial Inc	436		12	Environmental Control - 0.08%
	$		35,246	Clean Harbors Inc (a)	768		34
				Republic Services Inc	8,454		369
Electric - 2.86%				Waste Connections Inc	4,412		265
AES Corp/VA	23,371		222	Waste Management Inc	14,840		786
Ameren Corp	8,985		404
American Electric Power Co Inc	19,294		1,176		$		1,454
Calpine Corp (a)	11,199		171	Food - 2.25%
CMS Energy Corp	10,288		400	Blue Buffalo Pet Products Inc (a)	1,372		23
Consolidated Edison Inc	12,609		875	Campbell Soup Co	2,587		146
Dominion Resources Inc/VA	13,515		975	ConAgra Foods Inc	14,362		598
DTE Energy Co	8,327		708	Flowers Foods Inc	1,313		27
Duke Energy Corp	16,550		1,246	General Mills Inc	152,300		8,607
Edison International	7,813		483	Ingredion Inc	2,178		219
Entergy Corp	108,395		7,650	JM Smucker Co/The	110,610		14,194
Eversource Energy	7,615		410	Kellogg Co	584		43
Exelon Corp	33,497		991	McCormick & Co Inc/MD	135,300		11,902
FirstEnergy Corp	18,854		623	Mondelez International Inc	56,571		2,438
Great Plains Energy Inc	5,782		161	Pilgrim's Pride Corp (a)	2,053		46
MDU Resources Group Inc	7,303		123	Pinnacle Foods Inc	4,180		179
NextEra Energy Inc	129,014		14,412	Safeway, Inc. - CVR - Casa Ley (a),(b)	16,993		—
NRG Energy Inc	11,728		125	Safeway, Inc. - CVR - Property Development	16,993		—
OGE Energy Corp	7,000		184	Centers (a),(b),(c)

See accompanying notes

120

Schedule of Investments
LargeCap Value Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Food (continued)				Home Builders (continued)
Sysco Corp	9,779	$	389	Toll Brothers Inc (a)	4,065	$	112
Tyson Foods Inc	12,063		644		$		681
Whole Foods Market Inc	1,270		37
	$		39,492	Home Furnishings - 0.02%
				Whirlpool Corp	2,460		331
Forest Products & Paper - 0.01%
Domtar Corp	2,553		83
International Paper Co	3,839		131	Housewares - 0.01%
				Newell Rubbermaid Inc	4,545		176
	$		214	Scotts Miracle-Gro Co/The	617		43
Gas - 0.15%				Tupperware Brands Corp	331		15
AGL Resources Inc	4,375		278		$		234
Atmos Energy Corp	4,016		278
CenterPoint Energy Inc	15,385		275	Insurance - 4.08%
				Aflac Inc	19,972		1,158
National Fuel Gas Co	2,872		130	Alleghany Corp (a)	573		274
NiSource Inc	11,242		236	Allied World Assurance Co Holdings AG	3,786		139
Questar Corp	6,183		126
Sempra Energy	9,109		863	Allstate Corp/The	19,706		1,194
				American Financial Group Inc/OH	2,623		186
UGI Corp	6,742		229	American International Group Inc	469,222		26,501
Vectren Corp	3,693		155	American National Insurance Co	488		47
	$		2,570	AmTrust Financial Services Inc	1,521		87
Hand & Machine Tools - 0.69%				Arch Capital Group Ltd (a)	4,418		298
Kennametal Inc	2,620		46	Arthur J Gallagher & Co	2,977		112
Lincoln Electric Holdings Inc	581		31	Aspen Insurance Holdings Ltd	2,591		121
Regal Beloit Corp	1,596		90	Assurant Inc	2,537		206
Stanley Black & Decker Inc	126,128		11,899	Assured Guaranty Ltd	5,735		136
	$		12,066	Axis Capital Holdings Ltd	3,758		203
				Berkshire Hathaway Inc - Class B (a)	41,565		5,394
Healthcare - Products - 3.58%				Brown & Brown Inc	4,402		133
Abbott Laboratories	289,236		10,947	Chubb Ltd	126,166		14,266
Baxter International Inc	4,638		170	Cincinnati Financial Corp	5,899		340
Becton Dickinson and Co	75,000		10,903	CNA Financial Corp	1,640		55
Boston Scientific Corp (a)	29,414		516
				Endurance Specialty Holdings Ltd	2,416		150
Cooper Cos Inc/The	570		75	Everest Re Group Ltd	1,570		281
Danaher Corp	16,227		1,406	Hanover Insurance Group Inc/The	1,794		146
DENTSPLY International Inc	3,634		214	Hartford Financial Services Group Inc/The	263,461		10,585
Hill-Rom Holdings Inc	412		20	Lincoln National Corp	8,599		339
Medtronic PLC	464,856		35,292	Loews Corp	10,590		392
Patterson Cos Inc	1,561		66	Markel Corp (a)	438		368
QIAGEN NV (a)	7,870		179
				Marsh & McLennan Cos Inc	5,181		276
St Jude Medical Inc	7,240		383	Mercury General Corp	1,329		62
Stryker Corp	3,991		396	MetLife Inc	35,252		1,574
Teleflex Inc	1,419		192	Old Republic International Corp	9,847		178
Thermo Fisher Scientific Inc	9,780		1,291	ProAssurance Corp	2,325		117
VWR Corp (a)	1,180		29
				Progressive Corp/The	32,076		1,002
Zimmer Biomet Holdings Inc	6,191		614	Prudential Financial Inc	18,735		1,313
	$		62,693	Reinsurance Group of America Inc	2,443		206
Healthcare - Services - 3.21%				RenaissanceRe Holdings Ltd	1,689		190
Aetna Inc	104,732		10,666	StanCorp Financial Group Inc	1,582		181
Anthem Inc	94,274		12,302	Torchmark Corp	4,521		246
Cigna Corp	75,200		10,047	Travelers Cos Inc/The	14,121		1,512
Community Health Systems Inc (a)	4,521		97	Unum Group	8,908		255
DaVita HealthCare Partners Inc (a)	4,336		291	Validus Holdings Ltd	3,359		149
HCA Holdings Inc (a)	12,616		878	Voya Financial Inc	7,668		235
Health Net Inc/CA (a)	2,370		157	Willis Towers Watson PLC	2,003		229
Humana Inc	263		43	WR Berkley Corp	3,536		177
Laboratory Corp of America Holdings (a)	2,280		256	XL Group PLC	10,529		382
LifePoint Health Inc (a)	1,553		108		$		71,395
MEDNAX Inc (a)	1,527		106
				Internet - 0.06%
Quest Diagnostics Inc	4,992		328	Expedia Inc	1,320		133
UnitedHealth Group Inc	179,187		20,635	Symantec Corp	16,352		325
Universal Health Services Inc	2,620		295	Yahoo! Inc (a)	22,430		662
	$		56,209		$		1,120
Holding Companies - Diversified - 0.01%				Iron & Steel - 0.05%
Leucadia National Corp	9,988		165	Nucor Corp	13,901		543
				Reliance Steel & Aluminum Co	2,842		162
Home Builders - 0.04%				Steel Dynamics Inc	7,997		147
DR Horton Inc	6,802		187		$		852
Lennar Corp - A Shares	3,653		154	Leisure Products & Services - 0.73%
Lennar Corp - B Shares	622		22	Brunswick Corp/DE	1,194		48
PulteGroup Inc	12,269		206	Carnival Corp	253,315		12,193
				Harley-Davidson Inc	3,182		127

See accompanying notes

121

Schedule of Investments
LargeCap Value Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Leisure Products & Services (continued)				Miscellaneous Manufacturers (continued)
Norwegian Cruise Line Holdings Ltd (a)	517	$	23	Trinity Industries Inc	5,732	$	123
Royal Caribbean Cruises Ltd	4,116		337		$		12,033
	$		12,728	Office & Business Equipment - 0.03%
Lodging - 0.02%				Pitney Bowes Inc	4,981		97
Hyatt Hotels Corp (a)	1,387		54	Xerox Corp	36,400		355
MGM Resorts International (a)	13,571		272		$		452
	$		326	Oil & Gas - 8.71%
Machinery - Construction & Mining - 0.07%				Anadarko Petroleum Corp	12,064		472
Babcock & Wilcox Enterprises Inc (a)	2,489		51	Antero Resources Corp (a)	2,818		77
Caterpillar Inc	16,296		1,014	Apache Corp	9,011		383
Joy Global Inc	3,158		32	BP PLC ADR	658,080		21,302
Oshkosh Corp	2,691		89	California Resources Corp	11,420		16
Terex Corp	3,929		88	Chesapeake Energy Corp	18,863		64
	$		1,274	Chevron Corp	199,467		17,248
				Cobalt International Energy Inc (a)	13,346		51
Machinery - Diversified - 0.57%				Concho Resources Inc (a)	4,324		411
AGCO Corp	2,680		131	ConocoPhillips	476,530		18,623
BWX Technologies Inc	3,606		108	Continental Resources Inc/OK (a)	2,116		45
Cummins Inc	1,822		164	CVR Energy Inc	933		33
Deere & Co	114,450		8,814	Denbury Resources Inc	17,700		28
Flowserve Corp	2,593		100	Devon Energy Corp	13,939		389
Roper Technologies Inc	2,366		415	Diamond Offshore Drilling Inc	3,005		56
SPX FLOW Inc (a)	1,640		39
				Diamondback Energy Inc	2,270		172
Xylem Inc/NY	6,430		231	Energen Corp	2,608		92
	$		10,002	Ensco PLC	8,661		85
Media - 2.01%				EOG Resources Inc	160,978		11,433
AMC Networks Inc (a)	115,488		8,406	EP Energy Corp (a)	5,258		20
Cable One Inc	127		55	EQT Corp	92,480		5,710
Cablevision Systems Corp	6,026		192	Exxon Mobil Corp	284,129		22,119
Comcast Corp - Class A	203,878		11,358	Gulfport Energy Corp (a)	3,929		116
Discovery Communications Inc - A Shares (a)	881		24	Helmerich & Payne Inc	3,452		175
Discovery Communications Inc - C Shares (a)	1,447		39	Hess Corp	8,510		362
DISH Network Corp (a)	1,669		81	HollyFrontier Corp	5,841		204
Gannett Co Inc	4,781		71	Kosmos Energy Ltd (a)	6,377		29
John Wiley & Sons Inc	1,875		79	Laredo Petroleum Inc (a)	5,271		41
Liberty Media Corp - A Shares (a)	3,848		141	Marathon Oil Corp	23,354		227
Liberty Media Corp - C Shares (a)	6,997		249	Marathon Petroleum Corp	137,992		5,766
News Corp - A Shares	13,594		176	Murphy Oil Corp	6,250		123
News Corp - B Shares	5,085		68	Murphy USA Inc (a)	1,660		96
TEGNA Inc	7,904		190	Nabors Industries Ltd	12,556		92
Thomson Reuters Corp	11,209		419	Noble Corp plc	9,486		74
Time Warner Inc	184,597		13,003	Noble Energy Inc	10,306		334
Twenty-First Century Fox Inc - A Shares	8,979		242	Occidental Petroleum Corp	358,701		24,689
Twenty-First Century Fox Inc - B Shares	13,045		354	Patterson-UTI Energy Inc	6,084		88
	$		35,147	PBF Energy Inc	3,749		131
				Phillips 66	224,678		18,008
Metal Fabrication & Hardware - 0.04%				Pioneer Natural Resources Co	3,564		442
Precision Castparts Corp	2,659		625	QEP Resources Inc	7,176		92
Timken Co/The	2,783		74	Range Resources Corp	5,290		156
Valmont Industries Inc	922		98	Rice Energy Inc (a)	2,588		30
	$		797	Rowan Cos Plc	5,202		66
				Seadrill Ltd (a)	16,646		34
Mining - 0.05%				SM Energy Co	2,392		33
Alcoa Inc	43,468		317	Southwestern Energy Co (a)	13,142		117
Freeport-McMoRan Inc	36,404		168
Newmont Mining Corp	17,804		355	Tesoro Corp	6,915		603
				Valero Energy Corp	21,090		1,431
	$		840	Whiting Petroleum Corp (a)	6,651		49
Miscellaneous Manufacturers - 0.69%				WPX Energy Inc (a)	8,753		47
AptarGroup Inc	2,048		149		$		152,484
Carlisle Cos Inc	1,878		157
Colfax Corp (a)	3,306		73	Oil & Gas Services - 0.64%
Crane Co	2,026		97	Baker Hughes Inc	10,407		453
				Cameron International Corp (a)	6,559		431
Donaldson Co Inc	880		25	Dril-Quip Inc (a)	1,614		95
Dover Corp	5,573		326	FMC Technologies Inc (a)	3,312		83
Eaton Corp PLC	15,861		801
General Electric Co	305,373		8,886	Frank's International NV	2,669		39
Ingersoll-Rand PLC	8,989		463	Halliburton Co	36,309		1,154
ITT Corp	3,463		112	National Oilwell Varco Inc	21,634		704
				NOW Inc (a)	3,634		49
Parker-Hannifin Corp	2,857		278
Pentair PLC	6,116		288	Oceaneering International Inc	3,155		107
Textron Inc	7,463		255	RPC Inc	3,194		40
				Schlumberger Ltd	107,358		7,758

See accompanying notes

122

Schedule of Investments
LargeCap Value Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Oil & Gas Services (continued)				REITS (continued)
Superior Energy Services Inc	6,247	$	64	Host Hotels & Resorts Inc	25,684	$	356
Targa Resources Corp	1,555		35	Iron Mountain Inc	4,180		115
Weatherford International PLC (a)	26,646		180	Kilroy Realty Corp	3,228		180
	$		11,192	Kimco Realty Corp	14,398		391
				Liberty Property Trust	5,557		163
Packaging & Containers - 0.05%				Macerich Co/The	5,472		427
Bemis Co Inc	3,389		162	MFA Financial Inc	14,108		90
Crown Holdings Inc (a)	3,055		140
				Mid-America Apartment Communities Inc	2,757		259
Graphic Packaging Holding Co	6,596		75	National Retail Properties Inc	4,959		213
Owens-Illinois Inc (a)	5,205		68
				Omega Healthcare Investors Inc	4,842		153
Sonoco Products Co	3,929		155	Outfront Media Inc	4,434		96
WestRock Co	8,215		290	Piedmont Office Realty Trust Inc	6,200		115
	$		890	Plum Creek Timber Co Inc	3,919		159
Pharmaceuticals - 9.75%				Post Properties Inc	1,614		92
Alkermes PLC (a)	805		26	Prologis Inc	26,865		1,060
Allergan plc (a)	5,141		1,462	Public Storage	2,159		547
Baxalta Inc	6,270		251	Rayonier Inc	4,465		94
Cardinal Health Inc	137,979		11,227	Realty Income Corp	15,045		839
Endo International PLC (a)	3,430		190	Regency Centers Corp	3,463		251
Express Scripts Holding Co (a)	5,961		428	Retail Properties of America Inc	9,200		143
Herbalife Ltd (a)	449		21	Senior Housing Properties Trust	8,489		123
Johnson & Johnson	525,721		54,907	Simon Property Group Inc	58,400		10,879
Merck & Co Inc	475,295		24,083	SL Green Realty Corp	3,372		326
Mylan NV (a)	5,109		269	Starwood Property Trust Inc	8,638		164
Perrigo Co PLC	4,788		692	Two Harbors Investment Corp	13,365		102
Pfizer Inc	1,088,310		33,183	UDR Inc	9,243		329
Quintiles Transnational Holdings Inc (a)	399		24	Ventas Inc	13,347		738
Sanofi ADR	560,516		23,340	VEREIT Inc	30,340		234
Teva Pharmaceutical Industries Ltd ADR	335,371		20,619	Vornado Realty Trust	4,511		399
VCA Inc (a)	433		22	Weingarten Realty Investors	4,804		168
	$		170,744	Welltower Inc	11,222		698
				Weyerhaeuser Co	24,314		623
Pipelines - 0.11%				WP Carey Inc	3,668		214
Columbia Pipeline Group Inc	10,683		198		$		28,061
Kinder Morgan Inc/DE	70,288		1,156
ONEOK Inc	4,725		118	Retail - 2.05%
Spectra Energy Corp	16,112		442	Best Buy Co Inc	10,599		296
	$		1,914	Coach Inc	7,829		290
				CST Brands Inc	933		36
Real Estate - 0.01%				CVS Health Corp	5,088		491
Four Corners Property Trust Inc	1,657		28	Darden Restaurants Inc	3,530		223
Jones Lang LaSalle Inc	598		84	Dick's Sporting Goods Inc	1,402		55
RMR Group Inc/The (a)	188		4	Dillard's Inc	869		61
	$		116	Foot Locker Inc	926		62
REITS - 1.60%				GameStop Corp	4,053		106
Alexandria Real Estate Equities Inc	2,547		202	Home Depot Inc/The	92,000		11,570
				JC Penney Co Inc (a)	10,669		77
American Campus Communities Inc	4,211		178
				Kohl's Corp	6,936		345
American Homes 4 Rent	5,639		84	Liberty Interactive Corp QVC Group (a)	6,364		166
Annaly Capital Management Inc	31,767		302
Apartment Investment & Management Co	5,587		219	Macy's Inc	3,421		138
Apple Hospitality REIT Inc	6,835		125	MSC Industrial Direct Co Inc	1,276		83
AvalonBay Communities Inc	6,681		1,146	Nu Skin Enterprises Inc	1,828		58
Boston Properties Inc	311		36	Penske Automotive Group Inc	1,303		41
Brandywine Realty Trust	6,682		86	PVH Corp	2,846		209
				Rite Aid Corp (a)	13,305		104
Brixmor Property Group Inc	6,514		173
Camden Property Trust	3,167		242	Staples Inc	22,264		199
Care Capital Properties Inc	3,251		97	Target Corp	211,343		15,306
CBL & Associates Properties Inc	7,113		76	Tiffany & Co	1,006		64
				Vista Outdoor Inc (a)	1,980		95
Chimera Investment Corp	7,086		88
Columbia Property Trust Inc	4,438		99	Walgreens Boots Alliance Inc	25,663		2,046
Corporate Office Properties Trust	4,283		95	Wal-Mart Stores Inc	54,832		3,639
Corrections Corp of America	4,394		127	Wendy's Co/The	7,308		75
Digital Realty Trust Inc	2,200		176	World Fuel Services Corp	2,445		95
Douglas Emmett Inc	5,424		160		$		35,930
Duke Realty Corp	12,085		243	Savings & Loans - 0.03%
Empire State Realty Trust Inc	3,267		54	First Niagara Financial Group Inc	13,661		134
Equity Commonwealth (a)	5,008		135	New York Community Bancorp Inc	15,652		242
Equity Residential	17,092		1,318	People's United Financial Inc	11,625		167
Essex Property Trust Inc	3,830		816	TFS Financial Corp	3,650		64
General Growth Properties Inc	13,838		388		$		607
HCP Inc	11,066		398
Healthcare Trust of America Inc	4,390		123	Semiconductors - 3.73%
Hospitality Properties Trust	5,711		135	Analog Devices Inc	622		33

See accompanying notes

123

Schedule of Investments
LargeCap Value Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held        Value (000's)			COMMON STOCKS (continued)		Shares Held	Value(000			's)
Semiconductors (continued)				Water (continued)
Applied Materials Inc	11,735	$	207	Aqua America Inc		6,801		$	214
Broadcom Corp	12,241		669				$		639
Intel Corp	495,975		15,386	TOTAL COMMON STOCKS			$		1,672,299
Lam Research Corp	1,572		113	INVESTMENT COMPANIES - 4.06%		Shares Held	Value(000			's)
Marvell Technology Group Ltd	14,989		133
Maxim Integrated Products Inc	6,371		213	Publicly Traded Investment Fund - 4.06%
Micron Technology Inc (a)	23,912		264	Cash Account Trust - Government & Agency		2,497,621			2,498
NVIDIA Corp	12,942		379	Portfolio - Government Cash Managed
ON Semiconductor Corp (a)	1,659		14	First American Government Obligations Fund		21,512,055			21,512
QUALCOMM Inc	429,895		19,491	Goldman Sachs Financial Square Funds -		47,117,451			47,117
Teradyne Inc	7,604		148	Government Fund
Texas Instruments Inc	526,696		27,878				$		71,127
Xilinx Inc	6,826		343	TOTAL INVESTMENT COMPANIES			$		71,127
	$		65,271	Total Investments			$		1,743,426
				Other Assets in Excess of Liabilities, Net - 0.46%			$		8,042
Software - 3.86%				TOTAL NET ASSETS - 100.00%			$		1,751,468
Activision Blizzard Inc	20,809		725
Allscripts Healthcare Solutions Inc (a)	5,258		73
ANSYS Inc (a)	2,435		215	(a)	Non-Income Producing Security
Autodesk Inc (a)	1,373		64	(b)	Fair value of these investments is determined in good faith by the Manager
Black Knight Financial Services Inc (a)	207		6		under procedures established and periodically reviewed by the Board of
CA Inc	10,586		304		Directors. At the end of the period, the fair value of these securities totaled
Dun & Bradstreet Corp/The	1,045		103		$0 or 0.00% of net assets.
Fidelity National Information Services Inc	3,823		228	(c)	Security is Illiquid. At the end of the period, the value of these securities
Microsoft Corp	699,951		38,560		totaled $0 or 0.00% of net assets.
Nuance Communications Inc (a)	8,379		148
Oracle Corp	742,423		26,957
Paychex Inc	6,208		297
SS&C Technologies Holdings Inc	347		22		Portfolio Summary (unaudited)
	$		67,702	Sector					Percent
				Consumer, Non-cyclical					24.52	%
Telecommunications - 3.67%				Financial					21.68	%
ARRIS International PLC (a)	4,019		102
				Industrial					12.80	%
AT&T Inc	432,338		15,590	Technology					10.07	%
CenturyLink Inc	19,788		503	Energy					9.47	%
Cisco Systems Inc	173,723		4,133	Communications					5.75	%
CommScope Holding Co Inc (a)	2,280		51
EchoStar Corp (a)	1,529		54	Consumer, Cyclical					5.73	%
				Exchange Traded Funds					4.06	%
Frontier Communications Corp	37,966		173	Utilities					3.05	%
Juniper Networks Inc	11,162		263	Basic Materials					2.40	%
Level 3 Communications Inc (a)	6,126		299
				Diversified					0.01	%
Telephone & Data Systems Inc	4,056		94	Other Assets in Excess of Liabilities, Net					0.46	%
T-Mobile US Inc (a)	9,406		378
United States Cellular Corp (a)	1,261		48	TOTAL NET ASSETS					100.00	%
Verizon Communications Inc	853,714		42,660
Zayo Group Holdings Inc (a)	855		21
	$		64,369
Textiles - 0.01%
Mohawk Industries Inc (a)	691		115
Toys, Games & Hobbies - 0.00%
Hasbro Inc	890		66
Transportation - 1.68%
CSX Corp	24,980		575
FedEx Corp	65,524		8,707
Genesee & Wyoming Inc (a)	1,087		54
Golar LNG Ltd	2,852		53
Kirby Corp (a)	1,977		100
Norfolk Southern Corp	133,287		9,397
Ryder System Inc	1,849		98
Teekay Corp	2,652		18
Union Pacific Corp	145,004		10,440
	$		29,442
Trucking & Leasing - 0.01%
AMERCO	186		68
GATX Corp	1,749		72
	$		140
Water - 0.04%
American Water Works Co Inc	6,544		425

See accompanying notes

124

		Schedule of Investments
LargeCap Value Fund III
January 31, 2016 (unaudited)
Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
S&P 500 Emini; March 2016	Long	785	$	78,144	$	75,756		$	(2,388	)
Total							$		(2,388	)
Amounts in thousands except contracts

See accompanying notes

125

Schedule of Investments
MidCap Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 99.78%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Aerospace & Defense - 2.37%				Insurance (continued)
TransDigm Group Inc (a)	1,054,959	$	237,081	White Mountains Insurance Group Ltd	117,436	$	83,742
				Willis Towers Watson PLC	829,842		94,992
					$		1,289,661
Banks - 1.14%
M&T Bank Corp	1,035,280		114,067	Internet - 3.15%
				Liberty Ventures (a)	3,399,681		133,709
				VeriSign Inc (a)	2,394,652		181,036
Building Materials - 1.07%
Armstrong World Industries Inc (a)	1,102,684		42,652		$		314,745
Martin Marietta Materials Inc	511,622		64,249	Leisure Products & Services - 0.52%
	$		106,901	Liberty TripAdvisor Holdings Inc (a)	2,320,097		51,808
Chemicals - 2.40%
Air Products & Chemicals Inc	1,177,024		149,141	Machinery - Diversified - 2.26%
Ecolab Inc	536,240		57,844	Roper Technologies Inc	1,289,068		226,451
Platform Specialty Products Corp (a)	4,276,312		32,628
	$		239,613	Media - 6.09%
Commercial Services - 10.05%				Charter Communications Inc (a)	146,400		25,087
KAR Auction Services Inc	3,555,148		118,813	FactSet Research Systems Inc	374,452		56,430
Live Nation Entertainment Inc (a)	3,407,734		77,356	Liberty Broadband Corp - A Shares (a)	811,884		38,646
Macquarie Infrastructure Corp	1,829,553		122,690	Liberty Broadband Corp - C Shares (a)	2,185,643		102,725
McGraw Hill Financial Inc	2,015,786		171,382	Liberty Global PLC - A Shares (a)	1,075,512		37,008
Moody's Corp	2,508,829		223,637	Liberty Global PLC - C Shares (a)	4,269,038		142,202
PayPal Holdings Inc (a)	2,375,381		85,846	Liberty Global Plc LiLAC - A Shares (a)	53,775		1,893
Robert Half International Inc	750,824		32,864	Liberty Global Plc LiLAC - C Shares (a)	190,531		7,021
Verisk Analytics Inc (a)	2,358,952		172,203	Liberty Media Corp - A Shares (a)	1,573,790		57,632
	$		1,004,791	Liberty Media Corp - C Shares (a)	3,958,476		140,882
					$		609,526
Distribution & Wholesale - 0.84%
Fastenal Co	1,133,910		45,992	Miscellaneous Manufacturers - 1.06%
HD Supply Holdings Inc (a)	1,448,309		38,047	Colfax Corp (a)	4,786,463		105,972
	$		84,039
Diversified Financial Services - 3.34%				Packaging & Containers - 0.19%
AerCap Holdings NV (a)	2,381,500		73,136	WestRock Co	552,195		19,481
FNF Group	5,732,378		185,614
FNFV Group (a)	1,650,324		15,480	Pharmaceuticals - 3.54%
LPL Financial Holdings Inc	1,974,539		60,066	Mead Johnson Nutrition Co	1,771,251		128,398
	$		334,296	Zoetis Inc	5,248,527		225,949
Electric - 1.45%					$		354,347
Brookfield Infrastructure Partners LP	3,373,375		121,273	Private Equity - 1.03%
Brookfield Renewable Energy Partners LP/CA	905,528		24,024	KKR & Co LP	2,228,270		30,371
	$		145,297	Onex Corp	1,218,046		72,450
Electronics - 0.70%					$		102,821
Sensata Technologies Holding NV (a)	1,900,293		69,741
				Real Estate - 6.91%
				Brookfield Asset Management Inc	15,800,525		473,384
Engineering & Construction - 3.02%				Brookfield Property Partners LP	1,826,240		38,095
SBA Communications Corp (a)	3,043,941		302,202	CBRE Group Inc (a)	3,955,542		110,637
				Howard Hughes Corp/The (a)	728,758		69,254
					$		691,370
Healthcare - Products - 2.66%
Becton Dickinson and Co	783,028		113,829	REITS - 3.41%
CR Bard Inc	830,621		152,228	Crown Castle International Corp	1,567,273		135,099
	$		266,057	Equinix Inc	362,901		112,706
				Forest City Realty Trust Inc (a)	4,719,093		92,966
Healthcare - Services - 1.08%					$		340,771
DaVita HealthCare Partners Inc (a)	1,612,855		108,255
				Retail - 17.57%
				AutoZone Inc (a)	255,257		195,882
Holding Companies - Diversified - 0.92%				CarMax Inc (a)	4,648,406		205,367
Leucadia National Corp	5,534,656		91,654	Copart Inc (a)	2,080,169		69,706
				Dollar General Corp	872,550		65,494
Home Builders - 0.50%				Dollar Tree Inc (a)	2,440,539		198,465
Lennar Corp - A Shares	1,187,300		50,045	Liberty Interactive Corp QVC Group (a)	6,216,730		162,008
				O'Reilly Automotive Inc (a)	1,078,755		281,447
				Restaurant Brands International Inc	4,390,664		147,438
Insurance - 12.89%				Ross Stores Inc	3,715,149		209,014
Alleghany Corp (a)	95,593		45,686
				Signet Jewelers Ltd	1,074,686		124,663
Aon PLC	3,459,632		303,859	TJX Cos Inc/The	1,365,604		97,286
Arch Capital Group Ltd (a)	873,705		59,019
Brown & Brown Inc	3,697,414		111,847		$		1,756,770
Loews Corp	4,571,386		169,187	Semiconductors - 1.26%
Markel Corp (a)	431,667		362,799	Microchip Technology Inc	2,806,905		125,777
Progressive Corp/The	1,872,969		58,530

See accompanying notes

126

			Schedule of Investments
			MidCap Fund
			January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)
Software - 5.48%
Autodesk Inc (a)	2,929,555		$ 137,162
CDK Global Inc	1,262,968		55,634
Fidelity National Information Services Inc	2,480,054		148,134
Intuit Inc	1,322,305		126,293
MSCI Inc	1,177,449		81,055
		$	548,278
Telecommunications - 1.60%
EchoStar Corp (a)	1,191,099		41,843
Motorola Solutions Inc	1,763,362		117,740
		$	159,583
Textiles - 1.28%
Mohawk Industries Inc (a)	770,992		128,301
TOTAL COMMON STOCKS		$	9,979,701
INVESTMENT COMPANIES - 0.26%	Shares Held		Value(000	's)
Publicly Traded Investment Fund - 0.26%
Goldman Sachs Financial Square Funds -	25,717,428		25,717
Government Fund
TOTAL INVESTMENT COMPANIES		$	25,717
Total Investments		$	10,005,418
Liabilities in Excess of Other Assets, Net - (0.04)%		$	(4,427	)
TOTAL NET ASSETS - 100.00%		$	10,000,991
(a) Non-Income Producing Security
Portfolio Summary (unaudited)
Sector			Percent
Financial			28.72	%
Consumer, Cyclical			20.71	%
Consumer, Non-cyclical			17.33	%
Communications			10.84	%
Industrial			10.67	%
Technology			6.74	%
Basic Materials			2.40	%
Utilities			1.45	%
Diversified			0.92	%
Exchange Traded Funds			0.26	%
Liabilities in Excess of Other Assets, Net			(0.04	)%
TOTAL NET ASSETS			100.00	%

See accompanying notes

127

Schedule of Investments
MidCap Growth Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 97.39%	Shares Held   Value (000's)			COMMON STOCKS (continued)	Shares Held	Value(000			's)
Aerospace & Defense - 1.42%				Home Furnishings - 1.66%
Orbital ATK Inc	19,015	$	1,716	Harman International Industries Inc	26,840		$	1,997
Airlines - 1.23%				Housewares - 2.05%
Southwest Airlines Co	39,414		1,483	Newell Rubbermaid Inc	63,861			2,476
Apparel - 2.35%				Internet - 3.14%
Under Armour Inc (a)	33,171		2,834	Expedia Inc	24,076			2,433
				LinkedIn Corp (a)	6,814			1,348
						$		3,781
Automobile Parts & Equipment - 3.59%
Delphi Automotive PLC	21,164		1,374	Leisure Products & Services - 1.77%
Mobileye NV (a)	68,581		1,861	Norwegian Cruise Line Holdings Ltd (a)	46,964			2,131
Visteon Corp	16,237		1,086
	$		4,321	Media - 1.09%
Banks - 1.60%				AMC Networks Inc (a)	18,108			1,318
SVB Financial Group (a)	7,357		745
Zions Bancorporation	51,916		1,178	Oil & Gas - 1.89%
	$		1,923	Newfield Exploration Co (a)	35,640			1,036
Beverages - 7.39%				Pioneer Natural Resources Co	10,000			1,239
Constellation Brands Inc	32,320		4,928			$		2,275
Molson Coors Brewing Co	16,457		1,489	Pharmaceuticals - 3.79%
Monster Beverage Corp (a)	18,419		2,487
				DexCom Inc (a)	19,932			1,421
	$		8,904	Zoetis Inc	73,025			3,143
Biotechnology - 1.82%						$		4,564
Alnylam Pharmaceuticals Inc (a)	6,396		441
				Retail - 7.97%
BioMarin Pharmaceutical Inc(a)	17,150		1,269	Burlington Stores Inc (a)	31,088			1,670
Incyte Corp (a)	6,928		489
				Foot Locker Inc	17,700			1,196
	$		2,199	Tractor Supply Co	28,055			2,478
Building Materials - 3.43%				Ulta Salon Cosmetics & Fragrance Inc (a)	23,544			4,265
Fortune Brands Home & Security Inc	36,670		1,782			$		9,609
Masco Corp	89,209		2,354	Semiconductors - 1.49%
	$		4,136	Microsemi Corp (a)	56,863			1,802
Commercial Services - 8.22%
Booz Allen Hamilton Holding Corp	90,454		2,559	Software - 14.10%
Cintas Corp	22,066		1,896	Activision Blizzard Inc	120,370			4,191
ManpowerGroup Inc	27,986		2,137	athenahealth Inc (a)	11,417			1,619
SEI Investments Co	23,570		925	Electronic Arts Inc (a)	53,485			3,452
Vantiv Inc (a)	50,675		2,384	Nuance Communications Inc (a)	169,087			2,981
	$		9,901	Qlik Technologies Inc (a)	43,869			1,098
				ServiceNow Inc (a)	58,648			3,649
Diversified Financial Services - 3.44%
Intercontinental Exchange Inc	7,805		2,059			$		16,990
Nasdaq Inc	33,565		2,081	Telecommunications - 3.62%
	$		4,140	CommScope Holding Co Inc (a)	56,499			1,267
				Level 3 Communications Inc (a)	63,386			3,094
Electronics - 2.34%
Allegion PLC	46,584		2,821			$		4,361
				Textiles - 1.45%
Energy - Alternate Sources - 1.28%				Mohawk Industries Inc (a)	10,504			1,748
First Solar Inc (a)	22,405		1,538
				Toys, Games & Hobbies - 1.30%
Environmental Control - 1.72%				Mattel Inc	56,600			1,562
Waste Connections Inc	34,629		2,077
				TOTAL COMMON STOCKS		$		117,350
				INVESTMENT COMPANIES - 3.96%	Shares Held	Value(000			's)
Healthcare - Products - 7.92%
Edwards Lifesciences Corp (a)	45,905		3,590	Publicly Traded Investment Fund - 3.96%
Hologic Inc (a)	58,376		1,981	Goldman Sachs Financial Square Funds -	4,774,632			4,775
IDEXX Laboratories Inc (a)	40,268		2,825	Government Fund
Intuitive Surgical Inc (a)	2,113		1,143
	$		9,539	TOTAL INVESTMENT COMPANIES		$		4,775
				Total Investments		$		122,125
Healthcare - Services - 3.08%				Liabilities in Excess of Other Assets, Net - (1.35)%		$		(1,632	)
Molina Healthcare Inc (a)	33,260		1,826
WellCare Health Plans Inc (a)	24,787		1,884	TOTAL NET ASSETS - 100.00%		$		120,493
	$		3,710
Home Builders - 1.24%				(a) Non-Income Producing Security
Lennar Corp - A Shares	35,448		1,494

See accompanying notes

128

	Schedule of Investments
	MidCap Growth Fund
	January 31, 2016 (unaudited)
Portfolio Summary (unaudited)
Sector	Percent
Consumer, Non-cyclical	32.22	%
Consumer, Cyclical	24.61	%
Technology	15.60	%
Industrial	8.91	%
Communications	7.85	%
Financial	5.03	%
Exchange Traded Funds	3.96	%
Energy	3.17	%
Liabilities in Excess of Other Assets, Net	(1.35	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

129

Schedule of Investments
MidCap Growth Fund III
January 31, 2016 (unaudited)
COMMON STOCKS - 94.21%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Advertising - 0.33%				Biotechnology (continued)
Clear Channel Outdoor Holdings Inc	2,707	$	14	United Therapeutics Corp (a)	4,285	$	528
Interpublic Group of Cos Inc/The	50,196		1,126		$		9,858
Nielsen Holdings PLC	18,373		885	Building Materials - 1.72%
Omnicom Group Inc	26,340		1,932	Armstrong World Industries Inc (a)	2,768		107
	$		3,957	Eagle Materials Inc	4,981		266
Aerospace & Defense - 1.85%				Fortune Brands Home & Security Inc	227,905		11,074
B/E Aerospace Inc	10,424		422	Lennox International Inc	4,030		483
Harris Corp	1,498		130	Martin Marietta Materials Inc	683		86
Rockwell Collins Inc	155,265		12,558	Masco Corp	25,264		667
Spirit AeroSystems Holdings Inc (a)	16,581		703	USG Corp (a)	9,225		165
TransDigm Group Inc (a)	38,445		8,640	Vulcan Materials Co	91,386		8,060
	$		22,453		$		20,908
Airlines - 0.51%				Chemicals - 1.05%
Alaska Air Group Inc	14,787		1,041	Airgas Inc	1,105		155
JetBlue Airways Corp (a)	20,198		431	Ashland Inc	434		41
Southwest Airlines Co	67,466		2,538	Axalta Coating Systems Ltd (a)	10,197		243
Spirit Airlines Inc (a)	7,032		294	Celanese Corp	2,363		150
United Continental Holdings Inc (a)	39,128		1,889	CF Industries Holdings Inc	22,985		690
	$		6,193	Eastman Chemical Co	4,953		303
				Huntsman Corp	12,842		111
Apparel - 1.60%				International Flavors & Fragrances Inc	8,600		1,006
Carter's Inc	5,213		507	NewMarket Corp	882		334
Hanesbrands Inc	445,135		13,607	Platform Specialty Products Corp (a)	2,552		19
Michael Kors Holdings Ltd (a)	19,795		790	RPM International Inc	13,220		519
Ralph Lauren Corp	1,293		146	Sherwin-Williams Co/The	32,542		8,320
Skechers U.S.A. Inc (a)	11,939		337	Valspar Corp/The	5,934		465
Under Armour Inc (a)	48,186		4,116	WR Grace & Co (a)	5,287		430
	$		19,503		$		12,786
Automobile Manufacturers - 0.13%				Commercial Services - 7.66%
PACCAR Inc	31,847		1,563	Aaron's Inc	2,205		50
				Aramark	12,918		413
Automobile Parts & Equipment - 1.52%				Avis Budget Group Inc (a)	9,508		250
Allison Transmission Holdings Inc	10,215		243	Booz Allen Hamilton Holding Corp	203,132		5,747
BorgWarner Inc	265,195		7,787	Cintas Corp	6,561		564
Delphi Automotive PLC	29,539		1,918	CoStar Group Inc (a)	64,518		11,314
Lear Corp	7,660		795	Equifax Inc	97,318		10,296
Visteon Corp	4,044		270	Euronet Worldwide Inc (a)	119,270		9,514
WABCO Holdings Inc (a)	83,338		7,471	FleetCor Technologies Inc (a)	6,680		821
				Gartner Inc (a)	115,473		10,149
	$		18,484
				Global Payments Inc	15,683		924
Banks - 2.21%				H&R Block Inc	16,092		548
East West Bancorp Inc	243,197		7,884	Hertz Global Holdings Inc (a)	38,442		349
Northern Trust Corp	110,835		6,881	KAR Auction Services Inc	5,276		176
Signature Bank/New York NY (a)	85,200		11,872	McGraw Hill Financial Inc	19,913		1,693
SVB Financial Group (a)	2,289		232	Moody's Corp	140,967		12,565
	$		26,869	Morningstar Inc	2,076		167
				Quanta Services Inc (a)	3,244		61
Beverages - 2.14%
Brown-Forman Corp - A Shares	2,377		253	Robert Half International Inc	17,154		751
Brown-Forman Corp - B Shares	12,016		1,175	Rollins Inc	10,118		279
Coca-Cola Enterprises Inc	23,971		1,113	RR Donnelley & Sons Co	11,849		166
Constellation Brands Inc	86,092		13,127	Sabre Corp	11,712		300
Dr Pepper Snapple Group Inc	20,343		1,909	SEI Investments Co	10,149		398
Keurig Green Mountain Inc	9,352		835	Service Corp International/US	20,200		489
				ServiceMaster Global Holdings Inc (a)	10,397		439
Monster Beverage Corp (a)	55,847		7,541
				Total System Services Inc	19,845		797
	$		25,953	United Rentals Inc (a)	10,743		515
Biotechnology - 0.81%				Vantiv Inc (a)	245,863		11,567
Alnylam Pharmaceuticals Inc (a)	5,661		390	Verisk Analytics Inc (a)	142,250		10,384
BioMarin Pharmaceutical Inc (a)	77,947		5,770	Western Union Co/The	60,180		1,074
Bluebird Bio Inc (a)	3,322		137	WEX Inc (a)	3,870		281
Charles River Laboratories International Inc	4,743		352		$		93,041
(a)
Incyte Corp (a)	14,594		1,030	Computers - 4.11%
				Cadence Design Systems Inc (a)	38,096		745
Intercept Pharmaceuticals Inc (a)	1,450		154
Intrexon Corp (a)	4,524		132	CSRA Inc	270,094		7,233
Ionis Pharmaceuticals Inc (a)	11,129		433	DST Systems Inc	2,844		300
				Fortinet Inc (a)	14,485		408
Juno Therapeutics Inc (a)	1,167		32
				Genpact Ltd (a)	1,072,841		25,662
Medivation Inc (a)	14,581		477
				IHS Inc (a)	4,282		448
Puma Biotechnology Inc (a)	2,316		97
Seattle Genetics Inc (a)	9,891		326	Leidos Holdings Inc	1,371		63
				MAXIMUS Inc	130,490		6,964
				NetApp Inc	14,191		311

See accompanying notes

130

Schedule of Investments
MidCap Growth Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held    Value (000's)
Computers (continued)				Electronics (continued)
Synopsys Inc (a)	169,957	$	7,291	National Instruments Corp	2,800	$	80
Teradata Corp (a)	10,388		253	PerkinElmer Inc	2,100		101
VeriFone Systems Inc (a)	11,531		270	Trimble Navigation Ltd (a)	360,885		6,961
	$		49,948	Tyco International Plc	26,775		921
				Waters Corp (a)	8,992		1,090
Consumer Products - 1.29%					$		20,570
Avery Dennison Corp	8,503		518
Church & Dwight Co Inc	151,050		12,688	Engineering & Construction - 0.95%
Clorox Co/The	11,457		1,479	AECOM (a)	2,614		72
Jarden Corp (a)	15,295		811	SBA Communications Corp (a)	113,972		11,315
Spectrum Brands Holdings Inc	2,357		224	TopBuild Corp (a)	4,390		117
	$		15,720		$		11,504
Cosmetics & Personal Care - 0.02%				Entertainment - 0.97%
Coty Inc	7,566		186	Cinemark Holdings Inc	11,590		342
				Gaming and Leisure Properties Inc	1,329		35
				International Game Technology PLC	7,262		105
Distribution & Wholesale - 3.01%				Lions Gate Entertainment Corp	146,126		3,822
Fastenal Co	253,455		10,280	Madison Square Garden Co/The (a)	1,988		306
Fossil Group Inc (a)	3,454		113
Genuine Parts Co	10,289		887	Regal Entertainment Group	9,163		158
HD  Supply  Holdings  Inc (a)	16,825		442	Six Flags Entertainment Corp	139,678		7,021
Ingram Micro Inc	1,405		40		$		11,789
LKQ Corp (a)	494,106		13,538	Environmental Control - 1.28%
Watsco Inc	89,501		10,401	Clean Harbors Inc (a)	3,935		174
WW Grainger Inc	4,568		898	Stericycle Inc (a)	127,487		15,343
	$		36,599		$		15,517
Diversified Financial Services - 4.75%				Food - 1.60%
Affiliated Managers Group Inc (a)	135,910		18,238	Blue Buffalo Pet Products Inc (a)	2,459		42
Air Lease Corp	936		24	Campbell Soup Co	13,046		736
Alliance Data Systems Corp (a)	51,656		10,320	ConAgra Foods Inc	7,708		321
Ally Financial Inc (a)	2,727		43	Flowers Foods Inc	14,356		295
Ameriprise Financial Inc	10,994		997	Hain Celestial Group Inc/The (a)	9,607		350
Artisan Partners Asset Management Inc	3,443		108	Hershey Co/The	10,600		934
CBOE Holdings Inc	8,144		543	Hormel Foods Corp	15,208		1,223
CoreLogic Inc/United States (a)	4,831		172	Ingredion Inc	2,904		292
Credit Acceptance Corp (a)	837		150	Kellogg Co	16,354		1,201
Eaton Vance Corp	11,346		325	McCormick & Co Inc/MD	133,407		11,736
Federated Investors Inc	9,368		237	Sprouts Farmers Market Inc (a)	14,443		329
Interactive Brokers Group Inc - A Shares	894		29	Sysco Corp	13,430		535
Intercontinental Exchange Inc	63,912		16,860	Tyson Foods Inc	4,149		221
Invesco Ltd	120,320		3,601	WhiteWave Foods Co/The (a)	12,745		481
Lazard Ltd	12,037		433	Whole Foods Market Inc	23,877		700
Legg Mason Inc	3,268		100		$		19,396
LPL Financial Holdings Inc	77,547		2,359
NorthStar Asset Management Group Inc/New	17,923		207	Forest Products & Paper - 0.11%
York				International Paper Co	39,392		1,348
Santander Consumer USA Holdings Inc (a)	648		7
SLM Corp (a)	36,616		234	Hand & Machine Tools - 0.72%
T Rowe Price Group Inc	25,913		1,838	Lincoln Electric Holdings Inc	6,912		368
TD Ameritrade Holding Corp	24,616		679	Regal Beloit Corp	561		32
Waddell & Reed Financial Inc	7,565		208	Snap-on Inc	51,060		8,249
	$		57,712	Stanley Black & Decker Inc	1,023		96
Electric - 0.02%					$		8,745
Calpine Corp (a)	4,223		65	Healthcare - Products - 5.64%
ITC Holdings Corp	5,303		211	Alere Inc (a)	5,519		205
	$		276	Align Technology Inc (a)	140,381		9,285
				Boston Scientific Corp (a)	7,555		132
Electrical Components & Equipment - 1.46%				Bruker Corp (a)	11,182		250
Acuity Brands Inc	48,561		9,831
AMETEK Inc	166,665		7,841	Cooper Cos Inc/The	47,601		6,243
Hubbell Inc	1,017		92	CR Bard Inc	5,402		990
	$		17,764	DENTSPLY International Inc	6,606		389
				Edwards Lifesciences Corp (a)	86,689		6,779
Electronics - 1.69%				Globus Medical Inc (a)	317,352		7,918
Allegion PLC	6,991		423	Henry Schein Inc (a)	9,132		1,383
Amphenol Corp	31,729		1,573	Hill-Rom Holdings Inc	5,262		257
Fitbit Inc (a)	3,074		51	Hologic Inc (a)	17,822		605
FLIR Systems Inc	8,739		255	IDEXX Laboratories Inc (a)	198,716		13,939
Gentex Corp	15,271		209	Intuitive Surgical Inc (a)	12,727		6,883
GoPro Inc (a)	8,620		99	Patterson Cos Inc	4,986		212
Jabil Circuit Inc	4,122		82	ResMed Inc	16,233		920
Keysight Technologies Inc (a)	13,788		323	Sirona Dental Systems Inc (a)	97,967		10,413
Mettler-Toledo International Inc (a)	26,854		8,402	St Jude Medical Inc	18,159		960

See accompanying notes

131

Schedule of Investments
MidCap Growth Fund III
January 31, 2016 (unaudited)

COMMON STOCKS (continued)	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Healthcare - Products (continued)				Leisure Products & Services (continued)
Varian Medical Systems Inc (a)	7,274	$	561	Harley-Davidson Inc	7,582	$	303
VWR Corp (a)	2,439		60	Norwegian Cruise Line Holdings Ltd (a)	8,792		399
Zimmer Biomet Holdings Inc	2,043		203	Polaris Industries Inc	6,397		473
	$		68,587		$		6,149
Healthcare - Services - 3.91%				Lodging - 0.32%
Acadia Healthcare Co Inc (a)	127,517		7,783	Choice Hotels International Inc	3,561		156
Centene Corp (a)	121,369		7,532	Extended Stay America Inc	7,111		91
DaVita HealthCare Partners Inc (a)	7,404		497	Hilton Worldwide Holdings Inc	37,792		673
Envision Healthcare Holdings Inc (a)	231,878		5,124	Marriott International Inc/MD	14,259		874
Health Net Inc/CA (a)	1,594		105	MGM Resorts International (a)	2,377		48
Laboratory Corp of America Holdings (a)	83,489		9,380	Starwood Hotels & Resorts Worldwide Inc	18,275		1,137
LifePoint Health Inc (a)	790		55	Wyndham Worldwide Corp	14,283		927
MEDNAX Inc (a)	233,597		16,226		$		3,906
Premier Inc (a)	4,093		131
Tenet Healthcare Corp (a)	9,875		268	Machinery - Construction & Mining - 0.00%
				Babcock & Wilcox Enterprises Inc (a)	2,587		53
Universal Health Services Inc	3,334		375
	$		47,476
Holding Companies - Diversified - 0.01%				Machinery - Diversified - 1.93%
Leucadia National Corp	4,775		79	BWX Technologies Inc	3,052		91
				Cognex Corp	8,280		267
				Flowserve Corp	6,187		239
Home Builders - 0.18%				Graco Inc	5,943		432
DR Horton Inc	20,574		566	IDEX Corp	7,022		509
Lennar Corp - A Shares	4,851		205	Middleby Corp/The (a)	156,866		14,175
Lennar Corp - B Shares	1,069		37	Nordson Corp	5,960		360
NVR Inc (a)	543		897	Rockwell Automation Inc	57,739		5,518
Thor Industries Inc	4,756		249	Roper Technologies Inc	4,727		830
Toll Brothers Inc (a)	6,348		175	Wabtec Corp/DE	11,341		725
	$		2,129	Zebra Technologies Corp (a)	4,891		296
Home Furnishings - 0.78%					$		23,442
Harman International Industries Inc	114,248		8,499	Media - 0.40%
Leggett & Platt Inc	13,575		563	AMC Networks Inc (a)	5,880		428
Tempur Sealy International Inc (a)	5,997		362	Cablevision Systems Corp	2,231		71
Whirlpool Corp	432		58	Charter Communications Inc (a)	5,454		935
	$		9,482	Discovery Communications Inc - A Shares (a)	14,155		390
				Discovery Communications Inc - C Shares (a)	18,145		494
Housewares - 1.22%				FactSet Research Systems Inc	4,942		745
Newell Rubbermaid Inc	357,499		13,863	Scripps Networks Interactive Inc	9,045		551
Scotts Miracle-Gro Co/The	4,194		288	Sirius XM Holdings Inc (a)	269,727		998
Toro Co/The	5,669		423	Starz (a)	8,408		239
Tupperware Brands Corp	4,751		221		$		4,851
	$		14,795
				Metal Fabrication & Hardware - 0.00%
Insurance - 1.33%				Valmont Industries Inc	382		41
AmTrust Financial Services Inc	502		29
Aon PLC	20,505		1,801
Arthur J Gallagher & Co	12,498		470	Mining - 0.02%
Erie Indemnity Co	2,494		240	Compass Minerals International Inc	3,454		259
Markel Corp (a)	103		87
Willis Towers Watson PLC	118,404		13,553	Miscellaneous Manufacturers - 1.61%
	$		16,180	AO Smith Corp	157,211		10,981
Internet - 1.38%				AptarGroup Inc	1,552		113
CDW Corp/DE	250,772		9,642	Carlisle Cos Inc	86,689		7,254
Expedia Inc	10,876		1,099	Donaldson Co Inc	11,905		336
F5 Networks Inc (a)	8,104		760	Ingersoll-Rand PLC	1,337		69
FireEye Inc (a)	12,809		180	Parker-Hannifin Corp	7,256		705
GoDaddy Inc (a)	2,579		79	Textron Inc	4,554		156
IAC/InterActiveCorp	7,447		387		$		19,614
Liberty Ventures (a)	10,363		408
LinkedIn Corp (a)	7,961		1,575	Office & Business Equipment - 0.01%
Splunk Inc (a)	9,098		421	Pitney Bowes Inc	8,698		170
TripAdvisor Inc (a)	8,119		542
Twitter Inc (a)	41,124		691	Oil & Gas - 0.79%
VeriSign Inc (a)	11,963		904	Cabot Oil & Gas Corp	38,616		801
Yelp Inc (a)	6,285		132	Concho Resources Inc (a)	88,681		8,437
	$		16,820	CVR Energy Inc	754		27
				HollyFrontier Corp	2,524		88
Iron & Steel - 0.01%				Memorial Resource Development Corp (a)	8,539		136
Steel Dynamics Inc	3,700		68	Murphy USA Inc (a)	697		40
				Range Resources Corp	1,154		34
Leisure Products & Services - 0.51%				Tesoro Corp	711		62
Brunswick Corp/DE	124,819		4,974		$		9,625

See accompanying notes

132

Schedule of Investments
MidCap Growth Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held   Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Oil & Gas Services - 0.04%				Retail (continued)
FMC Technologies Inc (a)	14,097	$	355	Coach Inc	2,795	$	104
Oceaneering International Inc	1,862		63	Copart Inc (a)	12,120		406
Targa Resources Corp	2,814		63	CST Brands Inc	6,685		259
	$		481	Darden Restaurants Inc	6,486		409
				Dick's Sporting Goods Inc	6,540		256
Packaging & Containers - 0.99%				Dillard's Inc	558		39
Ball Corp	146,436		9,786	Dollar General Corp	414,667		31,125
Bemis Co Inc	1,726		83	Dollar Tree Inc (a)	16,751		1,362
Crown Holdings Inc (a)	7,951		365
				Domino's Pizza Inc	25,650		2,922
Graphic Packaging Holding Co	20,208		229	DSW Inc	981		24
Owens-Illinois Inc (a)	1,528		20
				Dunkin' Brands Group Inc	9,169		361
Packaging Corp of America	7,158		364	Foot Locker Inc	15,068		1,018
Sealed Air Corp	21,230		860	Gap Inc/The	23,081		571
Silgan Holdings Inc	4,330		229	GNC Holdings Inc	8,802		247
WestRock Co	4,425		156	Kate Spade & Co (a)	11,906		212
	$		12,092	L Brands Inc	87,405		8,404
Pharmaceuticals - 2.66%				Liberty Interactive Corp QVC Group (a)	16,217		423
Agios Pharmaceuticals Inc (a)	2,317		98	lululemon athletica Inc (a)	10,483		651
Alkermes PLC (a)	11,479		368	Macy's Inc	26,075		1,054
AmerisourceBergen Corp	14,960		1,340	Michaels Cos Inc/The (a)	6,720		146
DexCom Inc (a)	5,764		411	MSC Industrial Direct Co Inc	1,723		112
Endo International PLC (a)	5,987		332	Nordstrom Inc	10,199		501
Herbalife Ltd (a)	5,806		268	Nu Skin Enterprises Inc	1,203		38
Jazz Pharmaceuticals PLC (a)	4,449		573	Office Depot Inc (a)	12,908		66
Mallinckrodt PLC (a)	3,328		193	O'Reilly Automotive Inc (a)	84,081		21,937
Mead Johnson Nutrition Co	14,738		1,068	Panera Bread Co (a)	2,467		479
OPKO Health Inc (a)	28,031		225	Penske Automotive Group Inc	2,144		67
Perrigo Co PLC	123,028		17,787	Rite Aid Corp (a)	42,436		331
Quintiles Transnational Holdings Inc (a)	7,393		450	Ross Stores Inc	292,512		16,457
VCA Inc (a)	7,819		401	Sally Beauty Holdings Inc (a)	200,170		5,516
Zoetis Inc	203,694		8,769	Signet Jewelers Ltd	5,842		678
	$		32,283	Tiffany & Co	74,474		4,755
				Tractor Supply Co	121,409		10,721
Pipelines - 0.02%				Ulta Salon Cosmetics & Fragrance Inc (a)	6,933		1,256
ONEOK Inc	9,108		227	Urban Outfitters Inc (a)	9,004		206
				Vista Outdoor Inc (a)	1,066		51
Real Estate - 0.13%				Williams-Sonoma Inc	8,949		462
CBRE Group Inc (a)	32,174		900	World Fuel Services Corp	1,471		57
Four Corners Property Trust Inc	1,269		21		$		138,135
Jones Lang LaSalle Inc	4,260		600	Semiconductors - 1.77%
	$		1,521	Analog Devices Inc	29,528		1,590
REITS - 1.07%				Applied Materials Inc	49,499		874
Boston Properties Inc	14,522		1,688	Atmel Corp	39,727		320
				Integrated Device Technology Inc (a)	326,200		8,312
Columbia Property Trust Inc	2,092		47	IPG Photonics Corp (a)	3,320		268
Crown Castle International Corp	33,166		2,859
Digital Realty Trust Inc	10,060		806	KLA-Tencor Corp	11,636		780
Empire State Realty Trust Inc	5,963		99	Lam Research Corp	12,330		885
Equinix Inc	4,479		1,391	Linear Technology Corp	26,417		1,129
Equity LifeStyle Properties Inc	8,267		545	Maxim Integrated Products Inc	13,629		455
Extra Space Storage Inc	13,446		1,219	Microchip Technology Inc	22,688		1,017
Federal Realty Investment Trust	7,545		1,138	Monolithic Power Systems Inc	59,875		3,746
				ON Semiconductor Corp (a)	38,019		326
Healthcare Trust of America Inc	1,804		50	Qorvo Inc (a)	10,309		408
Iron Mountain Inc	7,732		213
Lamar Advertising Co	8,010		449	Skyworks Solutions Inc	13,846		954
Omega Healthcare Investors Inc	7,697		244	Xilinx Inc	9,506		478
Plum Creek Timber Co Inc	10,607		430		$		21,542
Post Properties Inc	2,092		120	Shipbuilding - 0.07%
Tanger Factory Outlet Centers Inc	9,625		308	Huntington Ingalls Industries Inc	6,289		804
Taubman Centers Inc	2,401		170
Welltower Inc	16,975		1,056
Weyerhaeuser Co	8,126		208	Software - 9.12%
				Akamai Technologies Inc (a)	162,082		7,395
	$		13,040	Allscripts Healthcare Solutions Inc (a)	6,983		96
Retail - 11.37%				ANSYS Inc (a)	119,796		10,565
Advance Auto Parts Inc	5,322		809	athenahealth Inc (a)	2,817		399
AutoNation Inc (a)	7,306		316	Autodesk Inc (a)	12,308		576
AutoZone Inc (a)	3,231		2,479	Black Knight Financial Services Inc (a)	2,479		75
Bed Bath & Beyond Inc (a)	20,674		892	Broadridge Financial Solutions Inc	15,448		827
Brinker International Inc	6,283		313	CDK Global Inc	11,616		512
Buffalo Wild Wings Inc (a)	32,127		4,893	Cerner Corp (a)	394,157		22,865
Burlington Stores Inc (a)	174,183		9,359	Citrix Systems Inc (a)	17,349		1,222
CarMax Inc (a)	15,222		672	Dun & Bradstreet Corp/The	1,282		126
Chipotle Mexican Grill Inc (a)	10,419		4,719	Electronic Arts Inc (a)	32,189		2,078

See accompanying notes

133

Schedule of Investments
MidCap Growth Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held	Value(000			's)	Portfolio Summary (unaudited)
						Sector	Percent
Software (continued)						Consumer, Non-cyclical	25.85	%
Fidelity National Information Services Inc	8,847		$	528
Fiserv Inc (a)	205,799			19,461		Consumer, Cyclical	23.16	%
Guidewire Software Inc (a)	159,330			8,770		Industrial	16.41	%
IMS Health Holdings Inc (a)	13,255			306		Technology	14.89	%
Inovalon Holdings Inc (a)	3,413			58		Financial	9.49	%
Intuit Inc	28,048			2,679		Exchange Traded Funds	4.83	%
						Communications	2.34	%
Jack Henry & Associates Inc	10,614			862		Basic Materials	1.19	%
King Digital Entertainment Plc	10,284			184
MSCI Inc	11,947			822		Energy	0.85	%
NetSuite Inc (a)	3,860			268		Utilities	0.02	%
Paychex Inc	30,201			1,445		Diversified	0.01	%
PTC Inc (a)	11,980			355		Other Assets in Excess of Liabilities, Net	0.96	%
Rackspace Hosting Inc (a)	11,737			237		TOTAL NET ASSETS	100.00	%
Red Hat Inc (a)	102,473			7,178
ServiceNow Inc (a)	11,189			696
SolarWinds Inc (a)	6,696			401
Solera Holdings Inc	6,563			356
SS&C Technologies Holdings Inc	7,314			470
Tableau Software Inc (a)	4,859			390
Tyler Technologies Inc (a)	59,337			9,319
Ultimate Software Group Inc/The (a)	49,600			8,712
Veeva Systems Inc (a)	6,913			167
Workday Inc (a)	7,680			484
		$		110,884
Telecommunications - 0.23%
Arista Networks Inc (a)	3,323			199
ARRIS International PLC (a)	2,658			68
CommScope Holding Co Inc (a)	4,467			100
Juniper Networks Inc	13,469			318
Level 3 Communications Inc (a)	3,189			156
Motorola Solutions Inc	12,856			858
Palo Alto Networks Inc (a)	5,256			786
Zayo Group Holdings Inc (a)	11,502			288
		$		2,773
Textiles - 0.07%
Mohawk Industries Inc (a)	5,247			873
Toys, Games & Hobbies - 0.97%
Hasbro Inc	158,042			11,739
Transportation - 2.13%
CH Robinson Worldwide Inc	17,098			1,107
Expeditors International of Washington Inc	22,804			1,029
Genesee & Wyoming Inc (a)	2,125			105
JB Hunt Transport Services Inc	95,038			6,910
Landstar System Inc	4,626			266
Old Dominion Freight Line Inc (a)	300,187			16,459
Teekay Corp	2,393			16
		$		25,892
Trucking & Leasing - 0.01%
AMERCO	407			149
TOTAL COMMON STOCKS		$		1,144,803
INVESTMENT COMPANIES - 4.83%	Shares Held	Value(000			's)
Publicly Traded Investment Fund - 4.83%
BlackRock Liquidity Funds FedFund Portfolio	29,680,112			29,680
Cash Account Trust - Government & Agency	1,531,710			1,532
Portfolio - Government Cash Managed
First American Government Obligations Fund	27,539,829			27,540
		$		58,752
TOTAL INVESTMENT COMPANIES		$		58,752
Total Investments		$		1,203,555
Other Assets in Excess of Liabilities, Net - 0.96%		$		11,629
TOTAL NET ASSETS - 100.00%		$		1,215,184
(a) Non-Income Producing Security

See accompanying notes

134

Schedule of Investments
MidCap Growth Fund III
January 31, 2016 (unaudited)
Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
S&P Mid 400 Emini; March 2016	Long	527	$	69,285	$	69,290		$	5
Total							$		5
Amounts in thousands except contracts

See accompanying notes

135

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 98.14%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Aerospace & Defense - 1.47%				Chemicals (continued)
B/E Aerospace Inc	79,347	$	3,209	Sensient Technologies Corp	34,328	$	2,048
Curtiss-Wright Corp	34,708		2,395	Valspar Corp/The	55,498		4,347
Esterline Technologies Corp (a)	22,447		1,767		$		29,160
KLX Inc (a)	40,065		1,171
				Commercial Services - 4.18%
Orbital ATK Inc	44,658		4,029
Teledyne  TechnologiesInc (a)	26,904		2,186	Aaron's Inc	49,044		1,122
				CEB Inc	25,120		1,482
Triumph Group Inc	37,437		955	Deluxe Corp	37,363		2,089
	$		15,712	DeVry Education Group Inc	43,367		863
Airlines - 1.11%				FTI Consulting Inc (a)	31,847		1,079
Alaska Air Group Inc	95,746		6,740	Gartner Inc (a)	62,898		5,528
JetBlue Airways Corp (a)	239,168		5,097	Global Payments Inc	98,597		5,812
	$		11,837	Graham Holdings Co	3,405		1,650
				Live Nation Entertainment Inc (a)	110,597		2,511
Apparel - 0.73%				ManpowerGroup Inc	55,883		4,267
Carter's Inc	39,466		3,837	PAREXEL International Corp (a)	40,414		2,585
Deckers Outdoor Corp (a)	24,543		1,214	Rent-A-Center Inc/TX	40,284		549
Skechers U.S.A. Inc (a)	98,661		2,781	Rollins Inc	71,352		1,966
	$		7,832	RR Donnelley & Sons Co	158,427		2,213
Automobile Parts & Equipment - 0.13%				SEI Investments Co	104,983		4,119
Dana Holding Corp	116,066		1,380	Service Corp International/US	149,171		3,608
				Sotheby's	45,150		1,061
				WEX Inc (a)	29,333		2,130
Banks - 4.97%					$		44,634
Associated Banc-Corp	114,116		2,003
BancorpSouth Inc	64,213		1,341	Computers - 3.76%
Bank of Hawaii Corp	32,863		1,969	3D Systems Corp (a)	80,826		647
Bank of the Ozarks Inc	61,739		2,737	Cadence Design Systems Inc (a)	225,834		4,417
Cathay General Bancorp	57,186		1,601	Computer Sciences Corp	105,353		3,379
Commerce Bancshares Inc/MO	63,628		2,617	Convergys Corp	74,038		1,809
Cullen/Frost Bankers Inc	41,631		1,992	Diebold Inc	49,338		1,368
East West Bancorp Inc	109,237		3,541	DST Systems Inc	24,692		2,603
First Horizon National Corp	181,680		2,313	Fortinet Inc (a)	111,153		3,128
FirstMerit Corp	125,833		2,439	Leidos Holdings Inc	48,707		2,246
Fulton Financial Corp	132,109		1,698	Lexmark International Inc	46,924		1,324
Hancock Holding Co	58,754		1,408	Manhattan Associates Inc (a)	55,464		3,197
International Bancshares Corp	42,323		981	MAXIMUS Inc	49,596		2,647
PacWest Bancorp	85,771		3,149	Mentor Graphics Corp	75,803		1,317
Prosperity Bancshares Inc	49,971		2,119	NCR Corp (a)	93,892		2,004
Signature Bank/New York NY (a)	38,194		5,322	NetScout Systems Inc (a)	75,252		1,622
SVB Financial Group (a)	39,089		3,960	Science Applications International Corp	31,407		1,339
Synovus Financial Corp	99,140		3,027	Synopsys Inc (a)	118,382		5,079
TCF Financial Corp	128,694		1,546	VeriFone Systems Inc (a)	87,258		2,041
Trustmark Corp	51,284		1,110		$		40,167
Umpqua Holdings Corp	167,170		2,421	Consumer Products - 0.78%
Valley National Bancorp	169,589		1,492	Jarden Corp (a)	157,238		8,341
Webster Financial Corp	69,594		2,308
	$		53,094
				Cosmetics & Personal Care - 0.42%
Beverages - 0.12%				Avon Products Inc	330,518		1,120
Boston Beer Co Inc/The (a)	7,248		1,299	Edgewell Personal Care Co	45,572		3,373
					$		4,493
Biotechnology - 0.83%				Distribution & Wholesale - 1.47%
Bio-Rad Laboratories Inc (a)	15,783		2,014	Fossil Group Inc (a)	31,414		1,024
Charles River Laboratories International Inc	35,393		2,627	Ingram Micro Inc	118,287		3,336
(a)				LKQ Corp (a)	231,901		6,354
United Therapeutics Corp (a)	34,637		4,267
				Pool Corp	32,375		2,736
	$		8,908	Watsco Inc	19,518		2,268
Building Materials - 1.24%					$		15,718
Eagle Materials Inc	37,991		2,034	Diversified Financial Services - 2.48%
Fortune Brands Home & Security Inc	121,228		5,890	CBOE Holdings Inc	62,593		4,170
Lennox International Inc	30,439		3,647	CoreLogic Inc/United States (a)	66,915		2,389
Louisiana-Pacific Corp (a)	108,446		1,705
				Eaton Vance Corp	89,202		2,557
	$		13,276	Federated Investors Inc	71,914		1,819
Chemicals - 2.73%				Janus Capital Group Inc	110,792		1,395
Albemarle Corp	85,175		4,484	MarketAxess Holdings Inc	28,309		3,290
Ashland Inc	47,752		4,525	Raymond James Financial Inc	96,713		4,237
Cabot Corp	47,495		1,916	SLM Corp (a)	323,465		2,070
Minerals Technologies Inc	26,378		1,081	Stifel Financial Corp (a)	52,764		1,765
NewMarket Corp	7,642		2,899	Waddell & Reed Financial Inc	63,000		1,729
Olin Corp	125,340		2,123	WisdomTree Investments Inc	87,183		1,046
PolyOne Corp	65,501		1,773		$		26,467
RPM International Inc	100,997		3,964

See accompanying notes

136

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Electric - 2.97%				Gas - 2.14%
Alliant Energy Corp	86,053	$	5,623	Atmos Energy Corp	77,055	$	5,334
Black Hills Corp	38,848		1,914	National Fuel Gas Co	64,247		2,912
Cleco Corp	45,912		2,440	ONE Gas Inc	39,591		2,239
Great Plains Energy Inc	117,006		3,262	Questar Corp	132,728		2,706
Hawaiian Electric Industries Inc	81,573		2,441	UGI Corp	130,904		4,451
IDACORP Inc	38,214		2,659	Vectren Corp	62,782		2,627
MDU Resources Group Inc	148,229		2,502	WGL Holdings Inc	37,828		2,527
OGE Energy Corp	151,598		3,976		$		22,796
PNM Resources Inc	60,466		1,899
Talen Energy Corp (a)	48,776		349	Hand & Machine Tools - 0.53%
Westar Energy Inc	107,292		4,674	Kennametal Inc	60,431		1,069
	$		31,739	Lincoln Electric Holdings Inc	50,055		2,665
				Regal Beloit Corp	33,902		1,906
Electrical Components & Equipment - 1.25%					$		5,640
Acuity Brands Inc	33,235		6,728
Belden Inc	31,864		1,361	Healthcare - Products - 4.61%
				Align Technology Inc (a)	54,911		3,632
Energizer Holdings Inc	47,367		1,518
Hubbell Inc	41,292		3,734	Bio-Techne Corp	28,232		2,334
	$		13,341	Cooper Cos Inc/The	36,903		4,840
				Halyard Health Inc (a)	35,385		877
Electronics - 3.46%				Hill-Rom Holdings Inc	43,039		2,104
Arrow Electronics Inc (a)	71,000		3,664	Hologic Inc (a)	186,839		6,341
Avnet Inc	100,209		4,000	IDEXX Laboratories Inc (a)	69,052		4,843
FEI Co	31,014		2,247	LivaNova PLC (a)	32,254		1,806
Gentex Corp	221,300		3,029	ResMed Inc	106,010		6,011
Jabil Circuit Inc	143,680		2,861	Sirona Dental Systems Inc (a)	42,432		4,510
Keysight Technologies Inc (a)	129,049		3,020	STERIS PLC	65,159		4,512
Knowles Corp (a)	67,135		913	Teleflex Inc	31,580		4,285
Mettler-Toledo International Inc (a)	20,767		6,497	West Pharmaceutical Services Inc	54,723		3,131
National Instruments Corp	76,339		2,176		$		49,226
Tech Data Corp (a)	26,623		1,661
Trimble Navigation Ltd (a)	190,145		3,668	Healthcare - Services - 2.43%
				Amsurg Corp (a)	40,958		2,998
Vishay Intertechnology Inc	102,815		1,178	Centene Corp (a)	90,489		5,616
Woodward Inc	43,185		1,995	Community Health Systems Inc (a)	89,718		1,927
	$		36,909	Health Net Inc/CA (a)	58,675		3,885
Energy - Alternate Sources - 0.07%				LifePoint Health Inc (a)	33,040		2,306
SunEdison Inc (a)	240,428		753	MEDNAX Inc (a)	71,388		4,959
				Molina Healthcare Inc (a)	31,078		1,706
				WellCare Health Plans Inc (a)	33,480		2,544
Engineering & Construction - 0.55%
AECOM (a)	114,936		3,154		$		25,941
Granite Construction Inc	29,896		1,155	Home Builders - 1.34%
KBR Inc	109,512		1,561	CalAtlantic Group Inc	57,876		1,881
	$		5,870	KB Home	69,187		751
				MDC Holdings Inc	29,688		646
Entertainment - 0.42%				NVR Inc (a)	2,792		4,610
Cinemark Holdings Inc	80,082		2,362
DreamWorks Animation SKG Inc (a)	53,958		1,383	Thor Industries Inc	34,661		1,817
				Toll Brothers Inc (a)	123,091		3,400
International Speedway Corp	20,270		692	TRI Pointe Group Inc (a)	110,552		1,165
	$		4,437		$		14,270
Environmental Control - 0.78%
Clean Harbors Inc (a)	39,781		1,763	Home Furnishings - 0.27%
				Tempur Sealy International Inc (a)	47,244		2,851
MSA Safety Inc	24,095		1,031
Waste Connections Inc	92,892		5,571
	$		8,365	Housewares - 0.68%
				Scotts Miracle-Gro Co/The	34,554		2,373
Food - 2.61%				Toro Co/The	41,606		3,100
Dean Foods Co	69,350		1,386	Tupperware Brands Corp	38,226		1,775
Flowers Foods Inc	141,728		2,911		$		7,248
Hain Celestial Group Inc/The (a)	78,160		2,844
Ingredion Inc	54,311		5,470	Insurance - 5.63%
Lancaster Colony Corp	14,749		1,500	Alleghany Corp (a)	11,821		5,650
Post Holdings Inc (a)	47,126		2,757	American Financial Group Inc/OH	54,372		3,859
SUPERVALU Inc (a)	201,861		919	Arthur J Gallagher & Co	134,132		5,049
Tootsie Roll Industries Inc	13,446		441	Aspen Insurance Holdings Ltd	46,142		2,146
TreeHouse Foods Inc (a)	41,447		3,289	Brown & Brown Inc	88,817		2,687
United Natural Foods Inc (a)	38,103		1,334	CNO Financial Group Inc	141,166		2,456
WhiteWave Foods Co/The (a)	133,757		5,049	Endurance Specialty Holdings Ltd	46,528		2,881
	$		27,900	Everest Re Group Ltd	32,704		5,852
				First American Financial Corp	82,549		2,837
Forest Products & Paper - 0.14%				Genworth Financial Inc (a)	377,634		1,050
Domtar Corp	47,710		1,539	Hanover Insurance Group Inc/The	32,829		2,675
				Kemper Corp	36,573		1,264
				Mercury General Corp	27,638		1,283

See accompanying notes

137

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Insurance (continued)				Office Furnishings (continued)
Old Republic International Corp	184,576	$	3,337	HNI Corp	33,538	$	1,141
Primerica Inc	36,712		1,652		$		2,305
Reinsurance Group of America Inc	49,911		4,204
RenaissanceRe Holdings Ltd	33,286		3,750	Oil & Gas - 2.12%
StanCorp Financial Group Inc	32,145		3,686	California Resources Corp	238,475		341
WR Berkley Corp	74,870		3,755	Denbury Resources Inc	266,573		416
	$		60,073	Energen Corp	59,816		2,110
				Gulfport Energy Corp (a)	82,169		2,428
Internet - 0.37%				HollyFrontier Corp	138,846		4,855
comScore Inc (a)	35,684		1,375	Murphy USA Inc (a)	29,739		1,720
j2 Global Inc	34,992		2,537	Nabors Industries Ltd	215,209		1,584
	$		3,912	Noble Corp plc	183,685		1,431
				Patterson-UTI Energy Inc	111,726		1,607
Iron & Steel - 1.06%				QEP Resources Inc	122,089		1,565
Allegheny Technologies Inc	82,901		778	Rowan Cos Plc	94,748		1,199
Carpenter Technology Corp	37,288		1,035	SM Energy Co	51,601		721
Commercial Metals Co	88,332		1,230	Western Refining Inc	52,626		1,731
Reliance Steel & Aluminum Co	54,383		3,096	WPX Energy Inc (a)	177,621		963
Steel Dynamics Inc	183,800		3,373		$		22,671
United States Steel Corp	111,039		777
Worthington Industries Inc	35,116		1,074	Oil & Gas Services - 0.71%
	$		11,363	Dril-Quip Inc (a)	29,116		1,707
				NOW Inc (a)	81,380		1,104
Leisure Products & Services - 0.58%				Oceaneering International Inc	74,275		2,514
Brunswick Corp/DE	69,113		2,754	Oil States International Inc (a)	38,566		1,089
Polaris Industries Inc	46,283		3,418	Superior Energy Services Inc	114,426		1,180
	$		6,172		$		7,594
Machinery - Construction & Mining - 0.42%				Packaging & Containers - 1.16%
Joy Global Inc	73,994		738	Bemis Co Inc	72,854		3,487
Oshkosh Corp	56,789		1,870	Greif Inc - Class A	19,512		516
Terex Corp	82,364		1,845	Packaging Corp of America	73,635		3,743
	$		4,453	Silgan Holdings Inc	30,716		1,624
Machinery - Diversified - 2.03%				Sonoco Products Co	76,623		3,027
AGCO Corp	55,830		2,723		$		12,397
Cognex Corp	64,407		2,077	Pharmaceuticals - 0.76%
Graco Inc	42,444		3,085	Akorn Inc (a)	60,807		1,580
IDEX Corp	58,086		4,212	Catalent Inc (a)	74,676		1,757
Nordson Corp	40,771		2,464	Owens & Minor Inc	47,737		1,654
Wabtec Corp/DE	73,238		4,683	VCA Inc (a)	61,216		3,139
Zebra Technologies Corp (a)	39,550		2,389
					$		8,130
	$		21,633
				Publicly Traded Investment Fund - 0.67%
Media - 1.39%				iShares Core S&P Mid-Cap ETF	53,983		7,100
AMC Networks Inc (a)	46,233		3,365
Cable One Inc	3,377		1,452
FactSet Research Systems Inc	31,464		4,742	Real Estate - 0.55%
John Wiley & Sons Inc	37,250		1,557	Alexander & Baldwin Inc	34,875		1,057
Meredith Corp	28,611		1,210	Jones Lang LaSalle Inc	34,191		4,811
New York Times Co/The	94,151		1,245		$		5,868
Time Inc	83,332		1,250	REITS - 9.58%
	$		14,821	Alexandria Real Estate Equities Inc	55,035		4,358
Metal Fabrication & Hardware - 0.31%				American Campus Communities Inc	85,270		3,598
Timken Co/The	54,811		1,455	Camden Property Trust	65,937		5,031
Valmont Industries Inc	17,489		1,864	Care Capital Properties Inc	63,615		1,905
	$		3,319	Communications Sales & Leasing Inc	91,427		1,756
				Corporate Office Properties Trust	71,761		1,600
Mining - 0.32%				Corrections Corp of America	88,986		2,564
Compass Minerals International Inc	25,583		1,915	Douglas Emmett Inc	105,851		3,131
Royal Gold Inc	49,562		1,476	Duke Realty Corp	262,095		5,276
	$		3,391	EPR Properties	45,507		2,728
Miscellaneous Manufacturers - 2.10%				Equity One Inc	68,430		1,897
AO Smith Corp	56,851		3,971	Highwoods Properties Inc	72,363		3,060
AptarGroup Inc	47,404		3,456	Hospitality Properties Trust	115,041		2,714
Carlisle Cos Inc	49,346		4,129	Kilroy Realty Corp	69,961		3,909
CLARCOR Inc	37,876		1,775	Lamar Advertising Co	62,237		3,492
Crane Co	37,465		1,789	LaSalle Hotel Properties	85,726		1,900
Donaldson Co Inc	93,648		2,639	Liberty Property Trust	112,176		3,289
ITT Corp	67,941		2,205	Mack-Cali Realty Corp	67,797		1,410
Trinity Industries Inc	116,034		2,485	Mid-America Apartment Communities Inc	57,221		5,369
	$		22,449	National Retail Properties Inc	103,362		4,438
				Omega Healthcare Investors Inc	124,949		3,962
Office Furnishings - 0.22%				Post Properties Inc	41,087		2,354
Herman Miller Inc	45,448		1,164	Potlatch Corp	30,879		891

See accompanying notes

138

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held		Value(000	's)
REITS (continued)				Software (continued)
Rayonier Inc	93,943	$	1,981	CDK Global Inc	121,024		$ 5,331
Regency Centers Corp	71,480		5,174	CommVault Systems Inc (a)	31,987		1,200
Senior Housing Properties Trust	180,269		2,610	Fair Isaac Corp	23,590		2,255
Sovran Self Storage Inc	29,196		3,290	Jack Henry & Associates Inc	60,675		4,926
Tanger Factory Outlet Centers Inc	71,921		2,301	MSCI Inc	70,148		4,829
Taubman Centers Inc	45,724		3,248	PTC Inc (a)	86,940		2,574
UDR Inc	198,900		7,079	Rackspace Hosting Inc (a)	86,911		1,756
Urban Edge Properties	70,097		1,703	SolarWinds Inc (a)	47,395		2,841
Weingarten Realty Investors	86,560		3,020	Solera Holdings Inc	51,045		2,770
WP Glimcher Inc	140,668		1,277	SYNNEX Corp	21,927		1,841
	$		102,315	Tyler Technologies Inc (a)	24,646		3,871
				Ultimate Software Group Inc/The (a)	21,753		3,821
Retail - 6.30%						$	53,483
Abercrombie & Fitch Co	51,016		1,339
American Eagle Outfitters Inc	135,931		1,990	Telecommunications - 1.05%
Ascena Retail Group Inc (a)	130,908		966	ARRIS International PLC (a)	134,738		3,432
Big Lots Inc	37,616		1,459	Ciena Corp (a)	96,156		1,709
Brinker International Inc	45,209		2,249	InterDigital Inc/PA	26,879		1,211
Buffalo Wild Wings Inc (a)	14,457		2,202	NeuStar Inc (a)	40,243		989
Cabela's Inc (a)	37,361		1,572	Plantronics Inc	25,567		1,146
Casey's General Stores Inc	29,610		3,575	Polycom Inc (a)	100,544		1,024
Cheesecake Factory Inc/The	34,352		1,659	Telephone & Data Systems Inc	71,697		1,663
Chico's FAS Inc	105,821		1,099			$	11,174
Copart Inc (a)	77,371		2,593
Cracker Barrel Old Country Store Inc	18,171		2,385	Transportation - 0.92%
				Genesee & Wyoming Inc (a)	43,189		2,141
CST Brands Inc	57,399		2,224	Kirby Corp (a)	40,999		2,077
Dick's Sporting Goods Inc	68,382		2,672
Domino's Pizza Inc	41,483		4,726	Landstar System Inc	32,783		1,882
				Old Dominion Freight Line Inc (a)	52,651		2,887
Dunkin' Brands Group Inc	70,324		2,768
Foot Locker Inc	104,197		7,039	Werner Enterprises Inc	33,836		817
Guess? Inc	48,329		896			$	9,804
HSN Inc	24,298		1,143	Trucking & Leasing - 0.12%
Jack in the Box Inc	27,171		2,110	GATX Corp	32,186		1,319
JC Penney Co Inc (a)	231,910		1,684
Kate Spade & Co (a)	96,935		1,726
MSC Industrial Direct Co Inc	36,715		2,379	Water - 0.40%
Office Depot Inc (a)	374,893		1,931	Aqua America Inc	133,929		4,223
Panera Bread Co (a)	18,066		3,505
Vista Outdoor Inc (a)	47,297		2,280	TOTAL COMMON STOCKS		$	1,047,786
Wendy's Co/The	166,082		1,699	INVESTMENT COMPANIES - 1.77%	Shares Held		Value(000	's)
Williams-Sonoma Inc	63,373		3,274	Publicly Traded Investment Fund - 1.77%
World Fuel Services Corp	53,730		2,093	BlackRock Liquidity Funds FedFund Portfolio	18,938,551		18,939
	$		67,237
Savings & Loans - 0.92%				TOTAL INVESTMENT COMPANIES		$	18,939
First Niagara Financial Group Inc	269,324		2,637	Total Investments		$	1,066,725
New York Community Bancorp Inc	368,128		5,698	Other Assets in Excess of Liabilities, Net - 0.09%		$	978
Washington Federal Inc	70,627		1,508	TOTAL NET ASSETS - 100.00%		$	1,067,703
	$		9,843
Semiconductors - 2.34%				(a) Non-Income Producing Security
Advanced Micro Devices Inc (a)	485,875		1,069
Atmel Corp	319,059		2,572
Cree Inc (a)	78,223		2,192
Cypress Semiconductor Corp (a)	253,410		1,992	Portfolio Summary (unaudited)
Fairchild Semiconductor International Inc (a)	86,080		1,764	Sector			Percent
Integrated Device Technology Inc (a)	111,381		2,838	Financial			24.13	%
Intersil Corp	100,596		1,308	Industrial			16.77	%
IPG Photonics Corp (a)	27,646		2,235	Consumer, Non-cyclical			16.74	%
Microsemi Corp (a)	84,515		2,679	Consumer, Cyclical			13.25	%
Silicon Laboratories Inc (a)	29,351		1,338	Technology			11.11	%
Synaptics Inc (a)	27,504		2,016	Utilities			5.51	%
Teradyne Inc	156,011		3,031	Basic Materials			4.25	%
	$		25,034	Energy			2.90	%
				Communications			2.81	%
Shipbuilding - 0.43%				Exchange Traded Funds			2.44	%
Huntington Ingalls Industries Inc	35,660		4,560	Other Assets in Excess of Liabilities, Net			0.09	%
				TOTAL NET ASSETS			100.00	%
Software - 5.01%
ACI Worldwide Inc (a)	89,772		1,607
Acxiom Corp (a)	59,115		1,105
Allscripts Healthcare Solutions Inc (a)	143,484		1,977
ANSYS Inc (a)	67,555		5,958
Broadridge Financial Solutions Inc	90,020		4,821

See accompanying notes

139

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2016 (unaudited)
Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
S&P Mid 400 Emini; March 2016	Long	179	$	22,855	$	23,535		$	680
Total							$		680
Amounts in thousands except contracts

See accompanying notes

140

Schedule of Investments
MidCap Value Fund I
January 31, 2016 (unaudited)
COMMON STOCKS - 94.44%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Advertising - 0.37%				Biotechnology (continued)
Clear Channel Outdoor Holdings Inc	1,804	$	9	Bio-Rad Laboratories Inc (a)	1,393	$	178
Interpublic Group of Cos Inc/The	76,407		1,715	Charles River Laboratories International Inc	4,156		308
Nielsen Holdings PLC	75,050		3,614	(a)
	$		5,338		$		545
Aerospace & Defense - 0.77%				Building Materials - 1.97%
Harris Corp	32,502		2,827	Armstrong World Industries Inc (a)	140,669		5,441
L-3 Communications Holdings Inc	19,669		2,299	Fortune Brands Home & Security Inc	219,926		10,686
Orbital ATK Inc	14,668		1,323	Martin Marietta Materials Inc	68,176		8,562
Spirit AeroSystems Holdings Inc (a)	33,617		1,426	Owens Corning	35,970		1,661
Triumph Group Inc	131,012		3,340	Vulcan Materials Co	25,620		2,260
	$		11,215		$		28,610
Agriculture - 0.03%				Chemicals - 2.57%
Bunge Ltd	7,203		447	Airgas Inc	2,639		370
				Albemarle Corp	5,627		296
				Ashland Inc	63,090		5,978
Airlines - 0.69%				Axalta Coating Systems Ltd (a)	284,153		6,766
JetBlue Airways Corp (a)	16,136		344
United Continental Holdings Inc (a)	199,795		9,646	Cabot Corp	4,573		185
				Celanese Corp	195,617		12,455
	$		9,990	CF Industries Holdings Inc	175,728		5,272
Apparel - 1.16%				Eastman Chemical Co	41,966		2,569
Ralph Lauren Corp	150,207		16,898	FMC Corp	1,817		65
				Huntsman Corp	5,830		50
				Mosaic Co/The	90,913		2,191
Automobile Manufacturers - 0.06%				Platform Specialty Products Corp (a)	7,902		60
PACCAR Inc	17,904		879	RPM International Inc	15,880		623
				Westlake Chemical Corp	3,166		144
Automobile Parts & Equipment - 0.48%				WR Grace & Co (a)	3,580		291
Allison Transmission Holdings Inc	79,014		1,879		$		37,315
Delphi Automotive PLC	60,211		3,910	Coal - 0.01%
Goodyear Tire & Rubber Co/The	20,087		571	CONSOL Energy Inc	14,840		118
Lear Corp	1,990		207
Visteon Corp	5,730		383
	$		6,950	Commercial Services - 1.26%
				Aaron's Inc	3,955		90
Banks - 7.52%				ADT Corp/The	13,078		387
Associated Banc-Corp	11,153		196	Aramark	7,426		237
Bank of Hawaii Corp	29,733		1,782	Booz Allen Hamilton Holding Corp	21,796		617
BankUnited Inc	49,495		1,668	Cintas Corp	23,400		2,011
BOK Financial Corp	1,998		100	Equifax Inc	16,200		1,714
CIT Group Inc	13,511		396	Global Payments Inc	32,442		1,912
Citizens Financial Group Inc	917,663		19,500	H&R Block Inc	769		26
Comerica Inc	13,465		462	KAR Auction Services Inc	102,594		3,428
Commerce Bancshares Inc/MO	71,257		2,931	ManpowerGroup Inc	5,685		434
Cullen/Frost Bankers Inc	4,006		192	Quanta Services Inc (a)	8,668		162
East West Bancorp Inc	55,809		1,810	RR Donnelley & Sons Co	67,235		940
Fifth Third Bancorp	100,335		1,585	SEI Investments Co	26,380		1,035
First Horizon National Corp	246,967		3,144	Service Corp International/US	43,930		1,063
First Republic Bank/CA	7,825		532	ServiceMaster Global Holdings Inc (a)	17,060		720
Fulton Financial Corp	70,248		903	Total System Services Inc	28,554		1,147
Huntington Bancshares Inc/OH	2,165,781		18,583	Vectrus Inc (a)	3,027		60
KeyCorp	601,059		6,708	WEX Inc (a)	31,432		2,282
M&T Bank Corp	152,900		16,846		$		18,265
Northern Trust Corp	48,745		3,026
PacWest Bancorp	149,205		5,477	Computers - 2.19%
Popular Inc	153,951		3,870	3D Systems Corp (a)	4,635		37
Regions Financial Corp	173,334		1,408	Amdocs Ltd	13,055		715
Signature Bank/New York NY (a)	206		29	Brocade Communications Systems Inc	1,902,567		15,182
SunTrust Banks Inc	85,665		3,133	Computer Sciences Corp	124,926		4,007
SVB Financial Group (a)	970		98	CSRA Inc	63,669		1,705
Synovus Financial Corp	127,060		3,879	DST Systems Inc	582		61
TCF Financial Corp	111,833		1,343	Genpact Ltd (a)	2,753		66
Zions Bancorporation	420,788		9,543	IHS Inc (a)	1,018		107
	$		109,144	Leidos Holdings Inc	34,915		1,610
				Lexmark International Inc	4,461		126
Beverages - 0.60%				NCR Corp (a)	11,939		255
Brown-Forman Corp - A Shares	112		12	NetApp Inc	16,918		371
Brown-Forman Corp - B Shares	560		55	SanDisk Corp	64,283		4,545
Constellation Brands Inc	13,491		2,057	Science Applications International Corp	862		37
Molson Coors Brewing Co	73,237		6,626	Synopsys Inc (a)	7,210		309
	$		8,750	Teradata Corp (a)	2,402		58
Biotechnology - 0.04%				Western Digital Corp	54,964		2,637
Alnylam Pharmaceuticals Inc (a)	850		59		$		31,828

See accompanying notes

141

Schedule of Investments
MidCap Value Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Consumer Products - 0.55%				Electronics - 0.73%
Avery Dennison Corp	37,179	$	2,264	Agilent Technologies Inc	52,735	$	1,986
Clorox Co/The	43,986		5,676	Arrow Electronics Inc (a)	15,958		824
	$		7,940	Avnet Inc	10,992		439
				Fitbit Inc (a)	1,962		33
Cosmetics & Personal Care - 0.71%				FLIR Systems Inc	5,147		150
Avon Products Inc	27,896		95	Garmin Ltd	7,743		272
Edgewell Personal Care Co	138,265		10,233	Gentex Corp	314,756		4,308
	$		10,328	Jabil Circuit Inc	46,328		922
Distribution & Wholesale - 0.22%				Keysight Technologies Inc (a)	4,546		106
Fossil Group Inc (a)	725		24	National Instruments Corp	6,216		177
Genuine Parts Co	31,162		2,685	PerkinElmer Inc	21,551		1,042
Ingram Micro Inc	10,355		292	Trimble Navigation Ltd (a)	12,335		238
WESCO International Inc (a)	3,245		131	Tyco International Plc	2,607		90
	$		3,132		$		10,587
Diversified Financial Services - 2.88%				Energy - Alternate Sources - 0.03%
Affiliated Managers Group Inc (a)	23,251		3,120	First Solar Inc (a)	6,198		426
Air Lease Corp	6,744		174
Ally Financial Inc (a)	22,363		354
				Engineering & Construction - 0.16%
Ameriprise Financial Inc	41,379		3,751	AECOM (a)	9,055		248
CoreLogic Inc/United States (a)	25,168		899
E*TRADE Financial Corp (a)	14,485		341	Chicago Bridge & Iron Co NV ADR	6,735		261
				Fluor Corp	23,149		1,040
FNF Group	26,290		851	Jacobs Engineering Group Inc (a)	9,568		375
Interactive Brokers Group Inc - A Shares	3,941		127	KBR Inc	10,385		148
Intercontinental Exchange Inc	6,435		1,697	SBA Communications Corp (a)	3,280		326
Invesco Ltd	25,543		765		$		2,398
Legg Mason Inc	4,411		135
Nasdaq Inc	13,879		861	Entertainment - 0.08%
Navient Corp	23,650		226	Dolby Laboratories Inc	3,685		133
OneMain Holdings Inc (a)	3,715		98	Gaming and Leisure Properties Inc	28,460		742
Raymond James Financial Inc	347,134		15,207	International Game Technology PLC	2,424		35
Santander Consumer USA Holdings Inc (a)	5,517		58	Penn National Gaming Inc (a)	13,859		196
SLM Corp (a)	1,785,037		11,424		$		1,106
Synchrony Financial (a)	58,164		1,653
TD Ameritrade Holding Corp	1,942		54	Environmental Control - 0.43%
Waddell & Reed Financial Inc	604		17	Republic Services Inc	110,579		4,832
				Waste Connections Inc	23,627		1,417
	$		41,812		$		6,249
Electric - 7.78%				Food - 3.29%
AES Corp/VA	99,177		942	Blue Buffalo Pet Products Inc (a)	832		14
Alliant Energy Corp	13,556		885	Campbell Soup Co	64,397		3,632
Ameren Corp	318,679		14,316
Avangrid Inc (a)	3,841		148	ConAgra Foods Inc	352,408		14,674
Calpine Corp (a)	16,509		253	Flowers Foods Inc	1,200		25
CMS Energy Corp	47,439		1,845	Ingredion Inc	23,534		2,371
Consolidated Edison Inc	48,734		3,382	JM Smucker Co/The	9,356		1,200
				Kellogg Co	50,862		3,735
DTE Energy Co	42,543		3,616	Pilgrim's Pride Corp (a)	3,589		80
Edison International	132,783		8,206	Pinnacle Foods Inc.	5,846		251
Entergy Corp	30,295		2,138	Safeway,  - CVR Inc - Casa Ley (a),(b)	86,307		—
Eversource Energy	52,991		2,851	Safeway, Inc. - CVR - Property Development	86,307		—
FirstEnergy Corp	574,239		18,984	Centers (a),(b),(c)
Great Plains Energy Inc	16,867		470
				Sysco Corp	20,488		816
Hawaiian Electric Industries Inc	7,070		212	Tyson Foods Inc	213,895		11,414
ITC Holdings Corp	4,923		196
MDU Resources Group Inc	12,868		217	Whole Foods Market Inc	327,756		9,606
NRG Energy Inc	20,416		217		$		47,818
OGE Energy Corp	10,018		263	Forest Products & Paper - 0.22%
Pepco Holdings Inc	12,694		339	Domtar Corp	12,383		400
PG&E Corp	218,887		12,019	International Paper Co	79,905		2,733
Pinnacle West Capital Corp	44,209		2,931		$		3,133
PPL Corp	267,716		9,386
Public Service Enterprise Group Inc	68,693		2,837	Gas - 2.87%
SCANA Corp	186,981		11,770	AGL Resources Inc	10,887		692
Talen Energy Corp (a)	6,062		43	Atmos Energy Corp	112,543		7,790
TECO Energy Inc	20,538		557	CenterPoint Energy Inc	228,573		4,085
WEC Energy Group Inc	23,813		1,315	National Fuel Gas Co	10,418		472
Westar Energy Inc	38,691		1,686	NiSource Inc	117,475		2,469
Xcel Energy Inc	285,464		10,911	ONE Gas Inc	452		26
	$		112,935	Questar Corp	125,347		2,556
				Sempra Energy	211,730		20,061
Electrical Components & Equipment - 0.27%				UGI Corp	39,984		1,359
Energizer Holdings Inc	12,374		397	Vectren Corp	52,252		2,186
Hubbell Inc	38,988		3,525		$		41,696
	$		3,922

See accompanying notes

142

Schedule of Investments
MidCap Value Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Hand & Machine Tools - 0.24%				Insurance (continued)
Kennametal Inc	5,574	$	99	CNA Financial Corp	2,675	$	89
Lincoln Electric Holdings Inc	869		46	Endurance Specialty Holdings Ltd	22,129		1,370
Regal Beloit Corp	3,018		169	Erie Indemnity Co	2,544		245
Stanley Black & Decker Inc	33,123		3,125	Everest Re Group Ltd	93,337		16,702
	$		3,439	Genworth Financial Inc (a)	36,139		100
				Hanover Insurance Group Inc/The	36,023		2,935
Healthcare - Products - 1.99%				Hartford Financial Services Group Inc/The	155,993		6,268
Alere Inc (a)	460		17
				Kemper Corp	32,382		1,119
Bio-Techne Corp	9,939		821	Lincoln National Corp	566,046		22,337
Boston Scientific Corp (a)	288,626		5,060
				Loews Corp	37,587		1,391
Cooper Cos Inc/The	780		102	Markel Corp (a)	626		526
DENTSPLY International Inc	8,413		495	Mercury General Corp	18,711		868
Hill-Rom Holdings Inc	8,173		399	Old Republic International Corp	257,927		4,663
Hologic Inc (a)	33,860		1,149
				PartnerRe Ltd	2,394		336
Patterson Cos Inc	55,450		2,355	ProAssurance Corp	86,997		4,360
QIAGEN NV (a)	17,745		403
				Progressive Corp/The	84,843		2,651
St Jude Medical Inc	11,712		619	Reinsurance Group of America Inc	6,083		512
Teleflex Inc	16,160		2,193	RenaissanceRe Holdings Ltd	56,968		6,417
VWR Corp (a)	1,248		31
				StanCorp Financial Group Inc	4,055		465
Zimmer Biomet Holdings Inc	153,973		15,284	Torchmark Corp	28,286		1,538
	$		28,928	Unum Group	21,047		603
Healthcare - Services - 2.22%				Validus Holdings Ltd	76,307		3,376
Anthem Inc	9,887		1,290	Voya Financial Inc	207,553		6,347
Brookdale Senior Living Inc (a)	9,478		154	WR Berkley Corp	218,879		10,977
Community Health Systems Inc (a)	7,846		169	XL Group PLC	212,956		7,722
DaVita HealthCare Partners Inc (a)	59,015		3,961		$		135,114
Envision Healthcare Holdings Inc (a)	160,404		3,545
HCA Holdings Inc (a)	18,513		1,288	Internet - 1.97%
Health Net Inc/CA (a)	31,448		2,082	Expedia Inc	1,069		108
				F5 Networks Inc (a)	77,000		7,221
Laboratory Corp of America Holdings (a)	130,302		14,640
LifePoint Health Inc (a)	2,698		188	IAC/InterActiveCorp	151,824		7,886
				Match Group Inc (a)	943		12
MEDNAX Inc (a)	31,616		2,196
				Pandora Media Inc (a)	280,012		2,722
Premier Inc (a)	7,505		240
				Symantec Corp	535,741		10,629
Quest Diagnostics Inc	14,531		955		$		28,578
Universal Health Services Inc	14,127		1,591
	$		32,299	Iron & Steel - 0.22%
				Nucor Corp	67,240		2,627
Holding Companies - Diversified - 0.02%				Reliance Steel & Aluminum Co	5,215		297
Leucadia National Corp	14,194		235	Steel Dynamics Inc	15,036		276
					$		3,200
Home Builders - 0.21%
DR Horton Inc	14,720		405	Leisure Products & Services - 0.08%
Lennar Corp - A Shares	5,296		223	Brunswick Corp/DE	1,742		70
				Harley-Davidson Inc	6,959		278
Lennar Corp - B Shares	510		18	Norwegian Cruise Line Holdings Ltd (a)	1,213		55
NVR Inc (a)	1,206		1,991
PulteGroup Inc	18,223		305	Royal Caribbean Cruises Ltd	8,627		707
Toll Brothers Inc (a)	5,705		158		$		1,110
	$		3,100	Lodging - 0.60%
				Choice Hotels International Inc	28,175		1,232
Home Furnishings - 0.19%				Hyatt Hotels Corp (a)	2,337		90
Leggett & Platt Inc	45,358		1,883	MGM Resorts International (a)	366,836		7,366
Whirlpool Corp	6,975		937	Wynn Resorts Ltd	458		31
	$		2,820		$		8,719
Housewares - 0.15%				Machinery- Construction & Mining - 0.03%
Newell Rubbermaid Inc	53,971		2,093	Babcock & Wilcox Enterprises Inc (a)	2,563		53
Scotts Miracle-Gro Co/The	570		39	Joy Global Inc	7,305		73
Tupperware Brands Corp	310		15	Oshkosh Corp	5,122		168
	$		2,147	Terex Corp	7,448		167
Insurance - 9.30%					$		461
Alleghany Corp (a)	802		383
Allied World Assurance Co Holdings AG	66,206		2,422	Machinery - Diversified - 0.17%
American Financial Group Inc/OH	38,433		2,728	AGCO Corp	5,232		255
American National Insurance Co	8,234		800	BWX Technologies Inc	11,808		354
				Flowserve Corp	5,652		218
AmTrust  Financial Services  Inc	3,028		173
Arch Capital Group  Ltd (a)	17,484		1,181	IDEX Corp	5,146		374
Arthur J Gallagher & Co	219,095		8,247	Manitowoc Co Inc/The	9,139		144
				Roper Technologies Inc	3,110		546
Aspen Insurance Holdings Ltd	122,280		5,687	SPX FLOW Inc (a)	4,070		97
Assurant Inc	27,280		2,219
Assured Guaranty Ltd	191,234		4,548	Xylem Inc/NY	13,721		493
Axis Capital Holdings Ltd	5,035		271		$		2,481
Brown & Brown Inc	58,183		1,760	Media - 2.02%
Cincinnati Financial Corp	13,491		778	Cable One Inc	228		98

See accompanying notes

143

Schedule of Investments
MidCap Value Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Media (continued)				Oil & Gas (continued)
Cablevision Systems Corp	8,675	$	277	Newfield Exploration Co (a)	188,770	$	5,488
Discovery Communications Inc - A Shares (a)	239,611		6,611	Noble Corp plc	17,654		138
Discovery Communications Inc - C Shares (a)	4,673		127	Noble Energy Inc	327,895		10,614
Gannett Co Inc	28,247		419	Patterson-UTI Energy Inc	10,623		153
John Wiley & Sons Inc	18,015		753	PBF Energy Inc	6,674		234
Liberty Broadband Corp - A Shares (a)	5,770		275	Pioneer Natural Resources Co	126,842		15,722
Liberty Broadband Corp - C Shares (a)	4,423		208	QEP Resources Inc	12,165		156
Liberty Media Corp - A Shares (a)	6,958		255	Range Resources Corp	10,250		303
Liberty Media Corp - C Shares (a)	259,687		9,242	Rice Energy Inc (a)	39,828		465
News Corp - A Shares	19,159		248	Rowan Cos Plc	118,961		1,505
News Corp - B Shares	8,479		113	Seadrill Ltd (a)	30,865		64
Scripps Networks Interactive Inc	132,146		8,057	SM Energy Co	5,236		73
Starz (a)	37,110		1,055	Southwestern Energy Co (a)	25,721		229
TEGNA Inc	58,046		1,394	Tesoro Corp	49,889		4,352
Tribune Media Co	5,271		174	Whiting Petroleum Corp (a)	13,216		97
	$		29,306	WPX Energy Inc (a)	86,314		468
Metal Fabrication & Hardware - 0.02%					$		86,899
Timken Co/The	5,563		148	Oil & Gas Services - 0.32%
Valmont Industries Inc	1,675		178	Cameron International Corp (a)	9,599		630
	$		326	Dril-Quip Inc (a)	3,351		197
				FMC Technologies Inc (a)	11,003		277
Mining - 0.10%				Frank's International NV	3,433		50
Alcoa Inc	65,682		479	National Oilwell Varco Inc	64,387		2,095
Freeport-McMoRan Inc	56,510		260	NOW Inc (a)	7,229		98
Newmont Mining Corp	35,703		712	Oceaneering International Inc	5,764		195
Tahoe Resources Inc	9,534		74	RPC Inc	4,678		59
	$		1,525	Superior Energy Services Inc	11,237		116
Miscellaneous Manufacturers - 1.94%				Targa Resources Corp	2,672		60
AO Smith Corp	13,983		977	Weatherford International PLC (a)	124,553		839
AptarGroup Inc	3,602		263		$		4,616
Carlisle Cos Inc	11,624		973	Packaging & Containers - 1.19%
Colfax Corp (a)	6,949		154
				Ball Corp	28,881		1,930
Crane Co	3,642		174	Bemis Co Inc	42,721		2,045
Donaldson Co Inc	1,382		39	Crown Holdings Inc (a)	36,675		1,683
Dover Corp	11,489		671	Graphic Packaging Holding Co	10,765		122
Ingersoll-Rand PLC	293,649		15,113	Owens-Illinois Inc (a)	10,490		136
ITT Corp	6,502		211	Packaging Corp of America	126,260		6,418
Parker-Hannifin Corp	3,805		370	Sonoco Products Co	57,501		2,271
Pentair PLC	11,847		558	WestRock Co	74,346		2,623
SPX Corp	30,930		288		$		17,228
Textron Inc	201,906		6,909
Trinity Industries Inc	66,044		1,415	Pharmaceuticals - 1.98%
	$		28,115	Alkermes PLC (a)	1,664		53
				Cardinal Health Inc	11,658		949
Office & Business Equipment - 0.30%				Endo International PLC (a)	193,922		10,757
Pitney Bowes Inc	9,264		182	Express Scripts Holding Co (a)	4,759		342
Xerox Corp	426,596		4,159	Herbalife Ltd (a)	677		31
	$		4,341	Mallinckrodt PLC (a)	3,554		207
Oil & Gas - 5.98%				Mylan NV (a)	127,208		6,703
Antero Resources Corp (a)	432,032		11,738	Perrigo Co PLC	61,131		8,838
California Resources Corp	26,302		38	Quintiles Transnational Holdings Inc (a)	1,720		105
Cheniere Energy Inc (a)	37,188		1,118	VCA Inc (a)	13,606		697
Cimarex Energy Co	5,786		538		$		28,682
Cobalt International Energy Inc (a)	24,893		94
Concho Resources Inc (a)	139,563		13,276	Pipelines - 0.18%
Continental Resources Inc/OK (a)	7,803		165	Columbia Pipeline Group Inc	128,672		2,387
				ONEOK Inc	8,004		199
CVR Energy Inc	1,173		41		$		2,586
Diamond Offshore Drilling Inc	5,013		93
Energen Corp	5,289		187	Real Estate - 0.39%
Ensco PLC	109,902		1,075	Alexander & Baldwin Inc	2,651		80
EP Energy Corp (a)	6,821		26	CBRE Group Inc (a)	25,109		702
EQT Corp	32,160		1,986	Four Corners Property Trust Inc	10,762		182
Gulfport Energy Corp (a)	348,993		10,312	Jones Lang LaSalle Inc	25,815		3,633
Helmerich & Payne Inc	12,107		615	Realogy Holdings Corp (a)	33,809		1,109
Hess Corp	40,484		1,720	RMR Group Inc/The (a)	913		19
HollyFrontier Corp	57,051		1,995		$		5,725
Kosmos Energy Ltd (a)	13,539		62
Laredo Petroleum Inc (a)	8,488		66	REITS - 13.01%
Marathon Oil Corp	73,942		719	Alexandria Real Estate Equities Inc	37,899		3,000
Murphy Oil Corp	18,206		357	American Campus Communities Inc	10,674		450
Murphy USA Inc (a)	7,750		448	American Capital Agency Corp	17,693		302
Nabors Industries Ltd	22,993		169	American Homes 4 Rent	10,861		163
				Annaly Capital Management Inc	202,672		1,926

See accompanying notes

144

Schedule of Investments
MidCap Value Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
REITS (continued)				Retail (continued)
Apartment Investment & Management Co	15,087	$	591	Dick's Sporting Goods Inc	1,955	$	76
Apple Hospitality REIT Inc	12,659		232	Dillard's Inc	1,313		92
AvalonBay Communities Inc	15,926		2,731	DSW Inc	4,600		110
Boston Properties Inc	6,514		757	Foot Locker Inc	2,266		153
Brandywine Realty Trust	12,541		161	GameStop Corp	7,152		187
Brixmor Property Group Inc	649,869		17,300	Gap Inc/The	217,355		5,373
Camden Property Trust	11,585		884	JC Penney Co Inc (a)	19,755		143
Care Capital Properties Inc	6,010		180	Kohl's Corp	13,114		652
CBL & Associates Properties Inc	56,608		608	L Brands Inc	20,139		1,936
Chimera Investment Corp	303,602		3,762	Liberty Interactive Corp QVC Group (a)	21,007		548
Columbia Property Trust Inc	8,182		182	Macy's Inc	6,582		266
Corporate Office Properties Trust	11,244		251	MSC Industrial Direct Co Inc	2,401		156
Corrections Corp of America	19,397		559	Nu Skin Enterprises Inc	2,972		94
DDR Corp	715,909		12,249	Office Depot Inc (a)	30,089		155
Digital Realty Trust Inc	3,126		250	Penske Automotive Group Inc	1,939		61
Douglas Emmett Inc	41,502		1,227	PVH Corp	4,122		303
Duke Realty Corp	131,141		2,640	Rite Aid Corp (a)	20,286		158
Empire State Realty Trust Inc	5,156		85	Sally Beauty Holdings Inc (a)	259,289		7,146
Equity Commonwealth (a)	92,628		2,490	Sears Holdings Corp (a)	731		12
Equity LifeStyle Properties Inc	17,429		1,149	Staples Inc	994,345		8,870
Essex Property Trust Inc	4,850		1,033	Tiffany & Co	1,391		89
Federal Realty Investment Trust	72,370		10,916	Urban Outfitters Inc (a)	200,683		4,592
General Growth Properties Inc	103,222		2,895	Vista Outdoor Inc (a)	4,824		233
HCP Inc	23,156		832	Wendy's Co/The	13,279		136
Healthcare Trust of America Inc	34,307		962	Williams-Sonoma Inc	149,312		7,713
Hospitality Properties Trust	58,519		1,381	World Fuel Services Corp	4,244		165
Host Hotels & Resorts Inc	54,681		757		$		43,048
Iron Mountain Inc	40,837		1,125
Kilroy Realty Corp	4,390		245	Savings & Loans - 0.30%
Kimco Realty Corp	222,384		6,047	First Niagara Financial Group Inc	26,064		255
Liberty Property Trust	15,010		441	New York Community Bancorp Inc	43,980		680
Macerich Co/The	7,937		619	People's United Financial Inc	204,464		2,938
MFA Financial Inc	732,838		4,653	TFS Financial Corp	5,610		98
Mid-America Apartment Communities Inc	104,140		9,770	Washington Federal Inc	17,351		371
National Retail Properties Inc	39,165		1,682		$		4,342
NorthStar Realty Europe Corp	13,940		132	Semiconductors - 1.66%
NorthStar Realty Finance Corp	39,270		466	Analog Devices Inc	4,475		241
Omega Healthcare Investors Inc	6,632		210	Applied Materials Inc	23,514		415
Outfront Media Inc	8,889		193	Cree Inc (a)	6,798		190
Paramount Group Inc	12,713		209	Intersil Corp	171,824		2,234
Piedmont Office Realty Trust Inc	10,955		203	Lam Research Corp	4,118		295
Plum Creek Timber Co Inc	10,152		411	Marvell Technology Group Ltd	29,912		265
Post Properties Inc	52,812		3,026	Maxim Integrated Products Inc	344,905		11,520
Prologis Inc	379,286		14,971	NVIDIA Corp	41,535		1,216
Rayonier Inc	8,958		189	NXP Semiconductors NV (a)	6,214		465
Realty Income Corp	18,239		1,018	ON Semiconductor Corp (a)	38,233		327
Regency Centers Corp	56,249		4,071	Teradyne Inc	14,976		291
Retail Properties of America Inc	126,963		1,969	Xilinx Inc	131,912		6,632
RLJ Lodging Trust	542,945		9,930		$		24,091
Senior Housing Properties Trust	26,570		385
SL Green Realty Corp	9,946		960	Software - 2.20%
Spirit Realty Capital Inc	30,299		318	Activision Blizzard Inc	35,612		1,240
Starwood Property Trust Inc	805,016		15,327	Allscripts Healthcare Solutions Inc (a)	8,611		119
Tanger Factory Outlet Centers Inc	16,904		541	ANSYS Inc (a)	24,220		2,136
Taubman Centers Inc	1,949		138	Autodesk Inc (a)	2,937		138
Two Harbors Investment Corp	111,345		846	Black Knight Financial Services Inc (a)	329		10
UDR Inc	27,947		995	CA Inc	47,087		1,353
Urban Edge Properties	12,202		297	Dun & Bradstreet Corp/The	8,842		871
Ventas Inc	268,838		14,872	Fidelity National Information Services Inc	234,261		13,992
VEREIT Inc	45,399		350	First Data Corp (a)	310,577		4,152
Vornado Realty Trust	163,394		14,454	Nuance Communications Inc (a)	12,621		222
Weingarten Realty Investors	81,689		2,851	Paychex Inc	53,174		2,545
Welltower Inc	14,374		894	SS&C Technologies Holdings Inc	423		27
Weyerhaeuser Co	32,695		837	VMware Inc (a)	111,043		5,080
WP Carey Inc	5,652		329	Zynga Inc (a)	50,995		125
	$		188,879		$		32,010
Retail - 2.96%				Telecommunications - 1.07%
Best Buy Co Inc	22,231		621	ARRIS International PLC (a)	5,685		145
Cabela's Inc (a)	2,969		125	AT&T Inc	33,374		1,203
CarMax Inc (a)	7,710		341	CenturyLink Inc	67,653		1,719
Coach Inc	16,698		619	CommScope Holding Co Inc (a)	4,099		92
CST Brands Inc	1,092		42	EchoStar Corp (a)	3,139		110
Darden Restaurants Inc	29,816		1,881	Frontier Communications Corp	58,257		265

See accompanying notes

145

Schedule of Investments
MidCap Value Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)		Shares Held	Value(000		's)			Portfolio Summary (unaudited)
						Sector						Percent
Telecommunications (continued)						Financial						33.40	%
Juniper Networks Inc		130,739		$3,086
Level 3 Communications Inc (a)		17,455		852		Consumer, Non-cyclical						12.85	%
Motorola Solutions Inc		30,117		2,011		Utilities						11.29	%
Sprint Corp (a)		47,964		145		Industrial						8.40	%
Telephone & Data Systems Inc		68,065		1,578		Consumer, Cyclical						7.25	%
United States Cellular Corp (a)		3,508		132		Energy						6.52	%
Viavi Solutions Inc (a)		842,579		4,213		Technology						6.17	%
Zayo Group Holdings Inc (a)		1,225		31		Communications						5.43	%
						Exchange Traded Funds						4.03	%
			$	15,582		Basic Materials						3.11	%
Textiles - 0.33%						Diversified						0.02	%
Mohawk Industries Inc (a)		29,067		4,837		Other Assets in Excess of Liabilities, Net						1.53	%
						TOTAL NET ASSETS						100.00	%
Toys, Games & Hobbies - 0.04%
Hasbro Inc		2,126		158
Mattel Inc		16,970		468
			$	626
Transportation - 0.46%
Genesee & Wyoming Inc (a)		2,479		123
Golar LNG Ltd		5,781		108
Kansas City Southern		5,545		393
Kirby Corp (a)		114,834		5,816
Ryder System Inc		3,553		189
Teekay Corp		3,725		25
			$	6,654
Trucking & Leasing - 0.02%
AMERCO		305		112
GATX Corp		3,048		125
			$	237
Water - 0.64%
American Water Works Co Inc		87,785		5,698
Aqua America Inc		113,662		3,584
			$	9,282
TOTAL COMMON STOCKS			$	1,371,342
INVESTMENT COMPANIES - 4.03%		Shares Held	Value(000		's)
Publicly Traded Investment Fund - 4.03%
BlackRock Liquidity Funds FedFund Portfolio		22,727,240		22,727
Cash Account Trust - Government & Agency		1,142,636		1,143
Portfolio - Government Cash Managed
First American Government Obligations Fund		34,605,579		34,605
			$	58,475
TOTAL INVESTMENT COMPANIES			$	58,475
Total Investments			$	1,429,817
Other Assets in Excess of Liabilities, Net - 1.53%			$	22,228
TOTAL NET ASSETS - 100.00%			$	1,452,045
(a)	Non-Income Producing Security
(b)	Fair value of these investments is determined in good faith by the Manager
	under procedures established and periodically reviewed by the Board of
	Directors. At the end of the period, the fair value of these securities totaled
	$0 or 0.00% of net assets.
(c)	Security is Illiquid. At the end of the period, the value of these securities
	totaled $0 or 0.00% of net assets.
Futures Contracts
												Unrealized
Type		Long/Short				Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
S&P Mid 400 Emini; March 2016		Long		476			$	62,334	$	62,584	$	250
Total										$		250
Amounts in thousands except contracts

See accompanying notes

146

Schedule of Investments
MidCap Value Fund III
January 31, 2016 (unaudited)
COMMON STOCKS - 95.16%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Advertising - 0.02%				Building Materials - 3.00%
Clear Channel Outdoor Holdings Inc	1,043	$	5	Armstrong World Industries Inc (a)	779	$	30
Nielsen Holdings PLC	3,644		176	CRH PLC ADR	410,654		11,055
	$		181	Fortune Brands Home & Security Inc	4,906		238
				Martin Marietta Materials Inc	1,838		231
Aerospace & Defense - 3.16%				Owens Corning	369,342		17,060
Harris Corp	3,276		285	Vulcan Materials Co	3,673		324
L-3 Communications Holdings Inc	2,623		307		$		28,938
Orbital ATK Inc	106,972		9,652
Spirit AeroSystems Holdings Inc (a)	475,670		20,168	Chemicals - 2.59%
Triumph Group Inc	2,034		52	Airgas Inc	1,677		235
	$		30,464	Albemarle Corp	3,574		188
				Ashland Inc	1,822		173
Agriculture - 2.03%				Cabot Corp	112,918		4,555
Bunge Ltd	4,576		284	Celanese Corp	6,725		428
Reynolds American Inc	385,953		19,278	Eastman Chemical Co	88,027		5,388
	$		19,562	FMC Corp	283,273		10,119
Airlines - 0.02%				Huntsman Corp	3,617		31
JetBlue Airways Corp (a)	10,250		218	Mosaic Co/The	15,494		373
				Platform Specialty Products Corp (a)	4,964		38
				Westlake Chemical Corp	77,009		3,502
Apparel - 1.95%					$		25,030
Hanesbrands Inc	607,245		18,564
Ralph Lauren Corp	2,491		280	Coal - 0.01%
	$		18,844	CONSOL Energy Inc	9,348		74
Automobile Manufacturers - 0.01%
PACCAR Inc	1,060		52	Commercial Services - 1.59%
				Aaron's Inc	2,491		57
				ADT Corp/The	8,309		246
Automobile Parts & Equipment - 1.90%				Aramark	508		16
Allison Transmission Holdings Inc	3,962		94	Booz Allen Hamilton Holding Corp	458		13
Delphi Automotive PLC	96,213		6,248	Equifax Inc	54,000		5,713
Goodyear Tire & Rubber Co/The	417,762		11,869	H&R Block Inc	485		16
Lear Corp	1,268		132	KAR Auction Services Inc	3,029		101
	$		18,343	ManpowerGroup Inc	3,611		276
				Quanta Services Inc (a)	5,537		104
Banks - 5.42%
Associated Banc-Corp	7,110		125	RR Donnelley & Sons Co	5,036		70
Bank of Hawaii Corp	2,065		124	Total System Services Inc	216,922		8,712
BankUnited Inc	4,616		156		$		15,324
BOK Financial Corp	1,259		63	Computers - 2.96%
Capital One Financial Corp	162,895		10,689	3D Systems Corp (a)	2,921		23
CIT Group Inc	8,584		252	Amdocs Ltd	259,995		14,232
Citizens Financial Group Inc	16,321		347	Brocade Communications Systems Inc	18,882		151
Comerica Inc	8,554		293	Computer Sciences Corp	5,859		188
Commerce Bancshares Inc/MO	3,986		164	CSRA Inc	5,861		157
Cullen/Frost Bankers Inc	2,555		122	DST Systems Inc	367		39
East West Bancorp Inc	4,581		148	IHS Inc (a)	642		67
Fifth Third Bancorp	637,411		10,071	Leidos Holdings Inc	71,599		3,302
First Republic Bank/CA	4,512		307	Lexmark International Inc	2,812		79
Huntington Bancshares Inc/OH	549,158		4,712	NCR Corp (a)	7,591		162
KeyCorp	27,030		302	NetApp Inc	10,747		236
M&T Bank Corp	5,087		560	SanDisk Corp	6,623		468
Northern Trust Corp	7,435		462	Synopsys Inc (a)	208,299		8,936
PacWest Bancorp	69,164		2,539	Teradata Corp (a)	1,513		37
Popular Inc	4,753		119	Western Digital Corp	10,142		487
Regions Financial Corp	60,077		488		$		28,564
Signature Bank/New York NY (a)	130		18
SunTrust Banks Inc	431,821		15,796	Consumer Products - 0.79%
SVB Financial Group (a)	612		62	Avery Dennison Corp	121,997		7,429
Synovus Financial Corp	6,110		187	Clorox Co/The	1,822		235
TCF Financial Corp	7,355		88		$		7,664
Valley National Bancorp	445,191		3,918	Cosmetics & Personal Care - 0.02%
Zions Bancorporation	8,390		190	Avon Products Inc	17,589		60
	$		52,302	Edgewell Personal Care Co	1,977		146
Beverages - 0.04%					$		206
Brown-Forman Corp - A Shares	76		8	Distribution & Wholesale - 0.76%
Brown-Forman Corp - B Shares	258		25	Fossil Group Inc (a)	419		14
Molson Coors Brewing Co	4,393		398	Genuine Parts Co	1,094		94
	$		431	Ingram Micro Inc	253,578		7,150
Biotechnology - 0.02%				WESCO International Inc (a)	2,045		83
Alnylam Pharmaceuticals Inc (a)	536		37		$		7,341
Bio-Rad Laboratories Inc (a)	889		113
				Diversified Financial Services - 4.90%
	$		150	Air Lease Corp	4,306		111

See accompanying notes

147

Schedule of Investments
MidCap Value Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Diversified Financial Services (continued)				Engineering & Construction - 0.57%
Ally Financial Inc (a)	14,207	$	225	AECOM (a)	5,761	$	158
Ameriprise Financial Inc	107,197		9,718	Chicago Bridge & Iron Co NV ADR	4,284		166
CoreLogic Inc/United States (a)	2,150		77	Fluor Corp	6,860		308
Discover Financial Services	220,196		10,083	Jacobs Engineering Group Inc (a)	6,078		238
E*TRADE Financial Corp (a)	9,213		217	KBR Inc	313,493		4,471
FNF Group	8,936		289	SBA Communications Corp (a)	2,084		207
Interactive Brokers Group Inc - A Shares	2,524		81		$		5,548
Intercontinental Exchange Inc	2,283		602
Invesco Ltd	16,228		486	Entertainment - 0.72%
Legg Mason Inc	2,822		86	Dolby Laboratories Inc	2,323		84
Nasdaq Inc	3,688		229	Gaming and Leisure Properties Inc	3,331		87
Navient Corp	751,599		7,185	International Game Technology PLC	1,527		22
OneMain Holdings Inc (a)	2,341		62	SeaWorld Entertainment Inc	354,718		6,761
Raymond James Financial Inc	6,445		282		$		6,954
Santander Consumer USA Holdings Inc (a)	3,374		35	Environmental Control - 0.07%
SLM Corp (a)	826,743		5,291	Republic Services Inc	7,725		338
Synchrony Financial (a)	430,952		12,248	Waste Connections Inc	5,842		350
TD Ameritrade Holding Corp	1,224		34		$		688
Waddell & Reed Financial Inc	395		11
	$		47,352	Food - 2.24%
				Blue Buffalo Pet Products Inc (a)	549		9
Electric - 8.04%				Campbell Soup Co	4,618		261
AES Corp/VA	37,455		356	ConAgra Foods Inc	16,875		703
Alliant Energy Corp	3,599		235	Flowers Foods Inc	756		16
Ameren Corp	216,401		9,721	Ingredion Inc	103,548		10,429
Avangrid Inc (a)	2,455		94	JM Smucker Co/The	5,620		721
Calpine Corp (a)	10,501		161	Kellogg Co	773		57
CMS Energy Corp	13,724		534	Pilgrim's Pride Corp (a)	2,261		50
Consolidated Edison Inc	13,515		938	Pinnacle Foods Inc	3,716		159
DTE Energy Co	8,589		730	Safeway, Inc. - CVR - Casa Ley (a),(b)	8,276		—
Edison International	10,381		641	Safeway, Inc. - CVR - Property Development	8,276		—
Entergy Corp	5,719		404	Centers (a),(b),(c)
Eversource Energy	10,120		544	Sysco Corp	13,016		518
FirstEnergy Corp	301,447		9,966	Tyson Foods Inc	162,342		8,663
Great Plains Energy Inc	6,384		178	Whole Foods Market Inc	937		27
Hawaiian Electric Industries Inc	4,508		135		$		21,613
ITC Holdings Corp	3,138		125
MDU Resources Group Inc	8,190		138	Forest Products & Paper - 0.02%
NRG Energy Inc	13,009		138	Domtar Corp	2,949		95
OGE Energy Corp	6,369		167	International Paper Co	2,071		71
Pepco Holdings Inc	8,021		214		$		166
Pinnacle West Capital Corp	166,763		11,058	Gas - 0.92%
PPL Corp	392,006		13,744	AGL Resources Inc	6,346		403
Public Service Enterprise Group Inc	391,540		16,171	Atmos Energy Corp	39,823		2,757
SCANA Corp	7,309		460	CenterPoint Energy Inc	226,027		4,039
TECO Energy Inc	13,047		354	National Fuel Gas Co	3,470		157
WEC Energy Group Inc	10,059		556	NiSource Inc	16,318		343
Westar Energy Inc	4,500		196	Questar Corp	7,178		146
Xcel Energy Inc	251,729		9,621	Sempra Energy	7,888		747
	$		77,579	UGI Corp	5,497		187
Electrical Components & Equipment - 0.02%				Vectren Corp	3,501		147
Energizer Holdings Inc	2,534		81		$		8,926
Hubbell Inc	1,593		144	Hand & Machine Tools - 1.34%
	$		225	Kennametal Inc	3,512		62
Electronics - 1.64%				Lincoln Electric Holdings Inc	547		29
Agilent Technologies Inc	10,610		400	Regal Beloit Corp	1,927		108
Arrow Electronics Inc (a)	4,208		217	Stanley Black & Decker Inc	134,860		12,723
Avnet Inc	6,983		279		$		12,922
Fitbit Inc (a)	1,236		21
				Healthcare - Products - 1.21%
FLIR Systems Inc	2,506		73	Bio-Techne Corp	926		76
Garmin Ltd	4,921		173	Boston Scientific Corp (a)	39,387		690
Gentex Corp	6,476		89	Cooper Cos Inc/The	493		65
Jabil Circuit Inc	7,252		144	DENTSPLY International Inc	5,344		315
Keysight Technologies Inc (a)	1,509		35
				Hill-Rom Holdings Inc	264		13
National Instruments Corp	3,965		113	Patterson Cos Inc	1,687		72
PerkinElmer Inc	3,050		147	QIAGEN NV (a)	11,273		256
Trimble Navigation Ltd (a)	7,845		151
				St Jude Medical Inc	178,421		9,432
Tyco International Plc	405,832		13,957	Teleflex Inc	2,084		283
	$		15,799	VWR Corp (a)	787		19
Energy - Alternate Sources - 0.03%				Zimmer Biomet Holdings Inc	5,092		505
First Solar Inc (a)	3,937		270		$		11,726

See accompanying notes

148

Schedule of Investments
MidCap Value Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Healthcare - Services - 4.06%				Internet (continued)
Brookdale Senior Living Inc (a)	6,064	$	99	Match Group Inc (a)	639	$	8
Cigna Corp	117,447		15,691	Symantec Corp	21,691		430
Community Health Systems Inc (a)	5,015		108		$		506
DaVita HealthCare Partners Inc (a)	5,823		391
Health Net Inc/CA (a)	41,582		2,753	Iron & Steel - 0.10%
Laboratory Corp of America Holdings (a)	3,186		358	Nucor Corp	14,587		570
LifePoint Health Inc (a)	125,020		8,725	Reliance Steel & Aluminum Co	3,313		189
MEDNAX Inc (a)	68,349		4,747	Steel Dynamics Inc	9,558		175
Quest Diagnostics Inc	6,720		441		$		934
Universal Health Services Inc	51,921		5,849	Leisure Products & Services - 2.78%
	$		39,162	Brunswick Corp/DE	1,098		44
				Harley-Davidson Inc	4,421		177
Holding Companies - Diversified - 0.02%				Norwegian Cruise Line Holdings Ltd (a)	226,234		10,264
Leucadia National Corp	9,032		150
				Royal Caribbean Cruises Ltd	199,586		16,358
					$		26,843
Home Builders - 0.07%
DR Horton Inc	9,349		257	Lodging - 0.04%
				Hyatt Hotels Corp (a)	1,474		57
Lennar Corp - A Shares	3,372		142	MGM Resorts International (a)	13,197		265
Lennar Corp - B Shares	329		12
PulteGroup Inc	11,581		194	Wynn Resorts Ltd	289		19
Toll Brothers Inc (a)	3,645		101		$		341
	$		706	Machinery - Construction & Mining - 0.03%
Home Furnishings - 1.07%				Joy Global Inc	4,048		40
Whirlpool Corp	77,245		10,381	Oshkosh Corp	3,232		107
				Terex Corp	4,692		105
					$		252
Housewares - 0.02%
Newell Rubbermaid Inc	4,250		165	Machinery - Diversified - 1.42%
Scotts Miracle-Gro Co/The	329		23	AGCO Corp	3,354		164
Tupperware Brands Corp	202		9	BWX Technologies Inc	4,175		125
	$		197	CNH Industrial NV	1,198,698		7,504
				Flowserve Corp	3,600		139
Insurance - 6.92%				IDEX Corp	213		15
Alleghany Corp (a)	509		243	Manitowoc Co Inc/The	5,758		91
Allied World Assurance Co Holdings AG	4,230		155	Roper Technologies Inc	1,976		347
American Financial Group Inc/OH	4,313		306	SPX FLOW Inc (a)	84,218		2,007
American National Insurance Co	479		47	Xylem Inc/NY	93,182		3,350
AmTrust Financial Services Inc	50,949		2,914		$		13,742
Arch Capital Group Ltd (a)	6,468		437
Arthur J Gallagher & Co	2,406		91	Media - 0.30%
Aspen Insurance Holdings Ltd	101,990		4,744	Cable One Inc	144		62
Assurant Inc	2,155		175	Cablevision Systems Corp	5,514		176
Assured Guaranty Ltd	6,483		154	Discovery Communications Inc - A Shares (a)	796		22
Axis Capital Holdings Ltd	3,201		173	Discovery Communications Inc - C Shares (a)	2,944		80
Brown & Brown Inc	5,252		159	Gannett Co Inc	4,969		74
Cincinnati Financial Corp	8,507		490	John Wiley & Sons Inc	2,067		87
CNA Financial Corp	1,686		56	Liberty Broadband Corp - C Shares (a)	2,817		132
Endurance Specialty Holdings Ltd	193,877		12,007	Liberty Media Corp - A Shares (a)	4,422		162
Everest Re Group Ltd	79,095		14,154	Liberty Media Corp - C Shares (a)	9,694		345
Genworth Financial Inc (a)	22,776		63	Meredith Corp	28,003		1,185
Hanover Insurance Group Inc/The	2,075		169	News Corp - A Shares	12,189		158
Hartford Financial Services Group Inc/The	19,368		778	News Corp - B Shares	5,346		71
Lincoln National Corp	12,150		479	TEGNA Inc	11,000		264
Loews Corp	14,966		554	Tribune Media Co	3,366		111
Markel Corp (a)	398		335		$		2,929
Mercury General Corp	1,388		64	Metal Fabrication & Hardware - 0.02%
Old Republic International Corp	278,250		5,031	Timken Co/The	3,504		93
PartnerRe Ltd	1,520		213	Valmont Industries Inc	1,072		114
ProAssurance Corp	2,693		135		$		207
Progressive Corp/The	27,150		848
Reinsurance Group of America Inc	62,296		5,247	Mining - 0.10%
RenaissanceRe Holdings Ltd	2,729		307	Alcoa Inc	41,727		304
StanCorp Financial Group Inc	2,575		295	Freeport-McMoRan Inc	35,978		165
Torchmark Corp	6,752		367	Newmont Mining Corp	22,683		453
Unum Group	13,371		383	Tahoe Resources Inc	6,007		47
Validus Holdings Ltd	3,938		174		$		969
Voya Financial Inc	10,597		324
Willis Towers Watson PLC	124,218		14,219	Miscellaneous Manufacturers - 1.10%
WR Berkley Corp	3,100		156	AptarGroup Inc	2,290		167
XL Group PLC	9,771		354	Carlisle Cos Inc	2,528		212
				Colfax Corp (a)	4,448		98
	$		66,800
				Crane Co	2,326		111
Internet - 0.05%				Donaldson Co Inc	870		24
Expedia Inc	673		68	Dover Corp	7,298		427

See accompanying notes

149

Schedule of Investments
MidCap Value Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Miscellaneous Manufacturers (continued)				Packaging & Containers (continued)
Eaton Corp PLC	158,306	$	7,996	Sonoco Products Co	4,473	$	177
Ingersoll-Rand PLC	7,844		404	WestRock Co	11,236		396
ITT Corp	4,143		134		$		1,130
Parker-Hannifin Corp	2,416		235
Pentair PLC	7,526		355	Pharmaceuticals - 2.31%
				Alkermes PLC (a)	1,048		33
Textron Inc	9,758		334
Trinity Industries Inc	7,012		150	Cardinal Health Inc	258,287		21,017
				Endo International PLC (a)	4,608		256
	$		10,647	Herbalife Ltd (a)	427		20
Office & Business Equipment - 0.04%				Mallinckrodt PLC (a)	2,260		131
Pitney Bowes Inc	5,911		116	Perrigo Co PLC	5,089		736
Xerox Corp	32,260		314	Quintiles Transnational Holdings Inc (a)	1,084		66
	$		430	VCA Inc (a)	313		16
Oil & Gas - 3.45%					$		22,275
Antero Resources Corp (a)	3,165		86	Pipelines - 0.04%
California Resources Corp	16,630		24	Columbia Pipeline Group Inc	12,740		237
Cheniere Energy Inc (a)	7,537		226	ONEOK Inc	5,109		127
Cimarex Energy Co	3,013		280		$		364
Cobalt International Energy Inc (a)	15,683		59
Concho Resources Inc (a)	5,978		569	Real Estate - 1.11%
Continental Resources Inc/OK (a)	2,642		56	Four Corners Property Trust Inc	2,146		36
CVR Energy Inc	739		26	Jones Lang LaSalle Inc	74,958		10,548
				Realogy Holdings Corp (a)	2,990		98
Diamond Offshore Drilling Inc	3,102		58
Energen Corp	3,381		119		$		10,682
Ensco PLC	10,597		104	REITS - 8.50%
EP Energy Corp (a)	4,401		16	Alexandria Real Estate Equities Inc	3,710		294
EQT Corp	4,853		300	American Campus Communities Inc	6,780		286
Gulfport Energy Corp (a)	4,564		135	American Capital Agency Corp	11,174		191
Helmerich & Payne Inc	35,159		1,786	American Homes 4 Rent	6,968		104
Hess Corp	11,991		510	Annaly Capital Management Inc	30,198		287
HollyFrontier Corp	9,060		317	Apartment Investment & Management Co	190,809		7,470
Kosmos Energy Ltd (a)	7,869		36	Apple Hospitality REIT Inc	8,054		147
Laredo Petroleum Inc (a)	5,348		41	AvalonBay Communities Inc	5,965		1,023
Marathon Oil Corp	33,266		324	Boston Properties Inc	412		48
Murphy Oil Corp	7,505		147	Brandywine Realty Trust	8,011		103
Murphy USA Inc (a)	1,817		105	Brixmor Property Group Inc	7,815		208
Nabors Industries Ltd	14,495		107	Camden Property Trust	2,766		211
Newfield Exploration Co (a)	6,950		202	Care Capital Properties Inc	3,833		115
Noble Corp plc	490,124		3,818	CBL & Associates Properties Inc	8,360		90
Noble Energy Inc	19,118		619	Chimera Investment Corp	8,292		103
Patterson-UTI Energy Inc	6,695		96	Columbia Property Trust Inc	5,153		115
PBF Energy Inc	264,069		9,240	Corporate Office Properties Trust	208,887		4,658
Pioneer Natural Resources Co	4,756		590	Corrections Corp of America	5,172		149
QEP Resources Inc	7,669		98	DDR Corp	9,623		165
Range Resources Corp	6,525		193	Digital Realty Trust Inc	1,989		159
Rice Energy Inc (a)	3,124		36	Douglas Emmett Inc	6,536		193
Rowan Cos Plc	5,858		74	Duke Realty Corp	10,964		221
Seadrill Ltd (a)	19,098		40	Empire State Realty Trust Inc	3,249		54
SM Energy Co	3,359		47	Equity Commonwealth (a)	5,941		160
Southwestern Energy Co (a)	16,419		146	Equity LifeStyle Properties Inc	113,000		7,449
Tesoro Corp	143,856		12,551	Essex Property Trust Inc	54,968		11,714
Whiting Petroleum Corp (a)	8,334		61	General Growth Properties Inc	18,386		516
WPX Energy Inc (a)	10,667		58	HCP Inc	14,711		529
	$		33,300	Healthcare Trust of America Inc	5,235		147
Oil & Gas Services - 1.67%				Hospitality Properties Trust	6,622		156
Cameron International Corp (a)	224,097		14,714	Host Hotels & Resorts Inc	559,185		7,744
Dril-Quip Inc (a)	1,809		106	Iron Mountain Inc	4,106		113
FMC Technologies Inc (a)	6,991		176	Kilroy Realty Corp	2,790		156
Frank's International NV	2,163		32	Kimco Realty Corp	20,110		547
National Oilwell Varco Inc	18,671		607	Liberty Property Trust	6,816		200
NOW Inc (a)	4,555		62	Macerich Co/The	5,042		393
Oceaneering International Inc	3,649		123	MFA Financial Inc	16,251		103
RPC Inc	2,947		37	Mid-America Apartment Communities Inc	4,173		391
Superior Energy Services Inc	7,081		73	National Retail Properties Inc	7,734		332
Targa Resources Corp	1,648		37	Omega Healthcare Investors Inc	4,219		134
Weatherford International PLC (a)	24,603		166	Outfront Media Inc	5,667		123
	$		16,133	Paramount Group Inc	8,091		133
				Piedmont Office Realty Trust Inc	6,979		129
Packaging & Containers - 0.12%				Plum Creek Timber Co Inc	6,449		261
Bemis Co Inc	3,813		182	Post Properties Inc	73,798		4,228
Crown Holdings Inc (a)	4,593		211	Prologis Inc	16,698		659
Graphic Packaging Holding Co	6,783		77	Rayonier Inc	5,717		121
Owens-Illinois Inc (a)	6,718		87	Realty Income Corp	11,587		646

See accompanying notes

150

Schedule of Investments
MidCap Value Fund III
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)		Shares Held	Value(000			's)
REITS (continued)				Software (continued)
Regency Centers Corp	149,004	$	10,786	CA Inc		15,347		$	441
Retail Properties of America Inc	10,848		168	Dun & Bradstreet Corp/The		1,216			120
Senior Housing Properties Trust	10,280		149	Electronic Arts Inc (a)		72,471			4,678
SL Green Realty Corp	3,172		306	Fidelity National Information Services Inc		7,554			451
Spirit Realty Capital Inc	19,249		202	First Data Corp (a)		1,908			25
Starwood Property Trust Inc	10,611		202	Nuance Communications Inc (a)		8,026			141
Taubman Centers Inc	1,247		89	Paychex Inc		3,361			161
Two Harbors Investment Corp	16,470		125	SS&C Technologies Holdings Inc		267			17
UDR Inc	386,399		13,752	Zynga Inc (a)		32,134			79
Ventas Inc	10,543		583				$		7,274
VEREIT Inc	28,663		221
Vornado Realty Trust	5,999		531	Telecommunications - 0.83%
				ARRIS International PLC (a)		3,634			93
Weingarten Realty Investors	5,673		198
Welltower Inc	9,131		568	CenturyLink Inc		25,850			657
				CommScope Holding Co Inc (a)		2,583			58
Weyerhaeuser Co	20,768		532	EchoStar Corp (a)		1,978			70
WP Carey Inc	3,307		193
	$		82,083	Frontier Communications Corp		37,045			169
				Juniper Networks Inc		261,358			6,168
Retail - 4.18%				Level 3 Communications Inc (a)		11,088			541
Best Buy Co Inc	14,123		394	Sprint Corp (a)		30,229			91
Cabela's Inc (a)	1,870		79	Telephone & Data Systems Inc		3,895			90
Coach Inc	10,608		393	United States Cellular Corp (a)		523			20
CST Brands Inc	688		27	Viavi Solutions Inc (a)		11,401			57
Darden Restaurants Inc	173,922		10,967	Zayo Group Holdings Inc (a)		772			19
Dick's Sporting Goods Inc	1,231		48				$		8,033
Dillard's Inc	827		58
DSW Inc	2,900		70	Textiles - 0.47%
				Mohawk Industries Inc (a)		27,440			4,566
Foot Locker Inc	186,450		12,597
GameStop Corp	4,560		120
JC Penney Co Inc (a)	12,448		90	Toys, Games & Hobbies - 0.04%
Kohl's Corp	8,331		414	Hasbro Inc		1,359			101
L Brands Inc	140,019		13,463	Mattel Inc		10,781			297
Liberty Interactive Corp QVC Group (a)	13,016		339				$		398
Macy's Inc	4,183		169
MSC Industrial Direct Co Inc	1,536		100	Transportation - 1.16%
				Genesee & Wyoming Inc (a)		1,547			77
Nu Skin Enterprises Inc	1,839		58
Office Depot Inc (a)	19,221		99	Golar LNG Ltd		327,749			6,103
Penske Automotive Group Inc	1,222		38	Kansas City Southern		3,521			250
				Kirby Corp (a)		2,408			122
PVH Corp	2,618		192
Rite Aid Corp (a)	12,957		101	Ryder System Inc		86,644			4,606
Sears Holdings Corp (a)	489		8	Teekay Corp		2,391			16
Staples Inc	20,296		181				$		11,174
Tiffany & Co	860		55	Trucking & Leasing - 0.02%
Vista Outdoor Inc (a)	2,359		114
				AMERCO		196			72
Wendy's Co/The	8,371		86	GATX Corp		1,922			79
World Fuel Services Corp	2,735		107				$		151
	$		40,367
				Water - 0.07%
Savings & Loans - 2.49%				American Water Works Co Inc		8,280			537
First Niagara Financial Group Inc	344,464		3,372	Aqua America Inc		5,643			178
New York Community Bancorp Inc	851,152		13,176				$		715
People's United Financial Inc	514,691		7,396	TOTAL COMMON STOCKS			$		918,703
TFS Financial Corp	3,535		62	INVESTMENT COMPANIES - 4.36%		Shares Held	Value(000			's)
	$		24,006
				Publicly Traded Investment Fund - 4.36%
Semiconductors - 1.80%				BlackRock Liquidity Funds FedFund Portfolio		2,998,708			2,999
Analog Devices Inc	829		45	Cash Account Trust - Government & Agency		537,538			537
Applied Materials Inc	14,939		264	Portfolio - Government Cash Managed
Cree Inc (a)	4,333		121
				First American Government Obligations Fund		26,679,571			26,680
Lam Research Corp	2,616		188	Goldman Sachs Financial Square Funds -		11,899,892			11,900
Marvell Technology Group Ltd	19,064		169	Government Fund
Maxim Integrated Products Inc	5,917		197				$		42,116
Microchip Technology Inc	194,433		8,712
NVIDIA Corp	176,955		5,183	TOTAL INVESTMENT COMPANIES			$		42,116
ON Semiconductor Corp (a)	2,311		20	Total Investments			$		960,819
Teradyne Inc	104,513		2,031	Other Assets in Excess of Liabilities, Net - 0.48%			$		4,647
Xilinx Inc	9,360		470	TOTAL NET ASSETS - 100.00%			$		965,466
	$		17,400
Software - 0.75%				(a)	Non-Income Producing Security
Activision Blizzard Inc	22,625		788	(b)	Fair value of these investments is determined in good faith by the Manager
Allscripts Healthcare Solutions Inc (a)	5,426		75		under procedures established and periodically reviewed by the Board of
ANSYS Inc (a)	2,318		204		Directors. At the end of the period, the fair value of these securities totaled
Autodesk Inc (a)	1,880		88		$0 or 0.00% of net assets.
Black Knight Financial Services Inc (a)	190		6

See accompanying notes

151

Schedule of Investments
MidCap Value Fund III
January 31, 2016 (unaudited)

(c)      Security is Illiquid. At the end of the period, the value of these securities totaled $0 or 0.00% of net assets.

Portfolio Summary (unaudited)
Sector		Percent
Financial		29.34	%
Consumer, Non-cyclical		14.33	%
Consumer, Cyclical		14.03	%
Industrial		13.67	%
Utilities		9.03	%
Technology		5.53	%
Energy		5.20	%
Exchange Traded Funds		4.36	%
Basic Materials		2.81	%
Communications		1.20	%
Diversified		0.02	%
Other Assets in Excess of Liabilities, Net		0.48	%
TOTAL NET ASSETS		100.00	%
Futures Contracts
										Unrealized
Type	Long/Short	Contracts		Notional Value			Fair Value	Appreciation/(Depreciation)
S&P Mid 400 Emini; March 2016	Long	339		$	46,282	$	44,572		$	(1,710	)
Total								$		(1,710	)
Amounts in thousands except contracts

See accompanying notes

152

Schedule of Investments
Money Market Fund
January 31, 2016 (unaudited)
	INVESTMENT COMPANIES - 5.34%			Shares Held      Value (000's)					Principal
							MUNICIPAL BONDS - 5.03%		Amount (000's) Value (000's)
	Publicly Traded Investment Fund - 5.34%
	BlackRock Liquidity Funds TempFund			17,430,000	$	17,430	California - 0.79%
	Portfolio						Kern Water Bank Authority (credit support
	Deutsche Money Market Series			14,980,000		14,980	from Wells Fargo)
	Morgan Stanley Institutional Liquidity Funds -			4,900,000		4,900	0.42%, 02/05/2016(e)	$	4,367	$	4,367
	Government Portfolio						San Francisco City & County Redevelopment
	STIT - Liquid Assets Portfolio			18,000,000		18,000	Agency (credit support from Fannie Mae)
				$		55,310	0.32%, 02/05/2016(e)		3,800		3,800
	TOTAL INVESTMENT COMPANIES			$		55,310			$		8,167
				Principal			Colorado - 1.50%
	BONDS- 9.25	%		Amount (000's)      Value (000's)			City of Colorado Springs CO Utilities System
	Automobile Asset Backed Securities - 2.81%						Revenue (credit support from Mizuho Bank
	AmeriCredit Automobile Receivables 2015-4						LTD)
	0.50%, 11/08/2016		$	2,867	$	2,867	0.32%, 02/05/2016(e)		7,000		7,000
	AmeriCredit Automobile Receivables Trust						Colorado Housing & Finance
	2015-3						Authority (credit support from Federal Home
	0.50%, 08/08/2016(a)			1,114		1,114	Loan Bank)
	ARI Fleet Lease Trust 2015-A						0.39%, 02/05/2016(a),(e)		7,510		7,510
	0.40%, 04/15/2016(b)			332		332	County of Kit Carson CO (credit support from
	BMW Vehicle Lease Trust 2015-2						Wells Fargo)
	0.42%, 10/20/2016(a)			2,212		2,212	0.35%, 02/05/2016(e)		925		925
	Chrysler Capital Auto Receivables Trust 2015-								$		15,435
	B						Illinois - 1.09%
	0.48%, 11/15/2016(b)			3,114		3,114
							Memorial Health System/IL (credit support
	Enterprise Fleet Financing LLC						from JP Morgan Chase & Co)
	0.48%, 07/20/2016(a),(b)			2,017		2,016	0.35%, 02/05/2016(e)		11,295		11,295
	Ford Credit Auto Lease Trust 2015-B
	0.43%, 11/15/2016(a)			2,470		2,470
	Ford Credit Auto Owner Trust 2016-A						Maryland - 0.63%
	0.68%, 02/15/2017			7,600		7,600	City of Baltimore MD (credit support from
	GM Financial Automobile Leasing Trust						State Street Bank & Trust)
	2015-3						0.37%, 02/05/2016(e)		6,555		6,555
	0.45%, 10/20/2016(a)			2,217		2,217
	Hyundai Auto Lease Securitization Trust						Minnesota - 0.42%
	2016	-A
	0.68%, 02/15/2017(a),(b),(c)			5,200		5,200	City of St Paul MN (credit support from
							Wells Fargo)
				$		29,142	0.42%, 02/05/2016(e)		4,400		4,400
	Banks- 0.70	%
	Wells Fargo Bank NA						New Mexico - 0.29%
	0.77%, 02/21/2017(a)			7,200		7,200	City of Las Cruces NM (credit support from
							Wells Fargo)
	Diversified Financial Services - 2.29%						0.42%, 02/05/2016(e)		3,000		3,000
	Corporate Finance Managers Inc
	0.42%, 02/05/2016(a)			8,700		8,700	Oklahoma - 0.30%
	MetLife Inc						Oklahoma University Hospital (credit support
	0.43%, 08/17/2016(a),(d)			15,000		15,000	from Bank of America)
				$		23,700	0.40%, 02/05/2016(e)		3,100		3,100
	Healthcare - Services - 0.87%
	Portland Clinic LLP/The						Washington - 0.01%
	0.40%, 02/05/2016(a)			9,030		9,030	Washington State Housing Finance
							Commission (credit support from Fannie
							Mae)
	Insurance - 1.55%						0.50%, 02/05/2016(e)		85		85
	New York Life Global Funding Company
	0.32%, 07/22/2016(a),(d)			16,000		16,000
							TOTAL MUNICIPAL BONDS		$		52,037
									Principal
	Other Asset Backed Securities - 1.03%						COMMERCIAL PAPER - 71.64%		Amount (000's) Value (000's)
	Dell Equipment Finance Trust 2015-2
	0.53%, 10/24/2016(a),(b)			3,762		3,762	Agriculture - 1.54%
	MMAF Equipment Finance LLC 2015-A						Archer-Daniels-Midland Co
	0.39%, 06/03/2016(a),(b)			531		531	0.40%, 02/12/2016(b)	$	7,800	$	7,799
	Volvo Financial Equipment LLC Series 2016-						0.40%, 02/24/2016(b)		8,100		8,098
	1								$		15,897
	0.75%, 02/15/2017(b)			6,400		6,400
							Automobile Manufacturers - 3.30%
				$		10,693	BMW US Capital LLC (credit support from
	TOTAL BONDS			$		95,765	BMW AG)
							0.36%, 02/01/2016(b),(e)		5,500		5,500
							0.42%, 03/28/2016(b),(e)		8,000		7,995
							PACCAR Financial Corp (credit support from
							PACCAR Inc)
							0.50%, 04/27/2016(e)		7,100		7,091

See accompanying notes

153

Schedule of Investments
Money Market Fund
January 31, 2016 (unaudited)
				Principal					Principal
	COMMERCIAL PAPER (continued)			Amount (000's)      Value (000's)			COMMERCIAL PAPER (continued)		Amount (000's)  Value (000's)
	Automobile Manufacturers (continued)						Commercial Services - 3.10%
	Toyota Financial Services de Puerto Rico						Catholic Health Initiatives
	Inc (credit support from Toyota Financial						0.48%, 02/11/2016	$	5,413	$	5,412
	Services)						0.60%, 03/18/2016		5,900		5,895
	0.28%, 02/01/2016(e)		$	7,000	$	7,000	0.62%, 04/12/2016		6,000		5,993
	0.45%, 02/05/2016(e)			6,600		6,600	0.67%, 03/28/2016		8,500		8,491
				$		34,186	Salvation Army/United States
							0.50%, 03/22/2016		6,300		6,296
	Banks- 24.85	%							$		32,087
	Bank of Nova Scotia/The
	0.40%, 02/22/2016(b),(f)			4,100		4,099	Computers - 0.75%
	0.50%, 03/08/2016(b),(f)			7,000		6,997	International Business Machines Corp
	Bank of Tokyo-Mitsubishi UFJ Ltd/New York						0.42%, 03/23/2016(b)		7,800		7,795
	NY
	0.48%, 03/03/2016			7,000		6,997
	0.59%, 04/07/2016			6,800		6,793	Consumer Products - 0.58%
	BNP Paribas SA/New York NY						Reckitt Benckiser Treasury Services
	0.26%, 02/01/2016			12,000		12,000	PLC (credit support from Reckitt Benckiser
							Group)
	CAFCO LLC						0.35%, 02/04/2016(b),(e)		6,000		6,000
	0.60%, 03/21/2016(b)			8,000		7,993
	DBS Bank Ltd
	0.56%, 03/22/2016(b),(f)			9,000		8,992	Diversified Financial Services - 20.09%
	ING US Funding LLC (credit support from						Anglesea Funding LLC
	ING Bank)						0.37%, 02/10/2016(b)		9,300		9,299
	0.37%, 03/02/2016(e)			3,500		3,499	AXA Financial Inc (credit support from AXA
	0.42%, 03/15/2016(e)			7,000		6,997	SA)
	0.60%, 04/01/2016(e)			5,900		5,894	0.51%, 02/03/2016(b),(e)		4,700		4,700
	0.61%, 04/05/2016(e)			7,000		6,992	DCAT LLC
	Manhattan Asset Funding Co LLC						0.48%, 02/08/2016		7,800		7,799
	0.45%, 02/01/2016(b)			7,700		7,700	0.50%, 02/10/2016		6,000		5,999
	0.47%, 02/26/2016(b)			2,000		1,999	0.50%, 02/19/2016		8,000		7,998
	0.51%, 02/08/2016(b)			8,000		7,999	0.53%, 03/01/2016		3,000		2,999
	0.62%, 04/25/2016(b)			7,000		6,990	Fairway Finance Co LLC
	Mitsubishi UFJ Trust & Banking Corp/NY						0.32%, 03/07/2016(b)		5,600		5,598
	0.69%, 05/03/2016			7,000		6,988	0.35%, 02/08/2016(b)		7,000		7,000
	Mizuho Bank Ltd/NY						Gotham Funding Corp
	0.31%, 02/04/2016(b)			8,000		8,000	0.50%, 03/14/2016(b)		5,900		5,897
	0.58%, 04/08/2016(b)			7,600		7,592	0.50%, 03/24/2016(b)		7,000		6,995
	0.71%, 05/06/2016(b)			8,000		7,985	0.50%, 03/31/2016(b)		8,700		8,693
	Nordea Bank AB						Intercontinental Exchange Inc
	0.31%, 02/12/2016(b),(f)			7,000		6,999	0.43%, 02/04/2016(b)		6,000		6,000
	0.56%, 04/04/2016(b),(f)			7,700		7,693	0.50%, 03/15/2016(b)		6,700		6,696
	Oversea-Chinese Banking Corp Ltd						0.60%, 02/01/2016(b)		6,800		6,800
	0.42%, 02/16/2016(f)			3,000		2,999	JP Morgan Securities LLC
	Sheffield Receivables Co LLC						0.48%, 03/18/2016(b)		2,500		2,498
	0.42%, 02/03/2016(b)			7,500		7,500	Liberty Street Funding LLC
	0.50%, 02/18/2016(b)			6,500		6,498	0.46%, 02/08/2016(b)		6,500		6,499
	0.75%, 03/17/2016(b)			8,000		7,993	0.59%, 03/09/2016(b)		7,000		6,996
	Skandinaviska Enskilda Banken AB						0.59%, 03/14/2016(b)		7,000		6,995
	0.33%, 02/16/2016(b),(f)			7,000		6,999	0.63%, 03/22/2016(b)		4,500		4,496
	Societe Generale SA						National Rural Utilities Cooperative Finance
	0.42%, 02/01/2016(b),(f)			6,250		6,250	Corp
	0.47%, 02/26/2016(b),(f)			7,000		6,998	0.37%, 02/09/2016		7,800		7,799
	Standard Chartered Bank/New York						0.40%, 02/03/2016		8,000		8,000
	0.42%, 02/25/2016(b)			6,800		6,798	0.41%, 02/04/2016		6,000		6,000
	0.65%, 04/04/2016(b)			7,700		7,691	Nieuw Amsterdam Receivables Corp
	0.67%, 04/28/2016(b)			7,000		6,989	0.39%, 02/16/2016(b)		7,000		6,999
	0.70%, 06/01/2016(b)			2,250		2,245	0.45%, 03/04/2016(b)		8,000		7,997
	Sumitomo Mitsui Banking Corp						0.46%, 02/02/2016(b)		7,000		7,000
	0.47%, 03/07/2016(b),(f)			8,000		7,996	Ontario Teachers' Finance Trust (credit
	0.48%, 02/23/2016(b),(f)			8,000		7,998	support from Ontario Teachers Pension Plan
	0.65%, 03/16/2016(b),(f)			8,200		8,193	Board)
	United Overseas Bank Ltd						0.41%, 02/05/2016(b),(e)		7,800		7,800
	0.60%, 04/18/2016(b),(f)			6,000		5,992	0.50%, 04/01/2016(b),(e)		7,000		6,994
	0.60%, 05/02/2016(b),(f)			4,000		3,994	0.64%, 03/21/2016(b),(e)		7,800		7,793
	0.63%, 04/25/2016(b),(f)			7,000		6,990	Regency Markets No. 1 LLC
				$		257,321	0.43%, 02/11/2016(b)		8,000		7,999
							0.43%, 02/16/2016(b)		7,000		6,999
	Beverages - 1.50%						0.43%, 02/22/2016(b)		6,700		6,698
	Brown-Forman Corp								$		208,035
	0.47%, 02/19/2016(b)			7,000		6,998
	0.50%, 02/05/2016(b)			8,500		8,500	Electric - 3.77%
				$		15,498	Engie SA
							0.50%, 02/23/2016(b)		7,800		7,798

See accompanying notes

154

Schedule of Investments
Money Market Fund
January 31, 2016 (unaudited)
				Principal						Principal
	COMMERCIAL PAPER (continued)			Amount (000's)        Value (000's)			CERTIFICATE OF DEPOSIT (continued)		Amount (000's)		Value(000			's)
	Electric (continued)						Banks (continued)
	Engie SA (continued)						Citibank NA (continued)
	0.55%, 03/07/2016(b)		$	4,500	$	4,498		0.50%, 04/11/2016	$	8,000		$	8,000
	0.55%, 03/10/2016(b)			5,800		5,797					$		43,300
	0.58%, 03/29/2016(b)			7,000		6,993	TOTAL CERTIFICATE OF DEPOSIT				$		43,300
	Oglethorpe Power Corp									Maturity
	0.50%, 02/18/2016(b)			8,000		7,998	REPURCHASE AGREEMENTS - 5.70%		Amount (000's)		Value(000			's)
	0.60%, 03/11/2016(b)			6,000		5,996
				$		39,080	Banks - 5.70%
							Credit Suisse Repurchase Agreement; 0.34%		$	32,001	$		32,000
	Healthcare - Products - 0.75%							dated 01/29/2016 maturing 02/01/2016
	Danaher Corp							(collateralized by US Government
	0.40%, 02/17/2016(b)			7,800		7,798		Security; $32,645,069; 2.625%; dated
								08/15/2020)
	Insurance - 2.08%						Merrill Lynch Repurchase Agreement; 0.32%			27,001			27,000
	Prudential PLC							dated 01/29/2016 maturing 02/01/2016
	0.32%, 02/17/2016(b)			7,000		6,999		(collateralized by US Government
	0.40%, 02/02/2016(b)			8,000		8,000		Security; $27,540,011; 0.125%; dated
	0.55%, 04/19/2016(b)			6,500		6,492		07/15/2022)
				$		21,491					$		59,000
							TOTAL REPURCHASE AGREEMENTS				$		59,000
	Machinery - Construction & Mining - 1.25%						Total Investments				$		1,047,274
	Caterpillar Financial Services Corp (credit						Liabilities in Excess of Other Assets, Net - (1.14)%				$		(11,801	)
	support from Caterpillar Inc)						TOTAL NET ASSETS - 100.00%				$		1,035,473
	0.47%, 02/09/2016(e)			6,000		5,999
	0.48%, 04/06/2016(e)			7,000		6,994
				$		12,993	(a)	Variable Rate. Rate shown is in effect at January 31, 2016.
	Machinery - Diversified - 0.71%						(b)	Security exempt from registration under Rule 144A of the Securities Act of
	John Deere Financial Inc (credit support from							1933. These securities may be resold in transactions exempt from
	John Deere Capital Corp)							registration, normally to qualified institutional buyers. At the end of the
	0.50%, 02/18/2016(b),(e)			7,400		7,398		period, the value of these securities totaled $575,696 or 55.60% of net
								assets.
							(c)	Security purchased on a when-issued basis.
	Miscellaneous Manufacturers - 1.11%						(d)	Security is Illiquid. At the end of the period, the value of these securities
	Dover Corp							totaled $31,000 or 2.99% of net assets.
	0.35%, 02/01/2016(b)			5,500		5,500	(e)	Credit support indicates investments that benefit from credit enhancement
	0.39%, 02/05/2016(b)			6,000		6,000		or liquidity support provided by a third party bank, institution, or
				$		11,500		government agency.
							(f)	Security issued by foreign bank and denominated in USD.
	Oil & Gas - 3.50%
	Exxon Mobil Corp
	0.33%, 02/02/2016			8,000		8,000
	0.38%, 03/02/2016			8,000		7,997		Portfolio Summary (unaudited)
	Total Capital Canada Ltd (credit support from						Sector						Percent
	Total SA)						Financial						62.12	%
	0.57%, 04/14/2016(b),(e)			7,000		6,992	Consumer, Non-cyclical						8.34	%
	Total Capital SA (credit support from Total						Exchange Traded Funds						5.34	%
	SA)						Insured						5.03	%
	0.31%, 02/01/2016(b),(e)			13,300		13,300	Asset Backed Securities						3.84	%
				$		36,289	Utilities						3.77	%
	REITS- 0.68	%					Energy						3.50	%
	Simon Property Group LP						Consumer, Cyclical						3.30	%
	0.52%, 02/19/2016(b)			7,000		6,998	Industrial						3.07	%
							Communications						2.08	%
							Technology						0.75	%
	Telecommunications - 2.08%						Liabilities in Excess of Other Assets, Net						(1.14	)%
	Telstra Corp Ltd						TOTAL NET ASSETS						100.00	%
	0.37%, 02/16/2016(b)			8,000		7,999
	0.37%, 02/24/2016(b)			7,000		6,998
	0.38%, 02/22/2016(b)			6,500		6,499
				$		21,496
	TOTAL COMMERCIAL PAPER			$		741,862
				Principal
	CERTIFICATE OF DEPOSIT - 4.18%			Amount (000's)     Value (000's)
	Banks- 4.18	%
	Bank of America NA
	0.31%, 02/10/2016			6,500		6,500
	0.34%, 02/29/2016			8,000		8,000
	0.66%, 05/18/2016			8,000		8,000
	Bank of Nova Scotia/Houston
	0.52%, 02/10/2017(a),(f)			5,800		5,800
	Citibank NA
	0.50%, 03/09/2016			7,000		7,000

See accompanying notes

155

Schedule of Investments
Overseas Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 94.76%	Shares Held   Value (000's)			COMMON STOCKS (continued)	Shares Held   Value (000's)
Aerospace & Defense - 2.95%				Banks (continued)
Airbus Group SE	370,000	$	23,271	DNB ASA	39,696	$	479
BAE Systems PLC	144,262		1,067	Erste Group Bank AG (a)	720,424		20,811
Embraer SA ADR	641,900		18,474	Fukuoka Financial Group Inc	48,000		204
IHI Corp	7,079,000		15,127	Gunma Bank Ltd/The	23,000		127
Rolls-Royce Holdings PLC (a)	1,559,486		12,405	Hachijuni Bank Ltd/The	25,000		140
	$		70,344	Hang Seng Bank Ltd	31,000		516
				Hiroshima Bank Ltd/The	31,000		155
Agriculture - 4.65%				Hokuhoku Financial Group Inc	76,000		141
British American Tobacco PLC	713,701		39,770	HSBC Holdings PLC	794,603		5,604
Golden Agri-Resources Ltd	442,600		116	HSBC Holdings PLC	4,321,766		30,551
Imperial Tobacco Group PLC	800,220		43,329	ING Groep NV	2,300,409		26,207
KT&G Corp	182,412		15,798	Investec PLC	22,647		144
Philip Morris International Inc	132,800		11,953	Iyo Bank Ltd/The	15,200		129
	$		110,966	Joyo Bank Ltd/The	38,000		154
Airlines - 1.62%				KBC Groep NV	150,187		8,607
Cathay Pacific Airways Ltd	74,000		117	Lloyds Banking Group PLC	28,959,779		27,131
International Consolidated Airlines Group SA	1,614,739		12,486	Mediobanca SpA	35,353		283
Japan Airlines Co Ltd	519,600		19,503	Mitsubishi UFJ Financial Group Inc	586,000		3,005
Ryanair Holdings PLC ADR	83,843		6,569	Mizrahi Tefahot Bank Ltd	8,723		98
	$		38,675	Mizuho Financial Group Inc	956,600		1,655
				National Australia Bank Ltd	106,654		2,119
Apparel - 0.01%				Nordea Bank AB	123,382		1,242
Yue Yuen Industrial Holdings Ltd	46,500		161	Oversea-Chinese Banking Corp Ltd	80,300		449
				Resona Holdings Inc	101,400		466
				Royal Bank of Scotland Group PLC (a)	141,041		511
Automobile Manufacturers - 1.92%
Bayerische Motoren Werke AG	15,347		1,278	Shinsei Bank Ltd	112,000		175
Daihatsu Motor Co Ltd	12,000		187	Shizuoka Bank Ltd/The	33,000		288
Daimler AG	182,956		12,809	Skandinaviska Enskilda Banken AB	61,703		595
Hino Motors Ltd	8,100		92	Societe Generale SA	29,469		1,124
Honda Motor Co Ltd	74,400		2,017	Standard Chartered PLC	133,010		897
Isuzu Motors Ltd	37,300		378	Sumitomo Mitsui Financial Group Inc	587,700		19,716
Nissan Motor Co Ltd	113,400		1,128	Sumitomo Mitsui Trust Holdings Inc	152,070		486
Renault SA	8,910		756	Svenska Handelsbanken AB	60,826		765
Toyota Motor Corp	444,900		26,797	Swedbank AB	36,784		772
Volkswagen AG	2,220		291	UBS Group AG	1,617,155		26,724
				UniCredit SpA	96,955		375
	$		45,733	United Overseas Bank Ltd	1,442,900		18,343
Automobile Parts & Equipment - 0.59%				Westpac Banking Corp	157,513		3,488
Aisin Seiki Co Ltd	12,000		509	Yamaguchi Financial Group Inc	12,000		130
Bridgestone Corp	26,300		958		$		357,648
Cie Generale des Etablissements Michelin	8,647		789
Hankook Tire Co Ltd	264,179		10,302	Beverages - 0.91%
NHK Spring Co Ltd	9,900		98	Coca-Cola Amatil Ltd	17,956		108
NOK Corp	5,900		123	Diageo PLC	784,221		21,113
Nokian Renkaat OYJ	7,180		244	Kirin Holdings Co Ltd	37,000		525
Sumitomo Electric Industries Ltd	34,400		453		$		21,746
Toyoda Gosei Co Ltd	4,100		89	Building Materials - 1.60%
Toyota Industries Corp	10,200		512	Asahi Glass Co Ltd	59,000		360
	$		14,077	Cie de Saint-Gobain	22,229		916
Banks - 14.99%				CRH PLC	977,292		26,050
Aozora Bank Ltd	70,000		235	Fletcher Building Ltd	43,189		193
Australia & New Zealand Banking Group Ltd	136,325		2,367	Sumitomo Osaka Cement Co Ltd	2,637,000		10,749
Banco Bilbao Vizcaya Argentaria SA	129,452		833		$		38,268
Banco de Sabadell SA	9,695,200		17,548	Chemicals - 3.96%
Banco Santander SA	3,917,931		16,790	Akzo Nobel NV	651,002		41,760
Bangkok Bank PCL	662,100		2,863	Asahi Kasei Corp	57,000		370
Bank Hapoalim BM	66,577		309	BASF SE	44,439		2,962
Bank Leumi Le-Israel BM (a)	87,795		289	Clariant AG (a)	724,660		11,833
Bank of East Asia Ltd/The	73,800		217	Evonik Industries AG	8,766		271
Bank of Kyoto Ltd/The	21,000		163	Givaudan SA (a)	2,164		4,052
Bank of Queensland Ltd	23,249		218	Hitachi Chemical Co Ltd	2,200		39
Bank of Yokohama Ltd/The	71,000		379	Israel Chemicals Ltd	31,984		129
Barclays PLC	10,473,290		28,026	JSR Corp	11,900		173
BNP Paribas SA	423,279		20,051	K+S AG	12,003		254
BOC Hong Kong Holdings Ltd	261,300		696	Koninklijke DSM NV	7,369		357
CaixaBank SA	5,217,602		15,852	Kuraray Co Ltd	7,800		94
Chiba Bank Ltd/The	43,000		266	Linde AG	150,398		20,465
Chugoku Bank Ltd/The	10,000		119	Mitsubishi Chemical Holdings Corp	42,500		237
Commerzbank AG (a)	43,240		351	Mitsubishi Gas Chemical Co Inc	24,000		115
Credit Agricole SA	42,874		428	Shin-Etsu Chemical Co Ltd	182,000		9,296
Credit Suisse Group AG (a)	912,469		16,164	Solvay SA	3,020		250
Danske Bank A/S	1,028,351		27,674	Syngenta AG	3,776		1,390
Deutsche Bank AG	56,026		1,004

See accompanying notes

156

Schedule of Investments
Overseas Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Chemicals (continued)				Electronics (continued)
Yara International ASA	11,213	$	425	Kyocera Corp	13,000	$	542
	$		94,472	NEC Corp	57,000		151
				Nippon Electric Glass Co Ltd	25,000		129
Commercial Services - 1.68%					$		20,250
Adecco SA (a)	6,732		413
Atlantia SpA	9,061		237	Engineering & Construction - 0.85%
Dai Nippon Printing Co Ltd	33,000		309	ACS Actividades de Construccion y Servicios	5,920		150
Edenred	13,025		245	SA
G4S PLC	34,051		111	ACS Actividades de Construccion y Servicios	5,880		3
RELX NV	2,302,582		38,422	SA - Rights (a)
Toppan Printing Co Ltd	33,000		287	Balfour Beatty PLC (a)	3,224,308		11,562
	$		40,024	Boskalis Westminster	5,516		217
				Bouygues SA	12,710		498
Computers - 0.00%				CIMIC Group Ltd	6,369		110
Itochu Techno-Solutions Corp	3,000		49	Ferrovial SA	18,357		402
				Skanska AB	23,830		460
Distribution & Wholesale - 1.69%				Tecnicas Reunidas SA	165,597		5,518
ITOCHU Corp	73,500		864	Vinci SA	21,814		1,478
Jardine Cycle & Carriage Ltd	785,100		20,744		$		20,398
Li & Fung Ltd	240,000		138
Marubeni Corp	51,800		248	Entertainment - 0.01%
Mitsubishi Corp	62,800		1,007	Tatts Group Ltd	45,800		136
Mitsui & Co Ltd	79,400		902
Sumitomo Corp	1,626,100		16,209	Food - 3.02%
Toyota Tsusho Corp	13,300		304	Aryzta AG (a)	332,104		15,195
	$		40,416	Casino Guichard Perrachon SA	99,647		4,517
				Charoen Pokphand Foods PCL (c)	24,129,200		13,280
Diversified Financial Services - 1.91%				Dairy Crest Group PLC	1,744,197		16,273
AerCap Holdings NV (a)	4,014		123
				Delhaize Group	4,685		492
Daiwa Securities Group Inc	76,000		475	First Pacific Co Ltd/Hong Kong	146,000		101
Deutsche Boerse AG	324,626		27,701	ICA Gruppen AB	3,154		111
Julius Baer Group Ltd (a)	4,911		209
				J Sainsbury PLC	84,429		296
Mitsubishi UFJ Lease & Finance Co Ltd	30,900		153	METRO AG	11,177		317
Nomura Holdings Inc	166,800		905	Nestle SA	50,366		3,710
ORIX Corp	60,800		860	Nisshin Seifun Group Inc	6,660		108
Shinhan Financial Group Co Ltd	466,477		15,078	Nissin Foods Holdings Co Ltd	1,900		97
	$		45,504	Orkla ASA	1,997,089		16,179
Electric - 3.13%				Tate & Lyle PLC	29,246		262
AGL Energy Ltd	30,451		406	Toyo Suisan Kaisha Ltd	1,900		66
AusNet Services	110,008		115	WH Group Ltd (a),(b)	239,000		137
Chubu Electric Power Co Inc	30,000		385	Wilmar International Ltd	120,400		243
Chugoku Electric Power Co Inc/The	18,600		248	Woolworths Ltd	33,444		581
CLP Holdings Ltd	87,500		735	Yamazaki Baking Co Ltd	1,000		22
E.ON SE	92,113		944		$		71,987
EDP - Energias de Portugal SA	145,215		507	Forest Products & Paper - 1.29%
Electric Power Development Co Ltd	9,100		307	DS Smith PLC	5,727,518		29,968
Endesa SA	19,918		386	Stora Enso OYJ	34,540		281
Enel SpA	324,651		1,333	UPM-Kymmene OYJ	25,825		421
Engie SA	1,776,101		28,338		$		30,670
Fortum OYJ	27,852		438
HK Electric Investments & HK Electric	166,500		130	Gas - 1.17%
Investments Ltd (b)				Centrica PLC	205,239		602
Hokuriku Electric Power Co	10,600		150	Gas Natural SDG SA	21,963		431
Iberdrola SA	258,668		1,818	National Grid PLC	1,797,037		25,318
Kansai Electric Power Co Inc/The (a)	44,200		480	Osaka Gas Co Ltd	118,000		448
Meridian Energy Ltd	80,358		123	Snam SpA	96,686		543
Mighty River Power Ltd	43,894		76	Tokyo Gas Co Ltd	105,000		484
Origin Energy Ltd	109,342		324		$		27,826
Power Assets Holdings Ltd	56,000		512
RWE AG	30,688		430	Hand & Machine Tools - 0.76%
SSE PLC	1,722,745		35,746	Fuji Electric Co Ltd	5,068,000		17,618
Terna Rete Elettrica Nazionale SpA	94,528		507	Sandvik AB	48,614		407
Tokyo Electric Power Co Inc (a)	45,300		228		$		18,025
	$		74,666	Holding Companies - Diversified - 0.49%
Electrical Components & Equipment - 2.17%				China Merchants Holdings International Co	3,771,916		10,411
Legrand SA	413,442		22,773	Ltd
Mabuchi Motor Co Ltd	91,100		4,918	Industrivarden AB	10,293		163
Schneider Electric SE	449,855		24,002	Keppel Corp Ltd	91,200		325
	$		51,693	Swire Pacific Ltd	37,000		357
				Wharf Holdings Ltd/The	85,000		398
Electronics - 0.85%					$		11,654
Hitachi High-Technologies Corp	4,200		119
Koninklijke Philips NV	725,077		19,309	Home Builders - 0.06%
				Daiwa House Industry Co Ltd	27,500		776

See accompanying notes

157

Schedule of Investments
Overseas Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Home Builders (continued)				Machinery - Construction & Mining (continued)
Sekisui Chemical Co Ltd	26,100	$	319	Mitsubishi Electric Corp	89,000	$	826
Sekisui House Ltd	27,500		433		$		64,788
	$		1,528	Machinery - Diversified - 1.49%
Insurance - 4.77%				Amada Holdings Co Ltd	21,800		206
Admiral Group PLC	13,152		334	CNH Industrial NV	2,121,457		13,235
Aegon NV	1,545,128		8,737	CNH Industrial NV	531,105		3,324
Ageas	11,523		468	FANUC Corp	7,900		1,058
Allianz SE	26,151		4,232	Metso OYJ	7,071		146
Assicurazioni Generali SpA	66,814		1,003	OC Oerlikon Corp AG (a)	1,010,939		9,023
Aviva PLC	5,267,485		36,329	Sumitomo Heavy Industries Ltd	34,000		134
AXA SA	111,923		2,766	Teco Electric and Machinery Co Ltd	10,753,803		8,442
Baloise Holding AG	3,137		385	Zardoya Otis SA	5,671		60
CNP Assurances	10,764		144		$		35,628
Dai-ichi Life Insurance Co Ltd/The	24,800		343
Delta Lloyd NV	732,748		4,335	Media - 0.09%
Direct Line Insurance Group PLC	86,222		463	Lagardere SCA	7,399		210
Gjensidige Forsikring ASA	12,541		200	Pearson PLC	33,348		376
Hannover Rueck SE	3,780		398	RTL Group SA	2,427		197
				Schibsted ASA - B Shares (a)	2,793		78
Helvetia Holding AG	13,051		6,801
Insurance Australia Group Ltd	98,763		374	Singapore Press Holdings Ltd	65,300		164
Legal & General Group PLC	130,499		455	Vivendi SA	47,221		1,027
Mapfre SA	67,586		152		$		2,052
MS&AD Insurance Group Holdings Inc	15,100		410	Metal Fabrication & Hardware - 0.02%
Muenchener Rueckversicherungs-Gesellschaft	9,546		1,839	SKF AB	24,964		381
AG in Muenchen
NN Group NV	13,667		463
Old Mutual PLC	200,190		488	Mining - 0.25%
QBE Insurance Group Ltd	42,929		336	Antofagasta PLC	16,075		88
Sampo Oyj	25,580		1,239	BHP Billiton Ltd	144,955		1,592
SCOR SE	9,632		336	BHP Billiton PLC	85,792		833
				Glencore PLC (a)	497,009		641
Sompo Japan Nipponkoa Holdings Inc	7,200		213
Standard Life PLC	79,994		418	Mitsubishi Materials Corp	70,000		216
Suncorp Group Ltd	52,263		436	Norsk Hydro ASA	84,329		280
Swiss Life Holding AG (a)	43,699		11,139	Rio Tinto Ltd	19,145		541
Swiss Re AG	20,150		1,876	Rio Tinto PLC	60,652		1,487
T&D Holdings Inc	36,300		415	Sumitomo Metal Mining Co Ltd	31,000		329
Tokio Marine Holdings Inc	31,300		1,120		$		6,007
UnipolSai SpA	69,741		148
Zurich Insurance Group AG (a)	112,570		24,953	Miscellaneous Manufacturers - 1.13%
				FUJIFILM Holdings Corp	21,600		835
	$		113,748	IMI PLC	17,051		197
Internet - 0.55%				Nikon Corp	1,435,300		21,115
SBI Holdings Inc/Japan	13,400		134	Orica Ltd	23,208		236
Trend Micro Inc/Japan	310,400		13,058	Siemens AG	36,151		3,465
	$		13,192	Smiths Group PLC	24,769		335
				Toshiba Corp	252,000		421
Investment Companies - 0.02%				Wartsila OYJ Abp	9,276		417
BGP Holdings PLC (a),(c)	738,711		—		$		27,021
Delek Group Ltd	295		51
Groupe Bruxelles Lambert SA	5,059		384	Office & Business Equipment - 0.88%
Pargesa Holding SA	1,937		113	Canon Inc	745,600		20,834
	$		548	Seiko Epson Corp	17,500		245
					$		21,079
Iron & Steel - 0.06%
Fortescue Metals Group Ltd	97,626		123	Oil & Gas - 5.69%
JFE Holdings Inc	30,800		417	BG Group PLC	69,372		1,050
Kobe Steel Ltd	194,000		188	BP PLC ADR	301,800		9,769
Nippon Steel & Sumitomo Metal Corp	34,300		615	BP PLC	3,637,291		19,642
voestalpine AG	7,131		188	CNOOC Ltd	22,211,000		22,638
	$		1,531	Eni SpA	1,376,155		19,971
				Galp Energia SGPS SA	24,178		287
Leisure Products & Services - 1.00%				Idemitsu Kosan Co Ltd	5,500		82
Carnival PLC	477,777		23,834	Imperial Oil Ltd	407,240		12,486
				Inpex Corp	38,500		343
Lodging - 0.02%				JX Holdings Inc	104,510		399
Sands China Ltd	152,000		531	Neste Oyj	8,038		252
				Repsol SA	44,601		462
				Royal Dutch Shell PLC - A Shares	199,857		4,366
Machinery - Construction & Mining - 2.72%				Royal Dutch Shell PLC - B Shares	99,129		2,160
ABB Ltd (a)	733,505		12,675	Statoil ASA	45,333		620
ABB Ltd ADR(a)	300,000		5,190	TOTAL SA	907,016		40,291
Hitachi Construction Machinery Co Ltd	6,700		98	Transocean Ltd	22,797		239
Hitachi Ltd	9,178,000		45,358	Woodside Petroleum Ltd	33,467		674
Komatsu Ltd	42,900		641		$		135,731

See accompanying notes

158

Schedule of Investments
Overseas Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Oil & Gas Services - 1.07%				Retail (continued)
Petrofac Ltd	16,269	$	185	Kingfisher PLC	3,990,802	$	18,675
Technip SA	542,960		25,299	Lawson Inc	2,000		158
	$		25,484	Marks & Spencer Group PLC	66,786		406
				Rallye SA	9,800		150
Packaging & Containers - 0.02%				Takashimaya Co Ltd	17,000		146
Rexam PLC	44,215		379		$		36,718
				Semiconductors - 1.04%
Pharmaceuticals - 10.19%				Samsung Electronics Co Ltd	25,023		24,209
Alfresa Holdings Corp	11,100		207
AstraZeneca PLC	51,336		3,306	Tokyo Electron Ltd	8,000		518
Bayer AG	128,428		14,454		$		24,727
Daiichi Sankyo Co Ltd	25,900		539	Shipbuilding - 0.01%
Eisai Co Ltd	10,200		617	Sembcorp Industries Ltd	61,700		110
GlaxoSmithKline PLC	2,777,765		57,223	Yangzijiang Shipbuilding Holdings Ltd	120,300		79
Hisamitsu Pharmaceutical Co Inc	2,300		103		$		189
Medipal Holdings Corp	5,500		89
Mitsubishi Tanabe Pharma Corp	14,100		232	Software - 0.91%
Novartis AG	598,756		46,388	SAP SE	273,414		21,787
Otsuka Holdings Co Ltd	15,800		532
Roche Holding AG	127,852		33,117	Storage & Warehousing - 0.00%
Sanofi	673,166		55,981	Mitsubishi Logistics Corp	1,000		14
Suzuken Co Ltd/Aichi Japan	3,120		108
Takeda Pharmaceutical Co Ltd	39,700		1,922
Teva Pharmaceutical Industries Ltd	20,620		1,267	Telecommunications - 5.80%
Teva Pharmaceutical Industries Ltd ADR	439,400		27,014	Bezeq The Israeli Telecommunication Corp	120,756		260
	$		243,099	Ltd
				China Mobile Ltd	2,360,341		25,926
Private Equity - 0.02%				Elisa OYJ	3,122		113
3i Group PLC	60,985		387	Eutelsat Communications SA	10,675		345
				KDDI Corp	1,559,100		39,480
Real Estate - 0.15%				Koninklijke KPN NV	130,537		505
Aeon Mall Co Ltd	3,500		54	Nippon Telegraph & Telephone Corp	34,900		1,486
Hang Lung Properties Ltd	141,000		260	NTT DOCOMO Inc	66,600		1,477
Hysan Development Co Ltd	40,000		155	Orange SA	112,371		1,995
Kerry Properties Ltd	41,000		95	PCCW Ltd	259,000		155
New World Development Co Ltd	337,285		276	Proximus SADP	9,538		330
Nomura Real Estate Holdings Inc	7,800		137	SES SA	15,132		396
NTT Urban Development Corp	4,700		46	Singapore Telecommunications Ltd	175,000		434
Sino Land Co Ltd	189,920		244	SK Telecom Co Ltd	166,263		29,165
Sun Hung Kai Properties Ltd	69,383		753	Spark New Zealand Ltd	40,162		88
Swire Properties Ltd	73,200		191	Swisscom AG	1,464		728
Swiss Prime Site AG (a)	4,149		332	Telecom Italia SpA	377,873		340
				Telecom Italia SpA (a)	421,885		470
Tokyu Fudosan Holdings Corp	16,000		105
UOL Group Ltd	29,900		118	Telefonaktiebolaget LM Ericsson	123,620		1,098
Vonovia SE	17,331		528	Telefonica SA	183,063		1,932
Wheelock & Co Ltd	57,000		218	Telekomunikasi Indonesia Persero Tbk PT	18,558,300		4,553
	$		3,512	Telenor ASA	42,464		693
				TeliaSonera AB	105,534		499
REITS - 0.73%				Vodafone Group PLC	8,056,461		25,896
Ascendas Real Estate Investment Trust	46,563		76		$		138,364
British Land Co PLC/The	55,700		590
CapitaLand Commercial Trust Ltd	129,500		118	Transportation - 1.94%
CapitaLand Mall Trust	152,000		214	AP Moeller - Maersk A/S - A shares	240		304
Dexus Property Group	60,875		321	Deutsche Post AG	44,179		1,071
Gecina SA	2,177		280	East Japan Railway Co	380,800		35,002
GPT Group/The	111,466		390	Hankyu Hanshin Holdings Inc	35,000		218
Hammerson PLC	49,187		411	Kamigumi Co Ltd	14,000		126
ICADE	2,085		148	Mitsui OSK Lines Ltd	72,000		143
Intu Properties PLC	58,783		252	MTR Corp Ltd	45,500		206
Japan Real Estate Investment Corp	84		446	Nagoya Railroad Co Ltd	18,000		82
Land Securities Group PLC	24,790		389	Nippon Yusen KK	101,000		217
Scentre Group	252,428		789	Odakyu Electric Railway Co Ltd	13,000		138
				PostNL NV (a)	2,222,353		8,087
Segro PLC	46,874		294
Stockland	149,084		437	Royal Mail PLC	56,435		371
Unibail-Rodamco SE	4,006		1,010	Tobu Railway Co Ltd	32,000		156
Westfield Corp	1,596,159		11,362	Tokyu Corp	24,000		187
	$		17,527		$		46,308
Retail - 1.54%				Water - 0.37%
Aeon Co Ltd	20,500		274	Guangdong Investment Ltd	6,566,100		8,401
Cie Financiere Richemont SA	232,524		15,113	Veolia Environnement SA	20,708		499
CK Hutchison Holdings Ltd	124,500		1,556		$		8,900
FamilyMart Co Ltd	3,600		168	TOTAL COMMON STOCKS	$		2,260,382
Harvey Norman Holdings Ltd	22,648		72

See accompanying notes

159

				Schedule of Investments
				Overseas Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 2.98%	Shares Held	Value(000's)
Publicly Traded Investment Fund - 2.98%
BlackRock Liquidity Funds FedFund Portfolio	32,336,430		$	32,336
Cash Account Trust - Government & Agency	511,083			511
Portfolio - Government Cash Managed
First American Government Obligations Fund	38,189,691			38,190
			$	71,037
TOTAL INVESTMENT COMPANIES		$		71,037
PREFERRED STOCKS - 1.44%	Shares Held	Value (000's)
Automobile Manufacturers - 1.44%
Bayerische Motoren Werke AG	3,417			235
Porsche Automobil Holding SE	9,601			435
Volkswagen AG	288,640			33,613
			$	34,283
TOTAL PREFERRED STOCKS			$	34,283
Total Investments			$	2,365,702
Other Assets in Excess of Liabilities, Net - 0.82%			$	19,585
TOTAL NET ASSETS - 100.00%			$	2,385,287

(a)	Non-Income Producing Security
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $267 or 0.01% of net assets.
(c)	Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. At the end of the period, the fair value of these securities totaled $13,280 or 0.56% of net assets.

Portfolio Summary (unaudited)
Country	Percent
United Kingdom	24.27	%
Japan	15.27	%
France	10.87	%
Switzerland	10.43	%
Germany	6.33	%
Netherlands	4.87	%
United States	4.48	%
Korea, Republic Of	3.96	%
Spain	2.63	%
Hong Kong	2.22	%
Singapore	1.74	%
Ireland	1.37	%
Israel	1.22	%
Denmark	1.17	%
Australia	1.16	%
Italy	1.06	%
China	0.95	%
Austria	0.88	%
Norway	0.80	%
Brazil	0.77	%
Thailand	0.68	%
Canada	0.52	%
Belgium	0.44	%
Taiwan, Province Of China	0.35	%
Sweden	0.28	%
Indonesia	0.19	%
Finland	0.16	%
Luxembourg	0.03	%
Portugal	0.03	%
Macao	0.02	%
New Zealand	0.02	%
South Africa	0.01	%
Chile	0.00	%
Other Assets in Excess of Liabilities, Net	0.82	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

160

Schedule of Investments
Overseas Fund
January 31, 2016 (unaudited)
Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
eMini MSCI EAFE; March 2016	Long	687	$	54,976	$	55,015		$	39
S&P 500 Emini; March 2016	Long	247		23,782		23,837			55
Total							$		94
Amounts in thousands except contracts

See accompanying notes

161

Schedule of Investments
Principal Capital Appreciation Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 98.61%	Shares Held    Value (000's)			COMMON STOCKS (continued)	Shares Held  Value (000's)
Aerospace & Defense - 2.92%				Diversified Financial Services - 3.04%
Boeing Co/The	232,816	$	27,968	Ameriprise Financial Inc	141,566	$	12,833
Northrop Grumman Corp	163,598		30,275	Charles Schwab Corp/The	632,593		16,150
Teledyne Technologies Inc (a)	152,007		12,351	FNF Group	482,165		15,613
	$		70,594	Franklin Resources Inc	325,867		11,295
				T Rowe Price Group Inc	152,875		10,846
Airlines - 0.51%				WisdomTree Investments Inc	569,428		6,833
Alaska Air Group Inc	175,949		12,387		$		73,570
				Electric - 2.66%
Apparel - 1.56%				Duke Energy Corp	168,397		12,680
Deckers Outdoor Corp (a)	134,258		6,640
				NextEra Energy Inc	131,256		14,663
NIKE Inc	502,414		31,155	Xcel Energy Inc	971,709		37,139
	$		37,795		$		64,482
Automobile Manufacturers - 0.78%				Electronics - 1.74%
PACCAR Inc	383,791		18,833	FEI Co	105,962		7,677
				Trimble Navigation Ltd (a)	579,778		11,184
Automobile Parts & Equipment - 0.95%				Waters Corp (a)	191,656		23,230
Autoliv Inc	82,623		8,492		$		42,091
Johnson Controls Inc	402,492		14,437	Environmental Control - 1.28%
	$		22,929	Stericycle Inc (a)	47,071		5,665
Banks - 6.68%				Waste Connections Inc	421,889		25,301
East West Bancorp Inc	382,401		12,397		$		30,966
Goldman Sachs Group Inc/The	64,889		10,484	Food - 2.67%
JPMorgan Chase & Co	462,774		27,535	General Mills Inc	352,664		19,929
PNC Financial Services Group Inc/The	329,924		28,588
SVB Financial Group (a)	107,296		10,871	Kroger Co/The	580,000		22,510
				McCormick & Co Inc/MD	203,280		17,883
US Bancorp	574,748		23,024	Safeway, Inc. - CVR - Casa Ley (a),(b)	2,740		—
Wells Fargo & Co	971,862		48,817	Safeway, Inc. - CVR - Property Development	2,740		—
	$		161,716	Centers (a),(b),(c)
Beverages - 2.39%				Whole Foods Market Inc	150,466		4,410
Brown-Forman Corp - B Shares	90,005		8,806		$		64,732
Coca-Cola Co/The	567,006		24,336	Gas - 0.87%
PepsiCo Inc	248,817		24,708	Sempra Energy	222,777		21,108
	$		57,850
Biotechnology - 0.73%				Healthcare - Products - 4.59%
Gilead Sciences Inc	211,659		17,568	Abbott Laboratories	444,396		16,820
				Becton Dickinson and Co	158,952		23,107
Building Materials - 0.29%				Bio-Techne Corp	140,762		11,640
Apogee Enterprises Inc	173,728		6,911	Edwards Lifesciences Corp (a)	155,543		12,165
				Medtronic PLC	119,535		9,075
				Thermo Fisher Scientific Inc	214,046		28,267
Chemicals - 1.91%				Varian Medical Systems Inc (a)	131,432		10,137
EI du Pont de Nemours & Co	134,311		7,086		$		111,211
FMC Corp	156,247		5,581
Innospec Inc	91,533		4,563	Healthcare - Services - 1.55%
International Flavors & Fragrances Inc	106,206		12,422	DaVita HealthCare Partners Inc (a)	285,631		19,172
PPG Industries Inc	174,182		16,568	Universal Health Services Inc	163,646		18,433
	$		46,220		$		37,605
Commercial Services - 0.94%				Housewares - 0.26%
PayPal Holdings Inc (a)	244,518		8,837	Tupperware Brands Corp	137,586		6,388
Robert Half International Inc	154,676		6,770
TrueBlue Inc (a)	308,641		7,049
				Insurance - 2.52%
	$		22,656	AmTrust Financial Services Inc	212,798		12,170
Computers - 4.91%				Chubb Ltd	249,566		28,218
Apple Inc	833,501		81,133	MetLife Inc	108,863		4,861
EMC Corp/MA	926,698		22,954	XL Group PLC	434,388		15,751
International Business Machines Corp	119,405		14,901		$		61,000
	$		118,988	Internet - 5.50%
Consumer Products - 0.72%				Alphabet Inc - A Shares (a)	59,645		45,411
Kimberly-Clark Corp	87,215		11,200	Alphabet Inc - C Shares (a)	19,257		14,307
WD-40 Co	59,766		6,174	Amazon.com Inc (a)	47,761		28,036
	$		17,374	comScore Inc (a)	204,911		7,895
				eBay Inc (a)	187,956		4,409
Cosmetics & Personal Care - 1.03%				Facebook Inc (a)	243,654		27,340
Procter & Gamble Co/The	305,275		24,938	LinkedIn Corp (a)	29,213		5,782
					$		133,180
Distribution & Wholesale - 0.33%				Iron & Steel - 0.51%
Pool Corp	94,006		7,944	Reliance Steel & Aluminum Co	217,107		12,362

See accompanying notes

162

Schedule of Investments
Principal Capital Appreciation Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held        Value (000's)			COMMON STOCKS (continued)		Shares Held	Value(000			's)
Leisure Products & Services - 0.19%				Semiconductors (continued)
Harley-Davidson Inc	115,680	$	4,627	Intel Corp		462,906		$	14,359
				Lam Research Corp		177,478			12,741
				Microchip Technology Inc		399,475			17,900
Machinery - Diversified - 1.03%				QUALCOMM Inc		174,757			7,924
Deere & Co	291,564		22,453
Tennant Co	47,549		2,573				$		70,209
	$		25,026	Software - 7.00%
				Adobe Systems Inc (a)		353,960			31,548
Media - 3.39%				Autodesk Inc (a)		155,159			7,265
Comcast Corp - Class A	434,250		24,192
Sirius XM Holdings Inc (a)	2,302,719		8,520	Fair Isaac Corp		186,613			17,835
				Fidelity National Information Services Inc		217,741			13,006
Viacom Inc - B Shares	284,739		12,996	Microsoft Corp		1,105,721			60,914
Walt Disney Co/The	379,476		36,361	Omnicell Inc (a)		350,831			9,820
	$		82,069	Oracle Corp		543,380			19,730
Miscellaneous Manufacturers - 2.32%				Tyler Technologies Inc (a)		59,368			9,324
AptarGroup Inc	261,008		19,028				$		169,442
Crane Co	141,775		6,771
Donaldson Co Inc	214,779		6,052	Telecommunications - 2.53%
General Electric Co	838,906		24,412	Cisco Systems Inc		521,222			12,400
				Verizon Communications Inc		977,239			48,832
	$		56,263				$		61,232
Oil & Gas - 4.42%				Toys, Games & Hobbies - 0.58%
Chevron Corp	278,187		24,055	Hasbro Inc		189,485			14,075
Cimarex Energy Co	166,792		15,512
Devon Energy Corp	239,907		6,693
Energen Corp	225,636		7,958	Transportation - 1.14%
Exxon Mobil Corp	411,810		32,060	Expeditors International of Washington Inc		273,633			12,346
HollyFrontier Corp	593,861		20,767	Union Pacific Corp		212,861			15,326
	$		107,045				$		27,672
Oil & Gas Services - 0.98%				TOTAL COMMON STOCKS			$		2,387,253
Schlumberger Ltd	326,949		23,629	INVESTMENT COMPANIES - 1.49%		Shares Held	Value(000			's)
				Publicly Traded Investment Fund - 1.49%
Pharmaceuticals - 7.00%				Goldman Sachs Financial Square Funds -		36,010,140			36,010
AbbVie Inc	222,211		12,200	Government Fund
Allergan plc (a)	106,844		30,390
Bristol-Myers Squibb Co	249,343		15,499	TOTAL INVESTMENT COMPANIES			$		36,010
Johnson & Johnson	423,232		44,202	Total Investments			$		2,423,263
McKesson Corp	139,296		22,424	Liabilities in Excess of Other Assets, Net - (0.10)%			$		(2,504	)
Perrigo Co PLC	175,019		25,304	TOTAL NET ASSETS - 100.00%			$		2,420,759
Teva Pharmaceutical Industries Ltd ADR	141,201		8,681
VCA Inc (a)	209,030		10,717
	$		169,417	(a)	Non-Income Producing Security
				(b)	Fair value of these investments is determined in good faith by the Manager
Pipelines - 0.88%					under procedures established and periodically reviewed by the Board of
Magellan Midstream Partners LP	330,328		21,217		Directors. At the end of the period, the fair value of these securities totaled
					$0 or 0.00% of net assets.
REITS - 3.75%				(c)	Security is Illiquid. At the end of the period, the value of these securities
Alexandria Real Estate Equities Inc	190,455		15,080		totaled $0 or 0.00% of net assets.
Essex Property Trust Inc	63,833		13,603
HCP Inc	249,198		8,956
Plum Creek Timber Co Inc	269,807		10,930		Portfolio Summary (unaudited)
Realty Income Corp	345,010		19,248	Sector					Percent
Ventas Inc	336,764		18,630	Consumer, Non-cyclical					21.62	%
Weyerhaeuser Co	165,438		4,237	Financial					16.24	%
	$		90,684	Technology					14.81	%
Retail - 6.41%				Consumer, Cyclical					11.57	%
Chipotle Mexican Grill Inc (a)	13,771		6,238	Communications					11.42	%
Copart Inc (a)	401,208		13,445	Industrial					10.72	%
Costco Wholesale Corp	140,209		21,188	Energy					6.28	%
CVS Health Corp	341,590		32,994	Utilities					3.53	%
Dollar General Corp	201,064		15,092	Basic Materials					2.42	%
Home Depot Inc/The	191,933		24,138	Exchange Traded Funds					1.49	%
Nordstrom Inc	368,336		18,085	Liabilities in Excess of Other Assets, Net					(0.10	)%
Starbucks Corp	395,461		24,032	TOTAL NET ASSETS					100.00	%
	$		155,212
Savings & Loans - 0.25%
Washington Federal Inc	282,733		6,036
Semiconductors - 2.90%
Applied Materials Inc	545,615		9,630
Avago Technologies Ltd	57,249		7,655

See accompanying notes

163

				Schedule of Investments
				Principal LifeTime 2010 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)		2,592,086	$	38,570
Bond Market Index Fund (a)		8,594,343		94,022
Core Plus Bond Fund (a)	25,785,122			275,643
Diversified International Fund (a)		4,653,662		49,329
Diversified Real Asset Fund (a)		4,957,916		49,728
Equity Income Fund (a)		1,597,314		38,575
Global Diversified Income Fund (a)		8,314,159		105,923
Global Multi-Strategy Fund (a)		4,225,698		44,285
Global Opportunities Fund (a)		1,920,244		20,931
Inflation Protection Fund (a)	12,744,051			105,776
International Emerging Markets Fund (a)		581,492		10,903
LargeCap Growth Fund I (a)		3,723,065		40,879
LargeCap S&P 500 Index Fund (a)		4,400,172		59,490
LargeCap Value Fund III (a)		3,384,575		45,996
MidCap Fund (a)		2,451,907		47,518
Origin Emerging Markets Fund (a)		1,190,675		8,954
Overseas Fund (a)		5,127,158		45,529
Short-Term Income Fund (a)	12,626,054			152,775
SmallCap Growth Fund I (a),(b)		1,622,388		15,835
SmallCap Value Fund II (a)		1,625,387		16,693
		$		1,267,354
TOTAL INVESTMENT COMPANIES		$		1,267,354
Total Investments		$		1,267,354
Liabilities in Excess of Other Assets, Net - (0.01)%		$		(190	)
TOTAL NET ASSETS - 100.00%		$		1,267,164

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	49.58	%
Domestic Equity Funds	23.95	%
Specialty Funds	15.78	%
International Equity Funds	10.70	%
Liabilities in Excess of Other Assets, Net	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

164

Schedule of Investments
Principal LifeTime 2010 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares	Cost		Shares			Proceeds	Shares		Cost
Blue Chip Fund	2,659,289	$	41,909	85,901	$	1,329	153,104		$	2,385	2,592,086	$	40,836
Bond Market Index Fund	8,821,844		98,336	250,514		2,721	478,015			5,232	8,594,343		95,803
Core Plus Bond Fund	26,892,922		291,998	363,366		3,886	1,471,166			15,734	25,785,122		280,119
Diversified International Fund	4,818,194		72,901	113,019		1,251	277,551			3,077	4,653,662		71,391
Diversified Real Asset Fund	5,207,305		55,035	103,573		1,068	352,962			3,693	4,957,916		52,442
Equity Income Fund	1,667,795		31,481	25,087		618	95,568			2,386	1,597,314		30,148
Global Diversified Income Fund	8,574,083		105,174	238,648		3,103	498,572			6,541	8,314,159		101,750
Global Multi-Strategy Fund	4,327,061		45,160	167,258		1,781	268,621			2,886	4,225,698		44,024
Global Opportunities Fund	1,962,810		21,165	58,061		667	100,627			1,153	1,920,244		20,703
Inflation Protection Fund	13,326,450		109,943	227,559		1,873	809,958			6,694	12,744,051		105,125
International Emerging Markets Fund	609,127		17,776	11,259		220	38,894			769	581,492		17,341
LargeCap Growth Fund I	3,459,744		25,535	453,106		5,413	189,785			2,347	3,723,065		28,991
LargeCap S&P 500 Index Fund	4,521,269		47,647	162,713		2,290	283,810			4,040	4,400,172		45,850
LargeCap Value Fund III	3,257,001		43,459	287,373		4,153	159,799			2,348	3,384,575		45,401
MidCap Fund	2,421,295		35,494	172,546		3,561	141,934			3,001	2,451,907		36,460
Origin Emerging Markets Fund	1,259,839		12,627	25,741		205	94,905			770	1,190,675		11,969
Overseas Fund	5,202,704		45,965	252,219		2,392	327,765			3,116	5,127,158		45,330
Short-Term Income Fund	13,201,654		159,189	186,791		2,262	762,391			9,233	12,626,054		152,228
SmallCap Growth Fund I	1,541,025		14,203	149,944		1,640	68,581			770	1,622,388		15,074
SmallCap Value Fund II	1,503,885		11,631	187,967		2,088	66,465			769	1,625,387		13,071
		$	1,286,628		$	42,521			$	76,944		$	1,254,056
					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Blue Chip Fund	$		202	$			(17	)		$			775
Bond Market Index Fund			1,830				(22	)					118
Core Plus Bond Fund			1,564				(31	)					—
Diversified International Fund			797				316						—
Diversified Real Asset Fund			523				32						—
Equity Income Fund			266				435						—
Global Diversified Income Fund			2,137				14						—
Global Multi-Strategy Fund			416				(31	)					939
Global Opportunities Fund			301				24						196
Inflation Protection Fund			885				3						—
International Emerging Markets Fund			107				114						—
LargeCap Growth Fund I			27				390						5,039
LargeCap S&P 500 Index Fund			1,178				(47	)					515
LargeCap Value Fund III			900				137						2,907
MidCap Fund			66				406						3,051
Origin Emerging Markets Fund			92				(93	)					—
Overseas Fund			952				89						980
Short-Term Income Fund			899				10						—
SmallCap Growth Fund I			—				1						1,526
SmallCap Value Fund II			350				121						1,625
	$		13,492	$			1,851			$			17,671
Amounts in thousands except shares

See accompanying notes

165

				Schedule of Investments
				Principal LifeTime 2015 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)		1,891,401	$	28,144
Bond Market Index Fund (a)		5,029,556		55,023
Core Plus Bond Fund (a)	14,956,054			159,880
Diversified International Fund (a)		3,482,125		36,910
Diversified Real Asset Fund (a)		3,303,677		33,136
Equity Income Fund (a)		1,176,947		28,423
Global Diversified Income Fund (a)		4,438,677		56,549
Global Multi-Strategy Fund (a)		2,636,190		27,627
Global Opportunities Fund (a)		2,417,749		26,353
Inflation Protection Fund (a)		6,094,265		50,582
International Emerging Markets Fund (a)		434,172		8,141
LargeCap Growth Fund I (a)		2,620,125		28,769
LargeCap S&P 500 Index Fund (a)		3,623,209		48,986
LargeCap Value Fund III (a)		2,087,899		28,375
MidCap Fund (a)		1,049,879		20,347
MidCap Growth Fund III (a),(b)		828,983		7,486
MidCap Value Fund III (a)		469,667		7,862
Origin Emerging Markets Fund (a)		896,510		6,742
Overseas Fund (a)		3,862,251		34,297
Short-Term Income Fund (a)		4,961,204		60,031
SmallCap Growth Fund I (a),(b)		992,238		9,684
SmallCap Value Fund II (a)		962,099		9,881
		$		773,228
TOTAL INVESTMENT COMPANIES		$		773,228
Total Investments		$		773,228
Liabilities in Excess of Other Assets, Net - (0.01)%		$		(112	)
TOTAL NET ASSETS - 100.00%		$		773,116

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	42.10	%
Domestic Equity Funds	28.20	%
Specialty Funds	15.17	%
International Equity Funds	14.54	%
Liabilities in Excess of Other Assets, Net	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

166

Schedule of Investments
Principal LifeTime 2015 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares	Cost		Shares			Proceeds	Shares		Cost
Blue Chip Fund	1,905,485	$	30,082	75,527	$	1,172	89,611		$	1,379	1,891,401	$	29,851
Bond Market Index Fund	5,073,585		56,508	179,520		1,954	223,549			2,440	5,029,556		56,016
Core Plus Bond Fund	15,327,012		157,454	312,507		3,341	683,465			7,302	14,956,054		153,491
Diversified International Fund	3,538,594		30,551	108,331		1,199	164,800			1,807	3,482,125		29,968
Diversified Real Asset Fund	3,395,591		38,380	96,851		1,001	188,765			1,955	3,303,677		37,421
Equity Income Fund	1,206,243		23,062	26,508		656	55,804			1,380	1,176,947		22,489
Global Diversified Income Fund	4,493,941		60,970	159,091		2,071	214,355			2,794	4,438,677		60,246
Global Multi-Strategy Fund	2,638,656		27,751	119,693		1,277	122,159			1,304	2,636,190		27,719
Global Opportunities Fund	2,429,498		26,202	86,786		997	98,535			1,118	2,417,749		26,085
Inflation Protection Fund	6,245,910		51,614	153,176		1,262	304,821			2,515	6,094,265		50,359
International Emerging Markets Fund	445,439		6,336	11,695		229	22,962			447	434,172		6,125
LargeCap Growth Fund I	2,398,772		14,339	335,639		4,021	114,286			1,379	2,620,125		17,084
LargeCap S&P 500 Index Fund	3,638,157		29,591	154,724		2,185	169,672			2,384	3,623,209		29,357
LargeCap Value Fund III	1,989,409		26,322	194,349		2,813	95,859			1,378	2,087,899		27,809
MidCap Fund	1,017,842		14,935	80,534		1,667	48,497			1,006	1,049,879		15,652
MidCap Growth Fund III	812,686		5,546	54,941		529	38,644			372	828,983		5,702
MidCap Value Fund III	465,741		7,429	24,860		444	20,934			372	469,667		7,502
Origin Emerging Markets Fund	925,460		9,339	27,281		218	56,231			447	896,510		9,064
Overseas Fund	3,838,731		35,942	216,603		2,054	193,083			1,806	3,862,251		36,190
Short-Term Income Fund	5,085,979		61,823	106,056		1,284	230,831			2,794	4,961,204		60,314
SmallCap Growth Fund I	933,118		6,825	98,263		1,077	39,143			429	992,238		7,482
SmallCap Value Fund II	883,292		6,946	118,537		1,320	39,730			447	962,099		7,845
		$	727,947		$	32,771			$	37,255		$	723,771
					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Blue Chip Fund	$		147	$			(24	)		$			564
Bond Market Index Fund			1,070				(6	)					69
Core Plus Bond Fund			902				(2	)					—
Diversified International Fund			595				25						—
Diversified Real Asset Fund			348				(5	)					—
Equity Income Fund			195				151						—
Global Diversified Income Fund			1,138				(1	)					—
Global Multi-Strategy Fund			259				(5	)					583
Global Opportunities Fund			378				4						245
Inflation Protection Fund			422				(2	)					—
International Emerging Markets Fund			80				7						—
LargeCap Growth Fund I			19				103						3,540
LargeCap S&P 500 Index Fund			966				(35	)					422
LargeCap Value Fund III			556				52						1,797
MidCap Fund			28				56						1,303
MidCap Growth Fund III			—				(1	)					405
MidCap Value Fund III			108				1						211
Origin Emerging Markets Fund			69				(46	)					—
Overseas Fund			715				—						736
Short-Term Income Fund			351				1						—
SmallCap Growth Fund I			—				9						934
SmallCap Value Fund II			208				26						963
	$		8,554	$			308			$			11,772
Amounts in thousands except shares

See accompanying notes

167

				Schedule of Investments
				Principal LifeTime 2020 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)	16,207,086		$	241,161
Bond Market Index Fund (a)	30,455,812			333,187
Core Plus Bond Fund (a)	102,916,370			1,100,176
Diversified International Fund (a)	29,285,976			310,431
Diversified Real Asset Fund (a)	22,789,395			228,578
Equity Income Fund (a)		9,380,050		226,528
Global Diversified Income Fund (a)	29,228,610			372,372
Global Multi-Strategy Fund (a)	17,674,769			185,232
Global Opportunities Fund (a)	25,629,828			279,365
Global Real Estate Securities Fund (a)	18,969,372			160,481
Inflation Protection Fund (a)	24,192,532			200,798
International Emerging Markets Fund (a)		3,803,336		71,313
LargeCap Growth Fund I (a)	23,377,734			256,687
LargeCap S&P 500 Index Fund (a)	32,579,423			440,474
LargeCap Value Fund III (a)	19,294,208			262,208
MidCap Fund (a)		8,126,683		157,495
MidCap Growth Fund III (a),(b)	11,153,661			100,718
MidCap Value Fund III (a)		5,995,945		100,372
Origin Emerging Markets Fund (a)		6,634,874		49,894
Overseas Fund (a)	33,339,818			296,058
Short-Term Income Fund (a)	17,929,767			216,950
SmallCap Growth Fund I (a),(b)		9,938,291		96,998
SmallCap Value Fund II (a)	10,108,415			103,813
		$		5,791,289
TOTAL INVESTMENT COMPANIES		$		5,791,289
Total Investments		$		5,791,289
Liabilities in Excess of Other Assets, Net - (0.01)%		$		(780	)
TOTAL NET ASSETS - 100.00%		$		5,790,509

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	34.31	%
Fixed Income Funds	31.97	%
International Equity Funds	20.15	%
Specialty Funds	13.58	%
Liabilities in Excess of Other Assets, Net	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

168

Schedule of Investments
Principal LifeTime 2020 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases		Purchases	Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	16,237,713	$	255,474	530,678	$	8,228	561,305		$	8,736	16,207,086	$	254,924
Bond Market Index Fund	30,608,617		340,933	893,753		9,703	1,046,558			11,416	30,455,812		339,196
Core Plus Bond Fund	104,781,338		1,138,199	1,387,091		14,820	3,252,059			34,745	102,916,370		1,118,275
Diversified International Fund	29,604,207		405,783	702,638		7,793	1,020,869			11,317	29,285,976		402,473
Diversified Real Asset Fund	23,197,291		259,499	444,975		4,602	852,871			8,934	22,789,395		255,147
Equity Income Fund	9,579,567		197,755	150,629		3,724	350,146			8,735	9,380,050		192,223
Global Diversified Income Fund	29,394,252		410,926	820,321		10,666	985,963			12,904	29,228,610		408,671
Global Multi-Strategy Fund	17,600,354		185,229	677,537		7,215	603,122			6,452	17,674,769		186,003
Global Opportunities Fund	25,632,045		279,118	760,368		8,747	762,585			8,736	25,629,828		279,167
Global Real Estate Securities Fund	18,763,963		138,885	761,941		6,817	556,532			4,964	18,969,372		140,959
Inflation Protection Fund	24,711,455		215,696	443,103		3,645	962,026			7,941	24,192,532		211,442
International Emerging Markets Fund	3,877,397		100,519	71,807		1,409	145,868			2,879	3,803,336		99,025
LargeCap Growth Fund I	21,264,018		155,114	2,819,973		33,696	706,257			8,637	23,377,734		181,091
LargeCap S&P 500 Index Fund	32,486,736		320,798	1,140,955		16,098	1,048,268			14,889	32,579,423		321,952
LargeCap Value Fund III	18,245,963		242,079	1,641,432		23,728	593,187			8,636	19,294,208		257,530
MidCap Fund	7,845,242		144,405	569,097		11,751	287,656			6,055	8,126,683		150,010
MidCap Growth Fund III	10,783,661		94,410	623,967		6,003	253,967			2,481	11,153,661		97,945
MidCap Value Fund III	5,872,899		93,780	260,593		4,651	137,547			2,482	5,995,945		96,071
Origin Emerging Markets Fund	6,828,646		69,743	149,848		1,198	343,620			2,780	6,634,874		67,867
Overseas Fund	32,926,447		310,830	1,607,235		15,256	1,193,864			11,316	33,339,818		314,767
Short-Term Income Fund	18,318,259		224,090	267,572		3,239	656,064			7,942	17,929,767		219,340
SmallCap Growth Fund I	9,276,261		88,460	911,594		9,978	249,564			2,780	9,938,291		95,655
SmallCap Value Fund II	9,191,608		74,730	1,159,867		12,887	243,060			2,779	10,108,415		84,829
		$	5,746,455		$	225,854			$	198,536		$	5,774,562
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		1,250	$			(42	)		$			4,804
Bond Market Index Fund			6,447				(24	)					415
Core Plus Bond Fund			6,174				1						—
Diversified International Fund			4,977				214						—
Diversified Real Asset Fund			2,379				(20	)					—
Equity Income Fund			1,551				(521	)					—
Global Diversified Income Fund			7,455				(17	)					—
Global Multi-Strategy Fund			1,725				11						3,885
Global Opportunities Fund			3,986				38						2,588
Global Real Estate Securities Fund			2,555				221						3,026
Inflation Protection Fund			1,669				42						—
International Emerging Markets Fund			693				(24	)					—
LargeCap Growth Fund I			171				918						31,376
LargeCap S&P 500 Index Fund			8,626				(55	)					3,767
LargeCap Value Fund III			5,103				359						16,476
MidCap Fund			219				(91	)					10,026
MidCap Growth Fund III			—				13						5,386
MidCap Value Fund III			1,367				122						2,666
Origin Emerging Markets Fund			506				(294	)					—
Overseas Fund			6,135				(3	)					6,305
Short-Term Income Fund			1,263				(47	)					—
SmallCap Growth Fund I			—				(3	)					9,286
SmallCap Value Fund II			2,164				(9	)					10,031
	$		66,415	$			789			$			110,037
Amounts in thousands except shares

See accompanying notes

169

				Schedule of Investments
				Principal LifeTime 2025 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)		5,282,508	$	78,604
Bond Market Index Fund (a)		7,456,908		81,579
Core Plus Bond Fund (a)	23,338,444			249,488
Diversified International Fund (a)		8,761,617		92,873
Diversified Real Asset Fund (a)		5,869,657		58,873
Equity Income Fund (a)		2,820,916		68,125
Global Diversified Income Fund (a)		6,266,658		79,837
Global Multi-Strategy Fund (a)		4,114,947		43,125
Global Opportunities Fund (a)		6,109,933		66,598
Global Real Estate Securities Fund (a)		6,302,414		53,318
Inflation Protection Fund (a)		5,885,753		48,852
International Emerging Markets Fund (a)		1,225,681		22,981
LargeCap Growth Fund I (a)		7,586,402		83,299
LargeCap S&P 500 Index Fund (a)		9,577,818		129,492
LargeCap Value Fund III (a)		5,847,736		79,471
MidCap Fund (a)		1,556,607		30,167
MidCap Growth Fund III (a),(b)		3,642,402		32,891
MidCap Value Fund III (a)		2,004,745		33,559
Origin Emerging Markets Fund (a)		2,606,130		19,598
Overseas Fund (a)	10,026,478			89,035
SmallCap Growth Fund I (a),(b)		2,472,409		24,131
SmallCap Value Fund II (a)		2,479,216		25,461
		$		1,491,357
TOTAL INVESTMENT COMPANIES		$		1,491,357
Total Investments		$		1,491,357
Liabilities in Excess of Other Assets, Net - (0.01)%		$		(206	)
TOTAL NET ASSETS - 100.00%		$		1,491,151

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	39.25	%
Fixed Income Funds	25.48	%
International Equity Funds	23.09	%
Specialty Funds	12.19	%
Liabilities in Excess of Other Assets, Net	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

170

Schedule of Investments
Principal LifeTime 2025 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases		Purchases	Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	5,094,465	$	81,074	316,663	$	4,888	128,620		$	1,998	5,282,508	$	83,946
Bond Market Index Fund	7,213,826		80,292	435,692		4,749	192,610			2,098	7,456,908		82,943
Core Plus Bond Fund	22,926,644		242,606	1,004,679		10,740	592,879			6,330	23,338,444		247,016
Diversified International Fund	8,513,864		82,478	483,727		5,326	235,974			2,611	8,761,617		85,194
Diversified Real Asset Fund	5,728,077		67,000	307,687		3,177	166,107			1,741	5,869,657		68,440
Equity Income Fund	2,762,657		73,544	138,383		3,413	80,124			1,997	2,820,916		74,957
Global Diversified Income Fund	6,065,054		85,372	368,117		4,794	166,513			2,176	6,266,658		87,981
Global Multi-Strategy Fund	3,941,686		41,504	284,529		3,037	111,268			1,187	4,114,947		43,354
Global Opportunities Fund	5,896,483		64,784	376,147		4,292	162,697			1,859	6,109,933		67,216
Global Real Estate Securities Fund	6,032,573		45,911	403,042		3,581	133,201			1,186	6,302,414		48,307
Inflation Protection Fund	5,766,002		50,472	268,389		2,213	148,638			1,226	5,885,753		51,457
International Emerging Markets Fund	1,198,334		23,485	60,614		1,185	33,267			653	1,225,681		24,017
LargeCap Growth Fund I	6,665,544		47,115	1,085,532		13,001	164,674			1,998	7,586,402		58,083
LargeCap S&P 500 Index Fund	9,205,555		87,765	613,667		8,634	241,404			3,422	9,577,818		92,962
LargeCap Value Fund III	5,337,122		71,309	648,696		9,371	138,082			1,998	5,847,736		78,680
MidCap Fund	1,441,970		29,655	158,008		3,265	43,371			911	1,556,607		31,999
MidCap Growth Fund III	3,420,780		32,906	304,871		2,932	83,249			811	3,642,402		35,027
MidCap Value Fund III	1,907,174		30,866	143,697		2,557	46,126			831	2,004,745		32,590
Origin Emerging Markets Fund	2,541,821		25,741	145,462		1,159	81,153			653	2,606,130		26,224
Overseas Fund	9,505,777		96,332	797,475		7,530	276,774			2,611	10,026,478		101,251
SmallCap Growth Fund I	2,236,046		20,242	293,393		3,207	57,030			633	2,472,409		22,815
SmallCap Value Fund II	2,186,845		20,120	348,181		3,879	55,810			634	2,479,216		23,363
		$	1,400,573		$	106,930			$	39,564		$	1,467,822
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		399	$			(18	)		$			1,534
Bond Market Index Fund			1,548				—						100
Core Plus Bond Fund			1,376				—						—
Diversified International Fund			1,464				1						—
Diversified Real Asset Fund			602				4						—
Equity Income Fund			458				(3	)					—
Global Diversified Income Fund			1,576				(9	)					—
Global Multi-Strategy Fund			395				—						886
Global Opportunities Fund			936				(1	)					605
Global Real Estate Securities Fund			837				1						988
Inflation Protection Fund			399				(2	)					—
International Emerging Markets Fund			219				—						—
LargeCap Growth Fund I			54				(35	)					9,990
LargeCap S&P 500 Index Fund			2,486				(15	)					1,086
LargeCap Value Fund III			1,517				(2	)					4,899
MidCap Fund			41				(10	)					1,878
MidCap Growth Fund III			—				—						1,732
MidCap Value Fund III			450				(2	)					878
Origin Emerging Markets Fund			194				(23	)					—
Overseas Fund			1,812				—						1,855
SmallCap Growth Fund I			—				(1	)					2,271
SmallCap Value Fund II			522				(2	)					2,420
	$		17,285	$			(117	)		$			31,122
Amounts in thousands except shares

See accompanying notes

171

				Schedule of Investments
				Principal LifeTime 2030 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)	17,279,284		$	257,116
Bond Market Index Fund (a)	23,951,290			262,027
Core Plus Bond Fund (a)	79,238,687			847,062
Diversified International Fund (a)	41,081,840			435,467
Diversified Real Asset Fund (a)	23,640,337			237,113
Equity Income Fund (a)		8,721,661		210,628
Global Diversified Income Fund (a)	20,057,214			255,529
Global Multi-Strategy Fund (a)	18,580,492			194,724
Global Opportunities Fund (a)	26,893,960			293,144
Global Real Estate Securities Fund (a)	28,318,734			239,576
Inflation Protection Fund (a)	16,370,286			135,873
International Emerging Markets Fund (a)		5,381,368		100,901
LargeCap Growth Fund I (a)	42,266,068			464,081
LargeCap S&P 500 Index Fund (a)	44,855,676			606,449
LargeCap Value Fund (a)	24,004,704			258,291
LargeCap Value Fund III (a)	18,370,595			249,656
MidCap Fund (a)		3,029,603		58,714
MidCap Growth Fund III (a),(b)	21,605,365			195,096
MidCap Value Fund III (a)	11,384,838			190,582
Origin Emerging Markets Fund (a)	10,829,878			81,441
Overseas Fund (a)	47,822,305			424,662
SmallCap Growth Fund I (a),(b)	11,630,871			113,517
SmallCap Value Fund II (a)	11,236,115			115,395
		$		6,227,044
TOTAL INVESTMENT COMPANIES		$		6,227,044
Total Investments		$		6,227,044
Liabilities in Excess of Other Assets, Net - (0.01)%		$		(735	)
TOTAL NET ASSETS - 100.00%		$		6,226,309

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	43.66	%
International Equity Funds	25.30	%
Fixed Income Funds	20.00	%
Specialty Funds	11.05	%
Liabilities in Excess of Other Assets, Net	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

172

Schedule of Investments
Principal LifeTime 2030 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases		Purchases	Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	17,080,761	$	272,653	668,162	$	10,360	469,639		$	7,360	17,279,284	$	275,613
Bond Market Index Fund	23,752,774		264,598	836,535		9,095	638,019			6,951	23,951,290		266,737
Core Plus Bond Fund	79,700,305		866,289	1,491,326		15,932	1,952,944			20,854	79,238,687		861,366
Diversified International Fund	40,951,567		534,825	1,208,022		13,401	1,077,749			12,022	41,081,840		536,209
Diversified Real Asset Fund	23,699,339		274,285	592,964		6,144	651,966			6,870	23,640,337		273,553
Equity Income Fund	8,775,212		233,873	190,723		4,729	244,274			6,133	8,721,661		232,410
Global Diversified Income Fund	19,895,311		279,484	660,981		8,605	499,078			6,543	20,057,214		281,522
Global Multi-Strategy Fund	18,242,606		193,218	796,325		8,490	458,439			4,907	18,580,492		196,794
Global Opportunities Fund	26,617,749		292,546	972,140		11,173	695,929			8,014	26,893,960		295,704
Global Real Estate Securities Fund	27,686,728		207,319	1,271,226		11,361	639,220			5,725	28,318,734		212,886
Inflation Protection Fund	16,444,498		143,752	381,535		3,143	455,747			3,762	16,370,286		143,110
International Emerging Markets Fund	5,401,684		131,320	132,047		2,600	152,363			3,026	5,381,368		130,860
LargeCap Growth Fund I	37,933,757		284,593	5,222,451		62,475	890,140			10,957	42,266,068		336,866
LargeCap S&P 500 Index Fund	44,157,490		468,999	1,796,990		25,380	1,098,804			15,702	44,855,676		478,627
LargeCap Value Fund	22,067,252		201,935	2,459,067		28,546	521,615			6,134	24,004,704		224,349
LargeCap Value Fund III	17,151,944		226,850	1,637,688		23,694	419,037			6,134	18,370,595		244,563
MidCap Fund	2,886,030		67,622	232,196		4,801	88,623			1,882	3,029,603		70,524
MidCap Growth Fund III	20,750,141		205,627	1,353,600		13,031	498,376			4,908	21,605,365		213,751
MidCap Value Fund III	11,079,368		179,114	575,455		10,269	269,985			4,907	11,384,838		184,478
Origin Emerging Markets Fund	10,892,910		111,333	298,092		2,399	361,124			2,944	10,829,878		110,576
Overseas Fund	46,537,809		441,339	2,545,430		24,170	1,260,934			12,022	47,822,305		453,497
SmallCap Growth Fund I	10,757,702		102,976	1,127,361		12,348	254,192			2,862	11,630,871		112,464
SmallCap Value Fund II	10,136,306		84,201	1,355,329		15,077	255,520			2,944	11,236,115		96,303
		$	6,068,751		$	327,223			$	163,563		$	6,232,762
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		1,323	$			(40	)		$			5,082
Bond Market Index Fund			5,036				(5	)					324
Core Plus Bond Fund			4,725				(1	)					—
Diversified International Fund			6,940				5						—
Diversified Real Asset Fund			2,452				(6	)					—
Equity Income Fund			1,433				(59	)					—
Global Diversified Income Fund			5,089				(24	)					—
Global Multi-Strategy Fund			1,802				(7	)					4,051
Global Opportunities Fund			4,167				(1	)					2,699
Global Real Estate Securities Fund			3,797				(69	)					4,488
Inflation Protection Fund			1,122				(23	)					—
International Emerging Markets Fund			974				(34	)					—
LargeCap Growth Fund I			306				755						56,280
LargeCap S&P 500 Index Fund			11,793				(50	)					5,148
LargeCap Value Fund			6,884				2						18,365
LargeCap Value Fund III			4,825				153						15,573
MidCap Fund			81				(17	)					3,709
MidCap Growth Fund III			—				1						10,394
MidCap Value Fund III			2,589				2						5,044
Origin Emerging Markets Fund			817				(212	)					—
Overseas Fund			8,744				10						8,966
SmallCap Growth Fund I			—				2						10,810
SmallCap Value Fund II			2,395				(31	)					11,100
	$		77,294	$			351			$			162,033
Amounts in thousands except shares

See accompanying notes

173

				Schedule of Investments
				Principal LifeTime 2035 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Bond Market Index Fund (a)		3,964,444	$	43,371
Core Plus Bond Fund (a)	11,935,676			127,592
Diversified International Fund (a)		7,882,716		83,557
Diversified Real Asset Fund (a)		4,129,558		41,419
Global Multi-Strategy Fund (a)		3,077,811		32,255
Global Opportunities Fund (a)		5,584,361		60,870
Global Real Estate Securities Fund (a)		5,544,538		46,907
High Yield Fund I (a)		2,343,884		21,025
Inflation Protection Fund (a)		1,860,343		15,441
International Emerging Markets Fund (a)		1,066,473		19,996
LargeCap Growth Fund (a)		3,659,803		34,512
LargeCap Growth Fund I (a)	10,899,406			119,676
LargeCap S&P 500 Index Fund (a)		8,969,879		121,273
LargeCap Value Fund (a)		6,340,239		68,221
LargeCap Value Fund III (a)		5,478,956		74,459
MidCap Growth Fund III (a),(b)		4,432,867		40,029
MidCap Value Fund III (a)		2,407,837		40,307
Origin Emerging Markets Fund (a)		2,146,154		16,139
Overseas Fund (a)		9,058,800		80,442
SmallCap Growth Fund I (a),(b)		2,201,235		21,484
SmallCap Value Fund II (a)		2,109,432		21,664
		$		1,130,639
TOTAL INVESTMENT COMPANIES		$		1,130,639
Total Investments		$		1,130,639
Liabilities in Excess of Other Assets, Net - (0.01)%		$		(152	)
TOTAL NET ASSETS - 100.00%		$		1,130,487

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	47.91	%
International Equity Funds	27.23	%
Fixed Income Funds	18.36	%
Specialty Funds	6.51	%
Liabilities in Excess of Other Assets, Net	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

174

Schedule of Investments
Principal LifeTime 2035 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares	Cost		Shares			Proceeds	Shares		Cost
Bond Market Index Fund	3,855,239	$	43,014	208,790	$	2,277	99,585		$	1,087	3,964,444	$	44,203
Core Plus Bond Fund	11,782,119		125,933	458,687		4,902	305,130			3,258	11,935,676		127,576
Diversified International Fund	7,694,779		75,589	409,367		4,514	221,430			2,483	7,882,716		77,620
Diversified Real Asset Fund	4,051,039		47,978	195,837		2,022	117,318			1,242	4,129,558		48,758
Global Multi-Strategy Fund	2,964,573		31,490	192,758		2,058	79,520			853	3,077,811		32,695
Global Opportunities Fund	5,419,725		60,750	301,369		3,448	136,733			1,583	5,584,361		62,614
Global Real Estate Securities Fund	5,322,554		40,589	360,209		3,204	138,225			1,242	5,544,538		42,550
High Yield Fund I	2,289,492		22,344	121,692		1,114	67,300			621	2,343,884		22,836
Inflation Protection Fund	1,828,690		15,903	87,989		726	56,336			467	1,860,343		16,162
International Emerging Markets Fund	1,046,982		20,987	50,583		990	31,092			621	1,066,473		21,357
LargeCap Growth Fund	3,277,876		22,450	469,651		4,843	87,724			931	3,659,803		26,365
LargeCap Growth Fund I	9,616,909		81,402	1,512,736		18,143	230,239			2,871	10,899,406		96,662
LargeCap S&P 500 Index Fund	8,661,487		91,660	535,101		7,548	226,709			3,259	8,969,879		95,947
LargeCap Value Fund	5,721,613		56,694	777,922		9,037	159,296			1,894	6,340,239		63,836
LargeCap Value Fund III	5,022,478		67,598	585,617		8,478	129,139			1,909	5,478,956		74,170
MidCap Growth Fund III	4,174,132		42,587	380,595		3,667	121,860			1,211	4,432,867		45,044
MidCap Value Fund III	2,296,950		39,082	176,969		3,155	66,082			1,211	2,407,837		41,026
Origin Emerging Markets Fund	2,101,719		21,299	120,034		959	75,599			620	2,146,154		21,628
Overseas Fund	8,629,099		88,756	688,473		6,512	258,772			2,484	9,058,800		92,784
SmallCap Growth Fund I	1,998,843		19,156	253,995		2,783	51,603			590	2,201,235		21,348
SmallCap Value Fund II	1,866,881		17,851	294,320		3,284	51,769			607	2,109,432		20,527
		$	1,033,112		$	93,664			$	31,044		$	1,095,708
					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Bond Market Index Fund	$		824	$			(1	)		$			53
Core Plus Bond Fund			705				(1	)					—
Diversified International Fund			1,317				—						—
Diversified Real Asset Fund			423				—						—
Global Multi-Strategy Fund			295				—						664
Global Opportunities Fund			855				(1	)					554
Global Real Estate Securities Fund			736				(1	)					869
High Yield Fund I			314				(1	)					—
Inflation Protection Fund			126				—						—
International Emerging Markets Fund			190				1						—
LargeCap Growth Fund			102				3						3,542
LargeCap Growth Fund I			78				(12	)					14,368
LargeCap S&P 500 Index Fund			2,334				(2	)					1,018
LargeCap Value Fund			1,799				(1	)					4,798
LargeCap Value Fund III			1,424				3						4,595
MidCap Growth Fund III			—				1						2,108
MidCap Value Fund III			541				—						1,054
Origin Emerging Markets Fund			159				(10	)					—
Overseas Fund			1,636				—						1,677
SmallCap Growth Fund I			—				(1	)					2,023
SmallCap Value Fund II			445				(1	)					2,060
	$		14,303	$			(24	)		$			39,383
Amounts in thousands except shares

See accompanying notes

175

				Schedule of Investments
				Principal LifeTime 2040 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Bond Market Index Fund (a)		9,351,841	$	102,309
Core Plus Bond Fund (a)	30,016,999			320,882
Diversified International Fund (a)	32,368,433			343,105
Diversified Real Asset Fund (a)	12,245,467			122,822
Global Multi-Strategy Fund (a)	10,206,963			106,969
Global Opportunities Fund (a)	20,633,254			224,902
Global Real Estate Securities Fund (a)	25,016,881			211,643
High Yield Fund I (a)		8,541,164		76,614
Inflation Protection Fund (a)		4,230,134		35,110
International Emerging Markets Fund (a)		4,189,847		78,560
LargeCap Growth Fund (a)	15,118,139			142,564
LargeCap Growth Fund I (a)	38,914,300			427,279
LargeCap S&P 500 Index Fund (a)	35,852,553			484,727
LargeCap Value Fund (a)	24,974,935			268,730
LargeCap Value Fund III (a)	21,301,594			289,489
MidCap Growth Fund III (a),(b)	17,213,975			155,442
MidCap Value Fund III (a)		8,608,321		144,103
Origin Emerging Markets Fund (a)		8,447,869		63,528
Overseas Fund (a)	36,322,286			322,542
SmallCap Growth Fund I (a),(b)		8,602,667		83,962
SmallCap Value Fund II (a)		8,276,045		84,995
		$		4,090,277
TOTAL INVESTMENT COMPANIES		$		4,090,277
Total Investments		$		4,090,277
Liabilities in Excess of Other Assets, Net - (0.01)%		$		(605	)
TOTAL NET ASSETS - 100.00%		$		4,089,672

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	50.89	%
International Equity Funds	30.42	%
Fixed Income Funds	13.08	%
Specialty Funds	5.62	%
Liabilities in Excess of Other Assets, Net	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

176

Schedule of Investments
Principal LifeTime 2040 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases		Purchases	Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	9,211,509	$	102,550	378,217	$	4,117	237,885		$	2,591	9,351,841	$	104,074
Core Plus Bond Fund	30,008,733		326,492	741,349		7,920	733,083			7,827	30,016,999		326,587
Diversified International Fund	32,046,469		394,473	1,131,633		12,540	809,669			9,043	32,368,433		397,961
Diversified Real Asset Fund	12,193,729		140,801	402,958		4,169	351,220			3,703	12,245,467		141,271
Global Multi-Strategy Fund	9,959,184		105,113	494,767		5,278	246,988			2,644	10,206,963		107,745
Global Opportunities Fund	20,281,576		225,433	847,239		9,727	495,561			5,712	20,633,254		229,431
Global Real Estate Securities Fund	24,313,186		185,229	1,235,158		11,028	531,463			4,761	25,016,881		191,488
High Yield Fund I	8,463,069		81,793	307,600		2,812	229,505			2,116	8,541,164		82,487
Inflation Protection Fund	4,222,674		35,934	135,621		1,118	128,161			1,058	4,230,134		35,990
International Emerging Markets Fund	4,174,608		95,626	126,937		2,497	111,698			2,222	4,189,847		95,901
LargeCap Growth Fund	13,713,635		88,837	1,746,815		17,990	342,311			3,597	15,118,139		103,199
LargeCap Growth Fund I	34,735,339		266,840	5,006,828		59,949	827,867			10,207	38,914,300		316,541
LargeCap S&P 500 Index Fund	35,067,635		380,696	1,613,280		22,783	828,362			11,845	35,852,553		391,585
LargeCap Value Fund	22,839,152		231,293	2,724,481		31,634	588,698			6,929	24,974,935		255,996
LargeCap Value Fund III	19,770,087		264,059	2,004,349		29,011	472,842			6,928	21,301,594		286,173
MidCap Growth Fund III	16,445,316		167,802	1,219,393		11,742	450,734			4,442	17,213,975		175,102
MidCap Value Fund III	8,334,408		140,794	518,138		9,241	244,225			4,443	8,608,321		145,592
Origin Emerging Markets Fund	8,425,573		86,435	300,781		2,417	278,485			2,274	8,447,869		86,487
Overseas Fund	35,109,675		348,534	2,160,080		20,496	947,469			9,045	36,322,286		359,991
SmallCap Growth Fund I	7,912,144		78,013	882,735		9,671	192,212			2,168	8,602,667		85,515
SmallCap Value Fund II	7,422,460		63,357	1,046,059		11,651	192,474			2,222	8,276,045		72,768
		$	3,810,104		$	287,791			$	105,777		$	3,991,884
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		1,960	$			(2	)		$			126
Core Plus Bond Fund			1,784				2						—
Diversified International Fund			5,451				(9	)					—
Diversified Real Asset Fund			1,267				4						—
Global Multi-Strategy Fund			987				(2	)					2,218
Global Opportunities Fund			3,186				(17	)					2,063
Global Real Estate Securities Fund			3,345				(8	)					3,952
High Yield Fund I			1,154				(2	)					—
Inflation Protection Fund			289				(4	)					—
International Emerging Markets Fund			755				—						—
LargeCap Growth Fund			424				(31	)					14,747
LargeCap Growth Fund I			281				(41	)					51,668
LargeCap S&P 500 Index Fund			9,396				(49	)					4,100
LargeCap Value Fund			7,146				(2	)					19,057
LargeCap Value Fund III			5,578				31						18,002
MidCap Growth Fund III			—				—						8,260
MidCap Value Fund III			1,954				—						3,804
Origin Emerging Markets Fund			635				(91	)					—
Overseas Fund			6,621				6						6,785
SmallCap Growth Fund I			—				(1	)					7,972
SmallCap Value Fund II			1,759				(18	)					8,150
	$		53,972	$			(234	)		$			150,904
Amounts in thousands except shares

See accompanying notes

177

				Schedule of Investments
				Principal LifeTime 2045 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Bond Market Index Fund (a)		1,253,270	$	13,711
Core Plus Bond Fund (a)		3,646,029		38,976
Diversified International Fund (a)		5,711,259		60,539
Diversified Real Asset Fund (a)		2,227,098		22,338
Global Multi-Strategy Fund (a)		1,502,257		15,744
Global Opportunities Fund (a)		4,053,013		44,178
Global Real Estate Securities Fund (a)		4,652,822		39,363
High Yield Fund I (a)		1,468,466		13,172
International Emerging Markets Fund (a)		752,276		14,105
LargeCap Growth Fund (a)		2,651,908		25,008
LargeCap Growth Fund I (a)		7,676,146		84,284
LargeCap S&P 500 Index Fund (a)		6,087,306		82,300
LargeCap Value Fund (a)		4,516,395		48,596
LargeCap Value Fund III (a)		3,942,608		53,580
MidCap Growth Fund III (a),(b)		3,174,629		28,667
MidCap Value Fund III (a)		1,720,689		28,804
Origin Emerging Markets Fund (a)		1,651,170		12,417
Overseas Fund (a)		6,551,079		58,174
SmallCap Growth Fund I (a),(b)		1,475,399		14,400
SmallCap Value Fund II (a)		1,497,497		15,379
		$		713,735
TOTAL INVESTMENT COMPANIES		$		713,735
Total Investments		$		713,735
Liabilities in Excess of Other Assets, Net - (0.01)%		$		(100	)
TOTAL NET ASSETS - 100.00%		$		713,635

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	53.39	%
International Equity Funds	32.06	%
Fixed Income Funds	9.22	%
Specialty Funds	5.34	%
Liabilities in Excess of Other Assets, Net	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

178

Schedule of Investments
Principal LifeTime 2045 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares	Cost		Shares			Proceeds	Shares		Cost
Bond Market Index Fund	1,193,695	$	13,338	86,888	$	948	27,313		$	298	1,253,270	$	13,988
Core Plus Bond Fund	3,521,546		37,922	207,297		2,215	82,814			885	3,646,029		39,252
Diversified International Fund	5,449,352		55,698	397,153		4,372	135,246			1,512	5,711,259		58,558
Diversified Real Asset Fund	2,130,771		25,299	152,687		1,574	56,360			595	2,227,098		26,278
Global Multi-Strategy Fund	1,413,532		14,972	124,438		1,329	35,713			382	1,502,257		15,919
Global Opportunities Fund	3,850,205		43,559	291,164		3,324	88,356			1,021	4,053,013		45,862
Global Real Estate Securities Fund	4,379,988		35,103	367,686		3,260	94,852			850	4,652,822		37,512
High Yield Fund I	1,399,880		13,982	105,509		964	36,923			341	1,468,466		14,605
International Emerging Markets Fund	720,362		15,685	51,139		999	19,225			382	752,276		16,302
LargeCap Growth Fund	2,326,543		17,709	380,227		3,920	54,862			578	2,651,908		21,047
LargeCap Growth Fund I	6,648,723		61,758	1,168,324		14,018	140,901			1,743	7,676,146		74,034
LargeCap S&P 500 Index Fund	5,746,701		63,444	479,419		6,753	138,814			1,990	6,087,306		68,207
LargeCap Value Fund	3,988,338		42,026	625,989		7,264	97,932			1,156	4,516,395		48,132
LargeCap Value Fund III	3,543,253		47,929	478,641		6,925	79,286			1,165	3,942,608		53,690
MidCap Growth Fund III	2,920,579		30,870	328,885		3,165	74,835			740	3,174,629		33,295
MidCap Value Fund III	1,603,780		28,034	157,457		2,801	40,548			739	1,720,689		30,095
Origin Emerging Markets Fund	1,575,684		15,991	121,228		968	45,742			374	1,651,170		16,580
Overseas Fund	6,094,986		64,030	614,420		5,797	158,327			1,512	6,551,079		68,314
SmallCap Growth Fund I	1,309,637		13,540	197,994		2,167	32,232			365	1,475,399		15,342
SmallCap Value Fund II	1,296,591		13,392	233,198		2,604	32,292			373	1,497,497		15,623
		$	654,281		$	75,367			$	17,001		$	712,635
					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Bond Market Index Fund	$		258	$			—			$			17
Core Plus Bond Fund			213				—						—
Diversified International Fund			946				—						—
Diversified Real Asset Fund			226				—						—
Global Multi-Strategy Fund			143				—						320
Global Opportunities Fund			616				—						397
Global Real Estate Securities Fund			613				(1	)					722
High Yield Fund I			194				—						—
International Emerging Markets Fund			133				—						—
LargeCap Growth Fund			73				(4	)					2,538
LargeCap Growth Fund I			55				1						10,018
LargeCap S&P 500 Index Fund			1,566				—						682
LargeCap Value Fund			1,268				(2	)					3,378
LargeCap Value Fund III			1,015				1						3,273
MidCap Growth Fund III			—				—						1,491
MidCap Value Fund III			383				(1	)					744
Origin Emerging Markets Fund			121				(5	)					—
Overseas Fund			1,174				(1	)					1,197
SmallCap Growth Fund I			—				—						1,339
SmallCap Value Fund II			312				—						1,445
	$		9,309	$			(12	)		$			27,561
Amounts in thousands except shares

See accompanying notes

179

				Schedule of Investments
				Principal LifeTime 2050 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Bond Market Index Fund (a)		2,289,528	$	25,047
Core Plus Bond Fund (a)		7,710,845		82,429
Diversified International Fund (a)	17,776,783			188,434
Diversified Real Asset Fund (a)		5,541,425		55,581
Global Multi-Strategy Fund (a)		4,256,713		44,610
Global Opportunities Fund (a)	12,649,611			137,881
Global Real Estate Securities Fund (a)	13,109,190			110,904
High Yield Fund I (a)		4,794,350		43,005
International Emerging Markets Fund (a)		2,479,643		46,493
LargeCap Growth Fund (a)		8,443,938		79,626
LargeCap Growth Fund I (a)	23,187,929			254,604
LargeCap S&P 500 Index Fund (a)	18,300,932			247,429
LargeCap Value Fund (a)	13,949,798			150,100
LargeCap Value Fund III (a)	13,034,151			177,134
MidCap Growth Fund III (a),(b)		9,407,320		84,948
MidCap Value Fund III (a)		5,228,410		87,524
Origin Emerging Markets Fund (a)		5,320,348		40,009
Overseas Fund (a)	20,353,469			180,739
SmallCap Growth Fund I (a),(b)		4,532,102		44,233
SmallCap Value Fund II (a)		4,418,707		45,380
		$		2,126,110
TOTAL INVESTMENT COMPANIES		$		2,126,110
Total Investments		$		2,126,110
Liabilities in Excess of Other Assets, Net - (0.01)%		$		(297	)
TOTAL NET ASSETS - 100.00%		$		2,125,813

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	55.08	%
International Equity Funds	33.14	%
Fixed Income Funds	7.08	%
Specialty Funds	4.71	%
Liabilities in Excess of Other Assets, Net	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

180

Schedule of Investments
Principal LifeTime 2050 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases		Purchases	Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	2,228,942	$	24,902	121,634	$	1,326	61,048		$	665	2,289,528	$	25,563
Core Plus Bond Fund	7,618,261		83,094	310,472		3,319	217,888			2,327	7,710,845		84,087
Diversified International Fund	17,375,288		207,681	953,902		10,550	552,407			6,146	17,776,783		212,088
Diversified Real Asset Fund	5,439,170		63,429	292,018		3,025	189,763			1,993	5,541,425		64,460
Global Multi-Strategy Fund	4,103,318		43,265	277,759		2,967	124,364			1,328	4,256,713		44,903
Global Opportunities Fund	12,283,084		138,942	736,904		8,441	370,377			4,253	12,649,611		143,126
Global Real Estate Securities Fund	12,593,506		96,412	887,574		7,899	371,890			3,322	13,109,190		100,984
High Yield Fund I	4,689,868		47,894	248,916		2,280	144,434			1,329	4,794,350		48,844
International Emerging Markets Fund	2,438,665		57,969	118,291		2,327	77,313			1,528	2,479,643		58,767
LargeCap Growth Fund	7,568,932		52,928	1,107,387		11,416	232,381			2,425	8,443,938		61,886
LargeCap Growth Fund I	20,473,421		170,989	3,284,786		39,395	570,278			6,980	23,187,929		203,394
LargeCap S&P 500 Index Fund	17,677,678		193,478	1,190,051		16,796	566,797			8,074	18,300,932		202,159
LargeCap Value Fund	12,599,905		132,160	1,753,388		20,368	403,495			4,718	13,949,798		147,807
LargeCap Value Fund III	11,965,496		160,876	1,392,718		20,169	324,063			4,717	13,034,151		176,337
MidCap Growth Fund III	8,864,984		91,574	847,357		8,168	305,021			2,991	9,407,320		96,753
MidCap Value Fund III	4,992,429		86,963	401,156		7,157	165,175			2,990	5,228,410		91,124
Origin Emerging Markets Fund	5,225,385		53,721	283,485		2,279	188,522			1,529	5,320,348		54,431
Overseas Fund	19,413,180		196,724	1,587,537		15,044	647,248			6,147	20,353,469		205,624
SmallCap Growth Fund I	4,116,633		42,717	548,985		6,018	133,516			1,496	4,532,102		47,237
SmallCap Value Fund II	3,913,376		35,496	635,960		7,103	130,629			1,495	4,418,707		41,088
		$	1,981,214		$	196,047			$	66,453		$	2,110,662
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		477	$			—			$			31
Core Plus Bond Fund			456				1						—
Diversified International Fund			2,984				3						—
Diversified Real Asset Fund			571				(1	)					—
Global Multi-Strategy Fund			410				(1	)					920
Global Opportunities Fund			1,947				(4	)					1,258
Global Real Estate Securities Fund			1,748				(5	)					2,061
High Yield Fund I			644				(1	)					—
International Emerging Markets Fund			445				(1	)					—
LargeCap Growth Fund			236				(33	)					8,194
LargeCap Growth Fund I			167				(10	)					30,639
LargeCap S&P 500 Index Fund			4,776				(41	)					2,082
LargeCap Value Fund			3,972				(3	)					10,589
LargeCap Value Fund III			3,398				9						10,964
MidCap Growth Fund III			—				2						4,487
MidCap Value Fund III			1,180				(6	)					2,296
Origin Emerging Markets Fund			398				(40	)					—
Overseas Fund			3,697				3						3,781
SmallCap Growth Fund I			—				(2	)					4,177
SmallCap Value Fund II			934				(16	)					4,328
	$		28,440	$			(146	)		$			85,807
Amounts in thousands except shares

See accompanying notes

181

				Schedule of Investments
				Principal LifeTime 2055 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Bond Market Index Fund (a)		120,285	$	1,316
Core Plus Bond Fund (a)		412,431		4,409
Diversified International Fund (a)		1,898,757		20,127
Diversified Real Asset Fund (a)		495,193		4,967
Global Multi-Strategy Fund (a)		398,201		4,173
Global Opportunities Fund (a)		1,360,386		14,828
Global Real Estate Securities Fund (a)		1,439,848		12,181
High Yield Fund I (a)		466,600		4,185
International Emerging Markets Fund (a)		246,665		4,625
LargeCap Growth Fund (a)		864,053		8,148
LargeCap Growth Fund I (a)		2,426,158		26,639
LargeCap S&P 500 Index Fund (a)		2,068,192		27,962
LargeCap Value Fund (a)		1,500,008		16,140
LargeCap Value Fund III (a)		1,380,576		18,762
MidCap Growth Fund III (a),(b)		1,020,737		9,217
MidCap Value Fund III (a)		564,278		9,446
Origin Emerging Markets Fund (a)		577,038		4,339
Overseas Fund (a)		2,136,918		18,976
SmallCap Growth Fund I (a),(b)		485,214		4,736
SmallCap Value Fund II (a)		470,945		4,837
		$		220,013
TOTAL INVESTMENT COMPANIES		$		220,013
Total Investments		$		220,013
Liabilities in Excess of Other Assets, Net - (0.01)%		$		(32	)
TOTAL NET ASSETS - 100.00%		$		219,981

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	57.22	%
International Equity Funds	34.13	%
Fixed Income Funds	4.50	%
Specialty Funds	4.16	%
Liabilities in Excess of Other Assets, Net	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

182

Schedule of Investments
Principal LifeTime 2055 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares	Cost		Shares			Proceeds	Shares		Cost
Bond Market Index Fund	109,851	$	1,225	12,790	$	140	2,356		$	26	120,285	$	1,339
Core Plus Bond Fund	384,068		4,130	35,974		384	7,611			81	412,431		4,433
Diversified International Fund	1,743,314		19,246	191,658		2,113	36,215			406	1,898,757		20,953
Diversified Real Asset Fund	454,626		5,418	50,671		524	10,104			106	495,193		5,836
Global Multi-Strategy Fund	359,446		3,862	46,735		500	7,980			86	398,201		4,276
Global Opportunities Fund	1,244,487		14,468	140,655		1,606	24,756			286	1,360,386		15,788
Global Real Estate Securities Fund	1,310,690		10,985	152,978		1,356	23,820			214	1,439,848		12,127
High Yield Fund I	427,805		4,380	48,080		440	9,285			85	466,600		4,735
International Emerging Markets Fund	226,398		5,231	25,409		499	5,142			103	246,665		5,627
LargeCap Growth Fund	731,071		6,692	147,747		1,528	14,765			157	864,053		8,063
LargeCap Growth Fund I	2,032,258		21,799	431,450		5,197	37,550			466	2,426,158		26,530
LargeCap S&P 500 Index Fund	1,884,055		23,294	221,339		3,124	37,202			535	2,068,192		25,883
LargeCap Value Fund	1,277,016		14,875	249,357		2,900	26,365			311	1,500,008		17,464
LargeCap Value Fund III	1,204,200		16,681	197,562		2,865	21,186			312	1,380,576		19,234
MidCap Growth Fund III	900,786		9,887	140,010		1,352	20,059			199	1,020,737		11,040
MidCap Value Fund III	505,367		9,257	69,784		1,245	10,873			199	564,278		10,303
Origin Emerging Markets Fund	528,517		5,347	60,762		488	12,241			100	577,038		5,734
Overseas Fund	1,908,164		20,576	271,138		2,562	42,384			408	2,136,918		22,730
SmallCap Growth Fund I	414,773		4,856	79,080		868	8,639			98	485,214		5,626
SmallCap Value Fund II	392,288		4,551	87,121		978	8,464			99	470,945		5,430
		$	206,760		$	30,669			$	4,277		$	233,151
					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Bond Market Index Fund	$		24	$			—		$				2
Core Plus Bond Fund			24				—						—
Diversified International Fund			310				—						—
Diversified Real Asset Fund			49				—						—
Global Multi-Strategy Fund			37				—						83
Global Opportunities Fund			204				—						131
Global Real Estate Securities Fund			187				—						219
High Yield Fund I			61				—						—
International Emerging Markets Fund			43				—						—
LargeCap Growth Fund			23				—						811
LargeCap Growth Fund I			17				—						3,110
LargeCap S&P 500 Index Fund			523				—						227
LargeCap Value Fund			414				—						1,101
LargeCap Value Fund III			350				—						1,128
MidCap Growth Fund III			—				—						469
MidCap Value Fund III			123				—						239
Origin Emerging Markets Fund			42				(1	)					—
Overseas Fund			376				—						382
SmallCap Growth Fund I			—				—						432
SmallCap Value Fund II			96				—						445
	$		2,903	$			(1	)	$				8,779
Amounts in thousands except shares

See accompanying notes

183

				Schedule of Investments
				Principal LifeTime 2060 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.02%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.02%
Bond Market Index Fund (a)		61,253	$	670
Core Plus Bond Fund (a)		213,687		2,284
Diversified International Fund (a)		976,471		10,351
Diversified Real Asset Fund (a)		249,570		2,503
Global Multi-Strategy Fund (a)		220,384		2,310
Global Opportunities Fund (a)		687,405		7,493
Global Real Estate Securities Fund (a)		667,289		5,645
High Yield Fund I (a)		243,669		2,186
International Emerging Markets Fund (a)		135,423		2,539
LargeCap Growth Fund (a)		442,111		4,169
LargeCap Growth Fund I (a)		1,155,916		12,692
LargeCap S&P 500 Index Fund (a)		1,049,205		14,185
LargeCap Value Fund (a)		723,773		7,788
LargeCap Value Fund III (a)		666,328		9,055
MidCap Growth Fund III (a),(b)		522,880		4,722
MidCap Value Fund III (a)		280,460		4,695
Origin Emerging Markets Fund (a)		293,369		2,206
Overseas Fund (a)		1,109,144		9,849
SmallCap Growth Fund I (a),(b)		236,472		2,308
SmallCap Value Fund II (a)		228,488		2,347
		$		109,997
TOTAL INVESTMENT COMPANIES		$		109,997
Total Investments		$		109,997
Liabilities in Excess of Other Assets, Net - (0.02)%		$		(23	)
TOTAL NET ASSETS - 100.00%		$		109,974

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	56.33	%
International Equity Funds	34.63	%
Fixed Income Funds	4.68	%
Specialty Funds	4.38	%
Liabilities in Excess of Other Assets, Net	(0.02	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

184

Schedule of Investments
Principal LifeTime 2060 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares	Cost		Shares			Proceeds	Shares		Cost
Bond Market Index Fund	54,013	$	600	8,517	$	93	1,277		$	13	61,253	$	680
Core Plus Bond Fund	192,934		2,107	24,875		266	4,122			44	213,687		2,329
Diversified International Fund	867,290		10,367	129,211		1,427	20,030			220	976,471		11,574
Diversified Real Asset Fund	220,581		2,677	34,572		359	5,583			58	249,570		2,978
Global Multi-Strategy Fund	193,638		2,144	31,104		333	4,358			46	220,384		2,431
Global Opportunities Fund	608,209		7,498	92,870		1,063	13,674			156	687,405		8,405
Global Real Estate Securities Fund	584,010		5,270	96,382		854	13,103			116	667,289		6,008
High Yield Fund I	216,190		2,232	32,556		298	5,077			46	243,669		2,484
International Emerging Markets Fund	120,802		2,879	17,476		344	2,855			56	135,423		3,167
LargeCap Growth Fund	362,682		4,075	87,722		910	8,293			85	442,111		4,900
LargeCap Growth Fund I	935,183		12,109	241,923		2,926	21,190			252	1,155,916		14,783
LargeCap S&P 500 Index Fund	925,166		13,221	144,629		2,047	20,590			287	1,049,205		14,981
LargeCap Value Fund	593,159		7,707	145,393		1,696	14,779			168	723,773		9,234
LargeCap Value Fund III	562,623		8,588	115,561		1,682	11,856			169	666,328		10,101
MidCap Growth Fund III	445,509		5,022	88,585		858	11,214			107	522,880		5,772
MidCap Value Fund III	241,883		4,792	44,642		799	6,065			108	280,460		5,483
Origin Emerging Markets Fund	258,644		2,601	41,557		335	6,832			55	293,369		2,881
Overseas Fund	957,428		10,718	175,304		1,659	23,588			220	1,109,144		12,155
SmallCap Growth Fund I	194,719		2,533	46,663		515	4,910			54	236,472		2,994
SmallCap Value Fund II	183,147		2,459	50,155		566	4,814			53	228,488		2,972
		$	109,599		$	19,030			$	2,313		$	126,312
					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Bond Market Index Fund	$		12	$			—		$				1
Core Plus Bond Fund			12				—						—
Diversified International Fund			159				—						—
Diversified Real Asset Fund			25				—						—
Global Multi-Strategy Fund			21				—						45
Global Opportunities Fund			102				—						65
Global Real Estate Securities Fund			86				—						100
High Yield Fund I			31				—						—
International Emerging Markets Fund			24				—						—
LargeCap Growth Fund			12				—						411
LargeCap Growth Fund I			8				—						1,464
LargeCap S&P 500 Index Fund			264				—						114
LargeCap Value Fund			197				(1	)					524
LargeCap Value Fund III			167				—						539
MidCap Growth Fund III			—				(1	)					237
MidCap Value Fund III			61				—						117
Origin Emerging Markets Fund			21				—						—
Overseas Fund			195				(2	)					196
SmallCap Growth Fund I			—				—						207
SmallCap Value Fund II			46				—						213
	$		1,443	$			(4	)	$				4,233
Amounts in thousands except shares

See accompanying notes

185

				Schedule of Investments
		Principal LifeTime Hybrid 2015 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.08%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.08%
Bond Market Index Fund (a)		237,542	$	2,599
Diversified International Fund (a)		67,660		717
Diversified Real Asset Fund (a)		41,459		416
Global Diversified Income Fund (a)		49,402		629
Inflation Protection Fund (a)		71,088		590
International Emerging Markets Fund (a)		5,586		105
International Small Company Fund (a)		15,542		142
LargeCap S&P 500 Index Fund (a)		138,330		1,870
MidCap S&P 400 Index Fund (a)		24,368		402
Origin Emerging Markets Fund (a)		13,052		98
Short-Term Income Fund (a)		54,299		657
SmallCap S&P 600 Index Fund (a)		10,064		204
		$		8,429
TOTAL INVESTMENT COMPANIES		$		8,429
Total Investments		$		8,429
Liabilities in Excess of Other Assets, Net - (0.08)%		$		(7	)
TOTAL NET ASSETS - 100.00%		$		8,422

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

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	45.66	%
Domestic Equity Funds	29.40	%
International Equity Funds	12.61	%
Specialty Funds	12.41	%
Liabilities in Excess of Other Assets, Net	(0.08	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

186

Schedule of Investments
Principal LifeTime Hybrid 2015 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	205,271	$	2,272	41,148	$	447	8,877		$	98	237,542	$	2,621
Diversified International Fund	58,803		688	11,406		126	2,549			28	67,660		785
Diversified Real Asset Fund	36,012		406	7,124		75	1,677			18	41,459		462
Global Diversified Income Fund	42,662		582	8,634		113	1,894			24	49,402		670
Inflation Protection Fund	62,200		522	11,579		95	2,691			22	71,088		595
International Emerging Markets Fund	4,839		104	974		19	227			4	5,586		119
International Small Company Fund	13,503		132	2,639		25	600			6	15,542		151
LargeCap S&P 500 Index Fund	118,643		1,758	24,919		353	5,232			76	138,330		2,034
MidCap S&P 400 Index Fund	19,783		390	5,480		97	895			17	24,368		470
Origin Emerging Markets Fund	11,290		100	2,290		18	528			4	13,052		114
Short-Term Income Fund	47,688		581	8,659		105	2,048			25	54,299		661
SmallCap S&P 600 Index Fund	8,122		198	2,306		50	364			10	10,064		238
		$	7,733		$	1,523			$	332		$	8,920
					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		43	$			—		$				3
Diversified International Fund			10				(1	)					—
Diversified Real Asset Fund			4				(1	)					—
Global Diversified Income Fund			11				(1	)					—
Inflation Protection Fund			4				—						—
International Emerging Markets Fund			1				—						—
International Small Company Fund			2				—						—
LargeCap S&P 500 Index Fund			32				(1	)					14
MidCap S&P 400 Index Fund			5				—						23
Origin Emerging Markets Fund			1				—						—
Short-Term Income Fund			3				—						—
SmallCap S&P 600 Index Fund			3				—						13
	$		119	$			(4	)	$				53
Amounts in thousands except shares

See accompanying notes

187

				Schedule of Investments
		Principal LifeTime Hybrid 2020 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Bond Market Index Fund (a)		720,565	$	7,883
Diversified International Fund (a)		278,441		2,951
Diversified Real Asset Fund (a)		122,007		1,224
Global Diversified Income Fund (a)		145,987		1,860
Global Real Estate Securities Fund (a)		82,678		699
Inflation Protection Fund (a)		143,433		1,191
International Emerging Markets Fund (a)		22,809		428
International Small Company Fund (a)		62,167		567
LargeCap S&P 500 Index Fund (a)		566,183		7,655
MidCap S&P 400 Index Fund (a)		99,819		1,647
Origin Emerging Markets Fund (a)		53,638		403
Short-Term Income Fund (a)		98,377		1,190
SmallCap S&P 600 Index Fund (a)		40,471		820
		$		28,518
TOTAL INVESTMENT COMPANIES		$		28,518
Total Investments		$		28,518
Liabilities in Excess of Other Assets, Net - (0.01)%		$		(1	)
TOTAL NET ASSETS - 100.00%		$		28,517

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

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	35.99	%
Domestic Equity Funds	35.50	%
International Equity Funds	17.71	%
Specialty Funds	10.81	%
Liabilities in Excess of Other Assets, Net	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

188

Schedule of Investments
Principal LifeTime Hybrid 2020 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	557,163	$	6,172	177,530	$	1,925	14,128		$	155	720,565	$	7,942
Diversified International Fund	216,575		2,521	67,397		743	5,531			61	278,441		3,202
Diversified Real Asset Fund	94,451		1,058	30,092		315	2,536			27	122,007		1,346
Global Diversified Income Fund	112,662		1,534	36,234		472	2,909			39	145,987		1,967
Global Real Estate Securities Fund	63,036		588	21,298		189	1,656			15	82,678		762
Inflation Protection Fund	112,381		941	33,880		279	2,828			23	143,433		1,197
International Emerging Markets Fund	17,565		376	5,724		112	480			10	22,809		478
International Small Company Fund	48,257		471	15,173		145	1,263			12	62,167		604
LargeCap S&P 500 Index Fund	433,817		6,429	143,679		2,025	11,313			161	566,183		8,292
MidCap S&P 400 Index Fund	72,272		1,423	29,509		517	1,962			36	99,819		1,904
Origin Emerging Markets Fund	41,231		364	13,543		108	1,136			9	53,638		463
Short-Term Income Fund	77,406		942	22,905		277	1,934			23	98,377		1,196
SmallCap S&P 600 Index Fund	29,130		705	12,127		261	786			17	40,471		949
		$	23,524		$	7,368			$	588		$	30,302
					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		122	$			—		$				8
Diversified International Fund			38				(1	)					—
Diversified Real Asset Fund			10				—						—
Global Diversified Income Fund			31				—						—
Global Real Estate Securities Fund			9				—						11
Inflation Protection Fund			8				—						—
International Emerging Markets Fund			3				—						—
International Small Company Fund			6				—						—
LargeCap S&P 500 Index Fund			119				(1	)					52
MidCap S&P 400 Index Fund			20				—						86
Origin Emerging Markets Fund			3				—						—
Short-Term Income Fund			6				—						—
SmallCap S&P 600 Index Fund			10				—						47
	$		385	$			(2	)	$				204
Amounts in thousands except shares

See accompanying notes

189

				Schedule of Investments
		Principal LifeTime Hybrid 2025 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.15%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.15%
Bond Market Index Fund (a)		107,309	$	1,174
Diversified International Fund (a)		53,526		567
Diversified Real Asset Fund (a)		19,425		195
Global Diversified Income Fund (a)		20,255		258
Global Real Estate Securities Fund (a)		16,308		138
Inflation Protection Fund (a)		18,120		150
International Emerging Markets Fund (a)		4,219		79
International Small Company Fund (a)		10,827		99
LargeCap S&P 500 Index Fund (a)		106,700		1,443
MidCap S&P 400 Index Fund (a)		18,895		312
Origin Emerging Markets Fund (a)		10,258		77
SmallCap S&P 600 Index Fund (a)		7,625		154
		$		4,646
TOTAL INVESTMENT COMPANIES		$		4,646
Total Investments		$		4,646
Liabilities in Excess of Other Assets, Net - (0.15)%		$		(7	)
TOTAL NET ASSETS - 100.00%		$		4,639

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	41.15	%
Fixed Income Funds	28.55	%
International Equity Funds	20.70	%
Specialty Funds	9.75	%
Liabilities in Excess of Other Assets, Net	(0.15	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

190

Schedule of Investments
Principal LifeTime Hybrid 2025 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,							January 31,	January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales		Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond Market Index Fund	58,637	$	647	52,585	$	571	3,913	$	43	107,309	$	1,175
Diversified International Fund	30,171		358	25,278		279	1,923		21	53,526		616
Diversified Real Asset Fund	10,455		121	9,717		102	747		8	19,425		215
Global Diversified Income Fund	11,069		153	9,927		129	741		9	20,255		273
Global Real Estate Securities Fund	8,860		83	8,055		72	607		6	16,308		149
Inflation Protection Fund	10,082		85	8,701		72	663		6	18,120		151
International Emerging Markets Fund	2,255		49	2,125		42	161		3	4,219		88
International Small Company Fund	5,572		54	5,698		55	443		4	10,827		105
LargeCap S&P 500 Index Fund	58,149		862	52,491		742	3,940		56	106,700		1,548
MidCap S&P 400 Index Fund	9,609		193	9,982		175	696		12	18,895		356
Origin Emerging Markets Fund	5,468		49	5,186		42	396		3	10,258		88
SmallCap S&P 600 Index Fund	3,863		96	4,038		87	276		8	7,625		175
		$	2,750		$	2,368		$	179		$	4,939
					Realized Gain/Loss					Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond Market Index Fund	$		14	$			—	$				1
Diversified International Fund			6				—					—
Diversified Real Asset Fund			1				—					—
Global Diversified Income Fund			4				—					—
Global Real Estate Securities Fund			1				—					2
Inflation Protection Fund			1				—					—
International Emerging Markets Fund			—				—					—
International Small Company Fund			1				—					—
LargeCap S&P 500 Index Fund			17				—					7
MidCap S&P 400 Index Fund			3				—					12
Origin Emerging Markets Fund			—				—					—
SmallCap S&P 600 Index Fund			1				—					7
	$		49	$			—	$				29
Amounts in thousands except shares

See accompanying notes

191

				Schedule of Investments
		Principal LifeTime Hybrid 2030 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.00%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.00%
Bond Market Index Fund (a)		538,615	$	5,892
Diversified International Fund (a)		343,826		3,645
Diversified Real Asset Fund (a)		112,243		1,126
Global Diversified Income Fund (a)		88,497		1,127
Global Real Estate Securities Fund (a)		114,129		966
Inflation Protection Fund (a)		81,333		675
International Emerging Markets Fund (a)		28,007		525
International Small Company Fund (a)		78,133		713
LargeCap S&P 500 Index Fund (a)		706,950		9,558
MidCap S&P 400 Index Fund (a)		125,349		2,068
Origin Emerging Markets Fund (a)		66,208		498
SmallCap S&P 600 Index Fund (a)		51,199		1,037
		$		27,830
TOTAL INVESTMENT COMPANIES		$		27,830
Total Investments		$		27,830
Other Assets in Excess of Liabilities, Net - 0.00%		$		—
TOTAL NET ASSETS - 100.00%		$		27,830

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	45.50	%
Fixed Income Funds	23.60	%
International Equity Funds	22.81	%
Specialty Funds	8.09	%
Other Assets in Excess of Liabilities, Net	0.00	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

192

Schedule of Investments
Principal LifeTime Hybrid 2030 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	452,654	$	5,016	99,358	$	1,076	13,397		$	146	538,615	$	5,946
Diversified International Fund	289,623		3,361	63,148		694	8,945			97	343,826		3,956
Diversified Real Asset Fund	94,753		1,057	20,503		214	3,013			30	112,243		1,240
Global Diversified Income Fund	74,253		1,009	16,504		214	2,260			29	88,497		1,194
Global Real Estate Securities Fund	94,649		882	22,437		199	2,957			26	114,129		1,054
Inflation Protection Fund	69,196		579	14,178		117	2,041			17	81,333		679
International Emerging Markets Fund	23,535		503	5,237		102	765			15	28,007		590
International Small Company Fund	66,091		649	14,084		134	2,042			19	78,133		764
LargeCap S&P 500 Index Fund	589,240		8,724	136,092		1,913	18,382			253	706,950		10,377
MidCap S&P 400 Index Fund	98,933		1,939	29,696		517	3,280			56	125,349		2,398
Origin Emerging Markets Fund	55,583		491	12,466		99	1,841			14	66,208		575
SmallCap S&P 600 Index Fund	40,149		970	12,380		265	1,330			29	51,199		1,205
		$	25,180		$	5,544			$	731		$	29,978
					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		96	$			—		$				6
Diversified International Fund			49				(2	)					—
Diversified Real Asset Fund			10				(1	)					—
Global Diversified Income Fund			20				—						—
Global Real Estate Securities Fund			13				(1	)					15
Inflation Protection Fund			5				—						—
International Emerging Markets Fund			4				—						—
International Small Company Fund			8				—						—
LargeCap S&P 500 Index Fund			158				(7	)					69
MidCap S&P 400 Index Fund			27				(2	)					116
Origin Emerging Markets Fund			4				(1	)					—
SmallCap S&P 600 Index Fund			14				(1	)					64
	$		408	$			(15	)	$				270
Amounts in thousands except shares

See accompanying notes

193

				Schedule of Investments
		Principal LifeTime Hybrid 2035 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.17%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.17%
Bond Market Index Fund (a)		72,789	$	796
Diversified International Fund (a)		63,032		668
Diversified Real Asset Fund (a)		17,357		174
Global Real Estate Securities Fund (a)		21,589		183
High Yield Fund I (a)		10,236		92
Inflation Protection Fund (a)		8,679		72
International Emerging Markets Fund (a)		4,931		93
International Small Company Fund (a)		13,179		120
LargeCap S&P 500 Index Fund (a)		127,098		1,718
MidCap S&P 400 Index Fund (a)		22,234		367
Origin Emerging Markets Fund (a)		11,978		90
SmallCap S&P 600 Index Fund (a)		9,054		183
		$		4,556
TOTAL INVESTMENT COMPANIES		$		4,556
Total Investments		$		4,556
Liabilities in Excess of Other Assets, Net - (0.17)%		$		(8	)
TOTAL NET ASSETS - 100.00%		$		4,548

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	49.87	%
International Equity Funds	25.36	%
Fixed Income Funds	21.11	%
Specialty Funds	3.83	%
Liabilities in Excess of Other Assets, Net	(0.17	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

194

Schedule of Investments
Principal LifeTime Hybrid 2035 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,							January 31,	January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales		Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond Market Index Fund	47,721	$	526	27,168	$	295	2,100	$	23	72,789	$	798
Diversified International Fund	42,027		499	22,751		251	1,746		19	63,032		731
Diversified Real Asset Fund	11,297		130	6,572		69	512		5	17,357		194
Global Real Estate Securities Fund	14,083		131	8,125		72	619		6	21,589		197
High Yield Fund I	6,706		66	3,821		35	291		3	10,236		98
Inflation Protection Fund	5,798		49	3,131		26	250		2	8,679		73
International Emerging Markets Fund	3,184		70	1,889		37	142		3	4,931		104
International Small Company Fund	8,436		83	5,150		49	407		4	13,179		128
LargeCap S&P 500 Index Fund	83,161		1,230	47,480		671	3,543		52	127,098		1,849
MidCap S&P 400 Index Fund	13,634		272	9,200		162	600		11	22,234		423
Origin Emerging Markets Fund	7,715		70	4,607		37	344		3	11,978		104
SmallCap S&P 600 Index Fund	5,528		137	3,766		81	240		7	9,054		211
		$	3,263		$	1,785		$	138		$	4,910
					Realized Gain/Loss					Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond Market Index Fund	$		11	$			—	$				1
Diversified International Fund			7				—					—
Diversified Real Asset Fund			1				—					—
Global Real Estate Securities Fund			2				—					2
High Yield Fund I			1				—					—
Inflation Protection Fund			—				—					—
International Emerging Markets Fund			1				—					—
International Small Company Fund			1				—					—
LargeCap S&P 500 Index Fund			23				—					10
MidCap S&P 400 Index Fund			4				—					17
Origin Emerging Markets Fund			1				—					—
SmallCap S&P 600 Index Fund			2				—					9
	$		54	$			—	$				39
Amounts in thousands except shares

See accompanying notes

195

				Schedule of Investments
		Principal LifeTime Hybrid 2040 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.02%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.02%
Bond Market Index Fund (a)		177,358	$	1,940
Diversified International Fund (a)		213,737		2,266
Diversified Real Asset Fund (a)		49,963		501
Global Real Estate Securities Fund (a)		78,350		663
High Yield Fund I (a)		33,101		297
Inflation Protection Fund (a)		18,893		157
International Emerging Markets Fund (a)		17,200		322
International Small Company Fund (a)		47,467		433
LargeCap S&P 500 Index Fund (a)		438,456		5,928
MidCap S&P 400 Index Fund (a)		77,698		1,282
Origin Emerging Markets Fund (a)		41,725		314
SmallCap S&P 600 Index Fund (a)		31,568		639
		$		14,742
TOTAL INVESTMENT COMPANIES		$		14,742
Total Investments		$		14,742
Liabilities in Excess of Other Assets, Net - (0.02)%		$		(3	)
TOTAL NET ASSETS - 100.00%		$		14,739

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	53.26	%
International Equity Funds	27.13	%
Fixed Income Funds	16.23	%
Specialty Funds	3.40	%
Liabilities in Excess of Other Assets, Net	(0.02	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

196

Schedule of Investments
Principal LifeTime Hybrid 2040 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,							January 31,	January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales		Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond Market Index Fund	150,136	$	1,664	31,081	$	337	3,859	$	42	177,358	$	1,959
Diversified International Fund	181,395		2,106	37,041		409	4,699		54	213,737		2,461
Diversified Real Asset Fund	42,498		474	8,620		90	1,155		12	49,963		552
Global Real Estate Securities Fund	65,408		610	14,663		130	1,721		15	78,350		725
High Yield Fund I	28,033		272	5,814		53	746		7	33,101		318
Inflation Protection Fund	16,196		136	3,113		26	416		4	18,893		158
International Emerging Markets Fund	14,576		311	3,018		59	394		8	17,200		362
International Small Company Fund	40,326		394	8,206		79	1,065		10	47,467		463
LargeCap S&P 500 Index Fund	368,025		5,451	79,963		1,130	9,532		138	438,456		6,443
MidCap S&P 400 Index Fund	61,759		1,213	17,596		310	1,657		32	77,698		1,491
Origin Emerging Markets Fund	35,319		311	7,359		59	953		8	41,725		362
SmallCap S&P 600 Index Fund	24,940		603	7,292		158	664		16	31,568		745
		$	13,545		$	2,840		$	346		$	16,039
					Realized Gain/Loss					Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond Market Index Fund	$		32	$			—	$				2
Diversified International Fund			31				—					—
Diversified Real Asset Fund			4				—					—
Global Real Estate Securities Fund			9				—					11
High Yield Fund I			4				—					—
Inflation Protection Fund			1				—					—
International Emerging Markets Fund			3				—					—
International Small Company Fund			5				—					—
LargeCap S&P 500 Index Fund			99				—					44
MidCap S&P 400 Index Fund			17				—					73
Origin Emerging Markets Fund			3				—					—
SmallCap S&P 600 Index Fund			9				—					40
	$		217	$			—	$				170
Amounts in thousands except shares

See accompanying notes

197

				Schedule of Investments
		Principal LifeTime Hybrid 2045 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.29%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.29%
Bond Market Index Fund (a)		21,808	$	239
Diversified International Fund (a)		36,829		390
Diversified Real Asset Fund (a)		8,011		80
Global Real Estate Securities Fund (a)		14,284		121
High Yield Fund I (a)		5,420		49
International Emerging Markets Fund (a)		2,900		54
International Small Company Fund (a)		7,034		64
LargeCap S&P 500 Index Fund (a)		75,216		1,017
MidCap S&P 400 Index Fund (a)		13,155		217
Origin Emerging Markets Fund (a)		7,043		53
SmallCap S&P 600 Index Fund (a)		5,337		108
		$		2,392
TOTAL INVESTMENT COMPANIES		$		2,392
Total Investments		$		2,392
Liabilities in Excess of Other Assets, Net - (0.29)%		$		(7	)
TOTAL NET ASSETS - 100.00%		$		2,385

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	56.27	%
International Equity Funds	28.63	%
Fixed Income Funds	12.04	%
Specialty Funds	3.35	%
Liabilities in Excess of Other Assets, Net	(0.29	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

198

Schedule of Investments
Principal LifeTime Hybrid 2045 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,							January 31,	January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales	Sales		2016		2016
	Shares		Cost	Shares		Cost	Shares	Proceeds		Shares		Cost
Bond Market Index Fund	16,126	$	178	6,136	$	67	454	$	5	21,808	$	240
Diversified International Fund	27,271		325	10,339		115	781		9	36,829		431
Diversified Real Asset Fund	5,859		68	2,336		25	184		3	8,011		90
Global Real Estate Securities Fund	10,380		97	4,206		38	302		3	14,284		132
High Yield Fund I	3,983		39	1,557		14	120		1	5,420		52
International Emerging Markets Fund	2,119		46	846		17	65		1	2,900		62
International Small Company Fund	4,870		47	2,344		22	180		1	7,034		68
LargeCap S&P 500 Index Fund	54,998		815	21,802		311	1,584		23	75,216		1,103
MidCap S&P 400 Index Fund	9,040		182	4,390		78	275		5	13,155		255
Origin Emerging Markets Fund	5,141		46	2,061		17	159		1	7,043		62
SmallCap S&P 600 Index Fund	3,657		90	1,790		39	110		2	5,337		127
		$	1,933		$	743		$	54		$	2,622
					Realized Gain/Loss				Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond Market Index Fund	$		4	$			—	$				—
Diversified International Fund			5				—					—
Diversified Real Asset Fund			1				—					—
Global Real Estate Securities Fund			2				—					2
High Yield Fund I			1				—					—
International Emerging Markets Fund			—				—					—
International Small Company Fund			1				—					—
LargeCap S&P 500 Index Fund			15				—					7
MidCap S&P 400 Index Fund			3				—					12
Origin Emerging Markets Fund			—				—					—
SmallCap S&P 600 Index Fund			1				—					6
	$		33	$			—	$				27
Amounts in thousands except shares

See accompanying notes

199

				Schedule of Investments
		Principal LifeTime Hybrid 2050 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.08%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.08%
Bond Market Index Fund (a)		50,306	$	550
Diversified International Fund (a)		124,209		1,317
Diversified Real Asset Fund (a)		22,934		230
Global Real Estate Securities Fund (a)		46,664		395
High Yield Fund I (a)		17,722		159
International Emerging Markets Fund (a)		9,993		187
International Small Company Fund (a)		27,763		253
LargeCap S&P 500 Index Fund (a)		256,088		3,462
MidCap S&P 400 Index Fund (a)		45,360		749
Origin Emerging Markets Fund (a)		24,230		182
SmallCap S&P 600 Index Fund (a)		18,430		374
		$		7,858
TOTAL INVESTMENT COMPANIES		$		7,858
Total Investments		$		7,858
Liabilities in Excess of Other Assets, Net - (0.08)%		$		(6	)
TOTAL NET ASSETS - 100.00%		$		7,852

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	58.39	%
International Equity Funds	29.73	%
Fixed Income Funds	9.03	%
Specialty Funds	2.93	%
Liabilities in Excess of Other Assets, Net	(0.08	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

200

Schedule of Investments
Principal LifeTime Hybrid 2050 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,							January 31,	January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales		Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond Market Index Fund	44,407	$	492	6,507	$	71	608	$	7	50,306	$	556
Diversified International Fund	109,978		1,276	15,792		175	1,561		18	124,209		1,433
Diversified Real Asset Fund	20,361		227	2,868		30	295		3	22,934		254
Global Real Estate Securities Fund	40,634		379	6,612		59	582		6	46,664		432
High Yield Fund I	15,665		152	2,278		21	221		2	17,722		171
International Emerging Markets Fund	8,855		189	1,268		25	130		2	9,993		212
International Small Company Fund	24,607		241	3,515		34	359		4	27,763		271
LargeCap S&P 500 Index Fund	224,278		3,319	34,990		495	3,180		45	256,088		3,769
MidCap S&P 400 Index Fund	37,647		738	8,270		146	557		10	45,360		874
Origin Emerging Markets Fund	21,455		189	3,091		25	316		2	24,230		212
SmallCap S&P 600 Index Fund	15,205		368	3,449		75	224		6	18,430		437
		$	7,570		$	1,156		$	105		$	8,621
					Realized Gain/Loss					Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond Market Index Fund	$		10	$			—	$				1
Diversified International Fund			19				—					—
Diversified Real Asset Fund			2				—					—
Global Real Estate Securities Fund			6				—					7
High Yield Fund I			2				—					—
International Emerging Markets Fund			2				—					—
International Small Company Fund			3				—					—
LargeCap S&P 500 Index Fund			61				—					27
MidCap S&P 400 Index Fund			10				—					44
Origin Emerging Markets Fund			2				—					—
SmallCap S&P 600 Index Fund			5				—					24
	$		122	$			—	$				103
Amounts in thousands except shares

See accompanying notes

201

				Schedule of Investments
		Principal LifeTime Hybrid 2055 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.30%	Shares Held			Value
Principal Funds, Inc. Institutional Class - 100.30%
Bond Market Index Fund (a)		2,085	$	22,806
Diversified International Fund (a)		7,392		78,358
Diversified Real Asset Fund (a)		1,122		11,257
Global Real Estate Securities Fund (a)		2,802		23,707
High Yield Fund I (a)		1,061		9,516
International Emerging Markets Fund (a)		616		11,548
International Small Company Fund (a)		1,641		14,967
LargeCap S&P 500 Index Fund (a)		15,809		213,733
MidCap S&P 400 Index Fund (a)		2,889		47,668
Origin Emerging Markets Fund (a)		1,467		11,035
SmallCap S&P 600 Index Fund (a)		1,127		22,835
		$		467,430
TOTAL INVESTMENT COMPANIES		$		467,430
Total Investments		$		467,430
Liabilities in Excess of Other Assets, Net - (0.30)%		$		(1,378	)
TOTAL NET ASSETS - 100.00%		$		466,052

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	60.99	%
International Equity Funds	29.96	%
Fixed Income Funds	6.93	%
Specialty Funds	2.42	%
Liabilities in Excess of Other Assets, Net	(0.30	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

202

Schedule of Investments
Principal LifeTime Hybrid 2055 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases		Purchases	Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	1,496	$	16,525	755	$	8,236	166		$	1,837	2,085	$	22,924
Diversified International Fund	5,267		62,595	2,733		30,359	608			6,860	7,392		86,077
Diversified Real Asset Fund	793		9,176	426		4,463	97			1,021	1,122		12,598
Global Real Estate Securities Fund	1,974		18,339	1,053		9,383	225			2,041	2,802		25,675
High Yield Fund I	755		7,435	394		3,617	88			817	1,061		10,218
International Emerging Markets Fund	435		9,542	234		4,633	53			1,061	616		13,095
International Small Company Fund	1,148		11,122	636		6,099	143			1,387	1,641		15,832
LargeCap S&P 500 Index Fund	11,203		165,498	5,867		83,605	1,261			18,436	15,809		230,666
MidCap S&P 400 Index Fund	1,922		38,540	1,192		21,320	225			4,288	2,889		55,547
Origin Emerging Markets Fund	1,033		9,368	559		4,545	125			1,042	1,467		12,856
SmallCap S&P 600 Index Fund	748		18,369	466		10,281	87			2,042	1,127		26,606
	$		366,509		$	186,541			$	40,832		$	512,094
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		343	$			—			$			22
Diversified International Fund			972				(17	)					—
Diversified Real Asset Fund			90				(20	)					—
Global Real Estate Securities Fund			295				(6	)					342
High Yield Fund I			118				(17	)					—
International Emerging Markets Fund			85				(19	)					—
International Small Company Fund			152				(2	)					—
LargeCap S&P 500 Index Fund			3,233				(1	)					1,394
MidCap S&P 400 Index Fund			560				(25	)					2,392
Origin Emerging Markets Fund			85				(15	)					—
SmallCap S&P 600 Index Fund			276				(2	)					1,259
	$		6,209	$			(124	)		$			5,409
Amounts shown are in dollars and not rounded to the thousands.

See accompanying notes

203

				Schedule of Investments
		Principal LifeTime Hybrid 2060 Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.68%	Shares Held			Value
Principal Funds, Inc. Institutional Class - 100.68%
Bond Market Index Fund (a)		857	$	9,380
Diversified International Fund (a)		3,086		32,711
Diversified Real Asset Fund (a)		477		4,780
Global Real Estate Securities Fund (a)		1,155		9,768
High Yield Fund I (a)		441		3,955
International Emerging Markets Fund (a)		260		4,869
International Small Company Fund (a)		717		6,538
LargeCap S&P 500 Index Fund (a)		6,549		88,546
MidCap S&P 400 Index Fund (a)		1,218		20,091
Origin Emerging Markets Fund (a)		618		4,648
SmallCap S&P 600 Index Fund (a)		472		9,571
		$		194,857
TOTAL INVESTMENT COMPANIES		$		194,857
Total Investments		$		194,857
Liabilities in Excess of Other Assets, Net - (0.68)%		$		(1,315	)
TOTAL NET ASSETS - 100.00%		$		193,542

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	61.07	%
International Equity Funds	30.25	%
Fixed Income Funds	6.89	%
Specialty Funds	2.47	%
Liabilities in Excess of Other Assets, Net	(0.68	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

204

Schedule of Investments
Principal LifeTime Hybrid 2060 Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	566	$	6,279	315	$	3,416	24		$	263	857	$	9,432
Diversified International Fund	2,038		23,460	1,134		12,624	86			983	3,086		35,099
Diversified Real Asset Fund	313		3,494	178		1,858	14			146	477		5,204
Global Real Estate Securities Fund	752		6,926	436		3,884	33			292	1,155		10,519
High Yield Fund I	289		2,805	165		1,505	13			117	441		4,193
International Emerging Markets Fund	170		3,618	98		1,929	8			152	260		5,394
International Small Company Fund	474		4,627	264		2,541	21			199	717		6,969
LargeCap S&P 500 Index Fund	4,291		62,747	2,441		34,656	183			2,639	6,549		94,755
MidCap S&P 400 Index Fund	752		14,639	499		8,786	33			613	1,218		22,803
Origin Emerging Markets Fund	403		3,556	233		1,893	18			149	618		5,297
SmallCap S&P 600 Index Fund	291		6,985	195		4,230	14			292	472		10,920
	$		139,136		$	77,322			$	5,845		$	210,585
					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		125	$			—		$				8
Diversified International Fund			368				(2	)					—
Diversified Real Asset Fund			35				(2	)					—
Global Real Estate Securities Fund			110				1						127
High Yield Fund I			46				—						—
International Emerging Markets Fund			33				(1	)					—
International Small Company Fund			61				—						—
LargeCap S&P 500 Index Fund			1,198				(9	)					522
MidCap S&P 400 Index Fund			212				(9	)					915
Origin Emerging Markets Fund			32				(3	)					—
SmallCap S&P 600 Index Fund			104				(3	)					479
	$		2,324	$			(28	)	$				2,051
Amounts shown are in dollars and not rounded to the thousands.

See accompanying notes

205

				Schedule of Investments
		Principal LifeTime Hybrid Income Fund
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.22%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.22%
Bond Market Index Fund (a)		113,807	$	1,245
Diversified International Fund (a)		11,595		123
Diversified Real Asset Fund (a)		8,781		88
Global Diversified Income Fund (a)		23,042		293
Inflation Protection Fund (a)		46,529		386
International Emerging Markets Fund (a)		921		17
International Small Company Fund (a)		2,595		24
LargeCap S&P 500 Index Fund (a)		23,575		319
MidCap S&P 400 Index Fund (a)		4,187		69
Origin Emerging Markets Fund (a)		2,233		17
Short-Term Income Fund (a)		45,173		547
SmallCap S&P 600 Index Fund (a)		1,601		32
		$		3,160
TOTAL INVESTMENT COMPANIES		$		3,160
Total Investments		$		3,160
Liabilities in Excess of Other Assets, Net - (0.22)%		$		(7	)
TOTAL NET ASSETS - 100.00%		$		3,153

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

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	69.05	%
Domestic Equity Funds	13.33	%
Specialty Funds	12.11	%
International Equity Funds	5.73	%
Liabilities in Excess of Other Assets, Net	(0.22	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

206

Schedule of Investments
Principal LifeTime Hybrid Income Fund
January 31, 2016 (unaudited)
	October 31,		October 31,							January 31,	January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales		Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond Market Index Fund	97,630	$	1,082	20,390	$	221	4,213	$	45	113,807	$	1,258
Diversified International Fund	10,002		116	2,026		22	433		4	11,595		134
Diversified Real Asset Fund	7,570		84	1,554		16	343		3	8,781		97
Global Diversified Income Fund	19,738		268	4,171		54	867		11	23,042		311
Inflation Protection Fund	40,402		338	7,860		65	1,733		15	46,529		388
International Emerging Markets Fund	792		17	166		3	37		1	921		19
International Small Company Fund	2,236		22	460		4	101		1	2,595		25
LargeCap S&P 500 Index Fund	20,059		297	4,409		62	893		12	23,575		347
MidCap S&P 400 Index Fund	3,375		66	971		17	159		3	4,187		80
Origin Emerging Markets Fund	1,917		17	405		3	89		1	2,233		19
Short-Term Income Fund	39,354		479	7,495		91	1,676		21	45,173		549
SmallCap S&P 600 Index Fund	1,283		31	379		8	61		1	1,601		38
		$	2,817		$	566		$	118		$	3,265
					Realized Gain/Loss					Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond Market Index Fund	$		22	$			—	$				1
Diversified International Fund			2				—					—
Diversified Real Asset Fund			1				—					—
Global Diversified Income Fund			5				—					—
Inflation Protection Fund			3				—					—
International Emerging Markets Fund			—				—					—
International Small Company Fund			—				—					—
LargeCap S&P 500 Index Fund			5				—					2
MidCap S&P 400 Index Fund			1				—					5
Origin Emerging Markets Fund			—				—					—
Short-Term Income Fund			3				—					—
SmallCap S&P 600 Index Fund			—				—					2
	$		42	$			—	$				10
Amounts in thousands except shares

See accompanying notes

207

					Schedule of Investments
			Principal LifeTime Strategic Income Fund
					January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.01%		Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)			696,041	$	10,357
Bond Market Index Fund (a)			6,007,531		65,722
Core Plus Bond Fund (a)		17,049,378			182,258
Diversified International Fund (a)			1,261,324		13,370
Diversified Real Asset Fund (a)			1,773,456		17,788
Equity Income Fund (a)			1,022,613		24,696
Global Diversified Income Fund (a)			4,935,859		62,883
Global Multi-Strategy Fund (a)			2,632,466		27,588
Global Opportunities Fund (a)			556,628		6,067
Inflation Protection Fund (a)			9,671,676		80,275
International Emerging Markets Fund (a)			171,107		3,208
LargeCap Growth Fund I (a)			1,075,627		11,811
LargeCap S&P 500 Index Fund (a)			1,121,276		15,160
MidCap Fund (a)			748,247		14,501
Origin Emerging Markets Fund (a)			304,956		2,293
Overseas Fund (a)			1,490,084		13,232
Short-Term Income Fund (a)			9,789,227		118,450
SmallCap Growth Fund I (a),(b)			463,611		4,525
SmallCap Value Fund II (a)			466,132		4,787
			$		678,971
TOTAL INVESTMENT COMPANIES			$		678,971
Total Investments			$		678,971
Liabilities in Excess of Other Assets, Net - (0.01)%			$		(94	)
TOTAL NET ASSETS - 100.00%			$		678,877
(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional
	information.
(b)	Non-Income Producing Security
	Portfolio Summary (unaudited)
Fund Type					Percent
Fixed Income Funds					65.80	%
Specialty Funds					15.94	%
Domestic Equity Funds					12.65	%
International Equity Funds					5.62	%
Liabilities in Excess of Other Assets, Net					(0.01	)%
TOTAL NET ASSETS					100.00	%

See accompanying notes

208

Schedule of Investments
Principal LifeTime Strategic Income Fund
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	707,807	$	11,163	29,792	$	457	41,558		$	647	696,041	$	10,971
Bond Market Index Fund	6,094,487		67,951	217,246		2,362	304,202			3,324	6,007,531		66,977
Core Plus Bond Fund	17,567,841		191,117	362,681		3,877	881,144			9,418	17,049,378		185,566
Diversified International Fund	1,293,787		16,118	42,584		466	75,047			830	1,261,324		15,807
Diversified Real Asset Fund	1,828,644		18,939	50,956		521	106,144			1,108	1,773,456		18,360
Equity Income Fund	1,051,542		19,830	22,969		560	51,898			1,293	1,022,613		19,297
Global Diversified Income Fund	5,024,571		59,147	179,244		2,323	267,956			3,507	4,935,859		57,989
Global Multi-Strategy Fund	2,649,468		27,817	120,798		1,284	137,800			1,476	2,632,466		27,618
Global Opportunities Fund	566,428		6,126	22,459		255	32,259			368	556,628		6,016
Inflation Protection Fund	9,964,504		86,021	243,943		2,008	536,771			4,431	9,671,676		83,592
International Emerging Markets Fund	177,231		4,273	5,106		98	11,230			221	171,107		4,150
LargeCap Growth Fund I	989,595		7,293	138,643		1,651	52,611			647	1,075,627		8,386
LargeCap S&P 500 Index Fund	1,144,458		10,962	54,873		766	78,055			1,108	1,121,276		10,728
MidCap Fund	728,911		10,674	57,940		1,190	38,604			812	748,247		11,150
Origin Emerging Markets Fund	319,226		3,217	10,860		85	25,130			203	304,956		3,072
Overseas Fund	1,493,099		13,814	86,593		815	89,608			850	1,490,084		13,780
Short-Term Income Fund	10,093,644		121,537	214,075		2,591	518,492			6,278	9,789,227		117,851
SmallCap Growth Fund I	436,335		3,827	45,492		495	18,216			202	463,611		4,122
SmallCap Value Fund II	427,404		3,481	56,413		625	17,685			204	466,132		3,902
		$	683,307		$	22,429			$	36,927		$	669,334
					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		54	$			(2	)		$			207
Bond Market Index Fund			1,274				(12	)					82
Core Plus Bond Fund			1,027				(10	)					—
Diversified International Fund			215				53						—
Diversified Real Asset Fund			186				8						—
Equity Income Fund			169				200						—
Global Diversified Income Fund			1,262				26						—
Global Multi-Strategy Fund			257				(7	)					580
Global Opportunities Fund			87				3						57
Inflation Protection Fund			667				(6	)					—
International Emerging Markets Fund			31				—						—
LargeCap Growth Fund I			8				89						1,446
LargeCap S&P 500 Index Fund			300				108						131
MidCap Fund			20				98						924
Origin Emerging Markets Fund			23				(27	)					—
Overseas Fund			275				1						283
Short-Term Income Fund			692				1						—
SmallCap Growth Fund I			—				2						434
SmallCap Value Fund II			100				—						463
	$		6,647	$			525			$			4,607
Amounts in thousands except shares

See accompanying notes

209

Schedule of Investments
Real Estate Securities Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 97.52%	Shares Held	Value(000			's)	Portfolio Summary (unaudited)
						Sector	Percent
Lodging - 0.70%						Financial	96.72	%
Hilton Worldwide Holdings Inc	931,146		$	16,584		Exchange Traded Funds	2.76	%
						Consumer, Cyclical	0.70	%
Real Estate - 0.51%						Technology	0.10	%
CBRE Group Inc (a)	424,840			11,883		Liabilities in Excess of Other Assets, Net	(0.28	)%
						TOTAL NET ASSETS	100.00	%
REITS - 96.21%
Alexandria Real Estate Equities Inc	484,865			38,392
American Tower Corp	380,695			35,915
Apartment Investment & Management Co	1,377,290			53,921
AvalonBay Communities Inc	671,650			115,181
Boston Properties Inc	886,499			103,020
Crown Castle International Corp	387,650			33,415
CubeSmart	1,839,851			57,569
DDR Corp	1,468,398			25,124
Duke Realty Corp	1,964,576			39,547
Education Realty Trust Inc	769,580			30,075
EPR Properties	682,209			40,898
Equinix Inc	379,715			117,928
Equity One Inc	1,653,589			45,838
Equity Residential	1,724,180			132,917
Essex Property Trust Inc	554,483			118,166
Extra Space Storage Inc	321,791			29,183
Federal Realty Investment Trust	299,768			45,214
First Industrial Realty Trust Inc	2,195,171			45,199
General Growth Properties Inc	3,702,869			103,828
GEO Group Inc/The	127,798			3,780
Host Hotels & Resorts Inc	1,788,778			24,775
Hudson Pacific Properties Inc	669,252			17,006
Kilroy Realty Corp	381,448			21,312
Kimco Realty Corp	200,987			5,465
Pebblebrook Hotel Trust	1,425,424			34,809
Physicians Realty Trust	1,056,550			18,035
Prologis Inc	2,518,022			99,386
Public Storage	647,400			164,155
Regency Centers Corp	196,269			14,208
Saul Centers Inc	369,833			18,813
Simon Property Group Inc	1,485,049			276,635
SL Green Realty Corp	741,734			71,659
Spirit Realty Capital Inc	2,784,675			29,183
STORE Capital Corp	909,355			22,543
Sun Communities Inc	593,033			39,490
Sunstone Hotel Investors Inc	2,787,190			33,112
Tanger Factory Outlet Centers Inc	147,236			4,710
Ventas Inc	528,245			29,223
VEREIT Inc	618,430			4,768
Vornado Realty Trust	308,572			27,296
Welltower Inc	1,631,939			101,539
		$		2,273,232
Software - 0.10%
InterXion Holding NV (a)	73,240			2,300
TOTAL COMMON STOCKS		$		2,303,999
INVESTMENT COMPANIES - 2.76%	Shares Held	Value (000			's)
Publicly Traded Investment Fund - 2.76%
BlackRock Liquidity Funds FedFund Portfolio	65,308,939			65,309
TOTAL INVESTMENT COMPANIES		$		65,309
Total Investments		$		2,369,308
Liabilities in Excess of Other Assets, Net - (0.28)%		$		(6,512	)
TOTAL NET ASSETS - 100.00%		$		2,362,796
(a) Non-Income Producing Security

See accompanying notes

210

				Schedule of Investments
				SAM Balanced Portfolio
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.08%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.08%
Blue Chip Fund (a)	14,061,802		$	209,240
Diversified International Fund (a)	37,251,370			394,864
EDGE MidCap Fund (a)		6,473,275		64,280
Equity Income Fund (a)	19,944,192			481,652
Global Diversified Income Fund (a)		7,211,813		91,878
Global Multi-Strategy Fund (a)	34,188,413			358,295
Global Real Estate Securities Fund (a)	10,874,682			92,000
Government & High Quality Bond Fund (a)	32,438,423			354,876
High Yield Fund (a)	17,104,924			113,064
Income Fund (a)	72,363,879			673,708
Inflation Protection Fund (a)	10,237,897			84,974
International Emerging Markets Fund (a)		4,164,393		78,082
LargeCap Growth Fund (a)	43,186,103			407,245
LargeCap Value Fund (a)	24,264,149			261,082
MidCap Fund (a)	14,007,427			271,464
MidCap Value Fund I (a)		7,109,811		82,189
Preferred Securities Fund (a)		1,996,421		20,004
Principal Capital Appreciation Fund (a)		2,924,623		156,877
Short-Term Income Fund (a)	17,352,167			209,961
SmallCap Growth Fund I (a),(b)		378,259		3,692
SmallCap Value Fund II (a)		2,944,282		30,238
Small-MidCap Dividend Income Fund (a)	11,269,296			135,908
		$		4,575,573
TOTAL INVESTMENT COMPANIES		$		4,575,573
Total Investments		$		4,575,573
Liabilities in Excess of Other Assets, Net - (0.08)%		$		(3,591	)
TOTAL NET ASSETS - 100.00%		$		4,571,982

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	46.02	%
Fixed Income Funds	31.85	%
International Equity Funds	12.36	%
Specialty Funds	9.85	%
Liabilities in Excess of Other Assets, Net	(0.08	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

211

Schedule of Investments
SAM Balanced Portfolio
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases		Purchases	Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	14,009,512	$	195,994	359,329	$	5,617	307,039		$	4,821	14,061,802	$	196,767
Diversified International Fund	36,812,849		371,867	782,667		8,809	344,146			3,817	37,251,370		376,484
EDGE MidCap Fund	6,304,643		63,066	168,632		1,732	—			—	6,473,275		64,798
Equity Income Fund	20,151,026		300,512	180,232		4,550	387,066			9,730	19,944,192		296,187
Global Diversified Income Fund	7,163,129		97,283	181,776		2,372	133,092			1,736	7,211,813		97,775
Global Multi-Strategy Fund	33,503,805		358,983	1,141,667		12,187	457,059			4,892	34,188,413		366,056
Global Real Estate Securities Fund	10,803,107		94,563	354,995		3,192	283,420			2,564	10,874,682		95,019
Government & High Quality Bond	33,048,958		348,336	350,438		3,807	960,973			10,447	32,438,423		341,730
Fund
High Yield Fund	16,952,486		121,471	401,210		2,717	248,772			1,682	17,104,924		122,268
Income Fund	72,978,319		677,247	985,202		9,206	1,599,642			14,962	72,363,879		670,743
Inflation Protection Fund	10,237,466		87,583	149,944		1,235	149,513			1,233	10,237,897		87,531
International Emerging Markets Fund	4,083,751		87,721	80,642		1,636	—			—	4,164,393		89,357
LargeCap Growth Fund	39,587,854		291,474	4,369,912		45,088	771,663			8,118	43,186,103		327,423
LargeCap Value Fund	22,475,681		245,132	2,250,771		26,181	462,303			5,466	24,264,149		265,407
MidCap Fund	13,257,768		214,378	912,615		18,971	162,956			3,280	14,007,427		229,677
MidCap Value Fund I	6,350,977		93,353	758,834		9,442	—			—	7,109,811		102,795
Preferred Securities Fund	2,010,544		12,806	44,680		450	58,803			592	1,996,421		12,650
Principal Capital Appreciation Fund	2,776,322		76,624	174,911		9,973	26,610			1,492	2,924,623		85,035
Short-Term Income Fund	17,735,949		212,984	130,775		1,583	514,557			6,226	17,352,167		208,263
SmallCap Growth Fund I	346,424		3,508	31,835		349	—			—	378,259		3,857
SmallCap Value Fund II	2,628,505		26,299	315,777		3,511	—			—	2,944,282		29,810
Small-MidCap Dividend Income Fund	10,912,791		122,666	393,072		5,001	36,567			483	11,269,296		127,154
		$	4,103,850		$	177,609			$	81,541		$	4,196,786
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		1,076	$			(23	)		$			4,149
Diversified International Fund			6,249				(375	)					—
EDGE MidCap Fund			258				—						—
Equity Income Fund			3,263				855						—
Global Diversified Income Fund			1,829				(144	)					—
Global Multi-Strategy Fund			3,303				(222	)					7,448
Global Real Estate Securities Fund			1,455				(172	)					1,729
Government & High Quality Bond Fund			3,320				34						—
High Yield Fund			2,164				(238	)					—
Income Fund			7,178				(748	)					—
Inflation Protection Fund			700				(54	)					—
International Emerging Markets Fund			744				—						—
LargeCap Growth Fund			1,215				(1,021	)					42,399
LargeCap Value Fund			6,966				(440	)					18,640
MidCap Fund			373				(392	)					17,139
MidCap Value Fund I			2,737				—						6,169
Preferred Securities Fund			273				(14	)					177
Principal Capital Appreciation Fund			2,522				(70	)					6,540
Short-Term Income Fund			1,226				(78	)					—
SmallCap Growth Fund I			—				—						349
SmallCap Value Fund II			623				—						2,888
Small-MidCap Dividend Income Fund			1,423				(30	)					2,802
	$		48,897	$			(3,132	)		$			110,429
Amounts in thousands except shares

See accompanying notes

212

					Schedule of Investments
			SAM Conservative Balanced Portfolio
					January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.05%		Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.05%
Blue Chip Fund (a)			3,080,158	$	45,833
Core Plus Bond Fund (a)			2,936,268		31,389
Diversified International Fund (a)			9,165,884		97,158
EDGE MidCap Fund (a)			1,668,912		16,572
Equity Income Fund (a)			4,519,154		109,138
Global Diversified Income Fund (a)			4,349,432		55,412
Global Multi-Strategy Fund (a)			8,263,262		86,599
Global Real Estate Securities Fund (a)			2,715,228		22,971
Government & High Quality Bond Fund (a)		19,201,388			210,063
High Yield Fund (a)		12,228,248			80,829
Income Fund (a)		38,030,082			354,060
Inflation Protection Fund (a)			4,990,218		41,419
International Emerging Markets Fund (a)			1,015,382		19,038
LargeCap Growth Fund (a)		11,286,060			106,427
LargeCap Value Fund (a)			5,993,147		64,486
MidCap Fund (a)			2,887,826		55,966
MidCap Value Fund I (a)			2,475,582		28,618
Preferred Securities Fund (a)			835,606		8,373
Principal Capital Appreciation Fund (a)			771,085		41,361
Short-Term Income Fund (a)		10,341,739			125,135
SmallCap Growth Fund I (a),(b)			151,608		1,480
SmallCap Value Fund II (a)			578,609		5,942
Small-MidCap Dividend Income Fund (a)			2,684,800		32,379
			$		1,640,648
TOTAL INVESTMENT COMPANIES			$		1,640,648
Total Investments			$		1,640,648
Liabilities in Excess of Other Assets, Net - (0.05)%			$		(846	)
TOTAL NET ASSETS - 100.00%			$		1,639,802
(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional
	information.
(b)	Non-Income Producing Security
	Portfolio Summary (unaudited)
Fund Type					Percent
Fixed Income Funds					51.91	%
Domestic Equity Funds					30.99	%
Specialty Funds					8.66	%
International Equity Funds					8.49	%
Liabilities in Excess of Other Assets, Net					(0.05	)%
TOTAL NET ASSETS					100.00	%

See accompanying notes

213

Schedule of Investments
SAM Conservative Balanced Portfolio
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares	Cost		Shares			Proceeds	Shares		Cost
Blue Chip Fund	2,942,144	$	40,516	197,261	$	2,972	59,247		$	924	3,080,158	$	42,539
Core Plus Bond Fund	2,969,703		32,558	37,370		398	70,805			756	2,936,268		32,179
Diversified International Fund	8,606,876		86,541	598,632		6,509	39,624			456	9,165,884		92,568
EDGE MidCap Fund	1,477,312		14,789	191,600		1,904	—			—	1,668,912		16,693
Equity Income Fund	4,329,157		66,382	250,383		6,029	60,386			1,520	4,519,154		70,869
Global Diversified Income Fund	4,050,773		55,561	324,129		4,177	25,470			335	4,349,432		59,370
Global Multi-Strategy Fund	8,032,405		86,140	350,142		3,751	119,285			1,267	8,263,262		88,555
Global Real Estate Securities Fund	2,581,450		21,873	168,307		1,473	34,529			317	2,715,228		23,016
Government & High Quality Bond	19,080,448		204,882	569,489		6,200	448,549			4,876	19,201,388		206,157
Fund
High Yield Fund	11,468,536		84,090	831,355		5,550	71,643			489	12,228,248		89,081
Income Fund	37,589,713		353,891	1,171,261		10,930	730,892			6,826	38,030,082		357,634
Inflation Protection Fund	4,981,570		42,694	110,852		913	102,204			841	4,990,218		42,728
International Emerging Markets Fund	974,768		20,064	40,614		829	—			—	1,015,382		20,893
LargeCap Growth Fund	9,946,846		81,996	1,496,568		15,121	157,354			1,652	11,286,060		95,248
LargeCap Value Fund	5,356,033		57,017	743,366		8,428	106,252			1,269	5,993,147		64,101
MidCap Fund	2,735,873		45,772	211,330		4,428	59,377			1,167	2,887,826		48,860
MidCap Value Fund I	2,190,714		32,890	302,368		3,797	17,500			197	2,475,582		36,396
Preferred Securities Fund	829,375		5,404	18,407		186	12,176			125	835,606		5,464
Principal Capital Appreciation Fund	721,736		21,250	68,224		3,793	18,875			1,076	771,085		24,082
Short-Term Income Fund	10,364,304		124,461	238,369		2,884	260,934			3,157	10,341,739		124,142
SmallCap Growth Fund I	138,848		1,408	12,760		140	—			—	151,608		1,548
SmallCap Value Fund II	516,553		5,141	62,056		689	—			—	578,609		5,830
Small-MidCap Dividend Income Fund	2,523,492		28,444	164,975		2,063	3,667			49	2,684,800		30,455
		$	1,513,764		$	93,164			$	27,299		$	1,578,408
					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Blue Chip Fund	$		228	$			(25	)		$			876
Core Plus Bond Fund			176				(21	)					—
Diversified International Fund			1,472				(26	)					—
EDGE MidCap Fund			61				—						—
Equity Income Fund			705				(22	)					—
Global Diversified Income Fund			1,056				(33	)					—
Global Multi-Strategy Fund			798				(69	)					1,800
Global Real Estate Securities Fund			350				(13	)					415
Government & High Quality Bond Fund			1,935				(49	)					—
High Yield Fund			1,482				(70	)					—
Income Fund			3,725				(361	)					—
Inflation Protection Fund			341				(38	)					—
International Emerging Markets Fund			179				—						—
LargeCap Growth Fund			307				(217	)					10,697
LargeCap Value Fund			1,658				(75	)					4,430
MidCap Fund			78				(173	)					3,563
MidCap Value Fund I			951				(94	)					2,145
Preferred Securities Fund			113				(1	)					73
Principal Capital Appreciation Fund			649				115						1,682
Short-Term Income Fund			722				(46	)					—
SmallCap Growth Fund I			—				—						140
SmallCap Value Fund II			122				—						568
Small-MidCap Dividend Income Fund			331				(3	)					652
	$		17,439	$			(1,221	)		$			27,041
Amounts in thousands except shares

See accompanying notes

214

				Schedule of Investments
		SAM Conservative Growth Portfolio
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.08%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.08%
Blue Chip Fund (a)	11,497,002		$	171,075
Diversified International Fund (a)	31,209,588			330,822
Diversified Real Asset Fund (a)		9,496,350		95,248
EDGE MidCap Fund (a)		5,526,147		54,875
Equity Income Fund (a)	13,496,835			325,949
Global Multi-Strategy Fund (a)	28,561,970			299,329
Global Real Estate Securities Fund (a)		8,817,934		74,600
Government & High Quality Bond Fund (a)		6,929,730		75,811
High Yield Fund (a)		2,766,331		18,285
Income Fund (a)	17,282,202			160,897
LargeCap Growth Fund (a)	37,027,171			349,166
LargeCap Value Fund (a)	24,243,541			260,860
MidCap Fund (a)	12,669,378			245,533
MidCap Value Fund I (a)		6,371,056		73,649
Origin Emerging Markets Fund (a)		7,318,693		55,037
Preferred Securities Fund (a)		343,651		3,443
Principal Capital Appreciation Fund (a)		2,761,628		148,134
Short-Term Income Fund (a)		3,875,115		46,889
SmallCap Growth Fund I (a),(b)		570,269		5,566
SmallCap Value Fund II (a)		1,416,832		14,551
Small-MidCap Dividend Income Fund (a)		9,702,467		117,012
		$		2,926,731
TOTAL INVESTMENT COMPANIES		$		2,926,731
Total Investments		$		2,926,731
Liabilities in Excess of Other Assets, Net - (0.08)%		$		(2,276	)
TOTAL NET ASSETS - 100.00%		$		2,924,455

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	60.41	%
International Equity Funds	15.74	%
Specialty Funds	13.50	%
Fixed Income Funds	10.43	%
Liabilities in Excess of Other Assets, Net	(0.08	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

215

Schedule of Investments
SAM Conservative Growth Portfolio
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases		Purchases	Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	11,633,252	$	161,606	283,140	$	4,425	419,390		$	6,568	11,497,002	$	159,411
Diversified International Fund	31,070,397		320,387	554,112		6,224	414,921			4,625	31,209,588		321,558
Diversified Real Asset Fund	9,371,600		110,525	137,876		1,442	13,126			129	9,496,350		111,803
EDGE MidCap Fund	5,465,680		54,660	60,467		618	—			—	5,526,147		55,278
Equity Income Fund	13,840,481		203,372	99,558		2,511	443,204			11,124	13,496,835		197,831
Global Multi-Strategy Fund	28,317,124		303,779	907,975		9,688	663,129			7,098	28,561,970		306,046
Global Real Estate Securities Fund	8,806,142		76,456	300,568		2,704	288,776			2,576	8,817,934		76,390
Government & High Quality Bond	7,101,627		74,055	75,209		817	247,106			2,687	6,929,730		72,246
Fund
High Yield Fund	2,714,830		18,184	51,501		348	—			—	2,766,331		18,532
Income Fund	17,404,253		158,615	223,902		2,092	345,953			3,236	17,282,202		157,347
LargeCap Growth Fund	34,300,020		260,952	3,707,353		38,221	980,202			10,171	37,027,171		287,626
LargeCap Value Fund	22,838,239		254,579	2,239,454		26,043	834,152			9,893	24,243,541		269,870
MidCap Fund	12,146,404		203,003	794,478		16,478	271,504			5,629	12,669,378		213,372
MidCap Value Fund I	5,752,349		87,153	659,625		8,187	40,918			463	6,371,056		94,659
Origin Emerging Markets Fund	7,214,325		70,969	104,368		867	—			—	7,318,693		71,836
Preferred Securities Fund	336,112		2,051	7,539		76	—			—	343,651		2,127
Principal Capital Appreciation Fund	2,669,715		75,525	155,652		8,857	63,739			3,635	2,761,628		81,395
Short-Term Income Fund	3,966,906		47,502	28,434		344	120,225			1,456	3,875,115		46,376
SmallCap Growth Fund I	522,274		5,289	47,995		527	—			—	570,269		5,816
SmallCap Value Fund II	1,264,876		12,648	151,956		1,689	—			—	1,416,832		14,337
Small-MidCap Dividend Income Fund	9,664,835		109,273	307,503		3,900	269,871			3,407	9,702,467		109,384
		$	2,610,583		$	136,058			$	72,697		$	2,673,240
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		887	$			(52	)		$			3,423
Diversified International Fund			5,247				(428	)					—
Diversified Real Asset Fund			975				(35	)					—
EDGE MidCap Fund			222				—						—
Equity Income Fund			2,224				3,072						—
Global Multi-Strategy Fund			2,776				(323	)					6,267
Global Real Estate Securities Fund			1,188				(194	)					1,412
Government & High Quality Bond Fund			711				61						—
High Yield Fund			348				—						—
Income Fund			1,713				(124	)					—
LargeCap Growth Fund			1,049				(1,376	)					36,623
LargeCap Value Fund			7,019				(859	)					18,794
MidCap Fund			340				(480	)					15,605
MidCap Value Fund I			2,473				(218	)					5,577
Origin Emerging Markets Fund			545				—						—
Preferred Securities Fund			46				—						30
Principal Capital Appreciation Fund			2,400				648						6,227
Short-Term Income Fund			273				(14	)					—
SmallCap Growth Fund I			—				—						527
SmallCap Value Fund II			300				—						1,390
Small-MidCap Dividend Income Fund			1,244				(382	)					2,461
	$		31,980	$			(704	)		$			98,336
Amounts in thousands except shares

See accompanying notes

216

				Schedule of Investments
				SAM Flexible Income Portfolio
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.03%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.03%
Core Plus Bond Fund (a)		4,621,745	$	49,406
Diversified International Fund (a)		5,029,037		53,308
Equity Income Fund (a)		8,960,983		216,408
Global Diversified Income Fund (a)	11,159,912			142,177
Global Real Estate Securities Fund (a)		2,548,951		21,564
Government & High Quality Bond Fund (a)	21,800,594			238,498
High Yield Fund (a)	26,052,670			172,208
Income Fund (a)	74,810,805			696,489
Inflation Protection Fund (a)	11,671,741			96,875
International Emerging Markets Fund (a)		1,285,485		24,103
LargeCap Growth Fund (a)		9,095,234		85,768
LargeCap Value Fund (a)		7,923,114		85,253
Preferred Securities Fund (a)		1,146,255		11,485
Short-Term Income Fund (a)	17,712,614			214,323
SmallCap Growth Fund I (a),(b)		189,729		1,852
Small-MidCap Dividend Income Fund (a)		7,977,405		96,208
		$		2,205,925
TOTAL INVESTMENT COMPANIES		$		2,205,925
Total Investments		$		2,205,925
Liabilities in Excess of Other Assets, Net - (0.03)%		$		(710	)
TOTAL NET ASSETS - 100.00%		$		2,205,215

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	67.08	%
Domestic Equity Funds	22.01	%
Specialty Funds	6.45	%
International Equity Funds	4.49	%
Liabilities in Excess of Other Assets, Net	(0.03	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

217

Schedule of Investments
SAM Flexible Income Portfolio
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases		Purchases	Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Core Plus Bond Fund	4,612,225	$	50,254	74,461	$	796	64,941		$	695	4,621,745	$	50,336
Diversified International Fund	4,826,950		52,793	225,912		2,523	23,825			274	5,029,037		55,024
Equity Income Fund	8,810,375		172,107	250,703		6,252	100,095			2,558	8,960,983		175,646
Global Diversified Income Fund	10,814,423		149,173	475,470		6,214	129,981			1,699	11,159,912		153,446
Global Real Estate Securities Fund	2,476,400		19,254	102,302		917	29,751			274	2,548,951		19,891
Government & High Quality Bond	21,722,756		233,005	520,445		5,651	442,607			4,815	21,800,594		233,745
Fund
High Yield Fund	25,136,571		184,489	1,132,468		7,692	216,369			1,473	26,052,670		190,471
Income Fund	73,671,795		699,204	2,194,865		20,552	1,055,855			9,878	74,810,805		709,226
Inflation Protection Fund	11,430,283		98,236	395,582		3,265	154,124			1,271	11,671,741		100,168
International Emerging Markets Fund	1,232,779		27,294	52,706		1,060	—			—	1,285,485		28,354
LargeCap Growth Fund	8,176,250		68,734	1,025,051		10,597	106,067			1,149	9,095,234		78,127
LargeCap Value Fund	7,178,374		83,384	854,216		9,944	109,476			1,340	7,923,114		91,908
Preferred Securities Fund	1,134,487		6,502	25,172		254	13,404			137	1,146,255		6,619
Short-Term Income Fund	17,646,361		211,749	420,440		5,091	354,187			4,286	17,712,614		212,484
SmallCap Growth Fund I	173,761		1,772	15,968		175	—			—	189,729		1,947
Small-MidCap Dividend Income Fund	7,685,268		87,751	403,060		5,121	110,923			1,406	7,977,405		91,297
		$	2,145,701		$	86,104			$	31,255		$	2,198,689
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Core Plus Bond Fund	$		275	$			(19	)		$			—
Diversified International Fund			832				(18	)					—
Equity Income Fund			1,446				(155	)					—
Global Diversified Income Fund			2,800				(242	)					—
Global Real Estate Securities Fund			337				(6	)					398
Government & High Quality Bond Fund			2,207				(96	)					—
High Yield Fund			3,252				(237	)					—
Income Fund			7,339				(652	)					—
Inflation Protection Fund			792				(62	)					—
International Emerging Markets Fund			228				—						—
LargeCap Growth Fund			253				(55	)					8,815
LargeCap Value Fund			2,241				(80	)					5,992
Preferred Securities Fund			154				—						99
Short-Term Income Fund			1,233				(70	)					—
SmallCap Growth Fund I			—				—						175
Small-MidCap Dividend Income Fund			1,007				(169	)					1,981
	$		24,396	$			(1,861	)		$			17,460
Amounts in thousands except shares

See accompanying notes

218

				Schedule of Investments
		SAM Strategic Growth Portfolio
				January 31, 2016 (unaudited)
INVESTMENT COMPANIES - 100.08%	Shares Held			Value (000's)
Principal Funds, Inc. Institutional Class - 100.08%
Diversified International Fund (a)	30,663,401		$	325,032
Equity Income Fund (a)		9,654,278		233,151
Global Multi-Strategy Fund (a)	14,054,274			147,289
Global Real Estate Securities Fund (a)		8,363,676		70,757
LargeCap Growth Fund (a)	23,155,600			218,357
LargeCap Value Fund (a)	17,979,024			193,454
MidCap Value Fund I (a)		8,768,362		101,362
Origin Emerging Markets Fund (a)	11,642,240			87,550
Principal Capital Appreciation Fund (a)		5,035,808		270,121
SmallCap Growth Fund I (a),(b)		1,343,766		13,115
SmallCap Value Fund II (a)		3,017,674		30,991
Small-MidCap Dividend Income Fund (a)		5,904,647		71,210
		$		1,762,389
TOTAL INVESTMENT COMPANIES		$		1,762,389
Total Investments		$		1,762,389
Liabilities in Excess of Other Assets, Net - (0.08)%		$		(1,349	)
TOTAL NET ASSETS - 100.00%		$		1,761,040

(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional information.
(b)	Non-Income Producing Security

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	64.27	%
International Equity Funds	27.45	%
Specialty Funds	8.36	%
Liabilities in Excess of Other Assets, Net	(0.08	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

219

Schedule of Investments
SAM Strategic Growth Portfolio
January 31, 2016 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2015		2015	Purchases	Purchases		Sales			Sales	2016		2016
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Diversified International Fund	30,510,698	$	341,074	531,881	$	5,978	379,178		$	4,206	30,663,401	$	342,435
Equity Income Fund	9,766,011		145,610	80,620		2,038	192,353			4,819	9,654,278		143,709
Global Multi-Strategy Fund	13,929,378		153,599	439,131		4,683	314,235			3,367	14,054,274		154,765
Global Real Estate Securities Fund	8,557,746		73,527	278,410		2,504	472,480			4,208	8,363,676		71,471
LargeCap Growth Fund	21,388,343		145,101	2,319,899		23,916	552,642			5,701	23,155,600		163,646
LargeCap Value Fund	16,923,137		190,935	1,666,868		19,384	610,981			7,153	17,979,024		202,425
MidCap Value Fund I	8,014,819		128,848	919,033		11,409	165,490			2,104	8,768,362		137,505
Origin Emerging Markets Fund	11,493,883		113,068	148,357		1,239	—			—	11,642,240		114,307
Principal Capital Appreciation Fund	4,898,084		192,130	285,361		16,235	147,637			8,415	5,035,808		199,345
SmallCap Growth Fund I	1,227,899		12,083	115,867		1,273	—			—	1,343,766		13,356
SmallCap Value Fund II	2,691,362		25,000	326,312		3,631	—			—	3,017,674		28,631
Small-MidCap Dividend Income Fund	5,882,535		65,583	188,220		2,388	166,108			2,104	5,904,647		65,639
		$	1,586,558		$	94,678			$	42,077		$	1,637,234
					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Diversified International Fund	$		5,153	$			(411	)		$			—
Equity Income Fund			1,580				880						—
Global Multi-Strategy Fund			1,363				(150	)					3,083
Global Real Estate Securities Fund			1,139				(352	)					1,365
LargeCap Growth Fund			655				330						22,883
LargeCap Value Fund			5,211				(741	)					13,970
MidCap Value Fund I			3,420				(648	)					7,718
Origin Emerging Markets Fund			866				—						—
Principal Capital Appreciation Fund			4,387				(605	)					11,407
SmallCap Growth Fund I			—				—						1,240
SmallCap Value Fund II			638				—						2,959
Small-MidCap Dividend Income Fund			755				(228	)					1,498
	$		25,167	$			(1,925	)		$			66,123
Amounts in thousands except shares

See accompanying notes

220

Schedule of Investments
Short-Term Income Fund
January 31, 2016 (unaudited)
	INVESTMENT COMPANIES - 1.36%			Shares Held     Value (000's)						Principal
							BONDS (continued)		Amount (000's) Value (000's)
	Publicly Traded Investment Fund - 1.36%
	Morgan Stanley Institutional Liquidity Funds -			39,115,843	$	39,116	Automobile Asset Backed Securities (continued)
	Government Portfolio						CPS Auto Receivables Trust 2013-
							D (continued)
	TOTAL INVESTMENT COMPANIES			$		39,116	3.97%, 11/15/2019(a),(b)		$	1,000	$	1,002
				Principal			CPS Auto Receivables Trust 2014-B
	BONDS- 98.53	%		Amount (000's)     Value (000's)			1.11%, 11/15/2018(a)			2,324		2,309
							CPS Auto Receivables Trust 2014-C
	Aerospace & Defense - 0.63%						1.31%, 02/15/2019(a),(b)			7,273		7,225
	Lockheed Martin Corp						3.77%, 08/17/2020(a)			3,800		3,755
	1.85%, 11/23/2018		$	6,500	$	6,552	CPS Auto Receivables Trust 2014-D
	2.50%, 11/23/2020			6,500		6,551	1.49%, 04/15/2019(a)			5,414		5,374
	Rolls-Royce PLC						CPS Auto Receivables Trust 2015-C
	2.38%, 10/14/2020(a)			5,000		4,987	1.77%, 06/17/2019(a)			12,084		12,063
				$		18,090	CPS Auto Trust
							1.48%, 03/16/2020(a)			2,689		2,674
	Agriculture - 0.90%
							Ford Credit Auto Owner Trust 2015-REV2
	Cargill Inc						2.44%, 01/15/2027(a),(b)			12,327		12,511
	6.00%, 11/27/2017(a)			24,153		25,885
							Ford Credit Auto Owner Trust/Ford Credit
							2014-RE	V1
	Airlines - 0.90%						2.26%, 11/15/2025(a),(b)			11,327		11,478
	Delta Air Lines 2009-1 Class A Pass Through						Santander Drive Auto Receivables Trust 2013-
	Trust						1
	7.75%, 06/17/2021			13,853		15,568	1.76%, 01/15/2019			19,100		19,125
	UAL 2009-1 Pass Through Trust						Santander Drive Auto Receivables Trust 2013-
	10.40%, 05/01/2018			1,229		1,292	5
	UAL 2009-2A Pass Through Trust						1.55%, 10/15/2018			8,258		8,260
	9.75%, 01/15/2017			8,405		8,909	2.25%, 06/17/2019(b)			2,840		2,855
				$		25,769	2.73%, 10/15/2019(b)			5,860		5,925
							Santander Drive Auto Receivables Trust 2014-
	Automobile Asset Backed Securities - 10.52%						1
	AmeriCredit Automobile Receivables 2015-1						1.59%, 10/15/2018			3,600		3,601
	0.77%, 04/09/2018			5,658		5,651	2.36%, 04/15/2020			10,390		10,434
	AmeriCredit Automobile Receivables 2015-4						Santander Drive Auto Receivables Trust 2014-
	1.26%, 04/08/2019			8,000		7,996	2
	AmeriCredit Automobile Receivables 2016-1						1.62%, 02/15/2019			5,640		5,646
	1.52%, 06/10/2019			8,500		8,509	Santander Drive Auto Receivables Trust 2014-
	AmeriCredit Automobile Receivables Trust						3
	2013-1						2.13%, 08/17/2020(b)			6,940		6,951
	1.57%, 01/08/2019			6,300		6,301	Westlake Automobile Receivables Trust 2014-
	AmeriCredit Automobile Receivables Trust						2
	2013-5						0.97%, 10/16/2017(a),(b)			3,226		3,223
	2.86%, 12/09/2019(b)			9,300		9,418
							Westlake Automobile Receivables Trust 2015-
	AmeriCredit Automobile Receivables Trust						1
	2014-1						1.17%, 03/15/2018(a),(b)			5,984		5,976
	0.90%, 02/08/2019			3,854		3,846
	2.15%, 03/09/2020(b)			2,400		2,408	Westlake Automobile Receivables Trust 2015-
							2
	AmeriCredit Automobile Receivables Trust						1.28%, 07/16/2018(a),(b)			12,143		12,125
	2014-2
	0.54%, 10/10/2017(b)			1,701		1,700	Westlake Automobile Receivables Trust 2015-
							3
	AmeriCredit Automobile Receivables Trust						1.42%, 05/17/2021(a),(b)			18,000		17,992
	2014-3						Westlake Automobile Receivables Trust 2016-
	0.64%, 04/09/2018			4,012		4,007	1
	AmeriCredit Automobile Receivables Trust						1.82%, 01/15/2019(a),(c)			8,500		8,499
	2015-2
	0.83%, 09/10/2018(b)			8,288		8,270				$		302,371
	Capital Auto Receivables Asset Trust 2013-1						Automobile Floor Plan Asset Backed Securities - 0.74%
	0.97%, 01/22/2018			13,482		13,475	CNH Wholesale Master Note Trust
	1.29%, 04/20/2018			12,715		12,700	1.03%, 08/15/2019(a),(b)			9,159		9,149
	1.74%, 10/22/2018			8,000		8,004	Volkswagen Credit Auto Master Trust
	Capital Auto Receivables Asset Trust 2014-1						0.78%, 07/22/2019(a),(b)			12,327		12,197
	2.22%, 01/22/2019			6,000		6,039				$		21,346
	2.84%, 04/22/2019			4,400		4,459
	Capital Auto Receivables Asset Trust 2014-2						Automobile Manufacturers - 2.27%
	2.03%, 12/20/2018			9,000		9,019	Daimler Finance North America LLC
	Capital Auto Receivables Asset Trust 2014-3						0.84%, 03/02/2018(a),(b)			9,495		9,359
	0.75%,  02/21/2017 (b)			3,852		3,851	1.38%, 08/01/2017(a)			6,664		6,623
	CPS Auto Receivables Trust 2013-A						Ford Motor Credit Co LLC
	1.31%, 06/15/2020(a),(b)			8,001		7,912	3.98%, 06/15/2016			18,631		18,799
	CPS Auto Receivables Trust 2013-B						PACCAR Financial Corp
	1.82%, 09/15/2020(a),(b)			4,774		4,766	1.45%, 03/09/2018			6,664		6,652
	CPS Auto Receivables Trust 2013-C						2.20%, 09/15/2019			9,327		9,402
	1.64%, 04/16/2018(a)			2,659		2,658	Toyota Motor Credit Corp
	CPS Auto Receivables Trust 2013-D						2.10%, 01/17/2019			14,327		14,521
	1.54%, 07/16/2018(a),(b)			2,387		2,379				$		65,356

See accompanying notes

221

Schedule of Investments
Short-Term Income Fund
January 31, 2016 (unaudited)
				Principal				Principal
	BONDS (continued)			Amount (000's)      Value (000's)			BONDS (continued)	Amount (000's) Value (000's)
	Banks- 15.68	%					Biotechnology - 1.46%
	Bank of America Corp						Amgen Inc
	2.60%, 01/15/2019		$	5,000	$	5,020	1.25%, 05/22/2017	$	9,000	$	8,970
	2.63%, 10/19/2020			9,500		9,399	2.20%, 05/22/2019		9,327		9,387
	Bank of America NA						Biogen Inc
	0.79%, 06/15/2016(b)			13,327		13,309	2.90%, 09/15/2020		14,000		14,099
	0.81%, 06/15/2017(b)			7,750		7,676	Gilead Sciences Inc
	5.30%, 03/15/2017			33,524		34,747	1.85%, 09/04/2018		4,750		4,786
	Bank of New York Mellon Corp/The						2.55%, 09/01/2020		4,750		4,810
	2.20%, 03/04/2019			4,700		4,757			$		42,052
	2.20%, 05/15/2019			11,327		11,414
	BB&T Corp						Chemicals - 0.44%
	0.99%, 02/01/2019(b)			5,664		5,600	Airgas Inc
	Branch Banking & Trust Co						1.65%, 02/15/2018		12,592		12,533
	0.68%, 05/23/2017(b)			14,450		14,370
	0.82%, 09/13/2016(b)			17,425		17,392	Commercial Mortgage Backed Securities - 2.35%
	Capital One Financial Corp						Ginnie Mae
	6.15%, 09/01/2016			12,930		13,294	0.59%, 07/16/2054(b)		42,803		2,150
	Capital One NA/Mclean VA						0.69%, 03/16/2049(b)		62,450		2,497
	1.01%, 02/05/2018(b)			9,327		9,288	0.82%, 09/16/2055(b)		43,950		2,484
	1.65%, 02/05/2018			9,327		9,257	0.84%, 01/16/2054(b)		51,830		2,939
	Citigroup Inc						0.85%, 06/16/2055(b)		48,386		2,639
	0.85%, 08/14/2017(b)			8,000		7,951	0.88%, 03/16/2052(b)		42,494		3,110
	1.39%, 04/08/2019(b)			4,500		4,459	0.88%, 10/16/2054(b)		56,413		2,813
	1.70%, 04/27/2018			13,990		13,893	0.93%, 10/16/2054(b)		65,759		3,780
	1.93%, 10/26/2020(b)			10,000		10,084	0.93%, 01/16/2055(b)		107,215		5,503
	Goldman Sachs Group Inc/The						0.95%, 02/16/2055(b)		77,567		3,438
	1.46%, 11/15/2018(b)			9,909		9,897	0.99%, 02/16/2048(b)		41,716		2,477
	1.78%, 04/23/2020(b)			23,990		23,845	1.00%, 10/16/2054(b)		81,533		4,514
	2.60%, 04/23/2020			4,798		4,775	1.03%, 09/16/2054(b)		56,150		3,365
	JPMorgan Chase Bank NA						1.12%, 06/16/2045(b)		84,386		5,644
	0.83%, 06/13/2016(b)			6,000		5,994	1.14%, 08/16/2042(b)		98,004		6,388
	5.88%, 06/13/2016			11,659		11,857	1.18%, 02/16/2046(b)		84,212		5,879
	6.00%, 10/01/2017			29,480		31,394	1.20%, 07/16/2056(b)		28,915		2,391
	KeyBank NA/Cleveland OH						1.27%, 10/16/2051(b)		4,462		342
	1.70%, 06/01/2018			6,500		6,480	1.41%, 12/16/2036(b)		73,565		5,155
	5.45%, 03/03/2016			14,351		14,418			$		67,508
	Morgan Stanley
	1.47%, 01/24/2019(b)			30,648		30,472	Computers - 1.31%
	1.88%, 01/05/2018			4,664		4,647	Apple Inc
	1.90%, 04/25/2018(b)			16,490		16,596	1.00%, 05/03/2018		4,664		4,641
	National City Bank/Cleveland OH						Hewlett Packard Enterprise Co
	0.82%, 06/07/2017(b)			4,500		4,472	2.45%, 10/05/2017(a)		9,500		9,518
							2.85%, 10/05/2018(a)		6,650		6,647
	PNC Bank NA
	1.60%, 06/01/2018			4,500		4,500	International Business Machines Corp
	4.88%, 09/21/2017			15,355		16,008	1.95%, 02/12/2019		16,740		16,951
	6.88%, 04/01/2018			4,080		4,475			$		37,757
	PNC Funding Corp						Credit Card Asset Backed Securities - 1.32%
	5.63%, 02/01/2017			7,231		7,502	Cabela's Credit Card Master Note Trust
	SunTrust Bank/Atlanta GA						0.78%, 03/16/2020(b)		5,878		5,866
	7.25%, 03/15/2018			12,990		14,383	0.88%, 07/15/2022(b)		9,495		9,408
	US Bank NA/Cincinnati OH						0.91%, 06/15/2020(a),(b)		5,914		5,908
	1.10%, 10/28/2019(b)			14,209		14,067	0.96%, 02/18/2020(a),(b)		6,982		6,987
	Wells Fargo & Co						1.08%, 08/16/2021(a),(b)		9,745		9,717
	2.55%, 12/07/2020			9,500		9,538			$		37,886
	2.60%, 07/22/2020			14,327		14,452
	Wells Fargo Bank NA						Diversified Financial Services - 2.51%
	6.00%, 11/15/2017			8,500		9,133	GE Capital International Funding Co
				$		450,815	0.96%, 04/15/2016(a)		39,466		39,484
							Jefferies Group LLC
	Beverages - 2.27%						5.50%, 03/15/2016		3,500		3,517
	Anheuser-Busch InBev Finance Inc						Murray Street Investment Trust I
	1.90%, 02/01/2019			14,250		14,276	4.65%, 03/09/2017(b)		28,398		29,243
	2.15%, 02/01/2019			9,664		9,728			$		72,244
	2.65%, 02/01/2021			14,250		14,337
	PepsiCo Inc						Electric - 3.79%
	1.00%, 10/13/2017			4,750		4,739	Black Hills Corp
	2.15%, 10/14/2020			9,500		9,568	2.50%, 01/11/2019		5,000		4,974
	SABMiller Holdings Inc						Dominion Resources Inc/VA
	1.02%, 08/01/2018(a),(b)			4,500		4,467	1.40%, 09/15/2017		9,327		9,271
	2.45%, 01/15/2017(a)			8,000		8,065	Indiantown Cogeneration LP
				$		65,180	9.77%, 12/15/2020		7,214		8,116
							NextEra Energy Capital Holdings Inc
							1.59%, 06/01/2017		6,664		6,652

See accompanying notes

222

Schedule of Investments
Short-Term Income Fund
January 31, 2016 (unaudited)
				Principal					Principal
	BONDS (continued)		Amount (000's)			Value (000's)	BONDS (continued)		Amount (000's)			Value (000's)
	Electric (continued)						Home Equity Asset Backed Securities (continued)
	NextEra Energy Capital Holdings						Bear Stearns Asset Backed Securities I Trust
	Inc (continued)						2006	-PC1
	7.30%, 09/01/2067(b)		$	11,827	$	10,999	0.76%, 12/25/2035(b)		$	1,043	$	1,043
	Public Service Co of New Mexico						Credit Suisse First Boston Mortgage Securities
	7.95%, 05/15/2018			24,165		27,234	Corp
	San Diego Gas & Electric Co						4.80%, 05/25/2035			3,320		3,381
	1.91%, 02/01/2022			4,455		4,396	Home Equity Asset Trust
	Southern California Edison Co						1.11%, 12/25/2034(b)			1,665		1,660
	1.85%, 02/01/2022			8,172		8,185	Home Equity Asset Trust 2005-4
	Talen Energy Supply LLC						1.13%, 10/25/2035(b)			3,681		3,614
	6.50%, 05/01/2018			4,832		4,476	JP Morgan Mortgage Acquisition Corp 2005-
	Texas-New Mexico Power Co						OPT1
	9.50%, 04/01/2019(a)			4,798		5,785	0.88%, 06/25/2035(b)			874		869
	TransAlta Corp						New Century Home Equity Loan Trust 2005-
	6.65%, 05/15/2018			18,985		18,704	3
				$		108,792	0.91%, 07/25/2035(b)			5,971		5,954
							RASC Series 2003-KS10 Trust
	Finance - Mortgage Loan/Banker - 9.06%						4.47%, 03/25/2032			205		206
	Fannie Mae						RASC Series 2005-AHL2 Trust
	1.50%, 11/30/2020			41,500		41,647	0.78%, 10/25/2035(b)			3,159		3,112
	1.63%, 01/21/2020			40,786		41,314	Soundview Home Loan Trust 2005-CTX1
	1.75%, 09/12/2019			42,067		42,867	0.85%, 11/25/2035(b)			1,751		1,736
	1.88%, 12/28/2020			30,500		31,143	Structured Asset Securities Corp Mortgage
	Freddie Mac						Loan Trust Series 2005-GEL4
	1.38%, 05/01/2020			103,148		103,472	1.04%, 08/25/2035(b)			1,200		1,153
				$		260,443	Terwin Mortgage Trust Series TMTS 2005-
	Food - 0.36	%					14	HE
	Kraft Heinz Foods Co						4.85%, 08/25/2036(b)			1,604		1,644
	1.60%, 06/30/2017(a)			5,664		5,663	Wells Fargo Home Equity Asset-Backed
	2.00%, 07/02/2018(a)			4,731		4,727	Securities 2004-2 Trust
							1.27%, 10/25/2034(b)			285		279
				$		10,390
							5.00%, 10/25/2034			7,490		7,470
	Gas - 0.86	%								$		39,520
	Laclede Group Inc/The
	1.11%, 08/15/2017(b)			24,886		24,777	Home Furnishings - 0.49%
							Samsung Electronics America Inc
							1.75%, 04/10/2017(a)			13,990		14,018
	Healthcare - Products - 1.50%
	Abbott Laboratories
	2.00%, 03/15/2020			18,653		18,809	Insurance - 5.90%
	Becton Dickinson and Co						Berkshire Hathaway Finance Corp
	1.80%, 12/15/2017			4,664		4,669	1.60%, 05/15/2017			11,490		11,583
	2.68%, 12/15/2019			4,664		4,741	Hartford Financial Services Group Inc/The
	Medtronic Inc						8.13%, 06/15/2068(b)			14,750		15,893
	1.31%, 03/15/2020(b)			5,250		5,240	Lincoln National Corp
	2.50%, 03/15/2020			9,495		9,643	7.00%, 05/17/2066(b)			5,664		4,220
				$		43,102	MassMutual Global Funding II
							2.00%, 04/05/2017(a)			5,430		5,487
	Healthcare - Services - 0.73%						2.10%, 08/02/2018(a)			12,995		13,109
	Anthem Inc						2.35%, 04/09/2019(a)			8,700		8,847
	5.88%, 06/15/2017			11,164		11,796	MetLife Inc
	Roche Holdings Inc						6.82%, 08/15/2018			10,245		11,517
	0.94%, 09/30/2019(a),(b)			9,327		9,218	Metropolitan Life Global Funding I
				$		21,014	1.30%, 04/10/2017(a)			6,995		7,000
							2.30%, 04/10/2019(a)			9,827		9,895
	Home Equity Asset Backed Securities - 1.38%
							New York Life Global Funding
	ABFC 2005-OPT1 Trust						1.45%,  12/15/2017 (a)			13,909		13,943
	0.79%, 07/25/2035(b)			24		24
							1.95%, 02/11/2020(a)			16,941		16,854
	ABFC 2005-WMC1 Trust						2.15%, 06/18/2019(a)			12,626		12,747
	1.09%, 06/25/2035(b)			317		316
							2.45%, 07/14/2016(a)			9,327		9,398
	ACE Securities Corp Home Equity Loan Trust						Prudential Financial Inc
	Series 2005-AG1						8.88%, 06/15/2068 (b)			25,950		29,161
	0.79%, 08/25/2035(b)			63		63
	ACE Securities Corp Home Equity Loan Trust									$		169,654
	Series 2005-HE2						Internet - 0.33%
	1.15%, 04/25/2035(b)			1,420		1,418	Amazon.com Inc
	Asset Backed Securities Corp Home Equity						2.60%, 12/05/2019			9,327		9,519
	Loan Trust Series OOMC 2005-HE6
	0.94%, 07/25/2035(b)			2,104		2,090
	Bayview Financial Acquisition Trust						Machinery - Diversified - 0.65%
	1.06%, 08/28/2044(b)			3,386		3,380	John Deere Capital Corp
	5.66%, 12/28/2036(b)			109		108	1.35%, 01/16/2018			9,327		9,329
							2.05%, 03/10/2020			9,300		9,300
										$		18,629

See accompanying notes

223

Schedule of Investments
Short-Term Income Fund
January 31, 2016 (unaudited)
				Principal					Principal
	BONDS (continued)		Amount (000's)			Value (000's)	BONDS (continued)		Amount (000's)	Value (000's)
	Manufactured Housing Asset Backed Securities - 0.01%						Mortgage Backed Securities (continued)
	Conseco Financial Corp						Prime Mortgage Trust 2005-2
	7.70%, 09/15/2026		$	134	$	139	5.25%, 07/25/2020(b)	$	938	$	957
							Provident Funding Mortgage Loan Trust 2005-
							1
	Media- 0.61	%					1.01%, 05/25/2035(b)		4,727		4,546
	Time Warner Cable Inc
	8.25%, 04/01/2019			9,495		10,935	RALI Series 2003-QS23 Trust
							5.00%, 12/26/2018		1,258		1,271
	Walt Disney Co/The						RALI Series 2004-QS3 Trust
	2.30%, 02/12/2021			6,500		6,546	5.00%, 03/25/2019		813		818
				$		17,481	RBSSP Resecuritization Trust 2009-7
	Mining - 0.44%						0.82%, 06/26/2037(a),(b)		967		928
	Glencore Finance Canada Ltd						5.00%, 09/26/2036(a),(b)		566		576
	2.70%, 10/25/2017(a),(b)			14,159		12,707	Sequoia Mortgage Trust 2013-4
							1.55%, 04/25/2043(b)		13,273		12,849
							Sequoia Mortgage Trust 2013-8
	Miscellaneous Manufacturers - 0.16%						2.25%, 06/25/2043(b)		9,461		9,278
	Ingersoll-Rand Global Holding Co Ltd						Springleaf Mortgage Loan Trust 2013-1
	6.88%, 08/15/2018			4,200		4,658	1.27%, 06/25/2058(a),(b)		14,620		14,586
							2.31%, 06/25/2058(a),(b)		9,298		9,299
	Mortgage Backed Securities - 3.80%						3.14%, 06/25/2058(a)		4,106		4,106
	Alternative Loan Trust 2004-J8						4.44%, 06/25/2058(a)		8,670		8,672
	6.00%, 02/25/2017			119		119	Springleaf Mortgage Loan Trust 2013-2
	Banc of America Alternative Loan Trust 2003-						1.78%, 12/25/2065(a)		5,915		5,917
	10						3.52%, 12/25/2065(a),(b)		14,306		14,386
	5.00%, 12/25/2018			411		417	WaMu Mortgage Pass-Through Certificates
	Banc of America Funding 2004-1 Trust						Series 2003-S8 Trust
	5.25%, 02/25/2019			599		614	5.00%, 09/25/2018		123		124
	Banc of America Funding 2004-3 Trust								$		109,327
	4.75%, 09/25/2019			513		518
							Oil & Gas - 2.94%
	Banc of America Mortgage Trust 2004-8						BP Capital Markets PLC
	5.25%, 10/25/2019			299		306	4.75%, 03/10/2019		10,327		11,090
	Banc of America Mortgage Trust 2005-7						Chevron Corp
	5.00%, 08/25/2020			43		43	1.72%, 06/24/2018		12,125		12,099
	BCAP LLC 2011-RR11 Trust
	2.58%, 03/26/2035(a),(b)			2,735		2,737	Chevron Phillips Chemical Co LLC / Chevron
							Phillips Chemical Co LP
	CHL Mortgage Pass-Through Trust 2003-46						1.70%, 05/01/2018(a)		9,495		9,332
	2.70%, 01/19/2034(b)			1,181		1,178
							2.45%, 05/01/2020(a)		4,832		4,758
	CHL Mortgage Pass-Through Trust 2004-J1
	4.50%, 01/25/2019(b)			103		104	Phillips 66
	CHL Mortgage Pass-Through Trust 2004-J7						2.95%, 05/01/2017		15,490		15,710
	5.00%, 09/25/2019			544		556	Rowan Cos Inc
	Citigroup Mortgage  Loan Trust   2009-6						7.88%, 08/01/2019		5,664		4,624
	2.74%,07/25/2036(a),(b)			686		685	Shell International Finance BV
							2.13%, 05/11/2020		11,495		11,257
	Credit Suisse First Boston Mortgage Securities						Total Capital International SA
	Corp						0.91%, 08/10/2018(b)		5,430		5,395
	1.39%, 05/25/2034(b)			555		520
	5.00%, 09/25/2019			90		86	1.55%, 06/28/2017		10,327		10,322
	5.00%, 10/25/2019			459		460			$		84,587
	Credit Suisse Mortgage Capital Certificates						Oil & Gas Services - 0.99%
	2.38%, 07/27/2037(a),(b)			1,190		1,189	Schlumberger Holdings Corp
	Freddie Mac REMICS						3.00%, 12/21/2020(a)		9,500		9,292
	0.88%, 06/15/2023(b)			7		7	Weatherford International Ltd/Bermuda
	Ginnie Mae						5.50%, 02/15/2016		19,153		19,161
	4.50%, 08/20/2032			85		86			$		28,453
	GSMSC Pass-Through Trust 2009-4R
	0.87%, 12/26/2036(a),(b)			3,096		3,049	Other Asset Backed Securities - 5.86%
	JP Morgan Mortgage Trust 2004-A3						Ameriquest Mortgage Securities Inc Asset-
	2.50%, 07/25/2034(b)			1,422		1,409	Backed Pass-Through Ctfs Ser 2004-R11
							1.03%, 11/25/2034(b)		335		333
	JP Morgan Mortgage Trust 2004-S1
	5.00%, 09/25/2034			1,446		1,488	Ameriquest Mortgage Securities Inc Asset-
							Backed Pass-Through Ctfs Ser 2005-R1
							1.10%, 03/25/2035(b)		1,930		1,926
	JP Morgan Resecuritization Trust Series 2010-4
	2.43%, 10/26/2036(a),(b)			903		901	Carrington Mortgage Loan Trust Series 2005-
							NC4
	MASTR Alternative Loan Trust 2003-9						0.83%, 09/25/2035(b)		41		41
	6.50%, 01/25/2019			527		545
							Citigroup Mortgage Loan Trust Inc
	MASTR Asset Securitization Trust 2004-11						0.86%, 07/25/2035(b)		404		402
	5.00%, 12/25/2019			105		107
	MASTR Asset Securitization Trust 2004-9						Credit-Based Asset Servicing and
	5.00%, 09/25/2019			424		429	Securitization LLC
							5.33%, 07/25/2035(b)		2,251		2,255
	PHH Mortgage Trust Series 2008-CIM1
	5.22%, 06/25/2038			3,437		3,461

See accompanying notes

224

Schedule of Investments
Short-Term Income Fund
January 31, 2016 (unaudited)
		Principal						Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Other Asset Backed Securities (continued)					Pipelines (continued)
CWABS Asset-Backed Certificates Trust					TransCanada PipeLines Ltd
2005-3					6.35%, 05/15/2067(b)		$	9,664	$	6,451
0.87%, 08/25/2035(b)	$	529	$	528	Williams Partners LP / ACMP Finance Corp
Drug Royalty II LP 2					6.13%, 07/15/2022			14,495		11,819
3.48%, 07/15/2023(a),(b)		10,412		10,550				$		66,578
Fieldstone Mortgage Investment Trust Series
2005-1					Real Estate - 0.61%
1.51%, 03/25/2035(b)		1,395		1,395	Prologis LP
First Franklin Mortgage Loan Trust 2005-					7.38%, 10/30/2019			8,653		10,114
FF4					WEA Finance LLC / Westfield UK & Europe
1.07%, 05/25/2035(b)		1,071		1,066	Finance PLC
					1.75%, 09/15/2017(a)			7,400		7,361
JP Morgan Mortgage Acquisition Corp 2005-
OPT2								$		17,475
0.72%, 12/25/2035(b)		1,995		1,979	REITS- 2.53	%
Mastr Specialized Loan Trust					Alexandria Real Estate Equities Inc
1.68%, 11/25/2034(a),(b)		3		4	2.75%, 01/15/2020			11,990		11,944
MVW Owner Trust 2015-1					BioMed Realty LP
2.52%, 12/20/2032(a),(b)		15,334		15,269	2.63%, 05/01/2019			7,664		7,973
NYCTL 2014-A Trust					3.85%, 04/15/2016			7,327		7,366
1.03%, 11/10/2027(a)		1,143		1,137	Digital Delta Holdings LLC
OneMain Financial Issuance Trust 2014-1					3.40%, 10/01/2020(a)			6,700		6,775
2.43%, 06/18/2024(a),(b)		23,794		23,768	HCP Inc
OneMain Financial Issuance Trust 2014-2					6.30%, 09/15/2016			10,366		10,668
2.47%, 09/18/2024(a)		20,653		20,537	Healthcare Realty Trust Inc
OneMain Financial Issuance Trust 2015-2					5.75%, 01/15/2021			6,997		7,807
2.57%, 07/18/2025(a)		14,260		14,072	Kimco Realty Corp
PFS Financing Corp					4.30%, 02/01/2018			6,664		6,977
0.98%, 02/15/2018(a),(b)		18,653		18,649	Ventas Realty LP
1.03%, 02/15/2019(a),(b)		11,495		11,428	1.55%, 09/26/2016			7,495		7,508
1.03%, 10/15/2019(a),(b)		9,164		9,047	Welltower Inc
1.05%, 04/15/2020(a),(b)		5,664		5,571	3.63%, 03/15/2016			5,745		5,760
1.38%, 02/15/2019(a),(b)		4,600		4,581
								$		72,778
PFS Tax Lien Trust 2014-1
1.44%, 04/15/2016(a),(b)		9,102		9,091	Retail - 0.16%
RAMP Series 2005-RZ4 Trust					McDonald's Corp
0.83%, 11/25/2035(b)		1,569		1,555	2.75%, 12/09/2020			4,500		4,564
Securitized Asset Backed Receivables LLC
Trust 2005-OP2
0.75%, 10/25/2035(b)		4,325		4,130	Savings & Loans - 0.00%
					Washington Mutual Bank / Henderson NV
Securitized Asset Backed Receivables LLC					0.00%, 01/15/2013(c),(d)			1,200		—
Trust 2006-OP1
0.73%, 10/25/2035(b)		184		183
Trafigura Securitisation Finance PLC 2014-1					Software - 1.18%
1.38%, 10/15/2021(a),(b)		8,829		8,820	Microsoft Corp
Wachovia Mortgage Loan Trust Series 2005-					1.30%, 11/03/2018			9,500		9,533
WMC1					1.85%, 02/12/2020			9,327		9,438
1.17%, 10/25/2035(b)		173		173	Oracle Corp
		$		168,490	1.13%, 10/08/2019(b)			5,000		4,993
					2.25%, 10/08/2019			4,750		4,840
Pharmaceuticals - 1.63%					5.75%, 04/15/2018			4,664		5,108
AbbVie Inc								$		33,912
1.80%, 05/14/2018		4,798		4,784
2.50%, 05/14/2020		6,664		6,615	Student Loan Asset Backed Securities - 3.71%
Actavis Funding SCS					KeyCorp Student Loan Trust 2004-A
1.85%, 03/01/2017		9,664		9,699	0.92%, 10/28/2041(b)			2,193		2,174
2.35%, 03/12/2018		11,995		12,050	KeyCorp Student Loan Trust 2006-A
Mead Johnson Nutrition Co					0.91%, 09/27/2035(b)			36,676		35,454
3.00%, 11/15/2020		4,750		4,821	SLC Private Student Loan Trust 2006-A
Merck & Co Inc					0.79%, 07/15/2036(b)			8,068		7,992
1.10%, 01/31/2018		8,827		8,842	SLC Private Student Loan Trust 2010-B
		$		46,811	3.93%, 07/15/2042(a),(b)			3,397		3,461
					SLM Private Credit Student Loan Trust 2002-
Pipelines - 2.32%					A
Buckeye Partners LP					1.06%, 12/16/2030(b)			9,386		9,096
2.65%, 11/15/2018		11,316		10,955	SLM Private Credit Student Loan Trust 2004-
Columbia Pipeline Group Inc					A
2.45%, 06/01/2018(a)		4,832		4,690	0.91%, 06/15/2033(b)			2,733		2,579
3.30%, 06/01/2020(a)		4,832		4,581	SLM Private Credit Student Loan Trust 2004-
Florida Gas Transmission Co LLC					B
7.90%, 05/15/2019(a)		10,271		11,649	0.71%, 06/15/2021(b)			7,505		7,444
Hiland Partners LP / Hiland Partners Finance					SLM Private Credit Student Loan Trust 2005-
Corp					B
7.25%, 10/01/2020(a)		16,599		16,433	0.69%, 03/15/2023(b)			6,670		6,605

See accompanying notes

225

Schedule of Investments
Short-Term Income Fund
January 31, 2016 (unaudited)
			Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
BONDS (continued)		Amount (000's)        Value (000's)				AGENCY OBLIGATIONS (continued)		Amount (000's)         Value (000's)
						Government National Mortgage Association (GNMA)
Student Loan Asset Backed Securities (continued)						(continued)
SLM Private Credit Student Loan Trust 2005-
B (continued)							10.00%, 01/15/2019	$	19	$	19
0.78%, 12/15/2023(b)		$	6,765	$	6,461				$		21
SLM Private Credit Student Loan Trust 2006-						TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
A						OBLIGATIONS			$		1,259
0.70%, 12/15/2023(b)			2,321		2,288	Total Investments			$		2,872,715
SLM Private Education Loan Trust 2013-A						Other Assets in Excess of Liabilities, Net - 0.07%			$		1,930
1.03%, 08/15/2022(a),(b)			7,620		7,603	TOTAL NET ASSETS - 100.00%			$		2,874,645
SLM Private Education Loan Trust 2013-B
1.08%, 07/15/2022(a),(b)			3,734		3,726
1.85%, 06/17/2030(a),(b)			9,664		9,469	(a)	Security exempt from registration under Rule 144A of the Securities Act of
SLM Private Education Loan Trust 2014-A							1933. These securities may be resold in transactions exempt from
1.03%, 07/15/2022(a),(b)			2,198		2,183		registration, normally to qualified institutional buyers. At the end of the
			$		106,535		period, the value of these securities totaled $767,672 or 26.70% of net
							assets.
Telecommunications - 2.42%						(b)	Variable Rate. Rate shown is in effect at January 31, 2016.
AT&T Inc						(c)	Fair value of these investments is determined in good faith by the Manager
0.74%, 02/12/2016(b)			9,327		9,326		under procedures established and periodically reviewed by the Board of
2.45%, 06/30/2020			11,462		11,335		Directors. At the end of the period, the fair value of these securities totaled
3.60%, 02/17/2023(e)			9,500		9,493		$8,499 or 0.30% of net assets.
Cisco Systems Inc						(d)	Non-Income Producing Security
4.95%, 02/15/2019			13,990		15,369	(e)	Security purchased on a when-issued basis.
Verizon Communications Inc
2.25%, 09/14/2018(b)			4,664		4,766
3.65%, 09/14/2018			8,250		8,635
5.50%, 02/15/2018			4,250		4,577		Portfolio Summary (unaudited)
Vodafone Group PLC						Sector					Percent
1.63%, 03/20/2017			6,164		6,169	Financial					27.23	%
			$		69,670	Asset Backed Securities					23.54	%
						Government					9.06	%
Transportation - 0.31%						Consumer, Non-cyclical					8.85	%
Ryder System Inc						Energy					6.25	%
2.45%, 11/15/2018			8,995		9,033	Mortgage Securities					6.19	%
						Utilities					4.65	%
Trucking & Leasing - 0.50%						Consumer, Cyclical					3.82	%
Penske Truck Leasing Co Lp / PTL Finance						Communications					3.36	%
Corp						Technology					2.49	%
2.50%, 03/15/2016(a)			6,164		6,165	Industrial					2.25	%
3.75%, 05/11/2017(a)			8,169		8,327	Exchange Traded Funds					1.36	%
			$		14,492	Basic Materials					0.88	%
TOTAL BONDS			$		2,832,340	Other Assets in Excess of Liabilities, Net					0.07	%
U.S. GOVERNMENT & GOVERNMENT			Principal			TOTAL NET ASSETS					100.00	%
AGENCY OBLIGATIONS - 0.04%		Amount (000's)          Value (000's)
Federal Home Loan Mortgage Corporation (FHLMC) -
0.01	%
2.40%, 11/01/2021(b)		$	6	$	6
2.51%, 09/01/2035(b)			104		111
6.00%, 04/01/2017			9		9
6.00%, 05/01/2017			16		16
7.00%, 12/01/2022			97		102
			$		244
Federal National Mortgage Association (FNMA) - 0.03%
2.29%, 10/01/2035(b)			260		276
2.30%, 11/01/2022(b)			2		2
2.35%, 07/01/2034(b)			46		49
2.37%, 08/01/2034(b)			62		65
2.38%, 07/01/2034(b)			174		185
2.39%, 01/01/2035(b)			112		117
2.40%, 02/01/2037(b)			143		151
2.45%, 12/01/2032(b)			55		58
2.49%, 02/01/2035(b)			24		26
2.67%, 11/01/2032(b)			44		47
4.20%, 11/01/2035(b)			8		8
5.60%, 04/01/2019(b)			2		2
7.50%, 10/01/2029			3		3
8.00%, 05/01/2027			2		2
8.50%, 11/01/2017			1		1
10.00%, 05/01/2022			2		2
			$		994
Government National Mortgage Association (GNMA) -
0.00	%
9.00%, 04/20/2025			1		2

See accompanying notes

226

Schedule of Investments
SmallCap Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 97.47%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Aerospace & Defense - 1.15%				Commercial Services (continued)
Astronics Corp (a)	42,898	$	1,383	Team Health Holdings Inc (a)	114,830	$	4,693
Esterline Technologies Corp (a)	36,750		2,893	TransUnion (a)	82,900		2,051
Spirit AeroSystems Holdings Inc (a)	46,250		1,961		$		44,081
	$		6,237	Computers - 4.04%
Airlines - 0.53%				CACI International Inc (a)	75,950		6,309
Virgin America Inc (a)	91,960		2,837	Manhattan Associates Inc (a)	112,640		6,494
				NetScout Systems Inc (a)	193,680		4,174
				Pure Storage Inc (a)	104,540		1,360
Apparel - 0.97%				Sykes Enterprises Inc (a)	118,560		3,490
Skechers U.S.A. Inc (a)	186,360		5,254
					$		21,827
				Diversified Financial Services - 2.94%
Automobile Parts & Equipment - 3.03%				CBOE Holdings Inc	107,610		7,169
American Axle & Manufacturing Holdings Inc	189,800		2,433	Cowen Group Inc (a)	333,980		955
(a)
				Evercore Partners Inc - Class A	82,850		3,742
Cooper Tire & Rubber Co	265,783		9,691	Houlihan Lokey Inc	165,420		3,995
Visteon Corp	63,650		4,257
	$		16,381		$		15,861
				Electric - 2.45%
Banks - 9.17%				Avista Corp	162,544		6,019
Central Pacific Financial Corp	215,790		4,521	Portland General Electric Co	185,760		7,221
Chemical Financial Corp	37,690		1,201
First Merchants Corp	33,290		761		$		13,240
First of Long Island Corp/The	31,144		904	Electronics - 0.29%
FNB Corp/PA	331,760		3,998	Fluidigm Corp (a)	25,567		172
Great Western Bancorp Inc	152,730		3,989	Itron Inc (a)	42,720		1,408
Hanmi Financial Corp	67,264		1,460		$		1,580
National Penn Bancshares Inc	366,600		4,179
PacWest Bancorp	187,000		6,865	Engineering & Construction - 2.67%
				Dycom Industries Inc (a)	46,620		3,089
PrivateBancorp Inc	196,440		7,392
Union Bankshares Corp	72,570		1,667	EMCOR Group Inc	182,780		8,353
				MasTec Inc (a)	193,200		2,983
WesBanco Inc	61,370		1,781
Western Alliance Bancorp (a)	137,550		4,481		$		14,425
Wilshire Bancorp Inc	101,660		1,076	Entertainment - 2.98%
Wintrust Financial Corp	125,400		5,278	Isle of Capri Casinos Inc (a)	172,328		2,182
	$		49,553	Marriott Vacations Worldwide Corp	95,940		4,738
Biotechnology - 2.03%				Vail Resorts Inc	73,480		9,185
Acceleron Pharma Inc (a)	35,840		1,100		$		16,105
AMAG Pharmaceuticals Inc (a)	11,560		265
(a)				Food - 2.52%
Aratana Therapeutics Inc	140,798		474	Amplify Snack Brands Inc (a)	79,590		860
Bellicum Pharmaceuticals Inc (a)	22,800		258
BIND Therapeutics Inc (a)	106,786		188	Cal-Maine Foods Inc	90,894		4,587
				Dean Foods Co	259,540		5,186
BIND Therapeutics Inc - Warrants (a),(b)	17,472		—	SUPERVALU Inc (a)	655,930		2,984
Bluebird Bio Inc (a)	4,525		187
Cambrex Corp (a)	56,740		1,965		$		13,617
Cytokinetics Inc - Warrants (a),(b),(c)	110,568		45	Gas - 1.15%
Epizyme Inc (a)	26,190		238	Southwest Gas Corp	105,630		6,214
Exact Sciences Corp (a)	77,412		509
Fate Therapeutics Inc (a)	115,300		248
Genocea Biosciences Inc (a)	69,010		215	Healthcare - Products - 2.26%
				EndoChoice Holdings Inc (a)	88,460		532
Insmed Inc (a)	72,350		955
				ICU Medical Inc (a)	57,670		5,551
Intercept Pharmaceuticals Inc (a)	3,480		370
				K2M Group Holdings Inc (a)	127,700		1,814
MacroGenics Inc (a)	41,750		840
				LDR Holding Corp (a)	55,430		1,018
NewLink Genetics Corp (a)	21,670		528
				Nevro Corp (a)	44,600		2,756
Seattle Genetics Inc (a)	16,280		537
				STAAR Surgical Co (a)	79,640		520
Spark Therapeutics Inc (a)	5,960		168
Ultragenyx Pharmaceutical Inc (a)	20,970		1,177		$		12,191
Versartis Inc (a)	63,610		709	Healthcare - Services - 2.38%
	$		10,976	Centene Corp (a)	85,930		5,333
				HealthSouth Corp	186,900		6,689
Building Materials - 1.73%				Natera Inc (a)	34,860		298
Universal Forest Products Inc	71,210		4,906	Teladoc Inc (a)	34,340		558
US Concrete Inc (a)	97,610		4,439
					$		12,878
	$		9,345
				Home Builders - 0.69%
Commercial Services - 8.16%				Installed Building Products Inc (a)	179,472		3,738
ABM Industries Inc	165,850		4,980
Insperity Inc	39,697		1,784
Korn/Ferry International	215,670		6,645	Insurance - 4.17%
Live Nation Entertainment Inc (a)	113,845		2,584	American Equity Investment Life Holding Co	136,870		2,490
Navigant Consulting Inc (a)	170,460		2,691	American Financial Group Inc/OH	106,540		7,562
On Assignment Inc (a)	103,320		3,993	AmTrust Financial Services Inc	51,750		2,960
PAREXEL International Corp (a)	115,660		7,398	Argo Group International Holdings Ltd	53,109		3,018
Sabre Corp	283,550		7,262	First American Financial Corp	101,070		3,474

See accompanying notes

227

Schedule of Investments
SmallCap Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)		Shares Held	Value(000			's)
Insurance (continued)				Retail (continued)
Primerica Inc	67,770	$	3,050	Rite Aid Corp (a)		976,340		$	7,606
	$		22,554				$		29,662
Internet - 2.57%				Savings & Loans - 1.13%
CDW Corp/DE	244,597		9,405	Berkshire Hills Bancorp Inc		47,830			1,329
GoDaddy Inc (a)	36,660		1,118	Oritani Financial Corp		56,670			948
Intralinks Holdings Inc (a)	209,300		1,687	Provident Financial Services Inc		193,610			3,802
MaxPoint Interactive Inc (a)	117,273		183				$		6,079
Rapid7 Inc (a)	20,302		266
Rubicon Project Inc/The (a)	91,452		1,233	Semiconductors - 0.93%
				Entegris Inc (a)		226,420			2,640
	$		13,892	Qorvo Inc (a)		60,605			2,400
Investment Companies - 0.16%							$		5,040
Apollo Investment Corp	11,184		57
THL Credit Inc	84,440		819	Software - 6.86%
				2U Inc (a)		135,005			2,726
	$		876	Acxiom Corp (a)		187,980			3,515
Miscellaneous Manufacturers - 0.20%				Apigee Corp (a)		86,631			669
Trinseo SA (a)	45,330		1,078	Appfolio Inc (a)		47,170			632
				Aspen Technology Inc (a)		199,540			6,473
				Atlassian Corp PLC (a)		23,151			481
Office Furnishings - 0.84%				Black Knight Financial Services Inc (a)		94,800			2,860
Interface Inc	267,880		4,525	Blackbaud Inc		113,690			6,989
				BroadSoft Inc (a)		37,850			1,295
Oil & Gas - 2.78%				Instructure Inc (a)		29,649			514
Carrizo Oil & Gas Inc (a)	67,330		1,827	MINDBODY Inc (a)		114,270			1,351
Murphy USA Inc (a)	97,050		5,614	SYNNEX Corp		88,520			7,431
PDC Energy Inc (a)	53,410		3,037	Workiva Inc (a)		143,150			2,137
RSP Permian Inc (a)	123,940		2,919				$		37,073
Western Refining Inc	49,780		1,638
	$		15,035	Telecommunications - 2.50%
				ARRIS International PLC (a)		190,621			4,855
Oil & Gas Services - 0.39%				Plantronics Inc		139,370			6,248
Matrix Service Co (a)	111,510		2,114	West Corp		131,210			2,376
							$		13,479
Packaging & Containers - 0.48%				Transportation - 2.79%
Graphic Packaging Holding Co	226,360		2,572	ArcBest Corp		88,860			1,824
				Ardmore Shipping Corp		128,980			1,309
				Atlas Air Worldwide Holdings Inc (a)		110,640			4,064
Pharmaceuticals - 5.14%
Anacor Pharmaceuticals Inc (a)	22,400		1,683	Matson Inc		157,360			6,359
				Navigator Holdings Ltd (a)		110,640			1,533
Array BioPharma Inc (a)	155,040		479
Cerulean Pharma Inc (a)	120,170		288				$		15,089
Concert Pharmaceuticals Inc (a)	40,070		612	TOTAL COMMON STOCKS			$		526,665
DexCom Inc (a)	21,500		1,533	INVESTMENT COMPANIES - 2.37%		Shares Held	Value(000			's)
FibroGen Inc (a)	31,870		646
Nektar Therapeutics (a)	104,050		1,419	Publicly Traded Investment Fund - 2.37%
Neurocrine Biosciences Inc (a)	49,140		2,091	Goldman Sachs Financial Square Funds -		12,793,442			12,793
Orexigen Therapeutics Inc (a)	305,790		560	Government Fund
PRA Health Sciences Inc (a)	163,040		7,024
Prestige Brands Holdings Inc (a)	176,440		8,236	TOTAL INVESTMENT COMPANIES			$		12,793
ProQR Therapeutics NV (a)	25,125		132	Total Investments			$		539,458
Proteon Therapeutics Inc (a)	65,850		614	Other Assets in Excess of Liabilities, Net - 0.16%			$		842
Relypsa Inc (a)	49,550		934	TOTAL NET ASSETS - 100.00%			$		540,300
Revance Therapeutics Inc (a)	26,876		557
SCYNEXIS Inc (a)	78,360		358
Vanda Pharmaceuticals Inc (a)	68,425		584	(a)	Non-Income Producing Security
				(b)	Fair value of these investments is determined in good faith by the Manager
	$		27,750		under procedures established and periodically reviewed by the Board of
REITS - 9.90%					Directors. At the end of the period, the fair value of these securities totaled
Alexandria Real Estate Equities Inc	83,450		6,607		$45 or 0.01% of net assets.
CubeSmart	415,360		12,997	(c)	Security is Illiquid. At the end of the period, the value of these securities
First Industrial Realty Trust Inc	373,380		7,688		totaled $45 or 0.01% of net assets.
Highwoods Properties Inc	316,140		13,369
LaSalle Hotel Properties	133,020		2,948
Mid-America Apartment Communities Inc	105,500		9,898
	$		53,507
Retail - 5.49%
Caleres Inc	287,740		7,735
Citi Trends Inc	42,320		874
Flex Pharma Inc (a)	43,280		360
Office Depot Inc (a)	1,063,120		5,475
Penske Automotive Group Inc	117,879		3,698
Red Robin Gourmet Burgers Inc (a)	63,400		3,914

See accompanying notes

228

	Schedule of Investments
	SmallCap Fund
	January 31, 2016 (unaudited)
Portfolio Summary (unaudited)
Sector	Percent
Financial	27.47	%
Consumer, Non-cyclical	22.49	%
Consumer, Cyclical	14.53	%
Technology	11.83	%
Industrial	9.31	%
Communications	5.07	%
Utilities	3.60	%
Energy	3.17	%
Exchange Traded Funds	2.37	%
Other Assets in Excess of Liabilities, Net	0.16	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

229

Schedule of Investments
SmallCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS - 94.05%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Advertising - 0.11%				Banks (continued)
Journal Media Group Inc	618	$	7	California Republic Bancorp (a)	21,304	$	604
Marin Software Inc (a)	785		3	Cardinal Financial Corp	553		10
MDC Partners Inc	82,124		1,605	Cass Information Systems Inc	1,288		66
	$		1,615	Cathay General Bancorp	25,500		714
				ConnectOne Bancorp Inc	349,280		5,809
Aerospace & Defense - 0.82%				Customers Bancorp Inc (a)	65,849		1,653
Aerojet Rocketdyne Holdings Inc (a)	3,894		64	Eagle Bancorp Inc (a)	3,014		142
Astronics Corp (a)	5,006		161	FCB Financial Holdings Inc (a)	80,130		2,694
Curtiss-Wright Corp	342		24	First Financial Bankshares Inc	8,111		212
HEICO Corp	153,829		8,568	First NBC Bank Holding Co (a)	65,500		2,056
HEICO Corp - Class A	7,853		364	Hilltop Holdings Inc (a)	3,562		57
Kaman Corp	1,534		61	Home BancShares Inc/AR	9,517		368
Moog Inc (a)	1,369		63	IBERIABANK Corp	59,584		2,851
Orbital ATK Inc	24,200		2,184	Live Oak Bancshares Inc	84,890		1,209
Teledyne Technologies Inc (a)	2,063		168	Opus Bank	121,727		4,016
	$		11,657	Pinnacle Financial Partners Inc	23,777		1,185
Agriculture - 0.02%				PrivateBancorp Inc	304,155		11,446
Alico Inc	240		7	Prosperity Bancshares Inc	100,515		4,262
Vector Group Ltd	11,411		266	Renasant Corp	362		11
				Signature Bank/New York NY (a)	54,302		7,566
	$		273
				South State Corp	167		11
Airlines - 0.35%				SVB Financial Group (a)	61,722		6,254
Allegiant Travel Co	1,779		286	Texas Capital Bancshares Inc (a)	593		21
Hawaiian Holdings Inc (a)	9,628		339	Walker & Dunlop Inc (a)	139,988		3,354
Spirit Airlines Inc (a)	64,332		2,689	Western Alliance Bancorp (a)	197,572		6,437
Virgin America Inc (a)	54,289		1,674		$		70,070
	$		4,988
				Beverages - 0.04%
Apparel - 0.89%				Boston Beer Co Inc/The (a)	1,946		349
Cherokee Inc (a)	1,576		26	Coca-Cola Bottling Co Consolidated	564		99
Columbia Sportswear Co	34,638		1,912	Farmer Brothers Co (a)	1,484		41
Deckers Outdoor Corp (a)	2,494		123	MGP Ingredients Inc	1,896		43
G-III Apparel Group Ltd (a)	80,408		3,969	National Beverage Corp (a)	1,939		80
Oxford Industries Inc	37,902		2,648		$		612
Sequential Brands Group Inc (a)	149,712		964
Steven Madden Ltd (a)	82,874		2,676	Biotechnology - 4.20%
Superior Uniform Group Inc	1,600		28	Abeona Therapeutics Inc (a)	1,748		5
Unifi Inc (a)	406		10	Acceleron Pharma Inc (a)	83,443		2,562
Vince Holding Corp (a)	3,077		16	Achillion Pharmaceuticals Inc (a)	20,430		138
				Acorda Therapeutics Inc (a)	6,837		252
Weyco Group Inc	290		8	Aduro Biotech Inc (a)	1,411		20
Wolverine World Wide Inc	13,693		231	Advaxis Inc (a)	5,127		35
	$		12,611	Aegerion Pharmaceuticals Inc (a)	4,243		30
Automobile Manufacturers - 0.01%				Affimed NV (a)	2,587		9
Blue Bird Corp (a)	1,494		15	Agenus Inc (a)	10,379		33
Wabash National Corp (a)	16,414		181	Alder Biopharmaceuticals Inc (a)	201,850		4,880
	$		196	AMAG Pharmaceuticals Inc (a)	5,997		137
				ANI Pharmaceuticals Inc (a)	1,607		51
Automobile Parts & Equipment - 0.27%				Applied Genetic Technologies Corp/DE (a)	47,467		694
Accuride Corp (a)	12,885		11
				Aratana Therapeutics Inc (a)	4,543		15
American Axle & Manufacturing Holdings Inc	17,204		221	Ardelyx Inc (a)	2,812		29
(a)
				Arena Pharmaceuticals Inc (a)	42,345		64
Commercial Vehicle Group Inc (a)	7,101		22
				ARIAD Pharmaceuticals Inc (a)	29,418		148
Cooper Tire & Rubber Co	2,636		96	Asterias Biotherapeutics Inc (a)	1,774		6
Cooper-Standard Holding Inc (a)	972		67
				Atara Biotherapeutics Inc (a)	2,905		53
Dana Holding Corp	18,259		217	Avalanche Biotechnologies Inc (a)	3,307		20
Dorman Products Inc (a)	3,526		153
				Bellicum Pharmaceuticals Inc (a)	1,400		16
Douglas Dynamics Inc	1,226		24	BioCryst Pharmaceuticals Inc (a)	10,199		71
Gentherm Inc (a)	4,778		191
				BioTime Inc (a)	9,659		23
Horizon Global Corp (a)	560		5
				Bluebird Bio Inc (a)	33,671		1,393
Meritor Inc (a)	10,413		71
				Blueprint Medicines Corp (a)	1,585		25
Metaldyne Performance Group Inc	1,672		20	Cambrex Corp (a)	7,032		244
Miller Industries Inc/TN	458		10	Celldex Therapeutics Inc (a)	15,671		130
Motorcar Parts of America Inc (a)	3,078		106
				Cellular Biomedicine Group Inc (a)	1,664		23
Strattec Security Corp	192		9	Charles River Laboratories International Inc (a)	142,298		10,563
Tenneco Inc (a)	11,478		439
Titan International Inc	1,122		3	ChemoCentryx Inc (a)	4,732		18
Tower International Inc	2,362		55	Coherus Biosciences Inc (a)	59,965		795
Visteon Corp	30,400		2,033	Corium International Inc (a)	2,547		15
	$		3,753	CTI BioPharma Corp (a)	37,293		47
Banks - 4.95%				Curis Inc (a)	18,817		31
Ameris Bancorp	23,560		682	Cytokinetics Inc (a)	3,035		23
Bank of the Ozarks Inc	143,464		6,361	CytomX Therapeutics Inc (a)	1,182		19
BNC Bancorp	825		19	CytRx Corp (a)	11,197		21

See accompanying notes

230

Schedule of Investments
SmallCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Biotechnology (continued)				Biotechnology (continued)
Dermira Inc (a)	1,141	$	32	XBiotech Inc (a)	681	$	6
Dimension Therapeutics Inc (a)	864		7	XOMA Corp (a)	12,800		13
Dynavax Technologies Corp (a)	6,426		155	ZIOPHARM Oncology Inc (a)	111,332		553
Edge Therapeutics Inc (a)	1,239		14		$		59,452
Emergent BioSolutions Inc (a)	3,762		138
Epizyme Inc (a)	5,023		46	Building Materials - 1.27%
Esperion Therapeutics Inc (a)	54,578		812	AAON Inc	5,460		118
Exact Sciences Corp (a)	16,852		111	Apogee Enterprises Inc	101,321		4,030
				Boise Cascade Co (a)	7,502		155
Exelixis Inc (a)	39,123		181
				Builders FirstSource Inc (a)	9,215		74
Fibrocell Science Inc (a)	4,420		11
				Continental Building Products Inc (a)	5,733		86
Five Prime Therapeutics Inc (a)	3,955		142
Foundation Medicine Inc (a)	2,016		29	Drew Industries Inc	3,202		184
				Headwaters Inc (a)	82,556		1,318
Galena Biopharma Inc (a)	27,360		18
				Louisiana-Pacific Corp (a)	17,437		274
Genocea Biosciences Inc (a)	3,666		11
				Masonite International Corp (a)	4,017		223
Geron Corp (a)	26,081		80
				NCI Building Systems Inc (a)	5,239		54
Halozyme Therapeutics Inc (a)	18,569		163
				Nortek Inc (a)	1,734		68
Idera Pharmaceuticals Inc (a)	13,217		26
				Patrick Industries Inc (a)	2,363		83
ImmunoGen Inc (a)	14,963		127
				PGT Inc (a)	126,540		1,240
Immunomedics Inc (a)	15,031		28
				Ply Gem Holdings Inc (a)	4,390		44
Incyte Corp (a)	46,298		3,267
Infinity Pharmaceuticals Inc (a)	8,458		53	Quanex Building Products Corp	696		13
Innoviva Inc	9,840		99	Simpson Manufacturing Co Inc	1,520		50
				Summit Materials Inc (a)	369,242		5,859
Inovio Pharmaceuticals Inc (a)	11,212		75
				Trex Co Inc (a)	106,584		4,003
Insmed Inc (a)	110,043		1,453
				US Concrete Inc (a)	2,667		121
Intercept Pharmaceuticals Inc (a)	10,048		1,067
Intrexon Corp (a)	66,516		1,938		$		17,997
Karyopharm Therapeutics Inc (a)	3,907		24	Chemicals - 0.81%
Kite Pharma Inc (a)	5,048		240	A Schulman Inc	4,777		121
Lexicon Pharmaceuticals Inc (a)	63,010		642	Aceto Corp	4,782		109
Ligand Pharmaceuticals Inc (a)	3,072		307	American Vanguard Corp	1,017		11
Lion Biotechnologies Inc (a)	7,788		47	Balchem Corp	5,972		335
MacroGenics Inc (a)	78,387		1,577	Calgon Carbon Corp	3,193		52
Medicines Co/The (a)	76,968		2,660	Chemtura Corp (a)	8,912		234
Merrimack Pharmaceuticals Inc (a)	19,046		118	Ferro Corp (a)	13,161		122
Momenta Pharmaceuticals Inc (a)	10,607		132	Hawkins Inc	502		19
Myriad Genetics Inc (a)	12,119		472	HB Fuller Co	6,706		250
NeoGenomics Inc (a)	10,343		71	KMG Chemicals Inc	1,943		45
NewLink Genetics Corp (a)	3,644		89	Koppers Holdings Inc (a)	3,907		66
Nivalis Therapeutics Inc (a)	764		4	Landec Corp (a)	1,401		17
Novavax Inc (a)	46,794		241	Minerals Technologies Inc	6,558		269
Ocata Therapeutics Inc (a)	6,305		53	Olin Corp	14,576		247
Omeros Corp (a)	150,051		1,619	OMNOVA Solutions Inc (a)	5,759		30
Oncocyte Corp (a)	482		2	PolyOne Corp	331,141		8,960
OncoMed Pharmaceuticals Inc (a)	2,861		26	Quaker Chemical Corp	2,196		165
Oncothyreon Inc (a)	16,119		21	Rentech Inc (a)	4,004		8
Organovo Holdings Inc (a)	15,390		30	Sensient Technologies Corp	4,007		239
Otonomy Inc (a)	95,750		1,428	Stepan Co	2,600		117
OvaScience Inc (a)	3,970		22	Univar Inc (a)	3,688		47
Pacific Biosciences of California Inc (a)	11,057		118	Valhi Inc	1,645		2
Paratek Pharmaceuticals Inc (a)	2,215		32
Peregrine Pharmaceuticals Inc (a)	31,459		31		$		11,465
Pfenex Inc (a)	2,759		24	Coal - 0.00%
Prothena Corp PLC (a)	86,232		3,358	Hallador Energy Co	1,104		6
PTC Therapeutics Inc (a)	136,056		3,241	SunCoke Energy Inc	9,532		36
REGENXBIO Inc (a)	1,191		17		$		42
Repligen Corp (a)	54,025		1,197
Retrophin Inc (a)	6,137		92	Commercial Services - 8.47%
				Advisory Board Co/The (a)	173,480		7,940
Rigel Pharmaceuticals Inc (a)	11,586		32
				Alarm.com Holdings Inc (a)	105,247		1,700
RTI Surgical Inc (a)	10,473		34
				Albany Molecular Research Inc (a)	4,794		78
Sage Therapeutics Inc (a)	61,520		2,065
				AMN Healthcare Services Inc (a)	64,904		1,828
Sangamo BioSciences Inc (a)	12,146		73
				ARC Document Solutions Inc (a)	8,630		32
Second Sight Medical Products Inc (a)	2,594		12
				Arrowhead Research Corp (a)	5,526		19
Sequenom Inc (a)	23,756		38
				Ascent Capital Group Inc (a)	54,787		624
Spark Therapeutics Inc (a)	1,362		38
Spectrum Pharmaceuticals Inc (a)	3,038		15	Barrett Business Services Inc	1,435		56
Stemline Therapeutics Inc (a)	438		2	Booz Allen Hamilton Holding Corp	35,800		1,013
				Bright Horizons Family Solutions Inc (a)	340,585		23,899
Tobira Therapeutics Inc (a)	406		3
Tokai Pharmaceuticals Inc (a)	651		4	Brink's Co/The	6,487		191
Trovagene Inc (a)	5,006		18	Capella Education Co	2,270		100
				Cardtronics Inc (a)	5,978		184
Ultragenyx Pharmaceutical Inc (a)	104,465		5,867
				Care.com Inc (a)	1,244		7
Veracyte Inc (a)	3,000		19
Verastem Inc (a)	748		1	Carriage Services Inc	768		17
Versartis Inc (a)	311		3	CEB Inc	99,361		5,861
				Cimpress NV (a)	81,044		6,363

See accompanying notes

231

Schedule of Investments
SmallCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Commercial Services (continued)				Computers (continued)
Collectors Universe Inc	1,648	$	25	NetScout Systems Inc (a)	6,349	$	137
CorVel Corp (a)	1,694		77	Qualys Inc (a)	6,770		176
CoStar Group Inc (a)	61,964		10,867	RealD Inc (a)	7,530		78
CPI Card Group Inc (a)	3,004		25	Science Applications International Corp	10,022		427
Cross Country Healthcare Inc (a)	40,796		588	Silicon Graphics International Corp (a)	6,297		37
Deluxe Corp	5,676		317	Silver Spring Networks Inc (a)	6,702		77
Euronet Worldwide Inc (a)	10,212		815	Super Micro Computer Inc (a)	75,410		2,246
EVERTEC Inc	16,781		231	Syntel Inc (a)	7,323		347
ExamWorks Group Inc (a)	5,471		150	TeleTech Holdings Inc	1,894		51
Forrester Research Inc	2,046		65	Unisys Corp (a)	5,940		58
Franklin Covey Co (a)	451		8	Varonis Systems Inc (a)	1,662		31
FTI Consulting Inc (a)	1,738		59	VeriFone Systems Inc (a)	117,456		2,747
Global Payments Inc	53,455		3,151	Virtusa Corp (a)	3,949		177
Grand Canyon Education Inc (a)	6,261		236	Vocera Communications Inc (a)	3,497		50
Great Lakes Dredge & Dock Corp (a)	1,690		6		$		37,751
Hackett Group Inc/The	4,723		70
Healthcare Services Group Inc	174,305		6,165	Consumer Products - 0.05%
				Central Garden & Pet Co - A Shares (a)	1,261		18
HealthEquity Inc (a)	8,540		184
				Helen of Troy Ltd (a)	2,665		238
Heartland Payment Systems Inc	88,317		8,132	Tumi Holdings Inc (a)	7,452		129
Heidrick & Struggles International Inc	348		9
HMS Holdings Corp (a)	20,029		241	WD-40 Co	3,333		344
Huron Consulting Group Inc (a)	367		21		$		729
INC Research Holdings Inc (a)	2,445		103	Cosmetics & Personal Care - 0.00%
Insperity Inc	2,590		116	Inter Parfums Inc	1,365		37
Kforce Inc	148,988		3,323	Revlon Inc (a)	639		19
Korn/Ferry International	103,360		3,185		$		56
Landauer Inc	1,922		59
LendingTree Inc (a)	61,062		4,499	Distribution & Wholesale - 1.38%
Liberty Tax Inc	1,247		27	Beacon Roofing Supply Inc (a)	3,074		125
LifeLock Inc (a)	12,456		149	Core-Mark Holding Co Inc	1,596		130
Matthews International Corp	51,336		2,562	H&E Equipment Services Inc	377,946		4,403
Medifast Inc	2,092		61	Pool Corp	139,832		11,816
Monro Muffler Brake Inc	4,222		278	Rentrak Corp (a)	68,532		3,047
Multi-Color Corp	1,675		106		$		19,521
National Research Corp	1,941		29
Neff Corp (a)	1,717		9	Diversified Financial Services - 1.54%
				Altisource Portfolio Solutions SA (a)	2,450		71
Nutrisystem Inc	55,676		1,102	BGC Partners Inc	24,410		223
On Assignment Inc (a)	10,052		388
				Blackhawk Network Holdings Inc (a)	11,736		442
PAREXEL International Corp (a)	28,148		1,801
Paylocity Holding Corp (a)	171,862		5,348	Cohen & Steers Inc	3,675		111
				CoreLogic Inc/United States (a)	119,069		4,251
Resources Connection Inc	1,576		24	Cowen Group Inc (a)	1,670		5
RPX Corp (a)	1,779		21
ServiceSource International Inc (a)	7,310		28	Diamond Hill Investment Group Inc	550		93
				Ellie Mae Inc (a)	6,355		444
Sotheby's	12,002		282	Encore Capital Group Inc (a)	829		19
SP Plus Corp (a)	3,009		68
				Enova International Inc (a)	4,180		23
Strayer Education Inc (a)	908		48
Team Health Holdings Inc (a)	170,137		6,954	Evercore Partners Inc - Class A	4,606		208
Team Inc (a)	132,931		3,190	Financial Engines Inc	6,906		186
				GAIN Capital Holdings Inc	1,093		8
Travelport Worldwide Ltd	9,919		108
TriNetGroup  Inc (a)	7,006		104	GAMCO Investors Inc	1,210		35
TrueBlue Inc (a)	9,461		216	Greenhill & Co Inc	5,194		123
United Rentals Inc (a)	53,599		2,568	Houlihan Lokey Inc	171,733		4,147
				Impac Mortgage Holdings Inc (a)	1,407		19
Vectrus Inc (a)	2,076		41
				INTL. FCStone Inc (a)	742		21
Volt Information Sciences Inc (a)	1,589		12
Weight Watchers International Inc (a)	4,900		62	Investment Technology Group Inc	910		16
WEX Inc (a)	23,666		1,718	Janus Capital Group Inc	5,192		65
				KCG Holdings Inc (a)	1,047		11
	$		119,943	MarketAxess Holdings Inc	4,948		575
Computers - 2.66%				Medley Management Inc	1,161		7
Barracuda Networks Inc (a)	1,744		18	Moelis & Co	2,852		73
Cray Inc (a)	5,416		213	OM Asset Management PLC	4,650		53
Datalink Corp (a)	1,251		9	On Deck Capital Inc (a)	2,051		16
Diebold Inc	12,849		356	PennyMac Financial Services Inc (a)	484		6
Electronics For Imaging Inc (a)	213,116		8,819	PRA Group Inc (a)	9,253		275
EPAM Systems Inc (a)	68,313		5,117	Pzena Investment Management Inc	2,778		21
ExlService Holdings Inc (a)	7,438		325	Regional Management Corp (a)	343		5
Fleetmatics Group PLC (a)	8,628		375	Stifel Financial Corp (a)	119,124		3,986
Genpact Ltd (a)	339,056		8,110	Stonegate Mortgage Corp (a)	451		2
Globant SA (a)	2,957		90	Virtu Financial Inc	108,124		2,454
Immersion Corp (a)	5,430		46	Virtus Investment Partners Inc	94		8
Luxoft Holding Inc (a)	4,413		331	WageWorks Inc (a)	80,521		3,603
Manhattan Associates Inc (a)	14,428		832	Westwood Holdings Group Inc	1,433		68
MAXIMUS Inc	117,628		6,278	WisdomTree Investments Inc	15,181		182
MTS Systems Corp	3,622		193

See accompanying notes

232

Schedule of Investments
SmallCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held   Value (000's)			COMMON STOCKS (continued)	Shares Held   Value (000's)
Diversified Financial Services (continued)				Entertainment (continued)
World Acceptance Corp (a)	856	$	25	SeaWorld Entertainment Inc	9,028	$	172
	$		21,880	Vail Resorts Inc	19,493		2,437
Electric - 0.01%					$		12,736
Genie Energy Ltd	493		4	Environmental Control - 1.34%
Ormat Technologies Inc	2,695		96	Casella Waste Systems Inc (a)	1,731		10
Spark Energy Inc	445		12	Heritage-Crystal Clean Inc (a)	444		4
	$		112	MSA Safety Inc	2,481		106
				US Ecology Inc	2,881		98
Electrical Components & Equipment - 0.41%				Waste Connections Inc	314,012		18,832
Advanced Energy Industries Inc (a)	2,935		82
Belden Inc	8,288		354		$		19,050
Encore Wire Corp	4,028		150	Food - 1.05%
EnerSys	3,023		146	Amplify Snack Brands Inc (a)	1,621		18
Generac Holdings Inc (a)	12,827		365	B&G Foods Inc	7,303		266
General Cable Corp	8,363		98	Blue Buffalo Pet Products Inc (a)	41,300		703
Insteel Industries Inc	3,168		78	Calavo Growers Inc	1,954		101
Littelfuse Inc	3,997		407	Cal-Maine Foods Inc	7,349		371
PowerSecure International Inc (a)	954		11	Chefs' Warehouse Inc/The (a)	310,115		4,078
Universal Display Corp (a)	84,849		4,166	Dean Foods Co	9,134		183
	$		5,857	Diamond Foods Inc (a)	3,309		122
				Fairway Group Holdings Corp (a)	4,759		2
Electronics - 1.30%				Fresh Market Inc/The (a)	12,228		234
Allied Motion Technologies Inc	1,375		27	Ingles Markets Inc	807		31
Applied Optoelectronics Inc (a)	54,711		895
				J&J Snack Foods Corp	1,982		214
Badger Meter Inc	1,913		107	John B Sanfilippo & Son Inc	448		27
Coherent Inc (a)	6,696		517
				Lancaster Colony Corp	2,737		278
ESCO Technologies Inc	176,134		6,064	Lifeway Foods Inc (a)	964		12
FARO Technologies Inc (a)	19,483		500
				Performance Food Group Co (a)	1,836		43
FEI Co	5,524		400	Seaboard Corp (a)	6		17
Fluidigm Corp (a)	5,768		39
IMAX Corp (a)	8,035		250	Snyder's-Lance Inc	27,498		868
Imprivata Inc (a)	107,595		1,254	Tootsie Roll Industries Inc	1,325		44
				TreeHouse Foods Inc (a)	89,459		7,099
Mesa Laboratories Inc	559		58	United Natural Foods Inc (a)	6,119		214
Methode Electronics Inc	9,024		235		$		14,925
Newport Corp (a)	2,842		43
NVE Corp	494		25	Forest Products & Paper - 0.03%
OSI Systems Inc (a)	1,650		90	Clearwater Paper Corp (a)	3,255		127
Plexus Corp (a)	3,642		127	Neenah Paper Inc	2,291		138
Rofin-Sinar Technologies Inc (a)	882		23	Orchids Paper Products Co	570		17
Rogers Corp (a)	1,991		95	Schweitzer-Mauduit International Inc	1,920		81
Sparton Corp (a)	1,253		21		$		363
Stoneridge Inc (a)	5,457		62
TASER International Inc (a)	7,082		109	Hand & Machine Tools - 0.45%
Woodward Inc	159,484		7,367	Franklin Electric Co Inc	9,087		248
ZAGG Inc (a)	5,343		49	Lincoln Electric Holdings Inc	112,195		5,973
				Milacron Holdings Corp (a)	6,890		88
	$		18,357
					$		6,309
Energy - Alternate Sources - 0.10%
Canadian Solar Inc (a)	65,500		1,321	Healthcare - Products - 5.61%
Solazyme Inc (a)	14,961		25	Abaxis Inc	2,990		130
				ABIOMED Inc (a)	5,548		473
TerraForm Global Inc	1,548		6	Accelerate Diagnostics Inc (a)	4,085		61
Vivint Solar Inc (a)	2,168		18
				Accuray Inc (a)	14,707		78
	$		1,370	Affymetrix Inc (a)	7,378		104
Engineering & Construction - 0.93%				Align Technology Inc (a)	161,027		10,651
Argan Inc	2,201		66	Analogic Corp	915		68
Comfort Systems USA Inc	7,769		220	AtriCure Inc (a)	175,031		3,060
Dycom Industries Inc (a)	166,377		11,025	Atrion Corp	266		100
Exponent Inc	3,261		167	BioTelemetry Inc (a)	5,374		51
Mistras Group Inc (a)	1,914		43	Cantel Medical Corp	50,540		3,000
NV5 Global Inc (a)	1,114		21	Cardiovascular Systems Inc (a)	5,889		50
Primoris Services Corp	3,466		71	Cepheid (a)	78,163		2,302
Tutor Perini Corp (a)	122,680		1,621	Cerus Corp (a)	14,821		80
	$		13,234	ConforMIS Inc (a)	1,842		20
				Cutera Inc (a)	2,140		24
Entertainment - 0.90%				Cynosure Inc (a)	69,220		2,506
AMC Entertainment Holdings Inc	498		11	EndoChoice Holdings Inc (a)	1,309		8
Churchill Downs Inc	2,609		360	Endologix Inc (a)	12,460		89
Eldorado Resorts Inc (a)	3,042		31
				Entellus Medical Inc (a)	1,160		19
Isle of Capri Casinos Inc (a)	4,241		54
				GenMark Diagnostics Inc (a)	7,994		42
Marriott Vacations Worldwide Corp	3,491		172	Genomic Health Inc (a)	3,105		89
National CineMedia Inc	485,119		7,587	Glaukos Corp (a)	114,773		1,874
Penn National Gaming Inc (a)	107,908		1,525
				Globus Medical Inc (a)	14,003		349
Pinnacle Entertainment Inc (a)	12,245		374
				Haemonetics Corp (a)	6,014		190
Reading International Inc (a)	1,199		13

See accompanying notes

233

Schedule of Investments
SmallCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Healthcare - Products (continued)				Healthcare - Services (continued)
HeartWare International Inc (a)	3,178	$	128	Select Medical Holdings Corp	22,759	$	217
Henry Schein Inc (a)	66,900		10,131	Surgery Partners Inc (a)	1,978		32
ICU Medical Inc (a)	2,154		207	Surgical Care Affiliates Inc (a)	27,280		1,164
IDEXX Laboratories Inc (a)	105,390		7,392	Teladoc Inc (a)	264,382		4,294
Inogen Inc (a)	2,926		97	US Physical Therapy Inc	2,313		118
Insulet Corp (a)	7,550		251	WellCare Health Plans Inc (a)	88,164		6,698
Integra LifeSciences Holdings Corp (a)	2,994		184		$		48,263
InVivo Therapeutics Holdings Corp (a)	4,776		21
Invuity Inc (a)	1,136		9	Holding Companies - Diversified - 0.00%
				HRG Group Inc (a)	4,597		56
iRadimed Corp (a)	854		17
K2M Group Holdings Inc (a)	412,336		5,859	Resource America Inc	584		2
Lantheus Holdings Inc (a)	4,712		10		$		58
LDR Holding Corp (a)	33,744		620	Home Builders - 0.27%
LeMaitre Vascular Inc	1,248		18	CalAtlantic Group Inc	45,783		1,488
LivaNova PLC (a)	4,128		231	Cavco Industries Inc (a)	1,863		156
Luminex Corp (a)	3,290		63	Century Communities Inc (a)	506		8
Masimo Corp (a)	9,119		335	Installed Building Products Inc (a)	95,520		1,990
Medgenics Inc (a)	3,802		14	LGI Homes Inc (a)	902		20
Meridian Bioscience Inc	8,940		172	M/I Homes Inc (a)	989		18
MiMedx Group Inc (a)	18,877		157	MDC Holdings Inc	1,806		39
NanoString Technologies Inc (a)	2,571		36	Meritage Homes Corp (a)	340		11
Natus Medical Inc (a)	7,144		252	New Home Co Inc/The (a)	615		6
Navidea Biopharmaceuticals Inc (a)	20,223		17	TRI Pointe Group Inc (a)	1,184		13
Neovasc Inc (a)	387,809		1,326	William Lyon Homes (a)	589		6
Nevro Corp (a)	146,658		9,062	Winnebago Industries Inc	4,626		81
Novadaq Technologies Inc (a)	154,106		1,697
NuVasive Inc (a)	64,830		2,990		$		3,836
NxStage Medical Inc (a)	8,388		159	Home Furnishings - 0.58%
OraSure Technologies Inc (a)	1,989		11	American Woodmark Corp (a)	2,848		196
Oxford Immunotec Global PLC (a)	3,874		45	Bassett Furniture Industries Inc	1,161		35
Penumbra Inc (a)	42,315		1,811	Daktronics Inc	1,709		14
Quidel Corp (a)	2,497		43	DTS Inc/CA (a)	2,935		65
Rockwell Medical Inc (a)	8,785		55	Hooker Furniture Corp	371		11
SeaSpine Holdings Corp (a)	1,040		15	iRobot Corp (a)	2,516		85
Sientra Inc (a)	2,048		17	La-Z-Boy Inc	6,042		130
Sirona Dental Systems Inc (a)	58,887		6,259	Select Comfort Corp (a)	6,974		147
STAAR Surgical Co (a)	7,818		51	Skullcandy Inc (a)	1,701		5
STERIS PLC	45,959		3,182	Tempur Sealy International Inc (a)	120,433		7,267
SurModics Inc (a)	782		16	TiVo Inc (a)	12,945		103
T2 Biosystems Inc (a)	1,841		16	Universal Electronics Inc (a)	2,229		112
Tandem Diabetes Care Inc (a)	3,471		31	VOXX International Corp (a)	1,382		6
TransEnterix Inc (a)	1,469		4		$		8,176
Utah Medical Products Inc	814		46	Housewares - 0.00%
Vascular Solutions Inc (a)	3,291		90
West Pharmaceutical Services Inc	9,562		547	Libbey Inc	3,811		61
Wright Medical Group NV (a)	6,170		123
Zeltiq Aesthetics Inc (a)	7,610		177	Insurance - 0.11%
	$		79,412	Ambac Financial Group Inc (a)	964		13
				Atlas Financial Holdings Inc (a)	45,956		801
Healthcare - Services - 3.41%				Crawford & Co	1,795		8
AAC Holdings Inc (a)	1,704		31
				Employers Holdings Inc	5,458		136
Acadia Healthcare Co Inc(a)	181,081		11,051	Essent Group Ltd (a)	11,268		202
Addus HomeCare Corp (a)	479		10
Adeptus Health Inc (a)	23,805		1,123	HCI Group Inc	290		10
Air Methods Corp (a)	8,214		320	Heritage Insurance Holdings Inc	2,942		58
				Maiden Holdings Ltd	1,305		17
Alliance HealthCare Services Inc(a)	1,127		8	MGIC Investment Corp (a)	20,261		134
Amedisys Inc (a)	5,397		193
Amsurg Corp (a)	91,337		6,685	National General Holdings Corp	3,210		63
Capital Senior Living Corp (a)	5,530		101	National Interstate Corp	440		11
				State National Cos Inc	799		8
Chemed Corp	2,265		318	Third Point Reinsurance Ltd (a)	763		9
Civitas Solutions Inc (a)	2,349		57	Trupanion Inc (a)	3,217		27
Ensign Group Inc/The	6,318		142	Universal Insurance Holdings Inc	5,816		109
Genesis Healthcare Inc (a)	6,598		12
					$		1,606
HealthSouth Corp	12,161		435
ICON PLC (a)	95,614		6,317	Internet - 3.53%
Invitae Corp (a)	1,238		9	1-800-Flowers.com Inc (a)	4,777		34
Laboratory Corp of America Holdings (a)	18,729		2,104	8x8 Inc (a)	501,239		6,296
LHC Group Inc (a)	339		13	Angie's List Inc (a)	8,560		73
Molina Healthcare Inc (a)	21,291		1,169	Bankrate Inc (a)	77,800		890
Natera Inc (a)	1,522		13	Blue Nile Inc (a)	2,239		78
Nobilis Health Corp (a)	8,996		19	Boingo Wireless Inc (a)	3,638		22
Premier Inc (a)	170,713		5,453	ChannelAdvisor Corp (a)	133,907		1,637
Providence Service Corp/The (a)	2,554		113	Chegg Inc (a)	324,020		1,879
RadNet Inc (a)	7,274		44	Cogent Communications Holdings Inc	375,646		12,550

See accompanying notes

234

Schedule of Investments
SmallCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Internet (continued)				Lodging (continued)
comScore Inc (a)	4,588	$	177	Morgans Hotel Group Co (a)	2,780	$	5
Connecture Inc (a)	3,933		9		$		7,547
Criteo SA ADR(a)	42,405		1,254
DHI Group Inc (a)	3,606		34	Machinery - Construction & Mining - 0.00%
Endurance International Group Holdings Inc	10,677		98	Hyster-Yale Materials Handling Inc	575		30
(a)
ePlus Inc (a)	138		13	Machinery - Diversified - 1.43%
Expedia Inc	42,581		4,302	Albany International Corp	500		17
Global Eagle Entertainment Inc (a)	284,355		2,872	Altra Industrial Motion Corp	3,945		89
GrubHub Inc (a)	10,002		189	Applied Industrial Technologies Inc	4,013		154
HealthStream Inc (a)	4,724		103	DXP Enterprises Inc (a)	1,016		16
Internap Corp (a)	10,123		39	Gorman-Rupp Co/The	929		24
Intralinks Holdings Inc (a)	4,420		36	IDEX Corp	195,020		14,141
j2 Global Inc	9,644		699	Kadant Inc	485		19
Lands' End Inc (a)	578		13	Lindsay Corp	1,326		93
Lionbridge Technologies Inc (a)	12,882		60	Middleby Corp/The (a)	41,572		3,756
Marketo Inc (a)	6,266		119	Power Solutions International Inc (a)	878		11
NIC Inc	15,994		317	Tennant Co	34,848		1,885
Overstock.com Inc (a)	2,337		28	Xerium Technologies Inc (a)	2,387		21
Pandora Media Inc (a)	256,461		2,493		$		20,226
Perficient Inc (a)	4,632		88
Q2 Holdings Inc (a)	3,677		80	Media - 0.34%
Rapid7 Inc (a)	1,174		15	AMC Networks Inc (a)	29,900		2,177
Reis Inc	1,289		29	Central European Media Enterprises Ltd (a)	11,495		30
RetailMeNot Inc (a)	1,134		10	Crown Media Holdings Inc (a)	6,475		29
RingCentral Inc (a)	465,636		10,160	Entravision Communications Corp	11,287		84
Rubicon Project Inc/The (a)	4,920		66	EW Scripps Co/The	5,022		95
Shutterfly Inc (a)	2,977		124	Gray Television Inc (a)	88,978		1,171
Shutterstock Inc (a)	3,632		105	Hemisphere Media Group Inc (a)	509		7
Stamps.com Inc (a)	3,375		317	Houghton Mifflin Harcourt Co (a)	1,250		22
Textura Corp (a)	3,667		58	New York Times Co/The	8,954		118
Travelzoo Inc (a)	2,216		18	Nexstar Broadcasting Group Inc	11,618		525
TrueCar Inc (a)	8,671		56	Sinclair Broadcast Group Inc	13,298		439
VASCO Data Security International Inc (a)	5,582		87	Tribune Publishing Co	2,820		26
VirnetX Holding Corp (a)	8,039		32	World Wrestling Entertainment Inc	5,530		99
Wayfair Inc (a)	2,682		121		$		4,822
Web.com Group Inc (a)	5,813		110
WebMD Health Corp (a)	8,236		421	Metal Fabrication & Hardware - 0.49%
				Advanced Drainage Systems Inc	4,463		101
Wix.com Ltd(a)	3,556		73	Furmanite Corp (a)	6,126		32
XO Group Inc (a)	5,127		76
Zendesk Inc (a)	69,502		1,529	Global Brass & Copper Holdings Inc	3,695		77
				Haynes International Inc	339		11
Zix Corp(a)	12,085		54	Lawson Products Inc/DE (a)	941		18
	$		49,943	Mueller Industries Inc	8,614		219
Investment Companies - 0.00%				Mueller Water Products Inc - Class A	21,344		175
6D Global Technologies Inc (a),(b)	2,549		7	NN Inc	5,115		62
Real Industry Inc (a)	3,276		21	Omega Flex Inc	671		20
				RBC Bearings Inc (a)	85,321		5,062
	$		28	Rexnord Corp (a)	20,099		329
Iron & Steel - 0.01%				Sun Hydraulics Corp	4,125		105
Ryerson Holding Corp (a)	1,589		5	Valmont Industries Inc	6,546		698
Worthington Industries Inc	3,383		104		$		6,909
	$		109
				Mining - 0.03%
Leisure Products & Services - 1.56%				Century Aluminum Co (a)	1,298		6
Black Diamond Inc (a)	383,650		1,742	Energy Fuels Inc/Canada (a)	4,901		11
ClubCorp Holdings Inc	8,079		97	Ferroglobe PLC	11,916		101
Escalade Inc	845		10	Kaiser Aluminum Corp	1,460		114
Fox Factory Holding Corp (a)	3,409		50	Stillwater Mining Co (a)	4,997		33
Liberty TripAdvisor Holdings Inc (a)	400,080		8,934	United States Lime & Minerals Inc	136		8
Lindblad Expeditions Holdings Inc (a)	289,619		2,902	US Silica Holdings Inc	7,099		132
Malibu Boats Inc (a)	57,788		755		$		405
Marine Products Corp	2,906		23
MCBC Holdings Inc (a)	1,330		17	Miscellaneous Manufacturers - 1.99%
Nautilus Inc (a)	5,876		114	American Railcar Industries Inc	501		23
Planet Fitness Inc (a)	460,191		6,576	AZZ Inc	5,241		270
Qunar Cayman Islands Ltd ADR(a)	20,793		917	Carlisle Cos Inc	96,296		8,058
	$		22,137	Chase Corp	1,245		57
				CLARCOR Inc	6,275		294
Lodging - 0.53%				Core Molding Technologies Inc (a)	1,943		21
Boyd Gaming Corp (a)	16,953		302	EnPro Industries Inc	1,811		80
Diamond Resorts International Inc (a)	380,293		7,005	FreightCar America Inc	1,364		26
Interval Leisure Group Inc	7,232		85	GP Strategies Corp (a)	2,509		61
La Quinta Holdings Inc (a)	12,489		141	Handy & Harman Ltd (a)	410		7
Monarch Casino & Resort Inc (a)	430		9	Harsco Corp	14,658		94

See accompanying notes

235

Schedule of Investments
SmallCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held	Value(000	's)
Miscellaneous Manufacturers (continued)				Pharmaceuticals (continued)
Hexcel Corp	399,596	$	16,536	Array BioPharma Inc (a)	20,158	$ 62
Hillenbrand Inc	12,379		335	aTyr Pharma Inc (a)	1,021	5
John Bean Technologies Corp	3,877		178	Axovant Sciences Ltd (a)	2,152	34
Lydall Inc (a)	1,212		34	BioSpecifics Technologies Corp (a)	833	32
Myers Industries Inc	4,865		55	Cara Therapeutics Inc (a)	3,374	30
Park-Ohio Holdings Corp	1,688		48	Carbylan Therapeutics Inc (a)	2,529	6
Proto Labs Inc (a)	3,105		171	Catabasis Pharmaceuticals Inc (a)	684	5
Raven Industries Inc	925		14	Catalent Inc (a)	11,095	261
Smith & Wesson Holding Corp (a)	58,184		1,254	Catalyst Pharmaceuticals Inc (a)	12,745	24
Standex International Corp	2,282		165	Cempra Inc (a)	5,680	98
Sturm Ruger & Co Inc	4,199		247	Chiasma Inc (a)	100,597	1,036
Tredegar Corp	1,388		18	Chimerix Inc (a)	7,990	62
TriMas Corp (a)	2,310		40	Cidara Therapeutics Inc (a)	814	9
Trinseo SA (a)	2,298		55	Clovis Oncology Inc (a)	4,848	101
	$		28,141	Concert Pharmaceuticals Inc (a)	2,667	41
				Corcept Therapeutics Inc (a)	12,660	46
Office & Business Equipment - 0.00%				CorMedix Inc (a)	5,894	11
Eastman Kodak Co (a)	3,071		28
				DBV Technologies SA ADR(a)	54,834	1,425
				Depomed Inc (a)	13,694	210
Office Furnishings - 0.37%				DexCom Inc (a)	91,461	6,520
Herman Miller Inc	12,343		316	Dicerna Pharmaceuticals Inc (a)	2,555	17
HNI Corp	9,183		312	Diplomat Pharmacy Inc (a)	368,747	10,034
Interface Inc	186,161		3,145	Durect Corp (a)	24,141	29
Knoll Inc	70,910		1,301	Dyax Corp - Rights (a),(b)	211,240	235
Steelcase Inc	18,425		235	Eagle Pharmaceuticals Inc/DE (a)	1,509	109
	$		5,309	Enanta Pharmaceuticals Inc (a)	2,795	72
				FibroGen Inc (a)	24,501	497
Oil & Gas - 0.63%				Flamel Technologies SA ADR(a)	140,060	1,423
Carrizo Oil & Gas Inc (a)	402		11	Flexion Therapeutics Inc (a)	2,353	36
Delek US Holdings Inc	7,508		128	Foamix Pharmaceuticals Ltd (a)	4,332	28
Diamondback Energy Inc	12,600		952	Furiex Pharmaceuticals Inc - Rights (a),(b),(c)	1,398	—
Evolution Petroleum Corp	4,910		23	Global Blood Therapeutics Inc (a)	1,049	20
Fairmount Santrol Holdings Inc (a)	10,888		27	GW Pharmaceuticals PLC ADR(a)	27,134	1,361
Isramco Inc (a)	181		14	Heron Therapeutics Inc (a)	183,125	3,843
Magnum Hunter Resources Corp - Warrants	37,021		—	Heska Corp (a)	1,210	45
(a),(b),(c)				Ignyta Inc (a)	2,153	21
Matador Resources Co (a)	236,733		3,794	Immune Design Corp (a)	1,914	20
Newfield Exploration Co (a)	26,000		756	Impax Laboratories Inc (a)	57,932	2,170
Panhandle Oil and Gas Inc	1,524		22	Insys Therapeutics Inc (a)	4,091	71
Par Pacific Holdings Inc (a)	2,675		64	Intra-Cellular Therapies Inc (a)	22,338	828
Parsley Energy Inc (a)	78,548		1,513	Ironwood Pharmaceuticals Inc (a)	22,049	204
Rex Energy Corp (a)	127,963		95	Keryx Biopharmaceuticals Inc (a)	18,131	64
Synergy Resources Corp (a)	154,810		982	La Jolla Pharmaceutical Co (a)	2,396	42
Trecora Resources (a)	4,106		43	Lannett Co Inc (a)	6,569	168
Ultra Petroleum Corp (a)	13,199		30	MannKind Corp (a)	43,656	44
Western Refining Inc	13,501		444	Mirati Therapeutics Inc (a)	1,997	43
	$		8,898	NantKwest Inc (a)	1,012	10
				Natural Grocers by Vitamin Cottage Inc (a)	1,704	31
Oil & Gas Services - 0.60%
Dril-Quip Inc (a)	70,339		4,125	Natural Health Trends Corp	1,624	32
ION Geophysical Corp (a)	4,566		2	Nektar Therapeutics (a)	17,451	238
Oil States International Inc (a)	153,180		4,324	Neogen Corp (a)	4,914	256
PHI Inc (a)	304		5	Neos Therapeutics Inc (a)	71,800	975
Thermon Group Holdings Inc (a)	935		16	Neurocrine Biosciences Inc (a)	158,718	6,754
				Northwest Biotherapeutics Inc (a)	7,919	17
	$		8,472	Ophthotech Corp (a)	4,135	224
Packaging & Containers - 0.05%				Orexigen Therapeutics Inc (a)	17,312	32
AEP Industries Inc	775		65	Osiris Therapeutics Inc	2,946	21
Berry Plastics Group Inc (a)	13,171		410	Pacira Pharmaceuticals Inc/DE (a)	54,488	3,237
KapStone Paper and Packaging Corp	11,318		167	Pernix Therapeutics Holdings Inc (a)	10,455	23
Multi Packaging Solutions International Ltd (a)	2,419		36	PharMerica Corp (a)	32,900	977
	$		678	Phibro Animal Health Corp	3,273	110
				Portola Pharmaceuticals Inc (a)	45,635	1,507
Pharmaceuticals - 5.88%				POZEN Inc (a)	6,041	40
ACADIA Pharmaceuticals Inc (a)	99,203		2,052
				PRA Health Sciences Inc (a)	4,573	197
Adamas Pharmaceuticals Inc (a)	159,364		2,732
				Prestige Brands Holdings Inc (a)	10,238	478
Aerie Pharmaceuticals Inc (a)	90,572		1,498
				Progenics Pharmaceuticals Inc (a)	12,026	50
Aimmune Therapeutics Inc (a)	159,346		2,180
				Proteon Therapeutics Inc (a)	1,304	12
Akorn Inc (a)	162,620		4,227
				Radius Health Inc (a)	57,867	1,854
Amicus Therapeutics Inc (a)	635,918		3,841
				Raptor Pharmaceutical Corp (a)	13,882	57
Amphastar Pharmaceuticals Inc (a)	4,307		52
				Regulus Therapeutics Inc (a)	4,786	28
Anacor Pharmaceuticals Inc (a)	69,786		5,242
				Relypsa Inc (a)	79,940	1,506
Anika Therapeutics Inc (a)	2,206		83
				Revance Therapeutics Inc (a)	3,406	71
Antares Pharma Inc (a)	32,053		39
				Sagent Pharmaceuticals Inc (a)	4,332	65
Anthera Pharmaceuticals Inc (a)	6,708		22

See accompanying notes

236

Schedule of Investments
SmallCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Pharmaceuticals (continued)				REITS (continued)
Sarepta Therapeutics Inc (a)	7,829	$	93	Urstadt Biddle Properties Inc	775	$	16
SciClone Pharmaceuticals Inc (a)	9,605		77		$		9,989
Seres Therapeutics Inc (a)	70,944		1,910
Sorrento Therapeutics Inc (a)	4,799		25	Retail - 7.02%
Sucampo Pharmaceuticals Inc (a)	4,943		63	American Eagle Outfitters Inc	332,686		4,871
				America's Car-Mart Inc/TX (a)	347		8
Supernus Pharmaceuticals Inc (a)	6,691		76
				Asbury Automotive Group Inc (a)	3,368		159
Synergy Pharmaceuticals Inc (a)	17,505		66
				Ascena Retail Group Inc (a)	4,015		30
Synta Pharmaceuticals Corp (a)	15,375		4
Synutra International Inc (a)	3,701		18	Big Lots Inc	10,024		389
				BJ's Restaurants Inc (a)	2,850		122
Teligent Inc (a)	8,072		58
TESARO Inc (a)	69,330		2,394	Bloomin' Brands Inc	24,250		428
				BMC Stock Holdings Inc (a)	6,648		96
Tetraphase Pharmaceuticals Inc (a)	7,273		40
TG Therapeutics Inc (a)	6,106		50	Bob Evans Farms Inc/DE	218		9
				Bojangles' Inc (a)	1,748		25
TherapeuticsMD Inc (a)	16,863		121
				Boot Barn Holdings Inc (a)	2,092		13
Threshold Pharmaceuticals Inc (a)	10,202		3
				Bravo Brio Restaurant Group Inc (a)	2,934		25
Trevena Inc (a)	5,545		40
USANA Health Sciences Inc (a)	1,034		131	Buckle Inc/The	3,766		107
				Buffalo Wild Wings Inc (a)	41,386		6,303
Vanda Pharmaceuticals Inc (a)	5,766		49
				Build-A-Bear Workshop Inc (a)	421		5
VCA Inc (a)	76,000		3,897
				Burlington Stores Inc (a)	91,663		4,925
Vitae Pharmaceuticals Inc (a)	2,243		22
Vital Therapies Inc (a)	3,660		33	Caleres Inc	2,647		71
				Carrols Restaurant Group Inc (a)	5,789		77
VIVUS Inc (a)	20,473		21
Voyager Therapeutics Inc (a)	887		9	Casey's General Stores Inc	7,230		873
vTv Therapeutics Inc (a)	935		7	Cato Corp/The	2,221		90
Xencor Inc (a)	159,877		1,730	Cheesecake Factory Inc/The	9,636		465
XenoPort Inc (a)	10,616		53	Chico's FAS Inc	19,078		198
Zafgen Inc (a)	2,788		19	Children's Place Inc/The	1,759		114
				Chuy's Holdings Inc (a)	135,737		4,641
Zogenix Inc (a)	4,684		44
	$		83,265	Citi Trends Inc	373		8
				Container Store Group Inc/The (a)	2,894		12
Pipelines - 0.01%				Cracker Barrel Old Country Store Inc	2,389		313
SemGroup Corp	8,895		197	Dave & Buster's Entertainment Inc (a)	319,877		11,603
				Del Frisco's Restaurant Group Inc (a)	489		8
				Denny's Corp (a)	7,774		73
Private Equity - 0.07%				Destination XL Group Inc (a)	1,951		8
Fifth Street Asset Management Inc	1,409		3
				DineEquity Inc	2,085		177
GSV Capital Corp	165,539		1,006	Diversified Restaurant Holdings Inc (a)	86,789		153
	$		1,009	Duluth Holdings Inc (a)	1,055		17
Real Estate - 0.09%				El Pollo Loco Holdings Inc (a)	2,563		31
Consolidated-Tomoka Land Co	259		12	Express Inc (a)	16,516		280
HFF Inc (a)	5,042		144	Fiesta Restaurant Group Inc (a)	3,556		129
Kennedy-Wilson Holdings Inc	1,121		23	Finish Line Inc/The	1,687		32
Marcus & Millichap Inc (a)	47,254		1,117	First Cash Financial Services Inc	3,464		123
	$		1,296	Five Below Inc (a)	397,318		13,999
				Fogo De Chao Inc (a)	983		14
REITS - 0.71%				Francesca's Holdings Corp (a)	53,744		980
Alexander's Inc	261		95	Freshpet Inc (a)	393,992		2,340
American Assets Trust Inc	7,129		267	Group 1 Automotive Inc	1,724		92
American Campus Communities Inc	50,440		2,129	Habit Restaurants Inc/The (a)	2,168		44
American Farmland Co	58,579		341	Hibbett Sports Inc (a)	5,345		172
CareTrust REIT Inc	8,648		89	HSN Inc	4,326		204
CoreSite Realty Corp	5,050		324	Jack in the Box Inc	54,878		4,261
CubeSmart	24,428		764	Jamba Inc (a)	2,484		32
CyrusOne Inc	8,062		297	Kirkland's Inc	3,381		40
DuPont Fabros Technology Inc	5,334		177	Krispy Kreme Doughnuts Inc (a)	14,547		213
EastGroup Properties Inc	2,046		109	Lithia Motors Inc	90,451		6,926
Education Realty Trust Inc	50,010		1,954	MarineMax Inc (a)	99,517		1,683
Equity One Inc	2,928		81	Mattress Firm Holding Corp (a)	4,375		160
Inland Real Estate Corp	9,670		104	Men's Wearhouse Inc/The	8,521		117
LTC Properties Inc	1,494		67	Ollie's Bargain Outlet Holdings Inc (a)	280,200		6,262
National Health Investors Inc	3,037		184	Outerwall Inc	3,140		106
National Storage Affiliates Trust	3,965		69	Papa John's International Inc	85,590		4,087
Potlatch Corp	5,341		154	Papa Murphy's Holdings Inc (a)	1,856		18
PS Business Parks Inc	933		81	Party City Holdco Inc (a)	4,751		46
QTS Realty Trust Inc	5,350		247	PetMed Express Inc	3,954		71
RLJ Lodging Trust	10,102		185	Pier 1 Imports Inc	16,236		65
Ryman Hospitality Properties Inc	5,768		271	Popeyes Louisiana Kitchen Inc (a)	3,084		190
Sabra Health Care REIT Inc	1,271		23	Potbelly Corp (a)	4,266		46
Saul Centers Inc	1,570		80	PriceSmart Inc	44,864		3,434
Sovran Self Storage Inc	10,717		1,207	Red Robin Gourmet Burgers Inc (a)	52,854		3,263
Sun Communities Inc	2,053		137	Restoration Hardware Holdings Inc (a)	4,429		273
Universal Health Realty Income Trust	2,248		114	Ruth's Hospitality Group Inc	4,474		73
Urban Edge Properties	17,410		423	Shake Shack Inc (a)	932		32
				Sonic Corp	8,267		243

See accompanying notes

237

Schedule of Investments
SmallCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Retail (continued)				Software (continued)
Sportsman's Warehouse Holdings Inc (a)	1,701	$	22	CommVault Systems Inc (a)	6,020	$	226
Texas Roadhouse Inc	9,312		343	Computer Programs & Systems Inc	2,124		112
Tile Shop Holdings Inc (a)	447,524		6,762	Constant Contact Inc (a)	4,259		135
Tilly's Inc (a)	119,861		778	Cornerstone OnDemand Inc (a)	75,275		2,310
Tuesday Morning Corp (a)	6,623		37	CSG Systems International Inc	8,238		288
Vitamin Shoppe Inc (a)	1,858		57	Cvent Inc (a)	4,341		115
Wingstop Inc (a)	1,115		27	Demandware Inc (a)	114,565		4,860
Winmark Corp	457		43	Ebix Inc	7,282		248
Zoe's Kitchen Inc (a)	171,677		4,769	Envestnet Inc (a)	146,974		3,446
Zumiez Inc (a)	2,924		53	Epiq Systems Inc	2,651		33
	$		99,388	Everyday Health Inc (a)	74,587		343
				Evolent Health Inc (a)	2,403		24
Savings & Loans - 0.32%				Fair Isaac Corp	51,838		4,954
BofI Holding Inc (a)	162,089		2,781
				Five9 Inc (a)	5,155		43
HomeStreet Inc (a)	1,214		25
				Glu Mobile Inc (a)	154,112		341
Meridian Bancorp Inc	1,050		15	Guidewire Software Inc (a)	274,703		15,120
Pacific Premier Bancorp Inc (a)	78,825		1,618
				Hortonworks Inc (a)	1,381		13
United Financial Bancorp Inc	1,858		21	HubSpot Inc (a)	171,503		6,962
WSFS Financial Corp	2,064		60	Imperva Inc (a)	106,868		5,510
	$		4,520	inContact Inc (a)	9,801		85
Semiconductors - 4.58%				InnerWorkings Inc (a)	3,091		22
Advanced Micro Devices Inc (a)	37,136		82	Inovalon Holdings Inc (a)	21,620		365
Ambarella Inc (a)	6,560		260	Interactive Intelligence Group Inc (a)	265,129		6,331
Cabot Microelectronics Corp	5,062		206	Jive Software Inc (a)	9,033		31
Cascade Microtech Inc (a)	2,408		38	Medidata Solutions Inc (a)	190,449		8,138
Cavium Inc (a)	256,680		14,829	MicroStrategy Inc (a)	23,461		4,048
CEVA Inc (a)	2,090		48	MINDBODY Inc (a)	1,117		13
Cirrus Logic Inc (a)	12,967		450	MobileIron Inc (a)	6,921		26
Entegris Inc (a)	10,848		126	Model N Inc (a)	127,800		1,393
FormFactor Inc (a)	5,625		47	Monotype Imaging Holdings Inc	232,418		5,797
Inphi Corp (a)	54,798		1,521	New Relic Inc (a)	1,121		32
Integrated Device Technology Inc (a)	216,652		5,521	Nuance Communications Inc (a)	225,500		3,976
InvenSense Inc (a)	14,169		116	Omnicell Inc (a)	4,808		135
IPG Photonics Corp (a)	26,086		2,109	OPOWER Inc (a)	5,065		43
Lattice Semiconductor Corp (a)	5,026		24	Park City Group Inc (a)	2,171		19
M/A-COM Technology Solutions Holdings	296,083		11,399	Paycom Software Inc (a)	8,271		249
Inc (a)				PDF Solutions Inc (a)	4,980		54
Mattson Technology Inc (a)	14,729		51	Pegasystems Inc	230,354		5,413
MaxLinear Inc (a)	76,520		1,177	Press Ganey Holdings Inc (a)	108,400		3,203
Mellanox Technologies Ltd (a)	70,882		3,222	Proofpoint Inc (a)	227,287		11,445
Microsemi Corp (a)	109,020		3,456	PROS Holdings Inc (a)	4,292		53
Monolithic Power Systems Inc	103,351		6,467	QAD Inc	820		15
Power Integrations Inc	2,610		123	Qlik Technologies Inc (a)	346,252		8,670
Rambus Inc (a)	24,579		301	Quality Systems Inc	12,045		158
Rudolph Technologies Inc (a)	1,454		19	RealPage Inc (a)	7,029		136
Semtech Corp (a)	2,938		59	Sapiens International Corp NV	4,122		41
Sigma Designs Inc (a)	113,610		753	SciQuest Inc (a)	3,247		41
Silicon Laboratories Inc (a)	128,719		5,869	SPS Commerce Inc (a)	36,903		2,409
Silicon Motion Technology Corp ADR	38,600		1,200	SS&C Technologies Holdings Inc	71,475		4,595
Synaptics Inc (a)	69,666		5,107	Synchronoss Technologies Inc (a)	250,501		7,675
Tessera Technologies Inc	7,662		221	Tableau Software Inc (a)	64,576		5,182
Xcerra Corp (a)	4,967		27	Take-Two Interactive Software Inc (a)	228,155		7,917
				Tangoe Inc (a)	7,272		61
	$		64,828	TubeMogul Inc (a)	2,965		33
Software - 15.51%				Tyler Technologies Inc (a)	6,428		1,010
2U Inc (a)	572,006		11,549	Ultimate Software Group Inc/The (a)	89,616		15,739
ACI Worldwide Inc (a)	24,795		444	Veeva Systems Inc (a)	161,190		3,885
American Software Inc/GA	1,701		17	Verint Systems Inc (a)	7,692		282
Apigee Corp (a)	1,061		8	Workiva Inc (a)	1,608		24
Appfolio Inc (a)	954		13	Xactly Corp (a)	1,392		10
Aspen Technology Inc (a)	273,162		8,861	Xura Inc (a)	4,253		91
Atlassian Corp PLC (a)	150,839		3,133		$		219,787
AVG Technologies NV (a)	5,434		103
Avid Technology Inc (a)	3,596		25	Storage & Warehousing - 0.00%
Benefitfocus Inc (a)	1,584		46	Mobile Mini Inc	559		14
Blackbaud Inc	260,017		15,985
Bottomline Technologies de Inc (a)	4,608		133
				Telecommunications - 2.41%
Brightcove Inc (a)	6,304		35	A10 Networks Inc (a)	7,094		42
Broadridge Financial Solutions Inc	249,661		13,372	Alliance Fiber Optic Products Inc (a)	3,000		43
BroadSoft Inc (a)	350,626		11,995	ARRIS International PLC (a)	17,100		436
Callidus Software Inc (a)	7,338		113	CalAmp Corp (a)	6,670		113
Castlight Health Inc (a)	7,328		24	Ciena Corp (a)	678,994		12,066
Code Rebel Corp (a)	1,537		3	Clearfield Inc (a)	2,184		32

See accompanying notes

238

Schedule of Investments
SmallCap Growth Fund I
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held       Value (000's)			COMMON STOCKS (continued)		Shares Held	Value(000			's)
Telecommunications (continued)				Water (continued)
CommScope Holding Co Inc (a)	92,300	$	2,069	York Water Co/The		189		$	5
Consolidated Communications Holdings Inc	4,368		88				$		30
DigitalGlobe Inc (a)	145,703		1,909	TOTAL COMMON STOCKS			$		1,332,421
EarthLink Holdings Corp	19,321		114	INVESTMENT COMPANIES - 5.46%		Shares Held	Value(000			's)
Extreme Networks Inc (a)	3,002		8
FairPoint Communications Inc (a)	4,131		62	Publicly Traded Investment Fund - 5.46%
General Communication Inc (a)	6,467		117	BlackRock Liquidity Funds FedFund Portfolio		4,781,652			4,782
Gigamon Inc (a)	101,015		2,642	Cash Account Trust - Government & Agency		2,356,375			2,356
Gogo Inc (a)	101,976		1,484	Portfolio - Government Cash Managed
GTT Communications Inc (a)	162,850		2,425	First American Government Obligations Fund		70,200,652			70,201
Harmonic Inc (a)	3,702		12				$		77,339
HC2 Holdings Inc	3,271		12	TOTAL INVESTMENT COMPANIES			$		77,339
IDT Corp - Class B	831		11	Total Investments			$		1,409,760
Infinera Corp (a)	186,692		2,860	Other Assets in Excess of Liabilities, Net - 0.49%			$		6,955
Infoblox Inc (a)	7,940		128	TOTAL NET ASSETS - 100.00%			$		1,416,715
Inteliquent Inc	2,874		49
Intelsat SA (a)	2,361		8
InterDigital Inc/PA	6,928		312	(a)	Non-Income Producing Security
Ixia (a)	10,274		98	(b)	Fair value of these investments is determined in good faith by the Manager
KVH Industries Inc (a)	2,736		26		under procedures established and periodically reviewed by the Board of
Leap Wireless International Inc - Rights	5,801		20		Directors. At the end of the period, the fair value of these securities totaled
(a),(b),(c)					$262 or 0.02% of net assets.
LogMeIn Inc (a)	26,967		1,409	(c)	Security is Illiquid. At the end of the period, the value of these securities
Lumos Networks Corp (a)	3,756		44		totaled $20 or 0.00% of net assets.
NeuStar Inc (a)	6,377		157
Plantronics Inc	7,464		335
RigNet Inc (a)	2,246		33
Ruckus Wireless Inc (a)	13,497		114		Portfolio Summary (unaudited)
Shenandoah Telecommunications Co	7,658		176	Sector					Percent
ShoreTel Inc (a)	3,254		27	Consumer, Non-cyclical					28.73	%
Straight Path Communications Inc (a)	1,658		37	Technology					22.75	%
Ubiquiti Networks Inc (a)	6,782		201	Consumer, Cyclical					14.14	%
ViaSat Inc (a)	4,837		302	Industrial					12.02	%
Vonage Holdings Corp (a)	765,504		3,927	Financial					7.79	%
West Corp	3,666		66	Communications					6.39	%
Windstream Holdings Inc	16,950		98	Exchange Traded Funds					5.46	%
	$		34,112	Energy					1.34	%
				Basic Materials					0.88	%
Textiles - 0.01%				Utilities					0.01	%
Culp Inc	2,125		54	Diversified					0.00	%
G&K Services Inc	1,929		124	Other Assets in Excess of Liabilities, Net					0.49	%
	$		178	TOTAL NET ASSETS					100.00	%
Toys, Games & Hobbies - 0.00%
JAKKS Pacific Inc (a)	1,031		8
Transportation - 1.53%
ArcBest Corp	1,757		36
Celadon Group Inc	3,653		29
Covenant Transportation Group Inc (a)	2,228		43
Echo Global Logistics Inc (a)	5,349		118
Forward Air Corp	13,124		566
Gener8 Maritime Inc (a)	556		4
Genesee & Wyoming Inc (a)	121,376		6,018
Heartland Express Inc	6,694		115
Hub Group Inc (a)	7,344		224
Kirby Corp (a)	143,603		7,273
Knight Transportation Inc	256,594		6,279
Matson Inc	8,227		332
Roadrunner Transportation Systems Inc (a)	2,601		21
Saia Inc (a)	4,665		100
Swift Transportation Co (a)	11,685		191
Universal Truckload Services Inc	1,350		17
Werner Enterprises Inc	1,375		33
XPO Logistics Inc (a)	10,541		241
YRC Worldwide Inc (a)	1,627		17
	$		21,657
Trucking & Leasing - 0.01%
Greenbrier Cos Inc/The	4,834		125
Water - 0.00%
American States Water Co	546		25

See accompanying notes

239

		Schedule of Investments
SmallCap Growth Fund I
January 31, 2016 (unaudited)
Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
Russell 2000 Mini; March 2016	Long	813	$	87,479	$	83,853		$	(3,626	)
Total							$		(3,626	)
Amounts in thousands except contracts

See accompanying notes

240

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS - 96.92%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Advertising - 0.04%				Banks (continued)
Harte-Hanks Inc	82,332	$	282	S&T Bancorp Inc	60,772	$	1,642
Sizmek Inc (a)	34,602		118	Simmons First National Corp	49,130		2,177
	$		400	Southside Bancshares Inc	41,193		928
				Talmer Bancorp Inc	109,663		1,761
Aerospace & Defense - 1.03%				Texas Capital Bancshares Inc (a)	80,030		2,857
AAR Corp	57,772		1,214	Tompkins Financial Corp	21,330		1,195
Aerojet Rocketdyne Holdings Inc (a)	112,074		1,844	TrustCo Bank Corp NY	166,016		913
Aerovironment Inc (a)	36,101		921	UMB Financial Corp	73,146		3,431
Cubic Corp	38,127		1,523	United Bankshares Inc/WV	113,001		3,795
Kaman Corp	47,292		1,884	United Community Banks Inc/GA	101,492		1,833
Moog Inc (a)	58,168		2,695	Walker & Dunlop Inc (a)	46,955		1,125
National Presto Industries Inc	8,472		670	Westamerica Bancorporation	44,563		1,946
	$		10,751	Wilshire Bancorp Inc	123,490		1,308
Agriculture - 0.34%				Wintrust Financial Corp	84,435		3,554
Andersons Inc/The	45,500		1,334		$		92,005
Universal Corp/VA	39,657		2,170	Biotechnology - 1.69%
	$		3,504	Acorda Therapeutics Inc (a)	75,335		2,774
Airlines - 0.78%				ANI Pharmaceuticals Inc (a)	13,237		424
Allegiant Travel Co	22,927		3,679	Cambrex Corp (a)	55,043		1,907
Hawaiian Holdings  Inc (a)	82,676		2,911	Emergent BioSolutions Inc (a)	53,026		1,941
Republic Airways Holdings Inc (a)	88,855		189	Ligand Pharmaceuticals Inc (a)	31,653		3,164
				Medicines Co/The (a)	121,229		4,189
SkyWest Inc	88,598		1,331	Momenta Pharmaceuticals Inc (a)	109,418		1,359
	$		8,110	Repligen Corp (a)	57,511		1,274
Apparel - 1.36%				Spectrum Pharmaceuticals Inc (a)	103,449		513
Crocs Inc (a)	128,586		1,184		$		17,545
G-III Apparel Group Ltd (a)	69,955		3,453
Iconix Brand Group Inc (a)	84,482		561	Building Materials - 1.85%
Oxford Industries Inc	25,476		1,780	AAON Inc	70,822		1,525
Perry Ellis International Inc (a)	20,651		393	Apogee Enterprises Inc	50,783		2,020
Steven Madden Ltd (a)	98,316		3,175	Boise Cascade Co (a)	67,775		1,400
Unifi Inc (a)	26,111		623	Drew Industries Inc	42,153		2,420
				Gibraltar Industries Inc (a)	51,477		1,093
Wolverine World Wide Inc	179,613		3,037
	$		14,206	Griffon Corp	66,416		1,008
				Headwaters Inc (a)	129,007		2,060
Automobile Parts & Equipment - 0.79%				PGT Inc (a)	84,933		832
Dorman Products Inc (a)	53,913		2,335	Quanex Building Products Corp	59,209		1,096
Gentherm Inc (a)	63,214		2,529	Simpson Manufacturing Co Inc	71,635		2,338
Motorcar Parts of America Inc (a)	31,974		1,099	Universal Forest Products Inc	35,146		2,421
Standard Motor Products Inc	34,419		1,284	US Concrete Inc (a)	23,502		1,069
Superior Industries International Inc	40,390		744		$		19,282
Titan International Inc	76,112		228
	$		8,219	Chemicals - 2.01%
				A Schulman Inc	51,142		1,295
Banks - 8.84%				Aceto Corp	51,501		1,177
Ameris Bancorp	44,964		1,301	American Vanguard Corp	44,796		504
Banner Corp	35,525		1,474	Balchem Corp	55,028		3,089
BBCN Bancorp Inc	138,875		2,111	Calgon Carbon Corp	89,826		1,454
Boston Private Financial Holdings Inc	146,033		1,511	Chemours Co/The	315,954		1,245
Cardinal Financial Corp	56,229		1,072	Hawkins Inc	16,571		621
Central Pacific Financial Corp	54,694		1,146	HB Fuller Co	88,263		3,285
City Holding Co	26,711		1,188	Innophos Holdings Inc	33,583		897
Columbia Banking System Inc	100,780		2,986	Innospec Inc	42,040		2,096
Community Bank System Inc	75,905		2,857	Intrepid Potash Inc (a)	98,390		215
CVB Financial Corp	172,684		2,644	Koppers Holdings Inc (a)	35,879		607
First BanCorp/Puerto Rico (a)	202,687		527	Kraton Performance Polymers Inc (a)	53,286		782
First Commonwealth Financial Corp	155,299		1,356	Quaker Chemical Corp	23,228		1,742
First Financial Bancorp	107,613		1,722	Rayonier Advanced Materials Inc	74,842		524
First Financial Bankshares Inc	115,172		3,008	Stepan Co	31,864		1,433
First Midwest Bancorp Inc/IL	136,076		2,372		$		20,966
First NBC Bank Holding Co (a)	27,628		867
FNB Corp/PA	306,156		3,689	Coal - 0.06%
				Cloud Peak Energy Inc (a)	106,788		160
Glacier Bancorp Inc	132,823		3,133
Hanmi Financial Corp	55,820		1,211	SunCoke Energy Inc	111,706		422
Home BancShares Inc/AR	106,476		4,122		$		582
Independent Bank Corp/Rockland MA	45,801		2,094	Commercial Services - 5.48%
LegacyTexas Financial Group Inc	76,512		1,494	ABM Industries Inc	98,069		2,945
MB Financial Inc	120,918		3,763	Albany Molecular Research Inc (a)	47,102		769
National Penn Bancshares Inc	244,927		2,792	American Public Education Inc (a)	28,395		448
NBT Bancorp Inc	75,570		1,957	AMN Healthcare Services Inc (a)	83,259		2,345
OFG Bancorp	76,580		430	Brink's Co/The	85,341		2,509
Old National Bancorp/IN	199,923		2,463	Capella Education Co	18,945		832
Pinnacle Financial Partners Inc	61,330		3,057	Cardtronics Inc (a)	78,403		2,416
PrivateBancorp Inc	137,999		5,193

See accompanying notes

241

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Commercial Services (continued)				Diversified Financial Services (continued)
Career Education Corp (a)	118,701	$	342	Greenhill & Co Inc	47,608	$	1,132
CDI Corp	25,450		131	Interactive Brokers Group Inc - A Shares	101,154		3,264
CorVel Corp (a)	17,874		815	INTL. FCStone Inc (a)	26,896		758
Cross Country Healthcare Inc (a)	56,864		819	Investment Technology Group Inc	58,628		1,009
ExamWorks Group Inc (a)	69,587		1,911	Piper Jaffray Cos (a)	26,512		901
Forrester Research Inc	17,344		554	PRA Group Inc (a)	84,153		2,504
Green Dot Corp (a)	82,134		1,460	Virtus Investment Partners Inc	11,803		1,039
Healthcare Services Group Inc	125,632		4,444	WageWorks Inc (a)	62,744		2,807
HealthEquity Inc (a)	60,934		1,313	World Acceptance Corp (a)	14,791		428
Heartland Payment Systems Inc	64,165		5,908		$		20,874
Heidrick & Struggles International Inc	30,167		795
HMS Holdings Corp (a)	150,144		1,809	Electric - 1.52%
Insperity Inc	28,459		1,279	ALLETE Inc	79,859		4,224
Kelly Services Inc	51,860		860	Avista Corp	108,769		4,028
Korn/Ferry International	89,387		2,754	El Paso Electric Co	70,573		2,889
Landauer Inc	16,722		512	NorthWestern Corp	84,086		4,695
LendingTree Inc (a)	12,420		915		$		15,836
Matthews International Corp	57,402		2,865	Electrical Components & Equipment - 1.22%
Medifast Inc	16,217		471	Advanced Energy Industries Inc (a)	71,647		2,012
Monro Muffler Brake Inc	55,822		3,670	Encore Wire Corp	36,080		1,343
Monster Worldwide Inc (a)	159,365		795	EnerSys	77,502		3,753
Navigant Consulting Inc (a)	83,063		1,312	General Cable Corp	85,344		1,000
Nutrisystem Inc	50,936		1,009	Littelfuse Inc	38,927		3,967
On Assignment Inc (a)	82,954		3,206	Powell Industries Inc	15,344		384
Resources Connection Inc	64,841		980	Vicor Corp (a)	28,787		242
Strayer Education Inc (a)	19,249		1,028
TrueBlue Inc (a)	73,263		1,673		$		12,701
Universal Technical Institute Inc	36,804		141	Electronics - 3.28%
Viad Corp	35,153		1,036	American Science & Engineering Inc	12,511		449
	$		57,071	Badger Meter Inc	25,335		1,414
				Bel Fuse Inc	15,431		234
Computers - 2.52%				Benchmark Electronics Inc (a)	88,211		1,852
Agilysys Inc (a)	26,432		262	Brady Corp	82,120		1,843
CACI International Inc (a)	42,321		3,515	Checkpoint Systems Inc	73,599		477
Ciber Inc (a)	124,810		406	Coherent Inc (a)	42,223		3,263
Cray Inc (a)	70,866		2,791	CTS Corp	56,976		897
Electronics For Imaging Inc (a)	83,276		3,446	Electro Scientific Industries Inc (a)	48,215		291
Engility Holdings Inc	30,140		407	ESCO Technologies Inc	45,073		1,552
ExlService Holdings Inc (a)	57,528		2,512	FARO Technologies Inc (a)	30,370		780
Insight Enterprises Inc (a)	64,753		1,530	II-VI Inc (a)	91,786		1,909
LivePerson Inc (a)	86,038		487	Itron Inc (a)	66,158		2,181
Lumentum Holdings Inc (a)	82,362		1,625	Methode Electronics Inc	67,168		1,750
Mercury Systems Inc (a)	57,631		1,100	Newport Corp (a)	67,344		1,026
MTS Systems Corp	25,897		1,383	OSI Systems Inc (a)	32,018		1,755
Super Micro Computer Inc (a)	63,877		1,902	Park Electrochemical Corp	35,356		576
Sykes Enterprises Inc (a)	67,930		2,000	Plexus Corp (a)	58,341		2,039
TeleTech Holdings Inc	28,724		767	Rofin-Sinar Technologies Inc (a)	49,508		1,262
Virtusa Corp (a)	47,335		2,117	Rogers Corp (a)	31,315		1,486
	$		26,250	Sanmina Corp (a)	136,871		2,565
				TASER International Inc (a)	93,644		1,441
Consumer Products - 0.91%				TTM Technologies Inc (a)	112,487		656
Central Garden & Pet Co (a)	17,254		233
Central Garden & Pet Co - A Shares (a)	57,035		788	Watts Water Technologies Inc	49,114		2,420
Helen of Troy Ltd (a)	49,052		4,384		$		34,118
Tumi Holdings Inc (a)	98,353		1,700	Energy - Alternate Sources - 0.21%
WD-40 Co	23,336		2,411	FutureFuel Corp	39,680		497
	$		9,516	Green Plains Inc	62,175		1,178
				REX American Resources Corp (a)	10,056		537
Cosmetics & Personal Care - 0.08%
Inter Parfums Inc	29,770		799		$		2,212
				Engineering & Construction - 1.61%
				Aegion Corp (a)	63,273		1,141
Distribution & Wholesale - 0.68%
Core-Mark Holding Co Inc	40,244		3,271	Comfort Systems USA Inc	65,095		1,845
				Dycom Industries Inc (a)	56,702		3,757
Essendant Inc	65,274		1,949
ScanSource Inc (a)	46,723		1,466	EMCOR Group Inc	109,497		5,004
Veritiv Corp (a)	14,245		440	Exponent Inc	44,946		2,306
				MYR Group Inc (a)	35,991		720
	$		7,126	Orion Marine Group Inc (a)	47,624		172
Diversified Financial Services - 2.01%				TopBuild Corp (a)	65,781		1,762
Calamos Asset Management Inc	30,107		289		$		16,707
Encore Capital Group Inc (a)	41,032		941
Enova International Inc (a)	46,662		260	Entertainment - 0.59%
Evercore Partners Inc - Class A	69,013		3,117	Marriott Vacations Worldwide Corp	47,179		2,330
				Pinnacle Entertainment Inc (a)	106,263		3,245
Financial Engines Inc	89,907		2,425

See accompanying notes

242

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Entertainment (continued)				Healthcare - Services (continued)
Scientific Games Corp (a)	87,311	$	517	Chemed Corp	29,465	$	4,135
	$		6,092	Ensign Group Inc/The	83,295		1,870
				Healthways Inc (a)	54,735		644
Environmental Control - 0.39%				Kindred Healthcare Inc	146,284		1,413
Tetra Tech Inc	103,044		2,729	LHC Group Inc (a)	22,586		857
US Ecology Inc	37,941		1,289	Magellan Health Inc (a)	44,646		2,545
	$		4,018	Providence Service Corp/The (a)	22,008		977
Food - 2.13%				Select Medical Holdings Corp	183,216		1,746
B&G Foods Inc	101,211		3,686	US Physical Therapy Inc	21,683		1,109
Calavo Growers Inc	25,794		1,335		$		21,030
Cal-Maine Foods Inc	54,161		2,734	Home Builders - 0.42%
Darling Ingredients Inc (a)	287,562		2,585
				Installed Building Products Inc (a)	29,020		605
Diamond Foods Inc (a)	46,244		1,697
				M/I Homes Inc (a)	43,030		771
J&J Snack Foods Corp	25,769		2,783	Meritage Homes Corp (a)	64,397		2,126
Sanderson Farms Inc	34,431		2,796	Winnebago Industries Inc	47,102		829
Seneca Foods Corp - Class A (a)	10,511		290
Snyder's-Lance Inc	91,469		2,888		$		4,331
SpartanNash Co	65,631		1,347	Home Furnishings - 1.05%
	$		22,141	American Woodmark Corp (a)	23,868		1,647
				Daktronics Inc	67,526		542
Forest Products & Paper - 0.71%				DTS Inc/CA (a)	30,136		671
Clearwater Paper Corp (a)	31,028		1,215
				Ethan Allen Interiors Inc	45,636		1,218
Deltic Timber Corp	19,094		1,049	iRobot Corp (a)	50,747		1,722
Neenah Paper Inc	29,232		1,767	La-Z-Boy Inc	87,622		1,879
PH Glatfelter Co	75,776		1,118	Select Comfort Corp (a)	88,412		1,862
Schweitzer-Mauduit International Inc	53,195		2,234	Universal Electronics Inc (a)	25,311		1,269
	$		7,383	VOXX International Corp (a)	34,850		150
Gas - 2.75%					$		10,960
Laclede Group Inc/The	75,676		4,839	Insurance - 2.82%
New Jersey Resources Corp	149,775		5,275	American Equity Investment Life Holding Co	142,361		2,590
Northwest Natural Gas Co	47,782		2,482	AMERISAFE Inc	33,333		1,700
Piedmont Natural Gas Co Inc	138,530		8,207	eHealth Inc (a)	29,097		305
South Jersey Industries Inc	120,563		2,997	Employers Holdings Inc	55,998		1,395
Southwest Gas Corp	82,702		4,865	HCI Group Inc	15,780		525
	$		28,665	Horace Mann Educators Corp	71,051		2,183
Hand & Machine Tools - 0.18%				Infinity Property & Casualty Corp	19,650		1,560
Franklin Electric Co Inc	67,172		1,832	Navigators Group Inc/The (a)	19,126		1,676
				ProAssurance Corp	92,772		4,650
				RLI Corp	65,890		3,907
Healthcare - Products - 4.62%				Safety Insurance Group Inc	24,504		1,383
Abaxis Inc	37,278		1,623	Selective Insurance Group Inc	99,845		3,126
ABIOMED Inc (a)	68,123		5,813
Affymetrix Inc (a)	139,598		1,959	Stewart Information Services Corp	38,817		1,376
				United Fire Group Inc	36,771		1,420
Analogic Corp	21,683		1,606	United Insurance Holdings Corp	31,193		484
AngioDynamics Inc (a)	46,233		523
				Universal Insurance Holdings Inc	56,553		1,060
Cantel Medical Corp	62,464		3,708		$		29,340
CONMED Corp	44,979		1,662
CryoLife Inc	44,209		435	Internet - 1.37%
Cynosure Inc (a)	39,672		1,436	8x8 Inc (a)	155,866		1,958
Greatbatch Inc (a)	43,741		1,689	Blucora Inc (a)	71,559		617
Haemonetics Corp (a)	88,548		2,802	Blue Nile Inc (a)	20,133		700
Hanger Inc (a)	61,607		831	DHI Group Inc (a)	73,545		685
ICU Medical Inc (a)	25,100		2,416	ePlus Inc (a)	10,188		965
Inogen Inc (a)	25,043		832	FTD Cos Inc (a)	32,028		791
Integra LifeSciences Holdings Corp (a)	50,357		3,094	HealthStream Inc (a)	42,538		932
Invacare Corp	52,182		804	Liquidity Services Inc (a)	42,666		278
Luminex Corp (a)	66,903		1,284	NIC Inc	106,533		2,108
Masimo Corp (a)	79,009		2,904	Perficient Inc (a)	61,661		1,175
Meridian Bioscience Inc	73,050		1,406	QuinStreet Inc (a)	62,081		236
Merit Medical Systems Inc (a)	77,162		1,277	Stamps.com Inc (a)	26,083		2,447
MiMedx Group Inc (a)	173,095		1,440	VASCO Data Security International Inc (a)	51,830		803
Natus Medical Inc (a)	57,645		2,034	XO Group Inc (a)	41,254		615
NuVasive Inc (a)	85,708		3,953		$		14,310
SurModics Inc (a)	22,596		451
Vascular Solutions Inc (a)	30,277		828	Iron & Steel - 0.06%
				AK Steel Holding Corp (a)	310,475		633
Zeltiq Aesthetics Inc (a)	55,866		1,297
	$		48,107
				Leisure Products & Services - 0.16%
Healthcare - Services - 2.02%				Arctic Cat Inc	22,675		279
Adeptus Health Inc (a)	20,908		986
Air Methods Corp (a)	62,436		2,431	Callaway Golf Co	156,978		1,367
Almost Family Inc (a)	14,404		551		$		1,646
Amedisys Inc (a)	49,403		1,766

See accompanying notes

243

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Lodging - 0.54%				Oil & Gas (continued)
Belmond Ltd (a)	154,419	$	1,306	Stone Energy Corp (a)	99,668	$	307
Boyd Gaming Corp (a)	139,577		2,486	Synergy Resources Corp (a)	196,211		1,244
Interval Leisure Group Inc	68,246		804	Unit Corp (a)	88,008		918
Marcus Corp/The	32,995		625		$		10,731
Monarch Casino & Resort Inc (a)	18,676		387
	$		5,608	Oil & Gas Services - 1.01%
				Archrock Inc	121,231		727
Machinery - Construction & Mining - 0.12%				Basic Energy Services Inc (a)	68,438		158
Astec Industries Inc	32,905		1,227	Bristow Group Inc	60,998		1,419
				CARBO Ceramics Inc	34,146		565
				Era Group Inc (a)	33,636		309
Machinery - Diversified - 1.14%				Exterran Corp (a)	61,366		1,014
Albany International Corp	50,276		1,706	Flotek Industries Inc (a)	93,617		625
Applied Industrial Technologies Inc	68,654		2,639	Geospace Technologies Corp (a)	22,953		248
Briggs & Stratton Corp	77,204		1,518
Chart Industries Inc (a)	53,322		864	Gulf Island Fabrication Inc	23,376		204
				Gulfmark Offshore Inc (a)	44,920		170
DXP Enterprises Inc (a)	22,120		347
				Helix Energy Solutions Group Inc (a)	172,313		695
Lindsay Corp	19,707		1,386	Matrix Service Co (a)	46,327		878
SPX FLOW Inc (a)	71,741		1,710
				Newpark Resources Inc (a)	146,900		716
Tennant Co	31,137		1,685	Pioneer Energy Services Corp (a)	112,595		154
	$		11,855	SEACOR Holdings Inc (a)	27,871		1,282
Media - 0.71%				Tesco Corp	68,092		463
EW Scripps Co/The	92,930		1,764	TETRA Technologies Inc (a)	140,058		867
Gannett Co Inc	200,817		2,980		$		10,494
Scholastic Corp	46,424		1,594
World Wrestling Entertainment Inc	59,715		1,069	Packaging & Containers - 0.21%
	$		7,407	KapStone Paper and Packaging Corp	149,643		2,212
Metal Fabrication & Hardware - 0.48%				Pharmaceuticals - 2.26%
CIRCOR International Inc	28,777		1,021	Anika Therapeutics Inc (a)	25,553		961
Haynes International Inc	21,727		695	Depomed Inc (a)	105,582		1,620
Mueller Industries Inc	99,780		2,540	Enanta Pharmaceuticals Inc (a)	22,868		588
Olympic Steel Inc	15,942		149	Impax Laboratories Inc (a)	115,710		4,336
TimkenSteel Corp	66,346		598	Lannett Co Inc (a)	48,462		1,236
	$		5,003	Nektar Therapeutics (a)	232,966		3,178
Mining - 0.65%				Neogen Corp (a)	65,239		3,404
Century Aluminum Co (a)	86,502		408	PharMerica Corp (a)	53,165		1,579
Kaiser Aluminum Corp	30,966		2,407	Phibro Animal Health Corp	31,600		1,060
Materion Corp	34,918		855	Prestige Brands Holdings Inc (a)	92,079		4,298
Stillwater Mining Co (a)	211,223		1,384	Sagent Pharmaceuticals Inc (a)	41,783		631
US Silica Holdings Inc	93,193		1,738	Supernus Pharmaceuticals Inc (a)	59,784		678
	$		6,792		$		23,569
Miscellaneous Manufacturers - 2.38%				Publicly Traded Investment Fund - 0.29%
Actuant Corp	104,205		2,426	iShares Core S&P Small-Cap ETF	29,222		3,020
AZZ Inc	45,028		2,318
Barnes Group Inc	90,091		2,929	Real Estate - 0.33%
EnPro Industries Inc	38,332		1,705	Forestar Group Inc (a)	58,653		532
Fabrinet (a)	53,098		1,323
				Four Corners Property Trust Inc	67,198		1,136
Federal Signal Corp	108,494		1,605	HFF Inc (a)	60,106		1,717
Harsco Corp	139,821		900		$		3,385
Hillenbrand Inc	109,707		2,971
John Bean Technologies Corp	50,868		2,330	REITS - 7.31%
LSB Industries Inc (a)	34,246		192	Acadia Realty Trust	120,491		4,109
Lydall Inc (a)	29,750		840	Agree Realty Corp	33,812		1,248
Myers Industries Inc	38,935		443	American Assets Trust Inc	68,870		2,575
SPX Corp	71,234		663	Capstead Mortgage Corp	167,282		1,562
Standex International Corp	22,296		1,610	CareTrust REIT Inc	84,051		862
Sturm Ruger & Co Inc	32,648		1,921	Cedar Realty Trust Inc	130,653		922
Tredegar Corp	43,357		569	Chesapeake Lodging Trust	104,145		2,616
	$		24,745	CoreSite Realty Corp	53,495		3,431
				Cousins Properties Inc	356,014		3,069
Office Furnishings - 0.19%				DiamondRock Hospitality Co	350,436		2,909
Interface Inc	114,957		1,942	EastGroup Properties Inc	56,140		2,997
				Education Realty Trust Inc	106,287		4,154
Oil & Gas - 1.03%				Franklin Street Properties Corp	155,658		1,519
Atwood Oceanics Inc	102,545		629	GEO Group Inc/The	128,757		3,809
Bill Barrett Corp (a)	87,215		323	Getty Realty Corp	46,074		824
Bonanza Creek Energy Inc (a)	71,236		203	Government Properties Income Trust	124,164		1,705
Carrizo Oil & Gas Inc (a)	94,691		2,569	Healthcare Realty Trust Inc	175,687		5,102
Contango Oil & Gas Co (a)	30,484		195	Inland Real Estate Corp	158,027		1,692
Northern Oil and Gas Inc (a)	91,226		301	Kite Realty Group Trust	145,459		3,855
PDC Energy Inc (a)	69,976		3,979	Lexington Realty Trust	369,726		2,710
Rex Energy Corp (a)	84,651		63	LTC Properties Inc	62,097		2,765

See accompanying notes

244

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
REITS (continued)				Semiconductors - 3.52%
Medical Properties Trust Inc	415,194	$	4,567	Brooks Automation Inc	118,087	$	1,125
Parkway Properties Inc/MD	142,256		1,916	Cabot Microelectronics Corp	42,005		1,707
Pennsylvania Real Estate Investment Trust	120,786		2,365	CEVA Inc (a)	35,687		826
PS Business Parks Inc	33,954		2,940	Cirrus Logic Inc (a)	111,193		3,861
Retail Opportunity Investments Corp	173,671		3,211	Cohu Inc	43,331		525
Sabra Health Care REIT Inc	113,704		2,088	Diodes Inc (a)	67,860		1,298
Saul Centers Inc	19,984		1,017	DSP Group Inc (a)	37,780		362
Summit Hotel Properties Inc	151,404		1,537	Exar Corp (a)	84,517		465
Universal Health Realty Income Trust	21,402		1,088	Kopin Corp (a)	109,071		210
Urstadt Biddle Properties Inc	46,296		940	Kulicke & Soffa Industries Inc (a)	123,413		1,249
	$		76,104	MKS Instruments Inc	92,971		3,295
				Monolithic Power Systems Inc	63,470		3,971
Retail - 6.47%				Nanometrics Inc (a)	42,225		597
Asbury Automotive Group Inc (a)	44,310		2,086
Barnes & Noble Education Inc (a)	68,150		751	Power Integrations Inc	49,630		2,339
				QLogic Corp (a)	146,352		1,876
Barnes & Noble Inc	108,128		948	Rambus Inc (a)	203,434		2,490
Big 5 Sporting Goods Corp	32,217		392	Rovi Corp (a)	144,273		2,807
Biglari Holdings Inc (a)	1,840		696
				Rudolph Technologies Inc (a)	54,481		698
BJ's Restaurants Inc (a)	36,079		1,547
				Semtech Corp (a)	113,298		2,277
Bob Evans Farms Inc/DE	36,431		1,492	Tessera Technologies Inc	83,747		2,414
Buckle Inc/The	49,138		1,397	Ultratech Inc (a)	46,142		931
Caleres Inc	76,308		2,051	Veeco Instruments Inc (a)	71,474		1,332
Cash America International Inc	44,363		1,328		$		36,655
Cato Corp/The	45,660		1,842
Children's Place Inc/The	35,462		2,309	Software - 3.62%
DineEquity Inc	29,276		2,486	Blackbaud Inc	80,456		4,946
Express Inc (a)	125,499		2,128	Bottomline Technologies de Inc (a)	66,520		1,917
EZCORP Inc (a)	90,482		275	Computer Programs & Systems Inc	18,350		964
Finish Line Inc/The	78,333		1,484	Constant Contact Inc (a)	56,080		1,773
First Cash Financial Services Inc	48,540		1,723	CSG Systems International Inc	57,075		1,994
Five Below Inc (a)	95,186		3,353	Digi International Inc (a)	44,164		403
Francesca's Holdings Corp (a)	72,720		1,326	Ebix Inc	45,979		1,569
Fred's Inc	61,151		1,009	Epiq Systems Inc	56,317		705
Genesco Inc (a)	38,564		2,551	Interactive Intelligence Group Inc (a)	30,306		724
Group 1 Automotive Inc	39,296		2,108	ManTech International Corp/VA	42,532		1,226
Haverty Furniture Cos Inc	35,089		665	Medidata Solutions Inc (a)	96,658		4,130
Hibbett Sports Inc (a)	39,777		1,279	MicroStrategy Inc (a)	16,287		2,810
Kirkland's Inc	27,471		325	Monotype Imaging Holdings Inc	69,664		1,737
Lithia Motors Inc	41,362		3,167	Omnicell Inc (a)	61,847		1,731
Lumber Liquidators Holdings Inc (a)	47,285		610	Progress Software Corp (a)	87,661		2,270
MarineMax Inc (a)	44,611		754	Quality Systems Inc	77,561		1,017
Men's Wearhouse Inc/The	84,417		1,157	Synchronoss Technologies Inc (a)	69,324		2,124
Movado Group Inc	28,603		735	Take-Two Interactive Software Inc (a)	147,724		5,126
Outerwall Inc	30,155		1,019	Tangoe Inc (a)	65,392		547
Papa John's International Inc	50,399		2,407		$		37,713
Pep Boys-Manny Moe & Jack/The (a)	94,030		1,739
PetMed Express Inc	35,166		634	Storage & Warehousing - 0.19%
Popeyes Louisiana Kitchen Inc (a)	39,229		2,418	Mobile Mini Inc	78,162		2,026
Red Robin Gourmet Burgers Inc (a)	24,314		1,501
Regis Corp (a)	66,881		999	Telecommunications - 2.63%
Ruby Tuesday Inc (a)	108,147		589	ADTRAN Inc	86,517		1,571
Ruth's Hospitality Group Inc	61,114		993	Anixter International Inc (a)	49,498		2,447
Sonic Automotive Inc	56,061		960	Atlantic Tele-Network Inc	18,786		1,446
Sonic Corp	86,899		2,553	Black Box Corp	26,853		205
Stage Stores Inc	55,897		464	CalAmp Corp (a)	63,813		1,085
Stein Mart Inc	51,031		376	Cincinnati Bell Inc (a)	366,366		1,187
Texas Roadhouse Inc	110,206		4,059	Comtech Telecommunications Corp	28,188		550
Tuesday Morning Corp (a)	77,380		431	Consolidated Communications Holdings Inc	88,174		1,767
Vitamin Shoppe Inc (a)	50,836		1,547	General Communication Inc (a)	51,849		939
Zumiez Inc (a)	34,911		632	Harmonic Inc (a)	152,003		502
	$		67,295	Iridium Communications Inc (a)	140,889		981
				Ixia (a)	106,252		1,017
Savings & Loans - 1.60%				LogMeIn Inc (a)	43,749		2,285
Astoria Financial Corp	158,347		2,396	Lumos Networks Corp (a)	40,098		464
Bank Mutual Corp	73,847		582	NETGEAR Inc (a)	55,005		2,056
BofI Holding Inc (a)	100,051		1,717
				Ruckus Wireless Inc (a)	154,826		1,302
Brookline Bancorp Inc	122,507		1,367	Spok Holdings Inc	36,661		660
Dime Community Bancshares Inc	53,396		918	ViaSat Inc(a)	77,712		4,857
Northfield Bancorp Inc	68,248		1,056	Viavi Solutions Inc (a)	405,126		2,026
Northwest Bancshares Inc	177,658		2,233
Oritani Financial Corp	65,454		1,094		$		27,347
Provident Financial Services Inc	102,737		2,018	Textiles - 0.49%
Sterling Bancorp/DE	208,370		3,274	G&K Services Inc	34,947		2,250
	$		16,655

See accompanying notes

245

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held	Value(000			's)
Textiles (continued)
UniFirst Corp/MA	26,628		$	2,804
		$		5,054
Transportation - 1.78%
ArcBest Corp	42,602			875
Atlas Air Worldwide Holdings Inc (a)	42,998			1,579
Celadon Group Inc	48,621			386
Echo Global Logistics Inc (a)	44,836			987
Forward Air Corp	53,824			2,323
Heartland Express Inc	105,543			1,810
Hornbeck Offshore Services Inc (a)	55,697			453
Hub Group Inc (a)	62,318			1,899
Knight Transportation Inc	107,360			2,627
Marten Transport Ltd	41,675			699
Matson Inc	76,029			3,072
Roadrunner Transportation Systems Inc (a)	52,773			418
Saia Inc (a)	43,580			932
Tidewater Inc	81,991			436
		$		18,496
Trucking & Leasing - 0.11%
Greenbrier Cos Inc/The	45,429			1,175
Water - 0.28%
American States Water Co	64,115			2,911
TOTAL COMMON STOCKS		$		1,008,689
INVESTMENT COMPANIES - 2.68%	Shares Held	Value(000			's)
Publicly Traded Investment Fund - 2.68%
BlackRock Liquidity Funds FedFund Portfolio	27,911,157			27,911
TOTAL INVESTMENT COMPANIES		$		27,911
Total Investments		$		1,036,600
Other Assets in Excess of Liabilities, Net - 0.40%		$		4,156
TOTAL NET ASSETS - 100.00%		$		1,040,756
(a) Non-Income Producing Security
Portfolio Summary (unaudited)
Sector				Percent
Financial				22.91	%
Consumer, Non-cyclical				19.53	%
Industrial				15.78	%
Consumer, Cyclical				13.71	%
Technology				9.66	%
Communications				4.75	%
Utilities				4.55	%
Basic Materials				3.43	%
Exchange Traded Funds				2.97	%
Energy				2.31	%
Other Assets in Excess of Liabilities, Net				0.40	%
TOTAL NET ASSETS				100.00	%
Futures Contracts
												Unrealized
Type	Long/Short			Contracts		Notional Value			Fair Value	Appreciation/(Depreciation)
Russell 2000 Mini; March 2016	Long			298		$	29,920	$	30,736		$	816
Total										$		816
Amounts in thousands except contracts

See accompanying notes

246

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS - 91.15%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Advertising - 0.07%				Automobile Parts & Equipment (continued)
Harte-Hanks Inc	102,214	$	350	Meritor Inc (a)	12,731	$	87
Journal Media Group Inc	27,491		330	Metaldyne Performance Group Inc	1,274		15
Marchex Inc	26,722		102	Miller Industries Inc/TN	19,089		410
Marin Software Inc (a)	4,597		16	Modine Manufacturing Co (a)	50,523		324
MDC Partners Inc	4,313		84	Motorcar Parts of America Inc (a)	5,028		173
Sizmek Inc (a)	3,360		11	Spartan Motors Inc	57,096		166
	$		893	Standard Motor Products Inc	8,215		307
				Strattec Security Corp	2,649		127
Aerospace & Defense - 1.15%				Superior Industries International Inc	34,993		644
AAR Corp	82,187		1,727	Supreme Industries Inc	16,313		95
Aerojet Rocketdyne Holdings Inc (a)	4,573		75	Tenneco Inc (a)	42,375		1,619
Aerovironment Inc (a)	5,346		136	Titan International Inc	25,894		77
Arotech Corp (a)	9,039		19	Tower International Inc	1,938		45
Cubic Corp	18,206		727		$		6,542
Curtiss-Wright Corp	52,412		3,616
Ducommun Inc (a)	19,752		292	Banks - 11.25%
Esterline Technologies Corp (a)	28,495		2,243	1st Constitution Bancorp (a)	926		11
Kaman Corp	12,839		511	1st Source Corp	29,750		899
KLX Inc (a)	34,696		1,015	Access National Corp	1,592		30
Kratos Defense & Security Solutions Inc (a)	60,359		193	Allegiance Bancshares Inc (a)	729		14
LMI Aerospace Inc (a)	971		10	American National Bankshares Inc	2,252		56
Moog Inc (a)	15,674		727	American River Bankshares (a)	5,499		56
National Presto Industries Inc	941		74	Ameris Bancorp	21,545		624
Orbital ATK Inc	7,183		648	AmeriServ Financial Inc	22,099		69
SIFCO Industries Inc (a)	610		5	Ames National Corp	1,797		45
Teledyne Technologies Inc (a)	14,561		1,183	Arrow Financial Corp	6,862		189
Triumph Group Inc	25,275		644	ASB Bancorp Inc (a)	600		15
	$		13,845	Associated Banc-Corp	118,400		2,078
				BancFirst Corp	1,416		79
Agriculture - 0.24%				Bancorp Inc/The (a)	9,033		41
Alico Inc	707		21	BancorpSouth Inc	44,718		934
Alliance One International Inc (a)	6,752		66	Bank of Commerce Holdings	1,302		8
Andersons Inc/The	20,459		599	Bank of Florida Corp (a),(b),(c)	6,269		—
Tejon Ranch Co (a)	2,591		51	Bank of Marin Bancorp	1,196		65
Universal Corp/VA	28,026		1,534	Banner Corp	3,885		161
Vector Group Ltd	23,761		554	Bar Harbor Bankshares	1,690		59
	$		2,825	BBCN Bancorp Inc	24,618		374
Airlines - 0.20%				BCB Bancorp Inc	1,563		16
Hawaiian Holdings Inc (a)	5,512		194	Blue Hills Bancorp Inc	5,548		82
JetBlue Airways Corp (a)	48,307		1,029	BNC Bancorp	8,218		191
Republic Airways Holdings Inc (a)	62,951		135	Boston Private Financial Holdings Inc	78,862		816
SkyWest Inc	65,403		982	Bridge Bancorp Inc	2,873		84
Virgin America Inc (a)	1,465		45	Bryn Mawr Bank Corp	8,221		215
	$		2,385	Camden National Corp	1,542		65
				Capital Bank Financial Corp	127,907		3,895
Apparel - 0.18%				Capital City Bank Group Inc	13,904		197
Cherokee Inc (a)	334		5	Cardinal Financial Corp	19,079		364
Columbia Sportswear Co	1,655		92	Carolina Bank Holdings Inc (a)	378		6
Crocs Inc (a)	2,363		22	Cascade Bancorp (a)	21,478		116
Deckers Outdoor Corp (a)	1,941		96	Cass Information Systems Inc	693		35
Delta Apparel Inc (a)	6,921		83	Cathay General Bancorp	34,100		955
Iconix Brand Group Inc (a)	56,173		373	CenterState Banks Inc	12,589		179
Lakeland Industries Inc (a)	6,346		82	Central Pacific Financial Corp	20,667		433
Perry Ellis International Inc (a)	22,456		427	Century Bancorp Inc/MA	1,037		42
Rocky Brands Inc	8,535		93	Chemical Financial Corp	22,071		703
Sequential Brands Group Inc (a)	1,755		11	Citizens & Northern Corp	6,739		136
Skechers U.S.A. Inc (a)	3,821		108	Citizens First Corp	300		4
Superior Uniform Group Inc	8,321		148	City Holding Co	3,752		167
Unifi Inc (a)	26,591		635	CNB Financial Corp/PA	4,948		90
Weyco Group Inc	1,645		44	CoBiz Financial Inc	6,686		74
	$		2,219	Codorus Valley Bancorp Inc	1,188		24
				Colony Bankcorp Inc (a)	706		7
Automobile Manufacturers - 0.01%				Columbia Banking System Inc	12,455		369
Navistar International Corp (a)	8,954		65
Wabash National Corp (a)	1,785		20	Community Bank System Inc	40,429		1,521
				Community Trust Bancorp Inc	3,002		105
	$		85	Community West Bancshares	1,308		9
Automobile Parts & Equipment - 0.54%				CommunityOne Bancorp (a)	2,769		36
Accuride Corp (a)	7,357		6	ConnectOne Bancorp Inc	14,999		249
Cooper Tire & Rubber Co	35,894		1,309	CU Bancorp (a)	5,184		119
Cooper-Standard Holding Inc (a)	5,015		348	Customers Bancorp Inc (a)	3,665		92
Dana Holding Corp	15,346		182	CVB Financial Corp	14,848		227
Douglas Dynamics Inc	12,887		256	Eagle Bancorp Inc (a)	1,816		86
Federal-Mogul Holdings Corp (a)	67,089		320	Eastern Virginia Bankshares Inc	851		6
Horizon Global Corp (a)	3,362		32	Enterprise Bancorp Inc/MA	1,631		39

See accompanying notes

247

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held	Value(000	's)
Banks (continued)				Banks (continued)
Enterprise Financial Services Corp	6,109	$	173	Old Line Bancshares Inc	2,086	$ 36
Equity Bancshares Inc (a)	624		14	Old National Bancorp/IN	77,553	956
Evans Bancorp Inc	387		10	Old Second Bancorp Inc (a)	17,885	127
Farmers Capital Bank Corp	6,048		163	Opus Bank	2,027	67
FCB Financial Holdings Inc (a)	7,586		255	Pacific Continental Corp	7,124	115
Fidelity Southern Corp	9,469		150	PacWest Bancorp	8,299	305
Financial Institutions Inc	22,582		619	Park National Corp	2,566	226
First Bancorp Inc/ME	2,270		43	Park Sterling Corp	37,436	274
First BanCorp/Puerto Rico (a)	73,890		192	Patriot National Bancorp Inc (a)	212	3
First Bancorp/Southern Pines NC	20,059		377	Peapack Gladstone Financial Corp	3,126	67
First Bancshares Inc/The	1,620		28	Penns Woods Bancorp Inc	974	38
First Busey Corp	20,124		371	Peoples Bancorp Inc/OH	15,183	261
First Business Financial Services Inc	7,840		180	Peoples Bancorp of North Carolina Inc	1,797	34
First Citizens BancShares Inc/NC	1,907		470	Peoples Financial Services Corp	1,459	54
First Commonwealth Financial Corp	141,511		1,235	People's Utah Bancorp	978	15
First Community Bancshares Inc/VA	21,848		406	Pinnacle Financial Partners Inc	25,254	1,258
First Connecticut Bancorp Inc/Farmington CT	9,375		152	Preferred Bank/Los Angeles CA	5,011	163
First Financial Bancorp	49,157		787	Premier Financial Bancorp Inc	8,519	130
First Financial Bankshares Inc	3,701		97	PrivateBancorp Inc	30,369	1,143
First Financial Corp/IN	6,894		228	Prosperity Bancshares Inc	249,852	10,594
First Interstate BancSystem Inc	9,132		247	QCR Holdings Inc	3,163	72
First Merchants Corp	353,533		8,082	Renasant Corp	28,344	900
First Midwest Bancorp Inc/IL	172,618		3,009	Republic Bancorp Inc/KY	10,321	276
First NBC Bank Holding Co (a)	2,940		92	Republic First Bancorp Inc (a)	2,088	9
First of Long Island Corp/The	2,381		69	S&T Bancorp Inc	29,285	791
First United Corp (a)	1,489		14	Sandy Spring Bancorp Inc	33,924	903
FirstMerit Corp	758,484		14,699	SB Financial Group Inc	2,685	28
FNB Corp/PA	141,656		1,707	Seacoast Banking Corp of Florida (a)	4,717	70
Franklin Financial Network Inc (a)	1,274		35	Select Bancorp Inc (a)	2,142	17
Fulton Financial Corp	220,361		2,832	ServisFirst Bancshares Inc	5,529	222
German American Bancorp Inc	5,464		174	Sierra Bancorp	23,063	420
Glacier Bancorp Inc	22,000		519	Simmons First National Corp	4,175	185
Great Southern Bancorp Inc	2,325		92	South State Corp	3,199	214
Great Western Bancorp Inc	9,887		258	Southcoast Financial Corp (a)	598	8
Green Bancorp Inc (a)	3,024		22	Southern First Bancshares Inc (a)	357	8
Guaranty Bancorp	6,167		97	Southern National Bancorp of Virginia Inc	1,953	26
Guaranty Federal Bancshares Inc	541		8	Southside Bancshares Inc	4,616	104
Hancock Holding Co	43,222		1,035	Southwest Bancorp Inc	22,414	376
Hanmi Financial Corp	5,017		108	State Bank Financial Corp	4,930	95
Hawthorn Bancshares Inc	1,683		26	Stock Yards Bancorp Inc	2,051	80
Heartland Financial USA Inc	6,000		180	Stonegate Bank	7,560	240
Heritage Commerce Corp	15,330		150	Suffolk Bancorp	2,416	68
Heritage Financial Corp/WA	8,570		155	Summit State Bank	804	11
Hilltop Holdings Inc (a)	33,563		536	Sun Bancorp Inc/NJ (a)	3,823	80
Home BancShares Inc/AR	11,201		433	Sussex Bancorp	1,215	16
Horizon Bancorp/IN	2,751		71	Synovus Financial Corp	7,577	231
IBERIABANK Corp	33,845		1,619	Talmer Bancorp Inc	6,995	112
Independent Bank Corp/MI	21,520		326	Texas Capital Bancshares Inc (a)	14,523	518
Independent Bank Corp/Rockland MA	3,665		168	TierOne Corp (a),(b),(c)	2,447	—
Independent Bank Group Inc	1,968		59	Tompkins Financial Corp	4,672	261
International Bancshares Corp	78,336		1,817	Towne Bank/Portsmouth VA	37,475	715
Kearny Financial Corp/MD	13,108		158	TriCo Bancshares	7,329	187
Lakeland Bancorp Inc	21,012		236	TriState Capital Holdings Inc (a)	13,025	155
Lakeland Financial Corp	96,067		4,206	Triumph Bancorp Inc (a)	2,972	42
LegacyTexas Financial Group Inc	6,683		131	TrustCo Bank Corp NY	18,088	100
Macatawa Bank Corp	7,247		42	Trustmark Corp	59,509	1,288
MainSource Financial Group Inc	41,110		912	UMB Financial Corp	5,498	258
MB Financial Inc	48,812		1,519	Umpqua Holdings Corp	129,435	1,874
MBT Financial Corp	15,903		130	Union Bankshares Corp	438,610	10,074
Mercantile Bank Corp	12,101		270	United Bancshares Inc/OH	900	15
Merchants Bancshares Inc/VT	1,099		32	United Bankshares Inc/WV	9,699	326
Metro Bancorp Inc	18,428		526	United Community Banks Inc/GA	20,406	369
Mid Penn Bancorp Inc	119		2	United Security Bancshares/Fresno CA (a)	1,773	9
MidSouth Bancorp Inc	743		6	Unity Bancorp Inc	165	2
MidWestOne Financial Group Inc	2,528		71	Univest Corp of Pennsylvania	17,341	341
National Bankshares Inc	1,297		45	Valley National Bancorp	47,965	422
National Commerce Corp (a)	1,405		32	Walker & Dunlop Inc (a)	5,756	138
National Penn Bancshares Inc	164,691		1,877	Washington Trust Bancorp Inc	11,083	437
NBT Bancorp Inc	22,173		574	Webster Financial Corp	485,592	16,107
NewBridge Bancorp	8,242		93	WesBanco Inc	34,722	1,007
Northeast Bancorp	1,364		14	West Bancorporation Inc	3,305	60
Northrim BanCorp Inc	2,252		52	Westamerica Bancorporation	3,583	156
OFG Bancorp	52,128		293	Western Alliance Bancorp (a)	45,166	1,471

See accompanying notes

248

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Banks (continued)				Chemicals (continued)
Wilshire Bancorp Inc	61,169	$	647	Minerals Technologies Inc	7,985	$	327
Wintrust Financial Corp	84,947		3,575	Oil-Dri Corp of America	1,003		38
Yadkin Financial Corp	6,355		148	Olin Corp	81,012		1,373
	$		135,501	OMNOVA Solutions Inc (a)	4,416		23
				Quaker Chemical Corp	516		39
Beverages - 0.08%				Rayonier Advanced Materials Inc	7,917		55
Coca-Cola Bottling Co Consolidated	4,720		830	Sensient Technologies Corp	12,595		752
Craft Brew Alliance Inc (a)	7,888		68
				Stepan Co	5,854		263
MGP Ingredients Inc	5,023		112	Tronox Ltd	35,493		127
National Beverage Corp (a)	159		7
				Univar Inc (a)	3,876		49
	$		1,017	Valhi Inc	1,984		2
Biotechnology - 0.12%					$		7,735
Acorda Therapeutics Inc (a)	2,019		74
Agenus Inc (a)	2,596		8	Coal - 0.03%
				Cloud Peak Energy Inc (a)	74,906		113
BioCryst Pharmaceuticals Inc (a)	2,440		17
Celldex Therapeutics Inc (a)	1,563		13	Hallador Energy Co	3,458		17
Cytokinetics Inc (a)	2,892		22	SunCoke Energy Inc	66,082		250
				Westmoreland Coal Co (a)	3,664		20
CytomX Therapeutics Inc (a)	141		2
Emergent BioSolutions Inc (a)	9,816		359		$		400
Endocyte Inc (a)	7,282		24	Commercial Services - 7.90%
Enzo Biochem Inc (a)	11,470		54	Aaron's Inc	74,698		1,709
Geron Corp (a)	1,499		5	ABM Industries Inc	31,238		938
Harvard Bioscience Inc (a)	14,081		42	Alarm.com Holdings Inc (a)	498		8
Idera Pharmaceuticals Inc (a)	1,268		3	Albany Molecular Research Inc (a)	252,861		4,127
Immunomedics Inc (a)	1,313		3	American Public Education Inc (a)	6,363		101
Innoviva Inc	1,521		15	AMN Healthcare Services Inc (a)	5,815		164
Inovio Pharmaceuticals Inc (a)	1,325		9	Apollo Education Group Inc (a)	12,969		103
Lexicon Pharmaceuticals Inc (a)	4,301		44	ARC Document Solutions Inc (a)	24,236		89
Loxo Oncology Inc (a)	1,620		34	Arrowhead Research Corp (a)	4,631		16
Medicines Co/The (a)	8,335		288	Ascent Capital Group Inc (a)	8,176		93
Merrimack Pharmaceuticals Inc (a)	1,062		7	Avalon Holdings Corp (a)	3,917		7
Ocata Therapeutics Inc (a)	934		8	Booz Allen Hamilton Holding Corp	588,200		16,640
PDL BioPharma Inc	28,945		91	Bridgepoint Education Inc (a)	9,705		65
Peregrine Pharmaceuticals Inc (a)	2,415		2	Cambium Learning Group Inc (a)	16,138		72
Rigel Pharmaceuticals Inc (a)	3,392		9	Cardtronics Inc (a)	4,150		128
RTI Surgical Inc (a)	33,246		106	Care.com Inc (a)	3,284		20
Spectrum Pharmaceuticals Inc (a)	8,464		42	Carriage Services Inc	32,845		729
Stemline Therapeutics Inc (a)	2,248		11	Cartesian Inc (a)	650		1
Theravance Biopharma Inc (a)	5,112		84	CBIZ Inc (a)	67,889		686
Tokai Pharmaceuticals Inc (a)	972		6	CDI Corp	27,204		139
Verastem Inc (a)	4,812		6	Civeo Corp (a)	29,445		32
Versartis Inc (a)	3,563		40	CPI Card Group Inc (a)	1,308		11
XOMA Corp (a)	2,672		3	CRA International Inc (a)	12,110		226
	$		1,431	Cross Country Healthcare Inc (a)	32,367		466
				Deluxe Corp	22,124		1,237
Building Materials - 0.89%				DeVry Education Group Inc	42,887		853
Boise Cascade Co (a)	2,688		55
				Edgewater Technology Inc (a)	10,657		83
Continental Materials Corp (a)	657		7
Gibraltar Industries Inc (a)	42,941		912	Electro Rent Corp	24,406		213
				Ennis Inc	51,859		1,036
Griffon Corp	112,322		1,705	Everi Holdings Inc (a)	36,406		102
Lennox International Inc	36,950		4,427	Franklin Covey Co (a)	6,071		108
Louisiana-Pacific Corp (a)	1,533		24
				FRP Holdings Inc (a)	2,468		75
LSI Industries Inc	26,028		300	FTI Consulting Inc (a)	51,510		1,746
Quanex Building Products Corp	14,731		273	Great Lakes Dredge & Dock Corp (a)	69,678		239
Simpson Manufacturing Co Inc	34,791		1,136	Green Dot Corp (a)	6,296		112
Universal Forest Products Inc	26,636		1,835	Hackett Group Inc/The	10,030		148
	$		10,674	HealthEquity Inc (a)	8,470		183
Chemicals - 0.64%				Heidrick & Struggles International Inc	9,711		256
A Schulman Inc	22,282		564	Hudson Global Inc (a)	611		2
Aceto Corp	8,014		183	Huron Consulting Group Inc (a)	3,470		195
American Vanguard Corp	23,799		268	ICF International Inc (a)	229,847		7,862
Axiall Corp	47,589		853	Intersections Inc (a)	1,760		5
Cabot Corp	16,796		678	James River Group Holdings Ltd	2,223		75
Calgon Carbon Corp	3,942		64	K12 Inc (a)	26,352		243
Chemtura Corp (a)	18,794		493	KAR Auction Services Inc	387,725		12,958
Ferro Corp (a)	10,005		93	Kelly Services Inc	40,896		678
Hawkins Inc	1,678		63	Korn/Ferry International	70,012		2,157
Innophos Holdings Inc	3,759		100	Landauer Inc	3,690		113
Innospec Inc	5,134		256	LendingTree Inc (a)	5,970		440
Intrepid Potash Inc (a)	12,647		27	Live Nation Entertainment Inc (a)	8,170		185
Kraton Performance Polymers Inc (a)	33,674		495	Matthews International Corp	14,400		718
Kronos Worldwide Inc	18,182		85	McGrath RentCorp	20,755		506
Landec Corp (a)	38,609		465	MoneyGram International Inc (a)	5,710		30

See accompanying notes

249

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Commercial Services (continued)				Cosmetics & Personal Care (continued)
Monster Worldwide Inc (a)	80,265	$	401	Inter Parfums Inc	1,861	$	50
Multi-Color Corp	37,025		2,334	Revlon Inc (a)	11,982		356
National Research Corp	379		6		$		408
Navigant Consulting Inc (a)	76,939		1,215
Neff Corp (a)	2,231		11	Distribution & Wholesale - 0.48%
				ADDvantage Technologies Group Inc (a)	3,841		7
Patriot National Inc (a)	240		2
				Beacon Roofing Supply Inc (a)	29,297		1,186
Perceptron Inc (a)	7,593		50
PFSweb Inc (a)	442		5	Core-Mark Holding Co Inc	16,519		1,343
Quad/Graphics Inc	33,914		342	Essendant Inc	42,817		1,279
				Rentrak Corp (a)	146		6
RCM Technologies Inc	13,071		65	ScanSource Inc (a)	36,539		1,146
Rent-A-Center Inc/TX	62,727		854	Titan Machinery Inc (a)	3,470		29
Resources Connection Inc	15,968		241	Veritiv Corp (a)	2,741		85
RPX Corp (a)	40,680		472
				WESCO International Inc (a)	17,082		690
ServiceMaster Global Holdings Inc (a)	352,075		14,861
ServiceSource International Inc (a)	4,738		18		$		5,771
SP Plus Corp (a)	487		11	Diversified Financial Services - 0.96%
Strayer Education Inc (a)	3,412		182	AeroCentury Corp (a)	423		5
Team Inc (a)	161,825		3,884	Air Lease Corp	17,293		445
TransUnion (a)	400,200		9,901	Aircastle Ltd	47,372		813
Travelport Worldwide Ltd	4,269		46	Arlington Asset Investment Corp	4,246		47
TriNet Group Inc (a)	442		7	Associated Capital Group Inc (a)	2,760		75
Universal Security Instruments Inc (a)	1,000		4	Asta Funding Inc (a)	11,856		89
Vectrus Inc (a)	2,533		50	Atlanticus Holdings Corp (a)	16,062		49
Versar Inc (a)	3,300		9	Calamos Asset Management Inc	33,181		317
Viad Corp	30,727		906	California First National Bancorp	2,983		41
Volt Information Sciences Inc (a)	17,482		134	Cowen Group Inc (a)	140,652		403
Weight Watchers International Inc (a)	794		10	Credit Acceptance Corp (a)	1,280		229
	$		95,149	Encore Capital Group Inc (a)	4,067		93
				Enova International Inc (a)	2,501		14
Computers - 2.57%
Agilysys Inc (a)	31,805		315	Federal Agricultural Mortgage Corp	11,430		372
				FNFV Group (a)	45,141		424
Astro-Med Inc	9,156		144
CACI International Inc (a)	172,226		14,306	GAIN Capital Holdings Inc	5,225		36
Ciber Inc (a)	159,402		518	GAMCO Investors Inc	2,760		80
Convergys Corp	211,178		5,162	Hannon Armstrong Sustainable Infrastructure	5,264		94
Datalink Corp (a)	26,249		189	Capital Inc
Digimarc Corp (a)	163		6	Houlihan Lokey Inc	1,763		43
				INTL. FCStone Inc (a)	4,624		131
Electronics For Imaging Inc (a)	6,138		254
Engility Holdings Inc	290,283		3,922	Investment Technology Group Inc	7,889		136
ExlService Holdings Inc (a)	1,261		55	Janus Capital Group Inc	260,477		3,279
				JG Wentworth Co/The (a)	2,512		3
Hutchinson Technology Inc (a)	8,712		32
				KCG Holdings Inc (a)	27,385		280
Imation Corp (a)	55,078		46
Insight Enterprises Inc (a)	73,501		1,736	Ladder Capital Corp	7,938		87
Key Tronic Corp (a)	16,991		129	Marlin Business Services Corp	12,234		191
Lexmark International Inc	22,985		648	Moelis & Co	8,726		222
				Nationstar Mortgage Holdings Inc (a)	6,988		71
Mentor Graphics Corp	13,968		243
Mercury Systems Inc (a)	34,657		662	Nelnet Inc	24,666		801
				NewStar Financial Inc (a)	56,773		435
NCI Inc	319		4	Ocwen Financial Corp (a)	14,818		80
NetScout Systems Inc (a)	14,753		318
PAR Technology Corp (a)	9,256		54	Oppenheimer Holdings Inc	15,265		234
				PennyMac Financial Services Inc (a)	15,265		182
Qualstar Corp (a)	4,617		3
				PHH Corp (a)	36,704		451
Quantum Corp (a)	39,925		19
				Piper Jaffray Cos (a)	16,875		574
Qumu Corp (a)	7,455		23
				Regional Management Corp (a)	9,058		120
Radisys Corp (a)	5,005		14
				Stifel Financial Corp (a)	13,347		447
Silver Spring Networks Inc (a)	696		8
				Stonegate Mortgage Corp (a)	2,144		9
StarTek Inc (a)	11,737		47
Stratasys Ltd (a)	7,145		116	Virtus Investment Partners Inc	892		78
				World Acceptance Corp (a)	642		19
Sykes Enterprises Inc (a)	64,711		1,905
TeleTech Holdings Inc	1,451		39		$		11,499
Unisys Corp (a)	3,490		34	Electric - 2.50%
Vocera Communications Inc (a)	1,789		26	Abengoa Yield PLC	6,863		116
	$		30,977	ALLETE Inc	11,968		633
				Ameresco Inc (a)	7,631		42
Consumer Products - 0.35%
ACCO Brands Corp (a)	145,570		883	Atlantic Power Corp	27,443		51
				Avangrid Inc (a)	16,308		627
Acme United Corp	1,796		25
Central Garden & Pet Co (a)	15,169		205	Avista Corp	28,185		1,043
Central Garden & Pet Co - A Shares (a)	48,190		665	Black Hills Corp	10,117		498
CSS Industries Inc	12,394		348	Cleco Corp	45,246		2,405
				Dynegy Inc (a)	16,867		200
Helen of Troy Ltd (a)	23,458		2,097
	$		4,223	El Paso Electric Co	6,652		272
				Empire District Electric Co/The	28,231		828
Cosmetics & Personal Care - 0.03%				EnerNOC Inc (a)	4,791		25
CCA Industries Inc (a)	500		2	Genie Energy Ltd	7,295		61

See accompanying notes

250

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Electric (continued)				Energy - Alternate Sources - 0.17%
IDACORP Inc	26,374	$	1,835	Clean Energy Fuels Corp (a)	14,118	$	38
MGE Energy Inc	14,575		707	FutureFuel Corp	12,580		157
NorthWestern Corp	278,261		15,538	Green Plains Inc	44,482		843
NRG Yield Inc - A Shares	6,426		80	Pacific Ethanol Inc (a)	6,358		22
NRG Yield Inc - C Shares	8,640		114	Pattern Energy Group Inc	7,748		147
Ormat Technologies Inc	36,444		1,290	Renewable Energy Group Inc (a)	50,544		351
Otter Tail Corp	11,319		315	REX American Resources Corp (a)	9,162		489
PNM Resources Inc	40,099		1,260	Vivint Solar Inc (a)	1,365		11
Portland General Electric Co	26,318		1,023		$		2,058
Spark Energy Inc	282		8
Talen Energy Corp (a)	70,680		505	Engineering & Construction - 0.67%
				Aegion Corp (a)	45,814		826
Unitil Corp	15,930		618
	$		30,094	Argan Inc	5,786		174
				Comfort Systems USA Inc	3,263		92
Electrical Components & Equipment - 0.34%				Dycom Industries Inc (a)	6,396		424
Advanced Energy Industries Inc (a)	8,889		250	EMCOR Group Inc	47,071		2,151
Encore Wire Corp	17,305		644	ENGlobal Corp (a)	18,947		17
EnerSys	6,468		313	Exponent Inc	174		9
General Cable Corp	23,281		273	Granite Construction Inc	27,009		1,043
Graham Corp	12,354		213	Hill International Inc (a)	32,448		110
Insteel Industries Inc	3,322		82	Integrated Electrical Services Inc (a)	304		4
Littelfuse Inc	21,392		2,180	Layne Christensen Co (a)	12,149		62
Powell Industries Inc	869		22	MasTec Inc (a)	72,832		1,125
PowerSecure International Inc (a)	3,594		39	Mistras Group Inc (a)	1,613		36
Ultralife Corp (a)	14,398		81	MYR Group Inc (a)	17,017		341
	$		4,097	Orion Marine Group Inc (a)	27,953		101
				Primoris Services Corp	1,659		34
Electronics - 1.93%				Sterling Construction Co Inc (a)	3,250		17
American Science & Engineering Inc	1,310		47	TopBuild Corp (a)	11,542		309
Applied Optoelectronics Inc (a)	618		10
				Tutor Perini Corp (a)	65,976		872
AVX Corp	86,626		995	VSE Corp	4,241		255
Ballantyne Strong Inc (a)	8,901		40
Bel Fuse Inc	11,857		180		$		8,002
Benchmark Electronics Inc (a)	125,770		2,642	Entertainment - 0.64%
Brady Corp	11,005		247	AMC Entertainment Holdings Inc	17,985		392
Checkpoint Systems Inc	61,531		399	Caesars Acquisition Co (a)	8,681		52
Coherent Inc (a)	14,763		1,141	Carmike Cinemas Inc (a)	3,525		78
Control4 Corp (a)	3,850		26	Dover Motorsports Inc	3,447		8
CTS Corp	64,530		1,016	DreamWorks Animation SKG Inc (a)	10,607		272
CyberOptics Corp (a)	7,092		62	Eldorado Resorts Inc (a)	12,111		125
Electro Scientific Industries Inc (a)	17,319		105	Eros International PLC (a)	5,295		47
ESCO Technologies Inc	26,457		911	International Speedway Corp	50,376		1,720
FARO Technologies Inc (a)	2,404		62	Isle of Capri Casinos Inc (a)	652		8
Frequency Electronics Inc (a)	11,821		105	Marriott Vacations Worldwide Corp	58,440		2,887
GSI Group Inc (a)	10,052		124	National CineMedia Inc	46,792		732
II-VI Inc (a)	44,042		916	Penn National Gaming Inc (a)	22,038		311
IntriCon Corp (a)	448		3	RCI Hospitality Holdings Inc	10,679		88
Itron Inc (a)	5,385		177	Reading International Inc (a)	2,688		29
Kemet Corp (a)	28,632		42	Speedway Motorsports Inc	50,500		953
Kimball Electronics Inc (a)	39,529		397		$		7,702
Knowles Corp (a)	25,284		344
LGL Group Inc/The (a)	410		1	Environmental Control - 0.25%
				Casella Waste Systems Inc (a)	6,707		40
Multi-Fineline Electronix Inc (a)	33,826		566
Newport Corp (a)	36,795		561	CECO Environmental Corp	12,740		99
NVE Corp	1,765		88	Covanta Holding Corp	90,273		1,277
				Fuel Tech Inc (a)	1,539		3
OSI Systems Inc (a)	2,065		113
				Heritage-Crystal Clean Inc (a)	2,282		22
Park Electrochemical Corp	4,589		75
Plexus Corp (a)	40,158		1,403	MSA Safety Inc	1,417		61
Rofin-Sinar Technologies Inc (a)	34,612		882	Tetra Tech Inc	50,306		1,332
				TRC Cos Inc (a)	17,445		154
Rogers Corp (a)	12,755		605
Sanmina Corp (a)	127,606		2,391		$		2,988
Sparton Corp (a)	6,186		106	Food - 1.38%
Stoneridge Inc (a)	6,135		69	AMCON Distributing Co	191		14
Sypris Solutions Inc (a)	37,183		36	B&G Foods Inc	10,862		395
Tech Data Corp (a)	44,554		2,781	Darling Ingredients Inc (a)	118,080		1,061
TTM Technologies Inc (a)	108,155		630	Dean Foods Co	31,407		628
Vishay Intertechnology Inc	191,914		2,200	Diamond Foods Inc (a)	187		7
Vishay Precision Group Inc (a)	18,861		223	Fresh Del Monte Produce Inc	101,493		4,142
Watts Water Technologies Inc	4,265		210	Ingles Markets Inc	16,299		625
Woodward Inc	2,819		130	John B Sanfilippo & Son Inc	17,347		1,041
ZAGG Inc (a)	15,863		146	Lancaster Colony Corp	12,399		1,261
	$		23,207	Performance Food Group Co (a)	1,340		31
				Post Holdings Inc (a)	32,668		1,911
				Sanderson Farms Inc	7,750		629

See accompanying notes

251

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Food (continued)				Healthcare - Products (continued)
Seaboard Corp (a)	58	$	167	LivaNova PLC (a)	1,827	$	102
Seneca Foods Corp - Class A (a)	19,838		549	Luminex Corp (a)	8,493		163
Seneca Foods Corp - Class B (a)	39		1	Meridian Bioscience Inc	2,540		49
Smart & Final Stores Inc (a)	4,500		72	Merit Medical Systems Inc (a)	37,732		624
Snyder's-Lance Inc	24,325		768	Misonix Inc (a)	10,945		84
SpartanNash Co	46,042		945	Natus Medical Inc (a)	2,319		82
SUPERVALU Inc (a)	56,762		258	Navidea Biopharmaceuticals Inc (a)	5,385		4
Tootsie Roll Industries Inc	1,662		55	NuVasive Inc (a)	8,120		375
TreeHouse Foods Inc (a)	19,981		1,585	OraSure Technologies Inc (a)	26,641		145
United Natural Foods Inc (a)	532		19	Orthofix International NV (a)	11,705		462
Village Super Market Inc	1,938		51	Penumbra Inc (a)	179		8
Weis Markets Inc	9,329		379	Quidel Corp (a)	6,077		104
	$		16,594	Rockwell Medical Inc (a)	1,161		7
				SeaSpine Holdings Corp (a)	1,553		22
Forest Products & Paper - 0.37%				SurModics Inc (a)	1,964		39
Clearwater Paper Corp (a)	6,260		245
				Symmetry Surgical Inc (a)	10,597		93
Domtar Corp	48,239		1,556	Teleflex Inc	33,003		4,478
Mercer International Inc	51,746		380	TransEnterix Inc (a)	7,482		21
Neenah Paper Inc	11,549		698	VWR Corp (a)	687,100		16,806
Orchids Paper Products Co	1,314		39	Wright Medical Group NV (a)	5,968		119
PH Glatfelter Co	59,448		877		$		44,574
Resolute Forest Products Inc (a)	70,441		397
Schweitzer-Mauduit International Inc	6,361		268	Healthcare - Services - 3.32%
	$		4,460	Addus HomeCare Corp (a)	13,112		278
				Alliance HealthCare Services Inc (a)	3,090		23
Gas - 3.10%				Almost Family Inc (a)	7,310		280
Chesapeake Utilities Corp	4,191		264	Amedisys Inc (a)	15,605		558
Laclede Group Inc/The	242,866		15,528	American Shared Hospital Services (a)	2,738		4
New Jersey Resources Corp	42,374		1,492	Amsurg Corp (a)	123,123		9,011
Northwest Natural Gas Co	14,592		758	Civitas Solutions Inc (a)	225,250		5,419
ONE Gas Inc	21,494		1,216	Ensign Group Inc/The	7,286		164
Piedmont Natural Gas Co Inc	11,003		652	Five Star Quality Care Inc (a)	59,424		151
South Jersey Industries Inc	14,500		361	Genesis Healthcare Inc (a)	3,852		7
Southwest Gas Corp	17,201		1,012	Health Net Inc/CA (a)	11,667		773
Vectren Corp	335,375		14,032	HealthSouth Corp	16,500		591
WGL Holdings Inc	29,243		1,953	Healthways Inc (a)	59,784		702
	$		37,268	Interpace Diagnostics Group Inc (a)	13,313		4
Hand & Machine Tools - 0.92%				Kindred Healthcare Inc	77,568		749
Franklin Electric Co Inc	232,453		6,341	LHC Group Inc (a)	22,131		839
Hardinge Inc	13,003		115	LifePoint Health Inc (a)	34,670		2,420
Lincoln Electric Holdings Inc	58,250		3,101	Magellan Health Inc (a)	48,927		2,789
LS Starrett Co/The	5,475		53	Medcath Corp (a),(b),(c)	31,637		—
Milacron Holdings Corp (a)	1,558		20	Natera Inc (a)	178		2
P&F Industries Inc (a)	1,773		15	National HealthCare Corp	2,416		152
Regal Beloit Corp	26,159		1,470	Select Medical Holdings Corp	39,900		380
				SunLink Health Systems Inc (a)	4,000		3
	$		11,115	Surgery Partners Inc (a)	342,918		5,525
Healthcare - Products - 3.70%				Surgical Care Affiliates Inc (a)	179,080		7,641
Affymetrix Inc (a)	7,701		108	Triple-S Management Corp (a)	42,963		958
Alere Inc (a)	233,158		8,673	Universal American Corp/NY	87,895		555
Allied Healthcare Products Inc (a)	1,532		1		$		39,978
Analogic Corp	2,370		176
AngioDynamics Inc (a)	48,638		551	Holding Companies - Diversified - 0.04%
AtriCure Inc (a)	943		17	HRG Group Inc (a)	5,977		73
BioTelemetry Inc (a)	2,988		28	National Bank Holdings Corp	14,523		286
Cerus Corp (a)	2,021		11	Resource America Inc	19,111		83
CONMED Corp	31,561		1,166		$		442
CryoLife Inc	12,331		121	Home Builders - 1.21%
Cutera Inc (a)	13,363		150
				AMREP Corp (a)	1,173		5
Cynosure Inc (a)	1,060		38
				AV Homes Inc (a)	5,742		59
Digirad Corp	15,358		76	Beazer Homes USA Inc (a)	5,909		51
EndoChoice Holdings Inc (a)	362		2
Exactech Inc (a)	4,426		89	CalAtlantic Group Inc	244,100		7,931
				Cavco Industries Inc (a)	756		63
Glaukos Corp (a)	363		6
				Century Communities Inc (a)	7,076		105
Greatbatch Inc (a)	22,560		871
				Green Brick Partners Inc (a)	14,126		83
Haemonetics Corp (a)	5,680		180
				Hovnanian Enterprises Inc (a)	21,206		33
Halyard Health Inc (a)	13,768		342
Hanger Inc (a)	44,601		602	KB Home	11,305		123
				LGI Homes Inc (a)	2,117		46
ICU Medical Inc (a)	1,760		170
				M/I Homes Inc (a)	43,589		781
Integra LifeSciences Holdings Corp (a)	114,326		7,026
				MDC Holdings Inc	52,798		1,149
Invacare Corp	21,602		333	Meritage Homes Corp (a)	48,177		1,590
Invuity Inc (a)	304		2
				New Home Co Inc/The (a)	1,815		18
Lantheus Holdings Inc (a)	1,367		3
				Orleans Homebuilders Inc (a),(b),(c)	7,702		—
LeMaitre Vascular Inc	3,070		45

See accompanying notes

252

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Home Builders (continued)				Insurance (continued)
Taylor Morrison Home Corp (a)	30,184	$	363	Primerica Inc	10,043	$	452
TRI Pointe Group Inc (a)	147,505		1,555	ProAssurance Corp	9,904		496
WCI Communities Inc (a)	15,656		328	Radian Group Inc	90,135		907
William Lyon Homes (a)	20,213		219	RenaissanceRe Holdings Ltd	137,551		15,495
Winnebago Industries Inc	735		13	RLI Corp	9,371		556
	$		14,515	Safety Insurance Group Inc	6,514		367
				Security National Financial Corp (a)	939		5
Home Furnishings - 0.24%				Selective Insurance Group Inc	92,219		2,888
Bassett Furniture Industries Inc	12,657		378	StanCorp Financial Group Inc	36,381		4,171
Daktronics Inc	5,541		45	State Auto Financial Corp	42,402		926
DTS Inc/CA (a)	584		13
Emerson Radio Corp (a)	4,358		4	State National Cos Inc	6,007		59
				Stewart Information Services Corp	12,230		434
Ethan Allen Interiors Inc	6,626		177	Symetra Financial Corp	123,178		3,944
Flexsteel Industries Inc	8,830		386	Third Point Reinsurance Ltd (a)	10,911		127
Hooker Furniture Corp	14,812		425	Trupanion Inc (a)	698		6
iRobot Corp (a)	5,342		181
				Unico American Corp (a)	5,796		60
La-Z-Boy Inc	34,079		731	United Fire Group Inc	42,884		1,657
Skullcandy Inc (a)	11,064		35
Stanley Furniture Co Inc (a)	8,033		19	United Insurance Holdings Corp	3,562		55
Universal Electronics Inc (a)	9,533		478	Universal Insurance Holdings Inc	6,717		126
VOXX International Corp (a)	12,053		52		$		112,183
	$		2,924	Internet - 0.77%
				1-800-Flowers.com Inc (a)	438		3
Housewares - 0.05%				8x8 Inc (a)	8,426		106
Libbey Inc	6,155		99	Bankrate Inc (a)	41,143		471
Lifetime Brands Inc	15,476		185	Bazaarvoice Inc (a)	6,343		23
NACCO Industries Inc	5,886		280	Blucora Inc (a)	74,425		642
	$		564	Boingo Wireless Inc (a)	2,869		17
Insurance - 9.32%				DHI Group Inc (a)	5,512		51
Ambac Financial Group Inc (a)	19,084		268	ePlus Inc (a)	5,906		560
American Equity Investment Life Holding Co	383,592		6,977	FTD Cos Inc (a)	22,613		558
American Independence Corp (a)	1,020		20	Intralinks Holdings Inc (a)	3,566		29
American National Insurance Co	1,810		176	Lands' End Inc (a)	2,535		55
AMERISAFE Inc	2,665		136	Limelight Networks Inc (a)	11,742		15
Argo Group International Holdings Ltd	42,988		2,443	Liquidity Services Inc (a)	16,809		109
Aspen Insurance Holdings Ltd	292,440		13,602	MeetMe Inc (a)	11,161		36
Atlantic American Corp	7,236		32	ModusLink Global Solutions Inc (a)	18,859		40
Atlas Financial Holdings Inc (a)	1,457		25	New Media Investment Group Inc	23,366		405
Baldwin & Lyons Inc	14,088		349	PC-Tel Inc	47		—
Citizens Inc/TX (a)	9,365		61	Perficient Inc (a)	15,753		300
CNO Financial Group Inc	763,901		13,292	QuinStreet Inc (a)	6,872		26
Crawford & Co	4,403		20	Rapid7 Inc (a)	381		5
Donegal Group Inc	18,939		267	RealNetworks Inc (a)	18,858		68
EMC Insurance Group Inc	21,247		494	Reis Inc	12,417		280
Employers Holdings Inc	22,968		572	RetailMeNot Inc (a)	6,811		62
Endurance Specialty Holdings Ltd	62,517		3,871	RingCentral Inc (a)	211,000		4,604
Enstar Group Ltd (a)	1,271		203	Safeguard Scientifics Inc (a)	6,982		91
FBL Financial Group Inc	55,972		3,418	Shutterfly Inc (a)	2,989		124
Federated National Holding Co	13,691		339	Support.com Inc (a)	7,801		7
Fidelity & Guaranty Life	2,332		58	TeleCommunication Systems Inc (a)	51,683		257
First Acceptance Corp (a)	19,254		39	TheStreet Inc	28,307		37
First American Financial Corp	401,907		13,813	United Online Inc (a)	25,217		268
Global Indemnity PLC (a)	16,661		501		$		9,249
Hallmark Financial Services Inc (a)	34,215		373
				Investment Companies - 0.50%
Hanover Insurance Group Inc/The	43,980		3,584	6D Global Technologies Inc (a),(c)	2,679		8
HCI Group Inc	27,711		921	Acacia Research Corp	9,177		34
Heritage Insurance Holdings Inc	13,918		276	Real Industry Inc (a)	2,124		14
Horace Mann Educators Corp	70,781		2,174	TCP Capital Corp	449,150		6,005
Independence Holding Co	16,257		250		$		6,061
Infinity Property & Casualty Corp	8,719		692
Investors Title Co	1,402		121	Iron & Steel - 1.06%
Kansas City Life Insurance Co	120		4	AK Steel Holding Corp (a)	32,034		65
Kemper Corp	76,904		2,658	Carpenter Technology Corp	42,643		1,184
Maiden Holdings Ltd	85,894		1,100	Commercial Metals Co	156,717		2,182
MBIA Inc (a)	216,697		1,443	Friedman Industries Inc	7,610		37
MGIC Investment Corp (a)	162,740		1,078	Reliance Steel & Aluminum Co	156,700		8,922
National General Holdings Corp	9,774		193	Ryerson Holding Corp (a)	2,497		8
National Interstate Corp	1,348		33	Schnitzer Steel Industries Inc	5,049		68
National Security Group Inc/The	369		6	Shiloh Industries Inc (a)	13,842		54
National Western Life Group Inc	5,651		1,304	Universal Stainless & Alloy Products Inc (a)	7,119		49
Navigators Group Inc/The (a)	23,582		2,066	Worthington Industries Inc	7,973		244
NMI Holdings Inc (a)	9,280		49		$		12,813
Phoenix Cos Inc/The (a)	4,109		151

See accompanying notes

253

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Leisure Products & Services - 0.18%				Media (continued)
Callaway Golf Co	51,765	$	451	Saga Communications Inc	5,232	$	220
Escalade Inc	3,239		39	Salem Media Group Inc	14,406		56
Intrawest Resorts Holdings Inc (a)	6,810		57	Scholastic Corp	34,400		1,181
Johnson Outdoors Inc	9,478		204	Spanish Broadcasting System Inc (a)	1,921		8
Liberty TripAdvisor Holdings Inc (a)	58,943		1,317	Time Inc	57,536		863
MCBC Holdings Inc (a)	718		9	Townsquare Media Inc (a)	1,742		16
Nautilus Inc (a)	2,840		55	Tribune Publishing Co	2,263		21
Performance Sports Group Ltd (a)	7,602		54		$		8,227
Planet Fitness Inc (a)	1,442		21
	$		2,207	Metal Fabrication & Hardware - 0.13%
				A. M. Castle & Co (a)	14,524		27
Lodging - 0.21%				Ampco-Pittsburgh Corp	8,217		86
Belmond Ltd (a)	133,459		1,129	Chicago Rivet & Machine Co	1,070		25
Boyd Gaming Corp (a)	24,613		439	CIRCOR International Inc	7,699		273
Caesars Entertainment Corp (a)	10,005		69	Dynamic Materials Corp	528		3
Century Casinos Inc (a)	2,883		19	Eastern Co/The	2,538		42
Full House Resorts Inc (a)	458		1	Furmanite Corp (a)	1,599		8
Interval Leisure Group Inc	6,010		71	Global Brass & Copper Holdings Inc	751		16
Marcus Corp/The	30,235		572	Haynes International Inc	2,557		82
Monarch Casino & Resort Inc (a)	3,004		62	Lawson Products Inc/DE (a)	7,691		149
Morgans Hotel Group Co (a)	4,085		7	LB Foster Co	5,225		60
Red Lion Hotels Corp (a)	31,701		179	Mueller Industries Inc	4,704		120
	$		2,548	Mueller Water Products Inc - Class A	26,821		220
				NN Inc	11,505		139
Machinery - Construction & Mining - 0.24%				Northwest Pipe Co (a)	6,346		61
Astec Industries Inc	19,560		730	Olympic Steel Inc	9,883		92
Babcock & Wilcox Enterprises Inc (a)	651		14
				TimkenSteel Corp	13,183		119
Hyster-Yale Materials Handling Inc	5,133		266		$		1,522
Oshkosh Corp	28,374		934
Terex Corp	42,081		943	Mining - 0.25%
	$		2,887	Alcoa Inc	12,459		91
				A-Mark Precious Metals Inc	2,012		34
Machinery - Diversified - 0.31%				Century Aluminum Co (a)	126,342		596
Alamo Group Inc	13,305		705	Coeur Mining Inc (a)	24,266		54
Albany International Corp	3,360		114	Energy Fuels Inc/Canada (a)	4,491		11
Altra Industrial Motion Corp	2,442		55	Ferroglobe PLC	24,220		206
Applied Industrial Technologies Inc	5,305		204	Hecla Mining Co	252,703		470
Briggs & Stratton Corp	54,894		1,079	Kaiser Aluminum Corp	8,776		682
Chart Industries Inc (a)	15,584		253
				Materion Corp	21,299		521
Columbus McKinnon Corp/NY	4,840		69	Stillwater Mining Co (a)	48,292		316
DXP Enterprises Inc (a)	1,955		31
Gencor Industries Inc (a)	2,579		30	United States Lime & Minerals Inc	448		25
Gerber Scientific Inc (a),(b),(c)	56,637		—		$		3,006
Global Power Equipment Group Inc	4,572		12	Miscellaneous Manufacturers - 1.32%
Gorman-Rupp Co/The	2,773		70	Actuant Corp	45,057		1,049
Hurco Cos Inc	11,782		318	American Railcar Industries Inc	8,286		376
Kadant Inc	13,361		519	AO Smith Corp	1,380		96
Key Technology Inc (a)	1,200		9	Barnes Group Inc	45,426		1,477
Lindsay Corp	237		17	Chase Corp	276		13
SPX FLOW Inc (a)	1,454		35	CLARCOR Inc	385		18
Tennant Co	2,758		149	Core Molding Technologies Inc (a)	9,787		106
Twin Disc Inc	4,112		47	EnPro Industries Inc	1,235		55
	$		3,716	Fabrinet (a)	39,645		987
				Federal Signal Corp	41,087		608
Media - 0.68%				FreightCar America Inc	6,551		124
A H Belo Corp	19,330		116	Handy & Harman Ltd (a)	681		12
Beasley Broadcast Group Inc	5,597		19	Hillenbrand Inc	360,150		9,753
Central European Media Enterprises Ltd (a)	5,319		14
				LSB Industries Inc (a)	8,799		49
Crown Media Holdings Inc (a)	1,937		9
				Lydall Inc (a)	12,330		349
Cumulus Media Inc (a)	153,527		40
				MFRI Inc (a)	7,216		46
Daily Journal Corp (a)	209		40
Entercom Communications Corp (a)	28,917		303	Myers Industries Inc	6,430		73
				NL Industries Inc (a)	8,749		19
Entravision Communications Corp	1,375		10	Park-Ohio Holdings Corp	713		20
EW Scripps Co/The	52,312		993	Raven Industries Inc	4,597		69
Gannett Co Inc	3,260		48	Servotronics Inc	788		6
Gray Television Inc (a)	74,608		981
Hemisphere Media Group Inc (a)	1,970		28	Standex International Corp	470		34
Here Media Inc (a),(c)	3,700		—	Synalloy Corp	3,022		21
Here Media Inc - Special Shares (a),(c)	3,700		—	Tredegar Corp	14,479		190
				TriMas Corp (a)	17,568		304
Houghton Mifflin Harcourt Co (a)	17,763		317
McClatchy Co/The (a)	62,201		62		$		15,854
Media General Inc (a)	46,882		762	Office Furnishings - 0.07%
Meredith Corp	20,282		859	HNI Corp	2,980		101
New York Times Co/The	92,396		1,221	Kewaunee Scientific Corp	3,601		61
Radio One Inc (a)	27,800		40	Kimball International Inc	29,631		285

See accompanying notes

254

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Office Furnishings (continued)				Oil & Gas Services (continued)
Knoll Inc	18,260	$	335	Key Energy Services Inc (a)	56,117	$	18
Steelcase Inc	750		10	Matrix Service Co (a)	4,961		94
Virco Manufacturing Corp (a)	4,847		15	McDermott International Inc (a)	183,697		507
	$		807	Mitcham Industries Inc (a)	12,775		35
				MRC Global Inc (a)	93,138		936
Oil & Gas - 1.69%				Natural Gas Services Group Inc (a)	14,943		283
Abraxas Petroleum Corp (a)	21,067		24
				Newpark Resources Inc (a)	486,843		2,371
Adams Resources & Energy Inc	1,509		51	Oil States International Inc (a)	27,926		788
Alon USA Energy Inc	102,139		1,285	PHI Inc (a)	15,484		281
Approach Resources Inc (a)	8,129		10
				Pioneer Energy Services Corp (a)	77,953		107
Atwood Oceanics Inc	39,984		245	SEACOR Holdings Inc (a)	22,644		1,042
Barnwell Industries Inc (a)	2,755		4
				Steel Excel Inc (a)	15,136		216
Bill Barrett Corp (a)	9,498		35
Bonanza Creek Energy Inc (a)	17,587		50	Superior Energy Services Inc	326,977		3,371
Callon Petroleum Co (a)	82,540		565	Tesco Corp	46,995		319
				TETRA Technologies Inc (a)	94,792		587
Carrizo Oil & Gas Inc (a)	24,723		671
				Thermon Group Holdings Inc (a)	288,883		4,859
Clayton Williams Energy Inc (a)	5,279		91
				Willbros Group Inc (a)	16,248		31
Comstock Resources Inc (a)	62,256		109
Contango Oil & Gas Co (a)	22,736		146		$		25,306
CVR Energy Inc	628		22	Packaging & Containers - 2.51%
Delek US Holdings Inc	79,448		1,351	Berry Plastics Group Inc (a)	6,760		210
Diamond Offshore Drilling Inc	42,078		782	Graphic Packaging Holding Co	834,203		9,477
Eclipse Resources Corp (a)	10,389		13	Greif Inc - Class A	23,636		624
Energy XXI Ltd	11,751		10	Greif Inc - Class B	557		20
Fairmount Santrol Holdings Inc (a)	2,569		6	KapStone Paper and Packaging Corp	35,115		519
Jones Energy Inc (a)	16,587		35	Multi Packaging Solutions International Ltd (a)	391,698		5,805
Laredo Petroleum Inc (a)	262,875		2,040	Silgan Holdings Inc	256,526		13,563
Magnum Hunter Resources Corp - Warrants	11,862		—		$		30,218
(a),(b),(c)
Matador Resources Co (a)	4,088		66	Pharmaceuticals - 0.84%
				ACADIA Pharmaceuticals Inc (a)	1,058		22
Noble Corp plc	115,213		897	Adamas Pharmaceuticals Inc (a)	1,793		31
North Atlantic Drilling Ltd (a)	2,126		4
				Aimmune Therapeutics Inc (a)	199		3
Oasis Petroleum Inc (a)	30,759		165
				Akebia Therapeutics Inc (a)	4,599		34
Pacific Drilling SA (a)	49,242		19
				Amphastar Pharmaceuticals Inc (a)	9,765		118
Panhandle Oil and Gas Inc	4,671		68	Anika Therapeutics Inc (a)	4,206		158
Par Pacific Holdings Inc (a)	547		13
				Array BioPharma Inc (a)	80,138		248
Parker Drilling Co (a)	146,106		200
				Axovant Sciences Ltd (a)	252		4
Parsley Energy Inc (a)	8,355		161
				BioScrip Inc (a)	24,838		44
Patterson-UTI Energy Inc	109,116		1,569	Calithera Biosciences Inc (a)	1,911		10
PBF Energy Inc	50,308		1,760	Chiasma Inc (a)	131		1
PDC Energy Inc (a)	48,988		2,786
				Global Blood Therapeutics Inc (a)	124		2
QEP Resources Inc	8,954		115	Ignyta Inc (a)	1,507		15
Rice Energy Inc (a)	63,172		737
				Impax Laboratories Inc (a)	1,502		56
Ring Energy Inc (a)	4,635		26
				NantKwest Inc (a)	119		1
Rowan Cos Plc	95,485		1,208	Natural Alternatives International Inc (a)	3,359		27
RSP Permian Inc (a)	82,707		1,948
Seventy Seven Energy Inc (a)	18,386		8	Nature's Sunshine Products Inc	2,171		19
				Nutraceutical International Corp (a)	14,022		333
SM Energy Co	13,211		185	Omega Protein Corp (a)	57,623		1,302
Synergy Resources Corp (a)	22,736		145
TransAtlantic Petroleum Ltd (a)	7,530		7	Osiris Therapeutics Inc	286		2
Triangle Petroleum Corp (a)	22,974		10	Owens & Minor Inc	9,474		328
				PharMerica Corp (a)	48,684		1,445
Ultra Petroleum Corp (a)	14,564		33
				PRA Health Sciences Inc (a)	117,325		5,054
Unit Corp (a)	32,503		339
				Prestige Brands Holdings Inc (a)	17,288		807
VAALCO Energy Inc (a)	8,419		12
				Seres Therapeutics Inc (a)	152		4
WPX Energy Inc (a)	69,624		377
				Sucampo Pharmaceuticals Inc (a)	871		11
	$		20,403	Synutra International Inc (a)	978		5
Oil & Gas Services - 2.10%				Threshold Pharmaceuticals Inc (a)	616		—
Archrock Inc	89,296		536	Vanda Pharmaceuticals Inc (a)	1,449		12
Basic Energy Services Inc (a)	7,962		18		$		10,096
Bristow Group Inc	39,642		922
C&J Energy Services Ltd (a)	25,317		62	Private Equity - 0.00%
CARBO Ceramics Inc	3,686		61	Fifth Street Asset Management Inc	1,860		4
Dawson Geophysical Co (a)	11,345		36
Dril-Quip Inc (a)	5,199		305	Real Estate - 0.28%
Era Group Inc (a)	27,143		250	Alexander & Baldwin Inc	37,699		1,143
Exterran Corp (a)	44,445		734	Altisource Residential Corp	50,948		507
Flotek Industries Inc (a)	9,484		63	BBX Capital Corp (a)	1,774		24
Forum Energy Technologies Inc (a)	499,608		5,601	California Coastal Communities Inc (a),(b),(c)	9,672		—
Gulf Island Fabrication Inc	11,118		97	Consolidated-Tomoka Land Co	586		27
Gulfmark Offshore Inc (a)	30,960		117	Forestar Group Inc (a)	5,973		54
Helix Energy Solutions Group Inc (a)	146,213		590	Griffin Industrial Realty Inc	872		21
Independence Contract Drilling Inc (a)	4,024		16	Kennedy-Wilson Holdings Inc	29,223		593
ION Geophysical Corp (a)	117,058		53	RE/MAX Holdings Inc	16,160		563

See accompanying notes

255

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Real Estate (continued)				REITS (continued)
RMR Group Inc/The (a)	2,095	$	43	New Senior Investment Group Inc	11,918	$	110
St Joe Co/The (a)	7,743		123	New York REIT Inc	22,691		233
Stratus Properties Inc (a)	2,638		63	One Liberty Properties Inc	2,655		55
Xenia Hotels & Resorts Inc	15,607		228	Parkway Properties Inc/Md	11,860		160
	$		3,389	Pebblebrook Hotel Trust	13,860		338
				Pennsylvania Real Estate Investment Trust	9,667		189
REITS - 3.76%				PennyMac Mortgage Investment Trust	23,774		322
Acadia Realty Trust	30,391		1,037	Physicians Realty Trust	12,187		208
AG Mortgage Investment Trust Inc	33,924		398	Potlatch Corp	3,871		111
Agree Realty Corp	23,919		883	Preferred Apartment Communities Inc	4,357		53
Alexander's Inc	19		7	PS Business Parks Inc	7,923		686
American Assets Trust Inc	5,761		215	QTS Realty Trust Inc	995		46
American Capital Mortgage Investment Corp	56,485		736	RAIT Financial Trust	17,221		44
American Residential Properties Inc	4,459		76	Ramco-Gershenson Properties Trust	43,196		738
Anworth Mortgage Asset Corp	117,682		501	Redwood Trust Inc	11,703		126
Apollo Commercial Real Estate Finance Inc	65,310		1,038	Resource Capital Corp	5,782		60
Apollo Residential Mortgage Inc	117,567		1,276	Retail Opportunity Investments Corp	21,066		390
Ares Commercial Real Estate Corp	33,797		360	Rexford Industrial Realty Inc	7,778		127
Armada Hoffler Properties Inc	40,908		441	RLJ Lodging Trust	37,583		687
ARMOUR Residential REIT Inc	5,518		108	Rouse Properties Inc	5,069		89
Ashford Hospitality Prime Inc	40,906		449	Sabra Health Care REIT Inc	7,759		142
Ashford Hospitality Trust Inc	22,220		124	Saul Centers Inc	380		19
Bluerock Residential Growth REIT Inc	4,009		42	Select Income REIT	42,345		801
Capstead Mortgage Corp	82,598		771	Silver Bay Realty Trust Corp	16,846		235
CatchMark Timber Trust Inc	7,828		85	Sovran Self Storage Inc	2,557		289
Cedar Realty Trust Inc	24,210		171	STAG Industrial Inc	9,128		155
Chatham Lodging Trust	5,248		99	STORE Capital Corp	10,070		250
Chesapeake Lodging Trust	24,540		617	Summit Hotel Properties Inc	20,482		208
Colony Capital Inc	58,986		1,017	Sun Communities Inc	8,428		561
Colony Starwood Homes	6,030		130	Sunstone Hotel Investors Inc	57,988		689
CorEnergy Infrastructure Trust Inc	2,418		38	Terreno Realty Corp	6,039		136
Cousins Properties Inc	46,165		398	UMH Properties Inc	5,005		47
CubeSmart	47,979		1,502	United Development Funding IV	5,841		59
CyrusOne Inc	761		28	Universal Health Realty Income Trust	1,844		94
CYS Investments Inc	43,347		298	Urstadt Biddle Properties Inc	10,295		209
DCT Industrial Trust Inc	24,492		876	Washington Real Estate Investment Trust	19,464		491
DiamondRock Hospitality Co	78,366		651	Western Asset Mortgage Capital Corp	7,569		74
DuPont Fabros Technology Inc	20,674		685	Whitestone REIT	9,746		107
Dynex Capital Inc	14,286		85		$		45,302
EastGroup Properties Inc	7,892		421
Education Realty Trust Inc	11,457		448	Retail - 4.05%
EPR Properties	17,333		1,039	Abercrombie & Fitch Co	74,127		1,946
Equity One Inc	10,353		288	American Eagle Outfitters Inc	21,025		308
FelCor Lodging Trust Inc	41,838		291	America's Car-Mart Inc/TX (a)	1,278		30
First Industrial Realty Trust Inc	15,465		318	Ascena Retail Group Inc (a)	68,377		504
First Potomac Realty Trust	16,075		157	Barnes & Noble Education Inc (a)	47,185		520
Franklin Street Properties Corp	22,026		215	Barnes & Noble Inc	70,957		622
GEO Group Inc/The	10,427		308	Big 5 Sporting Goods Corp	16,658		203
Getty Realty Corp	26,952		482	Biglari Holdings Inc (a)	230		87
Gladstone Commercial Corp	4,467		64	BJ's Restaurants Inc (a)	440		19
Government Properties Income Trust	14,591		200	Bob Evans Farms Inc/DE	21,978		900
Gramercy Property Trust	107,232		784	Bravo Brio Restaurant Group Inc (a)	2,435		21
Great Ajax Corp	1,967		22	Build-A-Bear Workshop Inc (a)	13,479		177
Hatteras Financial Corp	27,957		342	Burlington Stores Inc (a)	1,818		98
Healthcare Realty Trust Inc	40,110		1,165	Cabela's Inc (a)	5,272		222
Hersha Hospitality Trust	327,003		5,745	Caleres Inc	18,439		496
Highwoods Properties Inc	41,042		1,735	Carrols Restaurant Group Inc (a)	1,385		19
Hudson Pacific Properties Inc	10,398		264	Cash America International Inc	18,873		565
Independence Realty Trust Inc	6,391		44	Cato Corp/The	8,858		357
InfraREIT Inc	4,285		83	Children's Place Inc/The	12,370		805
Inland Real Estate Corp	53,901		577	Christopher & Banks Corp (a)	12,842		22
Invesco Mortgage Capital Inc	17,224		195	Citi Trends Inc	14,656		302
Investors Real Estate Trust	16,983		111	Conn's Inc (a)	308		4
iStar Inc (a)	11,721		122	Cracker Barrel Old Country Store Inc	3,113		408
Kite Realty Group Trust	11,672		309	Del Frisco's Restaurant Group Inc (a)	5,451		86
LaSalle Hotel Properties	20,946		464	Denny's Corp (a)	96,298		902
Lexington Realty Trust	28,728		211	Destination XL Group Inc (a)	5,520		24
LTC Properties Inc	24,309		1,083	DineEquity Inc	10,714		910
Mack-Cali Realty Corp	53,950		1,121	Duluth Holdings Inc (a)	727		12
Medical Properties Trust Inc	32,672		359	Express Inc (a)	3,540		60
Monmouth Real Estate Investment Corp	15,638		161	EZCORP Inc (a)	29,816		90
Monogram Residential Trust Inc	36,362		317	Finish Line Inc/The	22,175		420
National Health Investors Inc	5,827		354	First Cash Financial Services Inc	210,618		7,477
New Residential Investment Corp	89,748		1,023	Fogo De Chao Inc (a)	446		6

See accompanying notes

256

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Retail (continued)				Savings & Loans (continued)
Fred's Inc	39,849	$	658	Fox Chase Bancorp Inc	20,257	$	396
Gaiam Inc (a)	502		2	HF Financial Corp	8,101		141
Genesco Inc (a)	21,338		1,411	Hingham Institution for Savings	280		34
Group 1 Automotive Inc	89,785		4,817	HMN Financial Inc (a)	2,080		24
Guess? Inc	79,709		1,478	Home Bancorp Inc	3,409		87
Haverty Furniture Cos Inc	34,506		654	HomeStreet Inc (a)	20,552		421
HSN Inc	104,300		4,908	HomeTrust Bancshares Inc (a)	7,095		131
J Alexander's Holdings Inc (a)	2,898		27	HopFed Bancorp Inc	3,929		45
JC Penney Co Inc (a)	181,889		1,321	Investors Bancorp Inc	181,440		2,121
Kirkland's Inc	3,330		39	Lake Sunapee Bank Group	1,896		26
Luby's Inc (a)	28,408		123	Magyar Bancorp Inc (a)	400		4
Lumber Liquidators Holdings Inc (a)	4,832		62	Meridian Bancorp Inc	62,449		877
MarineMax Inc (a)	9,244		156	Meta Financial Group Inc	4,150		179
Men's Wearhouse Inc/The	9,762		134	MutualFirst Financial Inc	4,937		123
Movado Group Inc	21,462		552	Northeast Community Bancorp Inc	2,697		19
New York & Co Inc (a)	8,783		19	Northfield Bancorp Inc	85,657		1,326
Office Depot Inc (a)	70,292		362	Northwest Bancshares Inc	154,781		1,945
Ollie's Bargain Outlet Holdings Inc (a)	631		14	Ocean Shore Holding Co	2,736		49
PC Connection Inc	37,334		843	OceanFirst Financial Corp	2,690		48
PCM Inc (a)	21,523		178	Oritani Financial Corp	18,165		304
Penske Automotive Group Inc	16,939		531	Pacific Premier Bancorp Inc (a)	15,358		316
Pep Boys-Manny Moe & Jack/The (a)	88,217		1,631	Provident Financial Holdings Inc	10,567		185
Perfumania Holdings Inc (a)	3,407		8	Provident Financial Services Inc	121,696		2,390
Regis Corp (a)	62,925		940	Prudential Bancorp Inc	6,246		98
Ruby Tuesday Inc (a)	108,552		592	Pulaski Financial Corp	4,791		68
Rush Enterprises Inc - Class A (a)	34,519		659	Riverview Bancorp Inc	28,105		121
Rush Enterprises Inc - Class B (a)	11,863		223	SI Financial Group Inc	1,687		24
Ruth's Hospitality Group Inc	27,337		444	Sterling Bancorp/DE	61,455		966
Shake Shack Inc (a)	203		7	Territorial Bancorp Inc	10,109		269
Shoe Carnival Inc	24,361		565	Timberland Bancorp Inc/WA	7,281		91
Sonic Automotive Inc	34,901		598	United Community Financial Corp/OH	35,098		215
Sonic Corp	43,604		1,281	United Financial Bancorp Inc	22,464		254
Sportsman's Warehouse Holdings Inc (a)	2,311		30	Washington Federal Inc	138,416		2,956
Stage Stores Inc	41,337		343	Waterstone Financial Inc	46,249		641
Stein Mart Inc	11,438		84	Wayne Savings Bancshares Inc	1,380		17
Systemax Inc (a)	2,243		19	Westfield Financial Inc	23,009		184
Tilly's Inc (a)	6,775		44	WSFS Financial Corp	8,308		241
Trans World Entertainment Corp (a)	33,798		111		$		31,281
Tuesday Morning Corp (a)	19,794		111
Vera Bradley Inc (a)	8,568		127	Semiconductors - 2.43%
				Advanced Micro Devices Inc (a)	49,192		108
Vista Outdoor Inc (a)	34,005		1,639
				Alpha & Omega Semiconductor Ltd (a)	22,157		212
Vitamin Shoppe Inc (a)	16,019		488
				Amkor Technology Inc (a)	147,993		909
Wendy's Co/The	112,838		1,154	Axcelis Technologies Inc (a)	87,490		229
West Marine Inc (a)	28,222		233
				AXT Inc (a)	5,895		15
Wingstop Inc (a)	357		9
World Fuel Services Corp	14,096		549	Brooks Automation Inc	93,388		890
Zumiez Inc (a)	743		13	Cabot Microelectronics Corp	7,673		311
				Cascade Microtech Inc (a)	18,771		297
	$		48,813	CEVA Inc (a)	2,153		50
Savings & Loans - 2.60%				Cirrus Logic Inc (a)	17,358		603
Anchor BanCorp Wisconsin Inc (a)	1,513		65	Cohu Inc	31,790		385
Astoria Financial Corp	161,321		2,440	Cree Inc (a)	27,360		767
Atlantic Coast Financial Corp (a)	210		1	Cypress Semiconductor Corp (a)	61,953		487
Banc of California Inc	13,514		204	Diodes Inc (a)	32,234		617
Bank Mutual Corp	43,881		346	DSP Group Inc (a)	31,868		305
BankFinancial Corp	49,107		603	EMCORE Corp (a)	4,146		25
Bear State Financial Inc (a)	395		3	Entegris Inc (a)	8,038		94
Beneficial Bancorp Inc (a)	44,935		582	Exar Corp (a)	500		3
Berkshire Hills Bancorp Inc	56,980		1,583	Fairchild Semiconductor International Inc (a)	144,623		2,963
Brookline Bancorp Inc	92,264		1,029	FormFactor Inc (a)	50,663		421
Cape Bancorp Inc	5,980		79	GigOptix Inc (a)	4,322		13
Capitol Federal Financial Inc	256,932		3,152	Integrated Device Technology Inc (a)	7,150		182
Charter Financial Corp/MD	19,433		261	Intersil Corp	58,912		765
Chicopee Bancorp Inc	1,061		19	IXYS Corp	23,105		276
Citizens Community Bancorp Inc/WI	2,250		21	Kopin Corp (a)	13,358		26
Clifton Bancorp Inc	39,647		572	Kulicke & Soffa Industries Inc (a)	79,205		802
Dime Community Bancshares Inc	29,688		510	Lattice Semiconductor Corp (a)	11,890		58
Eagle Bancorp Montana Inc	111		1	Magnachip Semiconductor Corp (a)	2,607		12
ESSA Bancorp Inc	7,377		100	MaxLinear Inc (a)	1,016		16
EverBank Financial Corp	13,542		191	Microsemi Corp (a)	16,343		518
First Defiance Financial Corp	12,263		478	MKS Instruments Inc	51,943		1,840
First Financial Northwest Inc	13,228		179	Nanometrics Inc (a)	4,498		64
Flagstar Bancorp Inc (a)	22,618		422	Photronics Inc (a)	126,196		1,507
Flushing Financial Corp	50,160		1,104	Power Integrations Inc	1,365		64

See accompanying notes

257

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000's)
Semiconductors (continued)				Telecommunications (continued)
QLogic Corp (a)	102,808	$	1,318	DigitalGlobe Inc (a)	55,541	$	727
Qorvo Inc (a)	3,521		139	EarthLink Holdings Corp	54,676		323
Richardson Electronics Ltd/United States	13,691		70	Extreme Networks Inc (a)	18,122		50
Rovi Corp (a)	96,795		1,884	Finisar Corp (a)	39,893		507
Rudolph Technologies Inc (a)	28,593		366	General Communication Inc (a)	23,025		417
Semtech Corp (a)	6,060		122	Globalstar Inc (a)	85,259		109
Sigma Designs Inc (a)	47,734		316	Harmonic Inc (a)	104,786		345
Silicon Laboratories Inc (a)	159,927		7,293	Hawaiian Telcom Holdco Inc (a)	5,149		123
Tessera Technologies Inc	52,144		1,503	HC2 Holdings Inc	2,136		8
Ultra Clean Holdings Inc (a)	30,281		157	IDT Corp - Class B	11,402		145
Ultratech Inc (a)	5,100		103	Inteliquent Inc	41,808		718
Veeco Instruments Inc (a)	5,566		104	Intelsat SA (a)	3,838		13
Xcerra Corp (a)	11,796		64	InterDigital Inc/PA	6,002		271
	$		29,273	Iridium Communications Inc (a)	111,928		779
				Ixia (a)	4,750		45
Software - 3.37%				KVH Industries Inc (a)	4,963		48
Actua Corp (a)	587		6
Acxiom Corp (a)	23,236		434	Leap Wireless International Inc - Rights	64,745		227
				(a),(b),(c)
American Software Inc/GA	4,034		39	Loral Space & Communications Inc (a)	1,169		40
Appfolio Inc (a)	343		5
				Lumos Networks Corp (a)	4,365		51
Avid Technology Inc (a)	51,244		364
				NeoPhotonics Corp (a)	5,724		51
Bottomline Technologies de Inc (a)	848		24
				NETGEAR Inc (a)	36,643		1,369
Brightcove Inc (a)	914		5
				NeuStar Inc (a)	8,474		208
Broadridge Financial Solutions Inc	140,475		7,524	Novatel Wireless Inc (a)	4,845		5
BroadSoft Inc (a)	138,725		4,746
				NTELOS Holdings Corp (a)	10,481		97
Concurrent Computer Corp	2,188		11	Optical Cable Corp	8,872		21
Digi International Inc (a)	59,360		541
				ORBCOMM Inc (a)	47,395		346
Dun & Bradstreet Corp/The	100,225		9,864	Polycom Inc (a)	166,178		1,694
Epiq Systems Inc	36,454		457	Preformed Line Products Co	1,084		41
Everyday Health Inc (a)	648		3
Evolent Health Inc (a)	727		7	RF Industries Ltd	300		1
Glu Mobile Inc (a)	10,760		24	Shenandoah Telecommunications Co	6,532		151
				ShoreTel Inc (a)	57,770		474
inContact Inc (a)	997		9
InnerWorkings Inc (a)	22,478		159	Spok Holdings Inc	22,500		405
				Telenav Inc (a)	23,340		135
Instructure Inc (a)	646		11
				Telephone & Data Systems Inc	67,321		1,561
ManTech International Corp/VA	27,506		793	TESSCO Technologies Inc	2,082		34
MINDBODY Inc (a)	324		4
				Ubiquiti Networks Inc (a)	1,572		47
PDF Solutions Inc (a)	865		9
				ViaSat Inc (a)	856		54
Progress Software Corp (a)	32,981		853
				Viavi Solutions Inc (a)	51,049		255
PTC Inc (a)	220		6
				Vonage Holdings Corp (a)	23,042		118
QAD Inc	1,498		28	West Corp	9,875		179
Sapiens International Corp NV	1,382		14	Westell Technologies Inc (a)	9,001		10
SciQuest Inc (a)	2,288		29
Seachange International Inc (a)	14,334		89	Windstream Holdings Inc	1,176		7
SYNNEX Corp	50,165		4,211		$		15,886
Take-Two Interactive Software Inc (a)	37,643		1,307	Textiles - 0.10%
Verint Systems Inc (a)	246,954		9,041	Culp Inc	361		9
Xactly Corp (a)	519		4	Dixie Group Inc/The (a)	12,240		53
Zynga Inc (a)	4,507		11	G&K Services Inc	7,909		510
	$		40,632	UniFirst Corp/MA	5,729		603
Storage & Warehousing - 0.12%					$		1,175
Mobile Mini Inc	44,380		1,150	Toys, Games & Hobbies - 0.02%
Wesco Aircraft Holdings Inc (a)	30,416		344	JAKKS Pacific Inc (a)	28,974		216
	$		1,494
Supranational Bank - 0.01%				Transportation - 1.57%
Banco Latinoamericano de Comercio Exterior	7,288		170	Air Transport Services Group Inc (a)	85,939		836
SA				ArcBest Corp	30,726		631
				Ardmore Shipping Corp	10,307		105
				Atlas Air Worldwide Holdings Inc (a)	31,396		1,153
Telecommunications - 1.32%				CAI International Inc (a)	17,857		112
ADTRAN Inc	25,114		456	Celadon Group Inc	18,498		147
Alaska Communications Systems Group Inc	6,092		10	Covenant Transportation Group Inc (a)	7,374		144
(a)
Anixter International Inc (a)	18,433		911	DHT Holdings Inc	96,360		557
				Dorian LPG Ltd (a)	21,825		231
Atlantic Tele-Network Inc	7,576		583	Frontline Ltd/Bermuda	44,722		98
Aviat Networks Inc (a)	32,554		24
Aware Inc (a)	17,409		52	GasLog Ltd	29,268		219
				Genco Shipping & Trading Ltd (a)	4,236		4
Black Box Corp	39,249		299	Gener8 Maritime Inc (a)	3,564		24
Calix Inc (a)	18,289		141
				Hornbeck Offshore Services Inc (a)	60,867		495
Cincinnati Bell Inc (a)	199,208		646
				Hub Group Inc (a)	14,540		443
Communications Systems Inc	8,832		64	International Shipholding Corp	7,458		10
Comtech Telecommunications Corp	21,803		426	Kirby Corp (a)	131,875		6,679
Consolidated Communications Holdings Inc	3,272		65	Marten Transport Ltd	36,293		609

See accompanying notes

258

Schedule of Investments
SmallCap Value Fund II
January 31, 2016 (unaudited)
COMMON STOCKS (continued)		Shares Held	Value(000			's)			Portfolio Summary (unaudited)
Transportation (continued)							Sector						Percent
Matson Inc		38,048		$	1,538		Financial						28.67	%
Navios Maritime Acquisition Corp		16,926			39		Consumer, Non-cyclical						17.96	%
Nordic American Offshore Ltd		4,062			16		Industrial						12.79	%
Nordic American Tankers Ltd		19,289			245		Technology						8.37	%
PAM Transportation Services Inc (a)		8,556			221		Consumer, Cyclical						8.30	%
Patriot Transportation Holding Inc (a)		320			7		Exchange Traded Funds						7.44	%
Providence and Worcester Railroad Co		4,798			62		Utilities						5.86	%
Roadrunner Transportation Systems Inc (a)		21,785			172		Energy						3.99	%
Safe Bulkers Inc		6,701			3		Communications						2.84	%
Saia Inc (a)		8,545			183		Basic Materials						2.32	%
Scorpio Bulkers Inc (a)		4,908			16		Diversified						0.04	%
Scorpio Tankers Inc		245,274			1,496		Government						0.01	%
Ship Finance International Ltd		29,478			395		Other Assets in Excess of Liabilities, Net						1.41	%
Teekay Tankers Ltd		69,856			319		TOTAL NET ASSETS						100.00	%
Tidewater Inc		26,501			140
Ultrapetrol Bahamas Ltd (a)		30,199			2
Universal Truckload Services Inc		893			12
USA Truck Inc (a)		10,153			164
Werner Enterprises Inc		55,102			1,331
XPO Logistics Inc (a)		1,694			39
YRC Worldwide Inc (a)		5,359			55
			$		18,952
Trucking & Leasing - 0.56%
AMERCO		10,123			3,712
GATX Corp		51,440			2,108
Greenbrier Cos Inc/The		18,553			480
TAL International Group Inc (a)		22,774			257
Textainer Group Holdings Ltd		4,171			44
Willis Lease Finance Corp (a)		8,412			149
			$		6,750
Water - 0.26%
American States Water Co		26,854			1,220
Artesian Resources Corp		13,777			418
California Water Service Group		11,268			282
Connecticut Water Service Inc		10,013			430
Consolidated Water Co Ltd		17,202			200
Middlesex Water Co		4,400			127
SJW Corp		6,339			206
York Water Co/The		8,320			222
			$		3,105
TOTAL COMMON STOCKS			$		1,097,706
INVESTMENT COMPANIES - 7.44%		Shares Held	Value(000			's)
Publicly Traded Investment Fund - 7.44%
Cash Account Trust - Government & Agency		787,766			788
Portfolio - Government Cash Managed
First American Government Obligations Fund		88,792,564			88,792
			$		89,580
TOTAL INVESTMENT COMPANIES			$		89,580
Total Investments			$		1,187,286
Other Assets in Excess of Liabilities, Net - 1.41%			$		16,946
TOTAL NET ASSETS - 100.00%			$		1,204,232
(a)	Non-Income Producing Security
(b)	Security is Illiquid. At the end of the period, the value of these securities
	totaled $227 or 0.02% of net assets.
(c)	Fair value of these investments is determined in good faith by the Manager
	under procedures established and periodically reviewed by the Board of
	Directors. At the end of the period, the fair value of these securities totaled
	$235 or 0.02% of net assets.
Futures Contracts
													Unrealized
Type		Long/Short					Contracts	Notional Value		Fair Value	Appreciation/(Depreciation)
Russell 2000 Mini; March 2016		Long			868			$	97,249	$89,526		$	(7,723	)
Total											$		(7,723	)
Amounts in thousands except contracts

See accompanying notes

259

Schedule of Investments
Tax-Exempt Bond Fund
January 31, 2016 (unaudited)
				Principal					Principal
	BONDS- 0.52	%		Amount (000's)       Value (000's)			MUNICIPAL BONDS (continued)		Amount (000's) Value (000's)
	U.S. Municipals - 0.52%						California (continued)
	Oglala Sioux Tribe						Lancaster Redevelopment Agency Successor
	5.75%, 10/01/2025(a)		$	1,500	$	1,537	Agency
							6.50%, 08/01/2029	$	580	$	674
	TOTAL BONDS			$		1,537	Los Angeles Department of Water & Power
				Principal			5.25%, 07/01/2038		1,000		1,098
	MUNICIPAL BONDS - 98.66%			Amount (000's)       Value (000's)			Los Angeles Unified School District/CA
							5.00%, 07/01/2029		1,000		1,133
	Alabama - 1.23%						Metropolitan Water District of Southern
	Auburn University						California
	5.00%, 06/01/2038		$	555	$	609	5.00%, 07/01/2029		1,150		1,304
	5.00%, 06/01/2038			945		1,025	Morongo Band of Mission Indians/The
	Birmingham Airport Authority (credit support						6.50%, 03/01/2028(a)		500		548
	from AGM)						Oakland Unified School District/Alameda
	5.25%, 07/01/2030(b)			1,000		1,142	County
	Selma Industrial Development Board						5.00%, 08/01/2034		2,210		2,553
	6.25%, 11/01/2033			700		810	Port of Los Angeles
				$		3,586	5.00%, 08/01/2031		1,240		1,398
	Alaska - 0.59%						Regents of the University of California
	Borough of Matanuska-Susitna AK (credit						Medical Center Pooled Revenue
	support from AGC)						5.50%, 05/15/2027		1,375		1,473
	5.50%, 09/01/2023(b)			1,500		1,726	Richmond Joint Powers Financing Authority
							6.25%, 07/01/2024		1,000		1,161
							Riverside Community Properties Development
	Arizona - 3.10%						Inc
	Arizona Department of Transportation State						6.00%, 10/15/2038		1,150		1,377
	Highway Fund Revenue						Sacramento Area Flood Control
	5.00%, 07/01/2026			1,500		1,652	Agency (credit support from BAM)
	City of Phoenix Civic Improvement Corp						5.00%, 10/01/2039(b)		1,340		1,541
	5.00%, 07/01/2034			1,000		1,116	San Diego Unified School District/CA
	Industrial Development Authority of the						0.00%, 07/01/2032(d)		5,000		2,856
	County of Pima/The						Southern California Public Power Authority
	6.55%, 12/01/2037			290		295	5.25%, 07/01/2028		1,000		1,205
	Navajo County Pollution Control Corp						University of California
	5.75%, 06/01/2034			1,015		1,032	5.00%, 05/15/2037		1,500		1,771
	Navajo Nation						5.75%, 05/15/2025		1,380		1,600
	5.50%, 12/01/2030(a)			1,240		1,386	West Contra Costa Unified School District
	Salt Verde Financial Corp						5.25%, 08/01/2033		1,000		1,200
	5.00%, 12/01/2032			2,985		3,602			$		58,253
				$		9,083
							Colorado - 0.81%
	California - 19.95%						Platte River Power Authority
	Alum Rock Union Elementary School						5.00%, 06/01/2026		1,135		1,282
	District						Regional Transportation District
	5.25%, 08/01/2043			1,000		1,168	6.00%, 01/15/2041		450		507
	Bay Area Toll Authority						6.50%, 01/15/2030		500		581
	5.00%, 04/01/2034			2,500		2,824			$		2,370
	California Educational Facilities Authority
	5.00%, 12/29/2015(c)			8,148		9,124	Connecticut - 1.95%
	5.00%, 01/01/2038(c)			1,621		1,737	Mohegan Tribal Finance Authority
	5.00%, 10/01/2038(c)			2,700		2,992	7.00%, 02/01/2045(a)		4,500		4,483
							State of Connecticut (credit support from
	California Pollution Control Financing						ACA)
	Authority						6.60%, 07/01/2024(b)		1,215		1,219
	4.30%, 07/01/2040			2,000		2,081
	California Statewide Communities								$		5,702
	Development Authority						District of Columbia - 2.33%
	6.25%, 11/15/2019(a)			400		437
	6.63%, 11/15/2024(a)			500		584	District of Columbia
							5.00%, 12/01/2023		1,785		2,061
	California Statewide Communities						5.00%, 12/01/2024		715		826
	Development Authority (credit support from						6.38%, 10/01/2034		1,000		1,196
	FHA INS)
	6.63%, 08/01/2029(b)			890		1,067	District of Columbia Water & Sewer
							Authority (credit support from AGM)
	California Statewide Communities						5.50%, 10/01/2017(b)		500		541
	Development Authority (credit support from
	GNMA COLL)						District of Columbia Water & Sewer
	4.90%, 07/20/2039(b)			500		538	Authority (credit support from AGM-CR
							NATL)
	City of Los Angeles Department of Airports						5.50%, 10/01/2041(b)		2,000		2,162
	5.00%, 05/15/2035			1,500		1,705			$		6,786
	City of Vernon CA Electric System Revenue
	5.13%, 08/01/2021			380		418	Florida - 3.09%
	5.13%, 08/01/2021			620		689	City of Lakeland FL Department of Electric
	Golden State Tobacco Securitization Corp						Utilities
	5.00%, 06/01/2033			1,000		1,187	5.00%, 10/01/2036(e)		1,000		1,193
	5.75%, 06/01/2047			9,225		8,810	5.25%, 10/01/2036		1,000		1,343

See accompanying notes

260

Schedule of Investments
Tax-Exempt Bond Fund
January 31, 2016 (unaudited)
				Principal						Principal
	MUNICIPAL BONDS (continued)			Amount (000's)    Value (000's)			MUNICIPAL BONDS (continued)			Amount (000's) Value (000's)
	Florida (continued)						Indiana - 1.30%
	County of Miami-Dade FL Aviation						Indiana Finance Authority
	Revenue (credit support from AGC)						5.00%, 10/01/2044		$	700	$	765
	5.25%, 10/01/2033(b)		$	2,000	$	2,192	5.38%, 11/01/2032			1,000		1,101
	Escambia County Health Facilities						Indiana Municipal Power Agency
	Authority (credit support from AMBAC)						6.00%, 01/01/2039			1,000		1,135
	5.95%, 07/01/2020(b)			65		69	Town of Shoals IN
	Miami-Dade County Educational Facilities						7.25%, 11/01/2043			700		786
	Authority (credit support from BHAC-CR)									$		3,787
	5.50%, 04/01/2038(b)			1,000		1,009
	Orange County Industrial Development						Iowa- 2.23	%
	Authority/FL						City of Altoona IA (credit support from CITY
	8.00%, 07/01/2036(a)			1,000		1,029	APPROP)
							5.75%, 06/01/2031(b)			1,200		1,293
	School Board of Miami-Dade
	County/The (credit support from AGC)						Iowa Finance Authority
	5.25%, 05/01/2028(b)			2,000		2,202	5.00%, 12/01/2019			5,000		5,232
				$		9,037				$		6,525
	Georgia - 0.41%						Kansas - 0.39%
	City of Atlanta GA Water & Wastewater						Kansas Development Finance Authority
	Revenue						5.50%, 11/15/2029			1,000		1,153
	6.00%, 11/01/2027			1,000		1,188
							Kentucky - 2.08%
	Idaho- 0.87	%					Kentucky Economic Development Finance
	Idaho Health Facilities Authority						Authority
	6.65%, 02/15/2021			2,000		2,546	5.38%, 08/15/2024			1,000		1,096
							5.63%, 08/15/2027			1,000		1,098
							Kentucky Economic Development Finance
	Illinois - 13.22%						Authority (credit support from AGC)
	Chicago O'Hare International Airport						6.00%, 12/01/2033(b)			1,000		1,089
	5.00%, 01/01/2033			2,000		2,319	Kentucky State Property & Building
	City of Chicago IL						Commission (credit support from AGC)
	5.25%, 01/01/2029			2,000		2,044	5.25%, 02/01/2025(b)			1,000		1,123
	5.25%, 01/01/2032			1,155		1,163	Paducah Electric Plant Board (credit support
	7.13%, 03/15/2022			400		400	from AGC)
	7.46%, 02/15/2026			700		491	5.25%, 10/01/2035(b)			1,500		1,653
	City of Chicago IL (credit support from AGC)									$		6,059
	5.25%, 01/01/2025(b)			2,000		2,097
	City of Chicago IL Wastewater Transmission						Louisiana - 3.08%
	Revenue						Lafayette Public Trust Financing
	5.00%, 01/01/2032			1,000		1,112	Authority (credit support from AGM)
							5.25%, 10/01/2030(b)			1,000		1,146
	5.00%, 01/01/2033			2,000		2,217
	City of Chicago IL Wastewater Transmission						Louisiana Public Facilities Authority
	Revenue (credit support from BHAC)						8.00%, 07/01/2039			1,000		810
	5.50%, 01/01/2038(b)			1,000		1,068	8.38%, 07/01/2039			600		486
	City of Chicago IL Waterworks Revenue						Louisiana Public Facilities Authority (credit
	5.00%, 11/01/2028			1,000		1,116	support from FNMA)
							0.00%, 12/01/2019(b),(d)			1,500		1,430
	Gilberts Special Service Area No 24/IL
	5.38%, 03/01/2034			312		273	New Orleans Aviation Board (credit support
							from AGC)
	Huntley Special Service Area No						6.00%, 01/01/2023(b)			1,000		1,135
	10/IL (credit support from AGC)
	5.10%, 03/01/2029(b)			1,000		1,037	Parish of St John the Baptist LA
	Illinois Finance Authority						5.13%, 06/01/2037			4,000		3,968
	5.38%, 08/15/2024			500		563				$		8,975
	5.50%, 08/01/2037			1,000		1,073	Maryland - 0.40%
	5.75%, 08/15/2030			1,050		1,220	Maryland Economic Development Corp
	5.75%, 11/15/2037			1,500		1,633	5.75%, 06/01/2035			545		596
	6.00%, 03/01/2038			1,540		1,717	Maryland Health & Higher Educational
	6.25%, 11/15/2035			1,000		1,160	Facilities Authority
	6.50%, 11/01/2038			1,000		1,154	6.00%, 07/01/2041			500		585
	7.00%, 02/15/2018			300		319				$		1,181
	7.25%, 11/01/2038			1,000		1,174
	Illinois State Toll Highway Authority						Massachusetts - 3.04%
	5.00%, 12/01/2032			4,500		5,378	Massachusetts Bay Transportation Authority
	5.00%, 01/01/2040			2,000		2,308	5.25%, 07/01/2028			2,000		2,628
	5.25%, 01/01/2030			1,000		1,132	Massachusetts Development Finance Agency
	State of Illinois						5.75%, 12/01/2042			1,000		1,156
	5.50%, 07/01/2027			3,410		3,920	Massachusetts Educational Financing
	United City of Yorkville IL						Authority
	5.75%, 03/01/2028			500		508	4.90%, 07/01/2028			2,785		2,926
	Village of Pingree Grove IL Special Service						Massachusetts Health & Educational Facilities
	Area No 7						Authority (credit support from GO OF UNIV)
	6.00%, 03/01/2036			21		21	5.00%, 07/01/2038(b)			1,000		1,063
				$		38,617

See accompanying notes

261

Schedule of Investments
Tax-Exempt Bond Fund
January 31, 2016 (unaudited)
		Principal						Principal
MUNICIPAL BONDS (continued)		Amount (000's)   Value (000's)			MUNICIPAL BONDS (continued)			Amount (000's) Value (000's)
Massachusetts (continued)					New York (continued)
Massachusetts State College Building					New York City Industrial Development
Authority (credit support from ST APPROP)					Agency (credit support from AGC)
5.50%, 05/01/2039(b)	$	1,000	$	1,125	6.13%, 01/01/2029(b)		$	1,000	$	1,127
		$		8,898	New York City Transitional Finance Authority
					Building Aid Revenue (credit support from
Michigan - 1.37%					ST AID WITHHLDG)
City of Detroit MI Sewage Disposal System					5.25%, 01/15/2039(b)			2,145		2,386
Revenue (credit support from AGM)
7.00%, 07/01/2027(b)		1,500		1,750	New York Liberty Development Corp
					5.00%, 11/15/2031			1,000		1,159
Wayne County Airport Authority					5.00%, 09/15/2040			1,000		1,163
5.00%, 12/01/2045		2,000		2,239	5.25%, 10/01/2035			3,585		4,425
		$		3,989	New York Liberty Development Corp (credit
Minnesota - 0.58%					support from GO OF AUTH)
City of Minneapolis MN					5.00%, 12/15/2041(b)			1,000		1,137
6.75%, 11/15/2032		500		580	New York State Dormitory Authority (credit
City of Minneapolis MN (credit support from					support from AGC ST AID WITHHLDG)
AGC)					5.00%, 10/01/2023(b)			2,000		2,249
6.50%, 11/15/2038(b)		165		190	Tompkins County Development Corp
6.50%, 11/15/2038(b)		835		947	5.00%, 07/01/2027			1,115		1,223
		$		1,717				$		24,085
Missouri - 0.65%					North Carolina - 1.35%
City of St Louis MO Airport Revenue (credit					City of Raleigh NC Combined Enterprise
support from NATL)					System Revenue
5.50%, 07/01/2028(b)		1,500		1,896	5.00%, 03/01/2031			1,000		1,153
					North Carolina Medical Care Commission
					5.00%, 07/01/2045			1,200		1,253
Nebraska - 1.13%					5.25%, 10/01/2037			1,500		1,557
Municipal Energy Agency of Nebraska (credit								$		3,963
support from BHAC)
5.13%, 04/01/2029(b)		1,000		1,116	Ohio- 2.25	%
Omaha Public Power District					American Municipal Power Inc
5.50%, 02/01/2039		1,000		1,095	5.25%, 02/15/2033			2,575		2,995
University of Nebraska					City of Cincinnati OH
5.25%, 07/01/2039		1,000		1,105	5.00%, 12/01/2032			815		963
		$		3,316	Ohio Air Quality Development Authority
					5.63%, 06/01/2018			1,000		1,073
Nevada - 0.38%					Ohio Housing Finance Agency (credit support
County of Clark NV					from GNMA/FNMA/FHLMC)
5.13%, 07/01/2034		1,000		1,118	5.20%, 09/01/2029(b)			475		501
					Ohio Water Development Authority
New Hampshire - 0.37%					4.00%, 01/01/2034			1,000		1,037
City of Manchester NH General Airport								$		6,569
Revenue (credit support from AGM)					Oklahoma - 0.27%
5.13%, 01/01/2030(b)		1,000		1,068
					Tulsa Airports Improvement Trust
					5.00%, 06/01/2035			700		782
New Jersey - 2.96%
Casino Reinvestment Development Authority					Pennsylvania - 2.07%
5.25%, 11/01/2039		750		781	Allegheny County Industrial Development
New Jersey Economic Development					Authority
Authority					6.00%, 07/15/2038			1,000		1,067
5.00%, 09/01/2034		1,000		1,144	City of Scranton PA
5.75%, 04/01/2031		1,005		1,174	8.50%, 09/01/2022			600		631
5.75%, 06/01/2031		550		620	Pennsylvania Economic Development
New Jersey Housing & Mortgage Finance					Financing Authority
Agency					6.00%, 06/01/2031			500		500
6.38%, 10/01/2028		225		233	Pennsylvania Turnpike Commission
New Jersey Transportation Trust Fund					5.00%, 12/01/2045			2,000		2,275
Authority					5.75%, 12/01/2028			800		959
5.25%, 06/15/2032		2,000		2,209	6.00%, 12/01/2034			500		592
5.25%, 06/15/2034		2,250		2,470				$		6,024
		$		8,631
					South Carolina - 1.93%
New York - 8.26%					South Carolina Jobs-Economic Development
Brooklyn Arena Local Development Corp					Authority (credit support from AGC)
6.38%, 07/15/2043		1,400		1,629	5.38%, 02/01/2029(b)			1,000		1,101
Hudson Yards Infrastructure Corp					South Carolina State Public Service
5.75%, 02/15/2047		2,500		2,911	Authority
Metropolitan Transportation Authority					5.25%, 12/01/2055			4,000		4,539
5.00%, 11/15/2034		1,390		1,656				$		5,640
5.00%, 11/15/2036		1,100		1,298
5.25%, 11/15/2030		1,500		1,722

See accompanying notes

262

Schedule of Investments
Tax-Exempt Bond Fund
January 31, 2016 (unaudited)
				Principal					Principal
	MUNICIPAL BONDS (continued)			Amount (000's) Value (000's)			MUNICIPAL BONDS (continued)		Amount (000's) Value (000's)
	Tennessee - 0.17%						Washington (continued)
	Shelby County Health Educational & Housing						Washington Higher Education Facilities
	Facilities Board						Authority
	5.63%, 09/01/2026		$	500	$	508		5.63%, 10/01/2040	$	1,000	$	1,077
										$		6,070
	Texas- 7.08	%					West Virginia - 0.56%
	Capital Area Cultural Education Facilities						County of Ohio WV
	Finance Corp							5.85%, 06/01/2034		250		256
	6.13%, 04/01/2045			1,000		1,151	West Virginia Hospital Finance Authority
	Central Texas Turnpike System							5.50%, 06/01/2034		1,250		1,387
	5.00%, 08/15/2031			1,285		1,487				$		1,643
	City of Houston TX Airport System Revenue
	5.00%, 07/01/2029			2,000		2,176	Wisconsin - 3.07%
							City of Superior WI (credit support from GO
	Gregg County Health Facilities Development						OF CORP)
	Corp							5.38%, 11/01/2021(b)		750		799
	5.00%, 10/01/2016			600		606
	Harris County Industrial Development Corp						County of Milwaukee WI Airport
	5.00%, 02/01/2023			400		443	Revenue (credit support from AGM)
								5.25%, 12/01/2025(b)		4,000		4,156
	Harris County-Houston Sports Authority
	5.00%, 11/15/2030			3,000		3,535	Public Finance Authority
	New Hope Cultural Education Facilities Corp							5.25%, 04/01/2030		1,400		1,461
	5.00%, 07/01/2047			3,000		3,175	State of Wisconsin (credit support from ST
							APPROP)
	North Texas Health Facilities Development							5.38%, 05/01/2025(b)		1,000		1,140
	Corp (credit support from AGM)
	5.00%, 09/01/2024(b)			1,000		1,061	Wisconsin Health & Educational Facilities
	North Texas Tollway Authority						Authority
	5.00%, 01/01/2045			1,000		1,148		6.38%, 02/15/2029		500		582
	5.63%, 01/01/2033			615		663		6.63%, 02/15/2039		720		844
	5.63%, 01/01/2033			385		421				$		8,982
	5.75%, 01/01/2033			1,130		1,238	TOTAL MUNICIPAL BONDS			$		288,238
	Sea Breeze Public Facility Corp						Total Investments			$		289,775
	6.50%, 01/01/2046			100		102	Liability for Floating Rate Notes Issued in Conjunction with
	Tarrant County Cultural Education Facilities						Securities Held - (2.61)%
	Finance Corp (credit support from AGC)						Notes with an interest rate of 0.02% at January		$	(7,621	) $	(7,621	)
	6.25%, 07/01/2028(b)			1,000		1,132	31, 2016 and contractual maturity of collateral
	Texas A&M University						from 2017-2020.(f)
	5.00%, 05/15/2027			1,000		1,131	Total Net Investments			$		282,154
	Texas Private Activity Bond Surface						Other Assets in Excess of Liabilities, Net - 3.43%			$		10,012
	Transportation Corp						TOTAL NET ASSETS - 100.00%			$		292,166
	7.00%, 12/31/2038			1,000		1,258
				$		20,727
							(a)	Security exempt from registration under Rule 144A of the Securities Act of
	Virgin Islands - 0.25%							1933. These securities may be resold in transactions exempt from
	Virgin Islands Public Finance Authority							registration, normally to qualified institutional buyers. At the end of the
	5.00%, 10/01/2025			650		725		period, the value of these securities totaled $10,004 or 3.42% of net assets.
							(b)	Credit support indicates investments that benefit from credit enhancement
	Virginia - 1.82%							or liquidity support provided by a third party bank, institution, or
	County of Botetourt VA							government agency.
	6.00%, 07/01/2034			1,000		1,052	(c)	Security or portion of underlying security related to Inverse Floaters
	6.00%, 07/01/2044			1,000		1,044		entered into by the Fund. See Notes to Financial Statements for additional
	Fairfax County Industrial Development							information.
	Authority						(d)	Non-Income Producing Security
	5.00%, 05/15/2035(c)			700		803	(e)	Security purchased on a when-issued basis.
	Roanoke Economic Development Authority						(f)	Floating rate securities. The interest rate(s) shown reflect the rates in
	6.63%, 12/01/2044			1,295		1,451		effect at January 31, 2016.
	Shops at White Oak Village Community
	Development Authority/The
	5.30%, 03/01/2017			100		103		Portfolio Summary (unaudited)
	Washington County Industrial Development						Sector					Percent
	Authority/VA
	7.50%, 07/01/2029			750		860	Revenue Bonds					62.15	%
							Insured					18.99	%
				$		5,313	Prerefunded					9.61	%
	Washington - 2.07%						General Obligation Unlimited					6.58	%
	FYI Properties						Government					0.52	%
	5.50%, 06/01/2039			1,000		1,124	Special Assessment					0.44	%
	State of Washington						Tax Allocation					0.32	%
	6.40%, 06/01/2017			1,520		1,585	Certificate Participation					0.31	%
	Washington Health Care Facilities Authority						Special Tax					0.26	%
	7.38%, 03/01/2038			1,000		1,196	Liability For Floating Rate Notes Issued					(2.61	)%
	Washington Health Care Facilities						Other Assets in Excess of Liabilities, Net					3.43	%
	Authority (credit support from AGM)						TOTAL NET ASSETS					100.00	%
	5.50%, 08/15/2038(b)			1,000		1,088

See accompanying notes

263

Glossary to the Schedule of Investments
January 31, 2016 (unaudited)

Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Renminbi
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
MXN	Mexican Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
PLN	Polish Zloty
RON	Romanian New Leu
RUB	Russian Rouble
SEK	Swedish Krona
TRY	Turkish Lira
USD/$	United States Dollar
ZAR	South African Rand

See accompanying notes

264

At January 31, 2016, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the Funds were as follows (amounts in thousands):

		Unrealized		Unrealized			Net Unrealized			Cost for Federal
		Appreciation		(Depreciation)			Appreciation (Depreciation)			Income Tax Purposes
California Municipal Fund*	$	22,245	$	(65	)	$	22,180		$	234,294
Core Plus Bond Fund		44,261		(110,973	)		(66,712	)		4,740,353
Diversified International Fund		617,167		(501,208	)		115,959			5,765,842
Equity Income Fund		1,580,698		(249,732	)		1,330,966			3,661,325
Global Diversified Income Fund		280,063		(997,757	)		(717,694	)		10,863,501
Global Real Estate Securities Fund		218,290		(189,001	)		29,289			2,852,479
Government & High Quality Bond Fund		29,761		(30,972	)		(1,211	)		1,566,429
High Yield Fund		24,393		(457,553	)		(433,160	)		3,438,390
High Yield Fund I		5,055		(98,570	)		(93,515	)		894,623
Income Fund		80,172		(138,281	)		(58,109	)		3,139,619
Inflation Protection Fund		233		(38,891	)		(38,658	)		1,712,312
International Emerging Markets Fund		46,157		(138,345	)		(92,188	)		1,173,939
International Fund I		34,531		(26,505	)		8,026			359,898
LargeCap Growth Fund		566,690		(97,205	)		469,485			2,163,643
LargeCap Growth Fund I		1,444,496		(321,684	)		1,122,812			5,568,964
LargeCap Growth Fund II		40,287		(28,667	)		11,620			559,355
LargeCap S&P 500 Index Fund		1,491,367		(229,281	)		1,262,086			3,330,811
LargeCap Value Fund		170,378		(133,392	)		36,986			2,235,374
LargeCap Value Fund III		135,104		(142,525	)		(7,421	)		1,750,847
MidCap Fund		1,928,826		(765,592	)		1,163,234			8,842,184
MidCap Growth Fund		8,250		(13,226	)		(4,976	)		127,101
MidCap Growth Fund III		98,104		(105,624	)		(7,520	)		1,211,075
MidCap S&P 400 Index Fund		230,367		(134,602	)		95,765			970,960
MidCap Value Fund I		50,049		(162,418	)		(112,369	)		1,542,186
MidCap Value Fund III		99,402		(84,107	)		15,295			945,524
Money Market Fund		—		—			—			1,047,274
Overseas Fund		160,845		(421,382	)		(260,537	)		2,626,239
Principal Capital Appreciation Fund		908,120		(48,392	)		859,728			1,563,535
Principal LifeTime 2010 Fund		65,957		(54,033	)		11,924			1,255,430
Principal LifeTime 2015 Fund		71,812		(22,649	)		49,163			724,065
Principal LifeTime 2020 Fund		349,551		(338,918	)		10,633			5,780,656
Principal LifeTime 2025 Fund		106,497		(83,431	)		23,066			1,468,291
Principal LifeTime 2030 Fund		415,138		(425,998	)		(10,860	)		6,237,904
Principal LifeTime 2035 Fund		100,198		(65,528	)		34,670			1,095,969
Principal LifeTime 2040 Fund		377,780		(282,134	)		95,646			3,994,631
Principal LifeTime 2045 Fund		52,559		(51,598	)		961			712,774
Principal LifeTime 2050 Fund		182,282		(168,228	)		14,054			2,112,056
Principal LifeTime 2055 Fund		8,794		(21,990	)		(13,196	)		233,209
Principal LifeTime 2060 Fund		142		(16,484	)		(16,342	)		126,339
Principal LifeTime Hybrid 2015 Fund		3		(496	)		(493	)		8,922
Principal LifeTime Hybrid 2020 Fund		23		(1,811	)		(1,788	)		30,306
Principal LifeTime Hybrid 2025 Fund		7		(300	)		(293	)		4,939
Principal LifeTime Hybrid 2030 Fund		10		(2,160	)		(2,150	)		29,980
Principal LifeTime Hybrid 2035 Fund		4		(358	)		(354	)		4,910
Principal LifeTime Hybrid 2040 Fund		5		(1,311	)		(1,306	)		16,048
Principal LifeTime Hybrid 2045 Fund		1		(231	)		(230	)		2,622
Principal LifeTime Hybrid 2050 Fund		—		(764	)		(764	)		8,622
Principal LifeTime Hybrid 2055 Fund		—		(45	)		(45	)		512
Principal LifeTime Hybrid 2060 Fund		—		(16	)		(16	)		211
Principal LifeTime Hybrid Income Fund		2		(108	)		(106	)		3,266
Principal LifeTime Strategic Income Fund		28,612		(19,522	)		9,090			669,881
Real Estate Securities Fund		547,735		(57,630	)		490,105			1,879,203
SAM Balanced Portfolio		480,686		(171,328	)		309,358			4,266,215
SAM Conservative Balanced Portfolio		106,914		(59,542	)		47,372			1,593,276
SAM Conservative Growth Portfolio		369,344		(150,899	)		218,445			2,708,286
SAM Flexible Income Portfolio		79,999		(88,180	)		(8,181	)		2,214,106
SAM Strategic Growth Portfolio		233,007		(135,548	)		97,459			1,664,930
Short-Term Income Fund		16,762		(31,322	)		(14,560	)		2,887,275
SmallCap Fund		87,635		(62,813	)		24,822			514,636
SmallCap Growth Fund I		170,604		(198,718	)		(28,114	)		1,437,874
SmallCap S&P 600 Index Fund		204,370		(146,818	)		57,552			979,048
SmallCap Value Fund II		145,351		(146,497	)		(1,146	)		1,188,432
Tax-Exempt Bond Fund*		23,383		(516	)		22,867			259,287

*The Fund holds floating rate securities which are accounted for differently for GAAP vs. federal income tax purposes. This causes a difference in cost basis and fair market value of investments for tax and GAAP purposes.

Security Valuation. Principal LifeTime 2010 Fund, Principal LifeTime 2015 Fund, Principal LifeTime 2020 Fund, Principal LifeTime 2025 Fund, Principal LifeTime 2030 Fund, Principal LifeTime 2035 Fund, Principal LifeTime 2040 Fund, Principal LifeTime 2045 Fund, Principal LifeTime 2050 Fund, Principal LifeTime 2055 Fund, Principal LifeTime 2060 Fund, and Principal LifeTime Strategic Income Fund (collectively, the “Principal LifeTime Funds”), Principal LifeTime Hybrid 2015 Fund, Principal LifeTime Hybrid 2020 Fund, Principal LifeTime Hybrid 2025 Fund, Principal LifeTime Hybrid 2030 Fund, Principal LifeTime Hybrid 2035 Fund, Principal LifeTime Hybrid 2040 Fund, Principal LifeTime Hybrid 2045 Fund, Principal LifeTime Hybrid 2050 Fund, Principal LifeTime Hybrid 2055 Fund, Principal LifeTime Hybrid 2060 Fund, and Principal LifeTime Hybrid Income Fund (collectively, the “Principal LifeTime Hybrid Funds”), along with the SAM Balanced, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, and SAM Strategic Growth Portfolio (collectively, the “SAM Portfolios”) invest in Institutional Class shares of other series of Principal Funds, Inc. (the "Underlying Funds"). Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of valuation

Bond & Mortgage Securities Fund, California Municipal Fund, Diversified International Fund, Equity Income Fund, Global Diversified Income Fund, Global Real Estate Securities Fund, Government & High Quality Bond Fund, High Yield Fund, High Yield Fund I, Income Fund, Inflation Protection Fund, International Emerging Markets Fund, International Fund I, LargeCap Growth Fund, LargeCap Growth Fund I, LargeCap Growth Fund II, LargeCap S&P 500 Index Fund, LargeCap Value Fund, LargeCap Value Fund III, MidCap Blend Fund, MidCap Growth Fund, MidCap Growth Fund III, MidCap S&P 400 Index Fund, MidCap Value Fund I, MidCap Value Fund III, Money Market Fund, Overseas Fund, Principal Capital Appreciation Fund, Real Estate Securities Fund, Short-Term Income Fund, SmallCap Blend Fund, SmallCap Growth Fund I, SmallCap S&P 600 Index Fund, SmallCap Value Fund II, and Tax-Exempt Bond Fund (known as the "Funds") (with the exception of Money Market Fund, Principal LifeTime Funds, Principal LifeTime Hybrid Funds, and the SAM Portfolios) value securities for which market quotations are readily available at fair value, which is determined using the last reported sale price. If no sales are reported, as is regularly the case for some securities traded over-the-counter, securities are valued using the last reported bid price 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.

Short-term securities purchased with less than 60 days until maturity are valued at amortized cost, which approximates market. Money Market Fund values its securities, other than holdings of other mutual funds, at amortized cost as permitted under Rule 2a-7 of the Investment Company Act of 1940. Other mutual funds are valued at the funds’ net asset value. Under the amortized cost method, a security is valued by applying a constant yield to maturity of the difference between the principal amount due at maturity and the cost of the security to the Funds.

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.

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

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

ÏLevel 3 – Significant unobservable inputs (including the 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. Benchmark pricing procedures set the base price of a security based on current market data. The base price may be a broker-dealer quote, transaction price, or internal value based on relevant market data.

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 has been adopted for the significant transfers between levels of each Fund’s assets and liabilities. As of January 31, 2016, there were no significant transfers into or out of Level 3.

The table below shows the amounts that were transferred from Level 1 to Level 2 due to lack of exchange traded valuation data; however observable market inputs were available to support these valuations:

SmallCap Value Fund II $ 16,044

The table below shows the amounts that were transferred from Level 2 to Level 1 due the resumption of trading for previous thinly traded securities:

SmallCap Value Fund II $ 360,451

The following is a summary of the inputs used as of January 31, 2016 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)
California Municipal Fund
Municipal Bonds*	$	—		$	267,219		$	—	$	267,219
Total investments in securities $		—		$	267,219		$	—	$	267,219
Core Plus Bond Fund
Bonds*	$	—		$	2,696,537		$	3,699	$	2,700,236
Convertible Bonds*		—			1,780			—		1,780
Investment Companies*		265,320			—			—		265,320
Preferred Stocks
Communications		1,326			—			—		1,326
Financial		13,806			3,524			—		17,330
Utilities		1,331			—			—		1,331
Senior Floating Rate Interests*		—			137,972			—		137,972
U.S. Government & Government Agency Obligations*		—			1,548,346			—		1,548,346
Total investments in securities $		281,783		$	4,388,159		$	3,699	$	4,673,641
Assets
Credit Contracts**
Exchange Cleared Credit Default Swaps	$	—		$	2,263		$	—	$	2,263
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	467		$	—	$	467
Interest Rate Contracts**
Futures	$	3,424		$	—		$	—	$	3,424
Liabilities
Credit Contracts**
Exchange Cleared Credit Default Swaps	$	—		$	(110	)	$	—	$	(110	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(84	)	$	—	$	(84	)
Interest Rate Contracts**
Futures	$	(560	)	$	—		$	—	$	(560	)
Diversified International Fund
Common Stocks
Basic Materials	$	—		$	135,711		$	—	$	135,711
Communications		17,503			697,762			—		715,265
Consumer, Cyclical		234,175			808,740			—		1,042,915
Consumer, Non-cyclical		154,729			831,622			—		986,351
Energy		155,337			177,778			—		333,115
Financial		322,664			1,040,555			—		1,363,219
Industrial		82,802			499,593			—		582,395
Technology		—			299,613			—		299,613
Utilities		—			193,928			—		193,928
Investment Companies*		218,447			—			—		218,447
Preferred Stocks
Basic Materials		—			10,842			—		10,842
Total investments in securities $		1,185,657		$	4,696,144		$	—	$	5,881,801
Equity Income Fund
Common Stocks*	$	4,913,106		$	—		$	—	$	4,913,106
Investment Companies*		79,185			—			—		79,185
Total investments in securities $		4,992,291		$	—		$	—	$	4,992,291

					Level 2 - Other
		Level 1 - Quoted			Significant Observable			Level 3 - Significant
Fund		Prices			Inputs			Unobservable Inputs		Totals (Level 1,2,3)
Global Diversified Income Fund
Bonds*	$	—		$	6,767,026		$	72,899	$	6,839,925
Common Stocks
Basic Materials		5,063			7,262			—		12,325
Communications		114,049			58,801			9		172,859
Consumer, Cyclical		2,736			32,639			—		35,375
Consumer, Non-cyclical		114,475			78,738			—		193,213
Diversified		—			5,769			—		5,769
Energy		393,540			25,597			—		419,137
Financial		363,154			241,031			—		604,185
Government		477			—			—		477
Industrial		40,817			39,121			55		79,993
Technology		38,804			4,792			—		43,596
Utilities		348,775			99,093			—		447,868
Convertible Bonds*		—			969			1,862		2,831
Convertible Preferred Stocks
Financial		4,573			—			—		4,573
Credit Linked Structured Notes*		—			4,057			2,426		6,483
Investment Companies*		275,771			—			—		275,771
Preferred Stocks
Communications		18,309			14,328			—		32,637
Consumer, Non-cyclical		—			1,019			—		1,019
Financial		141,275			22,575			—		163,850
Industrial		15,983			—			120		16,103
Utilities		11,602			—			—		11,602
Senior Floating Rate Interests*		—			767,621			8,595		776,216
	Total investments in securities $	1,889,403		$	8,170,438		$	85,966	$	10,145,807
Assets
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	5,308		$	—	$	5,308
Liabilities
Credit Contracts**
Credit Default Swaps	$	—		$	(6,219	)	$	—	$	(6,219	)
Equity Contracts**
Options	$	(24,577	)	$	—		$	—	$	(24,577	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(695	)	$	—	$	(695	)
Global Real Estate Securities Fund
Common Stocks
Consumer, Cyclical	$	10,082		$	37,440		$	—	$	47,522
Diversified		—			24,006			—		24,006
Financial		1,572,020			1,158,305			—		2,730,325
Industrial		—			8,728			—		8,728
Technology		1,399			—			—		1,399
Investment Companies*		69,788			—			—		69,788
	Total investments in securities $	1,653,289		$	1,228,479		$	—	$	2,881,768
Government & High Quality Bond Fund
Bonds*	$	—		$	489,137		$	—	$	489,137
Investment Companies*		29,268			—			—		29,268
U.S. Government & Government Agency Obligations*		—			1,046,813			—		1,046,813
	Total investments in securities $	29,268		$	1,535,950		$	—	$	1,565,218

				Level 2 - Other
		Level 1 - Quoted		Significant Observable		Level 3 - Significant
Fund		Prices		Inputs		Unobservable Inputs		Totals (Level 1,2,3)
High Yield Fund
Bonds*	$	—	$	2,706,503	$	1	$	2,706,504
Common Stocks
Consumer, Non-cyclical		—		—		488		488
Energy		—		—		—		—
Technology		—		—		—		—
Convertible Bonds*		—		20,662		—		20,662
Investment Companies*		54,260		—		—		54,260
Senior Floating Rate Interests*		—		223,316		—		223,316
	Total investments in securities $	54,260	$	2,950,481	$	489	$	3,005,230
Assets
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—	$	167	$	—	$	167
High Yield Fund I
Bonds*	$	—	$	705,764	$	190	$	705,954
Common Stocks
Communications		284		—		—		284
Consumer, Cyclical		—		25		—		25
Industrial		—		—		—		—
Utilities		178		—		160		338
Convertible Bonds*		—		205		497		702
Investment Companies*		28,973		—		—		28,973
Preferred Stocks
Financial		—		1,525		—		1,525
Industrial		—		—		—		—
Senior Floating Rate Interests*		—		63,307		—		63,307
	Total investments in securities $	29,435	$	770,826	$	847	$	801,108
Income Fund
Bonds*	$	—	$	1,894,488	$	15,065	$	1,909,553
Common Stocks
Financial		—		—		3		3
Industrial		—		—		—		—
Technology		—		—		—		—
Investment Companies*		98,144		—		—		98,144
Senior Floating Rate Interests*		—		4,589		—		4,589
U.S. Government & Government Agency Obligations*		—		1,069,221		—		1,069,221
	Total investments in securities $	98,144	$	2,968,298	$	15,068	$	3,081,510

					Level 2 - Other
		Level 1 - Quoted			Significant Observable			Level 3 - Significant
Fund		Prices			Inputs			Unobservable Inputs		Totals (Level 1,2,3)
Inflation Protection Fund
Bonds*	$	—		$	76,334		$	118	$	76,452
Investment Companies*		40,061			—			—		40,061
U.S. Government & Government Agency Obligations*		—			1,548,192			—		1,548,192
Purchased Interest Rate Swaptions		—			3,333			—		3,333
Purchased Capped Options		—			17			—		17
Purchased Options		1,872			3,727			—		5,599
Total investments in securities $		41,933		$	1,631,603		$	118	$	1,673,654
Assets
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	4,620		$	—	$	4,620
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	1,153		$	—	$	1,153
Futures		512			—			—		512
Interest Rate Swaps		—			134			—		134
Liabilities
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(3,972	)	$	—	$	(3,972	)
Written Options		—			(2,405	)		—		(2,405	)
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	(4,873	)	$	—	$	(4,873	)
Futures		(2,766	)		—			—		(2,766	)
Interest Rate Swaps		—			(331	)		—		(331	)
Interest Rate Swaptions		—			(1,892	)		—		(1,892	)
International Emerging Markets Fund
Common Stocks
Basic Materials	$	4,563		$	27,819		$	—	$	32,382
Communications		34,488			148,232			—		182,720
Consumer, Cyclical		15,762			131,317			—		147,079
Consumer, Non-cyclical		45,351			55,730			—		101,081
Diversified		—			9,356			—		9,356
Energy		26,412			84,997			—		111,409
Financial		35,857			190,353			—		226,210
Industrial		23,944			34,044			—		57,988
Technology		37,143			108,977			—		146,120
Utilities		—			27,361			—		27,361
Investment Companies*		20,051			—			—		20,051
Preferred Stocks
Basic Materials		—			5,062			—		5,062
Communications		—			678			—		678
Diversified		14,254			—			—		14,254
Total investments in securities $		257,825		$	823,926		$	—	$	1,081,751
International Fund I
Common Stocks
Basic Materials	$	—		$	20,118		$	—	$	20,118
Communications		—			23,183			—		23,183
Consumer, Cyclical		8,990			87,075			—		96,065
Consumer, Non-cyclical		2,246			38,298			—		40,544
Energy		—			6,725			—		6,725
Financial		758			61,739			—		62,497
Industrial		4,498			45,668			—		50,166
Technology		21,745			32,053			—		53,798
Utilities		—			5,680			—		5,680
Investment Companies*		9,148			—			—		9,148
Total investments in securities $		47,385		$	320,539		$	—	$	367,924
Assets
Equity Contracts**
Futures	$	176		$	—		$	—	$	176

					Level 2 - Other
		Level 1 - Quoted			Significant Observable		Level 3 - Significant
Fund		Prices			Inputs		Unobservable Inputs		Totals (Level 1,2,3)
LargeCap Growth Fund
Common Stocks*	$	2,539,602		$	—	$	—	$	2,539,602
Investment Companies*		93,526			—		—		93,526
	Total investments in securities $	2,633,128		$	—	$	—	$	2,633,128
LargeCap Growth Fund I
Common Stocks
Basic Materials	$	113,622		$	—	$	—	$	113,622
Communications		1,406,529			—		1,477		1,408,006
Consumer, Cyclical		943,574			—		—		943,574
Consumer, Non-cyclical		1,871,419			—		—		1,871,419
Diversified		94			—		—		94
Energy		18,256			—		—		18,256
Financial		586,156			—		—		586,156
Industrial		628,774			—		—		628,774
Technology		902,746			—		—		902,746
Utilities		405			—		—		405
Convertible Preferred Stocks
Communications		—			2,733		27,181		29,914
Investment Companies*		175,132			—		—		175,132
Preferred Stocks
Communications		—			4,820		4,970		9,790
Technology		—			3,888		—		3,888
	Total investments in securities $	6,646,707		$	11,441	$	33,628	$	6,691,776
Liabilities
Equity Contracts**
Futures	$	(7,860	)	$	—	$	—	$	(7,860	)
LargeCap Growth Fund II
Common Stocks*	$	547,446		$	—	$	—	$	547,446
Investment Companies*		23,529			—		—		23,529
	Total investments in securities $	570,975		$	—	$	—	$	570,975
Assets
Equity Contracts**
Futures	$	755		$	—	$	—	$	755
LargeCap S&P 500 Index Fund
Common Stocks*	$	4,507,085		$	—	$	—	$	4,507,085
Investment Companies*		85,812			—		—		85,812
	Total investments in securities $	4,592,897		$	—	$	—	$	4,592,897
Liabilities
Equity Contracts**
Futures	$	(1,948	)	$	—	$	—	$	(1,948	)
LargeCap Value Fund
Common Stocks*	$	2,234,193		$	—	$	—	$	2,234,193
Investment Companies*		38,167			—		—		38,167
	Total investments in securities $	2,272,360		$	—	$	—	$	2,272,360

				Level 2 - Other
		Level 1 - Quoted		Significant Observable			Level 3 - Significant
Fund		Prices		Inputs			Unobservable Inputs		Totals (Level 1,2,3)
LargeCap Value Fund III
Common Stocks*	$	1,672,299		$	—	$	—	$	1,672,299
Investment Companies*		71,127			—		—		71,127
	Total investments in securities $	1,743,426		$	—	$	—	$	1,743,426
Liabilities
Equity Contracts**
Futures	$	(2,388	)	$	—	$	—	$	(2,388	)
MidCap Fund
Common Stocks*	$	9,979,701		$	—	$	—	$	9,979,701
Investment Companies*		25,717			—		—		25,717
	Total investments in securities $	10,005,418		$	—	$	—	$	10,005,418
MidCap Growth Fund
Common Stocks*	$	117,350		$	—	$	—	$	117,350
Investment Companies*		4,775			—		—		4,775
	Total investments in securities $	122,125		$	—	$	—	$	122,125
MidCap Growth Fund III
Common Stocks*	$	1,144,803		$	—	$	—	$	1,144,803
Investment Companies*		58,752			—		—		58,752
	Total investments in securities $	1,203,555		$	—	$	—	$	1,203,555
Assets
Equity Contracts**
Futures	$	5		$	—	$	—	$	5
MidCap S&P 400 Index Fund
Common Stocks*	$	1,047,786		$	—	$	—	$	1,047,786
Investment Companies*		18,939			—		—		18,939
	Total investments in securities $	1,066,725		$	—	$	—	$	1,066,725
Assets
Equity Contracts**
Futures	$	680		$	—	$	—	$	680
MidCap Value Fund I
Common Stocks*	$	1,371,342		$	—	$	—	$	1,371,342
Investment Companies*		58,475			—		—		58,475
	Total investments in securities $	1,429,817		$	—	$	—	$	1,429,817
Assets
Equity Contracts**
Futures	$	250		$	—	$	—	$	250
MidCap Value Fund III
Common Stocks*	$	918,703		$	—	$	—	$	918,703
Investment Companies*		42,116			—		—		42,116
	Total investments in securities $	960,819		$	—	$	—	$	960,819
Liabilities
Equity Contracts**
Futures	$	(1,710	)	$	—	$	—	$	(1,710	)

				Level 2 - Other
		Level 1 - Quoted		Significant Observable		Level 3 - Significant
Fund		Prices		Inputs		Unobservable Inputs		Totals (Level 1,2,3)
Money Market Fund
Bonds*	$	—	$	95,765	$	—	$	95,765
Certificate of Deposit*		—		43,300		—		43,300
Commercial Paper*		—		741,862		—		741,862
Investment Companies*		55,310		—		—		55,310
Municipal Bonds*		—		52,037		—		52,037
Repurchase Agreements*		—		59,000		—		59,000
	Total investments in securities $	55,310	$	991,964	$	—	$	1,047,274
Overseas Fund
Common Stocks
Basic Materials	$	—	$	132,680	$	—	$	132,680
Communications		—		153,608		—		153,608
Consumer, Cyclical		6,569		195,254		—		201,823
Consumer, Non-cyclical		38,967		448,855		—		487,822
Diversified		—		11,654		—		11,654
Energy		22,255		138,960		—		161,215
Financial		123		538,751		—		538,874
Industrial		26,988		366,684		—		393,672
Technology		—		67,642		—		67,642
Utilities		—		111,392		—		111,392
Investment Companies*		71,037		—		—		71,037
Preferred Stocks
Consumer, Cyclical		—		34,283		—		34,283
	Total investments in securities $	165,939	$	2,199,763	$	—	$	2,365,702
Assets
Equity Contracts**
Futures	$	94	$	—	$	—	$	94
Principal Capital Appreciation Fund
Common Stocks*	$	2,387,253	$	—	$	—	$	2,387,253
Investment Companies*		36,010		—		—		36,010
	Total investments in securities $	2,423,263	$	—	$	—	$	2,423,263
Principal LifeTime 2010 Fund
Investment Companies*	$	1,267,354	$	—	$	—	$	1,267,354
	Total investments in securities $	1,267,354	$	—	$	—	$	1,267,354
Principal LifeTime 2015 Fund
Investment Companies*	$	773,228	$	—	$	—	$	773,228
	Total investments in securities $	773,228	$	—	$	—	$	773,228
Principal LifeTime 2020 Fund
Investment Companies*	$	5,791,289	$	—	$	—	$	5,791,289
	Total investments in securities $	5,791,289	$	—	$	—	$	5,791,289
Principal LifeTime 2025 Fund
Investment Companies*	$	1,491,357	$	—	$	—	$	1,491,357
	Total investments in securities $	1,491,357	$	—	$	—	$	1,491,357
Principal LifeTime 2030 Fund
Investment Companies*	$	6,227,044	$	—	$	—	$	6,227,044
	Total investments in securities $	6,227,044	$	—	$	—	$	6,227,044
Principal LifeTime 2035 Fund
Investment Companies*	$	1,130,639	$	—	$	—	$	1,130,639
	Total investments in securities $	1,130,639	$	—	$	—	$	1,130,639
Principal LifeTime 2040 Fund
Investment Companies*	$	4,090,277	$	—	$	—	$	4,090,277
	Total investments in securities $	4,090,277	$	—	$	—	$	4,090,277

			Level 2 - Other
		Level 1 - Quoted	Significant Observable			Level 3 - Significant
Fund		Prices	Inputs			Unobservable Inputs		Totals (Level 1,2,3)
Principal LifeTime 2045 Fund
Investment Companies*	$	713,735	$	—	$	—	$	713,735
	Total investments in securities $	713,735	$	—	$	—	$	713,735
Principal LifeTime 2050 Fund
Investment Companies*	$	2,126,110	$	—	$	—	$	2,126,110
	Total investments in securities $	2,126,110	$	—	$	—	$	2,126,110
Principal LifeTime 2055 Fund
Investment Companies*	$	220,013	$	—	$	—	$	220,013
	Total investments in securities $	220,013	$	—	$	—	$	220,013
Principal LifeTime 2060 Fund
Investment Companies*	$	109,997	$	—	$	—	$	109,997
	Total investments in securities $	109,997	$	—	$	—	$	109,997
Principal LifeTime Hybrid 2015 Fund
Investment Companies*	$	8,429	$	—	$	—	$	8,429
	Total investments in securities $	8,429	$	—	$	—	$	8,429
Principal LifeTime Hybrid 2020 Fund
Investment Companies*	$	28,518	$	—	$	—	$	28,518
	Total investments in securities $	28,518	$	—	$	—	$	28,518
Principal LifeTime Hybrid 2025 Fund
Investment Companies*	$	4,646	$	—	$	—	$	4,646
	Total investments in securities $	4,646	$	—	$	—	$	4,646
Principal LifeTime Hybrid 2030 Fund
Investment Companies*	$	27,830	$	—	$	—	$	27,830
	Total investments in securities $	27,830	$	—	$	—	$	27,830
Principal LifeTime Hybrid 2035 Fund
Investment Companies*	$	4,556	$	—	$	—	$	4,556
	Total investments in securities $	4,556	$	—	$	—	$	4,556
Principal LifeTime Hybrid 2040 Fund
Investment Companies*	$	14,742	$	—	$	—	$	14,742
	Total investments in securities $	14,742	$	—	$	—	$	14,742
Principal LifeTime Hybrid 2045 Fund
Investment Companies*	$	2,392	$	—	$	—	$	2,392
	Total investments in securities $	2,392	$	—	$	—	$	2,392
Principal LifeTime Hybrid 2050 Fund
Investment Companies*	$	7,858	$	—	$	—	$	7,858
	Total investments in securities $	7,858	$	—	$	—	$	7,858
Principal LifeTime Hybrid 2055 Fund
Investment Companies*	$	467	$	—	$	—	$	467
	Total investments in securities $	467	$	—	$	—	$	467
Principal LifeTime Hybrid 2060 Fund
Investment Companies*	$	195	$	—	$	—	$	195
	Total investments in securities $	195	$	—	$	—	$	195
Principal LifeTime Hybrid Income Fund
Investment Companies*	$	3,160	$	—	$	—	$	3,160
	Total investments in securities $	3,160	$	—	$	—	$	3,160

				Level 2 - Other
		Level 1 - Quoted		Significant Observable		Level 3 - Significant
Fund		Prices		Inputs		Unobservable Inputs		Totals (Level 1,2,3)
Principal LifeTime Strategic Income Fund
Investment Companies*	$	678,971	$	—	$	—	$	678,971
	Total investments in securities $	678,971	$	—	$	—	$	678,971
Real Estate Securities Fund
Common Stocks*	$	2,303,999	$	—	$	—	$	2,303,999
Investment Companies*		65,309		—		—		65,309
	Total investments in securities $	2,369,308	$	—	$	—	$	2,369,308
SAM Balanced Portfolio
Investment Companies*	$	4,575,573	$	—	$	—	$	4,575,573
	Total investments in securities $	4,575,573	$	—	$	—	$	4,575,573
SAM Conservative Balanced Portfolio
Investment Companies*	$	1,640,648	$	—	$	—	$	1,640,648
	Total investments in securities $	1,640,648	$	—	$	—	$	1,640,648
SAM Conservative Growth Portfolio
Investment Companies*	$	2,926,731	$	—	$	—	$	2,926,731
	Total investments in securities $	2,926,731	$	—	$	—	$	2,926,731
SAM Flexible Income Portfolio
Investment Companies*	$	2,205,925	$	—	$	—	$	2,205,925
	Total investments in securities $	2,205,925	$	—	$	—	$	2,205,925
SAM Strategic Growth Portfolio
Investment Companies*	$	1,762,389	$	—	$	—	$	1,762,389
	Total investments in securities $	1,762,389	$	—	$	—	$	1,762,389
Short-Term Income Fund
Bonds*	$	—	$	2,823,841	$	8,499	$	2,832,340
Investment Companies*		39,116		—		—		39,116
U.S. Government & Government Agency Obligations*		—		1,259		—		1,259
	Total investments in securities $	39,116	$	2,825,100	$	8,499	$	2,872,715
SmallCap Fund
Common Stocks
Communications	$	27,371	$	—	$	—	$	27,371
Consumer, Cyclical		78,502		—		—		78,502
Consumer, Non-cyclical		121,448		45		—		121,493
Energy		17,149		—		—		17,149
Financial		148,430		—		—		148,430
Industrial		50,326		—		—		50,326
Technology		63,940		—		—		63,940
Utilities		19,454		—		—		19,454
Investment Companies*		12,793		—		—		12,793
	Total investments in securities $	539,413	$	45	$	—	$	539,458

					Level 2 - Other
		Level 1 - Quoted			Significant Observable		Level 3 - Significant
Fund		Prices			Inputs		Unobservable Inputs		Totals (Level 1,2,3)
SmallCap Growth Fund I
Common Stocks
Basic Materials	$	12,342		$	—	$	—	$	12,342
Communications		90,472			—		20		90,492
Consumer, Cyclical		200,459			—		—		200,459
Consumer, Non-cyclical		406,695			235		—		406,930
Diversified		58			—		—		58
Energy		18,979			—		—		18,979
Financial		110,391			7		—		110,398
Industrial		170,227			—		—		170,227
Technology		322,394			—		—		322,394
Utilities		142			—		—		142
Investment Companies*		77,339			—		—		77,339
	Total investments in securities $	1,409,498		$	242	$	20	$	1,409,760
Liabilities
Equity Contracts**
Futures	$	(3,626	)	$	—	$	—	$	(3,626	)
SmallCap S&P 600 Index Fund
Common Stocks*	$	1,008,689		$	—	$	—	$	1,008,689
Investment Companies*		27,911			—		—		27,911
	Total investments in securities $	1,036,600		$	—	$	—	$	1,036,600
Assets
Equity Contracts**
Futures	$	816		$	—	$	—	$	816
SmallCap Value Fund II
Common Stocks
Basic Materials	$	28,014		$	—	$	—	$	28,014
Communications		34,028			—		227		34,255
Consumer, Cyclical		99,967			—		—		99,967
Consumer, Non-cyclical		216,280			15		—		216,295
Diversified		442			—		—		442
Energy		48,167			—		—		48,167
Financial		345,209			11		—		345,220
Government		170			—		—		170
Industrial		153,827			—		—		153,827
Technology		100,882			—		—		100,882
Utilities		70,467			—		—		70,467
Investment Companies*		89,580			—		—		89,580
	Total investments in securities $	1,187,033		$	26	$	227	$	1,187,286
Liabilities
Equity Contracts**
Futures	$	(7,723	)	$	—	$	—	$	(7,723	)
Tax-Exempt Bond Fund
Bonds*	$	—		$	1,537	$	—	$	1,537
Municipal Bonds*		—			288,238		—		288,238
	Total investments in securities $	—		$	289,775	$	—	$	289,775

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

**Exchange cleared swaps, futures, and foreign currency contracts are valued at the unrealized appreciation/(depreciation) of the instrument.

The Funds' Schedules of Investments as of January 31, 2016 have not been audited. This report is provided for the general information of the Funds' shareholders. For more information regarding the Fund and its holdings, please see the Funds' 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/ Michael J. Beer

Michael J. Beer, President and CEO

Date 03/17/2016

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

By /s/ Michael J. Beer

Michael J. Beer, President and CEO

Date 03/17/2016

By /s/ Tracy W. Bollin

Tracy W. Bollin, Chief Financial Officer

Date 03/17/2016