finalplan.htm - Generated by SEC Publisher for SEC Filing

Due to size constraints, this filing is being made in two related submissions. This submission is the first of the two related submissions.

Central Bank policies have remained a key focus in the markets, as investors continued to anticipate the Federal Reserve’s (the Fed’s) rate normalization timeline. The possibility of an interest rate hike grew throughout August as U.S. data points indicated a solid outlook. The Bank of England implemented easing policies over the summer, stressing that further cuts are likely and that rates will remain low indefinitely.

If the circle of improved wages, confidence, demand, profits, capital spending, and expansion continues as it appears it might in the U.S., the economic upcycle will last a while longer, extended by the drop in interest rates after the U.K. vote in June. We look for a U.S. growth rebound, boosted by strong consumer spending, rising investment, and higher inventories. For 2016, real GDP gains likely will be weak, given the sluggish first half. We believe growth in 2017 should be well over 2% even with a Fed rate hike or two.

The United Kingdom and the Eurozone are proving more resilient to the Brexit (British exit of the European Union) aftermath than forecasters believed. China’s modest bounce continues. That plus improving U.S. demand benefits the developing world.

Late summer brought flat prices for broad equity indices. Defensive sectors, such as health care and utilities, had been winners for years because the marginal buyer of stocks (those whose willingness to pay is equal to the market price), has been yield-hungry fixed income investors looking for better returns than in U.S. treasury bonds. They were buying growth companies with solid earnings, low volatility, and good dividends. In August, those U.S. defensive sectors took a tumble: health care, off 3.5%; utilities, down 6.1%; and telecom services lost 5.7%, as measured by their respective indexes. The small rise in yields of sovereign bonds hurt safe haven-centered portfolios. Long-dated U.S. treasury bonds fell and U.S. global bonds also lost ground. But, the optimism expressed above about global growth was positive for both developed and developing-country corporate bonds. Credit spreads narrowed and returns for August were at least a small positive.

*All data cited from August 2016 Principal Economic Insights by Robert Baur, Ph.D. Chief Global Economist, available at principalfunds.com/commentary.

Investment results shown represent historical performance and do not guarantee future results. Your investment’s returns and principal values will fluctuate with changes in interest rates and other market conditions so the value, when redeemed, may be worth more or less than original costs. Current performance may be lower or higher than the performance shown. For more information, including the most recent month-end performance, visit principalfunds.com, call your financial professional, or call 800-222-5852.

A sales charge may apply as follows: Class J shares: contingent deferred sales charge of 1% on redemptions made during the first 18 months. Institutional and Class R Shares do not have a sales charge. See the prospectus for details. Performance listed with sales charge reflects the maximum sales charge.

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

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

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

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

The investment seeks long-term growth of capital. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations at the time of each purchase. It invests in foreign securities. The fund invests in growth equity securities; growth orientation emphasizes buying equity securities of companies whose potential for growth of capital and earnings is expected to be above average.

Amazon, an e-commerce company, contributed. Alphabet (previously Google), Microsoft and Facebook were contributors. American Tower, which owns over 100,000 cell phone towers globally and leases antenna space on these towers to wireless service providers, contributed. Valeant Pharmaceuticals, a unique pharmaceutical company with significant franchises in eye care, dermatology, and branded generics, detracted. Liberty Global, a large cable company with operations primarily in Europe, detracted. QUALCOMM, a leader in communications chip technology, detracted. American Express, a services company that provides charge and credit payment cards, as well as travel-related services, to consumers and businesses around the world, detracted. Liberty TripAdvisor Holdings detracted.

*** Extended performance is calculated based on the historical performance of the Fund’s Institutional Shares, adjusted for the fees and expenses of the share class shown.

Investment Advisor: Principal Management Corporation
Sub-Advisor: Mellon Capital Management Corporation

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

The investment seeks to provide current income. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments designed to replicate the Barclays U.S. Aggregate Bond Index (the "index") at the time of each purchase. The index is composed of investment grade, fixed rate debt issues with maturities of one year or more, including government securities, corporate securities, and asset-backed and mortgage-backed securities (securitized products).

The U.S. bond market gained 5.97% for the past year, as measured by the Barclays Aggregate Index. Expectations that the Federal Reserve would be patient raising interest rates helped bonds gain, while bouts of risk aversion and U.S. bonds' global attractiveness also aided demand. On a total return basis all market segments were positive. Long maturities outperformed, followed by the seven to 10-year maturity bucket. The long Treasury sector rose, with long corporates gaining. On a relative basis excess returns were higher than duration-neutral Treasuries. The corporate sector outperformed, with the long corporate sector beating duration-neutral Treasuries. Higher quality bonds underperformed lower quality on both a total return basis and relative to duration-neutral Treasuries. Within the corporate sector, financial institutions trailed utilities and industrials.

*** Extended performance is calculated based on the historical performance of the Fund’s Institutional Shares, adjusted for the fees and expenses of the share class shown.

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

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

The investment seeks to achieve long-term returns, comprised of income and capital appreciation, with an emphasis on managing volatility. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in a diversified portfolio of credit-related instruments, represented by bonds and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index.

Security selection within investment-grade corporate bonds contributed. Security selection within U.S. Treasury securities contributed to performance. Security selection within emerging market debt contributed. The portfolio underperformed the Barclays Global Aggregate Corporate index over the year driven mainly by a short duration position as rates fell. An out-of-index allocation to below investment-grade corporate bonds detracted. An out-of-index allocation to U.S. Treasury securities detracted.

Sub-Advisors: BlackRock Financial Management, Inc.; Brookfield Investment Management, Inc.; Credit Suisse Asset Management, LLC; Fischer Francis Trees & Watts, Inc.; Macquarie Capital Invesment Management, LLC; Pictet Asset Management SA; Principal Real Estate Investors, LLC; Symphony Asset Management, LLC; Tortoise Capital Advisors, LLC

The investment seeks a long-term total return in excess of inflation. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments related to real assets and real asset companies. The fund seeks to achieve its investment objective by allocating its assets among general investment categories related to real assets and real asset companies (which include tangible assets and investments that are expected to perform well in periods of high inflation).

Allocation to real estate investment trusts (REITs) (sub-advised by Principal Real Estate Investors, LLC) contributed as their allocation to retail, office, and industrial stocks contributed the most to absolute returns, while manager security selection contributed the most in diversified and self-storage stocks. Allocation to treasury inflation protected securities (TIPs) (sub-advised by BlackRock Financial Management, Inc.) contributed to absolute returns. The sub-advisor underperformed on a relative basis as long U.S. breakeven positioning was the main detractor due to narrowing inflation expectations, as nominal rates were better bid due to the risk off market sentiment that unfolded surrounding geo-political uncertainties. Allocation to floating rate debt (sub-advised by Symphony Asset Management, LLC) contributed to absolute returns. The sub-advisor underperformed on a relative basis as security selection in consumer discretionary and information technology detracted. Allocation to master limited partnerships (MLPs) (sub-advised by Tortoise Capital Advisors, LLC) detracted as relative underperformance was driven by an overweight position in the underperforming crude oil pipelines and refined product pipelines subsector. Negative security selection within the gathering and processing and natural gas pipelines subsectors also detracted. Allocation to timber stocks in global timber (sub-advised by Pictet Asset Management SA) detracted driven by an overweight position to pulp, and out-of-benchmark allocation to homebuilders and negative performance in containerboard. Manager selection in containerboard and homebuilders also weighed on performance. Underweight to metals & mining stocks within the natural resource allocations detracted as those stocks saw a significant rally. Allocation to commodities (sub-advised by Credit Suisse Asset Management LLC), which was implemented through derivatives including commodities futures contracts, detracted.

*** Extended performance is calculated based on the historical performance of the Fund’s Institutional Shares, adjusted for the fees and expenses of the share class shown.

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

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

The investment seeks to provide a high level of current income with an emphasis on managing volatility. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in U.S. and non-U.S. below investment grade securities (sometimes called "high yield" or "junk") which are rated at the time of purchase Ba1 or lower by Moody's Investors Service, Inc. ("Moody's") and BB+ or lower by Standard & Poor's Rating Service ("S&P").

Issue specific impacts from Caraustar Industries, AZ Chem, and EP Energy LLC contributed. Issue impacts from Halcon Resources, Whiting Petroleum, and Continental Resources contributed. Security selection within bank loans and bonds detracted. Within bank loans, Newpage Corporation, Seadrill Partners LLC, and Drillships Financing Holding detracted the most. Bonds that detracted the most were EP Energy LLC, Eletson Holdings, and Bi-Lo LLC.

Investment Advisor: Principal Management Corporation
Sub-Advisor: Edge Asset Management, Inc.

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

The investment seeks long-term growth of capital. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with medium market capitalizations at the time of each purchase. It invests in foreign securities and real estate investment trust securities. The fund invests in equity securities with value and/or growth characteristics and constructs an investment portfolio that has a "blend" of equity securities with these characteristics.

Tumi Holdings, which was acquired by Samsonite International SA, contributed. Digital Realty Trust (DLR) contributed in part due to an accretive acquisition of TelX, as well as growing its footprint overseas by acquiring eight facilities in Europe. Valspar Corp (VAL), which announced its acquisition by Sherwin-Williams, contributed. HollyFrontier (HFC) detracted from excess returns as tighter refining margins weighed on profitability. Aarons(AAN) detracted as the rent-to-own retailer experienced a decline in its core brick and mortar business. Kirby Corp (KEX), a U.S. tank barge operator that transports bulk liquid products, detracted as it faced a challenging environment and reported a decrease in year-over-year revenues along with margin contraction.

Sub-Advisors: AQR Capital Management, LLC; Cliffwater, LLC; CHN Partners, LLC; Finisterre Capital, LLP; Graham Capital Management, LP; KLS Diversified Asset Management, LP; Loomis, Sayles & Company, LP; Los Angeles Capital Management and Equity Research, Inc.; Sound Point Capital Management, LP; Wellington Management Company, LLP; York Registered Holdings, LP

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

The investment seeks to achieve long-term capital appreciation with an emphasis on positive total returns and managing volatility. The fund's investment adviser allocates the fund's assets among one or more of the investment strategies, which are executed by one or more of the fund's sub-advisors. It invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, convertible securities and derivatives such as futures, options, swaps and forwards. The fund can invest a higher percentage of assets in securities of individual issuers than a diversified fund. It is non-diversified.

The emerging markets credit sleeve (sub-advised by Finisterre Capital, LLP) contributed as gains were driven by energy-related credits, partially offset by losses on crude oil and interest rate hedges. The equity long/short sleeve (sub-advised by LA Capital Management and Equity Research, Inc.) contributed as the main contributors were overweight to quality and dividend-yield factors, and underweight to risky factors (volatility and financial risk) and momentum. The fixed-income market neutral sleeve (sub-advised by KLS Diversified Asset Management, LLP) contributed as gains were led by the credit portfolio which benefitted from high yield spread tightening, and curve trades within the rates portfolio. The equity long/short sleeve (sub-advised by Wellington Management Company, LLP) was a drag on performance as the U.S. futures and options hedge strategy was the main detractor, but the portfolio was also hurt by higher-than-average market exposure during the early part of 2016. All of the aforementioned positions are achieved through the use of derivatives, including currency forward and interest rate and equity market futures. The event driven sleeve (sub-advised by York Registered Holdings LP) detracted as losses were led by special situation equities, largely attributable to the sell-off in value stocks in the third quarter of 2015 and hedge fund deleveraging during first quarter of 2016. The global macro sleeve (sub-advised by Graham Capital Management LP) detracted due to losses in equity index trading, as many equity markets suffered from several sharp reversals.

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

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

The investment seeks long-term growth of capital with lower volatility than the global equity markets. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities and derivatives on equity securities, at the time of each purchase. It will invest in foreign, including emerging market, securities, of at least three countries and at least 30% of its net assets in foreign securities. The fund will also invest in U.S. securities.

Adidas, the second largest sporting goods company globally, contributed. Qualicorp, a Brazil-based company primarily active in the health care insurance sector, contributed. NetEase, a Chinese gaming and internet media platform, contributed. ConocoPhillips, an independent exploration and production company, detracted. Leidos, which provides scientific, engineering, systems integration and technical services to the U.S. government and certain private sector end markets, detracted. Boeing, the world's largest aerospace and defense company by sales, detracted.

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

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

The investment seeks long-term growth of capital. Under normal market circumstances, the fund invests in equity securities, and the fund invests in foreign, including emerging market, securities of at least three countries and at least 30% of its net assets in foreign securities. It also invests in U.S. securities.

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

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

The investment seeks long-term growth of capital. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities that compose the MSCI EAFE NDTR D Index at the time of each purchase. The index is a weighted equity index designed to measure the equity performance of developed markets, excluding the United States and Canada. The fund employs a passive investment approach designed to attempt to track the performance of the index. Six of the 10 economics sectors in the index posted positive returns.

British American Tobacco p.l.c., the holding company for a group of companies that manufactures, markets, and sells cigarettes and other tobacco products, including cigars and roll-your-own tobacco, contributed. Siemens AG, an engineering and manufacturing company, contributed. Adidas AG, which manufactures sports shoes and sports equipment, contributed. The financials and health care sectors were the weakest performers. Lloyds Banking Group plc. detracted. Teva Pharmaceutical Industries Ltd., is a global pharmaceutical company, detracted. Credit Suisse Group AG, an international financial services group, detracted.

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

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

The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with small market capitalizations at the time of each purchase. It invests primarily in foreign equity securities. The fund has no limitation on the percentage of assets that is invested in any one country or denominated in any one currency, but it typically invests in foreign securities of more than 10 countries.

European markets outside of the UK and Asia, excluding Japan, produced the best results. Within the Asia Pacific region, Australia and Hong Kong produced the strongest results. Within Europe, Italy, Spain, and France were the biggest contributors. The energy and industrials sectors contributed the most. Treasury Wine Estates (Australia), Bluescope Steel Limited (Australian steel producer), and Lion Corporation (Japanese household products manufacturer) were the biggest individual contributors to relative performance. Negative stock selection in Japan and in the UK, the two largest countries in the international small cap universe, detracted. The consumer discretionary and information technology sectors were the biggest detractors. Swiss financial services company Leonteq, Aldermore (UK property lender), and Concordia International (Canadian pharmaceutical company) were the biggest individual detractors from relative performance.

*** Extended performance is calculated based on the historical performance of the Fund’s Class A Shares, adjusted for the fees and expenses of the share class shown.

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

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

The investment seeks to provide a high level of income that is exempt from federal income tax while protecting investors' capital. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal obligations. It invests in other debt obligations, including (but not limited to) taxable municipal obligations, U.S. Treasury securities, obligations of the U.S. government, its agencies and instrumentalities ("Agency Securities") and exchange-traded funds (ETFs) to gain exposure to the municipal market.

Allocation to Golden State Tobacco, Mohegan Tribal Finance Authority, and Tender Option Bond Trust contributed. Allocation to Ohio Air Quality Development Authority, Louisiana Public Facilities Authority, and Iowa Finance Authority detracted.

*** Extended performance is calculated based on the historical performance of the Fund’s Class A shares, adjusted for the fees and expenses of the share class shown.

Investment Advisor: Principal Management Corporation
Sub-Advisor: Origin Asset Management. LLP

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

The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies at the time of each purchase. Emerging market companies are companies with their principal place of business or principal office in emerging market countries or companies whose principal securities trading market is an emerging market country.

The information technology sector was the strongest contributor to relative performance, with Asian internet and mobile device hardware companies especially strong. The telecommunications and consumer staples sectors also contributed. From a geographical perspective, stock selection within China/Hong Kong was especially strong. The violent technical reversal, with previously weak stocks outperforming at the expense of prior winners, was a detractor from performance due to the Fund's emphasis on trend following, so long as those trends are justified by company fundamentals. For the most part, the change in leadership does not appear to be supported by any major change in underlying company fundamental performance. From a geographical perspective, Taiwan and South Korea were the biggest detractors as previously strongly performing financial companies markedly underperformed. Stock selection within Brazil, Turkey, India, and South Africa detracted.

Investment Advisor: Principal Management Corporation
Sub-Advisor: Spectrum Asset Management, Inc.

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

The investment seeks to provide current income. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in preferred securities at the time of purchase. It concentrates its investments (invests more than 25% of its net assets) in securities in the U.S. and non-U.S. financial services (i.e., banking, insurance and commercial finance,) industry. The fund also regularly invests in the real estate investment trust (i.e. REIT) and utility industries.

The hybrid market performed well during the year against the backdrop of declining interest rates and central bank policy support. The negotiated exchange by GE for its preferred stock of GECC benefited performance. Security selection in domestic securities contributed, particularly in industrials. Contingent capital (CoCo) securities, especially European bank AT1's, performed poorly in February due to the fear of coupon skips by European banks. Certain insurance names declined due to continued structural concerns of term extension rather than being called at par. Being underweight to DRD (dividend received deduction)-eligible preferred securities, which outperformed the overall index, detracted.

Investment Advisor: Principal Management Corporation
Sub-Advisor: Principal Real Estate Investors, LLC

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

The investment seeks total return with income. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in mutual funds that invest in the real estate industry at the time of purchase. The underlying funds invest in equity and debt real estate securities of U.S. and non-U.S. issuers and are both concentrated in the real estate industry; therefore, the Real Estate Allocation Fund is considered concentrated in the real estate industry as well. The fund allocates its investments between the underlying funds, 25% to 75% in each underlying fund, based on qualitative and quantitative analysis.

An average overweight to global real estate securities vs. real estate debt contributed to overall relative performance. Within the Real Estate Debt Income Fund (sub-advised by Principal Real Estate Investors, LLC), overweight to out-of-index legacy bonds as well as being overweight duration at the 10-year portion of the interest rate curve during a period when the yield curve flattened contributed. Within the Global Real Estate Securities Fund (sub-advised by Principal Real Estate Investors, LLC), positive attribution came from an overweight to U.S. industrial and self-storage, as well as German residential companies.

Both of the underlying funds posted negative excess returns vs. their respective benchmarks. Overweight to London office in the global real estate securities sleeve detracted. Within the commercial mortgage-backed securities (CMBS) sleeve, overweight to BBB-rated bonds relative to the benchmark during a period where the credit curve steepened materially between those bonds and AAA-rated bonds detracted.

Investment Advisor: Principal Management Corporation
Sub-Advisor: Principal Real Estate Investors, LLC

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

The investment seeks current income. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in debt securities of U.S. companies principally engaged in the real estate industry at the time of purchase. A real estate company has at least 50% of its assets, income or profits derived from products or services related to the real estate industry. The fund is non-diversified.

Being overweight to out-of-index legacy bonds that benefitted from a higher percentage of maturing loans paying off than was expected at the beginning of the period contributed. Being overweight the index exposure to 2014-2016 vintage AA and A-rated bonds during a period where the credit curve flattened between those bonds and AAA-rated bonds contributed. Being overweight to the 10-year part of the Treasury curve and underweight the 5-year part of the curve during a period where the yield curve flattened contributed. Being overweight BBB-rated bonds relative to the benchmark during a period where the credit curve steepened materially between those bonds and AAA-rated bonds detracted. One detractor was exposure to out-of-index interest only (IO) securities during a period when IO spreads widened relative to index spreads.

Investment Advisor: Principal Management Corporation
Sub-Advisor: Edge Asset Management, Inc.

The investment seeks to provide current income and long-term growth of income and capital. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities of companies with small to medium market capitalizations at the time of each purchase. It invests in the securities of foreign issuers, real estate investment trusts, preferred securities, convertible securities, master limited partnerships, and royalty trusts.

New Flyer Industries (NFI) contributed due to outperformance on strong top and bottom line growth. Its acquisition of Motor Coach Industries was a positive development as the combined company dominates the metropolitan bus and motor coach markets in North America. Digital Realty Trust (DLR) contributed as it outperformed on top and bottom-line growth. DLR made an accretive acquisition of TelX, which diversified its portfolio by expanding into the colocation and interconnection businesses. Additionally, DLR grew its footprint overseas by acquiring eight facilities in Europe. EPR Properties (EPR) contributed as the specialty real estate investment trust (REIT) had strong financial results, continued to invest for future growth, and also likely benefitted from the low interest rate environment and corresponding investor interest in the higher-yielding sector. HollyFrontier (HFC) detracted from as tighter refining margins weighed on profitability. Colony Capital (CLNY) traded down following the announcement of its planned tri-merger with NorthStar Asset Management and NorthStar Realty Finance. Alliance Resource Partners underperformed as the price of coal grew pressured and the price differential between its contract rates and the current market rate weighed on the stock.

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

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

The investment seeks long-term growth of capital. The fund invests primarily in foreign equity securities. The fund has no limitation on the percentage of assets invested in any one country or denominated in any one currency, but the fund typically invests in foreign securities of at least 3 countries and at least 40% of its net assets in foreign securities. The fund invests in equity securities of small, medium, and large market capitalization companies.

An overweight to Fortescue Metals Group, the third largest iron ore producer in Australia, contributed to performance as the Company exceeded EPS estimates and increased its dividend by more than expected. Overweight to German-based Adidas, the second largest sporting goods company globally, contributed announced better than expected EPS and raised full year guidance. Overweight to Vestas Wind Systems, a Danish manufacturer of wind turbines, also contributed as deliveries were strong in Europe and the U.S. Overweight to UK homebuilders Persimmon, Taylor Wimpey, and Barratt Developments detracted from performance as these companies underperformed amid Brexit concerns and the potential impacts on GDP and employment.

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

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

The investment seeks long-term growth of capital. Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations at the time of each purchase. For this fund, companies with large market capitalizations are those with market capitalizations within the range of companies comprising the Russell 1000 ® Value Index. The fund invests in value equity securities, an investment strategy that emphasizes buying equity securities that appear to be undervalued.

An overweight to NVIDIA, which designs, develops, and markets 3D graphics processors and related software, contributed to performance due to better than expected revenues across all segments. Underweight to pharmaceutical companies, Perrigo and Endo International contributed. Overweight to CVR Energy, which is the parent of variable rate distribution master limited partnerships CVR Energy and CVR Partners, detracted from performance as a result of a pipeline outage and pressure in refining margins. Underweight to Archer-Daniels-Midlands detracted driven by weak agricultural services results. Overweight to HollyFrontier, a mid-cap independent refiner, detracted.


STATEMENTS OF ASSETS AND LIABILITIES PRINCIPAL FUNDS, INC. August 31, 2016



										Credit
						Bond Market				Opportunities
Amounts in thousands, except per share amounts		Blue Chip Fund				Index Fund				Explorer Fund
Investment in securities--at cost		$	1,157,009		$	1,857,747			$	19,544
Assets
Investment in securities--at value		$	1,332,876		$	1,900,433			$	19,710
Deposits with counterparty			–			81				264
Receivables:
Dividends and interest			1,516			9,038				100
Expense reimbursement from Manager			–			45				3
Fund shares sold			578			436				–
Investment securities sold			1,318			49,883				5,875
OTC swap agreements--at value (premiums paid $0, $0 and $0)			–			–				4
Variation margin on financial derivative instruments			–			–				4
Prepaid expenses			–			–				3
	Total Assets		1,336,288			1,959,916				25,963
Liabilities
Accrued management and investment advisory fees			770			374				10
Accrued administrative service fees			–			3				–
Accrued distribution fees			26			12				2
Accrued service fees			–			19				–
Accrued transfer agent fees			20			19				1
Accrued directors' expenses			4			6				2
Accrued professional fees			22			30				26
Accrued other expenses			20			43				–
Cash overdraft			–			–				95
Payables:
Dividends payable			–			–				15
Fund shares redeemed			840			857				–
Investment securities purchased			1,514			185,025				6,432
Short sales (proceeds received $0, $624 and $0)			–			624				–
Variation margin on financial derivative instruments			–			–				4
	Total Liabilities		3,216			187,012				6,587
Net Assets Applicable to Outstanding Shares		$	1,333,072		$	1,772,904			$	19,376
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	1,155,183		$	1,712,472			$	20,337
Accumulated undistributed (overdistributed) net investment income (loss)			2,173			19,674				64
Accumulated undistributed (overdistributed) net realized gain (loss)			(151	)		(1,928	)			(1,151	)
Net unrealized appreciation (depreciation) of investments			175,867			42,686				126
	Total Net Assets	$	1,333,072		$	1,772,904			$	19,376
Capital Stock (par value: $.01 per share):
Shares authorized			950,000			710,000				200,000
Net Asset Value Per Share:
Class A: Net Assets	$		36,575			N/A		$		9,669
Shares Issued and Outstanding			2,171							1,018
Net Asset Value per share	$		16.85					$		9.50
Maximum Offering Price	$		17.83					$		9.87
Class C: Net Assets	$		21,705			N/A				N/A
Shares Issued and Outstanding			1,314
Net Asset Value per share	$		16.52	^(a)
Class J: Net Assets			N/A		$	33,765				N/A
Shares Issued and Outstanding						3,023
Net Asset Value per share					$	11.17	^(a)
Class P: Net Assets	$		17,494			N/A				N/A
Shares Issued and Outstanding			1,031
Net Asset Value per share	$		16.97
Institutional: Net Assets	$		1,257,265		$	1,648,408		$		9,707
Shares Issued and Outstanding			73,939			144,734				1,019
Net Asset Value per share	$		17.00		$	11.39		$		9.52
R-1: Net Assets			N/A		$	1,913				N/A
Shares Issued and Outstanding						171
Net Asset Value per share					$	11.16
R-2: Net Assets			N/A		$	2,940				N/A
Shares Issued and Outstanding						263
Net Asset Value per share					$	11.18
R-3: Net Assets	$		11		$	16,998				N/A
Shares Issued and Outstanding			1			1,523
Net Asset Value per share	$		16.96		$	11.16
R-4: Net Assets	$		11		$	36,951				N/A
Shares Issued and Outstanding			1			3,305
Net Asset Value per share	$		16.98		$	11.18
R-5: Net Assets	$		11		$	31,929				N/A
Shares Issued and Outstanding			1			2,844
Net Asset Value per share	$		16.99		$	11.23


STATEMENTS OF ASSETS AND LIABILITIES PRINCIPAL FUNDS, INC. August 31, 2016


			Diversified Real			Dynamic High Yield			EDGE
Amounts in thousands, except per share amounts			Asset Fund^(a)			Explorer Fund			MidCap Fund
Investment in securities--at cost		$	3,665,518		$	15,662		$	258,341
Foreign currency--at cost		$	29,195		$	–		$	–
Assets
Investment in securities--at value		$	3,757,312		$	15,632		$	289,849
Foreign currency--at value			29,173			–			–
Cash			23,793			3			–
Deposits with counterparty			2,387			–			–
Receivables:
Dividends and interest			6,495			106			554
Expense reimbursement from Manager			66			4			–
Foreign currency contracts			4,940			–			–
Fund shares sold			2,413			2			–
Investment securities sold			7,531			44			2,565
OTC swap agreements--at value (premiums paid $0, $0 and $0)			259			–			–
Variation margin on financial derivative instruments			4,622			–			–
Prepaid expenses			–			4			–
Total Assets			3,838,991			15,795			292,968
Liabilities
Accrued management and investment advisory fees			2,492			8			186
Accrued distribution fees			55			1			–
Accrued transfer agent fees			479			1			–
Accrued directors' expenses			6			2			4
Accrued professional fees			88			35			17
Accrued other expenses			86			–			4
Payables:
Dividends payable			–			57			–
Foreign currency contracts			6,321			–			–
Fund shares redeemed			1,789			–			142
Investment securities purchased			105,513			1,525			–
Options and swaptions contracts written (premiums received $1,672, $0 and $0)			1,109			–			–
Variation margin on financial derivative instruments			4,865			–			–
Total Liabilities			122,803			1,629			353
Net Assets Applicable to Outstanding Shares		$	3,716,188		$	14,166		$	292,615
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	4,018,935		$	15,467		$	252,043
Accumulated undistributed (overdistributed) net investment income (loss)			93,211			(10	)		1,417
Accumulated undistributed (overdistributed) net realized gain (loss)			(486,867	)		(1,261	)		7,647
Net unrealized appreciation (depreciation) of investments			92,323			(30	)		31,508
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign
currency			(1,414	)		–			–
Total Net Assets		$	3,716,188		$	14,166		$	292,615
Capital Stock (par value: $.01 per share):
Shares authorized			1,725,000			200,000			100,000
Net Asset Value Per Share:
Class A: Net Assets	$		210,864		$	7,267			N/A
Shares Issued and Outstanding			19,056			795
Net Asset Value per share	$		11.07		$	9.14
Maximum Offering Price	$		11.50		$	9.50
Class C: Net Assets	$		31,350			N/A			N/A
Shares Issued and Outstanding			2,902
Net Asset Value per share	$		10.80	^(b)
Class P: Net Assets	$		149,921			N/A			N/A
Shares Issued and Outstanding			13,566
Net Asset Value per share	$		11.05
Institutional: Net Assets	$		3,294,419		$	6,899		$	292,615
Shares Issued and Outstanding			297,253			752			23,910
Net Asset Value per share	$		11.08		$	9.17		$	12.24
R-3: Net Assets	$		11			N/A			N/A
Shares Issued and Outstanding			1
Net Asset Value per share	$		11.06
R-4: Net Assets	$		11			N/A			N/A
Shares Issued and Outstanding			1
Net Asset Value per share	$		11.07
R-5: Net Assets	$		11			N/A			N/A
Shares Issued and Outstanding			1
Net Asset Value per share	$		11.08
R-6: Net Assets	$		29,601			N/A			N/A
Shares Issued and Outstanding			2,671
Net Asset Value per share	$		11.08


STATEMENTS OF ASSETS AND LIABILITIES PRINCIPAL FUNDS, INC. August 31, 2016


						Global
						Opportunities
			Global Multi-			Equity			Global
Amounts in thousands, except per share amounts			Strategy Fund			Hedged Fund			Opportunities Fund
Investment in securities--at cost		$	3,159,743		$	6,564		$	1,250,184
Foreign currency--at cost		$	17,747		$	5		$	–
Assets
Investment in securities--at value		$	3,241,562		$	6,858		$	1,313,565
Foreign currency--at value			17,702			5			–
Cash			22,943			–			–
Deposits with counterparty			466,787			18			–
Receivables:
Dividends and interest			11,759			14			3,929
Expense reimbursement from Manager			4			13			6
Foreign currency contracts			24,086			–			–
Fund shares sold			3,999			–			170
Investment securities sold			73,589			322			38,892
OTC swap agreements--at value (premiums paid $3,776, $0 and $0)			12,167			–			–
Variation margin on financial derivative instruments			1,315			18			–
Prepaid expenses			–			7			–
Total Assets			3,875,913			7,255			1,356,562
Liabilities
Accrued management and investment advisory fees			3,588			6			945
Accrued distribution fees			79			1			2
Accrued transfer agent fees			162			1			5
Accrued directors' expenses			5			2			3
Accrued professional fees			143			24			34
Accrued other expenses			3,125			–			40
Cash overdraft			–			19			–
Payables:
Foreign currency contracts			21,217			–			–
Fund shares redeemed			2,943			–			479
Investment securities purchased			103,015			286			27,455
Options and swaptions contracts written (premiums received $5,941, $0 and $0)			3,327			–			–
Reverse repurchase agreements			257,667			–			–
Short sales (proceeds received $689,197, $0 and $0)			720,668			–			–
OTC swap agreements--at value (premiums received $2,619, $0 and $0)			3,816			–			–
Variation margin on financial derivative instruments			2,130			–			–
Total Liabilities			1,121,885			339			28,963
Net Assets Applicable to Outstanding Shares		$	2,754,028		$	6,916		$	1,327,599
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	2,750,641		$	7,571		$	1,262,823
Accumulated undistributed (overdistributed) net investment income (loss)			(2,623	)		49			18,782
Accumulated undistributed (overdistributed) net realized gain (loss)			(45,912	)		(677	)		(17,297	)
Net unrealized appreciation (depreciation) of investments			49,069			(27	)		63,381
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign
currency			2,853			–			(90	)
Total Net Assets		$	2,754,028		$	6,916		$	1,327,599
Capital Stock (par value: $.01 per share):
Shares authorized			1,450,000			300,000			650,000
Net Asset Value Per Share:
Class A: Net Assets	$		145,370		$	2,345		$	4,940
Shares Issued and Outstanding			13,495			257			431
Net Asset Value per share	$		10.77		$	9.12		$	11.45
Maximum Offering Price	$		11.19		$	9.65		$	12.12
Class C: Net Assets	$		56,557			N/A		$	1,595
Shares Issued and Outstanding			5,354						141
Net Asset Value per share	$		10.56	^(a)				$	11.34	^(a)
Class P: Net Assets	$		286,895		$	2,285		$	164
Shares Issued and Outstanding			26,527			250			14
Net Asset Value per share	$		10.82		$	9.14		$	11.53
Institutional: Net Assets	$		2,265,206		$	2,286		$	1,320,900
Shares Issued and Outstanding			208,536			250			114,207
Net Asset Value per share	$		10.86		$	9.14		$	11.57


STATEMENTS OF ASSETS AND LIABILITIES PRINCIPAL FUNDS, INC. August 31, 2016


									Multi-Manager
	International Equity					International Small			Equity
Amounts in thousands, except per share amounts		Index Fund				Company Fund			Long/Short Fund
Investment in securities--at cost	$	884,289			$	167,753		$	331,044
Foreign currency--at cost	$	86			$	2		$	427
Assets
Investment in securities--at value	$	886,482			$	170,706		$	337,068
Foreign currency--at value		86				3			429
Deposits with counterparty		130				–			121,285
Receivables:
Dividends and interest		4,831				296			527
Expense reimbursement from Manager		–				–			14
Foreign currency contracts		–				–			261
Fund shares sold		1,062				2			–
Investment securities sold		12,773				816			5,942
OTC swap agreements--at value (premiums paid $0, $0 and $0)		–				–			499
Variation margin on financial derivative instruments		–				–			153
Total Assets		905,364				171,823			466,178
Liabilities
Accrued management and investment advisory fees		190				153			435
Accrued administrative service fees		2				–			–
Accrued distribution fees		5				1			–
Accrued service fees		12				–			–
Accrued transfer agent fees		5				3			2
Accrued custodian fees		–				24			–
Accrued directors' expenses		4				2			1
Accrued professional fees		41				24			26
Accrued other expenses		126				17			221
Cash overdraft		39				–			10,333
Payables:
Foreign currency contracts		–				–			175
Fund shares redeemed		1,624				–			–
Investment securities purchased		13,137				630			7,967
Short sales (proceeds received $0, $0 and $120,213)		–				–			120,823
OTC swap agreements--at value (premiums received $0, $0 and $0)		–				–			84
Variation margin on financial derivative instruments		6				–			49
Total Liabilities		15,191				854			140,116
Net Assets Applicable to Outstanding Shares	$	890,173			$	170,969		$	326,062
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	889,024			$	170,995		$	324,242
Accumulated undistributed (overdistributed) net investment income (loss)		16,067				406			881
Accumulated undistributed (overdistributed) net realized gain (loss)		(17,101	)			(3,385	)		(3,960	)
Net unrealized appreciation (depreciation) of investments		2,272				2,953			4,879
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign
currency		(89	)			–			20
Total Net Assets	$	890,173			$	170,969		$	326,062
Capital Stock (par value: $.01 per share):
Shares authorized		400,000				300,000			400,000
Net Asset Value Per Share:
Class A: Net Assets		N/A		$		2,026		$	55
Shares Issued and Outstanding						207			6
Net Asset Value per share				$		9.80		$	9.97
Maximum Offering Price				$		10.37		$	10.55
Class P: Net Assets		N/A		$		157		$	10
Shares Issued and Outstanding						16			1
Net Asset Value per share				$		9.80		$	9.98
Institutional: Net Assets	$	831,719		$		168,786		$	10
Shares Issued and Outstanding		90,028				17,108			1
Net Asset Value per share	$	9.24		$		9.87		$	9.99
R-1: Net Assets	$	586				N/A			N/A
Shares Issued and Outstanding		66
Net Asset Value per share	$	8.93
R-2: Net Assets	$	903				N/A			N/A
Shares Issued and Outstanding		98
Net Asset Value per share	$	9.18
R-3: Net Assets	$	15,789				N/A			N/A
Shares Issued and Outstanding		1,741
Net Asset Value per share	$	9.07
R-4: Net Assets	$	11,997				N/A			N/A
Shares Issued and Outstanding		1,309
Net Asset Value per share	$	9.17
R-5: Net Assets	$	29,179				N/A			N/A
Shares Issued and Outstanding		3,177
Net Asset Value per share	$	9.18
R-6: Net Assets		N/A				N/A		$	325,987
Shares Issued and Outstanding									32,619
Net Asset Value per share								$	9.99


STATEMENTS OF ASSETS AND LIABILITIES PRINCIPAL FUNDS, INC. August 31, 2016


	Opportunistic				Origin Emerging				Preferred
Amounts in thousands, except per share amounts	Municipal Fund				Markets Fund				Securities Fund
Investment in securities--at cost	$	136,413		$	709,072			$	5,318,657
Investments in affiliated securities--at cost	$	–		$	–			$	121,899
Assets
Investment in securities--at value	$	144,558		$	777,161			$	5,638,640
Investment in affiliated securities--at value		–			–				121,028
Cash		5,002			119				–
Deposits with counterparty		–			1,600				–
Receivables:
Dividends and interest		1,574			1,334				69,917
Expense reimbursement from Manager		7			7				–
Expense reimbursement from Distributor		–			–				1
Fund shares sold		675			218				33,348
Investment securities sold		3,791			–				3,493
Total Assets		155,607			780,439				5,866,427
Liabilities
Accrued management and investment advisory fees		59			789				3,440
Accrued administrative service fees		–			–				1
Accrued distribution fees		24			–				919
Accrued service fees		–			–				3
Accrued transfer agent fees		9			4				794
Accrued directors' expenses		3			4				11
Accrued professional fees		26			26				35
Accrued other expenses		15			87				201
Payables:
Dividends payable		356			–				20,510
Fund shares redeemed		169			518				10,614
Interest expense and fees payable		13			–				–
Investment securities purchased		9,064			–				195
Options and swaptions contracts written (premiums received $0, $0 and $4,386)		–			–				2,034
Variation margin on financial derivative instruments		–			366				–
Floating rate notes issued		5,565			–				–
Total Liabilities		15,303			1,794				38,757
Net Assets Applicable to Outstanding Shares	$	140,304		$	778,645			$	5,827,670
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	133,393		$	905,456			$	5,445,948
Accumulated undistributed (overdistributed) net investment income (loss)		206			5,349				23,900
Accumulated undistributed (overdistributed) net realized gain (loss)		(1,440	)		(200,116	)			36,358
Net unrealized appreciation (depreciation) of investments		8,145			67,950				321,464
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign
currency		–			6				–
Total Net Assets	$	140,304		$	778,645			$	5,827,670
Capital Stock (par value: $.01 per share):
Shares authorized		450,000			425,000				2,200,000
Net Asset Value Per Share:
Class A: Net Assets	$	49,208		$	401		$		883,381
Shares Issued and Outstanding		4,461			44				85,235
Net Asset Value per share	$	11.03		$	9.07		$		10.36
Maximum Offering Price	$	11.46		$	9.60		$		10.76
Class C: Net Assets	$	16,455			N/A		$		859,055
Shares Issued and Outstanding		1,492							82,987
Net Asset Value per share	$	11.03	^(a)				$		10.35	^(a)
Class J: Net Assets		N/A			N/A		$		50,135
Shares Issued and Outstanding									4,957
Net Asset Value per share							$		10.11	^(a)
Class P: Net Assets	$	71,035		$	11		$		1,578,548
Shares Issued and Outstanding		6,431			1				153,408
Net Asset Value per share	$	11.05		$	8.97		$		10.29
Institutional: Net Assets	$	3,606		$	778,143		$		2,444,823
Shares Issued and Outstanding		327			86,740				237,368
Net Asset Value per share	$	11.03		$	8.97		$		10.30
R-1: Net Assets		N/A			N/A		$		1,572
Shares Issued and Outstanding									153
Net Asset Value per share							$		10.25
R-2: Net Assets		N/A			N/A		$		1,234
Shares Issued and Outstanding									121
Net Asset Value per share							$		10.20
R-3: Net Assets		N/A			N/A		$		3,311
Shares Issued and Outstanding									324
Net Asset Value per share							$		10.23
R-4: Net Assets		N/A			N/A		$		1,395
Shares Issued and Outstanding									137
Net Asset Value per share							$		10.21
R-5: Net Assets		N/A			N/A		$		4,216
Shares Issued and Outstanding									411
Net Asset Value per share							$		10.26
R-6: Net Assets		N/A		$	90				N/A
Shares Issued and Outstanding					10
Net Asset Value per share				$	8.97


STATEMENTS OF ASSETS AND LIABILITIES PRINCIPAL FUNDS, INC. August 31, 2016


							Small-MidCap
		Real Estate		Real Estate Debt			Dividend
Amounts in thousands, except per share amounts and Real Estate Allocation Fund	Allocation Fund			Income Fund			Income Fund
Investment in securities--at cost	$	–	$	151,973		$	1,978,440
Investment in affiliated Funds--at cost	$	902,354	$	–		$	–
Foreign currency--at cost	$	–	$	–		$	327
Assets
Investment in securities--at value	$	–	$	154,020		$	2,283,882
Investment in affiliated Funds--at value		930,678		–			–
Foreign currency--at value		–		–			327
Receivables:
Dividends and interest		1,286		879			4,602
Expense reimbursement from Manager		8,529		4			–
Fund shares sold		4,945		444			10,912
Other assets		2		–			–
Total Assets		945,440		155,347			2,299,723
Liabilities
Accrued management and investment advisory fees		–		71			1,454
Accrued distribution fees		148		–			179
Accrued transfer agent fees		1,329		1			212
Accrued directors' expenses		2,282		3			5
Accrued professional fees		14,822		27			25
Accrued registration fees		2,188		–			–
Accrued other expenses		177		9			76
Payables:
Dividends payable		–		425			–
Fund shares redeemed		–		28			1,877
Investment securities purchased		6,232		–			4,695
Total Liabilities		27,178		564			8,523
Net Assets Applicable to Outstanding Shares	$	918,262	$	154,783		$	2,291,200
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	883,720	$	152,700		$	1,993,907
Accumulated undistributed (overdistributed) net investment income (loss)		1,742		33			44,586
Accumulated undistributed (overdistributed) net realized gain (loss)		4,476		3			(52,733	)
Net unrealized appreciation (depreciation) of investments		28,324		2,047			305,442
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign
currency		–		–			(2	)
Total Net Assets	$	918,262	$	154,783		$	2,291,200
Capital Stock (par value: $.01 per share):
Shares authorized		200,000,000		300,000			1,700,000
Net Asset Value Per Share:
Class A: Net Assets	$	729,997	$	831	$		207,431
Shares Issued and Outstanding		70,513		83			13,877
Net Asset Value per share	$	10.35	$	9.97	$		14.95
Maximum Offering Price	$	10.95	$	10.36	$		15.82
Class C: Net Assets		N/A		N/A	$		165,335
Shares Issued and Outstanding							11,139
Net Asset Value per share					$		14.84	^(a)
Class P: Net Assets		N/A	$	136	$		775,969
Shares Issued and Outstanding				14			51,200
Net Asset Value per share			$	9.87	$		15.16
Institutional: Net Assets	$	188,265	$	153,816	$		1,142,465
Shares Issued and Outstanding		18,071		15,583			76,102
Net Asset Value per share	$	10.42	$	9.87	$		15.01


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL FUNDS, INC.
August 31, 2016
		SystematEx			SystematEx
Amounts in thousands, except per share amounts	International Fund				Large Value Fund
Investment in securities--at cost	$	60,497		$	7,659
Foreign currency--at cost	$	3		$	–
Assets
Investment in securities--at value	$	63,142		$	8,501
Foreign currency--at value		3			–
Receivables:
Dividends and interest		195			25
Expense reimbursement from Manager		33			7
Prepaid registration fees		12			–
Prepaid expenses		–			6
Total Assets		63,385			8,539
Liabilities
Accrued management and investment advisory fees		33			3
Accrued custodian fees		23			–
Accrued directors' expenses		2			2
Accrued professional fees		32			18
Accrued other expenses		3			–
Total Liabilities		93			23
Net Assets Applicable to Outstanding Shares	$	63,292		$	8,516
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	60,482		$	7,575
Accumulated undistributed (overdistributed) net investment income (loss)		905			121
Accumulated undistributed (overdistributed) net realized gain (loss)		(739	)		(22	)
Net unrealized appreciation (depreciation) of investments		2,645			842
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign
currency		(1	)		–
Total Net Assets	$	63,292		$	8,516
Capital Stock (par value: $.01 per share):
Shares authorized		200,000			100,000
Net Asset Value Per Share:
Institutional: Net Assets	$	4,198			N/A
Shares Issued and Outstanding		403
Net Asset Value per share	$	10.43
R-6: Net Assets	$	59,094		$	8,516
Shares Issued and Outstanding		5,659			757
Net Asset Value per share	$	10.44		$	11.25


STATEMENTS OF OPERATIONS
PRINCIPAL FUNDS, INC.
Year Ended August 31, 2016

					Bond Market			Credit Opportunities
Amounts in thousands	Blue Chip Fund^(a)				Index Fund			Explorer Fund
Net Investment Income (Loss)
Income:
Dividends	$	13,324		$	–		$	–
Withholding tax		(460	)		–			–
Interest		5			29,026			799
Total Income		12,869			29,026			799
Expenses:
Management and investment advisory fees		8,675			3,659			112
Distribution fees - Class A		73			N/A			23
Distribution fees - Class C		165			N/A			N/A
Distribution fees - Class J		N/A			53			N/A
Distribution fees - R-1		N/A			6			N/A
Distribution fees - R-2		N/A			9			N/A
Distribution fees - R-3		–			38			N/A
Distribution fees - R-4		–			32			N/A
Administrative service fees - R-1		N/A			5			N/A
Administrative service fees - R-2		N/A			6			N/A
Administrative service fees - R-3		–			11			N/A
Administrative service fees - R-4		–			9			N/A
Administrative service fees - R-5		–			3			N/A
Registration fees - Class A		22			N/A			20
Registration fees - Class C		18			N/A			N/A
Registration fees - Class J		N/A			16			N/A
Registration fees - Class P		14			N/A			N/A
Registration fees - Institutional		2			34			19
Service fees - R-1		N/A			4			N/A
Service fees - R-2		N/A			8			N/A
Service fees - R-3		–			38			N/A
Service fees - R-4		–			78			N/A
Service fees - R-5		–			70			N/A
Shareholder reports - Class A		18			N/A			–
Shareholder reports - Class C		8			N/A			N/A
Shareholder reports - Class J		N/A			12			N/A
Shareholder reports - Class P		2			N/A			N/A
Shareholder reports - Institutional		–			1			–
Transfer agent fees - Class A		58			N/A			9
Transfer agent fees - Class C		38			N/A			N/A
Transfer agent fees - Class J		N/A			89			N/A
Transfer agent fees - Class P		8			N/A			N/A
Transfer agent fees - Institutional		1			8			–
Custodian fees		3			26			4
Directors' expenses		26			32			3
Professional fees		27			35			30
Other expenses		12			6			1
Total Gross Expenses		9,170			4,288			221
Less: Reimbursement from Manager		–			439			–
Less: Reimbursement from Manager - Class A		–			N/A			25
Less: Reimbursement from Manager - Institutional		–			–			29
Less: Reimbursement from Distributor - Class J		N/A			12			N/A
Total Net Expenses		9,170			3,837			167
Net Investment Income (Loss)		3,699			25,189			632

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		14,125			5,468			(375	)
Foreign currency transactions		–			–			(4	)
Futures contracts		–			–			(204	)
Short sales		–			(6	)		–
Swap agreements		–			–			(77	)
Change in unrealized appreciation/depreciation of:
Investments		121,600			49,495			957
Futures contracts		–			–			8
Swap agreements		–			–			(56	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		135,725			54,957			249
Net Increase (Decrease) in Net Assets Resulting from Operations	$	139,424		$	80,146		$	881
^(a)R-3, R-4 and R-5 shares commenced operations on March 29, 2016.


STATEMENTS OF OPERATIONS
PRINCIPAL FUNDS, INC.
Year Ended August 31, 2016

	Diversified Real				Dynamic High Yield			EDGE
Amounts in thousands	Asset Fund^(a),(b)				Explorer Fund			MidCap Fund^(c)
Net Investment Income (Loss)
Income:
Dividends	$	68,085		$	–		$	3,281
Withholding tax		(1,973	)		–			(2	)
Interest		38,647			825			17
Total Income		104,759			825			3,296
Expenses:
Management and investment advisory fees		29,316			90			1,354
Distribution fees - Class A		241			18			N/A
Distribution fees - Class C		359			N/A			N/A
Registration fees - Class A		15			20			N/A
Registration fees - Class C		15			N/A			N/A
Registration fees - Class P		47			N/A			N/A
Registration fees - Institutional		44			20			40
Registration fees - R-6		18			N/A			N/A
Shareholder reports - Class A		55			1			N/A
Shareholder reports - Class C		24			N/A			N/A
Shareholder reports - Class P		167			N/A			N/A
Shareholder reports - Institutional		297			–			–
Shareholder reports - R-6		1			N/A			N/A
Transfer agent fees - Class A		129			10			N/A
Transfer agent fees - Class C		67			N/A			N/A
Transfer agent fees - Class P		761			N/A			N/A
Transfer agent fees - Institutional		1,181			–			–
Custodian fees		178			1			1
Directors' expenses		73			3			6
Professional fees		197			39			21
Other expenses		33			2			1
Total Gross Expenses		33,218			204			1,423
Less: Reimbursement from Manager - Class A		28			40			N/A
Less: Reimbursement from Manager - Class C		43			N/A			N/A
Less: Reimbursement from Manager - Class P		394			N/A			N/A
Less: Reimbursement from Manager - Institutional		–			35			–
Less: Reimbursement from Manager - R-6		14			N/A			N/A
Total Net Expenses		32,739			129			1,423
Net Investment Income (Loss)		72,020			696			1,873

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		(353,416	)		(906	)		7,784
Foreign currency transactions		(6,572	)		–			–
Futures contracts		6,910			–			–
Options and swaptions		3,760			–			–
Swap agreements		(2,260	)		–			–
Change in unrealized appreciation/depreciation of:
Investments		248,869			582			31,508
Futures contracts		(67	)		–			–
Options and swaptions		387			–			–
Swap agreements		696			–			–
Translation of assets and liabilities in foreign currencies		(3,180	)		–			–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		(104,873	)		(324	)		39,292
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(32,853	)	$	372		$	41,165


STATEMENTS OF OPERATIONS
PRINCIPAL FUNDS, INC.
Year Ended August 31, 2016

					Global Opportunities
		Global Multi-			Equity			Global
Amounts in thousands		Strategy Fund			Hedged Fund^(a)			Opportunities Fund
Net Investment Income (Loss)
Income:
Dividends	$	24,593		$	171		$	32,206
Withholding tax		(587	)		(12	)		(1,805	)
Interest		52,243			–			61
Total Income		76,249			159			30,462
Expenses:
Management and investment advisory fees		46,936			75			10,671
Distribution fees - Class A		403			6			11
Distribution fees - Class C		606			N/A			17
Registration fees - Class A		42			22			13
Registration fees - Class C		21			N/A			13
Registration fees - Class P		51			23			13
Registration fees - Institutional		19			22			19
Shareholder reports - Class A		27			–			4
Shareholder reports - Class C		11			N/A			1
Shareholder reports - Class P		38			–			–
Shareholder reports - Institutional		91			–			–
Transfer agent fees - Class A		102			9			19
Transfer agent fees - Class C		74			N/A			13
Transfer agent fees - Class P		275			–			1
Transfer agent fees - Institutional		361			–			1
Custodian fees		403			23			78
Directors' expenses		61			2			28
Dividends and interest on securities sold short		12,537			–			–
Professional fees		243			29			120
Short sale fees		805			–			–
Other expenses		32			2			8
Reverse repurchase agreement interest expense		800			–			–
Total Gross Expenses		63,938			213			11,030
Less: Reimbursement from Manager - Class A		–			46			19
Less: Reimbursement from Manager - Class C		9			N/A			21
Less: Reimbursement from Manager - Class P		–			37			13
Less: Reimbursement from Manager - Institutional		–			38			–
Total Net Expenses		63,929			92			10,977
Net Investment Income (Loss)		12,320			67			19,485

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		(18,701	)		(81	)		(14,828	)
Foreign currency transactions		(3,294	)		(9	)		(675	)
Futures contracts		(1,779	)		(595	)		–
Options and swaptions		8,424			–			–
Short sales		2,765			–			–
Swap agreements		10,069			–			–
Change in unrealized appreciation/depreciation of:
Investments		110,059			294			37,011
Futures contracts		(19,760	)		(321	)		–
Options and swaptions		8,340			–			–
Short sales		(47,199	)		–			–
Swap agreements		(7,637	)		–			–
Translation of assets and liabilities in foreign currencies		(7,569	)		–			(33	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		33,718			(712	)		21,475
Net Increase (Decrease) in Net Assets Resulting from Operations	$	46,038		$	(645	)	$	40,960


STATEMENTS OF OPERATIONS
PRINCIPAL FUNDS, INC.
Year Ended August 31, 2016

								Multi-Manager
	International Equity				International Small			Equity
Amounts in thousands	Index Fund				Company Fund			Long/Short Fund^(a)
Net Investment Income (Loss)
Income:
Dividends	$	28,370		$	1,135		$	1,402
Withholding tax		(2,308	)		(99	)		(71	)
Interest		13			3			55
Total Income		26,075			1,039			1,386
Expenses:
Management and investment advisory fees		2,064			532			1,494
Distribution fees - Class A		N/A			12			–
Distribution fees - R-1		2			N/A			N/A
Distribution fees - R-2		3			N/A			N/A
Distribution fees - R-3		38			N/A			N/A
Distribution fees - R-4		11			N/A			N/A
Administrative service fees - R-1		2			N/A			N/A
Administrative service fees - R-2		2			N/A			N/A
Administrative service fees - R-3		11			N/A			N/A
Administrative service fees - R-4		3			N/A			N/A
Administrative service fees - R-5		3			N/A			N/A
Registration fees - Class A		N/A			11			19
Registration fees - Class P		N/A			11			20
Registration fees - Institutional		26			26			19
Registration fees - R-6		N/A			N/A			19
Service fees - R-1		2			N/A			N/A
Service fees - R-2		2			N/A			N/A
Service fees - R-3		38			N/A			N/A
Service fees - R-4		28			N/A			N/A
Service fees - R-5		74			N/A			N/A
Shareholder reports - Class A		N/A			1			–
Shareholder reports - Institutional		4			–			–
Transfer agent fees - Class A		N/A			15			5
Transfer agent fees - Class P		N/A			1			–
Transfer agent fees - Institutional		30			3			–
Custodian fees		221			60			28
Directors' expenses		19			3			2
Dividends and interest on securities sold short		–			–			590
Index license fees		258			–			–
Professional fees		165			29			28
Short sale fees		–			–			157
Other expenses		8			2			19
Total Gross Expenses		3,014			706			2,400
Less: Reimbursement from Manager - Class A		N/A			42			25
Less: Reimbursement from Manager - Class P		N/A			24			20
Less: Reimbursement from Manager - Institutional		–			11			20
Less: Reimbursement from Manager - R-6		N/A			N/A			65
Total Net Expenses		3,014			629			2,270
Net Investment Income (Loss)		23,061			410			(884	)

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		1,316			(2,646	)		785
Foreign currency transactions		95			28			513
Futures contracts		201			–			(1,489	)
Net increase from payments by affiliates		–			–			126
Options and swaptions		–			–			(43	)
Short sales		–			–			(3,170	)
Swap agreements		–			–			1,083
Change in unrealized appreciation/depreciation of:
Investments		(19,309	)		2,898			6,024
Futures contracts		–			–			(950	)
Short sales		–			–			(610	)
Swap agreements		–			–			415
Translation of assets and liabilities in foreign currencies		87			–			20
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		(17,610	)		280			2,704
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,451		$	690		$	1,820


STATEMENTS OF OPERATIONS
PRINCIPAL FUNDS, INC.
Year Ended August 31, 2016


	Opportunistic			Origin Emerging			Preferred
Amounts in thousands	Municipal Fund			Markets Fund^(a)			Securities Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated securities	$	–	$	–		$	9,081
Dividends		40		18,627			104,767
Withholding tax		–		(2,295	)		(89	)
Interest		4,261		42			193,033
Total Income		4,301		16,374			306,792
Expenses:
Management and investment advisory fees		483		9,346			36,344
Distribution fees - Class A		92		1			2,017
Distribution fees - Class C		133		N/A			8,104
Distribution fees - Class J		N/A		N/A			87
Distribution fees - R-1		N/A		N/A			6
Distribution fees - R-2		N/A		N/A			5
Distribution fees - R-3		N/A		N/A			9
Distribution fees - R-4		N/A		N/A			1
Administrative service fees - R-1		N/A		N/A			5
Administrative service fees - R-2		N/A		N/A			3
Administrative service fees - R-3		N/A		N/A			3
Registration fees - Class A		26		16			79
Registration fees - Class C		16		N/A			35
Registration fees - Class J		N/A		N/A			17
Registration fees - Class P		23		18			123
Registration fees - Institutional		18		2			190
Registration fees - R-6		N/A		20			N/A
Service fees - R-1		N/A		N/A			4
Service fees - R-2		N/A		N/A			4
Service fees - R-3		N/A		N/A			9
Service fees - R-4		N/A		N/A			3
Service fees - R-5		N/A		N/A			10
Shareholder reports - Class A		1		1			76
Shareholder reports - Class C		1		N/A			50
Shareholder reports - Class J		N/A		N/A			8
Shareholder reports - Class P		1		–			56
Shareholder reports - Institutional		–		–			139
Transfer agent fees - Class A		19		9			780
Transfer agent fees - Class C		13		N/A			764
Transfer agent fees - Class J		N/A		N/A			77
Transfer agent fees - Class P		13		–			1,396
Transfer agent fees - Institutional		–		9			970
Custodian fees		1		269			22
Directors' expenses		5		15			109
Interest expense and fees		46		–			–
Professional fees		30		33			43
Other expenses		3		8			58
Total Gross Expenses		924		9,747			51,606
Less: Reimbursement from Manager - Class A		7		26			–
Less: Reimbursement from Manager - Class C		16		N/A			–
Less: Reimbursement from Manager - Class P		–		19			–
Less: Reimbursement from Manager - Institutional		18		–			–
Less: Reimbursement from Manager - R-6		N/A		20			N/A
Less: Reimbursement from Distributor - Class J		N/A		N/A			19
Total Net Expenses		883		9,682			51,587
Net Investment Income (Loss)		3,418		6,692			255,205

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		111		(128,603	)		(46,201	)
Foreign currency transactions		–		(1,341	)		–
Futures contracts		–		(2,662	)		50,888
Options and swaptions		–		–			48,325
Change in unrealized appreciation/depreciation of:
Investments		7,099		175,536			53,290
Investment in affiliated securities		–		–			(3,182	)
Futures contracts		–		2,825			–
Options and swaptions		–		–			1,474
Translation of assets and liabilities in foreign currencies		–		43			–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		7,210		45,798			104,594
Net Increase (Decrease) in Net Assets Resulting from Operations	$	10,628	$	52,490		$	359,799
^(a)Class P shares commenced operations on March 29, 2016.


STATEMENTS OF OPERATIONS
PRINCIPAL FUNDS, INC.
Year Ended August 31, 2016


						Small-MidCap
	Real Estate			Real Estate Debt		Dividend
Amounts in thousands, except for Real Estate Allocation Fund	Allocation Fund			Income Fund		Income Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	15,383	$	–	$	–
Dividends		–		1		67,742
Withholding tax		–		–		(272	)
Interest		–		2,926		80
Securities lending - net		–		–		200
Total Income		15,383		2,927		67,750
Expenses:
Management and investment advisory fees		N/A		413		14,083
Distribution fees - Class A		1,260		40		414
Distribution fees - Class C		N/A		N/A		1,378
Registration fees - Class A		17,059		15		21
Registration fees - Class C		N/A		N/A		21
Registration fees - Class P		N/A		16		28
Registration fees - Institutional		16,668		21		27
Shareholder reports - Class A		821		1		28
Shareholder reports - Class C		N/A		N/A		17
Shareholder reports - Class P		N/A		–		30
Shareholder reports - Institutional		7		–		37
Transfer agent fees - Class A		10,778		10		190
Transfer agent fees - Class C		N/A		N/A		185
Transfer agent fees - Class P		N/A		–		500
Transfer agent fees - Institutional		158		–		346
Custodian fees		–		1		6
Directors' expenses		2,214		4		38
Professional fees		16,190		30		30
Other expenses		1,206		3		18
Total Gross Expenses		66,361		554		17,397
Less: Reimbursement from Manager - Class A		44,225		6		–
Less: Reimbursement from Manager - Class P		N/A		17		–
Less: Reimbursement from Manager - Institutional		19,488		–		–
Total Net Expenses		2,648		531		17,397
Net Investment Income (Loss)		12,735		2,396		50,353

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		–		4		(30,781	)
Investment transactions in affiliated Funds		703		–		–
Foreign currency transactions		–		–		(4	)
Capital gain distribution received from affiliated Funds		3,841		–		–
Change in unrealized appreciation/depreciation of:
Investments		–		2,979		368,562
Investments in affiliated Funds		46,748		–		–
Translation of assets and liabilities in foreign currencies		–		–		(4	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		51,292		2,983		337,773
Net Increase (Decrease) in Net Assets Resulting from Operations	$	64,027	$	5,379	$	388,126


STATEMENTS OF OPERATIONS
PRINCIPAL FUNDS, INC.
Year Ended August 31, 2016
	SystematEx				SystematEx
Amounts in thousands	International Fund^(a)				Large Value Fund^(a)
Net Investment Income (Loss)
Income:
Dividends	$	1,159		$	204
Withholding tax		(110	)		–
Interest		1			–
Total Income		1,050			204
Expenses:
Management and investment advisory fees		166			30
Registration fees - Institutional		24			N/A
Registration fees - R-6		23			27
Custodian fees		56			4
Directors' expenses		3			2
Professional fees		54			22
Other expenses		4			1
Total Gross Expenses		330			86
Less: Reimbursement from Manager - Institutional		40			N/A
Less: Reimbursement from Manager - R-6		113			56
Total Net Expenses		177			30
Net Investment Income (Loss)		873			174

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		(702	)		(5	)
Foreign currency transactions		42			–
Change in unrealized appreciation/depreciation of:
Investments		2,645			842
Translation of assets and liabilities in foreign currencies		(1	)		–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		1,984			837
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,857		$	1,011


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands																	Blue Chip Fund
																	Year Ended		Year Ended
																	August 31, 2016		August 31, 2015
Operations
Net investment income (loss)																$	3,699		$	4,998
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																	14,125			16,220
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																	121,600			1,171
				Net Increase (Decrease) in Net Assets Resulting from Operations													139,424			22,389

Dividends and Distributions to Shareholders
From net investment income																	(5,301	)		(3,203	)
From net realized gain on investments																	(24,809	)		(13,610	)
												Total Dividends and Distributions					(30,110	)		(16,813	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																	(41,971	)		824,418
										Total Increase (Decrease) in Net Assets							67,343			829,994

Net Assets
Beginning of period																	1,265,729			435,735
End of period (including undistributed net investment income as set forth below)																$	1,333,072		$	1,265,729
Undistributed (overdistributed) net investment income (loss)																$	2,173		$	3,777
		Class A		Class C				Class P		Institutional		R-3		R-4		R-5
Capital Share Transactions:
Year Ended August 31, 2016^(a)
Dollars:
Sold	$	19,421	$	12,276		$		17,498	$	45,737	$	10	$	10	$	10
Reinvested		524		288				364		28,919		–		–		–
Redeemed		(6,850	)	(4,435	)			(8,204	)	(147,539	)	–		–		–
Net Increase (Decrease)	$	13,095	$	8,129		$		9,658	$	(72,883	) $	10	$	10	$	10
Shares:
Sold		1,248		803				1,109		2,959		1		1		1
Reinvested		34		19				23		1,852		–		–		–
Redeemed		(440	)	(290	)			(543	)	(9,322	)	–		–		–
Net Increase (Decrease)		842		532				589		(4,511	)	1		1		1
Year Ended August 31, 2015
Dollars:
Sold	$	15,335	$	9,519		$		6,302		$ 959,697		N/A		N/A		N/A
Reinvested		258		119				41		16,383		N/A		N/A		N/A
Redeemed		(3,723	)	(897	)			(1,426	)	(177,190	)	N/A		N/A		N/A
Net Increase (Decrease)	$	11,870	$	8,741		$		4,917		$ 798,890		N/A		N/A		N/A
Shares:
Sold		982		610				390		60,682		N/A		N/A		N/A
Reinvested		17		8				3		1,094		N/A		N/A		N/A
Redeemed		(243	)	(58	)			(95	)	(11,172	)	N/A		N/A		N/A
Net Increase (Decrease)		756		560				298		50,604		N/A		N/A		N/A

Distributions:
Year Ended August 31, 2016^(a)
From net investment income		$(11	) $	–		$		(59	) $	(5,231	) $	– $		– $		–
From net realized gain on
investments		(518	)	(288	)			(305	)	(23,698	)	–		–		–
Total Dividends and Distributions		$(529	) $	(288)			$	(364	) $	(28,929	) $	– $		– $		–
Year Ended August 31, 2015
From net investment income		$(17	) $	–		$		(5	) $	(3,181	)	N/A		N/A		N/A
From net realized gain on
investments		(253	)	(119	)			(36	)	(13,202	)	N/A		N/A		N/A
Total Dividends and Distributions		$(270	) $	(119)			$	(41	) $	(16,383	)	N/A		N/A		N/A


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands																		Bond Market Index Fund
																		Year Ended		Year Ended
																		August 31, 2016		August 31, 2015
Operations
Net investment income (loss)																$		25,189		$	15,506
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																		5,462			13,330
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																		49,495			(24,308	)
				Net Increase (Decrease) in Net Assets Resulting from Operations														80,146			4,528

Dividends and Distributions to Shareholders
From net investment income																		(23,667	)		(22,766	)
From net realized gain on investments																		(1,633	)		(2,353	)
												Total Dividends and Distributions						(25,300	)		(25,119	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																		465,206			243,086
										Total Increase (Decrease) in Net Assets								520,052			222,495

Net Assets
Beginning of period																		1,252,852			1,030,357
End of period (including undistributed net investment income as set forth below)																$		1,772,904		$	1,252,852
Undistributed (overdistributed) net investment income (loss)																$		19,674		$	14,718
		Class J		Institutional				R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold	$	15,403		$ 583,776		$		691	$	1,366	$	7,109	$	15,649	$	12,729
Reinvested		438		23,643				18		34		209		474		484
Redeemed		(8,565	)	(164,891	)			(289	)	(1,899	)	(5,689	)	(4,886	)	(10,598	)
Net Increase (Decrease)	$	7,276		$ 442,528		$		420	$	(499	) $	1,629	$	11,237	$	2,615
Shares:
Sold		1,414		52,559				63		124		653		1,448		1,158
Reinvested		41		2,182				2		3		20		45		45
Redeemed		(783	)	(14,834	)			(27	)	(173	)	(526	)	(449	)	(974	)
Net Increase (Decrease)		672		39,907				38		(46	)	147		1,044		229
Year Ended August 31, 2015
Dollars:
Sold	$	4,605		$ 1,391,046			$	970	$	637	$	5,779	$	21,761	$	23,361
Reinvested		425		23,539				21		55		232		129		716
Redeemed		(4,854)		(1,162,269)				(828	)	(1,324	)	(4,764	)	(5,095	)	(51,056	)
Net Increase (Decrease)	$	176	$	252,316		$		163	$	(632	) $	1,247	$	16,795		$ (26,979)
Shares:
Sold		422		124,827				89		59		530		2,017		2,131
Reinvested		40		2,142				2		5		21		12		66
Redeemed		(446	)	(105,850	)			(76	)	(122	)	(438	)	(466	)	(4,692	)
Net Increase (Decrease)		16		21,119				15		(58	)	113		1,563		(2,495	)

Distributions:
Year Ended August 31, 2016
From net investment income $		(403	) $	(22,140)			$	(16	) $	(30	) $	(190	) $	(441	) $	(447	)
From net realized gain on
investments		(35	)	(1,503	)			(2	)	(4	)	(19	)	(33	)	(37	)
Total Dividends and Distributions $		(438	) $	(23,643)			$	(18	) $	(34	) $	(209	) $	(474	) $	(484	)
Year Ended August 31, 2015
From net investment income $		(376	) $	(21,367)			$	(18	) $	(47	) $	(204	) $	(115	) $	(639	)
From net realized gain on
investments		(51	)	(2,172	)			(3	)	(8	)	(28	)	(14	)	(77	)
Total Dividends and Distributions $		(427	) $	(23,539)			$	(21	) $	(55	) $	(232	) $	(129	) $	(716	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands								Credit Opportunities Explorer Fund
								Year Ended		Period Ended
								August 31, 2016		August 31, 2015^(a)
Operations
Net investment income (loss)							$	632		$	747
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements								(660	)		(521	)
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies								909			(783	)
					Net Increase (Decrease) in Net Assets Resulting from Operations			881			(557	)

Dividends and Distributions to Shareholders
From net investment income								(570	)		(720	)
					Total Dividends and Distributions			(570	)		(720	)

Capital Share Transactions
Net increase (decrease) in capital share transactions								238			20,104
					Total Increase (Decrease) in Net Assets			549			18,827

Net Assets
Beginning of period								18,827			–
End of period (including undistributed net investment income as set forth below)							$	19,376		$	18,827
Undistributed (overdistributed) net investment income (loss)							$	64		$	26
			Class A		Institutional
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold		$	67	$	174
Reinvested			3		2
Redeemed			(7	)	(1	)
Net Increase (Decrease)		$	63	$	175
Shares:
Sold			7		19
Reinvested			1		–
Redeemed			(1	)	–
Net Increase (Decrease)			7		19

Period Ended August 31, 2015^(a)
Dollars:
Sold	$	10,102		$	10,000
Reinvested			2		–
Net Increase (Decrease)		$	10,104	$	10,000
Shares:
Sold			1,011		1,000
Net Increase (Decrease)			1,011		1,000

Distributions:
Year Ended August 31, 2016
From net investment income$			(271	) $	(299	)
From net realized gain on
investments			–		–
Total Dividends and Distributions $			(271	) $	(299	)

Period Ended August 31, 2015^(a)
From net investment income$			(347	) $	(373	)
From net realized gain on
investments			–		–
Total Dividends and Distributions $			(347	) $	(373	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands																	Diversified Real Asset Fund^(a)
																	Year Ended				Year Ended
																	August 31, 2016				August 31, 2015
Operations
Net investment income (loss)																	$		72,020		$	52,011
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																			(351,578	)		(126,427	)
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																			246,705			(410,687	)
					Net Increase (Decrease) in Net Assets Resulting from Operations														(32,853	)		(485,103	)

Dividends and Distributions to Shareholders
From net investment income																			(36,288	)		(33,105	)
From net realized gain on investments																			–			(35,325	)
											Total Dividends and Distributions								(36,288	)		(68,430	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																			91,017			1,265,798
									Total Increase (Decrease) in Net Assets										21,876			712,265

Net Assets
Beginning of period																			3,694,312			2,982,047
End of period (including undistributed net investment income as set forth below)																	$		3,716,188		$	3,694,312
Undistributed (overdistributed) net investment income (loss)																	$		93,211		$	76,371
			Class A		Class C		Class P		Institutional		R-3		R-4		R-5		R-6
Capital Share Transactions:
Year Ended August 31, 2016^(b)
Dollars:
Sold	$	165,599		$	3,159		$ 110,867		$ 1,235,726		$10	$	10	$	10	$	53,784
Reinvested			451		–		2,773		31,461		–		–		–		18
Redeemed			(60,549	)	(16,070	)	(342,462)		(1,067,664)		–		–		–		(26,106	)
Net Increase (Decrease)	$	105,501			$ (12,911)	$	(228,822)	$	199,523	$	10	$	10	$	10	$	27,696
Shares:
Sold			14,973		305		10,380		116,270		1		1		1		4,976
Reinvested			43		–		266		3,011		–		–		–		2
Redeemed			(5,733	)	(1,547	)	(32,473	)	(101,291	)	–		–		–		(2,379	)
Net Increase (Decrease)			9,283		(1,242	)	(21,827	)	17,990		1		1		1		2,599
Year Ended August 31, 2015^(c)
Dollars:
Sold		$	54,362	$	10,722		$ 207,460		$ 1,894,082		N/A		N/A		N/A	$	872
Reinvested			2,068		494		6,441		55,907		N/A		N/A		N/A		–
Redeemed			(54,238	)	(13,074	)	(71,914	)	(827,347	)	N/A		N/A		N/A		(37	)
Net Increase (Decrease)		$	2,192	$	(1,858)		$ 141,987		$ 1,122,642		N/A		N/A		N/A	$	835
Shares:
Sold			4,438		890		16,987		154,829		N/A		N/A		N/A		75
Reinvested			171		42		534		4,623		N/A		N/A		N/A		–
Redeemed			(4,475	)	(1,106	)	(5,991	)	(68,376	)	N/A		N/A		N/A		(3	)
Net Increase (Decrease)			134		(174	)	11,530		91,076		N/A		N/A		N/A		72

Distributions:
Year Ended August 31, 2016^(b)
From net investment income $			(471	) $	– $		(2,999	) $	(32,800	) $	– $		–	$	–	$	(18	)
From net realized gain on
investments			–		–		–		–		–		–		–		–
Total Dividends and Distributions $			(471	) $	– $		(2,999	) $	(32,800	) $	– $		–	$	–	$	(18	)
Year Ended August 31, 2015^(c)
From net investment income $			(862	) $	– $		(3,198	) $	(29,045	)	N/A		N/A		N/A	$	–
From net realized gain on
investments			(1,366	)	(594	)	(3,762	)	(29,603	)	N/A		N/A		N/A		–
Total Dividends and Distributions $			(2,228	) $	(594	) $	(6,960	) $	(58,648	)	N/A		N/A		N/A	$	–


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands							Dynamic High Yield Explorer Fund
							Year Ended		Period Ended
							August 31, 2016		August 31, 2015^(a)
Operations
Net investment income (loss)						$	696		$	639
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements							(906	)		(320	)
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies							582			(612	)
				Net Increase (Decrease) in Net Assets Resulting from Operations			372			(293	)

Dividends and Distributions to Shareholders
From net investment income							(751	)		(634	)
				Total Dividends and Distributions			(751	)		(634	)

Capital Share Transactions
Net increase (decrease) in capital share transactions							(277	)		15,749
				Total Increase (Decrease) in Net Assets			(656	)		14,822

Net Assets
Beginning of period							14,822			–
End of period (including undistributed net investment income as set forth below)						$	14,166		$	14,822
Undistributed (overdistributed) net investment income (loss)						$	(10	)	$	15
		Class A		Institutional
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold	$	118	$	15
Reinvested		18		1
Redeemed		(422	)	(7	)
Net Increase (Decrease)	$	(286	) $	9
Shares:
Sold		13		2
Reinvested		2		–
Redeemed		(45	)	(1	)
Net Increase (Decrease)		(30	)	1

Period Ended August 31, 2015^(a)
Dollars:
Sold	$	8,329	$	7,514
Reinvested		16		–
Redeemed		(109	)	(1	)
Net Increase (Decrease)	$	8,236	$	7,513
Shares:
Sold		835		751
Reinvested		2		–
Redeemed		(12	)	–
Net Increase (Decrease)		825		751

Distributions:
Year Ended August 31, 2016
From net investment income$		(380	) $	(371	)
From net realized gain on
investments		–		–
Total Dividends and Distributions $		(380	) $	(371	)

Period Ended August 31, 2015^(a)
From net investment income$		(318	) $	(316	)
From net realized gain on
investments		–		–
Total Dividends and Distributions $		(318	) $	(316	)


		STATEMENT OF CHANGES IN NET ASSETS
		PRINCIPAL FUNDS, INC.

					EDGE
Amounts in thousands					MidCap Fund
					Period Ended
					August 31, 2016^(a)
Operations
Net investment income (loss)				$	1,873
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements					7,784
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies					31,508
		Net Increase (Decrease) in Net Assets Resulting from Operations			41,165

Dividends and Distributions to Shareholders
From net investment income					(478	)
From net realized gain on investments					(137	)
		Total Dividends and Distributions			(615	)

Capital Share Transactions
Net increase (decrease) in capital share transactions					252,065
		Total Increase (Decrease) in Net Assets			292,615

Net Assets
Beginning of period					–
End of period (including undistributed net investment income as set forth below)				$	292,615
Undistributed (overdistributed) net investment income (loss)				$	1,417
		Institutional
Capital Share Transactions:
Period Ended August 31, 2016^(a)
Dollars:
Sold	$	255,488
Reinvested		615
Redeemed		(4,038	)
Net Increase (Decrease)	$	252,065
Shares:
Sold		24,185
Reinvested		61
Redeemed		(336	)
Net Increase (Decrease)		23,910

Distributions:
Period Ended August 31, 2016^(a)
From net investment
income	$	(478	)
From net realized gain on
investments		(137	)
Total Dividends and
Distributions	$	(615	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.



Amounts in thousands												Global Multi-Strategy Fund
												Year Ended		Year Ended
												August 31, 2016		August 31, 2015
Operations
Net investment income (loss)											$	12,320		$	(7,367	)
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements												(2,516	)		82,470
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies												36,234			(59,881	)
					Net Increase (Decrease) in Net Assets Resulting from Operations							46,038			15,222

Dividends and Distributions to Shareholders
From net investment income												(24,184	)		(19,599	)
From net realized gain on investments												(64,579	)		(34,303	)
									Total Dividends and Distributions			(88,763	)		(53,902	)

Capital Share Transactions
Net increase (decrease) in capital share transactions												(408,924	)		1,372,288
									Total Increase (Decrease) in Net Assets			(451,649	)		1,333,608

Net Assets
Beginning of period												3,205,677			1,872,069
End of period (including undistributed net investment income as set forth below)											$	2,754,028		$	3,205,677
Undistributed (overdistributed) net investment income (loss)											$	(2,623	)	$	7,487
			Class A		Class C		Class P		Institutional
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold		$	71,294	$	16,274		$ 168,441	$	722,819
Reinvested			4,173		1,208		6,741		63,629
Redeemed			(111,180	)	(20,162	)	(166,821)		(1,165,340)
Net Increase (Decrease)	$	(35,713		) $	(2,680	)	$8,361		$ (378,892)
Shares:
Sold			6,722		1,550		15,780		67,670
Reinvested			395		116		635		5,972
Redeemed			(10,450	)	(1,934	)	(15,732	)	(108,839	)
Net Increase (Decrease)			(3,333	)	(268	)	683		(35,197	)
Year Ended August 31, 2015
Dollars:
Sold	$	149,603		$	29,624		$ 198,204		$ 1,386,946
Reinvested			2,092		636		3,427		39,324
Redeemed			(59,728	)	(11,724	)	(126,442	)	(239,674	)
Net Increase (Decrease)		$	91,967	$	18,536	$	75,189		$ 1,186,596
Shares:
Sold			13,524		2,713		17,847		124,779
Reinvested			192		59		313		3,576
Redeemed			(5,390	)	(1,076	)	(11,368	)	(21,477	)
Net Increase (Decrease)			8,326		1,696		6,792		106,878

Distributions:
Year Ended August 31, 2016
From net investment income $			(889	) $	– $		(2,416	) $	(20,879	)
From net realized gain on
investments			(3,482	)	(1,372	)	(6,513	)	(53,212	)
Total Dividends and Distributions $			(4,371	) $	(1,372	) $	(8,929	) $	(74,091	)
Year Ended August 31, 2015
From net investment income $			(553	) $	– $		(1,512	) $	(17,534	)
From net realized gain on
investments			(1,640	)	(714	)	(2,801	)	(29,148	)
Total Dividends and Distributions $			(2,193	) $	(714	) $	(4,313	) $	(46,682	)


						STATEMENT OF CHANGES IN NET ASSETS
						PRINCIPAL FUNDS, INC.


									Global
									Opportunities
									Equity
Amounts in thousands									Hedged Fund
									Period Ended
									August 31, 2016^(a)
Operations
Net investment income (loss)								$	67
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements									(685	)
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies									(27	)
				Net Increase (Decrease) in Net Assets Resulting from Operations					(645	)

Dividends and Distributions to Shareholders
From net investment income									(10	)
						Total Dividends and Distributions			(10	)

Capital Share Transactions
Net increase (decrease) in capital share transactions									7,571
						Total Increase (Decrease) in Net Assets			6,916

Net Assets
Beginning of period									–
End of period (including undistributed net investment income as set forth below)								$	6,916
Undistributed (overdistributed) net investment income (loss)								$	49
		Class A		Class P		Institutional
Capital Share Transactions:
Period Ended August 31, 2016^(a)
Dollars:
Sold	$	2,622	$	2,500	$	2,500
Redeemed		(51	)	–		–
Net Increase (Decrease)	$	2,571	$	2,500	$	2,500
Shares:
Sold		262		250		250
Redeemed		(5	)	–		–
Net Increase (Decrease)		257		250		250

Distributions:
Period Ended August 31, 2016^(a)
From net investment income $		(4	) $	(3	) $	(3	)
From net realized gain on
investments		–		–		–
Total Dividends and Distributions $		(4	) $	(3	) $	(3	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands											Global Opportunities Fund
											Year Ended		Year Ended
											August 31, 2016		August 31, 2015
Operations
Net investment income (loss)										$	19,485		$	19,155
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements											(15,503	)		9,487
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies											36,978			(79,815	)
				Net Increase (Decrease) in Net Assets Resulting from Operations							40,960			(51,173	)

Dividends and Distributions to Shareholders
From net investment income											(17,170	)		(13,001	)
From net realized gain on investments											(11,153	)		(121,684	)
								Total Dividends and Distributions			(28,323	)		(134,685	)

Capital Share Transactions
Net increase (decrease) in capital share transactions											52,905			39,902
								Total Increase (Decrease) in Net Assets			65,542			(145,956	)

Net Assets
Beginning of period											1,262,057			1,408,013
End of period (including undistributed net investment income as set forth below)										$	1,327,599		$	1,262,057
Undistributed (overdistributed) net investment income (loss)										$	18,782		$	17,150
		Class A		Class C		Class P		Institutional
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold	$	1,942	$	645	$	237		$ 293,433
Reinvested		70		17		11		28,218
Redeemed		(1,179	)	(614	)	(879	)	(268,996	)
Net Increase (Decrease)	$	833	$	48	$	(631	) $	52,655
Shares:
Sold		172		57		21		26,081
Reinvested		6		1		1		2,433
Redeemed		(104	)	(55	)	(78	)	(23,864	)
Net Increase (Decrease)		74		3		(56	)	4,650
Year Ended August 31, 2015
Dollars:
Sold	$	2,442	$	767	$	959		$ 223,063
Reinvested		261		192		51		134,179
Redeemed		(724	)	(1,155	)	(149	)	(319,984	)
Net Increase (Decrease)	$	1,979	$	(196	) $	861	$	37,258
Shares:
Sold		202		63		77		17,613
Reinvested		23		17		4		11,557
Redeemed		(60	)	(97	)	(12	)	(25,293	)
Net Increase (Decrease)		165		(17	)	69		3,877

Distributions:
Year Ended August 31, 2016
From net investment income $		(35	) $	(2	) $	(7	) $	(17,126	)
From net realized gain on
investments		(38	)	(16	)	(5	)	(11,094	)
Total Dividends and Distributions $		(73	) $	(18	) $	(12	) $	(28,220	)
Year Ended August 31, 2015
From net investment income $		(14	) $	– $		(5	) $	(12,982	)
From net realized gain on
investments		(248	)	(193	)	(46	)	(121,197	)
Total Dividends and Distributions $		(262	) $	(193	) $	(51)		$(134,179	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands																International Equity Index Fund
																Year Ended		Year Ended
																August 31, 2016		August 31, 2015
Operations
Net investment income (loss)														$		23,061		$	19,271
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																1,612			379
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																(19,222	)		(83,900	)
						Net Increase (Decrease) in Net Assets Resulting from Operations										5,451			(64,250	)

Dividends and Distributions to Shareholders
From net investment income																(19,668	)		(19,728	)
From net realized gain on investments																(9,422	)		(1,481	)
												Total Dividends and Distributions				(29,090	)		(21,209	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																114,992			141,455
										Total Increase (Decrease) in Net Assets						91,353			55,996

Net Assets
Beginning of period																798,820			742,824
End of period (including undistributed net investment income as set forth below)														$		890,173		$	798,820
Undistributed (overdistributed) net investment income (loss)														$		16,067		$	12,388
	Institutional					R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold	$	199,026		$		317	$	437	$	4,656	$	6,431	$	10,827
Reinvested		27,159				23		25		448		357		1,078
Redeemed		(109,263	)			(411	)	(290	)	(4,351	)	(6,216	)	(15,261	)
Net Increase (Decrease)	$	116,922		$		(71	) $	172	$	753	$	572	$	(3,356	)
Shares:
Sold		22,162				36		49		527		713		1,194
Reinvested		2,942				3		2		50		39		117
Redeemed		(11,953	)			(48	)	(32	)	(479	)	(691	)	(1,677	)
Net Increase (Decrease)		13,151				(9	)	19		98		61		(366	)
Year Ended August 31, 2015
Dollars:
Sold	$	240,016		$		500	$	257	$	7,714	$	5,132	$	10,611
Reinvested		19,647				10		22		311		289		929
Redeemed		(122,374	)			(92	)	(613	)	(3,265	)	(5,868	)	(11,771	)
Net Increase (Decrease)	$	137,289		$		418	$	(334	) $	4,760	$	(447	) $	(231	)
Shares:
Sold		23,864				51		25		769		511		1,060
Reinvested		2,021				1		2		33		30		96
Redeemed		(12,313	)			(9	)	(61	)	(331	)	(595	)	(1,172	)
Net Increase (Decrease)		13,572				43		(34	)	471		(54	)	(16	)

Distributions:
Year Ended August 31, 2016
From net investment income $		(18,442)			$	(14	) $	(15	) $	(277	) $	(229	) $	(691	)
From net realized gain on
investments		(8,717	)			(9	)	(10	)	(171	)	(128	)	(387	)
Total Dividends and Distributions $		(27,159)			$	(23	) $	(25	) $	(448	) $	(357	) $	(1,078	)
Year Ended August 31, 2015
From net investment income $		(18,291)			$	(9	) $	(20	) $	(284	) $	(266	) $	(858	)
From net realized gain on
investments		(1,357	)			(1	)	(2	)	(27	)	(23	)	(71	)
Total Dividends and Distributions $		(19,648)			$	(10	) $	(22	) $	(311	) $	(289	) $	(929	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands									International Small Company Fund
									Year Ended		Year Ended
									August 31, 2016		August 31, 2015
Operations
Net investment income (loss)								$	410		$	77
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements									(2,618	)		(586	)
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies									2,898			114
				Net Increase (Decrease) in Net Assets Resulting from Operations					690			(395	)

Dividends and Distributions to Shareholders
From net investment income									(181	)		(37	)
						Total Dividends and Distributions			(181	)		(37	)

Capital Share Transactions
Net increase (decrease) in capital share transactions									157,298			6,086
						Total Increase (Decrease) in Net Assets			157,807			5,654

Net Assets
Beginning of period									13,162			7,508
End of period (including undistributed net investment income as set forth below)								$	170,969		$	13,162
Undistributed (overdistributed) net investment income (loss)								$	406		$	86
		Class A		Class P		Institutional
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold	$	1,165	$	– $		167,975
Reinvested		26		–		64
Redeemed		(4,764	)	(4,232	)	(2,936	)
Net Increase (Decrease)	$	(3,573	) $	(4,232	) $	165,103
Shares:
Sold		123		–		17,079
Reinvested		3		–		7
Redeemed		(489	)	(432	)	(329	)
Net Increase (Decrease)		(363	)	(432	)	16,757
Year Ended August 31, 2015^(a)
Dollars:
Sold	$	2,038	$	1,463	$	3,580
Reinvested		1		–		–
Redeemed		(471	)	(462	)	(63	)
Net Increase (Decrease)	$	1,568	$	1,001	$	3,517
Shares:
Sold		207		144		357
Redeemed		(48	)	(46	)	(6	)
Net Increase (Decrease)		159		98		351

Distributions:
Year Ended August 31, 2016
From net investment income $		(74	) $	(43	) $	(64	)
From net realized gain on
investments		–		–		–
Total Dividends and Distributions $		(74	) $	(43	) $	(64	)
Year Ended August 31, 2015^(a)
From net investment income $		(20	) $	(17	) $	–
From net realized gain on
investments		–		–		–
Total Dividends and Distributions $		(20	) $	(17	) $	–


						STATEMENT OF CHANGES IN NET ASSETS PRINCIPAL FUNDS, INC.


												Multi-Manager
												Equity
												Long/Short
Amounts in thousands												Fund
												Period Ended
												August 31, 2016^(a)
Operations
Net investment income (loss)											$	(884	)
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements												(2,195	)
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies												4,899
				Net Increase (Decrease) in Net Assets Resulting from Operations								1,820


Capital Share Transactions
Net increase (decrease) in capital share transactions												324,242
									Total Increase (Decrease) in Net Assets			326,062

Net Assets
Beginning of period												–
End of period (including undistributed net investment income as set forth below)											$	326,062
Undistributed (overdistributed) net investment income (loss)											$	881
		Class A		Class P		Institutional			R-6
Capital Share Transactions:
Period Ended August 31, 2016^(a)
Dollars:
Sold	$	55	$	10	$	10			$ 324,461
Redeemed		–		–		–			(294	)
Net Increase (Decrease)	$	55	$	10	$	10	$	324,167
Shares:
Sold		6		1		1			32,648
Redeemed		–		–		–			(29	)
Net Increase (Decrease)		6		1		1			32,619

Distributions:
Period Ended August 31, 2016^(a)
From net investment income $		–	$	–	$	–		$	–
From net realized gain on
investments		–		–		–			–
Total Dividends and Distributions $		–	$	–	$	–		$	–


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands											Opportunistic Municipal Fund
											Year Ended		Year Ended
											August 31, 2016		August 31, 2015
Operations
Net investment income (loss)										$	3,418		$	1,211
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements											111			153
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies											7,099			(19	)
				Net Increase (Decrease) in Net Assets Resulting from Operations							10,628			1,345

Dividends and Distributions to Shareholders
From net investment income											(3,302	)		(1,171	)
								Total Dividends and Distributions			(3,302	)		(1,171	)

Capital Share Transactions
Net increase (decrease) in capital share transactions											84,228			23,023
								Total Increase (Decrease) in Net Assets			91,554			23,197

Net Assets
Beginning of period											48,750			25,553
End of period (including undistributed net investment income as set forth below)										$	140,304		$	48,750
Undistributed (overdistributed) net investment income (loss)										$	206		$	94
		Class A		Class C		Class P		Institutional
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold	$	34,745	$	6,664	$	60,056	$	3,504
Reinvested		952		145		1,663		35
Redeemed		(11,821	)	(1,261	)	(10,429	)	(25	)
Net Increase (Decrease)	$	23,876	$	5,548	$	51,290	$	3,514
Shares:
Sold		3,260		629		5,653		325
Reinvested		89		13		155		3
Redeemed		(1,100	)	(118	)	(973	)	(2	)
Net Increase (Decrease)		2,249		524		4,835		326
Year Ended August 31, 2015^(a)
Dollars:
Sold	$	10,767	$	1,310	$	16,215	$	10
Reinvested		381		54		120		–
Redeemed		(5,022	)	(691	)	(121	)	–
Net Increase (Decrease)	$	6,126	$	673	$	16,214	$	10
Shares:
Sold		1,051		129		1,581		1
Reinvested		37		5		12		–
Redeemed		(492	)	(68	)	(12	)	–
Net Increase (Decrease)		596		66		1,581		1

Distributions:
Year Ended August 31, 2016
From net investment income $		(1,245	) $	(358	) $	(1,664	) $	(35	)
From net realized gain on
investments		–		–		–		–
Total Dividends and Distributions $		(1,245	) $	(358	) $	(1,664	) $	(35	)
Year Ended August 31, 2015^(a)
From net investment income $		(746	) $	(305	) $	(120	) $	–
From net realized gain on
investments		–		–		–		–
Total Dividends and Distributions $		(746	) $	(305	) $	(120	) $	–


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands													Preferred Securities Fund
													Year Ended						Year Ended
													August 31, 2016						August 31, 2015
Operations
Net investment income (loss)													$		255,205				$		236,958
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																	53,012				49,548
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																	51,582				(106,620	)
				Net Increase (Decrease) in Net Assets Resulting from Operations											359,799						179,886

Dividends and Distributions to Shareholders
From net investment income															(246,710			)			(243,775	)
From net realized gain on investments																	(42,753	)			(83,916	)
							Total Dividends and Distributions								(289,463			)			(327,691	)

Capital Share Transactions
Net increase (decrease) in capital share transactions															939,469						257,382
						Total Increase (Decrease) in Net Assets									1,009,805						109,577

Net Assets
Beginning of period															4,817,865						4,708,288
End of period (including undistributed net investment income as set forth below)													$		5,827,670				$		4,817,865
Undistributed (overdistributed) net investment income (loss)													$				23,900		$		4,902
		Class A		Class C		Class J	Class P	Institutional	R-1		R-2		R-3				R-4		R-5
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold	$	475,347		$ 173,695	$	14,119	$ 821,293	$ 1,295,888	$669	$	473	$	926			$	1,765	$	1,163
Reinvested		37,931		26,703		2,686	48,835	67,652	81		75		196				76		220
Redeemed		(354,083	)	(124,635	)	(10,649)	(662,446)	(872,625)	(535	)	(890	)	(1,597	)			(1,986	)	(878	)
Net Increase (Decrease)	$	159,195	$	75,763	$	6,156	$ 207,682	$490,915	$215	$	(342)	$	(475)			$	(145)	$	505
Shares:
Sold		46,776		17,121		1,417	81,437	128,129	67		47		92				175		115
Reinvested		3,737		2,634		271	4,843	6,701	8		8		20				8		22
Redeemed		(34,858	)	(12,283	)	(1,075)	(65,989)	(86,387)	(53	)	(88	)	(159	)			(199	)	(87	)
Net Increase (Decrease)		15,655		7,472		613	20,291	48,443	22		(33	)	(47	)			(16	)	50
Year Ended August 31, 2015
Dollars:
Sold	$	340,004	$	93,132	$	13,048	$ 880,203	$ 1,019,963 $	682	$	870	$	1,263			$	1,874	$	2,807
Reinvested		46,336		31,325		2,786	46,933	77,941	93		85		259				108		248
Redeemed		(497,001	)	(134,618	)	(10,586)	(504,449)	(1,148,639)	(1,151	)	(203	)	(1,714	)			(1,595	)	(2,622	)
Net Increase (Decrease)	$	(110,661)		$ (10,161) $		5,248	$ 422,687 $	(50,735) $	(376	) $	752	$	(192)			$	387	$	433
Shares:
Sold		32,612		8,966		1,283	85,020	98,395	66		85		123				182		273
Reinvested		4,476		3,031		275	4,564	7,567	9		8		25				11		24
Redeemed		(47,650	)	(12,948	)	(1,040)	(48,878)	(110,633)	(112	)	(20	)	(167	)			(157	)	(256	)
Net Increase (Decrease)		(10,562	)	(951	)	518	40,706	(4,671)	(37	)	73		(19	)			36		41

Distributions:
Year Ended August 31, 2016
From net investment income		$ (37,554)		$ (31,583) $		(2,287)	$ (67,845)	$ (106,888) $	(69	) $	(69)	$	(164)			$	(65)	$	(186)
From net realized gain on
investments		(6,571	)	(6,863	)	(421)	(11,569)	(17,224)	(14	)	(13	)	(33	)			(11	)	(34	)
Total Dividends and Distributions		$ (44,125)		$ (38,446) $		(2,708)	$ (79,414)	$ (124,112) $	(83	) $	(82)	$	(197)			$	(76)	$	(220)
Year Ended August 31, 2015
From net investment income		$ (39,030)		$ (32,829) $		(2,087)	$ (63,214)	$ (106,028) $	(67	) $	(64)	$	(187)			$	(83)	$	(186)
From net realized gain on
investments		(14,424	)	(13,694	)	(723)	(20,040)	(34,826)	(26	)	(24	)	(72	)			(25	)	(62	)
Total Dividends and Distributions		$ (53,454)		$ (46,523) $		(2,810)	$ (83,254)	$ (140,854) $	(93	) $	(88)	$	(259)			$	(108)	$	(248)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in dollars										Real Estate Allocation Fund
										Year Ended		Period Ended
										August 31, 2016		August 31, 2015^(a)
Operations
Net investment income (loss)									$	12,735		$	2,941
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements										4,544			(12	)
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies										46,748			(18,424	)
							Net Increase (Decrease) in Net Assets Resulting from Operations			64,027			(15,495	)

Dividends and Distributions to Shareholders
From net investment income										(12,382	)		(1,552	)
From net realized gain on investments										(56	)		–
							Total Dividends and Distributions			(12,438	)		(1,552	)

Capital Share Transactions
Net increase (decrease) in capital share transactions										546,289			337,431
							Total Increase (Decrease) in Net Assets			597,878			320,384

Net Assets
Beginning of period										320,384			–
End of period (including undistributed net investment income as set forth below)									$	918,262		$	320,384
Undistributed (overdistributed) net investment income (loss)									$	1,742		$	1,453
		Class A			Institutional
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold	$	429,545					$186,306
Reinvested			11,434				1,004
Redeemed		(64,022		)			(17,978	)
Net Increase (Decrease)	$	376,957					$169,332
Shares:
Sold			43,511				18,712
Reinvested			1,161				99
Redeemed			(6,450	)			(1,747	)
Net Increase (Decrease)			38,222				17,064

Period Ended August 31, 2015^(a)
Dollars:
Sold	$	339,860			$		10,000
Reinvested			1,479				73
Redeemed		(13,981		)			–
Net Increase (Decrease)	$	327,358			$		10,073
Shares:
Sold			33,529				1,000
Reinvested			148				7
Redeemed			(1,386	)			–
Net Increase (Decrease)			32,291				1,007

Distributions:
Year Ended August 31, 2016
From net investment income$			(11,379)				$(1,003	)
From net realized gain on
investments			(55	)			(1	)
Total Dividends and Distributions		$ (11,434)				$	(1,004	)

Period Ended August 31, 2015^(a)
From net investment income$			(1,479)			$	(73	)
From net realized gain on
investments			–				–
Total Dividends and Distributions$			(1,479)			$	(73	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands										Real Estate Debt Income Fund
										Year Ended		Period Ended
										August 31, 2016		August 31, 2015^(a)
Operations
Net investment income (loss)									$	2,396		$	926
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements										4			(1	)
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies										2,979			(932	)
					Net Increase (Decrease) in Net Assets Resulting from Operations					5,379			(7	)

Dividends and Distributions to Shareholders
From net investment income										(2,379	)		(937	)
							Total Dividends and Distributions			(2,379	)		(937	)

Capital Share Transactions
Net increase (decrease) in capital share transactions										107,225			45,502
							Total Increase (Decrease) in Net Assets			110,225			44,558

Net Assets
Beginning of period										44,558			–
End of period (including undistributed net investment income as set forth below)									$	154,783		$	44,558
Undistributed (overdistributed) net investment income (loss)									$	33		$	(1	)
			Class A		Class P		Institutional
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold		$	907	$	484		$ 149,596
Reinvested			11		7		1,324
Redeemed			(21,924	)	(469	)	(22,711	)
Net Increase (Decrease)	$	(21,006		) $	22	$	128,209
Shares:
Sold			94		50		15,509
Reinvested			1		1		135
Redeemed			(2,275	)	(49	)	(2,354	)
Net Increase (Decrease)			(2,180	)	2		13,290

Period Ended August 31, 2015^(a),(b)
Dollars:
Sold		$	22,658	$	113	$	22,857
Reinvested			1		1		6
Redeemed			(114	)	–		(20	)
Net Increase (Decrease)		$	22,545	$	114	$	22,843
Shares:
Sold			2,275		12		2,294
Reinvested			–		–		1
Redeemed			(12	)	–		(2	)
Net Increase (Decrease)			2,263		12		2,293

Distributions:
Year Ended August 31, 2016
From net investment income $			(509	) $	(7	)$	(1,863	)
From net realized gain on
investments			–		–		–
Total Dividends and Distributions $			(509	) $	(7	)$	(1,863	)

Period Ended August 31, 2015^(a),(b)
From net investment income $			(447	) $	(1	)$	(489	)
From net realized gain on
investments			–		–		–
Total Dividends and Distributions $			(447	) $	(1	)$	(489	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.


Amounts in thousands									Small-MidCap Dividend Income Fund
									Year Ended			Year Ended
									August 31, 2016		August 31, 2015
Operations
Net investment income (loss)								$	50,353		$	47,582
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements									(30,785	)		45,159
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies									368,558			(219,893	)
				Net Increase (Decrease) in Net Assets Resulting from Operations					388,126			(127,152	)

Dividends and Distributions to Shareholders
From net investment income									(44,005	)		(37,522	)
From net realized gain on investments									(33,793	)		(35,479	)
						Total Dividends and Distributions			(77,798	)		(73,001	)

Capital Share Transactions
Net increase (decrease) in capital share transactions									261,732			596,664
						Total Increase (Decrease) in Net Assets			572,060			396,511

Net Assets
Beginning of period									1,719,140			1,322,629
End of period (including undistributed net investment income as set forth below)								$	2,291,200		$	1,719,140
Undistributed (overdistributed) net investment income (loss)								$	44,586		$	25,863
		Class A		Class C	Class P	Institutional
Capital Share Transactions:
Year Ended August 31, 2016
Dollars:
Sold	$	73,239	$	38,847	$ 304,443	$243,297
Reinvested		6,089		4,141	23,657	40,737
Redeemed		(67,249	)	(33,902)	(218,874)	(152,693	)
Net Increase (Decrease)	$	12,079	$	9,086	$ 109,226	$131,341
Shares:
Sold		5,304		2,882	22,025	17,861
Reinvested		477		328	1,824	3,168
Redeemed		(5,097	)	(2,631)	(16,658)	(11,405	)
Net Increase (Decrease)		684		579	7,191	9,624
Year Ended August 31, 2015
Dollars:
Sold	$	84,482	$	67,856	$ 324,713	$447,792
Reinvested		6,909		3,627	23,766	34,344
Redeemed		(77,993	)	(22,421)	(205,921)	(90,490	)
Net Increase (Decrease)	$	13,398	$	49,062	$ 142,558	$391,646
Shares:
Sold		6,099		4,924	23,172	32,084
Reinvested		507		268	1,720	2,507
Redeemed		(5,663	)	(1,650)	(14,775)	(6,610	)
Net Increase (Decrease)		943		3,542	10,117	27,981

Distributions:
Year Ended August 31, 2016
From net investment income $		(3,698	) $	(2,062) $	(14,473)	$(23,772	)
From net realized gain on
investments		(3,134	)	(2,665)	(10,927)	(17,067	)
Total Dividends and Distributions $		(6,832	) $	(4,727) $	(25,400)	$(40,839	)
Year Ended August 31, 2015
From net investment income $		(3,795	) $	(1,706) $	(13,745)	$(18,276	)
From net realized gain on
investments		(4,107	)	(2,536)	(12,056)	(16,780	)
Total Dividends and Distributions $		(7,902	) $	(4,242) $	(25,801)	$(35,056	)


				STATEMENT OF CHANGES IN NET ASSETS
				PRINCIPAL FUNDS, INC.

							SystematEx
							International
Amounts in thousands							Fund
							Period Ended
							August 31, 2016^(a)
Operations
Net investment income (loss)						$	873
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements							(660	)
Change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies							2,644
				Net Increase (Decrease) in Net Assets Resulting from Operations			2,857

Dividends and Distributions to Shareholders
From net investment income							(35	)
From net realized gain on investments							(12	)
				Total Dividends and Distributions			(47	)

Capital Share Transactions
Net increase (decrease) in capital share transactions							60,482
				Total Increase (Decrease) in Net Assets			63,292

Net Assets
Beginning of period							–
End of period (including undistributed net investment income as set forth below)						$	63,292
Undistributed (overdistributed) net investment income (loss)						$	905
		Institutional		R-6
Capital Share Transactions:
Period Ended August 31, 2016^(a)
Dollars:
Sold	$	7,779		$ 61,172
Redeemed		(3,845	)	(4,624	)
Net Increase (Decrease)	$	3,934		$ 56,548
Shares:
Sold		789		6,120
Redeemed		(386	)	(461	)
Net Increase (Decrease)		403		5,659

Distributions:
Period Ended August 31, 2016^(a)
From net investment income$		(19	) $	(16	)
From net realized gain on
investments		(6	)	(6	)
Total Dividends and Distributions $		(25	) $	(22	)

Principal Funds, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company and operates as a series fund in the mutual fund industry. The financial statements for Blue Chip Fund, Bond Market Index Fund, Credit Opportunities Explorer Fund, Diversified Real Asset Fund, Dynamic High Yield Explorer Fund, EDGE MidCap Fund, Global Multi-Strategy Fund, Global Opportunities Equity Hedged Fund, Global Opportunities Fund, International Equity Index Fund, International Small Company Fund, Multi-Manager Equity Long/Short Fund, Opportunistic Municipal Fund, Origin Emerging Markets Fund, Preferred Securities Fund, Real Estate Allocation Fund, Real Estate Debt Income Fund, Small-MidCap Dividend Income Fund, SystematEx International Fund and SystematEx Large Value Fund (known as the "Funds") are presented herein. The Funds may offer up to eleven classes of shares: Class A, Class C, Class J, Class P, Institutional, R-1, R-2, R-3, R-4, R-5 and R-6. Information presented in these financial statements pertains to Class J, Institutional, R-1, R-2, R-3, R-4, R-5, and R-6 classes of shares. Certain detailed financial information for Class A, Class C and Class P shares is provided separately.

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

Effective September 10, 2014, the initial purchases of $10,000,000 of Class A and Institutional shares of Credit Opportunities Explorer Fund were made by Principal Financial Services, Inc.

Effective September 10, 2014, the initial purchases of $7,500,000 of Class A and Institutional shares of Dynamic High Yield Explorer Fund were made by Principal Financial Services, Inc.

Effective December 31, 2014, the initial purchase of $10,000 of R-6 shares of Diversified Real Asset Fund was made by Principal Management Corporation (the “Manager”).

Effective December 31, 2014, the initial purchase of $10,000 of Institutional shares of International Small Company Fund was made by the Manager.

Effective December 31, 2014, the initial purchases of $10,000 of Class A and Institutional shares of Real Estate Allocation Fund were made by the Manager.

Effective December 31, 2014, the initial purchases of $10,000,000 of Class A and Institutional shares of Real Estate Debt Income Fund were made by Principal Financial Services, Inc. On February 6, 2015, February 13, 2015, and February 20, 2015, additional purchases totaling $12,500,000 of Class A and Institutional shares were made by Principal Financial Services, Inc.

Effective January 23, 2015, the initial purchases of $4,000,000, $3,000,000 and $3,000,000 of Class A, Institutional and R-6 shares, respectively, of Origin Emerging Markets Fund were made by Principal Financial Services, Inc.

Effective March 10, 2015, the initial purchase of $10,000 of Institutional Class of Opportunistic Municipal Fund was made by the Manager.

Effective June 15, 2015, the initial purchase of $10,000 of Class P shares of Real Estate Debt Income Fund was made by the Manager.

Effective September 22, 2015, the initial purchases of $2,500,000 of Class A shares, Class P shares and Institutional shares of Global Opportunities Equity Hedged Fund were made by Principal Financial Services, Inc.

Effective September 22, 2015, the initial purchases of $4,000,000 and $3,500,000 of Institutional shares and R-6 shares, respectively, of SystematEx International Fund were made by Principal Financial Services, Inc.

Effective September 22, 2015, the initial purchase of $7,500,000 of R-6 shares of SystematEx Large Value Fund was made by Principal Financial Services, Inc.

Effective September 28, 2015, the initial purchase of $10,000 of Institutional shares of Edge MidCap Fund was made by the Manager.

Effective March 29, 2016, the initial purchases of $10,000 of R-3, R-4 and R-5 shares of Blue Chip Fund and Diversified Real Asset Fund were made by the Manager.

Effective March 29, 2016, the initial purchase of $10,000 of Class P shares of Origin Emerging Markets Fund was made by the Manager.

Effective March 31, 2016, the initial purchases of $10,000 of Class A, Class P, Institutional and R-6 shares of Multi-Manager Equity Long/Short Fund were made by the Manager.

All classes of shares for each of the Funds represent interests in the same portfolio of investments, and will vote together as a single class except where otherwise required by law or as determined by the Fund’s Board of Directors. In addition, the Board of Directors declares separate dividends on each class of shares.

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

Security Valuation. Real Estate Allocation Fund invests 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.

The Funds (with the exception of Real Estate Allocation Fund) 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 modeling techniques that incorporate security characteristics such as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, other yield and risk factors, and other market conditions to determine an evaluated bid price or, in the case of certain credit default swaps, a mean price provided by a pricing service. When reliable market quotations are not considered to be readily available, which may be the case, for example, with respect to restricted securities, certain debt securities, preferred stocks, and foreign securities, the investments are valued at their fair value as determined in good faith by the Manager under procedures established and periodically reviewed by the Fund’s Board of Directors.

The value of foreign securities used in computing the net asset value per share is generally determined as of the close of the foreign exchange where the security is principally traded. Events that occur after the close of the applicable foreign market or exchange but prior to the calculation of the 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, provided by independent pricing services, 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.

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

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

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

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

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

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

In addition to the expenses that the Real Estate Allocation Fund bears directly, the Real Estate Allocation Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which it invests. Expenses included in the statement of operations of Real Estate Allocation Fund reflect the expenses of Real Estate Allocation Fund and do not include any expenses associated with the Underlying Funds.

Distributions to Shareholders. With respect to Opportunistic Municipal Fund, net investment income is declared as dividends daily to settled shares of record as of that day, and all distributions of realized gains from investment transactions are recorded on the ex-dividend date. Dividends and distributions to shareholders of the other Funds are recorded on the ex-dividend date. Dividends and distributions to shareholders from net investment income and net realized gain from investments and foreign currency transactions are determined in accordance with federal tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments for net operating losses, foreign currency transactions, options and futures contracts, certain defaulted securities, sales of Passive Foreign Investment Companies, losses deferred due to wash sales, tax straddles, mortgage-backed securities, certain preferred securities, swap agreements, short sales, partnership investments, REITs, utilization of earnings and profits distributed to shareholders on redemption of shares, and limitations imposed by Sections 381-384 of the Internal Revenue Code. Permanent book and tax basis differences are reclassified within the capital accounts based on federal tax-basis treatment; temporary differences do not require reclassification. To the extent dividends and distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as return of capital distributions.

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

Management evaluates tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more likely than not” that each tax position would be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more likely than not threshold would be recorded as a tax benefit or expense in the current year. During the period ended August 31, 2016, the Funds did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the, shorter of the fiscal years from 2013-2015 or commencement of the fund’s operations to 2015. No examinations are in progress at this time.

Foreign Taxes. Certain of the Funds are subject to foreign income taxes imposed by certain countries in which they invest. Foreign income taxes are accrued by the Funds as a reduction of income. These amounts are shown as withholding tax on foreign dividends on the statements of operations. In consideration of recent decisions rendered by European courts, certain of the Funds have filed additional tax reclaims for taxes withheld in prior years. Due to the uncertainty and timing of these reclaims, a corresponding receivable will only be recorded when both the amount is known and there are no significant uncertainties regarding collectability.

Basis for Consolidation. Diversified Real Asset Fund (the “Consolidated Fund”) may invest up to 25% of its total assets in its wholly-owned subsidiary DRA Cayman Corporation (a “Cayman Subsidiary”) organized under the laws of the Cayman Islands.

Diversified Real Asset Fund is the sole shareholder of the Cayman Subsidiary, and shares of the Cayman Subsidiary will not be sold or offered to other investors. To the extent that Diversified Real Asset Fund invests in its Cayman Subsidiary, it will be subject to the particular risks associated with the Cayman Subsidiary’s investments, which are discussed in the applicable Prospectus and SAI. The principal purpose of investing in the Cayman Subsidiary is to allow Diversified Real Asset Fund to gain exposure to the commodity markets within the limitations of federal tax laws applicable to regulated investment companies. Diversified Real Asset Fund’s investment portfolio has been consolidated and includes the portfolio holdings of Diversified Real Asset Fund and its Cayman Subsidiary. The consolidated financial statements include the accounts of Diversified Real Asset Fund and its Cayman Subsidiary. All intercompany transactions and balances have been eliminated in consolidation. At August 31, 2016, the net assets of the Cayman Subsidiary were $347,869,000 or 9.4% of the Consolidated Fund’s net assets.

Recent Accounting Pronouncements. In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-15 Presentation of Financial Statements – Going Concern requiring management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern. The ASU is effective prospectively for annual periods ending after December 15, 2016, and interim periods thereafter. At this time, management is evaluating the implications of these changes on the financial statements.

Borrowings. Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds and other registered investment companies managed by the Manager may participate in an interfund lending facility (“Facility”). The Facility allows the Funds to borrow money from or loan money to the other participants. Loans under the Facility are made to handle unusual and/or unanticipated short-term cash requirements. Interest paid and received on borrowings is the average of the current repurchase agreement rate and the bank loan rate (the higher of (i) the Federal Funds Rate or (ii) the One Month LIBOR rate plus 1.00%). Blue Chip Fund, Bond Market Index Fund, Credit Opportunities Explorer Fund, Diversified Real Asset Fund, EDGE MidCap Fund, Global Multi-Strategy Fund, Global Opportunities Fund, International Equity Index Fund, International Small Company Fund, Origin Emerging Markets Fund, Preferred Securities Fund, Real Estate Debt Income Fund, and Small-MidCap Dividend Income Fund each loaned to the Facility. The interest income received is included in interest income on the statements of operations.

During the period ended August 31, 2016, funds borrowing from the Facility were as follows (amounts in thousands):

The interest expense associated with these borrowings is included in other expenses on the statements of operations.

In addition, certain of the Funds participate with other registered investment companies managed by the Manager in an unsecured joint line of credit with a bank which allows the participants to borrow up to $75 million, collectively. Borrowings are made solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each participant, based on its borrowings, at a rate equal to the higher of the Federal Funds Rate or the One Month LIBOR rate plus 1.00%. Additionally, a commitment fee is charged at an annual rate of .15% on the amount of the line of credit. During the period ended August 31, 2016, Origin Emerging Markets Fund borrowed against the line of credit. The average outstanding balance for the liability during the year ended August 31, 2016 was $9,000 at a weighted average interest rate of 1.86%. The interest expense associated with those borrowings is included in other expenses on the statements of operations.

Commodity Linked Notes. Diversified Real Asset Fund invests in structured notes whose market values are primarily derived from changes in the value of various commodity indices and other factors. Valuations on these securities may be volatile as the payment features on certain notes may contain attributes that multiply the effects of changes in the values of the underlying indices. Structured notes may entail a greater degree of market risk than other types of debt securities. Structured notes may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities. Fluctuations in the fair value of the structured notes are recorded as unrealized gains and losses in the accompanying financial statements. Interest income is accrued daily. These notes are subject to prepayment, credit, and interest rate risks. At maturity, or when a note is sold, the fund records a realized gain or loss.

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

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

Credit Opportunities Explorer Fund, Diversified Real Asset Fund, Global Multi-Strategy Fund and Multi-Manager Equity Long/Short Fund have financial instruments that are subject to Master Netting Agreements or similar agreements.

As of August 31, 2016, financial assets and liabilities subject to Master Netting Agreements or similar agreements were as follows (amounts in thousands):


Fund: Credit Opportunities Explorer Fund
Financial Derivative Instruments: Over the Counter Summary

								Counterparty
								Barclays Bank PLC
Assets*
Total Return Swaps										$	4
Total OTC										$	4

Liabilities*
Total Return Swaps										$	—
Total OTC										$	—

Net Market Value of OTC Derivatives										$	4
Collateral (Received)/Pledged											—
Net Exposure										$	4

Fund: Diversified Real Asset Fund
Financial Derivative Instruments: Over the Counter Summary

																				Counterparty
		BOA			BARC			BNP			CITI			CS			DB			GOLD			HSBC			JPM			MS			RBC			RBS		SCB		UBS		Total
Assets*
Foreign Currency
Contracts	$	—		$	608		$	—		$	—		$	—		$	503		$	—		$	73		$	3,689		$	14		$	—		$	9	$	—	$	44	$	4,940
Interest Rate Swaps		—			126			—			—			—			133			—			—			—			—			—			—		—		—		259
Purchased Interest
Rate Swaptions		—			223			—			—			—			955			—			—			—			—			—			—		—		—		1,178
Purchased Options		—			860			62			—			—			99			—			—			534			—			—			—		—		77		1,632
Total OTC	$	—		$	1,817		$	62		$	—		$	—		$	1,690		$	—		$	73		$	4,223		$	14		$	—		$	9	$	—	$	121	$	8,009

Liabilities*
Foreign Currency
Contracts	$	(77	)	$	(705	)	$	—		$	(5	)	$	(39	)	$	(576	)	$	(5	)	$	(15	)	$	(4,513	)	$	(155	)	$	(14	)	$	(42)		$(175)	$	—	$	(6,321	)
Written Interest Rate
Swaptions		—			(19	)		—			—			—			(219	)		—			—			—			—			—			—		—		—		(238	)
Written Options		—			(651	)		(33	)		—			—			—			—			—			—			—			—			—		—		—		(684	)
Total OTC	$	(77	)	$	(1,375	)	$	(33	)	$	(5	)	$	(39	)	$	(795	)	$	(5	)	$	(15	)	$	(4,513	)	$	(155	)	$	(14	)	$	(42)		$(175)	$	—	$	(7,243	)

Net Market Value of
OTC Derivatives	$	(77	)	$	442		$	29		$	(5	)	$	(39	)	$	895		$	(5	)	$	58		$	(290	)	$	(141	)	$	(14	)	$	(33)		$(175)	$	121	$	766
Collateral
(Received)/Pledged		—			—			—			—			—			(693	)^		—			—			250	^		—			—			—		—		—		(443	)^
Net Exposure	$	(77	)	$	442		$	29		$	(5	)	$	(39	)	$	202		$	(5	)	$	58		$	(40	)	$	(141	)	$	(14	)	$	(33)		$(175)	$	121	$	323


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
August 31, 2016


3. Operating Policies (Continued)

Fund: Global Multi-Strategy Fund
Financial Derivative Instruments: Over the Counter Summary

																	Counterparty
		BOA			BARC			BNYM			CITI			CBA		CS				DB			HSBC			JPM			ML			MS			SCB			SN		Total
Assets*
Credit Default Swaps	$	—		$	1,177		$	—		$	1,342		$	—		$	26		$	505		$	531		$	—		$	—		$	10		$	—		$	—	$	3,591
Equity Basket Swaps		50			—			—			—			—			—			1,636			—			—			—			6,044			—			—		7,730
Foreign Currency
Contracts		12,023			1,192			1,748			7,550			496			50			66			70			107			253			325			—			206		24,086
Interest Rate Swaps		34			162			—			—			—			—			7			—			48			9			—			—			—		260
Purchased Interest
Rate Swaptions		29			91			—			—			—			—			82			—			—			—			—			—			—		202
Purchased Options		—			228			—			—			—			—			—			—			—			109			—			—			—		337
Synthetic Futures		458			—			—			—			—			—			—			—			—			—			104			—			—		562
Total Return Swaps		—			—			—			—			—			—			—			—			—			—			24			—			—		24
Total OTC	$	12,594		$	2,850		$	1,748		$	8,892		$	496		$	76		$	2,296		$	601		$	155		$	371		$	6,507		$	—		$	206	$	36,792

Liabilities*
Credit Default Swaps	$	—		$	(1,599	)	$	—		$	—		$	—		$	(128	)	$	—			$(794)		$	—		$	—		$	—		$	—		$	—	$	(2,521	)
Equity Basket Swaps		—			—			—			—			—			—			(292	)		—			—			—			(726	)		—			—		(1,018	)
Foreign Currency
Contracts		(11,334	)		(959	)		(1,040	)		(4,167	)		(60	)		—			—			—			(2,651	)		(198	)		(708	)		(100	)		—		(21,217	)
Interest Rate Swaps		(40	)		(6	)		—			—			—			—			(13	)		—			—			(12	)		—			—			—		(71	)
Synthetic Futures		(65	)		—			—			—			—			—			—			—			—			—			(96	)		—			—		(161	)
Total Return Swaps		—			—			—			—			—			—			—			—			—			—			(45	)		—			—		(45	)
Written Interest Rate
Swaptions		(4	)		(33	)		—			—			—			—			—			—			—			—			—			—			—		(37	)
Written Options		—			(270	)		—			—			—			—			—			—			—			—			—			—			—		(270	)
Total OTC	$	(11,443	)	$	(2,867	)	$	(1,040)			$(4,167)		$	(60)			$(128)		$	(305)			$(794)	$		(2,651)		$(210)			$	(1,575	)	$	(100	)	$	—	$	(25,340	)

Net Market Value of
OTC Derivatives	$	1,151		$	(17	)	$	708		$	4,725		$	436		$	(52	)	$	1,991			$(193)			$(2,496)		$	161		$	4,932		$	(100	)	$	206	$	11,452
Collateral
(Received)/Pledged		—			17	**		—			(1,410)	^		—			—			(50)^			193	**		—			—			—			—			—		(1,250	)^
Net Exposure	$	1,151		$	—		$	708		$	3,315		$	436		$	(52	)	$	1,941		$	—			$(2,496)		$	161		$	4,932		$	(100	)	$	206	$	10,202

Fund: Multi-Manager Equity Long/Short Fund
Financial Derivative Instruments: Over the Counter Summary

Counterparty

					Goldman Sachs									Morgan Stanley									Total
Assets*
Equity Basket Swaps							$	225					$	274								$	499
Foreign Currency Contracts								93						168									261
Total OTC							$	318					$	442								$	760

Liabilities*
Equity Basket Swaps							$	(6	)				$	(78				)				$	(84				)
Foreign Currency Contracts								(47	)					(128				)					(175				)
Total OTC							$	(53	)				$	(206				)				$	(259				)

Net Market Value of OTC Derivatives							$	265					$	236								$	501
Collateral (Received)/Pledged								—									—									—
Net Exposure							$	265					$	236								$	501

**The fund has pledged securities or cash to the counterparty as collateral which may be in excess of the amount owed to the counterparty.

^ The counterparty has pledged cash or securities to the fund as collateral in a segregated account which is not included in the assets of the fund.

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

The financial instruments that are subject to Master Netting Agreements or similar agreements may include right of setoff provisions.

Derivative instruments include provisions to setoff positions covered under the agreements with the same counterparties and provisions to setoff positions outside of the agreements with the same counterparties in the event of default by one of the parties. Derivative instruments also include collateral provisions. Collateral received and pledged are generally settled daily with each counterparty.

Floating Rate Notes Issued in Conjunction with Securities Held. Opportunistic Municipal Fund has entered into transactions in which a fund transfers fixed rate bonds to trusts in exchange for cash and residual interests in the trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties. The fund enters into shortfall and forbearance agreements with the trusts, which commit the fund to pay the trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the fund (inverse floating rate securities) include the right of the fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the fixed rate bond from the trusts to the fund, thereby collapsing the trusts. The fund accounts for the transfer of bonds to the trusts as secured borrowings, with the securities transferred remaining in the fund’s investment assets, and the related floating rate notes reflected as fund liabilities under the caption “floating rate notes issued” in the statement of assets and liabilities. The balance of the floating rate notes issued as of August 31, 2106 was $5,565,000. The average outstanding balance for the liability during the year ended August 31, 2016 was $4,411,000 at a weighted average interest rate of 1.05%. The notes issued by the trusts have interest rates that reset weekly, and the floating rate note holders have the option to tender their notes to the trusts for redemption at par at each reset date.

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

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

Futures Contracts. The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds (with the exception of Real Estate Allocation Fund) may enter into futures contracts to hedge against changes in or to gain exposure to, change in the value of equities, interest rates and foreign currencies. Initial margin deposits are made by cash deposits or segregation of specific securities as may be required by the exchange on which the transaction was conducted. Pursuant to the contracts, a fund agrees to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the fund as a variation margin receivable or payable on financial derivative instruments. Future contracts are marked to market daily at the closing settlement price or in the absence of such a price, the most recent quoted bid price. If there are no quotations available, the security is valued at the last available closing settlement price. During the period the futures contracts are open, daily changes in the fair value of the contracts are recognized as unrealized gains or losses. These unrealized gains or losses are included as a component of net unrealized appreciation (depreciation) of investments on the statements of assets and liabilities. When the contracts are closed, the fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the fund’s cost basis in the contract. There is minimal counterparty credit risk to the Funds because futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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

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

Inflation-Indexed Bonds. Certain of the Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the statements of operations, even though the Funds would not receive the principal until maturity.

Options Contracts. During the period Global Multi-Strategy Fund, Diversified Real Asset Fund, Multi-Manger Equity Long/Short Fund, and Preferred Securities Fund wrote call and put options on swaps, securities, indices and currencies they own or in which they may invest for both hedging and non-hedging purposes. Writing put options tends to increase a fund’s exposure to the underlying instrument. Writing call options tends to decrease a fund’s exposure to the underlying instrument. When a fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as options contracts written on the statements of assets and liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying swap, security, index or currency transaction to determine the realized gain or loss. A fund, as a writer of an option, has no control over whether the underlying swap, security, index or currency may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the swap, security, index or currency underlying the written option. There is the risk a fund may not be able to enter into a closing transaction because of an illiquid market. A fund may also purchase put and call options. Purchasing call options tends to increase a fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a fund’s exposure to the underlying instrument. A fund pays a premium which is included on the fund’s statements of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying swap, security, index or currency transaction to determine the realized gain or loss. Details of options contracts open at year end are included in the Funds' schedules of investments. Transactions in options written during the period ended August 31, 2016, were as follows:

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

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

In addition, Global Multi-Strategy Fund may enter into repurchase agreements with certain counterparties that are collateralized by assets other than U.S. government or U.S. government agency securities. The collateral pledged by the counterparty under these repurchase agreements is maintained in a segregated account at the counterparty’s custodian. After entering into the repurchase agreement, the fund may sell short the security pledged by the counterparty as collateral in anticipation of a decline in market value. Upon the settlement of the short sale, the fund will unwind the repurchase agreement.

Although the repurchase agreements are typically open-ended through the maturity date of the collateral, the fund has a right to terminate the repurchase agreement at any time with two days’ notice. During periods of high demand for the collateral security, the fund may also pay the counterparty a fee and the amount is recorded as interest expense on the statement of operations.

Global Master Repurchase Agreements govern the repurchase and reverse repurchase transactions between the fund and the counterparty. Collateral requirements for certain counterparties may be determined on a total exposure basis, rather than on an individual repurchase agreement or reverse repurchase agreement basis in order to determine the collateral to be received or pledged.

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

Reverse Repurchase Agreements. Global Multi-Strategy Fund has entered into reverse repurchase agreements. Under a reverse repurchase agreement, a fund sells securities and agrees to repurchase them at a specified date and price. Reverse repurchase agreements are considered to be borrowings by the fund, and are subject to the fund’s restrictions on borrowing. Reverse repurchase agreements may increase the volatility of a fund and involve the risk that interest costs on money borrowed may exceed the return on securities purchased with the borrowed money. While a reverse repurchase agreement is outstanding, the Fund will maintain cash or appropriate liquid assets to cover its obligation under the agreement. The Fund will enter into reverse repurchase agreements only with parties that the Sub-Advisor deems creditworthy. The fund must segregate assets in an amount equal to the amount the fund owes pursuant to the terms of the reverse repurchase agreements. Reverse repurchase agreements are shown as a separate line item on the statements of assets and liabilities. Interest payments made are shown as reverse repurchase agreement interest expense on the statements of operations. The average amount of borrowings outstanding during the year ended August 31, 2016 was $156,897,881 at a weighted average interest rate of 0.51%. The following table shows a breakdown of the obligations owed by fund, security type sold and remaining maturity for the reverse repurchase agreements.

Securities Lending. To earn additional income, certain of the Funds may lend portfolio securities to approved brokerage firms. The Funds receive collateral, in the form of cash, against the loaned securities. During the period of the loan, the borrower must maintain collateral in an amount not less than 102% of the market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The cash collateral received is usually invested in an SEC-registered money market mutual fund and the Funds could realize a loss on such investments. Further, the Funds could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium received for lending certain types of securities. Security lending income is shown in each fund’s statement of operations. As of August 31, 2016, the Funds had no securities on loan.

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

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

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

In connection with the senior floating rate interests, the Funds may also enter into unfunded loan commitments (“commitments”). All or a portion of the commitments may be unfunded. The Funds are obligated to fund these commitments at the borrower’s discretion. Therefore, the Funds must have funds sufficient to cover its contractual obligation. Unfunded loan commitments are marked to market daily and the unrealized gain or loss is shown as a separate line item called unrealized gain or loss on unfunded loan commitments on the statements of assets and liabilities. As of August 31, 2016, the unfunded loan commitments were as follows (amounts in thousands):

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

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

Swap Agreements. Credit Opportunities Explorer Fund, Diversified Real Asset Fund, Global Multi-Strategy Fund, and Multi-Manager Equity Long/Short Fund invested in swap agreements during the period. Swap agreements are privately negotiated agreements between a fund and a counterparty to exchange a series of cash flows at specified intervals based upon, or calculated by reference to, changes in specified prices or rates for a specified amount of an underlying asset. A fund may enter into credit default, interest rate, or total return swap agreements to manage its exposure to credit, interest rate, or market risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

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

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

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

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

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

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

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

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

Credit default swap agreements on corporate issues or sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). The Funds may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Funds own or has exposure to the referenced obligation).

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

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of August 31, 2016 for which a Fund is the seller of protection are disclosed in the footnotes to the schedules of investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Synthetic futures, which are total return swaps on futures contracts, along with equity basket swaps generally involve the commitment to receive positive returns or pay negative returns on a specified reference security, basket of securities, security index or index component without actually owning the underlying position.

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

As of August 31, 2016, counterparties had pledged collateral for swap agreements of $620,000 and $2,118,497 for the Diversified Real Asset Fund and Global Multi-Strategy Fund, respectively. The collateral is maintained in a segregated account and is not recorded in the books and records of the funds. Certain collateral amounts relate to exchange cleared swaps which are not subject to master netting agreements with counterparties.

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

Underlying Funds. The performance and risks of Real Estate Allocation Fund, (singly, “a fund of funds”) directly correspond to the performance and risks of the underlying funds in which the fund of funds invest. By investing in many underlying funds, the fund of funds have partial exposure to the risks of many different areas of the market. The more a fund of funds allocates to stock funds, the greater the expected risk.

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

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

As of August 31, 2016, the SAM Portfolios, Principal LifeTime Funds, Principal LifeTime Hybrid Funds, PVC SAM Portfolios, PVC Principal LifeTime Accounts, PVC Diversified Balanced Account, PVC Diversified Balanced Managed Volatility Account, PVC Diversified Growth Account, PVC Diversified Growth Managed Volatility Account, PVC Diversified Income Account, PVC Multi-Asset Income Account, and Real Estate Allocation Fund owned the following percentages, in the aggregate, of the outstanding shares of the underlying funds listed below:

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

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

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


	Asset Derivatives August 31, 2016			Liability Derivatives August 31, 2016
Derivatives not accounted for			Fair			Fair
as hedging instruments	Statement of Assets and Liabilities Location		Value	Statement of Assets and Liabilities Location		Value
Credit Opportunities Explorer Fund
Credit contracts	Receivables, Net Assets Consist of Net unrealized	$	—	Payables, Net Assets Consist of Net unrealized	$	53	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	4	Payables, Net Assets Consist of Net unrealized	$	—
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Interest rate contracts	Receivables, Net Assets Consist of Net unrealized	$	11^*	Payables, Net Assets Consist of Net unrealized	$	2	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
		Total$	15		$	55
Diversified Real Asset Fund
Commodity contracts	Receivables, Net Assets Consist of Net unrealized	$	10,792^*	Payables, Net Assets Consist of Net unrealized	$	10,918	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Foreign exchange contracts	Receivables	$	6,572	Payables	$	7,005
Interest rate contracts	Receivables, Net Assets Consist of Net unrealized	$	2,072^*	Payables, Net Assets Consist of Net unrealized	$	950	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
		Total$	19,436		$	18,873
Global Multi-Strategy Fund
Credit contracts	Receivables, Net Assets Consist of Net unrealized	$	3,596^*	Payables, Net Assets Consist of Net unrealized	$	2,643	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Equity contracts	Receivables, Net Assets Consist of Net unrealized		$ 16,425	Payables, Net Assets Consist of Net unrealized	$	17,834
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Foreign exchange contracts	Receivables		$ 24,423	Payables	$	21,487
Interest rate contracts	Receivables, Net Assets Consist of Net unrealized	$	5,075^*	Payables, Net Assets Consist of Net unrealized	$	3,374	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
		Total$	49,519		$	45,338
Global Opportunities Equity Hedged Fund
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	—	Payables, Net Assets Consist of Net unrealized	$	321	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
International Equity Index Fund
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	79^*	Payables, Net Assets Consist of Net unrealized	$	—
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Multi-Manager Equity Long/Short Fund
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	728^*	Payables, Net Assets Consist of Net unrealized	$	1,066	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Foreign exchange contracts	Receivables	$	261	Payables	$	175
		Total$	989		$	1,241
Origin Emerging Markets Fund
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	—	Payables, Net Assets Consist of Net unrealized	$	139	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Preferred Securities Fund
Interest rate contracts	Receivables, Net Assets Consist of Net unrealized	$	7,169	Payables, Net Assets Consist of Net unrealized	$	2,034
	appreciation (depreciation) of investments			appreciation (depreciation) of investments

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


	NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
August 31, 2016


3. Operating Policies (Continued)

						Change in Unrealized
						Appreciation/(Depreciation) of
Derivatives not accounted for	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives				Derivatives Recognized in Statement
as hedging instruments	Recognized in Statement of Operations	Recognized in Statement of Operations				of Operations
Credit Opportunities Explorer Fund
Credit contracts	Net realized gain (loss) from Swap	$	(96	)	$	(53	)
	agreements/Change in unrealized
	appreciation/(depreciation) of Swap
	agreements
Equity contracts	Net realized gain (loss) from Futures	$	(19	)	$	(3	)
	contracts and Swap agreements/Change in
	unrealized appreciation/(depreciation) of
	Swap agreements
Interest rate contracts	Net realized gain (loss) from Futures	$	(166	)	$	8
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
	Total	$	(281	)	$	(48	)
Diversified Real Asset Fund
Commodity contracts	Net realized gain (loss) from Futures	$	9,054		$	(126	)
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
Foreign exchange contracts	Net realized gain (loss) from Investment	$	(16,329	)	$	(3,656	)
	transactions, Foreign currency transactions,
	and Options and swaptions/Change in
	unrealized appreciation/(depreciation) of
	Investments, Options and swaptions, and
	Translation of assets and liabilities in
	foreign currencies
Interest rate contracts	Net realized gain (loss) from Investment	$	(5,893	)	$	980
	transactions, Futures contracts, Options and
	swaptions, and Swap agreements/Change in
	unrealized appreciation/(depreciation) of
	Investments, Futures contracts, Options and
	swaptions, and Swap agreements
	Total	$	(13,168	)	$	(2,802	)
Global Multi-Strategy Fund
Credit contracts	Net realized gain (loss) from Swap	$	1,892		$	(3,103	)
	agreements/Change in unrealized
	appreciation/(depreciation) of Swap
	agreements
Equity contracts	Net realized gain (loss) from Investment	$	(4,243	)	$	(36,361	)
	transactions, Futures contracts, Options and
	swaptions, and Swap agreements/Change in
	unrealized appreciation/(depreciation) of
	Investments, Futures contracts, Options and
	swaptions, and Swap agreements
Foreign exchange contracts	Net realized gain (loss) from Investment	$	(1,121	)	$	(8,422	)
	transactions, Foreign currency transactions,
	Futures contracts, and Options and
	swaptions/Change in unrealized
	appreciation/(depreciation) of Investments,
	Options and swaptions, and Translation of
	assets and liabilities in foreign currencies
Interest rate contracts	Net realized gain (loss) from Investment	$	(2,136	)	$	489
	transactions, Futures contracts, Options and
	swaptions, and Swap agreements/Change in
	unrealized appreciation/(depreciation) of
	Investments, Futures contracts, Options and
	swaptions, and Swap agreements
	Total	$	(5,608	)	$	(47,397	)
Global Opportunities Equity Hedged Fund
Equity contracts	Net realized gain (loss) from Futures	$	(595	)	$	(321	)
	contracts/Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
International Equity Index Fund
Equity contracts	Net realized gain (loss) from Futures	$	201		$	—
	contracts /Change in unrealized
	appreciation/(depreciation) of Futures
	contracts


	NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
August 31, 2016


3. Operating Policies (Continued)

					Change in Unrealized
					Appreciation/(Depreciation) of
Derivatives not accounted for	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Derivatives Recognized in Statement
as hedging instruments	Recognized in Statement of Operations	Recognized in Statement of Operations			of Operations
Multi-Manager Equity Long/Short Fund
Equity contracts	Net realized gain (loss) from Investment	$	(441	)	$	(664	)
	transactions, Futures contracts, Options and
	swaptions, and Swap agreements/Change in
	unrealized appreciation/(depreciation) of
	Investments, Futures contracts, and Swap
	agreements
Foreign exchange contracts	Net realized gain (loss) from Foreign	$	582		$	86
	currency transactions /Change in unrealized
	appreciation/(depreciation) of Translation of
	assets and liabilities in foreign currencies
	Total	$	141		$	(578	)
Origin Emerging Markets Fund
Equity contracts	Net realized gain (loss) from Futures	$	(2,662	)	$	2,825
	contracts /Change in unrealized
	appreciation/(depreciation) of Futures
	contracts
Preferred Securities Fund
Interest rate contracts	Net realized gain (loss) from Investment	$	(21,676	)	$	(2,072	)
	transactions, Futures contracts, and Options
	and swaptions /Change in unrealized
	appreciation/(depreciation) of Investments
	and Options and swaptions

Long equity futures contracts are used to obtain market exposure for the cash balances that are maintained by certain of the Funds and the notional values of the futures contracts will vary in accordance with changing cash balances. Long and short U.S. Treasury futures contracts are used to obtain interest rate exposure in order to manage duration of Credit Opportunities Explorer Fund, Diversified Real Asset Fund and Global Multi-Strategy Fund. The Preferred Securities Fund uses long and short U.S. Treasury futures contracts to mitigate interest rate volatility. The notional values of the futures contracts will vary in accordance with changing duration of these funds.

The following table includes a summary of the average quarterly outstanding volume by derivative instrument type for the year ended August 31, 2016:


	NOTES TO FINANCIAL STATEMENTS
	PRINCIPAL FUNDS, INC.
	August 31, 2016

3. Operating Policies (Continued)
			Average Notional
			Or Number of
Contract Type	Derivative Type		Contracts
Global Multi-Strategy Fund
Credit Contracts	Credit Default Swaps - Buy Protection	$	110,574,675
	Credit Default Swaps - Sell Protection	$	30,368,686
	Exchange Cleared Credit Default Swaps - Buy Protection	$	6,933,333
	Exchange Cleared Credit Default Swaps - Sell Protection	$	1,791,667
Equity Contracts	Futures – Long	$	146,396,729
	Futures – Short	$	307,584,726
	Purchased Options		10,420
	Synthetic Futures - Long	$	5,856,693
	Synthetic Futures - Short	$	13,254,544
	Total Return Equity Basket Swaps - Long	$	299,099,620
	Total Return Equity Basket Swaps - Short	$	278,140,922
	Total Return Swaps - Pay Floating Rate	$	2,777,649
	Total Return Swaps - Receive Floating Rate	$	36,331
	Written Options		2,706
Foreign Exchange Contracts	Foreign Currency Contracts - Contracts to Accept	$	927,362,384
	Foreign Currency Contracts - Contracts to Deliver	$	1,258,155,488
	Futures – Short	$	2,484,923
	Purchased Options		53,313,375
	Written Options		18,531,063
Interest Rate Contracts	Exchange Cleared Interest Rate Swaps - Pay Floating Rate	$	78,984,165
	Exchange Cleared Interest Rate Swaps - Receive Floating Rate	$	61,539,472
	Futures – Long	$	2,011,577,994
	Futures – Short	$	962,539,626
	Interest Rate Swaps - Pay Floating Rate	$	22,475,385
	Interest Rate Swaps - Receive Floating Rate	$	20,940,623
	Purchased Interest Rate Swaptions	$	122,499,424
	Purchased Options		9,970
	Synthetic Futures - Long	$	69,306,820
	Synthetic Futures - Short	$	15,329,008
	Total Return Swaps - Pay Floating Rate	$	23,112,023
	Total Return Swaps - Receive Floating Rate	$	15,553,240
	Written Interest Rate Swaptions	$	74,699,979
	Written Options		3,965

Global Opportunities Equity Hedged Fund
Equity Contracts	Futures – Short	$	5,310,789

International Equity Index Fund
Equity Contracts	Futures – Long	$	4,832,379

Multi-Manager Equity Long/Short Fund
Equity Contracts	Futures – Short	$	27,713,594
	Purchased Options		881
	Total Return Equity Basket Swaps - Long	$	29,345,858
	Total Return Equity Basket Swaps - Short	$	773,125
Foreign Exchange Contracts	Foreign Currency Contracts - Contracts to Accept	$	3,758,708
	Foreign Currency Contracts - Contracts to Deliver	$	43,825,516
Origin Emerging Markets Fund
Equity Contracts	Futures – Long	$	32,164,505

Preferred Securities Fund
Equity Contracts	Purchased Options		16,975
	Written Options		16,975
Interest Rate Contracts	Purchased Options		9,331
	Written Options		9,331

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

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

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

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

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

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

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

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

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

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

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

Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the 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.

The beginning of the period timing recognition has been adopted for the significant transfers between levels of each Fund’s assets and liabilities. There were no significant purchases, sales, or transfers into or out of Level 3. The table below includes transfers from Level 1 to Level 2 at August 31, 2016 due to lack of exchange traded valuation data:

In addition, $12,026,355 was transferred from Level 1 to Level 2 on the Diversified Real Asset Fund to reflect events that occurred after the close of a certain foreign market or exchange but prior to the calculation of the Fund’s net asset value.

Below are transfers from Level 2 to Level 1 at August 31, 2016 due to the resumption of trading for previous thinly traded securities:

The following is a summary of the inputs used as of August 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)

Blue Chip Fund
Common Stocks*	$	1,332,005		$	—		$	—	$	1,332,005
Investment Companies*		871			—			—		871
Total investments in securities $		1,332,876		$	—		$	—	$	1,332,876

Bond Market Index Fund
Bonds*	$	—		$	618,628		$	—	$	618,628
Investment Companies*		138,419			—			—		138,419
Municipal Bonds*		—			16,283			—		16,283
U.S. Government & Government Agency Obligations*		—			1,127,103			—		1,127,103
Total investments in securities $		138,419		$	1,762,014		$	—	$	1,900,433
Short Sales
U.S. Government & Government Agency Obligations	$	—		$	(624	)	$	—	$	(624	)
Total Short Sales $		—		$	(624	)	$	—	$	(624	)
Credit Opportunities Explorer Fund
Bonds*	$	—		$	12,644		$	—	$	12,644
Common Stocks*		5			—			—		5
Investment Companies*		2,016			—			—		2,016
Senior Floating Rate Interests*		—			51			—		51
U.S. Government & Government Agency Obligations*		—			4,994			—		4,994
Total investments in securities $		2,021		$	17,689		$	—	$	19,710
Assets
Equity Contracts**
Total Return Swaps	$	—		$	4		$	—	$	4
Interest Rate Contracts**
Futures	$	11		$	—		$	—	$	11
Liabilities
Credit Contracts**
Credit Default Swaps	$	—		$	(53	)	$	—	$	(53	)
Interest Rate Contracts**
Futures	$	(2	)	$	—		$	—	$	(2	)


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
August 31, 2016


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

Diversified Real Asset Fund
Bonds*	$	—		$	297,912		$	—	$	297,912
Commodity Indexed Structured Notes*		—			37,676			—		37,676
Common Stocks
Basic Materials		125,908			99,606			—		225,514
Communications		1,353			7,356			—		8,709
Consumer, Cyclical		32,240			8,745			—		40,985
Consumer, Non-cyclical		51,818			90,734			—		142,552
Diversified		—			11,936			—		11,936
Energy		529,260			11,535			—		540,795
Financial		325,298			168,551			—		493,849
Industrial		94,582			88,617			—		183,199
Utilities		100,701			67,472			—		168,173
Convertible Bonds*		—			123			—		123
Investment Companies*		314,430			—			—		314,430
Senior Floating Rate Interests*		—			592,133			—		592,133
U.S. Government & Government Agency Obligations*		—			696,239			—		696,239
Purchased Interest Rate Swaptions		—			1,178			—		1,178
Purchased Capped Options		—			—			—		—
Purchased Options		277			1,632			—		1,909
Total investments in securities $		1,575,867		$	2,181,445		$	—	$	3,757,312
Assets
Commodity Contracts**
Futures	$	10,792		$	—		$	—	$	10,792
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	4,940		$	—	$	4,940
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	84		$	—	$	84
Futures		274			—			—		274
Interest Rate Swaps		—			259			—		259
Liabilities
Commodity Contracts**
Futures	$	(10,918	)	$	—		$	—	$	(10,918	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(6,321	)	$	—	$	(6,321	)
Written Options		—			(684	)		—		(684	)
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	(41	)	$	—	$	(41	)
Futures		(484	)		—			—		(484	)
Interest Rate Swaptions		—			(238	)		—		(238	)
Options		(187	)		—			—		(187	)

Dynamic High Yield Explorer Fund
Bonds*	$	—		$	3,110		$	—	$	3,110
Common Stocks*		17			—			—		17
Investment Companies*		2,379			—			—		2,379
Senior Floating Rate Interests*		—			10,126			—		10,126
Total investments in securities $		2,396		$	13,236		$	—	$	15,632

EDGE MidCap Fund
Common Stocks*	$	282,417		$	—		$	—	$	282,417
Investment Companies*		7,432			—			—		7,432
Total investments in securities $		289,849		$	—		$	—	$	289,849

Global Multi-Strategy Fund
Bonds*	$	—		$	723,648		$	12,150	$	735,798
Common Stocks
Basic Materials		39,591			23,578			—		63,169
Communications		97,360			10,913			—		108,273
Consumer, Cyclical		106,899			23,257			19		130,175
Consumer, Non-cyclical		232,250			25,959			—		258,209
Diversified		1,875			—			—		1,875
Energy		44,364			2,112			—		46,476
Financial		141,903			25,627			2,814		170,344
Industrial		99,318			38,109			—		137,427
Technology		113,948			9,330			—		123,278
Utilities		22,450			3,122			—		25,572
Convertible Bonds*		—			60,474			—		60,474


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
August 31, 2016


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

Global Multi-Strategy Fund (Continued)
Convertible Preferred Stocks
Communications		2,600			—			267			2,867
Consumer, Cyclical		—			498			41			539
Consumer, Non-cyclical		7,591			116			—			7,707
Financial		4,438			2,248			—			6,686
Industrial		208			—			—			208
Technology		—			—			64			64
Utilities		949			—			—			949
Investment Companies*		596,359			477			—			596,836
Preferred Stocks
Communications		—			107			2,045			2,152
Financial		—			—			785			785
Industrial		—			—			149			149
Technology		—			—			315			315
Repurchase Agreements*		—			382,601			—			382,601
Senior Floating Rate Interests*		—			73,832			—			73,832
U.S. Government & Government Agency Obligations*		—			297,880			—			297,880
Purchased Interest Rate Swaptions		—			202			—			202
Purchased Options		6,383			337			—			6,720
Total investments in securities $		1,518,486		$	1,704,427		$	18,649		$	3,241,562
Short Sales
Bonds	$	—		$	(49,659	)	$	—		$	(49,659	)
Common Stocks
Basic Materials		(7,381	)		(1,593	)		—			(8,974	)
Communications		(19,602	)		(4,019	)		(24	)		(23,645	)
Consumer, Cyclical		(49,851	)		(4,150	)		—			(54,001	)
Consumer, Non-cyclical		(67,976	)		(4,378	)		—			(72,354	)
Energy		(11,846	)		(1,276	)		—			(13,122	)
Financial		(62,218	)		(4,243	)		—			(66,461	)
Industrial		(31,271	)		(4,067	)		—			(35,338	)
Technology		(52,184	)		(1,278	)		—			(53,462	)
Utilities		(13,295	)		(365	)		—			(13,660	)
Preferred Stocks
Basic Materials		—			(321	)		—			(321	)
Consumer, Cyclical		—			(516	)		—			(516	)
Consumer, Non-cyclical		—			(73	)		—			(73	)
Industrial		—			(67	)		—			(67	)
U.S. Government & Government Agency Obligations		—			(329,015	)		—			(329,015	)
Total Short Sales $		(315,624	)	$	(405,020	)	$	(24	)	$	(720,668	)
Assets
Credit Contracts**
Credit Default Swaps	$	—		$	3,591		$	—		$	3,591
Exchange Cleared Credit Default Swaps		—			5			—			5
Equity Contracts**
Futures	$	3,277		$	—		$	—		$	3,277
Synthetic Futures		—			122			—			122
Total Return Equity Basket Swaps		—			7,730			—			7,730
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	24,086		$	—		$	24,086
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	749		$	—		$	749
Futures		2,313			—			—			2,313
Interest Rate Swaps		—			260			—			260
Synthetic Futures		—			440			—			440
Total Return Swaps		—			24			—			24
Liabilities
Credit Contracts**
Credit Default Swaps	$	—		$	(2,521	)	$	—		$	(2,521	)
Exchange Cleared Credit Default Swaps		—			(122	)		—			(122	)
Equity Contracts**
Futures	$	(14,255	)	$	—		$	—		$	(14,255	)
Options		(2,417	)		—			—			(2,417	)
Synthetic Futures		—			(99	)		—			(99	)
Total Return Equity Basket Swaps		—			(1,018	)		—			(1,018	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(21,217	)	$	—		$	(21,217	)
Options		—			(270	)		—			(270	)


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
August 31, 2016


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

Global Multi-Strategy Fund (Continued)
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	(943	)	$	—	$	(943	)
Futures		(1,658	)		—			—		(1,658	)
Interest Rate Swaps		—			(71	)		—		(71	)
Interest Rate Swaptions		—			(37	)		—		(37	)
Options		(603	)		—			—		(603	)
Synthetic Futures		—			(62	)		—		(62	)
Total Return Swaps		—			(45	)		—		(45	)

Global Opportunities Equity Hedged Fund
Common Stocks
Basic Materials	$	75		$	50		$	—	$	125
Communications		615			281			—		896
Consumer, Cyclical		131			210			—		341
Consumer, Non-cyclical		1,398			587			—		1,985
Diversified		—			42			—		42
Energy		183			—			—		183
Financial		719			558			—		1,277
Industrial		285			522			—		807
Technology		420			237			—		657
Utilities		107			294			—		401
Investment Companies*		144			—			—		144
Total investments in securities $		4,077		$	2,781		$	—	$	6,858
Liabilities
Equity Contracts**
Futures	$	(321	)	$	—		$	—	$	(321	)

Global Opportunities Fund
Common Stocks
Basic Materials	$	14,621		$	9,777		$	—	$	24,398
Communications		116,519			54,196			—		170,715
Consumer, Cyclical		27,931			40,117			—		68,048
Consumer, Non-cyclical		272,325			116,354			—		388,679
Diversified		—			8,605			—		8,605
Energy		40,375			—			—		40,375
Financial		136,813			107,010			—		243,823
Industrial		54,709			102,043			—		156,752
Technology		79,157			45,169			—		124,326
Utilities		22,110			59,356			—		81,466
Investment Companies*		6,378			—			—		6,378
Total investments in securities $		770,938		$	542,627		$	—	$	1,313,565

International Equity Index Fund
Common Stocks
Basic Materials	$	—		$	55,246		$	—	$	55,246
Communications		—			62,565			—		62,565
Consumer, Cyclical		783			108,060			—		108,843
Consumer, Non-cyclical		294			221,809			—		222,103
Diversified		1,053			4,859			—		5,912
Energy		—			43,152			—		43,152
Financial		1,012			199,865			—		200,877
Industrial		—			106,524			—		106,524
Technology		2,538			26,058			—		28,596
Utilities		—			31,499			—		31,499
Investment Companies*		16,444			—			—		16,444
Preferred Stocks
Basic Materials		—			224			—		224
Consumer, Cyclical		—			2,841			—		2,841
Consumer, Non-cyclical		—			1,656			—		1,656
Total investments in securities $		22,124		$	864,358		$	—	$	886,482
Assets
Equity Contracts**
Futures	$	79		$	—		$	—	$	79


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
August 31, 2016


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

International Small Company Fund
Common Stocks
Basic Materials	$	3,895		$	10,588		$	—	$	14,483
Communications		1,005			7,532			—		8,537
Consumer, Cyclical		2,216			25,200			—		27,416
Consumer, Non-cyclical		—			28,944			—		28,944
Energy		5,268			2,748			—		8,016
Financial		2,989			33,787			—		36,776
Industrial		2,055			25,079			—		27,134
Technology		2,534			8,537			—		11,071
Utilities		—			3,347			—		3,347
Investment Companies*		2,523			—			—		2,523
Preferred Stocks
Industrial		—			2,459			—		2,459
Total investments in securities $		22,485		$	148,221		$	—	$	170,706

Multi-Manager Equity Long/Short Fund
Common Stocks
Basic Materials	$	11,060		$	3,954		$	—	$	15,014
Communications		35,208			14,915			—		50,123
Consumer, Cyclical		23,556			5,581			—		29,137
Consumer, Non-cyclical		56,725			11,314			—		68,039
Energy		6,108			821			—		6,929
Financial		27,805			13,838			—		41,643
Industrial		18,226			14,365			—		32,591
Technology		32,498			6,091			—		38,589
Utilities		5,831			—			—		5,831
Investment Companies*		48,975			—			—		48,975
Purchased Options		197			—			—		197
Total investments in securities $		266,189		$	70,879		$	—	$	337,068
Short Sales
Common Stocks
Basic Materials	$	(3,301	)	$	(1,103	)	$	—	$	(4,404	)
Communications		(4,098	)		—			—		(4,098	)
Consumer, Cyclical		(14,866	)		(2,381	)		—		(17,247	)
Consumer, Non-cyclical		(18,918	)		(2,305	)		—		(21,223	)
Diversified		(77	)		—			—		(77	)
Energy		(8,344	)		(2,505	)		—		(10,849	)
Financial		(6,789	)		(3,772	)		—		(10,561	)
Industrial		(9,295	)		(3,189	)		—		(12,484	)
Technology		(7,745	)		(1,158	)		—		(8,903	)
Utilities		(4,767	)		—			—		(4,767	)
Investment Companies		(16,919	)		(9,291	)		—		(26,210	)
	Total Short Sales $	(95,119	)	$	(25,704	)	$	—	$	(120,823	)
Assets
Equity Contracts**
Futures	$	32		$	—		$	—	$	32
Total Return Equity Basket Swaps		—			499			—		499
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	261		$	—	$	261
Liabilities
Equity Contracts**
Futures	$	(982	)	$	—		$	—	$	(982	)
Total Return Equity Basket Swaps		—			(84	)		—		(84	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(175	)	$	—	$	(175	)

Opportunistic Municipal Fund
Bonds*	$	—		$	515		$	—	$	515
Investment Companies*		1,087			—			—		1,087
Municipal Bonds*		—			142,956			—		142,956
Total investments in securities $		1,087		$	143,471		$	—	$	144,558


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
August 31, 2016


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

Origin Emerging Markets Fund
Common Stocks
Basic Materials	$	—		$	41,473	$	—	$	41,473
Communications		23,362			103,030		—		126,392
Consumer, Cyclical		16,113			78,573		—		94,686
Consumer, Non-cyclical		36,485			77,990		—		114,475
Diversified		—			15,173		—		15,173
Energy		—			10,606		—		10,606
Financial		8,544			64,161		—		72,705
Industrial		21,817			56,652		—		78,469
Technology		118,610			25,491		—		144,101
Utilities		8,599			42,118		—		50,717
Investment Companies*		28,364			—		—		28,364
	Total investments in securities $	261,894		$	515,267	$	—	$	777,161
Liabilities
Equity Contracts**
Futures	$	(139	)	$	—	$	—	$	(139	)

Preferred Securities Fund
Bonds*	$	—		$	3,742,191	$	—	$	3,742,191
Convertible Bonds*		—			25,464		—		25,464
Convertible Preferred Stocks
Financial		82,478			—		—		82,478
Investment Companies*		167,452			—		—		167,452
Preferred Stocks
Communications		152,618			143,636		—		296,254
Consumer, Non-cyclical		—			25,235		—		25,235
Financial		1,054,074			153,192		—		1,207,266
Government		—			27,614		—		27,614
Industrial		39,077			—		—		39,077
Utilities		115,430			24,038		—		139,468
Purchased Options		7,169			—		—		7,169
	Total investments in securities $	1,618,298		$	4,141,370	$	—	$	5,759,668
Liabilities
Interest Rate Contracts**
Options	$	(2,034	)	$	—	$	—	$	(2,034	)

Real Estate Allocation Fund
Investment Companies*	$	931		$	—	$	—	$	931
	Total investments in securities $	931		$	—	$	—	$	931

Real Estate Debt Income Fund
Bonds*	$	—		$	152,289	$	—	$	152,289
Investment Companies*		1,731			—		—		1,731
	Total investments in securities $	1,731		$	152,289	$	—	$	154,020

Small-MidCap Dividend Income Fund
Common Stocks*	$	2,227,663		$	—	$	—	$	2,227,663
Investment Companies*		56,219			—		—		56,219
	Total investments in securities $	2,283,882		$	—	$	—	$	2,283,882

SystematEx International Fund
Common Stocks
Basic Materials	$	—		$	4,606	$	—	$	4,606
Communications		—			4,659		—		4,659
Consumer, Cyclical		—			8,470		—		8,470
Consumer, Non-cyclical		—			15,025		—		15,025
Diversified		12			608		—		620
Energy		—			4,613		—		4,613
Financial		—			12,825		—		12,825
Industrial		—			7,584		—		7,584
Technology		—			2,483		—		2,483
Utilities		—			2,014		—		2,014
Investment Companies*		12			—		—		12
Preferred Stocks
Basic Materials		—			6		—		6
Consumer, Cyclical		—			34		—		34
Consumer, Non-cyclical		—			191		—		191
	Total investments in securities $	24		$	63,118	$	—	$	63,142

At the end of the period, there were no Funds which had a significant Level 3 balance. During the period, there were no significant purchases, sales, or transfers into or out of Level 3.

Management Services. The Funds have agreed to pay investment advisory and management fees to the Manager (wholly owned by Principal Financial Services, Inc.) computed at an annual percentage rate of each of the Funds’ average daily net assets. A portion of the management fee is paid by the Manager to the sub-advisor of each of the Funds, some of which are affiliates of the Manager. The annual rates used in this calculation for the Funds are as follows:

In addition to the management fee, R-1, R-2, R-3, R-4, and R-5 classes of shares of the Funds pay the Manager a service fee and an administrative service fee computed at an annual percentage rate of each class’s average daily net assets. The annual rates for the service fee are .25%, .25%, .25%, .25%, and .25% and the annual rates for the administrative service fee are .28%, .20%, .07%, .03%, and .01% for R-1, R-2, R-3, R-4, and R-5, respectively. Class A, Class C, Class P and Institutional shares of the Funds reimburse Principal Shareholder Services, Inc. (the “Transfer Agent”) (wholly owned by the Manager) for transfer agent services. Class J shares pays Principal Shareholder Services, Inc. a fee for the services provided in an amount that includes a profit.

The Manager has contractually agreed to limit the expenses (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, and other extraordinary expenses) for certain classes of shares of certain of the Funds. The reductions and reimbursements are in amounts that maintain total operating expenses at or below certain limits. The limits are expressed as a percentage of average daily net assets attributable to each class of shares on an annualized basis during the reporting period. The operating expense limits are as follows:

In addition, the Manager has contractually agreed to limit Class P expenses other than management and investment advisory fees and distribution fees and, if necessary, pay expenses normally payable by the Funds, excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, and other extraordinary expenses. The limits are expressed as a percentage of average daily net assets attributable to Class P shares on an annualized basis during the reporting period. The limits are as follows:

In addition, the Manager has contractually agreed to limit Bond Market Index Fund’s management fees. The expense limit will reduce the management fees by .03% (expressed as a percentage of average net assets on an annualized basis). The contractual limit expires on December 30, 2016.

Amounts owed to the Funds under the terms of the expense limitation agreements are reflected in the statement of assets and liabilities as expense reimbursement from Manager and are settled monthly.

Distribution Fees. The Class A, Class C, Class J, R-1, R-2, R-3, and R-4 shares of the Funds bear distribution fees. The fee is computed at an annual rate of the average daily net assets attributable to each class of each of the Funds. Distribution fees are paid to Principal Funds Distributor, Inc. (“the Distributor”), the principal distributor of the Funds. A portion of the distribution fees may be paid to other selling dealers for providing certain services. The annual rates are .25%, 1.00%, .15%, .35%, .30%, .25%, and .10% for Class A, Class C, Class J, R-1, R-2, R-3, and R-4 classes of shares, respectively.

The Distributor has voluntarily agreed to limit the distribution fees (expressed as a percent of average net assets on an annualized basis) attributable to Class J shares. The limit will maintain the level of distribution fees not to exceed .132% for Class J shares. The voluntary expense limit may be terminated at any time.

Amounts owed to the Funds under the terms of the expense limitation agreements are reflected in the statement of assets and liabilities as expense reimbursement from Distributor and are settled monthly.

Sales Charges. The Distributor receives proceeds of any CDSC on certain Class A, Class C, and Class J share redemptions. The charge for Class A shares is 1.00% of the lesser of current market value or the cost of shares redeemed within 12 months of purchase that were originally sold without a sales charge. The charge for Class C shares is 1.00% of the lesser of current market value or the cost of shares redeemed within 12 months of purchase. The charge for Class J shares is 1.00% of the lesser of current market value or the cost of shares redeemed within 18 months of purchase. The Distributor also retains sales charges on sales of Class A shares based on declining rates which begin at 3.75% for Credit Opportunities Explorer Fund, Diversified Real Asset Fund, Dynamic High Yield Explorer Fund, Global Multi-Strategy Fund, Opportunistic Municipal Fund, Preferred Securities Fund, and Real Estate Debt Income Fund, and 5.50% for Blue Chip Fund, Global Opportunities Equity Hedged Fund, Global Opportunities Fund, International Small Company Fund, Multi-Manager Equity Long/Short Fund, Origin Emerging Markets Fund, Real Estate Allocation Fund, and Small-MidCap Dividend Income Fund. The aggregate amounts of these charges retained by the Distributor for the period ended August 31, 2016, were as follows (amounts in thousands):

Affiliated Ownership. At August 31, 2016, Principal Life Insurance Company (an affiliate of the Manager), the Manager, Principal Securities, Inc., Collective Investment Trusts sponsored by Principal Trust Company, benefit plans and separate accounts sponsored on behalf of Principal Life Insurance Company, and other affiliated entities owned shares of the Funds as follows (amounts in thousands):

Affiliated Brokerage Commissions. With respect to Preferred Securities Fund, $113,000 of brokerage commission was paid to Spectrum Asset Management, Inc., a member of the Principal Financial Group. The other Funds did not pay brokerage commissions to any member of the Principal Financial Group during the period ended August 31, 2016.

Distributions to Shareholders. The federal income tax character of distributions paid for the periods ended August 31, 2016, and August 31, 2015 were as follows (amounts in thousands):

# Certain Funds may also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

^ The Funds designate these distributions as exempt interest per IRC Sec. 852(b)(5).

* The Funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be taxed at a 20-percent rate, a 15-percent rate or a 0-percent rate, depending on the shareholder’s taxable income).

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

Distributable Earnings. As of August 31, 2016, the components of distributable earnings/(deficit) on a federal tax basis were as follows (amounts in thousands):


																	Total
		Undistributed		Undistributed		Undistributed					Net Unrealized			Other			Accumulated
		Ordinary		Tax-Exempt		Long-Term		Accumulated			Appreciation			Temporary			Earnings
		Income		Income		Capital Gains		Losses			(Depreciation)			Differences*			(Deficit)
Blue Chip Fund	$	2,111	$	—	$	356	$	(329	)	$	175,751		$	—		$	177,889
Bond Market Index Fund		19,888		—		—		(1,805	)		42,349			—			60,432
Credit Opportunities Explorer Fund		23		—		—		(1,110	)		156			(30	)		(961	)
Diversified Real Asset Fund		82,414		—		—		(381,863	)		(3,254	)		(44	)		(302,747	)
Dynamic High Yield Explorer Fund		9		—		—		(1,261	)		(49	)		—			(1,301	)
EDGE MidCap Fund		9,186		—		22		—			31,364			—			40,572
Global Multi-Strategy Fund		1,206		—		—		(20,690	)		33,837			(10,966	)		3,387
Global Opportunities Equity Hedged Fund		65		—		—		(974	)		254			—			(655	)
Global Opportunities Fund		21,811		—		—		(13,424	)		56,389			—			64,776
International Equity Index Fund		20,224		—		—		(3,023	)		(16,052	)		—			1,149
International Small Company Fund		1,339		—		—		(2,553	)		1,188			—			(26	)
Multi-Manager Equity Long/Short Fund		1,037		—		—		(2,729	)		3,948			(436	)		1,820
Opportunistic Municipal Fund		—		17		—		(1,440	)		8,334			—			6,911
Origin Emerging Markets Fund		5,349		—		—		(198,575	)		66,415			—			(126,811	)
Preferred Securities Fund		1,957		—		34,796		—			321,516			23,453			381,722
Real Estate Allocation Fund		2		—		4		—			28			—			34
Real Estate Debt Income Fund		33		—		3		—			2,047			—			2,083
Small-MidCap Dividend Income Fund		38,448		—		—		(46,951	)		305,796			—			297,293
SystematEx International Fund		996		—		—		(630	)		2,444			—			2,810
SystematEx Large Value Fund		121		—		—		(11	)		831			—			941

*Represents book-to-tax accounting differences related to straddle loss deferrals, constructive sale gain recognition, and defaulted securities.

Capital Loss Carryforwards. For federal income tax purposes, capital loss carryforwards are losses that can be used to offset future capital gains of the Funds. At August 31, 2016, the Funds had approximate net capital loss carryforwards as follows (amounts in thousands):

* In accordance with Sections 381-384 of the Internal Revenue Code, a portion of certain Fund's losses have been subjected to an annual limitation.

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

As of August 31, 2016, the following funds utilized capital loss carryforwards as follows (amounts in thousands):

Late-Year Losses. A regulated investment company may elect for any taxable year to treat any portion of any qualified late-year loss as arising on the first day of the next taxable year. Qualified late-year losses are certain capital and ordinary losses which occur during the portion of the Fund’s taxable year subsequent to October 31 and December 31, respectively. At August 31, 2016 the following funds had approximate late-year losses as follows (amounts in thousands):

Reclassification of Capital Accounts. The Funds may record reclassifications in their capital accounts. These reclassifications have no impact on the total net assets of the Funds. The reclassifications are a result of permanent differences between GAAP and tax accounting. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Funds’ distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended August 31, 2016, the Funds recorded reclassifications as follows (amounts in thousands):

Federal Income Tax Basis. At August 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
Blue Chip Fund	$	200,563	$	(24,812	)	$	175,751		$	1,157,125
Bond Market Index Fund		43,775		(1,426	)		42,349			1,858,084
Credit Opportunities Explorer Fund		308		(152	)		156			19,554
Diversified Real Asset Fund		106,090		(110,262	)		(4,172	)		3,784,933
Dynamic High Yield Explorer Fund		261		(310	)		(49	)		15,681
EDGE MidCap Fund		46,465		(15,101	)		31,364			258,485
Global Multi-Strategy Fund		104,842		(56,770	)		48,072			3,193,490
Global Opportunities Equity Hedged Fund		439		(185	)		254			6,604
Global Opportunities Fund		91,482		(35,003	)		56,479			1,257,086
International Equity Index Fund		92,537		(108,500	)		(15,963	)		902,445
International Small Company Fund		7,737		(6,550	)		1,187			169,519
Multi-Manager Equity Long/Short Fund		10,529		(6,349	)		4,180			332,888
Opportunistic Municipal Fund*		8,550		(217	)		8,333			130,659
Origin Emerging Markets Fund		95,855		(29,445	)		66,410			710,751
Preferred Securities Fund		376,241		(61,840	)		314,401			5,442,272
Real Estate Allocation Fund		30		(2	)		28			903
Real Estate Debt Income Fund		3,523		(1,476	)		2,047			151,973
Small-MidCap Dividend Income Fund		378,420		(72,622	)		305,798			1,978,084
SystematEx International Fund		3,828		(1,383	)		2,445			60,697
SystematEx Large Value Fund		954		(123	)		831			7,670

* 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.

Management has evaluated events and transactions that have occurred through the date the financial statements were issued that would merit recognition or disclosure in the financial statements. There were no items requiring adjustment of the financial statements or additional disclosure.


COMMON STOCKS - 99.92%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 3.32%					Retail - 12.10%
TransDigm Group Inc ^(a)	155,276	$	44,283		AutoZone Inc ^(a)	15,580	$	11,557
					CarMax Inc ^(a)	574,199		33,849
Banks - 4.02%					Dollar Tree Inc ^(a)	195,855		16,197
Wells Fargo & Co	1,055,210		53,605		Starbucks Corp	762,084		42,852
					TJX Cos Inc/The	257,661		19,953
Beverages - 1.83%					Yum! Brands Inc	407,284		36,945
Anheuser-Busch InBev SA/NV ADR	196,376		24,357				$	161,353
					Software - 3.44%
Chemicals - 2.52%					CommerceHub Inc - Series C ^(a)	11,121		164
Air Products & Chemicals Inc	162,899		25,350		Microsoft Corp	796,027		45,740
Monsanto Co	77,219		8,224				$	45,904
		$	33,574		TOTAL COMMON STOCKS		$	1,332,005
Commercial Services - 5.27%					INVESTMENT COMPANIES - 0.07%	Shares Held		Value(000	's)
Brookfield Business Partners LP	36,604		845		Money Market Funds - 0.07%
Moody's Corp	346,403		37,651		Goldman Sachs Financial Square Funds -	871,001		871
PayPal Holdings Inc ^(a)	853,733		31,716		Government Fund
		$	70,212
Diversified Financial Services - 10.90%					TOTAL INVESTMENT COMPANIES		$	871
BlackRock Inc	32,688		12,186		Total Investments		$	1,332,876
Charles Schwab Corp/The	573,722		18,049		Other Assets and Liabilities - 0.01%		$	196
FNF Group	285,791		10,772		TOTAL NET ASSETS - 100.00%		$	1,333,072
MasterCard Inc	572,094		55,281
Visa Inc	605,545		48,989
		$	145,277		(a) Non-Income Producing Security
Electric - 0.37%
Brookfield Infrastructure Partners LP	101,509		4,866

Electronics - 0.42%					Portfolio Summary (unaudited)
Fortive Corp	107,367		5,655		Sector			Percent
					Financial			34.86	%
Engineering & Construction - 1.81%					Communications			25.05	%
SBA Communications Corp ^(a)	211,698		24,165		Consumer, Non-cyclical			13.77	%
					Consumer, Cyclical			12.10	%
Food - 2.16%					Industrial			6.38	%
Mondelez International Inc	439,121		19,769		Technology			3.44	%
Nestle SA ADR	113,986		9,062		Basic Materials			2.52	%
		$	28,831		Energy			1.43	%
Healthcare - Products - 1.84%					Utilities			0.37	%
Danaher Corp	300,669		24,477		Investment Companies			0.07	%
					Other Assets and Liabilities			0.01	%
Insurance - 10.04%					TOTAL NET ASSETS			100.00	%
Aon PLC	325,934		36,293
Berkshire Hathaway Inc - Class B ^(a)	444,193		66,847
Markel Corp ^(a)	32,949		30,679
		$	133,819
Internet - 19.18%
Alphabet Inc - A Shares ^(a)	7,787		6,151
Alphabet Inc - C Shares ^(a)	124,040		95,145
Amazon.com Inc ^(a)	122,331		94,092
Facebook Inc ^(a)	408,523		51,523
Liberty Ventures ^(a)	227,380		8,763
		$	255,674
Media - 5.87%
Liberty Broadband Corp - C Shares ^(a)	375,865		25,758
Liberty Global PLC - C Shares ^(a)	1,703,926		52,532
		$	78,290
Miscellaneous Manufacturers - 0.83%
Colfax Corp ^(a)	370,357		10,992

Pharmaceuticals - 2.67%
Zoetis Inc	697,506		35,643

Pipelines - 1.43%
Kinder Morgan Inc/DE	873,868		19,094

Real Estate - 4.77%
Brookfield Asset Management Inc	1,888,510		63,624

REITS - 5.13%
American Tower Corp	488,349		55,369
Equinix Inc	35,104		12,941
		$	68,310


Schedule of Investments
Bond Market Index Fund
August 31, 2016



	INVESTMENT COMPANIES - 7.81%		Shares Held	Value(000 's)				Principal
	Money Market Funds - 7.81%						BONDS (continued)	Amount (000's)		Value (000's)
	Morgan Stanley Institutional Liquidity Funds -		138,419,003	$		138,419	Apparel - 0.04%
	Government Portfolio						NIKE Inc
							3.88%, 11/01/2045		$500	$	561
	TOTAL INVESTMENT COMPANIES			$		138,419	Under Armour Inc
			Principal				3.25%, 06/15/2026		140		142
	BONDS- 34.89%	Amount (000's)		Value(000's)					$		703
	Advertising - 0.03%						Automobile Asset Backed Securities - 0.20%
	Interpublic Group of Cos Inc/The						Ally Auto Receivables Trust 2015-2
	4.20%, 04/15/2024		$50		$	54	1.84%, 06/15/2020		1,000		1,011
	Omnicom Group Inc						Capital Auto Receivables Asset Trust 2014-3
	3.60%, 04/15/2026		500			533	1.48%, 11/20/2018		164		164
	4.45%, 08/15/2020		30			33	CarMax Auto Owner Trust 2013-4
				$		620	1.28%, 05/15/2019		400		400
	Aerospace & Defense - 0.41%						CarMax Auto Owner Trust 2015-2
	Boeing Capital Corp						1.37%, 03/16/2020		675		677
	4.70%, 10/27/2019		35			39	Ford Credit Auto Owner Trust 2016-B
	Boeing Co/The						1.33%, 10/15/2020		1,000		1,002
	2.35%, 10/30/2021		1,000			1,036	Honda Auto Receivables 2013-3 Owner
	Harris Corp						Trust
	3.83%, 04/27/2025		200			212	1.13%, 09/16/2019		323		323
	4.40%, 12/15/2020		40			43	Honda Auto Receivables 2013-4 Owner
	L-3 Communications Corp						Trust
	3.95%, 05/28/2024		178			191	1.04%, 02/18/2020		50		50
	4.95%, 02/15/2021		30			33			$		3,627
	Lockheed Martin Corp						Automobile Manufacturers - 0.38%
	3.35%, 09/15/2021		500			535	American Honda Finance Corp
	3.55%, 01/15/2026		190			206	1.60%, 07/13/2018		350		353
	3.80%, 03/01/2045		250			260	Ford Motor Co
	4.07%, 12/15/2042		30			32	4.75%, 01/15/2043		400		433
	4.50%, 05/15/2036		685			793	7.45%, 07/16/2031		500		680
	4.70%, 05/15/2046		60			72	Ford Motor Credit Co LLC
	Northrop Grumman Corp						2.15%, 01/09/2018		300		302
	3.50%, 03/15/2021		30			32	2.60%, 11/04/2019		500		509
	5.05%, 11/15/2040		500			612	3.34%, 03/18/2021		500		519
	Raytheon Co						3.66%, 09/08/2024		725		751
	3.13%, 10/15/2020		30			32	5.00%, 05/15/2018		500		527
	4.70%, 12/15/2041		750			928	5.88%, 08/02/2021		100		115
	Spirit AeroSystems Inc						PACCAR Financial Corp
	5.25%, 03/15/2022		500			528	2.20%, 09/15/2019		20		20
	United Technologies Corp						Toyota Motor Credit Corp
	3.10%, 06/01/2022		500			537	1.70%, 02/19/2019		500		505
	4.50%, 04/15/2020		550			612	1.90%, 04/08/2021		500		508
	4.50%, 06/01/2042		390			462	2.00%, 10/24/2018		400		406
	6.13%, 07/15/2038		46			64	2.75%, 05/17/2021		500		523
				$		7,259	3.30%, 01/12/2022		500		536
	Agriculture - 0.30%								$		6,687
	Altria Group Inc						Automobile Parts & Equipment - 0.07%
	4.25%, 08/09/2042		150			168	BorgWarner Inc
	4.75%, 05/05/2021		500			568	4.38%, 03/15/2045		300		323
	10.20%, 02/06/2039		540			1,006	Delphi Corp
	Archer-Daniels-Midland Co						4.15%, 03/15/2024		133		142
	4.02%, 04/16/2043		350			384	Johnson Controls Inc
	4.48%, 03/01/2021^(a)		8			9	3.75%, 12/01/2021		755		803
	Philip Morris International Inc						5.25%, 12/01/2041		30		35
	2.75%, 02/25/2026		500			516			$		1,303
	2.90%, 11/15/2021		400			421	Banks- 5.98%
	4.13%, 03/04/2043		300			328	Associated Banc-Corp
	5.65%, 05/16/2018		430			462	4.25%, 01/15/2025		300		314
	Reynolds American Inc						Australia & New Zealand Banking Group
	4.45%, 06/12/2025		220			247	Ltd/New York NY
	6.15%, 09/15/2043		500			670	2.25%, 06/13/2019		550		559
	8.13%, 06/23/2019		430			505	Bank of America Corp
				$		5,284	1.95%, 05/12/2018		310		312
	Airlines - 0.03%						2.25%, 04/21/2020		160		162
	American Airlines 2014-1 Class A Pass						2.60%, 01/15/2019		600		613
	Through Trust						2.63%, 04/19/2021		775		790
	3.70%, 04/01/2028		18			19	2.65%, 04/01/2019		625		640
	American Airlines 2016-1 Class AA Pass						3.30%, 01/11/2023		600		624
	Through Trust						3.50%, 04/19/2026		335		350
	3.58%, 07/15/2029		259			279	4.00%, 04/01/2024		850		920
	Southwest Airlines Co						4.25%, 10/22/2026		800		848
	2.75%, 11/06/2019		300			309	4.88%, 04/01/2044		450		529
				$		607	5.63%, 07/01/2020		500		565


Schedule of Investments
Bond Market Index Fund
August 31, 2016



			Principal					Principal
BONDS (continued)		Amount (000's)		Value (000's)		BONDS (continued)	Amount (000's)		Value (000's)
Banks (continued)						Banks (continued)
Bank of America Corp	(continued)					Deutsche Bank AG
6.00%, 09/01/2017		$	100	$	104	4.10%, 01/13/2026	$	750	$	761
6.11%, 01/29/2037			850		1,058	Deutsche Bank AG/London
6.88%, 04/25/2018			850		921	1.88%, 02/13/2018		500		498
Bank of America NA						Discover Bank/Greenwood DE
1.75%, 06/05/2018			900		906	3.20%, 08/09/2021		1,000		1,028
Bank of Montreal						Fifth Third Bancorp
1.40%, 04/10/2018			500		501	2.88%, 07/27/2020		500		518
1.50%, 07/18/2019			500		500	4.30%, 01/16/2024		50		54
2.38%, 01/25/2019			500		510	Fifth Third Bank/Cincinnati OH
Bank of Nova Scotia/The						2.25%, 06/14/2021		300		305
1.65%, 06/14/2019			500		501	2.30%, 03/15/2019		300		305
2.45%, 03/22/2021			750		769	First Tennessee Bank NA
2.80%, 07/21/2021			500		521	2.95%, 12/01/2019		300		301
Bank One Corp						Goldman Sachs Group Inc/The
8.00%, 04/29/2027			1,000		1,360	2.00%, 04/25/2019		500		506
Barclays PLC						2.38%, 01/22/2018		250		253
2.88%, 06/08/2020			300		302	2.55%, 10/23/2019		1,300		1,331
3.25%, 01/12/2021			285		290	2.60%, 04/23/2020		300		306
4.38%, 01/12/2026			380		397	2.63%, 04/25/2021		500		509
5.25%, 08/17/2045			750		863	2.75%, 09/15/2020		250		257
BB&T Corp						2.90%, 07/19/2018		500		513
2.45%, 01/15/2020			500		513	4.75%, 10/21/2045		100		114
6.85%, 04/30/2019			45		51	5.15%, 05/22/2045		300		330
BNP Paribas SA						5.25%, 07/27/2021		1,350		1,534
2.45%, 03/17/2019			400		407	5.95%, 01/15/2027		700		828
2.70%, 08/20/2018			400		409	6.13%, 02/15/2033		850		1,070
BPCE SA						6.25%, 02/01/2041		220		291
1.63%, 01/26/2018			300		301	6.75%, 10/01/2037		150		191
Branch Banking & Trust Co						HSBC Bank USA NA/New York NY
3.80%, 10/30/2026			1,000		1,096	5.63%, 08/15/2035		500		599
Capital One Financial Corp						HSBC Holdings PLC
3.50%, 06/15/2023			40		42	3.40%, 03/08/2021		750		784
4.75%, 07/15/2021			400		447	3.90%, 05/25/2026		500		522
Capital One NA/Mclean VA						4.25%, 08/18/2025		750		779
1.65%, 02/05/2018			300		300	6.10%, 01/14/2042		600		815
Citigroup Inc						HSBC USA Inc
1.70%, 04/27/2018			500		501	2.35%, 03/05/2020		500		503
1.85%, 11/24/2017			750		753	3.50%, 06/23/2024		500		523
2.15%, 07/30/2018			370		374	JPMorgan Chase & Co
2.50%, 09/26/2018			500		509	1.63%, 05/15/2018		1,000		1,005
3.30%, 04/27/2025			1,250		1,292	2.20%, 10/22/2019		1,550		1,577
4.13%, 07/25/2028			500		509	2.25%, 01/23/2020		530		537
4.60%, 03/09/2026			1,000		1,075	2.30%, 08/15/2021		750		755
4.75%, 05/18/2046			350		372	2.40%, 06/07/2021		500		508
5.50%, 09/13/2025			800		907	2.55%, 03/01/2021		1,500		1,532
6.68%, 09/13/2043			300		404	3.13%, 01/23/2025		800		823
8.13%, 07/15/2039			279		441	3.20%, 01/25/2023		132		138
Citizens Bank NA/Providence RI						3.63%, 05/13/2024		100		107
1.60%, 12/04/2017			500		499	3.88%, 09/10/2024		25		26
Comerica Inc						3.90%, 07/15/2025		750		813
3.80%, 07/22/2026			50		52	4.13%, 12/15/2026		500		537
Commonwealth Bank of Australia/New York						4.50%, 01/24/2022		100		111
NY						4.85%, 02/01/2044		400		488
1.40%, 09/08/2017			780		781	5.60%, 07/15/2041		70		91
2.05%, 03/15/2019			500		506	KeyBank NA/Cleveland OH
Compass Bank						1.60%, 08/22/2019		500		500
3.88%, 04/10/2025			500		486	3.30%, 06/01/2025		500		528
Cooperatieve Rabobank UA						KeyCorp
3.88%, 02/08/2022			950		1,038	2.30%, 12/13/2018		750		762
5.25%, 08/04/2045			500		582	KFW
Cooperatieve Rabobank UA/NY						0.00%, 04/18/2036^(b)		260		158
1.70%, 03/19/2018			500		503	1.00%, 01/26/2018		300		300
2.25%, 01/14/2019			250		254	1.00%, 06/11/2018		1,600		1,600
3.38%, 05/21/2025			500		535	1.00%, 07/15/2019		500		498
Credit Suisse AG/New York NY						1.13%, 08/06/2018		1,000		1,002
1.70%, 04/27/2018			500		500	1.50%, 02/06/2019		500		505
3.00%, 10/29/2021			250		258	1.50%, 06/15/2021		210		211
3.63%, 09/09/2024			500		525	1.63%, 03/15/2021		1,535		1,551
5.40%, 01/14/2020			800		878	1.75%, 10/15/2019		550		559
Credit Suisse Group Funding Guernsey Ltd						1.88%, 04/01/2019		1,200		1,223
3.80%, 09/15/2022			1,130		1,154	2.00%, 05/02/2025		280		287
						2.13%, 01/17/2023		500		517


Schedule of Investments
Bond Market Index Fund
August 31, 2016



		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Banks (continued)					Banks (continued)
KFW (continued)					Wells Fargo & Co
2.50%, 11/20/2024	$	300	$	318	1.50%, 01/16/2018	$	100	$	100
2.75%, 09/08/2020		1,100		1,161	2.10%, 07/26/2021		500		503
4.00%, 01/27/2020		100		109	2.60%, 07/22/2020		1,250		1,287
Korea Development Bank/The					3.00%, 01/22/2021		500		522
3.38%, 09/16/2025		500		549	3.00%, 04/22/2026		400		410
Landwirtschaftliche Rentenbank					3.30%, 09/09/2024		1,000		1,057
1.00%, 04/04/2018		500		501	3.45%, 02/13/2023		500		524
2.38%, 06/10/2025		750		788	3.90%, 05/01/2045		620		658
Lloyds Bank PLC					4.10%, 06/03/2026		500		543
2.00%, 08/17/2018		750		754	4.65%, 11/04/2044		500		549
2.40%, 03/17/2020		500		506	5.38%, 02/07/2035		250		311
Lloyds Banking Group PLC					Westpac Banking Corp
4.65%, 03/24/2026		400		415	1.60%, 08/19/2019		500		500
Manufacturers & Traders Trust Co					2.10%, 05/13/2021		390		393
2.10%, 02/06/2020		300		304	2.70%, 08/19/2026		500		501
6.63%, 12/04/2017		500		532	2.85%, 05/13/2026		500		511
Mitsubishi UFJ Financial Group Inc					4.88%, 11/19/2019		50		55
2.95%, 03/01/2021		750		774			$		106,060
Morgan Stanley					Beverages - 0.73%
2.50%, 04/21/2021		1,000		1,014	Anheuser-Busch InBev Finance Inc
3.13%, 07/27/2026		640		647	1.90%, 02/01/2019		345		349
3.70%, 10/23/2024		1,000		1,060	2.65%, 02/01/2021		609		628
3.75%, 02/25/2023		100		107	3.65%, 02/01/2026		1,220		1,301
4.30%, 01/27/2045		250		271	4.70%, 02/01/2036		945		1,097
4.35%, 09/08/2026		500		536	4.90%, 02/01/2046		1,100		1,334
4.88%, 11/01/2022		650		721	Anheuser-Busch InBev Worldwide Inc
5.50%, 07/24/2020		700		790	3.75%, 07/15/2042		750		767
5.50%, 07/28/2021		1,000		1,146	5.00%, 04/15/2020		609		676
5.75%, 01/25/2021		100		115	6.38%, 01/15/2040		40		55
6.38%, 07/24/2042		200		275	6.88%, 11/15/2019		40		47
7.30%, 05/13/2019		450		514	8.20%, 01/15/2039		40		65
National Australia Bank Ltd/New York					Coca-Cola Co/The
2.63%, 07/23/2020		500		515	2.45%, 11/01/2020		750		779
Oesterreichische Kontrollbank AG					3.15%, 11/15/2020		440		471
1.50%, 10/21/2020		220		221	3.30%, 09/01/2021		750		809
2.38%, 10/01/2021		750		781	Coca-Cola Femsa SAB de CV
PNC Bank NA					2.38%, 11/26/2018		540		550
1.60%, 06/01/2018		430		432	Diageo Capital PLC
1.85%, 07/20/2018		450		454	4.83%, 07/15/2020		50		56
2.70%, 11/01/2022		300		306	5.75%, 10/23/2017		750		788
PNC Funding Corp					Diageo Investment Corp
3.30%, 03/08/2022		400		426	2.88%, 05/11/2022		30		31
6.70%, 06/10/2019		365		417	Dr Pepper Snapple Group Inc
Royal Bank of Canada					2.60%, 01/15/2019		30		31
2.35%, 10/30/2020		500		512	Molson Coors Brewing Co
4.65%, 01/27/2026		500		550	4.20%, 07/15/2046		250		264
Santander Holdings USA Inc					Pepsi Bottling Group Inc/The
2.65%, 04/17/2020		500		505	7.00%, 03/01/2029		750		1,079
Santander UK PLC					PepsiCo Inc
3.05%, 08/23/2018		1,000		1,025	2.75%, 03/05/2022		280		294
Societe Generale SA					3.60%, 08/13/2042		400		418
2.63%, 10/01/2018		50		51	4.50%, 01/15/2020		1,000		1,102
State Street Corp							$		12,991
2.55%, 08/18/2020		220		228	Biotechnology - 0.31%
2.65%, 05/19/2026		500		512	Amgen Inc
3.10%, 05/15/2023		50		52	4.66%, 06/15/2051^(c)		260		279
3.55%, 08/18/2025		200		219	5.65%, 06/15/2042		500		618
Sumitomo Mitsui Banking Corp					5.70%, 02/01/2019		34		37
1.95%, 07/23/2018		800		805	5.75%, 03/15/2040		530		665
Sumitomo Mitsui Financial Group Inc					Biogen Inc
2.06%, 07/14/2021		500		497	2.90%, 09/15/2020		500		521
Toronto-Dominion Bank/The					4.05%, 09/15/2025		160		174
2.13%, 07/02/2019		750		764	Celgene Corp
2.63%, 09/10/2018		1,000		1,023	2.30%, 08/15/2018		440		447
UBS AG/Stamford CT					3.88%, 08/15/2025		290		314
1.80%, 03/26/2018		500		503	5.00%, 08/15/2045		230		266
US Bancorp					Gilead Sciences Inc
3.00%, 03/15/2022		50		53	2.05%, 04/01/2019		40		41
3.60%, 09/11/2024		750		807	2.35%, 02/01/2020		300		309
US Bank NA/Cincinnati OH					3.70%, 04/01/2024		600		650
2.13%, 10/28/2019		500		511	4.60%, 09/01/2035		590		665


Schedule of Investments
Bond Market Index Fund
August 31, 2016



	Principal					Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Biotechnology (continued)					Commercial Mortgage Backed Securities (continued)
Gilead Sciences Inc (continued)					COMM 2014-LC15 Mortgage Trust
4.75%, 03/01/2046	$	400	$	466	4.20%, 04/10/2047	$	350	$	388
		$		5,452	COMM 2014-UBS3 Mortgage Trust
Building Materials - 0.00%					3.82%, 06/10/2047		550		604
Owens Corning					COMM 2015-DC1 Mortgage Trust
4.20%, 12/15/2022		30		32	2.87%, 02/10/2048		1,000		1,033
					3.08%, 02/10/2048^(a)		500		525
Chemicals - 0.54%					COMM 2015-LC19 Mortgage Trust
Agrium Inc					3.18%, 02/10/2048^(a)		500		531
5.25%, 01/15/2045		300		334	COMM 2016-CCRE28 Mortgage Trust
CF Industries Inc					3.76%, 02/10/2049		2,000		2,213
3.45%, 06/01/2023		500		498	Commercial Mortgage Loan Trust 2008-LS1
4.95%, 06/01/2043		240		221	6.30%, 12/10/2049^(a)		11		11
5.15%, 03/15/2034		250		248	Commercial Mortgage Trust 2007-GG9
Dow Chemical Co/The					5.44%, 03/10/2039^(a)		107		107
3.50%, 10/01/2024		250		265	Fannie Mae-Aces
8.55%, 05/15/2019		500		590	2.30%, 09/25/2022		465		474
9.40%, 05/15/2039		380		624	2.48%, 04/25/2022		500		521
Eastman Chemical Co					2.51%, 11/25/2022		1,000		1,030
2.70%, 01/15/2020		550		566	2.53%, 09/25/2024		1,500		1,550
4.50%, 01/15/2021		30		33	2.59%, 04/25/2023^(a)		385		396
Ecolab Inc					2.92%, 04/25/2025^(a)		800		846
5.50%, 12/08/2041		400		503	3.22%, 08/25/2024^(a)		987		1,056
EI du Pont de Nemours & Co					3.46%, 01/25/2024^(a)		98		106
3.63%, 01/15/2021		750		806	4.33%, 03/25/2020		101		108
4.15%, 02/15/2043		50		53	FHLMC Multifamily Structured Pass Through
6.00%, 07/15/2018		500		542	Certificates
LYB International Finance BV					2.08%, 12/25/2019^(a)		17		17
4.88%, 03/15/2044		530		577	2.87%, 12/25/2021		350		370
LyondellBasell Industries NV					3.02%, 02/25/2023^(a)		97		102
5.00%, 04/15/2019		400		431	3.06%, 07/25/2023^(a)		150		162
Methanex Corp					3.17%, 10/25/2024		1,000		1,090
3.25%, 12/15/2019		30		30	3.21%, 03/25/2025		1,248		1,363
Monsanto Co					3.30%, 04/25/2023		500		546
2.75%, 07/15/2021		500		513	3.30%, 07/25/2024^(a)		500		549
3.95%, 04/15/2045		500		485	3.53%, 06/25/2020		335		358
Mosaic Co/The					3.53%, 10/25/2023		500		554
5.45%, 11/15/2033		500		548	4.33%, 10/25/2020		500		552
5.63%, 11/15/2043		25		27	GS Mortgage Securities Trust 2011-GC5
Potash Corp of Saskatchewan Inc					3.00%, 08/10/2044		2		2
3.00%, 04/01/2025		150		152	3.71%, 08/10/2044		375		407
3.63%, 03/15/2024		50		53	GS Mortgage Securities Trust 2013-GCJ14
PPG Industries Inc					4.24%, 08/10/2046^(a)		50		56
3.60%, 11/15/2020		50		53	GS Mortgage Securities Trust 2015-GC28
Praxair Inc					3.40%, 02/10/2048^(a)		600		644
1.25%, 11/07/2018		1,000		1,002	JP Morgan Chase Commercial Mortgage
2.20%, 08/15/2022		50		51	Securities Trust 2006-LDP7
Westlake Chemical Corp					6.10%, 04/17/2045^(a)		11		11
5.00%, 08/15/2046^(c)		350		359	JPMBB Commercial Mortgage Securities
		$		9,564	Trust 2013-C14
Commercial Mortgage Backed Securities - 1.73%					4.41%, 08/15/2046		500		561
Banc of America Commercial Mortgage Trust					JPMBB Commercial Mortgage Securities
2006-3					Trust 2014-C18
					4.08%, 02/15/2047^(a)		50		56
5.89%, 07/10/2044		1		1
CD 2006-CD3 Mortgage Trust					JPMBB Commercial Mortgage Securities
5.62%, 10/15/2048		1		1	Trust 2014-C19
Citigroup Commercial Mortgage Trust 2008-					3.67%, 04/15/2047		500		534
C7
6.35%, 12/10/2049^(a)		29		30	LB-UBS Commercial Mortgage Trust 2007-C6
					5.86%, 07/15/2040^(a)		6		6
Citigroup Commercial Mortgage Trust 2013-
GC15
4.37%, 09/10/2046		500		569	LB-UBS Commercial Mortgage Trust 2007-C7
					5.87%, 09/15/2045^(a)		361		374
Citigroup Commercial Mortgage Trust 2015-
GC33					Morgan Stanley Bank of America Merrill
3.52%, 09/10/2058		1,000		1,087	Lynch Trust 2013-C11
					3.09%, 08/15/2046^(a)		100		102
COMM 2012-CCRE2 Mortgage Trust
3.79%, 08/15/2045		200		218	4.36%, 08/15/2046^(a)		1,130		1,273
COMM 2012-CCRE4 Mortgage Trust					Morgan Stanley Bank of America Merrill
3.25%, 10/15/2045		500		528	Lynch Trust 2013-C12
COMM 2013-CCRE6 Mortgage Trust					4.26%, 10/15/2046		500		568
3.10%, 03/10/2046^(a)		500		530	Morgan Stanley Bank of America Merrill
COMM 2014-CCRE15 Mortgage Trust					Lynch Trust 2014-C14
4.07%, 02/10/2047		500		562	3.67%, 02/15/2047		500		531
See accompanying notes.					94


Schedule of Investments
Bond Market Index Fund
August 31, 2016



	Principal						Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Commercial Mortgage Backed Securities (continued)					Computers (continued)
Morgan Stanley Bank of America Merrill					Apple Inc (continued)
Lynch Trust 2014-C15					3.20%, 05/13/2025	$	560	$	598
4.05%, 04/15/2047	$	580	$	651	3.25%, 02/23/2026		750		802
Morgan Stanley Bank of America Merrill					3.85%, 05/04/2043		550		571
Lynch Trust 2015-C20					4.38%, 05/13/2045		80		90
3.25%, 02/15/2048^(a)		500		532	4.65%, 02/23/2046		170		199
Morgan Stanley Bank of America Merrill					Diamond 1 Finance Corp / Diamond 2 Finance
Lynch Trust 2015-C21					Corp
3.15%, 03/15/2048^(a)		575		608	3.48%, 06/01/2019^(c)		295		303
Morgan Stanley Capital I Trust 2006-IQ12					4.42%, 06/15/2021^(c)		800		836
5.33%, 12/15/2043		43		43	6.02%, 06/15/2026^(c)		640		685
Morgan Stanley Capital I Trust 2007-IQ13					8.10%, 07/15/2036^(c)		220		255
5.36%, 03/15/2044^(a)		274		277	8.35%, 07/15/2046^(c)		185		216
Morgan Stanley Capital I Trust 2007-IQ14					EMC Corp
5.61%, 04/15/2049		34		34	1.88%, 06/01/2018		550		549
UBS Commercial Mortgage Trust 2012-C1					2.65%, 06/01/2020		500		496
3.00%, 05/10/2045		37		38	Hewlett Packard Enterprise Co
3.40%, 05/10/2045^(a)		71		76	2.85%, 10/05/2018^(c)		330		336
UBS-Barclays Commercial Mortgage Trust					3.60%, 10/15/2020^(c)		320		335
2012-C3					4.90%, 10/15/2025^(c)		200		214
3.09%, 08/10/2049^(a)		50		53	6.20%, 10/15/2035^(c)		400		420
UBS-Barclays Commercial Mortgage Trust					6.35%, 10/15/2045^(c)		100		103
2012-C4					HP Inc
2.85%, 12/10/2045^(a)		100		105	4.65%, 12/09/2021		250		273
Wachovia Bank Commercial Mortgage Trust					6.00%, 09/15/2041		280		289
Series 2007-C34					International Business Machines Corp
5.68%, 05/15/2046^(a)		95		97	1.63%, 05/15/2020		500		504
WFRBS Commercial Mortgage Trust 2012-					2.25%, 02/19/2021		140		144
C7					3.45%, 02/19/2026		750		818
2.30%, 06/15/2045		594		605	4.00%, 06/20/2042		350		374
WFRBS Commercial Mortgage Trust 2012-					4.70%, 02/19/2046		145		172
C9					5.70%, 09/14/2017		650		681
3.39%, 11/15/2045		500		531	7.00%, 10/30/2025		370		504
WFRBS Commercial Mortgage Trust 2013-					Seagate HDD Cayman
C14					4.75%, 06/01/2023		550		536
3.34%, 06/15/2046		500		537			$		14,690
WFRBS Commercial Mortgage Trust 2014-					Consumer Products - 0.03%
C20					Clorox Co/The
4.00%, 05/15/2047		500		559	3.80%, 11/15/2021		30		33
WFRBS Commercial Mortgage Trust 2014-					Kimberly-Clark Corp
LC14					2.40%, 03/01/2022		30		31
1.19%, 03/15/2047		65		65	2.65%, 03/01/2025		500		524
		$		30,624	7.50%, 11/01/2018		25		28
Commercial Services - 0.15%							$		616
California Institute of Technology					Cosmetics & Personal Care - 0.12%
4.32%, 08/01/2045		50		60	Colgate-Palmolive Co
Lender Processing Services Inc / Black Knight					2.45%, 11/15/2021		500		521
Lending Solutions Inc					Procter & Gamble Co/The
5.75%, 04/15/2023		22		23	2.30%, 02/06/2022		500		518
Massachusetts Institute of Technology					5.55%, 03/05/2037		250		356
4.68%, 07/01/2114		100		121	6.45%, 01/15/2026		500		674
Moody's Corp							$		2,069
5.25%, 07/15/2044		90		112	Credit Card Asset Backed Securities - 0.21%
S&P Global Inc					Barclays Dryrock Issuance Trust
4.00%, 06/15/2025		350		382	2.20%, 12/15/2022^(a)		760		776
6.55%, 11/15/2037		30		39	Capital One Multi-Asset Execution Trust
Total System Services Inc					5.75%, 07/15/2020		100		105
3.80%, 04/01/2021		500		530	Chase Issuance Trust
4.80%, 04/01/2026		500		553	1.36%, 04/15/2020		1,000		1,003
University of Southern California					Citibank Credit Card Issuance Trust
5.25%, 10/01/2111		20		27	2.88%, 01/23/2023		605		639
Western Union Co/The					Discover Card Execution Note Trust
2.88%, 12/10/2017		750		760	1.04%, 04/15/2019		491		491
5.25%, 04/01/2020		30		33	2.12%, 12/15/2021		500		510
Yale University					Synchrony Credit Card Master Note Trust
2.09%, 04/15/2019		50		51	1.36%, 08/17/2020		250		251
		$		2,691			$		3,775
Computers - 0.83%					Diversified Financial Services - 0.77%
Apple Inc					Air Lease Corp
1.00%, 05/03/2018		1,250		1,250	2.13%, 01/15/2018		775		776
1.55%, 02/07/2020		500		504	3.38%, 01/15/2019		50		51
2.25%, 02/23/2021		1,025		1,053	3.75%, 02/01/2022		70		73
2.85%, 05/06/2021		550		580
See accompanying notes.					95


Schedule of Investments
Bond Market Index Fund
August 31, 2016



		Principal					Principal
BONDS (continued)		Amount (000's)	Value (000's)		BONDS (continued)	Amount (000's)		Value (000's)
Diversified Financial Services (continued)					Electric (continued)
American Express Co					Duke Energy Carolinas LLC (continued)
4.05%, 12/03/2042	$	500	$	533	5.30%, 02/15/2040	$	250	$	322
7.00%, 03/19/2018		56		61	6.00%, 12/01/2028		500		657
American Express Credit Corp					6.45%, 10/15/2032		500		685
1.80%, 07/31/2018		500		504	Duke Energy Corp
2.25%, 08/15/2019		750		767	1.80%, 09/01/2021		500		498
Ameriprise Financial Inc					Duke Energy Florida LLC
4.00%, 10/15/2023		775		849	5.65%, 06/15/2018		30		32
Bear Stearns Cos LLC/The					Duke Energy Indiana LLC
6.40%, 10/02/2017		600		632	4.20%, 03/15/2042		30		34
BlackRock Inc					Duke Energy Progress LLC
3.38%, 06/01/2022		30		32	4.38%, 03/30/2044		400		464
5.00%, 12/10/2019		430		479	Edison International
Capital One Bank USA NA					2.95%, 03/15/2023		350		360
2.25%, 02/13/2019		400		405	Empresa Nacional de Electricidad SA/Chile
Charles Schwab Corp/The					4.25%, 04/15/2024		30		32
3.00%, 03/10/2025		300		313	Entergy Arkansas Inc
GE Capital International Funding Co					3.75%, 02/15/2021		30		32
Unlimited Co					Entergy Corp
3.37%, 11/15/2025		1,000		1,093	5.13%, 09/15/2020		30		33
4.42%, 11/15/2035		1,000		1,144	Entergy Louisiana LLC
HSBC Finance Corp					3.25%, 04/01/2028		500		533
6.68%, 01/15/2021		850		981	Eversource Energy
Intercontinental Exchange Inc					2.50%, 03/15/2021		500		513
2.75%, 12/01/2020		500		523	Exelon Corp
4.00%, 10/15/2023		25		28	4.95%, 06/15/2035		320		370
Jefferies Group LLC					Exelon Generation Co LLC
6.88%, 04/15/2021		280		321	4.25%, 06/15/2022		500		536
8.50%, 07/15/2019		33		38	Florida Power & Light Co
Legg Mason Inc					2.75%, 06/01/2023		500		520
4.75%, 03/15/2026		500		547	4.05%, 10/01/2044		25		29
5.63%, 01/15/2044		25		26	5.13%, 06/01/2041		40		51
MasterCard Inc					5.65%, 02/01/2037		250		333
2.00%, 04/01/2019		30		30	Georgia Power Co
3.38%, 04/01/2024		150		163	5.65%, 03/01/2037		750		956
National Rural Utilities Cooperative Finance					Great Plains Energy Inc
Corp					4.85%, 06/01/2021		30		33
2.85%, 01/27/2025		100		104	Hydro-Quebec
3.05%, 02/15/2022		530		557	8.05%, 07/07/2024		530		733
Nomura Holdings Inc					Idaho Power Co
6.70%, 03/04/2020		500		576	3.65%, 03/01/2045		200		207
Visa Inc					Interstate Power & Light Co
1.20%, 12/14/2017		750		752	3.25%, 12/01/2024		300		318
2.20%, 12/14/2020		375		386	Louisville Gas & Electric Co
3.15%, 12/14/2025		360		384	5.13%, 11/15/2040		330		420
4.15%, 12/14/2035		140		161	Mississippi Power Co
4.30%, 12/14/2045		240		284	4.25%, 03/15/2042		30		28
		$		13,573	Nevada Power Co
Electric - 1.75%					5.45%, 05/15/2041		340		439
Ameren Illinois Co					7.13%, 03/15/2019		434		496
2.70%, 09/01/2022		530		550	NextEra Energy Capital Holdings Inc
Arizona Public Service Co					2.30%, 04/01/2019		300		305
3.35%, 06/15/2024		40		43	4.50%, 06/01/2021		50		55
Berkshire Hathaway Energy Co					Northern States Power Co/MN
3.75%, 11/15/2023		750		820	5.35%, 11/01/2039		30		40
6.13%, 04/01/2036		450		605	Oncor Electric Delivery Co LLC
Commonwealth Edison Co					5.25%, 09/30/2040		530		686
4.70%, 01/15/2044		150		182	Pacific Gas & Electric Co
Consolidated Edison Co of New York Inc					3.75%, 02/15/2024		125		138
6.65%, 04/01/2019		540		610	5.40%, 01/15/2040		30		39
6.75%, 04/01/2038		530		778	5.80%, 03/01/2037		500		665
Constellation Energy Group Inc					6.35%, 02/15/2038		400		559
5.15%, 12/01/2020		500		557	8.25%, 10/15/2018		300		341
Dominion Resources Inc/VA					PacifiCorp
2.50%, 12/01/2019		300		306	5.65%, 07/15/2018		30		32
4.05%, 09/15/2042		900		917	6.00%, 01/15/2039		500		689
DTE Electric Co					PECO Energy Co
3.70%, 03/15/2045		200		216	2.38%, 09/15/2022		460		469
6.63%, 06/01/2036		50		72	4.15%, 10/01/2044		400		453
DTE Energy Co					Potomac Electric Power Co
3.50%, 06/01/2024		500		535	3.60%, 03/15/2024		30		33
Duke Energy Carolinas LLC					PPL Capital Funding Inc
4.00%, 09/30/2042		280		307	3.50%, 12/01/2022		1,000		1,061


	Principal					Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Electric (continued)					Environmental Control (continued)
Progress Energy Inc					Waste Management Inc
3.15%, 04/01/2022	$	40	$	42	3.50%, 05/15/2024	$	1,000	$	1,080
7.75%, 03/01/2031		500		708			$		1,422
Public Service Co of Colorado					Federal & Federally Sponsored Credit - 0.01%
3.95%, 03/15/2043		30		33	Federal Farm Credit Banks
Public Service Electric & Gas Co					1.58%, 02/17/2021		150		150
3.05%, 11/15/2024		300		317
3.50%, 08/15/2020		372		395	Finance - Mortgage Loan/Banker - 2.24%
Puget Energy Inc					Fannie Mae
6.00%, 09/01/2021		500		578	0.00%, 10/09/2019^(b)		85		81
Puget Sound Energy Inc					0.88%, 12/27/2017		650		649
4.30%, 05/20/2045		400		468	0.88%, 02/08/2018		500		500
4.43%, 11/15/2041		30		35	0.88%, 08/02/2019		500		497
San Diego Gas & Electric Co					1.00%, 12/28/2017		72		72
3.60%, 09/01/2023		30		33	1.05%, 05/25/2018		50		50
South Carolina Electric & Gas Co					1.13%, 04/30/2018		750		750
5.45%, 02/01/2041		540		691	1.13%, 07/20/2018		500		502
Southern California Edison Co					1.13%, 12/14/2018		700		703
5.50%, 03/15/2040		350		462	1.13%, 07/26/2019		2,200		2,194
5.95%, 02/01/2038		30		41	1.25%, 02/26/2019		2,000		1,999
Southern Co/The					1.25%, 05/06/2021		300		299
2.35%, 07/01/2021		400		405	1.38%, 01/28/2019		205		207
2.45%, 09/01/2018		540		551	1.38%, 02/26/2021		250		251
4.40%, 07/01/2046		540		595	1.50%, 06/22/2020		750		760
Southwestern Electric Power Co					1.50%, 11/30/2020		500		506
5.88%, 03/01/2018		600		636	1.63%, 11/27/2018		125		127
6.20%, 03/15/2040		390		499	1.75%, 09/12/2019		1,000		1,021
6.45%, 01/15/2019		30		33	1.75%, 11/26/2019		400		409
Southwestern Public Service Co					1.88%, 09/18/2018		100		102
4.50%, 08/15/2041		600		704	1.88%, 02/19/2019		500		511
TransAlta Corp					1.88%, 12/28/2020		300		308
6.50%, 03/15/2040		30		27	2.13%, 04/24/2026		1,000		1,022
Union Electric Co					2.63%, 09/06/2024		500		535
3.65%, 04/15/2045		500		529	3.00%, 03/01/2028		500		500
Virginia Electric & Power Co					5.63%, 07/15/2037		65		98
3.15%, 01/15/2026		500		531	6.63%, 11/15/2030		500		768
4.45%, 02/15/2044		500		585	7.13%, 01/15/2030		250		392
WEC Energy Group Inc					7.25%, 05/15/2030		249		396
3.55%, 06/15/2025		70		76	Federal Home Loan Banks
Wisconsin Electric Power Co					0.63%, 10/26/2017		400		399
4.30%, 12/15/2045		205		238	0.63%, 08/07/2018		400		398
Wisconsin Power & Light Co					0.88%, 03/19/2018		1,500		1,501
4.10%, 10/15/2044		50		56	0.88%, 06/29/2018		1,000		1,000
		$		30,995	0.88%, 10/01/2018		500		499
Electrical Components & Equipment - 0.02%					1.00%, 12/19/2017		600		602
Emerson Electric Co					1.13%, 04/25/2018		500		502
2.63%, 02/15/2023		30		31	1.13%, 07/14/2021		450		446
4.88%, 10/15/2019		30		33	1.38%, 02/18/2021		500		503
5.25%, 10/15/2018		250		271	1.63%, 06/14/2019		800		813
		$		335	1.75%, 12/14/2018		750		763
Electronics - 0.13%					1.88%, 03/13/2020		500		514
Amphenol Corp					2.00%, 09/14/2018		500		511
1.55%, 09/15/2017		500		501	4.13%, 03/13/2020		100		110
Arrow Electronics Inc					5.00%, 11/17/2017		1,250		1,313
4.50%, 03/01/2023		30		32	5.50%, 07/15/2036		50		73
Corning Inc					5.63%, 06/11/2021		65		78
4.25%, 08/15/2020		500		540	Freddie Mac
Honeywell International Inc					0.75%, 01/12/2018		1,550		1,548
3.35%, 12/01/2023		500		541	0.75%, 04/09/2018		500		499
Jabil Circuit Inc					0.88%, 03/07/2018		2,000		2,000
4.70%, 09/15/2022		30		31	1.00%, 12/15/2017		400		401
Koninklijke Philips NV					1.00%, 05/25/2018		1,400		1,399
3.75%, 03/15/2022		500		539	1.13%, 04/15/2019		1,000		1,004
5.00%, 03/15/2042		30		34	1.25%, 10/02/2019		1,500		1,510
5.75%, 03/11/2018		26		28	1.38%, 05/01/2020		500		505
Tyco Electronics Group SA					1.40%, 08/22/2019		163		164
7.13%, 10/01/2037		37		53	1.75%, 05/30/2019		250		255
		$		2,299	2.38%, 01/13/2022		1,750		1,841
Environmental Control - 0.08%					3.75%, 03/27/2019		1,250		1,338
Republic Services Inc					4.88%, 06/13/2018		63		68
3.20%, 03/15/2025		300		314	5.00%, 02/16/2017		73		75
5.50%, 09/15/2019		25		28	5.13%, 11/17/2017		70		74
					6.25%, 07/15/2032		500		763


Schedule of Investments
Bond Market Index Fund
August 31, 2016



		Principal						Principal
	BONDS (continued)	Amount (000's)		Value (000's)		BONDS (continued)		Amount (000's) Value (000's)
	Finance - Mortgage Loan/Banker (continued)					Gas (continued)
	Freddie Mac (continued)					Southern California Gas Co
	6.75%, 03/15/2031	$	43	$	67	3.15%, 09/15/2024	$	500	$	537
			$		39,745	4.45%, 03/15/2044		50		60
	Food- 0.52%							$		3,099
	Campbell Soup Co					Hand & Machine Tools - 0.01%
	4.25%, 04/15/2021		30		33	Stanley Black & Decker Inc
	ConAgra Foods Inc					3.40%, 12/01/2021		250		267
	3.25%, 09/15/2022		1,030		1,067
	General Mills Inc					Healthcare - Products - 0.42%
	1.40%, 10/20/2017		550		552	Abbott Laboratories
	3.15%, 12/15/2021		30		32	2.00%, 03/15/2020		300		305
	JM Smucker Co/The					5.13%, 04/01/2019		530		579
	3.00%, 03/15/2022		300		315	Becton Dickinson and Co
	4.25%, 03/15/2035		300		335	3.73%, 12/15/2024		500		544
	Kellogg Co					3.88%, 05/15/2024		30		32
	4.00%, 12/15/2020		780		855	5.00%, 11/12/2040		30		35
	Koninklijke Ahold Delhaize NV					Boston Scientific Corp
	5.70%, 10/01/2040		30		37	3.85%, 05/15/2025		950		1,019
	Kraft Heinz Foods Co					6.00%, 01/15/2020		30		34
	2.00%, 07/02/2018		330		334	Covidien International Finance SA
	3.00%, 06/01/2026		285		289	6.00%, 10/15/2017		530		558
	3.50%, 06/06/2022		500		534	Medtronic Inc
	3.50%, 07/15/2022		500		534	1.50%, 03/15/2018		250		251
	3.95%, 07/15/2025		120		131	3.50%, 03/15/2025		780		846
	4.38%, 06/01/2046		345		373	4.38%, 03/15/2035		234		268
	5.20%, 07/15/2045		260		312	4.63%, 03/15/2044		500		593
	5.38%, 02/10/2020		30		34	5.55%, 03/15/2040		40		52
	6.50%, 02/09/2040		30		41	St Jude Medical Inc
	Kroger Co/The					4.75%, 04/15/2043		300		323
	2.95%, 11/01/2021		500		523	Stryker Corp
	5.15%, 08/01/2043		500		621	3.50%, 03/15/2026		500		532
	5.40%, 07/15/2040		30		37	4.38%, 05/15/2044		25		27
	Mondelez International Inc					Thermo Fisher Scientific Inc
	4.00%, 02/01/2024		30		33	4.15%, 02/01/2024		600		658
	6.50%, 02/09/2040		530		726	4.70%, 05/01/2020		30		33
	Sysco Corp					Zimmer Biomet Holdings Inc
	3.30%, 07/15/2026		500		524	2.00%, 04/01/2018		200		201
	Tyson Foods Inc					3.15%, 04/01/2022		200		207
	4.88%, 08/15/2034		350		397	4.45%, 08/15/2045		300		316
	Unilever Capital Corp							$		7,413
	4.25%, 02/10/2021		500		557	Healthcare - Services - 0.51%
			$		9,226	Aetna Inc
	Forest Products & Paper - 0.09%					1.50%, 11/15/2017		1,030		1,032
	Georgia-Pacific LLC					2.40%, 06/15/2021		520		528
	7.75%, 11/15/2029		20		29	3.20%, 06/15/2026		395		402
	8.00%, 01/15/2024		400		533	4.25%, 06/15/2036		155		161
	International Paper Co					4.38%, 06/15/2046		280		290
	3.65%, 06/15/2024		250		264	6.63%, 06/15/2036		13		18
	4.40%, 08/15/2047		250		254	6.75%, 12/15/2037		205		287
	7.30%, 11/15/2039		326		441	Anthem Inc
	Plum Creek Timberlands LP					3.50%, 08/15/2024		450		474
	4.70%, 03/15/2021		30		32	4.65%, 01/15/2043		30		33
			$		1,553	4.65%, 08/15/2044		650		721
	Gas- 0.17%					Cigna Corp
	Atmos Energy Corp					4.00%, 02/15/2022		600		649
	4.13%, 10/15/2044		250		278	Coventry Health Care Inc
	CenterPoint Energy Inc					5.45%, 06/15/2021		108		123
	6.50%, 05/01/2018		30		32	Humana Inc
	Dominion Gas Holdings LLC					2.63%, 10/01/2019		20		20
	3.55%, 11/01/2023		30		31	4.63%, 12/01/2042		500		535
	4.60%, 12/15/2044		500		543	Laboratory Corp of America Holdings
	NiSource Finance Corp					4.70%, 02/01/2045		250		275
	6.40%, 03/15/2018		215		230	Memorial Sloan-Kettering Cancer Center
	6.80%, 01/15/2019		250		279	4.13%, 07/01/2052		350		394
	ONE Gas Inc					4.20%, 07/01/2055		250		285
	3.61%, 02/01/2024		50		54	Quest Diagnostics Inc
	Piedmont Natural Gas Co Inc					4.75%, 01/30/2020		12		13
	4.10%, 09/18/2034		25		26	UnitedHealth Group Inc
	Sempra Energy					1.90%, 07/16/2018		300		304
	2.40%, 03/15/2020		200		204	2.70%, 07/15/2020		300		313
	6.00%, 10/15/2039		634		825	3.75%, 07/15/2025		190		211
						4.70%, 02/15/2021		500		560
						4.75%, 07/15/2045		500		620


Schedule of Investments
Bond Market Index Fund
August 31, 2016



			Principal						Principal
BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)			Amount (000's) Value (000's)
Healthcare - Services (continued)						Insurance (continued)
UnitedHealth Group Inc	(continued)					Travelers Cos Inc/The
6.50%, 06/15/2037		$	500	$	715	6.25%, 06/15/2037		$	533	$	748
			$		8,963	XLIT Ltd
Housewares - 0.06%						2.30%, 12/15/2018			500		507
Newell Brands Inc									$		16,433
2.88%, 12/01/2019			200		206	Internet - 0.25%
4.20%, 04/01/2026			750		819	Alibaba Group Holding Ltd
			$		1,025	3.60%, 11/28/2024			1,000		1,050
Insurance - 0.93%						Alphabet Inc
Aflac Inc						2.00%, 08/15/2026			500		494
3.63%, 11/15/2024			300		324	3.63%, 05/19/2021			40		44
6.45%, 08/15/2040			30		41	Amazon.com Inc
Allstate Corp/The						2.50%, 11/29/2022			40		41
5.35%, 06/01/2033			350		439	2.60%, 12/05/2019			500		520
American International Group Inc						4.80%, 12/05/2034			350		420
3.88%, 01/15/2035			300		298	Baidu Inc
3.90%, 04/01/2026			750		788	3.25%, 08/06/2018			351		360
4.80%, 07/10/2045			260		280	eBay Inc
4.88%, 06/01/2022			850		952	2.20%, 08/01/2019			1,000		1,013
Aon Corp						2.60%, 07/15/2022			450		455
5.00%, 09/30/2020			480		531				$		4,397
Aon PLC						Iron & Steel - 0.06%
3.50%, 06/14/2024			250		262	Nucor Corp
AXA SA						4.00%, 08/01/2023			250		270
8.60%, 12/15/2030			30		42	Vale Overseas Ltd
AXIS Specialty Finance PLC						5.63%, 09/15/2019			380		399
2.65%, 04/01/2019			500		506	6.88%, 11/10/2039			50		49
Berkshire Hathaway Finance Corp						Vale SA
4.25%, 01/15/2021			350		388	5.63%, 09/11/2042			350		301
Berkshire Hathaway Inc									$		1,019
3.13%, 03/15/2026			275		292	Leisure Products & Services - 0.02%
3.75%, 08/15/2021			750		823	Carnival Corp
4.50%, 02/11/2043			350		414	3.95%, 10/15/2020			25		27
Chubb Corp/The						Harley-Davidson Inc
6.50%, 05/15/2038			326		475	3.50%, 07/28/2025			300		319
Chubb INA Holdings Inc									$		346
2.70%, 03/13/2023			300		311	Lodging - 0.06%
2.88%, 11/03/2022			500		527	Marriott International Inc/MD
5.90%, 06/15/2019			30		33	2.30%, 01/15/2022			350		352
CNA Financial Corp						2.88%, 03/01/2021			600		620
5.75%, 08/15/2021			40		46	Wyndham Worldwide Corp
First American Financial Corp						3.90%, 03/01/2023			25		26
4.60%, 11/15/2024			300		311				$		998
Hartford Financial Services Group Inc/The						Machinery - Construction & Mining - 0.16%
6.63%, 03/30/2040			530		688	Caterpillar Financial Services Corp
Lincoln National Corp						1.70%, 08/09/2021			250		249
6.15%, 04/07/2036			300		358	1.80%, 11/13/2018			750		760
8.75%, 07/01/2019			430		503	2.40%, 08/09/2026			250		249
Manulife Financial Corp						2.45%, 09/06/2018			500		512
4.15%, 03/04/2026			300		327	5.45%, 04/15/2018			500		534
Marsh & McLennan Cos Inc						7.15%, 02/15/2019			25		28
2.35%, 09/10/2019			25		25	Caterpillar Inc
2.35%, 03/06/2020			200		204	3.40%, 05/15/2024			500		540
MetLife Inc						3.80%, 08/15/2042			50		53
3.60%, 11/13/2025			750		795				$		2,925
4.05%, 03/01/2045			200		199
4.72%, 12/15/2044^(a)			200		220	Machinery - Diversified - 0.10%

4.75%, 02/08/2021			750		843	Cummins Inc
6.40%, 12/15/2066^(a)			430		483	4.88%, 10/01/2043			25		31
						John Deere Capital Corp
7.72%, 02/15/2019			130		149	1.20%, 10/10/2017			30		30
PartnerRe Finance B LLC						1.55%, 12/15/2017			25		25
5.50%, 06/01/2020			40		45	2.75%, 03/15/2022			530		551
Progressive Corp/The						2.80%, 03/06/2023			500		524
3.75%, 08/23/2021			30		33	3.35%, 06/12/2024			300		324
4.35%, 04/25/2044			30		35	Rockwell Automation Inc
Prudential Financial Inc						6.25%, 12/01/2037			129		179
2.30%, 08/15/2018			270		274	Roper Technologies Inc
5.70%, 12/14/2036			480		585	1.85%, 11/15/2017			30		30
6.63%, 12/01/2037			550		720
									$		1,694
7.38%, 06/15/2019			500		576
Reinsurance Group of America Inc						Media- 1.05	%

4.70%, 09/15/2023			30		33	21st Century Fox America Inc
						3.00%, 09/15/2022			540		563


Schedule of Investments
Bond Market Index Fund
August 31, 2016



		Principal					Principal
BONDS (continued)		Amount (000's)	Value (000's)		BONDS (continued)		Amount (000's)	Value (000's)
Media (continued)					Mining (continued)
21st Century Fox America Inc	(continued)				Rio Tinto Alcan Inc
4.50%, 02/15/2021		$500	$	556	5.75%, 06/01/2035	$	400	$	452
6.40%, 12/15/2035		50		65	6.13%, 12/15/2033		30		35
7.85%, 03/01/2039		500		732	Southern Copper Corp
CBS Corp					5.38%, 04/16/2020		40		44
3.70%, 08/15/2024		500		528	5.88%, 04/23/2045		350		355
5.75%, 04/15/2020		530		600	6.75%, 04/16/2040		100		111
7.88%, 07/30/2030		30		43			$		4,038
Comcast Corp					Miscellaneous Manufacturers - 0.45%
2.75%, 03/01/2023		50		52	3M Co
3.13%, 07/15/2022		575		614	2.00%, 06/26/2022		500		510
3.38%, 02/15/2025		600		646	5.70%, 03/15/2037		30		41
3.38%, 08/15/2025		300		324	Dover Corp
4.50%, 01/15/2043		25		29	5.38%, 03/01/2041		30		39
4.60%, 08/15/2045		270		317	Eaton Corp
5.65%, 06/15/2035		500		655	1.50%, 11/02/2017		500		502
5.70%, 05/15/2018		600		646	2.75%, 11/02/2022		20		21
6.30%, 11/15/2017		500		531	4.15%, 11/02/2042		20		22
6.40%, 03/01/2040		500		714	General Electric Co
6.45%, 03/15/2037		560		786	2.30%, 01/14/2019		500		513
Discovery Communications LLC					3.15%, 09/07/2022		500		534
5.05%, 06/01/2020		430		473	4.50%, 03/11/2044		500		591
6.35%, 06/01/2040		40		42	4.63%, 01/07/2021		50		56
Grupo Televisa SAB					5.25%, 12/06/2017		500		526
5.00%, 05/13/2045		500		521	5.63%, 09/15/2017		500		524
RELX Capital Inc					5.88%, 01/14/2038		1,250		1,711
3.13%, 10/15/2022		16		16	6.75%, 03/15/2032		250		358
Scripps Networks Interactive Inc					Ingersoll-Rand Luxembourg Finance SA
3.95%, 06/15/2025		350		371	2.63%, 05/01/2020		500		510
Thomson Reuters Corp					Parker-Hannifin Corp
3.35%, 05/15/2026		400		413	3.30%, 11/21/2024		300		322
3.95%, 09/30/2021		200		214	3.50%, 09/15/2022		30		32
5.85%, 04/15/2040		30		36	Textron Inc
Time Warner Cable Inc					4.00%, 03/15/2026		500		528
4.50%, 09/15/2042		1,000		968	Tyco International Finance SA
7.30%, 07/01/2038		60		78	5.13%, 09/14/2045		500		604
8.75%, 02/14/2019		830		965			$		7,944
Time Warner Inc					Office & Business Equipment - 0.04%
2.95%, 07/15/2026		400		408	Pitney Bowes Inc
3.55%, 06/01/2024		500		532	5.75%, 09/15/2017		29		30
4.85%, 07/15/2045		500		574	Xerox Corp
4.88%, 03/15/2020		430		476	4.50%, 05/15/2021		30		31
6.20%, 03/15/2040		430		555	5.63%, 12/15/2019		350		379
Viacom Inc					6.75%, 12/15/2039		250		256
3.88%, 12/15/2021		530		566			$		696
4.38%, 03/15/2043		330		299	Oil & Gas - 2.15%
4.85%, 12/15/2034		500		505	Anadarko Petroleum Corp
Walt Disney Co/The					6.20%, 03/15/2040		430		480
1.10%, 12/01/2017		500		500	Apache Corp
1.85%, 05/30/2019		1,000		1,018	3.63%, 02/01/2021		530		556
3.75%, 06/01/2021		525		576	4.75%, 04/15/2043		280		290
7.00%, 03/01/2032		30		44	BP Capital Markets PLC
		$		18,551	2.52%, 01/15/2020		500		515
Metal Fabrication & Hardware - 0.01%					3.25%, 05/06/2022		640		678
Precision Castparts Corp					4.75%, 03/10/2019		170		184
1.25%, 01/15/2018		30		30	Canadian Natural Resources Ltd
3.90%, 01/15/2043		193		216	1.75%, 01/15/2018		300		299
		$		246	3.80%, 04/15/2024		750		752
Mining - 0.23%					Chevron Corp
Barrick Gold Corp					1.35%, 11/15/2017		300		301
4.10%, 05/01/2023		350		377	1.72%, 06/24/2018		350		354
Barrick North America Finance LLC					2.19%, 11/15/2019		350		358
5.75%, 05/01/2043		280		330	2.36%, 12/05/2022		350		359
BHP Billiton Finance USA Ltd					2.42%, 11/17/2020		175		181
2.05%, 09/30/2018		250		253	2.43%, 06/24/2020		290		300
5.00%, 09/30/2043		500		597	2.95%, 05/16/2026		180		188
Goldcorp Inc					3.33%, 11/17/2025		165		178
3.63%, 06/09/2021		30		32	CNOOC Finance 2013 Ltd
3.70%, 03/15/2023		500		522	3.00%, 05/09/2023		500		510
Newmont Mining Corp					CNOOC Nexen Finance 2014 ULC
3.50%, 03/15/2022		500		520	4.25%, 04/30/2024		500		546
6.25%, 10/01/2039		350		410


Schedule of Investments
Bond Market Index Fund
August 31, 2016



		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Oil & Gas (continued)					Oil & Gas (continued)
ConocoPhillips					Statoil ASA
6.00%, 01/15/2020	$	500	$	565	1.25%, 11/09/2017	$	750	$	751
6.50%, 02/01/2039		490		644	1.95%, 11/08/2018		1,000		1,012
ConocoPhillips Co					2.25%, 11/08/2019		500		511
1.05%, 12/15/2017		100		99	3.15%, 01/23/2022		300		318
2.88%, 11/15/2021		300		308	5.25%, 04/15/2019		808		885
4.95%, 03/15/2026		500		569	Suncor Energy Inc
Devon Energy Corp					6.50%, 06/15/2038		400		525
5.60%, 07/15/2041		495		495	6.85%, 06/01/2039		13		18
Ecopetrol SA					Total Capital International SA
5.88%, 09/18/2023		1,040		1,130	2.13%, 01/10/2019		400		408
EOG Resources Inc					2.88%, 02/17/2022		400		416
2.63%, 03/15/2023		480		479	Total Capital SA
4.15%, 01/15/2026		500		551	2.13%, 08/10/2018		750		762
4.40%, 06/01/2020		40		43	4.25%, 12/15/2021		550		613
EQT Corp					Valero Energy Corp
6.50%, 04/01/2018		30		31	9.38%, 03/15/2019		500		592
Exxon Mobil Corp							$		38,163
1.31%, 03/06/2018		200		201	Oil & Gas Services - 0.13%
1.71%, 03/01/2019		375		379	Halliburton Co
1.91%, 03/06/2020		500		509	3.25%, 11/15/2021		530		550
2.22%, 03/01/2021		500		513	3.80%, 11/15/2025		145		150
2.40%, 03/06/2022		500		515	4.85%, 11/15/2035		530		569
2.71%, 03/06/2025		200		209	5.00%, 11/15/2045		230		253
3.04%, 03/01/2026		500		531	7.45%, 09/15/2039		26		36
4.11%, 03/01/2046		500		573	National Oilwell Varco Inc
Hess Corp					2.60%, 12/01/2022		400		377
7.30%, 08/15/2031		540		627	3.95%, 12/01/2042		400		321
HollyFrontier Corp							$		2,256
5.88%, 04/01/2026		500		549	Packaging & Containers - 0.00%
Husky Energy Inc					Packaging Corp of America
4.00%, 04/15/2024		500		511	4.50%, 11/01/2023		25		27
Kerr-McGee Corp					WestRock MWV LLC
6.95%, 07/01/2024		400		468	7.38%, 09/01/2019		25		29
Marathon Oil Corp							$		56
3.85%, 06/01/2025		500		468	Pharmaceuticals - 1.40%
5.90%, 03/15/2018		30		31	AbbVie Inc
Marathon Petroleum Corp					1.80%, 05/14/2018		570		573
3.63%, 09/15/2024		500		507	2.50%, 05/14/2020		620		635
5.00%, 09/15/2054		200		181	2.90%, 11/06/2022		550		565
Nexen Energy ULC					3.20%, 05/14/2026		390		400
6.40%, 05/15/2037		730		977	3.60%, 05/14/2025		150		159
7.50%, 07/30/2039		39		59	4.30%, 05/14/2036		240		254
Noble Energy Inc					4.45%, 05/14/2046		270		290
4.15%, 12/15/2021		750		795	4.50%, 05/14/2035		220		239
Occidental Petroleum Corp					4.70%, 05/14/2045		320		356
1.50%, 02/15/2018		300		301	Actavis Funding SCS
3.50%, 06/15/2025		500		532	3.00%, 03/12/2020		685		707
Petro-Canada					3.80%, 03/15/2025		1,520		1,606
6.80%, 05/15/2038		534		715	4.55%, 03/15/2035		170		183
Petroleos Mexicanos					Actavis Inc
4.25%, 01/15/2025		50		50	1.88%, 10/01/2017		500		502
4.88%, 01/24/2022		1,180		1,229	6.13%, 08/15/2019		34		38
5.50%, 06/27/2044		30		28	AmerisourceBergen Corp
5.63%, 01/23/2046		800		773	3.40%, 05/15/2024		30		32
5.75%, 03/01/2018		1,300		1,366	AstraZeneca PLC
6.63%, 06/15/2035		750		812	1.75%, 11/16/2018		750		757
Phillips 66					2.38%, 11/16/2020		195		201
4.88%, 11/15/2044		500		560	3.38%, 11/16/2025		180		193
5.88%, 05/01/2042		30		38	4.00%, 09/18/2042		300		321
Pioneer Natural Resources Co					5.90%, 09/15/2017		500		524
3.95%, 07/15/2022		30		32	Baxalta Inc
Shell International Finance BV					3.60%, 06/23/2022		750		773
1.38%, 05/10/2019		605		605	5.25%, 06/23/2045		250		294
1.88%, 05/10/2021		1,045		1,050	Bristol-Myers Squibb Co
2.88%, 05/10/2026		155		160	3.25%, 08/01/2042		515		528
3.25%, 05/11/2025		280		298	Cardinal Health Inc
4.13%, 05/11/2035		60		66	4.60%, 03/15/2043		430		478
4.38%, 03/25/2020		565		619	Eli Lilly & Co
4.38%, 05/11/2045		500		553	5.50%, 03/15/2027		530		683
5.50%, 03/25/2040		430		537	Express Scripts Holding Co
6.38%, 12/15/2038		350		482	3.90%, 02/15/2022		500		539


Schedule of Investments
Bond Market Index Fund
August 31, 2016



			Principal					Principal
BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Pharmaceuticals (continued)						Pipelines (continued)
Express Scripts Holding Co	(continued)					Enterprise Products Operating
4.75%, 11/15/2021		$	50	$	56	LLC (continued)
GlaxoSmithKline Capital Inc						5.20%, 09/01/2020	$	430	$	484
5.65%, 05/15/2018			430		462	6.88%, 03/01/2033		39		49
6.38%, 05/15/2038			430		627	Kinder Morgan Energy Partners LP
Johnson & Johnson						3.50%, 09/01/2023		390		387
1.65%, 03/01/2021			265		269	4.70%, 11/01/2042		20		18
2.45%, 03/01/2026			225		233	6.38%, 03/01/2041		380		408
3.55%, 03/01/2036			750		845	6.95%, 01/15/2038		383		439
4.85%, 05/15/2041			450		599	Kinder Morgan Inc/DE
5.95%, 08/15/2037			75		111	3.05%, 12/01/2019		400		411
McKesson Corp						5.05%, 02/15/2046		300		288
2.70%, 12/15/2022			500		508	Magellan Midstream Partners LP
4.75%, 03/01/2021			100		111	4.25%, 02/01/2021		750		806
4.88%, 03/15/2044			80		96	ONEOK Partners LP
Mead Johnson Nutrition Co						6.13%, 02/01/2041		30		33
4.60%, 06/01/2044			30		33	8.63%, 03/01/2019		530		598
Merck & Co Inc						Plains All American Pipeline LP / PAA
1.10%, 01/31/2018			500		501	Finance Corp
4.15%, 05/18/2043			750		858	4.30%, 01/31/2043		100		82
6.55%, 09/15/2037			290		416	4.70%, 06/15/2044		30		27
Merck Sharp & Dohme Corp						6.65%, 01/15/2037		500		558
5.00%, 06/30/2019			530		585	8.75%, 05/01/2019		170		195
Mylan Inc						Regency Energy Partners LP / Regency
4.20%, 11/29/2023			30		32	Energy Finance Corp
Mylan NV						5.00%, 10/01/2022		350		372
3.15%, 06/15/2021^(c)			325		332	Spectra Energy Capital LLC
3.95%, 06/15/2026^(c)			240		247	8.00%, 10/01/2019		30		35
5.25%, 06/15/2046^(c)			125		137	Spectra Energy Partners LP
Novartis Capital Corp						4.75%, 03/15/2024		30		33
3.40%, 05/06/2024			500		550	5.95%, 09/25/2043		400		484
4.40%, 04/24/2020			30		33	Sunoco Logistics Partners Operations LP
4.40%, 05/06/2044			530		635	4.65%, 02/15/2022		155		167
Novartis Securities Investment Ltd						5.50%, 02/15/2020		30		33
5.13%, 02/10/2019			500		547	TransCanada PipeLines Ltd
Perrigo Co PLC						3.75%, 10/16/2023		30		32
5.30%, 11/15/2043			500		519	6.10%, 06/01/2040		30		38
Pfizer Inc						6.50%, 08/15/2018		30		33
1.95%, 06/03/2021			200		203	7.25%, 08/15/2038		750		1,055
3.40%, 05/15/2024			100		110	Williams Partners LP
4.30%, 06/15/2043			200		228	3.90%, 01/15/2025		500		497
5.20%, 08/12/2020			110		125	4.00%, 09/15/2025		50		50
6.20%, 03/15/2019			380		425	5.10%, 09/15/2045		220		216
7.20%, 03/15/2039			400		614	5.25%, 03/15/2020		530		571
Teva Pharmaceutical Finance IV BV						6.30%, 04/15/2040		30		33
3.65%, 11/10/2021			750		799			$		12,226
Teva Pharmaceutical Finance Netherlands III						Real Estate - 0.04%
BV						Brookfield Asset Management Inc
3.15%, 10/01/2026			500		503	4.00%, 01/15/2025		300		309
Wyeth LLC						Prologis LP
6.50%, 02/01/2034			500		690	2.75%, 02/15/2019		390		399
Zoetis Inc								$		708
3.25%, 02/01/2023			40		41	Regional Authority - 0.26%
			$		24,910	Province of British Columbia Canada
Pipelines - 0.69%						2.00%, 10/23/2022		500		509
Boardwalk Pipelines LP						2.65%, 09/22/2021		400		422
3.38%, 02/01/2023			30		28	6.50%, 01/15/2026		45		61
Buckeye Partners LP						Province of Manitoba Canada
4.35%, 10/15/2024			25		25	1.75%, 05/30/2019		500		507
Enbridge Energy Partners LP						3.05%, 05/14/2024		30		32
5.20%, 03/15/2020			24		26	Province of Ontario Canada
7.38%, 10/15/2045			70		86	1.10%, 10/25/2017		500		501
Energy Transfer Partners LP						2.50%, 09/10/2021		500		519
4.05%, 03/15/2025			300		300	3.20%, 05/16/2024		440		477
4.90%, 03/15/2035			500		482	4.00%, 10/07/2019		400		432
6.50%, 02/01/2042			530		572	Province of Quebec Canada
9.00%, 04/15/2019			16		18	2.75%, 08/25/2021		540		568
Enterprise Products Operating LLC						2.88%, 10/16/2024		500		532
1.65%, 05/07/2018			175		175	7.50%, 09/15/2029		36		54
3.70%, 02/15/2026			400		417	Province of Saskatchewan Canada
3.75%, 02/15/2025			850		889	8.50%, 07/15/2022		17		23
4.45%, 02/15/2043			350		352			$		4,637
4.85%, 08/15/2042			400		424


		Principal				Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)	Amount (000's) Value (000's)
REITS- 0.72%					REITS (continued)
Alexandria Real Estate Equities Inc					Weyerhaeuser Co
3.90%, 06/15/2023	$	750	$	782	7.38%, 10/01/2019	$500	$	572
American Tower Corp					7.38%, 03/15/2032	30		41
4.70%, 03/15/2022		50		55		$		12,773
5.90%, 11/01/2021		500		583	Retail - 1.00%
AvalonBay Communities Inc					AutoZone Inc
2.85%, 03/15/2023		30		31	3.13%, 04/21/2026	500		516
3.50%, 11/15/2024		1,000		1,056	Bed Bath & Beyond Inc
3.63%, 10/01/2020		100		106	3.75%, 08/01/2024	500		519
Boston Properties LP					Costco Wholesale Corp
3.13%, 09/01/2023		20		21	1.75%, 02/15/2020	250		253
5.63%, 11/15/2020		30		34	CVS Health Corp
5.88%, 10/15/2019		530		590	1.90%, 07/20/2018	1,350		1,367
Camden Property Trust					2.80%, 07/20/2020	340		354
3.50%, 09/15/2024		25		26	3.50%, 07/20/2022	500		537
CBL & Associates LP					5.13%, 07/20/2045	240		299
5.25%, 12/01/2023		200		203	Dollar General Corp
Crown Castle International Corp					1.88%, 04/15/2018	530		534
3.70%, 06/15/2026		210		220	Home Depot Inc/The
CubeSmart LP					3.75%, 02/15/2024	500		557
4.38%, 12/15/2023		30		33	4.25%, 04/01/2046	650		756
DDR Corp					5.88%, 12/16/2036	550		758
4.63%, 07/15/2022		130		141	Kohl's Corp
Duke Realty LP					4.00%, 11/01/2021	30		32
3.75%, 12/01/2024		300		319	4.25%, 07/17/2025	300		311
3.88%, 10/15/2022		530		565	Lowe's Cos Inc
EPR Properties					3.88%, 09/15/2023	30		33
7.75%, 07/15/2020		30		35	4.25%, 09/15/2044	450		508
ERP Operating LP					4.38%, 09/15/2045	500		574
2.38%, 07/01/2019		300		306	6.65%, 09/15/2037	33		48
Federal Realty Investment Trust					Macy's Retail Holdings Inc
4.50%, 12/01/2044		300		346	5.13%, 01/15/2042	250		241
HCP Inc					6.90%, 04/01/2029	510		582
3.75%, 02/01/2019		400		415	McDonald's Corp
3.88%, 08/15/2024		200		205	3.25%, 06/10/2024	175		189
4.20%, 03/01/2024		200		209	3.63%, 05/20/2021	750		810
6.70%, 01/30/2018		39		42	3.70%, 01/30/2026	115		124
Highwoods Realty LP					4.70%, 12/09/2035	250		287
3.20%, 06/15/2021		30		30	4.88%, 12/09/2045	240		284
Hospitality Properties Trust					5.00%, 02/01/2019	100		108
4.50%, 06/15/2023		500		514	Nordstrom Inc
4.65%, 03/15/2024		40		41	5.00%, 01/15/2044	300		316
Host Hotels & Resorts LP					O'Reilly Automotive Inc
5.25%, 03/15/2022		500		552	3.55%, 03/15/2026	500		533
6.00%, 10/01/2021		30		34	QVC Inc
Kimco Realty Corp					3.13%, 04/01/2019	30		31
3.20%, 05/01/2021		750		780	Staples Inc
Liberty Property LP					4.38%, 01/12/2023	120		124
3.38%, 06/15/2023		40		41	Starbucks Corp
3.75%, 04/01/2025		90		93	2.10%, 02/04/2021	750		770
Omega Healthcare Investors Inc					Target Corp
4.95%, 04/01/2024		30		31	3.63%, 04/15/2046	300		313
Realty Income Corp					3.88%, 07/15/2020	500		548
3.25%, 10/15/2022		500		517	4.00%, 07/01/2042	500		554
4.13%, 10/15/2026		20		22	TJX Cos Inc/The
5.88%, 03/15/2035		40		50	2.75%, 06/15/2021	25		26
Simon Property Group LP					Walgreen Co
2.15%, 09/15/2017		50		50	5.25%, 01/15/2019	6		7
2.20%, 02/01/2019		500		510	Walgreens Boots Alliance Inc
2.75%, 02/01/2023		250		258	1.75%, 11/17/2017	400		402
4.75%, 03/15/2042		164		199	3.80%, 11/18/2024	500		537
Tanger Properties LP					Wal-Mart Stores Inc
3.75%, 12/01/2024		300		315	3.25%, 10/25/2020	550		593
UDR Inc					3.30%, 04/22/2024	550		602
4.00%, 10/01/2025		200		218	5.63%, 04/15/2041	450		614
Ventas Realty LP					6.50%, 08/15/2037	550		815
3.75%, 05/01/2024		500		525	6.75%, 10/15/2023	250		327
Weingarten Realty Investors						$		17,693
3.38%, 10/15/2022		120		123	Semiconductors - 0.18%
Welltower Inc					Applied Materials Inc
2.25%, 03/15/2018		500		505	5.85%, 06/15/2041	500		634
4.50%, 01/15/2024		30		33	Intel Corp
5.25%, 01/15/2022		350		396	2.45%, 07/29/2020	300		311


Schedule of Investments
Bond Market Index Fund
August 31, 2016



		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Semiconductors (continued)					Sovereign (continued)
Intel Corp (continued)					Japan Bank for International
3.30%, 10/01/2021	$	550	$	594	Cooperation/Japan (continued)
4.90%, 07/29/2045		500		608	2.38%, 04/20/2026	$	500	$	520
KLA-Tencor Corp					3.00%, 05/29/2024		300		323
3.38%, 11/01/2019		300		312	Mexico Government International Bond
QUALCOMM Inc					3.60%, 01/30/2025		530		562
2.25%, 05/20/2020		250		257	3.63%, 03/15/2022		1,070		1,141
3.45%, 05/20/2025		180		194	4.60%, 01/23/2046		500		541
4.65%, 05/20/2035		70		77	4.75%, 03/08/2044		210		231
4.80%, 05/20/2045		110		126	5.75%, 10/12/2110		500		570
		$		3,113	6.75%, 09/27/2034		750		1,042
Software - 0.56%					8.30%, 08/15/2031		97		157
Fidelity National Information Services Inc					Panama Government International Bond
2.00%, 04/15/2018		530		533	3.75%, 03/16/2025		250		271
3.63%, 10/15/2020		200		212	5.20%, 01/30/2020		500		553
5.00%, 10/15/2025		180		207	8.88%, 09/30/2027		570		861
Fiserv Inc					Peruvian Government International Bond
3.50%, 10/01/2022		30		32	5.63%, 11/18/2050		400		527
Microsoft Corp					7.13%, 03/30/2019		500		572
1.85%, 02/12/2020		500		509	8.75%, 11/21/2033		350		569
2.38%, 02/12/2022		750		774	Philippine Government International Bond
2.40%, 08/08/2026		470		473	4.00%, 01/15/2021		750		823
3.13%, 11/03/2025		180		192	6.38%, 10/23/2034		510		751
3.45%, 08/08/2036		400		411	7.75%, 01/14/2031		140		222
3.63%, 12/15/2023		550		607	10.63%, 03/16/2025		600		988
3.70%, 08/08/2046		500		520	Poland Government International Bond
3.95%, 08/08/2056		635		669	5.00%, 03/23/2022		500		572
4.00%, 02/12/2055		500		527	5.13%, 04/21/2021		580		658
4.20%, 06/01/2019		50		54	South Africa Government International Bond
4.20%, 11/03/2035		360		408	5.88%, 05/30/2022		100		112
4.45%, 11/03/2045		207		240	5.88%, 09/16/2025		500		561
4.75%, 11/03/2055		70		83	Svensk Exportkredit AB
Oracle Corp					1.25%, 04/12/2019		500		501
2.38%, 01/15/2019		600		617	1.75%, 08/28/2020		400		404
2.80%, 07/08/2021		500		524	Tennessee Valley Authority
3.40%, 07/08/2024		550		590	3.50%, 12/15/2042		100		111
3.90%, 05/15/2035		130		137	3.88%, 02/15/2021		400		444
4.38%, 05/15/2055		150		163	4.25%, 09/15/2065		150		182
5.00%, 07/08/2019		250		276	4.50%, 04/01/2018		54		57
5.38%, 07/15/2040		550		689	4.63%, 09/15/2060		500		641
5.75%, 04/15/2018		500		537	5.25%, 09/15/2039		250		352
		$		9,984	5.38%, 04/01/2056		61		88
Sovereign - 1.70%					5.88%, 04/01/2036		600		888
Canada Government International Bond					6.75%, 11/01/2025		57		80
1.13%, 03/19/2018		200		201	Turkey Government International Bond
Chile Government International Bond					4.25%, 04/14/2026		250		246
3.25%, 09/14/2021		500		540	4.88%, 04/16/2043		850		813
3.88%, 08/05/2020		750		821	5.75%, 03/22/2024		750		815
Colombia Government International Bond					6.88%, 03/17/2036		500		597
7.38%, 09/18/2037		500		671	8.00%, 02/14/2034		600		793
11.75%, 02/25/2020		300		395	Uruguay Government International Bond
10.38%, 01/28/2033		700		1,095	4.13%, 11/20/2045		386		372
Export Development Canada					4.38%, 10/27/2027		210		228
1.75%, 08/19/2019		50		51	7.63%, 03/21/2036		400		572
1.75%, 07/21/2020		750		764			$		30,061
Export-Import Bank of Korea					Supranational Bank - 1.67%
2.25%, 01/21/2020		500		509	African Development Bank
5.00%, 04/11/2022		500		582	1.38%, 02/12/2020		250		251
Financing Corp					1.63%, 10/02/2018		750		760
9.65%, 11/02/2018		500		594	2.38%, 09/23/2021		15		16
Israel Government AID Bond					Asian Development Bank
5.50%, 09/18/2023		65		81	0.88%, 04/26/2018		500		499
5.50%, 04/26/2024		65		82	1.50%, 09/28/2018		750		758
5.50%, 09/18/2033		33		47	1.75%, 09/11/2018		1,250		1,269
Israel Government International Bond					2.13%, 11/24/2021		800		826
4.00%, 06/30/2022		650		725	2.13%, 03/19/2025		300		309
5.13%, 03/26/2019		500		550	5.82%, 06/16/2028		39		53
Italy Government International Bond					Corp Andina de Fomento
5.38%, 06/15/2033		40		49	4.38%, 06/15/2022		559		618
6.88%, 09/27/2023		550		688	Council Of Europe Development Bank
Japan Bank for International					1.75%, 11/14/2019		300		305
Cooperation/Japan
2.13%, 02/10/2025		300		305


Schedule of Investments
Bond Market Index Fund
August 31, 2016



	Principal				Principal
BONDS (continued)	Amount (000's)	Value (000's)		BONDS (continued)	Amount (000's)	Value (000's)
Supranational Bank (continued)				Telecommunications (continued)
European Bank for Reconstruction &				Motorola Solutions Inc
Development				3.50%, 09/01/2021	$275	$	283
1.00%, 09/17/2018	$750	$	749	Orange SA
1.88%, 02/23/2022	500		509	4.13%, 09/14/2021	30		33
European Investment Bank				5.38%, 01/13/2042	30		37
1.00%, 06/15/2018	1,000		1,000	9.00%, 03/01/2031^(a)	500		802
1.13%, 09/15/2017	1,200		1,202	Qwest Corp
1.13%, 08/15/2018	1,000		1,002	6.88%, 09/15/2033	17		17
1.13%, 08/15/2019	1,840		1,837	7.25%, 09/15/2025	565		611
1.25%, 05/15/2019	1,930		1,935	Rogers Communications Inc
1.38%, 06/15/2020	330		331	6.80%, 08/15/2018	30		33
1.63%, 03/16/2020	300		304	7.50%, 08/15/2038	500		712
1.88%, 02/10/2025	250		252	Telefonica Emisiones SAU
2.00%, 03/15/2021	795		815	5.13%, 04/27/2020	100		111
2.50%, 04/15/2021	150		157	7.05%, 06/20/2036	530		711
2.88%, 09/15/2020	1,100		1,166	Telefonica Europe BV
FMS Wertmanagement AoeR				8.25%, 09/15/2030	350		514
1.00%, 08/16/2019	550		547	Verizon Communications Inc
1.75%, 03/17/2020	200		203	1.10%, 11/01/2017	500		500
Inter-American Development Bank				2.55%, 06/17/2019	750		773
1.13%, 08/28/2018	1,750		1,754	2.63%, 02/21/2020	350		361
1.75%, 10/15/2019	1,000		1,015	3.45%, 03/15/2021	500		534
3.88%, 09/17/2019	600		648	3.50%, 11/01/2024	1,000		1,073
4.38%, 01/24/2044	50		67	4.15%, 03/15/2024	100		111
International Bank for Reconstruction &				4.67%, 03/15/2055	880		915
Development				4.86%, 08/21/2046	1,750		1,936
0.88%, 07/19/2018	1,250		1,249	5.01%, 08/21/2054	607		669
1.00%, 10/05/2018	1,870		1,871	5.05%, 03/15/2034	550		627
1.25%, 07/26/2019	1,000		1,005	Vodafone Group PLC
1.38%, 05/24/2021	345		345	4.63%, 07/15/2018	560		592
1.88%, 10/07/2022	180		183	6.15%, 02/27/2037	240		300
2.25%, 06/24/2021	750		778		$		26,376
2.50%, 07/29/2025	270		286	Toys, Games & Hobbies - 0.00%
7.63%, 01/19/2023	933		1,277	Mattel Inc
International Finance Corp				2.35%, 05/06/2019	30		31
1.63%, 07/16/2020	200		203
1.75%, 09/16/2019	550		560	Transportation - 0.67%
Nordic Investment Bank				Burlington Northern Santa Fe LLC
1.13%, 02/25/2019	750		751	3.65%, 09/01/2025	500		552
	$		29,665	4.10%, 06/01/2021	400		443
Telecommunications - 1.49%				4.15%, 04/01/2045	200		224
America Movil SAB de CV				4.40%, 03/15/2042	30		34
5.00%, 03/30/2020	30		33	4.55%, 09/01/2044	400		473
5.63%, 11/15/2017	39		41	5.40%, 06/01/2041	400		513
6.13%, 03/30/2040	750		941	7.95%, 08/15/2030	30		45
AT&T Inc				Canadian National Railway Co
1.40%, 12/01/2017	1,500		1,502	2.25%, 11/15/2022	30		30
2.30%, 03/11/2019	150		153	2.85%, 12/15/2021	500		526
3.00%, 02/15/2022	760		784	3.50%, 11/15/2042	75		78
3.80%, 03/15/2022	530		569	5.55%, 03/01/2019	39		43
3.90%, 03/11/2024	500		536	Canadian Pacific Railway Co
3.95%, 01/15/2025	500		536	2.90%, 02/01/2025	500		512
4.13%, 02/17/2026	500		543	3.70%, 02/01/2026	100		108
4.35%, 06/15/2045	1,500		1,512	4.45%, 03/15/2023	30		33
5.35%, 09/01/2040	540		617	6.13%, 09/15/2115	350		436
5.88%, 10/01/2019	520		585	CSX Corp
6.15%, 09/15/2034	400		492	3.40%, 08/01/2024	600		643
6.30%, 01/15/2038	500		632	4.75%, 05/30/2042	430		497
6.50%, 09/01/2037	56		73	FedEx Corp
British Telecommunications PLC				3.20%, 02/01/2025	1,000		1,050
5.95%, 01/15/2018	10		11	3.88%, 08/01/2042	30		30
9.38%, 12/15/2030^(a)	530		863	4.00%, 01/15/2024	500		555
Cisco Systems Inc				Norfolk Southern Corp
1.65%, 06/15/2018	750		758	3.00%, 04/01/2022	500		523
2.20%, 02/28/2021	500		514	3.25%, 12/01/2021	40		42
2.45%, 06/15/2020	460		477	3.85%, 01/15/2024	200		219
2.95%, 02/28/2026	300		320	4.80%, 08/15/2043	300		355
5.90%, 02/15/2039	430		592	4.84%, 10/01/2041	30		35
Deutsche Telekom International Finance BV				Ryder System Inc
8.75%, 06/15/2030^(a)	530		828	2.35%, 02/26/2019	40		41
Juniper Networks Inc				2.55%, 06/01/2019	500		508
4.35%, 06/15/2025	200		209	Union Pacific Corp
				1.80%, 02/01/2020	200		202


Schedule of Investments
Bond Market Index Fund
August 31, 2016



			Principal							Principal
	BONDS (continued)	Amount (000's)		Value(000's)			MUNICIPAL BONDS (continued)			Amount (000's)	Value (000's)
	Transportation (continued)						Illinois (continued)
	Union Pacific Corp (continued)						State of Illinois (continued)
	2.25%, 06/19/2020	$	750		$	768	5.10%, 06/01/2033			$700	$	682
	4.16%, 07/15/2022		500			563					$	839
	4.75%, 09/15/2041		280			337	New Jersey - 0.13%
	United Parcel Service Inc						New Jersey Economic Development
	1.13%, 10/01/2017		500			501	Authority (credit support from AGM)
	3.13%, 01/15/2021		30			32	0.00%, 02/15/2023^(b),(d)			50		40
	3.63%, 10/01/2042		500			549	New Jersey Economic Development
	4.88%, 11/15/2040		30			39	Authority (credit support from NATL)
	5.13%, 04/01/2019		325			358	7.43%, 02/15/2029^(d)			750		945
				$		11,897	New Jersey Transportation Trust Fund
	Trucking & Leasing - 0.00%						Authority
	GATX Corp						1.76%, 12/15/2018			400		393
	4.75%, 06/15/2022		50			54	6.56%, 12/15/2040			146		178
							New Jersey Turnpike Authority (credit
	Water- 0.00%						support from NEW JERSEY ST TPK AUTH
	American Water Capital Corp						TPK REV)
	6.59%, 10/15/2037		13			19	7.41%, 01/01/2040^(d)			500		797
											$	2,353
	TOTAL BONDS			$		618,628	New York - 0.16%
			Principal				City of New York NY
	MUNICIPAL BONDS - 0.92%	Amount (000's)		Value(000's)			6.27%, 12/01/2037			500		719
	California - 0.33%						Metropolitan Transportation Authority
	Bay Area Toll Authority						6.55%, 11/15/2031			380		519
	6.26%, 04/01/2049	$	325	$		502	New York City Water & Sewer System
	6.91%, 10/01/2050		250			410	5.72%, 06/15/2042			280		402
	East Bay Municipal Utility District Water						New York State Dormitory Authority
	System Revenue						5.39%, 03/15/2040			500		676
	5.87%, 06/01/2040		20			28	Port Authority of New York & New Jersey
	Los Angeles Community College District/CA						4.46%, 10/01/2062			500		591
	6.60%, 08/01/2042		500			783					$	2,907
	Los Angeles Department of Water						Ohio- 0.07	%
	6.01%, 07/01/2039		30			41	American Municipal Power Inc
	Los Angeles Unified School District/CA						7.50%, 02/15/2050			30		46
	5.76%, 07/01/2029		530			685	7.83%, 02/15/2041			250		387
	Regents of the University of California						Ohio State University/The
	Medical Center Pooled Revenue						3.80%, 12/01/2046			350		393
	6.55%, 05/15/2048		20			30	4.05%, 12/01/2056			350		400
	State of California						4.91%, 06/01/2040			50		64
	6.65%, 03/01/2022		350			431					$	1,290
	7.30%, 10/01/2039		750			1,159	Texas- 0.09	%
	7.70%, 11/01/2030		500			615	City of Houston TX
	University of California						6.29%, 03/01/2032			500		639
	3.93%, 05/15/2045		200			218	Dallas Area Rapid Transit
	5.77%, 05/15/2043		530			727	5.02%, 12/01/2048			30		41
				$		5,629	State of Texas
	Colorado - 0.02%						5.52%, 04/01/2039			500		709
	Regional Transportation District						University of Texas System/The
	5.84%, 11/01/2050		250			372	5.13%, 08/15/2042			80		107
											$	1,496
	Connecticut - 0.03%						Washington - 0.00%
	State of Connecticut						State of Washington
	5.85%, 03/15/2032		430			557	5.09%, 08/01/2033			30		38

	Florida - 0.00%						TOTAL MUNICIPAL BONDS				$	16,283
	State Board of Administration Finance Corp						U.S. GOVERNMENT & GOVERNMENT			Principal
	2.11%, 07/01/2018		30			30	AGENCY OBLIGATIONS - 63.57%			Amount (000's)	Value (000's)
							Federal Home Loan Mortgage Corporation (FHLMC) - 7.58%
	Georgia - 0.04%						2.00%, 03/01/2028		$	78	$	80
	Municipal Electric Authority of Georgia						2.00%, 08/01/2028			474		482
	6.64%, 04/01/2057		540			738	2.00%, 01/01/2030			97		99
	State of Georgia						2.00%, 09/01/2030^(e)			600		608
	4.50%, 11/01/2025		30			34	2.40%, 10/01/2043^(a)			32		32
				$		772	2.50%, 03/01/2027			172		178
	Illinois - 0.05%						2.50%, 08/01/2027			122		126
	Chicago Transit Authority						2.50%, 08/01/2028			298		308
	6.20%, 12/01/2040		30			38	2.50%, 09/01/2029			730		755
	City of Chicago IL						2.50%, 12/01/2029			921		953
	6.31%, 01/01/2044		30			30	2.50%, 01/01/2030			950		983
	State of Illinois						2.50%, 09/01/2030^(e)			2,175		2,248
	4.95%, 06/01/2023		85			89	2.50%, 09/01/2030			2,039		2,110
							2.50%, 01/01/2031			685		708


Schedule of Investments
Bond Market Index Fund
August 31, 2016



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 Home Loan Mortgage Corporation (FHLMC) (continued)
2.50%, 01/01/2031	$	746	$	772	3.50%, 03/01/2021	$	54	$	57
2.50%, 02/01/2031		755		781	3.50%, 10/01/2025		45		48
2.50%, 04/01/2031		242		251	3.50%, 11/01/2025		16		17
2.50%, 01/01/2043		180		181	3.50%, 11/01/2025		7		8
2.50%, 07/01/2043		87		88	3.50%, 02/01/2026		50		53
2.50%, 01/01/2046		183		184	3.50%, 02/01/2026		203		215
2.53%, 10/01/2044^(a)		536		550	3.50%, 04/01/2026		189		200
2.95%, 11/01/2044^(a)		430		443	3.50%, 06/01/2026		24		26
3.00%, 04/01/2021		172		180	3.50%, 08/01/2026		22		24
3.00%, 09/01/2021		8		8	3.50%, 12/01/2028		97		103
3.00%, 10/01/2021		504		528	3.50%, 02/01/2029		91		96
3.00%, 12/01/2021		223		234	3.50%, 06/01/2029		582		616
3.00%, 02/01/2027		488		513	3.50%, 09/01/2029		24		26
3.00%, 05/01/2027		61		64	3.50%, 02/01/2030		380		402
3.00%, 06/01/2027		182		191	3.50%, 09/01/2030		88		94
3.00%, 11/01/2028		663		698	3.50%, 04/01/2032		97		104
3.00%, 04/01/2029		608		638	3.50%, 05/01/2034		544		577
3.00%, 07/01/2029		118		123	3.50%, 05/01/2034		196		208
3.00%, 09/01/2029		570		598	3.50%, 01/01/2035		451		478
3.00%, 10/01/2029		818		858	3.50%, 06/01/2035		358		381
3.00%, 10/01/2029		424		445	3.50%, 11/01/2041		59		62
3.00%, 11/01/2029		361		379	3.50%, 01/01/2042		53		56
3.00%, 11/01/2029		228		239	3.50%, 04/01/2042		63		67
3.00%, 12/01/2029		114		120	3.50%, 06/01/2042		296		312
3.00%, 01/01/2030		315		330	3.50%, 06/01/2042		59		63
3.00%, 03/01/2030		47		49	3.50%, 07/01/2042		3,044		3,216
3.00%, 04/01/2030		196		206	3.50%, 08/01/2042		50		53
3.00%, 09/01/2030^(e)		200		210	3.50%, 10/01/2042		1,577		1,666
3.00%, 11/01/2030		476		499	3.50%, 01/01/2044		796		841
3.00%, 01/01/2031		186		195	3.50%, 08/01/2044		36		38
3.00%, 02/01/2031		70		74	3.50%, 01/01/2045		1,082		1,139
3.00%, 03/01/2031		98		103	3.50%, 02/01/2045		416		438
3.00%, 03/01/2031		191		200	3.50%, 02/01/2045		317		334
3.00%, 04/01/2031		774		811	3.50%, 03/01/2045		688		725
3.00%, 05/01/2032		768		808	3.50%, 03/01/2045		1,478		1,557
3.00%, 04/01/2033		97		102	3.50%, 06/01/2045		755		795
3.00%, 09/01/2034		528		554	3.50%, 07/01/2045		753		793
3.00%, 10/01/2034		363		380	3.50%, 08/01/2045		509		536
3.00%, 12/01/2034		118		123	3.50%, 09/01/2045^(e)		11,225		11,821
3.00%, 05/01/2035		89		93	3.50%, 09/01/2045		729		768
3.00%, 06/01/2035		403		423	3.50%, 10/01/2045		91		96
3.00%, 09/01/2042		2,190		2,278	3.50%, 12/01/2045		1,594		1,678
3.00%, 10/01/2042		508		529	3.50%, 01/01/2046		683		719
3.00%, 11/01/2042		938		975	3.50%, 03/01/2046		1,159		1,220
3.00%, 01/01/2043		161		168	3.50%, 03/01/2046		399		421
3.00%, 01/01/2043		156		162	3.50%, 03/01/2046		2,687		2,830
3.00%, 02/01/2043		951		988	3.50%, 04/01/2046		1,078		1,135
3.00%, 04/01/2043		1,458		1,516	3.50%, 05/01/2046		148		156
3.00%, 07/01/2043		188		195	3.50%, 06/01/2046		993		1,047
3.00%, 08/01/2043		1,173		1,219	3.50%, 10/01/2046^(e)		500		526
3.00%, 08/01/2043		1,443		1,499	4.00%, 06/01/2018		126		130
3.00%, 09/01/2043		247		257	4.00%, 04/01/2019		1		1
3.00%, 10/01/2043		184		191	4.00%, 07/01/2020		275		284
3.00%, 12/01/2044		729		758	4.00%, 07/01/2024		23		24
3.00%, 01/01/2045		206		214	4.00%, 12/01/2024		356		377
3.00%, 01/01/2045		37		39	4.00%, 08/01/2025		31		33
3.00%, 03/01/2045		429		446	4.00%, 10/01/2025		24		25
3.00%, 04/01/2045		270		280	4.00%, 03/01/2026		7		7
3.00%, 04/01/2045		1,257		1,305	4.00%, 12/01/2030		50		54
3.00%, 06/01/2045		834		866	4.00%, 11/01/2033		331		358
3.00%, 08/01/2045		53		55	4.00%, 07/01/2034		224		243
3.00%, 08/01/2045		1,277		1,327	4.00%, 07/01/2039		91		99
3.00%, 09/01/2045^(e)		2,500		2,594	4.00%, 09/01/2040^(e)		325		348
3.00%, 12/01/2045		1,515		1,574	4.00%, 12/01/2040		455		489
3.00%, 01/01/2046		144		149	4.00%, 12/01/2040		87		94
3.00%, 03/01/2046		927		963	4.00%, 12/01/2040		105		113
3.00%, 04/01/2046		1,179		1,224	4.00%, 10/01/2041		117		126
3.00%, 04/01/2046		970		1,007	4.00%, 12/01/2041		74		80
3.00%, 07/01/2046		483		502	4.00%, 01/01/2042		19		20
3.00%, 10/01/2046^(e)		1,825		1,889	4.00%, 01/01/2044		23		25
3.50%, 01/01/2021		79		84	4.00%, 02/01/2044		415		448
3.50%, 01/01/2021		233		247	4.00%, 02/01/2044		24		26
3.50%, 03/01/2021		503		532	4.00%, 03/01/2044		145		155


Schedule of Investments
Bond Market Index Fund
August 31, 2016



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 Home Loan Mortgage Corporation (FHLMC) (continued)
4.00%, 04/01/2044	$	653	$	700		5.00%, 01/01/2026	$	16	$	17
4.00%, 05/01/2044		289		309		5.00%, 03/01/2026		10		11
4.00%, 06/01/2044		470		503		5.00%, 07/01/2026		3		3
4.00%, 07/01/2044		795		850		5.00%, 03/01/2028		125		138
4.00%, 07/01/2044		319		341		5.00%, 03/01/2030		7		8
4.00%, 07/01/2044		1,038		1,110		5.00%, 08/01/2030		64		71
4.00%, 07/01/2044		77		83		5.00%, 09/01/2033		14		16
4.00%, 08/01/2044		18		19		5.00%, 09/01/2033		406		451
4.00%, 09/01/2044		293		313		5.00%, 08/01/2035		16		18
4.00%, 11/01/2044		50		53		5.00%, 11/01/2035		189		210
4.00%, 11/01/2044		726		778		5.00%, 08/01/2036		27		30
4.00%, 12/01/2044		3,523		3,769		5.00%, 11/01/2036		24		27
4.00%, 12/01/2044		670		716		5.00%, 12/01/2036		508		565
4.00%, 01/01/2045		876		937		5.00%, 06/01/2037		17		19
4.00%, 02/01/2045		35		38		5.00%, 12/01/2038		110		121
4.00%, 05/01/2045		453		485		5.00%, 01/01/2039		26		29
4.00%, 07/01/2045		411		439		5.00%, 01/01/2039		25		28
4.00%, 07/01/2045		623		667		5.00%, 08/01/2039		6		7
4.00%, 08/01/2045		1,215		1,300		5.00%, 09/01/2039		24		27
4.00%, 09/01/2045		3,038		3,249		5.00%, 11/01/2039		655		723
4.00%, 10/01/2045		944		1,010		5.00%, 01/01/2040		50		56
4.00%, 10/01/2045		179		191		5.00%, 08/01/2040		47		52
4.00%, 11/01/2045		180		192		5.00%, 09/01/2040		14		15
4.00%, 11/01/2045		923		988		5.00%, 09/01/2040^(e)		1,800		1,987
4.00%, 12/01/2045		200		214		5.00%, 02/01/2041		163		180
4.50%, 09/01/2018		68		69		5.00%, 03/01/2041		644		712
4.50%, 01/01/2019		231		237		5.00%, 04/01/2041		89		98
4.50%, 05/01/2019		217		222		5.00%, 09/01/2041		34		38
4.50%, 12/01/2019		137		140		5.00%, 12/01/2041		327		363
4.50%, 01/01/2024		16		17		5.00%, 02/01/2042		1,179		1,307
4.50%, 08/01/2025		41		44		5.50%, 01/01/2018		5		5
4.50%, 10/01/2030		245		270		5.50%, 06/01/2034		161		182
4.50%, 05/01/2031		26		29		5.50%, 07/01/2036		47		53
4.50%, 02/01/2039		28		30		5.50%, 01/01/2037		104		118
4.50%, 04/01/2039		34		37		5.50%, 09/01/2037		21		24
4.50%, 09/01/2039		42		46		5.50%, 11/01/2037		25		29
4.50%, 10/01/2039		609		666		5.50%, 04/01/2038		13		15
4.50%, 10/01/2039		39		43		5.50%, 07/01/2038		225		253
4.50%, 11/01/2039		50		55		5.50%, 07/01/2038		214		242
4.50%, 02/01/2040		14		15		5.50%, 07/01/2038		295		333
4.50%, 02/01/2040		44		50		5.50%, 07/01/2038		12		14
4.50%, 02/01/2040		36		39		5.50%, 09/01/2038		23		26
4.50%, 05/01/2040		9		10		5.50%, 12/01/2038		440		495
4.50%, 05/01/2040		24		26		5.50%, 12/01/2038		1		2
4.50%, 07/01/2040		35		39		5.50%, 10/01/2039		517		584
4.50%, 08/01/2040		45		50		5.50%, 11/01/2039		110		123
4.50%, 08/01/2040		31		34		5.50%, 01/01/2040		21		24
4.50%, 08/01/2040		28		31		5.50%, 03/01/2040		14		15
4.50%, 09/01/2040		40		44		5.50%, 06/01/2040		33		37
4.50%, 02/01/2041		497		544		5.50%, 06/01/2041		337		380
4.50%, 03/01/2041		702		770		6.00%, 04/01/2023		2		3
4.50%, 05/01/2041		35		38		6.00%, 12/01/2037		27		30
4.50%, 06/01/2041		22		24		6.00%, 04/01/2038		798		912
4.50%, 06/01/2041		717		788		6.00%, 05/01/2038		67		77
4.50%, 08/01/2041		8		9		6.00%, 07/01/2038		41		47
4.50%, 08/01/2041		63		69		6.00%, 10/01/2038		3		3
4.50%, 03/01/2042		30		33		6.00%, 11/01/2038		254		292
4.50%, 09/01/2043		277		304		6.00%, 01/01/2039		81		92
4.50%, 10/01/2043		16		18		6.50%, 06/01/2017		2		2
4.50%, 11/01/2043		580		635		6.50%, 09/01/2039		48		57
4.50%, 11/01/2043		381		416					$	134,341
4.50%, 12/01/2043		675		739		Federal National Mortgage Association (FNMA) - 12.17%
4.50%, 02/01/2044		313		342		2.00%, 11/01/2028		79		81
4.50%, 03/01/2044		1,071		1,171		2.00%, 09/01/2029		688		701
4.50%, 06/01/2044		71		77		2.00%, 01/01/2030		89		91
4.50%, 08/01/2044		188		205		2.00%, 01/01/2030		42		43
4.50%, 09/01/2044		119		130		2.00%, 05/01/2030		270		274
4.50%, 09/01/2044		98		107		2.00%, 09/01/2030^(e)		400		405
4.50%, 09/01/2044		639		699		2.43%, 01/01/2046		187		192
4.50%, 01/01/2045		103		112		2.50%, 01/01/2028		276		285
4.50%, 09/01/2045		1,191		1,303		2.50%, 07/01/2028		686		710
5.00%, 04/01/2021		25		26		2.50%, 07/01/2028		260		269
5.00%, 06/01/2023		147		161		2.50%, 08/01/2028		25		26


Schedule of Investments
Bond Market Index Fund
August 31, 2016



U.S. GOVERNMENT & GOVERNMENT		Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000's)			Value(000	's)	AGENCY OBLIGATIONS (continued)	Amount (000's)			Value(000	's)
Federal National Mortgage Association (FNMA) (continued)						Federal National Mortgage Association (FNMA) (continued)
2.50%, 11/01/2028	$	896	$	927		3.00%, 11/01/2035	$	273	$	287
2.50%, 09/01/2029		582		602		3.00%, 02/01/2036		284		298
2.50%, 11/01/2029		71		74		3.00%, 07/01/2036		99		104
2.50%, 12/01/2029		799		827		3.00%, 04/01/2042		251		261
2.50%, 02/01/2030		148		153		3.00%, 11/01/2042		913		950
2.50%, 03/01/2030		53		54		3.00%, 12/01/2042		2,251		2,341
2.50%, 03/01/2030		619		640		3.00%, 04/01/2043		26		27
2.50%, 05/01/2030		736		761		3.00%, 04/01/2043		1,160		1,206
2.50%, 07/01/2030		175		181		3.00%, 04/01/2043		255		265
2.50%, 08/01/2030		641		663		3.00%, 04/01/2043		946		984
2.50%, 08/01/2030		760		786		3.00%, 05/01/2043		1,531		1,592
2.50%, 09/01/2030^(e)		2,425		2,506		3.00%, 05/01/2043		73		76
2.50%, 12/01/2030		803		830		3.00%, 05/01/2043		1,738		1,808
2.50%, 01/01/2031		47		48		3.00%, 05/01/2043		1,473		1,532
2.50%, 03/01/2031		302		313		3.00%, 05/01/2043		242		252
2.50%, 03/01/2031		959		992		3.00%, 05/01/2043		986		1,028
2.50%, 03/01/2031		742		767		3.00%, 06/01/2043		1,150		1,196
2.50%, 05/01/2031		197		203		3.00%, 06/01/2043		810		843
2.50%, 05/01/2031		363		375		3.00%, 06/01/2043		267		278
2.50%, 07/01/2031		789		816		3.00%, 07/01/2043		1,389		1,444
2.50%, 10/01/2031^(e)		425		438		3.00%, 07/01/2043		1,177		1,224
2.50%, 07/01/2033		29		30		3.00%, 07/01/2043		120		125
2.50%, 12/01/2042		78		79		3.00%, 07/01/2043		233		242
2.50%, 01/01/2043		183		186		3.00%, 07/01/2043		1,005		1,045
2.50%, 02/01/2043		63		64		3.00%, 08/01/2043		82		85
2.50%, 05/01/2043		262		266		3.00%, 08/01/2043		157		164
2.50%, 07/01/2043		192		194		3.00%, 10/01/2043		1,113		1,157
2.50%, 10/01/2043		194		197		3.00%, 10/01/2043		597		621
2.50%, 05/01/2046		199		201		3.00%, 11/01/2043		259		269
2.67%, 02/01/2044^(a)		354		366		3.00%, 11/01/2044		768		798
2.70%, 01/01/2045^(a)		38		39		3.00%, 01/01/2045		621		645
2.71%, 03/01/2046^(a)		675		700		3.00%, 01/01/2045		3,651		3,791
3.00%, 12/01/2020		9		10		3.00%, 01/01/2045		71		73
3.00%, 09/01/2022		191		201		3.00%, 01/01/2045		269		280
3.00%, 11/01/2025		137		143		3.00%, 01/01/2045		1,506		1,566
3.00%, 01/01/2026		144		150		3.00%, 04/01/2045		37		38
3.00%, 11/01/2026		106		111		3.00%, 04/01/2045		140		146
3.00%, 02/01/2027		75		79		3.00%, 08/01/2045		830		862
3.00%, 03/01/2027		160		169		3.00%, 12/01/2045		607		631
3.00%, 04/01/2027		275		288		3.00%, 12/01/2045		482		501
3.00%, 07/01/2027		90		94		3.00%, 01/01/2046		873		906
3.00%, 10/01/2027		226		237		3.00%, 01/01/2046		344		357
3.00%, 01/01/2029		211		222		3.00%, 02/01/2046		48		50
3.00%, 02/01/2029		161		169		3.00%, 02/01/2046		27		28
3.00%, 03/01/2029		19		20		3.00%, 03/01/2046		601		625
3.00%, 04/01/2029		862		903		3.00%, 04/01/2046		23		24
3.00%, 11/01/2029		126		132		3.00%, 04/01/2046		1,146		1,190
3.00%, 11/01/2029		83		87		3.00%, 04/01/2046		2,155		2,238
3.00%, 12/01/2029		184		193		3.00%, 04/01/2046		119		123
3.00%, 12/01/2029		423		443		3.00%, 05/01/2046		889		924
3.00%, 01/01/2030		933		978		3.00%, 05/01/2046		293		304
3.00%, 01/01/2030		203		212		3.00%, 05/01/2046		445		463
3.00%, 01/01/2030		1,113		1,166		3.00%, 05/01/2046		397		412
3.00%, 06/01/2030		686		719		3.00%, 08/01/2046		325		337
3.00%, 07/01/2030		1,145		1,199		3.00%, 10/01/2046^(e)		250		259
3.00%, 09/01/2030		225		236		3.05%, 12/01/2041^(a)		32		34
3.00%, 10/01/2030		1,030		1,079		3.16%, 12/01/2040^(a)		29		30
3.00%, 10/01/2030		97		102		3.49%, 02/01/2041^(a)		9		9
3.00%, 11/01/2030		867		908		3.50%, 09/01/2018		2		2
3.00%, 11/01/2030		37		39		3.50%, 05/01/2020		128		135
3.00%, 12/01/2030		158		165		3.50%, 10/01/2025		46		49
3.00%, 12/01/2030		145		153		3.50%, 11/01/2025		56		59
3.00%, 12/01/2030		559		585		3.50%, 12/01/2025		274		289
3.00%, 02/01/2031		758		794		3.50%, 01/01/2026		38		41
3.00%, 03/01/2031		485		508		3.50%, 01/01/2026		808		853
3.00%, 04/01/2031		198		207		3.50%, 01/01/2026		167		176
3.00%, 01/01/2033		97		101		3.50%, 05/01/2026		250		264
3.00%, 04/01/2033		95		99		3.50%, 08/01/2026		48		51
3.00%, 09/01/2034		781		818		3.50%, 09/01/2026		454		480
3.00%, 11/01/2034		593		621		3.50%, 10/01/2026		668		706
3.00%, 12/01/2034		286		299		3.50%, 10/01/2026		594		627
3.00%, 05/01/2035		1,121		1,174		3.50%, 06/01/2027		508		536
3.00%, 06/01/2035		629		659		3.50%, 03/01/2029		341		360


Schedule of Investments
Bond Market Index Fund
August 31, 2016



U.S. GOVERNMENT & GOVERNMENT		Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000's)			Value(000	's)	AGENCY OBLIGATIONS (continued)	Amount (000's)			Value(000	's)
Federal National Mortgage Association (FNMA) (continued)						Federal National Mortgage Association (FNMA) (continued)
3.50%, 10/01/2029	$	724	$	765		4.00%, 12/01/2020	$	67	$	69
3.50%, 11/01/2029		15		16		4.00%, 03/01/2022		213		220
3.50%, 04/01/2030		40		43		4.00%, 03/01/2022		38		40
3.50%, 11/01/2030		198		210		4.00%, 09/01/2025		40		43
3.50%, 04/01/2032		49		52		4.00%, 03/01/2026		57		61
3.50%, 07/01/2032		40		42		4.00%, 09/01/2026		45		49
3.50%, 09/01/2032		45		48		4.00%, 04/01/2029		21		22
3.50%, 10/01/2033		25		26		4.00%, 12/01/2030		27		29
3.50%, 05/01/2034		161		171		4.00%, 11/01/2031		33		36
3.50%, 06/01/2034		108		115		4.00%, 11/01/2033		553		598
3.50%, 07/01/2034		716		760		4.00%, 10/01/2034		377		408
3.50%, 09/01/2034		540		573		4.00%, 03/01/2039		31		33
3.50%, 10/01/2034		178		189		4.00%, 08/01/2039		107		115
3.50%, 12/01/2035		927		985		4.00%, 09/01/2040^(e)		10,875		11,650
3.50%, 02/01/2036		189		201		4.00%, 10/01/2040		77		83
3.50%, 03/01/2041		75		79		4.00%, 12/01/2040		51		54
3.50%, 10/01/2041		53		56		4.00%, 12/01/2040		55		60
3.50%, 12/01/2041		72		76		4.00%, 01/01/2041		28		30
3.50%, 02/01/2042		719		760		4.00%, 01/01/2041		194		209
3.50%, 03/01/2042		167		176		4.00%, 02/01/2041		181		194
3.50%, 04/01/2042		200		211		4.00%, 02/01/2041		141		151
3.50%, 05/01/2042		139		147		4.00%, 02/01/2041		73		79
3.50%, 06/01/2042		960		1,015		4.00%, 03/01/2041		89		96
3.50%, 07/01/2042		176		186		4.00%, 09/01/2041		72		77
3.50%, 08/01/2042		117		124		4.00%, 10/01/2041^(e)		400		428
3.50%, 09/01/2042		109		115		4.00%, 12/01/2041		119		128
3.50%, 10/01/2042		155		164		4.00%, 12/01/2041		371		399
3.50%, 05/01/2043		1,442		1,522		4.00%, 12/01/2041		243		261
3.50%, 06/01/2043		227		240		4.00%, 05/01/2042		65		70
3.50%, 08/01/2043		1,009		1,067		4.00%, 06/01/2042		268		288
3.50%, 09/01/2043		2,275		2,406		4.00%, 06/01/2042		562		603
3.50%, 11/01/2043		471		496		4.00%, 12/01/2042		583		626
3.50%, 01/01/2044		336		355		4.00%, 06/01/2043		753		808
3.50%, 02/01/2044		32		34		4.00%, 09/01/2043		1,079		1,156
3.50%, 10/01/2044		673		709		4.00%, 11/01/2043		806		867
3.50%, 11/01/2044		734		774		4.00%, 11/01/2043		956		1,023
3.50%, 12/01/2044		954		1,006		4.00%, 12/01/2043		34		37
3.50%, 12/01/2044		926		976		4.00%, 05/01/2044		301		322
3.50%, 02/01/2045		909		958		4.00%, 08/01/2044		858		919
3.50%, 02/01/2045		192		203		4.00%, 08/01/2044		365		391
3.50%, 02/01/2045		1,215		1,283		4.00%, 08/01/2044		276		295
3.50%, 04/01/2045		701		740		4.00%, 08/01/2044		49		53
3.50%, 04/01/2045		805		855		4.00%, 09/01/2044		350		374
3.50%, 06/01/2045		29		31		4.00%, 09/01/2044		422		452
3.50%, 07/01/2045		1,042		1,098		4.00%, 09/01/2044		96		103
3.50%, 08/01/2045		709		747		4.00%, 10/01/2044		211		226
3.50%, 09/01/2045^(e)		17,725		18,678		4.00%, 10/01/2044		174		186
3.50%, 10/01/2045		403		425		4.00%, 10/01/2044		48		51
3.50%, 10/01/2045^(e)		675		710		4.00%, 11/01/2044		284		304
3.50%, 10/01/2045		383		404		4.00%, 11/01/2044		64		69
3.50%, 10/01/2045		45		47		4.00%, 11/01/2044		248		265
3.50%, 11/01/2045		396		417		4.00%, 11/01/2044		481		515
3.50%, 11/01/2045		822		866		4.00%, 11/01/2044		107		115
3.50%, 11/01/2045		829		874		4.00%, 11/01/2044		209		224
3.50%, 12/01/2045		1,023		1,078		4.00%, 12/01/2044		149		159
3.50%, 12/01/2045		329		347		4.00%, 12/01/2044		582		624
3.50%, 12/01/2045		532		561		4.00%, 12/01/2044		893		956
3.50%, 12/01/2045		962		1,014		4.00%, 12/01/2044		532		569
3.50%, 12/01/2045		1,120		1,180		4.00%, 01/01/2045		880		942
3.50%, 12/01/2045		1,071		1,128		4.00%, 01/01/2045		723		773
3.50%, 01/01/2046		1,125		1,186		4.00%, 01/01/2045		24		26
3.50%, 01/01/2046		1,050		1,107		4.00%, 02/01/2045		443		475
3.50%, 01/01/2046		1,041		1,097		4.00%, 02/01/2045		425		455
3.50%, 01/01/2046		311		328		4.00%, 02/01/2045		587		628
3.50%, 02/01/2046		430		454		4.00%, 03/01/2045		239		256
3.50%, 03/01/2046		325		342		4.00%, 04/01/2045		376		403
3.50%, 03/01/2046		960		1,011		4.00%, 06/01/2045		110		118
3.50%, 03/01/2046		1,051		1,108		4.00%, 08/01/2045		73		78
3.50%, 03/01/2046		1,344		1,416		4.00%, 08/01/2045		306		328
3.50%, 04/01/2046		829		874		4.00%, 08/01/2045		97		103
4.00%, 07/01/2019		243		252		4.00%, 09/01/2045		1,113		1,192
4.00%, 05/01/2020		168		174		4.00%, 09/01/2045		273		293
4.00%, 05/01/2020		199		206		4.00%, 11/01/2045		200		214


Schedule of Investments
Bond Market Index Fund
August 31, 2016



U.S. GOVERNMENT & GOVERNMENT		Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000's)			Value(000	's)	AGENCY OBLIGATIONS (continued)	Amount (000's)			Value(000	's)
Federal National Mortgage Association (FNMA) (continued)						Federal National Mortgage Association (FNMA) (continued)
4.00%, 11/01/2045	$	24	$	25		4.50%, 10/01/2044	$	785	$	857
4.00%, 11/01/2045		529		567		4.50%, 11/01/2044		224		244
4.00%, 12/01/2045		767		822		4.50%, 11/01/2044		149		163
4.00%, 12/01/2045		105		112		4.50%, 11/01/2044		257		281
4.00%, 12/01/2045		37		40		4.50%, 11/01/2044		16		18
4.00%, 12/01/2045		50		53		4.50%, 04/01/2045		192		210
4.00%, 02/01/2046		910		975		4.50%, 03/01/2046		195		214
4.00%, 02/01/2046		197		211		5.00%, 04/01/2018		1		1
4.00%, 03/01/2046		50		53		5.00%, 06/01/2018		5		5
4.00%, 03/01/2046		1,013		1,085		5.00%, 12/01/2020		39		40
4.00%, 04/01/2046		928		996		5.00%, 05/01/2023		9		10
4.50%, 02/01/2018		15		15		5.00%, 10/01/2024		44		48
4.50%, 05/01/2018		60		62		5.00%, 09/01/2025		199		205
4.50%, 11/01/2018		151		155		5.00%, 06/01/2028		82		91
4.50%, 01/01/2020		258		264		5.00%, 05/01/2031		302		336
4.50%, 02/01/2021		152		156		5.00%, 03/01/2034		22		25
4.50%, 08/01/2023		332		362		5.00%, 04/01/2035		23		26
4.50%, 05/01/2025		43		46		5.00%, 06/01/2035		58		65
4.50%, 06/01/2029		48		53		5.00%, 07/01/2035		62		69
4.50%, 07/01/2029		11		12		5.00%, 08/01/2035		2		2
4.50%, 08/01/2030		27		29		5.00%, 02/01/2037		7		7
4.50%, 01/01/2034		69		76		5.00%, 04/01/2037		2		2
4.50%, 02/01/2039		45		49		5.00%, 07/01/2037		47		52
4.50%, 04/01/2039		74		82		5.00%, 04/01/2038		1		1
4.50%, 04/01/2039		34		37		5.00%, 02/01/2039		36		40
4.50%, 04/01/2039		313		341		5.00%, 07/01/2039		434		481
4.50%, 06/01/2039		4		5		5.00%, 12/01/2039		706		781
4.50%, 06/01/2039		37		40		5.00%, 12/01/2039		34		39
4.50%, 08/01/2039		52		57		5.00%, 01/01/2040		41		46
4.50%, 10/01/2039		34		38		5.00%, 05/01/2040		55		61
4.50%, 12/01/2039		74		82		5.00%, 06/01/2040		8		9
4.50%, 02/01/2040		71		78		5.00%, 06/01/2040		53		58
4.50%, 05/01/2040		54		59		5.00%, 06/01/2040		12		13
4.50%, 09/01/2040		626		687		5.00%, 04/01/2041		949		1,052
4.50%, 10/01/2040		72		79		5.00%, 05/01/2041		62		69
4.50%, 02/01/2041		69		76		5.00%, 08/01/2041		453		501
4.50%, 03/01/2041		71		78		5.00%, 05/01/2042		506		562
4.50%, 04/01/2041		123		135		5.00%, 09/01/2043		235		260
4.50%, 05/01/2041		673		738		5.00%, 09/01/2043^(e)		4,700		5,209
4.50%, 07/01/2041		9		9		5.00%, 03/01/2044		632		699
4.50%, 07/01/2041		47		52		5.00%, 03/01/2044		254		281
4.50%, 08/01/2041		609		666		5.00%, 03/01/2044		188		208
4.50%, 09/01/2041		724		794		5.00%, 05/01/2044		301		334
4.50%, 09/01/2041		67		74		5.00%, 02/01/2045		445		493
4.50%, 10/01/2041^(e)		700		764		5.50%, 01/01/2025		8		9
4.50%, 11/01/2041		52		57		5.50%, 12/01/2027		149		168
4.50%, 11/01/2041		54		59		5.50%, 06/01/2034		8		9
4.50%, 01/01/2042		18		20		5.50%, 04/01/2035		3		4
4.50%, 07/01/2042		16		18		5.50%, 09/01/2035		7		8
4.50%, 09/01/2043		579		632		5.50%, 10/01/2035		12		13
4.50%, 10/01/2043		33		37		5.50%, 04/01/2036		6		6
4.50%, 10/01/2043		46		50		5.50%, 04/01/2036		43		49
4.50%, 11/01/2043		328		358		5.50%, 09/01/2036		63		72
4.50%, 11/01/2043		680		744		5.50%, 12/01/2036		61		69
4.50%, 11/01/2043		20		21		5.50%, 02/01/2037		5		5
4.50%, 12/01/2043		18		20		5.50%, 05/01/2037		43		49
4.50%, 01/01/2044		563		614		5.50%, 06/01/2037		5		5
4.50%, 01/01/2044		636		694		5.50%, 07/01/2037		6		7
4.50%, 02/01/2044		123		135		5.50%, 08/01/2037		3		4
4.50%, 03/01/2044		408		446		5.50%, 05/01/2038		317		358
4.50%, 03/01/2044		69		75		5.50%, 06/01/2038		442		499
4.50%, 04/01/2044		699		763		5.50%, 06/01/2038		8		9
4.50%, 04/01/2044		933		1,019		5.50%, 06/01/2038		5		5
4.50%, 05/01/2044		735		802		5.50%, 08/01/2038		1		1
4.50%, 05/01/2044		636		695		5.50%, 09/01/2038		29		33
4.50%, 05/01/2044		197		216		5.50%, 09/01/2038		646		733
4.50%, 06/01/2044		175		191		5.50%, 10/01/2038		8		10
4.50%, 06/01/2044		822		898		5.50%, 11/01/2038		442		500
4.50%, 06/01/2044		25		27		5.50%, 12/01/2038		45		51
4.50%, 07/01/2044		199		217		5.50%, 12/01/2038		42		47
4.50%, 08/01/2044		263		287		5.50%, 02/01/2039		117		131
4.50%, 08/01/2044		28		30		5.50%, 04/01/2039		45		50
4.50%, 09/01/2044		613		669		5.50%, 06/01/2039		2		3


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)					Government National Mortgage Association (GNMA) (continued)
5.50%, 12/01/2039	$	41	$	47	3.00%, 05/20/2045	$	1,205	$	1,264
5.50%, 03/01/2040		599		679	3.00%, 06/20/2045		478		502
5.50%, 04/01/2040		461		521	3.00%, 07/15/2045		453		475
5.50%, 07/01/2041		539		608	3.00%, 07/20/2045		734		770
6.00%, 06/01/2017		10		10	3.00%, 09/01/2045		11,575		12,127
6.00%, 09/01/2024		396		452	3.00%, 09/20/2045		607		637
6.00%, 04/01/2026		268		306	3.00%, 12/20/2045		746		783
6.00%, 07/01/2035		104		121	3.00%, 01/20/2046		332		348
6.00%, 10/01/2036		354		406	3.00%, 05/20/2046		1,000		1,049
6.00%, 02/01/2037		299		342	3.00%, 10/01/2046		2,250		2,351
6.00%, 07/01/2037		4		5	3.50%, 12/20/2026		272		288
6.00%, 11/01/2037		6		7	3.50%, 03/20/2027		19		20
6.00%, 11/01/2037		2		2	3.50%, 02/15/2042		89		95
6.00%, 02/01/2038		1		1	3.50%, 02/20/2042		193		205
6.00%, 04/01/2038		120		137	3.50%, 05/15/2042		149		158
6.00%, 05/01/2038		6		6	3.50%, 05/20/2042		385		410
6.00%, 05/01/2038		6		6	3.50%, 06/20/2042		393		419
6.00%, 08/01/2038		161		186	3.50%, 07/15/2042		61		65
6.00%, 09/01/2038		1		2	3.50%, 08/15/2042		20		22
6.00%, 10/01/2039		142		163	3.50%, 08/20/2042		93		99
6.00%, 04/01/2040		95		109	3.50%, 10/20/2042		807		860
6.00%, 10/01/2040		130		148	3.50%, 11/20/2042		699		745
6.50%, 12/01/2016		3		3	3.50%, 12/20/2042		698		744
6.50%, 07/01/2020		1		1	3.50%, 02/20/2043		1,797		1,916
6.50%, 06/01/2024		2		2	3.50%, 04/15/2043		571		606
6.50%, 12/01/2031		3		3	3.50%, 05/20/2043		553		589
6.50%, 03/01/2032		7		8	3.50%, 07/20/2043		723		770
6.50%, 10/01/2039		63		73	3.50%, 08/20/2043		1,933		2,059
			$	215,860	3.50%, 10/20/2043		623		664
Government National Mortgage Association (GNMA) - 7.78%					3.50%, 04/20/2044		767		814
2.50%, 06/20/2027		313		325	3.50%, 08/20/2044^(a)		192		198
2.50%, 09/20/2027		33		34	3.50%, 10/20/2044		783		832
2.50%, 01/20/2028		120		125	3.50%, 11/20/2044		767		815
2.50%, 04/20/2028		67		70	3.50%, 12/15/2044		881		936
2.50%, 11/20/2030		183		190	3.50%, 12/20/2044		815		866
2.50%, 12/20/2030		257		267	3.50%, 01/20/2045		807		857
2.50%, 03/20/2041^(a)		31		32	3.50%, 02/15/2045		363		386
2.50%, 04/15/2043		286		291	3.50%, 03/15/2045		403		428
2.50%, 07/20/2043		275		282	3.50%, 03/20/2045		1,456		1,546
2.50%, 01/20/2044^(a)		341		349	3.50%, 04/15/2045		199		212
2.50%, 04/15/2045		99		101	3.50%, 04/15/2045		240		255
2.50%, 09/01/2045		100		102	3.50%, 04/20/2045		656		696
3.00%, 02/15/2027		222		233	3.50%, 05/20/2045		1,441		1,530
3.00%, 04/15/2027		31		33	3.50%, 06/20/2045		210		222
3.00%, 09/20/2027		63		66	3.50%, 07/20/2045		1,145		1,216
3.00%, 11/20/2028		417		437	3.50%, 08/20/2045		1,195		1,268
3.00%, 05/20/2029		93		98	3.50%, 09/01/2045		23,325		24,757
3.00%, 08/20/2029		254		266	3.50%, 09/20/2045		373		396
3.00%, 09/20/2029		284		298	3.50%, 11/20/2045		586		622
3.00%, 07/20/2030		222		233	3.50%, 01/20/2046		703		747
3.00%, 11/20/2041^(a)		57		58	3.50%, 03/20/2046		1,119		1,189
3.00%, 04/15/2042		459		482	3.50%, 10/01/2046		650		689
3.00%, 09/20/2042		169		177	4.00%, 05/15/2026		35		37
3.00%, 11/20/2042		1,257		1,323	4.00%, 07/20/2026		77		82
3.00%, 12/20/2042		918		965	4.00%, 09/15/2040		36		39
3.00%, 01/20/2043		902		947	4.00%, 09/15/2040		8		8
3.00%, 03/20/2043		213		224	4.00%, 01/15/2041		39		42
3.00%, 03/20/2043		186		196	4.00%, 01/15/2041		43		47
3.00%, 03/20/2043		972		1,022	4.00%, 01/20/2041		118		127
3.00%, 04/15/2043		693		729	4.00%, 07/15/2041		72		78
3.00%, 04/20/2043		803		844	4.00%, 07/20/2041		28		30
3.00%, 05/15/2043		76		80	4.00%, 09/15/2041		9		10
3.00%, 05/15/2043		108		114	4.00%, 09/20/2041		26		28
3.00%, 05/15/2043		134		141	4.00%, 10/15/2041		38		41
3.00%, 06/15/2043		154		162	4.00%, 11/20/2041		52		56
3.00%, 06/15/2043		21		22	4.00%, 12/20/2041		36		38
3.00%, 08/20/2043		1,397		1,468	4.00%, 01/20/2042		32		34
3.00%, 07/15/2044		191		200	4.00%, 02/20/2042		40		42
3.00%, 12/20/2044		1,869		1,960	4.00%, 06/20/2043		14		15
3.00%, 01/15/2045		475		498	4.00%, 11/20/2043		1,382		1,477
3.00%, 01/15/2045		193		202	4.00%, 02/20/2044		547		584
3.00%, 01/20/2045		171		179	4.00%, 03/15/2044		457		490
3.00%, 02/20/2045		187		196	4.00%, 03/15/2044		57		61


Schedule of Investments
Bond Market Index Fund
August 31, 2016



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)				Government National Mortgage Association (GNMA) (continued)
4.00%, 03/20/2044	$66	$	71	4.50%, 04/20/2046	$388	$	419
4.00%, 04/20/2044	148		158	5.00%, 05/15/2033	322		361
4.00%, 05/15/2044	620		665	5.00%, 08/15/2033	72		82
4.00%, 05/15/2044	366		393	5.00%, 12/15/2036	3		3
4.00%, 05/20/2044	317		339	5.00%, 04/20/2038	37		41
4.00%, 07/15/2044	188		201	5.00%, 05/15/2038	262		291
4.00%, 07/20/2044	92		98	5.00%, 07/20/2038	312		348
4.00%, 08/20/2044	683		730	5.00%, 10/15/2038	529		592
4.00%, 09/15/2044	550		589	5.00%, 02/15/2039	539		605
4.00%, 09/20/2044	601		642	5.00%, 03/15/2039	2		2
4.00%, 10/20/2044	2,270		2,426	5.00%, 04/20/2039	224		250
4.00%, 11/15/2044	348		373	5.00%, 06/20/2039	46		51
4.00%, 11/20/2044	464		496	5.00%, 09/15/2039	322		360
4.00%, 12/20/2044	815		871	5.00%, 09/15/2039	105		119
4.00%, 01/20/2045	346		370	5.00%, 02/15/2040	7		8
4.00%, 02/15/2045	12		13	5.00%, 05/20/2040	37		41
4.00%, 03/15/2045	113		121	5.00%, 06/20/2040	48		53
4.00%, 03/20/2045	485		518	5.00%, 12/15/2040	299		338
4.00%, 05/15/2045	536		575	5.00%, 05/20/2041	60		67
4.00%, 08/15/2045	192		206	5.00%, 10/15/2041	214		240
4.00%, 08/20/2045	809		865	5.00%, 05/20/2044	866		940
4.00%, 09/01/2045	5,600		5,985	5.00%, 06/20/2044	524		570
4.00%, 09/20/2045	962		1,028	5.00%, 07/20/2044	197		214
4.00%, 10/20/2045	1,057		1,129	5.00%, 08/20/2044	87		95
4.00%, 11/20/2045	1,591		1,701	5.00%, 01/20/2045	536		581
4.00%, 01/20/2046	1,292		1,381	5.00%, 04/20/2045	1,032		1,122
4.00%, 04/20/2046	96		103	5.00%, 05/20/2046	75		82
4.00%, 10/01/2046	300		320	5.50%, 05/20/2032	1		2
4.50%, 06/15/2034	6		6	5.50%, 07/15/2034	22		25
4.50%, 06/20/2035	57		62	5.50%, 02/15/2035	50		58
4.50%, 03/15/2039	434		478	5.50%, 03/15/2038	221		249
4.50%, 03/20/2039	89		96	5.50%, 06/15/2038	135		152
4.50%, 06/15/2039	66		73	5.50%, 10/20/2038	47		52
4.50%, 06/15/2039	61		67	5.50%, 01/15/2039	27		31
4.50%, 11/15/2039	15		16	5.50%, 02/15/2039	249		281
4.50%, 12/15/2039	116		129	5.50%, 06/15/2040	467		527
4.50%, 03/15/2040	659		728	5.50%, 07/20/2040	30		33
4.50%, 06/15/2040	62		68	5.50%, 04/20/2044	38		42
4.50%, 07/15/2040	4		5	5.50%, 07/20/2044	346		386
4.50%, 07/15/2040	588		648	5.50%, 08/20/2044	171		190
4.50%, 08/15/2040	80		88	5.50%, 09/20/2044	475		529
4.50%, 09/01/2040^(e)	1,075		1,183	6.00%, 07/20/2028	1		1
4.50%, 02/20/2041	74		82	6.00%, 07/15/2032	3		4
4.50%, 02/20/2041	59		64	6.00%, 12/15/2032	4		5
4.50%, 03/20/2041	59		65	6.00%, 11/20/2037	41		47
4.50%, 05/15/2041	36		40	6.00%, 01/15/2039	35		40
4.50%, 06/15/2041	24		27	6.50%, 05/15/2023	1		1
4.50%, 06/20/2041	40		44	6.50%, 05/20/2032	16		19
4.50%, 07/20/2041	79		87	7.00%, 03/15/2029	6		7
4.50%, 08/15/2041	19		21	7.00%, 07/15/2031	4		5
4.50%, 08/20/2041	41		45	8.00%, 08/20/2029	1		1
4.50%, 09/20/2041	37		41			$	138,024
4.50%, 10/01/2041^(e)	75		82	U.S. Treasury - 36.04%
4.50%, 09/20/2043	25		27	0.63%, 11/30/2017	2,375		2,372
4.50%, 10/20/2043	368		397	0.63%, 04/30/2018	3,213		3,205
4.50%, 11/20/2043	519		560	0.63%, 06/30/2018	2,370		2,363
4.50%, 01/20/2044	615		663	0.75%, 10/31/2017	6,145		6,147
4.50%, 02/20/2044	473		511	0.75%, 12/31/2017	3,100		3,100
4.50%, 05/20/2044	1,209		1,305	0.75%, 01/31/2018	2,770		2,770
4.50%, 07/20/2044	319		344	0.75%, 02/28/2018	6,562		6,560
4.50%, 08/20/2044	104		112	0.75%, 03/31/2018	3,634		3,633
4.50%, 09/20/2044	548		591	0.75%, 04/15/2018	2,145		2,144
4.50%, 10/20/2044	345		372	0.75%, 04/30/2018	2,500		2,499
4.50%, 02/20/2045	166		179	0.75%, 07/31/2018	2,350		2,348
4.50%, 04/20/2045	444		479	0.75%, 08/31/2018	2,345		2,342
4.50%, 05/15/2045	359		395	0.75%, 02/15/2019	3,220		3,211
4.50%, 05/20/2045	334		360	0.75%, 07/15/2019	2,165		2,156
4.50%, 09/01/2045	150		162	0.75%, 08/15/2019	2,165		2,155
4.50%, 09/15/2045	323		356	0.88%, 10/15/2017	4,985		4,994
4.50%, 09/15/2045	204		224	0.88%, 11/15/2017	4,855		4,864
4.50%, 12/20/2045	861		930	0.88%, 11/30/2017	1,795		1,798
4.50%, 02/20/2046	569		615	0.88%, 01/15/2018	2,805		2,810
4.50%, 03/20/2046	337		364	0.88%, 01/31/2018	2,749		2,754


Schedule of Investments
Bond Market Index Fund
August 31, 2016



U.S. GOVERNMENT & GOVERNMENT		Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)		Amount (000's)		Value(000	's)	AGENCY OBLIGATIONS (continued)		Amount (000's)		Value(000	's)
U.S. Treasury (continued)						U.S. Treasury (continued)
0.88%, 03/31/2018	$	3,485	$	3,490		1.50%, 08/15/2026	$	2,075	$	2,062
0.88%, 05/31/2018		2,850		2,854		1.63%, 03/31/2019		2,616		2,666
0.88%, 07/15/2018		1,501		1,503		1.63%, 04/30/2019		3,000		3,059
0.88%, 10/15/2018		2,760		2,763		1.63%, 06/30/2019		4,000		4,080
0.88%, 04/15/2019		2,175		2,175		1.63%, 07/31/2019		3,500		3,571
0.88%, 05/15/2019		2,205		2,205		1.63%, 08/31/2019		2,155		2,199
0.88%, 06/15/2019		2,185		2,183		1.63%, 12/31/2019		4,400		4,491
0.88%, 07/31/2019		2,270		2,268		1.63%, 06/30/2020		2,560		2,612
1.00%, 12/15/2017		2,300		2,308		1.63%, 07/31/2020		2,950		3,010
1.00%, 12/31/2017		2,400		2,408		1.63%, 11/30/2020		3,770		3,846
1.00%, 02/15/2018		3,095		3,106		1.63%, 08/15/2022		883		898
1.00%, 03/15/2018		2,140		2,148		1.63%, 11/15/2022		3,300		3,350
1.00%, 05/15/2018		4,205		4,220		1.63%, 04/30/2023		2,535		2,568
1.00%, 05/31/2018		2,388		2,396		1.63%, 05/31/2023		2,570		2,603
1.00%, 08/15/2018		1,714		1,720		1.63%, 02/15/2026		7,738		7,769
1.00%, 09/15/2018		1,161		1,165		1.63%, 05/15/2026		5,606		5,627
1.00%, 03/15/2019		2,335		2,343		1.75%, 10/31/2018		392		399
1.00%, 06/30/2019		750		752		1.75%, 09/30/2019		4,511		4,621
1.00%, 08/31/2019		1,545		1,549		1.75%, 10/31/2020		2,430		2,490
1.00%, 09/30/2019		2,173		2,177		1.75%, 12/31/2020		4,570		4,685
1.00%, 11/30/2019		930		931		1.75%, 02/28/2022		2,710		2,776
1.13%, 06/15/2018		2,170		2,182		1.75%, 03/31/2022		1,730		1,771
1.13%, 01/15/2019		2,630		2,646		1.75%, 04/30/2022		1,000		1,024
1.13%, 05/31/2019		750		755		1.75%, 05/15/2022		2,350		2,407
1.13%, 12/31/2019		1,620		1,627		1.75%, 09/30/2022		2,795		2,859
1.13%, 03/31/2020		1,600		1,605		1.75%, 01/31/2023		235		240
1.13%, 04/30/2020		3,005		3,014		1.75%, 05/15/2023		5,500		5,618
1.13%, 02/28/2021		4,500		4,494		1.88%, 09/30/2017		3,273		3,314
1.13%, 06/30/2021		2,800		2,792		1.88%, 10/31/2017		3,045		3,085
1.13%, 07/31/2021		1,570		1,565		1.88%, 06/30/2020		2,000		2,060
1.13%, 08/31/2021		3,755		3,745		1.88%, 11/30/2021		3,140		3,239
1.25%, 10/31/2018		3,050		3,077		1.88%, 05/31/2022		3,000		3,093
1.25%, 11/15/2018		1,655		1,669		1.88%, 08/31/2022		2,005		2,066
1.25%, 11/30/2018		1,930		1,947		1.88%, 10/31/2022		1,985		2,045
1.25%, 12/15/2018		2,150		2,169		2.00%, 07/31/2020		1,075		1,112
1.25%, 01/31/2019		2,319		2,341		2.00%, 09/30/2020		920		952
1.25%, 04/30/2019		1,000		1,010		2.00%, 11/30/2020		1,845		1,910
1.25%, 10/31/2019		796		803		2.00%, 02/28/2021		3,275		3,394
1.25%, 01/31/2020		3,960		3,992		2.00%, 05/31/2021		3,895		4,040
1.25%, 02/29/2020		1,255		1,265		2.00%, 08/31/2021		3,150		3,269
1.25%, 03/31/2021		2,220		2,227		2.00%, 10/31/2021		2,950		3,061
1.25%, 07/31/2023		2,530		2,500		2.00%, 11/15/2021		4,100		4,255
1.38%, 06/30/2018		3,546		3,583		2.00%, 02/15/2022		4,000		4,153
1.38%, 07/31/2018		1,800		1,819		2.00%, 07/31/2022		2,990		3,103
1.38%, 09/30/2018		4,631		4,684		2.00%, 11/30/2022		5,295		5,492
1.38%, 11/30/2018		299		303		2.00%, 02/15/2023		3,991		4,141
1.38%, 12/31/2018		715		724		2.00%, 02/15/2025		4,745		4,921
1.38%, 02/28/2019		4,291		4,345		2.00%, 08/15/2025		4,400		4,561
1.38%, 01/31/2020		2,540		2,571		2.13%, 08/31/2020		3,260		3,389
1.38%, 02/29/2020		2,900		2,935		2.13%, 01/31/2021		1,850		1,926
1.38%, 03/31/2020		2,010		2,034		2.13%, 06/30/2021		3,290		3,433
1.38%, 04/30/2020		2,005		2,029		2.13%, 08/15/2021		4,250		4,434
1.38%, 05/31/2020		1,966		1,988		2.13%, 09/30/2021		3,840		4,008
1.38%, 08/31/2020		2,250		2,273		2.13%, 12/31/2021		1,975		2,062
1.38%, 09/30/2020		3,000		3,030		2.13%, 06/30/2022		2,320		2,423
1.38%, 10/31/2020		2,370		2,393		2.13%, 12/31/2022		4,490		4,689
1.38%, 01/31/2021		2,090		2,109		2.13%, 05/15/2025		4,460		4,671
1.38%, 04/30/2021		1,670		1,685		2.25%, 11/30/2017		3,085		3,143
1.38%, 05/31/2021		1,310		1,322		2.25%, 04/30/2021		2,570		2,694
1.38%, 06/30/2023		4,045		4,031		2.25%, 07/31/2021		3,030		3,180
1.38%, 08/31/2023		2,530		2,517		2.25%, 11/15/2024		3,734		3,945
1.50%, 08/31/2018		5,473		5,547		2.25%, 11/15/2025		5,420		5,735
1.50%, 12/31/2018		3,100		3,146		2.25%, 08/15/2046		1,355		1,360
1.50%, 01/31/2019		4,190		4,254		2.38%, 05/31/2018		67		69
1.50%, 02/28/2019		2,200		2,235		2.38%, 06/30/2018		2,125		2,186
1.50%, 03/31/2019		750		762		2.38%, 12/31/2020		1,770		1,861
1.50%, 05/31/2019		1,670		1,697		2.38%, 08/15/2024		4,360		4,645
1.50%, 10/31/2019		3,165		3,218		2.50%, 08/15/2023		5,990		6,415
1.50%, 11/30/2019		2,110		2,145		2.50%, 05/15/2024		5,360		5,759
1.50%, 05/31/2020		2,590		2,631		2.50%, 02/15/2045		3,825		4,040
1.50%, 01/31/2022		1,560		1,578		2.50%, 02/15/2046		4,700		4,966
1.50%, 02/28/2023		500		503		2.50%, 05/15/2046		4,155		4,398
1.50%, 03/31/2023		2,805		2,820		2.63%, 01/31/2018		1,240		1,272


U.S. GOVERNMENT & GOVERNMENT	Principal					(c)	Security exempt from registration under Rule 144A of the Securities Act of
AGENCY OBLIGATIONS (continued)	Amount (000's)			Value(000	's)		1933. These securities may be resold in transactions exempt from
U.S. Treasury (continued)							registration, normally to qualified institutional buyers. At the end of the
2.63%, 04/30/2018	$	2,000	$	2,061			period, the value of these securities totaled $5,057 or 0.29% of net assets.
2.63%, 08/15/2020		2,400		2,540		(d)	Credit support indicates investments that benefit from credit enhancement
2.63%, 11/15/2020		4,770		5,059			or liquidity support provided by a third party bank, institution, or
2.75%, 12/31/2017		1,500		1,539			government agency.
2.75%, 02/28/2018		2,075		2,136		(e)	Security was purchased in a "to-be-announced" ("TBA") transaction. See
2.75%, 02/15/2019		1,900		1,988			Notes to Financial Statements for additional information.
2.75%, 11/15/2023		6,439		7,018
2.75%, 02/15/2024		6,750		7,367
2.75%, 08/15/2042		1,284		1,428
							Portfolio Summary (unaudited)
2.75%, 11/15/2042		3,640		4,044
2.88%, 03/31/2018		1,860		1,921		Sector		Percent
2.88%, 05/15/2043		2,935		3,335		Government		41.92	%
2.88%, 08/15/2045		3,850		4,379		Mortgage Securities		29.26	%
3.00%, 05/15/2042		400		465		Financial		8.44	%
3.00%, 11/15/2044		2,800		3,259		Investment Companies		7.81	%
3.00%, 05/15/2045		4,130		4,808		Consumer, Non-cyclical		4.49	%
3.00%, 11/15/2045		4,175		4,865		Energy		2.97	%
3.13%, 05/15/2019		3,490		3,698		Communications		2.82	%
3.13%, 05/15/2021		3,000		3,264		Industrial		2.04	%
3.13%, 02/15/2042		3,300		3,923		Utilities		1.92	%
3.13%, 02/15/2043		2,250		2,675		Consumer, Cyclical		1.66	%
3.13%, 08/15/2044		3,630		4,324		Technology		1.61	%
3.38%, 11/15/2019		3,115		3,351		Basic Materials		0.92	%
3.38%, 05/15/2044		3,865		4,813		Asset Backed Securities		0.41	%
3.50%, 02/15/2018		3,840		3,991		Revenue Bonds		0.39	%
3.50%, 05/15/2020		3,715		4,043		General Obligation Unlimited		0.39	%
3.50%, 02/15/2039		500		630		Insured		0.10	%
3.63%, 08/15/2019		3,720		4,012		General Obligation Limited		0.04	%
3.63%, 02/15/2020		5,198		5,656		Investments Sold Short		(0.04	)%
3.63%, 02/15/2021		3,100		3,429		Other Assets and Liabilities		(7.15	)%
3.63%, 08/15/2043		3,220		4,183		TOTAL NET ASSETS		100.00	%
3.63%, 02/15/2044		3,810		4,951
3.75%, 11/15/2018		1,750		1,862
3.75%, 11/15/2043		4,000		5,312
3.88%, 08/15/2040		910		1,210
4.00%, 08/15/2018		1,120		1,191
4.25%, 11/15/2017		1,166		1,215
4.25%, 05/15/2039		1,320		1,842
4.25%, 11/15/2040		1,453		2,038
4.38%, 02/15/2038		790		1,121
4.38%, 11/15/2039		500		710
4.38%, 05/15/2040		1,499		2,133
4.38%, 05/15/2041		1,713		2,452
4.50%, 02/15/2036		2,050		2,931
4.50%, 05/15/2038		1,080		1,560
4.50%, 08/15/2039		2,200		3,175
4.63%, 02/15/2040		1,530		2,248
4.75%, 02/15/2037		930		1,373
4.75%, 02/15/2041		709		1,066
5.00%, 05/15/2037		260		396
5.25%, 02/15/2029		1,500		2,100
5.38%, 02/15/2031		810		1,191
5.50%, 08/15/2028		666		943
6.13%, 11/15/2027		1,265		1,847
6.25%, 08/15/2023		2,370		3,136
6.25%, 05/15/2030		1,350		2,100
6.38%, 08/15/2027		275		407
6.50%, 11/15/2026		1,400		2,053
7.50%, 11/15/2024		1,000		1,471
8.13%, 05/15/2021		150		198
8.75%, 08/15/2020		1,500		1,947
			$	638,878
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS			$	1,127,103
Total Investments			$	1,900,433
Other Assets and Liabilities - (7.19)%			$	(127,529	)
TOTAL NET ASSETS - 100.00%			$	1,772,904


Schedule of Investments
Credit Opportunities Explorer Fund
August 31, 2016



	COMMON STOCKS - 0.03%		Shares Held		Value(000			's)				Principal
	Forest Products & Paper - 0.03%								BONDS (continued)			Amount (000's) Value (000's)
	Verso Corp ^(a)			796	$		5		Diversified Financial Services (continued)
									Springleaf Finance Corp
	TOTAL COMMON STOCKS				$		5		5.25%, 12/15/2019		$	40	$	41
	INVESTMENT COMPANIES - 10.40%		Shares Held		Value(000			's)				$		119
	Money Market Funds - 10.40%								Electronics - 2.68%
	BlackRock Liquidity Funds FedFund Portfolio			2,015,543			2,016		Keysight Technologies Inc
									4.55%, 10/30/2024			500		520
	TOTAL INVESTMENT COMPANIES				$		2,016
			Principal						Entertainment - 1.12%
	BONDS- 65.26	%	Amount (000's)		Value(000			's)	CCM Merger Inc
									9.13%, 05/01/2019^(d)			75		79
	Banks- 13.83	%
	Bank of Montreal								Eldorado Resorts Inc
	1.62%, 08/27/2021^(b)		$	750		$	751		7.00%, 08/01/2023			55		58
	Commonwealth Bank of Australia								GLP Capital LP / GLP Financing II Inc
	0.00%, 09/06/2021^{(a),(b),(c),(d)}			700			701		5.38%, 04/15/2026			20		22
	JPMorgan Chase & Co								WMG Acquisition Corp
	5.00%, 12/29/2049^(b),(e)			70			70		6.75%, 04/15/2022^(d)			55		58
	Popular Inc											$		217
	7.00%, 07/01/2019			50			52		Food- 0.41	%
	Svenska Handelsbanken AB								BI-LO LLC / BI-LO Finance Corp
	1.88%, 09/07/2021^(c)			600			598		9.25%, 02/15/2019^(d)			50		43
	Toronto-Dominion Bank/The								JBS USA LUX SA / JBS USA Finance Inc
	1.66%, 04/07/2021^(b)			500			507		5.88%, 07/15/2024^(d)			35		36
					$		2,679					$		79
	Beverages - 8.13%								Healthcare - Products - 0.25%
	Anheuser-Busch InBev Finance Inc								Universal Hospital Services Inc
	3.65%, 02/01/2026			296			316		7.63%, 08/15/2020			50		48
	Coca-Cola Co/The
	2.25%, 09/01/2026^(c)			550			550		Healthcare - Services - 0.44%
	Molson Coors Brewing Co								Centene Corp
	3.00%, 07/15/2026			700			709		5.63%, 02/15/2021			10		11
					$		1,575		6.13%, 02/15/2024			15		16
	Building Materials - 1.80%								MPH Acquisition Holdings LLC
									7.13%, 06/01/2024^(d)			55		59
	Owens Corning
	3.40%, 08/15/2026			350			349					$		86
									Home Builders - 0.24%
	Commercial Mortgage Backed Securities - 5.92%								WCI Communities Inc
	CD 2007-CD4 Commercial Mortgage Trust								6.88%, 08/15/2021			45		47
	5.37%, 12/11/2049			200			202
	COMM 2013-CCRE6 Mortgage Trust								Insurance - 9.36%
	4.31%, 03/10/2046^(b),(d)			100			89		Jackson National Life Global Funding
									3.05%, 04/29/2026^(d)			600		611
	Commercial Mortgage Pass Through
	Certificates								MetLife Inc
	4.93%, 10/15/2045^(b),(d)			100			103		10.75%, 08/01/2069			500		805
	JP Morgan Chase Commercial Mortgage								New York Life Global Funding
									2.35%, 07/14/2026^(d)			350		348
	Securities Trust 2007-C1
	6.19%, 02/15/2051^(b)			200			202		Voya Financial Inc
									5.65%, 05/15/2053^(b)			50		50
	JPMBB Commercial Mortgage Securities
	Trust 2014-C24											$		1,814
	1.22%, 11/15/2047^(b),(f)			2,701			147		Iron & Steel - 0.29%
	4.57%, 11/15/2047^(b)			225			240		Signode Industrial Group Lux SA/Signode
	Morgan Stanley Bank of America Merrill								Industrial Group US Inc
	Lynch Trust 2015-C25								6.38%, 05/01/2022^(d)			55		56
	3.64%, 10/15/2048			150			164
					$		1,147		Media- 1.86	%
	Computers - 4.04%								CCO Holdings LLC / CCO Holdings Capital
									Corp
	Apple Inc								5.88%, 04/01/2024^(d)			55		59
	4.65%, 02/23/2046			250			293
	Hewlett Packard Enterprise Co								Charter Communications Operating LLC /
	6.35%, 10/15/2045^(d)			250			258		Charter Communications Operating Capital
									6.83%, 10/23/2055^(d)			200		249
	Seagate HDD Cayman
	4.75%, 01/01/2025			250			231		WideOpenWest Finance LLC /
					$		782		WideOpenWest Capital Corp
									10.25%, 07/15/2019 ^(g)			50		53
	Diversified Financial Services - 0.62%
	Ally Financial Inc											$		361
	5.75%, 11/20/2025			35			37		Metal Fabrication & Hardware - 0.02%
	Credit Acceptance Corp								Wise Metals Intermediate Holdings LLC/Wise
	7.38%, 03/15/2023			20			21		Holdings Finance Corp
									9.75%, PIK 10.50%, 06/15/2019 ^(d),(h)			5		4
	Navient Corp
	5.00%, 10/26/2020			5			5
	5.88%, 03/25/2021			15			15


		Principal							Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)			Amount (000's)			Value(000			's)
Mining - 0.11%					Transportation (continued)
Teck Resources Ltd					Navios Maritime Acquisition Corp / Navios
3.75%, 02/01/2023	$	25	$	21	Acquisition Finance US Inc
						8.13%, 11/15/2021^(d)			$	120		$	91
Miscellaneous Manufacturers - 3.38%											$		142
Bombardier Inc					TOTAL BONDS						$		12,644
4.75%, 04/15/2019^(d)		50		50	SENIOR FLOATING RATE INTERESTS -				Principal
General Electric Co					0.26		%	Amount (000's)			Value(000			's)
1.65%, 03/15/2023^(b)		600		604
					Oil & Gas - 0.21%
		$		654	Chesapeake Energy Corp, Term Loan
Mortgage Backed Securities - 3.53%						0.00%, 08/17/2021^(b),(i)		$		40	$		41
Fannie Mae REMICS
5.48%, 07/25/2046^(b),(f)		183		49	REITS- 0.05%
5.53%, 01/25/2044^(b),(f)		274		50	iStar Inc, Term Loan B
5.63%, 11/25/2042^(b),(f)		174		44		5.50%, 07/01/2020^(b)				9			10
Ginnie Mae
5.09%, 02/20/2045^(b),(f)		218		44	TOTAL SENIOR FLOATING RATE INTERESTS						$		51
5.54%, 11/20/2040^(b),(f)		229		47

5.54%, 05/20/2046^(b),(f)		199		45		U.S. GOVERNMENT & GOVERNMENT		Principal
					AGENCY OBLIGATIONS - 25.77%			Amount (000's)			Value(000			's)
5.59%, 11/20/2041^(b),(f)		217		46
					U.S. Treasury - 25.77%
5.59%, 07/16/2043^(b),(f)		203		34
						1.13%, 08/31/2021		$		3,335	$		3,326
5.59%, 02/20/2046^(b),(f)		196		53
						1.38%, 01/31/2021				350			353
5.59%, 06/20/2046^(b),(f)		179		42
						1.50%, 08/15/2026				1,005			999
5.69%, 11/20/2045^(b),(f)		207		44
						1.75%, 01/31/2023				175			179
5.69%, 01/20/2046^(b),(f)		195		47
						2.50%, 05/15/2046				130			137
6.09%, 04/16/2040^(b),(f)		193		45
											$		4,994
6.14%, 12/20/2040^(b),(f)		241		48
6.14%, 04/16/2042^(b),(f)		207		46	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
					OBLIGATIONS						$		4,994
		$		684	Total Investments						$		19,710
Oil & Gas - 0.83%					Other Assets and Liabilities - (1.72)%						$		(334	)
Continental Resources Inc/OK					TOTAL NET ASSETS - 100.00%						$		19,376
4.50%, 04/15/2023		25		24
5.00%, 09/15/2022		15		14
EP Energy LLC / Everest Acquisition Finance					(a)	Non-Income Producing Security
Inc					(b)	Variable Rate. Rate shown is in effect at August 31, 2016.
7.75%, 09/01/2022		40		22	(c)	Security purchased on a when-issued basis.
9.38%, 05/01/2020		35		23	(d)	Security exempt from registration under Rule 144A of the Securities Act of
Halcon Resources Corp						1933. These securities may be resold in transactions exempt from
8.63%, 02/01/2020^(d)		40		38
						registration, normally to qualified institutional buyers. At the end of the
Whiting Petroleum Corp						period, the value of these securities totaled $3,228 or 16.66% of net assets.
5.00%, 03/15/2019		10		9	(e)	Perpetual security. Perpetual securities pay an indefinite stream of
5.75%, 03/15/2021		35		31		interest, but they may be called by the issuer at an earlier date.
		$		161	(f)	Security is an Interest Only Strip.
Pharmaceuticals - 2.73%					(g)	Security is Illiquid. At the end of the period, the value of these securities
Baxalta Inc						totaled $53 or 0.27% of net assets.
5.25%, 06/23/2045		450		529	(h)	Payment in kind; the issuer has the option of paying additional securities
						in lieu of cash.
Pipelines - 0.22%					(i)	This Senior Floating Rate Note will settle after August 31, 2016, at which
Tesoro Logistics LP / Tesoro Logistics						time the interest rate will be determined.
Finance Corp
6.13%, 10/15/2021		25		26
6.38%, 05/01/2024		15		16
		$		42		Portfolio Summary (unaudited)
Retail - 0.87%					Sector								Percent
BMC Stock Holdings Inc					Government								25.77	%
9.00%, 09/15/2018^(d)		45		47	Financial								23.85	%
Landry's Holdings II Inc					Consumer, Non-cyclical								11.96	%
10.25%, 01/01/2018 ^(d)		120		122	Investment Companies								10.40	%
		$		169	Mortgage Securities								9.45	%
Software - 0.39%					Industrial								8.61	%
Activision Blizzard Inc					Technology								4.44	%
6.13%, 09/15/2023^(d)		70		76	Communications								3.32	%
					Consumer, Cyclical								2.23	%
Telecommunications - 1.46%					Energy								1.26	%
Frontier Communications Corp					Basic Materials								0.43	%
11.00%, 09/15/2025		20		21	Other Assets and Liabilities								(1.72	)%
10.50%, 09/15/2022		10		11	TOTAL NET ASSETS								100.00	%
Verizon Communications Inc
4.13%, 08/15/2046		250		251
		$		283
Transportation - 0.73%
Eletson Holdings Inc
9.63%, 01/15/2022^(d)		70		51

(a) 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 requiredtobe 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.

Consolidated Schedule of Investments Diversified Real Asset Fund August 31, 2016


COMMON STOCKS - 48.86%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Agriculture - 0.10%					Engineering & Construction (continued)
Archer-Daniels-Midland Co	87,105	$	3,812		Eiffage SA	27,600	$	2,164
					Enav SpA ^(a),(c)	1,861,884		7,726
Automobile Manufacturers - 0.08%					Ferrovial SA	174,439		3,440
Mahindra & Mahindra Ltd	137,293		2,970		Flughafen Zuerich AG	46,887		8,679
					Fraport AG Frankfurt Airport Services	34,716		1,935
Building Materials - 0.35%					Worldwide
Boise Cascade Co ^(a)	127,562		3,347		Grupo Aeroportuario del Centro Norte SAB de	287,551		1,770
Builders FirstSource Inc ^(a)	212,855		2,924		CV
Norbord Inc ^(b)	278,421		6,688		Grupo Aeroportuario del Pacifico SAB de CV	55,100		548
		$	12,959		Hopewell Highway Infrastructure Ltd	3,794,000		2,209
Chemicals - 1.76%					Japan Airport Terminal Co Ltd	39,800		1,572
					SBA Communications Corp ^(a)	88,687		10,124
Agrium Inc	23,867		2,300
CF Industries Holdings Inc	153,093		3,980		Sydney Airport	484,688		2,649
Givaudan SA	2,664		5,510		Vinci SA	34,783		2,643
Ingevity Corp ^(a)	15,969		709				$	54,959
Koninklijke DSM NV	56,191		3,922		Environmental Control - 0.08%
Monsanto Co	49,046		5,223		Tomra Systems ASA ^(b)	277,475		3,095
Mosaic Co/The	245,020		7,368
Novozymes A/S	66,098		2,867		Food - 1.55%
OCI NV ^(a)	128,642		2,258		Ajinomoto Co Inc	222,600		4,724
Potash Corp of Saskatchewan Inc	65,638		1,189		Ariake Japan Co Ltd	38,300		1,812
Potash Corp of Saskatchewan Inc	269,095		4,871		Aryzta AG ^(a)	25,700		1,025
Symrise AG	40,574		2,985		BRF SA	187,100		3,118
Syngenta AG	33,406		14,584		Cal-Maine Foods Inc	34,511		1,585
Tessenderlo Chemie NV ^(a)	105,315		3,352		China Mengniu Dairy Co Ltd	1,000,000		1,891
Yara International ASA	122,720		4,346		Chr Hansen Holding A/S	40,718		2,471
		$	65,464		Emmi AG ^(a)	4,621		3,083
Commercial Services - 1.25%					Flowers Foods Inc	88,612		1,321
Abertis Infraestructuras SA	710,453		11,006		Fuji Oil Holdings Inc	179,100		3,482
Atlantia SpA	176,876		4,551		Hormel Foods Corp	56,180		2,149
Cengage Learning Holdings II Inc ^(a)	11,792		295		Iwatsuka Confectionery Co Ltd ^(b)	5,300		178
					Kato Sangyo Co Ltd ^(b)	66,400		1,455
COSCO SHIPPING Ports Ltd	4,028,000		4,357
Hamburger Hafen und Logistik AG	97,382		1,566		Leroy Seafood Group ASA	51,936		2,328
Hutchison Port Holdings Trust	10,542,952		4,529		McCormick & Co Inc/MD	47,517		4,845
Macquarie Atlas Roads Group	134,935		561		Salmar ASA	56,743		1,570
OHL Mexico SAB de CV ^(a)	2,480,000		3,502		Sanderson Farms Inc	20,271		1,951
Transurban Group	1,862,128		16,019		Sao Martinho SA	78,400		1,212
		$	46,386		Saputo Inc	103,349		3,436
Consumer Products - 0.15%					Sysco Corp	124,125		6,437
Kimberly-Clark Corp	42,474		5,439		Toyo Suisan Kaisha Ltd	68,900		2,826
					Tyson Foods Inc	37,971		2,869
					United Natural Foods Inc ^(a)	40,234		1,835
Cosmetics & Personal Care - 0.70%
Kao Corp	105,400		5,481				$	57,603
Svenska Cellulosa AB SCA	416,135		12,790		Forest Products & Paper - 4.31%
					Acadian Timber Corp ^(b)	142,091		1,973
Unicharm Corp	311,000		7,558
		$	25,829		BillerudKorsnas AB	132,651		2,262
					Canfor Corp ^(a)	545,094		6,330
Electric - 2.07%					Clearwater Paper Corp ^(a)	39,262		2,437
Ameren Corp	66,000		3,262		Deltic Timber Corp ^(b)	151,946		10,778
American Electric Power Co Inc	34,400		2,221
Dominion Resources Inc/VA	46,000		3,411		DS Smith PLC	505,867		2,715
DONG Energy A/S ^(a),(c)	26,400		1,047		Empresas CMPC SA	2,168,453		4,313
Duke Energy Corp	113,300		9,025		Ence Energia y Celulosa SA	80,202		203
Edison International	62,255		4,527		Fibria Celulose SA ADR	1,463,386		10,039
Enel SpA	1,002,388		4,430		Holmen AB	150,919		5,272
					Interfor Corp ^(a)	624,708		7,422
Engie SA	78,232		1,250
Eversource Energy	70,255		3,792		International Paper Co	177,191		8,592
Huadian Fuxin Energy Corp Ltd	9,024,000		2,321		Klabin SA	3,137,300		16,487
Hydro One Ltd ^(c)	23,853		477		Metsa Board OYJ	304,733		1,797
Iberdrola SA	1,148,476		7,565		Mondi PLC	537,886		10,945
					Pope Resources a Delaware LP ^(b)	70,006		4,447
Infraestructura Energetica Nova SAB de CV	613,200		2,367
NextEra Energy Inc	100,600		12,167		Smurfit Kappa Group PLC	391,266		9,657
Origin Energy Ltd	125,900		496		Smurfit Kappa Group PLC	27,633		684
PG&E Corp	300,752		18,628		Stora Enso OYJ	607,593		5,363
		$	76,986		Sumitomo Forestry Co Ltd	415,100		5,619
					Suzano Papel e Celulose SA	3,357,900		10,534
Electronics - 0.17%					TFS Corp Ltd ^(b)	3,175,625		3,745
Trimble Navigation Ltd ^(a)	225,833		6,188
					UPM-Kymmene OYJ	358,565		7,207
					West Fraser Timber Co Ltd	495,733		16,690
Energy - Alternate Sources - 0.06%
					Western Forest Products Inc	2,807,777		4,539
China Longyuan Power Group Corp Ltd	2,639,000		2,212
							$	160,050
Engineering & Construction - 1.48%					Gas - 1.95%
Aena SA ^(c)	51,631		7,298		Beijing Enterprises Holdings Ltd	203,000		1,162
Auckland International Airport Ltd	404,900		2,202		CenterPoint Energy Inc	97,114		2,182

Consolidated Schedule of Investments Diversified Real Asset Fund August 31, 2016


COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Gas (continued)					Pipelines (continued)
China Gas Holdings Ltd	1,481,134	$	2,514		Buckeye Partners LP	362,467	$	25,467
Enagas SA	83,747		2,461		Columbia Pipeline Partners LP	146,477		1,988
ENN Energy Holdings Ltd	664,951		3,718		Enbridge Energy Management LLC ^(a)	204,007		4,643
Hong Kong & China Gas Co Ltd	1,781,169		3,393		Enbridge Inc	558,509		22,027
National Grid PLC	1,302,908		17,931		Energy Transfer Equity LP	945,898		16,932
NiSource Inc	134,817		3,228		Energy Transfer Partners LP	495,366		19,785
ONE Gas Inc	33,143		2,029		Enterprise Products Partners LP	1,415,578		37,371
Sempra Energy	161,911		16,940		EQT Midstream Partners LP ^(b)	335,564		26,379
Snam SpA	1,290,559		7,163		Genesis Energy LP	316,270		11,319
Southcross Holdings Borrower LP ^(a),(b)	37		12		Kinder Morgan Inc/DE	965,100		21,087
Southwest Gas Corp	77,474		5,409		Koninklijke Vopak NV	68,877		3,501
Spire Inc	33,100		2,142		Magellan Midstream Partners LP	523,508		36,818
Western Gas Equity Partners LP	59,604		2,198		MPLX LP	783,079		25,943
		$	72,482		ONEOK Partners LP	552,210		21,398
Healthcare - Services - 0.00%					Pembina Pipeline Corp	68,506		2,061
Millennium Health LLC ^(a),(b)	33,861		26		Pembina Pipeline Corp	159,572		4,813
Millennium Health LLC ^(a),(b),(d)	20,580		—		Phillips 66 Partners LP	352,851		17,456
Millennium Health LLC ^(a),(b),(d)	19,318		—		Plains All American Pipeline LP	1,162,384		32,617
		$	26		Shell Midstream Partners LP	397,823		12,122
Holding Companies - Diversified - 0.32%					Spectra Energy Corp	162,362		5,784
China Merchants Port Holdings Co Ltd	3,195,376		9,082		Spectra Energy Partners LP	287,351		13,112
Empresas COPEC SA	325,843		2,854		Sunoco Logistics Partners LP	812,060		24,037
		$	11,936		Tallgrass Energy Partners LP	184,189		8,487
Home Builders - 0.41%					Tesoro Logistics LP	397,815		19,079
Lennar Corp - A Shares	128,056		6,057		TransCanada Corp	522,198		23,681
Toll Brothers Inc ^(a)	293,085		9,112		Veresen Inc	508,960		5,014
					Western Gas Partners LP ^(b)	388,280		19,538
		$	15,169
					Williams Cos Inc/The	1,168,445		32,646
Home Furnishings - 0.08%
Rational AG	6,070		2,979		Williams Partners LP	178,332		6,794
							$	507,721
Housewares - 0.06%					Real Estate - 1.59%
					ADO Properties SA ^(c)	159,149		6,968
Scotts Miracle-Gro Co/The	25,267		2,092
					Aeon Mall Co Ltd	384,400		5,418
Lodging - 0.10%					Deutsche Wohnen AG	430,573		16,164
City Developments Ltd	600,100		3,731		Fabege AB	415,259		7,697
					Mitsui Fudosan Co Ltd	546,000		11,790
Machinery - Diversified - 0.87%					New World Development Co Ltd	5,434,000		6,795
AGCO Corp	76,384		3,708		UNITE Group PLC/The	503,858		4,147
Alamo Group Inc	29,148		1,889				$	58,979
ANDRITZ AG	67,334		3,439		REITS - 11.70%
Bucher Industries AG	12,838		3,253		Agree Realty Corp	92,162		4,423
Deere & Co	95,243		8,053		Alexandria Real Estate Equities Inc	89,008		9,799
Krones AG	16,895		1,615		American Homes 4 Rent	242,050		5,294
Kubota Corp	172,700		2,539		American Tower Corp	209,574		23,762
Middleby Corp/The ^(a)	28,718		3,680		Apartment Investment & Management Co	102,441		4,628
Valmet OYJ	322,873		4,310		Assura PLC	3,885,804		2,985
		$	32,486		AvalonBay Communities Inc	71,081		12,440
Oil & Gas - 0.73%					Boston Properties Inc	58,494		8,197
					CatchMark Timber Trust Inc ^(b)	387,023		4,528
Antero Midstream Partners LP	343,306		9,462
Cheniere Energy Inc ^(a)	112,800		4,839		Crown Castle International Corp	202,861		19,224
EQT GP Holdings LP	85,787		2,152		CubeSmart	286,544		7,889
Valero Energy Partners LP ^(b)	253,229		10,608		DDR Corp	234,464		4,434
Vantage Drilling International ^(a),(d)	1,554		—		Dexus Property Group	836,490		6,102
		$	27,061		Digital Realty Trust Inc	67,699		6,708
					Duke Realty Corp	395,196		11,113
Oil & Gas Services - 0.10%
Targa Resources Corp	87,230		3,801		EPR Properties	86,790		6,797
					Equinix Inc	28,412		10,474
					Equity One Inc	247,730		7,690
Packaging & Containers - 1.35%
Ball Corp	69,416		5,497		Equity Residential	76,332		4,952
FP Corp	58,800		3,103		Essex Property Trust Inc	38,369		8,714
Graphic Packaging Holding Co	502,588		7,208		Federal Realty Investment Trust	28,836		4,585
					Fortune Real Estate Investment Trust	2,802,000		3,581
Huhtamaki OYJ	60,222		2,621		Frasers Logistics & Industrial Trust ^(a)	8,302,356		5,941
KapStone Paper and Packaging Corp	542,373		9,497
Mayr Melnhof Karton AG ^(b)	6,896		777		Gecina SA	52,480		8,225
Multi-Color Corp	33,424		2,234		General Growth Properties Inc	269,771		7,861
Packaging Corp of America	122,258		9,613		Goodman Group	2,009,319		11,441
WestRock Co	201,924		9,672		Great Portland Estates PLC	309,810		2,757
					Hoshino Resorts REIT Inc	157		1,872
		$	50,222
					Industrial & Infrastructure Fund Investment	471		2,346
Pharmaceuticals - 0.09%					Corp
Zoetis Inc	67,661		3,457
					Japan Hotel REIT Investment Corp	6,009		5,168
					Japan Logistics Fund Inc	1,689		3,851
Pipelines - 13.66%					Japan Retail Fund Investment Corp	2,830		6,363
APA Group	839,702		5,822
					Klepierre	150,453		7,066

Consolidated Schedule of Investments Diversified Real Asset Fund August 31, 2016


COMMON STOCKS (continued)			Shares Held	Value(000			's)			Principal
REITS (continued)								BONDS (continued)		Amount (000's)		Value(000			's)
Link REIT			1,322,000	$		9,603		Federal & Federally Sponsored Credit (continued)
Mirvac Group			2,615,430			4,552		Federal Farm Credit Banks (continued)
NewRiver REIT PLC			294,732			1,235		0.98%, 12/14/2017		$10,000			$	9,988
Nomura Real Estate Master Fund Inc			4,260			7,034							$	85,694
Orix JREIT Inc			3,264			5,709		Finance - Mortgage Loan/Banker - 4.96%
Physicians Realty Trust			450,552			9,646		Fannie Mae
Potlatch Corp			268,251			10,159		0.53%, 07/20/2017^(e)			13,175			13,177
Prologis Inc			190,643			10,125		0.60%, 12/20/2017^(e)			20,000			20,016
Public Storage			27,582			6,177		Fannie Mae Discount Notes
Rayonier Inc ^(b)			564,031			15,528		0.41%, 01/17/2017^(f)			3,000			2,995
Regency Centers Corp			50,489			4,066		Federal Home Loan Banks
Rexford Industrial Realty Inc			245,214			5,476		0.53%, 04/25/2017^(e)			7,000			7,001
Senior Housing Properties Trust			253,386			5,661		0.57%, 12/07/2017^(e)			8,500			8,504
Simon Property Group Inc			135,883			29,279		0.57%, 12/07/2017^(e)			10,000			10,004
SL Green Realty Corp			47,344			5,573		0.60%, 01/04/2018^(e)			2,000			2,004
STORE Capital Corp			177,267			5,252		0.61%, 06/16/2017^(e)			10,000			10,017
Sun Communities Inc			80,037			6,124		0.64%, 09/11/2017^(e)			15,000			15,033
Sunstone Hotel Investors Inc			203,583			2,828		0.64%, 10/25/2017^(e)			6,200			6,209
Unibail-Rodamco SE			13,159			3,621		0.66%, 09/07/2017^(e)			28,000			28,062
Viva Energy REIT ^(a)			1,200,886			2,292		0.66%, 10/27/2017^(e)			5,800			5,809
Welltower Inc			70,005			5,373		0.66%, 03/08/2018^(e)			10,000			10,023
Westfield Corp			1,020,583			7,828		Freddie Mac
Weyerhaeuser Co			958,213			30,519		0.75%, 02/26/2018^(e)			7,670			7,672
				$		434,870		1.00%, 03/08/2017			15,218			15,250
Retail - 0.06%								1.00%, 05/11/2018			5,955			5,949
Tractor Supply Co			25,886			2,173		1.05%, 02/26/2018			1,600			1,601
								1.05%, 05/25/2018			10,000			10,001
Storage & Warehousing - 0.06%								Freddie Mac Discount Notes
Safestore Holdings PLC			415,985			2,035		0.41%, 12/23/2016^(f)			5,000			4,995
												$		184,322
Telecommunications - 0.23%								Media- 0.01	%
Cellnex Telecom SA ^(c)			196,900			3,438		iHeartCommunications Inc
Eutelsat Communications SA			201,100			3,918		9.00%, 12/15/2019			523			423
Intelsat SA ^(a)			501,183			1,353
				$		8,709		Sovereign - 0.74%
Textiles - 0.26%								Deutsche Bundesrepublik Inflation Linked
Mohawk Industries Inc ^(a)			46,225			9,836		Bond
								0.10%, 04/15/2023		EUR	2,860			3,442
Transportation - 0.63%								Italy Buoni Poliennali Del Tesoro
East Japan Railway Co			61,736			5,302		1.25%, 09/15/2032^(c)			576			706
Groupe Eurotunnel SE			1,346,548			14,831		2.10%, 09/15/2016			11			12
Prumo Logistica SA ^(a)			897,274			1,942		2.35%, 09/15/2024^(c)			3,169			4,127
West Japan Railway Co			21,200			1,215		2.55%, 09/15/2041			1,397			2,128
				$		23,290		2.60%, 09/15/2023			315			416
Water- 0.50%								Japanese Government CPI Linked Bond
American Water Works Co Inc			75,405			5,579		0.10%, 09/10/2024		JPY	886,042			9,005
Cia de Saneamento Basico do Estado de Sao			122,100			1,105		0.10%, 03/10/2025			302,993			3,085
Paulo ADR								0.10%, 03/10/2026			67,230			687
Pennon Group PLC			775,166			8,939		New Zealand Government Bond
United Utilities Group PLC			241,304			3,082		2.52%, 09/20/2035^(e)		NZD	2,959			2,495
				$		18,705		3.07%, 09/20/2030^(e)			1,546			1,370
TOTAL COMMON STOCKS				$		1,815,712						$		27,473
INVESTMENT COMPANIES - 8.46%			Shares Held	Value(000			's)	TOTAL BONDS				$		297,912
Money Market Funds - 8.46%								COMMODITY INDEXED STRUCTURED		Principal
BlackRock Liquidity Funds FedFund Portfolio			7,906,309			7,906		NOTES- 1.01	%	Amount (000's)		Value(000			's)
Cash Account Trust - Government & Agency			157,200,689			157,201		Banks- 0.36	%
Portfolio - Government Cash Managed								Royal Bank of Canada; Dow Jones - UBS
Morgan Stanley Institutional Liquidity Funds -			149,323,074			149,323		Commodity Index Linked Note
Government Portfolio								0.36%, 01/11/2017^(c),(e)		$	3,900			4,238
				$		314,430		0.36%, 02/13/2017^(c),(e)			7,600			9,161
TOTAL INVESTMENT COMPANIES				$		314,430						$		13,399
			Principal					Supranational Bank - 0.65%
BONDS- 8.02	%		Amount (000's)	Value(000			's)	International Bank for Reconstruction &
Federal & Federally Sponsored Credit - 2.31%								Development; Dow Jones - UBS Commodity
Federal Farm Credit Banks								Index Linked Note
0.52%, 10/13/2017^(e)		$	18,000		$	17,995		0.99%, 01/19/2017^(e)			24,000			24,277
0.54%, 11/22/2017^(e)			5,000			4,999
0.54%, 03/22/2018^(e)			10,000			9,997		TOTAL COMMODITY INDEXED STRUCTURED NOTES				$		37,676
0.58%, 12/14/2016^(e)			20,000			20,008
0.63%, 08/01/2018^(e)			10,000			9,999
0.65%, 04/05/2018^(e)			4,700			4,701
0.66%, 01/25/2018^(e)			8,000			8,007

Consolidated Schedule of Investments Diversified Real Asset Fund August 31, 2016


			Principal					SENIOR FLOATING RATE INTERESTS		Principal
CONVERTIBLE BONDS - 0.00%			Amount (000's)	Value(000			's)	(continued)		Amount (000's)		Value(000	's)
Oil & Gas - 0.00%								Commercial Services (continued)
Vantage Drilling International								Allied Universal Holdco LLC, Term Loan
1.00%, PIK 1.00%, 12/31/2030^{(b),(d),(e),(g)}		$	269		$	123		4.75%, 07/27/2022^(e)	$	1,493	$	1,463
								Brand Energy & Infrastructure Services Inc,
TOTAL CONVERTIBLE BONDS				$		123		Term Loan B
SENIOR FLOATING RATE INTERESTS -			Principal					4.75%, 11/20/2020^(e)		907		896
15.94	%		Amount (000's)	Value(000			's)	Ceridian HCM Holding Inc, Term Loan B2
Advertising - 0.13%								4.50%, 09/15/2020^(e)		1,054		1,017
Advantage Sales & Marketing Inc, Term								Global Payments Inc, Term Loan B
Loan								4.02%, 03/24/2023^(e)		750		755
7.50%, 07/21/2022^(e)		$	1,000	$		951		KAR Auction Services Inc, Term Loan B3
Advantage Sales & Marketing Inc, Term Loan								4.25%, 03/04/2023^(e)		998		1,009
B								Laureate Education Inc, Term Loan B
4.25%, 07/21/2021^(e)			2,015			1,999		5.00%, 06/16/2018^(e)		122		121
Checkout Holding Corp, Term Loan B								Pharmaceutical Product Development LLC,
4.50%, 04/03/2021^(e)			1,715			1,518		Term Loan B
Getty Images Inc, Term Loan B								4.25%, 08/05/2022^(e)		4,364		4,376
0.00%, 10/03/2019^(e),(h)			630			533		ServiceMaster Co LLC/The, Term Loan B
								4.25%, 06/25/2021^(e)		6,687		6,727
				$		5,001
Aerospace & Defense - 0.18%								Syniverse Holdings Inc, Term Loan B
								4.00%, 04/23/2019^(e)		1,172		1,039
Sequa Corp, Term Loan B
5.25%, 05/29/2017^(e)			2,829			2,431		4.00%, 04/23/2019^(e)		2,207		1,960
TransDigm Inc, Term Loan D								WEX Inc, Term Loan B
3.75%, 05/21/2021^(e)			4,167			4,156		4.25%, 06/24/2023^(e)		1,000		1,007
				$		6,587					$	21,649
Airlines - 0.30%								Computers - 0.44%
American Airlines Inc, Term Loan B								CSRA Inc, Term Loan B
3.25%, 06/27/2020^(e)			3,404			3,402		3.75%, 10/06/2022^(e)		1,961		1,969
3.50%, 10/10/2021^(b),(e)			2,772			2,773		Harland Clarke Holdings Corp, Term Loan
American Airlines Inc, Term Loan B1								B3
3.50%, 05/23/2019^(e)			2,185			2,184		7.00%, 04/26/2018^(e)		1,988		1,954
Delta Air Lines Inc, Term Loan B1								Harland Clarke Holdings Corp, Term Loan
3.25%, 10/18/2018^(e)			2,659			2,664		B4
								6.99%, 08/30/2019^(e)		938		916
				$		11,023
Automobile Manufacturers - 0.07%								iQor US Inc, Term Loan B
								6.00%, 02/19/2021^(b),(e)		2,727		2,318
FCA US LLC, Term Loan B
3.25%, 12/05/2018^(e)			2,497			2,499		Riverbed Technology Inc, Term Loan B
								5.00%, 04/25/2022^(e)		1,951		1,962
Automobile Parts & Equipment - 0.05%								Western Digital Corp, Term Loan B
								4.50%, 04/29/2023^(e)		7,200		7,237
Allison Transmission Inc, Term Loan B3
3.50%, 09/23/2019^(e)			1,975			1,979					$	16,356
								Consumer Products - 0.51%
Beverages - 0.16%								Dell International LLC, Term Loan
								0.00%, 05/31/2019^(e),(h)		3,000		2,943
Jacobs Douwe Egberts BV, Term Loan B
4.25%, 07/02/2021^(e)			3,692			3,713		0.00%, 06/02/2021^(e),(h)		2,000		1,934
Keurig Green Mountain Inc, Term Loan B								Dell International LLC, Term Loan B2
5.25%, 01/21/2023^(e)			2,367			2,388		4.00%, 04/29/2020^(e)		10,591		10,623
				$		6,101		Dell International LLC, Term Loan C
								3.75%, 09/24/2018^(e)		1,371		1,369
Biotechnology - 0.11%

Concordia International Corp, Term Loan B								Prestige Brands Inc, Term Loan B3(e)
5.25%, 10/21/2021^(e)			4,489			4,244		4.12%, 09/03/2021		588		590
								Spectrum Brands Inc, Term Loan
								3.51%, 06/16/2022^(e)		1,521		1,527
Building Materials - 0.21%
Headwaters Inc, Term Loan B1											$	18,986
4.00%, 03/24/2022^(e)			4,975			4,975		Cosmetics & Personal Care - 0.05%
Quikrete Holdings Inc, Term Loan B								Revlon Consumer Products Corp, Term Loan
4.00%, 09/18/2020^(e)			945			948		0.00%, 07/21/2023^(e),(h)		2,000		1,997
Safway Group Holding LLC, Term Loan
5.75%, 08/04/2023^(e)			2,000			2,000		Distribution & Wholesale - 0.15%
				$		7,923		HD Supply Inc, Term Loan
								3.75%, 08/06/2021^(e)		1,816		1,825
Chemicals - 0.09%
Axalta Coating Systems US Holdings Inc,								Univar USA Inc, Term Loan B
								4.25%, 06/24/2022^(e)		3,624		3,617
Term Loan B
3.75%, 02/01/2020^(e)			422			424					$	5,442
Duke Finance LLC, Term Loan								Diversified Financial Services - 0.19%
0.00%, 10/28/2021^(e),(h)			1,500			1,474		AlixPartners LLP, Term Loan B
								4.50%, 07/22/2022^(e)		1,241		1,247
Minerals Technologies Inc, Term Loan B2
4.75%, 05/09/2021^(e)			1,305			1,312		Delos Finance Sarl, Term Loan B
								3.50%, 02/26/2021^(e)		1,250		1,253
				$		3,210
Commercial Services - 0.58%								Walter Investment Management Corp, Term
								Loan
Acosta Holdco Inc, Term Loan B								4.75%, 12/11/2020^(e)		5,110		4,676
4.25%, 09/26/2021^(e)			1,316			1,279
											$	7,176


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2016



	SENIOR FLOATING RATE INTERESTS			Principal			SENIOR FLOATING RATE INTERESTS		Principal
	(continued)			Amount (000's)	Value (000's)		(continued)		Amount (000's)	Value (000's)
	Electric - 0.63%						Healthcare - Products (continued)
	Calpine Corp, Term Loan B7						Carestream Health Inc, Term Loan
	3.64%, 05/05/2023^(e)		$	2,500	$	2,508	9.50%, 12/15/2019^(e)	$	729	$	686
	Dayton Power & Light Co/The, Term Loan B						Carestream Health Inc, Term Loan B
	0.00%, 08/19/2022^(e),(h)			2,250		2,266	5.00%, 06/05/2019^(e)		4,551		4,321
	Dynegy Inc, Term Loan C						ConvaTec Inc, Term Loan B
	5.00%, 06/22/2023^(e)			2,000		2,000	4.25%, 12/22/2016^(e)		6,873		6,888
	Energy Future Intermediate Holding Co LLC,						DJO Finance LLC, Term Loan B
	DIP Term Loan						4.25%, 06/24/2020^(e)		1,733		1,669
	4.25%, 12/19/2016^(e)			5,500		5,521	Kinetic Concepts Inc, Term Loan F1
	Texas Competitive Electric Holdings Co LLC,						5.00%, 11/04/2020^(e)		12,114		12,160
	Term Loan						Sterigenics-Nordion Holdings LLC, Term
	7.08%, 07/27/2023^(e)			8,957		8,977	Loan B
	7.08%, 07/27/2023^(e)			2,043		2,048	4.25%, 05/06/2022^(e)		2,360		2,353
				$		23,320			$		28,324
	Electronics - 0.07%						Healthcare - Services - 0.87%
	TTM Technologies Inc, Term Loan B						Ardent Legacy Acquisitions Inc, Term Loan
	6.00%, 05/07/2021^(e)			2,490		2,493	B
							6.50%, 07/30/2021^(e)		246		245
	Engineering & Construction - 0.07%						CHS/Community Health Systems Inc, Term
	AECOM, Term Loan B						Loan F
	3.75%, 09/17/2021^(e)			946		952	4.09%, 01/25/2018^(e)		28		28
	Engility Corp, Term Loan						CHS/Community Health Systems Inc, Term
	5.75%, 08/04/2023^(e)			1,456		1,466	Loan G
				$		2,418	3.75%, 12/13/2019^(e)		2,813		2,700
	Entertainment - 0.66%						CHS/Community Health Systems Inc, Term
	CCM Merger Inc, Term Loan B						Loan H
	4.50%, 07/30/2021^(e)			1,468		1,476	4.00%, 01/14/2021^(e)		5,627		5,392
	Delta 2 Lux Sarl, Term Loan B						DaVita HealthCare Partners Inc, Term Loan
	7.75%, 07/29/2022^(e)			2,250		2,227	B
	Delta 2 Lux Sarl, Term Loan B3						3.50%, 06/24/2021^(e)		1,683		1,691
	4.75%, 07/30/2021^(e)			5,368		5,337	Drumm Investors LLC, Term Loan
	SGMS Escrow Corp, Term Loan B2						9.50%, 05/04/2018^(e)		1,940		1,901
	6.00%, 09/17/2021^(e)			12,154		12,145	HCA Inc, Term Loan
	William Morris Endeavor Entertainment LLC,						3.57%, 02/05/2024^(e)		3,000		3,027
	Term Loan B						3.77%, 03/01/2023^(e)		3,226		3,263
	5.25%, 05/06/2021^(e)			2,207		2,209	Heartland Dental LLC, Term Loan
	WMG Acquisition Corp, Term Loan B						5.50%, 12/21/2018^(e)		2,914		2,894
	3.75%, 07/07/2020^(e)			992		988	IASIS Healthcare LLC, Term Loan B2
				$		24,382	4.50%, 05/03/2018^(e)		4,127		4,077
	Environmental Control - 0.24%						MPH Acquisition Holdings LLC, Term Loan
							B
	Advanced Disposal Services Inc, Term Loan						5.00%, 05/25/2023^(e)		1,750		1,768
	B2
	3.75%, 10/09/2019^(e)			6,702		6,692	Quorum Health Corp, Term Loan
	Tervita Corp, Term Loan B						6.75%, 04/29/2022^(e)		4,498		4,301
	6.25%, 05/14/2018^(e)			2,211		2,157	Select Medical Corp, Term Loan F
							6.00%, 03/03/2021^(e)		964		970
				$		8,849
	Food- 0.91	%							$		32,257
	AdvancePierre Foods Inc, Term Loan B						Holding Companies - Diversified - 0.28%
	4.50%, 05/26/2023^(e)			2,106		2,120	Emerald Expositions Holding Inc, Term Loan
	Albertsons LLC, Term Loan B4						B
	4.50%, 08/25/2021^(e)			10,763		10,804	4.75%, 06/17/2020^(e)		2,868		2,870
	Albertsons LLC, Term Loan B6						MGOC Inc, Term Loan B
	4.75%, 06/01/2023^(e)			8,019		8,062	4.00%, 07/30/2020^(e)		2,986		2,986
	Pinnacle Foods Finance LLC, Term Loan G						Travelport Finance Luxembourg Sarl, Term
	3.25%, 04/29/2020^(e)			2,425		2,431	Loan B
							5.00%, 09/02/2021^(e)		4,426		4,429
	Pinnacle Foods Finance LLC, Term Loan H
	3.25%, 04/29/2020^(e)			486		487			$		10,285
	SUPERVALU Inc, Term Loan						Insurance - 0.11%
	5.50%, 03/21/2019^(e)			3,569		3,570	Alliant Holdings Intermediate LLC, Term
	US Foods Inc, Term Loan B						Loan B
	4.00%, 06/15/2023^(e)			5,534		5,558	4.50%, 07/27/2022^(e)		1,995		1,987
	Wilton Brands LLC, Term Loan						HUB International Ltd, Term Loan B
	8.50%, 08/22/2018^(b),(e)			1,056		871	4.00%, 09/17/2020^(e)		2,209		2,200
				$		33,903			$		4,187
	Gas- 0.00	%					Internet - 0.30%
	Southcross Holdings Borrower LP, Term Loan						EIG Investors Corp, Term Loan B
	B						6.48%, 11/09/2019^(e)		2,077		1,956
	4.50%, PIK 5.50%, 04/13/2023^(b),(e),(g)			33		28	TIBCO Software Inc, Term Loan B
							6.50%, 11/25/2020^(e)		4,597		4,480
	Healthcare - Products - 0.76%						Uber Technologies Inc, Term Loan B
	AlereInc,Term Loan B						5.00%, 07/07/2023^(e)		4,250		4,253
	4.50%, 06/10/2022^(e)			251		247


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2016



	SENIOR FLOATING RATE INTERESTS			Principal			SENIOR FLOATING RATE INTERESTS		Principal
	(continued)			Amount (000's)	Value (000's)		(continued)		Amount (000's)	Value (000's)
	Internet (continued)						Media (continued)
	VFH Parent LLC, Term Loan B						iHeartCommunications Inc, Term Loan D-
	5.25%, 11/05/2019^(e)		$	304	$	304	EXT
	Zayo Group LLC, Term Loan B						7.27%, 01/22/2019^(e)	$	21,205	$	16,254
	3.75%, 05/06/2021^(e)			135		135	iHeartCommunications Inc, Term Loan E
				$		11,128	8.02%, 07/30/2019^(e)		2,986		2,282
	Investment Companies - 0.01%						McGraw-Hill Global Education Holdings
	New Millennium Holdco Inc, Term Loan						LLC, Term Loan
	7.50%, 12/21/2020^(b),(e)			1,153		548	5.00%, 05/02/2022^(e)		2,500		2,511
							Mediacom Illinois LLC, Delay-Draw Term
	Leisure Products & Services - 0.11%						Loan G-DD
	Equinox Holdings Inc, Term Loan B						3.50%, 06/18/2021^(e)		491		492
	5.00%, 01/31/2020^(e)			1,210		1,214	MTL Publishing LLC, Term Loan B3
	Life Time Fitness Inc, Term Loan B						4.00%, 08/12/2022^(e)		2,920		2,920
	4.25%, 06/03/2022^(e)			1,980		1,981	Springer Science+Business Media GmbH,
	Sabre GLBL Inc, Term Loan B2						Term Loan B9
	4.50%, 02/19/2019^(e)			807		809	4.75%, 08/14/2020^(e)		1,629		1,576
				$		4,004	Tribune Media Co, Term Loan B
							3.75%, 12/27/2020^(e)		4,137		4,145
	Leisure Time - 0.04%
	Planet Fitness, Term Loan						Virgin Media Investment Holdings Ltd, Term
	4.50%, 03/26/2021^(e)			1,237		1,244	Loan F
							3.65%, 06/07/2023^(e)		904		904
	Sabre GLBL Inc, Term Loan C
	4.00%, 02/15/2018^(e)			180		180	WideOpenWest Finance LLC, Term Loan
							0.00%, 08/18/2023^(e),(h)		2,453		2,440
				$		1,424
	Lodging - 0.32%						Ziggo BV, Delay-Draw Term Loan B3-DD
							3.70%, 01/15/2022^(e)		2,210		2,199
	Boyd Gaming Corp, Term Loan
	0.00%, 08/16/2023^(e),(h)			1,830		1,837	Ziggo BV, Term Loan B1
							3.65%, 01/15/2022^(e)		2,099		2,088
	Boyd Gaming Corp, Term Loan B
	4.00%, 08/07/2020^(e)			1,830		1,834	Ziggo BV, Term Loan B2
							3.66%, 01/15/2022^(e)		1,441		1,434
	CityCenter Holdings LLC, Term Loan B
	4.25%, 10/09/2020^(e)			1,826		1,836			$		61,805
	Extended Stay America Inc, Term Loan						Mining - 0.15%
	0.00%, 08/17/2023^(e),(h)			2,500		2,505	Fairmount Santrol Inc, Term Loan B2
							0.00%, 09/05/2019^(e),(h)		2,500		2,163
	Hilton Worldwide Finance LLC, Term Loan
	B1						FMG Resources August 2006 Pty Ltd, Term
	3.50%, 09/23/2020^(e)			268		269	Loan B
							3.75%, 06/30/2019^(e)		3,285		3,265
	Hilton Worldwide Finance LLC, Term Loan
	B2								$		5,428
	2.74%, 10/26/2023^(e)			2,743		2,755	Miscellaneous Manufacturers - 0.05%
	Intrawest Operations Group LLC, Term Loan						Gates Global LLC, Term Loan B
	B						4.25%, 06/11/2021^(e)		2,027		1,994
	5.00%, 11/26/2020^(e)			1,039		1,043
				$		12,079	Oil & Gas - 0.24%
	Machinery - Construction & Mining - 0.02%						Drillships Financing Holding Inc, Term Loan
	North American Lifting Holdings Inc, Term						B1
	Loan						6.00%, 02/02/2021^(e)		2,209		1,012
	5.50%, 11/26/2020^(e)			1,034		788	EP Energy LLC, Term Loan
							0.00%, 06/30/2021^(e),(h)		160		157
	Machinery - Diversified - 0.25%						EP Energy LLC, Term Loan B2
							0.00%, 04/30/2019^(e),(h)		1,200		1,170
	Gardner Denver Inc, Term Loan
	4.25%, 07/23/2020^(e)			3,747		3,553	EP Energy LLC, Term Loan B3
	RBS Global Inc, Term Loan B						0.00%, 05/24/2018^(e),(h)		1,500		1,466
	4.00%, 05/14/2020^(e)			2,319		2,318	Fieldwood Energy LLC, Term Loan
							8.00%, 08/31/2020^(e)		1,346		1,117
	Zebra Technologies Corp, Term Loan B
	4.00%, 10/27/2021^(e)			3,325		3,356	8.37%, 09/17/2020^(e)		2,514		1,678
							8.38%, 09/20/2020^(e)		914		329
				$		9,227
	Media- 1.66	%					Fieldwood Energy LLC, Term Loan B
							3.88%, 09/28/2018^(e)		1,664		1,418
	Altice US Finance I Corp, Term Loan B
	4.25%, 12/14/2022^(e)			6,115		6,138	Seadrill Operating LP, Term Loan B
							4.00%, 02/12/2021^(e)		1,065		511
	Charter Communications Operating LLC,
	Term Loan F								$		8,858
	3.00%, 01/19/2021^(e)			2,992		2,994	Oil & Gas Services - 0.03%
	Charter Communications Operating LLC,						Seventy Seven Operating LLC, Term Loan B
							3.75%, 06/17/2021^(e)		1,188		1,034
	Term Loan I
	3.50%, 01/24/2023^(e)			4,988		5,012
	Cumulus Media Holdings Inc, Term Loan B						Packaging & Containers - 0.28%
	4.25%, 12/18/2020^(e)			8,436		5,856	BWAY Holding Co, Term Loan B
	Gray Television Inc, Term Loan B						5.50%, 08/07/2020^(e)		3,083		3,093
	3.94%, 06/10/2021^(e)			594		596	Reynolds Group Holdings Inc, Term Loan
							0.00%, 01/20/2023^(e),(h)		7,000		7,007
	Houghton Mifflin Harcourt Publishers Inc,
	Term Loan B
	4.00%, 05/11/2021^(e)			1,980		1,964


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2016



	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)						Retail (continued)
	SIG Combibloc PurchaseCo Sarl, Term Loan						Rite Aid Corp, Term Loan 2
	B						4.88%, 06/11/2021^(e)	$	2,750	$	2,754
	4.25%, 02/03/2022^(e)		$	247	$	247	Serta Simmons Bedding LLC, Term Loan B
				$		10,347	4.25%, 10/01/2019^(e)		664		666
	Pharmaceuticals - 0.51%								$		44,815
	Catalent Pharma Solutions Inc, Term Loan B						Semiconductors - 0.53%
	4.25%, 05/07/2021^(e)			4,780		4,804	Avago Technologies Cayman Finance Ltd,
	DPx Holdings BV, Term Loan B						Term Loan B3
	4.25%, 01/22/2021^(e)			2,207		2,197	3.51%, 02/01/2023^(e)		7,620		7,685
	Grifols Worldwide Operations USA Inc, Term						Cavium Inc, Term Loan
	Loan B						3.75%, 08/10/2022^(e)		3,000		3,008
	3.44%, 03/05/2021^(e)			816		822	Microsemi Corp, Term Loan B
	PRA Holdings Inc, Term Loan						3.75%, 12/17/2022^(e)		1,305		1,313
	4.50%, 09/18/2020^(e)			4,361		4,380	NXP BV, Term Loan B
	Valeant Pharmaceuticals International Inc,						3.75%, 11/05/2020^(e)		1,600		1,608
	Term Loan BD2						NXP BV, Term Loan D
	5.00%, 02/13/2019^(e)			242		242	3.25%, 01/10/2020^(e)		3,123		3,131
	Valeant Pharmaceuticals International Inc,						ON Semiconductor Corp, Term Loan B
	Term Loan BE1						5.25%, 03/31/2023^(e)		2,750		2,784
	5.25%, 06/26/2020^(e)			4,415		4,407			$		19,529
	Valeant Pharmaceuticals International Inc,						Software - 1.41%
	Term Loan BF1						Blackboard Inc, Term Loan B3
	5.50%, 03/11/2022^(e)			1,251		1,253	4.75%, 10/04/2018^(e)		3,478		3,425
	Vizient Inc, Term Loan B						BMC Software Finance Inc, Term Loan B
	6.25%, 02/09/2023^(e)			748		756	5.00%, 08/07/2020^(e)		5,491		5,235
				$		18,861	Cengage Learning Inc, Term Loan B
	Real Estate - 0.11%						5.25%, 06/07/2023^(e)		3,922		3,915
	Capital Automotive LP, Term Loan						Change Healthcare Holdings Inc, Term Loan
	6.00%, 04/18/2020^(e)			1,861		1,869	B2
	Capital Automotive LP, Term Loan B						3.75%, 11/02/2018^(e)		3,117		3,114
	4.00%, 04/05/2019^(e)			765		767	Compuware Corp, Term Loan B2
	Realogy Group LLC, Term Loan B						6.25%, 12/10/2021^(e)		4,891		4,751
	3.75%, 07/14/2022^(e)			1,514		1,522	First Data Corp, Term Loan B
				$		4,158	4.52%, 03/24/2021^(e)		12,928		12,988
	REITS- 0.22	%					Genesys Telecommunications Laboratories
	Communications Sales & Leasing Inc, Term						Inc, Term Loan
	Loan B						4.50%, 11/04/2020^(e)		1,950		1,945
	5.00%, 10/14/2022^(e)			7,414		7,414	Infor US Inc, Term Loan B5
	Starwood Property Trust Inc, Term Loan B						3.75%, 06/03/2020^(e)		3,126		3,090
	3.50%, 04/17/2020^(e)			717		716	Informatica LLC, Term Loan B
				$		8,130	4.50%, 06/03/2022^(e)		993		958
	Retail - 1.21%						MA FinanceCo LLC, Term Loan B2
							4.50%, 11/20/2021^(e)		348		348
	1011778 BC ULC, Term Loan B2
	3.75%, 12/10/2021^(e)			10,195		10,233	MA FinanceCo LLC, Term Loan C
	Academy Ltd, Term Loan B						4.50%, 10/07/2021^(e)		525		526
	5.00%, 06/16/2022^(e)			1,429		1,394	Magic Newco LLC, Term Loan B
							5.00%, 12/02/2018^(e)		2,181		2,188
	Bass Pro Group LLC, Term Loan B
	4.00%, 06/05/2020^(e)			988		982	Sophia LP, Term Loan B
							4.75%, 09/22/2016^(e)		5,091		5,093
	Belk Inc, Term Loan B
	5.75%, 11/18/2022^(e)			1,990		1,739	SS&C European Holdings SARL, Term Loan
	BJ's Wholesale Club Inc, Term Loan						B2
	8.50%, 03/21/2020^(e)			249		249	4.00%, 06/29/2022^(e)		534		537
	BJ's Wholesale Club Inc, Term Loan B						SS&C Technologies Inc, Term Loan B1
	4.50%, 09/26/2019^(e)			3,430		3,426	4.00%, 06/29/2022^(e)		4,193		4,219
	DollarTreeInc,Term Loan B1								$		52,332
	3.50%, 05/26/2022^(e)			3,546		3,552	Telecommunications - 0.53%
	DollarTreeInc,Term Loan B2						Avaya Inc, Term Loan B3
	4.18%, 05/26/2022^(e)			1,300		1,316	5.24%, 10/26/2017^(e)		2,259		1,811
	Gymboree Corp/The, Term Loan						Avaya Inc, Term Loan B6
	0.00%, 02/23/2018^(e),(h)			2,250		1,759	6.50%, 03/31/2018^(e)		2,621		2,049
	Hudson's Bay Co, Term Loan B						Avaya Inc, Term Loan B7
	4.75%, 08/12/2022^(e)			1,152		1,154	6.25%, 04/30/2020^(e)		246		184
	Jo-Ann Stores LLC, Term Loan						Cincinnati Bell Inc, Term Loan B
	4.00%, 03/19/2018^(e)			1,846		1,844	4.00%, 08/20/2020^(e)		973		973
	Michaels Stores Inc, Term Loan B						CommScope Inc, Term Loan B
	3.75%, 01/24/2020^(e)			1,032		1,036	3.75%, 12/29/2022^(e)		615		617
	Petco Animal Supplies Inc, Term Loan B1						FairPoint Communications Inc, Term Loan B
	5.00%, 01/15/2023^(e)			3,783		3,814	7.50%, 02/14/2019^(e)		3,872		3,868
	PetSmart Inc, Term Loan B						Intelsat Jackson Holdings SA, Term Loan B2
	4.25%, 03/10/2022^(e)			5,382		5,389	3.75%, 06/30/2019^(e)		2,603		2,469
	Rite Aid Corp, Term Loan 1						T-Mobile USA Inc, Term Loan B
	5.75%, 07/07/2020^(e)			3,500		3,508	3.50%, 11/03/2022^(e)		1,791		1,802

Consolidated Schedule of Investments Diversified Real Asset Fund August 31, 2016


SENIOR FLOATING RATE INTERESTS			Principal
(continued)			Amount (000's)		Value(000	's)
							(a)	Non-Income Producing Security
Telecommunications (continued)
							(b)	Security is Illiquid. At the end of the period, the value of these securities
UPC Financing Partnership, Term Loan AN								totaled $116,416 or 3.13% of net assets.
4.08%, 07/29/2024^(e)		$	6,000	$	5,978

				$	19,751		(c)	Security exempt from registration under Rule 144A of the Securities Act of
								1933. These securities may be resold in transactions exempt from
Transportation - 0.14%								registration, normally to qualified institutional buyers. At the end of the
CEVA Group PLC, SYNTH LOC								period, the value of these securities totaled $45,186 or 1.22% of net assets.
6.50%, 03/19/2021^(e)			371		296
							(d)	Fair value of these investments is determined in good faith by the Manager
CEVA Group PLC, Term Loan								under procedures established and periodically reviewed by the Board of
6.50%, 03/12/2021^(e)			528		421			Directors. At the end of the period, the fair value of these securities totaled
6.50%, 03/19/2021^(e)			66		52			$123 or 0.00% of net assets.

CEVA Intercompany BV, Term Loan							(e)	Variable Rate. Rate shown is in effect at August 31, 2016.
6.50%, 03/19/2021^(e)			383		305
							(f)	Rate shown is the discount rate of the original purchase.
Commercial Barge Line Co, Term Loan B							(g)	Payment in kind; the issuer has the option of paying additional securities
9.75%, 11/06/2020^(e)			988		943			in lieu of cash.

HGIM Corp, Term Loan B							(h)	This Senior Floating Rate Note will settle after August 31, 2016, at which
5.50%, 06/12/2020^(e)			2,188		1,258			time the interest rate will be determined.

XPO Logistics Inc, Term Loan B
5.50%, 10/27/2021^(e)			1,990		1,999		(i)	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
				$	5,274			these securities totaled $20,043 or 0.54% of net assets.
TOTAL SENIOR FLOATING RATE INTERESTS				$	592,133
U.S. GOVERNMENT & GOVERNMENT			Principal
AGENCY OBLIGATIONS - 18.74%			Amount (000's)		Value(000	's)
U.S. Treasury - 2.44%								Portfolio Summary (unaudited)
0.50%, 10/31/2017^(e)		$	10,000	$	10,014		Sector		Percent
0.53%, 04/30/2018^(e)			20,000		20,021		Government		27.40	%
0.61%, 01/31/2018^(e),(i)			21,000		21,045		Energy		14.82	%
0.63%, 11/15/2016			8,000		8,005		Financial		14.29	%
0.88%, 01/31/2017			31,400		31,459		Investment Companies		8.46	%
				$	90,544		Consumer, Non-cyclical		8.30	%
U.S. Treasury Inflation-Indexed Obligations - 16.30%							Industrial		6.44	%
0.13%, 04/15/2018			1,460		1,467		Basic Materials		6.31	%
0.13%, 04/15/2019			48,271		48,699		Utilities		5.15	%
0.13%, 04/15/2020			44,854		45,294		Consumer, Cyclical		4.02	%
0.13%, 04/15/2021			34,674		35,031		Communications		2.86	%
0.13%, 01/15/2022			14,070		14,200		Technology		2.38	%
0.13%, 07/15/2022			20,532		20,763		Diversified		0.60	%
0.13%, 01/15/2023			30,423		30,608		Purchased Options		0.05	%
0.13%, 07/15/2024			40,104		40,281		Purchased Interest Rate Swaptions		0.03	%
0.13%, 07/15/2026			16,577		16,615		Purchased Capped Options		0.00	%
0.25%, 01/15/2025			19,499		19,683		Other Assets and Liabilities		(1.11	)%
0.38%, 07/15/2023			21,630		22,191		TOTAL NET ASSETS		100.00	%
0.38%, 07/15/2025			18,450		18,878
0.63%, 07/15/2021			25,253		26,225
0.63%, 01/15/2024			24,058		25,016
0.63%, 01/15/2026			38,726		40,402
0.63%, 02/15/2043			12,395		12,499
0.75%, 02/15/2042			13,602		14,086
0.75%, 02/15/2045			9,171		9,533
1.00%, 02/15/2046			5,483		6,113
1.13%, 01/15/2021			16,633		17,533
1.25%, 07/15/2020			4,864		5,152
1.38%, 01/15/2020			7,203		7,589
1.38%, 02/15/2044			12,772		15,246
1.75%, 01/15/2028			7,859		9,151
2.00%, 01/15/2026			5,463		6,364
2.13%, 02/15/2040			5,684		7,604
2.13%, 02/15/2041			19,282		26,033
2.38%, 01/15/2025			8,869		10,496
2.38%, 01/15/2027			7,151		8,699
2.50%, 01/15/2029			7,668		9,700
3.38%, 04/15/2032			5,478		8,015
3.63%, 04/15/2028			11,211		15,436
3.88%, 04/15/2029			7,723		11,093
				$	605,695
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS				$	696,239
TOTAL PURCHASED OPTIONS - 0.05%				$	1,909
TOTAL PURCHASED CAPPED OPTIONS - 0.00%				$	—
TOTAL PURCHASED INTEREST RATE SWAPTIONS -
0.03	%			$	1,178
Total Investments				$	3,757,312
Other Assets and Liabilities - (1.11)%				$	(41,124	)
TOTAL NET ASSETS - 100.00%				$	3,716,188


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2016


Foreign Currency Contracts

									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For		Fair Value		Asset		Liability
Barclays Bank PLC	10/26/2016	AUD	8,517,105	$	6,461	$	6,391	$	—	$	(70	)
Barclays Bank PLC	10/26/2016	CHF	6,656,733		6,978		6,793		—		(185	)
Barclays Bank PLC	10/26/2016	CLP	2,173,112,600		3,242		3,181		—		(61	)
Barclays Bank PLC	10/26/2016	GBP	4,706,000		6,212		6,186		—		(26	)
Barclays Bank PLC	10/26/2016	JPY	1,378,821,040		13,600		13,360		—		(240	)
Credit Suisse	09/06/2016	EUR	1,900,000		2,159		2,120		—		(39	)
Deutsche Bank AG	09/02/2016	JPY	123,857,452		1,215		1,197		—		(18	)
Deutsche Bank AG	09/06/2016	NZD	1,000,000		729		725		—		(4	)
Deutsche Bank AG	09/09/2016	JPY	246,492,204		2,408		2,383		—		(25	)
Deutsche Bank AG	10/26/2016	BRL	52,306,463		15,940		15,940		71		(71	)
Deutsche Bank AG	10/26/2016	EUR	24,233,000		26,982		27,090		115		(7	)
Deutsche Bank AG	10/26/2016	JPY	1,392,303,235		13,326		13,491		165		—
Deutsche Bank AG	10/26/2016	NOK	56,039,752		6,800		6,729		—		(71	)
Goldman Sachs & Co	09/06/2016	EUR	2,000,000		2,236		2,231		—		(5	)
HSBC Securities Inc	09/26/2016	JPY	104,651,564		1,017		1,013		—		(4	)
JPMorgan Chase	10/26/2016	AUD	3,402		3		3		—		—
JPMorgan Chase	10/26/2016	CAD	8,540,000		6,556		6,515		—		(41	)
JPMorgan Chase	10/26/2016	CHF	25,683,970		26,502		26,208		—		(294	)
JPMorgan Chase	10/26/2016	CLP	8,955,802,500		13,506		13,110		—		(396	)
JPMorgan Chase	10/26/2016	COP	15,895,680,000		5,440		5,296		—		(144	)
JPMorgan Chase	10/26/2016	EUR	96,775,000		107,974		108,185		486		(275	)
JPMorgan Chase	10/26/2016	GBP	12,509,000		16,712		16,443		—		(269	)
JPMorgan Chase	10/26/2016	JPY	6,330,195,355		60,805		61,338		776		(243	)
JPMorgan Chase	10/26/2016	KRW	22,622,720,400		20,296		20,277		100		(119	)
JPMorgan Chase	10/26/2016	MXN	192,729,250		10,300		10,197		13		(116	)
JPMorgan Chase	10/26/2016	NOK	113,247,698		13,607		13,600		91		(98	)
JPMorgan Chase	10/26/2016	NZD	9,070,000		6,582		6,564		—		(18	)
JPMorgan Chase	10/26/2016	RUB	2,142,345,331		32,180		32,344		271		(107	)
JPMorgan Chase	10/26/2016	SEK	116,341,482		13,693		13,632		—		(61	)
JPMorgan Chase	10/26/2016	TRY	16,156,327		5,440		5,400		—		(40	)
JPMorgan Chase	10/26/2016	ZAR	81,208,500		6,000		5,469		—		(531	)
Morgan Stanley & Co	09/06/2016	EUR	6,130,000		6,910		6,839		—		(71	)
Morgan Stanley & Co	09/26/2016	EUR	915,000		1,019		1,022		3		—
Royal Bank of Scotland PLC	09/06/2016	NZD	4,450,000		3,219		3,228		9		—
Total								$	2,100	$	(3,649	)
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset		Liability
Bank of America NA	09/06/2016	JPY	743,059,000	$	7,106	$	7,183	$	—	$	(77	)
Barclays Bank PLC	10/05/2016	JPY	601,187,500		5,829		5,820		9		—
Barclays Bank PLC	10/26/2016	CHF	6,665,856		6,920		6,802		118		—
Barclays Bank PLC	10/26/2016	EUR	38,802,000		43,504		43,377		186		(59	)
Barclays Bank PLC	10/26/2016	GBP	5,073,000		6,707		6,668		39		—
Barclays Bank PLC	10/26/2016	JPY	2,091,791,237		20,409		20,268		205		(64	)
Barclays Bank PLC	10/26/2016	MXN	63,282,922		3,399		3,348		51		—
Citigroup Inc	09/06/2016	EUR	25,000		28		28		—		—
Citigroup Inc	10/05/2016	NZD	5,009,000		3,623		3,628		—		(5	)
Credit Suisse	09/06/2016	EUR	40,000		45		45		—		—
Deutsche Bank AG	10/26/2016	BRL	35,296,204		10,662		10,756		34		(128	)
Deutsche Bank AG	10/26/2016	EUR	3,242,000		3,601		3,624		—		(23	)
Deutsche Bank AG	10/26/2016	JPY	1,049,326,872		9,939		10,168		—		(229	)
Deutsche Bank AG	10/26/2016	KRW	15,090,560,000		13,600		13,526		74		—
Deutsche Bank AG	10/26/2016	MXN	63,427,024		3,400		3,356		44		—
HSBC Securities Inc	09/09/2016	JPY	306,865,504		3,040		2,967		73		—
HSBC Securities Inc	09/26/2016	EUR	920,000		1,016		1,027		—		(11	)
JPMorgan Chase	10/26/2016	AUD	8,570,000		6,485		6,431		54		—
JPMorgan Chase	10/26/2016	BRL	11,451,231		3,399		3,490		—		(91	)
JPMorgan Chase	10/26/2016	CAD	8,512,393		6,538		6,494		44		—
JPMorgan Chase	10/26/2016	CHF	25,653,323		26,271		26,177		94		—
JPMorgan Chase	10/26/2016	CLP	11,215,952,872		16,998		16,419		579		—
JPMorgan Chase	10/26/2016	EUR	84,833,546		94,481		94,836		27		(382	)
JPMorgan Chase	10/26/2016	GBP	22,391,385		29,523		29,433		244		(154	)
JPMorgan Chase	10/26/2016	JPY	6,700,349,009		64,766		64,925		352		(511	)
JPMorgan Chase	10/26/2016	KRW	7,568,223,160		6,594		6,784		—		(190	)
JPMorgan Chase	10/26/2016	MXN	65,738,402		3,586		3,478		108		—
JPMorgan Chase	10/26/2016	NOK	113,294,782		13,600		13,605		8		(13	)
JPMorgan Chase	10/26/2016	NZD	18,005,000		12,800		13,030		—		(230	)
JPMorgan Chase	10/26/2016	RUB	2,147,829,109		32,421		32,427		184		(190	)
JPMorgan Chase	10/26/2016	SEK	57,873,705		6,800		6,781		19		—
JPMorgan Chase	10/26/2016	TRY	16,129,256		5,430		5,391		39		—
JPMorgan Chase	10/26/2016	ZAR	83,747,041		5,840		5,640		200		—
Morgan Stanley & Co	09/06/2016	JPY	743,059,000		7,099		7,183		—		(84	)
Morgan Stanley & Co	09/26/2016	JPY	104,212,424		1,019		1,008		11		—


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2016

Foreign Currency Contracts (continued)

							Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset		Liability
RBC Dominion Securities	10/05/2016	EUR	9,730,000	$	10,854	$	10,868	$	— $		(14	)
Royal Bank of Scotland PLC	09/06/2016	EUR	19,736,000		21,976		22,018		—		(42	)
Standard Chartered Bank, Hong Kong	09/06/2016	NZD	11,029,000		7,826		8,001		—		(175	)
UBS AG	10/05/2016	JPY	601,187,500		5,864		5,820		44		—
Total							$		2,840	$	(2,672	)

Amounts in thousands except contracts

Futures Contracts

											Unrealized
Type	Long/Short		Contracts		Notional Value				Fair Value		Appreciation/(Depreciation)
90 Day Eurodollar; December 2017		Long	252	$	62,392		$		62,294	$	(98	)
90 Day Eurodollar; December 2018		Short	252		62,313				62,216		97
Brent Crude; December 2016		Long	305		14,000				14,417		417
Brent Crude; March 2017		Long	246		12,728				11,934		(794	)
Brent Crude; November 2016		Long	63		3,011				2,954		(57	)
Coffee 'C'; December 2016		Long	143		7,637				7,886		249
Copper; December 2016		Long	413		22,565				21,450		(1,115	)
Corn; December 2016		Long	1,177		20,519				18,567		(1,952	)
Cotton No.2; December 2016		Long	134		4,324				4,394		70
Cotton No.2; July 2017		Long	2		76				66		(10	)
Euro Bund 10 Year Bund; September 2016		Short	50		9,218				9,335		(117	)
Euro-Bobl 5 Year; September 2016		Short	3		444				447		(3	)
Euro-BTP; September 2016		Short	63		9,996				10,225		(229	)
Gasoline RBOB; December 2016		Long	22		1,177				1,213		36
Gasoline RBOB; November 2016		Long	188		10,738				10,443		(295	)
Gold 100 oz; December 2016		Long	294		37,127				38,555		1,428
Japan 10 Year Bond TSE; September 2016		Short	11		16,201				16,097		104
KC HRW Wheat; December 2016		Long	141		3,075				2,802		(273	)
Lean Hogs; December 2016		Long	50		1,257				1,151		(106	)
Lean Hogs; October 2016		Long	188		5,207				4,726		(481	)
Live Cattle; December 2016		Long	19		915				824		(91	)
Live Cattle; June 2017		Long	23		967				932		(35	)
Live Cattle; October 2016		Long	143		6,479				6,096		(383	)
LME Nickel; December 2016		Long	128		6,873				7,507		634
LME PRI Alum; December 2016		Long	353		13,776				14,268		492
LME Zinc; December 2016		Long	137		6,096				7,928		1,832
LME Zinc; December 2017		Long	47		2,645				2,706		61
Natural Gas; January 2017		Long	209		6,863				6,951		88
Natural Gas; November 2016		Long	834		24,425				25,045		620
NY Harb ULSD; November 2016		Long	235		13,830				14,261		431
Silver; December 2016		Long	169		13,745				15,807		2,062
Soybean Meal; December 2016		Long	244		8,585				7,484		(1,101	)
Soybean Meal; March 2017		Long	53		1,968				1,610		(358	)
Soybean Oil; December 2016		Long	446		8,750				8,796		46
Soybean; November 2016		Long	373		19,499				17,587		(1,912	)
Sugar #11; July 2017		Long	107		2,324				2,335		11
Sugar #11; October 2016		Long	528		10,827				11,863		1,036
US 10 Year Note; December 2016		Long	97		12,687				12,700		13
US 10 Year Ultra Note; December 2016		Short	51		7,362				7,363		(1	)
US 2 Year Note; December 2016		Short	249		54,370				54,360		10
US 5 Year Note; December 2016		Long	361		43,721				43,771		50
US Long Bond; December 2016		Short	98		16,674				16,697		(23	)
US Ultra Bond; December 2016		Short	31		5,798				5,811		(13	)
Wheat; December 2016		Long	403		8,779				7,823		(956	)
WTI Crude; December 2016		Short	284		14,054				13,038		1,016
WTI Crude; June 2017		Long	284		14,784				13,785		(999	)
WTI Crude; November 2016		Long	600		26,923				27,186		263
Total									$		(336	)
Amounts in thousands except contracts


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2016


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	Receive	2.07	%	03/10/2018		$	7,960	$	—			$			126		$	126	$	—
	Consumers
	NAS(CPURNSA)
Deutsche Bank AG	Eurostat Eurozone	Pay	1.04	%	01/18/2026		EUR	1,100		—						—			—		—
	HICP Ex Tobacco
	Unrevised Series
	NSA
Deutsche Bank AG	Eurostat Eurozone	Receive	0.76	%	01/18/2021			3,137		—						—			—		—
	HICP Ex Tobacco
	Unrevised Series
	NSA
Deutsche Bank AG	Eurostat Eurozone	Receive	0.77	%	01/18/2021			1,100		—						3			3		—
	HICP Ex Tobacco
	Unrevised Series
	NSA
Deutsche Bank AG	Eurostat Eurozone	Pay	1.18	%	01/18/2026			3,137		—						64			64		—
	HICP Ex Tobacco
	Unrevised Series
	NSA
Deutsche Bank AG	Eurostat Eurozone	Receive	0.74	%	01/18/2021			3,137		—						3			3		—
	HICP Ex Tobacco
	Unrevised Series
	NSA
Deutsche Bank AG	Eurostat Eurozone	Pay	1.18	%	01/18/2026			3,137		—						63			63		—
	HICP Ex Tobacco
	Unrevised Series
	NSA
Total								$		—			$			259		$	259	$	—

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	1.80	%	08/19/2046		$	2,083	$	—			$			(39	)	$			(39	)
	3 Month LIBOR	Receive	1.13	%	02/28/2021		21,300			1						72					73
	3 Month LIBOR	Receive	1.73	%	08/31/2046			2,500		—						(2	)				(2	)
	US Federal Funds	Receive	0.78	%	02/28/2021			6,930		—						12
	Effective Rate
	(continuous series)																				12
Total								$		1			$			43		$			44

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 Barclays Bank PLC		3 Month	Pay			2.68%	01/13/2021		$	665	$		135	$	180	$					45
Rate Swap		LIBOR
Call - 30 Year Interest Deutsche Bank AG		3 Month	Pay			2.68%	01/13/2021			2,900			352		781						429
Rate Swap		LIBOR
Put - 30 Year Interest Barclays Bank PLC		3 Month	Receive			4.00%	11/22/2017			3,100			141		3						(138	)
Rate Swap		LIBOR
Put - 30 Year Interest Barclays Bank PLC		3 Month	Receive			2.68%	01/13/2021			665			61		40						(21	)
Rate Swap		LIBOR
Put - 30 Year Interest Deutsche Bank AG		3 Month	Receive			2.68%	01/13/2021			2,900			388		174						(214	)
Rate Swap		LIBOR
Total										$			1,077	$	1,178	$					101

			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 - 2 Year Interest	Barclays Bank PLC	3 Month	Receive			0.90%	06/08/2018		$	2,500	$		(13) $			(11	) $				2
Rate Swap		LIBOR
See accompanying notes.						130


						Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2016


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)
Call - 2 Year Interest	Deutsche Bank AG	3 Month				Receive			0.90%		06/08/2018 $				30,200	$		(150	) $			(130)			$	20
Rate Swap		LIBOR
Put - 2 Year Interest	Barclays Bank PLC	3 Month					Pay		1.90% 06/08/2018						2,500			(8	)			(6	)			2
Rate Swap		LIBOR
Put - 2 Year Interest	Deutsche Bank AG	3 Month					Pay		1.90% 06/08/2018						30,200			(128	)			(79	)			49
Rate Swap		LIBOR
Put - 5 Year Interest	Barclays Bank PLC	3 Month					Pay		2.10% 01/13/2017						4,275			(5	)			(2	)			3
Rate Swap		LIBOR
Put - 5 Year Interest	Deutsche Bank AG	3 Month					Pay		2.10% 01/13/2017						18,600			(174	)			(9	)			165
Rate Swap		LIBOR
Put - 5 Year Interest	Deutsche Bank AG	3 Month					Pay		2.10% 01/13/2017						2,790			(20	)			(1	)			19
Rate Swap		LIBOR
Total															$			(498	) $	(238)					$	260

Amounts in thousands


Options

													Upfront Premiums													Unrealized
Purchased Options Outstanding			Exercise Price				Expiration Date			Contracts				Paid/(Received)				Fair Value				Appreciation/(Depreciation)
Call - EUR versus GBP		EUR				0.94	10/10/2016			793,000			$		90		$			—		$				(90	)
Call - EUR versus USD		EUR				1.15	03/09/2017			29,800,000					1,064			498								(566	)
Call - USD versus CAD		$				1.32	11/04/2016			13,290,000					224			175								(49	)
Call - USD versus CAD		$				1.42	11/04/2016			13,290,000					58					10						(48	)
Call - USD versus MXN		$				19.87	11/04/2016			13,290,000					165			100								(65	)
Call - USD versus MXN		$				18.29	11/04/2016			13,290,000					431			575								144
Call - USD versus ZAR		$				15.38	09/05/2016			802,000					76					18						(58	)
Put - 90 Day Eurodollar Future; September 2017 $						98.25	09/19/2016				535				30					4						(26	)
Put - 90 Day Eurodollar Future; September 2017 $						98.75	09/19/2016				535				103					14						(89	)
Put - CHF versus NOK		CHF				8.20	02/20/2017			5,890,000					49					52						3
Put - CHF versus NOK		CHF				8.00	02/15/2017			5,890,000					43					25						(18	)
Put - EUR versus GBP Digital Knockout		EUR				0.73	10/27/2016			500,000					68					—						(68	)
Put - EUR versus GBP Digital Knockout		EUR				0.73	10/27/2016			2,397,000					325					1						(324	)
Put - EUR versus USD		EUR				1.09	11/04/2016			11,700,000					196					58						(138	)
Put - EUR versus USD		EUR				1.02	11/04/2016			11,700,000					44					4						(40	)
Put - GBP versus USD Digital Knockout		$				1.18	11/01/2016			1,087,000					95					14						(81	)
Put - US 10 Year Note Future; December 2016		$			128.50		11/28/2016				434				215			203								(12	)
Put - US Long Bond Future; December 2016		$			168.00		09/26/2016				65				67					56						(11	)
Put - USD versus JPY		$				96.00	02/01/2017			810,000					91					83						(8	)
Put - USD versus MXN		$				17.10	11/01/2016			785,000					78					17						(61	)
Put - USD versus NOK		$				7.70	11/01/2016			810,000					78					2						(76	)
Put - USD versus SEK		$				7.92	11/04/2016			810,000					72					—						(72	)
Total													$		3,662		$	1,909				$				(1,753	)

													Upfront Premiums													Unrealized
Written Options Outstanding			Exercise Price				Expiration Date			Contracts				Paid/(Received)				Fair Value				Appreciation/(Depreciation)
Call - USD versus CAD		$				1.37	11/04/2016			26,575,000			$		(229	)	$			(89	)	$				140
Call - USD versus MXN		$				19.00	11/04/2016			26,575,000					(544	)		(562			)					(18	)
Put - 90 Day Eurodollar Future; September 2016 $						98.88	09/19/2016				628				(93	)		(180			)					(87	)
Put - 90 Day Eurodollar Future; September 2017 $						98.50	09/19/2016				1,103				(94	)				(7	)					87
Put - EUR versus USD		EUR				1.06	11/04/2016			23,400,000					(214	)				(33	)					181
Total													$		(1,174	)	$	(871			)	$				303

Amounts in thousands except contracts


Purchased Capped Options

															Upfront
	Counterparty	Strike							Expiration						Notional	Premiums										Unrealized
Description	(Issuer)	Rate				Floating Rate					Date				Amount	Paid/(Received)						Fair Value				Appreciation/(Depreciation)
Cap - US CPI Urban	Deutsche Bank AG	2.00	%	Max (0, USCPIU-					11/07/2016			$		11,715		$	11	$				—		$		(11	)
Consumers NAS							2	%)
Cap - US CPI Urban	Deutsche Bank AG	2.00	%	Max (0, USCPIU-					11/11/2016					4,695			5					—				(5	)
Consumers NAS							2	%)
Total															$		16	$				—		$		(16	)

Amounts in thousands


Schedule of Investments
Dynamic High Yield Explorer Fund
August 31, 2016



	COMMON STOCKS - 0.12%			Shares Held	Value(000			's)				Principal
	Forest Products & Paper - 0.12%								BONDS (continued)		Amount (000's)		Value(000			's)
	Verso Corp ^(a)			2,657	$		17		Transportation - 1.55%
									Eletson Holdings Inc
	TOTAL COMMON STOCKS				$		17		9.63%, 01/15/2022^(b)		$	300		$	219
	INVESTMENT COMPANIES - 16.79%			Shares Held	Value(000			's)
	Money Market Funds - 14.33%								TOTAL BONDS				$		3,110
	BlackRock Liquidity Funds FedFund Portfolio			2,030,364			2,030		SENIOR FLOATING RATE INTERESTS -		Principal
									71.48	%	Amount (000's)		Value(000			's)
	Exchange Traded Funds - 2.46%								Aerospace & Defense - 1.62%
	PowerShares Senior Loan Portfolio			15,000			349		B/E Aerospace Inc, Term Loan B
									3.75%, 12/16/2021^(c)		$	228	$		230
	TOTAL INVESTMENT COMPANIES				$		2,379
				Principal					Automobile Manufacturers - 0.69%
	BONDS- 21.96	%		Amount (000's)	Value(000			's)	Navistar Inc, Term Loan B
									6.50%, 08/06/2020^(c)			104			98
	Banks- 0.95	%
	Popular Inc
	7.00%, 07/01/2019		$	130		$	134		Chemicals - 5.77%
									A Schulman Inc, Term Loan B
									4.19%, 05/11/2022^(c)			133			133
	Chemicals - 0.95%
	Consolidated Energy Finance SA								Aruba Investments Inc, Term Loan B
	6.75%, 10/15/2019^(b)			140			135		4.50%, 02/02/2022^(c)			69			69
									Emerald Performance Materials LLC, Term
	Diversified Financial Services - 0.90%								Loan
									7.75%, 07/22/2022^(c)			265			259
	Navient Corp
	5.88%, 03/25/2021			125			127		Ineos US Finance LLC, Term Loan B
									3.75%, 12/15/2020^(c)			210			210
	Healthcare - Products - 0.78%								Methanol Holdings Trinidad Ltd, Term Loan
	Universal Hospital Services Inc								B
									4.25%, 06/16/2022^(c)			149			146
	7.63%, 08/15/2020			115			110
													$		817
	Insurance - 1.52%								Consumer Products - 1.45%
	Voya Financial Inc								Dell International LLC, Term Loan B
	5.65%, 05/15/2053^(c)			215			215		0.00%, 06/02/2023^(c),(f)			205			206

	Media- 1.08	%							Diversified Financial Services - 1.91%
	WideOpenWest Finance LLC /								Delos Finance Sarl, Term Loan B
	WideOpenWest Capital Corp								3.50%, 02/26/2021^(c)			270			271
	10.25%, 07/15/2019 ^(d)			145			153
									Electric - 1.16%
	Metal Fabrication & Hardware - 2.22%								Dynegy Inc, Term Loan C
	Wise Metals Intermediate Holdings LLC/Wise								5.00%, 06/22/2023^(c)			165			165
	Holdings Finance Corp
	9.75%, PIK 10.50%, 06/15/2019 ^(b),(e)			379			315		Entertainment - 5.44%
									CCM Merger Inc, Term Loan B
									4.50%, 07/30/2021^(c)			190			191
	Mining - 1.09%
	Teck Resources Ltd								Eldorado Resorts Inc, Term Loan B
	3.75%, 02/01/2023			180			154		4.25%, 07/15/2022^(c)			202			202
									Lions Gate Entertainment Corp, Term Loan
	Oil & Gas - 4.91%								B
	Continental Resources Inc/OK								5.00%, 03/11/2022^(c)			270			274
	4.50%, 04/15/2023			180			170		WMG Acquisition Corp, Term Loan B
	Halcon Resources Corp								3.75%, 07/07/2020^(c)			104			104
	8.63%, 02/01/2020^(b)			255			242						$		771
	QEP Resources Inc								Food- 4.19	%
	6.80%, 04/01/2018			95			96		B&G Foods Inc, Term Loan B
	Whiting Petroleum Corp								3.75%, 10/21/2022^(c)			303			304
	5.75%, 03/15/2021			210			188		JBS USA LLC, Term Loan B
					$		696		4.00%, 08/18/2022^(c)			139			139
	Pipelines - 0.26%								Pinnacle Foods Finance LLC, Term Loan I
	Tesoro Logistics LP / Tesoro Logistics								3.27%, 01/13/2023^(c)			149			150
	Finance Corp												$		593
	6.38%, 05/01/2024			35			37		Forest Products & Paper - 1.48%
									Caraustar Industries Inc, Term Loan B
	Retail - 0.93%								8.00%, 05/01/2019^(c)			208			209
	Landry's Holdings II Inc
	10.25%, 01/01/2018 ^(b)			130			132		Healthcare - Products - 3.09%
									Kinetic Concepts Inc, Term Loan F1
	Telecommunications - 4.82%								5.00%, 11/04/2020^(c)			208			209
	Frontier Communications Corp								Mallinckrodt International Finance SA, Term
	11.00%, 09/15/2025			165			178		Loan B
	Wind Acquisition Finance SA								3.25%, 03/19/2021^(c)			228			228
	4.75%, 07/15/2020^(b)			295			299						$		437
	7.38%, 04/23/2021^(b)			200			206
					$		683


Schedule of Investments
Dynamic High Yield Explorer Fund
August 31, 2016



	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 - Services - 6.14%						Pharmaceuticals (continued)
	Acadia Healthcare Co Inc, Term Loan B2						Endo Luxembourg Finance Co I Sarl, Term
	4.50%, 02/04/2023^(c)		$	294	$	295	Loan B
	Lantheus Medical Imaging Inc, Term Loan B							3.75%, 06/24/2022^(c)	$	134	$	133
	0.00%, 06/24/2022^(c),(f)			187		178	Grifols Worldwide Operations USA Inc, Term
	MPH Acquisition Holdings LLC, Term Loan						Loan B
	B							3.44%, 03/05/2021^(c)		171		173
	5.00%, 05/25/2023^(c)			280		283	Valeant Pharmaceuticals International Inc,
	Radnet Management Inc, Term Loan B						Term Loan BD2
	4.77%, 06/30/2023^(c)			115		114		5.00%, 02/13/2019^(c)		194		194
				$		870	Valeant Pharmaceuticals International Inc,
	Insurance - 2.32%						Term Loan BF1
	Asurion LLC, Term Loan							5.50%, 04/01/2022^(c)		95		95
	8.50%, 02/19/2021^(c)			85		85					$	741
	Lonestar Intermediate Super Holdings LLC,						REITS - 2.89%
	PIK Term Loan						iStar Inc, Term Loan B
	0.00%, PIK 0.75%, 08/10/2021^(c),(e),(f)			245		244		5.50%, 07/01/2020^(c)		266		268
				$		329	MGM Growth Properties Operating
	Internet - 0.99%						Partnership LP, Term Loan B
	Zayo Group LLC, Term Loan B							4.00%, 04/07/2023^(c)		140		141
	0.00%, 05/06/2021^(c),(f)			140		140					$	409
							Retail - 7.43%
	Investment Companies - 1.33%						Academy Ltd, Term Loan B
	Frank Russell Co, Term Loan B							5.00%, 06/16/2022^(c)		105		103
	6.75%, 05/10/2023^(c)			200		188	DollarTreeInc,Term Loan B2
								4.18%, 07/06/2022^(c)		205		207
	Lodging - 0.92%						JC Penney Corp Inc, Term Loan B
	Hilton Worldwide Finance LLC, Term Loan							5.25%, 06/09/2023^(c)		160		161
	B1						KFC Holding Co, Term Loan B
	3.50%, 09/23/2020^(c)			12		12		3.26%, 06/02/2023^(c)		205		206
	Hilton Worldwide Finance LLC, Term Loan						Michaels Stores Inc, Term Loan B2
	B2							4.00%, 01/20/2028^(c)		132		133
	3.10%, 10/25/2023^(c)			118		119	PetSmart Inc, Term Loan B
				$		131		4.25%, 03/11/2022^(c)		243		243
	Media- 2.24	%									$	1,053
	SFR Group SA, Term Loan B						Semiconductors - 3.23%
	5.00%, 01/08/2024^(c)			170		170	Avago Technologies Cayman Finance Ltd,
	Univision Communications Inc, Term Loan						Term Loan B3
	C4							3.51%, 02/01/2023^(c)		279		282
	4.00%, 03/01/2020^(c)			147		147	NXP BV, Term Loan B
				$		317		3.75%, 11/05/2020^(c)		174		175
	Mining - 2.26%										$	457
	FMG Resources August 2006 Pty Ltd, Term						Software - 0.67%
	Loan B						Evergreen Skills Lux Sarl, Term Loan
	3.75%, 06/30/2019^(c)			322		320		3.75%, 04/08/2021^(c)		95		95

	Oil & Gas - 4.06%						TOTAL SENIOR FLOATING RATE INTERESTS				$	10,126
	California Resources Corp, Term Loan						Total Investments				$	15,632
	0.00%, 12/31/2021^(c),(f)			30		31	Other Assets and Liabilities - (10.35)%				$	(1,466	)
	Chesapeake Energy Corp, Term Loan						TOTAL NET ASSETS - 100.00%				$	14,166
	0.00%, 08/17/2021^(c),(f)			310		320
	Drillships Financing Holding Inc, Term Loan						(a)	Non-Income Producing Security
	B1						(b)	Security exempt from registration under Rule 144A of the Securities Act of
	6.00%, 03/31/2021^(c)			111		51		1933. These securities may be resold in transactions exempt from
	EP Energy LLC							registration, normally to qualified institutional buyers. At the end of the
	9.75%, 06/30/2021^(c)			135		133		period, the value of these securities totaled $1,548 or 10.93% of net assets.
	Seadrill Operating LP, Term Loan B						(c)	Variable Rate. Rate shown is in effect at August 31, 2016.
	4.00%, 02/12/2021^(c)			83		40	(d)	Security is Illiquid. At the end of the period, the value of these securities
								totaled $153 or 1.08% of net assets.
				$		575
							(e)	Payment in kind; the issuer has the option of paying additional securities
	Oil & Gas Services - 2.44%							in lieu of cash.

	Navios Maritime Midstream Partners LP,						(f)	This Senior Floating Rate Note will settle after August 31, 2016, at which
	Term Loan B							time the interest rate will be determined.
	5.50%, 06/15/2020^(c)			356		346

	Packaging & Containers - 2.53%
	Berry Plastics Group Inc, Term Loan H
	3.75%, 10/01/2022^(c)			193		193
	Coveris Holdings SA, Term Loan B
	0.00%, 05/08/2019^(c),(f)			165		165
				$		358
	Pharmaceuticals - 5.23%
	DPx Holdings BV, Term Loan B
	4.25%, 01/22/2021^(c)			147		146


COMMON STOCKS - 96.51%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Airlines - 1.36%					Retail (continued)
Alaska Air Group Inc	58,821	$	3,972		lululemon athletica Inc ^(a)	114,649	$	8,772
					Tiffany & Co	2,165		155
Automobile Parts & Equipment - 1.97%							$	13,843
Autoliv Inc	54,321		5,768		Savings & Loans - 2.70%
					Washington Federal Inc	297,725		7,890
Banks - 3.53%
Cullen/Frost Bankers Inc	141,605		10,323		Semiconductors - 3.87%
					Microchip Technology Inc	182,889		11,323
Beverages - 0.85%
Dr Pepper Snapple Group Inc	26,643		2,496		Software - 6.70%
					Black Knight Financial Services Inc ^(a)	161,279		6,293
Chemicals - 4.58%					Fair Isaac Corp	88,841		11,366
Cabot Corp	51,933		2,589		j2 Global Inc	28,491		1,942
HB Fuller Co	197,222		9,365				$	19,601
Valspar Corp/The	13,843		1,459		Toys, Games & Hobbies - 3.18%
		$	13,413		Hasbro Inc	113,743		9,296
Commercial Services - 2.41%
Aaron's Inc	289,544		7,053		Transportation - 4.89%
					Expeditors International of Washington Inc	157,512		7,978
Diversified Financial Services - 3.23%					Kirby Corp ^(a)	121,337		6,322
FNF Group	250,507		9,442				$	14,300
					TOTAL COMMON STOCKS		$	282,417
Electric - 5.76%					INVESTMENT COMPANIES - 2.54%	Shares Held		Value(000	's)
Eversource Energy	154,141		8,319		Money Market Funds - 2.54%
WEC Energy Group Inc	142,690		8,544		Morgan Stanley Institutional Liquidity Funds -	7,431,769		7,432
		$	16,863		Government Portfolio
Electrical Components & Equipment - 2.20%
Energizer Holdings Inc	130,197		6,434		TOTAL INVESTMENT COMPANIES		$	7,432
					Total Investments		$	289,849
Electronics - 3.61%					Other Assets and Liabilities - 0.95%		$	2,766
Arrow Electronics Inc ^(a)	160,776		10,583
					TOTAL NET ASSETS - 100.00%		$	292,615

Environmental Control - 2.46%					(a) Non-Income Producing Security
Waste Connections Inc	94,044		7,188

Food - 3.15%					Portfolio Summary (unaudited)
B&G Foods Inc	194,410		9,231		Sector			Percent
					Financial			23.62	%
Hand & Machine Tools - 3.27%					Industrial			16.43	%
Lincoln Electric Holdings Inc	115,278		7,327		Consumer, Cyclical			14.55	%
Snap-on Inc	14,708		2,255		Consumer, Non-cyclical			13.74	%
		$	9,582		Technology			10.57	%
Healthcare - Products - 5.13%					Energy			7.26	%
Edwards Lifesciences Corp ^(a)	12,935		1,490
					Utilities			5.76	%
Teleflex Inc	47,557		8,708		Basic Materials			4.58	%
Varian Medical Systems Inc ^(a)	49,863		4,793
					Investment Companies			2.54	%
		$	14,991		Other Assets and Liabilities			0.95	%
Healthcare - Services - 2.20%					TOTAL NET ASSETS			100.00	%
Universal Health Services Inc	53,317		6,426

Housewares - 1.28%
Tupperware Brands Corp	57,362		3,759

Insurance - 3.81%
AmTrust Financial Services Inc	96,019		2,544
Markel Corp ^(a)	9,277		8,637
		$	11,181
Office Furnishings - 2.03%
HNI Corp	106,374		5,940

Oil & Gas - 7.26%
Cimarex Energy Co	71,462		9,446
Helmerich & Payne Inc	68,834		4,162
HollyFrontier Corp	294,640		7,625
		$	21,233
REITS - 10.35%
Alexandria Real Estate Equities Inc	48,995		5,394
Digital Realty Trust Inc	78,780		7,806
Omega Healthcare Investors Inc	223,438		8,088
Tanger Factory Outlet Centers Inc	221,396		8,998
		$	30,286
Retail - 4.73%
Chipotle Mexican Grill Inc ^(a)	11,881		4,916


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



COMMON STOCKS - 38.66%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.04%					Automobile Parts & Equipment (continued)
Gendai Agency Inc	6,600	$	37		Toyoda Gosei Co Ltd	21,800	$	503
Interpublic Group of Cos Inc/The ^(a)	35,825		829		Toyota Industries Corp	2,965		142
Relia Inc	11,300		107				$	13,699
		$	973		Banks - 1.83%
Aerospace & Defense - 0.37%					ABN AMRO Group NV ^(c)	8,541		176
AAR Corp ^(a)	21,210		522		Banca Monte dei Paschi di Siena SpA ^(b)	311,057		84
Cobham PLC	583,785		1,239		Banco Bilbao Vizcaya Argentaria SA	5,668		35
General Dynamics Corp ^(a)	10,420		1,586		Banco Popolare SC	22,375		56
Harris Corp ^(a)	4,870		453		Banco Santander SA	11,728		53
IHI Corp	193,630		593		Bank of America Corp	258,274		4,169
Jamco Corp	5,700		106		Bank of New York Mellon Corp/The ^(a)	46,080		1,920
Leonardo-Finmeccanica SpA ^(b)	104,446		1,192		Bankinter SA	29,371		216
Lockheed Martin Corp	6,513		1,583		BNP Paribas SA	22,869		1,168
MTU Aero Engines AG	813		83		Cardinal Financial Corp	2,562		69
Rockwell Collins Inc ^(a)	6,978		584		Citigroup Inc	120,358		5,746
Saab AB	2,337		80		Commerzbank AG	44,658		313
TransDigm Group Inc ^(b)	3,202		913		Cullen/Frost Bankers Inc	3,035		221
Triumph Group Inc ^(a)	10,920		348		Danske Bank A/S	8,833		259
Ultra Electronics Holdings PLC	35,609		790		Eighteenth Bank Ltd/The	16,000		49
		$	10,072		Eurobank Ergasias SA ^(b)	143,963		86
					Fifth Third Bancorp ^(a)	115,020		2,319
Agriculture - 0.19%
Altria Group Inc ^(a)	14,940		987		First Citizens BancShares Inc/NC	2,032		579
					First Midwest Bancorp Inc/IL ^(a)	46,011		900
Archer-Daniels-Midland Co	20,660		904
					First NBC Bank Holding Co ^(b)	7,828		102
Japan Tobacco Inc	3,750		145
Philip Morris International Inc ^(a)	26,450		2,643		First Republic Bank/CA	15,968		1,229
Swedish Match AB	16,748		597		Goldman Sachs Group Inc/The	20,261		3,433
					Hope Bancorp Inc ^(a)	100,766		1,733
		$	5,276
					Huntington Bancshares Inc/OH ^(a)	1,897		19
Airlines - 0.11%
American Airlines Group Inc ^(a)	17,473		634		Intesa Sanpaolo SpA	69,252		165
Delta Air Lines Inc	12,442		457		Jyske Bank A/S	1,057		51
SkyWest Inc ^(a)	14,773		417		KBC Group NV	1,611		96
Spirit Airlines Inc ^(b)	22,759		910		M&T Bank Corp	28,469		3,369
United Continental Holdings Inc ^(b)	7,094		358		Mediobanca SpA	48,415		360
Virgin America Inc ^(b)	5,429		303		Mitsubishi UFJ Financial Group Inc	334,458		1,842
		$	3,079		Mizuho Financial Group Inc	484,200		844
					Morgan Stanley	90,707		2,908
Apparel - 0.16%					OFG Bancorp ^(a)	44,909		490
Adidas AG	450		75
					Oita Bank Ltd/The	35,000		114
Moncler SpA	4,534		75		PNC Financial Services Group Inc/The ^(a)	62,852		5,663
NIKE Inc	55,952		3,225
Ralph Lauren Corp ^(a)	9,888		1,025		PrivateBancorp Inc	13,216		607
					Prosperity Bancshares Inc ^(a)	7,440		413
Sanyo Shokai Ltd	81,000		128		Regions Financial Corp ^(a)	47,480		473
		$	4,528
					Shinsei Bank Ltd	163,000		260
Automobile Manufacturers - 0.33%					State Street Corp ^(a)	20,190		1,418
Fiat Chrysler Automobiles NV	72,455		501
Ford Motor Co ^(a)	189,930		2,393		Sumitomo Mitsui Financial Group Inc	30,200		1,056
					Synovus Financial Corp ^(a)	22,960		760
General Motors Co ^(a)	54,060		1,726
					Talmer Bancorp Inc	23,323		542
Hino Motors Ltd	40,430		449		TCF Financial Corp ^(a)	39,990		586
Honda Motor Co Ltd	40,000		1,232		Texas Capital Bancshares Inc ^(a),(b)	14,930		784
Isuzu Motors Ltd	10,310		119		Tochigi Bank Ltd/The	26,000		104
Mitsubishi Motors Corp	70,800		324		Tokyo TY Financial Group Inc	8,023		236
Nissan Motor Co Ltd	31,600		310		UBS Group AG	78,403		1,136
PACCAR Inc	28,393		1,699		US Bancorp ^(a)	8,610		380
Suzuki Motor Corp	6,250		208		Wells Fargo & Co ^(a)	6,183		314
		$	8,961		Yadkin Financial Corp	14,229		371
Automobile Parts & Equipment - 0.50%					Yamanashi Chuo Bank Ltd/The	28,000		118
Aisan Industry Co Ltd	25,400		197				$	50,394
Allison Transmission Holdings Inc	55,325		1,535
					Beverages - 0.75%
Daikyonishikawa Corp	30,080		323		Carlsberg A/S	2,042		192
Delphi Automotive PLC	34,324		2,425		Coca-Cola Co/The ^(a)	133,923		5,816
Exedy Corp	14,500		360		Coca-Cola European Partners PLC	29,181		1,122
Georg Fischer AG	150		121		Davide Campari-Milano SpA	4,400		48
Hella KGaA Hueck & Co	5,161		209		Dr Pepper Snapple Group Inc ^(a)	9,042		847
Keihin Corp	27,000		415
Mobileye NV ^(b)	38,111		1,863		Heineken NV	64,170		5,747
Motorcar Parts of America Inc ^(a),(b)	13,510		384		Molson Coors Brewing Co	8,404		860
					Monster Beverage Corp ^(b)	23,147		3,562
NGK Insulators Ltd	13,340		290		PepsiCo Inc ^(a)	24,064		2,569
NGK Spark Plug Co Ltd	34,580		649
							$	20,763
Nissin Kogyo Co Ltd	24,100		351
					Biotechnology - 0.93%
NOK Corp	24,900		507		Alder Biopharmaceuticals Inc ^(b)	9,859		325
Rheinmetall AG	19,341		1,396		Alexion Pharmaceuticals Inc ^(b)	3,220		405
Sumitomo Electric Industries Ltd	20,300		302		Amgen Inc ^(a)	5,260		895
Tokai Rika Co Ltd	30,200		599		Biogen Inc ^(b),(d)	5,730		1,751
Toyo Tire & Rubber Co Ltd	79,830		1,128


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Biotechnology (continued)					Commercial Services (continued)
Coherus Biosciences Inc ^(b)	15,219	$	453		Aramark	13,105	$	497
Genmab A/S ^(b)	69		11		Atlantia SpA	2,913		75
Medivation Inc ^(b)	232,924		18,764		Automatic Data Processing Inc	17,417		1,564
Novavax Inc ^(b)	23,200		159		Benefit One Inc	3,187		93
Regeneron Pharmaceuticals Inc ^(b)	4,348		1,707		Benesse Holdings Inc	13,900		321
Senseonics Holdings Inc ^(b)	107,369		429		CDI Corp ^(a)	9,595		55
Vertex Pharmaceuticals Inc ^(a),(b)	8,590		812		Cintas Corp	9,236		1,085
		$	25,711		CoStar Group Inc ^(b)	15,572		3,227
Building Materials - 0.70%					Equifax Inc ^(a)	6,460		852
BRAAS Monier Building Group SA	44,968		1,062		FreakOut Inc ^(b)	400		13
Builders FirstSource Inc ^(b)	23,625		325		Gartner Inc ^(a),(b)	10,250		933
Cie de Saint-Gobain	35,527		1,559		Global Payments Inc	10,515		799
CRH PLC	54,427		1,829		H&R Block Inc	27,050		586
Headwaters Inc ^(b)	39,597		718		HealthEquity Inc ^(a),(b)	26,720		870
HeidelbergCement AG ^(a)	1,332		124		Hertz Global Holdings Inc ^(b)	68,455		3,372
Ibstock PLC ^(c)	317,688		762		IHS Markit Ltd ^(b)	74,289		2,772
Italcementi SpA ^(b)	77,050		909		ISS A/S	7,615		308
LafargeHolcim Ltd ^(b)	27,595		1,465		Kyoritsu Maintenance Co Ltd	4,050		264
Lennox International Inc	18,848		3,036		LifeLock Inc ^(b)	16,790		279
Louisiana-Pacific Corp ^(b)	143,757		2,800		Macquarie Infrastructure Corp	44,648		3,569
Nibe Industrier AB	1,430		13		MarketAxess Holdings Inc	3,131		528
Norbord Inc ^(e)	113,441		2,725		Moody's Corp	5,107		555
Sanwa Holdings Corp	27,100		241		Nielsen Holdings PLC ^(a)	35,110		1,871
Sika AG	87		415		Outsourcing Inc	1,200		45
Taiheiyo Cement Corp	64,000		194		Prosegur Cia de Seguridad SA	12,388		83
Wienerberger AG	75,422		1,199		QinetiQ Group PLC	202,203		613
		$	19,376		Randstad Holding NV	3,906		185
Chemicals - 2.05%					Recruit Holdings Co Ltd	5,100		194
Air Products & Chemicals Inc	53,382		8,307		Robert Half International Inc	14,590		559
Akzo Nobel NV ^(a)	51,639		3,481		S&P Global Inc ^(d)	7,790		962
Ashland Inc ^(a)	14,723		1,724		Service Corp International/US ^(a)	74,920		1,981
Brenntag AG ^(a)	3,934		214		TechnoPro Holdings Inc	17,274		562
CF Industries Holdings Inc	178,334		4,636		Temp Holdings Co Ltd	12,500		200
Clariant AG ^(b)	4,355		76		Total System Services Inc ^(a)	29,460		1,451
Covestro AG ^(c)	3,806		198		Western Union Co/The	132,730		2,856
Denka Co Ltd	20,000		85				$	34,757
Dow Chemical Co/The	32,645		1,751		Computers - 1.65%
Eastman Chemical Co ^(a)	9,930		674		Accenture PLC - Class A	17,243		1,983
Evonik Industries AG	5,045		169		Apple Inc	34,910		3,704
Fujimi Inc	6,100		81		Bell System24 Holdings Inc	16,800		137
Givaudan SA	73		151		Cadence Design Systems Inc ^(b)	30,002		763
Hitachi Chemical Co Ltd	16,400		354		Computer Sciences Corp	14,630		688
International Flavors & Fragrances Inc ^(a)	8,670		1,201		CSRA Inc ^(a)	47,928		1,217
JSR Corp	52,800		773		Diebold Inc	5,691		160
Koninklijke DSM NV	883		62		EMC Corp ^(a)	692,411		20,073
LANXESS AG	3,230		172		Ferrotec Corp	24,700		326
Linde AG	44		7		Fleetmatics Group PLC ^(b)	9,542		571
Lonza Group AG ^(b)	4,418		838		Fujitsu Ltd	334,495		1,703
Mitsui Chemicals Inc	84,417		405		Hewlett Packard Enterprise Co ^(a)	119,087		2,558
Monsanto Co	56,362		6,003		International Business Machines Corp ^(a)	23,633		3,755
Mosaic Co/The	66,170		1,990		Itochu Techno-Solutions Corp	9,400		230
Nippon Shokubai Co Ltd	4,360		268		Japan Digital Laboratory Co Ltd	10,500		149
Nissan Chemical Industries Ltd	4,577		141		Lexmark International Inc	11,968		429
Nitto Denko Corp	5,300		362		Lumentum Holdings Inc ^(a),(b)	29,084		1,021
Platform Specialty Products Corp ^(b)	165,268		1,496		Melco Holdings Inc	10,500		251
PPG Industries Inc ^(a)	8,840		936		NET One Systems Co Ltd	47,500		323
Praxair Inc ^(a),(d)	24,837		3,031		NetApp Inc ^(a)	38,960		1,348
RPM International Inc ^(a)	22,180		1,209		Obic Co Ltd	950		49
Sherwin-Williams Co/The ^(a)	8,490		2,409		Otsuka Corp	8,242		350
Shin-Etsu Chemical Co Ltd	3,299		242		Pure Storage Inc ^(b)	1,056		12
Sumitomo Bakelite Co Ltd	58,720		292		Qualys Inc ^(a),(b)	12,690		436
Sumitomo Chemical Co Ltd	25,000		115		SCSK Corp	18,040		664
Syngenta AG ^(b)	3,438		1,498		Seagate Technology PLC	43,330		1,462
Syngenta AG	19,823		8,654		Teradata Corp ^(b)	33,490		1,063
Teijin Ltd	30,000		112				$	45,425
Tokyo Ohka Kogyo Co Ltd	5,700		180		Consumer Products - 0.25%
Umicore SA	2,905		172		Avery Dennison Corp ^(a)	8,840		684
Valspar Corp/The	16,288		1,717		Church & Dwight Co Inc ^(a)	15,577		1,549
Yara International ASA	6,288		223		Clorox Co/The ^(a)	15,710		2,058
		$	56,409		Kimberly-Clark Corp ^(a)	18,950		2,427
Commercial Services - 1.26%					Reckitt Benckiser Group PLC	2,006		194
Adecco Group AG	3,066		177				$	6,912
Apollo Education Group Inc ^(b)	45,204		401


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Cosmetics & Personal Care - 0.32%					Electric (continued)
Ci:z Holdings Co Ltd	7,800	$	199		Westar Energy Inc ^(a)	25,764	$	1,415
Colgate-Palmolive Co ^(a)	68,727		5,109				$	17,704
Estee Lauder Cos Inc/The	4,361		389		Electrical Components & Equipment - 0.28%
Kao Corp	3,420		178		AMETEK Inc ^(a)	20,030		977
Kose Corp	1,210		109		Funai Electric Co Ltd	28,800		227
Lion Corp	14,463		202		Gamesa Corp Tecnologica SA	20,727		476
Procter & Gamble Co/The ^(a)	23,589		2,059		Generac Holdings Inc ^(b)	59,578		2,222
Svenska Cellulosa AB SCA	13,521		416		Legrand SA	15,761		947
Unicharm Corp	4,550		111		Nissin Electric Co Ltd	11,942		186
		$	8,772		OSRAM Licht AG	9,672		505
Distribution & Wholesale - 0.08%					Prysmian SpA	11,206		277
Fastenal Co	22,923		988		Schneider Electric SE	13,400		914
Ingram Micro Inc	10,205		357		SunPower Corp ^(b)	46,626		464
ITOCHU Corp	11,900		141		Ushio Inc	23,400		261
Nippon Gas Co Ltd	3,442		96		W-Scope Corp	11,200		175
Trusco Nakayama Corp	8,100		372		Zumtobel Group AG	4,475		73
Yondoshi Holdings Inc	7,900		168				$	7,704
		$	2,122		Electronics - 0.70%
Diversified Financial Services - 0.76%					Agilent Technologies Inc	8,320		391
Alliance Data Systems Corp ^(a),(b)	6,759		1,382		Allegion PLC ^(a)	36,302		2,585
American Express Co	43,960		2,883		Alps Electric Co Ltd	24,700		559
Blackhawk Network Holdings Inc ^(b)	10,096		346		Brady Corp	18,730		627
BlackRock Inc	5,319		1,983		Coherent Inc ^(b)	2,685		282
CME Group Inc ^(a)	7,500		813		Corning Inc	16,030		364
Element Comm Aviation ^(b),(e),(f)	280		2,765		FEI Co	6,192		659
Franklin Resources Inc	11,480		419		Fortive Corp ^(a)	10,525		554
GAM Holding AG ^(b)	13,054		127		Gentex Corp ^(a)	88,535		1,575
Greenhill & Co Inc	44,310		1,016		Hitachi High-Technologies Corp	5,350		198
Hellenic Exchanges - Athens Stock Exchange	137,894		668		Honeywell International Inc	19,671		2,296
SA					Horiba Ltd	2,600		121
Ichigo Inc	46,800		191		Hosiden Corp	39,200		294
Japan Exchange Group Inc	25,400		398		Japan Aviation Electronics Industry Ltd	9,715		151
Julius Baer Group Ltd ^(b)	22,481		943		Keyence Corp	502		352
Kenedix Inc	68,900		317		Keysight Technologies Inc ^(b)	15,660		477
Legg Mason Inc ^(a)	27,860		964		Koninklijke Philips NV	1,581		46
LendingClub Corp ^(b)	53,560		290		Kuroda Electric Co Ltd	16,600		312
Mitsubishi UFJ Lease & Finance Co Ltd	19,400		91		Kyocera Corp	3,630		173
NorthStar Asset Management Group Inc	18,144		225		Minebea Co Ltd	22,100		225
Partners Group Holding AG	378		173		Mitsumi Electric Co Ltd ^(b)	13,800		86
Santander Consumer USA Holdings Inc ^(b)	3,822		48		Nichicon Corp	43,100		351
SEI Investments Co ^(a),(d)	19,960		920		Nippon Ceramic Co Ltd	10,900		205
Synchrony Financial	14,109		393		Rofin-Sinar Technologies Inc ^(b)	14,066		450
Virtus Investment Partners Inc ^(a)	4,350		397		SCREEN Holdings Co Ltd	11,000		143
Visa Inc	32,278		2,611		Siix Corp	2,377		90
Zenkoku Hosho Co Ltd	11,780		463		TokyoSeimitsuCoLtd	18,400		490
		$	20,826		Trimble Navigation Ltd ^(a),(b)	40,521		1,110
Electric - 0.64%					Tyco International Plc	57,382		2,506
A2A SpA	324,473		431		Waters Corp ^(a),(b)	10,820		1,702
AES Corp/VA	24,240		292				$	19,374
Ameren Corp ^(a)	7,000		346		Energy - Alternate Sources - 0.04%
American Electric Power Co Inc ^(a)	9,848		636		First Solar Inc ^(b)	17,918		678
Avangrid Inc	16,622		691		Pattern Energy Group Inc	5,711		136
Calpine Corp ^(b)	34,829		435		Vestas Wind Systems A/S	3,764		312
DTE Energy Co ^(a)	17,590		1,634				$	1,126
Duke Energy Corp ^(a)	14,790		1,178		Engineering & Construction - 0.28%
Empire District Electric Co/The	19,801		670		Abengoa SA ^(b)	410,719		91
Endesa SA ^(a)	16,390		334		ACS Actividades de Construccion y Servicios	7,943		225
Enel SpA	123,496		546		SA ^(a)
Entergy Corp ^(a)	20,003		1,564		Balfour Beatty PLC ^(b)	199,405		740
eRex Co Ltd	3,400		86		Boskalis Westminster	4,094		147
FirstEnergy Corp ^(a)	23,870		781		Ferrovial SA ^(a)	3,508		69
Hawaiian Electric Industries Inc ^(a)	18,864		566		Flughafen Zuerich AG	2,585		478
Hera SpA	17,737		49		Fluor Corp ^(a)	23,120		1,200
Iberdrola SA	14,520		96		HOCHTIEF AG	2,329		313
ITC Holdings Corp ^(a)	30,935		1,399		KBR Inc ^(a)	41,850		614
NRG Energy Inc	48,610		589		Kyudenko Corp	26,413		835
PG&E Corp ^(a)	8,810		546		NCC AB	6,383		159
PPL Corp	16,610		578		Nippon Densetsu Kogyo Co Ltd	9,700		183
Red Electrica Corp SA	8,712		188		Skanska AB	17,401		381
Southern Co/The ^(a)	44,090		2,263		Taisei Corp	17,738		133
Talen Energy Corp ^(b)	22,538		311		Tecnicas Reunidas SA	2,280		82
Terna Rete Elettrica Nazionale SpA	15,408		80		Tokyu Construction Co Ltd	17,600		172
					Toshiba Plant Systems & Services Corp	16,300		256


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Engineering & Construction (continued)					Hand & Machine Tools - 0.16%
Toyo Engineering Corp	113,000	$	349		Disco Corp	2,330	$	263
Vinci SA	15,839		1,203		DMG Mori Co Ltd	8,200		91
		$	7,630		KUKA AG ^(b)	5,811		689
Entertainment - 0.06%					Makita Corp	2,459		177
Avex Group Holdings Inc	12,900		167		Schindler Holding AG	78		15
Carmike Cinemas Inc ^(b)	9,523		306		Snap-on Inc ^(a)	3,840		588
OPAP SA	87,243		732		Stanley Black & Decker Inc ^(a)	19,918		2,465
Sankyo Co Ltd	1,900		66				$	4,288
Sega Sammy Holdings Inc	10,177		139		Healthcare - Products - 1.22%
Whistler Blackcomb Holdings Inc	11,369		325		Abbott Laboratories ^(a)	42,540		1,788
		$	1,735		ABIOMED Inc ^(b)	6,500		767
Environmental Control - 0.23%					Alere Inc ^(b)	23,806		931
Clean Harbors Inc ^(b)	46,707		2,233		Align Technology Inc ^(b)	26,237		2,437
Daiseki Co Ltd	3,500		61		Asahi Intecc Co Ltd	6,627		295
METAWATER Co Ltd	3,100		88		Baxter International Inc ^(a)	33,958		1,587
Republic Services Inc ^(a)	24,938		1,260		Becton Dickinson and Co ^(a)	21,613		3,830
Waste Connections Inc	3,225		246		Boston Scientific Corp ^(b)	15,376		366
Waste Management Inc ^(a)	38,750		2,478		Danaher Corp ^(a)	19,810		1,613
		$	6,366		Edwards Lifesciences Corp ^(b)	6,065		698
Food - 1.18%					Elekta AB	4,551		39
Ariake Japan Co Ltd	3,234		153		Getinge AB	4,037		79
Aryzta AG ^(b)	119		5		Hologic Inc ^(a),(b)	120,834		4,642
					Intuitive Surgical Inc ^(a),(b)	5,695		3,909
Belc Co Ltd	4,417		165
Campbell Soup Co ^(a)	18,339		1,114		Medtronic PLC ^(a)	45,031		3,919
ConAgra Foods Inc	28,014		1,306		Nipro Corp	6,642		83
Ebro Foods SA	12,216		273		Olympus Corp	9,710		318
					ResMed Inc ^(a)	8,660		578
Ezaki Glico Co Ltd	1,130		57
General Mills Inc ^(a)	43,710		3,096		St Jude Medical Inc	21,266		1,657
Greencore Group PLC	44,279		204		Straumann Holding AG	504		196
Hershey Co/The ^(a)	52,851		5,279		Stryker Corp ^(a)	13,150		1,521
Ingredion Inc ^(a)	3,000		411		Sysmex Corp	1,432		92
Itoham Yonekyu Holdings Inc ^(b)	46,600		441		Terumo Corp	2,166		84
					Thermo Fisher Scientific Inc ^(a)	6,910		1,052
Jeronimo Martins SGPS SA	1,174		19
Kellogg Co ^(a)	39,579		3,254		Varian Medical Systems Inc ^(a),(b)	11,071		1,064
Kesko OYJ	12,053		524				$	33,545
Kikkoman Corp	2,810		88		Healthcare - Services - 0.58%
Koninklijke Ahold Delhaize NV ^(b)	8,346		200		Acadia Healthcare Co Inc ^(b)	14,052		719
Megmilk Snow Brand Co Ltd	2,789		86		Ain Holdings Inc	4,850		276
MEIJI Holdings Co Ltd	2,412		217		BioMerieux	1,690		258
METRO AG	5,563		165		Cigna Corp ^(a)	16,354		2,098
Mondelez International Inc	35,219		1,586		CMIC Holdings Co Ltd	10,200		148
Morinaga & Co Ltd/Japan	54,777		442		DaVita Inc ^(a),(b)	17,980		1,162
Nomad Foods Ltd ^(b)	63,798		746		Envision Healthcare Holdings Inc ^(b)	53,723		1,153
Orkla ASA	31,593		289		EPS Holdings Inc	9,000		113
Post Holdings Inc ^(b)	7,620		646		Fresenius Medical Care AG & Co KGaA	682		60
Safeway, Inc. - CVR - Casa Ley ^(b),(e),(f)	11,050		—		Humana Inc ^(a)	22,607		4,040
Safeway, Inc. - CVR - Property Development	11,050		—		Laboratory Corp of America Holdings ^(b)	13,009		1,781
Centers ^(b),(e),(f)					MEDNAX Inc ^(a),(b)	17,830		1,173
Seven & i Holdings Co Ltd	10,940		460		PeptiDream Inc ^(b)	1,426		61
Sonae SGPS SA	5,811		5		Quorum Health Corp ^(b)	18,373		113
Suedzucker AG	23,993		626		RHOEN-KLINIKUM AG	6,634		196
Sysco Corp ^(a)	25,800		1,338		UnitedHealth Group Inc	20,183		2,746
United Super Markets Holdings Inc	11,100		101				$	16,097
WhiteWave Foods Co/The ^(b)	133,015		7,373		Holding Companies - Diversified - 0.07%
Whole Foods Market Inc ^(a)	59,666		1,813		Leucadia National Corp	97,930		1,875
Yamazaki Baking Co Ltd	3,927		89
		$	32,571		Home Builders - 0.42%
Forest Products & Paper - 0.05%					Cairn Homes PLC ^(b)	1,684,309		1,999
BillerudKorsnas AB	2,981		51		Iida Group Holdings Co Ltd	13,537		254
Holmen AB	333		12		NVR Inc ^(a),(b)	3,651		6,159
Smurfit Kappa Group PLC	38,495		950		PulteGroup Inc ^(d)	81,710		1,746
UPM-Kymmene OYJ	11,788		237		Toll Brothers Inc ^(a),(b)	43,790		1,361
		$	1,250				$	11,519
Gas - 0.19%					Home Furnishings - 0.16%
CenterPoint Energy Inc ^(a)	75,680		1,701		Alpine Electronics Inc	48,700		587
Enagas SA ^(a)	11,274		331		Electrolux AB	34,304		894
Piedmont Natural Gas Co Inc	16,336		982		Leggett & Platt Inc ^(a)	29,370		1,541
Questar Corp	38,916		973		Panasonic Corp	27,900		287
Snam SpA	7,949		44		Pioneer Corp ^(b)	207,200		455
Toho Gas Co Ltd	12,953		110		TiVo Inc ^(b)	50,962		541
UGI Corp	24,458		1,113				$	4,305
		$	5,254


COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Housewares - 0.04%					Internet (continued)
Tupperware Brands Corp ^(a)	15,280	$	1,001		Priceline Group Inc/The ^(b)	2,120	$	3,003
					Proto Corp	4,500		51
Insurance - 1.96%					Quotient Technology Inc ^(b)	54,224		703
Ageas	7,920		275		Rakuten Inc	27,000		341
Alleghany Corp ^(b),(d)	1,688		905		SMS Co Ltd	11,495		245
Allianz SE	287		43		Stamps.com Inc ^(a),(b)	11,160		1,079
American Equity Investment Life Holding Co	52,072		917		Start Today Co Ltd	2,616		121
(a)					Tencent Holdings Ltd	13,680		354
American Financial Group Inc/OH ^(a)	27,794		2,089		TripAdvisor Inc ^(b)	4,723		288
American International Group Inc ^(d)	70,058		4,192		VeriSign Inc ^(a),(b)	10,136		755
Arthur J Gallagher & Co ^(a)	65,405		3,232		Wayfair Inc ^(b)	36,406		1,402
Assicurazioni Generali SpA	2,697		34		WebMD Health Corp ^(b)	11,490		593
Assured Guaranty Ltd	17,095		475		Yahoo! Inc ^(b)	63,908		2,732
Baloise Holding AG	1,956		233				$	61,038
Berkshire Hathaway Inc - Class B ^(b)	12,007		1,807		Investment Companies - 0.01%
Brown & Brown Inc ^(a)	36,087		1,352		American Capital Ltd ^(b)	19,643		332
Chubb Ltd ^(a)	43,047		5,464
Cincinnati Financial Corp ^(a)	23,160		1,786		Iron & Steel - 0.12%
Dai-ichi Life Insurance Co Ltd/The	41,200		575		Aichi Steel Corp	9,000		48
Delta Lloyd NV	45,948		187		Chubu Steel Plate Co Ltd	12,600		62
Everest Re Group Ltd ^(a)	5,980		1,156		Hitachi Metals Ltd	26,270		319
Fairfax Financial Holdings Ltd	3,201		1,812		Japan Steel Works Ltd/The	102,000		476
Genworth Financial Inc ^(a),(b)	259,380		1,227		Kobe Steel Ltd	39,000		36
Gjensidige Forsikring ASA	5,045		86		Kyoei Steel Ltd	19,200		373
Hannover Rueck SE	2,208		226		Outokumpu OYJ ^(b)	4,415		24
Helvetia Holding AG	239		120		Reliance Steel & Aluminum Co	9,660		696
Lincoln National Corp	18,259		877		Salzgitter AG	5,253		160
Markel Corp ^(b)	4,127		3,843		SSAB AB ^(b)	5,833		17
Marsh & McLennan Cos Inc	33,662		2,277		Tokyo Steel Manufacturing Co Ltd	61,900		436
MetLife Inc	114,610		4,974		Yamato Kogyo Co Ltd	14,500		444
MGIC Investment Corp ^(b)	37,379		302		Yodogawa Steel Works Ltd	4,800		126
Muenchener Rueckversicherungs-Gesellschaft	474		86				$	3,217
AG in Muenchen					Leisure Products & Services - 0.10%
NN Group NV	16,218		484		Amer Sports Oyj	3,198		96
Poste Italiane SpA ^(c)	43,438		303		Harley-Davidson Inc	27,857		1,468
Progressive Corp/The ^(a)	29,711		967
					HIS Co Ltd	6,020		152
Prudential Financial Inc	21,310		1,692		TUI AG	62,391		870
Reinsurance Group of America Inc	17,318		1,859		Yamaha Corp	3,046		99
RenaissanceRe Holdings Ltd ^(a)	4,935		591
							$	2,685
Saga PLC	301,357		872		Lodging - 0.30%

Swiss Life Holding AG(b)	3,654		916		Diamond Resorts International Inc ^(b)	28,468		860
Swiss Re AG	1,970		166		Las Vegas Sands Corp	4,620		232
T&D Holdings Inc	78,600		899		Starwood Hotels & Resorts Worldwide Inc ^(a)	81,916		6,345
Talanx AG	5,777		169		Wyndham Worldwide Corp ^(a)	12,136		859
Tokio Marine Holdings Inc	15,064		593				$	8,296
Torchmark Corp ^(a)	7,025		454
Travelers Cos Inc/The ^(a)	5,720		679		Machinery - Construction & Mining - 0.11%
					Caterpillar Inc ^(a)	28,130		2,306
Unipol Gruppo Finanziario SpA	35,353		98		Joy Global Inc	12,687		346
White Mountains Insurance Group Ltd	1,501		1,237
Willis Towers Watson PLC ^(a)	10,586		1,313		Mitsubishi Electric Corp	26,535		347
Zurich Insurance Group AG ^(b)	275		70				$	2,999
					Machinery - Diversified - 0.47%
		$	53,914		Alstom SA ^(b)	32,487		861
Internet - 2.22%					Cummins Inc	3,760		472
Alibaba Group Holding Ltd ADR^(b)	28,251		2,746
Alphabet Inc - C Shares ^(a),(b)	7,140		5,477		Daifuku Co Ltd	9,700		168
Amazon.com Inc ^(a),(b)	8,205		6,311		Deere & Co	7,280		616
AVG Technologies NV ^(b)	23,023		572		Flowserve Corp	12,440		602
Blucora Inc ^(a),(b)	28,980		300		FLSmidth & Co A/S	318		12
comScore Inc ^(b)	32,202		993		GEA Group AG	4,697		251
Corindus Vascular Robotics Inc ^(b)	418,756		490		Hisaka Works Ltd	14,100		108
					Husqvarna AB	58,983		509
CyberAgent Inc	5,850		317		IDEX Corp ^(a)	36,733		3,432
Dip Corp	7,174		207
eBay Inc ^(a),(b)	69,260		2,227		KION Group AG	4,630		263
					MAN SE	2,429		253
en-japan Inc	14,680		276		Metso OYJ	1,468		41
Expedia Inc	20,853		2,275		Middleby Corp/The ^(b)	25,210		3,231
Facebook Inc ^(b)	35,067		4,423
GoDaddy Inc ^(b)	29,306		949		Miura Co Ltd	4,681		88
					OC Oerlikon Corp AG ^(b)	20,859		201
Gree Inc	71,800		365
Itokuro Inc ^(b)	3,000		83		Sumitomo Heavy Industries Ltd	145,500		716
Klarna Holding AB ^{(b),(e),(f),(g)}	808		91		Toshiba Machine Co Ltd	82,000		270
					Xylem Inc/NY ^(a)	13,700		697
LinkedIn Corp ^(b)	82,780		15,956
Liquidity Services Inc ^(a),(b)	42,360		424		Zuiko Corp	2,930		120
							$	12,911
M3 Inc	6,002		180
Netflix Inc ^(a),(b)	48,317		4,709


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Media - 0.92%					Oil & Gas (continued)
CBS Corp ^(a)	16,610	$	848		Memorial Resource Development Corp ^(b)	34,449	$	496
Comcast Corp - Class A	64,226		4,191		Murphy Oil Corp	24,910		666
DISH Network Corp ^(b)	103,559		5,201		Neste Oyj	1,277		53
EW Scripps Co/The ^(b)	58,067		987		Newfield Exploration Co ^(b)	49,714		2,156
FactSet Research Systems Inc ^(a)	22,049		3,925		Noble Energy Inc	27,070		933
Gray Television Inc ^(b)	150,229		1,687		Occidental Petroleum Corp	55,580		4,271
Media General Inc ^(b)	23,078		408		OGX Petroleo e Gas SA ADR^(b)	26,974		22
Mediaset Espana Comunicacion SA	5,524		67		Pioneer Natural Resources Co	34,312		6,144
Mediaset SpA	131,507		416		Repsol SA ^(a)	13,017		175
Nexstar Broadcasting Group Inc	11,621		613		Suncor Energy Inc	16,743		454
Nippon Television Holdings Inc	40,750		659		Whiting Petroleum Corp ^(b)	91,640		668
NOS SGPS SA	20,890		142				$	37,361
Sinclair Broadcast Group Inc	18,502		527		Oil & Gas Services - 0.22%
Starz ^(b)	4,746		148		Baker Hughes Inc	38,327		1,883
Tribune Media Co	55,012		2,095		FMC Technologies Inc ^(a),(b)	50,067		1,412
TV Asahi Holdings Corp	8,100		130		Fugro NV ^(b)	3,210		51
Twenty-First Century Fox Inc - A Shares ^(a)	24,500		601		Halliburton Co	38,963		1,676
Viacom Inc - B Shares	27,770		1,120		Schlumberger Ltd ^(a)	9,860		779
Wolters Kluwer NV	38,389		1,615		Subsea 7 SA ^(b)	19,531		211
		$	25,380				$	6,012
Metal Fabrication & Hardware - 0.02%					Packaging & Containers - 0.11%
Aurubis AG	8,237		434		Ball Corp	15,491		1,227
Neturen Co Ltd	18,500		129		Huhtamaki OYJ	1,526		66
SKF AB	745		12		KapStone Paper and Packaging Corp ^(a)	21,142		370
Tsubaki Nakashima Co Ltd	7,900		113		Packaging Corp of America ^(a)	5,450		429
		$	688		Silgan Holdings Inc ^(d)	17,773		855
Mining - 0.08%							$	2,947
Boliden AB	12,775		270		Pharmaceuticals - 2.55%
Constellium NV ^(b)	130,165		974		Actelion Ltd ^(b)	235		39
Franco-Nevada Corp	2,676		187		Allergan plc ^(b)	61,747		14,482
Freeport-McMoRan Inc	63,140		650		Almirall SA	25,256		385
Pacific Metals Co Ltd	76,000		212		AstraZeneca PLC	26,776		1,728
		$	2,293		AstraZeneca PLC ADR	22,888		751
Miscellaneous Manufacturers - 0.65%					Bayer AG	832		89
3M Co ^(a)	6,705		1,202		Bristol-Myers Squibb Co ^(a)	158,997		9,125
Carlisle Cos Inc ^(a)	17,920		1,879		Cardinal Health Inc ^(a)	51,382		4,094
Eaton Corp PLC ^(a)	14,740		981		DexCom Inc ^(b)	28,357		2,583
EnPro Industries Inc	39,050		2,105		Eisai Co Ltd	25,880		1,510
FUJIFILM Holdings Corp	11,540		434		Eli Lilly & Co ^(a)	19,790		1,539
General Electric Co ^(a)	142,389		4,448		Endo International PLC ^(b)	42,600		882
Harsco Corp ^(a)	78,630		782		Galenica AG	145		168
Illinois Tool Works Inc ^(a)	28,163		3,347		Grifols SA	3,000		64
Ingersoll-Rand PLC ^(a)	22,790		1,550		H Lundbeck A/S ^(b)	10,224		409
Nikon Corp	37,700		554		Herbalife Ltd ^(b)	1,772		108
Siemens AG	2,700		322		Johnson & Johnson ^(a)	34,340		4,098
Sumitomo Riko Co Ltd	24,200		226		Mallinckrodt PLC ^(a),(b)	14,075		1,049
Tenma Corp	7,600		117		McKesson Corp	8,473		1,564
Trelleborg AB	1,442		28		Mead Johnson Nutrition Co ^(a)	8,424		717
		$	17,975		Merck & Co Inc ^(a)	96,159		6,038
Office & Business Equipment - 0.06%					Mylan NV ^(b)	33,004		1,398
Canon Inc	25,000		717		Nippon Shinyaku Co Ltd	12,560		583
Xerox Corp	89,260		879		Novo Nordisk A/S	1,901		89
		$	1,596		Ono Pharmaceutical Co Ltd	16,014		417
Oil & Gas - 1.36%					Orion Oyj	429		16
Anadarko Petroleum Corp ^(a)	48,458		2,591		Perrigo Co PLC	18,990		1,728
Apache Corp	13,290		661		Pfizer Inc ^(a)	88,990		3,097
					Portola Pharmaceuticals Inc ^(b)	20,129		410
Cabot Oil & Gas Corp	32,750		807
Chevron Corp ^(a)	19,570		1,968		Quintiles Transnational Holdings Inc ^(b)	12,442		962
Cimarex Energy Co	2,750		364		Recordati SpA	7,249		219
Cobalt International Energy Inc ^(b)	85,785		103		Relypsa Inc ^(b)	19,613		627
ConocoPhillips	21,350		876		Shire PLC ADR	13,140		2,460
Devon Energy Corp ^(a)	9,210		399		Sosei Group Corp ^(b)	1,488		240
EOG Resources Inc	20,178		1,785		STADA Arzneimittel AG	8,292		445
Exxon Mobil Corp ^(a)	51,136		4,456		Suzuken Co Ltd/Aichi Japan	1,700		49
Galp Energia SGPS SA	8,076		118		Swedish Orphan Biovitrum AB ^(b)	7,868		93
Hess Corp	44,192		2,399		Takeda Pharmaceutical Co Ltd	25,430		1,121
HollyFrontier Corp ^(a)	23,720		614		TherapeuticsMD Inc ^(b)	472,561		3,251
Imperial Oil Ltd	66,878		2,037		TherapeuticsMD Inc ^(b),(e),(f)	15,388		106
					Zoetis Inc ^(a)	30,960		1,582
Inpex Corp	75,500		654
InterOil Corp ^(b)	632		31				$	70,315
Japan Petroleum Exploration Co Ltd	17,100		376		Pipelines - 0.07%
Karoon Gas Australia Ltd ^(b)	163,694		162		Williams Cos Inc/The	70,740		1,977
Marathon Oil Corp	61,404		922


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Private Equity - 0.03%					Retail (continued)
Kennedy-Wilson Holdings Inc	42,178	$	930		Joyful Honda Co Ltd	3,749	$	91
					Kate Spade & Co ^(b)	12,222		228
Real Estate - 0.12%					Kohl's Corp	23,200		1,030
Deutsche Wohnen AG	22,359		839		L Brands Inc ^(a)	13,810		1,053
GEK Terna Holding Real Estate Construction	102,547		216		Lowe's Cos Inc ^(a)	48,766		3,733
SA ^(b)					Macy's Inc	27,021		978
Hulic Co Ltd	25,900		246		Mattress Firm Holding Corp ^(b)	6,735		431
LEG Immobilien AG ^(b)	7,969		777		McDonald's Corp ^(a)	29,149		3,371
Leopalace21 Corp	84,690		562		MSC Industrial Direct Co Inc	19,806		1,447
Relo Group Inc	1,230		174		Nishimatsuya Chain Co Ltd	5,900		81
Sumitomo Real Estate Sales Co Ltd	10,500		198		Nitori Holdings Co Ltd	1,742		176
Takara Leben Co Ltd	57,100		373		Nordstrom Inc	7,847		396
WeWork Cos Inc ^{(b),(e),(f),(g)}	979		49		Outerwall Inc	3,299		171
		$	3,434		PAL GROUP Holdings Co Ltd	7,800		163
REITS - 1.25%					Panera Bread Co ^(a),(b)	19,147		4,158
American Campus Communities Inc	25,760		1,291		Restoration Hardware Holdings Inc ^(b)	7,082		239
American Tower Corp	27,626		3,132		Rite Aid Corp ^(a),(b)	196,298		1,478
Annaly Capital Management Inc	1,410		15		Seria Co Ltd	1,911		126
AvalonBay Communities Inc ^(a)	1,910		334		Signet Jewelers Ltd	12,419		1,018
Boston Properties Inc ^(a)	7,830		1,097		Staples Inc ^(a)	107,790		923
Camden Property Trust ^(a)	39,226		3,443		Sundrug Co Ltd	4,571		331
Care Capital Properties Inc ^(a)	25,250		757		Tailored Brands Inc ^(a)	47,650		628
Corrections Corp of America	41,630		663		Target Corp ^(a)	12,220		858
Crown Castle International Corp ^(a)	6,240		591		Tiffany & Co	13,960		996
Equinix Inc	3,732		1,376		TJX Cos Inc/The ^(a)	39,573		3,065
Equity Residential	8,230		534		Tsuruha Holdings Inc	2,819		276
Federal Realty Investment Trust ^(a)	11,466		1,823		Walgreens Boots Alliance Inc	21,160		1,708
General Growth Properties Inc ^(a)	16,157		471		Wal-Mart Stores Inc	22,450		1,604
Grivalia Properties REIC AE	92,689		723		Welcia Holdings Co Ltd	5,296		311
Hibernia REIT plc	772,514		1,205		Williams-Sonoma Inc	22,940		1,208
Hoshino Resorts REIT Inc	8		95		World Fuel Services Corp	29,673		1,323
Irish Residential Properties REIT Plc	1,176,121		1,536		Xebio Holdings Co Ltd	16,000		243
Iron Mountain Inc ^(a)	43,340		1,665		Yum! Brands Inc ^(a)	18,160		1,647
Lamar Advertising Co ^(a)	38,276		2,386				$	63,361
LibertyPropertyTrust ^(a)	49,940		2,059		Savings & Loans - 0.22%
National Retail Properties Inc ^(a)	48,030		2,406		Astoria Financial Corp ^(a)	47,178		722
NorthStar Realty Finance Corp	14,768		197		Dime Community Bancshares Inc ^(a)	10,977		194
Parkway Properties Inc/Md	12,974		234		EverBank Financial Corp	24,098		462
Post Properties Inc	6,654		441		New York Community Bancorp Inc	108,338		1,637
Prologis Inc ^(a)	19,927		1,058		People's United Financial Inc ^(a)	96,740		1,572
Regency Centers Corp ^(a)	21,670		1,745		Washington Federal Inc ^(a)	58,710		1,556
Taubman Centers Inc ^(a)	12,930		1,004				$	6,143
UDR Inc ^(a)	33,230		1,202		Semiconductors - 1.37%
Vornado Realty Trust ^(a)	8,590		888		Analog Devices Inc ^(a)	9,380		587
		$	34,371		Applied Materials Inc ^(a)	24,120		720
Retail - 2.30%					ASM International NV	3,309		126
Abercrombie & Fitch Co ^(a)	70,370		1,248		Broadcom Ltd	12,503		2,206
Advance Auto Parts Inc ^(d)	22,573		3,553		Cypress Semiconductor Corp	8,211		98
Autogrill SpA ^(a)	25,406		218		Dialog Semiconductor PLC ^(b)	1,744		61
AutoZone Inc ^(a),(b)	576		427		Fairchild Semiconductor International Inc ^(a),(b)	27,607		549
Bed Bath & Beyond Inc	30,930		1,434		Infineon Technologies AG	10,811		181
BJ's Restaurants Inc ^(a),(b)	26,670		1,059		Integrated Device Technology Inc ^(a),(b)	13,301		267
Bob Evans Farms Inc/DE ^(a)	12,700		521		Intel Corp ^(a)	80,690		2,896
CarMax Inc ^(b)	10,508		619		KLA-Tencor Corp ^(a)	31,612		2,189
Cash America International Inc	4,245		185		Lam Research Corp	15,032		1,403
Cawachi Ltd	7,900		175		Linear Technology Corp ^(a)	46,808		2,726
Chipotle Mexican Grill Inc ^(b)	2,344		970		Mellanox Technologies Ltd ^(b)	28,110		1,232
Citizen Holdings Co Ltd	42,500		235		Microchip Technology Inc	5,043		312
Coach Inc ^(a)	61,167		2,335		Micron Technology Inc ^(b)	282,189		4,654
cocokara fine Inc	3,750		127		Mimasu Semiconductor Industry Co Ltd	11,100		124
Costco Wholesale Corp	44,314		7,183		Miraial Co Ltd	9,800		68
Create SD Holdings Co Ltd	5,212		114		MKS Instruments Inc ^(a)	14,250		695
CST Brands Inc	28,398		1,358		Nippon Chemi-Con Corp	88,000		153
Darden Restaurants Inc ^(a)	18,400		1,134		NXP Semiconductors NV ^(b)	31,141		2,741
Francesca's Holdings Corp ^(a),(b)	37,789		516		Qorvo Inc ^(b)	49,369		2,835
Gap Inc/The	45,631		1,135		QUALCOMM Inc ^(a)	34,640		2,185
Genuine Parts Co ^(a)	7,250		745		Rohm Co Ltd	13,950		699
H2O Retailing Corp	6,900		94		Shinkawa Ltd ^(b)	23,900		148
Home Depot Inc/The ^(a)	10,043		1,347		Shinko Electric Industries Co Ltd	59,400		330
Honeys Co Ltd	15,580		188		Silicon Laboratories Inc ^(a),(b)	8,870		508
Hornbach Holding AG & Co KGaA	10,732		744		Skyworks Solutions Inc	44,193		3,308
IDOM Inc	27,500		164		STMicroelectronics NV	5,782		43
Industria de Diseno Textil SA	717		25		Sumco Corp	85,165		746
Jand Inc ^{(b),(e),(f),(g)}	1,693		19		Texas Instruments Inc ^(a)	9,720		676


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)		Shares Held		Value(000	's)
Semiconductors (continued)					Toys, Games & Hobbies (continued)
Tokyo Electron Ltd	3,068	$	283		Nintendo Co Ltd		4,024	$	888
Ultratech Inc ^(b)	10,390		260					$	3,702
Xilinx Inc ^(a)	30,738		1,666		Transportation - 0.87%
		$	37,675		AP Moeller - Maersk A/S - B shares		18		27
Software - 1.53%					bpost SA		18,944		482
Adobe Systems Inc ^(b)	7,968		815		Canadian National Railway Co		53,008		3,406
Alpha Systems Inc	2,400		36		Cargotec Oyj		3,817		171
ANSYS Inc ^(a),(b)	12,943		1,231		CH Robinson Worldwide Inc		24,510		1,701
athenahealth Inc ^(b)	10,230		1,252		Deutsche Post AG		1,678		53
Autodesk Inc ^(b)	23,224		1,565		DSV A/S		4,688		233
CA Inc ^(a)	23,489		797		East Japan Railway Co		3,550		305
CareView Communications Inc ^(b)	1,057,333		174		Expeditors International of Washington Inc ^(a)		9,310		472
Cerner Corp ^(a),(b)	8,600		555		FedEx Corp		7,489		1,235
Citrix Systems Inc ^(a),(b)	9,120		795		Genesee & Wyoming Inc ^(b)		37,750		2,567
CommVault Systems Inc ^(b)	15,000		773		Golar LNG Ltd		52,379		1,091
Cvent Inc ^(b)	20,826		681		Groupe Eurotunnel SE		54,832		604
DeNA Co Ltd	32,897		978		Irish Continental Group PLC		132,630		699
Digi International Inc ^(a),(b)	27,402		314		Kansas City Southern ^(a)		12,380		1,197
Dun & Bradstreet Corp/The	2,158		297		Knight Transportation Inc		32,944		926
Envestnet Inc ^(b)	13,730		542		Landstar System Inc		12,448		862
Fidelity National Information Services Inc ^(a)	7,619		604		Union Pacific Corp		25,945		2,479
Fiserv Inc ^(a),(b)	7,042		726		United Parcel Service Inc ^(a),(d)		42,203		4,609
inContact Inc ^(b)	25,713		357		XPO Logistics Inc ^(b)		26,801		959
Interactive Intelligence Group Inc ^(b)	939		56					$	24,078
Intuit Inc ^(a)	22,540		2,512		Trucking & Leasing - 0.04%
Jack Henry & Associates Inc ^(a)	27,500		2,400		AMERCO		2,966		1,019
Konami Holdings Corp	2,528		89
Microsoft Corp ^(a),(d)	120,829		6,943		Water- 0.09	%
MSCI Inc ^(a)	19,377		1,746		Aqua America Inc ^(a)		58,770		1,787
NetSuite Inc ^(b)	4,403		480		Veolia Environnement SA		38,817		827
Paychex Inc ^(a)	57,520		3,490					$	2,614
Press Ganey Holdings Inc ^(b)	2,883		116
					TOTAL COMMON STOCKS			$	1,064,798
Rackspace Hosting Inc ^(a),(b)	68,513		2,155
					INVESTMENT COMPANIES - 21.67%		Shares Held		Value(000	's)
Red Hat Inc ^(a),(b)	27,486		2,006

ServiceNow Inc ^(b)	12,311		895		Exchange Traded Funds - 0.02%
					TOPIX Exchange Traded Fund		36,570		477
Software AG	9,203		366
SS&C Technologies Holdings Inc	84,118		2,772
Workday Inc ^(b)	41,918		3,554		Money Market Funds - 21.65%
					BlackRock Liquidity Funds FedFund Portfolio		4,879,992		4,880
		$	42,072		Wells Fargo Advantage Government Money		591,478,524		591,479
Telecommunications - 0.76%					Market Fund ^(h)
ARRIS International PLC ^(a),(b)	16,504		463
								$	596,359
AT&T Inc ^(a)	55,083		2,252
					TOTAL INVESTMENT COMPANIES			$	596,836
CalAmp Corp ^(a),(b)	31,259		456
CenturyLink Inc ^(a)	39,540		1,099		CONVERTIBLE PREFERRED STOCKS -
					0.69	%	Shares Held		Value(000	's)
Cisco Systems Inc	11,200		352
					Agriculture - 0.02%
Comtech Telecommunications Corp	24,420		315		Bunge Ltd 4.88%⁽ⁱ⁾		4,480	$	440
Elisa OYJ	449		16
Gogo Inc ^(b)	38,248		468
					Automobile Manufacturers - 0.02%
Hellenic Telecommunications Organization	69,388		657		Fiat Chrysler Automobiles NV 7.88%		7,500		498
SA
Loral Space & Communications Inc ^(b)	46,587		1,698
					Electric - 0.04%
Manitoba Telecom Services Inc	32,331		940
Motorola Solutions Inc ^(a)	56,955		4,385		Black Hills Corp 7.75%		10,000		658
					Dominion Resources Inc/VA 6.75%		2,375		121
Nippon Telegraph & Telephone Corp	14,846		653		Dynegy Inc 7.00%		1,975		170
NTT DOCOMO Inc	25,664		647
ParkerVision Inc ^(b)	54,806		260					$	949
Polycom Inc ^(b)	44,505		554		Electrical Components & Equipment - 0.01%
					Belden Inc 6.75%		1,950		208
Proximus SADP	16,107		493
Sunrise Communications Group AG ^(b),(c)	2,859		195
					Food- 0.00	%
Swisscom AG	4,008		1,917		Post Holdings Inc 2.50%⁽ⁱ⁾		725		116
TDC A/S	84,748		469
Telefonaktiebolaget LM Ericsson	4,521		32
Telia Co AB	6,748		30		Healthcare - Services - 0.07%
T-Mobile US Inc ^(b)	38,630		1,790		Anthem Inc 5.25%		45,500		1,953
Verizon Communications Inc ^(a)	14,152		741
					Internet - 0.01%
		$	20,882
					Airbnb, Inc(b),(e),(f),(g)		1,685		177
Textiles - 0.04%
					DraftKings Inc(b),(e),(f),(g)		29,108		56
G&K Services Inc	2,716		264
					Dropbox Inc(b),(e),(f),(g)		2,671		34
UniFirst Corp/MA	7,146		918
								$	267
		$	1,182
					Investment Companies - 0.08%
Toys, Games & Hobbies - 0.13%					Mandatory Exchangeable Trust 5.75%^(c)		18,658		2,248
Mattel Inc ^(a)	84,933		2,814


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



	CONVERTIBLE PREFERRED STOCKS										Principal
	(continued)		Shares Held		Value(000			's)	BONDS (continued)		Amount (000's) Value (000's)
	Pharmaceuticals - 0.19%								Automobile Asset Backed Securities (continued)
	Allergan plc 5.50%			4,220	$		3,514		AmeriCredit Automobile Receivables Trust
	Teva Pharmaceutical Industries Ltd 7.00%			1,958			1,684		2016-2
					$		5,198		3.65%, 05/09/2022^(j)		$	80	$	83
	REITS- 0.16	%							CPS Auto Receivables Trust 2016-B
	Crown Castle International Corp 4.50%^(a)			11,450			1,291		8.14%, 05/15/2023^(c),(j)			855		901
	Welltower Inc 6.50%^(a),(i)			45,600			3,147		DT Auto Owner Trust 2014-3
					$		4,438		4.47%, 11/15/2021^(c),(j)			175		178
	Retail - 0.00%								DT Auto Owner Trust 2016-1
									4.66%, 12/15/2022^(c),(j)			1,335		1,338
	Jand Inc(b),(e),(f),(g)			3,781			41
									DT Auto Owner Trust 2016-2
									5.43%, 11/15/2022^(c),(j)			820		840
	Software - 0.00%
	Cloudera Inc (b),(e),(f),(g)			3,756			64		First Investors Auto Owner Trust 2014-1
									3.28%, 04/15/2021^(c),(j)			70		69

	Telecommunications - 0.09%								First Investors Auto Owner Trust 2014-2
									3.47%, 02/15/2021^(c),(j)			120		118
	T-Mobile US Inc 5.50%			33,825			2,600
									First Investors Auto Owner Trust 2015-1
									3.59%, 01/18/2022^(c),(j)			100		98
	TOTAL CONVERTIBLE PREFERRED STOCKS				$		19,020
	PREFERRED STOCKS - 0.12%		Shares Held		Value(000			's)	First Investors Auto Owner Trust 2015-2
									4.22%, 12/15/2021^(c),(j)			565		553
	Advertising - 0.00%
	Trade Desk Preferred (b),(e),(f),(g)			17,091			116		Flagship Credit Auto Trust 2015-1
									3.76%, 06/15/2021^(c)			165		165

	Electronics - 0.01%
									Flagship Credit Auto Trust 2015-2
	Veracode Inc (b),(e),(f),(g)			6,031			149		5.98%, 08/15/2022(c)			710		710
									Flagship Credit Auto Trust 2015-3
									7.12%, 11/15/2022^(c)			960		988
	Internet - 0.07%
	Forescout Tech Inc (b),(e),(f),(g)			9,157			112
									Ford Credit Auto Owner Trust 2015-B
	General Assembly Space, Inc (b),(e),(f),(g)			2,184			107		1.16%, 11/15/2019(j)			550		550

	Lithium Technologies Inc(b),(e),(f),(g)			59,552			325		Nissan Auto Receivables 2016-C Owner
	Pinterest Inc (b),(e),(f),(g)			87,425			570		Trust

	Uber Technologies Inc (b),(e),(f),(g)			15,196			741		1.18%, 01/15/2021(j)			200		199
									Prestige Auto Receivables Trust 2016-1
	Zuora Inc(b),(e),(f),(g)			40,988			181		5.15%, 11/15/2021^(c)			815		821
					$		2,036

	Private Equity - 0.01%
									Toyota Auto Receivables 2014-C Owner
	Forward Venture Services LLC(b),(e),(f),(g)			5,465			239		Trust
									0.93%, 07/16/2018			252		252
									Toyota Auto Receivables 2016-C
	Real Estate - 0.02%								1.14%, 08/17/2020^(j)			165		164
	Redfin Corp (b),(e),(f),(g)			29,409			110
									USAA Auto Owner Trust 2015-1
	WeWork Cos Inc Series D-1(b),(e),(f),(g)			4,867			244		1.20%, 06/17/2019^(j)			1,200		1,201
	WeWork Cos Inc Series D-2 (b),(e),(f),(g)			3,824			192
												$		9,424
					$		546
									Automobile Manufacturers - 0.12%
	Software - 0.01%
									Ford Motor Credit Co LLC
	Birst Inc(b),(e),(f),(g)			21,065			115		1.46%, 01/17/2017^(j)			625		626
	Marklogic Corp (b),(e),(f),(g)			14,832			155

	Nutanix Inc(b),(e),(f),(g)			3,575			45		General Motors Financial Co Inc
									3.70%, 05/09/2023			245		250
					$		315
									4.00%, 01/15/2025			915		932
	TOTAL PREFERRED STOCKS				$		3,401		Hyundai Capital Services Inc
			Principal						1.45%, 03/18/2017^(c),(j)			950		950
	BONDS- 26.72	%	Amount (000's)		Value(000			's)	Volkswagen International Finance NV
	Aerospace & Defense - 0.17%								1.24%, 11/18/2016^(c),(j)			450		450
	Embraer Netherlands Finance BV											$		3,208
	5.05%, 06/15/2025		$	310		$	312		Banks- 1.66	%
	Embraer Overseas Ltd
	5.70%, 09/16/2023^(c)			320			340		Bank of America Corp
									4.20%, 08/26/2024			1,390		1,475
	Meccanica Holdings USA Inc								6.00%, 09/01/2017			1,100		1,148
	6.25%, 01/15/2040^(c)			1,685			1,685
									Bank of America NA
	Rockwell Collins Inc								0.95%, 06/15/2017^(j)			250		250
	1.00%, 12/15/2016^(j)			115			115

	StandardAero Aviation Holdings Inc								Banque Centrale de Tunisie International
	10.00%, 07/15/2023 ^(c)			2,000			2,100		Bond
									5.75%, 01/30/2025			9,340		9,202
					$		4,552		Barclays PLC
	Airlines - 0.12%								5.20%, 05/12/2026			200		208
	Air Canada 2015-2 Class B Pass Through								Citigroup Inc
	Trust								1.53%, 11/24/2017^(j)			945		947
	5.00%, 06/15/2025^(c)			2,020			2,020

	Latam Airlines 2015-1 Pass Through Trust B								Financiera de Desarrollo Territorial SA
	(c)								Findeter
	4.50%, 08/15/2025			1,203			1,158		7.88%, 08/12/2024^(c)		COP	3,380,000		1,020
					$		3,178		Goldman Sachs Group Inc/The
	Automobile Asset Backed Securities - 0.34%								1.31%, 06/04/2017^(j)		$	1,205		1,207
	AmeriCredit Automobile Receivables 2015-4								HSBC Holdings PLC
	3.72%, 12/08/2021			189			196		4.30%, 03/08/2026			1,225		1,318
									KFW
									1.00%, 07/15/2019			867		863


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



	Principal					Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Banks (continued)					Commercial Mortgage Backed Securities (continued)
KFW (continued)					CGBAM Commercial Mortgage Trust 2014-
1.50%, 04/20/2020	$	1,980	$	1,998	HD
1.50%, 06/15/2021		2,025		2,033	2.11%, 02/15/2031^(c),(j)	$	610	$	596
Letras del Banco Central de la Republica					Citigroup Commercial Mortgage Trust 2014-
Argentina					GC19
0.00%, 01/04/2017^(b)	ARS	50,000		3,079	5.06%, 03/10/2047^(c),(j)		2,000		1,695
Lloyds Banking Group PLC					COBALT CMBS Commercial Mortgage Trust
4.65%, 03/24/2026	$	400		415	2007-C2
Morgan Stanley					5.62%, 04/15/2047		5,000		4,850
4.35%, 09/08/2026		1,345		1,441	COMM 2014-SAVA Mortgage Trust
Royal Bank of Scotland Group PLC					1.66%, 06/15/2034^(c),(j)		79		79
5.13%, 05/28/2024		200		203	2.26%, 06/15/2034^(c),(j)		145		144
6.00%, 12/19/2023		360		381	2.91%, 06/15/2034^(c),(j)		290		287
Russian Agricultural Bank OJSC Via RSHB					Commercial Mortgage Trust 2005-GG5
Capital SA					5.71%, 04/10/2037^(j)		1,825		1,477
5.10%, 07/25/2018		6,375		6,557	Commercial Mortgage Trust 2007-GG11
Santander Holdings USA Inc					6.33%, 12/10/2049^(j)		1,500		1,470
4.50%, 07/17/2025		2,550		2,671	Extended Stay America Trust 2013-ESH
Santander Issuances SAU					4.17%, 12/05/2031^(c),(j)		857		858
5.18%, 11/19/2025		200		208	Ginnie Mae
Santander UK Group Holdings PLC					0.69%, 01/16/2053^(j),(k)		7,645		356
4.75%, 09/15/2025^(c)		1,000		1,005	GS Mortgage Securities Trust 2007-GG10
Standard Chartered PLC					5.99%, 08/10/2045^(j)		1,745		1,685
4.30%, 02/19/2027^(c)		800		807	Hilton USA Trust 2013-HLT
TC Ziraat Bankasi AS					3.71%, 11/05/2030^(c),(j)		275		276
4.75%, 04/29/2021^(c)		7,000		6,988	4.41%, 11/05/2030^(c),(j)		190		191
Wells Fargo & Co					5.61%, 11/05/2030^(c),(j)		215		216
0.99%, 06/02/2017^(j)		275		275	JP Morgan Chase Commercial Mortgage
		$		45,699	Securities Trust 2007-LDP10
Biotechnology - 0.13%					5.46%, 01/15/2049		250		243
Concordia International Corp					JP Morgan Chase Commercial Mortgage
9.50%, 10/21/2022^(c)		4,287		3,526	Securities Trust 2015-SGP
					5.01%, 07/15/2036^(c),(j)		785		785
Building Materials - 0.09%					Morgan Stanley Capital I Trust 2007-HQ12
Builders FirstSource Inc					5.90%, 04/12/2049^(j)		279		280
5.63%, 09/01/2024^(c)		586		596	Morgan Stanley Capital I Trust 2011-C2
Cemex SAB de CV					5.65%, 06/15/2044^(c),(j)		475		501
6.13%, 05/05/2025^(c)		1,140		1,201	Motel 6 Trust 2015-M6MZ
Owens Corning					8.23%, 02/05/2020^{(c),(e),(f),(j)}		2,814		2,843
3.40%, 08/15/2026		200		200	SCG Trust 2013-SRP1
4.20%, 12/01/2024		405		432	3.01%, 11/15/2026^(c),(j)		365		352
		$		2,429	3.76%, 11/15/2026^(c),(j)		400		387
					3.85%, 11/15/2026^(c),(j)		850		803
Chemicals - 0.29%
Albemarle Corp					Wachovia Bank Commercial Mortgage Trust
4.15%, 12/01/2024		405		437	Series 2005-C22
Hercules Inc					5.76%, 12/15/2044^(j)		26		26
6.50%, 06/30/2029		330		291	Wachovia Bank Commercial Mortgage Trust
OCP SA					Series 2006-C25
4.50%, 10/22/2025		2,850		2,914	6.01%, 05/15/2043^(c),(j)		2,300		1,429
6.88%, 04/25/2044		2,856		3,357	Wachovia Bank Commercial Mortgage Trust
Solvay Finance America LLC					Series 2007-C31
4.45%, 12/03/2025^(c)		500		542	5.84%, 04/15/2047^(j)		5,500		5,252
Westlake Chemical Corp					WFRBS Commercial Mortgage Trust 2012-
3.60%, 08/15/2026^(c)		490		490	C6
					5.77%, 04/15/2045^(c),(j)		500		516
		$		8,031
Commercial Mortgage Backed Securities - 1.33%							$		36,518
Banc of America Commercial Mortgage Trust					Commercial Services - 0.34%
2006-1					Cenveo Corp
5.88%, 09/10/2045^(c),(j)		5,536		5,343	6.00%, 08/01/2019^(c)		1,800		1,593
BLCP Hotel Trust					Constellis Holdings LLC / Constellis Finance
3.01%, 08/15/2029^(c),(j)		300		294	Corp
4.18%, 08/15/2029^(c),(j)		300		288	9.75%, 05/15/2020^(c)		1,042		1,003
BXHTL Mezzanine Trust					Corporate Risk Holdings LLC
8.67%, 05/15/2020^(e),(f),(j)		1,100		1,068	9.50%, 07/01/2019^(c)		415		392
					Team Health Inc
CCRESG Commercial Mortgage Trust 2016-					7.25%, 12/15/2023^(c)		2,467		2,689
HEAT
5.67%, 04/10/2029^(c),(j)		255		257	United Rentals North America Inc
CDGJ Commercial Mortgage Trust 2014-					4.63%, 07/15/2023		2,000		2,046
BXCH					Verisk Analytics Inc
2.36%, 12/15/2027^(c),(j)		800		799	5.50%, 06/15/2045		1,490		1,619
3.01%, 12/15/2027^(c),(j)		880		872			$		9,342


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Computers - 0.10%					Engineering & Construction - 0.01%
Diamond 1 Finance Corp / Diamond 2 Finance					Engility Corp
Corp					8.88%, 09/01/2024^(c)		$	275	$	280
5.88%, 06/15/2021^(c)	$	135	$	143
6.02%, 06/15/2026^(c)		2,310		2,472	Entertainment - 0.24%
7.13%, 06/15/2024^(c)		210		227	Codere Finance 2 Luxembourg SA
		$		2,842	9.00%, PIK 9.00%, 06/30/2021^(l)			4,500		4,635
Cosmetics & Personal Care - 0.02%					9.00%, PIK 9.00%, 06/30/2021^(c),(l)			2,000		2,060
Procter & Gamble Co/The								$		6,695
0.85%, 11/04/2016^(j)		445		445	Finance - Mortgage Loan/Banker - 1.03%
					Fannie Mae
Credit Card Asset Backed Securities - 0.23%					0.88%, 08/02/2019			5,779		5,748
American Express Credit Account Master					1.25%, 08/17/2021			1,718		1,710
Trust					2.13%, 04/24/2026			3,151		3,219
0.98%, 05/15/2019^(j)		265		265	Federal Home Loan Banks
American Express Credit Account Secured					0.88%, 08/05/2019			5,155		5,132
Note Trust 2012-4					1.13%, 07/14/2021			2,890		2,863
0.75%, 05/15/2020^(j)		835		836	Freddie Mac
American Express Issuance Trust II					0.88%, 07/19/2019			5,779		5,750
0.94%, 08/15/2019^(j)		570		572	1.13%, 08/12/2021			4,009		3,967
BA Credit Card Trust								$		28,389
0.84%, 06/15/2020^(j)		1,205		1,208	Food- 0.41	%
Capital One Multi-Asset Execution Trust					Albertsons Cos LLC / Safeway Inc / New
0.59%, 12/16/2019^(j)		1,205		1,205	Albertson's Inc / Albertson's LLC
Chase Issuance Trust					5.75%, 03/15/2025^(c)			595		616
0.56%, 08/15/2019^(j)		680		679	BRF SA
1.27%, 07/15/2021^(j)		600		599	7.75%, 05/22/2018^(c)		BRL	1,500		423
Discover Card Execution Note Trust					Cosan Luxembourg SA
0.81%, 08/17/2020^(j)		495		495	7.00%, 01/20/2027^(c)		$	4,625		4,874
0.86%, 08/17/2020^(j)		205		205	Fresh Market Inc/The
World Financial Network Credit Card Master					9.75%, 05/01/2023^(c)			4,167		3,896
Trust					JBS Investments GmbH
0.99%, 02/15/2022^(j)		165		165	7.25%, 04/03/2024^(c)			200		212
		$		6,229	JBS USA LUX SA / JBS USA Finance Inc
Diversified Financial Services - 0.47%					5.75%, 06/15/2025^(c)			600		609
Air Lease Corp					7.25%, 06/01/2021^(c)			40		41
4.25%, 09/15/2024		1,570		1,651	Marfrig Holdings Europe BV
Ally Financial Inc					8.00%, 06/08/2023^(c)			710		737
2.75%, 01/30/2017		100		100				$		11,408
3.25%, 09/29/2017		550		556	Gas- 0.03	%
4.25%, 04/15/2021		315		324	NGL Energy Partners LP / NGL Energy
4.75%, 09/10/2018		1,300		1,350	Finance Corp
5.50%, 02/15/2017		1,100		1,119	5.13%, 07/15/2019			725		680
5.75%, 11/20/2025		870		926	6.88%, 10/15/2021			130		121
Dragon Aviation Finance Luxembourg SA								$		801
4.00%, 11/28/2022^(f)		4,940		5,108
					Healthcare - Products - 0.04%
Ladder Capital Finance Holdings LLLP /					Becton Dickinson and Co
Ladder Capital Finance Corp					1.75%, 11/08/2016			1,205		1,206
5.88%, 08/01/2021^(c)		665		628
Quicken Loans Inc					Healthcare - Services - 0.04%
5.75%, 05/01/2025^(c)		1,210		1,207
					Quorum Health Corp
		$		12,969	11.63%, 04/15/2023 ^(c)			1,321		1,120
Electric - 0.24%
Duke Energy Progress LLC					Holding Companies - Diversified - 0.27%
0.88%, 03/06/2017^(j)		220		220	Alfa SAB de CV
Enel SpA					6.88%, 03/25/2044^(c)			400		445
8.75%, 09/24/2073^(c),(j)		2,170		2,534	Dubai Holding Commercial Operations MTN
Listrindo Capital BV					Ltd
6.95%, 02/21/2019		3,820		3,954	6.00%, 02/01/2017		GBP	5,300		7,047
		$		6,708				$		7,492
Electronics - 0.27%					Home Builders - 0.02%
Avnet Inc					PulteGroup Inc
4.63%, 04/15/2026		340		353	5.00%, 01/15/2027		$	600		613
Flextronics International Ltd
4.75%, 06/15/2025		790		839	Insurance - 0.11%
Keysight Technologies Inc					American International Group Inc
4.55%, 10/30/2024		2,385		2,481	3.90%, 04/01/2026			1,290		1,355
Real Alloy Holding Inc					Old Republic International Corp
10.00%, 01/15/2019 ^(c),(e)		3,650		3,696	3.88%, 08/26/2026			525		529
		$		7,369	4.88%, 10/01/2024			1,130		1,219
								$		3,103


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



		Principal						Principal
	BONDS (continued)	Amount (000's)			Value (000's)	BONDS (continued)		Amount (000's) Value (000's)
	Internet - 0.00%					Mortgage Backed Securities (continued)
	DraftKings Inc Term Notes					Alternative Loan Trust 2004-28CB
	5.00%, 12/23/2016^(e),(f),(g)	$	27	$	27	5.75%, 01/25/2035	$	80	$	80
						Alternative Loan Trust 2004-J10
	Leisure Products & Services - 0.13%					6.00%, 09/25/2034		321		331
	LTF Merger Sub Inc					Alternative Loan Trust 2004-J3
	8.50%, 06/15/2023^(c)		3,588		3,615	5.50%, 04/25/2034		111		113
						Alternative Loan Trust 2005-14
	Lodging - 0.25%					0.73%, 05/25/2035^(j)		515		400
	Dakota Merger Sub Inc					Alternative Loan Trust 2005-J1
	7.75%, 09/01/2023^(c)		2,438		2,472	5.50%, 02/25/2025		213		217
	10.75%, 09/01/2024 ^(c)		3,194		3,138	American Home Mortgage Investment Trust
	Wyndham Worldwide Corp					2005-2
	5.10%, 10/01/2025		1,105		1,219	0.82%, 09/25/2045^(j)		226		186
			$		6,829	Banc of America Alternative Loan Trust 2003-
	Machinery - Construction & Mining - 0.06%					8
	Caterpillar Financial Services Corp					5.50%, 10/25/2033		137		140
	0.91%, 03/03/2017^(j)		530		530	Banc of America Alternative Loan Trust 2004-
	1.52%, 02/23/2018^(j)		1,200		1,210	6
			$		1,740	6.00%, 07/25/2034		666		697
	Machinery - Diversified - 0.06%					Banc of America Alternative Loan Trust 2005-
	Cloud Crane LLC					6
	10.13%, 08/01/2024 ^(c)		1,240		1,287	5.25%, 07/25/2035^(j)		192		175
	Xerium Technologies Inc					Banc of America Funding 2004-B Trust
	9.50%, 08/15/2021^(c)		243		249	2.80%, 11/20/2034^(j)		225		209
			$		1,536	Banc of America Funding 2005-5 Trust
	Media- 0.43%					5.50%, 09/25/2035		78		81
	Cablevision SA/Argentina					Banc of America Funding 2005-7 Trust
	6.50%, 06/15/2021^(c)		365		381	5.75%, 11/25/2035^(j)		151		155
	Cox Communications Inc					Banc of America Funding 2007-4 Trust
	4.50%, 06/30/2043^(c)		765		688	5.50%, 11/25/2034		226		224
	4.70%, 12/15/2042^(c)		380		352	Banc of America Mortgage 2005-A Trust
						2.96%, 02/25/2035^(j)		63		62
	DISH DBS Corp
	5.88%, 11/15/2024		615		607	BCAP LLC Trust 2007-AA2
	Globo Comunicacao e Participacoes SA					6.00%, 03/25/2022		315		311
	4.84%, 06/08/2025^(j)		5,363		5,537	Bear Stearns ARM Trust 2004-6
						5.14%, 09/25/2034^(j)		863		791
	Grupo Televisa SAB
	7.25%, 05/14/2043	MXN	4,370		202	Bear Stearns ARM Trust 2005-12
						2.89%, 02/25/2036^(j)		383		297
	NBCUniversal Enterprise Inc
	5.25%, 12/19/2049^(c),(i)	$	1,205		1,277	CHL Mortgage Pass-Through Trust 2004-12
						3.35%, 08/25/2034^(j)		134		115
	Time Warner Cable Inc
	4.50%, 09/15/2042		645		624	CHL Mortgage Pass-Through Trust 2004-
	WideOpenWest Finance LLC /					HYB4
						3.08%, 09/20/2034^(j)		66		63
	WideOpenWest Capital Corp
	10.25%, 07/15/2019 ^(e)		1,950		2,052	CHL Mortgage Pass-Through Trust 2004-
			$		11,720	HYB8
						3.13%, 01/20/2035^(j)		110		105
	Metal Fabrication & Hardware - 0.12%
						CHL Mortgage Pass-Through Trust 2005-11
	Wise Metals Group LLC / Wise Alloys					0.79%, 04/25/2035^(j)		120		94
	Finance Corp
	8.75%, 12/15/2018^(c)		2,658		2,738	CHL Mortgage Pass-Through Trust 2005-21
						5.50%, 10/25/2035^(j)		158		143
	Zekelman Industries Inc
	9.88%, 06/15/2023^(c)		655		701	Citigroup Mortgage Loan Trust 2005-3
						2.99%, 08/25/2035^(j)		883		818
			$		3,439
						Citigroup Mortgage Loan Trust 2014-11
	Mining - 0.19%					0.63%, 08/25/2036^(c),(j)		948		826
	AngloGold Ashanti Holdings PLC
						Citigroup Mortgage Loan Trust 2015-2
	5.13%, 08/01/2022		2,000		2,080	0.69%, 06/25/2047^(c),(j)		841		725
	5.38%, 04/15/2020		3,000		3,152
						Citigroup Mortgage Loan Trust Inc
			$		5,232	2.96%, 05/25/2035^(j)		114		106
	Miscellaneous Manufacturers - 0.09%					CitiMortgage Alternative Loan Trust Series
	GE Accounts Receivable Funding Master					2006-A4
	6.99%, 08/24/2017^(e),(f),(j)		2,400		2,400
						6.00%, 09/25/2036		280		250
						Credit Suisse First Boston Mortgage Securities
	Mortgage Backed Securities - 1.58%					Corp
						2.84%, 11/25/2033^(j)		102		98
	Adjustable Rate Mortgage Trust 2004-4
	3.02%, 03/25/2035(j)		108		104	2.89%, 12/25/2033^(j)		72		71
	Alliance Bancorp Trust 2007-OA1					5.25%, 11/25/2020		571		561
	0.76%, 07/25/2037^(j)		1,188		860
						5.50%, 11/25/2035		182		164
	Alternative Loan Trust 2003-20CB					5.75%, 11/25/2033		62		64
	5.75%, 10/25/2033		108		112	CSFB Mortgage-Backed Trust Series 2004-
						AR4
	Alternative Loan Trust 2003-9T1
	5.50%, 07/25/2033(j)		93		92	3.00%, 05/25/2034^(j)		275		258
	Alternative Loan Trust 2004-14T2
	5.50%, 08/25/2034		105		109


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



	Principal					Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Mortgage Backed Securities (continued)					Mortgage Backed Securities (continued)
Deutsche Alt-A Securities Inc Mortgage Loan					MASTR Alternative Loan Trust 2004-8
Trust Series 2005-5					6.00%, 09/25/2034	$	494	$	510
5.50%, 11/25/2035	$	112	$	105	Merrill Lynch Alternative Note Asset Trust
Deutsche Alt-A Securities Inc Mortgage Loan					Series 2007-F1
Trust Series 2005-6					6.00%, 03/25/2037		151		118
5.50%, 12/25/2035^(j)		125		109	Merrill Lynch Mortgage Investors Trust Series
DSLA Mortgage Loan Trust 2005-AR5					MLCC 2006-1
0.84%, 09/19/2045^(j)		227		164	2.97%, 02/25/2036^(j)		1,034		948
Fannie Mae Connecticut Avenue Securities					Merrill Lynch Mortgage Investors Trust Series
6.07%, 04/25/2028^(j)		5,000		5,386	MLCC 2006-2
6.52%, 09/25/2028^(j)		750		821	2.58%, 05/25/2036^(j)		58		56
Fannie Mae Interest Strip					Merrill Lynch Mortgage Investors Trust Series
4.00%, 11/25/2040^(k)		19,546		2,768	MLCC 2007-1
Freddie Mac Structured Agency Credit Risk					2.96%, 01/25/2037^(j)		133		124
Debt Notes					National City Mortgage Capital Trust
2.17%, 04/25/2024^(j)		500		504	6.00%, 03/25/2038^(j)		647		672
2.37%, 10/25/2027^(j)		550		557	Newgate Funding 2007-3
2.72%, 02/25/2024^(j)		500		513	0.34%, 12/15/2050^(j)	EUR	170		179
4.77%, 11/25/2023^(j)		250		261	RALI Series 2006-QO4 Trust
9.32%, 03/25/2028^(j)		7,000		6,720	0.71%, 04/25/2046^(j)	$	244		197
9.87%, 04/25/2028^(j)		1,000		1,000	RALI Series 2006-QO7 Trust
GMACM Mortgage Loan Trust 2005-AR4					0.73%, 09/25/2046^(j)		114		84
3.56%, 07/19/2035^(j)		119		108	RALI Series 2007-QO4 Trust
GSR Mortgage Loan Trust 2004-14					0.71%, 05/25/2047^(j)		185		145
2.93%, 12/25/2034^(j)		154		153	Residential Asset Securitization Trust 2005-
GSR Mortgage Loan Trust 2005-4F					A8CB
6.50%, 02/25/2035		140		140	5.38%, 07/25/2035		376		333
Harborview Mortgage Loan Trust					RFMSI Series 2006-S1 Trust
0.88%, 10/19/2033^(j)		1,033		964	5.75%, 01/25/2036		137		136
HarborView Mortgage Loan Trust 2006-10					Rmac 2005-Ns3 PLC
0.69%, 11/19/2036^(j)		406		335	0.10%, 06/12/2043^(j)	EUR	57		59
HarborView Mortgage Loan Trust 2006-7					RMAC Securities No 1 PLC
0.71%, 09/19/2046^(j)		111		81	0.00%, 06/12/2044^(b),(j)		110		112
IndyMac INDX Mortgage Loan Trust 2005-					Structured Adjustable Rate Mortgage Loan
AR11					Trust
2.94%, 08/25/2035^(j)		954		786	0.83%, 07/25/2035^(j)	$	857		636
IndyMac INDX Mortgage Loan Trust 2005-					3.17%, 09/25/2034^(j)		397		394
AR16IP					Structured Adjustable Rate Mortgage Loan
1.16%, 07/25/2045^(j)		274		224	Trust Series 2004-6
JP Morgan Alternative Loan Trust					2.86%, 06/25/2034^(j)		176		173
2.77%, 03/25/2036^(j)		789		653	Structured Asset Securities Corp Mortgage
2.85%, 03/25/2036^(j)		25		18	Pass-Through Certificates Series 2004-20
JP Morgan Mortgage Trust 2005-A2					5.75%, 11/25/2034		127		129
2.76%, 04/25/2035^(j)		228		219	Structured Asset Securities Corp Trust 2005-
JP Morgan Mortgage Trust 2005-S3					1
6.00%, 01/25/2036^(j)		290		248	5.50%, 02/25/2035		177		180
JP Morgan Mortgage Trust 2006-A1					WaMu Mortgage Pass-Through Certificates
2.89%, 02/25/2036^(j)		199		175	Series 2004-CB2 Trust
JP Morgan Mortgage Trust 2006-A7					5.50%, 07/25/2034		64		66
2.82%, 01/25/2037^(j)		354		314	WaMu Mortgage Pass-Through Certificates
JP Morgan Mortgage Trust 2007-S1					Series 2006-AR19 Trust
5.75%, 03/25/2037		268		220	1.94%, 01/25/2047^(j)		858		767
Lehman XS Trust Series 2005-7N					WaMu Mortgage Pass-Through Certificates
0.80%, 12/25/2035^(j)		101		76	Series 2007-HY5 Trust
Lehman XS Trust Series 2006-4N					2.29%, 05/25/2037^(j)		653		540
0.74%, 04/25/2046^(j)		945		755	Washington Mutual Mortgage Pass-Through
Ludgate Funding PLC					Certificates WMALT Series 2006-2 Trust
0.00%, 01/01/2061^(b),(j)	EUR	118		120	6.00%, 03/25/2036^(j)		138		127
MASTR Adjustable Rate Mortgages Trust					Wedgewood Real Estate Trust 2016-1
2004-7					5.00%, 07/15/2046^(c)		185		184
2.86%, 07/25/2034^(j)	$	259		250	Wells Fargo Mortgage Backed Securities
MASTR Adjustable Rate Mortgages Trust					2003-M Trust
2005-2					2.79%, 12/25/2033^(j)		288		289
3.02%, 03/25/2035^(j)		737		572	Wells Fargo Mortgage Backed Securities
MASTR Adjustable Rate Mortgages Trust					2005-11 Trust
2006-2					5.50%, 11/25/2035		40		41
3.06%, 04/25/2036^(j)		176		160	Wells Fargo Mortgage Backed Securities
MASTR Alternative Loan Trust 2003-9					2005-16 Trust
5.25%, 11/25/2033		90		92	6.00%, 01/25/2036^(j)		165		163
MASTR Alternative Loan Trust 2004-5					Wells Fargo Mortgage Backed Securities
5.50%, 06/25/2034		92		94	2005-AR10 Trust
6.00%, 06/25/2034		110		113	2.93%, 05/01/2035^(j)		93		97


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



		Principal				Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)	Amount (000's) Value (000's)
Mortgage Backed Securities (continued)					Oil & Gas (continued)
Wells Fargo Mortgage Backed Securities					Parsley Energy LLC / Parsley Finance
Trust					Corp (continued)
2.99%, 08/25/2034^(j)	$	131	$	133	7.50%, 02/15/2022^(c)	$	105	$	111
		$		43,577	Petrobras Global Finance BV
Municipals - 0.15%					3.75%, 01/14/2021	EUR	3,290		3,505
Provincia de Mendoza Argentina					5.38%, 01/27/2021	$	2,015		1,942
8.38%, 05/19/2024^(c)		3,990		4,199	6.25%, 12/14/2026	GBP	1,000		1,195
					8.38%, 05/23/2021^(m)	$	11,700		12,589
Oil & Gas - 2.14%					8.75%, 05/23/2026		425		466
Anadarko Petroleum Corp					Petroleos de Venezuela SA
4.50%, 07/15/2044		35		32	6.00%, 11/15/2026		5,500		1,994
Antero Resources Corp					Petroleos Mexicanos
5.13%, 12/01/2022		495		489	7.65%, 11/24/2021^(c),(j)	MXN	6,500		336
5.38%, 11/01/2021		65		65	RSP Permian Inc
Baytex Energy Corp					6.63%, 10/01/2022	$	1,665		1,732
5.13%, 06/01/2021^(c)		35		29	Sabine Oil & Gas Corp
5.63%, 06/01/2024^(c)		205		166	0.00%, 06/15/2019^(b)		300		1
Bonanza Creek Energy Inc					Shell International Finance BV
0.00%, 04/15/2021^(b)		55		25	1.03%, 11/15/2016^(j)		455		455
0.00%, 02/01/2023^(b)		210		90	SM Energy Co
BP Capital Markets PLC					5.00%, 01/15/2024		385		352
1.21%, 11/07/2016^(j)		385		385	6.13%, 11/15/2022		425		413
1.24%, 02/13/2018^(j)		255		255	Tengizchevroil Finance Co International Ltd
California Resources Corp					4.00%, 08/15/2026^(c)		2,500		2,492
5.50%, 09/15/2021		18		9	Transocean Inc
6.00%, 11/15/2024		89		43	9.00%, 07/15/2023^(c)		1,139		1,096
8.00%, 12/15/2022^(c)		265		179	Western Refining Logistics LP / WNRL
Chesapeake Energy Corp					Finance Corp
4.88%, 04/15/2022		635		486	7.50%, 02/15/2023		395		405
6.13%, 02/15/2021		35		29	Whiting Petroleum Corp
6.63%, 08/15/2020		25		22	5.00%, 03/15/2019		90		83
Concho Resources Inc					YPF SA
5.50%, 04/01/2023		985		1,017	31.35%, 07/07/2020 ^(c),(j)		410		453
ConocoPhillips					Zhaikmunai LLP
6.50%, 02/01/2039		220		289	6.38%, 02/14/2019		6,421		5,973
Continental Resources Inc/OK							$		59,031
3.80%, 06/01/2024		280		253	Other Asset Backed Securities - 1.43%
4.50%, 04/15/2023		135		127	AIM Aviation Finance Ltd
5.00%, 09/15/2022		2,890		2,796	5.07%, 02/15/2040^(c),(j)		1,325		1,279
Delek & Avner Tamar Bond Ltd					Ajax Mortgage Loan Trust 2016-B
5.41%, 12/30/2025^(c)		5,200		5,642	4.00%, 09/25/2065^(c)		425		424
Devon Energy Corp					American Homes 4 Rent 2014-SFR1
5.00%, 06/15/2045		350		336	3.01%, 06/17/2031^(c),(j)		645		632
Genel Energy Finance PLC					American Homes 4 Rent 2014-SFR2 Trust
7.50%, 05/14/2019^(c)		4,400		3,476	5.15%, 10/17/2036^(c),(j)		280		307
Halcon Resources Corp					6.23%, 10/17/2036^(c),(j)		695		761
8.63%, 02/01/2020^(c)		380		361	American Homes 4 Rent 2014-SFR3 Trust
Matador Resources Co					6.42%, 12/17/2036^(c),(j)		900		999
6.88%, 04/15/2023		957		988	American Homes 4 Rent 2015-SFR1
MEG Energy Corp					5.64%, 04/17/2052^(c),(j)		1,045		1,101
6.38%, 01/30/2023^(c)		295		230	AMMC CLO 17 Ltd
6.50%, 03/15/2021^(c)		40		33	7.57%, 11/15/2027^(c),(e),(j)		2,500		2,357
7.00%, 03/31/2024^(c)		485		390	AMMC CLO 18 Ltd
Midstates Petroleum Co Inc / Midstates					7.34%, 05/26/2028^(c),(e),(j)		1,750		1,634
Petroleum Co LLC					Apidos CLO XXII
0.00%, 06/01/2020^(b)		1,471		986	6.70%, 10/20/2027^(c),(e),(j)		750		698
Noble Energy Inc					Avery Point VII CLO Ltd
5.05%, 11/15/2044		225		225	7.28%, 01/15/2028^(c),(e),(j)		1,400		1,318
Noble Holding International Ltd					8.68%, 01/15/2028^(c),(e),(j)		1,050		840
5.25%, 03/15/2042		835		493	Bayview Opportunity Master Fund IIa Trust
Oasis Petroleum Inc					2016-RPL3
6.88%, 03/15/2022		300		279	3.47%, 07/28/2031^(c),(j)		200		200
Odebrecht Offshore Drilling Finance Ltd					BlueMountain CLO 2013-4 Ltd
6.75%, 10/01/2023^(c)		2,169		325	6.33%, 04/15/2025^(c),(e),(j)		3,000		2,074
6.75%, 10/01/2023		12,360		1,854	Bowman Park CLO Ltd
OGX Austria GmbH					6.22%, 11/23/2025^(c),(e),(j)		1,000		908
0.00%, 06/01/2018^(b),(c),(e)		600		—	CAM Mortgage LLC 2015-1
0.00%, 04/01/2022^(b),(c),(e)		1,100		—	3.50%, 07/15/2064^(c)		376		376
Pacific Exploration and Production Corp					CAM Mortgage Trust 2016-1
0.00%, 01/26/2019^(b),(c)		690		121	4.00%, 01/15/2056^(c),(j)		232		230
0.00%, 03/28/2023^(b),(c)		2,270		397	5.00%, 01/15/2056^(c),(j)		545		527
Parsley Energy LLC / Parsley Finance Corp					CLI Funding V LLC
6.25%, 06/01/2024^(c)		500		516	3.38%, 10/18/2029^(c)		571		553


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



			Principal					Principal
BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Other Asset Backed Securities (continued)						Other Asset Backed Securities (continued)
Colony American Finance 2015-1 Ltd						VOLT XXXIV LLC
5.65%, 10/15/2047^(c)		$	550	$	555	3.25%, 02/25/2055^(c)		$	75	$	75
Colony American Finance 2016-1 Ltd									$		39,292
4.64%, 06/15/2048^(c),(j)			260		264	Pharmaceuticals - 0.53%
Colony American Homes 2014-1						Actavis Funding SCS
2.36%, 05/17/2031^(c),(j)			290		288	1.55%, 09/01/2016^(j)			1,035		1,035
Colony American Homes 2014-2						Endo Ltd / Endo Finance LLC / Endo Finco
3.72%, 07/17/2031^(c),(j)			1,000		968	Inc
Cronos Containers Program I Ltd						6.50%, 02/01/2025^(c),(j)			2,000		1,775
3.27%, 11/18/2029^(c)			834		803	Express Scripts Holding Co
GCA2014 Holdings Ltd - Class C						4.50%, 02/25/2026			1,320		1,459
6.00%, 01/05/2030^{(c),(e),(f),(j)}			580		446	Johnson & Johnson
GCA2014 Holdings Ltd - Class D						0.90%, 11/28/2016^(j)			430		430
7.50%, 01/05/2030^{(c),(e),(f),(j)}			227		141	Teva Pharmaceutical Finance Netherlands III
GCA2014 Holdings Ltd - Class E						BV
0.00%, 01/05/2030^{(b),(c),(e),(f),(j)}			1,030		144	3.15%, 10/01/2026			500		503
Global Container Assets Ltd						Valeant Pharmaceuticals International Inc
4.50%, 02/05/2030^(c),(j)			368		352	4.50%, 05/15/2023^(c)		EUR	1,340		1,241
Invitation Homes 2014-SFR1 Trust						5.50%, 03/01/2023^(c)		$	770		672
2.01%, 06/17/2031^(c),(j)			895		893	5.63%, 12/01/2021^(c)			275		248
Invitation Homes 2015-SFR1 Trust						5.88%, 05/15/2023^(c)			3,300		2,904
4.71%, 03/17/2032^(c),(j)			280		283	6.13%, 04/15/2025^(c)			5,000		4,394
Kabbage Funding 2014-1 Resecuritization									$		14,661
Trust						Pipelines - 0.40%
10.51%, 03/08/2018 ^{(c),(e),(f),(j)}			4,786		4,450
						Crestwood Midstream Partners LP /
Magnetite IX Ltd						Crestwood Midstream Finance Corp
6.46%, 07/25/2026^(c),(e),(j)			1,750		1,242
						6.13%, 03/01/2022			485		472
NYMT Residential 2016-RP1						Energy Transfer Partners LP
4.00%, 03/25/2021^(c),(j)			270		270	5.15%, 03/15/2045			100		96
Oak Hill Advisors Residential Loan Trust						6.13%, 12/15/2045			1,275		1,369
2015-NP	L2					EnLink Midstream Partners LP
3.72%, 07/25/2055^(c),(j)			491		487	5.05%, 04/01/2045			340		295
OneMain Financial Issuance Trust 2014-2						5.60%, 04/01/2044			200		185
2.47%, 09/18/2024^(c)			117		117
3.02%, 09/18/2024^(c),(j)			130		130	Enterprise Products Operating LLC
						3.70%, 02/15/2026			160		167
5.31%, 09/18/2024^(c),(j)			1,210		1,192
						Kinder Morgan Energy Partners LP
OneMain Financial Issuance Trust 2015-1						3.45%, 02/15/2023			140		139
3.19%, 03/18/2026^(c),(j)			220		222
						3.50%, 09/01/2023			200		198
OneMain Financial Issuance Trust 2015-3						4.70%, 11/01/2042			285		263
4.16%, 11/20/2028^(c),(j)			790		774	5.00%, 08/15/2042			710		687
OneMain Financial Issuance Trust 2016-2						5.00%, 03/01/2043			60		58
5.94%, 03/20/2028^(c)			720		749
						5.63%, 09/01/2041			440		450
RCO Depositor II LLC
4.50%, 11/25/2045^(c),(j)			509		508	MPLX LP
						4.00%, 02/15/2025			115		112
5.00%, 11/25/2045^(c)			800		764	4.50%, 07/15/2023^(c)			190		192
Rise Ltd						4.88%, 12/01/2024^(c)			1,080		1,105
4.75%, 02/15/2039^(e),(j)			422		417
						Plains All American Pipeline LP / PAA
Shenton Aircraft Investment I Ltd						Finance Corp
4.75%, 10/15/2042^(c)			1,175		1,158	4.90%, 02/15/2045			745		686
Sierra Timeshare 2012-1 Receivables Funding						Sabine Pass Liquefaction LLC
LLC						5.63%, 03/01/2025			1,030		1,089
2.84%, 11/20/2028^(c)			20		20	Targa Resources Partners LP / Targa
Sierra Timeshare 2013-1 Receivables Funding						Resources Partners Finance Corp
LLC						4.25%, 11/15/2023			35		34
1.59%, 11/20/2029^(c),(j)			93		92	5.25%, 05/01/2023			135		137
Sierra Timeshare 2013-3 Receivables Funding						6.38%, 08/01/2022			210		217
LLC						6.75%, 03/15/2024^(c)			1,190		1,264
2.20%, 10/20/2030^(c),(j)			210		210	Williams Partners LP
TAL Advantage V LLC						3.90%, 01/15/2025			240		239
3.55%, 11/20/2038^(c),(j)			381		374
						4.00%, 09/15/2025			925		926
THL Credit Wind River 2014-3 CLO Ltd						5.10%, 09/15/2045			250		245
6.30%, 01/22/2027^(c),(e),(j)			3,000		2,697
						6.30%, 04/15/2040			470		513
US Residential Opportunity Fund III Trust									$		11,138
2016-1						Real Estate - 0.49%
3.47%, 07/27/2036^(c)			195		195
						MAF Global Securities Ltd
VOLT XL LLC						7.13%, 10/29/2049^(i),(j)			10,500		11,222
4.88%, 11/27/2045^(c)			320		305
						Rialto Holdings LLC / Rialto Corp
VOLT XLVIII LLC						7.00%, 12/01/2018^(c)			2,238		2,271
3.50%, 07/25/2046^(c)			195		195
									$		13,493
VOLT XXXI LLC
3.38%, 02/25/2055^(c),(j)			294		294	REITS- 0.35	%
						Brixmor Operating Partnership LP
						3.85%, 02/01/2025			1,000		1,020


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



	Principal					Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
REITS (continued)					Sovereign (continued)
Brixmor Operating Partnership					Serbia International Bond
LP (continued)					4.88%, 02/25/2020	$	11,150	$	11,596
4.13%, 06/15/2026	$	235	$	244	5.25%, 11/21/2017^(c)		3,950		4,082
Communications Sales & Leasing Inc / CSL					Slovenia Government International Bond
Capital LLC					5.50%, 10/26/2022		20,487		23,672
8.25%, 10/15/2023		4,000		4,170	Spain Letras del Tesoro
Healthcare Realty Trust Inc					0.00%, 10/14/2016^(b)	EUR	5,260		5,870
3.88%, 05/01/2025		690		708	0.00%, 11/18/2016^(b)		6,400		7,144
Host Hotels & Resorts LP					Venezuela Government International Bond
5.25%, 03/15/2022		265		292	7.65%, 04/21/2025	$	5,000		2,140
Trust F/1401							$		217,075
5.25%, 01/30/2026^(c)		2,900		3,096	Student Loan Asset Backed Securities - 0.06%
		$		9,530	SoFi Professional Loan Program 2014-B
Savings & Loans - 0.02%					LLC
Flagstar Bancorp Inc					1.77%, 08/25/2032^(c),(j)		80		80
6.13%, 07/15/2021^(c)		677		691	SoFi Professional Loan Program 2015-A
					LLC
Software - 0.12%					1.72%, 03/25/2033^(c),(j)		506		506
Cengage Learning Inc					SoFi Professional Loan Program 2015-C
9.50%, 06/15/2024^(c)		750		767	LLC
Open Text Corp					3.58%, 08/25/2036^(c),(j)		150		151
5.88%, 06/01/2026^(c)		1,290		1,351	Sofi Professional Loan Program 2016-A LLC
Oracle Corp					3.57%, 01/26/2038^(c),(j)		810		813
0.86%, 07/07/2017^(j)		1,075		1,077			$		1,550
		$		3,195	Supranational Bank - 1.06%
Sovereign - 7.88%					African Export-Import Bank
1MDB Global Investments Ltd					3.88%, 06/04/2018^(m)		10,000		10,229
4.40%, 03/09/2023		13,200		11,221	Banque Ouest Africaine de Developpement
Banco Nacional de Desenvolvimento					5.50%, 05/06/2021^(c)		8,530		8,999
Economico e Social					5.50%, 05/06/2021^(m)		2,000		2,110
3.63%, 01/21/2019	EUR	5,000		5,706	Black Sea Trade & Development Bank
Brazil Minas SPE via State of Minas Gerais					4.88%, 05/06/2021^(c),(m)		6,400		6,809
5.33%, 02/15/2028^(j)	$	13,800		13,317	International Bank for Reconstruction &
Brazil Notas do Tesouro Nacional Serie F					Development
10.00%, 01/01/2025	BRL	32,000		8,937	1.38%, 05/24/2021		1,035		1,034
10.00%, 01/01/2017		8,000		2,447			$		29,181
Costa Rica Government International Bond					Telecommunications - 1.00%
4.38%, 04/30/2025^(c)	$	4,671		4,589	Alcatel-Lucent USA Inc
Croatia Government International Bond					6.45%, 03/15/2029		915		995
3.00%, 03/11/2025	EUR	7,542		8,404	6.50%, 01/15/2028		385		414
Gabon Government International Bond					Digicel Group Ltd
6.38%, 12/12/2024	$	3,750		3,477	7.13%, 04/01/2022		4,700		3,807
6.95%, 06/16/2025		2,900		2,712	Digicel Ltd
Ghana Government International Bond					6.00%, 04/15/2021		9,800		8,955
7.88%, 08/07/2023^(c)		2,887		2,660	Goodman Networks Inc
8.13%, 01/18/2026^(c)		400		368	12.13%, 07/01/2018		1,807		894
Honduras Government International Bond					GTH Finance BV
8.75%, 12/16/2020		3,780		4,375	6.25%, 04/26/2020^(c)		8,250		8,663
Hungary Government International Bond					Intelsat Jackson Holdings SA
5.75%, 11/22/2023		12,900		15,036	8.00%, 02/15/2024^(c)		2,420		2,429
Indonesia Treasury Bond					Oi SA
7.88%, 04/15/2019	IDR 71,500,000			5,541	0.00%, 09/15/2016^(b),(c)	BRL	1,475		85
Iraq International Bond					Verizon Communications Inc
5.80%, 01/15/2028^(e)	$	8,800		7,117	2.41%, 09/14/2018^(j)	$	1,170		1,203
Italy Buoni Ordinari del Tesoro BOT							$		27,445
0.00%, 10/14/2016^(b)	EUR	5,260		5,870
					Textiles - 0.06%
KazAgro National Management Holding JSC					Springs Industries Inc
3.26%, 05/22/2019		6,650		7,269	6.25%, 06/01/2021^(e)		1,562		1,626
4.63%, 05/24/2023	$	3,350		3,199
Kenya Government International Bond					TOTAL BONDS		$		735,798
6.88%, 06/24/2024		5,500		5,370		Principal
Malaysia Government Bond					CONVERTIBLE BONDS - 2.20%	Amount (000's) Value (000's)
4.25%, 05/31/2035	MYR	50,000		12,522	Automobile Parts & Equipment - 0.02%
Montenegro Government International Bond
3.88%, 03/18/2020^(c)	EUR	11,775		12,941	Meritor Inc
					7.88%, 03/01/2026		325		440
Poland Government Bond
4.75%, 04/25/2017	PLN	9,125		2,383	Biotechnology - 0.07%
Portugal Treasury Bill
					Acorda Therapeutics Inc
0.00%, 09/23/2016(b)	EUR	5,260		5,868	1.75%, 06/15/2021^(a)		875		740
0.00%, 11/18/2016^(b)		6,400		7,140
					Ionis Pharmaceuticals Inc
Romanian Government International Bond					1.00%, 11/15/2021		785		677
6.13%, 01/22/2044	$	3,050		4,102


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



			Principal							Principal
	CONVERTIBLE BONDS (continued)		Amount (000's) Value (000's)				CONVERTIBLE BONDS (continued)			Amount (000's) Value (000's)
	Biotechnology (continued)						Oil & Gas (continued)
	Medicines Co/The						Chesapeake Energy Corp
	2.50%, 01/15/2022		$	425	$	562	2.50%, 05/15/2037		$	490	$	487
				$		1,979	Cobalt International Energy Inc
	Coal- 0.00	%					2.63%, 12/01/2019			1,000		456
	Alpha Natural Resources Inc						Whiting Petroleum Corp
	0.00%, 12/15/2020^(b)			100		1	1.25%, 06/05/2020			221		190
							1.25%, 06/05/2020			1,986		1,706
	Diversified Financial Services - 0.02%									$		3,302
	Element Financial Corp						Pharmaceuticals - 0.03%
	5.13%, 06/30/2019^(c)		CAD	725		608	Herbalife Ltd
							2.00%, 08/15/2019			900		893
	Electric - 0.03%
	NRG Yield Inc						REITS- 0.11	%
	3.25%, 06/01/2020^(c)		$	225		220	Colony Capital Inc
	3.50%, 02/01/2019^(c)			650		652	3.88%, 01/15/2021			625		613
				$		872	Redwood Trust Inc
	Electrical Components & Equipment - 0.02%						4.63%, 04/15/2018			85		85
	General Cable Corp						Spirit Realty Capital Inc
	4.50%, 11/15/2029^(a),(j)			75		53	2.88%, 05/15/2019			825		911
	SunPower Corp						3.75%, 05/15/2021			150		170
	0.75%, 06/01/2018			575		520	Starwood Property Trust Inc
				$		573	3.75%, 10/15/2017			225		232
	Electronics - 0.04%						4.55%, 03/01/2018			875		962
	TTM Technologies Inc									$		2,973
	1.75%, 12/15/2020			550		687	Semiconductors - 1.04%
	Vishay Intertechnology Inc						Cypress Semiconductor Corp
	2.25%, 11/15/2040			300		335	4.50%, 01/15/2022^(c)			195		217
				$		1,022	Intel Corp
	Energy - Alternate Sources - 0.01%						3.25%, 08/01/2039			3,501		6,123
	SunEdison Inc						Microchip Technology Inc
	0.00%, 10/01/2018^(b)			400		26	2.13%, 12/15/2037			600		1,546
	0.00%, 01/15/2020^(b),(c)			1,425		93	Micron Technology Inc
	0.00%, 01/01/2021^(b)			725		47	3.13%, 05/01/2032			300		535
				$		166	Novellus Systems Inc
	Healthcare - Services - 0.17%						2.63%, 05/15/2041			3,708		10,183
	Anthem Inc						NVIDIA Corp
	2.75%, 10/15/2042^(a)			2,450		4,281	1.00%, 12/01/2018			3,225		9,810
	Brookdale Senior Living Inc						ON Semiconductor Corp
	2.75%, 06/15/2018			310		310	2.63%, 12/15/2026			300		328
				$		4,591				$		28,742
	Holding Companies - Diversified - 0.01%						Telecommunications - 0.09%
	RWT Holdings Inc						CalAmp Corp
	5.63%, 11/15/2019			185		188	1.63%, 05/15/2020			10		9
							Ciena Corp
							3.75%, 10/15/2018^(c)			475		596
	Home Builders - 0.01%
							Palo Alto Networks Inc
	CalAtlantic Group Inc						0.00%, 07/01/2019^(b)			1,225		1,640
	0.25%, 06/01/2019			205		191
							Viavi Solutions Inc
	Internet - 0.13%						0.63%, 08/15/2033			330		331
	LinkedIn Corp									$		2,576
	0.50%, 11/01/2019			665		660	Transportation - 0.02%
	VeriSign Inc						Ship Finance International Ltd
	4.48%, 08/15/2037^(j)			1,325		2,882	3.25%, 02/01/2018			600		642
				$		3,542
	Investment Companies - 0.15%						TOTAL CONVERTIBLE BONDS			$		60,474
	Aabar Investments PJSC						SENIOR FLOATING RATE INTERESTS -			Principal
	1.00%, 03/27/2022		EUR	5,500		4,181	2.68	%		Amount (000's) Value (000's)
							Advertising - 0.15%
	Media- 0.10	%					Affinion Group Inc, Term Loan B
	DISH Network Corp						6.75%, 04/30/2018^(j)		$	2,636	$	2,538
	3.38%, 08/15/2026^(c)		$	2,575		2,686	Polyconcept North America Holdings Inc,
	Liberty Media Corp						Term Loan B
	2.25%, 09/30/2046^(c)			180		185	6.25%, 08/10/2023^(j)			1,500		1,500
				$		2,871				$		4,038
	Miscellaneous Manufacturers - 0.01%						Aerospace & Defense - 0.04%
	Trinity Industries Inc						CAMP International Holding Co, Term Loan
	3.88%, 06/01/2036			100		121	0.00%, 08/11/2023^(j),(n)			1,000		993

	Oil & Gas - 0.12%						Agriculture - 0.01%
	Cheniere Energy Inc						Pinnacle Operating Corp, Term Loan B
	4.25%, 03/15/2045			750		463	4.75%, 11/14/2018^(j)			164		151


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



	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 - 0.05%						Environmental Control - 0.05%
	CH Hold Corp, Term Loan						USS Parent Holding Corp, Term Loan
	6.25%, 11/20/2019^(j)		$	1,496	$	1,489	5.50%, 08/10/2023^(j)		$	1,308	$	1,307

	Automobile Parts & Equipment - 0.05%						Food- 0.15	%
	Inteva Products LLC						Amplify Snack Brands Inc, Term Loan
	0.00%, 08/31/2021^(j),(n)			1,500		1,485	0.00%, 08/24/2023^(j),(n)			1,500		1,487
							ASP MSG Acquisition Co Inc, Term Loan
	Building Materials - 0.02%						0.00%, 08/04/2023^(j),(n)			1,000		1,001
	Headwaters Inc, Term Loan B1						US Foods Inc, Term Loan B
	4.00%, 03/24/2022^(j)			445		445	4.00%, 06/15/2023^(j)			1,500		1,507
										$		3,995
	Chemicals - 0.04%						Forest Products & Paper - 0.04%
	Vantage Specialties Inc, Term Loan B						Verso Paper Holdings LLC, Term Loan
	5.50%, 02/10/2019^(j)			1,000		993	EXIT
							12.00%, 09/24/2021 ^(j)			1,000		970
	Coal- 0.05	%
	Gulf Finance LLC, Term Loan						Healthcare - Services - 0.02%
	0.00%, 08/17/2023^(j),(n)			1,500		1,453	21st Century Oncology Inc, Term Loan B
							0.00%, 04/30/2022^(j),(n)			495		470
	Commercial Services - 0.23%
	Allied Universal Holdco LLC, Term Loan						Holding Companies - Diversified - 0.05%
	4.75%, 07/27/2022^(j)			960		941	Travelport Finance Luxembourg Sarl, Term
	Corporate Risk Holdings LLC, Term Loan B						Loan B
	8.25%, 07/01/2019^(j)			4,142		3,873	5.00%, 09/02/2021^(j)			1,496		1,497
	Oasis Outsourcing Holdings Inc, Term Loan
	5.75%, 12/21/2027^(j)			1,500		1,504	Insurance - 0.13%
				$		6,318	Alliant Holdings Intermediate LLC, Term
	Computers - 0.08%						Loan B2
	Everi Payments Inc, Term Loan B						5.00%, 08/14/2022^(j)			223		223
	0.00%, 12/18/2020^(j),(n)			255		242	Asurion LLC, Term Loan
	Sybil Software LLC, Term Loan B						0.00%, 08/10/2021^(j),(n)			2,500		2,487
	0.00%, 08/03/2022^(j),(n)			1,500		1,502	0.00%, 08/10/2021^(j),(n)			615		612
	Western Digital Corp, Term Loan B						Cunningham Lindsey US Inc, Term Loan B
	4.50%, 04/29/2023^(j)			577		580	5.00%, 10/18/2019^(j)			489		393
				$		2,324				$		3,715
	Distribution & Wholesale - 0.05%						Internet - 0.05%
	ABB Con-Cise Optical Group LLC, Term						ProQuest LLC, Term Loan B
	Loan B						5.75%, 09/24/2021^(j)			1,496		1,481
	6.00%, 06/01/2023^(j)			1,500		1,505
							Leisure Products & Services - 0.01%
	Diversified Financial Services - 0.01%						SRAM LLC, Term Loan B
	IG Investments Holdings LLC, Term Loan B						4.04%, 06/07/2018^(j)			294		281
	0.00%, 10/31/2021^(j),(n)			400		401
							Leisure Time - 0.11%
	Electric - 0.09%						AMF Bowling Centers Inc, Term Loan
	Primeline Utility Services LLC, Term Loan						0.00%, 08/17/2023^(j),(n)			1,500		1,488
	B						0.00%, 02/16/2024^(j),(n)			1,500		1,470
	6.50%, 11/14/2022^(j)			1,000		999				$		2,958
	Star West Generation LLC, Term Loan B						Lodging - 0.06%
	5.75%, 03/13/2020^(j)			805		543	Boyd Gaming Corp, Term Loan
	Texas Competitive Electric Holdings Co LLC,						0.00%, 08/16/2023^(j),(n)			153		154
	Term Loan						Diamond Resorts International Inc, Term
	7.08%, 07/27/2023^(j)			814		816	Loan
	7.08%, 07/27/2023^(j)			186		186	0.00%, 08/17/2023^(j),(n)			1,500		1,478
				$		2,544				$		1,632
	Electronics - 0.05%						Metal Fabrication & Hardware - 0.05%
	Aclara Technologies LLC, Term Loan						Eco-Bat Technologies Ltd, PIK Term Loan
	0.00%, 08/17/2023^(j),(n)			1,500		1,489	0.00%, PIK 11.00%, 03/31/2017 ^(j),(l),(n)		EUR	5,310		1,436

	Engineering & Construction - 0.01%						Miscellaneous Manufacturers - 0.02%
	Engility Corp, Term Loan						Gates Global LLC, Term Loan B
	5.75%, 08/04/2023^(j)			256		257	4.25%, 06/11/2021^(j)		$	624		613

	Entertainment - 0.16%						Office & Business Equipment - 0.07%
	NEP/NCP Holdco Inc, Term Loan B2						Eastman Kodak Co, Term Loan EXIT
	4.25%, 01/22/2020^(j)			1,496		1,488	7.25%, 09/03/2019^(j)			1,968		1,951
	Scientific Games International Inc, Term Loan
	B1						Oil & Gas - 0.05%
	6.00%, 05/22/2020^(j)			1,496		1,496	California Resources Corp, Term Loan
	VGD Merger Sub LLC, Term Loan B						0.00%, 12/31/2021^(j),(n)			695		728
	5.00%, 07/22/2023^(j)			1,500		1,503
				$		4,487


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



SENIOR FLOATING RATE INTERESTS		Principal				U.S. GOVERNMENT & GOVERNMENT			Principal
(continued)		Amount (000's)		Value(000	's)	AGENCY OBLIGATIONS (continued)			Amount (000's)		Value(000	's)
Oil & Gas (continued)						U.S. Treasury (continued)
Chesapeake Energy Corp, Term Loan						3.75%, 08/15/2041^(m)		$	308	$	404
0.00%, 08/17/2021^(j),(n)	$	546	$	563		3.75%, 11/15/2043^(m)			85,619		113,706
			$	1,291						$	268,644
Oil & Gas Services - 0.06%						U.S. Treasury Bill - 0.03%
CGG Holding US Inc, Term Loan						0.39%, 01/12/2017^(q)			850		849
6.50%, 05/15/2019^(j)		1,995		1,689
						U.S. Treasury Strip - 0.20%
Pharmaceuticals - 0.06%						0.00%, 02/15/2044^(b),(j),(r)			10,356		5,559
Vizient Inc, Term Loan B
6.25%, 02/09/2023^(j)		1,496		1,512		TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
						OBLIGATIONS				$	297,880
Pipelines - 0.03%									Maturity
Energy Transfer Equity LP, Term Loan						REPURCHASE AGREEMENTS - 13.89%			Amount (000's)		Value(000	's)
3.29%, 11/15/2019^(j)		593		582		Banks- 13.89	%
Southcross Energy Partners LP, Term Loan B						Barclays Bank PLC Repurchase Agreement		$	5,049	$	5,050
5.25%, 07/29/2021^(j)		291		234		(0.50)% dated 08/25/2016 (collateralized
			$	816		by Angolan Government International
Retail - 0.12%						Bond; $5,156,319; 9.50%; dated
Harbor Freight Tools USA Inc, Term Loan						11/12/25	)^(s)
4.00%, 08/16/2023^(j),(n)		1,227		1,229		Barclays Bank PLC Repurchase Agreement on			14,280		14,281
4.00%, 08/16/2023^(j)		280		281		securities sold short; (0.75)% dated
Leslie's Poolmart Inc, Term Loan						08/25/2016 (collateralized by Saudi
0.00%, 08/09/2023^(j),(n)		1,500		1,509		Electricity Global Sukuk Co 2;
Talbots Inc/The, Term Loan B						$14,543,137; 3.47%; dated 04/08/23)^(s)
5.50%, 03/13/2020^(j)		287		280		Barclays Bank PLC Repurchase Agreement on			5,163		5,163
			$	3,299		securities sold short; (0.80)% dated
Semiconductors - 0.01%						08/25/2016 (collateralized by Oman
Cavium Inc, Term Loan						Government International Bond;
3.75%, 08/10/2022^(j)		175		175		$5,220,919; 4.75%; dated 06/15/26)^(s)
						Barclays Bank PLC Repurchase Agreement on			5,655		5,709
Software - 0.11%						securities sold short; (1.60)% dated
Cengage Learning Inc, Term Loan B						01/20/2016 (collateralized by Rio Tinto
5.25%, 06/07/2023^(j)		1,500		1,497		Finance PLC; $6,789,968; 2.88%; dated
SolarWinds Holdings Inc, Term Loan B						12/11/24)^(s)
5.50%, 02/03/2023^(j)		1,500		1,505		Merrill Lynch Repurchase Agreement on			3,028		3,028
			$	3,002		securities sold short; (0.22)% dated
Telecommunications - 0.23%						08/31/2016 maturing 09/01/2016
Global Tel*Link Corp, Term Loan						(collateralized by United States Treasury
0.00%, 05/23/2020^(j),(n)		784		747		Note/Bond; $3,025,734; 1.50%; dated
Integra Telecom Holdings Inc, Term Loan B						08/15/26	)
5.25%, 08/14/2020^(j)		1,136		1,124		Merrill Lynch Repurchase Agreement on			94,705		94,704
Intelsat Jackson Holdings SA, Term Loan B2						securities sold short; 0.25% dated
3.75%, 06/30/2019^(j)		4,656		4,416		08/31/2016 maturing 09/01/2016
			$	6,287		(collateralized by United States Treasury
Transportation - 0.11%						Note/Bond; $94,664,613; 2.50%; dated
OSG Bulk Ships Inc, Term Loan B-EXIT						05/15/46	)
5.25%, 07/22/2019^(j)		178		176		Merrill Lynch Repurchase Agreement on			611		611
SIRVA Worldwide Inc, Term Loan						securities sold short; (0.25)% dated
0.00%, 03/22/2019^(e),(j),(n)		2,000		1,967		08/22/2016 (collateralized by Colombia
YRC Worldwide Inc, Term Loan						Government International Bond; $608,434;
8.00%, 02/13/2019^(j)		1,000		940		5.00%; dated 06/15/45)^(s)
			$	3,083		Merrill Lynch Repurchase Agreement on			47,720		47,709
TOTAL SENIOR FLOATING RATE INTERESTS			$	73,832		securities sold short; 0.27% dated
						08/03/2016 maturing 09/30/2016
U.S. GOVERNMENT & GOVERNMENT						(collateralized by United States Treasury
		Principal				Note/Bond; $46,945,043; 4.50%; dated
AGENCY OBLIGATIONS - 10.82%		Amount (000's)		Value(000	's)	02/15/36)

Federal National Mortgage Association (FNMA) - 0.83%
3.00%, 09/01/2045^(o)	$	22,000	$	22,828
						Merrill Lynch Repurchase Agreement on			10,366		10,366
						securities sold short; 0.28% dated
U.S. Treasury - 9.76%
0.75%, 04/30/2018^(p)		1,000		999		08/31/2016 maturing 09/01/2016
0.75%, 08/15/2019^(m)		10,590		10,542		(collateralized by United States Treasury
0.88%, 05/15/2019^(m)		5,586		5,585		Note/Bond; $10,356,897; 5.38%; dated
1.13%, 06/30/2021^(m)		2,580		2,572		02/15/31	)
1.25%, 03/31/2021^(m)		2,475		2,483		Merrill Lynch Repurchase Agreement on			16,729		16,729
1.38%, 04/30/2021^(m)		3,895		3,929		securities sold short; 0.35% dated
1.38%, 05/31/2021^(m)		4,762		4,805		08/31/2016 maturing 09/01/2016
1.63%, 02/15/2026^(m)		5,379		5,401		(collateralized by United States Treasury
2.25%, 11/15/2025^(m)		32,790		34,699		Note/Bond; $16,714,033; 0.75%; dated
2.25%, 08/15/2046^(m)		28,123		28,232		07/15/19	)
2.50%, 02/15/2046		500		528
3.38%, 05/15/2044		14,921		18,582
3.63%, 02/15/2044^(m)		27,843		36,177

REPURCHASE AGREEMENTS

Maturity

REPURCHASE AGREEMENTS

Maturity

(continued)

Amount (000's) Value (000's)

(continued)

Amount (000's) Value (000's)

Banks (continued)

Merrill Lynch Repurchase Agreement on

1,222

Merrill Lynch Repurchase Agreement; 0.54% $

3,540

securities sold short; (0.40)% dated

dated 08/31/2016 maturing 09/01/2016

08/22/2016 (collateralized by South Africa

(collateralized by United States Treasury

Government International Bond;

Note/Bond; $3,540,329; 1.38%; dated

$1,176,051; 4.88%; dated 04/14/26)^(s)

04/30/21

)

Merrill Lynch Repurchase Agreement on

11,151

11,150

Merrill Lynch Repurchase Agreement on

securities sold short; 0.37% dated

securities sold short; (0.50)% dated

08/31/2016 maturing 09/01/2016

08/03/2016 (collateralized by Turkey

(collateralized by United States Treasury

Government International Bond; $43,495;

Note/Bond; $11,135,999; 6.25%; dated

7.38%; dated 02/05/25)^(s)

05/15/30

)

Merrill Lynch Repurchase Agreement on

1,211

Merrill Lynch Repurchase Agreement on

66,440

66,439

securities sold short; (0.50)% dated

securities sold short; 0.43% dated

08/09/2016 (collateralized by Turkey

08/31/2016 maturing 09/01/2016

Government International Bond;

(collateralized by United States Treasury

$1,229,936; 7.38%; dated 02/05/25)^(s)

Note/Bond; $66,346,860; 1.63%; dated

Merrill Lynch Repurchase Agreement on

1,195

1,197

05/15/26

)

securities sold short; (0.65)% dated

Merrill Lynch Repurchase Agreement; 0.45%

2,890

06/30/2016 (collateralized by Colombia

dated 08/31/2016 maturing 09/01/2016

Government International Bond;

(collateralized by United States Treasury

$1,213,120; 4.00%; dated 02/26/24)^(s)

Note/Bond; $2,886,501; 1.13%; dated

Merrill Lynch Repurchase Agreement on

440

06/30/21

)

securities sold short; (0.65)% dated

Merrill Lynch Repurchase Agreement on

61,011

61,010

08/03/2016 (collateralized by Colombia

securities sold short; 0.45% dated

Government International Bond; $440,177;

08/31/2016 maturing 09/30/2016

4.00%; dated 02/26/24)^(s)

(collateralized by United States Treasury

Merrill Lynch Repurchase Agreement on

2,813

2,816

Note/Bond; $60,974,317; 3.13%; dated

securities sold short; (0.75)% dated

11/15/41

)

07/18/2016 (collateralized by South Africa

Merrill Lynch Repurchase Agreement on

186

Government International Bond;

securities sold short; (0.45)% dated

$2,734,240; 4.88%; dated 04/14/26)^(s)

08/08/2016 (collateralized by Turkey

Merrill Lynch Repurchase Agreement on

1,175

1,182

Government International Bond; $189,686;

securities sold short; (0.80)% dated

7.38%; dated 02/05/25)^(s)

12/18/2015 (collateralized by Kazakhstan

Merrill Lynch Repurchase Agreement on

983

Government International Bond;

securities sold short; (0.45)% dated

$1,355,633; 5.13%; dated 07/21/25)^(s)

08/12/2016 (collateralized by Turkey

Merrill Lynch Repurchase Agreement on

1,429

Government International Bond; $985,882;

securities sold short; (0.80)% dated

7.38%; dated 02/05/25)^(s)

08/22/2016 (collateralized by Kazakhstan

Merrill Lynch Repurchase Agreement on

1,233

Government International Bond;

securities sold short; 0.46% dated

$1,429,063; 5.13%; dated 07/21/25)^(s)

08/31/2016 maturing 09/01/2016

382,601

(collateralized by United States Treasury

TOTAL REPURCHASE AGREEMENTS

382,601

Note/Bond; $1,232,382; 0.88%; dated

TOTAL PURCHASED OPTIONS - 0.24%

6,720

06/15/19

)

TOTAL PURCHASED INTEREST RATE SWAPTIONS -

Merrill Lynch Repurchase Agreement on

668

0.01

202

securities sold short; 0.49% dated

Total Investments

3,241,562

08/31/2016 maturing 09/01/2016

Other Assets and Liabilities - (17.70)%

(487,534

)

(collateralized by United States Treasury

TOTAL NET ASSETS - 100.00%

2,754,028

Note/Bond; $667,780; 1.38%; dated

01/31/21

)

Merrill Lynch Repurchase Agreement on

15,648

(a)

Security or a portion of the security was pledged as collateral for short

securities sold short; 0.49% dated

sales. At the end of the period, the value of these securities totaled

08/31/2016 maturing 09/01/2016

$104,928 or 3.81% of net assets.

(collateralized by United States Treasury

(b)

Non-Income Producing Security

Note/Bond; $15,637,326; 3.00%; dated

(c)

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

11/15/45

)

1933. These securities may be resold in transactions exempt from

Merrill Lynch Repurchase Agreement on

5,720

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

securities sold short; (0.49)% dated

period, the value of these securities totaled $245,710 or 8.92% of net

08/31/2016 maturing 09/01/2016

assets.

(collateralized by United States Treasury

(d)

Security or a portion of the security was pledged to cover margin

Note/Bond; $5,713,812; 1.13%; dated

requirements for options contracts. At the end of the period, the value of

07/31/21

)

these securities totaled $10,219 or 0.37% of net assets.

Merrill Lynch Repurchase Agreement on

152

(e)

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

securities sold short; (0.50)% dated

totaled $51,690 or 1.88% of net assets.

04/29/2016 (collateralized by Colombia

(f)

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

Government International Bond; $157,958;

under procedures established and periodically reviewed by the Board of

4.00%; dated 02/26/24)^(s)

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

Merrill Lynch Repurchase Agreement on

$23,430 or 0.85% of net assets.

securities sold short; (0.50)% dated

(g)

Restricted Security. Please see Restricted Security Sub-Schedule for more

04/29/2016 (collateralized by Colombia

information.

Government International Bond; $94,775;

(h)

Security or a portion of the security was pledged to cover margin

4.00%; dated 02/26/24)^(s)

requirements for swap and/or swaption contracts. At the end of the period,

the value of these securities totaled $25,654 or 0.93% of net assets.


Portfolio Summary (unaudited)
Sector	Percent
Financial	23.86	%
Investment Companies	21.67	%
Government	20.11	%
Consumer, Non-cyclical	11.89	%
Consumer, Cyclical	6.33	%
Industrial	6.32	%
Communications	6.29	%
Technology	6.02	%
Energy	4.55	%
Mortgage Securities	3.74	%
Basic Materials	2.86	%
Asset Backed Securities	2.06	%
Utilities	1.35	%
Diversified	0.40	%
Purchased Options	0.24	%
Purchased Interest Rate Swaptions	0.01	%
Investments Sold Short	(26.17	)%
Other Assets and Liabilities	8.47	%
TOTAL NET ASSETS	100.00	%

Restricted Securities

Security Name	Trade Date			Cost			Value	Percent of Net Assets
Airbnb, Inc	06/24/2015		$		157	$	177	0.01	%
Birst Inc	03/03/2015				123		115	0.00	%
Cloudera Inc	02/05/2014				55		64	0.00	%
DraftKings Inc	12/04/2014				52		56	0.00	%
DraftKings Inc Term Notes	12/22/2015				27		27	0.00	%
Dropbox Inc	01/28/2014				51		34	0.00	%
Forescout Tech Inc	11/24/2015				109		112	0.00	%
Forward Venture Services LLC	11/20/2014				170		239	0.01	%
General Assembly Space, Inc	07/31/2015				107		107	0.00	%
Jand Inc	04/23/2015				19		19	0.00	%
Jand Inc	04/23/2015				43		41	0.00	%
Klarna Holding AB	08/07/2015				89		91	0.00	%
Lithium Technologies Inc	04/16/2015				290		325	0.01	%
Marklogic Corp	04/27/2015				172		155	0.01	%
Nutanix Inc	08/25/2014				48		45	0.00	%
Pinterest Inc	03/16/2015				627		570	0.02	%
Redfin Corp	12/15/2014				97		110	0.00	%
Trade Desk Preferred	02/09/2016				89		116	0.00	%
Uber Technologies Inc	06/05/2014				236		741	0.03	%
Veracode Inc	08/26/2014				112		149	0.01	%
WeWork Cos Inc	12/08/2014				16		49	0.00	%
WeWork Cos Inc Series D-1	12/08/2014				81		244	0.01	%
WeWork Cos Inc Series D-2	12/08/2014				64		192	0.01	%
Zuora Inc	01/15/2015				156		181	0.01	%


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016



Credit Default Swaps

Buy Protection
		Implied
		Credit Spread		(Pay)/						Upfront			Unrealized
		as of August		Receive		Expiration	Notional			Premiums			Appreciation/			Fair Value
Counterparty (Issuer)	Reference Entity	31, 2016	(a)	Fixed Rate		Date	Amount			Paid/(Received)			(Depreciation)			Asset		Liability
Barclays Bank PLC	AngloGold Ashanti	3.44	%	(1.00	)%	09/21/2020	$	10,000	$	962		$	(76	)	$	886	$	—
	Holdings PLC
Barclays Bank PLC	Deutsche Bank AG	2.15	%	(1.00	)%	06/20/2021	EUR	200		9			3			12		—
Barclays Bank PLC	Deutsche Bank AG	2.15	%	(1.00	)%	06/20/2021		175		9			1			10		—
Barclays Bank PLC	Emirate of Dubai	1.63	%	(5.00	)%	06/20/2021	$	10,000		(1,119	)		(422	)		—		(1,541	)
	Government
	International Bonds
Barclays Bank PLC	ITRAXX.ASIA	N/A		(1.00	)%	06/20/2021		1,110		21			(15	)		6		—
Barclays Bank PLC	Mexico Government	1.38	%	(1.00	)%	06/20/2021		15,000		431			(168	)		263		—
	International Bond
Citigroup Inc	Colombia	1.71	%	(1.00	)%	06/20/2021		20,000		637			7			644		—
	Government
	International Bond
Citigroup Inc	Russian Agricultural	2.48	%	(1.00	)%	03/20/2019		5,000		196			(14	)		182		—
	Bank OJSC Via
	RSHB Capital SA
Credit Suisse	Deutsche Bank AG	2.15	%	(1.00	)%	06/20/2021	EUR	375		15			7			22		—
Deutsche Bank AG	China Government	0.99	%	(1.00	)%	06/20/2021	$	1,200		6			(6	)		—		—
	International Bond
Deutsche Bank AG	Indonesia	1.44	%	(1.00	)%	06/20/2021		25,000		459			46			505		—
	Government
	International Bond
HSBC Securities Inc	Russian Foreign	2.18	%	(1.00	)%	06/20/2021		10,000		494			37			531		—
	Bond - Eurobond
Morgan Stanley & Co	ITRAXX.ASIA	N/A		(1.00	)%	06/20/2021		2,260		43			(33	)		10		—
Total								$		2,163		$	(633	)	$	3,071			$ (1,541)

Sell Protection
		Implied
		Credit Spread		(Pay)/						Upfront			Unrealized
		as of August		Receive		Expiration	Notional			Premiums			Appreciation/			Fair Value (c)
Counterparty (Issuer)	Reference Entity	31, 2016	(a)	Fixed Rate		Date	Amount (b)			Paid/(Received)			(Depreciation)			Asset		Liability
Barclays Bank PLC	Deutsche Bank AG	4.17	%	1.00	%	06/20/2021	EUR	200	$	(27	)	$	(4	)	$	— $		(31	)
Barclays Bank PLC	Deutsche Bank AG	4.17	%	1.00	%	06/20/2021		175		(26	)		(1	)		—		(27	)
Citigroup Inc	Argentine Republic	3.81	%	5.00	%	06/20/2021	$	10,000		504			12			516		—
	Government
	International Bond
Credit Suisse	China Government	0.99	%	1.00	%	06/20/2021		12,500		(4	)		8			4		—
	International Bond
Credit Suisse	Deutsche Bank AG	4.17	%	1.00	%	06/20/2021	EUR	375		(49	)		(9	)		—		(58	)
Credit Suisse	ITRAXX.ASIA	N/A		1.00	%	06/20/2021	$	12,500		(67	)		(3	)		—		(70	)
HSBC Securities Inc	Croatia Government	2.04	%	1.00	%	12/20/2020		10,000		(718	)		292			—		(426	)
	International Bond
HSBC Securities Inc	Croatia Government	1.95	%	1.00	%	09/20/2020		10,000		(619	)		251			—		(368	)
	International Bond
Total								$		(1,006	)	$	546		$	520	$	(980	)

Amounts in thousands
Exchange Cleared Credit Default Swaps

Buy Protection
		Implied
		Credit Spread		(Pay)/						Upfront			Unrealized
		as of August		Receive		Expiration	Notional			Premiums			Appreciation/
	Reference Entity	31, 2016	(a)	Fixed Rate		Date	Amount			Paid/(Received)			(Depreciation)			Fair Value
	CDX.NA.HY.26	N/A		(5.00	)%	06/20/2021	$	7,400	$	(206	)	$	(122	)	$			(328	)
	CDX.NA.HY.26	N/A		(5.00	)%	06/20/2021		2,550		(116	)		5					(111	)
Total								$		(322	)	$	(117	)	$			(439	)

Sell Protection
		Implied
		Credit Spread		(Pay)/						Upfront			Unrealized
		as of August		Receive		Expiration	Notional			Premiums			Appreciation/
	Reference Entity	31, 2016	(a)	Fixed Rate		Date	Amount (b)			Paid/(Received)			(Depreciation)			Fair Value (c)
	CDX.HY.26	N/A		5.00	%	06/20/2021	$	75	$	3		$	—		$			3
Total								$		3		$	—		$			3

(a) 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.

(b) 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 $55,075 and 750 EUR .

(c) 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.


Foreign Currency Contracts

									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For		Fair Value		Asset		Liability
Bank of America NA	09/21/2016	GBP	483,000	$	642	$	635	$	1	$	(8	)
Bank of America NA	09/23/2016	AUD	114,411,000		86,008		85,927		303		(384	)
Bank of America NA	09/23/2016	CAD	115,704,000		89,916		88,249		12		(1,679	)
Bank of America NA	09/23/2016	CHF	48,414,000		50,128		49,302		4		(830	)
Bank of America NA	09/23/2016	EUR	131,994,000		148,659		147,356		93		(1,396	)
Bank of America NA	09/23/2016	GBP	50,371,000		70,349		66,172		52		(4,229	)
Bank of America NA	09/23/2016	JPY	10,644,628,000		101,992		102,995		1,708		(705	)
Bank of America NA	09/23/2016	MXN	93,103,000		4,976		4,942		14		(48	)
Bank of America NA	09/23/2016	NZD	39,465,000		28,053		28,604		556		(5	)
Bank of New York Mellon	09/01/2016	CHF	152,300		155		155		—		—
Bank of New York Mellon	09/02/2016	CHF	161,000		164		164		—		—
Bank of New York Mellon	09/09/2016	EUR	14,735,481		16,671		16,441		5		(235	)
Bank of New York Mellon	09/09/2016	GBP	959,090		1,252		1,260		8		—
Bank of New York Mellon	09/21/2016	EUR	475,000		531		530		—		(1	)
Bank of New York Mellon	09/21/2016	GBP	665,000		881		874		—		(7	)
Bank of New York Mellon	10/03/2016	EUR	2,002,595		2,156		2,237		81		—
Bank of New York Mellon	10/12/2016	ZAR	10,784,620		769		728		—		(41	)
Bank of New York Mellon	12/05/2016	EUR	9,269,700		10,474		10,381		8		(101	)
Bank of New York Mellon	09/01/2016	AUD	9,350		7		7		—		—
Barclays Bank PLC	09/01/2016	ZAR	15,561,799		1,093		1,058		—		(35	)
Barclays Bank PLC	09/02/2016	CAD	4,587,522		3,553		3,499		—		(54	)
Barclays Bank PLC	09/02/2016	EUR	5,738,250		6,458		6,401		—		(57	)
Barclays Bank PLC	09/02/2016	GBP	2,186,000		2,872		2,870		3		(5	)
Barclays Bank PLC	09/02/2016	JPY	640,234,800		6,261		6,188		—		(73	)
Barclays Bank PLC	09/02/2016	MXN	69,862,944		3,775		3,715		—		(60	)
Barclays Bank PLC	09/02/2016	NOK	10,134,314		1,232		1,216		—		(16	)
Barclays Bank PLC	09/02/2016	SEK	20,749,632		2,468		2,424		—		(44	)
Barclays Bank PLC	09/02/2016	ZAR	8,548,556		580		581		1		—
Barclays Bank PLC	09/12/2016	CNY	2,995,650		450		448		—		(2	)
Barclays Bank PLC	09/14/2016	CNY	64,036,243		9,681		9,581		1		(101	)
Barclays Bank PLC	09/14/2016	MXN	12,344,144		664		656		—		(8	)
Barclays Bank PLC	09/16/2016	BRL	2,197,074		657		678		21		—
Barclays Bank PLC	09/16/2016	TRY	655,796		219		221		2		—
Barclays Bank PLC	09/19/2016	MXN	51,425,625		2,782		2,731		—		(51	)
Barclays Bank PLC	09/23/2016	CAD	1,108,073		857		845		—		(12	)
Barclays Bank PLC	09/26/2016	JPY	755,312,346		7,325		7,310		—		(15	)
Barclays Bank PLC	09/26/2016	MXN	21,334,662		1,148		1,132		—		(16	)
Barclays Bank PLC	09/26/2016	NZD	5,947,000		4,332		4,310		—		(22	)
Barclays Bank PLC	09/26/2016	SEK	24,568,506		2,917		2,874		—		(43	)
Barclays Bank PLC	09/30/2016	CNY	6,025,140		900		900		—		—
Barclays Bank PLC	09/30/2016	ZAR	3,025,619		218		205		—		(13	)
Barclays Bank PLC	10/03/2016	ZAR	8,104,095		547		548		1		—
Barclays Bank PLC	10/11/2016	MXN	45,591,566		2,461		2,416		1		(46	)
Barclays Bank PLC	10/11/2016	TRY	2,326,725		762		780		18		—
Barclays Bank PLC	10/11/2016	ZAR	5,237,294		383		354		—		(29	)
Barclays Bank PLC	10/12/2016	CNY	7,005,915		1,050		1,046		—		(4	)
Barclays Bank PLC	10/12/2016	HUF	149,515,500		526		539		13		—
Barclays Bank PLC	10/12/2016	MXN	17,795,657		950		943		1		(8	)
Barclays Bank PLC	10/12/2016	PLN	2,282,936		570		584		14		—
Barclays Bank PLC	10/12/2016	ZAR	6,217,260		420		420		—		—
Barclays Bank PLC	11/07/2016	ZAR	5,240,398		383		352		—		(31	)
Barclays Bank PLC	11/30/2016	CNY	9,167,652		1,365		1,365		—		—


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016


Foreign Currency Contracts (continued)

									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For		Fair Value		Asset		Liability
Barclays Bank PLC	01/04/2017	CNY	14,771,188	$	2,188	$	2,194	$	6	$	—
Barclays Bank PLC	02/16/2017	CNY	63,265,739		9,434		9,371		3		(66	)
Barclays Bank PLC	09/25/2017	EUR	952,625		1,085		1,082		—		(3	)
Barclays Bank PLC	09/25/2017	GBP	775,615		1,022		1,027		5		—
Barclays Bank PLC	11/03/2017	EUR	1,454,910		1,653		1,656		3		—
Citigroup Inc	09/21/2016	AUD	25,044,000		18,620		18,810		288		(98	)
Citigroup Inc	09/21/2016	BRL	12,848,001		3,717		3,957		240		—
Citigroup Inc	09/21/2016	CAD	20,359,691		15,719		15,528		1		(192	)
Citigroup Inc	09/21/2016	CHF	7,532,353		7,722		7,670		17		(69	)
Citigroup Inc	09/21/2016	CLP	3,737,409,000		5,591		5,485		6		(112	)
Citigroup Inc	09/21/2016	COP	1,291,914,000		438		433		1		(6	)
Citigroup Inc	09/21/2016	CZK	46,100,000		1,913		1,905		—		(8	)
Citigroup Inc	09/21/2016	DKK	1,510,000		228		226		—		(2	)
Citigroup Inc	09/21/2016	EUR	11,735,075		13,182		13,100		22		(104	)
Citigroup Inc	09/21/2016	GBP	14,222,998		19,442		18,684		51		(809	)
Citigroup Inc	09/21/2016	HUF	685,333,307		2,468		2,470		14		(12	)
Citigroup Inc	09/21/2016	IDR	12,952,663,000		947		973		26		—
Citigroup Inc	09/21/2016	ILS	1,860,000		490		493		3		—
Citigroup Inc	09/21/2016	INR	118,227,000		1,732		1,761		29		—
Citigroup Inc	09/21/2016	JPY	8,014,362,003		75,682		77,537		1,981		(126	)
Citigroup Inc	09/21/2016	KRW	16,511,405,000		14,502		14,811		361		(52	)
Citigroup Inc	09/21/2016	MXN	175,192,262		9,428		9,300		23		(151	)
Citigroup Inc	09/21/2016	MYR	9,742,000		2,378		2,388		19		(9	)
Citigroup Inc	09/21/2016	NOK	36,328,000		4,412		4,361		6		(57	)
Citigroup Inc	09/21/2016	NZD	25,721,997		17,639		18,645		1,012		(6	)
Citigroup Inc	09/21/2016	PHP	45,995,000		980		986		7		(1	)
Citigroup Inc	09/21/2016	PLN	27,972,000		7,236		7,158		23		(101	)
Citigroup Inc	09/21/2016	SEK	23,804,832		2,860		2,784		—		(76	)
Citigroup Inc	09/21/2016	SGD	7,901,251		5,796		5,800		25		(21	)
Citigroup Inc	09/21/2016	TRY	39,317,000		13,055		13,238		194		(11	)
Citigroup Inc	09/21/2016	TWD	69,712,000		2,206		2,200		8		(14	)
Citigroup Inc	09/21/2016	ZAR	54,880,998		3,592		3,720		139		(11	)
Citigroup Inc	12/21/2016	AUD	6,021,602		4,540		4,513		—		(27	)
Citigroup Inc	12/21/2016	BRL	11,065,844		3,300		3,317		19		(2	)
Citigroup Inc	12/21/2016	CAD	1,445,187		1,109		1,103		—		(6	)
Citigroup Inc	12/21/2016	COP	312,368,006		104		103		—		(1	)
Citigroup Inc	12/21/2016	GBP	44,000		58		58		—		—
Citigroup Inc	12/21/2016	IDR	7,466,923,622		554		554		—		—
Citigroup Inc	12/21/2016	ILS	266,000		70		70		—		—
Citigroup Inc	12/21/2016	INR	42,462,614		622		624		2		—
Citigroup Inc	12/21/2016	JPY	641,801,133		6,344		6,235		—		(109	)
Citigroup Inc	12/21/2016	KRW	75,419,439		68		68		—		—
Citigroup Inc	12/21/2016	MXN	15,571,000		830		820		—		(10	)
Citigroup Inc	12/21/2016	MYR	1,039,000		256		253		—		(3	)
Citigroup Inc	12/21/2016	NOK	6,669,000		803		801		1		(3	)
Citigroup Inc	12/21/2016	NZD	5,338,701		3,854		3,856		5		(3	)
Citigroup Inc	12/21/2016	PHP	11,845,441		254		253		—		(1	)
Citigroup Inc	12/21/2016	PLN	2,905,055		746		742		—		(4	)
Citigroup Inc	12/21/2016	SEK	852,000		102		100		—		(2	)
Citigroup Inc	12/21/2016	TRY	3,971,084		1,316		1,312		—		(4	)
Citigroup Inc	12/21/2016	TWD	42,700,997		1,356		1,353		—		(3	)
Citigroup Inc	12/21/2016	ZAR	8,535,464		578		569		—		(9	)
Citigroup Inc	04/05/2017	EUR	1,500		2		2		—		—
Deutsche Bank AG	09/30/2016	EUR	555,000		619		620		1		—
HSBC Securities Inc	09/21/2016	JPY	788,224,000		7,556		7,626		70		—
Merrill Lynch	09/06/2016	EUR	1,300,000		1,454		1,450		—		(4	)
Merrill Lynch	09/06/2016	HUF	1,449,000,000		5,203		5,220		17		—
Merrill Lynch	09/13/2016	KRW	1,475,000,000		1,261		1,323		62		—
Merrill Lynch	09/19/2016	CNY	19,200,000		2,867		2,872		5		—
Morgan Stanley & Co	09/12/2016	SEK	30,900,000		3,656		3,612		—		(44	)
Morgan Stanley & Co	09/13/2016	CLP	3,400,000,000		5,009		4,992		—		(17	)
Morgan Stanley & Co	09/22/2016	MXN	95,600,000		5,273		5,074		—		(199	)
Morgan Stanley & Co	09/30/2016	NOK	53,500,000		6,272		6,424		152		—
Standard Chartered Bank, Hong Kong	09/21/2016	JPY	1,108,129,000		10,821		10,721		—		(100	)
Stifel, Nicolaus & Company	09/09/2016	RUB	500,000,000		7,544		7,634		90		—
Total							$		7,858	$	(13,082	)
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset		Liability
Bank of America NA	09/21/2016	CHF	47,000	$	49	$	48	$	1	$	—
Bank of America NA	09/21/2016	GBP	2,111,000		2,967		2,773		194		—
Bank of America NA	09/23/2016	AUD	79,449,000		59,406		59,669		205		(468	)


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016


Foreign Currency Contracts (continued)

									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset		Liability
Bank of America NA	09/23/2016	CAD	92,706,000	$	71,090	$	70,709	$	449	$	(68	)
Bank of America NA	09/23/2016	CHF	77,206,000		79,605		78,622		997		(14	)
Bank of America NA	09/23/2016	EUR	144,288,000		161,098		161,082		743		(727	)
Bank of America NA	09/23/2016	GBP	78,885,000		109,193		103,629		5,732		(168	)
Bank of America NA	09/23/2016	JPY	7,069,763,000		68,479		68,406		554		(481	)
Bank of America NA	09/23/2016	MXN	343,940,000		18,640		18,254		391		(5	)
Bank of America NA	09/23/2016	NZD	11,126,000		7,959		8,064		14		(119	)
Bank of New York Mellon	09/09/2016	EUR	33,127,872		36,619		36,963		3		(347	)
Bank of New York Mellon	09/09/2016	GBP	6,488,858		8,517		8,522		10		(15	)
Bank of New York Mellon	09/21/2016	CHF	3,900,000		4,073		3,971		102		—
Bank of New York Mellon	09/21/2016	EUR	13,000,000		14,876		14,512		364		—
Bank of New York Mellon	09/21/2016	GBP	3,220,000		4,514		4,230		284		—
Bank of New York Mellon	09/23/2016	EUR	5,259,750		6,026		5,872		154		—
Bank of New York Mellon	10/03/2016	EUR	5,000,005		5,693		5,584		109		—
Bank of New York Mellon	10/12/2016	ZAR	10,784,620		770		728		42		—
Bank of New York Mellon	10/14/2016	EUR	15,440,680		17,592		17,253		339		—
Bank of New York Mellon	11/18/2016	EUR	12,801,088		14,441		14,324		117		—
Bank of New York Mellon	12/05/2016	EUR	19,654,225		21,846		22,010		122		(286	)
Bank of New York Mellon	09/25/2017	GBP	930,815		1,225		1,232		—		(7	)
Barclays Bank PLC	09/01/2016	ZAR	15,561,799		1,112		1,059		53		—
Barclays Bank PLC	09/02/2016	AUD	4,645,250		3,515		3,492		23		—
Barclays Bank PLC	09/02/2016	CAD	5,303,517		4,099		4,044		55		—
Barclays Bank PLC	09/02/2016	EUR	7,924,250		8,901		8,839		66		(4	)
Barclays Bank PLC	09/02/2016	GBP	3,008,250		3,961		3,950		11		—
Barclays Bank PLC	09/02/2016	JPY	636,063,683		6,277		6,147		130		—
Barclays Bank PLC	09/02/2016	MXN	35,400,701		1,912		1,882		30		—
Barclays Bank PLC	09/02/2016	NOK	10,132,705		1,233		1,216		17		—
Barclays Bank PLC	09/02/2016	ZAR	8,538,920		581		581		—		—
Barclays Bank PLC	09/12/2016	CNY	3,085,200		450		462		—		(12	)
Barclays Bank PLC	09/14/2016	AUD	877,500		664		659		5		—
Barclays Bank PLC	09/14/2016	CNY	64,960,520		9,680		9,719		63		(102	)
Barclays Bank PLC	09/16/2016	TRY	655,275		219		221		—		(2	)
Barclays Bank PLC	09/19/2016	CAD	976,000		756		744		12		—
Barclays Bank PLC	09/19/2016	MXN	37,378,395		2,026		1,985		41		—
Barclays Bank PLC	09/23/2016	CAD	9,139,369		6,963		6,971		1		(9	)
Barclays Bank PLC	09/26/2016	AUD	2,339,000		1,760		1,756		4		—
Barclays Bank PLC	09/26/2016	JPY	451,834,096		4,498		4,373		125		—
Barclays Bank PLC	09/26/2016	NOK	15,155,407		1,830		1,820		11		(1	)
Barclays Bank PLC	09/26/2016	NZD	2,019,000		1,471		1,464		7		—
Barclays Bank PLC	09/26/2016	TRY	3,412,277		1,148		1,148		—		—
Barclays Bank PLC	09/30/2016	CNY	6,028,245		900		901		—		(1	)
Barclays Bank PLC	09/30/2016	ZAR	3,098,863		218		210		8		—
Barclays Bank PLC	10/03/2016	ZAR	7,945,895		548		538		10		—
Barclays Bank PLC	10/11/2016	MXN	50,436,763		2,734		2,672		62		—
Barclays Bank PLC	10/11/2016	TRY	6,455,477		2,186		2,164		22		—
Barclays Bank PLC	10/11/2016	ZAR	5,213,013		383		352		31		—
Barclays Bank PLC	10/12/2016	CNY	7,005,915		1,050		1,046		4		—
Barclays Bank PLC	10/12/2016	HUF	41,360,525		145		149		—		(4	)
Barclays Bank PLC	10/12/2016	MXN	4,467,874		240		237		3		—
Barclays Bank PLC	10/12/2016	PLN	951,378		237		243		—		(6	)
Barclays Bank PLC	10/12/2016	ZAR	5,995,542		420		405		15		—
Barclays Bank PLC	11/07/2016	ZAR	5,251,734		383		353		30		—
Barclays Bank PLC	01/04/2017	CNY	7,290,963		1,094		1,083		11		—
Barclays Bank PLC	02/16/2017	CNY	50,529,214		7,549		7,483		67		(1	)
Barclays Bank PLC	09/25/2017	EUR	952,625		1,091		1,083		8		—
Barclays Bank PLC	09/25/2017	GBP	775,615		1,201		1,027		174		—
Barclays Bank PLC	11/03/2017	EUR	1,454,910		1,654		1,657		—		(3	)
Citigroup Inc	09/21/2016	AUD	17,369,602		12,835		13,047		57		(269	)
Citigroup Inc	09/21/2016	BRL	5,717,844		1,695		1,761		—		(66	)
Citigroup Inc	09/21/2016	CAD	15,640,292		11,981		11,929		77		(25	)
Citigroup Inc	09/21/2016	CHF	21,968,000		22,345		22,368		29		(52	)
Citigroup Inc	09/21/2016	CLP	3,737,409,000		5,441		5,485		51		(95	)
Citigroup Inc	09/21/2016	COP	764,300,006		250		256		1		(7	)
Citigroup Inc	09/21/2016	CZK	38,000,000		1,573		1,570		5		(2	)
Citigroup Inc	09/21/2016	DKK	1,549,000		232		232		1		(1	)
Citigroup Inc	09/21/2016	EUR	25,665,799		28,796		28,651		192		(47	)
Citigroup Inc	09/21/2016	GBP	14,222,998		20,384		18,684		1,713		(13	)
Citigroup Inc	09/21/2016	HKD	1,483,000		192		192		—		—
Citigroup Inc	09/21/2016	HUF	1,050,900,002		3,741		3,788		—		(47	)
Citigroup Inc	09/21/2016	IDR	11,243,270,622		826		845		—		(19	)
Citigroup Inc	09/21/2016	ILS	15,508,000		4,047		4,108		—		(61	)
Citigroup Inc	09/21/2016	INR	68,990,614		1,017		1,028		—		(11	)
Citigroup Inc	09/21/2016	JPY	2,140,005,133		20,810		20,704		214		(108	)


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016


Foreign Currency Contracts (continued)

							Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset			Liability
Citigroup Inc	09/21/2016	MYR	9,742,000	$	2,399	$	2,388	$	18		$	(7	)
Citigroup Inc	09/21/2016	KRW	16,413,610,438		14,034		14,723		7			(696	)
Citigroup Inc	09/21/2016	MXN	185,198,002		9,863		9,831		46			(14	)
Citigroup Inc	09/21/2016	NOK	41,825,998		4,989		5,022		7			(40	)
Citigroup Inc	09/21/2016	NZD	13,357,701		9,599		9,683		1			(85	)
Citigroup Inc	09/21/2016	PHP	35,225,441		750		755		1			(6	)
Citigroup Inc	09/21/2016	PLN	15,670,054		3,967		4,010		6			(49	)
Citigroup Inc	09/21/2016	SEK	127,576,835		15,297		14,920		390			(13	)
Citigroup Inc	09/21/2016	SGD	11,076,000		8,220		8,131		91			(2	)
Citigroup Inc	09/21/2016	TRY	18,328,084		6,125		6,171		25			(71	)
Citigroup Inc	09/21/2016	TWD	69,712,000		2,183		2,200		3			(20	)
Citigroup Inc	09/21/2016	ZAR	30,313,464		1,997		2,055		25			(83	)
Citigroup Inc	12/21/2016	AUD	1,090,000		818		817		1			—
Citigroup Inc	12/21/2016	CAD	467,000		356		356		—			—
Citigroup Inc	12/21/2016	CHF	583,353		600		598		2			—
Citigroup Inc	12/21/2016	CLP	1,894,227,000		2,789		2,759		30			—
Citigroup Inc	12/21/2016	CZK	7,000,000		290		291		—			(1	)
Citigroup Inc	12/21/2016	DKK	917,000		138		138		—			—
Citigroup Inc	12/21/2016	EUR	4,243,728		4,765		4,756		9			—
Citigroup Inc	12/21/2016	GBP	5,634,998		7,402		7,415		—			(13	)
Citigroup Inc	12/21/2016	HKD	8,000		1		1		—			—
Citigroup Inc	12/21/2016	HUF	177,865,307		643		642		1			—
Citigroup Inc	12/21/2016	ILS	77,000		20		20		—			—
Citigroup Inc	12/21/2016	INR	819,000		12		12		—			—
Citigroup Inc	12/21/2016	JPY	205,958,000		2,010		2,001		9			—
Citigroup Inc	12/21/2016	KRW	575,277,000		513		516		—			(3	)
Citigroup Inc	12/21/2016	MXN	11,882,262		626		625		1			—
Citigroup Inc	12/21/2016	NZD	1,358,000		976		981		—			(5	)
Citigroup Inc	12/21/2016	PLN	1,871,000		477		478		—			(1	)
Citigroup Inc	12/21/2016	SEK	14,110,000		1,659		1,658		1			—
Citigroup Inc	12/21/2016	SGD	3,078,251		2,264		2,260		4			—
Citigroup Inc	12/21/2016	ZAR	4,615,000		316		307		9			—
Citigroup Inc	04/05/2017	EUR	1,500		2		2		—			—
Commonwealth Bank of Australia	09/09/2016	NZD	5,500,000		3,929		3,989		—			(60	)
Commonwealth Bank of Australia	09/21/2016	EUR	25,850,000		29,352		28,856		496			—
Credit Suisse	09/26/2016	COP	3,330,000,000		1,146		1,115		31			—
Credit Suisse	09/26/2016	IDR	33,300,000,000		2,517		2,498		19			—
Deutsche Bank AG	09/30/2016	EUR	1,690,000		1,910		1,887		23			—
Deutsche Bank AG	11/16/2016	EUR	412,000		464		461		3			—
Deutsche Bank AG	04/28/2017	PLN	9,350,000		2,427		2,388		39			—
JPMorgan Chase	09/21/2016	GBP	793,000		1,149		1,042		107			—
JPMorgan Chase	09/21/2016	JPY	10,599,029,000		99,892		102,543		—			(2,651	)
Merrill Lynch	09/06/2016	EUR	4,570,000		5,111		5,098		13			—
Merrill Lynch	09/06/2016	HUF	425,000,000		1,530		1,531		—			(1	)
Merrill Lynch	09/12/2016	BRL	3,500,000		1,097		1,081		16			—
Merrill Lynch	09/12/2016	MXN	10,000,000		546		531		15			—
Merrill Lynch	09/13/2016	KRW	6,000,000,000		5,189		5,382		—			(193	)
Merrill Lynch	09/19/2016	CNY	61,300,000		9,293		9,168		125			—
Morgan Stanley & Co	09/13/2016	CLP	3,400,000,000		5,013		4,992		21			—
Morgan Stanley & Co	09/21/2016	JPY	1,812,444,000		17,097		17,535		—			(438	)
Morgan Stanley & Co	09/22/2016	CAD	6,600,000		5,164		5,034		130			—
Morgan Stanley & Co	09/30/2016	CAD	8,235,000		6,298		6,281		17			—
Morgan Stanley & Co	09/30/2016	MXN	3,597,635		196		191		5			—
Morgan Stanley & Co	01/05/2017	BRL	7,900,000		2,348		2,358		—			(10	)
Stifel, Nicolaus & Company	09/09/2016	MYR	25,000,000		6,260		6,151		109			—
Stifel, Nicolaus & Company	09/09/2016	RUB	500,000,000		7,641		7,634		7			—
Total							$		16,228		$	(8,135	)

Amounts in thousands except contracts


Futures Contracts

												Unrealized
Type	Long/Short		Contracts		Notional Value				Fair Value			Appreciation/(Depreciation)
3 Month Euro Swiss; December 2016		Short	3	$	769		$		769	$		—
3 Month Euro Swiss; June 2017		Short	1		256				256			—
3 Month Euro Swiss; March 2017		Short	1		256				256			—
90 Day Eurodollar; December 2016		Short	141		34,944				34,915			29
90 Day Eurodollar; December 2017		Long	872		215,705				215,558			(147	)
90 Day Eurodollar; December 2017		Long	14		3,465				3,461			(4	)
90 Day Eurodollar; December 2018		Short	484		119,664				119,494			170


		Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016

Futures Contracts (continued)

									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value		Appreciation/(Depreciation)
90 Day Eurodollar; June 2017	Long	484	$	119,882	$		119,748	$	(134	)
90 Day Eurodollar; June 2017	Short	121		29,966			29,937		29
90 Day Eurodollar; June 2018	Long	16		3,957			3,953		(4	)
90 Day Eurodollar; March 2017	Short	131		32,452			32,426		26
90 Day Eurodollar; March 2017	Short	77		19,065			19,059		6
90 Day Eurodollar; March 2018	Long	15		3,711			3,707		(4	)
90 Day Eurodollar; September 2016	Short	323		80,151			80,035		116
90 Day Eurodollar; September 2017	Long	12		2,970			2,968		(2	)
90 Day Eurodollar; September 2017	Long	78		19,318			19,290		(28	)
90 Day Short Sterling; December 2016	Long	137		22,420			22,420		—
90 Day Short Sterling; December 2017	Long	32		5,227			5,239		12
90 Day Short Sterling; December 2017	Long	1,297		212,190			212,340		150
90 Day Short Sterling; June 2017	Long	129		21,105			21,117		12
90 Day Short Sterling; June 2018	Long	28		4,574			4,584		10
90 Day Short Sterling; March 2017	Long	135		22,089			22,097		8
90 Day Short Sterling; March 2018	Long	30		4,898			4,911		13
90 Day Short Sterling; September 2017	Long	35		5,719			5,730		11
90 Day Short Sterling; September 2017	Short	156		25,536			25,540		(4	)
AEX Index; September 2016	Short	2		202			203		(1	)
ASX 90 Day Bank Bill; September 2017	Short	114		85,324			85,351		(27	)
Australia 10 Year Bond; September 2016	Short	35		3,551			3,627		(76	)
Australia 10 Year Bond; September 2016	Long	37		3,834			3,834		—
Australia 10 Year Bond; September 2016	Long	355		35,994			36,790		796
Australia 3 Year Bond; September 2016	Long	68		5,781			5,802		21
BIST 30 Index; October 2016	Long	27		87			86		(1	)
CAC40 Index; September 2016	Long	162		7,993			8,020		27
CAC40 Index; September 2016	Long	3		149			148		(1	)
Canada 10 Year Bond; December 2016	Short	19		2,126			2,126		—
Canada 10 Year Bond; December 2016	Long	311		34,782			34,807		25
Canadian Bank Acceptance; December 2016	Short	18		3,400			3,400		—
Canadian Bank Acceptance; June 2017	Short	4		756			756		—
Canadian Bank Acceptance; March 2017	Short	13		2,455			2,455		—
Canadian Bank Acceptance; September 2017	Short	152		28,714			28,710		4
DAX Index; September 2016	Long	24		6,986			7,101		115
DAX Index; September 2016	Long	30		8,806			8,877		71
DJ Euro Stoxx 50; September 2016	Short	807		25,305			27,275		(1,970	)
DJ Euro Stoxx 50; September 2016	Long	23		772			777		5
DJ Euro Stoxx 50; September 2016	Short	155		5,169			5,239		(70	)
E-Mini DJIA Index; September 2016	Long	21		1,930			1,931		1
E-Mini DJIA Index; September 2016	Long	338		30,367			31,088		721
eMini MSCI EAFE; September 2016	Long	3		254			253		(1	)
eMini MSCI Emerging Markets; September 2016	Long	35		1,553			1,554		1
Euribor; December 2016	Long	87		24,334			24,340		6
Euribor; December 2017	Long	33		9,234			9,235		1
Euribor; December 2017	Long	1,672		467,815			467,913		98
Euribor; June 2017	Long	93		26,027			26,024		(3	)
Euribor; June 2018	Long	22		6,156			6,156		—
Euribor; March 2017	Long	87		24,337			24,342		5
Euribor; March 2018	Long	34		9,510			9,515		5
Euribor; September 2017	Short	28		7,835			7,835		—
Euribor; September 2017	Long	26		7,278			7,276		(2	)
Euro Bund 10 Year Bund; September 2016	Long	199		37,188			37,154		(34	)
Euro Bund 10 Year Bund; September 2016	Short	91		16,740			16,990		(250	)
Euro-Bobl 5 Year; September 2016	Short	57		8,409			8,494		(85	)
FTSE China A50 Index; September 2016	Long	19		187			187		—
FTSE KLCI Index; September 2016	Long	7		145			145		—
FTSE/JSE Top 40; September 2016	Short	44		1,377			1,385		(8	)
FTSE/MIB Index; September 2016	Short	17		1,524			1,606		(82	)
FTSE100 Index; September 2016	Long	78		6,830			6,951		121
FTSE100 Index; September 2016	Long	189		16,998			16,842		(156	)


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016

Futures Contracts (continued)

														Unrealized
Type			Long/Short	Contracts			Notional Value					Fair Value		Appreciation/(Depreciation)
FTSE100 Index; September 2016			Short		100	$		7,708		$		8,911	$	(1,203			)
Hang Seng Index; September 2016			Long		2			295				296				1
Hang Seng Index; September 2016			Long		176			25,849				26,010				161
HSCEI China Index; September 2016			Long		9			555				554				(1	)
IBEX 35 Index; September 2016			Long		4			385				389				4
Japan 10 Year Bond TSE; September 2016			Long		25			36,605				36,585				(20	)
Japan 10 Year Bond TSE; September 2016			Short		7			10,269				10,244				25
Japan Topix Index; September 2016			Short		448			57,443				57,610				(167	)
Japan Topix Index; September 2016			Short		101			12,518				12,988				(470	)
Japan Topix Index; September 2016			Long		9			1,142				1,157				15
KOSPI 200 Index; September 2016			Long		3			324				345				21
Mex Bolsa Index; September 2016			Short		1			25				25				—
Mini Japan 10 Year Bond; September 2016			Long		10			1,464				1,464				—
Mini Japan 10 Year Bond; September 2016			Short		80			11,715				11,709				6
MSCI Singapore Index; September 2016			Short		21			489				478				11
MSCI Taiwan Index; September 2016			Long		12			405				402				(3	)
Nasdaq 100 E-Mini; September 2016			Long		446			42,464				42,582				118
Nasdaq 100 E-Mini; September 2016			Long		28			2,612				2,673				61
Nikkei 225 OSE; September 2016			Short		5			788				816				(28	)
Nikkei 225 OSE; September 2016			Short		30			4,812				4,897				(85	)
OMXS30 Index; September 2016			Long		10			165				166				1
Russell 2000 Mini; September 2016			Short		813			92,762				100,714		(7,952			)
Russell 2000 Mini; September 2016			Short		19			2,181				2,354				(173	)
Russell 2000 Mini; September 2016			Long		253			30,267				31,342		1,075
S&P 500 Emini; September 2016			Short		306			31,671				33,193		(1,522			)
S&P 500 Emini; September 2016			Long		439			46,944				47,621				677
S&P 500 Emini; September 2016			Long		64			6,972				6,942				(30	)
S&P 500 Emini; September 2016			Short		48			4,882				5,207				(325	)
S&P Mid 400 Emini; September 2016			Long		5			759				782				23
S&P/TSX 60 Index; September 2016			Long		9			1,147				1,167				20
SET50 Index; September 2016			Long		53			282				300				18
SGX CNX Nifty Index; September 2016			Short		17			295				301				(6	)
SPI 200 Index; September 2016			Long		11			1,109				1,118				9
UK 10 Year Gilt; December 2016			Short		27			4,663				4,663				—
UK 10 Year Gilt; December 2016			Long		24			4,140				4,145				5
US 10 Year Note; December 2016			Long		666			87,455				87,194				(261	)
US 10 Year Note; December 2016			Long		125			16,353				16,365				12
US 10 Year Note; December 2016			Short		188			24,667				24,613				54
US 10 Year Ultra Note; December 2016			Long		52			7,505				7,507				2
US 10 Year Ultra Note; September 2016			Long		249			35,960				36,058				98
US 2 Year Note; December 2016			Short		49			10,703				10,697				6
US 5 Year Note; December 2016			Short		55			6,665				6,669				(4	)
US 5 Year Note; December 2016			Long		274			33,306				33,222				(84	)
US Long Bond; December 2016			Long		172			29,367				29,304				(63	)
US Long Bond; December 2016			Long		344			58,431				58,609				178
US Ultra Bond; December 2016			Short		485			90,500				90,922				(422	)
US Ultra Bond; September 2016			Long		339			63,411				63,785				374
Total												$		(10,323			)
Amounts in thousands except contracts

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
Bank of America NA	3 Month JIBAR	Receive	7.95%	05/08/2025	ZAR	12,600			$	—	$	23	$	23	$	—
Bank of America NA	6 Month CZK	Receive	0.35%	08/03/2021	CZK	177,000				—		(7	)	—		(7	)
	KIBOR


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016


Interest Rate Swaps (continued)

		(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
Bank of America NA	6 Month CZK	Pay	0.30	%	08/03/2018	CZK	587,800	$	—	$	(3	)	$	— $		(3	)
	KIBOR
Bank of America NA	6 Month CZK	Pay	0.31	%	08/04/2018		70,500		—		—			—		—
	KIBOR
Bank of America NA	6 Month CZK	Receive	0.36	%	08/04/2021		29,300		—		(1	)		—		(1	)
	KIBOR
Bank of America NA	Brazil Cetip	Pay	12.06	%	01/02/2020	BRL	2,445		—		2			2		—
	Interbank Deposit
Bank of America NA	Brazil Cetip	Pay	12.08	%	01/02/2020		6,444		—		5			5		—
	Interbank Deposit
Bank of America NA	CFETS China	Pay	2.57	%	07/07/2021	CNY	8,820		—		(10	)		—		(10	)
	Fixing Repo Rates
	7 Day
Bank of America NA	CFETS China	Pay	2.60	%	07/21/2021		13,000		—		(11	)		—		(11	)
	Fixing Repo Rates
	7 Day
Bank of America NA	CFETS China	Pay	2.64	%	06/29/2021		8,287		—		(5	)		—		(5	)
	Fixing Repo Rates
	7 Day
Bank of America NA	CFETS China	Pay	2.73	%	08/25/2021		8,000		—		(1	)		—		(1	)
	Fixing Repo Rates
	7 Day
Bank of America NA	FBIL - Overnight	Receive	6.39	%	07/16/2021	INR	140,000		—		4			4		—
	MIBOR
Bank of America NA	FBIL - Overnight	Receive	6.45	%	07/21/2021		147,000		—		(2	)		—		(2	)
	MIBOR
Barclays Bank PLC	3 Month JIBAR	Receive	7.95	%	05/05/2025	ZAR	94,000		—		162			162		—
Barclays Bank PLC	Brazil Cetip	Pay	11.84	%	01/02/2020	BRL	5,556		—		(6	)		—		(6	)
	Interbank Deposit
Deutsche Bank AG	6 Month CZK	Receive	0.38	%	07/29/2021	CZK	137,000		—		(13	)		—		(13	)
	LIBOR
Deutsche Bank AG	6 Month CZK	Pay	0.33	%	07/30/2018		350,000		—		5			5		—
	LIBOR
Deutsche Bank AG	MXN TIIE	Pay	6.14	%	07/06/2026	MXN	21,250		—		2			2		—
	Banxico
JP Morgan Chase	3 Month JIBAR	Receive	7.72	%	04/17/2025	ZAR	18,020		—		48			48		—
Merrill Lynch	6 Month CZK	Pay	0.32	%	07/30/2018	CZK	355,000		—		4			4		—
	LIBOR
Merrill Lynch	6 Month CZK	Receive	0.37	%	07/29/2021		142,000		—		(12	)		—		(12	)
	LIBOR
Merrill Lynch	MXN TIIE	Pay	6.13	%	07/06/2026	MXN	67,585		—		5			5		—
	Banxico
Total							$		—	$	189		$	260	$	(71	)

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	1.08	%	07/18/2021	$	26,950	$	—	$	165		$			165
	3 Month LIBOR	Pay	0.86	%	07/18/2018		71,500		—		(229	)				(229	)
	3 Month LIBOR	Receive	1.41	%	07/18/2026		3,924		—		16					16
	6MonthGBP	Pay	0.53	%	07/23/2018	GBP	14,250		—		27
	LIBOR															27
	6MonthGBP	Pay	0.50	%	07/23/2018		14,250		—		18
	LIBOR															18
	6MonthGBP	Receive	0.59	%	07/22/2021		4,750		—		(36	)
	LIBOR															(36	)
	6MonthGBP	Receive	0.62	%	07/21/2021		4,750		—		(44	)
	LIBOR															(44	)
	3 Month LIBOR	Pay	1.03	%	10/01/2018	$	10,591		1		(11	)				(10	)
	3 Month LIBOR	Receive	1.23	%	04/20/2020		1,964		—		(7	)				(7	)
	3 Month LIBOR	Receive	1.21	%	04/22/2021		2,415		—		(4	)				(4	)
	3 Month LIBOR	Receive	1.35	%	06/03/2021		4,698		—		(34	)				(34	)
	3 Month LIBOR	Receive	1.10	%	07/21/2021		5,382		—		24					24
	3 Month LIBOR	Receive	1.18	%	07/29/2021		5,393		1		2					3
	3 Month LIBOR	Pay	0.95	%	08/17/2018		12,930		1		(25	)				(24	)
	3 Month LIBOR	Receive	0.96	%	08/17/2018		12,930		—		22					22


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 - 1 Year Interest Deutsche Bank AG		3 Month			Pay	8.48%	01/10/2017	ZAR	166,300	$	70	$	82	$	12
Rate Swap		JIBAR
Put - 10 Year Interest Bank of America NA		ICE LIBOR		Receive		1.70%	09/09/2016	GBP	7,500		97		—		(97	)
Rate Swap		GBP 6 Month
Put - 10 Year Interest Merrill Lynch		3 Month		Receive		2.57%	09/20/2016	$	33,600		1,035		—		(1,035	)
Rate Swap		LIBOR
Put - 20 Year Interest Bank of America NA		ICE LIBOR		Receive		0.70%	11/21/2016	JPY	600,000		87		29		(58	)
Rate Swap		JPY 6 Month
Put - 20 Year Interest Barclays Bank PLC		ICE LIBOR		Receive		0.50%	01/31/2017		556,500		86		91		5
Rate Swap		JPY 6 Month
Total									$		1,375	$	202	$	(1,173	)

					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	Merrill Lynch	3 Month			Receive	3.07%	09/20/2016	$	33,600	$	(460	) $	— $		460
Rate Swap		LIBOR
Put - 2 Year Interest	Bank of America NA	3 Month AUD			Receive	1.90%	11/18/2016	AUD	40,000		(75	)	(4	)	71
Rate Swap		BBR BBSW
Put - 2 Year Interest	Bank of America NA	ICE LIBOR			Receive	1.00%	12/09/2016	GBP	30,000		(106	)	—		106
Rate Swap		GBP 6 Month
Put - 20 Year Interest	Barclays Bank PLC	ICE LIBOR		Receive		0.90%	01/31/2017	JPY	556,500		(40	)	(33	)	7
Rate Swap		JPY 6 Month
Total									$		(681	) $	(37	) $	644

Amounts in thousands


Options

								Upfront Premiums							Unrealized
Purchased Options Outstanding		Exercise Price			Expiration Date		Contracts	Paid/(Received)					Fair Value		Appreciation/(Depreciation)
Call - 90 Day Eurodollar Future; December 2016$			99.25		12/20/2016		1,977	$	246		$		74	$	(172	)
Call - 90 Day Eurodollar Future; December 2016$			99.38		12/20/2016		4,509		474				56		(418	)
Call - 90 Day Eurodollar Future; March 2017		$	99.25		03/14/2017		7,844		1,715		637				(1,078	)
Call - Allergan PLC		$	325.00		09/19/2016		237		254				—		(254	)
Call - Allergan PLC		$	310.00		09/19/2016		102		111				—		(111	)
Call - DISH Network Corp		$	50.00		01/23/2017		396		211		189				(22	)
Call - MAXIS Nikkei 225 Index		JPY	17,500.00		09/12/2016		51		200				12		(188	)
Call - MAXIS Nikkei 225 Index		JPY	17,500.00		10/17/2016		58		125		110				(15	)
Call - S&P 500 Emini Future; September 2016		$	2,170.00		09/19/2016		48		78				42		(36	)
Call - US 2 Year Note Future; December 2016		$	109.25		09/26/2016		375		67				71		4
Call - US Long Bond Future; December 2016		$	175.00		09/26/2016		104		142				25		(117	)
Call - USD versus BRL		$	3.35		09/15/2016		657,000		3				3		—
Call - USD versus CAD		$	1.32		10/18/2016		5,465,000		29				54		25
Call - USD versus CNH		$	6.50		09/13/2016		2,200,000		57				63		6
Call - USD versus CNY		$	6.75		09/30/2016		4,000,000		34				11		(23	)


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016


Options (continued)

								Upfront Premiums								Unrealized
Purchased Options Outstanding			Exercise Price	Expiration Date		Contracts		Paid/(Received)			Fair Value		Appreciation/(Depreciation)
Call - USD versus CNY		$	6.75	10/11/2016		4,918,500	$	15		$	18		$				3
Call - USD versus TRY		$	3.05	11/14/2016		1,093,000		24			16						(8	)
Call - USD versus TRY		$	3.05	11/14/2016		1,093,000		17			15						(2	)
Call - USD versus TRY		$	3.05	11/14/2016		1,093,000		18			16						(2	)
Call - USD versus TWD		$	31.78	01/18/2017		8,175,000		151			109						(42	)
Put - 90 Day Eurodollar Future; December 2017 $			98.75	10/17/2016		106		11			12						1
Put - 90 Day Eurodollar Future; December 2018 $			98.63	10/17/2016		400		62			62						—
Put - 90 Day Eurodollar Future; September 2017 $			98.88	09/19/2016		1,852		202			174						(28	)
Put - Icahn Enterprises LP		$	50.00	09/19/2016		128		17			13						(4	)
Put - iShares iBoxx $ High Yield Corporate		$	85.00	09/19/2016		400		37			7						(30	)
Bond ETF
Put - iShares Russell 2000 ETF		$	115.00	10/03/2016		900		111			52						(59	)
Put - S&P 500 Index		$	2,150.00	09/19/2016		56		95			71						(24	)
Put - S&P 500 Index		$	1,875.00	12/19/2016		650		5,585			895					(4,690		)
Put - S&P 500 Index		$	1,875.00	06/19/2017		454		3,806			2,375					(1,431		)
Put - S&P 500 Index		$	1,875.00	03/20/2017		454		2,934			1,499					(1,435		)
Put - SPDR Barclays High Yield Bond ETF		$	35.00	09/19/2016		2,000		46			7						(39	)
Put - USD versus CNH		$	6.53	09/23/2016		1,701,000		10			—						(10	)
Put - USD versus CNY		$	6.56	09/23/2016		2,732,500		4			1						(3	)
Put - USD versus CNY		$	6.56	09/23/2016		5,465,000		8			2						(6	)
Put - USD versus MXN		$	18.40	10/10/2016		1,094,000		13			7						(6	)
Put - USD versus MXN		$	18.15	09/15/2016		657,000		8			1						(7	)
Put - USD versus MXN		$	18.55	10/07/2016		1,639,500		16			14						(2	)
Put - USD versus MXN		$	18.10	10/20/2016		1,641,000		17			7						(10	)
Total							$	16,953		$	6,720		$			(10,233		)

								Upfront Premiums								Unrealized
Written Options Outstanding			Exercise Price	Expiration Date		Contracts		Paid/(Received)			Fair Value		Appreciation/(Depreciation)
Call - 90 Day Eurodollar Future; March 2020		$	98.75	03/13/2017		1,441	$	(584	)	$	(603	)	$				(19	)
Call - Carmike Cinemas Inc		$	30.00	09/19/2016		15		(2	)		(3	)					(1	)
Call - GBP versus USD		$	1.53	09/29/2016		675,000		(14	)		—						14
Call - Halliburton Co		$	49.00	10/24/2016		101		(5	)		(2	)					3
Call - MAXIS Nikkei 225 Index		JPY 18,500.00		10/17/2016		58		(35	)		(24	)					11
Call - Monsanto Co		$	115.00	01/23/2017		10		(4	)		(4	)					—
Call - Monsanto Co		$	115.00	10/24/2016		42		(12	)		(9	)					3
Call - Relypsa Inc		$	32.00	09/19/2016		45		(2	)		—						2
Call - USD versus BRL		$	3.45	11/04/2016		1,094,000		(15	)		(13	)					2
Call - USD versus BRL		$	3.45	11/04/2016		783,000		(8	)		(10	)					(2	)
Call - USD versus BRL		$	3.85	09/14/2016		900,000		(13	)		—						13
Call - USD versus BRL		$	3.48	12/12/2016		819,750		(16	)		(17	)					(1	)
Call - USD versus BRL		$	3.40	11/04/2016		1,094,000		(15	)		(18	)					(3	)
Call - USD versus MXN		$	19.10	11/24/2016		2,732,500		(41	)		(69	)					(28	)
Call - USD versus TRY		$	3.20	11/14/2016		1,093,000		(8	)		(6	)					2
Call - USD versus TRY		$	3.20	11/14/2016		1,093,000		(11	)		(6	)					5
Call - USD versus TRY		$	3.20	11/14/2016		1,093,000		(7	)		(6	)					1
Call - USD versus ZAR		$	15.80	12/12/2016		2,188,000		(56	)		(55	)					1
Call - Whiting Petroleum Corp		$	10.00	10/24/2016		458		(10	)		(7	)					3
Call - Whiting Petroleum Corp		$	9.00	09/19/2016		412		(6	)		(3	)					3
Put - S&P 500 Emini Future; September 2016		$	2,100.00	09/19/2016		48		(66	)		(11	)					55
Put - S&P 500 Index		$	1,725.00	06/19/2017		454		(2,468	)		(1,488	)					980
Put - S&P 500 Index		$	1,725.00	03/20/2017		454		(1,787	)		(866	)					921
Put - USD versus BRL		$	3.20	10/07/2016		783,000		(8	)		(10	)					(2	)
Put - USD versus BRL		$	3.35	09/15/2016		657,000		(9	)		(24	)					(15	)
Put - USD versus BRL		$	3.22	09/15/2016		657,000		(6	)		(7	)					(1	)
Put - USD versus BRL		$	3.10	11/04/2016		1,094,000		(12	)		(7	)					5
Put - USD versus BRL		$	3.20	10/07/2016		1,094,000		(13	)		(13	)					—
Put - USD versus ZAR		$	13.75	11/04/2016		1,094,000		(14	)		(6	)					8
Put - USD versus ZAR		$	13.65	10/07/2016		1,094,000		(13	)		(3	)					10
Total							$	(5,260	)	$	(3,290	)	$			1,970

Amounts in thousands except contracts


Synthetic Futures

											Unrealized					Fair Value
Counterparty (Issuer)	Reference Entity				Expiration Date			Notional Value			Appreciation/(Depreciation)					Asset	Liability
Bank of America NA	Canada 10 Year Bond Future; December 2016				12/30/2016		$	(17,714	)	$			(19	)	$	— $	(19	)
Bank of America NA	Euro Bund 10 Year Bund Future; September				09/12/2016			17,301					219			219	—
	2016
Bank of America NA	Euro Buxl 30 Year Bond Future; September				09/12/2016			392					37			37	—
	2016
Bank of America NA	Euro-Bobl 5 Year Future; September 2016				09/12/2016			9,296					75			75	—


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016


Synthetic Futures (continued)

						Unrealized						Fair Value
Counterparty (Issuer)	Reference Entity			Expiration Date	Notional Value			Appreciation/(Depreciation)				Asset		Liability
Bank of America NA	Euro-BTP Future; September 2016			09/12/2016	$	3,180	$		53		$	53	$	—
Bank of America NA	Euro-OAT Future; September 2016			09/12/2016		1,925			49			49		—
Bank of America NA	Euro-Schatz 2 Year Future; September 2016			09/12/2016	10,601				7			7		—
Bank of America NA	FTSE China A50 Index Future; September			09/29/2016		293			1			1		—
	2016
Bank of America NA	Hang Seng Index Future; September 2016			09/30/2016		147			1			1		—
Bank of America NA	HSCEI China Index Future; September 2016			09/30/2016		184			—			—		—
Bank of America NA	MSCI Taiwan Index Future; September 2016			09/30/2016		237			(3	)		—		(3	)
Bank of America NA	Tel Aviv 25 Index Future; September 2016			09/30/2016		(508	)		10			10		—
Bank of America NA	UK 10 Year Gilt Future; December 2016			12/30/2016	(6,605		)		(5	)		—		(5	)
Bank of America NA	US 10 Year Note Future; December 2016			12/30/2016		8,402			(23	)		—		(23	)
Bank of America NA	US 2 Year Note Future; December 2016			01/05/2017		656			(1	)		—		(1	)
Bank of America NA	US 5 Year Note Future; December 2016			01/05/2017		4,859			(9	)		—		(9	)
Bank of America NA	US Long Bond Future; December 2016			12/30/2016		1,707			(3	)		—		(3	)
Bank of America NA	US Ultra Bond Future; December 2016			12/30/2016		1,502			(2	)		—		(2	)
Bank of America NA	WIG 20 Index Future; September 2016			09/16/2016		158			6			6		—
Morgan Stanley & Co	BIST 30 Index Future; October 2016			10/31/2016		197			(2	)		—		(2	)
Morgan Stanley & Co	Bovespa Index Future; October 2016			10/14/2016		458			(4	)		—		(4	)
Morgan Stanley & Co	FTSE China A50 Index Future; September			09/29/2016		147			1			1		—
	2016
Morgan Stanley & Co	Hang Seng Index Future; September 2016			09/30/2016		589			3			3		—
Morgan Stanley & Co	HSCEI China Index Future; September 2016			09/30/2016		1,291			2			2		—
Morgan Stanley & Co	KOSPI 200 Index Future; September 2016			09/09/2016		3,669			98			98		—
Morgan Stanley & Co	MSCI Singapore Index Future; September			09/30/2016		24			(1	)		—		(1	)
	2016
Morgan Stanley & Co	MSCI Taiwan Index Future; September 2016			09/30/2016		543			(6	)		—		(6	)
Morgan Stanley & Co	SGX CNX Nifty Index Future; September			09/29/2016	(1,042		)		(19	)		—		(19	)
	2016
Morgan Stanley & Co	Swiss Market Index Future; September 2016			09/16/2016	(10,340		)		(500	)		—		(47	)
Morgan Stanley & Co	Taiwan TAIEX Index Future; September 2016			09/21/2016		2,197			(17	)		—		(17	)
Total						$			(52	)	$	562	$	(161	)

Amounts in thousands
Total Return Equity Basket Swaps

									Notional			Fair Value
Counterparty	Fund Pays			Fund Receives		Expiration Date			Value			Asset Liability
Bank of America NA	Floating rate based on the Federal Funds Total return on a custom basket of long and					08/12/2019		$	(493	) $		50	$	—
	Rate plus/less spread		short securities traded in USD
Deutsche Bank AG	Floating rate based on 1 month LIBOR Total return on a custom basket of long and					11/28/2016-			(465	)		—		(144	)
	plus/less spread		short securities traded in USD			03/19/2021
Deutsche Bank AG	Floating rate based on 1 month LIBOR Total return on a custom basket of long and					12/21/2016-			202			83		—
	plus/less spread		short securities traded in TWD			03/20/2017
Deutsche Bank AG	Floating rate based on 1 week LIBOR	Total return on a custom basket of long and				03/20/2017			97			16		—
	plus/less spread		short securities traded in IDR
Deutsche Bank AG	Floating rate based on 28 day Mexico	Total return on a custom basket of long and				03/22/2017			65			92		—
	Interbank TIIE Rate plus/less spread		short securities traded in MXN
Deutsche Bank AG	Floating rate based on 1 month LIBOR Total return on a custom basket of long and					06/15/2017			46			4		—
	plus/less spread		short securities traded in CLP
Deutsche Bank AG	Floating rate based on 1 month LIBOR Total return on a custom basket of long and					03/22/2017			592			16		—
	plus/less spread		short securities traded in BRL
Deutsche Bank AG	Floating rate based on 1 month LIBOR Total return on a custom basket of long and					03/20/2017			9			32		—
	plus/less spread		short securities traded in MYR
Deutsche Bank AG	Floating rate based on 1 week ICE	Total return on a custom basket of long and				09/20/2017			1,344			109		—
	LIBOR CHF plus/less spread		short securities traded in CHF
Deutsche Bank AG	Floating rate based on 1 week EUR	Total return on a custom basket of long and				08/21/2017			255			303		—
	LIBOR plus/less spread		short securities traded in EUR
Deutsche Bank AG	Floating rate based on 1 week LIBOR	Total return on a custom basket of long and				01/19/2017-			3,494			646		—
	plus/less spread		short securities traded in GBP			05/19/2017
Deutsche Bank AG	Floating rate based on 1 week HIBOR	Total return on a custom basket of long and				03/20/2017			176			335		—
	plus/less spread		short securities traded in HKD
Deutsche Bank AG	Floating rate based on 1 month LIBOR Total return on a custom basket of long and					03/20/2017-			106			—		(7	)
	plus/less spread		short securities traded in KRW			03/28/2017
Deutsche Bank AG	Floating rate based on the 1 month South Total return on a custom basket of long and					03/24/2017			(67	)		—		(93	)
	Africa Johannesburg Interbank Agreed		short securities traded in ZAR
	Rate plus/less spread
Deutsche Bank AG	Floating rate based on the Poland	Total return on a custom basket of long and				03/21/2017			19			—		(48	)
	Warsaw Interbank Offer/Bid Spot Week		short securities traded in PLN
	Rate plus/less spread
Morgan Stanley & Co	Floating rate based on 1 month Euribor Total return on a custom basket of long and					11/22/2017-			(2,463	)		88		—
	plus/less spread		short securities traded in EUR			05/08/2018
Morgan Stanley & Co	Floating rate based on 1 month LIBOR Total return on a custom basket of long and					02/28/2017			31,384			894		—
	plus/less spread		short securities traded in GBP

Schedule of Investments

Global Multi-Strategy Fund

August 31, 2016

Total Return Equity Basket Swaps (continued)

Notional

Fair Value

Counterparty

Fund Pays

Fund Receives

Expiration Date

Value

Asset

Liability

Morgan Stanley & Co

Floating rate based on 1 month LIBOR Total return on a custom basket of long and

08/22/2017

- $

5,036

—

(726

)

plus/less spread

short securities traded in USD

10/11/2017

Morgan Stanley & Co

Floating rate based on the Bank of Japan Total return on a custom basket of long and

08/23/2018

373

158

—

Estimate Unsecured Overnight Call Rate

short securities traded in JPY

plus/less spread

Morgan Stanley & Co

Floating rate based on the Federal Funds Total return on a custom basket of long and

09/14/2016

6,176

4,904

—

Rate plus/less spread

short securities traded in USD

Total

45,886

7,730

(1,018)

The expiration dates are measured from the commencement of investment in each underlying swap position.

Amounts in thousands

Total Return Swaps

Pay/Receive

Financing

Notional

Fair Value

Counterparty (Issuer)

Reference Entity

Contracts

Positive Return

Rate

Expiration Date

Amount

Asset

Liability

Morgan Stanley & Co

MSCI Netherlands Net

193,108

Pay

Euribor 1 Month minus .15%

09/21/2016

EUR

—

)

Return EUR Index

Morgan Stanley & Co

MSCI Italy Net Return EUR

287,705

Pay

Euribor 1 Month minus .25%

09/21/2016

—

)

Index

Morgan Stanley & Co

MSCI Italy Net Return EUR

126,915

Pay

Euribor 1 Month minus .25%

09/21/2016

—

)

Index

Morgan Stanley & Co

MSCI Italy Net Return EUR

99,459

Pay

Euribor 1 Month minus .25%

09/21/2016

—

)

Index

Morgan Stanley & Co

MSCI Italy Net Return EUR

133,257

Pay

Euribor 1 Month minus .25%

09/21/2016

—

)

Index

Morgan Stanley & Co

MSCI Italy Net Return EUR

636,586

Pay

Euribor 1 Month minus .25%

09/21/2016

—

(20

)

Index

Morgan Stanley & Co

MSCI Turkey Net Return

Receive

1 Month TRLIBOR plus .55%

09/21/2016

TRY

—

)

TRY Index

Morgan Stanley & Co

MSCI South Africa Net

1,393,185

Pay

SAFE South Africa

09/21/2016

ZAR

—

Return ZAR Index

Johannesburg Interbank Agreed

Rate 1 Month minus .80%

Morgan Stanley & Co

MSCI South Africa Net

3,553,364

Pay

SAFE South Africa

09/21/2016

—

Return ZAR Index

Johannesburg Interbank Agreed

Rate 1 Month minus .80%

Morgan Stanley & Co

MSCI South Africa Net

1,569,186

Pay

SAFE South Africa

09/21/2016

—

Return ZAR Index

Johannesburg Interbank Agreed

Rate 1 Month minus .80%

Morgan Stanley & Co

MSCI South Africa Net

3,729,364

Pay

SAFE South Africa

09/21/2016

—

Return ZAR Index

Johannesburg Interbank Agreed

Rate 1 Month minus .80%

Morgan Stanley & Co

MSCI South Africa Net

2,451,043

Pay

SAFE South Africa

09/21/2016

—

Return ZAR Index

Johannesburg Interbank Agreed

Rate 1 Month minus .80%

Morgan Stanley & Co

MSCI South Africa Net

1,348,843

Pay

SAFE South Africa

09/21/2016

—

Return ZAR Index

Johannesburg Interbank Agreed

Rate 1 Month minus .80%

Morgan Stanley & Co

MSCI South Africa Net

2,569,726

Pay

SAFE South Africa

09/21/2016

—

Return ZAR Index

Johannesburg Interbank Agreed

Rate 1 Month minus .80%

Total

(45

)

Amounts in thousands except contracts


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016


Short Sales Outstanding



COMMON STOCKS - (12.38)%	Shares Value (000's)			COMMON STOCKS (continued)	Shares Value (000's)

Advertising - 0.00%				Banks (continued)
DKSH Holding AG	1,119	$	78	Swedbank AB	3,787	$	87
				UniCredit SpA	120,128		309
				Unione di Banche Italiane SpA	72,494		195
Aerospace & Defense - (0.23)%				United Bankshares Inc/WV	1,815		71
Boeing Co/The	4,010		519	Zions Bancorporation	22,378		685
Kaman Corp	6,950		312		$		14,159
Northrop Grumman Corp	8,920		1,892
Orbital ATK Inc	6,610		499	Beverages - (0.21)%
TransDigm Group Inc ^(a)	8,510		2,427	Anheuser-Busch InBev SA/NV	3,514		436
United Technologies Corp	4,830		514	Brown-Forman Corp - B Shares	7,960		386
	$		6,163	Constellation Brands Inc	14,050		2,305
				Molson Coors Brewing Co	10,980		1,124
Agriculture - (0.11)%				Monster Beverage Corp ^(a)	8,140		1,253
Reynolds American Inc	61,237		3,036		$		5,504

				Biotechnology - (0.14)%
Airlines - (0.22)%				Acorda Therapeutics Inc ^(a)	9,560		230
Alaska Air Group Inc	23,328		1,575	Biogen Inc ^(a)	2,130		651
Delta Air Lines Inc	30,741		1,130	Celgene Corp ^(a)	5,740		613
Deutsche Lufthansa AG	903		10	Illumina Inc ^(a)	3,840		646
JetBlue Airways Corp ^(a)	71,150		1,135
				Medicines Co/The ^(a)	23,030		902
Southwest Airlines Co	59,790		2,205	Regeneron Pharmaceuticals Inc ^(a)	1,000		393
	$		6,055	United Therapeutics Corp ^(a)	2,210		270
Apparel - (0.28)%					$		3,705
Hanesbrands Inc	136,342		3,619
				Building Materials - (0.08)%
NIKE Inc	45,460		2,620
				Buzzi Unicem SpA	2,509		53
VF Corp	20,940		1,299
				Geberit AG	295		129
	$		7,538	LafargeHolcim Ltd ^(a)	6,534		347
Automobile Manufacturers - (0.11)%				Martin Marietta Materials Inc	3,170		580
Bayerische Motoren Werke AG	6,071		527	Vulcan Materials Co	8,140		927
Daimler AG	10,069		697		$		2,036
Fiat Chrysler Automobiles NV	49,791		343
				Chemicals - (0.24)%
PACCAR Inc	17,110		1,024
				Air Products & Chemicals Inc	20,390		3,173
Volvo AB - B Shares	26,387		283
				Albemarle Corp	6,413		513
	$		2,874	BASF SE	1,028		83
Automobile Parts & Equipment - (0.19)%				EI du Pont de Nemours & Co	25,421		1,769
Continental AG	444		93	EMS-Chemie Holding AG	110		59
Delphi Automotive PLC	38,630		2,730	K+S AG	7,355		154
Goodyear Tire & Rubber Co/The	39,000		1,145	Novozymes A/S	5,146		223
Johnson Controls Inc	19,922		874	OCI NV ^(a)	14,010		246
Meritor Inc ^(a)	20,854		232	Solvay SA	840		92
Nokian Renkaat OYJ	4,637		167	Stepan Co	5,806		408
	$		5,241	Symrise AG	236		17
				Wacker Chemie AG	1,738		162
Banks - (0.51)%					$		6,899
Banca Generali SpA	10,618		213
Banca Mediolanum SpA	10,755		75	Commercial Services - (0.30)%
Banca Popolare dell'Emilia Romagna SC	6,921		27	Abertis Infraestructuras SA	4,801		74
Banco de Sabadell SA	102,958		140	Career Education Corp ^(a)	73,200		479
Banco Popular Espanol SA	211,761		286	Global Payments Inc	22,200		1,686
Bank of America Corp	28,190		455	Live Nation Entertainment Inc ^(a)	26,300		702
Bankia SA	65,818		55	ManpowerGroup Inc	5,239		374
CaixaBank SA	118,595		320	RELX NV	11,827		210
Canadian Imperial Bank of Commerce/Canada	4,825		383	S&P Global Inc	23,790		2,939
Capital One Financial Corp	16,002		1,146	Securitas AB	2,707		47
Chemical Financial Corp	11,007		509	SGS SA	105		231
Citizens Financial Group Inc	29,850		739	Sotheby's	16,290		646
Credit Suisse Group AG ^(a)	40,183		524	United Rentals Inc ^(a)	7,495		617
Deutsche Bank AG ^(a)	5,539		81	Verisk Analytics Inc ^(a)	7,857		653
DNB ASA	56		1	Wirecard AG	1,008		50
FinecoBank Banca Fineco SpA	9,440		57		$		8,708
FNB Corp/PA	30,732		384
				Computers - (0.09)%
Hope Bancorp Inc	496		8	CACI International Inc ^(a)	3,090		307
KeyCorp	48,898		614	Dell Technologies Inc ^(a)	195		9
M&T Bank Corp	22,050		2,609
				Diebold Inc	5,699		160
Nordea Bank AB	3,771		37
Signature Bank/New York NY ^(a)	22,800		2,782	DST Systems Inc	3,427		416
				Fortinet Inc ^(a)	31,320		1,132
Skandinaviska Enskilda Banken AB	19,491		190
SVB Financial Group ^(a)	9,480		1,053	Gemalto NV	2,275		159
				Western Digital Corp	1		—
Svenska Handelsbanken AB	9,587		124
					$		2,183


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016


Short Sales Outstanding



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

Cosmetics & Personal Care - (0.04)%				Food - (0.62)%
Beiersdorf AG	129	$	12	Axfood AB	5,172	$	92
Estee Lauder Cos Inc/The	11,642		1,039	B&G Foods Inc	22,040		1,046
Unilever NV	2,569		118	Barry Callebaut AG ^(a)	305		392
	$		1,169	Chocoladefabriken Lindt & Spruengli AG	49		284
				Chr Hansen Holding A/S	3,819		232
Diversified Financial Services - (0.47)%				Colruyt SA	3,048		168
Affiliated Managers Group Inc ^(a)	6,360		904
				Distribuidora Internacional de Alimentacion	37,830		231
Azimut Holding SpA	25,939		398	SA
Charles Schwab Corp/The	67,568		2,126	Hormel Foods Corp	57,200		2,188
Discover Financial Services	19,210		1,152	JM Smucker Co/The	3,750		532
E*TRADE Financial Corp ^(a)	78,630		2,074
				Koninklijke Ahold Delhaize NV ^(a)	587		14
Element Financial Corp	14,216		148	Kraft Heinz Co/The	26,610		2,381
Interactive Brokers Group Inc - A Shares	28,949		1,039	Kroger Co/The	80,310		2,569
Julius Baer Group Ltd ^(a)	2,085		87
				Marine Harvest ASA ^(a)	7,313		113
MasterCard Inc	5,040		487	Mondelez International Inc	71,580		3,223
Nasdaq Inc	12,060		859	Nestle SA	780		62
Raymond James Financial Inc	10,830		630	Post Holdings Inc ^(a)	1,253		106
Synchrony Financial	61,860		1,721	Tyson Foods Inc	45,805		3,462
Visa Inc	17,400		1,408		$		17,095
	$		13,033
				Forest Products & Paper - 0.00%
Electric - (0.24)%				Stora Enso OYJ	337		3
Avista Corp	13,830		562
Black Hills Corp	8,944		523
Consolidated Edison Inc	5,870		442	Gas - (0.20)%
Dynegy Inc ^(a)	10,040		127	Atmos Energy Corp	4,200		309
E.ON SE	1,099		10	Gas Natural SDG SA	5,148		106
EDP - Energias de Portugal SA	9,094		31	NiSource Inc	39,360		942
Fortis Inc/Canada	23,300		733	Sempra Energy	7,750		811
Fortum OYJ	5,265		81	South Jersey Industries Inc	10,214		303
Great Plains Energy Inc	5,679		154	Southwest Gas Corp	4,550		318
MDU Resources Group Inc	72,180		1,701	Spire Inc	17,000		1,100
NorthWestern Corp	5,380		311	UGI Corp	34,381		1,564
NRG Yield Inc - A Shares	10,509		169		$		5,453
NRG Yield Inc - C Shares	2,680		45

OGE Energy Corp	11,530		359	Hand & Machine Tools - (0.05)%
				Lincoln Electric Holdings Inc	16,036		1,019
PNM Resources Inc	14,300		455
RWE AG ^(a)	8,386		137	Sandvik AB	30,577		332
SCANA Corp	11,820		835		$		1,351
	$		6,675	Healthcare - Products - (0.46)%
				Abbott Laboratories	18,739		787
Electrical Components & Equipment - (0.05)%				ABIOMED Inc ^(a)	6,450		761
Acuity Brands Inc	5,370		1,477	Align Technology Inc ^(a)	18,130		1,684
General Cable Corp	1,901		31	Boston Scientific Corp ^(a)	102,440		2,440
SunPower Corp ^(a)	6,685		67
				Coloplast A/S	1,282		97
	$		1,575	Cooper Cos Inc/The	2,974		553
Electronics - (0.13)%				Edwards Lifesciences Corp ^(a)	26,103		3,006
Arrow Electronics Inc ^(a)	25,860		1,702	Henry Schein Inc ^(a)	6,280		1,029
Electro Scientific Industries Inc ^(a)	19,738		110	QIAGEN NV ^(a)	12,812		339
Itron Inc ^(a)	10,810		515	Sonova Holding AG	332		46
TTM Technologies Inc ^(a)	47,082		505	Teleflex Inc	5,590		1,023
Vishay Intertechnology Inc	19,695		279	William Demant Holding A/S ^(a)	8,616		180
Woodward Inc	9,510		596	Zimmer Biomet Holdings Inc	4,735		614
	$		3,707		$		12,559

Energy - Alternate Sources - (0.05)%				Healthcare - Services - (0.51)%
REX American Resources Corp ^(a)	18,000		1,448	Aetna Inc	37,632		4,408
				Amsurg Corp ^(a)	17,946		1,165
				Anthem Inc	47,095		5,890
Engineering & Construction - (0.06)%				Centene Corp ^(a)	15,260		1,042
Acciona SA	1,680		120	HCA Holdings Inc ^(a)	13,040		985
Aena SA	1,340		189	UnitedHealth Group Inc	4,520		615
Fraport AG Frankfurt Airport Services	2,634		147
					$		14,105
Worldwide
Jacobs Engineering Group Inc ^(a)	21,493		1,132	Home Builders - (0.19)%
	$		1,588	DR Horton Inc	63,970		2,051
				Lennar Corp - A Shares	64,630		3,057
Entertainment - (0.01)%					$		5,108
AMC Entertainment Holdings Inc	2,136		65
Lions Gate Entertainment Corp	3,220		68	Home Furnishings - (0.02)%
Vail Resorts Inc	1,110		176	Harman International Industries Inc	7,640		647
	$		309


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016


Short Sales Outstanding



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

Housewares - (0.04)%				Media (continued)
Newell Brands Inc	22,640	$	1,202	Nexstar Broadcasting Group Inc	2,882	$	152
				ProSiebenSat.1 Media SE	1,533		66
				Schibsted ASA - A Shares	12,734		404
Insurance - (0.72)%
				Schibsted ASA - B Shares	533		15
Aegon NV	25,349		104
				Scripps Networks Interactive Inc	29,740		1,884
Aflac Inc	20,510		1,522	Telenet Group Holding NV ^(a)	4,730		222
Allstate Corp/The	31,150		2,148
				Time Inc	22,840		322
Assurant Inc	28,970		2,594
Berkshire Hathaway Inc - Class B ^(a)	8,060		1,213	Time Warner Inc	5,910		464
				Walt Disney Co/The	11,320		1,069
Endurance Specialty Holdings Ltd	16,670		1,098
First American Financial Corp	19,440		838		$		5,411
Loews Corp	17,610		737	Metal Fabrication & Hardware - (0.03)%
Mapfre SA	17,154		47	Assa Abloy AB	10,445		211
Marsh & McLennan Cos Inc	27,750		1,877	Tenaris SA	45,606		628
Old Republic International Corp	52,520		1,010		$		839
Primerica Inc	64,681		3,682
Sampo Oyj	5,173		222	Mining - (0.06)%
Stewart Information Services Corp	7,320		335	Alcoa Inc	150,570		1,518
Topdanmark A/S ^(a)	6,844		183	Norsk Hydro ASA	1,458		6
Tryg A/S	18,796		376		$		1,524
UnipolSai SpA	62,894		105	Miscellaneous Manufacturers - (0.13)%
Unum Group	34,340		1,223	Alfa Laval AB	20,020		311
XL Group Ltd	16,785		574	Donaldson Co Inc	11,560		434
	$		19,888	Hexpol AB	9,186		84
Internet - (0.32)%				Textron Inc	27,370		1,118
Alibaba Group Holding Ltd ADR^(a)	19,464		1,892	Trinity Industries Inc	59,225		1,446
Expedia Inc	16,230		1,771	Wartsila OYJ Abp	949		39
Facebook Inc ^(a)	5,380		678		$		3,432
New Media Investment Group Inc	56,297		900	Office & Business Equipment - (0.02)%
Priceline Group Inc/The ^(a)	445		630
				Pitney Bowes Inc	34,570		649
United Internet AG	939		38
VeriSign Inc ^(a)	37,589		2,798
	$		8,707	Oil & Gas - (0.23)%
				Cheniere Energy Inc ^(a)	3,387		145
Investment Companies - (0.01)%				Concho Resources Inc ^(a)	3,510		454
Ares Capital Corp	9,501		153	Eni SpA	5,658		86
				Newfield Exploration Co ^(a)	14,100		611
Iron & Steel - (0.02)%				Patterson-UTI Energy Inc	48,500		945
Acerinox SA	3,296		41	Range Resources Corp	12,547		484
APERAM SA	2,664		110	Statoil ASA	6,066		95
ArcelorMittal ^(a)	57,744		343	Tesoro Corp	18,520		1,397
				Transocean Ltd ^(a)	3,403		33
thyssenkrupp AG	2,337		54
	$		548	Valero Energy Corp	12,250		678
				Western Refining Inc	48,380		1,217
Leisure Products & Services - (0.04)%				Whiting Petroleum Corp ^(a)	5,847		43
Royal Caribbean Cruises Ltd	15,270		1,086		$		6,188

				Oil & Gas Services - (0.15)%
Lodging - (0.05)%				Dril-Quip Inc ^(a)	31,118		1,729
Marriott International Inc/MD	18,270		1,303	Halliburton Co	6,480		279
				Saipem SpA ^(a)	72,924		33
Machinery - Construction & Mining - (0.01)%				SBM Offshore NV	37,740		554
				SEACOR Holdings Inc ^(a)	18,000		1,058
Atlas Copco AB - A Shares	11,726		332
				Technip SA	3,135		186
				TETRA Technologies Inc ^(a)	48,260		292
Machinery - Diversified - (0.11)%				TGS Nopec Geophysical Co ASA	2,480		43
AGCO Corp	6,860		333		$		4,174
CNH Industrial NV	29,431		215
Duerr AG	1,008		85	Packaging & Containers - (0.16)%
Hexagon AB	8,408		342	Ball Corp	56,490		4,473
Kone OYJ	4,112		207
Nordson Corp	14,540		1,436	Pharmaceuticals - (0.24)%
Wabtec Corp/DE	5,110		392	Allergan plc ^(a)	11,036		2,589
Zardoya Otis SA	14,993		141	Depomed Inc ^(a)	19,620		398
	$		3,151	McKesson Corp	6,320		1,167
Media - (0.20)%				Merck KGaA	6,354		668
Altice NV - A Shares ^(a)	26,645		445	Mylan NV ^(a)	13,639		578
Atresmedia Corp de Medios de Comunicacion	16,259		192	Novartis AG	1,576		124
SA				Roche Holding AG	385		94
Axel Springer SE	464		24	Teva Pharmaceutical Industries Ltd ADR	15,708		791
Modern Times Group MTG AB	6,035		152


Schedule of Investments
Global Multi-Strategy Fund
August 31, 2016


Short Sales Outstanding



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

Pharmaceuticals (continued)				Semiconductors (continued)
UCB SA	783	$	64	ASML Holding NV	373	$	40
	$		6,473	Broadcom Ltd	14,400		2,540
				Cavium Inc ^(a)	1		—
Pipelines - (0.05)%				Intel Corp	133,869		4,805
Koninklijke Vopak NV	5,486		279	Lam Research Corp	156,929		14,644
ONEOK Inc	22,030		1,033	Microchip Technology Inc	24,764		1,533
	$		1,312	Micron Technology Inc ^(a)	27,349		451
Private Equity - 0.00%				NVIDIA Corp	173,217		10,625
				ON Semiconductor Corp ^(a)	17,714		191
Icahn Enterprises LP	1,979		103
				Rambus Inc ^(a)	40,150		555
				Rovi Corp ^(a)	18,176		372
REITS - (0.62)%				Skyworks Solutions Inc	12,970		971
Colony Capital Inc	31,884		589		$		37,407
Cousins Properties Inc	21,749		240
Crown Castle International Corp	11,680		1,107	Shipbuilding - (0.04)%
Equinix Inc	4,553		1,678	Huntington Ingalls Industries Inc	7,100		1,173
Healthcare Realty Trust Inc	51,807		1,816
LTC Properties Inc	17,060		886	Software - (0.48)%
Medical Properties Trust Inc	70,610		1,078	Activision Blizzard Inc	61,250		2,534
Mid-America Apartment Communities Inc	4,723		444	Akamai Technologies Inc ^(a)	30,720		1,686
Spirit Realty Capital Inc	37,972		503	Amadeus IT Group SA	6,550		301
Starwood Property Trust Inc	28,066		643	Broadridge Financial Solutions Inc	9,405		652
Summit Hotel Properties Inc	137,630		1,968	Electronic Arts Inc ^(a)	63,110		5,126
Ventas Inc	34,040		2,474	IMS Health Holdings Inc ^(a)	32,584		972
Welltower Inc	46,517		3,570	SAP SE	5,020		441
	$		16,996	Take-Two Interactive Software Inc ^(a)	23,850		1,037
				Tyler Technologies Inc ^(a)	2,890		474
Retail - (0.78)%
Advance Auto Parts Inc	23,110		3,637		$		13,223
AutoNation Inc ^(a)	15,560		737
				Telecommunications - (0.34)%
Bed Bath & Beyond Inc	2,937		136	BCE Inc	12,115		566
Best Buy Co Inc	47,535		1,829	Cellnex Telecom SA	18,063		315
Cie Financiere Richemont SA	6,237		359	Ciena Corp ^(a)	16,959		364
CVS Health Corp	5,980		559	Deutsche Telekom AG	7,992		133
Dick's Sporting Goods Inc	14,189		832	Freenet AG	1,495		43
Dillard's Inc	2,141		129	General Communication Inc ^(a)	17,560		244
DineEquity Inc	5,470		427	GN Store Nord A/S	4,759		102
Dollar Tree Inc ^(a)	23,291		1,926
				Koninklijke KPN NV	46,590		152
Domino's Pizza Inc	9,590		1,434	Leap Wireless International Inc - Rights ^(a),(b),(c)	7,565		24
Dufry AG ^(a)	918		107
				Level 3 Communications Inc ^(a)	46,732		2,319
First Cash Financial Services Inc	3,617		187	Millicom International Cellular SA	1,507		77
Foot Locker Inc	18,887		1,240	Nokia OYJ	63,877		360
GameStop Corp	4,833		137	Palo Alto Networks Inc ^(a)	8,664		1,154
Gap Inc/The	5,824		145	SES SA	14,290		329
GNC Holdings Inc	5,243		110	Tele2 AB	56,560		470
Hennes & Mauritz AB	12,024		366	Telecom Italia SpA/Milano ^(a)	238,674		217
HUGO BOSS AG	3,132		191	Telefonica Deutschland Holding AG	25,779		106
JC Penney Co Inc ^(a)	170,011		1,603
				Telefonica SA	6,456		65
Kohl's Corp	3,382		150	Telenor ASA	770		14
L Brands Inc	1,867		142	T-Mobile US Inc ^(a)	51,685		2,395
Luxottica Group SpA	8,115		392
					$		9,449
Macy's Inc	3,787		137
Nordstrom Inc	3,326		168	Textiles - (0.03)%
Pandora A/S	722		90	Mohawk Industries Inc ^(a)	4,130		879
Salvatore Ferragamo SpA	19,853		453
Starbucks Corp	19,730		1,109
				Transportation - (0.20)%
Swatch Group AG/The	1,571		405
Ulta Salon Cosmetics & Fragrance Inc ^(a)	3,200		791	FedEx Corp	7,860		1,296
				Heartland Express Inc	26,850		511
Walgreens Boots Alliance Inc	7,960		642
				Kuehne + Nagel International AG	1,107		155
Williams-Sonoma Inc	2,465		130	Old Dominion Freight Line Inc ^(a)	20,390		1,450
World Fuel Services Corp	23,525		1,049
Zalando SE ^(a)	262		10	Ship Finance International Ltd	23,869		360
				Union Pacific Corp	16,220		1,550
	$		21,759	YRC Worldwide Inc ^(a)	16,895		196
Savings & Loans - (0.08)%					$		5,518
BofI Holding Inc ^(a)	65,847		1,416
				Water - (0.06)%
New York Community Bancorp Inc	47,194		713
				American Water Works Co Inc	7,260		537
	$		2,129	California Water Service Group	32,610		995
Semiconductors - (1.35)%					$		1,532
ams AG	9,930		337	TOTAL COMMON STOCKS (proceeds $311,576)	$		341,017
Analog Devices Inc	5,482		343


PREFERRED STOCKS - (0.04)%			Shares Value (000's)						Principal
						BONDS (continued)		Amount (000's) Value (000's)
Automobile Manufacturers - (0.02)%
Volkswagen AG 0.17%			3,539	$	490	Sovereign (continued)
						Turkey Government International Bond
							7.38%, 02/05/2025	$	2,027	$	2,438
Automobile Parts & Equipment - 0.00%
Schaeffler AG 0.35%			1,700		26				$		16,729
						TOTAL BONDS (proceeds $47,831)			$		49,659
						U.S. GOVERNMENT & GOVERNMENT			Principal
Chemicals - (0.01)%						AGENCY OBLIGATIONS - (11.95)%		Amount (000's) Value (000's)
FUCHS PETROLUB SE 0.82%			7,067		321
						U.S. Treasury - (11.95)%
							0.75%, 07/15/2019	$	16,421	$	16,349
Consumer Products - (0.01)%							0.88%, 06/15/2019		1,231		1,230
Henkel AG & Co KGaA 1.47%			554		73		1.13%, 07/31/2021		3,476		3,465
							1.38%, 01/31/2021		661		667
Electronics - 0.00%							1.50%, 08/15/2026		3,043		3,024
Sartorius AG 0.38%			848		67		1.63%, 05/15/2026		65,781		66,030
							2.50%, 05/15/2046		88,820		94,007
TOTAL PREFERRED STOCKS (proceeds $884)			$		977		3.00%, 11/15/2045		13,317		15,519
		Principal					3.13%, 11/15/2041		50,948		60,503
BONDS- (1.80	)%	Amount (000's) Value (000's)					4.50%, 02/15/2036		32,790		46,877
							5.38%, 02/15/2031		7,034		10,339
Chemicals - (0.03)%							6.25%, 05/15/2030		7,074		11,005
Chemours Co/The									$		329,015
6.63%, 05/15/2023		$	750	$	720	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY $					329,015
						OBLIGATIONS (proceeds $328,906)
Commercial Services - (0.07)%						TOTAL SHORT SALES (proceeds $689,197)			$		720,668
United Rentals North America Inc
5.75%, 11/15/2024			1,969		2,058

						(a)	Non-Income Producing Security
Diversified Financial Services - (0.06)%						(b)	Fair value of these investments is determined in good faith by the Manager
International Lease Finance Corp							under procedures established and periodically reviewed by the Board of
5.88%, 08/15/2022			1,436		1,621		Directors. At the end of the period, the fair value of these securities totaled
							$24 or 0.85% of net assets.
						(c)	Security is Illiquid. At the end of the period, the value of these securities
Electric - (0.48)%
							totaled $24 or 0.85% of net assets.
Saudi Electricity Global Sukuk Co 2
3.47%, 04/08/2023			13,000		13,325

Lodging - (0.04)%
Wynn Las Vegas LLC / Wynn Las Vegas
Capital Corp
5.50%, 03/01/2025			1,000		1,010


Mining - (0.24)%
Rio Tinto Finance PLC
2.88%, 12/11/2024		EUR	5,000		6,674


Pharmaceuticals - (0.24)%
Endo Finance LLC
5.75%, 01/15/2022		$	2,000		1,864
Valeant Pharmaceuticals International Inc
5.38%, 03/15/2020			5,000		4,712
			$		6,576

Retail - (0.03)%
Macy's Retail Holdings Inc
4.50%, 12/15/2034			1,000		946


Sovereign - (0.61)%
Colombia Government International Bond
4.00%, 02/26/2024			1,810		1,905
5.00%, 06/15/2045			556		602
Kazakhstan Government International Bond
5.13%, 07/21/2025			2,465		2,771
Oman Government International Bond
4.75%, 06/15/2026			5,000		5,171
South Africa Government International Bond
4.88%, 04/14/2026			3,694		3,842


Schedule of Investments
Global Opportunities Equity Hedged Fund
August 31, 2016



COMMON STOCKS - 97.08%	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held		Value(000		's)
Advertising - 0.90%				Engineering & Construction (continued)
Interpublic Group of Cos Inc/The	2,676	$	62	Obayashi Corp	6,000	$		56
				Promotora y Operadora de Infraestructura	3,100			37
Agriculture - 5.70%				SAB de CV
British American Tobacco PLC	2,314		144	Vinci SA	1,385			105
Imperial Brands PLC	1,341		70			$		307
KT&G Corp	657		69	Environmental Control - 0.71%
Philip Morris International Inc	1,115		111	Waste Management Inc	765			49
		$	394
Apparel - 0.52%				Food - 1.81%
Adidas AG	219		36	Koninklijke Ahold Delhaize NV ^(b)	2,289			55
				Kroger Co/The	2,187			70
Automobile Manufacturers - 0.55%						$		125
Guangzhou Automobile Group Co Ltd	28,000		38	Food Service - 1.07%
				Compass Group PLC	3,933			74
Automobile Parts & Equipment - 0.90%
Toyota Industries Corp	1,300		62	Gas - 1.06%
				National Grid PLC	5,299			73
Banks - 8.69%
77 Bank Ltd/The	10,000		42	Healthcare - Services - 2.79%
Bank of Nova Scotia/The	1,100		59	Anthem Inc	632			79
BNP Paribas SA	1,303		66	Centene Corp ^(b)	1,668			114
JPMorgan Chase & Co	2,758		186			$		193
Mitsubishi UFJ Financial Group Inc	10,100		56	Holding Companies - Diversified - 0.61%
Sumitomo Mitsui Financial Group Inc	1,100		38	Wharf Holdings Ltd/The	6,000			42
Sumitomo Mitsui Trust Holdings Inc	26,000		93
SunTrust Banks Inc	1,375		61	Insurance - 5.57%
		$	601	Everest Re Group Ltd	274			53
Beverages - 0.74%				NN Group NV	1,959			58
Diageo PLC	1,853		51	Prudential Financial Inc	679			54
				SCOR SE	2,114			62
Biotechnology - 7.49%				Swiss Re AG	624			53
Amgen Inc ^(a)	1,140		194	Travelers Cos Inc/The	589			70
Charles River Laboratories International Inc	765		64	Unum Group	982			35
(b)						$		385
Genmab A/S ^(b)	192		31	Internet - 4.99%
Gilead Sciences Inc ^(a)	2,927		229	Alphabet Inc - A Shares ^(b)	202			160
		$	518	Auto Trader Group PLC ^(c)	6,294			31
Chemicals - 0.72%				Facebook Inc ^(b)	532			67
Lonza Group AG ^(b)	264		50	Symantec Corp	1,921			46
				Tencent Holdings Ltd	1,600			41
Commercial Services - 3.08%						$		345
AMN Healthcare Services Inc ^(b)	1,195		43	Machinery - Construction & Mining - 1.45%
Aramark	1,781		68	ABB Ltd ^(b)	2,381			52
Qualicorp SA	5,200		36	Hitachi Ltd	10,000			48
Total System Services Inc	1,331		66			$		100
		$	213	Machinery - Diversified - 0.82%
Computers - 4.73%				Mitsubishi Heavy Industries Ltd	13,000			57
Accenture PLC - Class A	1,196		138
Capgemini SA	1,004		98	Media - 0.88%
Synopsys Inc ^(b)	1,538		91	CBS Corp	1,193			61
		$	327
Cosmetics & Personal Care - 1.01%				Mining - 1.08%
Unilever NV	1,530		70	Barrick Gold Corp	2,013			34
				Kinross Gold Corp ^(b)	10,200			41
Distribution & Wholesale - 0.55%						$		75
HD Supply Holdings Inc ^(b)	1,054		38	Miscellaneous Manufacturers - 1.85%
				Siemens AG	1,074			128
Diversified Financial Services - 0.52%
ORIX Corp	2,500		36	Oil & Gas - 1.79%
				Exxon Mobil Corp	409			36
Electric - 3.08%				Lukoil PJSC ADR	941			42
Exelon Corp	1,640		56	Seven Generations Energy Ltd ^(b)	2,000			46
Iberdrola SA	9,307		61			$		124
Korea Electric Power Corp	1,138		59	Packaging & Containers - 0.69%
Tenaga Nasional BHD	10,000		37	Packaging Corp of America	615			48
		$	213
Electronics - 0.85%				Pharmaceuticals - 6.09%
Honeywell International Inc	506		59	AbbVie Inc	1,912			123
				Pfizer Inc	3,826			133
Engineering & Construction - 4.44%				Shire PLC	1,555			97
Aena SA ^(c)	267		38	VCA Inc ^(b)	957			68
Eiffage SA	487		38			$		421
EMCOR Group Inc	573		33


COMMON STOCKS (continued)		Shares Held	Value (000's)		Portfolio Summary (unaudited)
Pipelines - 0.85%					Country	Percent
TransCanada Corp		1,300	$	59	United States	49.15	%
					Japan	8.61	%
Private Equity - 0.78%					United Kingdom	8.22	%
3i Group PLC		6,724		54	France	7.01	%
					Canada	5.09	%
Real Estate - 1.13%					China	2.73	%
Brookfield Asset Management Inc		2,300		78	Korea, Republic Of	2.63	%
					Germany	2.38	%
REITS - 1.78%					Switzerland	2.23	%
Digital Realty Trust Inc		400		40	Ireland	1.99	%
Extra Space Storage Inc		554		45	Netherlands	1.65	%
Mid-America Apartment Communities Inc		409		38	Spain	1.44	%
			$	123	Brazil	1.27	%
Retail - 1.34%					Bermuda	0.77	%
Alimentation Couche-Tard Inc		700		36	Indonesia	0.71	%
CVS Health Corp		614		57	Hong Kong	0.61	%
			$	93	Russian Federation	0.61	%
Semiconductors - 2.01%					Taiwan, Province Of China	0.56	%
Samsung Electronics Co Ltd		37		54	Mexico	0.54	%
Taiwan Semiconductor Manufacturing Co Ltd		7,000		39	Malaysia	0.52	%
Tokyo Electron Ltd		500		46	Denmark	0.44	%
			$	139	Other Assets and Liabilities	0.84	%
Shipbuilding - 0.85%					TOTAL NET ASSETS	100.00	%
Huntington Ingalls Industries Inc		355		59

Software - 2.76%
Microsoft Corp ^(a)		2,240		129
NetEase Inc ADR		293		62
			$	191
Telecommunications - 6.19%
AT&T Inc		847		35
China Telecom Corp Ltd		90,000		46
Cisco Systems Inc		5,863		184
NTT DOCOMO Inc		2,500		63
Orange SA		3,351		51
Telekomunikasi Indonesia Persero Tbk PT		154,400		49
			$	428
Water - 1.66%
Cia de Saneamento Basico do Estado de Sao		5,700		51
Paulo
Veolia Environnement SA		2,986		64
			$	115
TOTAL COMMON STOCKS			$	6,714
INVESTMENT COMPANIES - 2.08%		Shares Held	Value (000's)
Money Market Funds - 2.08%
Morgan Stanley Institutional Liquidity Funds -		143,870		144
Government Portfolio

TOTAL INVESTMENT COMPANIES			$	144
Total Investments			$	6,858
Other Assets and Liabilities - 0.84%			$	58
TOTAL NET ASSETS - 100.00%			$	6,916


(a)	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 $493 or 7.13% of net assets.
(b)	Non-Income Producing Security
(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 $69 or 1.00% of net assets.


COMMON STOCKS - 98.46%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.86%					Engineering & Construction (continued)
Interpublic Group of Cos Inc/The	493,350	$	11,416		Promotora y Operadora de Infraestructura	538,265	$	6,454
					SAB de CV
Agriculture - 6.01%					Vinci SA	264,339		20,084
British American Tobacco PLC	468,651		29,076				$	60,541
Imperial Brands PLC	275,785		14,466		Environmental Control - 0.77%
KT&G Corp	137,331		14,398		Waste Management Inc	160,655		10,272
Philip Morris International Inc	218,759		21,860
		$	79,800		Food - 1.73%
Apparel - 0.58%					Koninklijke Ahold Delhaize NV ^(a)	418,627		10,050
Adidas AG	46,005		7,646		Kroger Co/The	403,197		12,898
							$	22,948
Automobile Manufacturers - 0.50%					Food Service - 1.13%
Guangzhou Automobile Group Co Ltd	4,856,000		6,675		Compass Group PLC	790,058		14,954

Automobile Parts & Equipment - 0.82%					Gas - 1.17%
Toyota Industries Corp	226,000		10,842		National Grid PLC	1,130,785		15,562

Banks - 8.55%					Healthcare - Services - 2.56%
Bank of Nova Scotia/The	231,600		12,329		Anthem Inc	102,807		12,859
BNP Paribas SA	270,926		13,836		Centene Corp ^(a)	309,794		21,156
JPMorgan Chase & Co	508,687		34,336				$	34,015
Mitsubishi UFJ Financial Group Inc	2,121,100		11,684		Holding Companies - Diversified - 0.65%
Sumitomo Mitsui Financial Group Inc	275,300		9,631		Wharf Holdings Ltd/The	1,221,000		8,605
Sumitomo Mitsui Trust Holdings Inc	5,491,000		19,703
SunTrust Banks Inc	272,944		12,029		Insurance - 5.75%
		$	113,548		Everest Re Group Ltd	49,701		9,611
Beverages - 0.74%					NN Group NV	411,154		12,276
Diageo PLC	352,938		9,782		Prudential Financial Inc	128,196		10,176
					SCOR SE	438,991		12,953
Biotechnology - 7.76%					Swiss Re AG	113,257		9,571
Amgen Inc	234,575		39,892		Travelers Cos Inc/The	120,884		14,350
Charles River Laboratories International Inc	133,643		11,120		Unum Group	206,970		7,370
(a)							$	76,307
Genmab A/S ^(a)	36,761		5,872		Internet - 5.08%
Gilead Sciences Inc	589,298		46,189		Alphabet Inc - A Shares ^(a)	38,227		30,194
		$	103,073		Auto Trader Group PLC ^(b)	1,166,975		5,717
Chemicals - 0.74%					Facebook Inc ^(a)	107,798		13,595
Lonza Group AG ^(a)	51,530		9,777		Symantec Corp	399,645		9,643
					Tencent Holdings Ltd	322,600		8,360
Commercial Services - 3.23%							$	67,509
AMN Healthcare Services Inc ^(a)	252,310		9,141		Machinery - Construction & Mining - 1.42%
Aramark	340,589		12,918		ABB Ltd ^(a)	431,114		9,352
Qualicorp SA	1,058,100		7,386		Hitachi Ltd	1,964,000		9,441
Total System Services Inc	272,850		13,438				$	18,793
		$	42,883		Machinery - Diversified - 0.88%
Computers - 4.45%					Mitsubishi Heavy Industries Ltd	2,680,000		11,693
Accenture PLC - Class A	216,921		24,946
Capgemini SA	177,887		17,381		Media - 0.88%
Synopsys Inc ^(a)	281,924		16,715		CBS Corp	229,832		11,728
		$	59,042
Cosmetics & Personal Care - 1.14%					Mining - 1.10%
Unilever NV	330,137		15,190		Barrick Gold Corp	429,106		7,299
					Kinross Gold Corp ^(a)	1,832,400		7,322
Distribution & Wholesale - 0.60%							$	14,621
HD Supply Holdings Inc ^(a)	219,278		7,918		Miscellaneous Manufacturers - 1.79%
					Siemens AG	198,798		23,716
Diversified Financial Services - 0.53%
ORIX Corp	486,300		7,008		Oil & Gas - 2.14%
					Antero Resources Corp ^(a)	155,017		3,962
Electric - 3.18%					Exxon Mobil Corp	87,053		7,586
Exelon Corp	343,455		11,678		Lukoil PJSC ADR	170,554		7,643
Iberdrola SA	1,912,589		12,598		Seven Generations Energy Ltd ^(a)	400,400		9,221
Korea Electric Power Corp	218,018		11,324				$	28,412
Tenaga Nasional BHD	1,833,300		6,659		Packaging & Containers - 0.70%
		$	42,259		Packaging Corp of America	118,573		9,323
Electronics - 0.82%
Honeywell International Inc	93,277		10,886		Pharmaceuticals - 6.10%
					AbbVie Inc	342,142		21,931
Engineering & Construction - 4.56%					Pfizer Inc	781,583		27,199
Aena SA ^(b)	56,024		7,919		Shire PLC	280,536		17,520
Eiffage SA	101,853		7,987		VCA Inc ^(a)	202,485		14,338
EMCOR Group Inc	109,085		6,246				$	80,988
Obayashi Corp	1,282,900		11,851


COMMON STOCKS (continued)	Shares Held		Value(000	's)	Portfolio Summary (unaudited)
Pipelines - 0.90%					Country	Percent
TransCanada Corp	263,800	$	11,963		United States	48.23	%
					United Kingdom	8.67	%
Private Equity - 0.78%					Japan	8.46	%
3i Group PLC	1,282,079		10,348		France	7.21	%
					Canada	5.29	%
Real Estate - 1.07%					Korea, Republic Of	2.77	%
Brookfield Asset Management Inc	420,024		14,173		China	2.63	%
					Germany	2.37	%
REITS - 1.69%					Switzerland	2.17	%
Digital Realty Trust Inc	77,819		7,711		Ireland	1.88	%
Extra Space Storage Inc	92,384		7,442		Netherlands	1.68	%
Mid-America Apartment Communities Inc	77,519		7,286		Spain	1.55	%
		$	22,439		Brazil	1.35	%
Retail - 1.51%					Indonesia	0.74	%
Alimentation Couche-Tard Inc	153,716		7,927		Bermuda	0.72	%
CVS Health Corp	129,393		12,086		Hong Kong	0.65	%
		$	20,013		Russian Federation	0.58	%
Semiconductors - 2.09%					Taiwan, Province Of China	0.56	%
Samsung Electronics Co Ltd	7,716		11,192		Malaysia	0.50	%
Taiwan Semiconductor Manufacturing Co Ltd	1,329,000		7,380		Mexico	0.49	%
Tokyo Electron Ltd	100,100		9,216		Denmark	0.44	%
		$	27,788		Other Assets and Liabilities	1.06	%
Shipbuilding - 0.87%					TOTAL NET ASSETS	100.00	%
Huntington Ingalls Industries Inc	69,795		11,528

Software - 2.82%
Microsoft Corp	452,709		26,013
NetEase Inc ADR	54,172		11,483
		$	37,496
Telecommunications - 6.03%
AT&T Inc	166,958		6,825
China Telecom Corp Ltd	16,590,000		8,548
Cisco Systems Inc	1,053,351		33,118
NTT DOCOMO Inc	451,600		11,389
Orange SA	678,914		10,349
Telekomunikasi Indonesia Persero Tbk PT	31,116,400		9,833
		$	80,062
Water - 1.78%
Cia de Saneamento Basico do Estado de Sao	1,152,500		10,432
Paulo
Veolia Environnement SA	620,048		13,213
		$	23,645
TOTAL COMMON STOCKS		$	1,307,187
INVESTMENT COMPANIES - 0.48%	Shares Held		Value(000	's)
Money Market Funds - 0.48%
Morgan Stanley Institutional Liquidity Funds -	6,378,186		6,378
Government Portfolio

TOTAL INVESTMENT COMPANIES		$	6,378
Total Investments		$	1,313,565
Other Assets and Liabilities - 1.06%		$	14,034
TOTAL NET ASSETS - 100.00%		$	1,327,599


Schedule of Investments
International Equity Index Fund
August 31, 2016



COMMON STOCKS - 97.21%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.48%					Automobile Parts & Equipment (continued)
Dentsu Inc	15,300	$	843		Mobileye NV ^(a)	12,435	$	608
Hakuhodo DY Holdings Inc	15,100		164		NGK Insulators Ltd	18,600		404
JCDecaux SA	5,268		181		NGK Spark Plug Co Ltd	12,600		237
Publicis Groupe SA	13,440		1,000		NHK Spring Co Ltd	14,600		138
WPP PLC	91,550		2,114		NOK Corp	6,700		136
		$	4,302		Nokian Renkaat OYJ	8,118		293
Aerospace & Defense - 1.06%					Stanley Electric Co Ltd	10,700		274
Airbus Group SE	41,458		2,429		Sumitomo Electric Industries Ltd	53,400		793
BAE Systems PLC	224,994		1,590		Sumitomo Rubber Industries Ltd	12,100		180
Cobham PLC	121,100		257		Toyoda Gosei Co Ltd	4,500		104
IHI Corp	104,000		319		Toyota Industries Corp	11,500		552
Kawasaki Heavy Industries Ltd	100,000		293		Valeo SA	16,903		878
Leonardo-Finmeccanica SpA ^(a)	28,697		328		Yokohama Rubber Co Ltd/The	7,800		127
Meggitt PLC	54,971		338				$	12,505
Rolls-Royce Holdings PLC ^(a)	130,379		1,318		Banks - 11.81%
Safran SA	22,178		1,555		ABN AMRO Group NV ^(b)	16,663		343
Thales SA	7,482		649		Aozora Bank Ltd	83,000		294
Zodiac Aerospace	14,393		328		Australia & New Zealand Banking Group Ltd	206,877		4,174
		$	9,404		Banco Bilbao Vizcaya Argentaria SA	459,508		2,856
Agriculture - 1.73%					Banco de Sabadell SA	374,957		509
					Banco Espirito Santo SA ^(a),(c)	131,709		—
British American Tobacco PLC	132,188		8,201
Golden Agri-Resources Ltd	500,600		132		Banco Popular Espanol SA	238,072		322
Imperial Brands PLC	67,979		3,566		Banco Santander SA	1,023,518		4,591
Japan Tobacco Inc	77,900		3,018		Bank Hapoalim BM	75,589		406
					Bank Leumi Le-Israel BM ^(a)	102,591		384
Swedish Match AB	13,383		477
		$	15,394		Bank of East Asia Ltd/The	85,600		345
					Bank of Ireland ^(a)	1,950,585		441
Airlines - 0.18%
ANA Holdings Inc	82,000		223		Bank of Kyoto Ltd/The	21,000		152
Cathay Pacific Airways Ltd	83,000		119		Bank of Queensland Ltd	27,016		214
Deutsche Lufthansa AG	16,527		192		Bankia SA	326,667		275
easyJet PLC	11,266		164		Bankinter SA	47,802		351
International Consolidated Airlines Group SA	57,447		289		Barclays PLC	1,198,934		2,710
Japan Airlines Co Ltd	8,400		257		Bendigo & Adelaide Bank Ltd	32,735		270
Qantas Airways Ltd ^(a)	36,560		89		BNP Paribas SA	75,122		3,837
Singapore Airlines Ltd	38,200		294		BOC Hong Kong Holdings Ltd	262,000		915
		$	1,627		CaixaBank SA	188,586		509
					Chiba Bank Ltd/The	49,000		291
Apparel - 0.90%
					Chugoku Bank Ltd/The	12,000		148
Adidas AG	13,352		2,219
					Commerzbank AG	75,481		529
Asics Corp	11,300		229
					Commonwealth Bank of Australia	121,617		6,552
Burberry Group PLC	31,556		541		Concordia Financial Group Ltd ^(a)	82,900		429
Christian Dior SE	3,865		670
					Credit Agricole SA	74,859		710
Hermes International	1,871		792		Credit Suisse Group AG ^(a)	131,853		1,719
LVMH Moet Hennessy Louis Vuitton SE	19,776		3,346
					Danske Bank A/S	48,826		1,433
Yue Yuen Industrial Holdings Ltd	52,500		223
					DBS Group Holdings Ltd	124,800		1,371
		$	8,020		Deutsche Bank AG ^(a)	97,801		1,438
Automobile Manufacturers - 3.55%					DNB ASA	69,296		840
Bayerische Motoren Werke AG	23,477		2,040		Erste Group Bank AG	21,333		599
Daimler AG	68,273		4,726		Fukuoka Financial Group Inc	54,000		229
Ferrari NV	8,707		420		Hachijuni Bank Ltd/The	28,900		153
Fiat Chrysler Automobiles NV	63,979		443		Hang Seng Bank Ltd	54,200		949
Fuji Heavy Industries Ltd	43,500		1,731		Hiroshima Bank Ltd/The	34,000		142
Hino Motors Ltd	18,300		203		HSBC Holdings PLC	1,404,863		10,445
Honda Motor Co Ltd	115,500		3,558		ING Groep NV	274,924		3,441
Isuzu Motors Ltd	42,100		486		Intesa Sanpaolo SpA	899,654		2,138
Mazda Motor Corp	40,400		670		Intesa Sanpaolo SpA	66,121		146
Mitsubishi Motors Corp	48,800		223		Investec PLC	43,779		259
Nissan Motor Co Ltd	175,300		1,722
Peugeot SA ^(a)	34,401		509		Iyo Bank Ltd/The	17,200		111
					Japan Post Bank Co Ltd	28,600		337
Renault SA	13,629		1,119		Joyo Bank Ltd/The	43,000		171
Suzuki Motor Corp	24,300		808		KBC Group NV	17,787		1,055
Toyota Motor Corp	189,300		11,441		Kyushu Financial Group Inc	24,600		146
Volkswagen AG	2,301		333		Lloyds Banking Group PLC	4,554,860		3,550
Volvo AB - B Shares	109,324		1,174		Mediobanca SpA	40,144		298
		$	31,606		Mitsubishi UFJ Financial Group Inc	904,100		4,980
Automobile Parts & Equipment - 1.40%					Mizrahi Tefahot Bank Ltd	9,868		119
Aisin Seiki Co Ltd	13,500		639		Mizuho Financial Group Inc	1,686,400		2,938
Bridgestone Corp	46,100		1,585		National Australia Bank Ltd	187,568		3,847
Cie Generale des Etablissements Michelin	12,906		1,376		Natixis SA	66,562		295
Continental AG	7,800		1,632		Nordea Bank AB	215,379		2,103
Denso Corp	34,500		1,430		Oversea-Chinese Banking Corp Ltd	219,100		1,379
GKN PLC	121,542		496		Raiffeisen Bank International AG ^(a)	8,310		118
JTEKT Corp	15,800		246		Resona Holdings Inc	156,500		717
Koito Manufacturing Co Ltd	7,900		377		Royal Bank of Scotland Group PLC ^(a)	249,688		661


Schedule of Investments
International Equity Index Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Banks (continued)					Chemicals (continued)
Seven Bank Ltd	42,200	$	150		Israel Chemicals Ltd	36,169	$	153
Shinsei Bank Ltd	126,000		201		Johnson Matthey PLC	13,723		602
Shizuoka Bank Ltd/The	37,000		305		JSR Corp	13,500		198
Skandinaviska Enskilda Banken AB	107,710		1,051		K+S AG	13,572		284
Societe Generale SA	54,405		1,986		Kaneka Corp	20,000		163
Standard Chartered PLC ^(a)	232,732		1,962		Kansai Paint Co Ltd	15,400		340
Sumitomo Mitsui Financial Group Inc	95,200		3,330		Koninklijke DSM NV	12,864		898
Sumitomo Mitsui Trust Holdings Inc	234,440		841		Kuraray Co Ltd	25,100		359
Suruga Bank Ltd	12,300		293		LANXESS AG	6,490		345
Svenska Handelsbanken AB	107,422		1,384		Linde AG	13,170		2,249
Swedbank AB	64,214		1,477		Lonza Group AG ^(a)	3,752		712
UBS Group AG	259,355		3,759		Mitsubishi Chemical Holdings Corp	96,100		608
UniCredit SpA	372,347		958		Mitsubishi Gas Chemical Co Inc	26,000		176
Unione di Banche Italiane SpA	63,940		172		Mitsui Chemicals Inc	65,000		312
United Overseas Bank Ltd	91,800		1,211		Nippon Paint Holdings Co Ltd	11,500		412
Westpac Banking Corp	236,532		5,228		Nitto Denko Corp	11,700		800
Yamaguchi Financial Group Inc	14,000		148		Novozymes A/S	16,353		709
		$	105,140		OCI NV ^(a)	6,723		118
Beverages - 2.75%					Shin-Etsu Chemical Co Ltd	27,600		2,029
Anheuser-Busch InBev SA/NV	57,018		7,074		Solvay SA	5,254		577
Asahi Group Holdings Ltd	27,400		897		Sumitomo Chemical Co Ltd	111,000		509
Carlsberg A/S	7,585		712		Symrise AG	8,744		643
Coca-Cola Amatil Ltd	40,608		298		Syngenta AG	6,590		2,877
Coca-Cola European Partners PLC ^(a)	15,390		594		Taiyo Nippon Sanso Corp	9,200		94
Coca-Cola HBC AG ^(a)	12,825		282		Teijin Ltd	66,000		246
Diageo PLC	178,484		4,947		Toray Industries Inc	104,000		1,002
Heineken Holding NV	7,147		576		Umicore SA	6,750		399
Heineken NV	16,337		1,463		Yara International ASA	12,678		449
Kirin Holdings Co Ltd	58,300		950				$	32,763
Pernod Ricard SA	15,056		1,732		Commercial Services - 1.94%
Remy Cointreau SA	1,554		136		Abertis Infraestructuras SA	45,647		707
SABMiller PLC	68,993		3,987		Adecco Group AG	11,753		677
Suntory Beverage & Food Ltd	9,800		389		Aggreko PLC	18,161		243
Treasury Wine Estates Ltd	52,339		441		Ashtead Group PLC	35,691		593
		$	24,478		Atlantia SpA	29,276		753
Biotechnology - 0.37%					Babcock International Group PLC	17,875		246
CSL Ltd	32,440		2,632		Benesse Holdings Inc	4,600		106
Genmab A/S ^(a)	4,030		644		Brambles Ltd	112,457		1,039
		$	3,276		Bureau Veritas SA	18,804		404
Building Materials - 1.42%					Capita PLC	47,261		643
Asahi Glass Co Ltd	71,000		452		Dai Nippon Printing Co Ltd	37,000		377
Boral Ltd	52,727		262		Edenred	14,733		322
Cie de Saint-Gobain	35,097		1,541		Experian PLC	68,060		1,353
CRH PLC	58,821		1,977		G4S PLC	110,020		333
Daikin Industries Ltd	16,600		1,540		Hutchison Port Holdings Trust	370,641		159
Fletcher Building Ltd	49,104		377		Intertek Group PLC	11,443		525
Geberit AG	2,680		1,170		ISS A/S	11,849		480
HeidelbergCement AG	9,993		927		Park24 Co Ltd	7,200		211
Imerys SA	2,539		179		Randstad Holding NV	8,435		399
James Hardie Industries PLC	31,595		514		Recruit Holdings Co Ltd	19,900		758
LafargeHolcim Ltd ^(a)	32,275		1,714		RELX NV	70,542		1,251
LIXIL Group Corp	18,900		382		RELX PLC	77,596		1,473
Rinnai Corp	2,400		225		Secom Co Ltd	14,800		1,124
Sika AG	152		725		Securitas AB	22,202		386
Taiheiyo Cement Corp	85,000		258		SGS SA	388		853
TOTO Ltd	10,000		380		Sohgo Security Services Co Ltd	5,000		250
		$	12,623		Toppan Printing Co Ltd	36,000		321
Chemicals - 3.68%					Transurban Group	144,335		1,242
Air Liquide SA	24,421		2,685				$	17,228
Air Water Inc	10,000		185		Computers - 0.59%
Akzo Nobel NV	17,557		1,183		Atos SE	6,249		616
Arkema SA	4,816		431		Capgemini SA	11,598		1,133
Asahi Kasei Corp	89,000		752		Computershare Ltd	33,057		245
BASF SE	65,126		5,283		Fujitsu Ltd	131,000		667
Brenntag AG	10,955		596		Gemalto NV	5,687		397
Covestro AG ^(b)	5,025		261		Ingenico Group SA	3,892		420
Croda International PLC	9,306		405		Nomura Research Institute Ltd	8,710		295
Daicel Corp	19,800		253		NTT Data Corp	8,900		464
EMS-Chemie Holding AG	580		309		Obic Co Ltd	4,500		231
Evonik Industries AG	11,564		388		Otsuka Corp	3,600		153
Givaudan SA	655		1,355		TDK Corp	8,700		623
Hitachi Chemical Co Ltd	7,300		158				$	5,244
Incitec Pivot Ltd	119,633		256


Schedule of Investments
International Equity Index Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Consumer Products - 0.61%					Electric (continued)
Henkel AG & Co KGaA	7,368	$	826		Hokuriku Electric Power Co	11,800	$	141
Reckitt Benckiser Group PLC	45,005		4,347		Iberdrola SA	384,452		2,532
Societe BIC SA	2,039		298		Kansai Electric Power Co Inc/The ^(a)	49,900		428
		$	5,471		Kyushu Electric Power Co Inc	30,200		281
Cosmetics & Personal Care - 2.07%					Mercury NZ Ltd	48,822		112
Beiersdorf AG	7,147		664		Meridian Energy Ltd	90,868		191
Kao Corp	35,600		1,851		Origin Energy Ltd	124,318		490
Kose Corp	2,100		189		Power Assets Holdings Ltd	98,500		941
L'Oreal SA	17,963		3,401		Red Electrica Corp SA	30,693		661
Pola Orbis Holdings Inc	1,600		128		RWE AG ^(a)	34,701		566
Shiseido Co Ltd	26,900		677		Shikoku Electric Power Co Inc	11,800		113
Svenska Cellulosa AB SCA	43,034		1,323		SSE PLC	71,448		1,413
Unicharm Corp	28,500		692		Terna Rete Elettrica Nazionale SpA	106,892		553
Unilever NV	115,508		5,315		Tohoku Electric Power Co Inc	32,000		401
Unilever PLC	91,007		4,225		Tokyo Electric Power Co Holdings Inc ^(a)	102,500		413
		$	18,465				$	20,143
Distribution & Wholesale - 1.06%					Electrical Components & Equipment - 0.76%
Bunzl PLC	23,771		736		Brother Industries Ltd	16,700		281
ITOCHU Corp	106,100		1,253		Casio Computer Co Ltd	16,200		229
Jardine Cycle & Carriage Ltd	6,900		215		Legrand SA	18,932		1,137
Li & Fung Ltd	416,000		214		Mabuchi Motor Co Ltd	3,400		181
Marubeni Corp	117,000		584		Nidec Corp	16,900		1,525
Mitsubishi Corp	107,000		2,229		OSRAM Licht AG	6,309		330
Mitsui & Co Ltd	121,000		1,611		Prysmian SpA	13,830		342
Rexel SA	21,429		345		Schneider Electric SE	39,658		2,705
Sumitomo Corp	84,200		914				$	6,730
Toyota Tsusho Corp	15,000		343		Electronics - 1.25%
Wolseley PLC	17,884		1,029		Alps Electric Co Ltd	13,300		301
		$	9,473		Hamamatsu Photonics KK	10,100		318
Diversified Financial Services - 1.60%					Hirose Electric Co Ltd	2,285		294
Aberdeen Asset Management PLC	65,415		276		Hitachi High-Technologies Corp	4,800		178
Acom Co Ltd ^(a)	28,200		135		Hoya Corp	28,600		1,109
AEON Financial Service Co Ltd	7,300		134		Keyence Corp	3,240		2,274
AerCap Holdings NV ^(a)	11,786		471		Koninklijke Philips NV	66,024		1,914
ASX Ltd	13,727		527		Kyocera Corp	22,700		1,079
Credit Saison Co Ltd	10,500		181		Minebea Co Ltd	24,000		244
Daiwa Securities Group Inc	118,000		691		Murata Manufacturing Co Ltd	13,500		1,821
Deutsche Boerse AG	13,876		1,108		NEC Corp	185,000		472
Hargreaves Lansdown PLC	18,497		321		Nippon Electric Glass Co Ltd	30,000		151
Hong Kong Exchanges and Clearing Ltd	82,000		2,001		Omron Corp	13,600		462
ICAP PLC	39,271		247		Yaskawa Electric Corp	17,900		264
Japan Exchange Group Inc	36,900		578		Yokogawa Electric Corp	16,100		207
Julius Baer Group Ltd ^(a)	15,870		666				$	11,088
London Stock Exchange Group PLC	22,243		804		Energy - Alternate Sources - 0.15%
Macquarie Group Ltd	21,717		1,315		Vestas Wind Systems A/S	15,709		1,304
Mitsubishi UFJ Lease & Finance Co Ltd	31,700		149
Nomura Holdings Inc	257,400		1,215		Engineering & Construction - 1.20%
ORIX Corp	93,800		1,352		ACS Actividades de Construccion y Servicios	13,739		390
Partners Group Holding AG	1,230		564		SA
Platinum Asset Management Ltd	16,640		67		Aena SA ^(b)	4,786		677
Provident Financial PLC	10,467		413		Aeroports de Paris	2,104		217
Schroders PLC	9,616		352		Auckland International Airport Ltd	67,547		367
Singapore Exchange Ltd	57,000		316		Boskalis Westminster	6,235		224
Worldpay Group PLC ^(a),(b)	99,270		389		Bouygues SA	14,686		467
		$	14,272		Cheung Kong Infrastructure Holdings Ltd	46,000		386
Electric - 2.26%					CIMIC Group Ltd	7,012		156
AGL Energy Ltd	47,842		666		Eiffage SA	4,172		327
AusNet Services	125,422		162		Ferrovial SA	34,329		677
Chubu Electric Power Co Inc	45,600		617		Fraport AG Frankfurt Airport Services	2,949		164
Chugoku Electric Power Co Inc/The	19,700		237		Worldwide
CLP Holdings Ltd	116,000		1,189		HOCHTIEF AG	1,474		198
Contact Energy Ltd	50,736		191		Japan Airport Terminal Co Ltd	3,200		126
DUET Group	172,521		341		JGC Corp	14,600		232
E.ON SE	141,886		1,305		Kajima Corp	63,000		423
EDP - Energias de Portugal SA	164,208		552		LendLease Group	39,227		407
Electric Power Development Co Ltd	10,400		254		Obayashi Corp	46,000		425
Electricite de France SA	17,699		227		Shimizu Corp	38,000		339
Endesa SA	22,522		459		Singapore Technologies Engineering Ltd	110,700		262
Enel SpA	540,673		2,389		Skanska AB	24,112		528
Engie SA	103,608		1,656		Sydney Airport	77,462		423
Fortum OYJ	31,495		486		Taisei Corp	74,000		556
HK Electric Investments & HK Electric	187,500		176		Vinci SA	35,815		2,721
Investments Ltd ^(b)							$	10,692


Schedule of Investments
International Equity Index Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Entertainment - 0.43%					Gas (continued)
Aristocrat Leisure Ltd	38,400	$	435		Osaka Gas Co Ltd	132,000	$	520
Genting Singapore PLC	428,800		226		Snam SpA	173,756		965
Merlin Entertainments PLC ^(b)	50,325		317		Toho Gas Co Ltd	27,000		230
Oriental Land Co Ltd/Japan	15,400		903		Tokyo Gas Co Ltd	145,000		622
Paddy Power Betfair PLC	5,642		676				$	9,184
Sankyo Co Ltd	3,100		108		Hand & Machine Tools - 0.46%
Sega Sammy Holdings Inc	13,100		179		Fuji Electric Co Ltd	39,000		178
Tabcorp Holdings Ltd	58,957		220		Makita Corp	7,900		568
Tatts Group Ltd	103,846		297		Sandvik AB	75,603		820
Toho Co Ltd/Tokyo	8,000		233		Schindler Holding AG	3,136		590
William Hill PLC	61,580		258		Schindler Holding AG	1,448		274
		$	3,852		SMC Corp/Japan	4,000		1,128
Environmental Control - 0.02%					Techtronic Industries Co Ltd	97,500		395
Kurita Water Industries Ltd	7,100		162		THK Co Ltd	8,500		167
							$	4,120
Food - 4.91%					Healthcare - Products - 0.91%
Ajinomoto Co Inc	39,300		834		Cochlear Ltd	4,056		429
Aryzta AG ^(a)	6,185		247		Coloplast A/S	8,423		641
Associated British Foods PLC	25,260		1,009		CYBERDYNE Inc ^(a)	7,300		115
Barry Callebaut AG ^(a)	155		199		Essilor International SA	14,582		1,857
Calbee Inc	5,600		204		Getinge AB	14,191		277
Carrefour SA	39,272		991		Olympus Corp	20,700		678
Casino Guichard Perrachon SA	4,013		199		QIAGEN NV ^(a)	15,696		415
Chocoladefabriken Lindt & Spruengli AG	71		411		Shimadzu Corp	17,000		267
Chocoladefabriken Lindt & Spruengli AG	7		482		Smith & Nephew PLC	63,456		1,025
Chr Hansen Holding A/S	7,012		425		Sonova Holding AG	3,779		523
Colruyt SA	4,773		262		Sysmex Corp	11,100		716
Danone SA	41,857		3,186		Terumo Corp	24,200		943
Distribuidora Internacional de Alimentacion	44,137		270		William Demant Holding A/S ^(a)	8,490		178
SA							$	8,064
First Pacific Co Ltd/Hong Kong	150,000		112		Healthcare - Services - 0.63%
ICA Gruppen AB	5,705		195		Fresenius Medical Care AG & Co KGaA	15,529		1,373
J Sainsbury PLC	116,291		367		Fresenius SE & Co KGaA	29,034		2,116
Jeronimo Martins SGPS SA	17,848		289		Healthscope Ltd	123,031		282
Kerry Group PLC	11,229		955		Mediclinic International PLC	26,137		351
Kikkoman Corp	10,000		315		Miraca Holdings Inc	4,000		190
Koninklijke Ahold Delhaize NV ^(a)	90,853		2,181
					Ramsay Health Care Ltd	10,030		624
Marine Harvest ASA ^(a)	27,127		419
					Ryman Healthcare Ltd	26,590		185
MEIJI Holdings Co Ltd	8,100		730		Sonic Healthcare Ltd	27,962		483
METRO AG	12,640		375				$	5,604
Nestle SA	226,083		18,017		Holding Companies - Diversified - 0.66%
NH Foods Ltd	12,000		263		Bollore SA	61,640		223
Nisshin Seifun Group Inc	13,995		198		CK Hutchison Holdings Ltd	191,132		2,452
Nissin Foods Holdings Co Ltd	4,100		228		Industrivarden AB	11,639		212
Orkla ASA	57,799		529		Jardine Matheson Holdings Ltd	17,600		1,053
Seven & i Holdings Co Ltd	53,500		2,252		Keppel Corp Ltd	103,100		391
Tate & Lyle PLC	33,073		319		Noble Group Ltd ^(a)	621,200		54
Tesco PLC ^(a)	579,610		1,266
					NWS Holdings Ltd	108,500		193
Toyo Suisan Kaisha Ltd	6,200		254		Swire Pacific Ltd	38,500		425
Wesfarmers Ltd	79,851		2,544		Wendel SA	2,042		232
WH Group Ltd ^(b)	415,000		326
					Wharf Holdings Ltd/The	96,000		677
Wilmar International Ltd	136,200		307				$	5,912
Wm Morrison Supermarkets PLC	157,303		407
					Home Builders - 0.46%
Woolworths Ltd	90,674		1,613		Barratt Developments PLC	71,070		461
Yakult Honsha Co Ltd	6,200		274		Berkeley Group Holdings PLC	9,313		327
Yamazaki Baking Co Ltd	9,300		211		Daiwa House Industry Co Ltd	40,100		1,036
		$	43,665		Iida Group Holdings Co Ltd	10,420		196
Food Service - 0.34%					Persimmon PLC	21,817		523
Compass Group PLC	116,496		2,205		Sekisui Chemical Co Ltd	28,900		405
Sodexo SA	6,684		776		Sekisui House Ltd	42,800		690
		$	2,981		Taylor Wimpey PLC	231,495		490
Forest Products & Paper - 0.21%							$	4,128
Mondi PLC	26,039		530		Home Furnishings - 0.60%
Oji Holdings Corp	57,000		229		Electrolux AB	17,058		445
Stora Enso OYJ	39,063		345		Hoshizaki Corp	3,500		280
UPM-Kymmene OYJ	37,846		761		Panasonic Corp	156,500		1,610
		$	1,865		Sharp Corp/Japan ^(a)	106,000		145
Gas - 1.03%					Sony Corp	89,500		2,878
Centrica PLC	384,713		1,176				$	5,358
Enagas SA	16,081		473		Insurance - 5.18%
Gas Natural SDG SA	24,835		513		Admiral Group PLC	14,995		404
Hong Kong & China Gas Co Ltd	540,350		1,029		Aegon NV	129,405		531
National Grid PLC	265,675		3,656		Ageas	13,821		479


Schedule of Investments
International Equity Index Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Insurance (continued)					Iron & Steel (continued)
AIA Group Ltd	854,400	$	5,381		voestalpine AG	8,063	$	267
Allianz SE	32,405		4,817				$	4,235
AMP Ltd	209,726		828		Leisure Products & Services - 0.31%
Assicurazioni Generali SpA	82,956		1,057		Carnival PLC	13,504		649
Aviva PLC	287,748		1,624		Flight Centre Travel Group Ltd	3,935		109
AXA SA	137,742		2,899		Shimano Inc	5,200		758
Baloise Holding AG	3,545		422		TUI AG	35,366		494
Challenger Ltd/Australia	40,503		279		Yamaha Corp	11,800		383
CNP Assurances	12,172		196		Yamaha Motor Co Ltd	19,800		407
Dai-ichi Life Insurance Co Ltd/The	76,400		1,067				$	2,800
Direct Line Insurance Group PLC	97,498		474		Lodging - 0.45%
Gjensidige Forsikring ASA	14,181		243		Accor SA	12,105		458
Hannover Rueck SE	4,275		437		City Developments Ltd	28,900		180
Insurance Australia Group Ltd	172,404		719		Crown Resorts Ltd	25,824		254
Japan Post Holdings Co Ltd	31,900		418		Galaxy Entertainment Group Ltd	166,000		539
Legal & General Group PLC	421,836		1,167		InterContinental Hotels Group PLC	13,306		570
Mapfre SA	76,427		207		Melco Crown Entertainment Ltd ADR	13,492		175
Medibank Pvt Ltd	195,279		394		MGM China Holdings Ltd	67,200		103
MS&AD Insurance Group Holdings Inc	35,800		1,025		Sands China Ltd	171,600		673
Muenchener Rueckversicherungs-Gesellschaft	11,419		2,062		Shangri-La Asia Ltd	86,166		93
AG in Muenchen					SJM Holdings Ltd	140,000		88
NN Group NV	22,469		671		Whitbread PLC	12,952		710
Old Mutual PLC	349,484		893		Wynn Macau Ltd	110,000		153
Poste Italiane SpA ^(b)	37,045		258
							$	3,996
Prudential PLC	182,434		3,282		Machinery - Construction & Mining - 1.13%
QBE Insurance Group Ltd	97,233		724		ABB Ltd ^(a)	139,513		3,026
RSA Insurance Group PLC	72,248		472		Atlas Copco AB - A Shares	47,616		1,350
Sampo Oyj	31,698		1,363		Atlas Copco AB - B Shares	27,669		711
SCOR SE	11,570		341		Hitachi Construction Machinery Co Ltd	7,600		142
Sompo Japan Nipponkoa Holdings Inc	25,050		805		Hitachi Ltd	343,000		1,649
Sony Financial Holdings Inc	12,200		168		Komatsu Ltd	65,500		1,433
St James's Place PLC	37,339		482		Mitsubishi Electric Corp	136,000		1,780
Standard Life PLC	140,065		671				$	10,091
Suncorp Group Ltd	91,230		871
Swiss Life Holding AG ^(a)	2,274		570		Machinery - Diversified - 1.12%
					Alstom SA ^(a)	10,876		288
Swiss Re AG	23,657		1,999		Amada Holdings Co Ltd	24,100		252
T&D Holdings Inc	41,000		469		ANDRITZ AG	5,161		264
Tokio Marine Holdings Inc	48,300		1,903		CNH Industrial NV	72,479		530
Tryg A/S	8,213		164		FANUC Corp	13,800		2,351
UnipolSai SpA	80,259		134
Zurich Insurance Group AG ^(a)	10,670		2,732		GEA Group AG	12,966		695
					Hexagon AB	18,330		746
		$	46,102		Husqvarna AB	29,524		255
Internet - 0.45%					Kone OYJ	23,903		1,200
Auto Trader Group PLC ^(b)	70,982		348
					Kubota Corp	74,900		1,101
Iliad SA	1,873		387		MAN SE	2,498		260
Kakaku.com Inc	10,100		169		Metso OYJ	7,996		224
M3 Inc	13,700		410		Mitsubishi Heavy Industries Ltd	227,000		990
Mixi Inc	3,200		114		Nabtesco Corp	7,900		204
Rakuten Inc	66,000		833		Sumitomo Heavy Industries Ltd	38,000		187
SBI Holdings Inc/Japan	15,090		179		Weir Group PLC/The	15,172		300
SEEK Ltd	23,202		280		Zardoya Otis SA	13,344		126
Start Today Co Ltd	4,100		190				$	9,973
Trend Micro Inc/Japan	7,900		281
					Media - 0.85%
United Internet AG	8,721		358		Altice NV - A Shares ^(a)	26,203		438
Yahoo Japan Corp	100,900		412		Altice NV - B Shares ^(a)	7,745		129
		$	3,961		Axel Springer SE	3,060		156
Investment Companies - 0.31%					ITV PLC	257,304		678
Eurazeo SA	2,873		175		Lagardere SCA	8,368		204
EXOR SpA	7,856		323		Pearson PLC	58,260		663
Groupe Bruxelles Lambert SA	5,720		502		ProSiebenSat.1 Media SE	15,514		669
Investor AB	32,297		1,139		RTL Group SA	2,743		231
Kinnevik AB ^(a)	16,691		410
					Schibsted ASA - A Shares	5,360		170
Pargesa Holding SA	2,464		170		Schibsted ASA - B Shares	6,318		183
		$	2,719		SFR Group SA	7,768		207
Iron & Steel - 0.48%					Singapore Press Holdings Ltd	113,500		314
ArcelorMittal ^(a)	130,430		774
					Sky PLC	73,135		815
Fortescue Metals Group Ltd	110,396		406		Telenet Group Holding NV ^(a)	3,739		175
Hitachi Metals Ltd	15,100		183		Vivendi SA	82,489		1,598
JFE Holdings Inc	37,000		575		Wolters Kluwer NV	21,406		900
Kobe Steel Ltd	219,000		204				$	7,530
Nippon Steel & Sumitomo Metal Corp	57,277		1,219		Metal Fabrication & Hardware - 0.32%
thyssenkrupp AG	26,084		607		Assa Abloy AB	71,070		1,437
					Maruichi Steel Tube Ltd	3,900		135


Schedule of Investments
International Equity Index Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Metal Fabrication & Hardware (continued)					Pharmaceuticals (continued)
NSK Ltd	31,200	$	323		Alfresa Holdings Corp	13,400	$	250
SKF AB	28,228		475		Astellas Pharma Inc	149,600		2,284
Tenaris SA	33,483		461		AstraZeneca PLC	89,668		5,788
		$	2,831		Bayer AG	58,637		6,260
Mining - 1.84%					Chugai Pharmaceutical Co Ltd	15,800		497
Alumina Ltd	173,572		173		Daiichi Sankyo Co Ltd	42,700		981
Anglo American PLC ^(a)	99,429		1,019		Eisai Co Ltd	17,900		1,044
Antofagasta PLC	27,961		182		Galenica AG	276		321
BHP Billiton Ltd	227,733		3,495		GlaxoSmithKline PLC	345,427		7,435
BHP Billiton PLC	149,762		1,948		Grifols SA	21,151		448
Boliden AB	19,394		410		Hikma Pharmaceuticals PLC	10,184		286
Fresnillo PLC	15,675		331		Hisamitsu Pharmaceutical Co Inc	4,300		193
Glencore PLC ^(a)	867,594		1,985		Kyowa Hakko Kirin Co Ltd	18,400		261
Mitsubishi Materials Corp	79,000		223		Medipal Holdings Corp	12,000		190
Newcrest Mining Ltd ^(a)	54,351		896		Merck KGaA	9,164		963
Norsk Hydro ASA	95,360		405		Mitsubishi Tanabe Pharma Corp	15,900		295
Randgold Resources Ltd	6,642		623		Novartis AG	158,341		12,472
Rio Tinto Ltd	30,078		1,076		Novo Nordisk A/S	135,570		6,345
Rio Tinto PLC	87,719		2,641		Ono Pharmaceutical Co Ltd	29,200		761
South32 Ltd	377,496		544		Orion Oyj	7,273		275
Sumitomo Metal Mining Co Ltd	34,000		432		Otsuka Holdings Co Ltd	27,600		1,197
		$	16,383		Roche Holding AG	49,817		12,160
Miscellaneous Manufacturers - 1.24%					Sanofi	82,122		6,337
Alfa Laval AB	20,820		323		Santen Pharmaceutical Co Ltd	26,400		332
FUJIFILM Holdings Corp	31,100		1,170		Shionogi & Co Ltd	21,100		942
IMI PLC	19,282		268		Shire PLC	63,716		3,979
Konica Minolta Inc	32,000		289		Sumitomo Dainippon Pharma Co Ltd	11,300		189
Nikon Corp	24,100		354		Suzuken Co Ltd/Aichi Japan	5,400		157
Orica Ltd	26,479		293		Taisho Pharmaceutical Holdings Co Ltd	2,500		229
Siemens AG	54,244		6,471		Takeda Pharmaceutical Co Ltd	50,400		2,222
					Taro Pharmaceutical Industries Ltd ^(a)	1,062		135
Smiths Group PLC	28,016		494
Toshiba Corp	286,000		906		Teva Pharmaceutical Industries Ltd	64,732		3,279
Wartsila OYJ Abp	10,489		432		UCB SA	8,964		737
		$	11,000				$	80,458
Office & Business Equipment - 0.33%					Pipelines - 0.09%
Canon Inc	75,600		2,168		APA Group	79,012		548
Ricoh Co Ltd	47,500		429		Koninklijke Vopak NV	4,985		253
Seiko Epson Corp	19,700		377				$	801
		$	2,974		Private Equity - 0.06%
Oil & Gas - 4.51%					3i Group PLC	68,971		557
BP PLC	1,322,189		7,433
Caltex Australia Ltd	18,493		471		Real Estate - 1.68%
DCC PLC	6,294		573		Aeon Mall Co Ltd	8,050		114
Eni SpA	180,384		2,723		Azrieli Group Ltd	3,009		132
Galp Energia SGPS SA	32,809		478		CapitaLand Ltd	181,800		409
Idemitsu Kosan Co Ltd	6,200		113		Cheung Kong Property Holdings Ltd	190,632		1,336
Inpex Corp	67,300		583		Daito Trust Construction Co Ltd	4,900		722
JX Holdings Inc	150,330		561		Deutsche Wohnen AG	23,926		898
Lundin Petroleum AB ^(a)	13,275		233		Global Logistic Properties Ltd	188,900		251
Neste Oyj	9,090		379		Hang Lung Properties Ltd	159,000		361
Oil Search Ltd	97,174		488		Henderson Land Development Co Ltd	77,357		451
OMV AG	10,442		293		Hongkong Land Holdings Ltd	83,400		541
Repsol SA	78,641		1,056		Hulic Co Ltd	21,100		200
Royal Dutch Shell PLC - A Shares	303,155		7,409		Hysan Development Co Ltd	44,000		212
Royal Dutch Shell PLC - B Shares	265,584		6,761		Kerry Properties Ltd	46,000		134
Santos Ltd	113,247		375		Mitsubishi Estate Co Ltd	88,000		1,667
Showa Shell Sekiyu KK	13,300		113		Mitsui Fudosan Co Ltd	63,000		1,360
Statoil ASA	79,135		1,241		New World Development Co Ltd	399,000		499
TonenGeneral Sekiyu KK	21,000		194		Nomura Real Estate Holdings Inc	8,800		144
TOTAL SA	158,193		7,558		NTT Urban Development Corp	8,100		74
Woodside Petroleum Ltd	53,762		1,152		REA Group Ltd	3,736		164
		$	40,187		Sino Land Co Ltd	219,073		374
Oil & Gas Services - 0.10%					Sumitomo Realty & Development Co Ltd	25,000		661
Petrofac Ltd	18,396		201		Sun Hung Kai Properties Ltd	102,000		1,433
Saipem SpA ^(a)	430,112		197		Swire Properties Ltd	83,000		233
					Swiss Prime Site AG ^(a)	4,976		438
Technip SA	7,797		462
		$	860		Tokyo Tatemono Co Ltd	14,600		172
					Tokyu Fudosan Holdings Corp	36,300		203
Packaging & Containers - 0.14%
Amcor Ltd/Australia	82,121		986		UOL Group Ltd	33,900		138
Toyo Seikan Group Holdings Ltd	11,600		215		Vonovia SE	33,043		1,284
					Wheelock & Co Ltd	57,000		326
		$	1,201
							$	14,931
Pharmaceuticals - 9.04%
Actelion Ltd ^(a)	7,283		1,214


Schedule of Investments
International Equity Index Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
REITS - 1.93%					Semiconductors (continued)
Ascendas Real Estate Investment Trust	161,050	$	289		Infineon Technologies AG	80,238	$	1,346
BritishLandCoPLC/The	69,336		604		NXP Semiconductors NV ^(a)	20,853		1,835
CapitaLand Commercial Trust	146,700		166		Rohm Co Ltd	6,200		311
CapitaLand Mall Trust	175,800		279		STMicroelectronics NV	45,195		340
Daiwa House REIT Investment Corp	97		274		Tokyo Electron Ltd	11,100		1,022
Dexus Property Group	68,635		501				$	9,999
Fonciere Des Regions	2,400		225		Shipbuilding - 0.03%
Gecina SA	2,915		457		Sembcorp Industries Ltd	69,600		139
Goodman Group	126,097		718		Sembcorp Marine Ltd	59,200		55
GPT Group/The	127,489		510		Yangzijiang Shipbuilding Holdings Ltd	136,000		76
Hammerson PLC	56,148		428				$	270
ICADE	2,627		203		Software - 1.17%
Intu Properties PLC	66,744		277		Amadeus IT Group SA	31,115		1,430
Japan Prime Realty Investment Corp	58		256		Check Point Software Technologies Ltd ^(a)	9,152		703
Japan Real Estate Investment Corp	93		547		Dassault Systemes	9,110		769
Japan Retail Fund Investment Corp	181		407		GungHo Online Entertainment Inc	29,900		71
Klepierre	15,603		733		Konami Holdings Corp	6,500		230
Land Securities Group PLC	56,064		805		Nexon Co Ltd	12,400		170
Link REIT	159,000		1,155		Oracle Corp Japan	2,700		157
Mirvac Group	262,478		457		Sage Group PLC/The	76,537		729
Nippon Building Fund Inc	100		612		SAP SE	69,687		6,120
Nippon Prologis REIT Inc	111		266				$	10,379
Nomura Real Estate Master Fund Inc	281		464		Storage & Warehousing - 0.01%
Scentre Group	377,534		1,408		Mitsubishi Logistics Corp	8,000		123
Segro PLC	53,411		318
Stockland	169,614		617		Telecommunications - 5.25%
Suntec Real Estate Investment Trust	170,200		209		Bezeq The Israeli Telecommunication Corp	147,068		296
Unibail-Rodamco SE	7,025		1,933		Ltd
United Urban Investment Corp	208		371		BT Group PLC	598,336		3,037
Vicinity Centres	238,594		593		Deutsche Telekom AG	228,653		3,814
Westfield Corp	139,984		1,074		Elisa OYJ	10,085		355
		$	17,156		Eutelsat Communications SA	12,379		241
Retail - 2.27%					Hikari Tsushin Inc	1,500		135
ABC-Mart Inc	2,300		145		HKT Trust & HKT Ltd	187,980		259
Aeon Co Ltd	46,300		637		Inmarsat PLC	31,984		324
Cie Financiere Richemont SA	37,013		2,133		KDDI Corp	130,000		3,801
Dixons Carphone PLC	69,400		338		Koninklijke KPN NV	242,235		792
Domino's Pizza Enterprises Ltd	4,350		247		Millicom International Cellular SA	4,688		240
Don Quijote Holdings Co Ltd	8,400		274		Nice Ltd	4,248		291
Dufry AG ^(a)	3,247		380
					Nippon Telegraph & Telephone Corp	49,000		2,155
FamilyMart UNY Holdings Co Ltd	5,800		416		Nokia OYJ	413,763		2,334
Fast Retailing Co Ltd	3,700		1,300		NTT DOCOMO Inc	98,200		2,477
Harvey Norman Holdings Ltd	39,444		159		Orange SA	140,870		2,147
Hennes & Mauritz AB	67,322		2,049		PCCW Ltd	296,000		188
HUGO BOSS AG	4,742		289		Proximus SADP	10,785		330
Industria de Diseno Textil SA	77,347		2,742		SES SA	25,830		594
Isetan Mitsukoshi Holdings Ltd	23,800		217		Singapore Telecommunications Ltd	565,200		1,665
J Front Retailing Co Ltd	17,100		193		SoftBank Group Corp	68,000		4,436
Kering	5,372		1,021		Spark New Zealand Ltd	129,746		358
Kingfisher PLC	161,153		786		StarHub Ltd	43,000		115
Lawson Inc	4,500		316		Swisscom AG	1,836		878
Luxottica Group SpA	12,005		579		TDC A/S	57,576		318
Marks & Spencer Group PLC	115,110		521		Tele2 AB	22,810		190
Marui Group Co Ltd	14,800		180		Telecom Italia SpA/Milano	427,417		313
McDonald's Holdings Co Japan Ltd	4,600		127		Telecom Italia SpA/Milano ^(a)	717,937		652
Next PLC	10,027		728		Telefonaktiebolaget LM Ericsson	217,644		1,550
Nitori Holdings Co Ltd	5,600		567		Telefonica Deutschland Holding AG	52,730		217
Pandora A/S	7,885		982		Telefonica SA	317,502		3,204
Ryohin Keikaku Co Ltd	1,700		307		Telenor ASA	53,232		928
Shimamura Co Ltd	1,500		174		Telia Co AB	184,222		831
Sundrug Co Ltd	2,600		188		Telstra Corp Ltd	303,413		1,198
Swatch Group AG/The	2,186		563		TPG Telecom Ltd	24,065		220
Swatch Group AG/The	3,517		179		Vocus Communications Ltd	35,736		206
Takashimaya Co Ltd	21,000		154		Vodafone Group PLC	1,883,338		5,683
Travis Perkins PLC	17,725		387				$	46,772
Tsuruha Holdings Inc	2,600		255		Toys, Games & Hobbies - 0.24%
USS Co Ltd	15,500		248		Bandai Namco Holdings Inc	14,100		385
Yamada Denki Co Ltd	44,500		208		Nintendo Co Ltd	8,000		1,766
Zalando SE ^(a),(b)	6,131		234
							$	2,151
		$	20,223		Transportation - 1.84%
Semiconductors - 1.12%					AP Moeller - Maersk A/S - A shares	271		387
ARM Holdings PLC	99,791		2,223		AP Moeller - Maersk A/S - B shares	452		676
ASM Pacific Technology Ltd	17,200		134		Aurizon Holdings Ltd	145,500		479
ASML Holding NV	26,118		2,788


COMMON STOCKS (continued)		Shares Held		Value(000	's)	(d) Variable Rate. Rate shown is in effect at August 31, 2016.
Transportation (continued)
Central Japan Railway Co		10,200	$	1,677
ComfortDelGro Corp Ltd		152,800		317
						Portfolio Summary (unaudited)
Deutsche Post AG		68,795		2,173
DSV A/S		13,472		668		Country	Percent
East Japan Railway Co		23,600		2,027		Japan	23.21	%
Groupe Eurotunnel SE		33,149		365		United Kingdom	16.54	%
Hankyu Hanshin Holdings Inc		17,100		552		France	9.24	%
Kamigumi Co Ltd		16,000		139		Switzerland	9.17	%
Keihan Holdings Co Ltd		35,000		227		Germany	8.80	%
Keikyu Corp		33,000		306		Australia	7.08	%
Keio Corp		40,000		335		Netherlands	4.05	%
Keisei Electric Railway Co Ltd		19,000		228		Hong Kong	3.20	%
Kintetsu Group Holdings Co Ltd		129,000		492		Spain	2.92	%
Kuehne + Nagel International AG		3,828		535		Sweden	2.67	%
Mitsui OSK Lines Ltd		81,000		188		United States	2.37	%
MTR Corp Ltd		104,000		568		Denmark	1.80	%
Nagoya Railroad Co Ltd		65,000		319		Italy	1.79	%
Nippon Express Co Ltd		58,000		275		Belgium	1.30	%
Nippon Yusen KK		115,000		210		Singapore	1.22	%
Odakyu Electric Railway Co Ltd		41,000		421		Finland	0.94	%
Royal Mail PLC		63,817		431		Ireland	0.78	%
Seibu Holdings Inc		12,000		197		Israel	0.72	%
Tobu Railway Co Ltd		68,000		330		Norway	0.61	%
Tokyu Corp		75,000		560		Luxembourg	0.27	%
West Japan Railway Co		11,700		671		New Zealand	0.19	%
Yamato Holdings Co Ltd		24,800		586		Austria	0.17	%
			$	16,339		Portugal	0.14	%
						South Africa	0.13	%
Water - 0.24%
						Macao	0.11	%
Severn Trent PLC		16,694		523
						Jersey, Channel Islands	0.07	%
Suez		23,162		351
						Mexico	0.04	%
United Utilities Group PLC		48,350		617
						Jordan	0.03	%
Veolia Environnement SA		31,957		681
						Chile	0.02	%
			$	2,172
						China	0.01	%
TOTAL COMMON STOCKS			$	865,317		Other Assets and Liabilities	0.41	%
INVESTMENT COMPANIES - 1.85%		Shares Held		Value(000	's)	TOTAL NET ASSETS	100.00	%
Exchange Traded Funds - 1.46%
iShares MSCI EAFE ETF		223,010		13,013

Money Market Funds - 0.39%
Morgan Stanley Institutional Liquidity Funds -		3,431,075		3,431
Government Portfolio

TOTAL INVESTMENT COMPANIES			$	16,444
PREFERRED STOCKS - 0.53%		Shares Held		Value(000	's)
Automobile Manufacturers - 0.30%
Bayerische Motoren Werke AG	3.22%^(d)	3,864	$	289
Porsche Automobil Holding SE	1.01%^(d)	10,857		549
Volkswagen AG 0.17%^(d)		13,159		1,821
			$	2,659
Automobile Parts & Equipment - 0.02%
Schaeffler AG 0.35%^(d)		11,771		182

Chemicals - 0.02%
FUCHS PETROLUB SE 0.82% ^(d)		4,927		224

Consumer Products - 0.19%
Henkel AG & Co KGaA 1.47% ^(d)		12,633		1,656

TOTAL PREFERRED STOCKS			$	4,721
Total Investments			$	886,482
Other Assets and Liabilities - 0.41%			$	3,691
TOTAL NET ASSETS - 100.00%			$	890,173


Schedule of Investments
International Small Company Fund
August 31, 2016



COMMON STOCKS - 96.93%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.20%					Diversified Financial Services (continued)
Stroeer SE & Co KGaA	7,381	$	341		Century Tokyo Leasing Corp	28,300	$	1,064
					Euronext NV ^(b)	15,486		654
Apparel - 0.76%					Ichigo Inc	248,700		1,013
Gunze Ltd	141,000		416		Intermediate Capital Group PLC	143,040		1,119
Moncler SpA	53,149		882		Worldpay Group PLC ^(a),(b)	186,033		730
		$	1,298		Zenkoku Hosho Co Ltd	23,900		939
Automobile Manufacturers - 0.83%							$	6,337
New Flyer Industries Inc	43,900		1,414		Electric - 1.03%
					Hera SpA	358,260		993
Automobile Parts & Equipment - 3.95%					Iren SpA	465,011		766
Calsonic Kansei Corp	73,000		575				$	1,759
Georg Fischer AG	1,710		1,376		Electrical Components & Equipment - 1.59%
Plastic Omnium SA	23,980		767		Fujikura Ltd	199,000		1,119
Rheinmetall AG	18,753		1,353		Gamesa Corp Tecnologica SA	69,696		1,600
TS Tech Co Ltd	45,700		1,063				$	2,719
Unipres Corp	50,890		910		Electronics - 2.63%
Xinyi Glass Holdings Ltd ^(a)	822,000		707		Alps Electric Co Ltd	27,700		627
		$	6,751		dorma+kaba Holding AG	1,825		1,433
Banks - 3.29%					Mycronic AB	42,316		502
77 Bank Ltd/The	249,000		1,039		Orbotech Ltd ^(a)	36,895		1,055
Aareal Bank AG	36,375		1,223		Osaki Electric Co Ltd	97,000		889
Israel Discount Bank Ltd ^(a)	536,588		969				$	4,506
Joyo Bank Ltd/The	213,000		847		Engineering & Construction - 3.99%
OneSavings Bank PLC	92,239		324		Aecon Group Inc	28,100		393
Suruga Bank Ltd	51,300		1,222		Eiffage SA	16,852		1,322
		$	5,624		Keller Group PLC	42,655		509
Beverages - 2.10%					Kinden Corp	96,800		1,060
Britvic PLC	86,774		733		Kyudenko Corp	35,300		1,115
Fevertree Drinks PLC	43,495		561		Maeda Corp	107,000		893
Royal Unibrew A/S	23,923		1,180		Toda Corp	167,000		851
Treasury Wine Estates Ltd	132,458		1,115		Yokogawa Bridge Holdings Corp	60,700		673
		$	3,589				$	6,816
Biotechnology - 0.43%					Entertainment - 0.34%
Genmab A/S ^(a)	4,598		734		Evolution Gaming Group AB ^(b)	19,334		582

Building Materials - 1.12%					Food - 2.82%
Buzzi Unicem SpA	57,341		1,220		Bellamy's Australia Ltd	77,413		767
Nichiha Corp	38,000		703		Ebro Foods SA	47,298		1,059
		$	1,923		Ezaki Glico Co Ltd	15,800		792
Chemicals - 3.19%					Greencore Group PLC	143,361		661
Covestro AG ^(b)	15,234		792		Megmilk Snow Brand Co Ltd	25,800		795
Denka Co Ltd	203,000		858		Sonae SGPS SA	892,238		746
DIC Corp	47,600		1,450				$	4,820
Lenzing AG	7,773		921		Forest Products & Paper - 1.08%
Sanyo Chemical Industries Ltd	89,000		751		BillerudKorsnas AB	58,553		998
Tosoh Corp	110,000		679		Smurfit Kappa Group PLC	34,177		844
		$	5,451				$	1,842
Commercial Services - 3.39%					Gas - 0.93%
Kanamoto Co Ltd	41,600		879		Rubis SCA	19,421		1,588
Loomis AB	42,325		1,212
Northgate PLC	92,457		512		Healthcare - Products - 1.57%
QinetiQ Group PLC	326,704		989		Carl Zeiss Meditec AG	15,814		575
Rentokil Initial PLC	554,678		1,558		DiaSorin SpA	11,110		718
Societa Iniziative Autostradali e Servizi SpA	67,062		651		Fisher & Paykel Healthcare Corp Ltd	144,711		1,015
		$	5,801		Ypsomed Holding AG ^(a)	2,011		372
Computers - 2.64%							$	2,680
Bechtle AG	5,003		558		Healthcare - Services - 1.94%
DTS Corp	29,100		599		Eurofins Scientific SE	3,135		1,272
NS Solutions Corp	39,400		683		Orpea	13,929		1,212
Teleperformance	16,913		1,755		UDG Healthcare PLC	104,153		838
Tieto OYJ	30,974		924				$	3,322
		$	4,519		Home Builders - 1.63%
Cosmetics & Personal Care - 1.87%					Bellway PLC	26,423		809
Lion Corp	97,000		1,358		Galliford Try PLC	33,580		501
Oriflame Holding AG ^(a)	27,025		832		Haseko Corp	107,300		1,017
Pola Orbis Holdings Inc	12,700		1,014		Redrow PLC	95,806		467
		$	3,204				$	2,794
Distribution & Wholesale - 0.93%					Home Furnishings - 0.48%
Inchcape PLC	117,932		1,087		Zojirushi Corp	52,300		819
Trusco Nakayama Corp	11,100		510
		$	1,597		Insurance - 2.38%
Diversified Financial Services - 3.71%					Beazley PLC	200,921		1,029
BOC Aviation Ltd ^(a),(b)	157,500		818		Challenger Ltd/Australia	185,348		1,278


Schedule of Investments
International Small Company Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Insurance (continued)					Pharmaceuticals (continued)
Direct Line Insurance Group PLC	100,554	$	488		Recordati SpA	45,006	$	1,362
Hiscox Ltd	82,314		1,129				$	4,794
SCOR SE	4,836		143		Private Equity - 1.89%
		$	4,067		3i Group PLC	178,923		1,444
Internet - 1.77%					Alaris Royalty Corp	28,191		494
ASOS PLC ^(a)	11,821		703		AURELIUS Equity Opportunities SE & Co	14,402		812
Just Eat PLC ^(a)	152,647		1,085		KGaA
Rightmove PLC	22,865		1,231		SVG Capital PLC ^(a)	65,126		477
		$	3,019				$	3,227
Iron & Steel - 0.58%					Real Estate - 5.56%
BlueScope Steel Ltd	152,033		991		BUWOG AG ^(a)	40,632		1,057
					Castellum AB	104,498		1,580
Leisure Products & Services - 0.38%					Conwert Immobilien Invest SE ^(a)	47,712		838
Daiichikosho Co Ltd	16,900		655		Grand City Properties SA	52,084		1,142
					Hemfosa Fastigheter AB	107,926		1,194
Lodging - 0.89%					Sponda OYJ	103,076		538
Star Entertainment Grp Ltd/The	343,832		1,522		Starts Corp Inc	18,000		309
					TLG Immobilien AG	31,527		713
Machinery - Diversified - 2.04%					UNITE Group PLC/The	100,912		831
Daihen Corp	8,000		42		UOL Group Ltd	219,700		895
Ebara Corp	202,000		1,040		Wheelock & Co Ltd	72,000		411
KION Group AG	25,912		1,475				$	9,508
Tsubakimoto Chain Co	123,000		930		REITS - 4.69%
		$	3,487		Allied Properties Real Estate Investment Trust	23,959		673
Media - 1.48%					Axiare Patrimonio SOCIMI SA	30,210		389
Corus Entertainment Inc	107,200		1,005		Hibernia REIT plc	453,833		708
Informa PLC	143,589		1,336		Hulic Reit Inc	440		776
Sanoma OYJ	20,083		185		Japan Hotel REIT Investment Corp	1,175		1,011
		$	2,526		Mapletree Commercial Trust	559,058		640
Mining - 3.63%					MCUBS MidCity Investment Corp	204		687
Detour Gold Corp ^(a)	46,890		1,058		Milestone Apartments Real Estate Investment	43,800		658
HudBay Minerals Inc	158,066		641		Trust
Independence Group NL	216,311		597		Orix JREIT Inc	747		1,307
Kirkland Lake Gold Inc ^(a)	70,200		572		Pure Industrial Real Estate Trust	91,200		382
Lundin Mining Corp ^(a)	223,864		847		Smart Real Estate Investment Trust	28,954		782
Northern Star Resources Ltd	200,509		614				$	8,013
OceanaGold Corp	246,773		777		Retail - 5.73%
Sandfire Resources NL	108,154		445		Dollarama Inc	10,860		802
St Barbara Ltd ^(a)	302,668		648		Domino's Pizza Group PLC	184,508		870
		$	6,199		Izumi Co Ltd	12,900		507
Miscellaneous Manufacturers - 0.90%					JD Sports Fashion PLC	41,954		711
Aalberts Industries NV	36,458		1,225		K's Holdings Corp	58,000		916
Hill & Smith Holdings PLC	20,201		310		Man Wah Holdings Ltd	1,113,600		756
		$	1,535		Matsumotokiyoshi Holdings Co Ltd	12,900		569
Office Furnishings - 0.11%					Shimamura Co Ltd	5,700		660
Okamura Corp	20,900		192		Toridoll.corp	19,700		414
					Tsuruha Holdings Inc	7,100		696
Oil & Gas - 4.21%					Valor Holdings Co Ltd	44,400		1,199
Birchcliff Energy Ltd ^(a)	72,886		505		Valora Holding AG	3,223		878
Cardinal Energy Ltd	54,710		358		Yamada Denki Co Ltd	174,100		814
DCC PLC	13,984		1,273				$	9,792
Det Norske Oljeselskap ASA ^(a)	47,873		650		Semiconductors - 1.60%
Ensign Energy Services Inc	55,100		324		BE Semiconductor Industries NV	42,759		1,343
Parex Resources Inc ^(a)	79,767		944		Tower Semiconductor Ltd ^(a)	34,843		546
Raging River Exploration Inc ^(a)	114,689		930		Ulvac Inc	29,900		843
Seven Generations Energy Ltd ^(a)	39,000		898				$	2,732
Spartan Energy Corp ^(a)	157,158		404		Software - 2.23%
Whitecap Resources Inc	119,319		905		Kinaxis Inc ^(a)	23,100		1,095
		$	7,191		NetEnt AB ^(a)	68,796		569
Oil & Gas Services - 0.48%					Nexon Co Ltd	41,900		575
Technip SA	13,926		825		Open Text Corp	14,200		893
					TIS Inc	29,000		688
Packaging & Containers - 1.73%							$	3,820
CCL Industries Inc	3,182		607		Telecommunications - 1.55%
Orora Ltd	449,684		1,046		ADVA Optical Networking SE ^(a)	71,501		610
RPC Group PLC	114,855		1,311		Hitachi Kokusai Electric Inc	44,200		785
		$	2,964		Spark New Zealand Ltd	455,370		1,256
Pharmaceuticals - 2.80%							$	2,651
Amplifon SpA	135,009		1,420		Transportation - 1.86%
Indivior PLC	56,589		234		National Express Group PLC	229,550		1,066
Kaken Pharmaceutical Co Ltd	18,000		1,017		Sankyu Inc	221,000		1,260
Nippon Shinyaku Co Ltd	16,400		761

Schedule of Investments Multi-Manager Equity Long/Short Fund August 31, 2016


COMMON STOCKS - 88.31%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.90%					Banks (continued)
JCDecaux SA	71,789	$	2,473		Nordea Bank AB	122,968	$	1,201
Omnicom Group Inc ^(a)	5,171		446		Northern Trust Corp	484		34
		$	2,919		PNC Financial Services Group Inc/The	1,049		95
Aerospace & Defense - 1.48%					Regions Financial Corp	39,115		390
					Signature Bank/New York NY ^(b)	2,156		263
Airbus Group SE	3,315		194
Boeing Co/The	6,390		827		State Street Corp	833		59
General Dynamics Corp	1,265		193		SunTrust Banks Inc	2,586		114
Harris Corp ^(a)	2,714		252		US Bancorp	3,675		162
L-3 Communications Holdings Inc ^(a)	1,683		251		Wells Fargo & Co	19,069		968
Leonardo-Finmeccanica SpA ^(b)	60,000		685		Western Alliance Bancorp ^(a),(b)	40,983		1,566
Lockheed Martin Corp ^(a)	9,125		2,217		Zions Bancorporation ^(a)	4,484		137
Northrop Grumman Corp	382		81				$	22,226
United Technologies Corp	1,196		127		Beverages - 3.07%
		$	4,827		Anheuser-Busch InBev SA/NV	3,000		372
Agriculture - 1.69%					Brown-Forman Corp - B Shares	846		41
					Coca-Cola Co/The ^(a)	7,931		345
Altria Group Inc	13,634		901
					Constellation Brands Inc ^(a)	35,860		5,883
British American Tobacco PLC	48,774		3,026
Philip Morris International Inc ^(a)	781		78		Dr Pepper Snapple Group Inc ^(a)	2,714		254
					Molson Coors Brewing Co ^(a)	27,378		2,801
Reynolds American Inc	13,426		666
Swedish Match AB	24,108		858		PepsiCo Inc	3,081		329
		$	5,529				$	10,025
Airlines - 0.52%					Biotechnology - 2.94%
Alaska Air Group Inc ^(a)	2,691		182		Alnylam Pharmaceuticals Inc ^(b)	5,869		410
American Airlines Group Inc	1,143		41		Amgen Inc	7,029		1,195
Delta Air Lines Inc ^(a)	16,374		602		Biogen Inc ^(a),(b)	6,570		2,008
Southwest Airlines Co ^(a)	13,561		500		Celgene Corp ^(b)	5,218		557
United Continental Holdings Inc ^(a),(b)	7,061		356		Gilead Sciences Inc ^(a)	48,133		3,773
					Incyte Corp ^(b)	4,429		359
		$	1,681
					Intrexon Corp ^(b)	35,000		884
Apparel - 0.53%					Vertex Pharmaceuticals Inc ^(b)	4,119		389
Adidas AG	500		83
Michael Kors Holdings Ltd ^(a),(b)	3,928		192				$	9,575
Moncler SpA	65,000		1,079		Building Materials - 0.60%
NIKE Inc	3,597		207		HeidelbergCement AG	6,814		632
Ralph Lauren Corp ^(a)	1,816		188		LafargeHolcim Ltd ^(b)	24,233		1,287
		$	1,749		Masco Corp	658		23
Automobile Manufacturers - 1.38%							$	1,942
Bayerische Motoren Werke AG	15,893		1,381		Chemicals - 2.33%
Daimler AG	12,491		865		Air Products & Chemicals Inc	760		118
Ferrari NV	11,807		569		Akzo Nobel NV	7,273		490
					Albemarle Corp ^(a)	16,122		1,290
Ford Motor Co	8,489		107
General Motors Co ^(a)	34,982		1,117		Eastman Chemical Co ^(a)	3,232		220
PACCAR Inc ^(a)	7,663		458		FMC Corp ^(a)	2,927		137
		$	4,497		International Flavors & Fragrances Inc	161		22
Automobile Parts & Equipment - 0.43%					Koninklijke DSM NV	8,333		582
BorgWarner Inc ^(a)	4,684		161		LANXESS AG	5,500		293
Delphi Automotive PLC ^(a)	5,963		421		LyondellBasell Industries NV ^(a)	9,182		724
					Mosaic Co/The ^(a)	7,650		230
Johnson Controls Inc	1,385		61
Rheinmetall AG	10,615		766		PPG Industries Inc	5,790		613
		$	1,409		Praxair Inc	601		73
					Sherwin-Williams Co/The ^(a)	9,843		2,793
Banks - 6.82%
ABN AMRO Group NV ^(c)	56,616		1,164				$	7,585
Alinma Bank - Warrants ^(b),(d),(e)	568,166		1,887		Commercial Services - 1.19%
					Automatic Data Processing Inc ^(a)	9,964		895
Banco Popolare SC	185,000		462
Bank of America Corp ^(a)	262,502		4,237		Cintas Corp	1,479		174
Bank of New York Mellon Corp/The	2,283		95		Ecolab Inc	643		79
Bank of the Ozarks Inc ^(a)	37,923		1,486		H&R Block Inc	468		10
					Moody's Corp ^(a)	4,204		457
BB&T Corp	1,741		67		Robert Half International Inc ^(a)	2,855		110
Capital One Financial Corp	1,390		100		S&P Global Inc ^(a)	5,782		714
Citigroup Inc	6,213		297
Citizens Financial Group Inc	1,131		28		Securitas AB	53,605		931
					United Rentals Inc ^(a),(b)	1,897		156
Comerica Inc	1,376		65		Verisk Analytics Inc ^(b)	1,263		105
Danske Bank A/S	74,815		2,196		Western Union Co/The ^(a)	10,670		230
Erste Group Bank AG	26,802		753
Fifth Third Bancorp	22,432		452				$	3,861
Goldman Sachs Group Inc/The	904		153		Computers - 3.43%
Huntington Bancshares Inc/OH	1,709		17		Accenture PLC - Class A	9,086		1,045
					Apple Inc ^(a)	26,329		2,793
ING Groep NV	114,350		1,431
					Cognizant Technology Solutions Corp ^(b)	1,298		75
Intesa Sanpaolo SpA	225,000		535
					CSRA Inc ^(a)	28,242		717
JPMorgan Chase & Co	7,724		521
KBC Group NV	11,367		674		EMC Corp	3,882		112
					Hewlett Packard Enterprise Co ^(a)	37,692		810
KeyCorp	34,814		438
					HP Inc ^(a)	37,409		538
M&T Bank Corp	404		48
Morgan Stanley	4,100		131		International Business Machines Corp	2,116		336

Schedule of Investments Multi-Manager Equity Long/Short Fund August 31, 2016


COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Computers (continued)					Environmental Control - 0.01%
NetApp Inc ^(a)	81,392	$	2,815		Republic Services Inc	732	$	37
Teradata Corp ^(a),(b)	2,832		90
Western Digital Corp ^(a)	39,386		1,838		Food - 1.90%
		$	11,169		Campbell Soup Co ^(a)	6,756		410
Consumer Products - 0.31%					ConAgra Foods Inc ^(a)	9,578		446
Avery Dennison Corp ^(a)	1,983		154		Hormel Foods Corp	1,132		43
Church & Dwight Co Inc	275		27		JM Smucker Co/The	3,375		479
Clorox Co/The	2,377		312		Koninklijke Ahold Delhaize NV ^(b)	33,250		798
Kimberly-Clark Corp ^(a)	4,132		529		Kraft Heinz Co/The	2,603		233
		$	1,022		Mondelez International Inc ^(a)	2,236		101
Cosmetics & Personal Care - 0.40%					Nestle SA	30,009		2,392
Estee Lauder Cos Inc/The	1,271		113		Suedzucker AG	22,000		574
					Sysco Corp ^(a)	12,320		639
Procter & Gamble Co/The	5,705		498
Svenska Cellulosa AB SCA	22,512		692		Tyson Foods Inc	786		59
		$	1,303		Whole Foods Market Inc	681		21
Distribution & Wholesale - 0.07%							$	6,195
WW Grainger Inc	1,030		238		Gas - 1.22%
					CenterPoint Energy Inc	2,726		61
					Sempra Energy ^(a)	37,328		3,906
Diversified Financial Services - 4.05%
Affiliated Managers Group Inc ^(a),(b)	25,556		3,630				$	3,967
Ameriprise Financial Inc	346		35		Hand & Machine Tools - 0.47%
Anima Holding SpA ^(c)	130,000		630		Sandvik AB	123,911		1,344
BlackRock Inc ^(a)	3,542		1,320		Snap-on Inc ^(a)	1,270		195
Charles Schwab Corp/The	14,316		450				$	1,539
CME Group Inc ^(a)	7,376		799		Healthcare - Products - 0.69%
Discover Financial Services	869		52		Becton Dickinson and Co ^(a)	8,589		1,522
E*TRADE Financial Corp ^(b)	1,177		31		Danaher Corp ^(a)	6,757		550
Franklin Resources Inc ^(a)	12,611		460		Patterson Cos Inc ^(a)	2,167		100
Hoist Finance AB ^(c)	17,591		164		Zimmer Biomet Holdings Inc	427		55
Intercontinental Exchange Inc ^(a)	4,902		1,382				$	2,227
Invesco Ltd ^(a)	9,159		286		Healthcare - Services - 2.92%
Legg Mason Inc ^(a)	2,265		78		Acadia Healthcare Co Inc ^(b)	14,552		745
MasterCard Inc	5,380		520		Aetna Inc ^(a)	7,668		898
Nasdaq Inc ^(a)	3,618		258		Anthem Inc ^(a)	5,754		720
Navient Corp	677		10		Centene Corp ^(a),(b)	3,732		255
OM Asset Management PLC	50,229		678		Cigna Corp ^(a)	5,610		719
Synchrony Financial	1,783		50		Fresenius SE & Co KGaA	7,004		510
T Rowe Price Group Inc ^(a)	5,434		378		HCA Holdings Inc ^(a),(b)	21,354		1,613
Visa Inc ^(a)	24,615		1,992		Humana Inc ^(a)	3,260		583
		$	13,203		Laboratory Corp of America Holdings ^(b)	640		88
Electric - 0.56%					Quest Diagnostics Inc ^(a)	3,040		252
AES Corp/VA	1,410		17		UnitedHealth Group Inc ^(a)	11,351		1,544
American Electric Power Co Inc	1,051		68		Universal Health Services Inc ^(a)	13,150		1,585
CMS Energy Corp ^(a)	6,089		256				$	9,512
Consolidated Edison Inc ^(a)	3,497		263		Home Builders - 0.05%
DTE Energy Co ^(a)	3,913		364		DR Horton Inc ^(a)	4,794		154
Duke Energy Corp	1,465		117		Lennar Corp - A Shares	468		22
FirstEnergy Corp	6,023		197				$	176
NRG Energy Inc ^(a)	6,887		83
					Home Furnishings - 0.17%
PPL Corp	1,440		50		Harman International Industries Inc ^(a)	1,556		132
WEC Energy Group Inc ^(a)	6,900		413		Leggett & Platt Inc	2,330		122
		$	1,828		Whirlpool Corp ^(a)	1,640		293
Electrical Components & Equipment - 0.54%							$	547
AMETEK Inc ^(a)	5,081		248
					Insurance - 1.14%
Emerson Electric Co ^(a)	14,067		741		Aflac Inc	872		65
Prysmian SpA	30,006		741		American International Group Inc	639		38
		$	1,730		Arthur J Gallagher & Co	378		19
Electronics - 2.23%					Berkshire Hathaway Inc - Class B ^(b)	5,252		790
Agilent Technologies Inc ^(a)	6,792		319		Chubb Ltd	994		126
Flextronics International Ltd ^(b)	63,714		843		Cincinnati Financial Corp	347		27
FLIR Systems Inc	961		30		Hartford Financial Services Group Inc/The	825		34
Fortive Corp ^(a)	384		20		Lincoln National Corp	497		24
Garmin Ltd ^(a)	4,129		203		MetLife Inc	2,337		101
Koninklijke Philips NV	51,662		1,498		NN Group NV	23,000		687
TE Connectivity Ltd ^(a)	7,793		495		Progressive Corp/The	1,238		40
Tyco International Plc	87,681		3,830		Prudential Financial Inc	1,282		102
Waters Corp ^(b)	172		27		Sampo Oyj	12,367		532
		$	7,265		Torchmark Corp	256		17
Engineering & Construction - 0.04%					Unum Group	502		18
Jacobs Engineering Group Inc ^(a),(b)	2,661		140		Zurich Insurance Group AG ^(b)	4,247		1,087
							$	3,707
					Internet - 4.93%
					Alibaba Group Holding Ltd ADR^(b)	24,222		2,354


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held		Value(000		's)
Internet (continued)				Miscellaneous Manufacturers (continued)
Alphabet Inc - A Shares ^(b)	610	$	482	Siemens AG	11,949	$		1,425
Amazon.com Inc ^(a),(b)	4,695		3,611			$		2,293
eBay Inc ^(a),(b)	24,750		796	Office & Business Equipment - 0.02%
F5 Networks Inc ^(a),(b)	1,447		177	Pitney Bowes Inc ^(a)	4,127			77
Facebook Inc ^(a),(b)	9,671		1,220
Symantec Corp	1,316		32	Oil & Gas - 1.49%
Tencent Holdings Ltd	83,099		2,153	Africa Oil Corp ^(b)	535,000			821
United Internet AG	11,027		453	Anadarko Petroleum Corp	919			49
VeriSign Inc ^(a),(b)	3,138		234	Chesapeake Energy Corp ^(b)	1,271			8
Yahoo! Inc ^(a),(b)	64,808		2,771	Concho Resources Inc ^(a),(b)	15,376			1,987
Yoox Net-A-Porter Group SpA ^(b)	57,170		1,792	Diamond Offshore Drilling Inc ^(a)	2,571			48
		$	16,075	Helmerich & Payne Inc	1,525			92
Iron & Steel - 0.74%				Marathon Oil Corp ^(a)	18,523			278
APERAM SA	13,103		542	Marathon Petroleum Corp ^(a)	11,543			491
ArcelorMittal ^(b)	90,000		534	Murphy Oil Corp ^(a)	3,765			101
Nucor Corp ^(a)	6,983		339	Noble Energy Inc ^(a)	9,466			326
Outokumpu OYJ ^(b)	70,000		383	Transocean Ltd ^(a),(b)	7,988			77
SSAB AB ^(b)	208,898		621	Valero Energy Corp ^(a)	10,221			566
		$	2,419			$		4,844
Leisure Products & Services - 0.06%				Oil & Gas Services - 0.53%
Harley-Davidson Inc ^(a)	3,948		208	Baker Hughes Inc ^(a)	7,487			368
				FMC Technologies Inc ^(b)	4,904			138
Lodging - 0.26%				Halliburton Co	1,839			79
Marriott International Inc/MD ^(a)	5,559		397	National Oilwell Varco Inc ^(a)	8,245			276
Starwood Hotels & Resorts Worldwide Inc ^(a)	3,707		287	Schlumberger Ltd ^(a)	10,861			858
Wyndham Worldwide Corp ^(a)	2,446		173			$		1,719
		$	857	Packaging & Containers - 0.08%
Machinery - Construction & Mining - 0.66%				WestRock Co ^(a)	5,510			264
ABB Ltd ^(b)	55,760		1,209
Atlas Copco AB - A Shares	33,267		943	Pharmaceuticals - 5.76%
		$	2,152	AbbVie Inc	16,832			1,079
Machinery - Diversified - 0.69%				Actelion Ltd ^(b)	3,793			632
Cummins Inc ^(a)	3,674		461	Allergan plc ^(a),(b)	29,368			6,888
Deere & Co	672		57	AmerisourceBergen Corp ^(a)	4,667			406
Kone OYJ	14,150		711	Bristol-Myers Squibb Co	41,362			2,374
Metso OYJ	24,609		689	Cardinal Health Inc ^(a)	7,065			563
Rockwell Automation Inc ^(a)	2,830		328	Express Scripts Holding Co ^(a),(b)	14,061			1,022
		$	2,246	Johnson & Johnson	6,244			745
				Mallinckrodt PLC ^(b)	1,853			138
Media - 5.67%
Altice NV - A Shares ^(b)	54,106		904	McKesson Corp	4,514			833
CBS Corp ^(a)	9,752		498	Merck KGaA	5,031			529
Charter Communications Inc ^(a),(b)	10,207		2,625	Pfizer Inc ^(a)	102,884			3,581
Comcast Corp - Class A	11,523		752			$		18,790
Discovery Communications Inc - A Shares	48,874		1,247	Pipelines - 0.11%
(a),(b)				Kinder Morgan Inc/DE	4,767			104
DISH Network Corp ^(a),(b)	37,555		1,887	ONEOK Inc	4,569			215
Liberty Global PLC - C Shares ^(b)	77,459		2,388	Williams Cos Inc/The	1,690			47
News Corp - A Shares ^(a)	12,683		178			$		366
Schibsted ASA - A Shares	25,286		801	Real Estate - 0.14%
Scripps Networks Interactive Inc ^(a)	2,821		179	CBRE Group Inc ^(b)	718			21
TEGNA Inc ^(a)	4,734		96	Patrizia Immobilien AG ^(b)	18,245			435
Time Warner Inc ^(a)	48,826		3,828			$		456
Twenty-First Century Fox Inc - A Shares ^(a)	40,885		1,003	REITS - 0.63%
Viacom Inc - B Shares	8,627		348	AvalonBay Communities Inc	292			51
Walt Disney Co/The ^(a)	18,403		1,738	Crown Castle International Corp	8,236			781
		$	18,472	Digital Realty Trust Inc	313			31
Metal Fabrication & Hardware - 0.33%				Essex Property Trust Inc ^(a)	140			32
Assa Abloy AB	32,271		653	Extra Space Storage Inc	267			22
Tenaris SA	32,478		447	Federal Realty Investment Trust	106			17
		$	1,100	General Growth Properties Inc ^(a)	926			27
Mining - 1.54%				HCP Inc	993			39
AngloGold Ashanti Ltd ADR^(a),(b)	47,060		757	Host Hotels & Resorts Inc	1,584			28
Freeport-McMoRan Inc ^(a)	64,597		664	Kimco Realty Corp	898			27
Newmont Mining Corp ^(a)	31,579		1,208	National Retail Properties Inc ^(a)	16,814			842
Norsk Hydro ASA	119,870		509	Prologis Inc	1,125			60
Silver Wheaton Corp	73,903		1,872	SL Green Realty Corp	214			25
		$	5,010	Welltower Inc	761			58
Miscellaneous Manufacturers - 0.70%						$		2,040
3M Co	1,286		231	Retail - 5.45%
Dover Corp	331		24	AutoNation Inc ^(a),(b)	2,232			106
Illinois Tool Works Inc	1,922		228	AutoZone Inc ^(b)	243			180
Parker-Hannifin Corp ^(a)	2,939		360	Bed Bath & Beyond Inc ^(a)	3,378			157
Pentair PLC	387		25	Best Buy Co Inc ^(a)	7,084			272


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held	Value (000's)		COMMON STOCKS (continued)		Shares Held	Value (000's)
Retail (continued)				Telecommunications (continued)
CarMax Inc ^(b)	3,378	$	199	Deutsche Telekom AG		52,228	$	871
Coach Inc	1,772		68	Juniper Networks Inc ^(a)		8,370		193
CVS Health Corp	17,868		1,669	Level 3 Communications Inc ^(b)		474		24
Darden Restaurants Inc ^(a)	2,738		169	Nokia OYJ		135,000		761
Dollar General Corp ^(a)	6,224		457	Sunrise Communications Group AG ^(b),(c)		13,412		913
Dollar Tree Inc ^(a),(b)	14,361		1,187	Swisscom AG		912		436
Foot Locker Inc ^(a)	2,974		195	Telecom Italia SpA/Milano ^(b)		1,300,000		1,180
Gap Inc/The ^(a)	8,702		216	Verizon Communications Inc		38,639		2,022
Genuine Parts Co ^(a)	3,255		335				$	12,657
Home Depot Inc/The ^(a)	14,356		1,925	Transportation - 2.16%
HUGO BOSS AG	8,351		509	Avance Gas Holding Ltd ^(c)		150,000		301
Kohl's Corp ^(a)	4,025		179	CH Robinson Worldwide Inc		305		21
Lowe's Cos Inc ^(a)	19,209		1,471	CSX Corp		9,571		271
Macy's Inc ^(a)	6,765		245	Expeditors International of Washington Inc ^(a)		3,954		200
McDonald's Corp ^(a)	17,947		2,076	FedEx Corp ^(a)		15,757		2,599
O'Reilly Automotive Inc ^(b)	202		56	Hoegh LNG Holdings Ltd		70,820		733
PVH Corp ^(a)	1,771		191	JB Hunt Transport Services Inc ^(a)		2,463		196
Ross Stores Inc ^(a)	8,735		544	Kuehne + Nagel International AG		6,246		873
Signet Jewelers Ltd ^(a)	1,715		141	Norfolk Southern Corp		1,069		100
Staples Inc	1,390		12	Union Pacific Corp		3,573		341
Target Corp ^(a)	12,975		911	United Parcel Service Inc ^(a)		13,010		1,421
Tiffany & Co	266		19				$	7,056
TJX Cos Inc/The	2,882		223	Water - 0.01%
Tractor Supply Co ^(a)	285		24	American Water Works Co Inc		484		36
Urban Outfitters Inc ^(a),(b)	2,561		92
Walgreens Boots Alliance Inc ^(a)	21,943		1,771
				TOTAL COMMON STOCKS			$	287,896
Wal-Mart Stores Inc ^(a)	21,243		1,518
Yum! Brands Inc ^(a)	3,632		329	INVESTMENT COMPANIES - 15.02%		Shares Held	Value (000's)
Zalando SE ^(b),(c)	8,620		329	Money Market Funds - 15.02%
				Wells Fargo Advantage Government Money		48,973,677		48,975
		$	17,775	Market Fund ^(f)
Savings & Loans - 0.00%
People's United Financial Inc	649		11	TOTAL INVESTMENT COMPANIES			$	48,975
				TOTAL PURCHASED OPTIONS - 0.06%			$	197
Semiconductors - 4.01%
				Total Investments			$	337,068
ams AG	20,000		678
Analog Devices Inc ^(a)	5,590		350	Other Assets and Liabilities - (3.38)%			$	(11,006	)
				TOTAL NET ASSETS - 100.00%			$	326,062
Applied Materials Inc	23,613		705
ASML Holding NV - NY Reg Shares	14,580		1,553
Dialog Semiconductor PLC ^(b)	35,497		1,244
				(a)	Security or a portion of the security was pledged as collateral for short
Infineon Technologies AG	84,924		1,425		sales. At the end of the period, the value of these securities totaled $88,515
Intel Corp	10,053		361		or 27.15% of net assets.
KLA-Tencor Corp ^(a)	3,410		236
Lam Research Corp ^(a)	3,950		369	(b)	Non-Income Producing Security
				(c)	Security exempt from registration under Rule 144A of the Securities Act of
Linear Technology Corp	1,934		113		1933. These securities may be resold in transactions exempt from
Marvell Technology Group Ltd	170,025		2,108		registration, normally to qualified institutional buyers. At the end of the
QUALCOMM Inc ^(a)	28,753		1,813		period, the value of these securities totaled $4,481 or 1.37% of net assets.

STMicroelectronics NV	183,011		1,372	(d)	Security is Illiquid. At the end of the period, the value of these securities
Synaptics Inc ^(b)	7,583		432		totaled $1,887 or 0.58% of net assets.
Xilinx Inc ^(a)	5,542		300
				(e)	Fair value of these investments is determined in good faith by the Manager
		$	13,059		under procedures established and periodically reviewed by the Board of
Software - 4.38%					Directors. At the end of the period, the fair value of these securities totaled
Akamai Technologies Inc ^(a),(b)	3,828		210		$1,887 or 0.58% of net assets.

CA Inc ^(a)	9,055		307
				(f)	Security or a portion of the security was pledged to cover margin
Citrix Systems Inc ^(b)	1,961		171		requirements for swap and/or swaption contracts. At the end of the period,
					the value of these securities totaled $10,313 or 3.16% of net assets.
CommVault Systems Inc ^(b)	5,472		282

Electronic Arts Inc ^(a),(b)	6,581		535
Fidelity National Information Services Inc ^(a)	2,399		190
Fiserv Inc ^(b)	471		48		Portfolio Summary (unaudited)
Intuit Inc ^(a)	5,931		661	Sector				Percent
Microsoft Corp ^(a)	46,133		2,651	Consumer, Non-cyclical				20.87	%
Oracle Corp ^(a)	90,039		3,712	Communications				15.37	%
PTC Inc ^(a),(b)	35,256		1,504	Investment Companies				15.02	%
Radware Ltd ^(b)	34,320		465	Financial				12.78	%
SAP SE	15,624		1,372	Technology				11.84	%
Verint Systems Inc ^(a),(b)	25,957		886	Industrial				9.99	%
VMware Inc ^(a),(b)	17,591		1,290	Consumer, Cyclical				8.92	%
		$	14,284	Basic Materials				4.61	%
Telecommunications - 3.88%				Energy				2.13	%
AT&T Inc ^(a)	43,090		1,762	Utilities				1.79	%
Cellnex Telecom SA ^(c)	56,157		980	Purchased Options				0.06	%
CenturyLink Inc ^(a)	11,936		332	Investments Sold Short				(37.06	)%
China Mobile Ltd	97,216		1,198	Other Assets and Liabilities				33.68	%
Cisco Systems Inc ^(a)	63,126		1,985	TOTAL NET ASSETS				100.00	%


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2016



Foreign Currency Contracts

											Unrealized Appreciation/(Depreciation)
Counterparty		Delivery Date		Contracts to Accept			In Exchange For		Fair Value				Asset		Liability
Goldman Sachs & Co		09/06/2016		DKK	2,900,000	$		433	$	435	$		2		$		—
Goldman Sachs & Co		09/06/2016		NOK	4,300,000			506		516			10				—
Goldman Sachs & Co		09/06/2016		SEK	2,500,000			297		292			—				(5	)
Morgan Stanley & Co		09/21/2016		DKK	5,986,000			898		898			—				—
Morgan Stanley & Co		09/21/2016		GBP	256,000			337		336			—				(1	)
Morgan Stanley & Co		09/21/2016		NOK	1,536,000			186		184			—				(2	)
Morgan Stanley & Co		09/21/2016		SEK	10,886,000			1,303	1,273				—				(30	)
Morgan Stanley & Co		11/17/2016		EUR	289,000			322		324			3				(1	)
Total											$		15		$		(39	)
											Unrealized Appreciation/(Depreciation)
Counterparty		Delivery Date		Contracts to Deliver			In Exchange For		Fair Value				Asset		Liability
Goldman Sachs & Co		09/06/2016		CHF	700,000	$		726	$	712	$		14		$		—
Goldman Sachs & Co		09/06/2016		DKK	7,187,392			1,083	1,078				5				—
Goldman Sachs & Co		09/06/2016		EUR	9,817,965			10,939	10,953				17				(31	)
Goldman Sachs & Co		09/06/2016		NOK	18,418,160			2,201	2,210				2				(11	)
Goldman Sachs & Co		09/06/2016		SEK	12,922,569			1,553	1,510				43				—
Morgan Stanley & Co		09/21/2016		CHF	5,389,000			5,536	5,487				49				—
Morgan Stanley & Co		09/21/2016		DKK	15,459,000			2,313	2,319				—				(6	)
Morgan Stanley & Co		09/21/2016		EUR	21,412,000			23,942	23,903				80				(41	)
Morgan Stanley & Co		09/21/2016		GBP	256,000			330		336			—				(6	)
Morgan Stanley & Co		09/21/2016		NOK	12,500,000			1,487	1,501				—				(14	)
Morgan Stanley & Co		09/21/2016		SEK	71,305,000			8,372	8,339				33				—
Morgan Stanley & Co		11/17/2016		CHF	938,000			956		958			1				(3	)
Morgan Stanley & Co		11/17/2016		EUR	3,612,000			4,020	4,042				2				(24	)
Total											$		246		$		(136	)

Amounts in thousands except contracts


Futures Contracts

															Unrealized
Type			Long/Short		Contracts		Notional Value						Fair Value		Appreciation/(Depreciation)
AEX Index; September 2016				Short	23	$		2,330	$				2,331	$			(1	)
CAC40 Index; September 2016				Short	125			6,220					6,188				32
DAX Index; September 2016				Short	6			1,762					1,775				(13	)
DJ Euro Stoxx 50; September 2016				Short	412			13,054					13,925				(871	)
DJ Euro Stoxx 50; September 2016				Short	30			1,001					1,014				(13	)
FTSE/MIB Index; September 2016				Short	30			2,817					2,834				(17	)
FTSE100 Index; September 2016				Short	60			5,292					5,347				(55	)
OMXS30 Index; September 2016				Short	166			2,737					2,749				(12	)
Total													$				(950	)

Amounts in thousands except contracts


Options

								Upfront Premiums							Unrealized
Purchased Options Outstanding		Exercise Price			Expiration Date		Contracts	Paid/(Received)					Fair Value		Appreciation/(Depreciation)
Put - EURO STOXX 50 Price EUR		EUR	2,900.00		09/19/2016		300	$	65	$			37	$			(28	)
Put - Powershares QQQ Trust Series 1		$	111.00		10/24/2016		897		161				97				(64	)
Put - SPDR S&P500 ETF Trust		$	211.00		10/24/2016		289		100				63				(37	)
Total								$	326	$			197	$			(129	)


Amounts in thousands except contracts


Total Return Equity Basket Swaps

													Notional		Fair Value
Counterparty		Fund Pays			Fund Receives				Expiration Date				Value		Asset		Liability
Goldman Sachs	Floating rate based on 1 month GBP Total return on a custom basket of long and								04/18/2017 -			$	3,515	$	218	$	—
	LIBOR plus/less spread				short securities traded in GBP				09/01/2017
Goldman Sachs	Floating rate based on 1 month PRIBOR Total return on a custom basket of long and								05/24/2017				—		—		(6	)
	plus/less spread				short securities traded in CZK
Goldman Sachs	Floating rate based on 1 month Euribor Total return on a custom basket of long and								04/18/2017 -				5,892		7		—
	plus/less spread				short securities traded in EUR				08/31/2017


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2016


Short Sales Outstanding



COMMON STOCKS - (29.02)%	Shares Value (000's)			COMMON STOCKS (continued)	Shares Value (000's)

Advertising - (0.05)%				Commercial Services (continued)
Interpublic Group of Cos Inc/The	7,038	$	163	Total System Services Inc	3,229	$	159
					$		1,321

Aerospace & Defense - (0.78)%				Computers - (0.09)%
Boeing Co/The	7,535		975	Seagate Technology PLC	1,998		67
MTU Aero Engines AG	5,500		559	Western Digital Corp	4,970		232
Raytheon Co	5,181		726		$		299
Rockwell Collins Inc	2,276		191
TransDigm Group Inc ^(a)	296		84	Cosmetics & Personal Care - (0.03)%
				Colgate-Palmolive Co	1,301		97
	$		2,535

Agriculture - (0.14)%
				Distribution & Wholesale - (0.61)%
Archer-Daniels-Midland Co	10,239		448
				Fastenal Co	22,798		983
				LKQ Corp ^(a)	5,387		194
Apparel - (0.50)%				WW Grainger Inc	3,462		799
Hanesbrands Inc	6,634		176		$		1,976
NIKE Inc	12,000		692
Under Armour Inc - Class A ^(a)	7,679		304	Diversified Financial Services - (0.08)%
				Alliance Data Systems Corp ^(a)	1,032		211
VF Corp	7,294		453
				American Express Co	715		47
	$		1,625
					$		258
Automobile Manufacturers - (0.48)%
Ford Motor Co	125,174		1,577	Electric - (1.33)%
				Alliant Energy Corp	3,991		151
				Ameren Corp	2,258		111
Automobile Parts & Equipment - (0.31)%				Consolidated Edison Inc	9,979		751
Delphi Automotive PLC	12,568		888	Dominion Resources Inc/VA	4,166		309
Goodyear Tire & Rubber Co/The	4,601		135	Edison International	1,463		106
	$		1,023	Entergy Corp	3,141		246
				Eversource Energy	1,220		66
Banks - (1.36)%
				Exelon Corp	14,514		493
DBS Group Holdings Ltd	66,049		726
Deutsche Bank AG ^(a)	58,668		863	NextEra Energy Inc	2,985		361
				PG&E Corp	8,699		539
DNB ASA	44,000		533
				Pinnacle West Capital Corp	1,955		147
Goldman Sachs Group Inc/The	3,971		673
				Public Service Enterprise Group Inc	8,564		366
Societe Generale SA	11,703		427
				SCANA Corp	2,509		177
Svenska Handelsbanken AB	60,000		773
				Southern Co/The	9,133		469
UniCredit SpA	175,000		450
				Xcel Energy Inc	1,541		64
	$		4,445
					$		4,356
Beverages - (0.47)%
				Electrical Components & Equipment - (0.06)%
Constellation Brands Inc	3,522		578
				Acuity Brands Inc	765		211
Molson Coors Brewing Co	3,773		386
Monster Beverage Corp ^(a)	3,546		546
	$		1,510	Electronics - (0.62)%
				Allegion PLC	1,701		121
Biotechnology - (0.63)%				Amphenol Corp	5,420		338
Alexion Pharmaceuticals Inc ^(a)	3,937		496
				Corning Inc	18,213		413
Illumina Inc(a)	2,574		433	Fingerprint Cards AB ^(a)	35,000		445
Regeneron Pharmaceuticals Inc ^(a)	1,826		717
Vertex Pharmaceuticals Inc ^(a)	4,464		422	Honeywell International Inc	2,322		271
				PerkinElmer Inc	1,930		103
	$		2,068	Tyco International Plc	7,482		327
Building Materials - (0.19)%					$		2,018
Fortune Brands Home & Security Inc	2,701		172	Energy - Alternate Sources - (0.10)%
Martin Marietta Materials Inc	1,115		204	First Solar Inc ^(a)	1,797		68
Vulcan Materials Co	2,102		239	Vestas Wind Systems A/S	3,000		249
	$		615		$		317

Chemicals - (1.21)%				Engineering & Construction - (0.31)%
CF Industries Holdings Inc	4,094		107	Fluor Corp	2,445		127
Dow Chemical Co/The	19,789		1,061	JM AB	35,000		888
EI du Pont de Nemours & Co	15,353		1,069		$		1,015
Monsanto Co	7,684		818
Wacker Chemie AG	9,500		882	Environmental Control - (0.09)%
	$		3,937	Stericycle Inc ^(a)	1,258		108
				Waste Management Inc	2,840		182
Commercial Services - (0.40)%					$		290
Equifax Inc	1,800		237
Global Payments Inc	2,712		206	Food - (1.53)%
Nielsen Holdings PLC	6,275		334	Colruyt SA	7,500		412
PayPal Holdings Inc ^(a)	8,682		323	General Mills Inc	10,482		742
Quanta Services Inc ^(a)	2,385		62	Hershey Co/The	3,543		354
				ICA Gruppen AB	32,000		1,094


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2016


Short Sales Outstanding



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

Food (continued)				Leisure Products & Services (continued)
Kellogg Co	758	$	62	Royal Caribbean Cruises Ltd	3,780	$	269
Kroger Co/The	16,523		529		$		894
McCormick & Co Inc/MD	2,224		227
Whole Foods Market Inc	24,570		746	Lodging - (0.05)%
Woolworths Ltd	44,939		799	Wynn Resorts Ltd	1,787		160
	$		4,965
				Machinery - Construction & Mining - (0.50)%
Forest Products & Paper - (0.07)%
				Caterpillar Inc	19,985		1,638
International Paper Co	312		15
Stora Enso OYJ	25,000		221
	$		236	Machinery - Diversified - (0.48)%
				Flowserve Corp	2,278		110
Gas - (0.13)%				Kone OYJ	13,000		653
NiSource Inc	626		15	Metso OYJ	23,000		644
Sempra Energy	3,783		396	Roper Technologies Inc	99		17
	$		411	Xylem Inc/NY	3,147		160
Hand & Machine Tools - (0.02)%					$		1,584
Stanley Black & Decker Inc	447		55	Media - (0.23)%
				Walt Disney Co/The	8,042		760
Healthcare - Products - (1.83)%
Abbott Laboratories	15,223		640	Mining - (0.07)%
Baxter International Inc	3,863		180	Alcoa Inc	22,972		231
Becton Dickinson and Co	3,740		663
Boston Scientific Corp ^(a)	22,862		545
CR Bard Inc	1,291		285	Miscellaneous Manufacturers - (0.25)%
DENTSPLY SIRONA Inc	4,092		251	Eaton Corp PLC	4,839		322
Edwards Lifesciences Corp ^(a)	3,734		430	Ingersoll-Rand PLC	4,532		308
Henry Schein Inc ^(a)	1,436		235	Textron Inc	4,720		193
Hologic Inc ^(a)	3,910		150		$		823
Intuitive Surgical Inc ^(a)	677		465

Medtronic PLC	7,553		657	Office & Business Equipment - (0.05)%
				Xerox Corp	17,796		175
St Jude Medical Inc	1,315		102
Stryker Corp	6,569		760
Thermo Fisher Scientific Inc	3,194		486	Oil & Gas - (2.69)%
Varian Medical Systems Inc ^(a)	1,655		159	Apache Corp	5,813		289
	$		6,008	Cabot Oil & Gas Corp	8,167		201
				Chevron Corp	9,630		968
Holding Companies - Diversified - (0.02)%				Cimarex Energy Co	1,668		221
Leucadia National Corp	4,008		77	Concho Resources Inc ^(a)	2,314		299
				ConocoPhillips	21,630		888
Home Builders - (0.29)%				Devon Energy Corp	9,202		399
Lennar Corp - A Shares	17,066		807	EOG Resources Inc	7,588		671
PulteGroup Inc	6,039		129	EQT Corp	3,025		216
	$		936	Exxon Mobil Corp	542		47
				Hess Corp	5,562		302
Housewares - (0.14)%				Neste Oyj	18,000		750
Newell Brands Inc	8,468		449	Newfield Exploration Co ^(a)	3,478		151
				Occidental Petroleum Corp	11,311		869
Insurance - (0.57)%				Phillips 66	9,017		707
Allstate Corp/The	1,138		78	Pioneer Natural Resources Co	2,306		413
Aon PLC	4,643		517	Range Resources Corp	2,977		115
Assurant Inc	1,065		95	Southwestern Energy Co ^(a)	6,893		96
Loews Corp	3,242		136	Statoil ASA	65,000		1,020
Marsh & McLennan Cos Inc	8,956		606	Tesoro Corp	2,083		157
Travelers Cos Inc/The	233		28		$		8,779
Willis Towers Watson PLC	2,430		301	Oil & Gas Services - (0.40)%
XL Group Ltd	1,915		65	Schlumberger Ltd	10,477		828
	$		1,826	Subsea 7 SA ^(a)	45,000		486
Internet - (0.81)%					$		1,314
Amazon.com Inc ^(a)	1,079		830
				Packaging & Containers - (0.14)%
Expedia Inc	2,712		296	Ball Corp	2,968		235
Facebook Inc ^(a)	3,312		418
				Owens-Illinois Inc ^(a)	2,845		51
Netflix Inc ^(a)	7,516		732
Priceline Group Inc/The ^(a)	126		178	Sealed Air Corp	3,428		162
TripAdvisor Inc ^(a)	2,558		156		$		448
	$		2,610	Pharmaceuticals - (1.45)%
				Allergan plc ^(a)	5,794		1,359
Leisure Products & Services - (0.27)%				Bristol-Myers Squibb Co	65		4
Carnival Corp	13,083		625	Eli Lilly & Co	17,887		1,391


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2016


Short Sales Outstanding



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

Pharmaceuticals (continued)				Telecommunications (continued)
Endo International PLC ^(a)	3,890	$	80	Frontier Communications Corp	20,601		$	95
Mead Johnson Nutrition Co	3,244		276	Motorola Solutions Inc	3,048			235
Merck & Co Inc	8,930		561			$		565
Mylan NV ^(a)	8,926		378
Perrigo Co PLC	2,515		229	Textiles - (0.02)%
				Mohawk Industries Inc ^(a)	358			76
Zoetis Inc	8,701		444
	$		4,722
				Toys, Games & Hobbies - (0.06)%
Pipelines - (0.14)%
				Mattel Inc	5,981			198
Spectra Energy Corp	12,313		439

				Transportation - (0.39)%
REITS - (1.23)%
				Kansas City Southern	1,896			183
American Tower Corp	7,462		846
				Ryder System Inc	939			61
Apartment Investment & Management Co	1,209		55
				United Parcel Service Inc	9,226			1,008
Boston Properties Inc	107		15
Crown Castle International Corp	5,928		562			$		1,252
Equinix Inc	1,235		455	TOTAL COMMON STOCKS (proceeds $95,050)		$		94,613
Equity Residential	5,272		342	INVESTMENT COMPANIES - (8.04)%	Shares	Value(000			's)
Iron Mountain Inc	4,320		166	Exchange Traded Funds - (8.04)%
Macerich Co/The	2,541		208	Consumer Discretionary Select Sector SPDR	17,909			1,443
Public Storage	3,041		681	Fund
Realty Income Corp	1,511		99	Health Care Select Sector SPDR Fund	8,994			654
Simon Property Group Inc	462		100	Industrial Select Sector SPDR Fund	28,403			1,664
UDR Inc	6		—	Materials Select Sector SPDR Fund	17,357			844
Ventas Inc	497		36	Source STOXX Europe 600 Optimised	2,500			922
Vornado Realty Trust	432		45	Automobiles & Parts UCITS ETF
Weyerhaeuser Co	13,244		422	Source STOXX Europe 600 Optimised Banks	25,000			1,613
	$		4,032	UCITS ETF
Retail - (2.56)%				Source STOXX Europe 600 Optimised Basic	5,750			1,329
Advance Auto Parts Inc	1,293		204	Resources UCITS ETF
Chipotle Mexican Grill Inc ^(a)	1,924		796	Source STOXX Europe 600 Optimised Food &	5,000			1,993
Cie Financiere Richemont SA	29,297		1,689	Beverage UCITS ETF
Costco Wholesale Corp	7,351		1,192	Source STOXX Europe 600 Optimised	4,500			930
Darden Restaurants Inc	9,736		600	Industrial Goods & Services UCITS ETF
L Brands Inc	348		27	Source STOXX Europe 600 Optimised Oil &	3,800			637
Nordstrom Inc	3,027		153	Gas UCITS ETF
Starbucks Corp	9,298		523	Source STOXX Europe 600 Optimised Retail	6,500			1,116
Swatch Group AG/The	2,688		692	UCITS ETF
Target Corp	16,902		1,186	Source STOXX Europe 600 Optimised	11,000			751
Ulta Salon Cosmetics & Fragrance Inc ^(a)	1,089		269	Technology UCITS ETF
Wal-Mart Stores Inc	14,031		1,002	SPDR S&P Regional Banking ETF	29,606			1,274
	$		8,333	SPDR S&P500 ETF Trust	37,251			8,100
				Technology Select Sector SPDR Fund	62,565			2,940
Semiconductors - (1.18)%						$		26,210
ASML Holding NV	6,500		694	TOTAL INVESTMENT COMPANIES (proceeds $25,163)		$		26,210
Broadcom Ltd	6,933		1,223	TOTAL SHORT SALES (proceeds $120,213)		$		120,823
Microchip Technology Inc	3,776		234
Micron Technology Inc ^(a)	18,194		300
NVIDIA Corp	9,375		575
Qorvo Inc ^(a)	2,238		128	(a) Non-Income Producing Security
REC Silicon ASA ^(a)	3,226,254		464
Skyworks Solutions Inc	2,166		162
Texas Instruments Inc	1,245		87
	$		3,867

Software - (1.44)%
Activision Blizzard Inc	4,281		177
Adobe Systems Inc ^(a)	7,449		762
Autodesk Inc ^(a)	3,945		266
Cerner Corp ^(a)	6,191		400
Dun & Bradstreet Corp/The	526		73
Microsoft Corp	3,681		212
Oracle Corp	14,604		602
Paychex Inc	1,387		84
Red Hat Inc ^(a)	3,180		232
salesforce.com Inc ^(a)	11,898		945
Workday Inc ^(a)	10,536		893
	$		4,646

Telecommunications - (0.17)%
AT&T Inc	5,759		235


INVESTMENT COMPANIES - 0.78%			Shares Held	Value(000			's)				Principal
Exchange Traded Funds - 0.78%								MUNICIPAL BONDS (continued)			Amount (000's)		Value(000	's)
SPDR Nuveen S&P High Yield Municipal			3,040	$		181		Connecticut - 3.06%
Bond ETF								Connecticut State Health & Educational
VanEck Vectors High-Yield Municipal Index			17,000			551		Facility Authority
ETF								5.00%, 09/01/2046^(b)		$	1,500	$	1,663
VanEck Vectors Short High-Yield Municipal			14,000			355		Mohegan Tribal Finance Authority
Index ETF								7.00%, 02/01/2045^(b)			2,500		2,623
				$		1,087						$	4,286
TOTAL INVESTMENT COMPANIES				$		1,087		Florida - 1.10%
			Principal					Orange County Housing Finance Authority
BONDS- 0.37	%		Amount (000's)	Value(000			's)	7.00%, 10/01/2025			485		492
U.S. Municipals - 0.37%								Orange County Industrial Development
Oglala Sioux Tribe								Authority/FL
5.75%, 10/01/2025^(a),(b)		$	500		$	515		8.00%, 07/01/2036^(b)			1,000		1,059
												$	1,551
TOTAL BONDS				$		515		Georgia - 0.40%
			Principal					City of Atlanta GA
MUNICIPAL BONDS - 101.89%			Amount (000's)	Value(000			's)	7.38%, 01/01/2031			500		564
Alabama - 2.30%
Lower Alabama Gas District/The								Illinois - 13.01%
5.00%, 09/01/2034		$	2,500	$		3,224		Chicago O'Hare International Airport
								5.00%, 01/01/2033			1,250		1,499
Arizona - 4.89%								City of Chicago IL
Navajo Nation								5.50%, 01/01/2033			1,000		1,059
5.50%, 12/01/2030^(b)			2,500			2,854		5.50%, 01/01/2042			300		314
Salt Verde Financial Corp								7.46%, 02/15/2026			1,953		1,390
5.00%, 12/01/2032			3,205			4,006		City of Chicago IL Wastewater Transmission
				$		6,860		Revenue
California - 14.62%								5.00%, 01/01/2031			760		888
Abag Finance Authority for Nonprofit Corps								5.00%, 01/01/2039			1,200		1,381
5.00%, 08/01/2043			500			594		City of Chicago IL Waterworks Revenue
California Educational Facilities Authority								5.00%, 11/01/2025			500		603
5.00%, 12/29/2015^(c)			1,730			1,905		Illinois Finance Authority
5.00%, 10/01/2038^(c)			900			978		5.00%, 02/15/2041			850		970
								Illinois State Toll Highway Authority
California Pollution Control Financing								5.00%, 01/01/2040^(c)			5,000		6,012
Authority
4.30%, 07/01/2040			1,000			1,083		Metropolitan Pier & Exposition
								Authority (credit support from NATL)
California Statewide Communities								5.50%, 06/15/2029^(c)			1,000		1,263
Development Authority (credit support from
GNMA COLL)								Metropolitan Water Reclamation District of
4.90%, 07/20/2039^(c)			500			540		Greater Chicago
California Statewide Financing Authority								5.00%, 12/01/2045			1,000		1,204
6.00%, 05/01/2043			1,000			1,017		State of Illinois
Golden State Tobacco Securitization Corp								4.00%, 06/01/2037			350		348
5.75%, 06/01/2047			4,260			4,354		5.50%, 07/01/2027			1,150		1,326
La Verne Public Financing Authority												$	18,257
7.25%, 09/01/2026			700			702		Indiana - 0.51%
Morongo Band of Mission Indians/The								Indiana Finance Authority
6.50%, 03/01/2028^(b)			825			886		5.00%, 10/01/2044			300		344
Oakland Unified School District/Alameda								Town of Shoals IN
County								7.25%, 11/01/2043			300		363
5.00%, 08/01/2035			1,225			1,501						$	707
Sacramento Area Flood Control								Iowa- 0.83	%
Agency (credit support from BAM)								Xenia Rural Water District
5.00%, 10/01/2039^(c)			500			598		5.00%, 12/01/2041^(c)			1,000		1,170
San Diego Community College District
5.25%, 08/01/2033^(c)			1,050			1,189		Louisiana - 3.03%
University of California								Juban Crossing Economic Development
5.00%, 05/15/2033			2,750			3,472		District
5.25%, 05/15/2039^(c)			1,257			1,413		7.00%, 09/15/2044^(b)			1,000		1,081
5.25%, 05/15/2039^(c)			243			273		7.00%, 09/15/2044^(b)			500		540
				$		20,505		Louisiana Public Facilities Authority
Colorado - 4.11%								8.38%, 07/01/2039			400		231
Colorado Health Facilities Authority								Parish of St John the Baptist LA
5.00%, 05/15/2040			1,000			1,182		5.13%, 06/01/2037			2,350		2,405
5.00%, 05/15/2045			1,000			1,179						$	4,257
Green Gables Metropolitan District No 1								Maine- 0.42	%
5.30%, 12/01/2046			1,250			1,284		Maine Health & Higher Educational Facilities
Promenade Castle Rock Metropolitan District								Authority
No 1								5.00%, 07/01/2046			500		582
5.75%, 12/01/2039			1,000			1,061
Sierra Ridge Metropolitan District No 2								Maryland - 1.65%
5.50%, 12/01/2046			1,000			1,058		City of Westminster MD
				$		5,764		6.25%, 07/01/2044			600		687


Schedule of Investments
Opportunistic Municipal Fund
August 31, 2016



		Principal							Principal
MUNICIPAL BONDS (continued)		Amount (000's)		Value(000	's)	MUNICIPAL BONDS (continued)			Amount (000's)		Value(000	's)
Maryland (continued)						North Carolina - 1.32%
Maryland Economic Development Corp						North Carolina Eastern Municipal Power
5.00%, 03/31/2041	$	1,000	$	1,195		Agency
5.38%, 06/01/2025		390		437		5.25%, 01/01/2020		$	750	$	796
			$	2,319		North Carolina Medical Care Commission
Michigan - 1.68%						5.25%, 10/01/2035			1,000		1,056
Michigan Finance Authority										$	1,852
5.00%, 07/01/2035		1,000		1,174		Ohio- 1.22	%
Wayne County Airport Authority						Ohio Air Quality Development Authority
5.00%, 12/01/2045		1,000		1,178		3.75%, 12/01/2023			1,000		993
			$	2,352		Ohio Water Development Authority
Minnesota - 0.86%						4.00%, 01/01/2034			750		722
Housing & Redevelopment Authority of The										$	1,715
City of St Paul Minnesota						Oklahoma - 0.25%
5.00%, 11/15/2030		1,000		1,208		Tulsa Airports Improvement Trust
						5.00%, 06/01/2035^(f)			300		349
Missouri - 1.39%
City of St Louis MO Airport Revenue (credit						Oregon - 0.40%
support from NATL)						Warm Springs Reservation Confederated
5.50%, 07/01/2028^(c)		400		522		Tribe
Health & Educational Facilities Authority of						6.38%, 11/01/2033			500		556
the State of Missouri
5.00%, 02/01/2036		290		339		Pennsylvania - 4.56%
Kansas City Industrial Development						Allegheny County Industrial Development
Authority						Authority
5.00%, 04/01/2046^(b)		1,100		1,098		6.00%, 07/15/2038			400		435
			$	1,959		Chester County Health & Education Facilities
Nevada - 0.84%						Authority
Las Vegas Redevelopment Agency						5.25%, 12/01/2045			1,000		1,053
5.00%, 06/15/2045		1,000		1,178		City of Scranton PA
						5.00%, 11/15/2032			1,500		1,630
New Jersey - 9.01%						8.50%, 09/01/2022^(a)			200		224
Casino Reinvestment Development Authority						Lancaster County Hospital Authority/PA
5.25%, 11/01/2039		250		265		5.00%, 07/01/2045			1,250		1,429
Essex County Improvement Authority						Pennsylvania Economic Development
5.25%, 07/01/2045^(b)		1,300		1,359		Financing Authority
New Jersey Economic Development						5.50%, 11/01/2044			1,000		1,124
Authority						6.00%, 06/01/2031			500		500
5.25%, 06/15/2040		1,000		1,155						$	6,395
5.63%, 11/15/2030		1,000		1,162		South Carolina - 0.86%
5.75%, 09/15/2027		500		573		South Carolina Public Service Authority
New Jersey Educational Facilities						5.25%, 12/01/2055			1,000		1,206
Authority (credit support from AGM)
5.00%, 07/01/2034^(c)		1,000		1,198		Tennessee - 3.04%
5.00%, 07/01/2035^(c)		500		603		Chattanooga Health Educational & Housing
New Jersey Health Care Facilities Financing						Facility Board
Authority (credit support from AGM)						5.00%, 10/01/2028			1,050		1,272
5.00%, 07/01/2046^(c)		1,900		2,232		5.00%, 10/01/2035			500		589
New Jersey Transportation Trust Fund						Metropolitan Government Nashville &
Authority						Davidson County Health & Educational Facs
5.25%, 06/15/2032		2,000		2,317		Bd
Newark Housing Authority (credit support						5.00%, 07/01/2046			2,000		2,397
from AGM MUN GOVT GTD)										$	4,258
5.00%, 12/01/2038^(c)		1,500		1,776		Texas- 9.06	%
			$	12,640		Arlington Higher Education Finance Corp
New York - 11.15%						5.00%, 12/01/2046			1,100		1,273
Brooklyn Arena Local Development Corp						City of Dallas TX
5.00%, 07/15/2042^(c)		2,000		2,424		5.00%, 02/15/2027			1,000		1,260
6.25%, 07/15/2040		480		567		City of Houston TX Airport System Revenue
Build NYC Resource Corp						4.50%, 07/01/2020			1,000		1,085
5.00%, 07/01/2035		1,500		1,786		Harris County Cultural Education Facilities
5.50%, 09/01/2045^(b)		1,000		1,199		Finance Corp
Metropolitan Transportation Authority						6.00%, 10/01/2043			1,575		1,874
5.00%, 11/15/2034		1,000		1,230		Mission Economic Development Corp
New York Liberty Development Corp						5.75%, 10/01/2031^(b)			2,000		2,134
5.25%, 10/01/2035		1,280		1,757		New Hope Cultural Education Facilities
New York State Thruway Authority						Finance Corp
5.25%, 01/01/2056		1,000		1,237		5.00%, 07/01/2030			500		578
New York Transportation Development Corp						5.00%, 07/01/2047			1,500		1,679
5.00%, 08/01/2021		1,500		1,688		North Texas Tollway Authority
5.00%, 01/01/2023		560		675		5.00%, 01/01/2045			615		733
5.25%, 01/01/2050		2,650		3,100		Port Beaumont Navigation District
			$	15,663		7.25%, 02/01/2036^(b)			1,000		1,069


		Principal					Portfolio Summary (unaudited)
MUNICIPAL BONDS (continued)		Amount (000's)			Value(000	's)	Sector	Percent
Texas (continued)							Revenue Bonds	82.27	%
Texas Private Activity Bond Surface							General Obligation Unlimited	6.27	%
Transportation Corp							Insured	6.23	%
6.88%, 12/31/2039	$	550		$	650		General Obligation Limited	3.33	%
7.00%, 12/31/2038		300			379		Prerefunded	1.56	%
				$	12,714		Tax Allocation	1.24	%
Virginia - 1.86%							Certificate Participation	0.99	%
County of Botetourt VA							Investment Companies	0.78	%
6.00%, 07/01/2044		1,000			1,078		Government	0.37	%
Fairfax County Economic Development							Liability For Floating Rate Notes Issued	(3.97	)%
Authority							Other Assets and Liabilities	0.93	%
5.00%, 10/01/2042^(c)		1,000			1,177		TOTAL NET ASSETS	100.00	%
Fairfax County Industrial Development
Authority
5.00%, 05/15/2035^(c)		300			353
				$	2,608
Washington - 0.19%
Port of Seattle Industrial Development Corp
5.00%, 04/01/2030		250			271

West Virginia - 0.72%
West Virginia Economic Development
Authority
2.88%, 12/15/2026		1,000			1,007

Wisconsin - 3.55%
Public Finance Authority
4.00%, 08/01/2035		500			514
4.00%, 12/01/2036		2,000			2,023
5.00%, 12/01/2025		1,500			1,770
5.25%, 04/01/2030		600			672
				$	4,979
TOTAL MUNICIPAL BONDS				$	142,956
Total Investments				$	144,558
Liability for Floating Rate Notes Issued in Conjunction with
Securities Held - (3.97)%
Notes with interest rates of 0.59% - 0.64% at	$	(5,565	)	$	(5,565	)
August 31, 2016 and contractual maturity of
collateral from 2017-2024.^(g)
Total Net Investments				$	138,993
Other Assets and Liabilities - 0.93%				$	1,311
TOTAL NET ASSETS - 100.00%				$	140,304


Schedule of Investments
Origin Emerging Markets Fund
August 31, 2016



COMMON STOCKS - 96.17%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.56%					Forest Products & Paper - 0.98%
Smiles SA	278,379	$	4,322		Mondi PLC	376,654	$	7,664

Aerospace & Defense - 0.63%					Hand & Machine Tools - 0.45%
Hanwha Techwin Co Ltd	89,000		4,913		Techtronic Industries Co Ltd	857,000		3,471

Agriculture - 3.15%					Healthcare - Products - 1.08%
KT&G Corp	234,006		24,533		China Medical System Holdings Ltd	2,500,000		4,179
					St Shine Optical Co Ltd	170,000		4,192
Automobile Manufacturers - 3.37%							$	8,371
Geely Automobile Holdings Ltd	21,103,400		16,882		Holding Companies - Diversified - 1.95%
Tata Motors Ltd ADR	230,000		9,377		KOC Holding AS	678,600		2,946
		$	26,259		Siam Cement PCL/The	798,900		12,227
Automobile Parts & Equipment - 1.65%							$	15,173
Hankook Tire Co Ltd	85,066		4,254		Home Furnishings - 3.41%
Hanon Systems	455,499		4,768		Coway Co Ltd	41,466		3,097
Xinyi Glass Holdings Ltd ^(a)	4,406,000		3,788		Skyworth Digital Holdings Ltd	8,190,900		6,053
		$	12,810		Steinhoff International Holdings NV	2,903,806		17,433
Banks - 1.30%							$	26,583
China CITIC Bank Corp Ltd	5,103,793		3,360		Insurance - 2.67%
China Construction Bank Corp	9,045,528		6,764		China Life Insurance Co Ltd/Taiwan	6,554,080		5,793
		$	10,124		PICC Property & Casualty Co Ltd	4,799,727		7,899
Beverages - 0.78%					Samsung Life Insurance Co Ltd	40,044		3,695
Ambev SA	1,020,700		6,037		Sul America SA	679,400		3,431
							$	20,818
Chemicals - 3.87%					Internet - 10.66%
LG Chem Ltd	46,978		11,355		Alibaba Group Holding Ltd ADR^(a)	195,900		19,040
Lotte Chemical Corp	27,772		6,654		Com2uSCorp ^(a)	81,123		7,506
PTT Global Chemical PCL ^(b)	4,770,100		8,385		NAVER Corp	22,800		17,253
Sinopec Shanghai Petrochemical Co Ltd	7,302,000		3,765		Tencent Holdings Ltd	1,511,305		39,165
		$	30,159				$	82,964
Commercial Services - 3.25%					Lodging - 1.21%
Kroton Educacional SA	1,047,400		4,457		Kangwon Land Inc	266,475		9,422
Localiza Rent a Car SA	285,000		3,565
New Oriental Education & Technology Group	348,600		13,763		Machinery - Diversified - 0.74%
Inc ADR					Hollysys Automation Technologies Ltd ^(a)	270,810		5,766
Zhejiang Expressway Co Ltd	3,123,700		3,479
		$	25,264		Mining - 0.47%
Computers - 2.12%					Korea Zinc Co Ltd	8,521		3,650
Cognizant Technology Solutions Corp ^(a)	139,200		7,996
Infosys Ltd ADR	278,800		4,422		Miscellaneous Manufacturers - 3.82%
Lite-On Technology Corp	2,720,510		4,110		Largan Precision Co Ltd	33,000		3,690
		$	16,528		Sunny Optical Technology Group Co Ltd	3,099,525		16,528
Cosmetics & Personal Care - 1.01%					Zhuzhou CRRC Times Electric Co Ltd	1,800,000		9,548
LG Household & Health Care Ltd	9,256		7,887				$	29,766
					Oil & Gas - 0.89%
Diversified Financial Services - 3.02%					SK Innovation Co Ltd	53,266		6,914
E.Sun Financial Holding Co Ltd	9,340,760		5,248
Mega Financial Holding Co Ltd	9,062,000		6,162		Pharmaceuticals - 2.95%
Noah Holdings Ltd ADR^(a)	194,400		5,113		Richter Gedeon Nyrt	402,732		8,262
Taishin Financial Holding Co Ltd	18,409,301		6,954		Sinopharm Group Co Ltd	2,879,900		14,718
		$	23,477				$	22,980
Electric - 2.92%					Real Estate - 2.35%
Korea Electric Power Corp	437,873		22,743		China Overseas Land & Investment Ltd	3,347,900		11,027
					China Vanke Co Ltd	2,838,200		7,259
Electronics - 3.26%							$	18,286
AAC Technologies Holdings Inc	1,624,518		18,502		Retail - 2.52%
Hon Hai Precision Industry Co Ltd	1,261,758		6,874		ANTA Sports Products Ltd	2,724,000		7,356
		$	25,376		Raia Drogasil SA	365,900		6,736
Energy - Alternate Sources - 0.47%					Truworths International Ltd	1,065,070		5,520
Xinyi Solar Holdings Ltd ^(a)	9,000,000		3,692				$	19,612
					Semiconductors - 12.76%
Engineering & Construction - 1.18%					Phison Electronics Corp	645,600		4,660
Grupo Aeroportuario del Centro Norte SAB de	920,100		5,664		Powertech Technology Inc	1,433,000		3,736
CV					Realtek Semiconductor Corp	1,287,000		5,141
Promotora y Operadora de Infraestructura	292,975		3,513		Samsung Electronics Co Ltd	53,377		38,625
SAB de CV					Silicon Motion Technology Corp ADR	121,400		6,128
		$	9,177		Taiwan Semiconductor Manufacturing Co Ltd	1,309,217		37,627
Food - 2.49%					ADR
BIM Birlesik Magazalar AS	176,403		3,023		Win Semiconductors Corp	1,720,000		3,453
SPAR Group Ltd/The	590,616		7,717				$	99,370
X5 Retail Group NV ^(a)	328,000		8,663		Software - 3.62%
		$	19,403		NetEase Inc ADR	112,335		23,812


				Schedule of Investments
Origin Emerging Markets Fund
August 31, 2016



COMMON STOCKS (continued)		Shares Held	Value (000's)
Software (continued)
TravelSky Technology Ltd		2,021,000	$	4,391
			$	28,203
Telecommunications - 5.02%
China Mobile Ltd		1,176,443		14,493
Chunghwa Telecom Co Ltd		5,929,400		21,287
Vodacom Group Ltd		319,597		3,326
			$	39,106
Water - 3.59%
Cia de Saneamento Basico do Estado de Sao		950,000		8,599
Paulo
Guangdong Investment Ltd		12,547,064		19,375
			$	27,974
TOTAL COMMON STOCKS			$	748,797
INVESTMENT COMPANIES - 3.64%		Shares Held	Value (000's)
Money Market Funds - 3.64%
First American Government Obligations Fund		28,364,471		28,364

TOTAL INVESTMENT COMPANIES			$	28,364
Total Investments			$	777,161
Other Assets and Liabilities - 0.19%			$	1,484
TOTAL NET ASSETS - 100.00%			$	778,645


(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
	$8,385 or 1.08% of net assets.



	Portfolio Summary (unaudited)
Country				Percent
China				30.19	%
Korea, Republic Of				22.76	%
Taiwan, Province Of China				16.05	%
Hong Kong				7.48	%
South Africa				5.35	%
Brazil				4.78	%
United States				4.66	%
Thailand				2.65	%
India				1.77	%
Mexico				1.18	%
Russian Federation				1.11	%
Hungary				1.06	%
Turkey				0.77	%
Other Assets and Liabilities				0.19	%
TOTAL NET ASSETS				100.00	%



Futures Contracts

											Unrealized
Type		Long/Short		Contracts		Notional Value		Fair Value		Appreciation/(Depreciation)
eMini MSCI Emerging Markets; September 2016		Long		685	$	30,550	$		30,411	$	(139	)
Total									$		(139	)

Amounts in thousands except contracts


INVESTMENT COMPANIES - 2.87%			Shares Held		Value(000	's)	PREFERRED STOCKS (continued)		Shares Held		Value(000	's)
Money Market Funds - 2.87%							Electric (continued)
Goldman Sachs Financial Square Funds -			167,452,081	$	167,452		Entergy New Orleans Inc 5.00%		3,299	$	85
Government Fund							Entergy New Orleans Inc 5.50%		20,000		541
							Entergy Texas Inc 5.63%		15,618		428
TOTAL INVESTMENT COMPANIES				$	167,452		Georgia Power Co 6.50%^(a)		97,900		10,305
							Gulf Power Co 6.00%^(a)		60,914		6,078
CONVERTIBLE PREFERRED STOCKS -1.42%
							Gulf Power Co 6.45%^(a)		9,400		981
			Shares Held		Value(000	's)
							Integrys Holding Inc 6.00%^(b)		87,600		2,404
Banks- 1.42%
Wells Fargo & Co 7.50%^(a)			60,982	$	82,478		Interstate Power & Light Co 5.10%^(a)		485,100		13,335
							NextEra Energy Capital Holdings Inc 5.00%		491,093		12,631
TOTAL CONVERTIBLE PREFERRED STOCKS				$	82,478		NextEra Energy Capital Holdings Inc 5.13%		662,215		17,006
PREFERRED STOCKS - 29.77%			Shares Held		Value(000	's)	NextEra Energy Capital Holdings Inc 5.63%		170,585		4,442
							NextEra Energy Capital Holdings Inc 5.70%		322,465		8,258
Banks- 9.04	%
AgriBank FCB 6.88%^(a),(b)			61,700		6,637		PPL Capital Funding Inc 5.90%		735		20
Bank of America Corp 6.38%^(a)			17,626		457					$	139,468
Bank of America Corp		6.50%^(a)	490		13		Food- 0.43	%
Bank of America Corp		6.63%^(a)	201,813		5,427		Dairy Farmers of America Inc 7.88%^(a),(c)		12,000		1,273
Bank of New York Mellon Corp/The 5.20%^(a)			139,534		3,659		Dairy Farmers of America Inc 7.88%^(a),(c)		232,500		23,962
Barclays Bank PLC 7.10%^(a)			1,011,767		26,093					$	25,235
Barclays Bank PLC 8.13%^(a)			249,031		6,520		Hand & Machine Tools - 0.50%
BB&T Corp 5.63%^(a)			150,000		4,044		Stanley Black & Decker Inc 5.75%		1,104,374		29,012
Capital One Financial Corp 6.00%^(a)			533,401		13,842
Citigroup Inc 6.88%^(a)			9,618		267		Insurance - 7.04%
Citigroup Inc 6.88%^(a),(b)			493,542		14,604		Aegon NV 4.00%^(a),(b)		66,900		1,650
CoBank ACB 6.13%^(a)			8,000		799		Aegon NV 6.38%^(a)		975,042		25,078
CoBank ACB 6.20%^(a),(b)			65,000		6,817		Aegon NV 6.50%^(a)		243,544		6,361
CoBank ACB 6.25%^(a),(b)			296,500		31,512		Aegon NV 8.00%		63,317		1,698
Cullen/Frost Bankers Inc 5.38%^(a)			276,081		7,584		Aflac Inc 5.50%		1,084,662		28,830
							Allstate Corp/The 5.10%^(b)		540,300		15,107
Deutsche Bank Contingent Capital Trust II			1,089,334		27,408
6.55%^(a)							Allstate Corp/The 6.25%^(a)		181,500		5,129
Goldman Sachs Group Inc/The 5.50%^(a),(b)			774,944		20,962		Allstate Corp/The 6.63%^(a)		380,000		10,655
HSBC Holdings PLC 6.20%^(a)			1,028,013		26,790		American Financial Group Inc/OH 5.75%		441,277		11,381
HSBC Holdings PLC 8.00%^(a)			348,226		9,179		American Financial Group Inc/OH 6.25%		250,786		6,944
Huntington Bancshares Inc/OH 5.88%^(a)			326,087		8,514		Arch Capital Group Ltd 6.75%^(a)		699,190		18,410
Huntington Bancshares Inc/OH 6.25%^(a)			1,050,000		29,169		Aspen Insurance Holdings Ltd 5.95%^(a),(b),(d)		450,449		13,464
ING Groep NV 6.13%^(a)			55,705		1,437		Aspen Insurance Holdings Ltd 7.25%^(a)		45,141		1,196
ING Groep NV 6.38%^(a)			829,730		21,324		Axis Capital Holdings Ltd 5.50%^(a)		155,098		4,140
ING Groep NV 7.05%^(a)			1,017,959		25,429		Axis Capital Holdings Ltd 6.88%^(a)		2,072,850		54,018
ING Groep NV 7.20%^(a)			163,000		4,271		Delphi Financial Group Inc 7.38%^(b)		527,604		11,739
KeyCorp 8.63%^(a),(b)			368,904		9,665		Hartford Financial Services Group Inc/The		1,040,014		32,688
M&T Bank Corp 6.38%^(a),(b)			5,400		5,726		7.88%^(b)
M&T Bank Corp 6.38%^(a),(b)			7,150		7,581		Protective Life Corp 6.00%		10,311		271
Merrill Lynch Capital Trust I 6.45%^(b)			315,326		8,151		Protective Life Corp 6.25%		336,151		8,753
Morgan Stanley 7.13%^(a),(b)			24,282		742		Prudential PLC 6.50%^(a)		92,849		2,532
							Prudential PLC 6.75%^(a)		174,600		4,681
PNC Financial Services Group Inc/The			1,730,132		52,250
6.13%^(a),(b)							Reinsurance Group of America Inc 6.20%^(b)		577,300		17,689
Royal Bank of Scotland Group PLC 5.75%^(a)			396,429		10,188		RenaissanceRe Holdings Ltd 5.38%^(a)		654,975		17,363
State Street Corp 5.25%^(a)			1,425,192		36,855		RenaissanceRe Holdings Ltd 6.08%^(a)		178,371		4,520
State Street Corp 5.90%^(a),(b)			241,300		6,867		Torchmark Corp 5.88%		468,309		12,274
State Street Corp 6.00%^(a)			349,700		9,659		WR Berkley Corp 5.63%		1,262,728		32,389
TCF Financial Corp 7.50%^(a)			229,278		6,005		WR Berkley Corp 5.75%		65,930		1,719
US Bancorp 6.00% ^(a),(b)			2,082,309		54,265		XLIT Ltd 3.80%^(a),(b),(d)		76,419		59,607
Valley National Bancorp 6.25%^(a),(b)			172,200		5,088					$	410,286
Wells Fargo & Co 5.85%^(a),(b)			125,027		3,498		Media- 0.22%
Wells Fargo & Co 6.63%^(a),(b)			236,676		7,254		Comcast Corp 5.00%		480,893		12,830
				$	526,552
Diversified Financial Services - 0.08%							Miscellaneous Manufacturers - 0.17%
Affiliated Managers Group Inc 6.38%			15,188		404		General Electric Co 4.88%		299,666		7,971
Charles Schwab Corp/The 6.00%^(a)			12,535		328		General Electric Co 4.88%		80,187		2,094
Charles Schwab Corp/The 6.00%^(a)			143,663		3,938					$	10,065
				$	4,670		REITS- 4.51%
							Boston Properties Inc 5.25%^(a)		7,284		190
Electric - 2.39%
Alabama Power Co 6.45%^(a)			89,000		2,373		Digital Realty Trust Inc 5.88%^(a)		97,818		2,553
							Digital Realty Trust Inc 6.35%^(a)		202,498		5,599
Dominion Resources Inc/VA 5.25%			892,421		22,890
							Digital Realty Trust Inc 6.63%^(a)		3,856		101
DTE Energy Co 5.25%			313,300		8,118
							Digital Realty Trust Inc 7.00%^(a)		544,076		13,787
Duke Energy Corp 5.13%			362,408		9,571
							Digital Realty Trust Inc 7.38%^(a)		239,911		6,938
Entergy Arkansas Inc 4.88%			10,000		250
							Hospitality Properties Trust 7.13%^(a)		411,113		10,607
Entergy Arkansas Inc 4.90%			241,096		6,088
							Kimco Realty Corp 5.50%^(a)		590,922		15,275
Entergy Arkansas Inc 5.75%			35,363		890
							Kimco Realty Corp 6.00%^(a)		667,508		17,328
Entergy Louisiana LLC 4.70%			165,100		4,185
							National Retail Properties Inc 6.63%^(a)		455,621		11,728
Entergy Louisiana LLC 4.88%			25,000		625
							Prologis Inc 8.54%^(a)		167,700		11,776
Entergy Louisiana LLC 5.25%			236,055		6,114
							PS Business Parks Inc 5.70%^(a)		377,419		9,956
Entergy Louisiana LLC 5.88%			1,981		50
							PS Business Parks Inc 5.75%^(a)		520,724		13,482
Entergy Mississippi Inc 6.00%			70,689		1,800


Schedule of Investments
Preferred Securities Fund
August 31, 2016



	PREFERRED STOCKS (continued)						Shares Held	Value(000's)					Principal
	REITS (continued)										BONDS (continued)	Amount (000's)		Value (000's)
	PS Business Parks Inc		6.00%^(a)				188,128	$		4,957	Banks (continued)
	PS Business Parks Inc		6.45%^(a)				132,228			3,421	BNP Paribas SA (continued)
	Public Storage 5.20%^(a)						70,407			1,849	7.37%, 12/29/2049^(a),(b),(c)	$	100	$	102
	Public Storage 5.75%^(a)						222,900			5,791	7.63%, 12/29/2049^(a),(b),(c)		46,600		49,000
	Public Storage 5.88%^(a)						237,401			6,695	7.63%, 12/29/2049^(a),(b)		4,000		4,206
	Public Storage 5.90%^(a)						55,600			1,431	BPCE SA
	Public Storage 6.00%^(a)						580,214			16,606	5.70%, 10/22/2023^(c)		6,000		6,567
	Public Storage 6.38%^(a)						131,181			3,790	Chase Capital III
	Realty Income Corp 6.63%^(a)						776,752			20,320	1.22%, 03/01/2027^(b)		3,000		2,625
	Regency Centers Corp		6.00%^(a)				441,029			10,998	Citigroup Capital III
	Regency Centers Corp 6.63%^(a)						230,854			5,979	7.63%, 12/01/2036		2,700		3,473
	Senior Housing Properties Trust			5.63	%		113,931			2,960	Citigroup Inc
	Senior Housing Properties Trust 6.25%						150,000			3,946	5.90%, 12/29/2049^(a)		200		208
	Ventas Realty LP / Ventas Capital Corp						198,708			5,409	5.95%, 12/29/2049^(a)		24,100		25,064
	5.45	%									6.13%, 12/29/2049^(a),(b)		47,300		49,353
	Vornado Realty Trust 5.40%^(a)						190,622			4,924	6.25%, 12/29/2049^(a),(b)		53,200		57,456
	Vornado Realty Trust		5.70%^(a)				830,753			21,583	Citizens Financial Group Inc
	Vornado Realty Trust 6.63%^(a)						90,192			2,331	5.50%, 12/29/2049^(a),(b)		7,500		7,425
	Vornado Realty Trust 6.88%^(a)						173,159			4,379	CoBank ACB
	Welltower Inc 6.50%^(a)						617,148			16,200	6.25%, 12/29/2049^(a),(b)		12,900		13,981
								$		262,889	Commerzbank AG
	Savings & Loans - 0.05%										8.13%, 09/19/2023^(c)		20,300		23,698
	Astoria Financial Corp		6.50%^(a)				106,851			2,869	Cooperatieve Rabobank UA
											11.00%, 12/29/2049 ^(a),(b)		7,750		9,460
	Sovereign - 0.48%										11.00%, 12/29/2049 ^(a),(b),(c)		69,657		85,025
	Farm Credit Bank of Texas 6.75%^(a),(b)						258,000			27,614	Corestates Capital III
											1.39%, 02/15/2027^(b),(c)		10,200		8,996
	Telecommunications - 4.86%										Countrywide Capital III
	Centaur Funding Corp 0.00%^(b),(c),(e)						26,500			22,608	8.05%, 06/15/2027		6,312		8,043
	Centaur Funding Corp		9.08%^(c),(f)				102,566			121,028	Credit Agricole SA
	Qwest Corp 6.13%						885,400			22,489	7.88%, 12/29/2049^(a),(c)		8,000		8,190
	Qwest Corp 6.88%						258,100			6,871	8.13%, 12/29/2049^(a),(b)		5,000		5,366
	Qwest Corp 7.00%						253,178			6,573	8.13%, 12/29/2049^(a),(b),(c)		11,050		11,858
	Qwest Corp 7.00%						520,255			13,610	8.38%, 12/31/2049^(a),(b),(c)		42,909		48,496
	Qwest Corp 7.50%						949,111			24,240	Credit Suisse AG
	Telephone & Data Systems Inc			6.63	%		224,067			6,023	6.50%, 08/08/2023^(c)		28,300		30,968
	Telephone & Data Systems Inc			6.88	%		2,595			66	Credit Suisse Group AG
	Telephone & Data Systems Inc			7.00	%		1,208,015			30,949	6.25%, 12/29/2049^(a),(b),(c)		39,100		38,269
	United States Cellular Corp 6.95%						110,817			2,869	6.25%, 12/29/2049^(a)		475		465
	Verizon Communications Inc 5.90%						942,517			26,098	7.50%, 12/29/2049^(a),(b)		3,000		3,162
								$		283,424	7.50%, 12/29/2049^(a),(b),(c)		34,040		35,878
	TOTAL PREFERRED STOCKS							$		1,734,914	Dresdner Funding Trust I
											8.15%, 06/30/2031^(c)		26,715		31,744
							Principal
	BONDS- 64.21	%				Amount (000's)		Value(000's)			8.15%, 06/30/2031		3,200		3,808
	Banks- 36.66	%									Fifth Third Bancorp
											5.10%, 12/29/2049^(a),(b)		5,100		5,049
	ABN AMRO Bank NV
	4.80%, 04/18/2026^(c)					$	7,000		$	7,463	First Chicago NBD Institutional Capital I
	6.25%, 09/13/2022^(b)						10,000			10,450	1.31%, 02/01/2027^(b)		2,300		2,024
	Australia & New Zealand Banking Group										First Union Capital II
	Ltd/United Kingdom										7.95%, 11/15/2029		3,700		4,824
	6.75%, 12/29/2049^(a),(c)						4,000			4,496	Fleet Capital Trust V
											1.65%, 12/18/2028^(b)		2,500		2,178
	BAC Capital Trust XIII
	4.00%, 12/29/2049^(a),(b)						33,564			27,220	Goldman Sachs Group Inc/The
											5.70%, 12/29/2049^(a),(b)		39,795		40,651
	Banco Bilbao Vizcaya Argentaria SA
	9.00%, 05/29/2049^(a)						27,800			29,051	HBOS Capital Funding LP
											6.85%, 03/29/2049^(a)		7,000		7,097
	Banco Santander SA
	6.38%, 05/29/2049^(a),(b)						5,000			4,618	HSBC Capital Funding Dollar1 LP
											10.18%, 12/29/2049 ^(a),(b),(c)		32,900		49,811
	Bank of America Corp
	6.30%, 12/29/2049^(a),(b)						18,500			20,211	HSBC Holdings PLC
	6.50%, 10/29/2049^(a),(b)						50,000			54,505	6.87%, 12/29/2049^(a),(b)		29,600		30,969
	Bank of New York Mellon Corp/The										JPMorgan Chase & Co
	4.62%, 12/29/2049^(a),(b)						13,300			13,317	5.30%, 12/29/2049^(a),(b)		9,800		10,002
	4.95%, 12/29/2049^(a),(b)						75,100			76,696	6.13%, 12/29/2049^(a),(b)		22,000		23,554
											6.75%, 01/29/2049^(a),(b)		137,707		155,294
	Barclays Bank PLC
	7.63%, 11/21/2022						8,000			8,984	JPMorgan Chase Capital XXI
	7.75%, 04/10/2023^(b)						24,200			25,652	1.71%, 02/02/2037^(b)		13,251		10,717
	10.18%, 06/12/2021						3,000			3,845	KeyCorp Capital III
	10.18%, 06/12/2021 ^(c)						3,460			4,434	7.75%, 07/15/2029		3,500		4,164
	Barclays PLC										Lloyds Banking Group PLC
	6.63%, 06/29/2049^(a),(b)						34,178			32,512	6.27%, 11/29/2049^(a),(b),(c)		3,000		2,873
	8.25%, 12/29/2049^(a),(b)						63,158			64,696	6.27%, 11/29/2049^(a),(b)		3,150		3,016
											6.41%, 01/29/2049^(a),(c)		39,174		43,287
	BNP Paribas SA
	7.20%, 06/29/2049^(a),(c)						13,800			15,525	6.66%, 01/29/2049^(a),(c)		60,185		66,805
											7.50%, 04/30/2049^(a),(b)		49,888		50,699


			Principal					Principal
BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Banks (continued)						Electric (continued)
M&T Bank Corp						PPL Capital Funding Inc
6.45%, 12/29/2049^(a),(b)	$		6,615	$	7,376	6.70%, 03/30/2067^(b)	$	15,375	$	13,280
6.88%, 12/29/2049^(a)			37,800		38,036			$		98,630
Morgan Stanley						Hand & Machine Tools - 0.23%
5.55%, 12/29/2049^(a),(b)			11,100		11,377	Stanley Black & Decker Inc
Nordea Bank AB						5.75%, 12/15/2053		12,250		13,126
5.50%, 09/29/2049^(a),(b),(c)			6,000		6,007
5.50%, 09/29/2049^(a),(b)			1,200		1,201	Insurance - 19.12%
6.13%, 12/29/2049^(a),(b)			1,800		1,791	ACE Capital Trust II
6.13%, 12/29/2049^(a),(b),(c)			32,831		32,667	9.70%, 04/01/2030		18,970		28,740
Northern Trust Corp						Aegon NV
4.60%, 12/29/2049^(a),(b)			4,400		4,493	1.43%, 07/29/2049^(a),(b)		11,889		7,643
PNC Financial Services Group Inc/The						AIG Life Holdings Inc
6.75%, 07/29/2049^(a),(b)			44,035		49,705	8.50%, 07/01/2030		30,200		38,279
Royal Bank of Scotland Group PLC						Allstate Corp/The
4.80%, 04/05/2026			7,500		7,854	5.75%, 08/15/2053^(b)		7,600		8,208
7.50%, 12/29/2049^(a),(b)			45,281		42,904	6.50%, 05/15/2067		12,505		14,443
7.64%, 03/29/2049^(a),(b)			1,900		1,869	American International Group Inc
7.65%, 08/29/2049^(a),(b)			34,315		41,178	8.18%, 05/15/2068		1,500		1,965
8.00%, 12/29/2049^(a),(b)			9,825		9,508	Aon Corp
8.62%, 12/29/2049^(a),(b)			3,000		3,056	8.21%, 01/01/2027		4,500		5,974
Skandinaviska Enskilda Banken AB						AXA SA
5.75%, 11/29/2049^(a),(b)			13,800		13,801	1.43%, 08/29/2049^(b)		9,295		6,516
Societe Generale SA						6.38%, 12/29/2049^(a),(b),(c)		27,793		30,294
1.40%, 12/29/2049^(a),(b),(c)			5,750		5,477	8.60%, 12/15/2030		13,565		19,045
7.88%, 12/29/2049^(a),(b),(c)			3,000		2,982	Catlin Insurance Co Ltd
7.88%, 12/29/2049^(a),(b)			15,000		14,910	7.25%, 07/29/2049^(a),(c)		52,586		40,491
8.00%, 12/29/2049^(a),(b),(c)			16,800		17,115	Chubb Corp/The
8.25%, 09/29/2049^(a),(b)			64,750		66,612	6.38%, 03/29/2067^(b)		44,690		41,757
Standard Chartered PLC						Dai-ichi Life Insurance Co Ltd/The
7.01%, 07/29/2049^(a),(c)			14,300		15,694	5.10%, 10/29/2049^(a),(b),(c)		12,300		13,530
7.50%, 12/29/2049^(a),(b),(c)			12,700		12,687	7.25%, 12/29/2049^(a),(c)		13,250		15,801
SunTrust Capital I						Demeter Investments BV for Swiss Re Ltd
1.49%, 05/15/2027^(b)			20,900		17,243	5.63%, 08/15/2052		16,800		17,984
Svenska Handelsbanken AB						Everest Reinsurance Holdings Inc
5.25%, 12/29/2049^(a),(b)			22,500		22,388	6.60%, 05/01/2067^(b)		34,120		27,722
Swedbank AB						Glen Meadow Pass-Through Trust
5.50%, 12/29/2049^(a),(b)			5,200		5,330	6.51%, 02/12/2067^(b),(c)		10,885		8,218
UBS AG/Stamford CT						Great-West Life & Annuity Insurance Capital
7.63%, 08/17/2022			10,000		11,716	LP
UBS Group AG						6.63%, 11/15/2034^(c)		7,000		8,306
6.87%, 12/29/2049^(a),(b)			18,078		18,236	Great-West Life & Annuity Insurance Capital
6.88%, 12/29/2049^(a),(b)			13,100		13,017	LP II
7.00%, 12/29/2049^(a),(b)			12,000		12,795	3.36%, 05/16/2046^(b),(c)		8,750		7,481
7.13%, 12/29/2049^(a)			1,757		1,807	Hartford Financial Services Group Inc/The
US Bancorp						8.13%, 06/15/2068^(b)		11,772		12,861
5.12%, 12/29/2049^(a),(b)			21,400		22,738	Liberty Mutual Group Inc
Wells Fargo & Co						7.00%, 03/07/2067^(b),(c)		17,738		14,811
5.87%, 12/29/2049^(a),(b)			47,800		52,793	7.80%, 03/07/2087^(c)		61,373		71,193
7.98%, 12/31/2049^(a),(b)			57,100		60,383	Liberty Mutual Insurance Co
		$	2,136,321			7.70%, 10/15/2097^(c)		20,025		26,724
Diversified Financial Services - 1.03%						Lincoln National Corp
Charles Schwab Corp/The						3.16%, 05/17/2066^(b)		13,109		10,192
7.00%, 02/28/2049^(a),(b)			27,158		31,367	6.05%, 04/20/2067^(b)		54,947		42,045
Depository Trust & Clearing Corp/The						Meiji Yasuda Life Insurance Co
4.88%, 12/29/2049^(a),(b),(c)			4,000		4,090	5.20%, 10/20/2045^(b),(c)		10,000		11,400
MBNA Capital B						MetLife Capital Trust IV
1.56%, 02/01/2027^(b)			2,500		2,178	7.88%, 12/15/2067^(c)		19,020		23,870
National Rural Utilities Cooperative Finance						MetLife Capital Trust X
Corp						9.25%, 04/08/2068^(c)		41,075		58,720
5.25%, 04/20/2046^(b)			21,300		22,486	MetLife Inc
			$		60,121	5.25%, 12/29/2049^(a),(b)		17,200		17,297
Electric - 1.69%						6.40%, 12/15/2066^(b)		11,400		12,802
Emera Inc						10.75%, 08/01/2069		28,223		45,439
6.75%, 06/15/2076^(b)			33,400		36,114	Mitsui Sumitomo Insurance Co Ltd
Integrys Holding Inc						7.00%, 03/15/2072^(c)		10,700		12,947
6.11%, 12/01/2066^(b)			13,082		10,973	MMI Capital Trust I
NextEra Energy Capital Holdings Inc						7.63%, 12/15/2027		1,073		1,377
6.35%, 10/01/2066^(b)			23,474		18,955	Nationwide Financial Services Inc
6.65%, 06/15/2067^(b)			2,000		1,670	6.75%, 05/15/2087		71,215		75,132
7.30%, 09/01/2067^(b)			17,750		17,638	Nippon Life Insurance Co
						4.70%, 01/20/2046^(b),(c)		5,000		5,488
						5.10%, 10/16/2044^(b),(c)		14,900		16,613


			Principal			Portfolio Summary (unaudited)
BONDS (continued)			Amount (000's) Value (000's)			Sector	Percent
Insurance (continued)						Financial	79.39	%
Provident Financing Trust I						Communications	5.20	%
7.41%, 03/15/2038		$	37,750	$	42,199	Industrial	4.76	%
Prudential Financial Inc						Utilities	4.08	%
5.63%, 06/15/2043^(b)			66,965		71,820	Investment Companies	2.87	%
5.88%, 09/15/2042^(b)			11,675		12,930	Energy	1.50	%
Prudential PLC						Government	0.48	%
7.75%, 01/29/2049^(a)			4,800		4,903	Consumer, Non-cyclical	0.43	%
Reinsurance Group of America Inc						Purchased Options	0.12	%
3.32%, 12/15/2065^(b)			26,423		19,949	Other Assets and Liabilities	1.17	%
Sompo Japan Nipponkoa Insurance Inc						TOTAL NET ASSETS	100.00	%
5.33%, 03/28/2073^(b),(c)			60,300		67,838
Sumitomo Life Insurance Co
6.50%, 09/20/2073^(b),(c)			15,500		18,561
Voya Financial Inc
5.65%, 05/15/2053^(b)			64,126		64,126
XLIT Ltd
6.50%, 12/31/2049^(a),(b)			14,350		10,741
			$		1,114,375
Miscellaneous Manufacturers - 3.10%
General Electric Co
5.00%, 12/29/2049^(a),(b)			168,649		180,876

Pipelines - 1.50%
Enterprise Products Operating LLC
7.03%, 01/15/2068^(b)			55,775		59,337
TransCanada PipeLines Ltd
6.35%, 05/15/2067^(b)			8,461		6,769
Transcanada Trust
5.63%, 05/20/2075^(b)			3,800		3,771
5.87%, 08/15/2076^(b)			16,200		17,263
			$		87,140
Telecommunications - 0.12%
Koninklijke KPN NV
7.00%, 03/28/2073^(b),(c)			6,550		7,213

Transportation - 0.76%
BNSF Funding Trust I
6.61%, 12/15/2055^(b)			38,509		44,389

TOTAL BONDS			$		3,742,191
			Principal
CONVERTIBLE BONDS - 0.44%			Amount (000's) Value (000's)
Banks- 0.44	%
ING Groep NV
6.50%, 12/29/2049^(a),(b)			26,000		25,464

TOTAL CONVERTIBLE BONDS			$		25,464
TOTAL PURCHASED OPTIONS - 0.12%			$		7,169
Total Investments			$		5,759,668
Other Assets and Liabilities - 1.17%			$		68,002
TOTAL NET ASSETS - 100.00%			$		5,827,670


					Schedule of Investments
Preferred Securities Fund
August 31, 2016




August 31,			August 31,													August 31,		August 31,
Affiliated Securities	2015		2015			Purchases			Purchases		Sales			Sales		2016		2016
Shares			Cost			Shares			Cost		Shares			Proceeds		Shares		Cost
Centaur Funding Corp 9.08%	71,576	$	85,034			30,990		$	36,865		—		$	—		102,566	$	121,899
	$		85,034					$	36,865				$	–		$		121,899


									Realized Gain/Loss							Realized Gain from
			Income						on Investments					Capital Gain Distributions
Centaur Funding Corp 9.08%	$		9,081				$				—			$				—
	$		9,081				$				—			$				—
Amounts in thousands except shares


Options

										Upfront Premiums						Unrealized
Purchased Options Outstanding	Exercise Price			Expiration Date				Contracts		Paid/(Received)				Fair Value		Appreciation/(Depreciation)
Put - US Long Bond Future; December 2016	$		169.00		09/26/2016				6,200	$	12,423		$	7,169		$		(5,254	)
Total										$	12,423		$	7,169		$		(5,254	)

										Upfront Premiums						Unrealized
Written Options Outstanding	Exercise Price			Expiration Date				Contracts		Paid/(Received)				Fair Value		Appreciation/(Depreciation)
Put - US Long Bond Future; December 2016	$		165.00		09/26/2016				6,200	$	(4,386	)	$	(2,034	)	$		2,352
Total										$	(4,386	)	$	(2,034	)	$		2,352

Amounts in thousands except contracts


Schedule of Investments
Real Estate Allocation Fund
August 31, 2016



INVESTMENT COMPANIES - 101.35%	Shares Held				Value
Principal Funds, Inc. Institutional Class - 101.35%
Global Real Estate Securities Fund ^(a)		47,961		$	460,422
Real Estate Debt Income Fund ^(a)		47,645			470,256
			$		930,678
TOTAL INVESTMENT COMPANIES			$		930,678
Total Investments			$		930,678
Other Assets and Liabilities - (1.35)%			$		(12,416		)
TOTAL NET ASSETS - 100.00%			$		918,262


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


Portfolio Summary (unaudited)
Fund Type						Percent
Fixed Income Funds						51.21	%
International Equity Funds						50.14	%
Other Assets and Liabilities						(1.35	)%
TOTAL NET ASSETS					100.00		%



August 31,		August 31,												August 31,	August 31,
Affiliated Securities	2015		2015			Purchases			Purchases	Sales			Sales	2016		2016
Shares			Cost			Shares			Cost	Shares			Proceeds	Shares		Cost
Global Real Estate Securities Fund	20,381	$	193,364			54,122		$	490,184	26,542		$	245,539	47,961	$	438,790
Real Estate Debt Income Fund	14,683		146,149			54,032			521,092	21,070			203,599	47,645		463,564
		$	339,513					$	1,011,276			$	449,138		$	902,354


									Realized Gain/Loss					Realized Gain from
						Income			on Investments				Capital Gain Distributions
Global Real Estate Securities Fund	$		5,772				$			781			$		3,841
Real Estate Debt Income Fund			9,611							(78	)					—
	$					15,383			$	703			$		3,841

Amounts shown are in dollars and not rounded to the thousands.


Schedule of Investments
Real Estate Debt Income Fund
August 31, 2016



	INVESTMENT COMPANIES - 1.12%		Shares Held		Value(000			's)			Principal
	Money Market Funds - 1.12%								BONDS (continued)		Amount (000's)		Value (000's)
	First American Government Obligations Fund			1,731,291	$		1,731		Commercial Mortgage Backed Securities (continued)
									GS Mortgage Securities Trust 2015-GC34
	TOTAL INVESTMENT COMPANIES				$		1,731		3.51%, 10/10/2048^(a)		$	5,000	$	5,424
			Principal						4.47%, 10/10/2048			2,000		2,242
	BONDS- 98.39	%	Amount (000's)		Value(000			's)	GS Mortgage Securities Trust 2016-GS2
	Commercial Mortgage Backed Securities - 93.03%								3.76%, 05/10/2049			2,500		2,732
	Banc of America Commercial Mortgage Trust								JP Morgan Chase Commercial Mortgage
	2008-1								Securities Trust 2010-C1
	6.48%, 02/10/2051^(a)		$	1,800		$	1,787		5.95%, 06/15/2043^(b)			1,500		1,628
	6.48%, 02/10/2051^(a),(b)			1,000			934		JP Morgan Chase Commercial Mortgage
									Securities Trust 2011-C5
	Banc of America Commercial Mortgage Trust								5.51%, 08/15/2046^(a),(b)			1,200		1,325
	2015-UB	S7
	4.51%, 09/15/2048^(a)			1,080			1,217		JP Morgan Chase Commercial Mortgage
	Banc of America Commercial Mortgage Trust								Securities Trust 2016-JP2
	2016-UBS10								3.46%, 08/15/2049			1,000		1,053
	2.18%, 06/15/2049^(a),(c)			9,089			1,167		JPMBB Commercial Mortgage Securities
	5.08%, 06/15/2049^(a)			3,500			3,738		Trust 2013-C12
									4.22%, 07/15/2045^(a)			460		411
	CFCRE Commercial Mortgage Trust 2011-
	C2								JPMBB Commercial Mortgage Securities
	1.92%, 12/15/2047^(a),(b),(c)			12,924			413		Trust 2014-C21
									1.26%, 08/15/2047^(a),(c)			25,616		1,626
	Citigroup Commercial Mortgage Trust 2013-
	GC15								JPMBB Commercial Mortgage Securities
	5.27%, 09/10/2046^(a),(b)			2,010			1,875		Trust 2014-C24
									4.07%, 11/15/2047^(a),(b)			1,000		791

	Citigroup Commercial Mortgage Trust 2015-								4.12%, 11/15/2047^(a)			2,500		2,754
	GC27
	3.14%, 02/10/2048^(a)			2,000			2,108		LB Commercial Mortgage Trust 2007-C3
									6.11%, 07/15/2044^(a)			2,000		1,969
	Citigroup Commercial Mortgage Trust 2016-
	C1								ML-CFC Commercial Mortgage Trust 2006-
	2.12%, 05/10/2049^(a),(c)			28,938			4,036		3
									5.48%, 07/12/2046^(a)			1,290		1,279
	3.51%, 05/10/2049			2,500			2,647
	4.12%, 05/10/2049			2,500			2,746		Morgan Stanley Bank of America Merrill
									Lynch Trust 2013-C13
	Citigroup Commercial Mortgage Trust 2016-								5.05%, 11/15/2046^(a)			4,000		4,420
	GC36
	3.62%, 02/10/2049			5,000			5,485		Morgan Stanley Bank of America Merrill
									Lynch Trust 2013-C9
	COMM 2006-C8 Mortgage Trust								4.29%, 05/15/2046^(a),(b)			3,000		2,841
	5.38%, 12/10/2046			2,000			1,938
	COMM 2012-CCRE4 Mortgage Trust								Morgan Stanley Bank of America Merrill
	3.25%, 10/15/2045			3,000			3,167		Lynch Trust 2014-C14
									1.42%, 02/15/2047^(a),(c)			20,844		1,073
	COMM 2013-CCRE11 Mortgage Trust
	1.20%, 10/10/2046^(a),(c)			26,060			1,493		Morgan Stanley Bank of America Merrill
	COMM 2013-CCRE6 Mortgage Trust								Lynch Trust 2014-C15
	1.62%, 03/10/2046^(a),(c)			14,807			633		5.06%, 04/15/2047^(a)			1,000		1,087
	COMM 2014-CCRE17 Mortgage Trust								Morgan Stanley Bank of America Merrill
	4.96%, 05/10/2047^(a),(b)			1,000			927		Lynch Trust 2015-C20
									4.16%, 02/15/2048^(a)			1,000		1,073
	Comm 2014-UBS2 Mortgage Trust
	4.20%, 03/10/2047			1,000			1,099		Morgan Stanley Bank of America Merrill
	COMM 2014-UBS3 Mortgage Trust								Lynch Trust 2015-C25
	4.94%, 06/10/2047^(a)			1,000			1,019		1.30%, 10/15/2048^(a),(c)			29,871		2,253
	COMM 2015-LC19 Mortgage Trust								Morgan Stanley Bank of America Merrill
	2.87%, 02/10/2048^(a),(b)			1,000			781		Lynch Trust 2015-C26
	COMM 2015-LC23 Mortgage Trust								3.53%, 10/15/2048			1,000		1,091
	4.80%, 10/10/2053^(a)			1,000			1,054		Morgan Stanley Bank of America Merrill
	COMM 2016-DC2 Mortgage Trust								Lynch Trust 2016-C28
	3.77%, 02/10/2049			6,000			6,635		3.95%, 01/15/2049			6,000		6,602
	Commercial Mortgage Trust 2007-GG9								Morgan Stanley Capital I Trust 2016-UBS9
	5.51%, 03/10/2039			3,000			2,768		4.70%, 03/15/2049			500		529
	Credit Suisse Commercial Mortgage Trust								UBS-Barclays Commercial Mortgage Trust
	Series 2007-C1								2012	-C4
									1.92%, 12/10/2045^(a),(b),(c)			9,382		729
	5.42%, 02/15/2040			3,000			2,982
									4.65%, 12/10/2045^(a),(b)			1,000		990
	FHLMC Multifamily Structured Pass Through
	Certificates								Wachovia Bank Commercial Mortgage Trust
	1.29%, 01/25/2021^(a),(c)			20,172			836		Series 2006-C29
	3.01%, 07/25/2025			5,000			5,383		5.37%, 11/15/2048			2,000		1,991
	3.15%, 11/25/2025^(a)			1,500			1,633		Wachovia Bank Commercial Mortgage Trust
	3.28%, 06/25/2025^(a)			5,000			5,488		Series 2007-C30
	3.33%, 08/25/2025^(a)			4,000			4,411		5.41%, 12/15/2043^(a)			4,000		4,008
	GS Mortgage Securities Trust 2010-C1								Wells Fargo Commercial Mortgage Trust
	1.58%, 08/10/2043^(a),(b),(c)			25,702			1,180		2015	-C31
	GS Mortgage Securities Trust 2011-GC3								3.70%, 11/15/2048			2,000		2,200
	0.84%, 03/10/2044^(a),(b),(c)			24,312			596		Wells Fargo Commercial Mortgage Trust
	GS Mortgage Securities Trust 2013-GCJ14								2015-NX	S1
	4.93%, 08/10/2046^(a),(b)			1,500			1,375		4.24%, 05/15/2048^(a)			3,180		2,629
	GS Mortgage Securities Trust 2014-GC22
	4.80%, 06/10/2047^(a)			3,110			3,334
	See accompanying notes.								212


COMMON STOCKS - 97.23%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 1.24%					Housewares - 0.76%
Harris Corp	305,935	$	28,446		Tupperware Brands Corp	265,785	$	17,417

Airlines - 1.18%					Insurance - 6.15%
Alaska Air Group Inc	400,498		27,046		Allied World Assurance Co Holdings AG	574,007		23,282
					AmTrust Financial Services Inc	2,026,483		53,681
Automobile Manufacturers - 1.63%					Arthur J Gallagher & Co	446,826		22,078
New Flyer Industries Inc	1,162,265		37,445		Validus Holdings Ltd	824,217		41,862
							$	140,903
Automobile Parts & Equipment - 0.89%					Investment Companies - 3.02%
Autoliv Inc	191,477		20,331		Ares Capital Corp	2,604,759		42,093
					Oaktree Capital Group LLC	613,904		26,993
Banks - 8.87%							$	69,086
Bank of the Ozarks Inc	1,090,090		42,710		Machinery - Diversified - 4.60%
BOK Financial Corp	324,304		22,399		Applied Industrial Technologies Inc	670,246		31,850
Cullen/Frost Bankers Inc	607,861		44,313		Flowserve Corp	459,701		22,236
PacWest Bancorp	1,171,714		50,747		IDEX Corp	259,644		24,261
Umpqua Holdings Corp	1,199,090		19,689		Nordson Corp	273,234		26,976
Washington Trust Bancorp Inc	554,964		23,392				$	105,323
		$	203,250		Media - 2.17%
Chemicals - 4.06%					Sinclair Broadcast Group Inc	1,745,881		49,723
Albemarle Corp	359,974		28,787
Cabot Corp	206,990		10,321		Miscellaneous Manufacturers - 2.13%
Huntsman Corp	2,083,689		36,027		Crane Co	553,538		35,604
RPM International Inc	326,040		17,779		Donaldson Co Inc	354,330		13,305
		$	92,914				$	48,909
Coal - 1.13%					Oil & Gas - 2.64%
Alliance Resource Partners LP	1,269,976		25,895		Helmerich & Payne Inc	113,951		6,889
					HollyFrontier Corp	1,134,524		29,362
Computers - 1.08%					Vermilion Energy Inc	669,984		24,211
Leidos Holdings Inc	608,339		24,644				$	60,462
					Oil & Gas Services - 1.34%
Diversified Financial Services - 1.85%					Targa Resources Corp	703,671		30,666
BGC Partners Inc	2,100,528		18,422
FNF Group	637,546		24,029		Packaging & Containers - 1.04%
		$	42,451		Packaging Corp of America	303,177		23,839
Electric - 5.67%
ALLETE Inc	465,108		27,581		Pipelines - 1.69%
Alliant Energy Corp	920,114		34,918		EnLink Midstream Partners LP	2,199,582		38,823
Great Plains Energy Inc	944,362		25,649
ITC Holdings Corp	585,254		26,465		Private Equity - 0.91%
PNM Resources Inc	479,836		15,254		Hercules Capital Inc	1,526,193		20,848
		$	129,867
Electrical Components & Equipment - 1.87%					REITS - 17.08%
Hubbell Inc	157,813		17,093		Agree Realty Corp	375,540		18,022
Littelfuse Inc	202,825		25,718		Alexandria Real Estate Equities Inc	236,719		26,060
		$	42,811		Colony Capital Inc	3,004,578		55,495
Electronics - 2.20%					CYS Investments Inc	395,503		3,484
Avnet Inc	822,323		34,275		EastGroup Properties Inc	325,316		23,872
Garmin Ltd	326,760		16,037		EPR Properties	623,769		48,854
		$	50,312		GEO Group Inc/The	815,111		16,335
Environmental Control - 1.34%					Gramercy Property Trust	4,289,352		41,521
MSA Safety Inc	528,126		30,763		LaSalle Hotel Properties	932,361		26,162
					Medical Properties Trust Inc	3,040,287		46,425
Food - 2.55%					Omega Healthcare Investors Inc	1,420,507		51,422
B&G Foods Inc	834,036		39,600		Pebblebrook Hotel Trust	1,121,926		33,703
Ingredion Inc	137,613		18,847				$	391,355
		$	58,447		Retail - 1.09%
Gas - 0.97%					Nordstrom Inc	494,978		24,977
Vectren Corp	455,884		22,297
					Semiconductors - 2.60%
Hand & Machine Tools - 2.06%					Maxim Integrated Products Inc	505,548		20,586
Lincoln Electric Holdings Inc	358,905		22,812		Microchip Technology Inc	628,617		38,918
Snap-on Inc	159,369		24,430				$	59,504
		$	47,242		Software - 2.63%
Healthcare - Products - 2.62%					Broadridge Financial Solutions Inc	321,162		22,256
STERIS PLC	481,466		34,030		j2 Global Inc	557,776		38,024
Teleflex Inc	141,714		25,946				$	60,280
		$	59,976		Supranational Bank - 1.82%
Home Furnishings - 2.27%					Banco Latinoamericano de Comercio Exterior	1,446,712		41,795
Harman International Industries Inc	614,693		52,058		SA


Schedule of Investments

SystematEx International Fund

August 31, 2016





COMMON STOCKS - 99.38%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)

Advertising - 0.70%					Banks (continued)

Hakuhodo DY Holdings Inc	20,300	$	221		Lloyds Banking Group PLC	195,132	$	152

WPP PLC	9,531		220		Mitsubishi UFJ Financial Group Inc	46,200		254

		$	441		Mizuho Financial Group Inc	172,500		300

Aerospace & Defense - 0.87%					National Australia Bank Ltd	9,139		187

Airbus Group SE	1,242		73		Nordea Bank AB	4,358		42

BAE Systems PLC	26,123		185		Oversea-Chinese Banking Corp Ltd	26,800		169

Safran SA	620		43		Resona Holdings Inc	58,000		266

Thales SA	2,854		247		Societe Generale SA	943		34
					Standard Chartered PLC ^(a)	4,313		36
		$	548

Agriculture - 1.49%					Sumitomo Mitsui Financial Group Inc	10,800		378

British American Tobacco PLC	7,542		468		Svenska Handelsbanken AB	311		4

Imperial Brands PLC	5,278		277		Swedbank AB	1,595		37

Japan Tobacco Inc	3,600		139		UBS Group AG	12,500		181

Swedish Match AB	1,678		60		United Overseas Bank Ltd	4,700		62

		$	944		Westpac Banking Corp	12,619		279
					Yamaguchi Financial Group Inc	14,000		148
Airlines - 0.28%

International Consolidated Airlines Group SA	597		3				$	5,226

Japan Airlines Co Ltd	5,800		177		Beverages - 1.46%

		$	180		Anheuser-Busch InBev SA/NV	3,192		396
					Coca-Cola HBC AG ^(a)	256		6
Apparel - 1.46%
					Diageo PLC	9,322		258
Adidas AG	3,059		508
					Heineken NV	80		7
Christian Dior SE	28		5
					Pernod Ricard SA	457		53
Hermes International	605		256
					SABMiller PLC	3,545		205
LVMH Moet Hennessy Louis Vuitton SE	925		157
							$	925
		$	926
					Biotechnology - 0.18%
Automobile Manufacturers - 3.46%
					CSL Ltd	1,385		112
Bayerische Motoren Werke AG	534		47

Daimler AG	3,529		244

Fuji Heavy Industries Ltd	6,500		259		Building Materials - 1.08%
					Boral Ltd	662		4
Honda Motor Co Ltd	11,200		345
					Cie de Saint-Gobain	872		38
Isuzu Motors Ltd	12,600		145
					CRH PLC	1,672		56
Mazda Motor Corp	9,400		156
					Daikin Industries Ltd	400		37
Mitsubishi Motors Corp	14,900		68
					Geberit AG	172		75
Nissan Motor Co Ltd	14,900		146
					HeidelbergCement AG	2,618		243

Renault SA	62		5		LafargeHolcim Ltd ^(a)	130		7
Suzuki Motor Corp	3,300		110
					Sika AG	47		224
Toyota Motor Corp	11,000		665

Volkswagen AG	16		2				$	684

		$	2,192		Chemicals - 4.66%
					Air Liquide SA	759		83
Automobile Parts & Equipment - 2.69%
					Akzo Nobel NV	294		20
Aisin Seiki Co Ltd	400		19
					Arkema SA	1,933		173
Bridgestone Corp	9,300		320
					BASF SE	4,850		393
Cie Generale des Etablissements Michelin	3,028		323
					Brenntag AG	84		5

Continental AG	889		186		Covestro AG ^(b)	4,727		246
Denso Corp	900		37
					Croda International PLC	108		5
JTEKT Corp	600		9
					Evonik Industries AG	8,288		278
NHK Spring Co Ltd	16,300		154
					Givaudan SA	13		27
NOK Corp	800		16
					Johnson Matthey PLC	2,278		100
Nokian Renkaat OYJ	1,129		41
					K+S AG	191		4
Sumitomo Electric Industries Ltd	6,500		97
					LANXESS AG	4,011		214
Sumitomo Rubber Industries Ltd	4,200		62
					Linde AG	443		76

Toyoda Gosei Co Ltd	7,000		162		Lonza Group AG ^(a)	1,445		274
Valeo SA	5,272		274
					Mitsubishi Chemical Holdings Corp	39,900		253
		$	1,700
					Mitsubishi Gas Chemical Co Inc	28,000		190

Banks - 8.26%					Novozymes A/S	1,021		44

Australia & New Zealand Banking Group Ltd	10,181		205		Shin-Etsu Chemical Co Ltd	900		66

Banco Bilbao Vizcaya Argentaria SA	14,644		91		Sumitomo Chemical Co Ltd	28,000		128

Banco Santander SA	43,376		195		Symrise AG	84		6

Barclays PLC	35,727		81		Syngenta AG	287		125

BNP Paribas SA	3,732		191		Teijin Ltd	23,000		86

BOC Hong Kong Holdings Ltd	51,735		181		Yara International ASA	4,332		153
Commonwealth Bank of Australia	6,687		360

Credit Suisse Group AG ^(a)	630		8				$	2,949

CYBG PLC ^(a)	1,142		4		Commercial Services - 1.74%
					Atlantia SpA	3,437		89
Danske Bank A/S	1,222		36
					Brambles Ltd	1,416		13
DBS Group Holdings Ltd	17,400		191
					Experian PLC	10,680		212
Gunma Bank Ltd/The	19,000		90
					ISS A/S	4,150		168
Hang Seng Bank Ltd	8,794		154
					Park24 Co Ltd	5,000		146
Hokuhoku Financial Group Inc	33,000		46
					Randstad Holding NV	134		6
HSBC Holdings PLC	89,012		662
					RELX NV	1,338		24
ING Groep NV	12,458		156
					RELX PLC	11,605		220
Intesa Sanpaolo SpA	16,706		40
					Secom Co Ltd	400		30
KBC Group NV	103		6


Schedule of Investments
SystematEx International Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Commercial Services (continued)					Engineering & Construction (continued)
Securitas AB	9,582	$	167		Skanska AB	9,257	$	203
Transurban Group	3,217		28		Taisei Corp	30,000		225
		$	1,103		Vinci SA	5,438		413
Computers - 1.26%							$	1,498
Atos SE	2,738		270		Entertainment - 0.67%
Capgemini SA	1,739		170		Aristocrat Leisure Ltd	20,037		227
Fujitsu Ltd	44,000		224		Paddy Power Betfair PLC	797		96
NTT Data Corp	2,600		136		Tatts Group Ltd	35,744		102
		$	800				$	425
Consumer Products - 0.83%					Food - 5.28%
Reckitt Benckiser Group PLC	5,444		526		Associated British Foods PLC	130		5
					Chr Hansen Holding A/S	79		5
Cosmetics & Personal Care - 1.36%					Colruyt SA	2,135		117
Beiersdorf AG	58		6		Danone SA	1,891		144
Kao Corp	3,800		198		ICA Gruppen AB	4,388		150
L'Oreal SA	860		163		Jeronimo Martins SGPS SA	10,308		167
Unilever NV	6,137		282		Kerry Group PLC	56		5
Unilever PLC	4,617		214		Koninklijke Ahold Delhaize NV ^(a)	22,451		539
		$	863		Marine Harvest ASA ^(a)	9,500		147
Distribution & Wholesale - 1.06%					Nestle SA	15,556		1,240
Bunzl PLC	8,366		259		NH Foods Ltd	7,000		153
ITOCHU Corp	10,300		121		Orkla ASA	15,408		141
Li & Fung Ltd	126,000		65		Seven & i Holdings Co Ltd	2,300		97
Mitsubishi Corp	3,300		69		Tesco PLC ^(a)	2,585		6
Mitsui & Co Ltd	3,300		44		Toyo Suisan Kaisha Ltd	1,400		57
Wolseley PLC	1,959		113		Wesfarmers Ltd	3,339		106
		$	671		WH Group Ltd ^(b)	330,680		259
Diversified Financial Services - 1.56%					Woolworths Ltd	326		6
ASX Ltd	6,532		251				$	3,344
Hong Kong Exchanges and Clearing Ltd	1,800		44		Food Service - 1.02%
Macquarie Group Ltd	3,777		228		Compass Group PLC	19,914		377
Mitsubishi UFJ Lease & Finance Co Ltd	7,000		33		Sodexo SA	2,304		267
ORIX Corp	11,800		170				$	644
Partners Group Holding AG	575		264		Forest Products & Paper - 1.11%
		$	990		Mondi PLC	7,004		143
Electric - 2.54%					Stora Enso OYJ	25,960		229
AusNet Services	152,213		197		UPM-Kymmene OYJ	16,317		328
Chubu Electric Power Co Inc	16,800		227				$	700
CLP Holdings Ltd	2,000		20		Gas - 0.64%
E.ON SE	3,152		29		National Grid PLC	15,836		218
EDP - Energias de Portugal SA	45,555		153		Osaka Gas Co Ltd	23,000		90
Enel SpA	65,319		289		Tokyo Gas Co Ltd	23,000		99
Engie SA	3,017		48				$	407
Fortum OYJ	336		5		Hand & Machine Tools - 0.53%
Iberdrola SA	55,744		367		Schindler Holding AG	946		178
RWE AG ^(a)	438		7		Schindler Holding AG	824		156
SSE PLC	12,855		254				$	334
Terna Rete Elettrica Nazionale SpA	1,064		6		Healthcare - Products - 0.33%
Tohoku Electric Power Co Inc	400		5		Cochlear Ltd	800		85
		$	1,607		Essilor International SA	507		64
Electrical Components & Equipment - 0.45%					Sonova Holding AG	42		6
Legrand SA	210		13		William Demant Holding A/S ^(a)	2,439		51
Nidec Corp	200		18				$	206
OSRAM Licht AG	133		7		Healthcare - Services - 1.34%
Prysmian SpA	5,433		134		Fresenius Medical Care AG & Co KGaA	1,763		156
Schneider Electric SE	1,674		114		Fresenius SE & Co KGaA	5,450		397
		$	286		Miraca Holdings Inc	500		24
Electronics - 0.60%					Ramsay Health Care Ltd	4,237		264
Hoya Corp	1,400		55		Sonic Healthcare Ltd	378		6
Keyence Corp	100		70				$	847
Koninklijke Philips NV	2,318		67		Holding Companies - Diversified - 0.98%
Kyocera Corp	400		19		CK Hutchison Holdings Ltd	5,500		70
NEC Corp	6,000		15		Jardine Matheson Holdings Ltd	200		12
Yokogawa Electric Corp	11,900		153		NWS Holdings Ltd	90,588		162
		$	379		Swire Pacific Ltd	7,000		77
Energy - Alternate Sources - 0.63%					Wharf Holdings Ltd/The	42,412		299
Vestas Wind Systems A/S	4,785		397				$	620
					Home Builders - 0.80%
Engineering & Construction - 2.37%					Barratt Developments PLC	999		7
Aena SA ^(b)	2,058		291		Daiwa House Industry Co Ltd	6,100		158
CIMIC Group Ltd	798		18		Iida Group Holdings Co Ltd	12,600		236
HOCHTIEF AG	1,686		227		Persimmon PLC	255		6
Kajima Corp	18,000		121		Sekisui Chemical Co Ltd	6,500		91


Schedule of Investments
SystematEx International Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Home Builders (continued)					Metal Fabrication & Hardware (continued)
Taylor Wimpey PLC	2,860	$	6		Tenaris SA	596	$	8
		$	504				$	138
Home Furnishings - 0.43%					Mining - 0.90%
Panasonic Corp	14,900		153		BHP Billiton Ltd	10,694		164
Sony Corp	3,700		119		BHP Billiton PLC	4,803		62
		$	272		Boliden AB	5,712		121
Insurance - 6.03%					Glencore PLC ^(a)	17,689		41
Admiral Group PLC	10,525		283		Rio Tinto PLC	3,851		116
Ageas	135		5		South32 Ltd	43,462		63
AIA Group Ltd	45,345		286				$	567
Allianz SE	2,451		364		Miscellaneous Manufacturers - 0.80%
Assicurazioni Generali SpA	449		6		FUJIFILM Holdings Corp	4,200		158
Aviva PLC	1,598		9		Siemens AG	2,929		350
AXA SA	11,530		243				$	508
Baloise Holding AG	42		5		Office & Business Equipment - 0.52%
Challenger Ltd/Australia	19,716		136		Canon Inc	11,500		330
Direct Line Insurance Group PLC	32,120		156
Gjensidige Forsikring ASA	1,009		17		Oil & Gas - 6.44%
Hannover Rueck SE	2,841		290		BP PLC	115,805		651
Legal & General Group PLC	2,080		6		Caltex Australia Ltd	8,299		211
Medibank Pvt Ltd	66,236		134		DCC PLC	717		65
Muenchener Rueckversicherungs-Gesellschaft	1,252		226		Eni SpA	15,609		236
AG in Muenchen					Galp Energia SGPS SA	11,596		169
Old Mutual PLC	1,664		4		JX Holdings Inc	40,000		149
Prudential PLC	8,752		157		Neste Oyj	6,303		263
RSA Insurance Group PLC	774		5		OMV AG	3,807		107
Sampo Oyj	6,451		277		Repsol SA	9,918		133
SCOR SE	7,714		228		Royal Dutch Shell PLC - A Shares	21,237		519
Suncorp Group Ltd	592		6		Royal Dutch Shell PLC - B Shares	20,540		523
Swiss Life Holding AG ^(a)	998		250		Statoil ASA	13,842		217
Swiss Re AG	4,802		406		TonenGeneral Sekiyu KK	15,000		138
Tokio Marine Holdings Inc	5,100		201		TOTAL SA	14,549		695
UnipolSai SpA	2,350		4				$	4,076
Zurich Insurance Group AG ^(a)	438		112
					Oil & Gas Services - 0.22%
		$	3,816		Technip SA	2,371		140
Internet - 0.34%
Mixi Inc	6,000		213		Packaging & Containers - 0.29%
United Internet AG	120		5		Amcor Ltd/Australia	15,431		185
		$	218
Investment Companies - 0.62%					Pharmaceuticals - 9.73%
Eurazeo SA	1,855		113		Actelion Ltd ^(a)	2,261		377
EXOR SpA	131		5		Alfresa Holdings Corp	10,500		196
Groupe Bruxelles Lambert SA	1,581		139		Astellas Pharma Inc	5,600		85
Pargesa Holding SA	1,975		136		AstraZeneca PLC	5,549		358
		$	393		Bayer AG	4,243		453
Iron & Steel - 0.62%					Daiichi Sankyo Co Ltd	2,300		53
Fortescue Metals Group Ltd	96,203		354		Galenica AG	104		121
Nippon Steel & Sumitomo Metal Corp	1,700		36		GlaxoSmithKline PLC	24,453		526
		$	390		Hisamitsu Pharmaceutical Co Inc	400		18
Leisure Products & Services - 0.01%					Medipal Holdings Corp	16,200		257
Carnival PLC	120		6		Merck KGaA	2,575		271
					Novartis AG	10,566		832
Machinery - Construction & Mining - 1.46%					Novo Nordisk A/S	7,736		362
ABB Ltd ^(a)	20,273		440		Orion Oyj	3,955		150
Atlas Copco AB - A Shares	7,436		211		Otsuka Holdings Co Ltd	100		4
Hitachi Ltd	16,000		77		Roche Holding AG	3,212		784
Mitsubishi Electric Corp	15,000		196		Sanofi	6,006		463
		$	924		Shionogi & Co Ltd	100		4
Machinery - Diversified - 1.21%					Shire PLC	4,626		289
FANUC Corp	400		68		Suzuken Co Ltd/Aichi Japan	7,800		227
GEA Group AG	6,218		333		Takeda Pharmaceutical Co Ltd	1,400		62
Kone OYJ	5,828		293		Teva Pharmaceutical Industries Ltd	5,190		263
Sumitomo Heavy Industries Ltd	14,000		69				$	6,155
Zardoya Otis SA	499		5		Private Equity - 0.61%
		$	768		3i Group PLC	47,431		383
Media - 0.52%
ITV PLC	1,775		5		Real Estate - 2.53%
RTL Group SA	33		3		Cheung Kong Property Holdings Ltd	499		4
Vivendi SA	2,245		43		Daito Trust Construction Co Ltd	700		103
Wolters Kluwer NV	6,571		276		Hysan Development Co Ltd	30,000		145
		$	327		Kerry Properties Ltd	81,000		235
					Mitsui Fudosan Co Ltd	100		2
Metal Fabrication & Hardware - 0.22%
Assa Abloy AB	6,393		130		New World Development Co Ltd	234,718		294


COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)		Shares Held	Value (000's)
Real Estate (continued)					Transportation (continued)
Nomura Real Estate Holdings Inc	6,100	$	99		Deutsche Post AG		7,151	$	226
Sino Land Co Ltd	104,394		178		DSV A/S		5,113		254
Sun Hung Kai Properties Ltd	9,000		126		East Japan Railway Co		900		77
Swire Properties Ltd	2,200		6		Kuehne + Nagel International AG		1,655		231
Swiss Prime Site AG ^(a)	1,156		102		Royal Mail PLC		32,131		217
Wheelock & Co Ltd	54,230		310					$	1,235
		$	1,604		TOTAL COMMON STOCKS			$	62,899
REITS - 0.65%					INVESTMENT COMPANIES - 0.02%		Shares Held	Value (000's)
BritishLandCoPLC/The	536		5		Money Market Funds - 0.02%
Dexus Property Group	900		7		Morgan Stanley Institutional Liquidity Funds -		12,221		12
Land Securities Group PLC	349		5		Government Portfolio
Link REIT	40,000		290
Unibail-Rodamco SE	368		101		TOTAL INVESTMENT COMPANIES			$	12
Westfield Corp	667		5		PREFERRED STOCKS - 0.36%		Shares Held	Value (000's)
		$	413		Automobile Manufacturers - 0.05%
Retail - 1.40%					Volkswagen AG 0.17%^(c)		244	$	34
Cie Financiere Richemont SA	953		55
Citizen Holdings Co Ltd	17,400		96		Chemicals - 0.01%
Domino's Pizza Enterprises Ltd	1,359		77		FUCHS PETROLUB SE 0.82% ^(c)		131		6
Hennes & Mauritz AB	1,521		46
Industria de Diseno Textil SA	6,495		230		Consumer Products - 0.30%
Kingfisher PLC	7,694		37		Henkel AG & Co KGaA 1.47% ^(c)		1,462		191
Luxottica Group SpA	98		5
Marks & Spencer Group PLC	1,030		5		TOTAL PREFERRED STOCKS			$	231
Next PLC	69		5		Total Investments			$	63,142
Pandora A/S	2,245		280		Other Assets and Liabilities - 0.24%			$	150
Sundrug Co Ltd	700		51		TOTAL NET ASSETS - 100.00%			$	63,292
		$	887
Semiconductors - 0.76%
ARM Holdings PLC	10,070		224		(a)	Non-Income Producing Security
ASML Holding NV	1,102		118		(b)	Security exempt from registration under Rule 144A of the Securities Act of
Infineon Technologies AG	8,433		141			1933. These securities may be resold in transactions exempt from
		$	483			registration, normally to qualified institutional buyers. At the end of the
Shipbuilding - 0.15%						period, the value of these securities totaled $796 or 1.26% of net assets.
Yangzijiang Shipbuilding Holdings Ltd	173,000		97		(c)	Variable Rate. Rate shown is in effect at August 31, 2016.

Software - 1.38%
Amadeus IT Group SA	1,618		74
GungHo Online Entertainment Inc	22,000		52			Portfolio Summary (unaudited)
Konami Holdings Corp	4,200		149		Country				Percent
Sage Group PLC/The	27,921		266		Japan				21.53	%
SAP SE	3,747		329		United Kingdom				14.27	%
		$	870		Germany				10.86	%
Telecommunications - 5.80%					Switzerland				10.72	%
BT Group PLC	43,898		223		France				9.40	%
Deutsche Telekom AG	23,308		389		Australia				6.68	%
Elisa OYJ	5,525		194		Hong Kong				5.28	%
KDDI Corp	10,700		313		Netherlands				3.93	%
Koninklijke KPN NV	76,299		249		Finland				2.91	%
Nice Ltd	1,323		91		Denmark				2.55	%
Nippon Telegraph & Telephone Corp	9,600		422		Spain				2.43	%
Nokia OYJ	11,416		64		Sweden				1.88	%
NTT DOCOMO Inc	12,200		308		Italy				1.42	%
Orange SA	20,134		307		Norway				1.06	%
PCCW Ltd	209,000		132		Belgium				1.06	%
Proximus SADP	154		5		Portugal				0.77	%
Singapore Telecommunications Ltd	9,400		28		Singapore				0.71	%
SoftBank Group Corp	3,300		215		Ireland				0.69	%
Spark New Zealand Ltd	2,112		6		Israel				0.55	%
TDC A/S	3,283		18		United States				0.49	%
Tele2 AB	578		5		South Africa				0.23	%
Telecom Italia SpA/Milano	124,716		91		Austria				0.17	%
Telefonaktiebolaget LM Ericsson	847		6		China				0.15	%
Telefonica SA	14,851		150		New Zealand				0.01	%
Telia Co AB	1,026		5		Luxembourg				0.01	%
Telstra Corp Ltd	36,201		143		Other Assets and Liabilities				0.24	%
Vodafone Group PLC	102,577		309		TOTAL NET ASSETS				100.00	%
		$	3,673
Toys, Games & Hobbies - 0.10%
Bandai Namco Holdings Inc	2,300		63

Transportation - 1.95%
Central Japan Railway Co	1,400		230


Schedule of Investments
SystematEx Large Value Fund
August 31, 2016



COMMON STOCKS - 99.74%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 3.03%					Computers (continued)
General Dynamics Corp	334	$	51		HP Inc	281	$	4
Harris Corp	11		1		International Business Machines Corp	466		74
L-3 Communications Holdings Inc	199		30		Leidos Holdings Inc	661		27
Lockheed Martin Corp	100		24		Synopsys Inc ^(a)	590		35
Northrop Grumman Corp	219		46				$	319
Raytheon Co	426		60		Consumer Products - 0.09%
United Technologies Corp	435		46		Clorox Co/The	63		8
		$	258
Agriculture - 1.30%					Cosmetics & Personal Care - 2.74%
Altria Group Inc	308		21		Colgate-Palmolive Co	234		17
Archer-Daniels-Midland Co	23		1		Procter & Gamble Co/The	2,468		216
Philip Morris International Inc	892		89				$	233
		$	111		Distribution & Wholesale - 0.18%
Automobile Manufacturers - 0.98%					Ingram Micro Inc	443		15
Ford Motor Co	5,051		63
General Motors Co	617		20		Diversified Financial Services - 1.44%
		$	83		American Express Co	325		21
Automobile Parts & Equipment - 0.34%					BlackRock Inc	43		16
Allison Transmission Holdings Inc	31		1		CIT Group Inc	11		1
Goodyear Tire & Rubber Co/The	30		1		CME Group Inc	49		5
					CoreLogic Inc/United States ^(a)	757		31
Johnson Controls Inc	20		1
Lear Corp	225		26		Discover Financial Services	756		45
		$	29		FNF Group	23		1
Banks - 13.39%					Intercontinental Exchange Inc	3		1
Bank of America Corp	7,721		125		Nasdaq Inc	13		1
Bank of Hawaii Corp	342		25		Synchrony Financial	26		1
Bank of New York Mellon Corp/The	302		12				$	123
BB&T Corp	25		1		Electric - 3.76%
Capital One Financial Corp	129		9		Ameren Corp	17		1
Citigroup Inc	1,999		95		American Electric Power Co Inc	649		42
East West Bancorp Inc	21		1		Consolidated Edison Inc	607		46
Fifth Third Bancorp	2,417		49		Dominion Resources Inc/VA	121		9
First Republic Bank/CA	11		1		DTE Energy Co	428		40
Goldman Sachs Group Inc/The	262		44		Duke Energy Corp	307		24
Huntington Bancshares Inc/OH	70		1		Eversource Energy	11		—
JPMorgan Chase & Co	3,728		252		Exelon Corp	320		11
KeyCorp	70		1		FirstEnergy Corp	22		1
Morgan Stanley	848		27		Hawaiian Electric Industries Inc	28		1
PNC Financial Services Group Inc/The	770		69		MDU Resources Group Inc	1,235		29
Popular Inc	923		36		NextEra Energy Inc	207		25
Regions Financial Corp	3,945		39		PG&E Corp	71		4
SunTrust Banks Inc	994		44		PPL Corp	22		1
US Bancorp	2,122		94		Public Service Enterprise Group Inc	586		25
Wells Fargo & Co	4,235		215		Southern Co/The	328		17
		$	1,140		Xcel Energy Inc	1,061		44
Beverages - 0.53%							$	320
Coca-Cola Co/The	278		12		Electrical Components & Equipment - 0.40%
PepsiCo Inc	312		33		Emerson Electric Co	636		34
		$	45
Building Materials - 0.22%					Electronics - 0.83%
Lennox International Inc	115		18		Agilent Technologies Inc	92		4
					Arrow Electronics Inc ^(a)	449		30
Owens Corning	16		1
		$	19		Avnet Inc	675		28
					Corning Inc	42		1
Chemicals - 1.50%
					Fortive Corp	24		1
Cabot Corp	576		29
					Gentex Corp	350		6
Celanese Corp	116		7		Keysight Technologies Inc ^(a)	24		1
Dow Chemical Co/The	1,284		69
Eastman Chemical Co	306		21				$	71
Ingevity Corp ^(a)	3		—		Energy - Alternate Sources - 0.01%
					First Solar Inc ^(a)	16		1
LyondellBasell Industries NV	12		1
Mosaic Co/The	32		1
		$	128		Engineering & Construction - 0.12%
					Jacobs Engineering Group Inc ^(a)	181		10
Commercial Services - 0.17%
Booz Allen Hamilton Holding Corp	420		13
KAR Auction Services Inc	19		1		Entertainment - 0.32%
					Dolby Laboratories Inc	556		27
ManpowerGroup Inc	10		—
		$	14
					Environmental Control - 0.56%
Computers - 3.75%					Waste Management Inc	744		48
Amdocs Ltd	544		32
Apple Inc	376		40
					Food - 0.90%
DST Systems Inc	72		9		Campbell Soup Co	185		11
EMC Corp	1,494		43		ConAgra Foods Inc	12		—
Hewlett Packard Enterprise Co	2,548		55


Schedule of Investments
SystematEx Large Value Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Food (continued)					Insurance (continued)
Ingredion Inc	7	$	1		Old Republic International Corp	1,471	$	28
JM Smucker Co/The	142		20		ProAssurance Corp	17		1
Kraft Heinz Co/The	146		13		Progressive Corp/The	1,216		39
Mondelez International Inc	618		28		Prudential Financial Inc	391		31
Pilgrim's Pride Corp	40		1		Reinsurance Group of America Inc	343		37
Pinnacle Foods Inc	17		1		Travelers Cos Inc/The	463		55
Tyson Foods Inc	15		1		Unum Group	454		16
Whole Foods Market Inc	25		1		Validus Holdings Ltd	563		29
		$	77		WillisTowersWatson PLC	6		1
Forest Products & Paper - 0.19%					XL Group Ltd	21		1
Domtar Corp	20		1				$	880
International Paper Co	323		15		Internet - 0.01%
		$	16		Yahoo! Inc ^(a)	22		1
Gas - 0.90%
Atmos Energy Corp	461		34		Iron & Steel - 0.82%
CenterPoint Energy Inc	47		1		Nucor Corp	628		31
NiSource Inc	37		1		Reliance Steel & Aluminum Co	367		26
Sempra Energy	10		1		Steel Dynamics Inc	525		13
UGI Corp	708		32				$	70
Vectren Corp	170		8		Leisure Products & Services - 0.01%
		$	77		Royal Caribbean Cruises Ltd	9		1
Hand & Machine Tools - 0.49%
Stanley Black & Decker Inc	339		42		Machinery - Construction & Mining - 0.11%
					Caterpillar Inc	113		9
Healthcare - Products - 1.87%
Abbott Laboratories	585		24		Machinery - Diversified - 0.61%
Baxter International Inc	257		12		BWX Technologies Inc	832		32
Boston Scientific Corp ^(a)	45		1		Xylem Inc/NY	388		20
Danaher Corp	180		15				$	52
DENTSPLY SIRONA Inc	13		1		Media - 1.88%
Hill-Rom Holdings Inc	17		1		Comcast Corp - Class A	644		42
Medtronic PLC	897		78		Gannett Co Inc	56		1
St Jude Medical Inc	13		1		John Wiley & Sons Inc	556		32
Stryker Corp	8		1		Liberty Media Group - A Shares ^(a)	1,032		22
Thermo Fisher Scientific Inc	159		24		Liberty Media Group - C Shares ^(a)	1,046		22
VWR Corp ^(a)	27		1		Liberty SiriusXM Group - C Shares ^(a)	25		1
		$	159		Time Warner Inc	512		40
Healthcare - Services - 2.22%							$	160
Aetna Inc	429		50		Miscellaneous Manufacturers - 2.91%
Anthem Inc	339		42		AptarGroup Inc	10		1
Centene Corp ^(a)	13		1		Carlisle Cos Inc	126		13
Community Health Systems Inc ^(a)	33		—		Eaton Corp PLC	15		1
HCA Holdings Inc ^(a)	159		12		General Electric Co	5,303		166
Laboratory Corp of America Holdings ^(a)	6		1		Ingersoll-Rand PLC	529		36
MEDNAX Inc ^(a)	9		1		Parker-Hannifin Corp	257		31
Quest Diagnostics Inc	221		18				$	248
Quorum Health Corp ^(a)	8		—		Oil & Gas - 8.90%
UnitedHealth Group Inc	237		32		Anadarko Petroleum Corp	13		1
Universal Health Services Inc	261		32		Apache Corp	20		1
		$	189		California Resources Corp ^(a)	3		—
Housewares - 0.21%					Chevron Corp	1,728		174
Scotts Miracle-Gro Co/The	213		18		ConocoPhillips	526		22
					CVR Energy Inc	48		1
Insurance - 10.33%					Diamond Offshore Drilling Inc	1,039		19
Aflac Inc	710		53		Ensco PLC	46		—
Alleghany Corp ^(a)	36		19		EOG Resources Inc	149		13
Allstate Corp/The	261		18		Exxon Mobil Corp	3,627		316
American Financial Group Inc/OH	497		37		Hess Corp	14		1
American International Group Inc	442		26		HollyFrontier Corp	30		1
AmTrust Financial Services Inc	32		1		Nabors Industries Ltd	156		2
Aspen Insurance Holdings Ltd	530		24		Occidental Petroleum Corp	377		29
Assurant Inc	200		18		Patterson-UTI Energy Inc	79		1
Assured Guaranty Ltd	30		1		PBF Energy Inc	26		1
Berkshire Hathaway Inc - Class B ^(a)	1,789		269		Phillips 66	762		60
Chubb Ltd	462		59		QEP Resources Inc	1,650		31
Cincinnati Financial Corp	12		1		Rowan Cos Plc	1,077		13
Everest Re Group Ltd	161		31		Tesoro Corp	364		27
Hanover Insurance Group Inc/The	251		20		Valero Energy Corp	817		45
Hartford Financial Services Group Inc/The	846		35				$	758
Lincoln National Corp	19		1		Oil & Gas Services - 3.02%
Loews Corp	201		8		Baker Hughes Inc	22		1
Markel Corp ^(a)	1		1		Dril-Quip Inc ^(a)	433		24
MetLife Inc	455		20		FMC Technologies Inc ^(a)	981		28


Schedule of Investments
SystematEx Large Value Fund
August 31, 2016



COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Oil & Gas Services (continued)					Savings & Loans - 0.01%
Frank's International NV	1,639	$	19		People's United Financial Inc	48	$	1
Halliburton Co	914		39
Oceaneering International Inc	618		16		Semiconductors - 2.88%
RPC Inc ^(a)	52		1		Analog Devices Inc	14		1
Schlumberger Ltd	1,614		128		Applied Materials Inc	1,406		42
Superior Energy Services Inc	89		1		Intel Corp	4,382		157
		$	257		Maxim Integrated Products Inc	20		1
Packaging & Containers - 0.72%					NVIDIA Corp	17		1
Bemis Co Inc	17		1		QUALCOMM Inc	667		42
Graphic Packaging Holding Co	1,953		28		Teradyne Inc	42		1
Sonoco Products Co	597		31				$	245
WestRock Co	20		1		Shipbuilding - 0.29%
		$	61		Huntington Ingalls Industries Inc	153		25
Pharmaceuticals - 7.96%
Allergan plc ^(a)	4		1		Software - 1.23%
Cardinal Health Inc	294		23		Activision Blizzard Inc	20		1
Express Scripts Holding Co ^(a)	378		28		ANSYS Inc ^(a)	12		1
Johnson & Johnson	2,176		260		CA Inc	1,005		34
Merck & Co Inc	2,485		156		Oracle Corp	1,663		68
Pfizer Inc	5,718		199		SS&C Technologies Holdings Inc	24		1
Quintiles Transnational Holdings Inc ^(a)	89		7				$	105
VCA Inc ^(a)	61		4		Telecommunications - 5.71%
		$	678		AT&T Inc	5,771		236
Pipelines - 0.45%					Cisco Systems Inc	5,014		158
Kinder Morgan Inc/DE	254		6		Juniper Networks Inc	18		—
ONEOK Inc	607		28		Verizon Communications Inc	1,755		92
Spectra Energy Corp	114		4				$	486
		$	38		Textiles - 0.01%
Real Estate - 0.01%					Mohawk Industries Inc ^(a)	4		1
Jones Lang LaSalle Inc	7		1
					Transportation - 0.35%
REITS - 4.25%					FedEx Corp	5		1
Annaly Capital Management Inc	76		1		Norfolk Southern Corp	10		1
Apartment Investment & Management Co	20		1		Union Pacific Corp	299		28
AvalonBay Communities Inc	81		14				$	30
DDR Corp	2,100		40		Trucking & Leasing - 0.01%
Duke Realty Corp	1,322		37		AMERCO	2		1
Equity Commonwealth ^(a)	392		12
Equity Residential	580		38		TOTAL COMMON STOCKS		$	8,494
Essex Property Trust Inc	4		1		INVESTMENT COMPANIES - 0.08%	Shares Held		Value(000	's)
Forest City Realty Trust Inc	37		1		Money Market Funds - 0.08%
Kilroy Realty Corp	13		1		Morgan Stanley Institutional Liquidity Funds -	7,083		7
Kimco Realty Corp	1,014		31		Government Portfolio
LibertyPropertyTrust	426		18
Macerich Co/The	10		1		TOTAL INVESTMENT COMPANIES		$	7
Mid-America Apartment Communities Inc	269		25		Total Investments		$	8,501
National Retail Properties Inc	437		22		Other Assets and Liabilities - 0.18%		$	15
Post Properties Inc	328		22		TOTAL NET ASSETS - 100.00%		$	8,516
Prologis Inc	250		13
Public Storage	78		17
Regency Centers Corp	10		1		(a) Non-Income Producing Security
Simon Property Group Inc	182		39
Two Harbors Investment Corp	132		1
Weingarten Realty Investors	631		26
Welltower Inc	6		—		Portfolio Summary (unaudited)
		$	362		Sector			Percent
Retail - 4.82%					Financial			29.43	%
Best Buy Co Inc	27		1		Consumer, Non-cyclical			17.79	%
CVS Health Corp	213		20		Energy			12.38	%
Darden Restaurants Inc	377		23		Industrial			10.66	%
Dick's Sporting Goods Inc	14		1		Technology			7.87	%
Foot Locker Inc	12		1		Communications			7.59	%
GameStop Corp	25		1		Consumer, Cyclical			6.86	%
Genuine Parts Co	285		29		Utilities			4.66	%
MSC Industrial Direct Co Inc	210		16		Basic Materials			2.50	%
Nu Skin Enterprises Inc	20		1		Investment Companies			0.08	%
PVH Corp	289		31		Other Assets and Liabilities			0.18	%
Target Corp	786		55		TOTAL NET ASSETS			100.00	%
Walgreens Boots Alliance Inc	1,054		85
Wal-Mart Stores Inc	1,642		117
World Fuel Services Corp	642		29
		$	410


				FINANCIAL HIGHLIGHTS
				PRINCIPAL FUNDS, INC.

Selected data for a share of Capital Stock outstanding throughout each year ended August 31 (except as noted):

		Net Asset		Net		Net Realized					Dividends		Distributions		Total
		Value,		Investment		and Unrealized		Total From			froms Net		from		Dividends			Net Asset
		Beginning		Income		Gain (Loss) on			Investment		Investment		Realized		and			Value, End
		of Period		(Loss)(a)		Investments			Operations		Income		Gains		Distributions			of Period
BOND MARKET INDEX FUND
Class J shares
2016	$	10.82	$	0.13	$	0.40		$	0.53		($0.17	)	($0.01	)	($0.18	)	$	11.17
2015		10.94		0.12		(0.06	)		0.06		(0.16	)	(0.02	)	(0.18	)		10.82
2014		10.63		0.14		0.36			0.50		(0.19	)	–		(0.19	)		10.94
2013		11.17		0.11		(0.47	)		(0.36	)	(0.17	)	(0.01	)	(0.18	)		10.63
2012		10.86		0.16		0.36			0.52		(0.21	)	–		(0.21	)		11.17
Institutional shares
2016		11.02		0.20		0.39			0.59		(0.21	)	(0.01	)	(0.22	)		11.39
2015		11.01		0.17		0.08			0.25		(0.22	)	(0.02	)	(0.24	)		11.02
2014		10.71		0.20		0.35			0.55		(0.25	)	–		(0.25	)		11.01
2013		11.27		0.17		(0.48	)		(0.31	)	(0.24	)	(0.01	)	(0.25	)		10.71
2012		10.95		0.23		0.36			0.59		(0.27	)	–		(0.27	)		11.27
R-1 shares
2016		10.80		0.10		0.39			0.49		(0.12	)	(0.01	)	(0.13	)		11.16
2015		10.93		0.08		(0.05	)		0.03		(0.14	)	(0.02	)	(0.16	)		10.80
2014		10.60		0.11		0.35			0.46		(0.13	)	–		(0.13	)		10.93
2013		11.15		0.07		(0.47	)		(0.40	)	(0.14	)	(0.01	)	(0.15	)		10.60
2012		10.85		0.13		0.36			0.49		(0.19	)	–		(0.19	)		11.15
R-2 shares
2016		10.80		0.11		0.39			0.50		(0.11	)	(0.01	)	(0.12	)		11.18
2015		10.92		0.09		(0.06	)		0.03		(0.13	)	(0.02	)	(0.15	)		10.80
2014		10.61		0.12		0.36			0.48		(0.17	)	–		(0.17	)		10.92
2013		11.16		0.09		(0.47	)		(0.38	)	(0.16	)	(0.01	)	(0.17	)		10.61
2012		10.86		0.15		0.35			0.50		(0.20	)	–		(0.20	)		11.16
R-3 shares
2016		10.79		0.13		0.40			0.53		(0.15	)	(0.01	)	(0.16	)		11.16
2015		10.92		0.11		(0.06	)		0.05		(0.16	)	(0.02	)	(0.18	)		10.79
2014		10.61		0.14		0.36			0.50		(0.19	)	–		(0.19	)		10.92
2013		11.19		0.11		(0.49	)		(0.38	)	(0.19	)	(0.01	)	(0.20	)		10.61
2012		10.89		0.16		0.36			0.52		(0.22	)	–		(0.22	)		11.19
R-4 shares
2016		10.84		0.15		0.39			0.54		(0.19	)	(0.01	)	(0.20	)		11.18
2015		10.95		0.14		(0.06	)		0.08		(0.17	)	(0.02	)	(0.19	)		10.84
2014		10.65		0.16		0.35			0.51		(0.21	)	–		(0.21	)		10.95
2013		11.21		0.13		(0.48	)		(0.35	)	(0.20	)	(0.01	)	(0.21	)		10.65
2012		10.90		0.19		0.36			0.55		(0.24	)	–		(0.24	)		11.21
R-5 shares
2016		10.85		0.16		0.41			0.57		(0.18	)	(0.01	)	(0.19	)		11.23
2015		10.97		0.15		(0.07	)		0.08		(0.18	)	(0.02	)	(0.20	)		10.85
2014		10.66		0.17		0.36			0.53		(0.22	)	–		(0.22	)		10.97
2013		11.23		0.14		(0.48	)		(0.34	)	(0.22	)	(0.01	)	(0.23	)		10.66
2012		10.92		0.20		0.36			0.56		(0.25	)	–		(0.25	)		11.23


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL FUNDS, INC.



								Ratio of Net
				Ratio of Expenses		Ratio of Gross		Investment Income
			Net Assets, End of	to Average Net		Expenses to Average		to Average Net		Portfolio
Total Return			Period (in thousands)	Assets		Net Assets		Assets		Turnover Rate


4.98	(b)	$	33,765	0.76	%	0.83%	(c)	1.23	%	151.8	%
0.60	(b)		25,430	0.71		0.78	(c)	1.13		319.5
4.76	(b)		25,535	0.79		0.87	(c)	1.34		162.0
(3.34	) (b)		25,256	0.77		0.97	(c)	1.04		131.7
4.84	(b)		31,642	0.89		1.07	(c)	1.47		144.0

5.52			1,648,408	0.23		0.26	(d)	1.75		151.8
2.26	(e)		1,154,916	0.23		0.26	(d)	1.55		319.5
5.25			922,012	0.26		0.26	(d)	1.88		162.0
(2.88	)		1,462,194	0.26		0.26	(d)	1.54		131.7
5.50			1,553,862	0.26		0.26	(d)	2.06		144.0

4.60			1,913	1.11		1.14	(d)	0.88		151.8
0.25			1,436	1.11		1.15	(d)	0.73		319.5
4.38			1,290	1.14		1.14	(d)	1.00		162.0
(3.68	)		1,513	1.14		1.14	(d)	0.68		131.7
4.57			2,253	1.14		1.14	(d)	1.20		144.0

4.76			2,940	0.98		1.01	(d)	1.01		151.8
0.32			3,334	0.98		1.02	(d)	0.85		319.5
4.55			4,006	1.01		1.01	(d)	1.13		162.0
(3.54	)		3,985	1.01		1.01	(d)	0.81		131.7
4.67			4,794	1.01		1.01	(d)	1.33		144.0

5.00			16,998	0.80		0.83	(d)	1.19		151.8
0.47			14,851	0.80		0.84	(d)	1.04		319.5
4.81			13,786	0.83		0.83	(d)	1.31		162.0
(3.48	)		11,485	0.83		0.83	(d)	0.98		131.7
4.87			10,082	0.83		0.83	(d)	1.50		144.0

5.10			36,951	0.61		0.64	(d)	1.38		151.8
0.79			24,500	0.61		0.65	(d)	1.25		319.5
4.87			7,649	0.64		0.64	(d)	1.50		162.0
(3.23	)		7,137	0.64		0.64	(d)	1.17		131.7
5.16			6,175	0.64		0.64	(d)	1.74		144.0

5.24	(f)		31,929	0.49		0.52	(d)	1.50		151.8
0.87	(f)		28,385	0.49		0.53	(d)	1.34		319.5
5.05			56,079	0.52		0.52	(d)	1.62		162.0
(3.16	)		25,057	0.52		0.52	(d)	1.29		131.7
5.25			21,032	0.52		0.52	(d)	1.80		144.0


					FINANCIAL HIGHLIGHTS
					PRINCIPAL FUNDS, INC.

Selected data for a share of Capital Stock outstanding throughout each year ended August 31 (except as noted):

			Net Asset		Net		Net Realized					Dividends		Distributions		Total
			Value,		Investment		and Unrealized			Total From		from Net		from		Dividends			Net Asset
			Beginning		Income		Gain (Loss) on			Investment		Investment		Realized		and			Value, End
			of Period		(Loss)(a)		Investments			Operations		Income		Gains		Distributions			of Period
CREDIT OPPORTUNITIES EXPLORER FUND
Institutional shares
2016		$	9.37	$	0.33	$	0.12		$	0.45		($0.30	)	$–		($0.30	)	$	9.52
2015	(c)		10.00		0.39		(0.65	)		(0.26	)	(0.37	)	–		(0.37	)		9.37
DIVERSIFIED REAL ASSET FUND
Institutional shares
2016			11.25		0.22		(0.29	)		(0.07	)	(0.10	)	–		(0.10	)		11.08
2015			13.21		0.19		(1.89	)		(1.70	)	(0.13	)	(0.13	)	(0.26	)		11.25
2014			11.81		0.22		1.45			1.67		(0.16	)	(0.11	)	(0.27	)		13.21
2013			11.99		0.20		0.07			0.27		(0.15	)	(0.30	)	(0.45	)		11.81
2012			11.87		0.14		0.30			0.44		(0.04	)	(0.28	)	(0.32	)		11.99
R-3 shares
2016	(f)		10.45		0.10		0.51			0.61		–		–		–			11.06
R-4 shares
2016	(f)		10.45		0.10		0.52			0.62		–		–		–			11.07
R-5 shares
2016	(f)		10.45		0.11		0.52			0.63		–		–		–			11.08
R-6 shares
2016			11.25		0.26		(0.32	)		(0.06	)	(0.11	)	–		(0.11	)		11.08
2015	(g)		12.07		0.17		(0.99	)		(0.82	)	–		–		–			11.25
DYNAMIC HIGH YIELD EXPLORER FUND
Institutional shares
2016			9.41		0.47		(0.22	)		0.25		(0.49	)	–		(0.49	)		9.17
2015	(c)		10.00		0.43		(0.60	)		(0.17	)	(0.42	)	–		(0.42	)		9.41
EDGE MIDCAP FUND
Institutional shares
2016	(h)		10.00		0.11		2.17			2.28		(0.03	)	(0.01	)	(0.04	)		12.24

Selected data for a share of Capital Stock outstanding throughout each year ended August 31 (except as noted):


				FINANCIAL HIGHLIGHTS
				PRINCIPAL FUNDS, INC.

Selected data for a share of Capital Stock outstanding throughout each year ended August 31 (except as noted):

		Net Asset		Net	Net Realized				Dividends		Distributions		Total
		Value,		Investment	and Unrealized		Total From		from Net		from		Dividends			Net Asset
		Beginning		Income	Gain (Loss) on		Investment		Investment		Realized		and			Value, End
		of Period		(Loss)(a)	Investments		Operations		Income		Gains		Distributions			of Period
INTERNATIONAL EQUITY INDEX FUND
Institutional shares
2016	$	9.58	$	0.26	($0.26	)	$–		($0.23	)	($0.11	)	($0.34	)	$	9.24
2015		10.70		0.25	(1.09	)	(0.84	)	(0.26	)	(0.02	)	(0.28	)		9.58
2014		10.91		0.31	1.34		1.65		(0.32	)	(1.54	)	(1.86	)		10.70
2013		9.51		0.28	1.43		1.71		(0.31	)	–		(0.31	)		10.91
2012		9.80		0.31	(0.36	)	(0.05	)	(0.23	)	(0.01	)	(0.24	)		9.51
R-1 shares
2016		9.28		0.17	(0.25	)	(0.08	)	(0.16	)	(0.11	)	(0.27	)		8.93
2015		10.40		0.18	(1.08	)	(0.90	)	(0.20	)	(0.02	)	(0.22	)		9.28
2014		10.69		0.21	1.30		1.51		(0.26	)	(1.54	)	(1.80	)		10.40
2013		9.34		0.22	1.37		1.59		(0.24	)	–		(0.24	)		10.69
2012		9.66		0.26	(0.39	)	(0.13	)	(0.18	)	(0.01	)	(0.19	)		9.34
R-2 shares
2016		9.52		0.19	(0.26	)	(0.07	)	(0.16	)	(0.11	)	(0.27	)		9.18
2015		10.63		0.16	(1.07	)	(0.91	)	(0.18	)	(0.02	)	(0.20	)		9.52
2014		10.89		0.25	1.31		1.56		(0.28	)	(1.54	)	(1.82	)		10.63
2013		9.52		0.23	1.40		1.63		(0.26	)	–		(0.26	)		10.89
2012		9.70		0.28	(0.39	)	(0.11	)	(0.06	)	(0.01	)	(0.07	)		9.52
R-3 shares
2016		9.40		0.20	(0.25	)	(0.05	)	(0.17	)	(0.11	)	(0.28	)		9.07
2015		10.51		0.20	(1.08	)	(0.88	)	(0.21	)	(0.02	)	(0.23	)		9.40
2014		10.77		0.25	1.31		1.56		(0.28	)	(1.54	)	(1.82	)		10.51
2013		9.41		0.25	1.38		1.63		(0.27	)	–		(0.27	)		10.77
2012		9.71		0.28	(0.37	)	(0.09	)	(0.20	)	(0.01	)	(0.21	)		9.41
R-4 shares
2016		9.50		0.21	(0.24	)	(0.03	)	(0.19	)	(0.11	)	(0.30	)		9.17
2015		10.62		0.21	(1.09	)	(0.88	)	(0.22	)	(0.02	)	(0.24	)		9.50
2014		10.85		0.27	1.33		1.60		(0.29	)	(1.54	)	(1.83	)		10.62
2013		9.46		0.27	1.38		1.65		(0.26	)	–		(0.26	)		10.85
2012		9.76		0.27	(0.35	)	(0.08	)	(0.21	)	(0.01	)	(0.22	)		9.46
R-5 shares
2016		9.52		0.22	(0.25	)	(0.03	)	(0.20	)	(0.11	)	(0.31	)		9.18
2015		10.64		0.23	(1.10	)	(0.87	)	(0.23	)	(0.02	)	(0.25	)		9.52
2014		10.86		0.28	1.34		1.62		(0.30	)	(1.54	)	(1.84	)		10.64
2013		9.48		0.28	1.39		1.67		(0.29	)	–		(0.29	)		10.86
2012		9.77		0.31	(0.37	)	(0.06	)	(0.22	)	(0.01	)	(0.23	)		9.48


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL FUNDS, INC.



								Ratio of Net
				Ratio of Expenses		Ratio of Gross		Investment Income
			Net Assets, End of	to Average Net		Expenses to Average		to Average Net		Portfolio
Total Return			Period (in thousands)	Assets		Net Assets		Assets		Turnover Rate


(0.02	)%	$	831,719	0.34	%	0.34%	(b)	2.83	%	31.3	%
(7.90	)		736,329	0.32		0.32	(b)	2.51		35.6
15.97			677,283	0.33		0.33	(b)	2.87		45.8
18.16			424,630	0.34		0.34	(b)	2.67		46.2
(0.27	)		786,891	0.32		0.32	(b)	3.37		53.5

(0.90	)		586	1.21		–		1.93		31.3
(8.68	)		696	1.19		1.19	(b)	1.84		35.6
14.89			334	1.20		1.20	(b)	1.97		45.8
17.19			123	1.24		1.24	(b)	2.08		46.2
(1.20	)		70	1.19		1.19	(b)	2.86		53.5

(0.75	)		903	1.08		–		2.12		31.3
(8.58	)		754	1.06		1.06	(b)	1.60		35.6
15.05			1,203	1.07		1.07	(b)	2.27		45.8
17.30			490	1.11		1.11	(b)	2.19		46.2
(1.11	)		209	1.06		1.06	(b)	2.97		53.5

(0.49	)		15,789	0.90		–		2.26		31.3
(8.45	)		15,450	0.88		0.88	(b)	1.99		35.6
15.28			12,323	0.89		0.89	(b)	2.34		45.8
17.51			8,197	0.93		0.93	(b)	2.37		46.2
(0.81	)		3,045	0.88		0.88	(b)	3.05		53.5

(0.30	)		11,997	0.71		–		2.32		31.3
(8.32	)		11,862	0.69		0.69	(b)	2.11		35.6
15.57			13,822	0.70		0.70	(b)	2.52		45.8
17.68			7,801	0.74		0.74	(b)	2.53		46.2
(0.60	)		4,414	0.69		0.69	(b)	2.97		53.5

(0.30	)		29,179	0.59		–		2.49		31.3
(8.18	)		33,729	0.57		0.57	(b)	2.23		35.6
15.71			37,859	0.58		0.58	(b)	2.62		45.8
17.84			24,896	0.62		0.62	(b)	2.65		46.2
(0.48	)		13,305	0.57		0.57	(b)	3.34		53.5

Selected data for a share of Capital Stock outstanding throughout each year ended August 31 (except as noted):


				FINANCIAL HIGHLIGHTS
				PRINCIPAL FUNDS, INC.

Selected data for a share of Capital Stock outstanding throughout each year ended August 31 (except as noted):

		Net Asset		Net		Net Realized				Dividends		Distributions		Total
		Value,		Investment		and Unrealized			Total From	from Net		from		Dividends			Net Asset
		Beginning		Income		Gain (Loss) on			Investment	Investment		Realized		and			Value, End
		of Period		(Loss)(a)		Investments			Operations	Income		Gains		Distributions			of Period
PREFERRED SECURITIES FUND
Class J shares
2016	$	10.01	$	0.48	$	0.18		$	0.66	($0.47	)	($0.09	)	($0.56	)	$	10.11
2015		10.34		0.48		(0.12	)		0.36	(0.51	)	(0.18	)	(0.69	)		10.01
2014		9.97		0.51		0.65			1.16	(0.52	)	(0.27	)	(0.79	)		10.34
2013		10.17		0.51		(0.12	)		0.39	(0.53	)	(0.06	)	(0.59	)		9.97
2012		9.65		0.55		0.55			1.10	(0.55	)	(0.03	)	(0.58	)		10.17
Institutional shares
2016		10.18		0.52		0.19			0.71	(0.50	)	(0.09	)	(0.59	)		10.30
2015		10.51		0.53		(0.14	)		0.39	(0.54	)	(0.18	)	(0.72	)		10.18
2014		10.12		0.56		0.66			1.22	(0.56	)	(0.27	)	(0.83	)		10.51
2013		10.31		0.57		(0.12	)		0.45	(0.58	)	(0.06	)	(0.64	)		10.12
2012		9.78		0.61		0.55			1.16	(0.60	)	(0.03	)	(0.63	)		10.31
R-1 shares
2016		10.14		0.43		0.19			0.62	(0.42	)	(0.09	)	(0.51	)		10.25
2015		10.46		0.44		(0.12	)		0.32	(0.46	)	(0.18	)	(0.64	)		10.14
2014		10.08		0.47		0.66			1.13	(0.48	)	(0.27	)	(0.75	)		10.46
2013		10.28		0.48		(0.13	)		0.35	(0.49	)	(0.06	)	(0.55	)		10.08
2012		9.75		0.53		0.55			1.08	(0.52	)	(0.03	)	(0.55	)		10.28
R-2 shares
2016		10.09		0.45		0.18			0.63	(0.43	)	(0.09	)	(0.52	)		10.20
2015		10.42		0.45		(0.12	)		0.33	(0.48	)	(0.18	)	(0.66	)		10.09
2014		10.04		0.48		0.66			1.14	(0.49	)	(0.27	)	(0.76	)		10.42
2013		10.24		0.49		(0.12	)		0.37	(0.51	)	(0.06	)	(0.57	)		10.04
2012		9.71		0.54		0.55			1.09	(0.53	)	(0.03	)	(0.56	)		10.24
R-3 shares
2016		10.12		0.47		0.18			0.65	(0.45	)	(0.09	)	(0.54	)		10.23
2015		10.45		0.47		(0.13	)		0.34	(0.49	)	(0.18	)	(0.67	)		10.12
2014		10.07		0.51		0.65			1.16	(0.51	)	(0.27	)	(0.78	)		10.45
2013		10.26		0.51		(0.11	)		0.40	(0.53	)	(0.06	)	(0.59	)		10.07
2012		9.73		0.56		0.55			1.11	(0.55	)	(0.03	)	(0.58	)		10.26
R-4 shares
2016		10.10		0.49		0.18			0.67	(0.47	)	(0.09	)	(0.56	)		10.21
2015		10.44		0.50		(0.15	)		0.35	(0.51	)	(0.18	)	(0.69	)		10.10
2014		10.06		0.53		0.65			1.18	(0.53	)	(0.27	)	(0.80	)		10.44
2013		10.25		0.53		(0.11	)		0.42	(0.55	)	(0.06	)	(0.61	)		10.06
2012		9.72		0.58		0.55			1.13	(0.57	)	(0.03	)	(0.60	)		10.25
R-5 shares
2016		10.15		0.50		0.18			0.68	(0.48	)	(0.09	)	(0.57	)		10.26
2015		10.47		0.50		(0.12	)		0.38	(0.52	)	(0.18	)	(0.70	)		10.15
2014		10.09		0.53		0.66			1.19	(0.54	)	(0.27	)	(0.81	)		10.47
2013		10.28		0.55		(0.12	)		0.43	(0.56	)	(0.06	)	(0.62	)		10.09
2012		9.75		0.59		0.55			1.14	(0.58	)	(0.03	)	(0.61	)		10.28


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL FUNDS, INC.



								Ratio of Net
				Ratio of Expenses		Ratio of Gross		Investment Income
			Net Assets, End of	to Average Net		Expenses to Average		to Average Net		Portfolio
Total Return			Period (in thousands)	Assets		Net Assets		Assets		Turnover Rate


6.87%	(b)	$	50,135	1.06	%	1.10%	(c)	4.84	%	13.9	%
3.59	(b)		43,477	1.14		1.16	(c)	4.72		16.9
12.24	(b)		39,563	1.20		1.28	(c)	5.02		20.1
3.74	(b)		33,590	1.27		1.47	(c)	4.91		31.5
11.96	(b)		30,976	1.28		1.46	(c)	5.74		22.9

7.26			2,444,823	0.76		–		5.14		13.9
3.91			1,923,458	0.76		–		5.12		16.9
12.76			2,033,946	0.75		–		5.48		20.1
4.32			1,884,821	0.75		0.75	(d)	5.42		31.5
12.49			1,754,687	0.75		0.75	(d)	6.25		22.9

6.32			1,572	1.58		–		4.32		13.9
3.16			1,332	1.58		–		4.27		16.9
11.78			1,751	1.59		–		4.66		20.1
3.38			1,761	1.58		–		4.58		31.5
11.60			1,686	1.59		–		5.44		22.9

6.49			1,234	1.45		–		4.45		13.9
3.25			1,556	1.45		–		4.43		16.9
11.98			845	1.46		–		4.75		20.1
3.51			1,009	1.45		–		4.70		31.5
11.80			1,065	1.46		–		5.55		22.9

6.66			3,311	1.27		–		4.63		13.9
3.40			3,758	1.27		–		4.60		16.9
12.13			4,074	1.28		–		4.98		20.1
3.81			4,107	1.27		–		4.91		31.5
11.96			4,161	1.28		–		5.73		22.9

6.86			1,395	1.08		–		4.89		13.9
3.52			1,543	1.08		–		4.87		16.9
12.35			1,221	1.09		–		5.22		20.1
4.01			1,436	1.08		–		5.11		31.5
12.17			709	1.09		–		5.98		22.9

7.07	(e)		4,216	0.96		–		4.93		13.9
3.72	(e)		3,665	0.96		–		4.90		16.9
12.45			3,350	0.97		–		5.24		20.1
4.12			4,963	0.96		–		5.27		31.5
12.28			2,402	0.97		–		6.00		22.9


					FINANCIAL HIGHLIGHTS
					PRINCIPAL FUNDS, INC.

Selected data for a share of Capital Stock outstanding throughout each year ended August 31 (except as noted):

			Net Asset		Net		Net Realized					Dividends		Distributions		Total
			Value,		Investment		and Unrealized			Total From		from Net		from		Dividends			Net Asset
			Beginning		Income		Gain (Loss) on			Investment		Investment		Realized		and			Value, End
			of Period		(Loss)(a)		Investments			Operations		Income		Gains		Distributions			of Period
REAL ESTATE ALLOCATION FUND
Institutional shares
2016		$	9.65	$	0.19	$	0.83		$	1.02		($0.25	)	$–		($0.25	)	$	10.42
2015	(c)		10.00		0.14		(0.42	)		(0.28	)	(0.07	)	–		(0.07	)		9.65
REAL ESTATE DEBT INCOME FUND
Institutional shares
2016			9.76		0.30		0.13			0.43		(0.32	)	–		(0.32	)		9.87
2015	(c)		10.00		0.24		(0.25	)		(0.01	)	(0.23	)	–		(0.23	)		9.76
SMALL-MIDCAP DIVIDEND INCOME FUND
Institutional shares
2016			12.79		0.39		2.43			2.82		(0.34	)	(0.26	)	(0.60	)		15.01
2015			14.40		0.42		(1.38	)		(0.96	)	(0.34	)	(0.31	)	(0.65	)		12.79
2014			12.29		0.43		2.25			2.68		(0.31	)	(0.26	)	(0.57	)		14.40
2013			10.49		0.41		1.78			2.19		(0.36	)	(0.03	)	(0.39	)		12.29
2012			9.30		0.40		1.21			1.61		(0.42	)	–		(0.42	)		10.49
SYSTEMATEX INTERNATIONAL FUND
Institutional shares
2016	(g)		10.00		0.24		0.26			0.50		(0.05	)	(0.02	)	(0.07	)		10.43
R-6 shares
2016	(g)		10.00		0.31		0.20			0.51		(0.05	)	(0.02	)	(0.07	)		10.44
SYSTEMATEX LARGE VALUE FUND
R-6 shares
2016	(g)		10.00		0.23		1.11			1.34		(0.07	)	(0.02	)	(0.09	)		11.25

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Blue Chip Fund, Bond Market Index Fund, Credit Opportunities Explorer Fund, Diversified Real Asset Fund (consolidated), Dynamic High Yield Explorer Fund, EDGE MidCap Fund, Global Multi-Strategy Fund, Global Opportunities Equity Hedged Fund, Global Opportunities Fund, International Equity Index Fund, International Small Company Fund, Multi- Manager Equity Long/Short Fund, Opportunistic Municipal Fund, Origin Emerging Markets Fund, Preferred Securities Fund, Real Estate Allocation Fund, Real Estate Debt Income Fund, Small-MidCap Dividend Income Fund, SystematEx International Fund, and SystematEx Large Value Fund (20 of the portfolios constituting the Principal Funds, Inc. (collectively the “Funds”)) as of August 31, 2016, and the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2016, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from brokers or agent banks were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above constituting the portfolios within Principal Funds, Inc. at August 31, 2016, and the results of their operations, the changes in their net assets and their financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

SHAREHOLDER EXPENSE EXAMPLE
PRINCIPAL FUNDS,INC.
August 31, 2016 (unaudited)

As a shareholder of Principal Funds, Inc., you incur two types of costs: (1) transaction costs (for Class J shares only), including contingent deferred sales charges; and (2) ongoing costs, including management fees; distribution fees (for certain share classes); and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal Funds, Inc. and to compare these costs with the ongoing costs of investing in other mutual funds. As a shareholder of Real Estate Allocation Fund, the fund will indirectly bear its pro rata share of expenses incurred by the investment companies in which the fund invests. These expenses are not included in the fund’s annualized expense ratio used to calculate the expenses paid in this example. If they were, the expenses would be higher.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2016 to August 31, 2016), unless otherwise noted.

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. R-1, R-2, R-3, R-4, and R-5 classes of shares may be purchased only through retirement plans. Such plans may impose fees in addition to those charged by the fund. These fees are not included in the table below. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in Principal Funds, Inc. and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as contingent deferred sales charges, redemption fees or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


					Actual							Hypothetical
							Expenses Paid							Expenses Paid
					Ending		During Period					Ending		During Period
			Beginning		Account Value		March 1,			Beginning		Account Value		March 1, 2016		Annualized
			Account Value		August 31,		2016 to August			Account Value		August 31,		to August 31,		Expense
			March 1, 2016		2016		31, 2016	^(a)		March 1, 2016		2016		2016	^(a)	Ratio
	Blue Chip Fund
	Institutional	$	1,000.00	$	1,158.04	$	3.74		$	1,000.00	$	1,021.67	$	3.51		0.69	%
R -3			1,000.00		1,084.40		5.56	^(b)		1,000.00		1,018.80		6.39		1.26
R -4			1,000.00		1,085.68		4.73	^(b)		1,000.00		1,019.76		5.43		1.07
R -5			1,000.00		1,086.32		4.20	^(b)		1,000.00		1,020.36		4.82		0.95

	Bond Market Index Fund
	Class J		1,000.00		1,031.39		4.29			1,000.00		1,020.91		4.27		0.84
	Institutional		1,000.00		1,034.51		1.18			1,000.00		1,023.98		1.17		0.23
R -1			1,000.00		1,030.47		5.61			1,000.00		1,019.61		5.58		1.10
R -2			1,000.00		1,031.37		4.95			1,000.00		1,020.26		4.93		0.97
R -3			1,000.00		1,032.38		4.04			1,000.00		1,021.17		4.01		0.79
R -4			1,000.00		1,032.32		3.07			1,000.00		1,022.12		3.05		0.60
R -5			1,000.00		1,033.12		2.45			1,000.00		1,022.72		2.44		0.48

	Credit Opportunities Explorer Fund
	Institutional		1,000.00		1,090.43		3.68			1,000.00		1,021.62		3.56		0.70

	Diversified Real Asset Fund
	Institutional		1,000.00		1,102.49		4.65			1,000.00		1,020.71		4.47		0.88
R -3			1,000.00		1,058.37		6.06	^(b)		1,000.00		1,018.15		7.05		1.39
R -4			1,000.00		1,059.33		5.23	^(b)		1,000.00		1,019.10		6.09		1.20
R -5			1,000.00		1,060.29		4.71	^(b)		1,000.00		1,019.71		5.48		1.08
R -6			1,000.00		1,102.49		4.65			1,000.00		1,020.71		4.47		0.88


SHAREHOLDER EXPENSE EXAMPLE
PRINCIPAL FUNDS, INC.
August 31, 2016 (unaudited)



					Actual							Hypothetical
							Expenses Paid							Expenses Paid
					Ending		During Period					Ending		During Period
			Beginning		Account Value		March 1,			Beginning		Account Value		March 1, 2016		Annualized
			Account Value		August 31,		2016 to August			Account Value		August 31,		to August 31,		Expense
			March 1, 2016		2016		31, 2016	^(a)		March 1, 2016		2016		2016	^(a)	Ratio
	Dynamic High Yield Explorer Fund
	Institutional	$	1,000.00	$	1,105.25	$	3.97		$	1,000.00	$	1,021.37	$	3.81		0.75	%

	EDGE MidCap Fund
	Institutional		1,000.00		1,205.91		4.33			1,000.00		1,021.22		3.96		0.78

	Global Multi-Strategy Fund
	Institutional		1,000.00		1,040.23		10.72			1,000.00		1,014.63		10.58		2.09

	Global Multi-Strategy Fund (Excluding Dividends and
	Interest Expense on Short Sales, Short Sale Fees and
	Reverse Repurchase Agreement Expense)
	Institutional		1,000.00		1,040.20		7.95			1,000.00		1,017.25		7.89		1.55

	Global Opportunities Equity Hedged Fund
	Institutional		1,000.00		955.07		6.14			1,000.00		1,018.85		6.34		1.25

	Global Opportunities Fund
	Institutional		1,000.00		1,082.32		4.50			1,000.00		1,020.81		4.37		0.86

	International Equity Index Fund
	Institutional		1,000.00		1,107.91		1.85			1,000.00		1,023.38		1.78		0.35
	R-1		1,000.00		1,103.83		6.40			1,000.00		1,019.05		6.14		1.21
	R-2		1,000.00		1,103.37		5.71			1,000.00		1,019.71		5.48		1.08
	R-3		1,000.00		1,106.10		4.76			1,000.00		1,020.61		4.57		0.90
	R-4		1,000.00		1,106.15		3.76			1,000.00		1,021.57		3.61		0.71
	R-5		1,000.00		1,106.02		3.12			1,000.00		1,022.17		3.00		0.59

	International Small Company Fund
	Institutional		1,000.00		1,110.24		6.37			1,000.00		1,019.10		6.09		1.20

	Multi-Manager Equity Long/Short Fund
	Institutional		1,000.00		999.00		10.24	^(c)		1,000.00		1,012.82		12.40		2.45
	R-6		1,000.00		999.00		9.94	^(c)		1,000.00		1,013.17		12.04		2.38

	Multi-Manager Equity Long/Short Fund (Excluding Dividends and
	Interest Expense on Short Sales and Short Sale Fees)
	Institutional		1,000.00		999.00		6.98	^(c)		1,000.00		1,016.68		8.45		1.67
	R-6		1,000.00		999.00		6.69	^(c)		1,000.00		1,017.04		8.10		1.60

	Opportunistic Municipal Fund
	Institutional		1,000.00		1,070.48		3.64			1,000.00		1,021.62		3.56		0.70

	Opportunistic Municipal Fund (Excluding
	Interest Expense and Fees)
	Institutional		1,000.00		1,070.50		3.38			1,000.00		1,021.83		3.31		0.65

	Origin Emerging Markets Fund
	Institutional		1,000.00		1,218.75		6.80			1,000.00		1,019.00		6.19		1.22
	R-6		1,000.00		1,218.75		7.03			1,000.00		1,018.80		6.39		1.26

	Preferred Securities Fund
	Class J		1,000.00		1,070.31		5.46			1,000.00		1,019.86		5.33		1.05
	Institutional		1,000.00		1,072.69		3.96			1,000.00		1,021.32		3.86		0.76
	R-1		1,000.00		1,067.52		8.21			1,000.00		1,017.19		8.01		1.58
	R-2		1,000.00		1,068.68		7.54			1,000.00		1,017.85		7.35		1.45
	R-3		1,000.00		1,069.36		6.61			1,000.00		1,018.75		6.44		1.27
	R-4		1,000.00		1,070.50		5.62			1,000.00		1,019.71		5.48		1.08
	R-5		1,000.00		1,070.83		5.00			1,000.00		1,020.31		4.88		0.96

	Real Estate Allocation Fund
	Institutional		1,000.00		1,113.92		0.80			1,000.00		1,024.38		0.76		0.15

	Real Estate Debt Income Fund
	Institutional		1,000.00		1,068.91		3.17			1,000.00		1,022.07		3.10		0.61

	Small-MidCap Dividend Income Fund
	Institutional		1,000.00		1,242.35		4.51			1,000.00		1,021.11		4.06		0.80

^(a)Expenses are equal to a fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

^(b)Expenses are equal to a fund's annualized expense ratio multiplied by the average account value over the period (March 29, 2016 to August 31, 2016), multiplied by 155/366 (to reflect the period since inception).

^(c)Expenses are equal to a fund's annualized expense ratio multiplied by the average account value over the period (March 31, 2016 to August 31, 2016), multiplied by 153/366 (to reflect the period since inception).

Under Maryland law, a Board of Directors oversees the Fund. The Directors have financial or other relevant experience and meet several times during the year to review contracts, Fund activities and the quality of services provided to the Fund. Each director also has the same position with Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds which are also sponsored by Principal Life Insurance Company. Each director holds office for an indefinite term or until reaching age 72. Directors considered to be “interested persons” as defined in the Investment Company Act of 1940, as shown below are considered to be interested because of an affiliation with the Manager and Principal Life Insurance Company.

The following directors are considered not to be “interested persons” as defined in the 1940 Act


			Other
Name,		Number of Portfolios	Directorships
Position Held with the Fund,	Principal Occupation(s)	in Fund Complex	Held by Director
Year of Birth	During past 5 years	Overseen by Director	During Past 5 Years
Elizabeth Ballantine	Principal, EBA Associates	126	Durango Herald, Inc;
Director since 2004			McClatchy
Member, Nominating and Governance			Newspapers, Inc.
Committee
1948

Leroy T. Barnes, Jr.	Retired.	126	McClatchy
Director since March 2012			Newspapers, Inc.;
Member, Audit Committee			Herbalife Ltd.; Frontier
1951			Communications, Inc.

Craig Damos	President, The Damos Company	126	Hardin Construction
Director since 2008			Company
Member, Audit Committee
Member, 15(c) Committee
1954

Mark A. Grimmett	Formerly, Executive Vice	126	None
Director since 2004	President and CFO, Merle
Member, Nominating and Governance	Norman Cosmetics, Inc.
Committee
Member, 15(c) Committee
Member, Executive Committee
1960

Fritz S. Hirsch	CEO, MAM USA	126	Focus Products Group
Director since 2005
Member, Operations Committee
Member, 15(c) Committee
1951

Tao Huang	Formerly, Chief Operating	126	Armstrong World
Director since March 2012	Officer, Morningstar, Inc.		Industries, Inc.
Member, Operations Committee
Member, 15(c) Committee
1962

Drew E. Lawton	Formerly, Senior Managing	126	None
Director since March 2016	Director and CEO, New York
Member, Nominating and Governance	Life Investment Management
Committee	(New York Life Insurance
1959	Company)

Karen (“Karrie”) McMillan	Managing Director, Patomak	126	None
Director since 2014	Global Partners, LLC.
Member, Operations Committee	Formerly, General Counsel,
1961	Investment Company Institute

Elizabeth A. Nickels	Formerly, Executive Director,	126	Charlotte Russe; Follet
Director since September 2015	Herman Miller Foundation;		Corporation; Herman
Member, Audit Committee	Formerly President, Herman		Miller, Inc.; PetSmart;
1962	Miller Healthcare		SpartanNash; Spectrum
			Health Systems

The following directors are considered to be “interested persons” as defined in the 1940 Act, because of an affiliation with the Manager and Principal Life.


			Other
		Number of	Directorships
		Portfolios in	Held by
Name,		Fund Complex	Director
Position Held with the Fund,	Principal Occupation(s)	Overseen	During Past 5
Year of Birth	During past 5 years	by Director	Years
Michael J. Beer	Chief Executive Officer, Principal Funds	126	None
Director since 2012	Distributor, Inc. (“PFD”) since 2015
President, Chief Executive Officer	Director, PFD since 2015
Member, Executive Committee	Vice President/Mutual Funds and Broker
1961	Dealer, Principal Life Insurance
	Company (“PLIC”) (2001-2014)
	Vice President/Chief Operating Officer,
	Principal Funds, PLIC (2014-2015)
	Executive Director, Principal Funds &
	Trust, PLIC since 2015
	Director, Principal Management
	Corporation, (the “Manager”) (2006-2015)
	President & Chief Executive Officer,
	the Manager since 2015
	Executive Vice President/Chief Operating
	Officer, the Manager (2008-2015)
	Chair, the Manager since 2015
Director, Principal Securities, Inc. (“PSI”) (2005-
	2015)
	President, PSI (2005-2015)
	Director, Principal Shareholder
	Services (“PSS”) (2007-2015)
	Chairman, PSS since 2015
	President, PSS (2007-2015)
	Executive Vice President, PSS since 2015

Nora M. Everett	Director, Edge Asset Management,	126	None
Director since 2008	Inc. (“Edge”) (2008-2011)
Chair	Director, Finisterre Capital LLP since 2011
Member, Executive Committee	Director, Origin Asset Management
1959	LLP since 2011
	Chairman, Principal Financial
	Advisors, Inc. (“PFA”) (2010-2015)
	Chairman, PFD (2011-2015)
	Director, PFD (2008-2011)
	Senior Vice President/Retirement and
	Investor Services, PLIC (2008-2015)
	President/Retirement and Investor
	Services, PLIC since 2015
	Chairman, the Manager (2011-2015)
	President, the Manager (2008-2015)
	Director, the Manager (2008-2011)
	Director, PSI (2008-2011, and since 2015)
	Chairman, PSI (2011-2015)
	Chief Executive Officer, PSI (2009-2015)
	Chairman, PSS (2011-2015)
	Director, PSS (2008-2011)

Correspondence intended for each Director who is other than an Interested Director may be sent to 655 9^thStreet, Des Moines, IA


Name, Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Randy L. Bergstrom	Counsel, Principal Global Investors, LLC (“PGI”)
Assistant Tax Counsel	Counsel, PLIC
Des Moines, IA 50392
1955

Jennifer A. Block	Counsel, PFD (2009-2013)
Assistant Counsel and Assistant	Counsel, PLIC
Secretary	Counsel, the Manager (2009-2013, 2014 - present)
Des Moines, IA 50392	Counsel, PSI (2009-2013)
1973	Counsel, PSS (2009-2013)

Tracy Bollin	Chief Financial Officer, PFA (2010-2015)
Chief Financial Officer	Senior Vice President, PFD since 2015
Des Moines, IA 50392	Chief Financial Officer, PFD since 2010
1970	Senior Vice President, the Manager since 2015
	Chief Financial Officer, the Manager (2010-2015)
	Director, the Manager since 2015
	Chief Financial Officer, PSI (2010-2015)
	Director, PSS since 2015
	President, PSS since 2015
	Chief Financial Officer, PSS (2010-2015)

David J. Brown	Senior Vice President, PFD
Chief Compliance Officer	Chief Compliance Officer-Funds, PLIC since 2016
Des Moines, IA 50392	Vice President/Compliance, PLIC
1960	Senior Vice President, the Manager
	Senior Vice President, PSI
Senior Vice President, PSS

Gina L. Graham	Vice President/Treasurer, PFA since 2016
Treasurer	Vice President/Treasurer, PFD since 2016
Des Moines, IA 50392	Vice President/Treasurer, PGI since 2016
1965	Vice President/Treasurer, PLIC since 2016
	Vice President/Treasurer, the Manager since 2016
	Vice President/Treasurer, Principal Real Estate Investors, LLC since 2016
	Vice President/Treasurer, PSI since 2016
	Vice President/Treasurer, PSS since 2016
Carolyn F. Kolks	Counsel, PGI
Assistant Tax Counsel	Counsel, PLIC
Des Moines, IA 50392
1962

Layne A. Rasmussen	Vice President/Controller – Principal Funds, the Manager
Vice President and Controller
Des Moines, IA 50392
1958

Greg Reymann	Assistant General Counsel, PLIC since 2014
Assistant Counsel	Assistant General Counsel, the Manager since 2015
Des Moines, IA 50392	VP, Chief Compliance Officer and Chief Risk Officer, Transamerica Asset
1958	Management, Inc. (“TAM”) (2010-2012)
	Assistant General Counsel, Transamerica Asset Management Group
	(2013-2014)
	Vice President/CFTC Principal, TAM (2013-2014)


Name, Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Teri R. Root	Vice President and Chief Compliance Officer, the Manager since 2015
Deputy Chief Compliance Officer	Compliance Officer, the Manager (2010-2013)
Des Moines, IA 50392	Vice President, PSS since 2015
1979

Britney L. Schnathorst	Counsel, PLIC since 2013
Assistant Counsel	Prior thereto, Attorney in Private Practice
Des Moines, IA 50392
1981

Adam U. Shaikh	Counsel, PFD (2006-2013)
Assistant Counsel	Counsel, PLIC
Des Moines, IA 50392	Counsel, the Manager (2007-2013, 2014 - present)
1972	Counsel, PSI (2007-2013)
	Counsel, PSS (2007-2013)

Dan Westholm	Assistant Vice President/Treasury, PFA since 2013
Assistant Treasurer	Director – Treasury, PFA (2011-2013)
Des Moines, IA 50392	Assistant Vice President/Treasury, PFD since 2013
1966	Director – Treasury, PFD (2011-2013)
	Assistant Vice President/Treasury, PLIC since 2014
	Director – Treasury, PLIC (2007-2014)
	Director – Treasury, the Manager (2003-2013)
	Assistant Vice President/Treasury, the Manager since 2013
	Assistant Vice President/Treasury, PSI since 2013
	Director – Treasury, PSI (2008-2009, 2011-2013)
	Assistant Vice President/Treasury, PSS since 2013
	Director – Treasury, PSS (2007-2013)

Beth Wilson	Director and Secretary – Funds, PLIC
Vice President and Secretary	Vice President, the Manager (2007-2013)
Des Moines, IA 50392
1956

Clint Woods	Vice President, Associate General Counsel, Governance Officer, and
Vice President and Counsel	Assistant Corporate Secretary, PLIC since 2015
Des Moines, IA 50392	Assistant General Counsel, Assistant Corporate Secretary, and Governance
1961	Officer, PLIC (2013-2015)
	Associate General Counsel, AEGON (2003 - 2012)

The 15(c) Committee assists the Board in performing the annual review of the Fund’s advisory and sub-advisory agreements pursuant to Section 15(c) of the 1940 Act.

The Audit Committee selects the independent auditors for the Fund and oversees the activities of the independent auditors as well as the internal auditors. The committee also receives reports about accounting and financial matters affecting the Fund.

The Executive Committee is selected by the Board. It may exercise all the powers of the Board, with certain exceptions, when the Board is not in session. The Committee must report its actions to the Board.

The Nominating and Governance Committee selects and nominates all candidates who are not “interested persons” of the Fund for election to the Board. The committee also oversees the structure and efficiency of the Board of Directors and the committees the Board establishes.

The Operations Committee oversees the provision of administrative and distribution services to the Funds, communications with the Funds’ shareholders, and provides review and oversight of the Funds’ operations.

Additional information about the Fund is available in the Prospectus dated December 31, 2015, and the Statement of Additional Information dated December 31, 2015. These documents may be obtained free of charge by writing Principal Variable, Inc., P.O. Box 8024, Boston, MA 02266-8024 or telephoning 1-800-222-5852. The prospectus may be viewed at

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities and the results of the proxy votes for the most recent twelve months ended June 30 may be obtained free of charge by telephoning 1-800-222-5852, or on the SEC website at www.sec.gov.

The Fund files complete schedules of investments with the Securities and Exchange Commission as of May 31 and November 30 of each year on Form N-Q. The Fund’s Form N-Q can be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. or on the Commission’s website at www.sec.gov. Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-800-SEC-0330.

During the period covered by this report, the Board of Directors of Principal Funds, Inc. (“PFI”) approved: (1) a Subadvisory agreement with Columbus Circle Investors, a Subadvisory agreement with Passport Capital, LLC, a Subadvisory agreement with Sirios Capital Management, L.P., a Subadvisory agreement with Three Bridges Capital, LP, and an amended and restated management agreement with Principal Management Corporation (the “Manager”) related to the addition of the Multi-Manager Equity Long/Short Fund; (2) a Subadvisory agreement with Gotham Asset Management, LLC related to the Multi-Manager Equity Long/Short Fund; (3) a Subadvisory agreement with Sound Point Capital Management, LP related to the Global-Multi Strategy Fund; and (4) amended Subadvisory agreements with Cliffwater, LLC and York Registered Holdings L. P. related to the Global-Multi Strategy Fund.

On December 15, 2015, the Board met to consider, on behalf of the newly established Multi-Manager Equity Long/Short Fund (the “Fund”), the approval of: (1) an amended and restated management agreement (“Management Agreement”) between PFI, for the Fund, and the Manager and (2) a subadvisory agreement between the Manager and Passport Capital, LLC (“Passport” or a “Subadvisor”) with respect to the Fund (the “Passport Subadvisory Agreement”); (3) a subadvisory agreement between the Manager and Sirios Capital Management, L.P. (“Sirios” or a “Subadvisor”) with respect to the Fund (the “Sirios Subadvisory Agreement”); (4) a subadvisory agreement between the Manager and Three Bridges Capital, LP (“Three Bridges” or a “Subadvisor”) with respect to the Fund (the “Three Bridges Subadvisory Agreement”); and (5) a subadvisory agreement between the Manager and Columbus Circle Investors (“CCI” or a “Subadvisor”) with respect to the Fund (the “CCI Agreement”). (The Passport Subadvisory Agreement, the Sirios Subadvisory Agreement, the Three Bridges Subadvisory Agreement and the CCI Subadvisory Agreement are together referred to as the “Subadvisory Agreements,” and the Management Agreement and the Subadvisory Agreements are together referred to as the “Advisory Agreements.”)

Based upon its review, the Board concluded that it was in the best interests of the Fund to approve the Advisory Agreements. In reaching this conclusion, no single factor was determinative in the Board’s analysis, but rather the Board considered a variety of factors.

With respect to the Management Agreement, the Board considered, among other factors, that the Manager has had a long-term relationship with the PFI funds and has demonstrated a commitment to support the PFI funds. The Board concluded that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered various factors, including the following, and made certain findings and conclusions with regard thereto, in approving the Advisory Agreements.

The Board considered the nature, quality and extent of the services to be provided under the Management Agreement, including administrative services. The Board noted that, in connection with the 2015 annual renewal of the management agreements for the other PFI funds and series of Principal Variable Contracts Funds, Inc. (“PVC”) and Principal Exchange-Traded Funds (“PETF” and together with PFI and PVC, the “Principal Funds”), the Board had: (1) reviewed the services provided by the Manager to the other series of Principal Funds under the management agreements; (2) considered the experience and skills of senior management leading fund operations, the experience and skills of the personnel performing the functions under the management agreements and the resources made available to such personnel, the ability of the Manager to attract and retain high-quality personnel, and the organizational depth and stability of the Manager and concluded that appropriate resources were provided under the management agreements for the Principal Funds; (3) considered the due diligence process developed by the Manager for purposes of selecting highly qualified unaffiliated subadvisors and for monitoring and replacing unaffiliated subadvisors and concluded that this due diligence process was working well; and (4) considered the compliance program established by the Manager for the Principal Funds and their respective series and the level of compliance attained by the Principal Funds. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services to be provided by the Manager to the Fund under the Management Agreement are expected to be satisfactory.

The Board considered the nature, quality and extent of the services to be provided under each of the Subadvisory Agreements. For each Subadvisory Agreement, the Board considered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’s investment personnel who would be responsible for the day-to-day management of the Fund, and the resources made available to such personnel. The Board noted that CCI currently provides subadvisory services for other series of PFI and PVC, and that the Board had reviewed and had approved for renewal those subadvisory agreements at its September 2015 Board meeting. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended each Subadvisor based upon that program. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services to be provided by each Subadvisor to the Fund under the applicable Subadvisory Agreement are expected to be satisfactory.

As the Fund is a newly created series, the Board did not review performance of the Fund since no track record was available. The Board reviewed the historical and back-tested performance of each Subadvisor as follows:

The Board also reviewed the back-tested one-year, three-year and five-year performance returns as of September 30, 2015 (gross and net of fees) of the Fund, as compared to a relevant benchmark index and a relevant Morningstar category. The Board concluded, based on the information provided, that each Subadvisor is well qualified.

The Board considered the Fund’s proposed management and subadvisory fees, taking into consideration the complexities of the investment strategy and the objective of the Fund. With respect to the proposed management fee, the Board considered the fees proposed to be paid to each Subadvisor. The Board also received information from the Manager, based on data supplied by Broadridge, comparing the proposed management fee to advisory fees of funds in the same asset category. The Board also considered whether there are economies of scale with respect to the services to be provided to the Fund under the Management Agreement. The Board noted that the proposed management fee schedule includes breakpoints, and concluded that the proposed management fee schedule reflects an appropriate recognition of economies of scale at currently anticipated asset levels.

With respect to the subadvisory fee proposed to be paid to each Subadvisor, the Board noted that the Manager compensates each Subadvisor from its own management fee so that shareholders pay only the management fee. The Board considered whether there are economies of scale with respect to the subadvisory services to be provided under each Subadvisory Agreement. The Board noted that the proposed subadvisory fee schedules for two Subadvisors include breakpoints and that the proposed subadvisory fee schedules for the other two Subadvisors do not include breakpoints. The Board concluded that the subadvisory fee schedule for each Subadvisor reflects an appropriate recognition of economies of scale at currently anticipated asset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedules to be competitive.

In addition, in evaluating the management and subadvisory fees, the Board considered the estimated profitability of the Fund to the Manager. The Board reviewed the anticipated expense ratio of each class of the Fund and considered that the Manager proposed to cap the total expense ratios for the classes at certain levels through December 30, 2017. On the basis of the information provided, the Board concluded that the proposed management and subadvisory fees were reasonable.

The Board also considered the character and amount of other incidental benefits to be received by the Manager and each Subadvisor. The Board noted that Passport, Sirios and CCI may use soft dollars and that each such Subadvisor’s policy is to use soft dollars within the Section 28(e) safe harbor, and that Three Bridges did not intend to use soft dollars. The Board concluded that taking into account these potential benefits, the proposed management and subadvisory fees were reasonable.

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of each Advisory Agreement are fair and reasonable and that approval of each of the Advisory Agreements is in the best interests of the Fund.

On June 14, 2016, the Board considered for the Multi-Manager Equity Long/Short Fund (the “Fund”), the approval of a subadvisory agreement between Principal Management Corporation (the “Manager”) and Gotham Asset Management, LLC (the “Subadvisor”) with respect to the Fund (the “Subadvisory Agreement”)

The Board considered the nature, quality and extent of the services expected to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’s investment personnel who would be responsible for the day-to-day management of the Fund, and the resources made available to such personnel. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended the Subadvisor based upon that program.

The Board reviewed the back-tested one-year, three-year and five-year performance returns as of March 31, 2016 (gross and net of proposed fees) of the Subadvisor in the proposed portfolio strategy for the Fund (which included historical performance returns of the Subadvisor in the same strategy as the proposed portfolio strategy for the Fund for the period January 1, 2016 through March 31, 2016), as compared to a relevant benchmark index for the Subadvisor’s investment sleeve, to a relevant benchmark index for the Fund and to a relevant Morningstar category. The Board also reviewed the back-tested three-year and five-year standard deviations and Sharpe ratios as of March 31, 2016 (gross and net of proposed fees) for the proposed portfolio strategy for the Fund (the calculation of which considered historical performance returns of the Subadvisor in the same strategy as the proposed portfolio strategy for the Fund for the period January 1, 2016 through March 31, 2016), as compared to those of the relevant benchmark index for the Subadvisor’s investment sleeve, the relevant benchmark index for the Fund and the Morningstar category for each of the periods referenced above. The Board concluded, based upon the information provided, that the Subadvisor is well qualified.

The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors from its own management fee so that shareholders pay only the management fee. The Board considered whether there are economies of scale with respect to the subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board concluded that, although the proposed subadvisory fee schedule does not include breakpoints, the Subadvisor’s fee schedule is appropriate at currently anticipated asset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable.

The Board also considered the character and amount of other incidental benefits to be received by the Subadvisor. The Board noted that the Subadvisor did not intend to use soft dollars. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Subadvisory Agreement are fair and reasonable and that approval of the Subadvisory Agreement is in the best interests of the Fund.

On June 14, 2016, the Board considered for the Global Multi-Strategy Fund (the “Fund”) the approval of a subadvisory agreement between Principal Management Corporation (the “Manager”) and Sound Point Capital Management, LP (the “Subadvisor”) with respect to the Fund (the “Subadvisory Agreement”).

The Board reviewed the historical one-year, three-year and since-inception (October 1, 2011) performance returns as of December 31, 2015 (gross and net of proposed fees) of the Subadvisor in an account with an investment strategy similar to the proposed strategy for the credit long/short investment sleeve of the Fund, as compared to the historical performance returns (gross and net of fees) of the two current and continuing subadvisors to the investment sleeve of the Fund and to two relevant benchmark indices for the investment sleeve, and the annual performance of the Subadvisor in the same account for each of the last four calendar years (gross and net of proposed fees), as compared to the historical performance (gross and net of fees) of the two current and continuing subadvisors and to the relevant benchmark indices. The Board also reviewed the quartile rankings of the performance of the Subadvisor’s account (net of proposed fees) and the two current and continuing subadvisors to the investment sleeve (net of fees) in a relevant Morningstar category for each of the periods and years referenced above. The Board concluded, based upon the information provided, that the historical investment performance record of the Subadvisor was satisfactory.

The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors from its own management fee so that shareholders pay only the management fee. The Board considered whether there are economies of scale with respect to the subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board noted that the proposed subadvisory fee schedule includes breakpoints and concluded that the subadvisory fee schedule reflects an appropriate recognition of economies of scale at currently anticipated asset levels. The Board considered the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable.

The Board also considered the character and amount of other incidental benefits to be received by the Subadvisor. The Board noted that the Subadvisor does not use soft dollars. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.

On June 14, 2016, the Board considered for PFI Global Multi-Strategy Fund (the “Fund”) the approval of (1) an amended fee schedule under the subadvisory agreement between Principal Management Corporation (the “Manager”) and Cliffwater, LLC (“Cliffwater” or a “Subadvisor”) with respect to the alternative investment strategy consulting services it provides to the Fund (the “Cliffwater Subadvisory Agreement”) in connection with a proposal to reduce Cliffwater’s fee; and (2) an amended fee schedule under the subadvisory agreement between the Manager and York Registered Holdings, L.P. (“York” or a “Subadvisor”) with respect to the event driven investment sleeve of the Fund (the “York Subadvisory Agreement”) in connection with a proposal to reduce York’s fee. (The Cliffwater Subadvisory Agreement and the York Subadvisory Agreement are referred to as the “Subadvisory Agreements.”)

The Board reviewed materials received from the Manager regarding the proposed subadvisory fee reductions. The Board considered the Manager’s representation that the subadvisory fee reductions would not impact the quality or quantity of the services the Subadvisors provide to the Fund and that each Subadvisor’s obligations under the applicable Subadvisory Agreement will remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of the Subadvisory Agreements other than to the fee schedules.

The Board considered that they had last approved the Subadvisory Agreements for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2015 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by each Subadvisor under the applicable Subadvisory Agreement and had concluded, based upon the information provided, that the terms of each Subadvisory Agreement were reasonable and that approval of each Subadvisory Agreement was in the best interests of the Fund.

Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the reduced subadvisory fees.

FEDERAL INCOME TAX INFORMATION
PRINCIPAL FUNDS, INC.
August 31, 2016 (unaudited)

Long-Term Capital Gain Dividends. Certain Funds distributed long-term capital gain dividends during the fiscal year ended August 31, 2016. Details of designated long-term capital gain dividends for federal income tax purposes are shown in the notes to financial statements. To the extent necessary to distribute such capital gains, certain Funds may also utilize, and hereby designate, earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

Dividends Received Deduction. For corporate shareholders, the percentage of ordinary income distributions (dividend income and short-term gains, if any) for the year ended August 31, 2016, that qualify for the Dividends Received Deduction are as follows:

Qualified Dividend Income. Certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentages of ordinary income distributions for the fiscal year ended August 31, 2016, taxed at a maximum rate of 15% are as follows:

Foreign Taxes Paid. The following Funds elect under the Internal Revenue Code Section 853 to pass through foreigntaxes paid to their shareholders.

The total amounts of foreign taxes passed through to shareholders on a per share basis for the year ended August 31, 2016, are as follows:

This information is given to meet certain requirements of the Internal Revenue Code and should not be used by shareholders for preparing their income tax returns. For tax return preparation purposes, please refer to the information supplied with the 1099-DIV form you will receive from the Fund’s transfer agent.

Principal Funds Distributor, Inc.
711 High Street
Des Moines, IA 50392-6370

Do not use this address for business correspondence.


711 High Street, Des Moines, IA	50392
(Address of principal executive offices)	(Zip code)


Registrant’s telephone number, including area code:		515-247-6783
Date of fiscal year end:	August 31, 2016
Date of reporting period:	August 31, 2016


Average Annual Total Returns* as of August 31, 2016
						Extended Performance
	1-Year		Since Inception		Inception Date
						Inception Date***
Institutional Shares	11.39	%	15.17	%	6/14/12	-
R-3 Shares	10.77	%	14.51	%	3/29/16	6/14/12
R-4 Shares	11.02	%	14.74	%	3/29/16	6/14/12
R-5 Shares	11.16	%	14.88	%	3/29/16	6/14/12


Average Annual Total Returns* as of August 31, 2016

									Extended
		1-Year		5-Year		Since		Inception	Performance
						Inception		Date	Inception
									Date***
Class J Shares	Excluding Sales Charge	4.98	%	2.31	%	3.20	%	3/16/10	12/30/09
	Including Sales Charge	3.98	%	2.31	%	3.20	%
Institutional Shares		5.52	%	3.08	%	4.01	%	12/30/09	-
R-1 Shares		4.60	%	1.97	%	2.94	%	12/30/09	-
R-2 Shares		4.76	%	2.10	%	3.08	%	12/30/09	-
R-3 Shares		5.00	%	2.28	%	3.26	%	12/30/09	-
R-4 Shares		5.10	%	2.48	%	3.46	%	12/30/09	-
R-5 Shares		5.24	%	2.59	%	3.58	%	12/30/09	-


Average Annual Total Returns* as of August 31, 2016
	1-Year		Since Inception		Inception Date
Institutional Shares	4.94	%	1.09	%	9/10/14


Table of Contents

Economic & Financial Market Review		2
Important Fund Information		3
Blue Chip Fund		4
Bond Market Index Fund		5
Credit Opportunities Explorer Fund		6
Diversified Real Asset Fund		7
Dynamic High Yield Explorer Fund		8
EDGE MidCap Fund		9
Global Multi-Strategy Fund		10
Global Opportunities Equity Hedged Fund		11
Global Opportunities Fund		12
International Equity Index Fund		13
International Small Company Fund		14
Opportunistic Municipal Fund		15
Origin Emerging Markets Fund		16
Preferred Securities Fund		17
Real Estate Allocation Fund		18
Real Estate Debt Income Fund		19
Small-MidCap Dividend Income Fund		20
SystematEx International Fund		21
SystematEX Large Value Fund		22
Financial Statements		23
Notes to Financial Statements		57
Schedules of Investments		90
Financial Highlights (Includes performance information)		224
Report of Independent Registered Public Accounting Firm		240
Shareholder Expense Example		241
Supplemental Information		244

^(a)	Consolidated financial statement, see "Basis for Consolidation" in Notes to Financial Statements.
^(b)	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

^(a)	Period from January 23, 2015, date operations commenced, through August 31, 2015.
^(b)	Period from March 29, 2016, date operations commenced, through August 31, 2016 for Class P shares.

^(a)	Period from December 31, 2014, date operations commenced, through August 31, 2015.
^(b)	Period from June 15, 2015, date operations commenced, through August 31, 2015 for Class P shares.


						Global
Diversified			Global			Opportunities Equity			Global
Real Asset Fund			Multi-Strategy Fund			Hedged Fund			Opportunities Fund
Euro	5.3	%	Euro	5.2	%	Euro	13.5	%	Euro	13.9	%
						Japanese Yen	8.6		British Pound	8.8
						British Pound	8.6		Japanese Yen	8.5



International			International			Multi-Manager Equity			Origin Emerging
Equity Index Fund			Small Company Fund			Long/Short Fund			Markets Fund
Euro	29.2	%	Japanese Yen	28.5	%	Euro	12.4	%	Hong Kong Dollar	29.0	%
Japanese Yen	23.2		Euro	24.6					South Korean Won	17.8
British Pound	18.7		British Pound	15.7					New Taiwan Dollar	9.6
Swiss Franc	8.8		Canadian Dollar	10.7
Australian Dollar	7.0		Australian Dollar	5.3



SystematEX
International Fund
Euro	32.1	%
Japanese Yen	21.5
British Pound	16.9
Swiss Franc	10.5
Australian Dollar	6.6
Hong Kong Dollar	5.3


		Average	Weighted Average
		Outstanding Balance	Interest Rate
Blue Chip Fund	$	471	.89	%
Diversified Real Asset Fund		1	.92
Global Multi-Strategy Fund		86	.67
Global Opportunities Equity Hedged Fund		5	.61
Global Opportunities Fund		22	.66
International Equity Index Fund		196	.85
International Small Company Fund		10	.82
Preferred Securities Fund		161	.87
Real Estate Debt Income Fund		18	.73
SystematEx International Fund		9	.91


Counterparty Abbreviations used:
BOA	Bank of America	HSBC	HSBC Securities
BARC	Barclays Bank PLC	JPM	JP Morgan Chase
BNP	BNP Paribas	ML	Merrill Lynch
BNYM	Bank of New York Mellon	MS	Morgan Stanley
CITI	Citigroup Inc	RBC	RBC Dominion Securities
CBA	Commonwealth Bank of Australia	RBS	Royal Bank of Scotland
CS	Credit Suisse	SCB	Standard Chartered Bank, Hong Kong
DB	Deutsche Bank AG	SN	Stifel, Nicolaus & Co
GOLD	Goldman Sachs	UBS	UBS AG


			Notional Amount
Diversified Real Asset Fund	Number of Contracts		(thousands)			Premium (thousands)
Beginning of period	98,056,121		79,520		$	2,542
Options written	490,683,117		127,475			5,326
Options expired	(79,185,322	)	(2,800	)		(734	)
Options closed	(364,642,185	)	(87,970	)		(4,335	)
Options exercised	(68,360,000	)	(25,160	)		(1,127	)
Balance at end of period	76,551,731		91,065		$	1,672

			Notional Amount
Global Multi-Strategy Fund	Number of Contracts		(thousands)			Premium (thousands)
Beginning of period	20,103,785		495,000		$	8,097
Options written	109,072,803		771,400			40,334
Options expired	(16,963,273	)	—			(4,766	)
Options closed	(86,371,264	)	(606,300	)		(37,569	)
Options exercised	(5,800,263	)	—			(155	)
Balance at end of period	20,041,788		660,100		$	5,941


				Payable for Reverse
Fund	Security Type	Remaining Contractual Tenor		Repurchase Agreement
Global Multi Strategy Fund	U.S. Treasury and Agency Securities	Overnight and Continuous	$	234,209
Global Multi Strategy Fund	Foreign Corporate Bond	Greater than 90 Days		23,458
	Gross amount of recognized liabilities for reverse repurchase agreements		$	257,667


		Unfunded Loan Commitment	Unrealized gain/loss
Global Multi-Strategy Fund	$	192	$ —


Fund	Total Percentage of Outstanding Shares Owned
Blue Chip Fund	93.49	%
Bond Market Index Fund	84.71
Diversified Real Asset Fund	20.54
EDGE MidCap Fund	99.97
Global Multi-Strategy Fund	50.03
Global Opportunities Fund	98.77
International Equity Index Fund	53.33
International Small Company Fund	98.26
Multi-Manager Equity Long/Short Fund	42.73
Origin Emerging Markets Fund	70.45
Preferred Securities Fund	4.05
Real Estate Debt Income Fund	98.62
Small-MidCap Dividend Income Fund	31.24


Global Multi-Strategy Fund	$	1,140,361
Preferred Securities Fund		40,015,808


Global Multi-Strategy Fund	$	1,881,946
Preferred Securities Fund		8,372,979

*	For additional detail regarding sector classifications, please see the Schedules of Investments.
**	Exchange Cleared Swaps, Futures, Foreign Currency Contracts, and Synthetic Futures are valued at the unrealized appreciation/(depreciation) of the instrument.


			Net Assets of Fund
	First $500		Next $500		Next $500		Over $1.5
	million		million		million		billion
Blue Chip Fund	.70	%	.68	%	.66	%	.65	%
Credit Opportunities Explorer Fund	.60		.58		.56		.55
Dynamic High Yield Explorer Fund	.65		.63		.61		.60
EDGE MidCap Fund	.75		.73		.71		.70
Global Opportunities Equity Hedged Fund	1.10		1.08		1.06		1.05
Global Opportunities Fund	.85		.83		.81		.80
International Small Company Fund	1.05		1.03		1.01		1.00
Multi-Manager Equity Long/Short Fund	1.57		1.55		1.53		1.52
Opportunistic Municipal Fund	.50		.48		.46		.45
Origin Emerging Markets Fund	1.20		1.18		1.16		1.15
Real Estate Debt Income Fund	.55		.53		.51		.50
SystematEx International Fund	.60		.58		.56		.55
SystematEx LargeCap Value Fund	.40		.38		.36		.35


	Period from September 1, 2015 through August 31, 2016
	Class A		Class C		Institutional		Expiration
Blue Chip Fund	1.35	%	2.10	%	.75	%	December 30, 2016
Bond Market Index Fund	N/A		N/A		.23		December 30, 2016
Credit Opportunities Explorer Fund	1.10		N/A		.70		December 30, 2016
Diversified Real Asset Fund	1.25		2.00		.88		December 30, 2016
Dynamic High Yield Explorer Fund	1.10		N/A		.75		December 30, 2016
EDGE MidCap Fund	N/A		N/A		.90	*	December 30, 2016
Global Multi-Strategy Fund	2.00		2.75		1.65		December 30, 2016
Global Opportunities Equity Hedged Fund	1.55	**	N/A		1.25	**	December 30, 2016
Global Opportunities Fund	1.50		2.25		N/A		December 30, 2016
International Equity Index Fund	N/A		N/A		.35		December 30, 2016
International Small Company Fund	1.60		N/A		1.20		December 30, 2016
Multi-Manager Equity Long/Short Fund	2.02	^	N/A		1.67	^	December 30, 2017
Opportunistic Municipal Fund	.90		1.65		.65		December 30, 2016
Origin Emerging Markets Fund	1.75		N/A		1.25		December 30, 2016
Real Estate Allocation Fund	.50		N/A		.15		December 30, 2016
Real Estate Debt Income Fund	1.00		N/A		.70		December 30, 2016
Small-MidCap Dividend Income Fund	N/A		2.15		.88		December 30, 2016
SystematEx International Fund	N/A		N/A		.75	**	December 30, 2016

*	Period from September 28, 2015 to August 31, 2016.
**	Period from September 22, 2015 to August 31, 2016.
^	Period from March 31, 2016 to August 31, 2016.

*	Period from September 22, 2015 to August 31, 2016.
**	Period from March 31, 2016 to August 31, 2016.
***	Period from March 29, 2016 to August 31, 2016.


						Covers on
						Securities		Securities
		Purchases		Sales		Sold Short		Sold Short
Blue Chip Fund	$	463,905	$	521,944	$	—	$	—
Bond Market Index Fund		1,500,219		1,250,709		2,912		3,096
Credit Opportunities Explorer Fund		71,721		76,299		—		—
Diversified Real Asset Fund		2,125,025		2,008,814		—		—
Dynamic High Yield Explorer Fund		15,014		15,402		—		—
EDGE MidCap Fund		282,838		39,489		—		—
Global Multi-Strategy Fund		3,952,643		4,372,572		854,902		726,881
Global Opportunities Equity Hedged Fund		17,540		11,039		—		—
Global Opportunities Fund		1,856,182		1,817,609		—		—
International Equity Index Fund		374,970		256,192		—		—
International Small Company Fund		181,713		26,810		—		—
Multi-Manager Equity Long/Short Fund		546,455		265,477		85,444		202,487
Opportunistic Municipal Fund		132,731		48,420		—		—
Origin Emerging Markets Fund		521,459		592,079		—		—
Preferred Securities Fund		1,484,473		690,965		—		—
Real Estate Allocation Fund		1,011		449		—		—
Real Estate Debt Income Fund		123,451		14,908		—		—
Small-MidCap Dividend Income Fund		659,614		463,204		—		—
SystematEx International Fund		77,010		15,783		—		—
SystematEx Large Value Fund		12,107		4,441		—		—


								Long-Term
		Ordinary Income^#				Tax-Exempt Income^{^}		*Capital Gain^,**#
		2016		2015		2016	2015	2016		2015
Blue Chip Fund	$	6,074	$	13,424	$	— $	— $	24,036	$	3,389
Bond Market Index Fund		23,756		22,766		—	—	1,544		2,353
Credit Opportunities Explorer Fund		570		720		—	—	—		—
Diversified Real Asset Fund		36,288		50,807		—	—	—		17,623
Dynamic High Yield Explorer Fund		751		634		—	—	—		—
EDGE MidCap Fund		615		—		—	—	—		—
Global Multi-Strategy Fund		26,530		25,856		—	—	62,233		28,046
Global Opportunities Equity Hedged Fund		10		—		—	—	—		—
Global Opportunities Fund		17,178		91,280		—	—	11,145		43,405
International Equity Index Fund		21,363		20,533		—	—	7,727		676
International Small Company Fund		181		37		—	—	—		—
Opportunistic Municipal Fund		—		—		3,302	1,171	—		—
Origin Emerging Markets Fund		7,563		—		—	—	—		—
Preferred Securities Fund		246,710		239,040		—	—	42,753		88,651
Real Estate Allocation Fund		12		2		—	—	—		—
Real Estate Debt Income Fund		2,379		937		—	—	—		—
Small-MidCap Dividend Income Fund		44,005		40,671		—	—	33,793		32,330
SystematEx International Fund		47		—		—	—	—		—
SystematEx Large Value Fund		70		—		—	—	—		—


		Expires in:		No Expiration:
									Annual
		2017		Short-Term	Long-Term		Total		Limitations*
Bond Market Index Fund	$	1,805	$	—	$	—$	1,805	$	1,805
Credit Opportunities Explorer Fund		—		364		746	1,110		—
Diversified Real Asset Fund		—		286,974		94,889	381,863		—
Dynamic High Yield Explorer Fund		—		476		785	1,261		—
Global Multi-Strategy Fund		—		20,690		—	20,690		—
Global Opportunities Equity Hedged Fund		—		427		547	974		—
Global Opportunities Fund		—		13,424		—	13,424		—
International Small Company Fund		—		2,553		—	2,553		—
Multi-Manager Equity Long/Short Fund		—		1,827		902	2,729		—
Opportunistic Municipal Fund		—		888		552	1,440		—
Origin Emerging Markets Fund		—		188,349		10,226	198,575		—
Small-MidCap Dividend Income Fund		—		21,824		25,127	46,951		—


		Utilized
Bond Market Index Fund	$	1,805
Opportunistic Municipal Fund		425
Real Estate Debt Income Fund		1


		Accumulated			Accumulated
		Undistributed Net			Net Realized Gain
		Investment Income			on Investments			Paid in Capital
Blue Chip Fund	$	(2	)	$	(4,266	)	$	4,268
Bond Market Index Fund		3,434			(3,434	)		—
Credit Opportunities Explorer Fund		(24	)		23			1
Diversified Real Asset Fund		(18,892	)		14,320			4,572
Dynamic High Yield Explorer Fund		30			(30	)		—
EDGE MidCap Fund		22			—			(22	)
Global Multi-Strategy Fund		1,754			(3,515	)		1,761
Global Opportunities Equity Hedged Fund		(8	)		8			—
Global Opportunities Fund		(683	)		683			—
International Equity Index Fund		286			(286	)		—
International Small Company Fund		91			(91	)		—
Multi-Manager Equity Long/Short Fund		1,765			(1,765	)		—
Opportunistic Municipal Fund		(4	)		4			—
Origin Emerging Markets Fund		(1,342	)		1,341			1
Preferred Securities Fund		10,503			(10,502	)		(1	)
Real Estate Debt Income Fund		17			—			(17	)
Small-MidCap Dividend Income Fund		12,375			(19,822	)		7,447
SystematEx International Fund		67			(67	)		—


			Futures Contracts
												Unrealized Appreciation/(Depreciation)
Type		Long/Short	Contracts		Notional Value			Fair Value				Unrealized Appreciation/(Depreciation)
Euro Bund 10 Year Bund; December 2016		Long		5	$	918		$		918	$			—
Euro-Bobl 5 Year; December 2016		Long		6		881				881				—
UK 10 Year Gilt; December 2016		Long		6		1,034				1,036				2
US 10 Year Note; December 2016		Short		38		4,983				4,975				8
US 10 Year Ultra Note; December 2016		Short		8		1,155				1,155				—
US 2 Year Note; December 2016		Short		3		656				655				1
US 5 Year Note; December 2016		Long		4		486				485				(1	)
US Long Bond; December 2016		Long		2		341				341				—
US Ultra Bond; December 2016		Short		5		936				937				(1	)
Total										$				9

Amounts in thousands except contracts

Total Return Swaps

				Pay/Receive		Financing		Expiration				Fair Value
Counterparty (Issuer) Reference Entity			Shares	Positive Return		Rate		Date	Notional Amount			Asset		Liability
Barclays Bank PLC	Price return based on Principal Global		N/A	Receive		0.80%		09/09/2016	$	100	$	2	$	—
	Dynamic VIX Alpha Excess Return Strategy
Barclays Bank PLC	Price return based on S&P 500 Dynamic VIX		N/A	Receive		1.40	%	09/09/2016		100		2		—
	Futures Index
Total										$		4	$	—

Amounts in thousands except contracts

(i)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date.
(j)	Variable Rate. Rate shown is in effect at August 31, 2016.
(k)	Security is an Interest Only Strip.
(l)	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
(m)	Security or portion of the security was pledged as collateral for reverse repurchase agreements. At the end of the period, the value of these securities totaled $252,265 or 9.16% of net assets.
(n)	This Senior Floating Rate Note will settle after August 31, 2016, at which time the interest rate will be determined.
(o)	Security was purchased in a "to-be-announced" ("TBA") transaction. See Notes to Financial Statements for additional information.
(p)	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 $750 or 0.03% of net assets.
(q)	Rate shown is the discount rate of the original purchase.
(r)	Security is a Principal Only Strip.
(s)	Although the maturity date of the repurchase agreement is open-ended through the maturity date of the collateral, the Fund has a right to terminate the repurchase agreement and demand repayment from the counterparty at any time with two days' notice or less. During periods of high demand for the collateral security, the fund may also pay the counterparty a fee.


Currency Abbreviations
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli New Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RUB	Russian Rouble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
TWD	New Taiwan Dollar
USD/$	United States Dollar
ZAR	South African Rand

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager.
(c)	Period from June 14, 2012, date operations commenced, through August 31, 2012.
(d)	Total return amounts have not been annualized.
(e)	Computed on an annualized basis.
(f)	Period from March 29, 2016, date operations commenced, through August 31, 2016.

(a)	Calculated based on average shares outstanding during the period.
(b)	Total return is calculated without the contingent deferred sales charge.
(c)	Excludes expense reimbursement from Manager and/or Distributor.
(d)	Excludes expense reimbursement from Manager.
(e)	During 2014, the Class experienced a significant withdrawal of monies by an affiliate. As the remaining shareholders held relatively small positions, the total return amounts expressed herein are greater than those that would have been experienced without the withdrawal.
(f)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.

(a)	Calculated based on average shares outstanding during the period.
(b)	Excludes expense reimbursement from Manager.
(c)	Period from September 10, 2014, date operations commenced, through August 31, 2015.
(d)	Total return amounts have not been annualized.
(e)	Computed on an annualized basis.
(f)	Period from March 29, 2016, date operations commenced, through August 31, 2016.
(g)	Period from December 31, 2014, date operations commenced, through August 31, 2015.
(h)	Period from September 28, 2015, date operations commenced, through August 31, 2016.


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL FUNDS, INC.



Ratio of Expenses to
Average Net Assets
(Excluding
Dividends and
Interest Expense on
						Short Sales, Short				Ratio of Net
				Ratio of Expenses		Sale Fees and		Ratio of Gross		Investment Income
			Net Assets, End of	to Average Net		Reverse Repurchase		Expenses to Average		to Average Net		Portfolio
Total Return			Period (in thousands)	Assets		Agreement Expense)		Net Assets		Assets		Turnover Rate


1.80	%	$	2,265,206	2.08	%	1.61	%(b)	2.08	%(c)	0.46	%	233.9	%
1.16			2,678,876	2.07		1.63	(b)	2.07	(c)	(0.23	)	142.5
6.84			1,524,051	2.17		1.63	(b)	2.17	(c)	0.00		166.4
3.23			932,801	2.26		1.65	(b)	2.28	(c)	0.34		135.6
3.50	(e)		475,314	2.35	(f)	1.65 (b)	,(f)	2.38 (c)	,(f)	(0.31	) (f)	196.0	(f)


(8.48	) (e)		2,286	1.25	(f)	N/A		2.91 (c)	,(f)	1.10	(f)	172.1	(f)


3.21			1,320,900	0.85		N/A		–		1.53		145.3
(3.72	)		1,255,650	0.84		N/A		0.84	(c)	1.43		138.7
22.41			1,403,422	0.84		N/A		0.84	(c)	1.14		128.4
9.10	(e)		1,104,538	0.90	(f)	N/A		0.90 (c)	,(f)	1.34	(f)	190.4	(f)