UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07572

Principal Funds, Inc.

(Exact name of registrant as specified in charter)

711 High Street, Des Moines, IA 50392-2080

(Address of principal executive offices)

Principal Management Corporation, 711 High Street, Des Moines, IA 50392-2080

(Name and address of agent for service)

Registrant’s telephone number, including area code:		515-248-0156
Date of fiscal year end:	October 31, 2017
Date of reporting period:	January 31, 2017

ITEM 1 – SCHEDULE OF INVESTMENTS

Schedule of Investments
California Municipal Fund
January 31, 2017 (unaudited)
		Principal						Principal
MUNICIPAL BONDS - 99.65%		Amount (000's)		Value(000	's)	MUNICIPAL BONDS (continued)		Amount (000's)		Value(000	's)
California - 98.30%						California (continued)
Abag Finance Authority for Nonprofit Corps						California State University (credit support
5.00%, 08/01/2043	$	1,500	$	1,654		from AGM)
Alameda Community Improvement						5.00%, 11/01/2039(a)	$	945	$	993
Commission Successor Agency (credit						5.00%, 11/01/2039(a)		55		57
support from BAM)						California Statewide Communities
5.00%, 09/01/2031(a)		1,000		1,122		Development Authority
Alameda Corridor Transportation Authority						4.00%, 02/01/2022		830		866
5.00%, 10/01/2034		5,000		5,481		4.00%, 02/01/2025		940		963
5.00%, 10/01/2036		1,250		1,361		5.00%, 10/01/2028		1,875		2,093
5.00%, 10/01/2037		1,000		1,084		5.00%, 02/01/2030		2,000		2,140
Alameda Unified School District-Alameda						5.00%, 12/01/2036(c)		5,000		5,189
County/CA						5.00%, 05/15/2040		3,500		3,730
5.00%, 08/01/2032		1,795		2,070		5.00%, 12/01/2041(c)		1,000		1,034
Alum Rock Union Elementary School						5.00%, 10/01/2046		4,000		4,255
District						5.25%, 12/01/2034		3,500		3,695
5.25%, 08/01/2043		1,000		1,140		7.25%, 11/15/2041(c)		1,500		1,658
Anaheim Public Financing Authority						California Statewide Communities
5.25%, 10/01/2034		1,000		1,088		Development Authority (credit support from
Association of Bay Area Governments (credit						CA MTG INS)
support from XLCA)						6.25%, 08/15/2028(a)		2,250		2,431
5.25%, 09/01/2029(a)		130		130		California Statewide Communities
Bay Area Toll Authority						Development Authority (credit support from
5.13%, 04/01/2039		3,000		3,255		FHA INS)
California Educational Facilities Authority						6.25%, 08/01/2024(a)		795		893
5.00%, 10/01/2036		1,000		1,134		California Statewide Financing Authority
5.00%, 10/01/2045		1,000		1,124		6.00%, 05/01/2043		2,050		2,060
5.00%, 12/29/2015(b)		3,600		3,863		6.00%, 05/01/2043		1,550		1,558
5.00%, 01/01/2038(b)		956		991		Chula Vista Municipal Financing Authority
5.00%, 01/01/2038(b)		387		400		5.00%, 05/01/2030		1,900		2,236
5.00%, 10/01/2038(b)		900		960		5.00%, 05/01/2031		1,885		2,199
5.25%, 10/01/2039(b)		6,500		6,962		City of Alhambra CA (credit support from
5.38%, 04/01/2034		1,000		1,096		NATL)
California Health Facilities Financing						6.13%, 09/02/2018(a)		1,175		1,180
Authority						City of Bakersfield CA Wastewater
4.00%, 03/01/2039		2,400		2,362		Revenue (credit support from AGM)
5.00%, 08/15/2031		2,700		3,155		5.00%, 09/15/2032(a)		2,000		2,052
5.00%, 08/15/2033		1,750		2,024		City of Compton CA
5.00%, 08/15/2034		2,000		2,306		2.00%, 06/01/2017(c)		9,000		8,995
5.00%, 02/01/2035		2,000		2,171		City of Compton CA Water Revenue
5.00%, 11/15/2046		5,000		5,552		6.00%, 08/01/2039		1,250		1,298
5.00%, 11/15/2046(b)		4,504		4,979		City of Irvine CA
5.75%, 09/01/2039		2,000		2,225		5.00%, 09/01/2049		1,000		1,040
6.00%, 07/01/2039		2,000		2,222		City of Los Angeles CA Wastewater System
6.50%, 10/01/2038		985		1,074		Revenue
6.50%, 10/01/2038		15		16		5.00%, 06/01/2034		2,000		2,293
California Health Facilities Financing						City of Los Angeles Department of Airports
Authority (credit support from CA MTG INS)						5.00%, 05/15/2033		1,000		1,125
5.00%, 07/01/2035(a)		1,000		1,110		5.00%, 05/15/2036		4,500		5,002
California Infrastructure & Economic						5.00%, 05/15/2042		1,200		1,321
Development Bank (credit support from						5.13%, 05/15/2033		1,230		1,296
NATL ST INTERCEPT)						City of Riverside CA Sewer Revenue
5.00%, 08/15/2018(a)		500		502		5.00%, 08/01/2040		4,000		4,438
California Municipal Finance Authority						City of San Francisco CA Public Utilities
5.00%, 11/01/2028		1,000		1,094		Commission Water Revenue
5.25%, 11/01/2036		6,000		6,484		5.00%, 11/01/2034		1,800		2,104
California Pollution Control Financing						5.00%, 11/01/2036		2,010		2,266
Authority						City of Turlock CA
3.00%, 11/01/2025		9,425		9,360		5.13%, 10/15/2031		1,000		1,030
4.30%, 07/01/2040		1,500		1,518		5.13%, 10/15/2037		1,000		1,030
5.00%, 07/01/2030(c)		2,000		2,073		City of Vernon CA Electric System Revenue
5.00%, 07/01/2037(c)		4,000		4,092		5.13%, 08/01/2021		435		465
California School Finance Authority						5.13%, 08/01/2021		1,260		1,356
5.00%, 07/01/2035(c)		1,925		2,003		Coachella Valley Unified School
5.00%, 08/01/2036(c)		1,170		1,217		District/CA (credit support from AGM)
California State Public Works Board						0.00%, 08/01/2039(a),(d)		7,800		2,853
5.00%, 11/01/2033		2,715		3,126		Compton Public Finance Authority
5.00%, 11/01/2034		2,500		2,865		4.50%, 09/01/2032(c)		7,000		6,796
5.00%, 11/01/2037		1,375		1,533		County of Sacramento CA Airport System
5.00%, 10/01/2039		4,500		5,050		Revenue
California State University						5.00%, 07/01/2036		1,350		1,509
5.25%, 11/01/2038		2,000		2,181		Dinuba Financing Authority
						5.38%, 09/01/2038		1,000		1,006

See accompanying notes

1

Schedule of Investments
California Municipal Fund
January 31, 2017 (unaudited)
		Principal						Principal
MUNICIPAL BONDS (continued)		Amount (000's)		Value(000	's)	MUNICIPAL BONDS (continued)		Amount (000's)		Value(000	's)
California (continued)						California (continued)
Dinuba Redevelopment Agency (credit						Palomar Health
support from BAM)						4.00%, 08/01/2037	$	500	$	497
5.00%, 09/01/2033(a)	$	2,000	$	2,248		5.00%, 11/01/2036		3,000		3,110
East Bay Municipal Utility District Water						5.00%, 11/01/2039		2,000		2,059
System Revenue						Pittsburg Successor Agency Redevelopment
5.00%, 06/01/2036		1,000		1,106		Agency (credit support from AGM)
El Monte Union High School District (credit						5.00%, 09/01/2028(a)		1,000		1,165
support from AGC)						5.00%, 09/01/2029(a)		1,000		1,154
5.50%, 06/01/2034(a)		2,000		2,196		Pittsburg Unified School District
Escondido Union High School District						0.00%, 08/01/2036(d)		1,365		582
0.00%, 08/01/2041(d)		1,000		343		4.00%, 08/01/2040		4,500		4,582
Fontana Redevelopment Agency (credit						5.00%, 08/01/2043		2,900		3,258
support from NATL)						Pittsburg Unified School District (credit
5.20%, 09/01/2030(a)		1,000		1,003		support from AGM)
Foothill-De Anza Community College						5.50%, 08/01/2031(a)		1,000		1,067
District						Pomona Public Financing Authority (credit
5.00%, 08/01/2040		1,500		1,727		support from NATL)
Golden State Tobacco Securitization Corp						5.00%, 02/01/2021(a)		5,000		5,015
4.50%, 06/01/2027		5,565		5,598		Pomona Unified School District (credit
5.30%, 06/01/2037		1,000		979		support from NATL)
5.75%, 06/01/2047		9,600		9,431		6.15%, 08/01/2030(a)		1,000		1,185
Golden State Tobacco Securitization						Port Commission of the City & County of San
Corp (credit support from GOLDEN ST TOB						Francisco
SECURITIZATION)						4.00%, 03/01/2035		1,000		1,004
5.00%, 06/01/2033(a)		5,000		4,844		Port of Los Angeles
Golden State Tobacco Securitization						5.00%, 08/01/2032		1,740		1,954
Corp (credit support from ST APPROP)						Poway Unified School District
5.00%, 06/01/2033(a)		2,000		2,235		0.00%, 08/01/2036(d)		4,000		1,748
Indio Redevelopment Agency						Regents of the University of California
5.63%, 08/15/2035		1,355		1,432		Medical Center Pooled Revenue
Inland Valley Development Agency						5.00%, 05/15/2035		5,000		5,692
5.25%, 09/01/2037		1,000		1,114		Richmond Joint Powers Financing Authority
La Verne Public Financing Authority						6.25%, 07/01/2024		1,000		1,104
7.25%, 09/01/2026		765		767		Ripon Unified School District (credit support
Lancaster Redevelopment Agency Successor						from BAM)
Agency						0.00%, 08/01/2033(a),(d)		1,110		503
6.88%, 08/01/2039		545		621		Riverside Community Properties Development
6.88%, 08/01/2039		455		505		Inc
Los Angeles County Public Works Financing						6.00%, 10/15/2038		1,000		1,169
Authority						Riverside County Public Financing
5.00%, 12/01/2033		2,000		2,297		Authority (credit support from BAM)
5.00%, 08/01/2042		1,400		1,580		5.00%, 10/01/2028(a)		1,000		1,162
5.00%, 12/01/2045(b)		5,500		6,189		5.00%, 10/01/2029(a)		1,500		1,732
Los Angeles County Sanitation Districts						5.00%, 10/01/2030(a)		1,500		1,723
Financing Authority						Riverside County Transportation
5.00%, 10/01/2035		4,500		5,109		Commission
Los Angeles Department of Water						5.00%, 06/01/2032		1,500		1,657
5.00%, 07/01/2034(b)		5,000		5,794		Rocklin Unified School District (credit
5.38%, 07/01/2038		1,000		1,074		support from NATL)
Los Angeles Unified School District/CA						0.00%, 08/01/2019(a),(d)		1,360		1,214
5.00%, 07/01/2029		2,000		2,162		0.00%, 08/01/2020(a),(d)		1,415		1,197
Los Angeles Unified School						0.00%, 08/01/2023(a),(d)		1,225		883
District/CA (credit support from AGM)						Salinas Valley Solid Waste Authority (credit
5.00%, 07/01/2032(a)		1,000		1,018		support from AGM)
Marin Healthcare District						5.50%, 08/01/2031(a)		1,500		1,691
5.00%, 08/01/2034		1,000		1,141		San Diego Community College District
Merced Union High School District						5.25%, 08/01/2033(b)		1,950		2,144
0.00%, 08/01/2032(d)		3,380		1,810		San Diego Public Facilities Financing
Morongo Band of Mission Indians/The						Authority Water Revenue
6.50%, 03/01/2028(c)		1,000		1,043		5.38%, 08/01/2034		2,000		2,206
Norco Community Redevelopment Agency						San Diego Redevelopment Agency Successor
Successor Agency (credit support from BAM)						Agency
5.00%, 03/01/2032(a)		1,000		1,121		6.40%, 09/01/2019		775		778
Norco Financing Authority (credit support						San Diego Unified School District/CA
from AGM)						4.00%, 07/01/2045		3,395		3,443
5.63%, 10/01/2034(a)		1,000		1,089		San Francisco Bay Area Rapid Transit
Oakland Unified School District/Alameda						District
County						5.00%, 07/01/2028		1,755		1,927
5.00%, 08/01/2040		3,400		3,828		San Francisco City & County Airport Comm-
Palm Desert Financing Authority (credit						San Francisco International Airport
support from NATL)						5.00%, 05/01/2031		1,000		1,165
5.00%, 08/01/2022(a)		1,280		1,280		5.00%, 05/01/2041		5,000		5,501

See accompanying notes

2

     Schedule of Investments California Municipal Fund January 31, 2017 (unaudited)

		Principal							Principal
MUNICIPAL BONDS (continued)		Amount (000's)		Value(000	's)	MUNICIPAL BONDS (continued)		Amount (000's)			Value (000's)
California (continued)						Guam - 0.66%
San Francisco City & County Redevelopment						Guam Government Waterworks Authority
Agency							5.00%, 01/01/2046	$	2,525		$	2,651
5.00%, 08/01/2044	$	1,500	$	1,571
6.50%, 08/01/2039		1,000		1,131		Virgin Islands - 0.69%
San Joaquin Hills Transportation Corridor						Virgin Islands Public Finance Authority
Agency							5.00%, 10/01/2030		3,700			2,775
5.00%, 01/15/2034		6,185		6,677
San Luis Obispo County Financing						TOTAL MUNICIPAL BONDS					$	402,570
Authority (credit support from AGM)						Total Investments					$	402,570
5.00%, 08/01/2030(a)		1,000		1,100		Liability for Floating Rate Notes Issued in Conjunction with
San Luis Obispo County Financing						Securities Held - (4.30)%
Authority (credit support from BAM)						Notes with interest rates of 0.69% - 0.71% at		$	(17,381	)	$	(17,381	)
5.00%, 09/01/2037(a)		1,000		1,113		January 31, 2017 and contractual maturity of
Santa Clara County Financing Authority						collateral of 2017-2034.(f)
5.25%, 05/15/2036		2,000		2,111		Total Net Investments					$	385,189
Santa Margarita Water District						Other Assets and Liabilities - 4.65%					$	18,797
5.00%, 09/01/2038		465		489		TOTAL NET ASSETS - 100.00%					$	403,986
Semitropic Improvement District
5.00%, 12/01/2038		2,000		2,172
Simi Valley Unified School District						(a)	Credit support indicates investments that benefit from credit enhancement
5.00%, 08/01/2027(e)		1,000		1,225			or liquidity support provided by a third party bank, institution, or
Southern California Public Power Authority							government agency.
5.00%, 11/01/2029		2,380		2,697		(b)	Security or portion of underlying security related to Inverse Floaters
5.25%, 07/01/2029		695		796			entered into by the Fund. See Notes to Financial Statements for additional
5.25%, 07/01/2031		695		791			information.
State of California						(c)	Security exempt from registration under Rule 144A of the Securities Act of
2.45%, 12/01/2031		910		908			1933. These securities may be resold in transactions exempt from
5.00%, 09/01/2034		5,000		5,747			registration, normally to qualified institutional buyers. At the end of the
5.00%, 02/01/2038		1,450		1,611			period, the value of these securities totaled $34,100 or 8.44% of net assets.
5.00%, 04/01/2043		3,380		3,756		(d)	Non-Income Producing Security
5.25%, 11/01/2040		1,500		1,680		(e)	Security purchased on a when-issued basis.
5.75%, 04/01/2031		675		736		(f)	Floating rate securities. The interest rate(s) shown reflect the rates in
6.00%, 03/01/2033		2,000		2,264			effect at January 31, 2017.
6.00%, 04/01/2038		3,000		3,291
State of California Department of Water
Resources
5.00%, 12/01/2028		1,615		1,702			Portfolio Summary (unaudited)
5.00%, 12/01/2028		65		68		Sector						Percent
Stockton East Water District (credit support						Revenue Bonds						60.92	%
from NATL)						Insured						14.50	%
5.25%, 04/01/2022(a)		1,780		1,783		General Obligation Unlimited						12.35	%
Stockton Unified School District (credit						Prerefunded						8.12	%
support from AGM)						General Obligation Limited Notes						2.23	%
5.00%, 08/01/2038(a)		1,500		1,663		Special Tax						0.90	%
Tobacco Securitization Authority of Southern						Tax Allocation						0.63	%
California						Liability For Floating Rate Notes Issued						(4.30	)%
5.13%, 06/01/2046		1,500		1,434		Other Assets and Liabilities						4.65	%
Travis Unified School District (credit support						TOTAL NET ASSETS						100.00	%
from AGM)
5.00%, 09/01/2029(a)		1,000		1,154
Tulare County Transportation Authority
5.00%, 02/01/2029		1,000		1,159
Tustin Public Financing Authority
5.00%, 04/01/2041		1,000		1,142
University of California
5.00%, 05/15/2044		1,000		1,125
5.25%, 05/15/2039(b)		857		935
5.25%, 05/15/2039(b)		1,657		1,810
5.25%, 05/15/2039(b)		487		532
Walnut Energy Center Authority
5.00%, 01/01/2035		1,225		1,323
West Hollywood Public Financing Authority
5.00%, 04/01/2036		1,500		1,700
West Sacramento Financing Authority
5.00%, 09/01/2029		465		527
Western Municipal Water District Facilities
Authority
5.00%, 10/01/2034		1,700		1,868
Woodland-Davis Clean Water Agency (credit
support from AGM)
5.00%, 03/01/2039(a)		1,500		1,684
			$	397,144

See accompanying notes

3

     Schedule of Investments Core Plus Bond Fund January 31, 2017 (unaudited)

COMMON STOCKS - 0.07%		Shares Held		Value(000			's)			Principal
Forest Products & Paper - 0.01%								BONDS (continued)		Amount (000's) Value (000's)
Verso Corp (a)			61,185	$		495		Agriculture (continued)
Verso Corp - Warrants (a),(b)			1,355			—		Vector Group Ltd
				$		495		6.13%, 02/01/2025(e)	$	1,040	$	1,069
Oil & Gas Services - 0.06%										$		34,569
Seventy Seven Energy Inc (a)			45,353			2,157		Airlines - 0.53%
								American Airlines 2013-1 Class B Pass
TOTAL COMMON STOCKS				$		2,652		Through Trust
INVESTMENT COMPANIES - 1.19%		Shares Held		Value(000			's)	5.63%, 01/15/2021(e)		1,247		1,302
Money Market Funds - 1.19%								American Airlines 2013-2 Class A Pass
Goldman Sachs Financial Square Funds -		44,619,297				44,619		Through Trust
Government Fund								4.95%, 07/15/2024		1,515		1,614
								American Airlines 2014-1 Class A Pass
TOTAL INVESTMENT COMPANIES				$		44,619		Through Trust
PREFERRED STOCKS - 0.45%		Shares Held		Value(000			's)	3.70%, 04/01/2028		1,386		1,389
Banks- 0.38	%							American Airlines 2015-1 Class A Pass
Bank of America Corp 6.50%(c)			35,000	$		915		Through Trust
CoBank ACB 6.20%(c),(d)			35,000			3,558		3.38%, 11/01/2028		4,693		4,611
Morgan Stanley 6.38%(c),(d)			145,000			3,841		American Airlines 2015-1 Class B Pass
State Street Corp 5.90%(c),(d)			225,000			5,913		Through Trust
								3.70%, 11/01/2024		232		227
				$		14,227
Electric  - 0.03%								American Airlines 2016-3 Class A Pass
SCE TrustIII 5.75%(c),(d)			50,000			1,308		Through Trust
								3.25%, 04/15/2030		1,175		1,128
								American Airlines 2017-1 Class AA Pass
Telecommunications - 0.04%								Through Trust
Verizon Communications Inc 5.90%			50,000			1,321		3.65%, 08/15/2030		2,360		2,372
								United Airlines 2014-1 Class A Pass Through
TOTAL PREFERRED STOCKS				$		16,856		Trust
		Principal						4.00%, 10/11/2027		2,503		2,569
BONDS- 66.41	%	Amount (000's)		Value(000			's)	United Airlines 2014-2 Class A Pass Through
Advertising - 0.02%								Trust
MDC Partners Inc								3.75%, 03/03/2028		2,290		2,321
6.50%, 05/01/2024(e)		$	865		$	753
								United Airlines 2016-1 Class AA Pass
								Through Trust
Aerospace & Defense - 0.14%								3.10%, 01/07/2030		940		914
Air 2 US								US Airways 2001-1G Pass Through Trust
8.03%, 10/01/2020(e)			119			125		7.08%, 09/20/2022		148		158
8.63%, 10/01/2020(e)			131			136
								US Airways 2013-1 Class A Pass Through
BAE Systems PLC								Trust
4.13%, 06/08/2022		GBP	100			141		3.95%, 05/15/2027		1,212		1,234
Lockheed Martin Corp										$		19,839
2.50%, 11/23/2020		$	2,720			2,742		Apparel - 0.02%
United Technologies Corp								NIKE Inc
4.15%, 05/15/2045			735			739		3.88%, 11/01/2045		940		911
4.50%, 06/01/2042			650			684
5.40%, 05/01/2035			585			680		Automobile Asset Backed Securities - 6.92%
				$		5,247		Ally Auto Receivables Trust 2014-SN2
Agriculture - 0.92%								1.21%, 02/20/2019(d)		3,324		3,324
Altria Group Inc								Ally Auto Receivables Trust 2016-2
3.88%, 09/16/2046			740			678		1.35%, 05/15/2020		10,500		10,489
4.50%, 05/02/2043			2,485			2,508		AmeriCredit Automobile Receivables 2015-4
BAT International Finance PLC								2.11%, 01/08/2021(d)		1,575		1,578
2.75%, 06/15/2020(e)			485			488		2.88%, 07/08/2021		1,750		1,768
Imperial Brands Finance PLC								AmeriCredit Automobile Receivables 2016-1
2.25%, 02/26/2021		EUR	400			460		1.52%, 06/10/2019		1,551		1,552
3.38%, 02/26/2026			150			186		1.52%, 06/10/2019(d)		3,476		3,480
3.75%, 07/21/2022(e)		$	3,065			3,153
4.25%, 07/21/2025(e)			2,520			2,594		2.89%, 01/10/2022		5,700		5,762
								AmeriCredit Automobile Receivables Trust
4.88%, 06/07/2032		GBP	150			225		2014-2
5.50%, 09/28/2026			100			155		2.18%, 06/08/2020		2,000		2,011
Philip Morris International Inc								AmeriCredit Automobile Receivables Trust
1.88%, 02/25/2021		$	5,295			5,191		2015-2
4.38%, 11/15/2041			280			278		2.40%, 01/08/2021(d)		7,850		7,910
Pinnacle Operating Corp								AmeriCredit Automobile Receivables Trust
0.00%, 05/15/2023(a),(b)			460			460		2015-3
9.00%, 11/15/2020(e)			1,785			901		1.28%, 01/08/2019(d)		296		296
Reynolds American Inc								AmeriCredit Automobile Receivables Trust
3.25%, 06/12/2020			1,558			1,598		2016-2
4.45%, 06/12/2025			1,355			1,420		1.47%, 10/08/2019(d)		4,501		4,510
5.70%, 08/15/2035			3,035			3,472		2.87%, 11/08/2021(d)		4,325		4,360
5.85%, 08/15/2045			3,935			4,572		AmeriCredit Automobile Receivables Trust
6.88%, 05/01/2020			4,545			5,161		2016-3
								1.33%, 11/08/2019(d)		3,750		3,755

See accompanying notes

4

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's)     Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Automobile Asset Backed Securities (continued)						Automobile Asset Backed Securities (continued)
Americredit Automobile Receivables Trust						MMCA Auto Owner Trust 2014-A
2016-4						1.21%, 12/16/2019(d),(e)	$	2,399	$	2,396
1.34%, 04/08/2020		$	4,680	$	4,675	1.92%, 12/16/2019(e)		330		331
2.41%, 07/08/2022(d)			7,000		6,948	Nissan Auto Lease Trust 2016-B
Capital Auto Receivables Asset Trust 2014-2						1.05%, 12/17/2018(d)		10,900		10,908
1.26%, 05/21/2018(d)			163		163	Nissan Auto Receivables 2013-C Owner
Capital Auto Receivables Asset Trust 2015-2						Trust
1.73%, 09/20/2019			525		526	0.67%, 08/15/2018(d)		272		272
Capital Auto Receivables Asset Trust 2015-3						OneMain Direct Auto Receivables Trust 2016-
1.94%, 01/21/2020			1,255		1,261	1
Capital Auto Receivables Asset Trust 2016-1						2.04%, 01/15/2021(d),(e)		3,012		3,021
1.48%, 11/20/2018(d)			5,128		5,136	Santander Drive Auto Receivables Trust 2014-
Capital Auto Receivables Asset Trust 2016-2						1
1.37%, 01/22/2019(d)			2,633		2,636	2.36%, 04/15/2020		810		813
Capital Auto Receivables Asset Trust 2016-3						Santander Drive Auto Receivables Trust 2014-
1.20%, 04/22/2019(d)			850		850	5
CarMax Auto Owner Trust 2014-4						1.77%, 09/16/2019		3,002		3,005
2.44%, 11/16/2020			2,000		2,010	2.46%, 06/15/2020		4,000		4,028
CarMax Auto Owner Trust 2015-2						Santander Drive Auto Receivables Trust 2016-
1.05%, 06/15/2018(d)			249		249	1
CarMax Auto Owner Trust 2017-1						1.55%, 07/15/2019(d)		3,318		3,321
1.98%, 11/15/2021(d)			200		200	Santander Drive Auto Receivables Trust 2016-
Chesapeake Funding II LLC						2
1.92%, 03/15/2028(d),(e)			8,000		8,049	1.42%, 07/15/2019(d)		9,462		9,472
Chesapeake Funding LLC						2.66%, 11/15/2021(d)		3,500		3,509
1.19%, 03/07/2026(d),(e)			9,014		8,986	Santander Drive Auto Receivables Trust 2016-
1.22%, 01/07/2025(d),(e)			627		627	3
1.27%, 02/07/2027(d),(e)			9,083		9,073	1.34%, 11/15/2019		750		750
Chrysler Capital Auto Receivables Trust 2015-						Volkswagen Auto Lease Trust 2015-A
B						1.25%, 12/20/2017		11,396		11,396
1.46%, 12/17/2018(e)			1,784		1,785	Volkswagen Auto Loan Enhanced Trust 2014-
Drive Auto Receivables Trust 2016-A						1
3.17%, 05/15/2020(d),(e)			1,000		1,008	0.91%, 10/22/2018		855		854
Drive Auto Receivables Trust 2016-C						Wheels SPV 2 LLC
1.41%, 01/15/2019(d),(e)			8,500		8,492	0.85%, 08/20/2017(e)		1,097		1,096
2.37%, 11/16/2020(d),(e)			8,000		7,988	World Omni Auto Receivables Trust 2014-B
Drive Auto Receivables Trust 2017-A						1.14%, 01/15/2020		6,311		6,302
2.51%, 01/15/2021(d),(e)			5,350		5,354	World Omni Automobile Lease Securitization
Enterprise Fleet Financing LLC						Trust 2016-A
1.59%, 02/22/2021(d),(e)			2,246		2,246	1.18%, 02/15/2019(d)		12,433		12,452
Ford Credit Auto Lease Trust 2016-A								$		260,355
1.31%, 11/15/2018(d)			5,288		5,290	Automobile Floor Plan Asset Backed Securities - 0.63%
Ford Credit Auto Owner Trust 2016-A						Ally Master Owner Trust
1.39%, 07/15/2020			1,620		1,617	1.60%, 10/15/2019		8,000		8,007
GM Financial Automobile Leasing Trust						Ford Credit Floorplan Master Owner Trust A
2014-2						1.17%, 02/15/2019(d)		1,605		1,605
1.22%, 01/22/2018(d),(e)			3,575		3,575	Nissan Master Owner Trust Receivables
1.96%, 03/20/2018(e)			1,500		1,503	1.17%, 01/15/2020(d)		3,500		3,505
2.43%, 03/20/2018(e)			4,250		4,263	Wells Fargo Dealer Floorplan Master Note
GM Financial Automobile Leasing Trust						Trust
2016-2						1.16%, 07/20/2019(d)		10,575		10,576
1.28%, 10/22/2018(d)			5,024		5,030			$		23,693
GM Financial Automobile Leasing Trust						Automobile Manufacturers - 1.48%
2016-3						Daimler AG
1.14%, 02/20/2019(d)			9,000		9,008	2.00%, 04/07/2020	EUR	500		571
1.35%, 02/20/2019			1,700		1,698	Daimler Finance North America LLC
1.97%, 05/20/2020(d)			2,100		2,080	1.65%, 03/02/2018(e)	$	2,830		2,830
2.38%, 05/20/2020(d)			1,250		1,236	2.25%, 03/02/2020(e)		1,730		1,725
Hertz Fleet Lease Funding LP						2.85%, 01/06/2022(e)		2,175		2,177
1.16%, 04/10/2028(d),(e)			1,913		1,912	3.45%, 01/06/2027(e)		1,470		1,466
1.31%, 12/10/2027(d),(e)			2,124		2,124	Daimler International Finance BV
Honda Auto Receivables 2015-3 Owner						3.50%, 06/06/2019	GBP	150		200
Trust						Ford Motor Co
0.92%, 11/20/2017			235		235	5.29%, 12/08/2046	$	2,440		2,422
Hyundai Auto Lease Securitization Trust						Ford Motor Credit Co LLC
2016	-A					2.60%, 11/04/2019		1,275		1,276
1.32%, 07/16/2018(d),(e)			16,012		16,029	4.39%, 01/08/2026		775		780
Hyundai Auto Lease Securitization Trust						General Motors Co
2017	-A					3.50%, 10/02/2018		4,320		4,413
1.56%, 07/15/2019(d),(e)			500		500	4.88%, 10/02/2023		2,488		2,637
Mercedes Benz Auto Lease Trust 2015-B						6.25%, 10/02/2043		530		588
1.29%, 01/16/2018(d)			1,272		1,272	6.60%, 04/01/2036		2,295		2,643

See accompanying notes

5

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
			Principal					Principal
	BONDS (continued)		Amount (000's)       Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
	Automobile Manufacturers (continued)						Banks (continued)
	General Motors Financial Co Inc						CoBank ACB
	0.96%, 09/07/2023		EUR	750	$	788	6.25%, 12/31/2049(c),(d)	$	1,270	$	1,339
	2.63%, 07/10/2017		$	3,695		3,712	Compass Bank
	3.25%, 05/15/2018			2,185		2,216	1.85%, 09/29/2017		2,675		2,670
	3.45%, 01/14/2022			1,670		1,671	2.75%, 09/29/2019		2,125		2,115
	4.25%, 05/15/2023			2,215		2,270	Cooperatieve Rabobank UA
	4.30%, 07/13/2025			2,230		2,222	3.95%, 11/09/2022		825		844
	4.35%, 01/17/2027			1,435		1,423	4.38%, 08/04/2025		635		649
	Jaguar Land Rover Automotive PLC						4.63%, 05/23/2029	GBP	250		333
	5.63%, 02/01/2023(e)			1,740		1,823	5.25%, 09/14/2027		125		176
	Navistar International Corp						5.25%, 08/04/2045	$	5,270		5,721
	8.25%, 11/01/2021			1,595		1,611	5.50%, 12/31/2049(c),(d)	EUR	425		468
	Nissan Motor Acceptance Corp						11.00%, 12/29/2049(c),(d),(e)	$	1,560		1,825
	1.49%, 03/03/2017(d),(e)			3,000		3,001	Corp Financiera de Desarrollo SA
	Toyota Motor Credit Corp						4.75%, 07/15/2025(e)		475		500
	1.41%, 01/17/2019(d)			1,320		1,324	Credit Suisse AG/Guernsey
	Volkswagen Group of America Finance LLC						5.86%, 12/31/2049(c)		3,750		3,727
	1.35%, 11/20/2017(d),(e)			10,000		9,977	Credit Suisse Group AG
				$		55,766	4.28%, 01/09/2028(e)		2,730		2,716
	Automobile Parts & Equipment - 0.13%						Discover Bank/Greenwood DE
	Allison Transmission Inc						2.60%, 11/13/2018		5,500		5,552
	5.00%, 10/01/2024(e)			1,050		1,058	Fifth Third Bank/Cincinnati OH
	Dana Inc						2.88%, 10/01/2021		220		222
	5.50%, 12/15/2024			1,590		1,654	First Horizon National Corp
	IHO Verwaltungs GmbH						3.50%, 12/15/2020		1,055		1,075
	4.75%, PIK 5.50%, 09/15/2026(e),(f)			305		300	First Republic Bank/CA
	ZF North America Capital Inc						4.38%, 08/01/2046		6,820		6,233
	4.50%, 04/29/2022(e)			195		200	Global Bank Corp
	4.75%, 04/29/2025(e)			1,575		1,601	4.50%, 10/20/2021(e)		1,050		1,025
				$		4,813	Goldman Sachs Group Inc/The
	Banks- 9.10	%					2.00%, 07/27/2023	EUR	500		565
	Associated Banc-Corp						2.60%, 04/23/2020	$	2,590		2,602
	2.75%, 11/15/2019			1,965		1,976	2.79%, 10/28/2027(d)		3,035		3,088
	Banco Santander SA						3.00%, 04/26/2022		2,900		2,881
	6.25%, 12/31/2049(c),(d)		EUR	600		616	3.85%, 07/08/2024		4,405		4,496
	6.37%, 12/31/2049(c),(d)		$	3,400		3,183	4.25%, 10/21/2025		2,960		2,997
	Bank of America Corp						4.25%, 01/29/2026	GBP	100		138
	2.63%, 04/19/2021			4,970		4,933	4.75%, 10/21/2045	$	2,240		2,322
	3.50%, 04/19/2026			1,345		1,322	5.15%, 05/22/2045		2,775		2,871
	3.95%, 04/21/2025			3,315		3,289	5.38%, 03/15/2020		2,415		2,617
	4.18%, 11/25/2027			4,640		4,604	5.38%, 12/31/2049(c),(d)		13,645		13,959
	4.20%, 08/26/2024			5,320		5,404	5.95%, 01/15/2027		1,725		1,968
	4.25%, 10/22/2026			2,906		2,927	6.75%, 10/01/2037		735		906
	4.44%, 01/20/2048(d)			690		687	HSBC Holdings PLC
	5.13%, 12/31/2049(c),(d)			4,700		4,706	2.95%, 05/25/2021		2,175		2,178
	6.10%, 12/31/2049(c),(d)			5,955		6,208	3.60%, 05/25/2023		2,575		2,601
	6.25%, 12/31/2049(c),(d)			3,595		3,753	4.38%, 11/23/2026		1,030		1,035
	7.00%, 07/31/2028		GBP	100		173	ING Bank NV
	Bank of New York Mellon Corp/The						1.69%, 10/01/2019(d),(e)		3,000		3,005
	2.50%, 04/15/2021		$	50		50	2.00%, 11/26/2018(e)		2,540		2,537
	4.62%, 12/31/2049(c),(d)			8,510		8,087	2.70%, 08/17/2020(e)		490		492
	4.95%, 12/31/2049(c),(d)			10,420		10,667	5.80%, 09/25/2023(e)		1,800		1,995
	Barclays PLC						ING Groep NV
	8.25%, 12/31/2049(c),(d)			1,080		1,127	6.00%, 12/31/2049(c),(d)		1,200		1,179
	BBVA Banco Continental SA						Intesa Sanpaolo SpA
	5.00%, 08/26/2022(e)			975		1,042	3.93%, 09/15/2026	EUR	650		702
	BBVA Subordinated Capital SAU						5.02%, 06/26/2024(e)	$	5,845		5,410
	3.50%, 04/11/2024(d)		EUR	200		225	5.71%, 01/15/2026(e)		2,630		2,493
	BNP Paribas SA						JPMorgan Chase & Co
	6.75%, 12/31/2049(c),(e)		$	1,770		1,761	2.70%, 05/18/2023		450		439
	BPCE SA						2.75%, 08/24/2022	EUR	300		358
	2.65%, 02/03/2021			1,540		1,537	3.50%, 12/18/2026	GBP	100		137
	2.75%, 11/30/2027(d)		EUR	300		331	4.13%, 12/15/2026	$	4,120		4,173
	5.25%, 04/16/2029		GBP	200		272	4.25%, 10/01/2027		2,625		2,670
	Citigroup Inc						4.95%, 06/01/2045		3,800		4,000
	2.70%, 03/30/2021		$	4,270		4,245	5.00%, 12/31/2049(c),(d)		3,625		3,630
	3.20%, 10/21/2026			2,490		2,359	5.30%, 12/31/2049(c),(d)		4,221		4,344
	3.40%, 05/01/2026			1,985		1,916	5.63%, 08/16/2043		2,250		2,575
	4.60%, 03/09/2026			1,385		1,424	Lloyds Banking Group PLC
	4.75%, 05/18/2046			700		695	4.65%, 03/24/2026		3,074		3,109
	5.87%, 12/31/2049(c),(d)			5,000		5,156	Morgan Stanley
	Citizens Bank NA/Providence RI						1.38%, 10/27/2026	EUR	500		516
	2.30%, 12/03/2018			1,670		1,679	2.38%, 07/23/2019	$	6,435		6,460

See accompanying notes

6

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)    Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Banks (continued)					Beverages (continued)
Morgan Stanley (continued)					Anheuser-Busch InBev SA/NV/old
2.38%, 03/31/2021	EUR	500	$	579	1.50%, 04/18/2030	EUR	475	$	487
2.44%, 10/24/2023(d)	$	3,235		3,273	4.00%, 09/24/2025	GBP	150		215
2.50%, 04/21/2021		2,590		2,557	Central American Bottling Corp
2.63%, 11/17/2021		2,765		2,726	5.75%, 01/31/2027(e)	$	525		529
3.13%, 07/27/2026		2,630		2,497	Coca-Cola Icecek AS
4.00%, 07/23/2025		3,290		3,358	4.75%, 10/01/2018(e)		2,050		2,102
4.30%, 01/27/2045		3,140		3,068	Constellation Brands Inc
4.38%, 01/22/2047		1,415		1,399	3.70%, 12/06/2026		2,485		2,461
4.88%, 11/01/2022		3,270		3,507	3.88%, 11/15/2019		520		542
5.00%, 11/24/2025		11,920		12,660	4.25%, 05/01/2023		1,885		1,979
5.55%, 12/31/2049(c),(d)		2,700		2,771	Corp Lindley SA
Nordea Bank AB					6.75%, 11/23/2021(e)		307		344
4.62%, 02/15/2022(d)	EUR	400		432	6.75%, 11/23/2021		379		424
PNC Bank NA					Dr Pepper Snapple Group Inc
6.00%, 12/07/2017	$	7,400		7,674	3.13%, 12/15/2023		2,500		2,494
PNC Financial Services Group Inc/The					Molson Coors Brewing Co
5.00%, 12/31/2049(c),(d)		2,540		2,502	1.25%, 07/15/2024	EUR	175		187
Popular Inc					3.00%, 07/15/2026	$	1,630		1,533
7.00%, 07/01/2019		900		940	4.20%, 07/15/2046		1,575		1,462
RBC USA Holdco Corp					PepsiCo Inc
5.25%, 09/15/2020		1,815		1,991	4.45%, 04/14/2046		915		975
Royal Bank of Scotland Group PLC					Pernod Ricard SA
4.80%, 04/05/2026		2,250		2,253	5.75%, 04/07/2021(e)		1,045		1,164
5.13%, 05/28/2024		410		409			$		44,068
7.50%, 12/31/2049(c),(d)		2,500		2,425	Biotechnology - 0.37%
7.64%, 03/29/2049(c),(d)		390		363	Amgen Inc
Santander Issuances SAU					4.66%, 06/15/2051		1,960		1,905
2.50%, 03/18/2025	EUR	100		105	Baxalta Inc
Santander UK PLC					4.00%, 06/23/2025		920		924
1.41%, 09/29/2017(d)	$	7,000		6,998	5.25%, 06/23/2045		2,025		2,154
1.88%, 02/17/2020	GBP	100		128	Celgene Corp
Skandinaviska Enskilda Banken AB					2.13%, 08/15/2018		815		819
2.45%, 05/27/2020(e)	$	240		239	2.88%, 08/15/2020		3,375		3,428
2.63%, 11/17/2020(e)		320		321	5.00%, 08/15/2045		1,735		1,802
2.63%, 03/15/2021		285		286	5.25%, 08/15/2043		115		121
5.75%, 12/31/2049(c),(d)		10,195		10,183	Genzyme Corp
7.09%, 12/29/2049(c),(d)	EUR	250		284	5.00%, 06/15/2020		810		886
Svenska Handelsbanken AB					Gilead Sciences Inc
2.66%, 01/15/2024(d)		500		561	2.50%, 09/01/2023		30		29
5.25%, 12/31/2049(c),(d)	$	2,500		2,472	4.15%, 03/01/2047		1,270		1,195
UBS AG					4.60%, 09/01/2035		620		643
4.75%, 02/12/2026(d)	EUR	250		294			$		13,906
UBS AG/Jersey					Building Materials - 0.71%
7.25%, 02/22/2022(d)	$	2,065		2,070	BMC East LLC
UBS AG/Stamford CT					5.50%, 10/01/2024(e)		1,290		1,319
2.35%, 03/26/2020		3,575		3,568	Boise Cascade Co
UBS Group Funding Jersey Ltd					5.63%, 09/01/2024(e)		840		855
2.65%, 02/01/2022(e)		3,290		3,193	Cemex SAB de CV
2.95%, 09/24/2020(e)		4,290		4,293	5.70%, 01/11/2025(e)		325		329
4.13%, 04/15/2026(e)		220		222	5.70%, 01/11/2025		675		683
Wells Fargo & Co					6.13%, 05/05/2025(e)		1,220		1,260
2.27%, 10/31/2023(d)		2,590		2,618	7.25%, 01/15/2021(e)		455		486
2.50%, 03/04/2021		1,345		1,332	CRH America Inc
2.60%, 07/22/2020		1,540		1,549	8.13%, 07/15/2018		3,425		3,725
3.00%, 10/23/2026		2,850		2,701	CRH Finance DAC
3.07%, 01/24/2023		4,510		4,505	3.13%, 04/03/2023	EUR	250		305
3.90%, 05/01/2045		55		52	Crh Finance UK PLC
4.40%, 06/14/2046		4,490		4,337	4.13%, 12/02/2029(d)	GBP	200		283
4.90%, 11/17/2045		3,650		3,776	CRH Finland Services OYJ
5.87%, 12/31/2049(c),(d)		1,350		1,435	2.75%, 10/15/2020	EUR	250		292
Westpac Banking Corp					Johnson Controls International plc
1.24%, 05/19/2017(d)		6,650		6,656	5.13%, 09/14/2045	$	2,110		2,277
		$		342,554	LafargeHolcim Finance US LLC
Beverages - 1.17%					3.50%, 09/22/2026(e)		875		846
Anheuser-Busch Cos LLC					4.75%, 09/22/2046(e)		850		837
5.60%, 03/01/2017		1,090		1,094	Louisiana-Pacific Corp
Anheuser-Busch InBev Finance Inc					4.88%, 09/15/2024		165		165
2.65%, 02/01/2021		9,865		9,922	Martin Marietta Materials Inc
3.30%, 02/01/2023		2,915		2,963	2.10%, 06/30/2017(d)		9,280		9,302
3.65%, 02/01/2026		2,805		2,813	Masco Corp
4.70%, 02/01/2036		4,710		4,931	3.50%, 04/01/2021		50		51
4.90%, 02/01/2046		5,090		5,447	4.38%, 04/01/2026		995		1,021

See accompanying notes

7

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)      Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Building Materials (continued)					Commercial Mortgage Backed Securities (continued)
Norbord Inc					COMM 2012-CCRE5 Mortgage Trust
5.38%, 12/01/2020(e)	$	650	$	676	3.22%, 12/10/2045(e)	$	2,000	$	2,035
Owens Corning					COMM 2013-CCRE11 Mortgage Trust
7.00%, 12/01/2036		1,170		1,417	1.15%, 10/10/2046(d),(g)		58,766		3,081
St Marys Cement Inc Canada					4.72%, 10/10/2046		5,000		5,430
5.75%, 01/28/2027(e)		800		782	COMM 2013-CCRE6 Mortgage Trust
		$		26,911	4.17%, 03/10/2046(d),(e)		500		457
Chemicals - 0.60%					COMM 2013-CCRE8 Mortgage Trust
A Schulman Inc					3.96%, 06/10/2046(d),(e)		3,000		3,087
6.88%, 06/01/2023(e)		675		712	COMM 2013-LC6 Mortgage Trust
Air Liquide Finance SA					4.28%, 01/10/2046(d),(e)		1,470		1,362
1.75%, 09/27/2021(e)		3,735		3,603	COMM 2014-CCRE16 Mortgage Trust
Alpha 3 BV / Alpha US Bidco Inc					4.05%, 04/10/2047		600		640
6.25%, 02/01/2025(e)		300		300	COMM 2014-CCRE17 Mortgage Trust
Aruba Investments Inc					4.74%, 05/10/2047(d)		2,400		2,380
8.75%, 02/15/2023(e)		1,000		1,030	COMM 2014-LC17 Mortgage Trust
Blue Cube Spinco Inc					4.49%, 10/10/2047		5,000		5,260
9.75%, 10/15/2023		565		671	COMM 2014-UBS5 Mortgage Trust
CF Industries Inc					1.06%, 09/10/2047(d),(g)		69,967		3,417
5.15%, 03/15/2034		1,380		1,266	COMM 2015-CCRE22 Mortgage Trust
Chevron Phillips Chemical Co LLC / Chevron					4.13%, 03/10/2048(d)		1,611		1,553
Phillips Chemical Co LP					COMM 2015-PC1 Mortgage Trust
3.40%, 12/01/2026(e)		1,815		1,811	4.29%, 07/10/2050(d)		2,000		2,081
Consolidated Energy Finance SA					Commercial Mortgage Pass Through
6.75%, 10/15/2019(e)		2,684		2,691	Certificates
Cornerstone Chemical Co					4.77%, 10/15/2045(d),(e)		2,715		2,732
9.38%, 03/15/2018(e)		835		845	Credit Suisse Commercial Mortgage Trust
Dow Chemical Co/The					Series 2006-C5
4.38%, 11/15/2042		515		508	0.67%, 12/15/2039(d),(g)		1,775		—
Equate Petrochemical BV					Credit Suisse Commercial Mortgage Trust
3.00%, 03/03/2022(d),(e)		450		436	Series 2007-C3
Monsanto Co					5.67%, 06/15/2039(d)		836		839
3.95%, 04/15/2045		2,780		2,531	DBJPM 16-C3 Mortgage Trust
4.40%, 07/15/2044		802		786	2.89%, 09/10/2049(d)		2,000		1,953
Solvay Finance America LLC					DBUBS 2011-LC2 Mortgage Trust
3.40%, 12/03/2020(e)		3,100		3,165	5.54%, 07/10/2044(d),(e)		5,000		5,133
4.45%, 12/03/2025(e)		1,675		1,736	GE Commercial Mortgage Corp Series 2007-
UPL Corp Ltd					C1 Trust
3.25%, 10/13/2021(e)		375		367	5.61%, 12/10/2049(d)		6,000		6,006
		$		22,458	GS Mortgage Securities Trust 2011-GC5
Commercial Mortgage Backed Securities - 5.03%					1.37%, 08/10/2044(d),(e),(g)		95,120		4,741
Banc of America Commercial Mortgage Trust					GS Mortgage Securities Trust 2012-GCJ7
2007-3					2.37%, 05/10/2045(d),(g)		16,063		1,225
1.04%, 06/10/2049(d),(e)		1,000		997	GS Mortgage Securities Trust 2013-GC16
Banc of America Commercial Mortgage Trust					1.42%, 11/10/2046(d),(g)		29,669		1,543
2008-1					5.32%, 11/10/2046(d)		800		848
6.28%, 02/10/2051(d)		3,255		3,370	GS Mortgage Securities Trust 2013-GCJ12
Banc of America Commercial Mortgage Trust					3.78%, 06/10/2046(d)		555		567
2016-UBS10					GS Mortgage Securities Trust 2014-GC26
4.91%, 07/15/2049(d)		3,000		3,089	1.09%, 11/10/2047(d),(g)		49,765		2,977
BCRR Trust 2009-1					GS Mortgage Securities Trust 2015-GC34
5.86%, 07/17/2040(e)		1,945		1,947	3.51%, 10/10/2048(d)		1,482		1,514
CD 2007-CD4 Commercial Mortgage Trust					JP Morgan Chase Commercial Mortgage
5.37%, 12/11/2049		3,746		3,744	Securities Trust 2005-CIBC12
CFCRE Commercial Mortgage Trust 2011-					5.40%, 09/12/2037(d)		240		5
C2					JP Morgan Chase Commercial Mortgage
5.75%, 12/15/2047(d),(e)		800		886	Securities Trust 2006-CIBC17
Citigroup Commercial Mortgage Trust 2012-					5.46%, 12/12/2043		893		893
GC8					JP Morgan Chase Commercial Mortgage
4.29%, 09/10/2045(e)		800		842	Securities Trust 2010-C1
Citigroup Commercial Mortgage Trust 2015-					5.95%, 06/15/2043(e)		2,585		2,606
GC29					JP Morgan Chase Commercial Mortgage
3.19%, 04/10/2048(d)		3,000		3,011	Securities Trust 2011-C5
4.15%, 04/10/2048(d)		2,000		1,943	5.41%, 08/15/2046(d),(e)		800		856
Citigroup Commercial Mortgage Trust 2015-					JP Morgan Chase Commercial Mortgage
GC35					Securities Trust 2012-LC9
3.82%, 11/10/2048		1,000		1,047	1.81%, 12/15/2047(d),(g)		20,509		1,256
Citigroup Commercial Mortgage Trust 2016-					3.35%, 12/15/2047(d),(e)		2,000		2,036
GC37					JP Morgan Chase Commercial Mortgage
3.58%, 04/10/2049(d)		1,750		1,743	Securities Trust 2013-C16
COMM 2010-RR1					1.12%, 12/15/2046(d),(g)		11,582		542
5.54%, 12/11/2049(d),(e)		634		634

See accompanying notes

8

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
		Principal					Principal
	BONDS (continued)	Amount (000's)       Value (000's)				BONDS (continued)	Amount (000's)   Value (000's)
	Commercial Mortgage Backed Securities (continued)					Commercial Mortgage Backed Securities (continued)
	JP Morgan Chase Commercial Mortgage					Morgan Stanley Capital I Trust 2016-UBS9
	Securities Trust 2016-JP3					3.59%, 03/15/2049(d)	$	1,500	$	1,547
	3.14%, 08/15/2049(d)	$	3,000	$	2,935	MSBAM Commercial Mortgage Securities
	JP Morgan Chase Commercial Mortgage					Trust 2012-CKSV
	Securities Trust 2016-JP4					1.11%, 10/15/2030(d),(e),(g)		22,829		1,180
	3.46%, 12/15/2049(d)		1,682		1,574	UBS Commercial Mortgage Trust 2012-C1
	3.65%, 12/15/2049(d)		1,600		1,653	3.40%, 05/10/2045(d)		493		514
	JPMBB Commercial Mortgage Securities					UBS-Barclays Commercial Mortgage Trust
	Trust 2013-C15					2012-C3
	1.35%, 11/15/2045(d),(g)		39,417		1,899	3.09%, 08/10/2049(d)		1,210		1,240
	JPMBB Commercial Mortgage Securities					4.96%, 08/10/2049(d),(e)		1,500		1,573
	Trust 2014-C18					UBS-Barclays Commercial Mortgage Trust
	4.81%, 02/15/2047(d)		1,000		1,086	2012-C4
	4.81%, 02/15/2047(d)		2,700		2,776	1.76%, 12/10/2045(d),(e),(g)		19,375		1,373
	JPMBB Commercial Mortgage Securities					3.32%, 12/10/2045(d),(e)		2,300		2,321
	Trust 2014-C19					UBS-Barclays Commercial Mortgage Trust
	1.19%, 04/15/2047(d),(g)		45,938		1,650	2013-C5
	JPMBB Commercial Mortgage Securities					3.18%, 03/10/2046(d)		1,580		1,615
	Trust 2014-C24					4.08%, 03/10/2046(d),(e)		1,090		997
	1.07%, 11/15/2047(d),(g)		9,393		464	Wachovia Bank Commercial Mortgage Trust
	3.93%, 11/15/2047(d),(e)		1,000		788	Series 2007-C30
	4.43%, 11/15/2047(d)		4,350		4,398	0.97%, 12/15/2043(d),(e)		1,158		1,156
	JPMBB Commercial Mortgage Securities					Wachovia Bank Commercial Mortgage Trust
	Trust 2015-C28					Series 2007-C34
	3.99%, 10/15/2048(d)		7,000		6,860	5.68%, 05/15/2046(d)		227		228
	JPMBB Commercial Mortgage Securities					Wells Fargo Commercial Mortgage Trust
	Trust 2015-C31					2015-NXS3
	1.01%, 08/15/2048(d),(g)		42,749		2,475	4.49%, 09/15/2057(d)		1,400		1,396
	LB-UBS Commercial Mortgage Trust 2005-					Wells Fargo Commercial Mortgage Trust
	C3					2016-C36
	0.82%, 07/15/2040(d),(e),(g)		2,552		52	3.07%, 11/15/2059(d)		750		737
	LB-UBS Commercial Mortgage Trust 2007-					WFRBS Commercial Mortgage Trust 2013-
	C1					C12
	0.30%, 02/15/2040(d),(g)		1,094		—	1.38%, 03/15/2048(d),(e),(g)		55,796		3,016
	LB-UBS Commercial Mortgage Trust 2007-					WFRBS Commercial Mortgage Trust 2014-
	C2					C22
	5.43%, 02/15/2040		320		320	4.07%, 09/15/2057		5,000		5,229
	LB-UBS Commercial Mortgage Trust 2007-					4.37%, 09/15/2057(d)		2,000		2,058
	C6					WFRBS Commercial Mortgage Trust 2014-
	6.11%, 07/15/2040		7,850		8,024	C23
	Morgan Stanley Bank of America Merrill					0.69%, 10/15/2057(d),(g)		53,902		1,880
	Lynch Trust 2013-C11							$		189,434
	0.54%, 08/15/2046(d),(g)		26,244		436	Commercial Services - 0.05%
	Morgan Stanley Bank of America Merrill					Ahern Rentals Inc
	Lynch Trust 2013-C9					7.38%, 05/15/2023(e)		760		711
	3.46%, 05/15/2046		1,781		1,814	DP World Ltd
	Morgan Stanley Bank of America Merrill					6.85%, 07/02/2037		190		209
	Lynch Trust 2014-C15					TMS International Corp
	1.16%, 04/15/2047(d),(g)		54,512		2,891	7.63%, 10/15/2021(e)		1,135		1,132
	4.05%, 04/15/2047		3,000		3,200			$		2,052
	Morgan Stanley Bank of America Merrill					Computers - 1.01%
	Lynch Trust 2014-C16					Apple Inc
	1.19%, 06/15/2047(d),(g)		25,223		1,377	2.85%, 02/23/2023		1,845		1,862
	4.76%, 06/15/2047(d)		4,250		4,363	3.85%, 08/04/2046		1,825		1,696
	Morgan Stanley Bank of America Merrill					4.65%, 02/23/2046		4,655		4,899
	Lynch Trust 2014-C18					Compiler Finance Sub Inc
	4.44%, 10/15/2047(d)		3,250		3,416	7.00%, 05/01/2021(e)		515		238
	Morgan Stanley Bank of America Merrill					Dell Inc
	Lynch Trust 2015-C20					5.65%, 04/15/2018		365		378
	3.61%, 02/15/2048(d)		2,000		2,011	Diamond 1 Finance Corp / Diamond 2 Finance
	4.16%, 02/15/2048(d)		1,975		2,004	Corp
	Morgan Stanley Bank of America Merrill					3.48%, 06/01/2019(e)		950		969
	Lynch Trust 2015-C25					4.42%, 06/15/2021(e)		3,230		3,362
	3.64%, 10/15/2048		2,500		2,588	5.45%, 06/15/2023(e)		3,650		3,921
	Morgan Stanley Bank of America Merrill					5.88%, 06/15/2021(e)		610		643
	Lynch Trust 2015-C26					6.02%, 06/15/2026(e)		7,715		8,330
	3.89%, 10/15/2048		3,000		3,113	7.13%, 06/15/2024(e)		1,935		2,119
	Morgan Stanley Bank of America Merrill					Hewlett Packard Enterprise Co
	Lynch Trust 2016-C30					2.85%, 10/05/2018		1,390		1,408
	3.17%, 09/15/2049(d)		1,571		1,524	4.90%, 10/15/2025		825		859
	Morgan Stanley Bank of America Merrill					6.20%, 10/15/2035(d)		1,690		1,793
	Lynch Trust 2016-C32
	3.72%, 12/15/2049(d)		3,250		3,375

See accompanying notes

9

     Schedule of Investments Core Plus Bond Fund January 31, 2017 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Computers (continued)					Diversified Financial Services (continued)
International Business Machines Corp					GE Capital International Funding Co
1.27%, 02/12/2019(d)	$	5,550	$	5,577	Unlimited Co
		$		38,054	2.34%, 11/15/2020	$	11,914	$	11,945
Consumer Products - 0.05%					4.42%, 11/15/2035		1,714		1,798
ACCO Brands Corp					ILFC E-Capital Trust II
5.25%, 12/15/2024(e)		760		765	4.92%, 12/21/2065(d),(e)		155		141
Spectrum Brands Inc					Intercontinental Exchange Inc
5.75%, 07/15/2025		1,135		1,186	2.75%, 12/01/2020		3,620		3,678
		$		1,951	International Lease Finance Corp
Credit Card Asset Backed Securities - 1.02%					6.25%, 05/15/2019		2,405		2,594
Barclays Dryrock Issuance Trust					Mastercard Inc
1.13%, 12/16/2019(d)		1,151		1,151	1.10%, 12/01/2022	EUR	250		276
1.16%, 09/15/2020(d)		10,000		10,014	National Rural Utilities Cooperative Finance
1.48%, 09/15/2020		2,250		2,252	Corp
Cabela's Credit Card Master Note Trust					1.15%, 05/12/2017(d)	$	4,200		4,203
1.12%, 03/16/2020(d)		5,832		5,833	4.75%, 04/30/2043(d)		855		862
Chase Issuance Trust					Navient Corp
1.02%, 04/15/2019(d)		7,183		7,182	5.00%, 10/26/2020		135		134
1.23%, 04/15/2019(d)		2,150		2,150	5.50%, 01/15/2019		215		220
Synchrony Credit Card Master Note Trust					5.88%, 03/25/2021		765		768
2014-1					6.13%, 03/25/2024		705		667
1.61%, 11/15/2020		4,175		4,183	6.63%, 07/26/2021		600		610
World Financial Network Credit Card Master					7.25%, 09/25/2023		1,065		1,073
Trust					OneMain Financial Holdings LLC
1.25%, 02/15/2022(d)		4,000		4,008	7.25%, 12/15/2021(e)		965		986
1.26%, 03/15/2021		785		785	Peachtree Corners Funding Trust
1.61%, 12/15/2021		650		651	3.98%, 02/15/2025(e)		1,685		1,660
		$		38,209	Springleaf Finance Corp
Distribution & Wholesale - 0.08%					5.25%, 12/15/2019		2,000		2,010
American Builders & Contractors Supply Co					6.90%, 12/15/2017		135		139
Inc					SUAM Finance BV
5.75%, 12/15/2023(e)		570		593	4.88%, 04/17/2024(e)		375		389
Global Partners LP / GLP Finance Corp					Visa Inc
7.00%, 06/15/2023		975		958	2.20%, 12/14/2020		1,155		1,160
HD Supply Inc					3.15%, 12/14/2025		2,495		2,492
5.25%, 12/15/2021(e)		645		680			$		57,525
5.75%, 04/15/2024(e)		340		358	Electric - 3.03%
Rexel SA					Abu Dhabi National Energy Co PJSC
5.25%, 06/15/2020(e)		274		282	4.38%, 06/22/2026(e)		675		688
		$		2,871	Adani Transmission Ltd
					4.00%, 08/03/2026(e)		750		712
Diversified Financial Services - 1.53%
					AEP Transmission Co LLC
AerCap Ireland Capital DAC / AerCap Global					4.00%, 12/01/2046(e)		930		932
Aviation Trust
4.63%, 10/30/2020		755		793	Alabama Power Co
Aircastle Ltd					3.85%, 12/01/2042		850		814
5.00%, 04/01/2023		415		421	CMS Energy Corp
5.13%, 03/15/2021		2,540		2,670	3.00%, 05/15/2026		1,885		1,808
5.50%, 02/15/2022		530		556	4.70%, 03/31/2043		910		941
6.75%, 04/15/2017		380		384	4.88%, 03/01/2044		1,835		1,967
Ally Financial Inc					Commonwealth Edison Co
3.25%, 11/05/2018		830		836	3.70%, 03/01/2045		690		654
4.25%, 04/15/2021		115		116	3.80%, 10/01/2042		2,170		2,095
4.75%, 09/10/2018		220		227	4.35%, 11/15/2045		1,660		1,738
5.75%, 11/20/2025		1,460		1,482	Consolidated Edison Co of New York Inc
Blackstone Holdings Finance Co LLC					4.50%, 12/01/2045		2,900		3,085
2.00%, 05/19/2025	EUR	250		281	4.63%, 12/01/2054		1,940		2,056
BOC Aviation Ltd					Dominion Resources Inc/VA
2.38%, 09/15/2021(e)	$	1,075		1,035	3.90%, 10/01/2025		1,670		1,706
CBOE Holdings Inc					DTE Energy Co
3.65%, 01/12/2027		1,170		1,167	6.38%, 04/15/2033		4,795		5,933
CIT Group Inc					Duke Energy Corp
3.88%, 02/19/2019		3,825		3,906	2.65%, 09/01/2026		1,140		1,065
Credit Acceptance Corp					3.75%, 04/15/2024		1,500		1,549
6.13%, 02/15/2021		1,185		1,203	3.75%, 09/01/2046		3,095		2,807
7.38%, 03/15/2023		1,355		1,390	Dynegy Inc
Doric Nimrod Air Finance Alpha Ltd 2012-1					6.75%, 11/01/2019		715		734
Class B Pass Through Trust					7.38%, 11/01/2022		1,385		1,368
6.50%, 05/30/2021(e)		838		862	8.00%, 01/15/2025(e)		220		211
FBM Finance Inc					Edison International
8.25%, 08/15/2021(e)		247		264	3.75%, 09/15/2017		1,420		1,440
					Electricite de France SA
Fly Leasing Ltd					2.15%, 01/22/2019(e)		70		70
6.38%, 10/15/2021		2,050		2,127	2.35%, 10/13/2020(e)		415		412

See accompanying notes

10

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)     Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Electric (continued)					Electric (continued)
Electricite de France SA (continued)					Southern Co/The (continued)
4.25%, 12/29/2049(c),(d)	EUR	500	$	549	5.50%, 03/15/2057(d)		$	5,540	$	5,732
4.63%, 09/11/2024		250		338	Southern Power Co
4.95%, 10/13/2045(e)	$	1,515		1,550	1.85%, 06/20/2026		EUR	550		594
5.50%, 10/17/2041	GBP	100		156	Virginia Electric & Power Co
5.63%, 12/31/2049(c),(d),(e)	$	4,365		4,158	4.45%, 02/15/2044		$	1,560		1,636
6.00%, 12/29/2049(c),(d)	GBP	100		121	4.65%, 08/15/2043			1,620		1,764
6.25%, 05/30/2028		50		81	Western Power Distribution West Midlands
Elwood Energy LLC					PLC
8.16%, 07/05/2026	$	606		679	5.75%, 04/16/2032		GBP	100		170
Emera US Finance LP					Xcel Energy Inc
2.70%, 06/15/2021		2,540		2,520	3.30%, 06/01/2025		$	2,535		2,533
Enel Finance International NV								$		114,060
1.38%, 06/01/2026	EUR	200		210	Electronics - 0.13%
5.75%, 09/14/2040	GBP	50		81	Honeywell International Inc
Eskom Holdings SOC Ltd					2.25%, 02/22/2028		EUR	325		381
7.13%, 02/11/2025(e)	$	525		530	Keysight Technologies Inc
Exelon Corp					3.30%, 10/30/2019		$	1,470		1,494
2.85%, 06/15/2020		4,560		4,624	Sanmina Corp
4.45%, 04/15/2046		490		487	4.38%, 06/01/2019(e)			255		263
5.10%, 06/15/2045		1,480		1,588	Tech Data Corp
Fortis Inc/Canada					3.70%, 02/15/2022			1,775		1,774
2.10%, 10/04/2021(e)		2,470		2,391	Tyco Electronics Group SA
3.06%, 10/04/2026(e)		6,055		5,660	1.10%, 03/01/2023		EUR	500		543
Iberdrola International BV					2.38%, 12/17/2018		$	150		151
3.50%, 02/01/2021	EUR	100		121	7.13%, 10/01/2037			105		137
Indiantown Cogeneration LP								$		4,743
9.77%, 12/15/2020	$	516		557	Engineering & Construction - 0.08%
ITC Holdings Corp					Heathrow Funding Ltd
3.25%, 06/30/2026		1,065		1,035	1.88%, 05/23/2024		EUR	250		287
Kentucky Utilities Co					SBA Tower Trust
3.30%, 10/01/2025		3,105		3,134	2.90%, 10/15/2044(e)		$	2,700		2,719
Listrindo Capital BV								$		3,006
4.95%, 09/14/2026(e)		825		809
					Entertainment - 0.39%
Louisville Gas & Electric Co					AMC Entertainment Holdings Inc
3.30%, 10/01/2025		1,545		1,570	5.88%, 11/15/2026(e)			1,470		1,499
MidAmerican Energy Co					Carmike Cinemas Inc
4.25%, 05/01/2046		1,030		1,068	6.00%, 06/15/2023(e)			720		763
Mirant Mid-Atlantic Series B Pass Through					CCM Merger Inc
Trust					9.13%, 05/01/2019(e)			1,890		1,957
9.13%, 06/30/2017		199		178	Cinemark USA Inc
Mirant Mid-Atlantic Series C Pass Through					4.88%, 06/01/2023			1,755		1,768
Trust					Eldorado Resorts Inc
10.06%, 12/30/2028		1,203		1,059	7.00%, 08/01/2023			1,175		1,251
NRG Energy Inc					GLP Capital LP / GLP Financing II Inc
6.25%, 05/01/2024		835		850	4.38%, 04/15/2021			425		442
7.25%, 05/15/2026(e)		620		649
					5.38%, 04/15/2026			995		1,037
Oncor Electric Delivery Co LLC					International Game Technology PLC
2.15%, 06/01/2019		4,630		4,633	6.50%, 02/15/2025(e)			1,010		1,091
5.25%, 09/30/2040		950		1,115	Lions Gate Entertainment Corp
Pacific Gas & Electric Co					5.88%, 11/01/2024(e)			900		916
4.45%, 04/15/2042		30		31	National CineMedia LLC
PacifiCorp					5.75%, 08/15/2026			680		692
2.95%, 06/01/2023		2,466		2,489	Penn National Gaming Inc
3.85%, 06/15/2021		1,137		1,205	5.63%, 01/15/2027(e)			595		596
Pampa Energia SA					Pinnacle Entertainment Inc
7.50%, 01/24/2027(e)		1,100		1,089	5.63%, 05/01/2024(e)			865		878
PPL Electric Utilities Corp					WMG Acquisition Corp
4.75%, 07/15/2043		1,375		1,537	4.88%, 11/01/2024(e)			305		303
PPL WEM Ltd / Western Power Distribution					5.00%, 08/01/2023(e)			575		576
Ltd					6.75%, 04/15/2022(e)			825		868
5.38%, 05/01/2021(e)		5,140		5,575
								$		14,637
Public Service Electric & Gas Co					Environmental Control - 0.04%
3.65%, 09/01/2042		365		349	Clean Harbors Inc
Puget Energy Inc					5.13%, 06/01/2021			320		328
6.00%, 09/01/2021		2,935		3,286	Republic Services Inc
Southern California Edison Co					3.80%, 05/15/2018			1,215		1,247
3.60%, 02/01/2045		2,805		2,645				$		1,575
4.05%, 03/15/2042		1,610		1,624
Southern Co/The					Food- 0.95	%
2.95%, 07/01/2023		2,035		2,006	Arcor SAIC
					6.00%, 07/06/2023(e)			865		904
4.25%, 07/01/2036		1,480		1,470
4.40%, 07/01/2046		1,050		1,039

See accompanying notes

11

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
				Principal				Principal
	BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)	Amount (000's) Value (000's)
	Food (continued)						Healthcare - Products (continued)
	BI-LO LLC / BI-LO Finance Corp						Hill-Rom Holdings Inc
	9.25%, 02/15/2019(e)		$	1,110	$	915	5.75%, 09/01/2023(d),(e)	$	740	$	768
	BRF GmbH						Kinetic Concepts Inc / KCI USA Inc
	4.35%, 09/29/2026(e)			1,025		965	7.88%, 02/15/2021(e)		860		929
	Cencosud SA						9.63%, 10/01/2021(e)		785		842
	5.50%, 01/20/2021			2,100		2,265	Mallinckrodt International Finance SA /
	Gruma SAB de CV						Mallinckrodt CB LLC
	4.88%, 12/01/2024(e)			1,175		1,217	4.88%, 04/15/2020(e)		330		325
	Grupo Bimbo SAB de CV						5.63%, 10/15/2023(e)		1,425		1,263
	4.88%, 06/27/2044(e)			275		252	Medtronic Inc
	Ingles Markets Inc						2.50%, 03/15/2020		90		91
	5.75%, 06/15/2023			1,305		1,338	3.50%, 03/15/2025		256		262
	JBS USA LUX SA / JBS USA Finance Inc						4.38%, 03/15/2035		3,885		4,063
	5.75%, 06/15/2025(e)			915		939	4.63%, 03/15/2045		5,160		5,500
	7.25%, 06/01/2021(e)			380		392	St Jude Medical LLC
	Kraft Heinz Foods Co						4.75%, 04/15/2043		2,870		2,806
	2.80%, 07/02/2020			6,475		6,550	Teleflex Inc
	3.00%, 06/01/2026			95		89	4.88%, 06/01/2026		515		512
	4.38%, 06/01/2046			7,325		6,848	Universal Hospital Services Inc
	5.00%, 07/15/2035			1,155		1,211	7.63%, 08/15/2020		1,530		1,519
	5.20%, 07/15/2045			1,445		1,518	Zimmer Biomet Holdings Inc
	Lamb Weston Holdings Inc						2.00%, 04/01/2018		4,340		4,352
	4.63%, 11/01/2024(e)			220		221	2.43%, 12/13/2026	EUR	400		444
	4.88%, 11/01/2026(e)			490		491	2.70%, 04/01/2020	$	9,080		9,130
	Post Holdings Inc						3.15%, 04/01/2022		1,285		1,284
	5.00%, 08/15/2026(e)			1,265		1,223	3.55%, 04/01/2025		1,910		1,865
	7.75%, 03/15/2024(e)			475		526			$		47,528
	Smithfield Foods Inc						Healthcare - Services - 1.50%
	5.25%, 08/01/2018(e)			417		422	Aetna Inc
	5.88%, 08/01/2021(e)			1,425		1,488	1.90%, 06/07/2019		145		145
	TreeHouse Foods Inc						2.40%, 06/15/2021		4,850		4,868
	4.88%, 03/15/2022			340		350	2.75%, 11/15/2022		400		399
	6.00%, 02/15/2024(e)			965		1,012	2.80%, 06/15/2023		6,020		5,972
	Wm Wrigley Jr Co						3.20%, 06/15/2026		5,825		5,817
	2.40%, 10/21/2018(e)			1,650		1,665	4.25%, 06/15/2036		2,400		2,406
	3.38%, 10/21/2020(e)			2,745		2,830	4.38%, 06/15/2046		1,385		1,388
				$		35,631	Anthem Inc
	Forest Products & Paper - 0.18%						3.13%, 05/15/2022		865		864
	Domtar Corp						4.35%, 08/15/2020		30		32
	6.25%, 09/01/2042			2,155		2,157	4.63%, 05/15/2042		1,485		1,483
	International Paper Co						Centene Corp
	3.00%, 02/15/2027			1,870		1,755	4.75%, 05/15/2022		2,175		2,208
	Mercer International Inc						5.63%, 02/15/2021		470		493
	6.50%, 02/01/2024(b),(e),(h)			150		150	6.13%, 02/15/2024		655		696
	Resolute Forest Products Inc						Cigna Corp
	5.88%, 05/15/2023			955		833	4.00%, 02/15/2022		1,875		1,959
	Sappi Papier Holding GmbH						4.38%, 12/15/2020		2,530		2,689
	7.50%, 06/15/2032(e)			630		611	Fresenius Medical Care US Finance II Inc
	Tembec Industries Inc						4.75%, 10/15/2024(e)		1,180		1,195
	9.00%, 12/15/2019(e)			1,090		1,104	5.88%, 01/31/2022(e)		985		1,064
				$		6,610	6.50%, 09/15/2018(e)		330		350
	Gas- 0.19	%					HCA Holdings Inc
	Dominion Gas Holdings LLC						6.25%, 02/15/2021		1,360		1,458
	2.80%, 11/15/2020			3,645		3,696	HCA Inc
	Nakilat Inc						4.50%, 02/15/2027		315		311
	6.07%, 12/31/2033			350		408	4.75%, 05/01/2023		2,685		2,782
	NGL Energy Partners LP / NGL Energy						5.00%, 03/15/2024		1,045		1,088
	Finance Corp						5.25%, 04/15/2025		1,500		1,579
	6.88%, 10/15/2021			645		664	5.88%, 03/15/2022		580		630
	7.50%, 11/01/2023(e)			895		942	Humana Inc
	Talent Yield Investments Ltd						4.63%, 12/01/2042		214		214
	4.50%, 04/25/2022(e)			1,500		1,576	4.95%, 10/01/2044		485		510
				$		7,286	IASIS Healthcare LLC / IASIS Capital Corp
	Healthcare - Products - 1.26%						8.38%, 05/15/2019		1,290		1,229
	Abbott Laboratories						MPH Acquisition Holdings LLC
	2.90%, 11/30/2021			2,875		2,862	7.13%, 06/01/2024(e)		1,730		1,836
	3.75%, 11/30/2026			4,065		4,002	Tenet Healthcare Corp
	4.90%, 11/30/2046			3,525		3,533	6.00%, 10/01/2020		155		163
	DJO Finco Inc / DJO Finance LLC / DJO						6.75%, 06/15/2023		385		364
	Finance Corp						7.50%, 01/01/2022(e)		425		456
	8.13%, 06/15/2021(e)			1,360		1,176	Tennessee Merger Sub Inc
							6.38%, 02/01/2025(e),(h)		790		776

See accompanying notes

12

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
	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					Markel Corp
1.90%, 07/16/2018	$	2,425	$	2,435	5.00%, 04/05/2046	$	3,655	$	3,695
4.63%, 07/15/2035		4,780		5,188	Metropolitan Life Global Funding I
4.75%, 07/15/2045		135		148	3.50%, 09/30/2026	GBP	100		140
WellCare Health Plans Inc					Pricoa Global Funding I
5.75%, 11/15/2020		1,180		1,217	2.20%, 05/16/2019(e)	$	3,170		3,187
		$		56,412	Prudential Financial Inc
Home Builders - 0.30%					5.38%, 05/15/2045(d)		3,175		3,270
Beazer Homes USA Inc					TIAA Asset Management Finance Co LLC
8.75%, 03/15/2022(e)		875		952	2.95%, 11/01/2019(e)		6,675		6,792
CalAtlantic Group Inc					Voya Financial Inc
5.88%, 11/15/2024		520		541	5.65%, 05/15/2053(d)		4,890		4,915
KB Home					XLIT Ltd
4.75%, 05/15/2019		390		398	4.45%, 03/31/2025		11,240		11,231
7.00%, 12/15/2021		220		237	5.50%, 03/31/2045		5,270		5,182
Lennar Corp							$		58,413
4.13%, 12/01/2018		1,725		1,767	Internet - 0.22%
4.50%, 11/15/2019		675		700	Alibaba Group Holding Ltd
4.75%, 11/15/2022(d)		1,265		1,297	3.13%, 11/28/2021		3,200		3,214
4.88%, 12/15/2023		340		346	Baidu Inc
Mattamy Group Corp					3.00%, 06/30/2020		875		883
6.50%, 11/15/2020(e)		245		250	Netflix Inc
6.88%, 12/15/2023(e)		815		839	4.38%, 11/15/2026(e)		995		976
TRI Pointe Group Inc					5.38%, 02/01/2021		200		215
4.88%, 07/01/2021		150		154	Tencent Holdings Ltd
WCI Communities Inc					3.80%, 02/11/2025(e)		650		657
6.88%, 08/15/2021		2,105		2,216	Zayo Group LLC / Zayo Capital Inc
Woodside Homes Co LLC / Woodside Homes					6.00%, 04/01/2023		2,115		2,210
Finance Inc							$		8,155
6.75%, 12/15/2021(e)		1,725		1,678	Iron & Steel - 0.38%
		$		11,375	AK Steel Corp
Home Equity Asset Backed Securities - 0.04%					7.50%, 07/15/2023		475		520
First NLC Trust 2005-1					7.63%, 05/15/2020		1,475		1,505
1.25%, 05/25/2035(d)		280		229	ArcelorMittal
JP Morgan Mortgage Acquisition Trust 2006-					6.50%, 03/01/2021(d)		1,940		2,119
CW2					8.00%, 10/15/2039(d)		1,905		2,119
0.92%, 08/25/2036(d)		640		618	Commercial Metals Co
New Century Home Equity Loan Trust 2005-					4.88%, 05/15/2023		2,785		2,841
1					7.35%, 08/15/2018		740		794
1.35%, 03/25/2035(d)		85		85	Signode Industrial Group Lux SA/Signode
Saxon Asset Securities Trust 2004-1					Industrial Group US Inc
2.45%, 03/25/2035(d)		282		149	6.38%, 05/01/2022(e)		2,675		2,715
Specialty Underwriting & Residential Finance					Vale Overseas Ltd
Trust Series 2004-BC1					5.88%, 06/10/2021		1,270		1,359
1.54%, 02/25/2035(d)		303		284	6.25%, 08/10/2026		375		403
		$		1,365			$		14,375
Housewares - 0.02%					Leisure Products & Services - 0.05%
Newell Brands Inc					NCL Corp Ltd
3.85%, 04/01/2023		900		928	4.63%, 11/15/2020(e)		1,325		1,355
					4.75%, 12/15/2021(e)		150		151
Insurance - 1.55%					Silversea Cruise Finance Ltd
Aegon NV					7.25%, 02/01/2025(e)		540		555
4.00%, 04/25/2044(d)	EUR	250		272			$		2,061
American Equity Investment Life Holding					Lodging - 0.17%
Co					Boyd Gaming Corp
6.63%, 07/15/2021	$	1,059		1,109	6.88%, 05/15/2023		515		553
American International Group Inc					Jack Ohio Finance LLC / Jack Ohio Finance 1
1.50%, 06/08/2023	EUR	300		327	Corp
3.30%, 03/01/2021	$	3,360		3,445	6.75%, 11/15/2021(e)		1,370		1,401
3.38%, 08/15/2020		4,605		4,758	MGM Resorts International
3.88%, 01/15/2035		1,450		1,351	6.00%, 03/15/2023		705		758
5.00%, 04/26/2023	GBP	150		215	6.63%, 12/15/2021		545		607
Arch Capital Finance LLC					8.63%, 02/01/2019		190		211
4.01%, 12/15/2026	$	2,845		2,885	Wyndham Worldwide Corp
5.03%, 12/15/2046		695		724	2.50%, 03/01/2018		2,920		2,938
Chubb INA Holdings Inc							$		6,468
2.30%, 11/03/2020		1,880		1,885	Machinery - Construction & Mining - 0.03%
CNO Financial Group Inc					BlueLine Rental Finance Corp
4.50%, 05/30/2020		350		360	7.00%, 02/01/2019(e)		380		375
Liberty Mutual Group Inc					Vander Intermediate Holding II Corp
7.00%, 03/07/2067(d),(e)		2,760		2,670	9.75%, PIK 10.50%, 02/01/2019(e),(f)		1,046		931
							$		1,306

See accompanying notes

13

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
			Principal							Principal
	BONDS (continued)		Amount (000's)          Value (000's)				BONDS (continued)			Amount (000's) Value (000's)
	Machinery - Diversified - 0.05%						Media (continued)
	Cloud Crane LLC						Time Warner Cable LLC	(continued)
	10.13%, 08/01/2024(e)		$	1,280	$	1,408	6.75%, 07/01/2018		$	920	$	979
	CNH Industrial Capital LLC						8.75%, 02/14/2019			1,165		1,300
	3.88%, 07/16/2018			80		81	Time Warner Inc
	4.88%, 04/01/2021			330		344	2.10%, 06/01/2019			1,080		1,081
				$		1,833	3.60%, 07/15/2025			1,100		1,078
	Media- 2.52	%					4.05%, 12/15/2023			3,670		3,786
	21st Century Fox America Inc						6.25%, 03/29/2041			1,496		1,763
	4.75%, 09/15/2044			680		679	Unitymedia GmbH
	5.40%, 10/01/2043			2,205		2,408	6.13%, 01/15/2025(e)			895		925
	6.15%, 02/15/2041			2,535		2,982	Unitymedia Hessen GmbH & Co KG /
	6.40%, 12/15/2035			2,605		3,149	Unitymedia NRW GmbH
	Altice Financing SA						5.50%, 01/15/2023(e)			1,275		1,326
	6.63%, 02/15/2023(e)			870		911	UPCB Finance IV Ltd
	Altice Finco SA						5.38%, 01/15/2025(e)			602		611
	7.63%, 02/15/2025(e)			905		936	Viacom Inc
	8.13%, 01/15/2024(e)			520		552	4.85%, 12/15/2034			3,470		3,173
	Altice Luxembourg SA						5.85%, 09/01/2043			1,385		1,384
	7.75%, 05/15/2022(e)			1,060		1,125	Virgin Media Finance PLC
	Altice US Finance I Corp						5.75%, 01/15/2025(e)			600		609
	5.50%, 05/15/2026(e)			400		410	6.00%, 10/15/2024(e)			405		422
	CCO Holdings LLC / CCO Holdings Capital						Virgin Media Secured Finance PLC
	Corp						5.25%, 01/15/2026(e)			380		381
	5.13%, 05/01/2023(e)			4,820		5,001	Walt Disney Co/The
	5.75%, 02/15/2026(e)			180		191	2.30%, 02/12/2021			750		757
	Charter Communications Operating LLC /						WideOpenWest Finance LLC /
	Charter Communications Operating Capital						WideOpenWest Capital Corp
	4.46%, 07/23/2022			434		454	10.25%, 07/15/2019			1,395		1,471
	4.91%, 07/23/2025			1,925		2,024	Ziggo Bond Finance BV
	6.38%, 10/23/2035			2,595		2,926	6.00%, 01/15/2027(e)			925		918
	6.48%, 10/23/2045			1,870		2,126	Ziggo Secured Finance BV
	6.83%, 10/23/2055			2,395		2,813	5.50%, 01/15/2027(e)			1,105		1,101
	Comcast Corp									$		94,738
	2.75%, 03/01/2023			4,180		4,124	Mining - 0.69%
	3.15%, 03/01/2026			3,310		3,238	Alcoa Nederland Holding BV
	3.30%, 02/01/2027			2,750		2,713	6.75%, 09/30/2024(e)			485		525
	3.38%, 02/15/2025			6,605		6,611	7.00%, 09/30/2026(e)			750		821
	4.20%, 08/15/2034			510		515	Aleris International Inc
	4.60%, 08/15/2045			325		333	9.50%, 04/01/2021(e)			225		245
	5.50%, 11/23/2029		GBP	125		208	Barrick Gold Corp
	6.40%, 03/01/2040		$	200		255	4.10%, 05/01/2023			5,430		5,706
	Cox Communications Inc						Barrick North America Finance LLC
	2.95%, 06/30/2023(e)			2,685		2,545	4.40%, 05/30/2021			693		739
	CSC Holdings LLC						5.75%, 05/01/2043			1,145		1,280
	5.50%, 04/15/2027(e)			400		406	BHP Billiton Finance USA Ltd
	6.63%, 10/15/2025(e)			445		486	2.05%, 09/30/2018			70		70
	8.63%, 02/15/2019			185		205	Corp Nacional del Cobre de Chile
	10.13%, 01/15/2023(e)			1,250		1,449	4.50%, 09/16/2025(e)			550		567
	DISH DBS Corp						First Quantum Minerals Ltd
	4.25%, 04/01/2018			175		178	7.00%, 02/15/2021(e)			1,340		1,374
	5.13%, 05/01/2020			795		817	7.25%, 05/15/2022(e)			630		643
	5.88%, 07/15/2022			1,890		1,965	FMG Resources August 2006 Pty Ltd
	5.88%, 11/15/2024			760		769	6.88%, 04/01/2022(e)			1,950		2,021
	6.75%, 06/01/2021			2,280		2,450	9.75%, 03/01/2022(e)			1,000		1,160
	7.75%, 07/01/2026			600		672	Freeport-McMoRan Inc
	7.88%, 09/01/2019			1,517		1,671	2.38%, 03/15/2018			1,060		1,057
	Myriad International Holdings BV						6.88%, 02/15/2023(e)			385		401
	5.50%, 07/21/2025(e)			775		790	Hudbay Minerals Inc
	NBCUniversal Enterprise Inc						7.63%, 01/15/2025(e)			650		696
	1.71%, 04/15/2018(d),(e)			5,490		5,527	MMC Norilsk Nickel OJSC via MMC Finance
	NBCUniversal Media LLC						DAC
	4.45%, 01/15/2043			1		1	6.63%, 10/14/2022(e)			350		391
	RCN Telecom Services LLC / RCN Capital						Newmont Mining Corp
	Corp						4.88%, 03/15/2042			1,195		1,179
	8.50%, 08/15/2020(e)			1,685		1,792	6.25%, 10/01/2039			800		926
	SFR Group SA						Southern Copper Corp
	6.00%, 05/15/2022(e)			235		242	6.75%, 04/16/2040			400		439
	7.38%, 05/01/2026(e)			815		836	St Barbara Ltd
	Sky PLC						8.88%, 04/15/2018(e)			258		266
	2.88%, 11/24/2020		GBP	100		133	Taseko Mines Ltd
	Time Warner Cable LLC						7.75%, 04/15/2019			1,072		951
	5.25%, 07/15/2042			100		142	Teck Resources Ltd
	5.88%, 11/15/2040		$	1,780		1,913	3.75%, 02/01/2023			1,180		1,146

See accompanying notes

14

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)           Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Mining (continued)					Mortgage Backed Securities (continued)
Teck Resources Ltd (continued)					Ginnie Mae (continued)
6.25%, 07/15/2041	$	1,555	$	1,598	3.50%, 10/20/2042(d),(g)	$	15,150	$	2,822
8.00%, 06/01/2021(e)		500		551	3.50%, 01/20/2043(d),(g)		6,032		1,325
8.50%, 06/01/2024(e)		215		250	4.00%, 03/16/2039(d),(g)		4,059		563
Vedanta Resources PLC					4.00%, 09/20/2040(g)		3,623		678
6.38%, 07/30/2022(e)		900		901	4.28%, 09/16/2043(d),(g)		12,043		1,541
		$		25,903	4.50%, 05/16/2043(d),(g)		3,149		603
Miscellaneous Manufacturers - 0.41%					4.50%, 04/16/2044(g)		939		172
Bombardier Inc					4.82%, 02/20/2045(d),(g)		16,887		3,210
6.13%, 01/15/2023(e)		415		406	4.88%, 08/16/2045(d),(g)		16,023		2,547
7.50%, 03/15/2025(e)		1,895		1,900	5.27%, 11/20/2040(d),(g)		4,414		797
8.75%, 12/01/2021(e)		1,545		1,670	5.27%, 08/20/2042(d),(g)		9,973		2,007
General Electric Co					5.32%, 11/20/2041(d),(g)		4,881		1,003
4.50%, 03/11/2044		810		868	5.32%, 02/20/2046(d),(g)		9,487		2,066
5.30%, 02/11/2021		6,800		7,544	5.32%, 06/20/2046(d),(g)		9,427		2,178
Ingersoll-Rand Global Holding Co Ltd					5.42%, 08/20/2042(d),(g)		4,657		866
2.88%, 01/15/2019		1,065		1,085	5.42%, 09/20/2044(d),(g)		12,905		2,527
5.75%, 06/15/2043		560		662	5.42%, 11/20/2045(d),(g)		7,858		1,606
Siemens Financieringsmaatschappij NV					5.47%, 06/20/2044(d),(g)		21,179		3,475
1.45%, 05/25/2018(e)		1,133		1,132	5.48%, 08/16/2045(d),(g)		16,632		3,642
2.75%, 09/10/2025	GBP	100		134	5.82%, 03/20/2042(d),(g)		12,068		2,610
3.75%, 09/10/2042		100		151	5.82%, 03/20/2042(d),(g)		5,317		1,392
		$		15,552	5.87%, 12/20/2040(d),(g)		7,161		1,489
Mortgage Backed Securities - 3.09%					5.88%, 04/16/2042(d),(g)		4,897		1,059
Fannie Mae REMIC Trust 2005-W2					5.97%, 11/20/2045(d),(g)		4,507		1,026
0.97%, 05/25/2035(d)	$	375		372	JP Morgan Mortgage Trust 2016-2
Fannie Mae REMICS					2.86%, 06/25/2046(d),(e)		8,391		8,464
2.25%, 07/25/2040		162		160	JP Morgan Mortgage Trust 2016-3
3.00%, 04/25/2027(g)		4,453		444	3.50%, 10/25/2046(e)		7,308		7,423
3.50%, 09/25/2027(d),(g)		7,635		898	Merrill Lynch Mortgage Investors Trust Series
3.50%, 11/25/2027(d),(g)		1,929		202	2005-A8
3.50%, 05/25/2028(g)		3,003		297	1.12%, 08/25/2036(d)		139		131
3.50%, 03/25/2031(d),(g)		5,043		514	Sequoia Mortgage Trust 2016-3
4.00%, 04/25/2043(d),(g)		879		154	3.50%, 11/25/2046(d),(e)		4,164		4,241
5.23%, 07/25/2039(d),(g)		8,073		939	Wells Fargo Mortgage Backed Securities
5.23%, 07/25/2046(d),(g)		9,658		2,310	2005-AR16 Trust
5.23%, 10/25/2046(d),(g)		6,951		1,699	3.09%, 03/25/2035(d)		241		237
5.23%, 11/25/2046(d),(g)		10,663		2,224			$		116,213
5.33%, 02/25/2043(d),(g)		6,465		1,279	Office & Business Equipment - 0.05%
5.33%, 03/25/2043(d),(g)		11,109		2,415	Xerox Corp
5.33%, 09/25/2046(d),(g)		11,507		2,057	2.95%, 03/15/2017		555		556
5.33%, 09/25/2046(d),(g)		7,571		1,447	6.75%, 02/01/2017		550		550
5.33%, 09/25/2046(d),(g)		14,367		2,559	6.75%, 12/15/2039		635		643
5.73%, 12/25/2021(d),(g)		588		46			$		1,749
5.73%, 03/25/2022(d),(g)		476		35	Oil & Gas - 2.92%
32.29%, 08/25/2035(d),(g)		15		5	Anadarko Petroleum Corp
Freddie Mac REMICS					3.45%, 07/15/2024		2,985		2,943
1.22%, 06/15/2023(d)		13		13	4.50%, 07/15/2044		5		5
2.00%, 02/15/2036(d)		921		910	5.55%, 03/15/2026		3,610		4,061
3.00%, 09/15/2025(d),(g)		3,801		218	6.60%, 03/15/2046		2,675		3,352
3.00%, 05/15/2027(d),(g)		7,690		496	Apache Corp
3.00%, 10/15/2027(d),(g)		1,175		103	4.25%, 01/15/2044		20		19
3.00%, 02/15/2029(d),(g)		8,111		731	4.75%, 04/15/2043		2,395		2,450
3.50%, 02/15/2028(g)		5,222		490	Baytex Energy Corp
3.50%, 01/15/2040(d),(g)		4,987		822	5.13%, 06/01/2021(e)		370		342
3.50%, 03/15/2041(g)		6,839		943	BP Capital Markets PLC
4.00%, 04/15/2025(d),(g)		4,984		293	1.42%, 05/10/2019(d)		6,585		6,586
5.88%, 05/15/2026(d),(g)		3,834		470	3.02%, 01/16/2027		2,340		2,240
5.98%, 09/15/2034(d),(g)		734		63	3.72%, 11/28/2028		2,330		2,347
Freddie Mac Structured Agency Credit Risk					Canadian Natural Resources Ltd
Debt Notes					3.90%, 02/01/2025		2,005		2,019
1.67%, 10/25/2027(d)		9,187		9,201	Carrizo Oil & Gas Inc
1.97%, 11/25/2028(d)		6,025		6,039	7.50%, 09/15/2020		2,907		3,016
2.12%, 04/25/2028(d)		232		232	Chaparral Energy Inc
2.22%, 09/25/2024(d)		3,657		3,670	0.00%, 10/01/2020(a)		540		540
3.17%, 08/25/2024(d)		3,250		3,260	0.00%, 11/15/2022(a)		1,416		1,409
3.17%, 01/25/2025(d)		547		550	Chesapeake Energy Corp
Ginnie Mae					8.00%, 12/15/2022(e)		1,356		1,448
1.75%, 10/16/2037		498		498	8.00%, 01/15/2025(e)		460		471
3.00%, 03/20/2039(g)		19,765		1,608	Chesapeake Oil Op/Fin Escrow Shares
3.50%, 02/20/2040(d),(g)		4,295		605	0.00%, 11/15/2019(a),(b),(i)		1,385		—
3.50%, 02/20/2041(d),(g)		11,674		1,863	CNOOC Finance 2013 Ltd
3.50%, 04/20/2042(d),(g)		9,632		1,379	3.00%, 05/09/2023		850		824

See accompanying notes

15

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
		Principal				Principal
BONDS (continued)		Amount (000's)   Value (000's)			BONDS (continued)	Amount (000's) Value (000's)
Oil & Gas (continued)					Oil & Gas (continued)
Concho Resources Inc					QEP Resources Inc
4.38%, 01/15/2025	$	4,920	$	5,031	5.25%, 05/01/2023	$	1,025	$	1,020
ConocoPhillips					6.80%, 04/01/2018		200		207
5.75%, 02/01/2019		500		539	Repsol Oil & Gas Canada Inc
Continental Resources Inc/OK					7.75%, 06/01/2019		6,800		7,426
3.80%, 06/01/2024		5,903		5,512	Seven Generations Energy Ltd
4.50%, 04/15/2023		1,365		1,348	6.75%, 05/01/2023(e)		285		305
5.00%, 09/15/2022		905		923	Shell International Finance BV
Denbury Resources Inc					1.63%, 01/20/2027	EUR	100		112
5.50%, 05/01/2022		1,055		905	4.00%, 05/10/2046	$	1,815		1,735
Devon Energy Corp					Sunoco LP / Sunoco Finance Corp
5.00%, 06/15/2045		580		582	5.50%, 08/01/2020		765		782
5.60%, 07/15/2041		1,590		1,685	6.38%, 04/01/2023		1,075		1,103
Ecopetrol SA					Tengizchevroil Finance Co International Ltd
5.88%, 05/28/2045		495		438	4.00%, 08/15/2026(e)		1,175		1,101
Encana Corp					Tesoro Corp
5.15%, 11/15/2041		2,360		2,243	4.75%, 12/15/2023(e)		1,105		1,135
6.50%, 02/01/2038		630		698	Whiting Petroleum Corp
6.63%, 08/15/2037		705		792	5.00%, 03/15/2019		1,410		1,435
EP Energy LLC / Everest Acquisition Finance					5.75%, 03/15/2021		645		651
Inc					WildHorse Resource Development Corp
6.38%, 06/15/2023		1,200		1,044	6.88%, 02/01/2025(e),(h)		620		618
8.00%, 11/29/2024(e)		120		130	Woodside Finance Ltd
9.38%, 05/01/2020		1,280		1,280	3.70%, 09/15/2026(e)		1,860		1,813
Exxon Mobil Corp					WPX Energy Inc
2.22%, 03/01/2021		185		185	7.50%, 08/01/2020		1,250		1,356
4.11%, 03/01/2046		305		311			$		109,863
Gulfport Energy Corp					Oil & Gas Services - 0.15%
6.38%, 05/15/2025(e)		890		912	Archrock Partners LP / Archrock Partners
Halcon Resources Corp					Finance Corp
8.63%, 02/01/2020(e)		1,350		1,411	6.00%, 10/01/2022		395		387
12.00%, 02/15/2022(e)		58		66	Halliburton Co
Laredo Petroleum Inc					4.75%, 08/01/2043		1,780		1,836
5.63%, 01/15/2022		60		61	PHI Inc
7.38%, 05/01/2022		600		625	5.25%, 03/15/2019		755		727
Marathon Oil Corp					Schlumberger Investment SA
6.60%, 10/01/2037		860		972	3.30%, 09/14/2021(e)		1,155		1,191
Marathon Petroleum Corp					Weatherford International Ltd
4.75%, 09/15/2044		592		528	4.50%, 04/15/2022		390		347
MEG Energy Corp					8.25%, 06/15/2023		535		546
6.50%, 01/15/2025(e)		740		747	9.88%, 02/15/2024(e)		395		427
Murphy Oil Corp							$		5,461
6.88%, 08/15/2024		350		375	Other Asset Backed Securities - 1.01%
Nabors Industries Inc					Chase Funding Trust Series 2003-5
5.50%, 01/15/2023(e)		2,635		2,754	1.37%, 07/25/2033(d)		612		567
Noble Energy Inc					Chase Funding Trust Series 2004-1
3.90%, 11/15/2024		1,880		1,907	1.23%, 12/25/2033(d)		23		21
5.05%, 11/15/2044		1,435		1,460	CNH Equipment Trust 2016-A
Northern Blizzard Resources Inc					1.29%, 07/15/2019(d)		7,421		7,432
7.25%, 02/01/2022(e)		715		719	Countrywide Asset-Backed Certificates
Oasis Petroleum Inc					2.38%, 01/25/2034(d)		8		7
6.50%, 11/01/2021		455		465	Dell Equipment Finance Trust 2015-2
6.88%, 03/15/2022		290		297	1.68%, 12/22/2017(d),(e)		4,178		4,182
6.88%, 01/15/2023		1,870		1,914	1.72%, 09/22/2020(d),(e)		14,200		14,224
PDC Energy Inc					JP Morgan Mortgage Acquisition Trust 2007-
6.13%, 09/15/2024(e)		325		340	CH3
7.75%, 10/15/2022		565		600	0.92%, 03/25/2037(d)		479		478
Pertamina Persero PT					Kubota Credit Owner Trust 2015-1
5.63%, 05/20/2043(e)		550		521	1.54%, 03/15/2019(d),(e)		10,380		10,390
Petrobras Global Finance BV					Popular ABS Mortgage Pass-Through Trust
8.38%, 05/23/2021		1,035		1,154	2005-1
8.75%, 05/23/2026		2,365		2,664	1.04%, 05/25/2035(d)		928		867
Petroleos Mexicanos							$		38,168
5.38%, 03/13/2022(e)		1,740		1,774
					Packaging & Containers - 0.55%
6.88%, 08/04/2026		1,905		2,017	ARD Finance SA
Phillips 66					7.13%, PIK 7.88%, 09/15/2023(e),(f)		715		727
4.65%, 11/15/2034		2,180		2,282	Ardagh Packaging Finance PLC / Ardagh
Pioneer Natural Resources Co					Holdings USA Inc
3.45%, 01/15/2021		3,955		4,058	3.96%, 12/15/2019(d),(e)		275		279
4.45%, 01/15/2026		530		561	4.16%, 05/15/2021(d),(e)		260		267
Precision Drilling Corp					4.63%, 05/15/2023(e)		200		202
7.75%, 12/15/2023(e)		150		162	6.00%, 06/30/2021(e)		220		227

See accompanying notes

16

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)     Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Packaging & Containers (continued)					Pipelines (continued)
Ardagh Packaging Finance PLC / Ardagh					Enbridge Inc
Holdings USA Inc (continued)					1.38%, 06/02/2017(d)	$	4,580	$	4,581
7.25%, 05/15/2024(e)	$	925	$	991	4.25%, 12/01/2026		3,780		3,890
Coveris Holdings SA					6.00%, 01/15/2077(d)		2,295		2,324
7.88%, 11/01/2019(e)		1,085		1,090	Energy Transfer Equity LP
Crown Americas LLC / Crown Americas					5.88%, 01/15/2024		410		438
Capital Corp V					Energy Transfer Partners LP
4.25%, 09/30/2026(e)		290		277	4.05%, 03/15/2025		2,885		2,861
Crown Cork & Seal Co Inc					4.75%, 01/15/2026		1,655		1,721
7.38%, 12/15/2026		1,615		1,825	4.90%, 03/15/2035		1,420		1,367
Flex Acquisition Co Inc					5.30%, 04/15/2047		1,310		1,289
6.88%, 01/15/2025(e)		460		468	EnLink Midstream Partners LP
Packaging Corp of America					4.15%, 06/01/2025		3,035		2,982
4.50%, 11/01/2023		5,775		6,116	4.40%, 04/01/2024		4,479		4,494
Reynolds Group Issuer Inc / Reynolds Group					4.85%, 07/15/2026		690		710
Issuer LLC / Reynolds Group Issuer					5.05%, 04/01/2045		1,210		1,113
(Luxembourg) S.A.					Enterprise Products Operating LLC
4.52%, 07/15/2021(d),(e)		985		1,013	3.70%, 02/15/2026		1,915		1,924
5.13%, 07/15/2023(e)		480		491	4.90%, 05/15/2046		2,730		2,814
5.75%, 10/15/2020		1,910		1,966	Kinder Morgan Energy Partners LP
7.00%, 07/15/2024(e)		130		139	4.70%, 11/01/2042		2,625		2,460
WestRock RKT Co					5.63%, 09/01/2041		680		698
3.50%, 03/01/2020		4,330		4,457	Kinder Morgan Inc/DE
		$		20,535	2.25%, 03/16/2027	EUR	275		294
Pharmaceuticals - 1.24%					3.05%, 12/01/2019	$	1,575		1,603
AbbVie Inc					5.05%, 02/15/2046		850		845
1.38%, 05/17/2024	EUR	730		789	Magellan Midstream Partners LP
2.13%, 11/17/2028		735		797	5.00%, 03/01/2026		1,160		1,274
2.50%, 05/14/2020	$	4,940		4,962	ONEOK Partners LP
3.60%, 05/14/2025		365		359	4.90%, 03/15/2025		2,515		2,703
4.45%, 05/14/2046		3,020		2,829	Phillips 66 Partners LP
4.70%, 05/14/2045		925		900	4.90%, 10/01/2046		1,890		1,836
Actavis Funding SCS					Sabine Pass Liquefaction LLC
3.45%, 03/15/2022		2,000		2,024	5.63%, 02/01/2021(d)		990		1,069
4.75%, 03/15/2045		1,560		1,538	5.63%, 03/01/2025		1,365		1,483
4.85%, 06/15/2044		2,105		2,101	6.25%, 03/15/2022		745		831
Forest Laboratories LLC					Tesoro Logistics LP / Tesoro Logistics
5.00%, 12/15/2021(e)		4,155		4,495	Finance Corp
Novartis Capital Corp					5.25%, 01/15/2025		505		526
4.00%, 11/20/2045		80		80	6.13%, 10/15/2021		1,360		1,423
Pfizer Inc					6.25%, 10/15/2022		230		245
2.20%, 12/15/2021		1,315		1,310	6.38%, 05/01/2024		180		196
3.00%, 12/15/2026		1,380		1,356	TransCanada PipeLines Ltd
4.13%, 12/15/2046		1,415		1,419	4.63%, 03/01/2034		965		1,030
Shire Acquisitions Investments Ireland DAC					5.00%, 10/16/2043		1,605		1,787
2.40%, 09/23/2021		6,745		6,550	7.13%, 01/15/2019		730		801
2.88%, 09/23/2023		4,745		4,533	Transportadora de Gas Internacional SA ESP
3.20%, 09/23/2026		5,560		5,221	5.70%, 03/20/2022		815		837
Teva Pharmaceutical Finance Netherlands II					Western Gas Partners LP
BV					4.65%, 07/01/2026		1,620		1,682
1.63%, 10/15/2028	EUR	350		339	5.45%, 04/01/2044		4,410		4,596
Teva Pharmaceutical Finance Netherlands III					Williams Partners LP
BV					3.60%, 03/15/2022		3,185		3,236
1.70%, 07/19/2019	$	2,630		2,583	5.10%, 09/15/2045		3,795		3,791
Valeant Pharmaceuticals International Inc					Williams Partners LP / ACMP Finance Corp
5.38%, 03/15/2020(e)		290		249	4.88%, 05/15/2023		1,555		1,604
5.63%, 12/01/2021(e)		630		498	6.13%, 07/15/2022		585		604
7.50%, 07/15/2021(e)		1,390		1,208			$		86,938
Wyeth LLC					Private Equity - 0.06%
6.00%, 02/15/2036		565		701	Icahn Enterprises LP / Icahn Enterprises
		$		46,841	Finance Corp
Pipelines - 2.31%					3.50%, 03/15/2017		395		395
Antero Midstream Partners LP / Antero					4.88%, 03/15/2019		940		951
Midstream Finance Corp					6.00%, 08/01/2020		1,025		1,050
5.38%, 09/15/2024(e)		410		419			$		2,396
Boardwalk Pipelines LP					Real Estate - 0.11%
4.45%, 07/15/2027		2,570		2,569	American Campus Communities Operating
4.95%, 12/15/2024		2,385		2,490	Partnership LP
5.95%, 06/01/2026		1,880		2,086	3.35%, 10/01/2020		1,900		1,935
Buckeye Partners LP					Crescent Communities LLC/Crescent
3.95%, 12/01/2026		3,755		3,683	Ventures Inc
Columbia Pipeline Group Inc					8.88%, 10/15/2021(e)		995		1,032
3.30%, 06/01/2020		5,620		5,729

See accompanying notes

17

     Schedule of Investments Core Plus Bond Fund January 31, 2017 (unaudited)

		Principal					Principal
BONDS (continued)		Amount (000's)    Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Real Estate (continued)						Retail (continued)
Kennedy-Wilson Inc						CVS Health Corp
5.88%, 04/01/2024		$	995	$	1,028	2.75%, 12/01/2022	$	170	$	168
Prologis LP						2.80%, 07/20/2020		50		51
1.38%, 10/07/2020		EUR	250		278	4.13%, 05/15/2021		130		137
			$		4,273	4.75%, 12/01/2022		6,515		7,080
REITS- 1.50	%					5.00%, 12/01/2024		80		87
American Tower Corp						5.13%, 07/20/2045		590		649
3.30%, 02/15/2021		$	1,275		1,290	CVS Pass-Through Trust
3.50%, 01/31/2023			3,345		3,355	7.51%, 01/10/2032(e)		2,684		3,272
Brixmor Operating Partnership LP						Dollar Tree Inc
4.13%, 06/15/2026			1,305		1,308	5.25%, 03/01/2020		325		334
CC Holdings GS V LLC / Crown Castle GS						5.75%, 03/01/2023		951		1,007
III Corp						Home Depot Inc/The
3.85%, 04/15/2023			3,570		3,650	5.88%, 12/16/2036		1,265		1,580
DuPont Fabros Technology LP						JC Penney Corp Inc
5.88%, 09/15/2021			1,415		1,479	5.65%, 06/01/2020		675		665
Equinix Inc						5.88%, 07/01/2023(e)		355		360
4.88%, 04/01/2020			230		236	KFC Holding Co/Pizza Hut Holdings
5.38%, 01/01/2022			935		989	LLC/Taco Bell of America LLC
5.38%, 04/01/2023			730		764	5.00%, 06/01/2024(e)		1,220		1,243
5.88%, 01/15/2026			740		786	5.25%, 06/01/2026(e)		795		804
Essex Portfolio LP						L Brands Inc
3.38%, 04/15/2026			2,765		2,682	5.63%, 02/15/2022		205		215
HCP Inc						6.88%, 11/01/2035		745		726
4.25%, 11/15/2023			2,500		2,599	Landry's Inc
Healthcare Trust of America Holdings LP						6.75%, 10/15/2024(e)		1,180		1,215
3.50%, 08/01/2026			2,195		2,095	Macy's Retail Holdings Inc
Hospitality Properties Trust						6.90%, 04/01/2029		145		158
4.25%, 02/15/2021			4,025		4,169	McDonald's Corp
4.95%, 02/15/2027			1,170		1,166	1.75%, 05/03/2028	EUR	400		438
Iron Mountain Inc						2.10%, 12/07/2018	$	1,105		1,113
4.38%, 06/01/2021(e)			770		793	2.75%, 12/09/2020		2,685		2,724
Iron Mountain US Holdings Inc						4.70%, 12/09/2035		1,235		1,289
5.38%, 06/01/2026(e)			825		794	Michaels Stores Inc
iStar Inc						5.88%, 12/15/2020(e)		1,007		1,035
4.88%, 07/01/2018			390		394	PetSmart Inc
5.00%, 07/01/2019			125		127	7.13%, 03/15/2023(e)		1,115		1,095
6.50%, 07/01/2021			670		697	Tops Holding LLC / Tops Markets II Corp
9.00%, 06/01/2017			490		501	8.00%, 06/15/2022(e)		975		780
Kimco Realty Corp						Wal-Mart Stores Inc
3.40%, 11/01/2022			2,160		2,193	1.00%, 04/21/2017		2,750		2,751
4.25%, 04/01/2045			1,425		1,361	4.75%, 10/02/2043		960		1,062
MGM Growth Properties Operating								$		32,441
Partnership LP / MGP Finance Co-Issuer Inc						Savings & Loans - 0.13%
5.63%, 05/01/2024(e)			1,165		1,216	Nationwide Building Society
MPT Operating Partnership LP / MPT Finance						1.25%, 03/03/2025	EUR	500		543
Corp						4.00%, 09/14/2026(e)	$	4,510		4,293
5.25%, 08/01/2026			220		216	6.87%, 12/31/2049(c),(d)	GBP	100		127
6.38%, 03/01/2024			532		562			$		4,963
Realty Income Corp						Semiconductors - 0.27%
3.00%, 01/15/2027			3,150		2,976	Broadcom Corp / Broadcom Cayman Finance
Retail Properties of America Inc						Ltd
4.00%, 03/15/2025			5,465		5,173	3.00%, 01/15/2022(e)	$	3,335		3,321
RHP Hotel Properties LP / RHP Finance						Micron Technology Inc
Corp						5.50%, 02/01/2025		715		719
5.00%, 04/15/2021			90		92	5.63%, 01/15/2026(e)		225		225
Select Income REIT						5.88%, 02/15/2022		225		234
4.15%, 02/01/2022			3,170		3,164	7.50%, 09/15/2023(e)		685		760
Ventas Realty LP						NXP BV / NXP Funding LLC
3.13%, 06/15/2023			2,560		2,528	4.13%, 06/01/2021(e)		505		521
3.25%, 10/15/2026			1,640		1,564	5.75%, 02/15/2021(e)		200		207
VEREIT Operating Partnership LP						QUALCOMM Inc
4.13%, 06/01/2021			240		244	4.65%, 05/20/2035		1,250		1,286
4.60%, 02/06/2024			1,045		1,063	4.80%, 05/20/2045		1,685		1,727
4.88%, 06/01/2026			1,445		1,473	Sensata Technologies UK Financing Co PLC
Welltower Inc						6.25%, 02/15/2026(e)		1,160		1,244
4.25%, 04/01/2026			2,500		2,585			$		10,244
4.50%, 12/01/2034		GBP	125		174	Shipbuilding - 0.03%
			$		56,458	Huntington Ingalls Industries Inc
Retail - 0.86%						5.00%, 11/15/2025(e)		1,215		1,267
Claire's Stores Inc
9.00%, 03/15/2019(e)		$	840		403

See accompanying notes

18

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)     Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Software - 1.02%					Sovereign (continued)
Activision Blizzard Inc					Ireland Government Bond
2.30%, 09/15/2021(e)	$	2,340	$	2,286	3.40%, 03/18/2024	EUR	360	$	460
3.40%, 09/15/2026(e)		1,950		1,861	Israel Government International Bond
6.13%, 09/15/2023(e)		1,385		1,506	4.50%, 01/30/2043	$	375		380
First Data Corp					Italy Buoni Poliennali Del Tesoro
5.00%, 01/15/2024(e)		2,085		2,112	0.25%, 05/15/2018	EUR	235		255
Microsoft Corp					2.50%, 12/01/2024		100		113
1.55%, 08/08/2021		1,503		1,455	3.50%, 03/01/2030(e)		500		593
2.00%, 11/03/2020		2,515		2,512	3.75%, 08/01/2021		355		433
2.00%, 08/08/2023		3,110		2,962	4.25%, 09/01/2019		75		89
3.30%, 02/06/2027(h)		3,365		3,366	4.75%, 06/01/2017		75		82
3.45%, 08/08/2036		1,085		1,009	5.00%, 09/01/2040		15		21
3.70%, 08/08/2046		4,390		4,016	6.00%, 05/01/2031		20		30
4.25%, 02/06/2047(h)		1,830		1,839	Japan Government Ten Year Bond
4.45%, 11/03/2045		1,060		1,095	0.50%, 12/20/2024	JPY	35,000		321
MSCI Inc					0.60%, 03/20/2023		30,000		276
5.25%, 11/15/2024(e)		785		814	1.40%, 06/20/2019		81,000		744
5.75%, 08/15/2025(e)		355		376	1.50%, 09/20/2018		139,500		1,270
Oracle Corp					Japan Government Thirty Year Bond
1.90%, 09/15/2021		985		961	1.50%, 03/20/2045		36,000		375
2.50%, 10/15/2022		773		764	Japan Government Twenty Year Bond
2.65%, 07/15/2026		1,515		1,424	1.40%, 09/20/2034		11,000		112
4.00%, 07/15/2046		5,105		4,791	1.50%, 06/20/2034		100,000		1,031
4.38%, 05/15/2055		1,895		1,834	1.90%, 03/20/2024		95,000		955
Quintiles IMS Inc					Kingdom of Belgium Government Bond
5.00%, 10/15/2026(e)		1,320		1,329	0.80%, 06/22/2025(e)	EUR	50		55
		$		38,312	4.25%, 09/28/2022		305		408
Sovereign - 1.48%					Mexican Bonos
Argentine Republic Government International					5.00%, 12/11/2019(d)	MXN	3,500		160
Bond					6.50%, 06/10/2021(d)		11,500		539
5.63%, 01/26/2022(e)		5,160		5,170	Mexico Government International Bond
7.50%, 04/22/2026		750		783	3.63%, 03/15/2022	$	100		101
Australia Government Bond					4.00%, 10/02/2023		2,024		2,037
3.25%, 04/21/2029	AUD	125		98	Netherlands Government Bond
4.50%, 04/15/2020		200		164	1.75%, 07/15/2023(e)	EUR	150		180
Bundesrepublik Deutschland					2.00%, 07/15/2024(e)		170		207
1.00%, 08/15/2024	EUR	395		457	5.50%, 01/15/2028		25		41
1.50%, 09/04/2022		200		237	Panama Government International Bond
1.50%, 05/15/2024		425		509	4.00%, 09/22/2024	$	925		955
4.75%, 07/04/2028		15		24	Peruvian Government International Bond
Canada Housing Trust No 1					5.63%, 11/18/2050		400		462
1.70%, 12/15/2017(e)	CAD	525		407	Republic of Poland Government Bond
2.40%, 12/15/2022(e)		40		32	5.25%, 10/25/2020	PLN	315		86
Colombia Government International Bond					Republic of Poland Government International
3.88%, 04/25/2027	$	425		416	Bond
5.00%, 06/15/2045		675		657	3.25%, 04/06/2026	$	1,000		969
7.38%, 03/18/2019		100		111	Romanian Government International Bond
Croatia Government International Bond					4.88%, 01/22/2024(e)		900		957
6.38%, 03/24/2021		725		793	Russian Foreign Bond - Eurobond
Denmark Government Bond					4.75%, 05/27/2026(e)		400		413
1.75%, 11/15/2025	DKK	750		121	4.88%, 09/16/2023		2,600		2,754
Dominican Republic International Bond					5.00%, 04/29/2020		3,200		3,416
6.88%, 01/29/2026(e)	$	1,275		1,360	7.50%, 03/31/2030(d)		1,441		1,729
Egypt Government International Bond					Saudi Government International Bond
6.13%, 01/31/2022(e)		1,300		1,312	2.38%, 10/26/2021		2,675		2,605
8.50%, 01/31/2047(e)		600		613	Serbia International Bond
Export-Import Bank of India					7.25%, 09/28/2021		525		592
3.38%, 08/05/2026(e)		925		872	Spain Government Bond
French Republic Government Bond OAT					0.25%, 04/30/2018	EUR	500		543
0.50%, 05/25/2025	EUR	100		106	1.15%, 07/30/2020		100		112
1.00%, 05/25/2019		200		223	2.75%, 10/31/2024(e)		175		210
1.75%, 11/25/2024		485		569	4.65%, 07/30/2025(e)		40		54
3.00%, 04/25/2022		740		921	4.85%, 10/31/2020(e)		295		374
3.50%, 04/25/2026		30		40	5.15%, 10/31/2044(e)		25		39
4.50%, 04/25/2041		25		41	5.50%, 04/30/2021(e)		100		132
Honduras Government International Bond					Sri Lanka Government International Bond
6.25%, 01/19/2027(e)	$	425		422	6.83%, 07/18/2026(e)	$	700		698
Hungary Government International Bond					Sweden Government Bond
5.38%, 02/21/2023		1,590		1,734	1.50%, 11/13/2023	SEK	550		68
Indonesia Government International Bond					4.25%, 03/12/2019		200		25
3.70%, 01/08/2022(e)		625		634	Swiss Confederation Government Bond
5.38%, 10/17/2023(e)		1,925		2,103	2.50%, 03/08/2036	CHF	30		43

See accompanying notes

19

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Sovereign (continued)					Telecommunications (continued)
Turkey Government International Bond					Empresa Nacional de Telecomunicaciones
5.75%, 03/22/2024	$	1,100	$	1,108	SA
6.00%, 03/25/2027		900		907	4.75%, 08/01/2026(e)	$	875	$	887
Ukraine Government International Bond					Frontier Communications Corp
7.75%, 09/01/2021		925		894	7.13%, 01/15/2023		740		662
United Kingdom Gilt					8.88%, 09/15/2020		765		815
1.25%, 07/22/2018	GBP	100		128	11.00%, 09/15/2025		2,385		2,412
1.75%, 07/22/2019		35		46	10.50%, 09/15/2022		175		182
1.75%, 09/07/2022		490		648	Goodman Networks Inc
2.00%, 07/22/2020		40		53	12.13%, 07/01/2018(i)		780		324
3.25%, 01/22/2044		200		314	GTT Escrow Corp
4.25%, 12/07/2040		60		107	7.88%, 12/31/2024(e)		320		335
4.75%, 12/07/2030		25		43	Intelsat Jackson Holdings SA
Uruguay Government International Bond					5.50%, 08/01/2023		1,625		1,137
5.10%, 06/18/2050	$	675		630	8.00%, 02/15/2024(e)		1,420		1,473
Venezuela Government International Bond					Level 3 Communications Inc
12.75%, 08/23/2022		2,245		1,470	5.75%, 12/01/2022		855		885
		$		55,781	Level 3 Financing Inc
Student Loan Asset Backed Securities - 0.56%					4.76%, 01/15/2018(d)		295		295
Navient Private Education Loan Trust 2015-					5.38%, 01/15/2024		1,685		1,704
A					6.13%, 01/15/2021		270		279
1.27%, 12/15/2021(d),(e)		932		933	Ooredoo International Finance Ltd
Navient Student Loan Trust 2015-1					3.88%, 01/31/2028		600		583
1.07%, 09/26/2022(d)		938		935	Orange SA
SLM Private Education Loan Trust 2012-A					5.75%, 12/31/2049(c),(d)	GBP	125		165
2.17%, 08/15/2025(d),(e)		796		797	Radiate Holdco LLC / Radiate Finance Inc
SLM Private Education Loan Trust 2013-A					6.63%, 02/15/2025(e),(h)	$	1,790		1,786
1.37%, 08/15/2022(d),(e)		1,072		1,072	SES SA
SLM Private Education Loan Trust 2013-B					4.63%, 03/09/2020	EUR	250		305
1.42%, 07/15/2022(d),(e)		1,961		1,963	Sprint Capital Corp
SLM Private Education Loan Trust 2014-A					6.88%, 11/15/2028	$	565		582
1.37%, 07/15/2022(d),(e)		2,844		2,847	6.90%, 05/01/2019		640		683
SLM Student Loan Trust 2012-6					Sprint Communications Inc
1.05%, 09/25/2019(d)		1,172		1,172	6.00%, 11/15/2022		1,720		1,746
SMB Private Education Loan Trust 2016-B					7.00%, 08/15/2020		1,445		1,546
1.42%, 11/15/2023(d),(e)		4,481		4,491	9.13%, 03/01/2017		236		237
Sofi Professional Loan Program 2016-A LLC					Sprint Corp
2.52%, 08/25/2036(d),(e)		3,959		4,067	7.13%, 06/15/2024		1,995		2,085
Sofi Professional Loan Program 2016-B LLC					7.88%, 09/15/2023		860		940
1.68%, 03/25/2031(e)		2,863		2,859	T-Mobile USA Inc
		$		21,136	6.00%, 03/01/2023		540		571
Telecommunications - 2.67%					6.13%, 01/15/2022		185		196
Anixter Inc					6.25%, 04/01/2021		2,695		2,793
5.13%, 10/01/2021		220		229	6.50%, 01/15/2024		190		205
AT&T Inc					6.50%, 01/15/2026		1,140		1,253
2.45%, 06/30/2020		1,460		1,449	6.63%, 04/28/2021		585		610
2.75%, 05/19/2023	EUR	250		294	Verizon Communications Inc
3.20%, 03/01/2022(b),(h)	$	1,015		1,014	1.38%, 08/15/2019		110		109
3.40%, 05/15/2025		4,015		3,841	2.38%, 02/17/2022	EUR	400		465
3.60%, 02/17/2023		1,190		1,196	2.63%, 08/15/2026	$	4,045		3,669
3.80%, 03/15/2022		3,867		3,954	2.71%, 09/14/2018(d)		7,303		7,468
4.45%, 05/15/2021		2,500		2,644	4.07%, 06/18/2024(e)	GBP	100		140
4.50%, 05/15/2035		5,530		5,199	4.52%, 09/15/2048	$	1,596		1,450
4.75%, 05/15/2046		3,390		3,096	4.75%, 02/17/2034	GBP	150		218
5.15%, 03/15/2042		145		143	5.01%, 08/21/2054	$	3,068		2,897
5.20%, 11/18/2033	GBP	100		148	5.15%, 09/15/2023		7,692		8,494
5.25%, 03/01/2037(b),(h)	$	2,480		2,468	VimpelCom Holdings BV
5.45%, 03/01/2047(b),(h)		1,810		1,800	7.50%, 03/01/2022(e)		2,100		2,344
6.38%, 03/01/2041		725		831	Vodafone Group PLC
Bharti Airtel International Netherlands BV					2.50%, 09/26/2022		2,720		2,622
5.13%, 03/11/2023(e)		1,950		2,044	Wind Acquisition Finance SA
CenturyLink Inc					4.75%, 07/15/2020(e)		1,245		1,267
5.63%, 04/01/2025		435		413	7.38%, 04/23/2021(e)		1,775		1,846
7.50%, 04/01/2024		415		439			$		100,475
Cisco Systems Inc					Transportation - 0.59%
1.85%, 09/20/2021		1,195		1,167	Burlington Northern Santa Fe LLC
2.20%, 02/28/2021		1,535		1,531	3.85%, 09/01/2023		1,799		1,907
Deutsche Telekom International Finance BV					5.40%, 06/01/2041		1,410		1,670
1.95%, 09/19/2021(e)		5,300		5,112	CSX Corp
Digicel Group Ltd					3.95%, 05/01/2050		1,255		1,144
8.25%, 09/30/2020(e)		900		798	5.50%, 04/15/2041		1,170		1,345
					Eletson Holdings Inc
					9.63%, 01/15/2022(e)		1,595		1,288

See accompanying notes

20

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
		Principal					SENIOR FLOATING RATE INTERESTS			Principal
BONDS (continued)		Amount (000's)		Value(000's)			(continued)			Amount (000's)		Value(000's)
Transportation (continued)							Chemicals (continued)
FedEx Corp							Ineos US Finance LLC, Term Loan B
4.55%, 04/01/2046		$	1,380		$	1,377	3.75%, 12/15/2020(d)		$	1,797	$	1,802
4.75%, 11/15/2045			3,650			3,764	Methanol Holdings Trinidad Ltd, Term Loan
5.10%, 01/15/2044			1,050			1,126	B
Hornbeck Offshore Services Inc							4.28%, 06/16/2022(d)			1,632		1,595
5.00%, 03/01/2021			445			310					$	7,081
Navios Maritime Acquisition Corp / Navios							Commercial Services - 0.03%
Acquisition Finance US Inc							Fly Funding II Sarl, Term Loan
8.13%, 11/15/2021(e)			2,810			2,550	3.64%, 02/28/2022(d)			1,154		1,161
Navios Maritime Holdings Inc / Navios
Maritime Finance II US Inc							Computers - 0.01%
7.38%, 01/15/2022(e)			1,235			847	CompuCom Systems Inc, Term Loan B
8.13%, 02/15/2019			385			299	4.25%, 05/09/2020(d)			590		468
Navios South American Logistics Inc / Navios
Logistics Finance US Inc							Consumer Products - 0.04%
7.25%, 05/01/2022(e)			2,610			2,411	Dell International LLC, Term Loan B
Union Pacific Corp							4.03%, 06/02/2023(d)			868		872
3.80%, 10/01/2051			1,133			1,062	Prestige Brands Inc, Term Loan B4
4.38%, 11/15/2065			890			885	0.00%, 01/20/2024(d),(j)			690		696
United Parcel Service Inc											$	1,568
1.63%, 11/15/2025		EUR	250			285	Diversified Financial Services - 0.05%
5.13%, 02/12/2050		GBP	50			94	Delos Finance Sarl, Term Loan
				$		22,364	3.50%, 10/06/2023(d)			1,970		1,982
Trucking & Leasing - 0.12%
Aviation Capital Group Corp							Electric - 0.02%
2.88%, 01/20/2022(e)		$	3,720			3,693	Dynegy Inc, Term Loan C
Park Aerospace Holdings Ltd							5.00%, 06/22/2023(d)			680		684
5.25%, 08/15/2022(e),(h)			305			312
5.50%, 02/15/2024(e),(h)			305			313	Entertainment - 0.17%
Penske Truck Leasing Co Lp / PTL Finance							CCM Merger Inc, Term Loan B
Corp							4.03%, 08/06/2021(d)			1,460		1,471
3.38%, 02/01/2022(e)			90			91	Eldorado Resorts Inc, Term Loan B
				$		4,409	4.25%, 07/15/2022(d)			857		862
TOTAL BONDS				$		2,500,186	Lions Gate Entertainment Corp, Term Loan
		Principal					B
CONVERTIBLE BONDS - 0.00%		Amount (000's)		Value(000's)			3.77%, 10/13/2023(d)			2,520		2,533
Semiconductors - 0.00%							WMG Acquisition Corp, Term Loan
Jazz US Holdings Inc							3.75%, 10/20/2023(d)			1,568		1,575
8.00%, 12/31/2018			105			225					$	6,441
							Food- 0.09	%
TOTAL CONVERTIBLE BONDS				$		225	B&G Foods Inc, Term Loan B
SENIOR FLOATING RATE INTERESTS -		Principal					3.77%, 10/21/2022(d)			1,033		1,042
2.35	%	Amount (000's)		Value(000's)			JBS USA LUX SA, Term Loan B
Aerospace & Defense - 0.03%							0.00%, 10/30/2022(d),(j)			1,685		1,689
B/E Aerospace Inc, Term Loan B							4.00%, 08/18/2022(d)			569		570
3.94%, 12/16/2021(d)		$	1,096	$		1,099	Pinnacle Foods Finance LLC, Term Loan B
							1.02%, 01/30/2024(d)			95		95
Automobile Manufacturers - 0.05%											$	3,396
FCA US LLC, Term Loan B							Forest Products & Paper - 0.09%
3.53%, 05/24/2017(d)			1,026			1,026	Caraustar Industries Inc, Term Loan B
Navistar Inc, Term Loan B							8.00%, 04/26/2019(d)			544		553
6.50%, 08/06/2020(d)			834			845	8.00%, 05/01/2019(d)			2,772		2,821
				$		1,871					$	3,374
Beverages - 0.01%							Healthcare - Products - 0.11%
9941762 Canada Inc, Term Loan B1							Kinetic Concepts Inc
4.75%, 11/15/2023(d)			340			343	0.00%, 02/01/2024(b),(d),(j)			1,450		1,443
							Kinetic Concepts Inc, Term Loan F1
Building Materials - 0.02%							5.00%, 11/04/2020(d)			1,255		1,256
GYP Holdings III Corp, Term Loan							Mallinckrodt International Finance SA, Term
4.54%, 04/01/2021(d)			793			798	Loan B
							3.50%, 03/19/2021(d)			1,234		1,234
Chemicals - 0.19%											$	3,933
A Schulman Inc, Term Loan B							Healthcare - Services - 0.18%
4.03%, 05/11/2022(d)			568			566	Acadia Healthcare Co Inc, Term Loan B2
Alpha 3 BV, Term Loan B1							3.80%, 02/16/2023(d)			689		695
0.00%, 01/31/2024(d),(j)			300			301	DaVita Inc, Term Loan B
Aruba Investments Inc, Term Loan B							3.53%, 06/18/2021(d)			778		787
4.50%, 02/02/2022(d)			253			254	Lantheus Medical Imaging Inc, Term Loan B
Emerald Performance Materials LLC, Term							7.00%, 06/24/2022(d)			2,155		2,155
Loan							MPH Acquisition Holdings LLC, Term Loan
8.75%, 07/22/2022(d)			2,570			2,563	B
							5.00%, 05/25/2023(d)			1,879		1,905

See accompanying notes

21

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
	SENIOR FLOATING RATE INTERESTS			Principal			SENIOR FLOATING RATE INTERESTS	Principal
	(continued)			Amount (000's)		Value (000's)	(continued)	Amount (000's)     Value (000's)
	Healthcare - Services (continued)						Packaging & Containers (continued)
	Radnet Management Inc, Term Loan B						Coveris Holdings SA, Term Loan B
	8.00%, 03/25/2021(d)		$	1,246	$	1,246	4.50%, 05/08/2019(d)	$	681	$	689
				$		6,788	Flex Acquisition Co Inc, Term Loan
	Insurance - 0.09%						4.25%, 12/16/2023(d)		170		172
	Asurion LLC, Term Loan						SIG Combibloc US Acquisition Inc, Term
	8.50%, 02/19/2021(d)			505		512	Loan B
	Asurion LLC, Term Loan B2						4.00%, 03/11/2022(d)		639		644
	4.03%, 07/08/2020(d)			614		620				$	2,039
	Lonestar Intermediate Super Holdings LLC,						Pharmaceuticals - 0.09%
	PIK Term Loan						DPx Holdings BV, Term Loan B
	10.00%, PIK 10.75%, 08/10/2021(d),(f)			2,280		2,374	4.25%, 01/22/2021(d)		1,235		1,242
				$		3,506	Endo Luxembourg Finance Co I Sarl, Term
	Internet - 0.00%						Loan B
	Zayo Group LLC, Delay-Draw Term Loan						3.81%, 06/24/2022(d)		158		158
	B3	-DD					Valeant Pharmaceuticals International Inc,
	0.00%, 01/12/2024(d),(j)			35		35	Term Loan BE1
	Zayo Group LLC, Term Loan B2						5.27%, 08/05/2020(d)		1,214		1,217
	3.50%, 01/12/2024(d)			75		76	Valeant Pharmaceuticals International Inc,
				$		111	Term Loan BF1
	Investment Companies - 0.03%						5.53%, 04/01/2022(d)		576		578
	Frank Russell Co, Term Loan B									$	3,195
	6.75%, 05/10/2023(d)			996		1,010	REITS- 0.13%
							iStar Inc, Term Loan B
	Lodging - 0.03%						5.50%, 07/01/2020(d)		4,075		4,106
	Hilton Worldwide Finance LLC, Term Loan						MGM Growth Properties Operating
	B1						Partnership LP, Term Loan B
	3.50%, 10/25/2023(d)			81		81	3.53%, 04/25/2023(d)		582		586
	Hilton Worldwide Finance LLC, Term Loan									$	4,692
	B2						Retail - 0.29%
	3.27%, 10/25/2023(d)			1,097		1,107	Academy Ltd, Term Loan B
				$		1,188	5.04%, 06/16/2022(d)		1,773		1,545
	Media- 0.10	%					Dollar Tree Inc, Term Loan B2
	SFR Group SA, Term Loan B7						4.18%, 07/06/2022(d)		1,655		1,688
	5.29%, 01/08/2024(d)			729		737	FOCUS Brands Inc, Term Loan
	Univision Communications Inc, Term Loan						5.00%, 10/03/2023(d)		2,654		2,693
	C3						JC Penney Corp Inc, Term Loan B
	4.00%, 03/01/2020(d)			154		154	5.25%, 06/09/2023(d)		657		656
	Univision Communications Inc, Term Loan						KFC Holding Co, Term Loan B
	C4						3.52%, 06/02/2023(d)		856		868
	4.00%, 03/01/2020(d)			1,376		1,379	Landry's Inc, Term Loan
	WideOpenWest Finance LLC, Term Loan B						4.00%, 09/21/2023(d)		680		686
	4.50%, 08/11/2023(d)			1,347		1,353	Michaels Stores Inc, Term Loan B1
				$		3,623	3.75%, 01/27/2023(d)		1,245		1,238
	Mining - 0.03%						PetSmart Inc, Term Loan B
	FMG Resources August 2006 Pty Ltd, Term						4.02%, 03/11/2022(d)		1,568		1,553
	Loan B									$	10,927
	3.75%, 06/30/2019(d)			1,146		1,153	Semiconductors - 0.04%
							NXP BV, Term Loan F
	Oil & Gas - 0.14%						3.24%, 12/07/2020(d)		1,591		1,598
	California Resources Corp, Term Loan
	11.37%, 12/31/2021(d)			145		163	Software - 0.05%
	Chesapeake Energy Corp, Term Loan 1.5						Evergreen Skills Lux Sarl, Term Loan
	8.50%, 08/17/2021(d)			1,950		2,132	4.00%, 04/08/2021(d)		734		740
	Drillships Financing Holding Inc, Term Loan						First Data Corp, Term Loan C
	B1						3.78%, 07/08/2022(d)		1,148		1,155
	6.06%, 03/31/2021(d)			915		708				$	1,895
	EP Energy LLC, Term Loan 1.5						Telecommunications - 0.10%
	9.75%, 06/30/2021(d)			590		615	GTT Communications Inc, Term Loan
	Seadrill Operating LP, Term Loan B						5.00%, 12/13/2023(d)		1,468		1,486
	4.00%, 02/12/2021(d)			2,349		1,730	Radiate Holdco LLC, Term Loan
				$		5,348	0.00%, 12/09/2023(d),(j)		1,430		1,441
	Oil & Gas Services - 0.05%						Sprint Communications Inc
	Navios Maritime Midstream Partners LP,						0.00%, 01/31/2024(d),(j)		745		746
	Term Loan B									$	3,673
	5.50%, 06/15/2020(d)			1,641		1,629	Trucking & Leasing - 0.04%
	Seventy Seven Operating LLC, Term Loan B						Avolon TLB Borrower 1 Luxembourg Sarl,
	3.78%, 06/17/2021(d)			229		227	Term Loan B2
				$		1,856	0.00%, 01/20/2022(d),(j)		1,550		1,570
	Packaging & Containers - 0.05%
	Berry Plastics Corp, Term Loan I						TOTAL SENIOR FLOATING RATE INTERESTS			$	88,371
	3.29%, 10/01/2022(d)			531		534

See accompanying notes

22

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
U.S. GOVERNMENT & GOVERNMENT		Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS - 31.42%		Amount (000's)		Value(000	's)	AGENCY OBLIGATIONS (continued)	Amount (000's)		Value (000's)
Federal Home Loan Mortgage Corporation (FHLMC) - 3.86%						Federal Home Loan Mortgage Corporation (FHLMC) (continued)
2.12%, 06/01/2043(d)	$	878	$	919		8.00%, 09/01/2030	$	51	$	54
2.75%, 07/01/2043(d)		5,094		5,190					$	145,153
2.76%, 07/01/2034(d)		13		13		Federal National Mortgage Association (FNMA) - 13.95%
2.78%, 12/01/2035(d)		36		38		2.50%, 04/01/2028		3,607		3,648
2.86%, 01/01/2034(d)		46		47		2.50%, 06/01/2028		240		243
3.00%, 01/01/2043		3,540		3,524		2.50%, 09/01/2029		1,114		1,115
3.00%, 02/01/2043		1,504		1,497		2.50%, 03/01/2030		12,981		12,997
3.00%, 03/01/2043		659		656		2.50%, 02/01/2032(k)		31,600		31,600
3.08%, 05/01/2037(d)		294		311		2.53%, 10/01/2034(d)		162		169
3.50%, 06/01/2044		1,377		1,413		2.67%, 02/01/2036(d)		18		18
3.50%, 04/01/2046		28,789		29,498		2.68%, 01/01/2033(d)		52		54
3.50%, 11/01/2046		6,086		6,237		2.70%, 04/01/2036(d)		241		253
4.00%, 02/01/2044		13,527		14,267		2.86%, 07/01/2033(d)		828		870
4.00%, 10/01/2044		3,305		3,478		2.99%, 08/01/2035(d)		215		229
4.00%, 01/01/2045		8,981		9,472		3.00%, 02/01/2027(k)		17,000		17,441
4.00%, 08/01/2045		5,074		5,349		3.00%, 07/01/2028		6,483		6,659
4.00%, 01/01/2046		15,037		15,783		3.00%, 10/01/2029		1,424		1,463
4.50%, 04/01/2031		1,207		1,301		3.00%, 10/01/2030		5,759		5,917
4.50%, 04/01/2041		7,648		8,250		3.00%, 08/01/2034		6,436		6,495
4.50%, 12/01/2043		7,377		7,994		3.00%, 10/01/2034		3,326		3,356
4.50%, 09/01/2044		9,502		10,264		3.00%, 12/01/2040		223		222
5.00%, 03/01/2018		73		75		3.00%, 11/01/2042		647		644
5.00%, 05/01/2018		55		57		3.00%, 03/01/2043		5,510		5,483
5.00%, 10/01/2018		40		41		3.00%, 04/01/2043		714		710
5.00%, 01/01/2019		71		72		3.00%, 04/01/2043		29,719		29,568
5.00%, 06/01/2031		1,013		1,109		3.00%, 05/01/2043		1,133		1,127
5.00%, 02/01/2039		1,062		1,154		3.00%, 05/01/2043		6,845		6,810
5.00%, 09/01/2039		2,536		2,778		3.00%, 08/01/2043		4,648		4,624
5.00%, 08/01/2040		2,492		2,735		3.00%, 02/01/2047(k)		39,500		39,099
5.00%, 03/01/2041		3,063		3,364		3.13%, 12/01/2032(d)		96		100
5.50%, 03/01/2018		29		29		3.17%, 03/01/2035(d)		3,394		3,622
5.50%, 08/01/2023		602		650		3.23%, 12/01/2036(d)		502		528
5.50%, 05/01/2033		84		94		3.35%, 04/01/2041(d)		819		860
5.50%, 10/01/2033		85		94		3.47%, 04/01/2033(d)		171		180
5.50%, 12/01/2033		812		911		3.50%, 04/01/2030		9,797		10,285
5.50%, 11/01/2036		716		807		3.50%, 10/01/2033		4,152		4,313
5.50%, 04/01/2038		272		301		3.50%, 08/01/2034		2,884		2,984
5.50%, 08/01/2038		592		680		3.50%, 01/01/2041		317		326
5.50%, 03/01/2040		867		976		3.50%, 02/01/2043(k)		31,000		31,678
6.00%, 03/01/2022		12		14		3.50%, 05/01/2043		513		528
6.00%, 07/01/2023		268		301		3.50%, 07/01/2043		2,459		2,528
6.00%, 06/01/2028		4		4		3.50%, 09/01/2044		7,921		8,133
6.00%, 01/01/2029		1		2		3.50%, 11/01/2044		5,314		5,446
6.00%, 03/01/2031		15		17		3.50%, 03/01/2045		10,822		11,119
6.00%, 12/01/2031		42		48		3.50%, 04/01/2045		5,077		5,205
6.00%, 12/01/2032		40		46		3.50%, 08/01/2045		6,822		6,989
6.00%, 02/01/2033		140		158		3.50%, 04/01/2046		16,893		17,275
6.00%, 12/01/2033		41		46		3.50%, 06/01/2046		9,598		9,815
6.00%, 10/01/2036(d)		311		356		3.50%, 07/01/2046		14,656		14,988
6.00%, 12/01/2037(d)		119		134		3.50%, 10/01/2046		6,344		6,501
6.00%, 01/01/2038(d)		68		78		3.50%, 12/01/2046		6,555		6,722
6.00%, 01/01/2038		408		470		3.50%, 12/01/2046		9,809		10,052
6.00%, 07/01/2038		1,480		1,685		4.00%, 08/01/2020		900		924
6.50%, 03/01/2029		1		1		4.00%, 01/01/2029		2,885		3,002
6.50%, 03/01/2029		8		9		4.00%, 02/01/2031		453		479
6.50%, 05/01/2029		11		12		4.00%, 03/01/2034		1,092		1,172
6.50%, 04/01/2031		5		5		4.00%, 04/01/2034		5,753		6,161
6.50%, 06/01/2031		1		1		4.00%, 05/01/2044		5,368		5,664
6.50%, 09/01/2031		4		4		4.00%, 06/01/2044		8,741		9,220
6.50%, 02/01/2032		1		1		4.00%, 02/01/2045		357		374
6.50%, 02/01/2032		3		4		4.00%, 03/01/2045		5,109		5,361
6.50%, 05/01/2032		14		16		4.00%, 05/01/2045		21,772		22,990
6.50%, 04/01/2035		97		114		4.00%, 10/01/2045		7,296		7,682
6.50%, 10/01/2035		72		85		4.00%, 10/01/2045		3,679		3,861
7.00%, 12/01/2029		8		9		4.00%, 12/01/2045		7,806		8,219
7.00%, 06/01/2030		13		15		4.00%, 12/01/2045		10,186		10,711
7.00%, 12/01/2030		10		11		4.50%, 04/01/2024		1,617		1,715
7.00%, 09/01/2031		2		2		4.50%, 03/01/2044		9,950		10,775
7.50%, 09/01/2030		1		1		4.50%, 12/01/2044		12,845		13,810
7.50%, 09/01/2030		2		2		4.50%, 10/01/2045		8,996		9,673
7.50%, 01/01/2031		10		12		4.50%, 11/01/2045		1,721		1,853
7.50%, 03/01/2031		3		3		5.00%, 03/01/2018		21		22
7.50%, 02/01/2032		4		5		5.00%, 09/01/2033		5,629		6,136

See accompanying notes

23

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT	Principal
AGENCY OBLIGATIONS (continued)	Amount (000's)		Value (000's)		AGENCY OBLIGATIONS (continued)	Amount (000's)		Value (000's)
Federal National Mortgage Association (FNMA) (continued)					Government National Mortgage Association (GNMA) (continued)
5.00%, 02/01/2035	$	2,859	$	3,153	5.50%, 05/20/2035	$	97	$	109
5.00%, 05/01/2039		1,943		2,136	5.50%, 02/15/2038		1,074		1,197
5.00%, 05/01/2040		6,913		7,640	6.00%, 07/20/2028		42		47
5.00%, 06/01/2040		153		167	6.00%, 11/20/2028		36		41
5.00%, 05/01/2041		3,345		3,652	6.00%, 01/20/2029		41		47
5.00%, 06/01/2041		3,547		3,909	6.00%, 07/20/2029		9		11
5.00%, 10/01/2041		4,308		4,703	6.00%, 08/15/2031		20		23
5.00%, 01/01/2042		3,808		4,190	6.00%, 01/15/2032		4		5
5.00%, 02/01/2044		3,206		3,571	6.00%, 02/15/2032		37		42
5.50%, 09/01/2017		2		2	6.00%, 02/15/2033		41		47
5.50%, 10/01/2017		3		3	6.00%, 12/15/2033		44		50
5.50%, 06/01/2020		123		127	6.50%, 03/20/2028		8		9
5.50%, 09/01/2020		656		693	6.50%, 05/20/2029		7		8
5.50%, 02/01/2023		44		49	6.50%, 10/15/2032		23		26
5.50%, 06/01/2023		123		137	6.50%, 12/15/2032		87		99
5.50%, 07/01/2023		4		4	7.00%, 06/15/2031		14		16
5.50%, 07/01/2033		172		193	7.00%, 07/15/2031		2		2
5.50%, 09/01/2033		210		236	7.00%, 06/15/2032		114		127
5.50%, 08/01/2036		1,836		2,051	8.00%, 01/20/2031		6		7
5.50%, 02/01/2037		86		95				$	134,536
5.50%, 04/01/2038		3,256		3,658	U.S. Treasury - 10.04%
5.50%, 12/01/2038		1,446		1,630	0.50%, 04/30/2017		1,975		1,975
5.50%, 05/01/2040		676		754	0.75%, 06/30/2017		15,250		15,258
6.00%, 02/01/2023		19		21	0.88%, 07/15/2018		275		274
6.00%, 11/01/2035		1,541		1,768	1.25%, 11/30/2018		250		250
6.00%, 02/01/2038(d)		741		837	1.25%, 01/31/2019		300		300
6.00%, 05/01/2038		152		172	1.25%, 01/31/2020		2,000		1,986
6.00%, 08/01/2038		232		262	1.25%, 10/31/2021		16,900		16,408
6.00%, 08/01/2038		426		486	1.25%, 07/31/2023		19,080		17,993
6.00%, 03/01/2040		4,432		5,018	1.38%, 12/31/2018		20,020		20,088
6.50%, 08/01/2017		2		2	1.38%, 03/31/2020		13,650		13,583
6.50%, 05/01/2022		8		9	1.38%, 04/30/2020		7,450		7,407
6.50%, 12/01/2031		5		5	1.50%, 01/31/2022		2,025		1,983
6.50%, 02/01/2032		3		3	1.50%, 08/15/2026		4,425		4,068
6.50%, 02/01/2032		2		2	1.63%, 10/31/2023		13,800		13,288
6.50%, 04/01/2032		7		8	1.75%, 09/30/2019(l)		31,590		31,873
6.50%, 06/01/2032		2		3	1.75%, 10/31/2020		1,000		1,003
6.50%, 08/01/2032		11		12	1.75%, 11/30/2021		65,000		64,579
6.50%, 07/01/2037		547		627	1.75%, 04/30/2022		1,830		1,808
6.50%, 07/01/2037		374		424	2.00%, 05/31/2021		4,540		4,573
6.50%, 12/01/2037		445		504	2.00%, 10/31/2021		175		176
6.50%, 02/01/2038		478		562	2.00%, 11/15/2026		2,405		2,311
6.50%, 03/01/2038		214		242	2.13%, 08/31/2020		6,075		6,177
6.50%, 09/01/2038		714		807	2.13%, 12/31/2021		95		96
7.00%, 02/01/2032		17		18	2.13%, 11/30/2023		8,400		8,347
7.00%, 03/01/2032		36		40	2.13%, 05/15/2025		325		319
7.50%, 08/01/2032		7		8	2.25%, 11/15/2025		200		197
			$	525,388	2.25%, 08/15/2046		1,750		1,472
Government National Mortgage Association (GNMA) - 3.57%					2.38%, 05/31/2018		350		356
2.13%, 07/20/2043(d)		769		788	2.38%, 08/15/2024		325		327
3.00%, 06/20/2043		4,419		4,476	2.50%, 02/15/2045		450		402
3.00%, 01/20/2045		2,262		2,284	2.88%, 08/15/2045		10,390		10,015
3.00%, 01/20/2046		8,203		8,283	3.00%, 11/15/2044		23,400		23,154
3.00%, 02/01/2047		33,000		33,284	3.00%, 05/15/2045		2,545		2,516
3.50%, 03/15/2042		1,669		1,747	3.00%, 11/15/2045		29,000		28,645
3.50%, 04/15/2042		403		418	3.13%, 02/15/2042		25		25
3.50%, 04/15/2042		1,804		1,875	3.38%, 05/15/2044		495		526
3.50%, 10/15/2042		2,084		2,172	3.75%, 11/15/2043(m)		4,035		4,577
3.50%, 06/15/2043		9,750		10,186	3.88%, 08/15/2040		44,545		51,222
3.50%, 01/20/2045		912		947	4.38%, 05/15/2040		12,140		14,999
3.50%, 02/01/2047		34,500		35,751	4.50%, 02/15/2036		175		221
4.00%, 02/15/2042		1,373		1,463	4.75%, 02/15/2037		2,300		2,990
4.50%, 06/20/2025		4,063		4,325	4.75%, 02/15/2041		70		91
4.50%, 09/15/2039		436		480	6.25%, 05/15/2030		100		141
4.50%, 03/15/2040		4,346		4,695				$	377,999
4.50%, 08/15/2040		7,521		8,133	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
4.50%, 01/20/2044		4,318		4,633	OBLIGATIONS			$	1,183,076
5.00%, 11/15/2033		2,554		2,825	Total Investments			$	3,835,985
5.00%, 06/15/2034		50		55	Other Assets and Liabilities - (1.89)%			$	(71,167	)
5.00%, 10/20/2039		231		256	TOTAL NET ASSETS - 100.00%			$	3,764,818
5.00%, 07/20/2040		458		493
5.00%, 02/15/2042		1,809		1,998
5.50%, 10/15/2033		917		1,056	(a) Non-Income Producing Security

See accompanying notes

24

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)

(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. Inputs used in the valuation may be unobservable; however, not all securities are included in Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $7,335 or 0.19% of net assets.
(c)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date.
(d)	Variable Rate. Rate shown is in effect at January 31, 2017.
(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $583,490 or 15.50% of net assets.
(f)	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
(g)	Security is an Interest Only Strip
(h)	Security purchased on a when-issued basis.
(i)	Security is Illiquid. At the end of the period, the value of these securities totaled $324 or 0.01% of net assets.
(j)	This Senior Floating Rate Note will settle after January 31, 2017, at which time the interest rate will be determined.
(k)	Security was purchased in a "to-be-announced" ("TBA") transaction. See Notes to Financial Statements for additional information.
(l)	Security or a portion of the security was pledged to cover margin requirements for swap and/or swaption contracts. At the end of the period, the value of these securities totaled $3,733 or 0.10% of net assets.
(m)	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 $2,371 or 0.06% of net assets.

Portfolio Summary (unaudited)
Sector		Percent
Mortgage Securities		29.50			%
Financial		14.66			%
Government		11.52			%
Asset Backed Securities		10.18			%
Consumer, Non-cyclical		8.06			%
Communications		5.67			%
Energy		5.63			%
Consumer, Cyclical		4.57			%
Utilities		3.27			%
Industrial		3.02			%
Technology		2.45			%
Basic Materials		2.17			%
Investment Companies		1.19			%
Other Assets and Liabilities		(1.89			)%
TOTAL NET ASSETS		100.00			%
Exchange Cleared Credit Default Swaps
Buy Protection
	Implied
	Credit Spread	(Pay)/							Upfront		Unrealized
	as of January	Receive		Expiration		Notional			Premiums		Appreciation/
Reference Entity	31, 2017 (a)	Fixed Rate		Date		Amount			Paid/(Received)		(Depreciation)			Fair Value
CDX.NA.HY.27	N/A	(5.00	)%	12/20/2021	$	18,190		$	(723	) $	(424	)	$	(1,147	)
CDX.NA.HY.27	N/A	(5.00	)%	12/20/2021		71,610			(3,010	)	(1,505	)		(4,515	)
CDX.NA.HY.27	N/A	(5.00	)%	12/20/2021		3,000			(84	)	(105	)		(189	)
Total							$		(3,817	) $	(2,034	)	$	(5,851	)

Amounts in thousands

(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.

See accompanying notes

25

Schedule of Investments
Core Plus Bond Fund
January 31, 2017 (unaudited)
Foreign Currency Contracts
								Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For		Fair Value		Asset			Liability
JPMorgan Chase	03/06/2017	EUR	66,321	$	71	$	72	$	1		$	—
Total								$	1		$	—
								Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset			Liability
Brown Brothers Harriman & Co	02/06/2017	EUR	17,894,303	$	19,968	$	19,320	$	648		$	—
Brown Brothers Harriman & Co	02/06/2017	GBP	4,382,125		5,405		5,513		—			(108	)
Brown Brothers Harriman & Co	03/06/2017	CAD	621,803		468		478		—			(10	)
Goldman Sachs & Co	03/06/2017	AUD	420,143		312		318		—			(6	)
Goldman Sachs & Co	03/06/2017	CHF	62,528		62		63		—			(1	)
Goldman Sachs & Co	03/06/2017	EUR	7,400,655		7,934		7,997		—			(63	)
Goldman Sachs & Co	03/06/2017	GBP	1,084,733		1,379		1,365		14			—
Goldman Sachs & Co	03/06/2017	JPY	594,075,153		5,248		5,267		—			(19	)
JPMorgan Chase	03/06/2017	DKK	885,074		128		129		—			(1	)
JPMorgan Chase	03/06/2017	JPY	8,048,837		72		72		—			—
JPMorgan Chase	03/06/2017	MXN	15,540,101		746		742		4			—
JPMorgan Chase	03/06/2017	PLN	393,486		93		98		—			(5	)
JPMorgan Chase	03/06/2017	SEK	876,210		96		101		—			(5	)
Total								$	666		$	(218	)
Amounts in thousands except contracts
Futures Contracts
												Unrealized
Type	Long/Short		Contracts		Notional Value				Fair Value			Appreciation/(Depreciation)
US 10 Year Note; March 2017		Long	226	$	28,316		$		28,130	$		(186	)
US 2 Year Note; March 2017		Short	600		130,161				130,078			83
US 5 Year Note; March 2017		Long	280		32,959				33,003			44
US Long Bond; March 2017		Long	201		30,590				30,320			(270	)
US Ultra Bond; March 2017		Long	178		28,342				28,602			260
Total									$			(69	)
Amounts in thousands except contracts

See accompanying notes

26

     Schedule of Investments Diversified International Fund January 31, 2017 (unaudited)

COMMON STOCKS - 96.28%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.98%					Commercial Services (continued)
WPP PLC	3,605,455	$	83,914		TAL Education Group ADR(a)	442,735	$	35,857
							$	251,894
Aerospace & Defense - 0.47%					Computers - 1.25%
Thales SA	423,539		39,734		Atos SE	324,812		34,559
					Capgemini SA	398,585		32,452
Agriculture - 1.69%					Fujitsu Ltd	6,839,000		39,748
British American Tobacco PLC	1,669,427		103,051				$	106,759
KT&G Corp	471,165		40,814		Distribution & Wholesale - 2.65%
		$	143,865		ITOCHU Corp	2,984,600		41,116
Airlines - 0.49%					Mitsubishi Corp	3,845,100		86,861
Ryanair Holdings PLC ADR(a)	502,521		42,041		Sumitomo Corp	3,977,600		49,862
					Wolseley PLC	780,606		48,343
Apparel - 1.04%							$	226,182
Adidas AG	325,827		51,417		Diversified Financial Services - 1.72%
Burberry Group PLC	1,790,458		37,026		Macquarie Group Ltd	622,857		39,997
		$	88,443		ORIX Corp	4,252,490		64,158
Automobile Manufacturers - 3.16%					Shinhan Financial Group Co Ltd	705,929		27,900
Fuji Heavy Industries Ltd	1,909,100		76,395		Zenkoku Hosho Co Ltd	430,000		14,883
Maruti Suzuki India Ltd	599,343		52,155				$	146,938
Suzuki Motor Corp	817,500		31,550		Electric - 1.62%
Toyota Motor Corp	1,875,037		109,039		Enel SpA	8,444,637		35,304
		$	269,139		Iberdrola SA	6,150,111		38,845
Banks - 13.49%					Korea Electric Power Corp	1,135,517		41,586
Australia & New Zealand Banking Group Ltd	2,087,341		46,377		Power Grid Corp of India Ltd	7,333,784		22,438
Banco do Brasil SA	6,336,000		62,546				$	138,173
Bancolombia SA ADR	419,196		15,871		Electrical Components & Equipment - 0.73%
Bangkok Bank PCL	3,195,700		16,477		Brother Industries Ltd	1,973,000		36,417
Bank Hapoalim BM	3,754,894		22,688		Prysmian SpA	1,008,095		26,224
Bank of Montreal	770,500		58,283				$	62,641
Bank of Nova Scotia/The	1,246,800		74,506		Electronics - 1.26%
Barclays Africa Group Ltd	2,665,568		31,394		Hitachi High-Technologies Corp	783,300		33,552
BNP Paribas SA	931,253		59,574		Hoya Corp	1,167,004		50,866
Credicorp Ltd	202,547		33,153		Yokogawa Electric Corp	1,451,700		23,198
Danske Bank A/S	1,668,297		55,645				$	107,616
Erste Group Bank AG	1,298,672		39,585		Energy - Alternate Sources - 0.75%
HDFC Bank Ltd ADR	357,907		24,671		Vestas Wind Systems A/S	910,495		63,852
HDFC Bank Ltd (b)	712,665		15,266
ING Groep NV	5,670,906		81,468		Engineering & Construction - 1.82%
Mediobanca SpA	2,475,266		21,312		Aena SA (c)	226,584		32,952
Mitsubishi UFJ Financial Group Inc	16,058,376		102,830		Downer EDI Ltd	3,608,353		16,984
Royal Bank of Canada	1,123,159		80,755		Promotora y Operadora de Infraestructura	1,453,967		12,710
Sberbank of Russia PJSC ADR	4,967,571		58,246		SAB de CV (a)
Siam Commercial Bank PCL/The	2,948,900		12,694		Skanska AB	1,348,492		32,971
Societe Generale SA	1,670,206		81,653		Vinci SA	848,419		59,472
Toronto-Dominion Bank/The	2,259,734		117,063				$	155,089
Yes Bank Ltd	1,895,530		39,056		Food - 3.43%
		$	1,151,113		JBS SA	7,006,100		26,466
Beverages - 0.82%					Koninklijke Ahold Delhaize NV (a)	1,856,268		39,546
Diageo PLC	1,796,094		49,892		Marine Harvest ASA (a)	1,289,507		22,767
Treasury Wine Estates Ltd	2,270,514		20,030		Nestle SA	1,630,582		119,464
		$	69,922		Nichirei Corp	967,600		19,695
Biotechnology - 0.45%					Tate & Lyle PLC	3,736,330		31,581
Genmab A/S (a)	199,638		38,662		X5 Retail Group NV (a)	979,182		32,876
							$	292,395
Building Materials - 1.64%					Food Service - 0.54%
Asahi Glass Co Ltd	3,644,000		27,074		Compass Group PLC	2,579,923		45,915
CRH PLC	2,270,483		78,754
Kingspan Group PLC	1,159,133		33,735		Forest Products & Paper - 0.83%
		$	139,563		Mondi PLC	1,722,743		38,077
Chemicals - 1.23%					UPM-Kymmene OYJ	1,432,598		32,491
Covestro AG (c)	353,820		26,626				$	70,568
Lonza Group AG (a)	299,996		55,115
					Hand & Machine Tools - 0.22%
Mitsubishi Gas Chemical Co Inc	1,210,300		23,214		Fuji Electric Co Ltd	3,169,737		18,779
		$	104,955
Commercial Services - 2.95%					Healthcare - Services - 1.06%
Adecco Group AG	412,445		29,512		Fresenius SE & Co KGaA	911,427		72,135
Ashtead Group PLC	3,050,936		61,856		ICON PLC (a)	215,752		18,136
Intertek Group PLC	904,272		38,709				$	90,271
Kroton Educacional SA	7,286,500		31,241		Holding Companies - Diversified - 0.68%
New Oriental Education & Technology Group	737,029		35,046		Wharf Holdings Ltd/The	7,730,000		57,962
Inc ADR(a)
Qualicorp SA	3,007,800		19,673		Home Builders - 2.28%
					Haseko Corp	1,805,000		19,894

See accompanying notes

27

     Schedule of Investments Diversified International Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Home Builders (continued)					Pharmaceuticals (continued)
Iida Group Holdings Co Ltd	1,254,700	$	23,482		Shire PLC	1,134,864	$	63,185
Persimmon PLC	1,368,539		33,333				$	345,724
Sekisui House Ltd	3,964,668		64,134		Pipelines - 1.11%
Taylor Wimpey PLC	25,572,085		53,988		TransCanada Corp	2,003,227		94,508
		$	194,831
Insurance - 4.49%					Private Equity - 0.91%
Fairfax Financial Holdings Ltd	55,071		25,732		3i Group PLC	7,256,649		64,104
Hannover Rueck SE	601,649		66,272		Intermediate Capital Group PLC	1,590,573		13,887
Legal & General Group PLC	10,867,877		32,231				$	77,991
Manulife Financial Corp	1,925,700		36,923		Real Estate - 2.19%
NN Group NV	1,711,696		60,621		Brookfield Asset Management Inc	2,717,902		93,991
SCOR SE	1,034,980		35,028		Cheung Kong Property Holdings Ltd	3,794,840		24,943
Swiss Life Holding AG (a)	158,864		48,229		Deutsche Wohnen AG	945,922		30,854
Swiss Re AG	463,849		43,346		Vonovia SE	1,122,786		36,786
Tokio Marine Holdings Inc	835,350		34,829				$	186,574
		$	383,211		REITS - 0.68%
Internet - 3.33%					Fibra Uno Administracion SA de CV	561,004		804
Alibaba Group Holding Ltd ADR(a)	834,821		84,576		Land Securities Group PLC	2,301,112		28,839
Auto Trader Group PLC (c)	5,416,842		27,358		Mirvac Group	18,481,998		28,469
NAVER Corp	58,423		38,163				$	58,112
Tencent Holdings Ltd	5,131,732		134,171		Retail - 4.10%
		$	284,268		Alimentation Couche-Tard Inc	1,724,246		78,987
Investment Companies - 0.44%					Cie Financiere Richemont SA	576,105		44,867
Investor AB	930,964		37,161		Dollarama Inc	935,516		70,851
					Lojas Renner SA	5,178,700		39,249
Iron & Steel - 0.28%					Pandora A/S	553,752		72,569
POSCO	101,604		23,747		Wal-Mart de Mexico SAB de CV	13,496,878		23,882
					Zalando SE (a),(c)	481,249		19,033
Leisure Products & Services - 0.20%							$	349,438
Hero MotoCorp Ltd	373,149		17,446		Semiconductors - 5.39%
					Infineon Technologies AG	3,193,160		58,759
Machinery - Construction & Mining - 1.70%					Samsung Electronics Co Ltd	86,019		146,299
ABB Ltd (a)	3,141,792		74,871		SK Hynix Inc	680,619		31,434
Hitachi Construction Machinery Co Ltd	928,600		21,356		Taiwan Semiconductor Manufacturing Co Ltd	21,753,544		129,626
Hitachi Ltd	8,551,000		48,958		Tokyo Electron Ltd	725,400		75,140
		$	145,185		Ulvac Inc	529,800		18,768
Machinery - Diversified - 1.61%							$	460,026
Hexagon AB	621,482		24,584		Software - 1.77%
KION Group AG	280,245		17,079		NetEase Inc ADR	132,708		33,695
Mitsubishi Heavy Industries Ltd	11,267,000		50,613		Open Text Corp	906,200		31,018
Sumitomo Heavy Industries Ltd	6,513,000		44,780		SAP SE	642,842		58,788
		$	137,056		Ubisoft Entertainment SA (a)	831,121		27,326
Mining - 1.83%							$	150,827
Anglo American PLC (a)	3,686,474		63,549		Telecommunications - 5.42%
Teck Resources Ltd	2,050,200		50,244		BT Group PLC	6,163,000		23,635
Vedanta Ltd	11,209,565		41,944		China Mobile Ltd	4,073,546		45,838
		$	155,737		China Telecom Corp Ltd	80,315,444		37,920
Miscellaneous Manufacturers - 1.80%					Deutsche Telekom AG	3,827,353		67,006
Siemens AG	598,174		77,379		Nippon Telegraph & Telephone Corp	1,621,463		71,624
Smiths Group PLC	2,572,849		48,766		NTT DOCOMO Inc	2,575,900		61,590
Sunny Optical Technology Group Co Ltd	4,637,000		27,170		Orange SA	3,496,293		54,278
		$	153,315		SoftBank Group Corp	904,500		69,682
Oil & Gas - 4.56%					Telekomunikasi Indonesia Persero Tbk PT	105,268,400		30,516
Bharat Petroleum Corp Ltd	3,697,790		37,229				$	462,089
Birchcliff Energy Ltd (a)	2,120,600		13,070		Transportation - 0.90%
Canadian Natural Resources Ltd	1,194,300		36,107		Canadian National Railway Co	1,108,248		77,026
China Petroleum & Chemical Corp	41,616,000		32,874
Galp Energia SGPS SA	1,747,406		25,747		TOTAL COMMON STOCKS		$	8,213,110
LUKOIL PJSC ADR	1,130,225		63,693		INVESTMENT COMPANIES - 1.77%	Shares Held		Value(000	's)
Seven Generations Energy Ltd (a)	1,093,700		21,861
					Money Market Funds - 1.77%
Suncor Energy Inc	2,103,700		65,249		Goldman Sachs Financial Square Funds -	150,615,606		150,616
TOTAL SA	1,844,710		93,334		Government Fund
		$	389,164
Oil & Gas Services - 0.27%					TOTAL INVESTMENT COMPANIES		$	150,616
TechnipFMC PLC (a)	710,593		23,289
					PREFERRED STOCKS - 1.30%	Shares Held		Value(000	's)
					Holding Companies - Diversified - 0.43%
Pharmaceuticals - 4.05%					Itausa - Investimentos Itau SA 0.06%(d)	12,448,500	$	36,663
Actelion Ltd (a)	195,543		51,055
BTG PLC (a)	1,804,399		12,158
Daiichi Sankyo Co Ltd	1,080,800		24,181
Novo Nordisk A/S	1,477,135		53,383
Recordati SpA	802,575		22,855
Roche Holding AG	501,828		118,907

See accompanying notes

28

			Schedule of Investments
			Diversified International Fund
			January 31, 2017 (unaudited)
PREFERRED STOCKS (continued)	Shares Held		Value(000	's)
Iron & Steel - 0.87%
Vale SA 0.28%(d)	7,728,700	$	74,982
TOTAL PREFERRED STOCKS		$	111,645
Total Investments		$	8,475,371
Other Assets and Liabilities - 0.65%		$	55,081
TOTAL NET ASSETS - 100.00%		$	8,530,452

(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. Inputs used in the valuation may be unobservable; however, not all securities are included in Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $15,266 or 0.18% of net assets.
(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $105,969 or 1.24% of net assets.
(d)	Variable Rate. Rate shown is in effect at January 31, 2017.

Portfolio Summary (unaudited)
Country	Percent
Japan	17.32	%
Canada	12.01	%
United Kingdom	10.28	%
Switzerland	7.44	%
Germany	6.82	%
France	6.07	%
China	4.94	%
Korea, Republic Of	4.11	%
Brazil	3.40	%
Denmark	3.33	%
India	2.93	%
United States	2.51	%
Netherlands	2.12	%
Ireland	2.02	%
Russian Federation	1.82	%
Australia	1.77	%
Taiwan, Province Of China	1.52	%
Hong Kong	1.52	%
Italy	1.24	%
Sweden	1.12	%
Spain	0.84	%
South Africa	0.82	%
Austria	0.46	%
Mexico	0.44	%
Peru	0.39	%
Finland	0.38	%
Indonesia	0.36	%
Thailand	0.34	%
Portugal	0.30	%
Norway	0.27	%
Israel	0.27	%
Colombia	0.19	%
Other Assets and Liabilities	0.65	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

29

     Schedule of Investments Equity Income Fund January 31, 2017 (unaudited)

COMMON STOCKS - 98.03%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 1.44%					Healthcare - Products (continued)
Boeing Co/The	370,977	$	60,625		Medtronic PLC	1,113,620	$	84,657
Raytheon Co	174,976		25,225				$	207,744
		$	85,850		Insurance - 5.44%
Airlines - 0.90%					Allstate Corp/The	1,209,620		90,976
Delta Air Lines Inc	1,126,683		53,225		Chubb Ltd	1,149,580		151,158
					Fairfax Financial Holdings Ltd	99,344		46,525
Apparel - 1.14%					Swiss Re AG ADR	1,477,185		34,537
VF Corp	1,320,152		67,961				$	323,196
					Machinery - Diversified - 1.93%
Automobile Manufacturers - 1.69%					Deere & Co	1,068,944		114,430
PACCAR Inc	1,487,498		100,124
					Media - 0.37%
Automobile Parts & Equipment - 2.22%					Walt Disney Co/The	197,674		21,873
Autoliv Inc	819,606		94,796
Magna International Inc	857,603		37,117		Miscellaneous Manufacturers - 2.17%
		$	131,913		3M Co	199,471		34,871
Banks - 8.93%					Parker-Hannifin Corp	638,514		93,945
Bank of Nova Scotia/The	1,445,442		86,408				$	128,816
Grupo Financiero Santander Mexico SAB de	2,271,294		16,240		Oil & Gas - 9.92%
CV ADR					Chevron Corp	673,277		74,969
JPMorgan Chase & Co	1,421,674		120,316		Cimarex Energy Co	605,291		81,841
M&T Bank Corp	39,240		6,379		Exxon Mobil Corp	993,654		83,358
PNC Financial Services Group Inc/The	857,913		103,344		HollyFrontier Corp	140,195		4,062
US Bancorp	1,841,131		96,936		Marathon Petroleum Corp	2,629,806		126,362
Wells Fargo & Co	1,792,700		100,983		Occidental Petroleum Corp	1,527,776		103,537
		$	530,606		Royal Dutch Shell PLC - B shares ADR	2,004,990		115,227
Beverages - 1.31%							$	589,356
Coca-Cola Co/The	1,219,205		50,683		Pharmaceuticals - 7.46%
Dr Pepper Snapple Group Inc	296,373		27,029		Johnson & Johnson	622,954		70,549
		$	77,712		Merck & Co Inc	1,382,355		85,692
Building Materials - 0.37%					Novartis AG ADR	929,055		68,676
Johnson Controls International plc	494,733		21,758		Pfizer Inc	2,106,452		66,838
					Roche Holding AG ADR	3,531,038		105,790
Chemicals - 1.97%					Teva Pharmaceutical Industries Ltd ADR	1,373,125		45,904
Air Products & Chemicals Inc	353,567		49,415				$	443,449
EI du Pont de Nemours & Co	494,082		37,303		Pipelines - 2.28%
PPG Industries Inc	303,468		30,350		Enterprise Products Partners LP	4,788,086		135,646
		$	117,068
Computers - 3.69%					Private Equity - 1.74%
Accenture PLC - Class A	179,531		20,443		KKR & Co LP	5,968,783		103,618
Apple Inc	1,471,351		178,549
International Business Machines Corp	115,180		20,101		REITS - 5.27%
		$	219,093		AGNC Investment Corp	1,091,803		20,384
Diversified Financial Services - 7.03%					Annaly Capital Management Inc	4,738,481		48,427
BlackRock Inc	336,200		125,732		Digital Realty Trust Inc	1,038,810		111,807
Discover Financial Services	2,062,371		142,881		Host Hotels & Resorts Inc	3,231,454		58,392
FNF Group	4,216,709		149,103		Simon Property Group Inc	402,870		74,036
		$	417,716				$	313,046
Electric - 5.16%					Retail - 2.01%
Eversource Energy	1,437,730		79,535		Costco Wholesale Corp	281,903		46,218
NextEra Energy Inc	533,365		65,988		Genuine Parts Co	60,970		5,902
WEC Energy Group Inc	1,337,059		78,954		Starbucks Corp	1,223,084		67,539
Xcel Energy Inc	1,993,637		82,377				$	119,659
		$	306,854		Semiconductors - 5.26%
Electrical Components & Equipment - 0.79%					Applied Materials Inc	1,568,794		53,731
Emerson Electric Co	802,665		47,084		Maxim Integrated Products Inc	1,424,207		63,349
					Microchip Technology Inc	1,785,949		120,284
Electronics - 1.00%					Taiwan Semiconductor Manufacturing Co Ltd	2,438,541		75,375
Garmin Ltd	35,256		1,702		ADR
Honeywell International Inc	487,953		57,735				$	312,739
		$	59,437		Software - 1.65%
Food - 3.47%					Fidelity National Information Services Inc	467,452		37,125
Kraft Heinz Co/The	899,150		80,285		Microsoft Corp	941,320		60,856
Kroger Co/The	3,702,894		125,750				$	97,981
		$	206,035		Telecommunications - 2.72%
Gas - 1.08%					BCE Inc	1,791,580		80,836
Sempra Energy	626,498		64,147		Verizon Communications Inc	1,646,473		80,694
							$	161,530
Healthcare - Products - 3.50%					Toys, Games & Hobbies - 2.04%
Abbott Laboratories	1,529,167		63,873		Hasbro Inc	1,465,983		120,958
Becton Dickinson and Co	333,992		59,214
					Transportation - 2.08%
					Union Pacific Corp	816,847		87,060

See accompanying notes

30

			Schedule of Investments
			Equity Income Fund
			January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)
Transportation (continued)
United Parcel Service Inc	337,361	$	36,816
		$	123,876
TOTAL COMMON STOCKS		$	5,824,500
INVESTMENT COMPANIES - 2.02%	Shares Held		Value(000	's)
Money Market Funds - 2.02%
Morgan Stanley Institutional Liquidity Funds -	120,201,208		120,201
Government Portfolio
TOTAL INVESTMENT COMPANIES		$	120,201
Total Investments		$	5,944,701
Other Assets and Liabilities - (0.05)%		$	(2,914	)
TOTAL NET ASSETS - 100.00%		$	5,941,787
Portfolio Summary (unaudited)
Sector			Percent
Financial			28.41	%
Consumer, Non-cyclical			15.74	%
Energy			12.20	%
Technology			10.60	%
Consumer, Cyclical			10.00	%
Industrial			9.78	%
Utilities			6.24	%
Communications			3.09	%
Investment Companies			2.02	%
Basic Materials			1.97	%
Other Assets and Liabilities			(0.05	)%
TOTAL NET ASSETS			100.00	%

See accompanying notes

31

Schedule of Investments
Finisterre Unconstrained Emerging Markets Bond Fund
January 31, 2017 (unaudited)
			Principal						Principal
	BONDS- 91.04	%	Amount (000's)      Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
	Agriculture - 1.21%						Sovereign (continued)
	Kernel Holding SA						Egypt Government International
	8.75%, 01/31/2022(a)		$	300	$	301	Bond (continued)
								8.50%, 01/31/2047(a)	$	300	$	306
	Banks- 5.45	%					Gabon Government International Bond
	Oschadbank Via SSB #1 PLC							6.95%, 06/16/2025		400		371
	9.62%, 03/20/2025(b)			300		288	Indonesia Government International Bond
	Sberbank of Russia Via SB Capital SA							6.88%, 03/09/2017		1,000		1,004
	5.13%, 10/29/2022			250		255	Indonesia Treasury Bond
	5.50%, 02/26/2024(b)			600		612		7.88%, 04/15/2019	IDR	5,500,000		420
	Vnesheconombank Via VEB Finance PLC						Iraq International Bond
	4.22%, 11/21/2018			200		203		5.80%, 01/15/2028(e)	$	1,050		871
				$		1,358	Ivory Coast Government International Bond
	Building Materials - 2.16%							5.75%, 12/31/2032(b)		441		408
	St Marys Cement Inc Canada						KazAgro National Management Holding JSC
	5.75%, 01/28/2027(a)			550		538		3.26%, 05/22/2019	EUR	700		766
							Kenya Government International Bond
	Chemicals - 0.72%							6.88%, 06/24/2024	$	200		193
	Mexichem SAB de CV						Lebanon Government International Bond
	5.88%, 09/17/2044(a)			200		180		5.45%, 11/28/2019		900		895
							Mexican Bonos
	Diversified Financial Services - 3.07%							7.75%, 11/23/2034	MXN	13,000		611
	Dragon Aviation Finance Luxembourg SA						Peruvian Government International Bond
	4.00%, 11/28/2022(c)			262		261		6.35%, 08/12/2028(a)	PEN	650		200
	Oilflow SPV 1 DAC							6.35%, 08/12/2028		1,200		370
	12.00%, 01/13/2022(a)			500		503	Republic of Poland Government International
				$		764	Bond
	Electric - 1.60%							6.38%, 07/15/2019	$	1,000		1,106
	Eskom Holdings SOC Ltd						Russian Federal Bond - OFZ
	5.75%, 01/26/2021			400		398		8.01%, 02/03/2027(b)	RUB	18,750		315
							Serbia International Bond
	Oil & Gas - 9.69%							4.88%, 02/25/2020	$	800		821
	Gazprom OAO Via Gaz Capital SA						Turkey Government International Bond
	4.95%, 02/06/2028			200		195		6.00%, 03/25/2027		500		504
	KazMunayGas National Co JSC						Ukraine Government International Bond
	9.13%, 07/02/2018			200		217		7.75%, 09/01/2021		266		257
	Odebrecht Offshore Drilling Finance Ltd									$		13,273
	6.75%, 10/01/2023			589		194	Supranational Bank - 2.51%
	Petrobras Global Finance BV						Banque Ouest Africaine de Developpement
	7.38%, 01/17/2027			600		623		5.50%, 05/06/2021		300		311
	8.38%, 05/23/2021			800		892	Black Sea Trade & Development Bank
	Zhaikmunai LLP							4.88%, 05/06/2021		300		315
	6.38%, 02/14/2019			300		294				$		626
				$		2,415	Telecommunications - 5.21%
	Pipelines - 1.73%						GTH Finance BV
	Southern Gas Corridor CJSC							6.25%, 04/26/2020		750		792
	6.88%, 03/24/2026			400		432	MTN Mauritius Investment Ltd
								5.37%, 02/13/2022(a)		500		506
	Real Estate - 2.97%									$		1,298
	MAF Global Securities Ltd						TOTAL BONDS			$		22,689
	7.13%, 12/31/2049(b),(d)			700		741			Principal
							CONVERTIBLE BONDS - 2.87%		Amount (000's) Value (000's)
	REITS- 1.47	%					Investment Companies - 2.87%
	Trust F/1401						Aabar Investments PJSC
	6.95%, 01/30/2044			400		365		0.50%, 03/27/2020	EUR	400		375
								1.00%, 03/27/2022		400		341
	Sovereign - 53.25%									$		716
	1MDB Global Investments Ltd						TOTAL CONVERTIBLE BONDS			$		716
	4.40%, 03/09/2023			1,000		924	Total Investments			$		23,405
	Argentine Republic Government International						Other Assets and Liabilities - 6.09%			$		1,519
	Bond						TOTAL NET ASSETS - 100.00%			$		24,924
	3.88%, 01/15/2022		EUR	325		340
	5.00%, 01/15/2027			300		296
	5.63%, 01/26/2022(a)		$	500		501
							(a)	Security exempt from registration under Rule 144A of the Securities Act of
	7.82%, 12/31/2033		EUR	138		151		1933. These securities may be resold in transactions exempt from
	Brazil Notas do Tesouro Nacional Serie F							registration, normally to qualified institutional buyers. At the end of the
	10.00%, 01/01/2025		BRL	2,650		805		period, the value of these securities totaled $3,659 or 14.68% of net assets.
	Brazilian Government International Bond						(b)	Variable Rate. Rate shown is in effect at January 31, 2017.
	5.00%, 01/27/2045		$	250		214
	Ecuador Government International Bond
	9.65%, 12/13/2026(a)			400		422
	Egypt Government International Bond
	6.13%, 01/31/2022(a)			200		202

See accompanying notes.

32

Schedule of Investments
Finisterre Unconstrained Emerging Markets Bond Fund
January 31, 2017 (unaudited)

(c)	Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Inputs used in the valuation may be unobservable; however, not all securities are included in Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $261 or 1.05% of net assets.
(d)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date.
(e)	Security is Illiquid. At the end of the period, the value of these securities totaled $871 or 3.49% of net assets.

Portfolio Summary (unaudited)
Country				Percent
Netherlands				9.26	%
Luxembourg				6.52	%
Indonesia				5.72	%
Argentina				5.18	%
Kazakhstan				5.12	%
Mexico				4.64	%
Poland				4.44	%
Brazil				4.09	%
Cayman Islands				3.75	%
Virgin Islands, British				3.71	%
Lebanon				3.59	%
Iraq				3.49	%
Serbia				3.29	%
United Arab Emirates				2.87	%
Ireland				2.83	%
Supranational				2.51	%
Peru				2.28	%
Canada				2.16	%
Egypt				2.04	%
Mauritius				2.03	%
Turkey				2.02	%
Azerbaijan				1.73	%
Ecuador				1.69	%
Cote d'Ivoire				1.64	%
South Africa				1.60	%
Gabon				1.49	%
Russian Federation				1.26	%
United Kingdom				1.15	%
Ukraine				1.03	%
Kenya				0.78	%
Other Assets and Liabilities				6.09	%
TOTAL NET ASSETS				100.00	%
Credit Default Swaps
Buy Protection
		Implied
		Credit Spread		(Pay)/						Upfront			Unrealized
		as of January		Receive Fixed		Expiration		Notional		Premiums			Appreciation/			Fair Value
Counterparty (Issuer)	Reference Entity	31, 2017	(a)	Rate		Date		Amount		Paid/(Received)			(Depreciation)			Asset	Liability
Citigroup Inc	Federation of	1.32	%	(1.00	)%	12/20/2021	$	500	$	16		$	(9	)	$	7	$	—
	Malaysia
Citigroup Inc	Mexico Government	1.66	%	(1.00	)%	12/20/2021		1,000		30			—			30		—
	International Bond
Citigroup Inc	Republic of South	2.10	%	(1.00	)%	12/20/2021		400		19			1			20		—
	Africa Government
	International Bond
Citigroup Inc	Turkey Government	2.64	%	(1.00	)%	12/20/2021		1,000		78			(5	)		73		—
	International Bond
HSBC Securities Inc	Colombia	1.53	%	(1.00	)%	12/20/2021		1,000		25			(1	)		24		—
	Government
	International Bond
HSBC Securities Inc	Federation of	1.32	%	(1.00	)%	12/20/2021		1,300		42			(23	)		19		—
	Malaysia
HSBC Securities Inc	Korea International	0.48	%	(1.00	)%	12/20/2021		2,500		(62	)		—			—		(62	)
	Bond
HSBC Securities Inc	Turkey Government	2.64	%	(1.00	)%	12/20/2021		1,000		82			(8	)		74		—
	International Bond
Total								$		230		$	(45	)	$	247	$	(62	)

See accompanying notes.

33

Schedule of Investments
Finisterre Unconstrained Emerging Markets Bond Fund
January 31, 2017 (unaudited)
Credit Default Swaps (continued)
Sell Protection
		Implied
		Credit Spread		(Pay)/						Upfront			Unrealized
		as of January		Receive Fixed		Expiration		Notional		Premiums			Appreciation/		Fair Value (c)
Counterparty (Issuer)	Reference Entity	31, 2017	(a)	Rate		Date		Amount (b)		Paid/(Received)			(Depreciation)		Asset	Liability
Citigroup Inc	Argentine Republic	3.61	%	5.00	%	06/20/2021	$	700	$	32		$	6	$	38	$	—
	Government
	International Bond
HSBC Securities Inc	Croatia Government	1.78	%	1.00	%	06/20/2021		1,000		(52	)		20		—		(32	)
	International Bond
Total								$		(20	)	$	26	$	38	$	(32	)

Amounts in thousands

(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 $1,700.

(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
HSBC Securities Inc	04/26/2017	KZT		100,500,000		$		300			$	309	$		9		$			—
HSBC Securities Inc	11/22/2017	CNY		5,000,000				702				706			4					—
Total													$		13		$			—
														Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver					In Exchange For				Fair Value				Asset			Liability
Bank of New York Mellon	02/23/2017	EUR		2,126,510		$		2,272		$	2,297		$		—		$			(25	)
HSBC Securities Inc	02/24/2017	KRW		725,000,000				624				628			—					(4	)
HSBC Securities Inc	02/24/2017	MXN		7,750,000				372				371			1					—
HSBC Securities Inc	02/24/2017	TRY		2,000,000				519				528			—					(9	)
HSBC Securities Inc	11/22/2017	CNY		5,000,000				704				706			—					(2	)
Total													$		1		$			(40	)
Amounts in thousands except contracts
Futures Contracts
																		Unrealized
Type	Long/Short			Contracts			Notional Value								Fair Value			Appreciation/(Depreciation)
Euro Bund 10 Year Bund; March 2017		Short			6	$		1,048			$				1,050	$				(2	)
US 10 Year Note; March 2017		Short			17			2,111							2,116					(5	)
US 5 Year Note; March 2017		Short			28			3,293							3,300					(7	)
Total															$			(14			)
Amounts in thousands except contracts
Exchange Cleared Interest Rate Swaps
	(Pay)/
	Receive							Upfront
	Floating	Fixed		Expiration		Notional		Premiums						Unrealized				Fair Value
Floating Rate Index	Rate	Rate		Date		Amount				Paid/(Received)					Appreciation/(Depreciation)			Asset		Liability
6 Month BUBOR	Receive	2.65	%	11/23/2026	HUF		388,000		$		—	$			1		$	1	$	—
6 Month WIBOR	Pay	2.85	%	11/23/2026	PLN		5,730				—				(28	)		—		(28	)
Total								$			—	$			(27	)	$	1	$	(28	)
Amounts in thousands

See accompanying notes.

34

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

COMMON STOCKS - 27.28%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.13%					Building Materials (continued)
Interpublic Group of Cos Inc/The	151,663	$	3,569		CSR Ltd	1,005,919	$	3,368
Omnicom Group Inc	125,653		10,762		Masco Corp	34,075		1,123
		$	14,331		Metro Performance Glass Ltd	492,949		669
Aerospace & Defense - 0.09%					Universal Forest Products Inc	9,211		937
BAE Systems PLC	984,056		7,228				$	16,702
Thales SA	34,707		3,256		Chemicals - 0.13%
		$	10,484		Cabot Corp	20,792		1,151
Agriculture - 0.18%					Denka Co Ltd	247,000		1,216
British American Tobacco PLC	307,739		18,996		DIC Corp	38,600		1,195
Bunge Ltd	20,303		1,405		Huntsman Corp	143,006		2,916
		$	20,401		Sanyo Chemical Industries Ltd	61,500		2,686
Apparel - 0.07%					Tosoh Corp	326,000		2,463
Burberry Group PLC	359,045		7,425		Zeon Corp	212,000		2,433
							$	14,060
Automobile Manufacturers - 0.01%					Coal - 0.02%
New Flyer Industries Inc	33,700		1,080		Foresight Energy LLC / Foresight Energy	66,260		2,559
					Finance Corp - Warrants (a),(c),(d),(e)
Automobile Parts & Equipment - 0.14%
Allison Transmission Holdings Inc	68,287		2,389		Commercial Services - 0.83%
Georg Fischer AG	2,431		2,003		Abertis Infraestructuras SA	1,376,616		19,727
Goodyear Tire & Rubber Co/The	75,711		2,452		Ashtead Group PLC	102,663		2,081
Mando Corp	4,961		1,068		Atlantia SpA	410,272		9,350
Tong Yang Industry Co Ltd	1,392,000		2,570		CCR SA	1,891,600		9,315
TS Tech Co Ltd	9,385		240		Cengage Learning Holdings II Inc (d)	34,465		396
Visteon Corp (a)	25,546		2,288		COSCO SHIPPING Ports Ltd	7,398,000		7,352
Xinyi Glass Holdings Ltd (a)	2,770,000		2,491		Jiangsu Expressway Co Ltd	5,122,000		6,415
		$	15,501		KAR Auction Services Inc	50,299		2,291
Banks - 2.11%					Kroton Educacional SA	675,500		2,896
Aareal Bank AG	65,774		2,552		Transurban Group	4,160,064		32,191
Australia & New Zealand Banking Group Ltd	538,023		11,954				$	92,014
Banco do Brasil SA	282,800		2,792		Computers - 0.23%
Bank of China Ltd	10,557,000		4,781		Atos SE	15,462		1,645
Bank of Montreal	125,400		9,486		International Business Machines Corp	46,807		8,169
Bank of Nova Scotia/The	57,400		3,430		Leidos Holdings Inc	193,143		9,333
Barclays Africa Group Ltd	241,512		2,844		Lite-On Technology Corp	2,050,000		3,096
BB&T Corp	252,233		11,651		Western Digital Corp	42,823		3,414
BNP Paribas SA	119,806		7,664				$	25,657
BOC Hong Kong Holdings Ltd	1,256,000		5,021		Distribution & Wholesale - 0.22%
Central Pacific Financial Corp	87,963		2,756		Mitsubishi Corp	451,300		10,195
China Construction Bank Corp	9,599,000		7,117		Mitsui & Co Ltd	440,300		6,462
China Merchants Bank Co Ltd	466,000		1,167		Sumitomo Corp	594,800		7,456
Concordia Financial Group Ltd	500,900		2,642				$	24,113
Cullen/Frost Bankers Inc	40,351		3,607		Diversified Financial Services - 0.17%
Fifth Third Bancorp	91,241		2,381		KB Financial Group Inc	155,804		6,305
First Busey Corp	70,620		2,066		Macquarie Group Ltd	77,907		5,003
Great Western Bancorp Inc	27,987		1,197		Moelis & Co	32,701		1,115
IBERIABANK Corp	28,500		2,341		ORIX Corp	201,900		3,046
ING Groep NV	379,282		5,449		Shinhan Financial Group Co Ltd	59,740		2,361
JPMorgan Chase & Co (b)	364,795		30,873		Tokyo Century Corp	19,500		662
Mizuho Financial Group Inc	5,201,700		9,652				$	18,492
National Australia Bank Ltd	538,384		12,381		Electric - 3.08%
National Bank of Canada	161,300		6,963		Alliant Energy Corp	120,931		4,553
Natixis SA	288,617		1,710		American Electric Power Co Inc	215,225		13,787
PacWest Bancorp	52,188		2,891		Avangrid Inc	98,900		3,837
Resona Holdings Inc	427,000		2,312		Avista Corp	42,485		1,642
Royal Bank of Canada	64,800		4,659		CMS Energy Corp (b)	223,600		9,525
Societe Generale SA	140,991		6,893		Dominion Resources Inc/VA (b)	328,374		25,049
Standard Bank Group Ltd	321,539		3,438		DTE Energy Co (b)	285,383		28,151
Sumitomo Mitsui Financial Group Inc	215,500		8,455		Edison International	217,800		15,873
SunTrust Banks Inc	106,706		6,063		El Paso Electric Co	74,849		3,436
Toronto-Dominion Bank/The	185,509		9,610		Enel SpA	1,685,079		7,045
Towne Bank/Portsmouth VA	34,224		1,102		Eversource Energy (b)	428,557		23,707
Union Bankshares Corp	64,445		2,369		Exelon Corp	364,911		13,093
Wells Fargo & Co	575,810		32,435		Hawaiian Electric Industries Inc	73,427		2,458
		$	234,704		Iberdrola SA	2,131,578		13,463
Biotechnology - 0.70%					Infraestructura Energetica Nova SAB de CV	170,000		750
Amgen Inc	166,950		26,158		Korea Electric Power Corp	315,560		11,557
Celgene Corp (a)	159,743		18,554		NextEra Energy Inc (b)	324,707		40,173
Gilead Sciences Inc	456,512		33,074		Origin Energy Ltd	439,691		2,358
		$	77,786		PG&E Corp	631,193		39,065
Building Materials - 0.15%					Pinnacle West Capital Corp (b)	30,100		2,337
Asahi Glass Co Ltd	1,228,000		9,124		Portland General Electric Co	184,124		8,029
Buzzi Unicem SpA	60,065		1,481		Power Assets Holdings Ltd	589,500		5,648

See accompanying notes.

35

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Electric (continued)					Insurance - 0.79%
Public Service Enterprise Group Inc	165,684	$	7,332		American Financial Group Inc/OH	22,871	$	1,971
SCANA Corp (b)	285,000		19,579		AXA SA	502,544		12,351
Southern Co/The	130,000		6,426		Challenger Ltd/Australia	462,301		3,868
SSE PLC	580,860		10,919		Everest Re Group Ltd	12,248		2,694
WEC Energy Group Inc (b)	135,000		7,972		Hannover Rueck SE	18,837		2,075
Xcel Energy Inc	332,827		13,752		Muenchener Rueckversicherungs-Gesellschaft	55,085		10,373
		$	341,516		AG in Muenchen
Electrical Components & Equipment - 0.01%					NN Group NV	250,812		8,883
Kung Long Batteries Industrial Co Ltd	148,000		743		Old Republic International Corp	226,846		4,718
					Prudential Financial Inc	126,388		13,285
Electronics - 0.12%					SCOR SE	56,793		1,922
Electrocomponents PLC	327,607		2,004		Swiss Life Holding AG (a)	30,633		9,300
Hu Lane Associate Inc	158,000		742		Swiss Re AG	141,955		13,266
Mycronic AB	69,975		798		Unum Group	61,534		2,795
Nippon Electric Glass Co Ltd	1,720,000		9,901				$	87,501
		$	13,445		Internet - 0.11%
Energy - Alternate Sources - 0.15%					Symantec Corp	451,806		12,447
NextEra Energy Partners LP	327,333		10,321
Pattern Energy Group Inc	314,000		6,198		Iron & Steel - 0.07%
		$	16,519		BlueScope Steel Ltd	290,266		2,468
Engineering & Construction - 0.28%					Commercial Metals Co	51,524		1,053
Aena SA (f)	40,193		5,845		Material Sciences Corp - Warrants (a),(c),(d),(e)	1,131,541		1,516
Aeroports de Paris	45,385		5,036		Steel Dynamics Inc	75,140		2,541
Argan Inc	36,164		2,667				$	7,578
Astaldi SpA	228,930		1,492		Lodging - 0.03%
Eiffage SA	16,047		1,154		Hilton Grand Vacations Inc (a)	13,723		402
Grupo Aeroportuario del Pacifico SAB de CV	560,903		4,348		Hilton Worldwide Holdings Inc	45,743		2,634
KBR Inc	500,040		8,506				$	3,036
Kyudenko Corp	56,000		1,519		Machinery - Construction & Mining - 0.02%
		$	30,567		Astec Industries Inc	32,143		2,249
Entertainment - 0.01%
Vail Resorts Inc	4,742		813		Machinery - Diversified - 0.03%
					Ebara Corp	82,600		2,547
Food - 0.24%					Valmet OYJ	75,750		1,198
JBS SA	2,991,500		11,301				$	3,745
Kroger Co/The	290,143		9,853		Media - 0.47%
Tate & Lyle PLC	649,404		5,489		Charter Communications Inc (a),(b)	67,324		21,810
		$	26,643		Comcast Corp - Class A	258,000		19,458
Forest Products & Paper - 0.12%					Time Warner Inc	117,579		11,388
International Paper Co	130,556		7,390				$	52,656
UPM-Kymmene OYJ	265,672		6,025		Mining - 0.26%
		$	13,415		BHP Billiton Ltd	529,233		10,737
Gas - 0.99%					Boliden AB	41,474		1,210
Atmos Energy Corp	141,819		10,803		Hudbay Minerals Inc	114,500		897
CenterPoint Energy Inc	338,149		8,863		Mirabela Nickel Ltd (a),(c),(e)	26,307,311		—
National Grid PLC	2,863,187		33,537		Rio Tinto Ltd	249,951		12,680
NiSource Inc (b)	622,617		13,928		Vedanta Ltd ADR	201,307		2,979
Rubis SCA	77,424		6,519				$	28,503
Sempra Energy (b)	203,500		20,836		Miscellaneous Manufacturers - 0.18%
Snam SpA	1,122,012		4,271		AO Smith Corp	28,521		1,390
South Jersey Industries Inc	15,500		512		Hill & Smith Holdings PLC	142,789		2,166
Tokyo Gas Co Ltd	1,530,000		6,790		Siemens AG	111,397		14,410
UGI Corp	88,271		4,093		Trinseo SA	39,073		2,530
		$	110,152				$	20,496
Hand & Machine Tools - 0.03%					Oil & Gas - 1.30%
Basso Industry Corp	1,166,900		3,513		BP PLC	2,301,841		13,748
					Chevron Corp	140,897		15,689
Healthcare - Services - 0.03%					China Petroleum & Chemical Corp	2,608,000		2,060
HealthSouth Corp	26,459		1,027		Comstock Resources Inc - Warrants (a),(c)	28,875		358
Quest Diagnostics Inc	25,318		2,327		EOG Resources Inc	30,100		3,058
		$	3,354		Exxon Mobil Corp (b)	177,149		14,861
Holding Companies - Diversified - 0.11%					Helmerich & Payne Inc	29,148		2,074
China Merchants Port Holdings Co Ltd	4,430,000		11,843		Marathon Petroleum Corp	43,000		2,066
					Milagro Oil & Gas Inc (a),(c),(e)	1,874		781
Home Builders - 0.09%					Murphy Oil Corp	67,990		1,966
Bellway PLC	23,934		750		Pacific Exploration and Production Corp (a)	35,992		1,440
Galliford Try PLC	48,485		825		Pioneer Natural Resources Co	17,200		3,100
Sekisui House Ltd	495,200		8,011		Royal Dutch Shell PLC ADR(b)	465,000		25,291
		$	9,586		Royal Dutch Shell PLC - A Shares	554,668		15,044
Home Furnishings - 0.00%					Royal Dutch Shell PLC - B Shares	514,646		14,536
Targus Group International Inc (a),(c),(d),(e)	75,881		116		SandRidge Energy Inc (a),(c),(e)	7,975,000		—
					SandRidge Energy Inc (a),(c),(e)	3,450,000		—
					SandRidge Energy Inc (a)	84,205		1,727

See accompanying notes.

36

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Oil & Gas (continued)					REITS (continued)
SandRidge Energy Inc - Warrants (a)	6,742	$	14		Armada Hoffler Properties Inc	148,175	$	2,042
SandRidge Energy Inc - Warrants (a)	2,838		9		Blackstone Mortgage Trust Inc	88,513		2,699
Titan Energy LLC (a)	133,081		3,061		Brandywine Realty Trust	203,192		3,271
TORC Oil & Gas Ltd	125,100		699		Brixmor Property Group Inc	380,620		9,184
TOTAL SA	239,197		12,102		Care Capital Properties Inc	406,990		10,057
Valero Energy Corp	130,851		8,605		Champion REIT	3,630,000		1,961
Whitecap Resources Inc	239,440		1,906		City Office REIT Inc	810,825		10,208
		$	144,195		Colony Starwood Homes	161,967		5,094
Oil & Gas Services - 0.11%					Communications Sales & Leasing Inc	425,000		11,169
Schlumberger Ltd	53,639		4,490		CoreSite Realty Corp	54,084		4,658
TechnipFMC PLC (a)	249,790		8,187		Corporate Office Properties Trust	144,394		4,595
		$	12,677		Crown Castle International Corp (b)	677,883		59,538
Packaging & Containers - 0.08%					CubeSmart (b)	566,756		14,243
Packaging Corp of America	71,363		6,578		CYS Investments Inc (b)	654,307		4,953
RPC Group PLC	196,772		2,658		Dexus Property Group	1,939,574		13,213
		$	9,236		Digital Realty Trust Inc	122,518		13,187
Pharmaceuticals - 0.68%					Duke Realty Corp	274,781		6,685
AbbVie Inc	558,759		34,146		Education Realty Trust Inc	106,013		4,263
Actelion Ltd (a)	14,958		3,906		EPR Properties (b)	122,374		9,052
GlaxoSmithKline PLC	213,624		4,128		Equinix Inc	25,841		9,948
					Essex Property Trust Inc (b)	91,273		20,472
Merck & Co Inc	173,742		10,770
Recordati SpA	57,173		1,628		Eurocommercial Properties NV	100,549		3,733
Roche Holding AG	90,295		21,395		Extra Space Storage Inc	93,021		6,702
		$	75,973		Fortune Real Estate Investment Trust	2,185,000		2,530
Pipelines - 0.78%					Frasers Logistics & Industrial Trust	3,934,105		2,623
Enbridge Inc	347,079		14,777		GGP Inc	380,513		9,452
Enterprise Products Partners LP (b)	674,025		19,095		Goodman Group	1,411,861		7,414
Kinder Morgan Inc/DE	845,190		18,881		Granite Real Estate Investment Trust	192,910		6,579
ONEOK Inc	116,147		6,401		Highwoods Properties Inc	211,840		10,891
Spectra Energy Corp	235,828		9,822		Hoshino Resorts REIT Inc	509		2,718
					Hospitality Properties Trust (b)	199,959		6,225
TransCanada Corp	10,000		472
Williams Cos Inc/The (b)	470,000		13,555		Independence Realty Trust Inc	93,224		860
Williams Partners LP	95,000		3,899		Industrial & Infrastructure Fund Investment	1,430		6,677
		$	86,902		Corp
					Invesco Office J-Reit Inc	2,397		2,107
Private Equity - 0.04%					Investa Office Fund	2,540,910		8,670
AURELIUS Equity Opportunities SE & Co	40,488		2,556		Japan Hotel REIT Investment Corp	16,837		11,803
KGaA					Japan Logistics Fund Inc	3,521		7,430
Intermediate Capital Group PLC	207,820		1,815		Japan Rental Housing Investments Inc	3,811		2,788
		$	4,371		Kenedix Retail REIT Corp	2,520		6,073
Real Estate - 1.20%					Kilroy Realty Corp	165,294		12,372
ADO Properties SA (f)	304,028		10,853
					Kite Realty Group Trust	333,000		7,999
Aeon Mall Co Ltd	255,800		3,707		Klepierre	179,915		6,832
Atrium European Real Estate Ltd	588,620		2,472		Land Securities Group PLC	399,186		5,003
BUWOG AG (a)	49,832		1,189		Liberty Property Trust (b)	400,557		15,377
Castellum AB	375,751		5,176		Link REIT	1,563,000		10,681
Charter Hall Group	880,000		3,137		LondonMetric Property PLC	2,942,095		5,466
Citycon OYJ	3,343,661		8,310		Mapletree Commercial Trust	1,784,600		1,942
Croesus Retail Trust	11,507,036		6,977		MCUBS MidCity Investment Corp	370		1,177
Deutsche Wohnen AG	318,969		10,404		Merlin Properties Socimi SA	929,501		10,411
Inmobiliaria Colonial SA	385,748		2,836		Mirvac Group	6,773,392		10,433
KWG Property Holding Ltd	1,878,500		1,079		Monmouth Real Estate Investment Corp	149,469		2,182
LEG Immobilien AG (a)	63,970		5,032
					National Storage Affiliates Trust	546,455		12,159
Mitsubishi Estate Co Ltd	369,000		7,024		New Residential Investment Corp	198,259		3,004
Mitsui Fudosan Co Ltd	817,400		18,871		NewRiver REIT PLC	1,798,878		7,100
New World Development Co Ltd	5,939,000		6,852		NexPoint Residential Trust Inc	116,843		2,700
Propertylink Group	5,245,985		3,047		Nomura Real Estate Master Fund Inc	4,211		6,561
RHT Health Trust	5,261,700		3,432		Park Hotels & Resorts Inc	27,446		745
Sponda OYJ	767,990		3,491		Physicians Realty Trust	223,169		4,140
Sun Hung Kai Properties Ltd	800,000		11,009		PLA Administradora Industrial S de RL de CV	6,511,145		8,911
Times Property Holdings Ltd	2,400,000		1,244		(a)
TLG Immobilien AG	177,584		3,375		Prologis Inc (b)	349,740		17,085
Tokyo Tatemono Co Ltd	486,700		6,445		Prologis Property Mexico SA de CV	1,736,180		2,392
UNITE Group PLC/The	388,483		2,868		Pure Industrial Real Estate Trust	274,400		1,200
Vonovia SE	127,801		4,187		Sabra Health Care REIT Inc (b)	403,646		10,253
		$	133,017		Scentre Group	1,137,773		3,797
REITS - 6.46%					Secure Income REIT Plc	244,174		976
Agree Realty Corp	84,605		3,968		Sekisui House Reit Inc	4,185		5,635
AIMS AMP Capital Industrial REIT	3,969,750		3,827		Senior Housing Properties Trust	436,114		8,308
Alexandria Real Estate Equities Inc	106,105		11,759		Simon Property Group Inc (b)	235,773		43,328
Altarea SCA	20,835		3,940		SL Green Realty Corp	90,820		9,897
American Tower Corp	55,974		5,793		Spirit Realty Capital Inc	1,555,862		16,368
Apartment Investment & Management Co	285,428		12,579		Spring Real Estate Investment Trust	10,936,000		4,419
					STAG Industrial Inc	480,835		11,126

See accompanying notes.

37

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)				Shares Held		Value(000	's)
REITS (continued)					Water (continued)
Stockland	2,503,239	$	8,260		United Utilities Group PLC				789,626	$	9,145
STORE Capital Corp	475,657		11,254							$	25,522
Summit Hotel Properties Inc	240,489		3,807		TOTAL COMMON STOCKS					$	3,029,151
Sun Communities Inc	207,568		16,348		INVESTMENT COMPANIES - 2.21%				Shares Held		Value(000	's)
Sunstone Hotel Investors Inc	557,814		8,211		Money Market Funds - 2.21%
Vastned Retail NV	98,001		3,613		BlackRock Liquidity Funds FedFund Portfolio				83,109,766		83,110
Ventas Inc	181,213		11,175		Goldman Sachs Financial Square Funds -				28,338,520		28,338
Viva Energy REIT	2,114,813		3,608		Government Fund
Viva Industrial Trust	4,218,500		2,287		Morgan Stanley Institutional Liquidity Funds -				97,056,409		97,056
Welltower Inc	89,651		5,944		Government Portfolio
WPT Industrial Real Estate Investment Trust	403,829		4,737		Wells Fargo Advantage Government Money				37,085,786		37,086
		$	716,856		Market Fund
Retail - 0.29%										$	245,590
CVS Health Corp	258,980		20,410		TOTAL INVESTMENT COMPANIES					$	245,590
JB Hi-Fi Ltd	92,886		1,948		CONVERTIBLE PREFERRED STOCKS -
Wal-Mart Stores Inc	150,413		10,039		0.04%				Shares Held		Value(000	's)
		$	32,397		Banks - 0.04%
Savings & Loans - 0.02%					Wells Fargo & Co 7.50%(g)				3,902	$	4,687
Provident Financial Services Inc	81,995		2,170
					TOTAL CONVERTIBLE PREFERRED STOCKS					$	4,687
Semiconductors - 0.40%					PREFERRED STOCKS - 1.73%				Shares Held		Value(000	's)
BE Semiconductor Industries NV	50,611		1,827		Banks - 0.74%
CEVA Inc (a),(c),(e)	123		15
					AgriBank FCB 6.88%(g),(h)				33,000		3,514
Intel Corp	535,855		19,730		Bank of America Corp 6.63%(g)				18,146		468
Microchip Technology Inc	43,572		2,935		Bank of New York Mellon Corp/The				7,549		187
Powertech Technology Inc	971,000		2,661		5.20%(g)
Samsung Electronics Co Ltd	3,703		6,298		Barclays Bank PLC 8.13%(g)				152,120		3,925
Silicon Motion Technology Corp ADR	19,944		780		Citigroup Inc 6.88%(g),(h)				163,700		4,552
Sumco Corp	178,200		2,786		Citigroup Inc 7.13%(g),(h)				223,000		6,237
Taiwan Semiconductor Manufacturing Co Ltd	1,313,000		7,824		CoBank ACB 6.20%(g),(h)				7,000		712
		$	44,856		CoBank ACB 6.25%(g),(h)				51,000		5,189
Software - 0.67%					Fifth Third Bancorp 6.63%(g),(h)				209,585		5,856
Aspect Software Inc (a),(d),(e)	386,408		6,569		Goldman Sachs Group Inc/The 5.50%(g),(h)				32,200		825
CA Inc	175,806		5,497		Huntington Bancshares Inc/OH 6.25%(g)				117,900		3,049
InterXion Holding NV (a)	341,007		13,105		ING Groep NV 6.13%(g)				132,464		3,347
Microsoft Corp (b)	766,104		49,529		Itau Unibanco Holding SA 0.18%(h)				368,400		4,353
		$	74,700		JPMorgan Chase & Co 6.10%(g)				23,400		603
Storage & Warehousing - 0.04%					KeyCorp	6.13%(g),(h)			40,000		1,096
Safestore Holdings PLC	1,018,258		4,753		KeyCorp 8.63%(g),(h)				39,846		1,018
					M&T Bank Corp			6.38%(g),(h)	1,505		1,550
Supranational Bank - 0.02%					Morgan Stanley			5.85%(g),(h)	60,000		1,507
Banco Latinoamericano de Comercio Exterior	59,999		1,632		Morgan Stanley			7.13%(g),(h)	4,021		116
SA					PNC Financial Services Group Inc/The				229,420		6,506
					6.13%(g),(h)
Telecommunications - 1.21%					Royal Bank of Scotland Group PLC 5.75%(g)				186,878		4,579
AT&T Inc (b)	617,051		26,015		State Street Corp 5.25%(g)				218,193		5,348
BCE Inc (b)	260,000		11,731		State Street Corp 5.90%(g),(h)				65,000		1,708
Cisco Systems Inc	465,214		14,291		TCF Financial Corp 7.50%(g)				48,227		1,247
Deutsche Telekom AG	367,168		6,428		US Bancorp 6.00%(g),(h)				353,839		8,991
Frontier Communications Corp	731,000		2,551		Valley National Bancorp 6.25%(g),(h)				184,000		5,152
Infrastrutture Wireless Italiane SpA (f)	839,860		3,980		Wells Fargo & Co 6.63%(g),(h)				1,861		53
KDDI Corp	133,700		3,592							$	81,688
Level 3 Communications Inc (a)	40,000		2,379
					Diversified Financial Services - 0.04%
Mobile TeleSystems PJSC ADR	145,104		1,519		Affiliated Managers Group Inc 6.38%				22,111		562
NTT DOCOMO Inc	199,000		4,758		Charles Schwab Corp/The 6.00%(g)				165,953		4,348
Orange SA	1,375,881		21,360							$	4,910
TELUS Corp	45,200		1,511		Electric - 0.13%
T-Mobile US Inc (a)	95,000		5,916
Verizon Communications Inc (b)	571,367		28,003		Dominion Resources Inc/VA 5.25%				200,000		4,622
					Entergy Arkansas Inc 4.90%				13,112		308
		$	134,034		Entergy Louisiana LLC 4.70%				170,915		3,933
Transportation - 1.35%					Entergy New Orleans Inc 5.00%				52,335		1,228
CSX Corp	743,472		34,490		Interstate Power & Light Co 5.10%(g)				78,658		2,095
East Japan Railway Co	197,200		17,858		NextEra Energy Capital Holdings Inc 5.13%				83,016		1,933
Groupe Eurotunnel SE	1,126,848		10,482							$	14,119
Kamigumi Co Ltd	269,000		2,615		Food - 0.01%
Kansas City Southern	90,745		7,796		Dairy Farmers of America Inc 7.88%(f),(g)				10,000		1,072
Norfolk Southern Corp	247,815		29,109
Sankyu Inc	361,000		2,276		Holding Companies - Diversified - 0.02%
Union Pacific Corp (b)	426,809		45,489
					Itausa - Investimentos Itau SA 0.06%(h)				897,000		2,642
		$	150,115
Water - 0.23%					Insurance - 0.32%
American Water Works Co Inc (b)	223,000		16,377		Aegon NV	6.38%(g)			322,080		8,161
					Aflac Inc	5.50	%		159,572		4,024

See accompanying notes.

38

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

PREFERRED STOCKS (continued)							Shares Held		Value(000			's)			Principal
Insurance (continued)													BONDS (continued)		Amount (000's)     Value (000's)
Allstate Corp/The 6.63%(g)								118,903	$		3,143		Agriculture (continued)
Allstate Corp/The 6.75%(g)								43,356			1,144		Vector Group Ltd (continued)
American Financial Group Inc/OH					5.75	%		1,442			37		7.75%, 02/15/2021		$	7,826	$	8,154
American Financial Group Inc/OH					6.38	%		22,964			590					$		24,363
Arch Capital Group Ltd			5.25%(g)					60,000			1,322		Apparel - 0.02%
Arch Capital Group Ltd			6.75%(g)					92,770			2,357		Hanesbrands Inc
Aspen Insurance Holdings Ltd 7.25%(g)								40,727			1,051		4.63%, 05/15/2024(f)			2,400		2,376
Axis Capital Holdings Ltd 6.88%(g)								138,578			3,512
Hartford Financial Services Group Inc/The								153,051			4,665		Automobile Asset Backed Securities - 0.16%
7.88%(h)													AmeriCredit Automobile Receivables Trust
Protective Life Corp 6.25%								122,005			3,077		2016-3
Reinsurance Group of America Inc 6.20%(h)								22,411			632		1.33%, 11/08/2019(h)			3,500		3,505
RenaissanceRe Holdings Ltd 5.38%(g)								12,525			299		Capital Auto Receivables Asset Trust 2016-2
Torchmark Corp 5.88%								65,202			1,643		1.37%, 01/22/2019(h)			4,876		4,881
									$		35,657		GM Financial Automobile Leasing Trust
Media- 0.01	%												2016-3
Comcast Corp 5.00%								33,511			860		1.14%, 02/20/2019(h)			5,000		5,004
													World Omni Automobile Lease Securitization
REITS- 0.14	%												Trust 2016-A
Digital Realty Trust Inc 6.63%(g)								62,726			1,591		1.18%, 02/15/2019(h)			4,876		4,883
Digital Realty Trust Inc 7.38%(g)								8,320			228					$		18,273
Equity Residential		8.29%(g)						20,702			1,303		Automobile Floor Plan Asset Backed Securities - 0.05%
Kimco Realty Corp		5.50%(g)						68,294			1,591		Nissan Master Owner Trust Receivables
Prologis Inc 8.54%(g)								92,034			5,890		1.17%, 01/15/2020(h)			5,000		5,007
PS Business Parks Inc			6.00%(g)					104,579			2,653
Public Storage 5.88%(g)								57,851			1,485		Automobile Manufacturers - 0.11%
Public Storage 6.00%(g)								20,000			525		BCD Acquisition Inc
Public Storage 6.38%(g)								12,032			322		9.63%, 09/15/2023(f)			7,320		7,832
Ventas Realty LP / Ventas Capital Corp								1,047			27		Fiat Chrysler Finance Europe
5.45%													4.75%, 07/15/2022		EUR	900		1,063
									$		15,615		6.75%, 10/14/2019			1,200		1,470
Savings & Loans - 0.00%													Volvo Treasury AB
Astoria Financial Corp 6.50%(g)								2,980			76		4.20%, 06/10/2075(h)			2,000		2,253
																$		12,618
Telecommunications - 0.20%													Automobile Parts & Equipment - 0.07%
Centaur Funding Corp 9.08%(f)								11,900			14,042		Adient Global Holdings Ltd
Qwest Corp 7.00%								44,419			1,118		3.50%, 08/15/2024			1,000		1,078
Qwest Corp 7.50%								55,306			1,401		Allison Transmission Inc
Telephone & Data Systems Inc				6.88%				16,998			428		5.00%, 10/01/2024(f)		$	2,740		2,760
Telephone & Data Systems Inc				7.00%				115,159			2,916		IHO Verwaltungs GmbH
Verizon Communications Inc				5.90%				65,121			1,721		3.75%, PIK 4.50%, 09/15/2026(j)		EUR	2,500		2,705
									$		21,626		Metalsa SA de CV
Transportation - 0.12%													4.90%, 04/24/2023(f)		$	1,333		1,240
CEVA Group PLC 0.00%(a),(c),(e)								267			55					$		7,783
Seaspan Corp 6.38%(c)								533,750			13,493		Banks- 3.52	%
									$		13,548		ABN AMRO Bank NV
TOTAL PREFERRED STOCKS									$		191,813		6.25%, 09/13/2022(h)			2,000		2,049
							Principal						Akbank TAS
BONDS- 59.82	%						Amount (000's)		Value(000			's)	5.13%, 03/31/2025(f)			4,312		3,934
Advertising - 0.02%													Australia & New Zealand Banking Group
MDC Partners Inc													Ltd/United Kingdom
6.50%, 05/01/2024(f)							$	2,795		$	2,432		6.75%, 12/31/2049(f),(g)			1,000		1,061
													Banco Bilbao Vizcaya Argentaria SA
Aerospace & Defense - 0.43%													9.00%, 12/31/2049(g)			6,000		6,261
Accudyne Industries Borrower / Accudyne													Banco de Bogota SA
Industries LLC													6.25%, 05/12/2026(f)			972		1,010
7.75%, 12/15/2020(f)								19,890			16,907		Banco de Credito del Peru
Embraer Netherlands Finance BV													4.25%, 04/01/2023			669		691
5.40%, 02/01/2027(i)								3,020			3,038		Banco Hipotecario SA
Leonardo SpA													9.75%, 11/30/2020(f)			4,340		4,817
4.50%, 01/19/2021							EUR	3,200			3,898		Banco Inbursa SA Institucion de Banca
TA MFG. Ltd													Multiple
3.63%, 04/15/2023								1,700			1,875		4.13%, 06/06/2024(f)			2,475		2,419
TransDigm Inc													Banco Mercantil del Norte SA
5.50%, 10/15/2020							$	4,730			4,765		5.75%, 10/04/2031(f),(h)			1,760		1,637
6.00%, 07/15/2022								1,500			1,511		Banco Nacional de Comercio Exterior
6.38%, 06/15/2026(f)								16,350			16,105		SNC/Cayman Islands
									$		48,099		3.80%, 08/11/2026(f),(h)			5,907		5,626
Agriculture - 0.22%													3.80%, 08/11/2026(h)			3,884		3,694
Vector Group Ltd													Banco Nacional de Costa Rica
6.13%, 02/01/2025(f)								15,775			16,209		5.88%, 04/25/2021(f)			3,969		4,144
													Banco Santander SA
													6.38%, 12/31/2049(g),(h)			2,000		1,873

See accompanying notes.

39

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

		Principal				Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)	Amount (000's) Value (000's)
Banks (continued)					Banks (continued)
Bancolombia SA					JPMorgan Chase & Co (continued)
5.13%, 09/11/2022	$	5,039	$	5,240	5.30%, 12/31/2049(g),(h)	$	2,000	$	2,058
5.95%, 06/03/2021		2,400		2,635	6.13%, 12/31/2049(g),(h)		4,000		4,124
Bank of America Corp					6.75%, 12/31/2049(g),(h)		19,000		20,794
6.25%, 12/31/2049(g),(h)		4,600		4,802	KeyCorp Capital III
6.50%, 12/31/2049(g),(h)		700		751	7.75%, 07/15/2029		795		948
Bank of Ceylon					Lloyds Bank PLC
6.88%, 05/03/2017		1,495		1,502	12.00%, 12/29/2049(g),(h)		7,000		9,258
Bank of New York Mellon Corp/The					M&T Bank Corp
4.95%, 12/31/2049(g),(h)		4,000		4,095	6.45%, 12/31/2049(g),(h)		535		578
Barclays Bank PLC					Morgan Stanley
7.75%, 04/10/2023(h)		3,000		3,161	5.55%, 12/31/2049(g),(h)		1,250		1,283
Barclays PLC					Nordea Bank AB
6.63%, 12/31/2049(g),(h)		1,961		1,885	5.50%, 12/31/2049(f),(g),(h)		4,100		4,090
8.25%, 12/31/2049(g),(h)		12,587		13,136	5.50%, 12/31/2049(g),(h)		9,000		8,977
BBVA Banco Continental SA					6.13%, 12/31/2049(f),(g),(h)		5,000		4,856
5.00%, 08/26/2022(f)		799		854	NTC Capital II
BBVA Bancomer SA/Texas					1.61%, 04/15/2027(h)		4,830		4,359
6.75%, 09/30/2022(f)		4,529		4,925	PNC Financial Services Group Inc/The
BNP Paribas SA					6.75%, 07/29/2049(g),(h)		8,500		9,339
7.20%, 06/29/2049(f),(g)		4,400		4,768	Provident Funding Associates LP / PFG
7.37%, 12/31/2049(f),(g),(h)		3,000		3,037	Finance Corp
7.63%, 12/31/2049(f),(g),(h)		11,540		12,117	6.75%, 06/15/2021(f)		1,520		1,535
Cadence Financial Corp					Royal Bank of Scotland Group PLC
4.88%, 06/28/2019(c),(f)		3,500		3,410	7.50%, 12/31/2049(g),(h)		6,763		6,560
Citigroup Capital III					7.65%, 08/29/2049(g),(h)		600		693
7.63%, 12/01/2036		8,600		10,150	8.00%, 12/31/2049(g),(h)		600		582
Citizens Financial Group Inc					8.62%, 12/29/2049(g),(h)		7,000		7,228
5.50%, 12/31/2049(g),(h)		6,000		6,019	Sberbank of Russia Via SB Capital SA
Commerzbank AG					5.50%, 02/26/2024(f),(h)		5,776		5,892
8.13%, 09/19/2023(f)		500		570	Societe Generale SA
Cooperatieve Rabobank UA					1.75%, 12/29/2049(f),(g),(h)		3,000		2,925
11.00%, 12/29/2049(f),(g),(h)		9,015		10,548	7.38%, 12/31/2049(f),(g),(h)		6,000		6,011
Corestates Capital III					7.88%, 12/31/2049(f),(g),(h)		2,000		1,955
1.48%, 02/15/2027(f),(h)		500		445	8.00%, 12/31/2049(f),(g),(h)		1,000		1,008
Credit Agricole SA					8.25%, 12/31/2049(g),(h)		7,500		7,791
6.63%, 12/31/2049(f),(g),(h)		4,000		3,935	Standard Chartered PLC
8.12%, 09/19/2033(f),(h)		4,000		4,323	5.70%, 03/26/2044		1,100		1,100
8.38%, 12/31/2049(f),(g),(h)		4,000		4,403	7.01%, 07/29/2049(f),(g)		4,150		4,373
Credit Suisse AG					7.75%, 12/31/2049(f),(g),(h)		8,000		7,970
6.50%, 08/08/2023(f)		2,000		2,143	Turkiye Garanti Bankasi AS
6.50%, 08/08/2023		5,000		5,358	5.25%, 09/13/2022(f)		4,970		4,835
Credit Suisse Group AG					Turkiye Is Bankasi
6.25%, 12/31/2049(f),(g),(h)		3,000		2,959	5.00%, 04/30/2020(f)		1,571		1,538
7.50%, 12/31/2049(f),(g),(h)		1,000		1,058	5.50%, 04/21/2022(f)		770		737
Development Bank of Kazakhstan JSC					Turkiye Vakiflar Bankasi TAO
4.13%, 12/10/2022(f)		6,105		5,952	5.50%, 10/27/2021(f)		4,400		4,202
Dresdner Funding Trust I					UBS Group AG
8.15%, 06/30/2031(f)		4,500		5,209	6.88%, 12/31/2049(g),(h)		5,500		5,478
Finansbank AS/Turkey					US Bancorp
6.25%, 04/30/2019(f)		7,557		7,784	5.12%, 12/31/2049(g),(h)		4,200		4,352
First Maryland Capital I					Wells Fargo & Co
2.02%, 01/15/2027(h)		10,000		9,025	7.98%, 12/31/2049(g),(h)		12,000		12,600
Goldman Sachs Group Inc/The							$		390,418
5.70%, 12/31/2049(g),(h)		2,000		2,064	Beverages - 0.04%
Grupo Aval Ltd					Cott Corp
4.75%, 09/26/2022(f)		1,258		1,262	5.50%, 07/01/2024	EUR	3,400		3,880
HBOS Capital Funding LP
6.85%, 03/29/2049(g)		10,000		10,143	Building Materials - 0.25%
HSBC Capital Funding Dollar 1 LP					BMC East LLC
10.18%, 12/29/2049(f),(g),(h)		4,000		5,940	5.50%, 10/01/2024(f)	$	3,090		3,159
HSBC Holdings PLC					Boise Cascade Co
6.87%, 12/31/2049(g),(h)		14,800		15,718	5.63%, 09/01/2024(f)		2,575		2,620
ICICI Bank Ltd					Builders FirstSource Inc
6.37%, 04/30/2022(h)		900		902	5.63%, 09/01/2024(f)		1,600		1,644
ING Groep NV					Cemex Finance LLC
6.50%, 12/31/2049(g),(h)		1,000		969	9.38%, 10/12/2022(f)		4,482		4,880
Itau Unibanco Holding SA/Cayman Island					Cemex SAB de CV
5.65%, 03/19/2022(f)		2,423		2,514	5.70%, 01/11/2025(f)		6,316		6,388
JPMorgan Chase & Co					6.13%, 05/05/2025(f)		2,781		2,871
5.00%, 12/31/2049(g),(h)		5,455		5,462	7.75%, 04/16/2026(f)		2,192		2,436

See accompanying notes.

40

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
			Principal					Principal
	BONDS (continued)		Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
	Building Materials (continued)						Commercial Mortgage Backed Securities (continued)
	Louisiana-Pacific Corp						CFCRE Commercial Mortgage Trust 2016-
	4.88%, 09/15/2024		$	540	$	539	C6 (continued)
	St Marys Cement Inc Canada						4.23%, 11/10/2049(h)	$	7,500	$	7,405
	5.75%, 01/28/2027(f)			1,467		1,434	Citigroup Commercial Mortgage Trust 2007-
	Votorantim Cimentos SA						C6
	7.25%, 04/05/2041(f)			2,392		2,332	5.71%, 07/10/2017(f),(h)		30,000		22,200
				$		28,303	5.71%, 12/10/2049(h)		19,345		14,308
	Chemicals - 0.67%						Citigroup Commercial Mortgage Trust 2012-
	A Schulman Inc						GC8
	6.88%, 06/01/2023(f)			2,405		2,537	4.88%, 09/10/2045(f),(h)		1,875		1,522
	Alpha 3 BV / Alpha US Bidco Inc						Citigroup Commercial Mortgage Trust 2013-
	6.25%, 02/01/2025(f)			1,100		1,100	GC15
	Axalta Coating Systems Dutch Holding B						4.25%, 09/10/2046(f),(h)		16,492		11,744
	BV						5.11%, 09/10/2046(f),(h)		7,700		7,338
	3.75%, 01/15/2025		EUR	2,700		2,988	Citigroup Commercial Mortgage Trust 2014-
	Blue Cube Spinco Inc						GC19
	9.75%, 10/15/2023		$	2,000		2,375	1.24%, 03/10/2047(f),(h),(k)		15,244		977
	Braskem America Finance Co						4.90%, 03/10/2047(f),(h)		3,425		3,075
	7.13%, 07/22/2041(f)			4,235		4,423	4.90%, 03/10/2047(h)		4,150		4,387
	Braskem Finance Ltd						Citigroup Commercial Mortgage Trust 2014-
	5.75%, 04/15/2021			1,018		1,074	GC23
	5.75%, 04/15/2021(f)			4,345		4,584	1.30%, 07/10/2047(f),(h),(k)		55,444		3,797
	7.38%, 10/29/2049(f),(g)			1,533		1,518	Citigroup Commercial Mortgage Trust 2015-
	CF Industries Inc						GC27
	5.15%, 03/15/2034			4,055		3,720	4.43%, 02/10/2048(h)		10,000		9,408
	Consolidated Energy Finance SA						Citigroup Commercial Mortgage Trust 2016-
	6.75%, 10/15/2019(f)			6,898		6,915	C1
	Equate Petrochemical BV						1.95%, 05/10/2049(h),(k)		37,797		4,896
	3.00%, 03/03/2022(f),(h)			1,049		1,017	Citigroup Commercial Mortgage Trust 2016-
	4.25%, 11/03/2026(f)			6,665		6,549	GC37
	Hexion Inc						1.81%, 04/10/2049(h),(k)		15,285		1,848
	6.63%, 04/15/2020			15,560		14,510	COMM 2012-CCRE1 Mortgage Trust
	INEOS Group Holdings SA						2.46%, 05/15/2045(f)		13,993		10,025
	5.75%, 02/15/2019		EUR	1,800		1,979	5.35%, 05/15/2045(f),(h)		8,889		9,017
	Mexichem SAB de CV						COMM 2012-CCRE4 Mortgage Trust
	5.88%, 09/17/2044(f)		$	1,947		1,757	4.57%, 10/15/2045(f),(h)		5,000		4,606
	OCP SA						COMM 2012-CCRE5 Mortgage Trust
	5.63%, 04/25/2024(f)			794		824	4.33%, 12/10/2045(f),(h)		3,475		3,295
	Platform Specialty Products Corp						4.33%, 12/10/2045(f),(h)		7,500		6,746
	6.50%, 02/01/2022(f)			8,649		8,822	COMM 2013-CCRE11 Mortgage Trust
	PSPC Escrow Corp						0.87%, 10/10/2046(e),(f),(h),(k)		40,266		1,776
	6.00%, 02/01/2023		EUR	2,700		3,003	4.37%, 10/10/2046(f),(h)		5,108		3,714
	Solvay Finance SA						5.17%, 10/10/2046(f),(h)		8,519		8,333
	5.87%, 12/31/2049(g),(h)			900		1,073	Comm 2013-CCRE13 Mortgage Trust
	Trinseo Materials Operating SCA / Trinseo						4.75%, 12/10/2023(f),(h)		6,421		6,063
	Materials Finance Inc						4.75%, 12/10/2023(f),(h)		18,660		13,740
	6.38%, 05/01/2022			3,200		3,691	COMM 2013-CCRE6 Mortgage Trust
				$		74,459	1.47%, 03/10/2046(h),(k)		85,719		3,200
	Coal- 0.50	%					4.17%, 03/10/2046(f),(h)		12,700		11,618
	CONSOL Energy Inc						4.17%, 03/10/2046(f),(h)		10,500		8,023
	5.88%, 04/15/2022		$	6,545		6,332	COMM 2013-CCRE7 Mortgage Trust
	8.00%, 04/01/2023			5,300		5,433	4.35%, 03/10/2046(f),(h)		7,500		6,886
	Foresight Energy LLC / Foresight Energy						COMM 2013-LC6 Mortgage Trust
	Finance Corp						4.28%, 01/10/2046(f),(h)		5,205		4,822
	10.00%, PIK 1.00%, 08/15/2021(f),(h),(j)			42,809		43,665	COMM 2014-CCRE15 Mortgage Trust
				$		55,430	4.26%, 02/10/2047(f),(h)		5,414		3,683
	Commercial Mortgage Backed Securities - 12.70%						COMM 2014-CCRE17 Mortgage Trust
	Banc of America Merrill Lynch Commercial						0.33%, 05/10/2047(f),(h),(k)		44,717		859
	Mortgage Inc						0.80%, 05/10/2047(f),(h),(k)		62,604		3,443
	4.77%, 07/10/2043			14,250		5,780	4.30%, 05/10/2047(f),(h)		5,311		3,228
	4.85%, 07/10/2043			9,500		712	4.80%, 05/10/2047(f),(h)		12,469		11,457
	5.40%, 11/10/2042(h)			3,044		2,423	COMM 2014-CCRE21 Mortgage Trust
	CD 2006-CD2 Mortgage Trust						1.42%, 12/10/2047(f),(h),(k)		20,879		1,839
	5.46%, 01/15/2046(h)			5,839		4,496	COMM 2014-LC17 Mortgage Trust
	CD 2007-CD4 Commercial Mortgage Trust						3.11%, 10/10/2047(f)		4,383		2,480
	5.40%, 12/11/2049			37,311		33,580	3.69%, 10/10/2047(f),(h)		4,133		2,844
	CFCRE Commercial Mortgage Trust 2011-						Comm 2014-UBS2 Mortgage Trust
	C1						5.01%, 03/10/2047(f),(h)		13,190		11,418
	5.86%, 04/15/2044(f),(h)			5,550		5,974	COMM 2014-UBS3 Mortgage Trust
	CFCRE Commercial Mortgage Trust 2016-						1.29%, 06/10/2047(f),(h),(k)		60,721		4,036
	C6
	1.22%, 11/10/2049(h),(k)			45,442		3,936

See accompanying notes.

41

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)		Value(000	's)	BONDS (continued)	Amount (000's) Value (000's)
Commercial Mortgage Backed Securities (continued)					Commercial Mortgage Backed Securities (continued)
COMM 2014-UBS3 Mortgage					GS Mortgage Securities Trust 2012-GCJ7
Trust (continued)					5.72%, 05/10/2045(f),(h)	$	7,429	$	7,281
4.81%, 06/10/2047(f),(h)	$	21,861	$ 18,102		GS Mortgage Securities Trust 2012-GCJ9
COMM 2014-UBS5 Mortgage Trust					4.85%, 11/10/2045(f),(h)		5,000		4,709
3.49%, 09/10/2047(f),(h)		10,000	7,555		4.85%, 11/10/2045(f),(h)		8,500		6,613
COMM 2014-UBS6 Mortgage Trust					GS Mortgage Securities Trust 2013-GC16
0.50%, 12/10/2047(f),(h),(k)		60,589	1,935		3.50%, 11/10/2046(f),(h)		2,500		1,685
COMM 2015-LC23 Mortgage Trust					5.32%, 11/10/2046(f),(h)		3,544		3,386
3.65%, 10/10/2053(f),(h)		6,000	5,074		GS Mortgage Securities Trust 2013-GCJ14
COMM 2016-COR1 Mortgage Trust					4.76%, 08/10/2046(f),(h)		10,313		9,979
1.49%, 10/10/2049(h),(k)		45,926	4,457		4.76%, 08/10/2046(f),(h)		7,742		5,986
4.40%, 10/10/2049(h)		5,000	4,856		4.76%, 08/10/2046(f),(h)		2,500		1,859
Commercial Mortgage Pass Through					GS Mortgage Securities Trust 2014-GC26
Certificates					1.20%, 11/10/2047(f),(h),(k)		29,811		2,346
3.50%, 02/10/2047(f)		18,498	11,481		4.51%, 11/10/2047(f),(h)		2,570		2,169
Commercial Mortgage Trust 2007-GG9					JP Morgan Chase Commercial Mortgage
5.51%, 03/10/2039		43,926	41,838		Securities Trust 2005-CIBC12
5.53%, 03/10/2039		14,000	7,797		4.99%, 09/12/2037		43		43
Credit Suisse Commercial Mortgage Trust					JP Morgan Chase Commercial Mortgage
Series 2007-C1					Securities Trust 2005-LDP1
5.46%, 02/15/2040		30,000	15,300		5.81%, 03/15/2046(f),(h)		231		231
Credit Suisse Commercial Mortgage Trust					JP Morgan Chase Commercial Mortgage
Series 2007-C5					Securities Trust 2005-LDP4
0.40%, 09/15/2040(f),(h),(k)		195,437	219		5.13%, 10/15/2042		5,286		5,273
CSAIL 2015-C1 Commercial Mortgage Trust					JP Morgan Chase Commercial Mortgage
0.50%, 04/15/2050(f),(h),(k)		62,192	2,066		Securities Trust 2006-CIBC16
DBUBS 2011-LC1 Mortgage Trust					5.62%, 05/12/2045		17,532		14,992
0.30%, 11/10/2046(f),(h),(k)		142,384	1,608		JP Morgan Chase Commercial Mortgage
DBUBS 2011-LC2 Mortgage Trust					Securities Trust 2006-CIBC17
1.14%, 07/10/2044(f),(h),(k)		11,236	410		5.49%, 12/12/2043		29,118		12,321
DBUBS 2011-LC3 Mortgage Trust					JP Morgan Chase Commercial Mortgage
3.75%, 08/10/2044(f)		12,029	9,618		Securities Trust 2006-LDP6
Freddie Mac Multifamily Structured Pass					5.65%, 04/15/2043(h)		403		402
Through Certificates					JP Morgan Chase Commercial Mortgage
0.73%, 03/25/2020(h),(k)		148,619	2,619		Securities Trust 2006-LDP7
1.14%, 01/25/2021(h),(k)		59,425	2,270		5.93%, 04/17/2045(h)		9,000		6,994
1.32%, 04/25/2017(h),(k)		27,394	49		JP Morgan Chase Commercial Mortgage
1.34%, 11/25/2019(h),(k)		53,843	1,568		Securities Trust 2006-LDP9
1.40%, 08/25/2020(h),(k)		27,385	999		5.34%, 05/15/2047		1,000		986
1.46%, 04/25/2041(h),(k)		86,714	3,646		JP Morgan Chase Commercial Mortgage
1.59%, 05/25/2041(h),(k)		159,348	13,375		Securities Trust 2007-CIBC19
1.62%, 08/25/2040(h),(k)		73,469	2,674		5.73%, 02/12/2049(h)		35,000		28,136
1.66%, 07/25/2041(h),(k)		166,791	14,566		JP Morgan Chase Commercial Mortgage
1.66%, 06/25/2042(h),(k)		13,000	444		Securities Trust 2007-CIBC20
1.70%, 04/25/2045(h),(k)		48,322	1,620		6.26%, 02/12/2051(f),(h)		5,755		4,304
1.87%, 05/25/2040(h),(k)		100,659	8,439		JP Morgan Chase Commercial Mortgage
1.90%, 11/25/2039(h),(k)		68,598	2,237		Securities Trust 2010-CNTR
2.00%, 09/25/2039(h),(k)		32,000	963		1.98%, 08/05/2032(f),(h),(k)		11,585		583
2.10%, 10/25/2025(h),(k)		47,224	1,402		JP Morgan Chase Commercial Mortgage
2.21%, 12/25/2039(h),(k)		25,654	2,404		Securities Trust 2011-C3
2.25%, 01/25/2041(h),(k)		15,544	1,259		4.41%, 02/15/2046(f)		4,330		3,626
2.52%, 07/25/2039(h),(k)		89,000	2,788		JP Morgan Chase Commercial Mortgage
2.58%, 11/25/2041(h),(k)		103,647	11,176		Securities Trust 2011-C5
2.58%, 12/25/2043(h),(k)		72,451	6,603		4.00%, 08/15/2046(f)		6,000		4,827
2.80%, 08/25/2039(h),(k)		38,877	4,334		5.41%, 08/15/2046(f),(h)		4,844		4,974
2.81%, 01/25/2043(h),(k)		85,739	8,505		JP Morgan Chase Commercial Mortgage
3.21%, 02/25/2042(h),(k)		91,849	10,984		Securities Trust 2012-C6
3.61%, 06/25/2041(h),(k)		4,400	598		2.97%, 05/15/2045(f)		7,500		5,531
4.63%, 11/25/2044(h),(k)		1,800	277		JP Morgan Chase Commercial Mortgage
FREMF 2011-K704 Mortgage Trust					Securities Trust 2012-C8
0.10%, 10/25/2030(f),(h),(k)		554,298	664		2.75%, 10/15/2045(f),(h)		8,553		6,096
FREMF 2016-KBAM Mortgage Trust					JP Morgan Chase Commercial Mortgage
7.84%, 09/25/2022(e),(f),(h)		72,756	70,074		Securities Trust 2013-C10
GS Mortgage Securities Corp II					0.35%, 12/15/2047(f),(h),(k)		276,436		5,261
3.38%, 05/10/2050(h)		4,500	3,178		JP Morgan Chase Commercial Mortgage
GS Mortgage Securities Trust 2010-C1					Securities Trust 2013-C16
1.42%, 08/10/2043(f),(h),(k)		44,476	1,797		1.23%, 12/15/2046(f),(h),(k)		20,750		1,331
GS Mortgage Securities Trust 2010-C2					3.74%, 12/15/2046(f)		10,000		7,167
5.18%, 12/10/2043(f),(h)		5,000	5,055		4.97%, 12/15/2046(f),(h)		16,203		15,648
GS Mortgage Securities Trust 2011-GC5
5.40%, 08/10/2044(f),(h)		3,660	3,164
GS Mortgage Securities Trust 2012-GC6
0.20%, 01/10/2045(f),(h),(k)		226,505	2,052

See accompanying notes.

42

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
		Principal					Principal
	BONDS (continued)	Amount (000's)		Value(000	's)	BONDS (continued)	Amount (000's)    Value (000's)
	Commercial Mortgage Backed Securities (continued)					Commercial Mortgage Backed Securities (continued)
	JP Morgan Chase Commercial Mortgage					LB-UBS Commercial Mortgage Trust 2007-
	Securities Trust 2013-LC11					C6 (continued)
	1.01%, 04/15/2046(f),(h),(k)	$	49,841	$ 2,396		6.20%, 07/15/2040(h)	$	8,841	$	8,489
	1.43%, 04/15/2046(h),(k)		66,907	3,963		LB-UBS Commercial Mortgage Trust 2007-
	JP Morgan Chase Commercial Mortgage					C7
	Securities Trust 2014-C20					6.25%, 09/15/2045(h)		8,845		8,758
	1.13%, 07/15/2047(h),(k)		94,049	4,405		LB-UBS Commercial Mortgage Trust 2008-
	JP Morgan Chase Commercial Mortgage					C1
	Securities Trust 2016-JP3					6.12%, 04/15/2041(h)		11,154		5,466
	3.48%, 08/15/2049(h)		4,000	3,779		Merrill Lynch Mortgage Trust 2006-C1
	JPMBB Commercial Mortgage Securities					5.66%, 05/12/2039(h)		15,000		11,700
	Trust 2013-C12					Merrill Lynch Mortgage Trust 2007-C1
	4.09%, 07/15/2045(h)		13,826	12,432		5.83%, 06/12/2050(h)		15,870		163
	JPMBB Commercial Mortgage Securities					5.83%, 06/12/2050(h)		5,804		58
	Trust 2013-C15					ML-CFC Commercial Mortgage Trust 2006-
	1.49%, 11/15/2045(f),(h),(k)		11,500	905		3
	3.50%, 11/15/2045(f)		9,191	6,520		5.52%, 07/12/2046(h)		11,938		11,924
	5.05%, 11/15/2045(f),(h)		23,750	22,905		5.55%, 07/12/2046(h)		2,500		2,389
	JPMBB Commercial Mortgage Securities					ML-CFC Commercial Mortgage Trust 2007-
	Trust 2014-C18					5
	1.08%, 02/15/2047(h),(k)		57,346	2,662		5.45%, 08/12/2048		15,070		13,337
	4.81%, 02/15/2047(f),(h)		7,850	6,807		ML-CFC Commercial Mortgage Trust 2007-
	JPMBB Commercial Mortgage Securities					9
	Trust 2014-C19					6.18%, 09/12/2049(h)		30,490		21,405
	4.67%, 04/15/2047(f),(h)		1,200	1,054		Morgan Stanley Bank of America Merrill
	4.67%, 04/15/2047(h)		3,000	3,053		Lynch Trust 2012-C5
	JPMBB Commercial Mortgage Securities					0.08%, 08/15/2045(f),(h),(k)		221,584		1,007
	Trust 2014-C21					4.68%, 08/15/2045(f),(h)		6,787		6,586
	1.09%, 08/15/2047(h),(k)		44,177	2,615		Morgan Stanley Bank of America Merrill
	JPMBB Commercial Mortgage Securities					Lynch Trust 2013-C10
	Trust 2014-C23					4.08%, 07/15/2046(f),(h)		5,609		5,164
	0.84%, 09/15/2047(h),(k)		289,856	10,327		Morgan Stanley Bank of America Merrill
	JPMBB Commercial Mortgage Securities					Lynch Trust 2013-C11
	Trust 2014-C24					0.54%, 08/15/2046(h),(k)		148,716		2,472
	3.93%, 11/15/2047(f),(h)		20,500	16,152		Morgan Stanley Bank of America Merrill
	JPMBB Commercial Mortgage Securities					Lynch Trust 2013-C13
	Trust 2014-C26					4.89%, 11/15/2046(f),(h)		5,462		5,225
	4.43%, 01/15/2048(h)		5,000	5,023		Morgan Stanley Bank of America Merrill
	JPMBB Commercial Mortgage Securities					Lynch Trust 2013-C8
	Trust 2015-C28					1.04%, 12/15/2048(h),(k)		91,417		4,364
	0.50%, 10/15/2048(f),(h),(k)		54,005	1,777		4.06%, 12/15/2048(f),(h)		18,500		16,767
	1.19%, 10/15/2048(h),(k)		62,384	3,697		Morgan Stanley Bank of America Merrill
	4.24%, 10/15/2048(h)		8,600	8,017		Lynch Trust 2013-C9
	JPMBB Commercial Mortgage Securities					4.15%, 05/15/2046(f),(h)		4,150		3,132
	Trust 2015-C29					Morgan Stanley Bank of America Merrill
	3.70%, 05/15/2048(h)		4,500	3,326		Lynch Trust 2014-C14
	JPMBB Commercial Mortgage Securities					4.83%, 02/15/2047(h)		6,750		7,006
	Trust 2015-C30					4.83%, 02/15/2047(f),(h)		10,331		7,797
	0.70%, 07/15/2048(h),(k)		83,307	2,943		Morgan Stanley Bank of America Merrill
	JPMBB Commercial Mortgage Securities					Lynch Trust 2014-C15
	Trust 2015-C31					0.89%, 04/15/2047(e),(f),(h),(k)		67,485		3,965
	0.50%, 08/15/2048(f),(h),(k)		42,377	1,430		4.89%, 04/15/2047(f),(h)		8,786		8,051
	LB Commercial Mortgage Trust 2007-C3					4.89%, 04/15/2047(f),(h)		4,000		2,994
	5.92%, 07/15/2044(h)		5,000	4,906		Morgan Stanley Bank of America Merrill
	5.92%, 07/15/2044(h)		12,738	12,011		Lynch Trust 2014-C16
LB	-UBS Commercial Mortgage Trust 2003-					4.26%, 06/15/2047(f),(h)		17,104		12,156
	C8					4.76%, 06/15/2047(f),(h)		12,500		11,096
	0.28%, 09/15/2037(f),(h),(k)		727	1		Morgan Stanley Bank of America Merrill
LB	-UBS Commercial Mortgage Trust 2004-					Lynch Trust 2014-C18
	C1					0.98%, 10/15/2047(h),(k)		191,951		7,144
	5.00%, 01/15/2036		1,000	40		4.49%, 10/15/2047		4,408		4,421
LB	-UBS Commercial Mortgage Trust 2005-					Morgan Stanley Bank of America Merrill
	C3					Lynch Trust 2015-C20
	4.95%, 07/15/2040(h)		1,034	1,070		1.39%, 02/15/2048(f),(h),(k)		41,500		3,844
LB	-UBS Commercial Mortgage Trust 2006-					Morgan Stanley Bank of America Merrill
	C6					Lynch Trust 2015-C26
	5.47%, 09/15/2039(h)		8,500	6,774		3.06%, 10/15/2048(f),(h)		2,185		1,671
LB	-UBS Commercial Mortgage Trust 2006-					Morgan Stanley Bank of America Merrill
	C7					Lynch Trust 2016-C29
	5.41%, 11/15/2038		13,503	10,269		1.66%, 05/15/2049(h),(k)		42,286		4,437
LB	-UBS Commercial Mortgage Trust 2007-
	C6
	6.20%, 07/15/2040(h)		13,250	13,008

See accompanying notes.

43

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

		Principal					Principal
BONDS (continued)		Amount (000's)           Value (000's)				BONDS (continued)	Amount (000's)           Value (000's)
Commercial Mortgage Backed Securities (continued)						Commercial Mortgage Backed Securities (continued)
Morgan Stanley Capital I Trust 2011-C3						WFRBS Commercial Mortgage Trust 2013-
0.80%, 07/15/2049(f),(h),(k)		$	24,363	$	653	C11
UBS Commercial Mortgage Trust 2012-C1						4.21%, 03/15/2045(f),(h)	$	10,000	$	7,723
0.35%, 05/10/2045(f),(h),(k)			143,076		2,494	WFRBS Commercial Mortgage Trust 2014-
5.00%, 05/10/2045(f)			8,000		6,599	C20
UBS-Barclays Commercial Mortgage Trust						3.99%, 05/15/2047(f),(h)		10,000		7,622
2012	-C2					WFRBS Commercial Mortgage Trust 2014-
1.63%, 05/10/2063(f),(h),(k)			34,720		1,679	C22
UBS-Barclays Commercial Mortgage Trust						3.91%, 09/15/2057(f),(h)		10,000		7,666
2012	-C3					WFRBS Commercial Mortgage Trust 2014-
4.96%, 08/10/2049(f),(h)			25,827		25,723	C24
4.96%, 08/10/2049(f),(h)			20,994		16,815	3.69%, 11/15/2047(f)		11,047		7,011
UBS-Barclays Commercial Mortgage Trust								$		1,410,520
2012	-C4					Commercial Services - 0.48%
4.50%, 12/10/2045(f),(h)			21,000		20,313	ADT Corp/The
4.50%, 12/10/2045(f),(h)			17,981		14,141	6.25%, 10/15/2021		2,450		2,664
UBS-Barclays Commercial Mortgage Trust						Ahern Rentals Inc
2013	-C5					7.38%, 05/15/2023(f)		2,000		1,870
4.08%, 03/10/2046(f),(h)			9,150		8,369	Atento Luxco 1 SA
4.08%, 03/10/2046(f),(h)			5,759		4,196	7.38%, 01/29/2020		4,642		4,747
Wachovia Bank Commercial Mortgage Trust						ENA Norte Trust
Series 2006-C26						4.95%, 04/25/2028(f)		2,930		3,033
6.11%, 06/15/2045(h)			13,067		9,572	Europcar Groupe SA
Wachovia Bank Commercial Mortgage Trust						5.75%, 06/15/2022	EUR	1,300		1,466
Series 2006-C29						Garda World Security Corp
5.37%, 11/15/2048			1,241		1,240	7.25%, 11/15/2021(f)	$	3,000		2,873
Wachovia Bank Commercial Mortgage Trust						Jaguar Holding Co II / Pharmaceutical Product
Series 2007-C30						Development LLC
5.48%, 12/15/2043			22,500		22,303	6.38%, 08/01/2023(f)		1,675		1,776
Wachovia Bank Commercial Mortgage Trust						Loxam SAS
Series 2007-C34						3.50%, 05/03/2023	EUR	1,300		1,376
6.02%, 05/15/2046(h)			8,718		8,647	Midas Intermediate Holdco II LLC / Midas
Wachovia Commercial Mortgage Securities						Intermediate Holdco II Finance Inc
Inc Commercial Mortgage Pass Through						7.88%, 10/01/2022(f)	$	10,333		10,617
Certificates Series 2003 C5						Prime Security Services Borrower LLC /
2.02%, 06/15/2035(f),(h),(k)			400		—	Prime Finance Inc
Wells Fargo Commercial Mortgage Trust						9.25%, 05/15/2023(f)		8,450		9,158
2010	-C1					ServiceMaster Co LLC/The
0.58%, 11/15/2043(f),(h),(k)			13,678		279	5.13%, 11/15/2024(f)		3,550		3,594
Wells Fargo Commercial Mortgage Trust						Team Health Inc
2014-L	C18					7.25%, 12/15/2023(f)		4,000		4,580
1.18%, 12/15/2047(h),(k)			85,042		5,408	WEX Inc
3.96%, 12/15/2047(f),(h)			13,500		10,856	4.75%, 02/01/2023(f)		6,050		5,997
Wells Fargo Commercial Mortgage Trust								$		53,751
2015	-C28					Computers - 0.28%
4.14%, 05/15/2048(h)			10,000		7,730	Compiler Finance Sub Inc
Wells Fargo Commercial Mortgage Trust						7.00%, 05/01/2021(f)		3,159		1,461
2015-NX	S1					Conduent Finance Inc / Xerox Business
2.88%, 05/15/2048(f),(h)			6,916		4,154	Services LLC
4.10%, 05/15/2048(h)			3,500		2,871	10.50%, 12/15/2024(f)		19,040		21,444
Wells Fargo Commercial Mortgage Trust						Diamond 1 Finance Corp / Diamond 2 Finance
2015-NX	S2					Corp
4.25%, 07/15/2058(h)			9,153		7,154	7.13%, 06/15/2024(f)		7,495		8,206
Wells Fargo Commercial Mortgage Trust								$		31,111
2015-NX	S3					Consumer Products - 0.13%
3.15%, 09/15/2057(f),(h)			5,000		3,463
						ACCO Brands Corp
Wells Fargo Commercial Mortgage Trust						5.25%, 12/15/2024(f)		2,295		2,310
2016	-C34
2.19%, 06/15/2049(h),(k)			36,308		4,834	Central Garden & Pet Co
						6.13%, 11/15/2023		5,200		5,564
Wells Fargo Commercial Mortgage Trust						Prestige Brands Inc
2016	-C36					5.38%, 12/15/2021(f)		6,505		6,700
4.19%, 11/15/2059(h)			4,000		3,946
								$		14,574
Wells Fargo Commercial Mortgage Trust						Credit Card Asset Backed Securities - 0.05%
2016-NX	S5
4.88%, 01/15/2059(h)			7,681		7,957	Barclays Dryrock Issuance Trust
						1.16%, 09/15/2020(h)		5,000		5,007
4.88%, 01/15/2059(h)			4,254		3,985
WFRBS Commercial Mortgage Trust 2011-						Distribution & Wholesale - 0.40%
C4
0.42%, 06/15/2044(f),(h),(k)			90,864		1,354	Alliance Automotive Finance PLC
						6.25%, 12/01/2021	EUR	1,650		1,899
WFRBS Commercial Mortgage Trust 2011-						6.25%, 12/01/2021(f)		500		576
C5
0.12%, 11/15/2044(f),(h),(k)			121,416		713	American Tire Distributors Inc
						10.25%, 03/01/2022(f)	$	31,029		30,176

See accompanying notes.

44

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Distribution & Wholesale (continued)					Electric (continued)
LKQ Corp					Listrindo Capital BV
4.75%, 05/15/2023	$	7,500	$	7,511	4.95%, 09/14/2026(f)	$	502	$	493
VWR Funding Inc					Majapahit Holding BV
4.63%, 04/15/2022	EUR	3,900		4,334	7.75%, 01/20/2020(f)		1,730		1,941
		$		44,496	7.88%, 06/29/2037		1,375		1,676
Diversified Financial Services - 1.09%					NextEra Energy Capital Holdings Inc
Alliance Data Systems Corp					7.30%, 09/01/2067(h)		5,000		5,030
5.38%, 08/01/2022(f)	$	12,045		11,774	NRG Energy Inc
5.88%, 11/01/2021(f)		5,250		5,421	6.63%, 01/15/2027(f)		1,360		1,350
6.38%, 04/01/2020(f)		1,500		1,521	7.25%, 05/15/2026(f)		3,250		3,400
Ally Financial Inc					Pampa Energia SA
5.75%, 11/20/2025		3,435		3,486	7.50%, 01/24/2027(f)		7,780		7,702
American Express Co					Perusahaan Listrik Negara PT
5.20%, 12/31/2049(g),(h)		2,000		2,020	5.50%, 11/22/2021(f)		1,640		1,768
Charles Schwab Corp/The					Terraform Global Operating LLC
7.00%, 02/28/2049(g),(h)		4,198		4,771	9.75%, 08/15/2022(f)		7,585		8,363
Credit Acceptance Corp							$		73,507
7.38%, 03/15/2023		5,979		6,135	Electronics - 0.07%
Depository Trust & Clearing Corp/The					Techem Energy Metering Service GmbH &
4.88%, 12/31/2049(f),(g),(h)		9,000		9,202	Co KG
FBM Finance Inc					7.88%, 10/01/2020	EUR	3,000		3,367
8.25%, 08/15/2021(f)		15,742		16,805	Trionista TopCo GmbH
Jefferies LoanCore LLC / JLC Finance Corp					6.88%, 04/30/2021		4,000		4,534
6.88%, 06/01/2020(f)		4,775		4,632			$		7,901
Lincoln Finance Ltd					Energy - Alternate Sources - 0.17%
6.88%, 04/15/2021(f)	EUR	7,450		8,666	Enviva Partners LP / Enviva Partners Finance
7.38%, 04/15/2021(f)	$	6,550		6,944	Corp
Lock AS					8.50%, 11/01/2021(f)	$	8,230		8,827
5.50%, 08/15/2020(f),(h)	EUR	500		542	Greenko Dutch BV
MBNA Capital B					8.00%, 08/01/2019		3,009		3,193
1.69%, 02/01/2027(h)	$	7,500		6,844	TerraForm Power Operating LLC
National Rural Utilities Cooperative Finance					5.88%, 02/01/2023(f)		4,650		4,778
Corp					6.13%, 06/15/2025(f)		1,675		1,742
5.25%, 04/20/2046(h)		2,200		2,287			$		18,540
Navient Corp					Engineering & Construction - 0.18%
5.88%, 03/25/2021		1,930		1,937	AECOM
7.25%, 09/25/2023		5,350		5,390	5.75%, 10/15/2022		3,500		3,688
NewStar Financial Inc					Aeropuertos Dominicanos Siglo XXI SA
7.25%, 05/01/2020		5,275		5,314	6.75%, 03/30/2029(f)		3,340		3,411
NFP Corp					Michael Baker Holdings LLC / Michael Baker
9.00%, 07/15/2021(f)		11,829		12,406	Finance Corp
Pershing Square Holdings Ltd					9.63%, PIK 9.63%, 04/15/2019(f),(j)		4,783		4,556
5.50%, 07/15/2022(f)		4,500		4,564	Michael Baker International LLC / CDL
		$		120,661	Acquisition Co Inc
Electric - 0.66%					8.25%, 10/15/2018(f)		2,650		2,677
1MDB Energy Ltd					Odebrecht Finance Ltd
5.99%, 05/11/2022		3,500		3,764	5.25%, 06/27/2029(f)		1,832		774
AES Andres BV / Dominican Power Partners /					5.25%, 06/27/2029		4,040		1,707
Empresa Generadora de Electricidad					7.13%, 06/26/2042(f)		2,870		1,241
7.95%, 05/11/2026(f)		3,300		3,453	Pratama Agung Pte Ltd
AES Argentina Generacion SA					6.25%, 02/24/2020		1,540		1,594
7.75%, 02/02/2024(f),(i)		1,265		1,265			$		19,648
Comision Federal de Electricidad					Entertainment - 0.56%
4.75%, 02/23/2027(f)		2,383		2,297	AMC Entertainment Holdings Inc
4.88%, 01/15/2024(f)		891		896	5.88%, 11/15/2026(f)		7,430		7,578
ContourGlobal Power Holdings SA					6.38%, 11/15/2024	GBP	1,800		2,400
5.13%, 06/15/2021(f)	EUR	9,200		10,473	Cinemark USA Inc
Dynegy Inc					4.88%, 06/01/2023	$	1,800		1,813
6.75%, 11/01/2019	$	1,080		1,108	Eldorado Resorts Inc
7.38%, 11/01/2022		4,020		3,970	7.00%, 08/01/2023		3,500		3,728
8.00%, 01/15/2025(f)		905		869	GLP Capital LP / GLP Financing II Inc
Enel SpA					4.88%, 11/01/2020		3,757		3,945
5.00%, 01/15/2075(h)	EUR	2,000		2,283	International Game Technology PLC
6.62%, 09/15/2076(h)	GBP	943		1,260	6.25%, 02/15/2022(f)		9,278		9,887
8.75%, 09/24/2073(f),(h)	$	4,000		4,560	6.50%, 02/15/2025(f)		2,500		2,700
Eskom Holdings SOC Ltd					Lions Gate Entertainment Corp
7.13%, 02/11/2025(f)		4,110		4,153	5.88%, 11/01/2024(f)		2,700		2,747
Greenko Investment Co					National CineMedia LLC
4.88%, 08/16/2023(f)		1,496		1,433	5.75%, 08/15/2026		2,035		2,071
					Penn National Gaming Inc
					5.63%, 01/15/2027(f)		1,770		1,772

See accompanying notes.

45

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

		Principal						Principal
BONDS (continued)		Amount (000's) Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Entertainment (continued)						Forest Products & Paper (continued)
Pinnacle Entertainment Inc						Fibria Overseas Finance Ltd
5.63%, 05/01/2024(f)		$	2,705	$	2,744	5.25%, 05/12/2024		$	1,182	$	1,196
Regal Entertainment Group						5.50%, 01/17/2027			3,890		3,822
5.75%, 03/15/2022			3,522		3,663	Mercer International Inc
Schumann SpA						6.50%, 02/01/2024(e),(f),(i)			440		440
7.00%, 07/31/2023		EUR	2,875		3,196	7.75%, 12/01/2022			3,970		4,248
Snai SpA						Smurfit Kappa Acquisitions
6.38%, 11/07/2021(f)			1,000		1,140	2.75%, 02/01/2025		EUR	2,000		2,191
WMG Acquisition Corp						Tembec Industries Inc
4.13%, 11/01/2024			240		270	9.00%, 12/15/2019(f)		$	3,085		3,124
4.13%, 11/01/2024(f)			1,683		1,894	WEPA Hygieneprodukte GmbH
6.75%, 04/15/2022(f)		$	10,550		11,104	3.75%, 05/15/2024		EUR	1,000		1,127
			$		62,652				$		21,137
Food- 0.98	%					Gas- 0.16	%
Albertsons Cos LLC / Safeway Inc / New						LBC Tank Terminals Holding Netherlands
Albertson's Inc / Albertson's LLC						BV
5.75%, 03/15/2025(f)			2,800		2,783	6.88%, 05/15/2023(f)		$	11,750		12,220
6.63%, 06/15/2024(f)			2,150		2,241	NGL Energy Partners LP / NGL Energy
BI-LO LLC / BI-LO Finance Corp						Finance Corp
9.25%, 02/15/2019(f)			3,345		2,759	6.88%, 10/15/2021			1,340		1,380
Boparan Finance PLC						7.50%, 11/01/2023(f)			2,700		2,842
5.50%, 07/15/2021(h)		GBP	2,350		2,891	Perusahaan Gas Negara Persero Tbk
Campofrio Food Group SA						5.13%, 05/16/2024			1,415		1,469
3.38%, 03/15/2022		EUR	1,000		1,123				$		17,911
Casino Guichard Perrachon SA						Hand & Machine Tools - 0.00%
3.25%, 03/07/2024(h)			2,000		2,385	Stanley Black & Decker Inc
4.05%, 08/05/2026(h)			2,000		2,299	5.75%, 12/15/2053			450		472
Cencosud SA
6.63%, 02/12/2045(f)		$	5,846		5,780	Healthcare - Products - 0.20%
ESAL GmbH						DJO Finco Inc / DJO Finance LLC / DJO
6.25%, 02/05/2023(f)			1,967		1,963	Finance Corp
Grupo Bimbo SAB de CV						8.13%, 06/15/2021(f)			6,000		5,190
4.88%, 06/27/2044(f)			5,000		4,588	Kinetic Concepts Inc / KCI USA Inc
JBS Investments GmbH						7.88%, 02/15/2021(f)			4,050		4,374
7.25%, 04/03/2024(f)			1,900		1,993	9.63%, 10/01/2021(f)			2,365		2,535
JBS USA LUX SA / JBS USA Finance Inc						Mallinckrodt International Finance SA /
5.75%, 06/15/2025(f)			4,023		4,130	Mallinckrodt CB LLC
KeHE Distributors LLC / KeHE Finance						5.75%, 08/01/2022(f)			4,605		4,271
Corp						Universal Hospital Services Inc
7.63%, 08/15/2021(f)			7,775		7,794	7.63%, 08/15/2020			5,685		5,643
Lamb Weston Holdings Inc									$		22,013
4.63%, 11/01/2024(f)			530		531	Healthcare - Services - 2.16%
4.88%, 11/01/2026(f)			1,695		1,697	Acadia Healthcare Co Inc
Marfrig Holdings Europe BV						5.13%, 07/01/2022			6,420		6,436
6.88%, 06/24/2019(f)			3,421		3,573	6.50%, 03/01/2024			2,100		2,181
8.00%, 06/08/2023(f)			2,080		2,192	Centene Corp
Minerva Luxembourg SA						6.13%, 02/15/2024			2,435		2,587
6.50%, 09/20/2026(f)			5,552		5,518	CHS/Community Health Systems Inc
Moy Park BondCo PLC						5.13%, 08/01/2021			1,500		1,414
6.25%, 05/29/2021		GBP	1,500		1,958	DaVita Inc
Pinnacle Foods Finance LLC / Pinnacle Foods						5.75%, 08/15/2022			2,900		3,012
Finance Corp						Envision Healthcare Corp
5.88%, 01/15/2024		$	2,625		2,775	5.13%, 07/01/2022(f)			7,867		8,005
Post Holdings Inc						5.63%, 07/15/2022			2,350		2,421
5.00%, 08/15/2026(f)			9,370		9,059	6.25%, 12/01/2024(f)			3,500		3,684
6.00%, 12/15/2022(f)			5,000		5,250	HCA Inc
6.75%, 12/01/2021(f)			5,900		6,254	4.50%, 02/15/2027			7,325		7,224
Premier Foods Finance PLC						5.00%, 03/15/2024			2,500		2,603
6.50%, 03/15/2021		GBP	900		1,115	5.88%, 02/15/2026			10,200		10,608
Simmons Foods Inc						HealthSouth Corp
7.88%, 10/01/2021(f)		$	12,516		13,111	5.75%, 09/15/2025			2,500		2,506
Tesco PLC						Holding Medi-Partenaires SAS
6.13%, 02/24/2022		GBP	3,900		5,594	7.00%, 05/15/2020		EUR	3,265		3,710
TreeHouse Foods Inc						HomeVi SAS
6.00%, 02/15/2024(f)		$	2,100		2,202	6.88%, 08/15/2021			2,300		2,638
US Foods Inc						6.88%, 08/15/2021(f)			500		574
5.88%, 06/15/2024(f)			5,085		5,314	IASIS Healthcare LLC / IASIS Capital Corp
			$		108,872	8.38%, 05/15/2019		$	11,860		11,296
Forest Products & Paper - 0.19%						Molina Healthcare Inc
Eldorado Intl. Finance GmbH						5.38%, 11/15/2022			2,950		3,046
8.63%, 06/16/2021(f)			5,605		4,989	MPH Acquisition Holdings LLC
						7.13%, 06/01/2024(f)			8,250		8,755

See accompanying notes.

46

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)      Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Healthcare - Services (continued)					Insurance (continued)
Opal Acquisition Inc					Glen Meadow Pass-Through Trust
8.88%, 12/15/2021(f)	$	49,086	$	42,091	6.51%, 02/12/2067(f),(h)	$	3,000	$	2,557
RegionalCare Hospital Partners Holdings Inc					Great-West Life & Annuity Insurance Capital
8.25%, 05/01/2023(f)		25,040		25,854	LP
Select Medical Corp					6.63%, 11/15/2034(f)		2,400		2,575
6.38%, 06/01/2021		6,511		6,446	HUB International Ltd
Surgery Center Holdings Inc					7.88%, 10/01/2021(f)		5,200		5,447
8.88%, 04/15/2021(f)		18,250		19,756	9.25%, 02/15/2021(f)		15,090		15,600
Surgical Care Affiliates Inc					Ironshore Holdings US Inc
6.00%, 04/01/2023(f)		3,650		3,951	8.50%, 05/15/2020(f)		3,410		3,950
Synlab Bondco PLC					Liberty Mutual Group Inc
6.25%, 07/01/2022	EUR	4,000		4,698	7.80%, 03/07/2087(f)		9,861		11,266
Tenet Healthcare Corp					Liberty Mutual Insurance Co
5.00%, 03/01/2019	$	5,170		5,086	7.70%, 10/15/2097(f)		946		1,163
5.50%, 03/01/2019		1,000		994	Lincoln National Corp
6.00%, 10/01/2020		2,750		2,901	3.26%, 05/17/2066(h)		3,802		3,251
6.75%, 06/15/2023		37,725		35,650	6.05%, 04/20/2067(h)		5,584		4,635
7.50%, 01/01/2022(f)		2,395		2,569	MetLife Capital Trust IV
Tennessee Merger Sub Inc					7.88%, 12/15/2067(f)		5,000		6,225
6.38%, 02/01/2025(f),(i)		6,535		6,421	MetLife Capital Trust X
WellCare Health Plans Inc					9.25%, 04/08/2068(f)		11,000		15,235
5.75%, 11/15/2020		600		619	MetLife Inc
		$		239,736	6.40%, 12/15/2066(h)		6,800		7,378
Holding Companies - Diversified - 0.92%					Provident Financing Trust I
CeramTec Group GmbH					7.41%, 03/15/2038		4,400		4,807
8.25%, 08/15/2021	EUR	4,300		4,952	Prudential Financial Inc
Dubai Holding Commercial Operations MTN					5.88%, 09/15/2042(h)		3,700		3,950
Ltd					Prudential PLC
6.00%, 02/01/2017	GBP	4,650		5,850	7.75%, 12/31/2049(g)		2,215		2,270
HRG Group Inc					Reinsurance Group of America Inc
7.75%, 01/15/2022	$	82,666		86,902	3.63%, 12/15/2065(h)		5,000		4,495
ProGroup AG					USI Inc/NY
5.13%, 05/01/2022	EUR	3,300		3,791	7.75%, 01/15/2021(f)		13,774		14,067
Sinochem Overseas Capital Co Ltd					Voya Financial Inc
6.30%, 11/12/2040	$	950		1,148	5.65%, 05/15/2053(h)		19,800		19,899
		$		102,643	XLIT Ltd
Home Builders - 0.11%					6.50%, 12/31/2049(g),(h)		2,100		1,769
Beazer Homes USA Inc							$		208,426
8.75%, 03/15/2022(f)		2,645		2,876	Internet - 0.30%
Mattamy Group Corp					EIG Investors Corp
6.88%, 12/15/2023(f)		4,090		4,213	10.88%, 02/01/2024(f)		4,125		4,135
Woodside Homes Co LLC / Woodside Homes					Netflix Inc
Finance Inc					4.38%, 11/15/2026(f)		3,085		3,027
6.75%, 12/15/2021(f)		5,700		5,543	5.50%, 02/15/2022		7,460		7,991
		$		12,632	TIBCO Software Inc
Insurance - 1.88%					11.38%, 12/01/2021(f)		4,850		5,335
ACE Capital Trust II					Zayo Group LLC / Zayo Capital Inc
9.70%, 04/01/2030		4,000		5,920	5.75%, 01/15/2027(f)		3,150		3,225
AG Insurance SA					6.38%, 05/15/2025		8,590		9,090
6.75%, 03/29/2049(g),(h)		3,000		3,159			$		32,803
AIG Life Holdings Inc					Investment Companies - 0.01%
8.50%, 07/01/2030		5,400		6,831	GrupoSura Finance SA
Alliant Holdings Intermediate LLC					5.50%, 04/29/2026(f)		1,377		1,438
8.25%, 08/01/2023(f)		39,218		41,424
Allstate Corp/The					Iron & Steel - 0.73%
5.75%, 08/15/2053(h)		100		105	ABJA Investment Co Pte Ltd
American Equity Investment Life Holding					4.85%, 01/31/2020		914		936
Co					5.95%, 07/31/2024		855		874
6.63%, 07/15/2021		2,890		3,027	AK Steel Corp
American International Group Inc					7.50%, 07/15/2023		2,660		2,914
8.18%, 05/15/2068		1,500		1,920	7.63%, 05/15/2020		2,515		2,565
Aviva PLC					ArcelorMittal
8.25%, 04/29/2049(g)		350		364	3.00%, 04/09/2021	EUR	2,300		2,612
AXA SA					8.00%, 10/15/2039(h)	$	6,815		7,582
8.60%, 12/15/2030		6,332		8,770	Evraz Group SA
Catlin Insurance Co Ltd					6.50%, 04/22/2020		7,941		8,427
7.25%, 07/29/2049(f),(g)		6,150		5,489	Material Sciences Corp
Chubb Corp/The					14.00%, 06/22/2022(c),(d),(e)		20,390		18,759
6.38%, 03/29/2067(h)		900		878	Optima Specialty Steel
					0.00%, 12/30/2016(a),(c),(d),(e)		14,740		13,433
					Samarco Mineracao SA
					0.00%, 11/01/2022(a),(f)		3,100		2,049

See accompanying notes.

47

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

		Principal					Principal
BONDS (continued)		Amount (000's)   Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Iron & Steel (continued)						Media (continued)
Samarco Mineracao SA (continued)						Clear Channel Worldwide Holdings Inc
0.00%, 10/24/2023(a),(f)		$	2,300	$	1,530	6.50%, 11/15/2022	$	7,400	$	7,466
Signode Industrial Group Lux SA/Signode						7.63%, 03/15/2020		44,349		44,460
Industrial Group US Inc						7.63%, 03/15/2020		5,140		4,999
6.38%, 05/01/2022(f)			7,995		8,115	CSC Holdings LLC
thyssenkrupp AG						5.25%, 06/01/2024		7,000		7,035
4.00%, 08/27/2018		EUR	1,700		1,941	5.50%, 04/15/2027(f)		1,230		1,248
Vale Overseas Ltd						6.63%, 10/15/2025(f)		9,645		10,525
5.88%, 06/10/2021		$	2,535		2,712	DISH DBS Corp
6.25%, 08/10/2026			1,120		1,204	5.13%, 05/01/2020		4,100		4,213
6.88%, 11/10/2039			5,236		5,386	5.88%, 07/15/2022		3,600		3,742
			$		81,039	5.88%, 11/15/2024		11,800		11,933
Leisure Products & Services - 0.01%						7.75%, 07/01/2026		4,700		5,261
Silversea Cruise Finance Ltd						Grupo Televisa SAB
7.25%, 02/01/2025(f)			1,585		1,629	6.13%, 01/31/2046		5,750		5,653
						LGE HoldCo VI BV
Lodging - 0.28%						7.13%, 05/15/2024	EUR	4,225		5,194
Boyd Gaming Corp						Midcontinent Communications / Midcontinent
6.88%, 05/15/2023			1,315		1,412	Finance Corp
Interval Acquisition Corp						6.88%, 08/15/2023(f)	$	3,250		3,490
5.63%, 04/15/2023			2,100		2,142	Nielsen Finance LLC / Nielsen Finance Co
Jack Ohio Finance LLC / Jack Ohio Finance 1						5.00%, 04/15/2022(f)		8,503		8,684
Corp						SFR Group SA
6.75%, 11/15/2021(f)			2,860		2,925	5.63%, 05/15/2024	EUR	4,000		4,558
10.25%, 11/15/2022(f)			7,700		8,162	6.00%, 05/15/2022(f)	$	7,975		8,204
MCE Finance Ltd						6.25%, 05/15/2024(f)		3,000		3,019
5.00%, 02/15/2021(f)			1,984		1,994	7.38%, 05/01/2026(f)		6,825		7,004
MGM Resorts International						Sinclair Television Group Inc
4.63%, 09/01/2026			9,750		9,445	5.13%, 02/15/2027(f)		2,150		2,025
Studio City Co Ltd						5.88%, 03/15/2026(f)		3,250		3,258
5.88%, 11/30/2019(f)			3,305		3,408	Sirius XM Radio Inc
7.25%, 11/30/2021(f)			1,039		1,098	5.38%, 07/15/2026(f)		490		498
						6.00%, 07/15/2024(f)		7,500		7,983
			$		30,586
Machinery - Construction & Mining - 0.05%						Telenet Finance V Luxembourg SCA
BlueLine Rental Finance Corp						6.75%, 08/15/2024	EUR	4,200		5,023
7.00%, 02/01/2019(f)			840		829	Tribune Media Co
Vertiv Group Corp						5.88%, 07/15/2022	$	4,225		4,267
9.25%, 10/15/2024(f)			4,300		4,545	Unitymedia GmbH
			$		5,374	3.75%, 01/15/2027	EUR	5,250		5,378
						6.13%, 01/15/2025(f)	$	4,225		4,367
Machinery - Diversified - 0.39%
Cleaver-Brooks Inc						UPC Holding BV
8.75%, 12/15/2019(f)			10,645		11,137	6.38%, 09/15/2022	EUR	5,000		5,714
9.75%, 12/31/2019(c),(e),(f)			12,500		12,406	UPCB Finance IV Ltd
						5.38%, 01/15/2025(f)	$	1,150		1,167
Cloud Crane LLC
10.13%, 08/01/2024(f)			7,920		8,712	Virgin Media Finance PLC
						6.00%, 10/15/2024(f)		6,975		7,267
CNH Industrial Capital LLC
3.88%, 10/15/2021			2,150		2,137	6.38%, 10/15/2024	GBP	3,100		4,157
Xerium Technologies Inc						7.00%, 04/15/2023		1,100		1,488
9.50%, 08/15/2021			8,900		8,967	VTR Finance BV
						6.88%, 01/15/2024(f)	$	6,265		6,578
			$		43,359	Ziggo Bond Finance BV
Media- 2.45	%					5.88%, 01/15/2025(f)		3,930		3,957
Altice Financing SA						6.00%, 01/15/2027(f)		2,555		2,535
5.25%, 02/15/2023		EUR	1,000		1,144
6.63%, 02/15/2023(f)		$	10,585		11,088	Ziggo Secured Finance BV
						5.50%, 01/15/2027(f)		10,715		10,675
Altice Finco SA
7.63%, 02/15/2025(f)			2,260		2,336			$		272,360
Altice US Finance I Corp						Metal Fabrication & Hardware - 0.22%
5.50%, 05/15/2026(f)			4,250		4,356	Grinding Media Inc / MC Grinding Media
						Canada Inc
AMC Networks Inc						7.38%, 12/15/2023(f)		2,850		3,010
5.00%, 04/01/2024			3,000		3,060
						Novelis Corp
Cable One Inc						5.88%, 09/30/2026(f)		2,050		2,081
5.75%, 06/15/2022(f)			2,067		2,160
						6.25%, 08/15/2024(f)		3,050		3,210
Cablevision SA/Argentina
6.50%, 06/15/2021(f)			3,133		3,227	Optimas OE Solutions Holding LLC / Optimas
						OE Solutions Inc
CCO Holdings LLC / CCO Holdings Capital						8.63%, 06/01/2021(f)		18,784		16,248
Corp
5.13%, 05/01/2023(f)			7,100		7,366			$		24,549
5.13%, 05/01/2027(f),(i)			1,600		1,630	Mining - 1.40%
5.50%, 05/01/2026(f)			8,000		8,380	Alcoa Nederland Holding BV
5.88%, 04/01/2024(f)			4,275		4,588	6.75%, 09/30/2024(f)		1,405		1,520
						7.00%, 09/30/2026(f)		2,380		2,606

See accompanying notes.

48

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)        Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Mining (continued)					Mortgage Backed Securities (continued)
Aleris International Inc					Freddie Mac REMICS
7.88%, 11/01/2020	$	4,587	$	4,684	5.28%, 02/15/2046(h),(k)	$	22,494	$	4,805
9.50%, 04/01/2021(f)		2,675		2,909	5.88%, 04/15/2040(h),(k)		14,114		2,162
Anglo American Capital PLC					Ginnie Mae
2.88%, 11/20/2020	EUR	1,500		1,716	3.50%, 06/20/2041(k)		27,157		4,257
3.50%, 03/28/2022		3,100		3,623	3.50%, 04/20/2042(h),(k)		30,248		4,331
Century Aluminum Co					3.50%, 05/20/2046(h),(k)		11,136		2,013
7.50%, 06/01/2021(c),(f)	$	32,532		32,776	4.00%, 03/20/2045(h),(k)		10,445		1,833
Cia Brasileira de Aluminio					4.00%, 05/20/2045(h),(k)		23,985		4,839
4.75%, 06/17/2024(f)		801		751	4.28%, 09/16/2043(h),(k)		36,129		4,624
Cia Minera Ares SAC					4.50%, 04/20/2045(h),(k)		16,383		3,035
7.75%, 01/23/2021(f)		1,410		1,510	4.50%, 04/20/2045(k)		11,471		2,322
Cia Minera Milpo SAA					5.24%, 12/20/2040(h),(k)		3,941		702
4.63%, 03/28/2023(f)		3,381		3,407	5.32%, 06/20/2046(h),(k)		16,035		3,705
Constellium NV					5.42%, 09/20/2041(h),(k)		8,740		1,502
4.63%, 05/15/2021	EUR	2,500		2,660	5.42%, 08/20/2042(h),(k)		20,119		3,742
Corp Nacional del Cobre de Chile					5.42%, 11/20/2045(h),(k)		17,222		3,519
5.63%, 09/21/2035(f)	$	1,185		1,281	5.47%, 06/20/2044(h),(k)		25,015		4,105
6.15%, 10/24/2036		7,408		8,491	5.47%, 10/20/2045(h),(k)		20,083		3,916
Eldorado Gold Corp					5.47%, 11/20/2045(h),(k)		12,116		2,443
6.13%, 12/15/2020(f)		10,675		10,915	5.82%, 03/20/2042(h),(k)		20,117		5,267
First Quantum Minerals Ltd					5.97%, 11/20/2045(h),(k)		17,137		3,900
7.00%, 02/15/2021(f)		3,515		3,603			$		111,903
7.25%, 05/15/2022(f)		4,441		4,530	Oil & Gas - 4.09%
Freeport-McMoRan Inc					Alta Mesa Holdings LP / Alta Mesa Finance
6.88%, 02/15/2023(f)		2,060		2,148	Services Corp
Hudbay Minerals Inc					7.88%, 12/15/2024(f)		3,450		3,709
7.63%, 01/15/2025(f)		1,965		2,103	Antero Resources Corp
International Wire Group Inc					5.00%, 03/01/2025(f)		4,600		4,496
10.75%, 08/01/2021(f)		7,400		7,104	5.13%, 12/01/2022		4,150		4,181
Joseph T Ryerson & Son Inc					5.38%, 11/01/2021		4,125		4,233
11.00%, 05/15/2022(f)		18,880		21,040	Callon Petroleum Co
Mirabela Nickel Ltd					6.13%, 10/01/2024(f)		2,980		3,155
1.00%, 09/10/2044(c),(e)		141		—	Chaparral Energy Inc
Real Alloy Holding Inc					0.00%, 11/15/2022(a)		8,275		8,234
10.00%, 01/15/2019(c),(f)		19,820		20,117	Chesapeake Energy Corp
Southern Copper Corp					8.00%, 01/15/2025(f)		2,120		2,172
5.25%, 11/08/2042		1,312		1,244	CNOOC Finance 2015 USA LLC
5.88%, 04/23/2045		1,720		1,753	3.50%, 05/05/2025		5,272		5,141
Teck Resources Ltd					Comstock Resources Inc
3.75%, 02/01/2023		2,115		2,054	10.00%, PIK 12.25%, 03/15/2020(j)		10,500		11,038
6.25%, 07/15/2041		7,540		7,747	Continental Resources Inc/OK
Vedanta Resources PLC					4.50%, 04/15/2023		7,000		6,912
6.38%, 07/30/2022(f)		2,409		2,413	Cosan Luxembourg SA
7.13%, 05/31/2023(f)		99		101	7.00%, 01/20/2027(f)		2,750		2,857
8.25%, 06/07/2021(f)		880		956	CrownRock LP / CrownRock Finance Inc
		$		155,762	7.13%, 04/15/2021(f)		4,500		4,691
Miscellaneous Manufacturers - 0.40%					Ecopetrol SA
Amsted Industries Inc					5.88%, 09/18/2023		1,000		1,067
5.00%, 03/15/2022(f)		5,991		6,006	5.88%, 05/28/2045		7,525		6,652
Bombardier Inc					EP Energy LLC / Everest Acquisition Finance
6.13%, 01/15/2023(f)		1,180		1,153	Inc
7.50%, 03/15/2025(f)		9,005		9,028	6.38%, 06/15/2023		4,300		3,741
8.75%, 12/01/2021(f)		5,000		5,406	8.00%, 11/29/2024(f)		775		837
General Electric Co					9.38%, 05/01/2020		4,005		4,005
5.00%, 12/31/2049(g),(h)		21,719		22,588	EP PetroEcuador via Noble Sovereign
		$		44,181	Funding I Ltd
Mortgage Backed Securities - 1.01%					6.63%, 09/24/2019(h)		2,041		2,081
BCAP LLC 2013-RR4 Trust					Extraction Oil & Gas Holdings LLC /
4.07%, 02/13/2051(e),(f),(h),(k)		37,729		674	Extraction Finance Corp
6.07%, 02/13/2051(e),(f),(h)		11,334		11,096	7.88%, 07/15/2021(f)		6,575		7,036
Fannie Mae REMICS					Gazprom OAO Via Gaz Capital SA
4.50%, 02/25/2043(h),(k)		2,879		544	4.95%, 07/19/2022(f)		4,677		4,815
5.23%, 09/25/2046(h),(k)		16,086		3,914	6.51%, 03/07/2022(f)		4,830		5,301
5.23%, 10/25/2046(h),(k)		9,745		2,382	GeoPark Latin America Ltd Agencia en Chile
5.23%, 11/25/2046(h),(k)		19,564		4,080	7.50%, 02/11/2020(f)		3,338		3,271
5.28%, 07/25/2042(h),(k)		24,801		5,221	Gulfport Energy Corp
5.33%, 01/25/2045(h),(k)		6,864		1,356	6.00%, 10/15/2024(f)		5,200		5,297
5.33%, 09/25/2046(h),(k)		18,411		3,291	6.38%, 05/15/2025(f)		5,535		5,673
5.33%, 09/25/2046(h),(k)		21,328		4,077	Halcon Resources Corp
5.33%, 09/25/2046(h),(k)		22,353		3,982	8.63%, 02/01/2020(f)		3,700		3,866
5.33%, 09/25/2046(h),(k)		23,177		4,264

See accompanying notes.

49

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
		Principal			Principal
BONDS (continued)		Amount (000's)	Value(000's)	BONDS (continued)	Amount (000's)			Value (000's)
Oil & Gas (continued)				Oil & Gas (continued)
Jones Energy Holdings LLC / Jones Energy				Puma International Financing SA
Finance Corp				6.75%, 02/01/2021(f)	$	3,809	$	3,937
6.75%, 04/01/2022	$	450	$ 440	QEP Resources Inc
KazMunayGas National Co JSC				5.25%, 05/01/2023		3,050		3,035
6.38%, 04/09/2021(f)		12,437	13,549	Raizen Fuels Finance SA
6.38%, 04/09/2021		2,015	2,195	5.30%, 01/20/2027(f)		877		875
7.00%, 05/05/2020		3,434	3,773	Repsol International Finance BV
Keane Group Holdings				3.87%, 12/31/2049(g),(h)	EUR	1,900		2,059
8.50%, 08/08/2019(c),(e),(h)		2,202	2,259	4.50%, 03/25/2075(h)		1,250		1,301
8.50%, 08/08/2019(c),(e),(h)		6,605	6,777	Rosneft Oil Co via Rosneft International
Legacy Reserves LP / Legacy Reserves				Finance Ltd
Finance Corp				4.20%, 03/06/2022(f)	$	4,786		4,722
6.63%, 12/01/2021		9,272	6,560	RSP Permian Inc
8.00%, 12/01/2020		7,550	5,662	5.25%, 01/15/2025(f)		1,700		1,738
Lukoil International Finance BV				Seven Generations Energy Ltd
4.75%, 11/02/2026(f)		2,950	2,954	8.25%, 05/15/2020(f)		1,800		1,910
6.13%, 11/09/2020		2,050	2,225	Sinopec Group Overseas Development 2014
Matador Resources Co				Ltd
6.88%, 04/15/2023(f)		2,150	2,268	4.38%, 04/10/2024(f)		677		705
MEG Energy Corp				Sinopec Group Overseas Development 2016
6.38%, 01/30/2023(f)		3,740	3,478	Ltd
6.50%, 01/15/2025(f)		4,120	4,161	2.75%, 09/29/2026(f)		4,858		4,424
7.00%, 03/31/2024(f)		14,797	13,909	State Oil Co of the Azerbaijan Republic
Parsley Energy LLC / Parsley Finance Corp				4.75%, 03/13/2023		1,939		1,872
5.38%, 01/15/2025(f)		1,750	1,794	6.95%, 03/18/2030		7,566		7,975
PDC Energy Inc				Sunoco LP / Sunoco Finance Corp
6.13%, 09/15/2024(f)		3,580	3,742	6.38%, 04/01/2023		1,065		1,093
Pertamina Persero PT				Teine Energy Ltd
4.30%, 05/20/2023(f)		6,103	6,142	6.88%, 09/30/2022(f)		5,694		5,936
4.88%, 05/03/2022(f)		4,348	4,499	Tengizchevroil Finance Co International Ltd
5.25%, 05/23/2021		3,768	3,985	4.00%, 08/15/2026(f)		6,675		6,257
5.63%, 05/20/2043		2,286	2,166	Tesoro Corp
6.00%, 05/03/2042(f)		3,095	3,053	4.75%, 12/15/2023(f)		5,215		5,358
6.45%, 05/30/2044		1,880	1,965	Tullow Oil PLC
6.50%, 05/27/2041		320	336	6.25%, 04/15/2022(f)		1,459		1,350
Petrobras Argentina SA				Unit Corp
7.38%, 07/21/2023(f)		6,481	6,578	6.63%, 05/15/2021(c)		9,640		9,568
Petrobras Global Finance BV				Whiting Petroleum Corp
4.38%, 05/20/2023		3,400	3,137	5.00%, 03/15/2019		1,965		1,999
5.38%, 01/27/2021		1,500	1,510	5.75%, 03/15/2021		4,080		4,121
6.88%, 01/20/2040		3,940	3,509	WildHorse Resource Development Corp
7.38%, 01/17/2027		6,250	6,489	6.88%, 02/01/2025(f),(i)		1,795		1,788
8.38%, 05/23/2021		4,467	4,980	YPF SA
Petroleos de Venezuela SA				8.75%, 04/04/2024(f)		7,575		8,183
5.38%, 04/12/2027		3,705	1,399	8.88%, 12/19/2018(f)		3,942		4,327
5.50%, 04/12/2037		3,770	1,433	Zhaikmunai LLP
6.00%, 05/16/2024		17,716	7,148	7.13%, 11/13/2019(f)		5,058		4,969
6.00%, 11/15/2026		30,522	11,588			$		454,498
8.50%, 11/02/2017		4,362	3,801	Oil & Gas Services - 0.21%
Petroleos Mexicanos				Bibby Offshore Services PLC
4.50%, 01/23/2026		1,613	1,467	7.50%, 06/15/2021	GBP	1,300		994
4.61%, 03/11/2022(f),(h)		6,436	6,685	Forum Energy Technologies Inc
4.63%, 09/21/2023		2,130	2,077	6.25%, 10/01/2021	$	9,570		9,666
4.88%, 01/18/2024		251	242	FTS International Inc
5.50%, 06/27/2044		2,941	2,412	8.46%, 06/15/2020(f),(h)		4,050		4,146
5.63%, 01/23/2046		11,478	9,576	SESI LLC
6.00%, 03/05/2020		1,480	1,569	7.13%, 12/15/2021		4,285		4,398
6.38%, 02/04/2021		2,166	2,316	Weatherford International Ltd
6.38%, 01/23/2045		4,795	4,292	4.50%, 04/15/2022		1,200		1,068
6.50%, 03/13/2027(f)		10,389	10,685	8.25%, 06/15/2023		1,660		1,693
6.50%, 06/02/2041		6,723	6,249	9.88%, 02/15/2024(f)		1,200		1,296
6.63%, 06/15/2035		486	475			$		23,261
6.75%, 09/21/2047		29,198	27,555	Packaging & Containers - 0.57%
6.88%, 08/04/2026		13,943	14,763	Albea Beauty Holdings SA
9.50%, 09/15/2027		1,204	1,439	8.75%, 11/01/2019	EUR	1,141		1,287
Petroleum Co of Trinidad & Tobago Ltd				ARD Finance SA
6.00%, 05/08/2022(f)		2,420	2,341	7.13%, PIK 7.88%, 09/15/2023(f),(j)	$	3,470		3,526
Precision Drilling Corp				Ardagh Packaging Finance PLC / Ardagh
5.25%, 11/15/2024		2,550	2,505	Holdings USA Inc
7.75%, 12/15/2023(f)		475	513	6.75%, 05/15/2024	EUR	5,000		5,877
PTT Exploration & Production PCL				7.25%, 05/15/2024(f)	$	4,600		4,928
4.88%, 12/31/2049(f),(g),(h)		3,855	3,910

See accompanying notes.

50

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

	Principal							Principal
BONDS (continued)	Amount (000's)			Value(000	's)	BONDS (continued)		Amount (000's) Value (000's)
Packaging & Containers (continued)						Pipelines (continued)
Ball Corp						Summit Midstream Holdings LLC / Summit
4.38%, 12/15/2023	$	2,000		2,415		Midstream Finance Corp
Berry Plastics Corp						5.50%, 08/15/2022		$	900	$	902
6.00%, 10/15/2022	$	4,500		4,764		7.50%, 07/01/2021			786		827
Coveris Holdings SA						Tesoro Logistics LP / Tesoro Logistics
7.88%, 11/01/2019(f)		3,790		3,809		Finance Corp
Crown Americas LLC / Crown Americas						5.25%, 01/15/2025			4,565		4,759
Capital Corp V						TransCanada PipeLines Ltd
4.25%, 09/30/2026(f)		1,840		1,760		6.35%, 05/15/2067(h)			800		734
Crown Cork & Seal Co Inc									$		62,876
7.38%, 12/15/2026		4,345		4,910		Private Equity - 0.07%
Flex Acquisition Co Inc						Icahn Enterprises LP / Icahn Enterprises
6.88%, 01/15/2025(f)		1,385		1,408		Finance Corp
Kloeckner Pentaplast of America Inc						5.88%, 02/01/2022			7,750		7,760
7.13%, 11/01/2020	EUR	2,577		2,906
Reynolds Group Issuer Inc / Reynolds Group						Real Estate - 0.22%
Issuer LLC / Reynolds Group Issuer						Crescent Communities LLC/Crescent
(Luxembourg) S.A.						Ventures Inc
4.52%, 07/15/2021(f),(h)	$	3,000		3,086		8.88%, 10/15/2021(f)			3,015		3,128
5.13%, 07/15/2023(f)		7,650		7,823		Greystar Real Estate Partners LLC
5.75%, 10/15/2020		2,500		2,574		8.25%, 12/01/2022(f)			2,850		3,089
6.88%, 02/15/2021(h)		3,694		3,788		Kennedy-Wilson Inc
SIG Combibloc Holdings SCA						5.88%, 04/01/2024			11,400		11,774
7.75%, 02/15/2023	EUR	4,000		4,637		MAF Global Securities Ltd
Verallia Packaging SASU						7.13%, 12/31/2049(g),(h)			5,674		6,009
5.13%, 08/01/2022		3,500		4,010					$		24,000
			$	63,508		Regional Authority - 0.18%
Pharmaceuticals - 0.58%						Brazil Loan Trust 1
Capsugel SA						5.48%, 07/24/2023(f)			5,259		5,279
7.00%, PIK 7.75%, 05/15/2019(f),(j)	$	9,000		9,045		Province of British Columbia Canada
Catalent Pharma Solutions Inc						6.60%, 01/09/2020(f)		INR	133,400		1,989
4.75%, 12/15/2024(f)	EUR	700		792		Provincia de Buenos Aires/Argentina
DPx Holdings BV						7.88%, 06/15/2027(f)		$	2,665		2,655
7.50%, 02/01/2022(f)	$	8,940		9,476		9.38%, 09/14/2018			4,005		4,365
inVentiv Group Holdings Inc/inVentiv Health						9.95%, 06/09/2021(f)			2,800		3,143
Inc/inVentiv Health Clinical Inc						Provincia del Chaco Argentina
7.50%, 10/01/2024(f)		7,038		7,372		9.38%, 08/18/2024			3,150		2,953
Valeant Pharmaceuticals International Inc									$		20,384
4.50%, 05/15/2023	EUR	4,800		3,835		REITS- 0.41	%
5.63%, 12/01/2021(f)	$	3,040		2,402		Equinix Inc
7.50%, 07/15/2021(f)		7,755		6,737		5.38%, 01/01/2022			1,915		2,025
Vizient Inc						5.38%, 04/01/2023			3,000		3,139
10.38%, 03/01/2024(f)		21,540		24,502		5.88%, 01/15/2026			5,225		5,552
			$	64,161		ESH Hospitality Inc
Pipelines - 0.57%						5.25%, 05/01/2025(f)			5,750		5,772
Antero Midstream Partners LP / Antero						GEO Group Inc/The
Midstream Finance Corp						5.88%, 10/15/2024			5,200		5,245
5.38%, 09/15/2024(f)		1,240		1,268		Iron Mountain Inc
Cheniere Corpus Christi Holdings LLC						4.38%, 06/01/2021(f)			6,850		7,055
7.00%, 06/30/2024(f)		6,630		7,401		6.00%, 10/01/2020(f)			5,000		5,237
Crestwood Midstream Partners LP /						iStar Inc
Crestwood Midstream Finance Corp						6.50%, 07/01/2021			2,000		2,080
6.13%, 03/01/2022		3,847		3,978		MGM Growth Properties Operating
6.25%, 04/01/2023		4,175		4,311		Partnership LP / MGP Finance Co-Issuer Inc
DCP Midstream Operating LP						4.50%, 09/01/2026(f)			500		479
5.35%, 03/15/2020(f)		665		698		5.63%, 05/01/2024(f)			5,240		5,469
Enterprise Products Operating LLC						MPT Operating Partnership LP / MPT Finance
7.03%, 01/15/2068(h)		6,150		6,395		Corp
Gibson Energy Inc						5.25%, 08/01/2026			650		639
6.75%, 07/15/2021(f)		9,850		10,219		6.38%, 03/01/2024			3,070		3,243
Holly Energy Partners LP / Holly Energy									$		45,935
Finance Corp						Retail - 0.55%
6.00%, 08/01/2024(f)		3,400		3,562		1011778 BC ULC / New Red Finance Inc
Oleoducto Central SA						6.00%, 04/01/2022(f)			1,850		1,928
4.00%, 05/07/2021(f)		1,864		1,878		Carrols Restaurant Group Inc
Sabine Pass Liquefaction LLC						8.00%, 05/01/2022			2,400		2,588
5.63%, 04/15/2023		9,990		10,839		Douglas GmbH
6.25%, 03/15/2022		3,024		3,372		6.25%, 07/15/2022		EUR	1,000		1,175
Southern Gas Corridor CJSC						Ferrellgas LP / Ferrellgas Finance Corp
6.88%, 03/24/2026(f)		1,604		1,733		6.50%, 05/01/2021		$	500		504
						6.75%, 01/15/2022			3,400		3,417
						6.75%, 06/15/2023(h)			9,900		9,875

See accompanying notes.

51

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
		Principal				Principal
BONDS (continued)		Amount (000's)      Value (000's)			BONDS (continued)	Amount (000's)     Value (000's)
Retail (continued)					Sovereign (continued)
L Brands Inc					Angolan Government International
6.75%, 07/01/2036	$	3,650	$	3,522	Bond (continued)
6.88%, 11/01/2035		1,550		1,511	9.50%, 11/12/2025	$	4,907	$	4,684
Landry's Inc					Argentine Bonos del Tesoro
6.75%, 10/15/2024(f)		3,565		3,672	22.75%, 03/05/2018	ARS	105,300		6,855
Nathan's Famous Inc					21.20%, 09/19/2018		109,607		7,177
10.00%, 03/15/2020(f)		6,050		6,572	Argentine Republic Government International
NPC International Inc / NPC Quality Burgers					Bond
Inc / NPC Operating Co B Inc					0.00%, 12/15/2035(a),(h)	$	22,065		2,101
10.50%, 01/15/2020		4,600		4,738	0.00%, 12/15/2035(a),(h)	EUR	136,367		13,764
PetSmart Inc					2.26%, 12/31/2038		8,667		5,496
7.13%, 03/15/2023(f)		2,075		2,039	2.50%, 12/31/2038(h)	$	5,210		3,209
Reliance Intermediate Holdings LP					6.88%, 01/26/2027(f)		10,220		10,118
6.50%, 04/01/2023(f)		12,000		12,692	7.82%, 12/31/2033	EUR	46,083		49,991
Suburban Propane Partners LP/Suburban					7.82%, 12/31/2033		34,344		37,631
Energy Finance Corp					Bahrain Government International Bond
5.50%, 06/01/2024		6,400		6,528	6.00%, 09/19/2044(f)	$	4,810		4,037
5.75%, 03/01/2025		350		358	7.00%, 10/12/2028(f)		4,507		4,619
		$		61,119	Brazil Minas SPE via State of Minas Gerais
Semiconductors - 0.14%					5.33%, 02/15/2028(f)		1,317		1,294
Micron Technology Inc					5.33%, 02/15/2028(h)		28,995		28,488
5.50%, 02/01/2025		335		337	Brazil Notas do Tesouro Nacional Serie F
5.63%, 01/15/2026(f)		2,505		2,509	10.00%, 01/01/2027	BRL	51,723		15,591
7.50%, 09/15/2023(f)		5,185		5,755	10.00%, 01/01/2025		57,504		17,464
NXP BV / NXP Funding LLC					10.00%, 01/01/2018		11,200		3,533
4.13%, 06/01/2021(f)		1,525		1,574	Brazilian Government International Bond
Sensata Technologies UK Financing Co PLC					2.63%, 01/05/2023	$	20		18
6.25%, 02/15/2026(f)		5,400		5,792	4.25%, 01/07/2025		3,505		3,400
		$		15,967	4.88%, 01/22/2021		9,085		9,457
Software - 1.29%					5.00%, 01/27/2045		1,158		990
Camelot Finance SA					5.63%, 01/07/2041		1,394		1,303
7.88%, 10/15/2024(f)		7,250		7,667	5.63%, 02/21/2047		3,537		3,289
Change Healthcare Holdings Inc					7.13%, 01/20/2037		3,835		4,209
6.00%, 02/15/2021(f)		2,000		2,115	Chile Government International Bond
Epicor / Eagle Parent 2L Note					3.13%, 01/21/2026		11,565		11,478
9.25%, 06/01/2023(c),(e),(h)		15,000		14,412	Colombia Government International Bond
First Data Corp					2.63%, 03/15/2023		6,700		6,372
5.00%, 01/15/2024(f)		17,980		18,216	4.00%, 02/26/2024		12,949		13,163
5.38%, 08/15/2023(f)		3,250		3,347	4.38%, 07/12/2021		4,400		4,633
Genesys Telecommunications Laboratories					5.00%, 06/15/2045		9,931		9,668
Inc/Greeneden Lux 3 Sarl					5.63%, 02/26/2044		3,011		3,192
10.00%, 11/30/2024(f)		6,000		6,480	8.13%, 05/21/2024		4,115		5,185
Infor US Inc					10.38%, 01/28/2033		5,359		7,851
6.50%, 05/15/2022		20,700		21,243	Colombian TES
Informatica LLC					7.00%, 05/04/2022	COP 17,837,200			6,226
7.13%, 07/15/2023(f)		8,342		8,029	7.00%, 06/30/2032		4,781,400		1,623
MSCI Inc					Costa Rica Government International Bond
4.75%, 08/01/2026(f)		1,250		1,244	4.25%, 01/26/2023	$	8,616		8,164
Open Text Corp					4.38%, 04/30/2025(f)		9,616		8,823
5.63%, 01/15/2023(f)		9,875		10,270	7.00%, 04/04/2044(f)		2,859		2,751
5.88%, 06/01/2026(f)		1,650		1,728	7.16%, 03/12/2045		13,437		13,071
PTC Inc					Croatia Government International Bond
6.00%, 05/15/2024		3,000		3,195	3.88%, 05/30/2022	EUR	4,500		5,234
Quintiles IMS Inc					5.50%, 04/04/2023(f)	$	4,487		4,772
5.00%, 10/15/2026(f)		5,690		5,728	5.50%, 04/04/2023		4,694		4,992
RP Crown Parent LLC					6.00%, 01/26/2024(f)		12,593		13,782
7.38%, 10/15/2024(f)		13,100		13,755	6.38%, 03/24/2021(f)		5,524		6,042
Solera LLC / Solera Finance Inc					6.75%, 11/05/2019(f)		6,205		6,754
10.50%, 03/01/2024(f)		2,600		2,958	6.75%, 11/05/2019		1,021		1,111
Sophia LP / Sophia Finance Inc					Dominican Republic International Bond
9.00%, 09/30/2023(f)		9,750		10,335	5.50%, 01/27/2025		8,533		8,473
SS&C Technologies Holdings Inc					5.88%, 04/18/2024(f)		7,541		7,735
5.88%, 07/15/2023		7,598		7,902	5.95%, 01/25/2027(f)		6,271		6,271
Veritas US Inc / Veritas Bermuda Ltd					6.60%, 01/28/2024		9,218		9,863
7.50%, 02/01/2023(f)		5,130		4,899	6.85%, 01/27/2045		400		393
		$		143,523	7.45%, 04/30/2044(f)		8,659		9,135
Sovereign - 11.59%					7.50%, 05/06/2021(f)		2,600		2,860
1MDB Global Investments Ltd					Ecuador Government International Bond
4.40%, 03/09/2023		15,100		13,956	7.95%, 06/20/2024		5,963		5,903
Angolan Government International Bond					7.95%, 06/20/2024(f)		2,157		2,135
9.50%, 11/12/2025(f)		9,099		8,686	9.65%, 12/13/2026(f)		10,884		11,483
					10.75%, 03/28/2022(f)		4,342		4,874

See accompanying notes.

52

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

	Principal					Principal
BONDS (continued)	Amount (000's)    Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Sovereign (continued)					Sovereign (continued)
Egypt Government International Bond					Lithuania Government International Bond
6.13%, 01/31/2022(f)	$	7,254	$	7,319	6.13%, 03/09/2021(f)	$	3,060	$	3,427
8.50%, 01/31/2047(f)		5,570		5,689	Mexican Bonos
El Salvador Government International Bond					5.75%, 03/05/2026(h)	MXN	66,571		2,841
5.88%, 01/30/2025		3,096		2,703	6.50%, 06/09/2022(h)		126,500		5,879
5.88%, 01/30/2025(f)		5,642		4,926	7.75%, 05/29/2031(h)		40,951		1,947
6.38%, 01/18/2027(f)		917		805	8.50%, 11/18/2038(h)		40,000		2,011
7.38%, 12/01/2019		381		382	10.00%, 11/20/2036(h)		34,478		1,979
7.75%, 01/24/2023		7,288		7,270	Mexico Government International Bond
8.25%, 04/10/2032		4,231		4,062	3.60%, 01/30/2025	$	4,421		4,299
Ethiopia International Bond					4.00%, 10/02/2023		9,728		9,791
6.63%, 12/11/2024(f)		3,167		2,848	4.13%, 01/21/2026		8,004		8,028
Gabon Government International Bond					4.35%, 01/15/2047		4,456		3,849
6.38%, 12/12/2024(f)		3,084		2,831	4.60%, 01/23/2046		1,253		1,131
6.38%, 12/12/2024		2,762		2,536	Mongolia Government International Bond
6.95%, 06/16/2025(f)		7,429		6,882	5.13%, 12/05/2022(f)		1,215		1,053
Georgia Government International Bond					Montenegro Government International Bond
6.88%, 04/12/2021(f)		4,410		4,873	5.75%, 03/10/2021(f)	EUR	3,528		4,001
Ghana Government International Bond					Namibia International Bonds
7.88%, 08/07/2023(f)		4,565		4,457	5.25%, 10/29/2025(f)	$	7,085		7,029
10.75%, 10/14/2030		2,480		2,923	Nigeria Government International Bond
10.75%, 10/14/2030(f)		3,603		4,246	6.38%, 07/12/2023		1,653		1,614
Honduras Government International Bond					6.75%, 01/28/2021		1,707		1,734
6.25%, 01/19/2027(f)		2,882		2,862	Oman Government International Bond
Hungary Government Bond					4.75%, 06/15/2026(f)		4,766		4,575
5.50%, 06/24/2025	HUF	1,566,840		6,386	Panama Government International Bond
Hungary Government International Bond					3.75%, 03/16/2025		4,586		4,632
5.38%, 02/21/2023	$	40		44	3.88%, 03/17/2028		511		509
5.38%, 03/25/2024		4,355		4,780	6.70%, 01/26/2036		752		931
6.38%, 03/29/2021		8,114		9,085	8.13%, 04/28/2034		9,109		11,978
Indonesia Government International Bond					8.88%, 09/30/2027		2,019		2,811
3.38%, 04/15/2023(f)		8,375		8,235	9.38%, 04/01/2029		3,495		5,007
3.75%, 06/14/2028(f)	EUR	4,450		5,040	Panama Notas del Tesoro
4.13%, 01/15/2025	$	4,853		4,881	4.88%, 02/05/2021		5,853		6,219
4.35%, 01/08/2027(f)		4,065		4,127	Paraguay Government International Bond
4.75%, 01/08/2026		12,255		12,830	4.63%, 01/25/2023(f)		3,834		3,893
4.75%, 01/08/2026(f)		4,975		5,209	5.00%, 04/15/2026(f)		572		588
5.13%, 01/15/2045		914		918	6.10%, 08/11/2044(f)		813		824
5.25%, 01/17/2042		6,075		6,219	Perusahaan Penerbit SBSN Indonesia III
5.25%, 01/08/2047(f)		5,655		5,791	4.55%, 03/29/2026(f)		5,185		5,315
5.88%, 01/15/2024		6,113		6,821	Peruvian Government International Bond
8.50%, 10/12/2035		5,482		7,610	5.70%, 08/12/2024(f)	PEN	14,166		4,344
Indonesia Treasury Bond					8.20%, 08/12/2026(f)		29,068		10,254
8.25%, 05/15/2036	IDR 116,244,000			8,752	8.75%, 11/21/2033	$	1,575		2,335
8.75%, 05/15/2031		63,915,000		5,033	Republic of Angola Via Northern Lights III
Iraq International Bond					BV
5.80%, 01/15/2028(c)	$	13,200		10,948	7.00%, 08/16/2019		4,139		4,220
Ivory Coast Government International Bond					Republic of Azerbaijan International Bond
5.38%, 07/23/2024(f)		2,772		2,623	4.75%, 03/18/2024(f)		20,059		19,967
5.75%, 12/31/2032(f)		4,812		4,456	4.75%, 03/18/2024		1,402		1,396
5.75%, 12/31/2032(h)		26,479		24,519	Republic of Cameroon International Bond
6.38%, 03/03/2028(f)		3,083		2,999	9.50%, 11/19/2025(f)		1,602		1,725
Jamaica Government International Bond					Republic of Poland Government Bond
8.00%, 03/15/2039		2,003		2,243	2.25%, 04/25/2022	PLN	28,902		6,901
Jordan Government International Bond					2.50%, 07/25/2026		17,000		3,819
5.75%, 01/31/2027(f)		1,679		1,600	Republic of Poland Government International
KazAgro National Management Holding JSC					Bond
4.63%, 05/24/2023(f)		4,255		4,037	4.00%, 01/22/2024	$	2,938		3,032
Kazakhstan Government International Bond					5.00%, 03/23/2022		9,616		10,483
5.13%, 07/21/2025(f)		1,895		2,034	Republic of South Africa Government Bond
6.50%, 07/21/2045(f)		3,735		4,379	7.00%, 02/28/2031	ZAR	100,000		6,123
Kenya Government International Bond					8.75%, 01/31/2044		58,017		3,956
5.88%, 06/24/2019(f)		7,718		7,980	Republic of South Africa Government
6.88%, 06/24/2024		2,434		2,349	International Bond
6.88%, 06/24/2024(f)		1,179		1,138	4.30%, 10/12/2028	$	7,565		7,106
6.88%, 06/24/2024(f)		2,500		2,413	4.67%, 01/17/2024		6,069		6,134
Lebanon Government International Bond					4.88%, 04/14/2026		2,493		2,508
5.45%, 11/28/2019		1,473		1,465	5.88%, 09/16/2025		11,268		12,147
6.25%, 11/04/2024		14,606		14,296	Republic of Suriname
6.60%, 11/27/2026		3,806		3,730	9.25%, 10/26/2026(f)		3,577		3,611
6.75%, 11/29/2027		3,680		3,641	Romania Government Bond
					5.80%, 07/26/2027	RON	15,300		4,186

See accompanying notes.

53

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's)			Value(000	's)	BONDS (continued)	Amount (000's)    Value (000's)
Sovereign (continued)						Supranational Bank - 0.31%
Romanian Government International Bond						Banque Ouest Africaine de Developpement
4.38%, 08/22/2023	$	1,044		1,079		5.50%, 05/06/2021(f)	$	7,641	$	7,915
Russian Federal Bond - OFZ						Black Sea Trade & Development Bank
6.20%, 01/31/2018(h)	RUB	365,000		5,934		4.88%, 05/06/2021(f)		4,430		4,651
7.05%, 01/19/2028(h)		415,796		6,387		Eastern and Southern African Trade and
7.50%, 02/27/2019(h)		367,905		6,058		Development Bank
7.75%, 09/16/2026		506,328		8,203		6.38%, 12/06/2018		4,970		5,173
Russian Foreign Bond - Eurobond						European Bank for Reconstruction &
4.50%, 04/04/2022	$	200		208		Development
4.75%, 05/27/2026		18,000		18,589		7.38%, 04/15/2019	IDR 40,000,000			2,990
4.88%, 09/16/2023		2,000		2,118		Inter-American Development Bank
5.00%, 04/29/2020(f)		12,294		13,124		7.25%, 07/17/2017		55,700,000		4,160
5.00%, 04/29/2020		3,000		3,202		International Bank for Reconstruction &
5.63%, 04/04/2042		4,800		5,201		Development
Saudi Government International Bond						5.75%, 10/28/2019	INR	103,000		1,518
3.25%, 10/26/2026(f)		2,185		2,085		International Finance Corp
Serbia International Bond						6.45%, 10/30/2018		500,170		7,459
4.88%, 02/25/2020		6,749		6,926				$		33,866
5.88%, 12/03/2018		1,014		1,063		Telecommunications - 1.87%
5.88%, 12/03/2018(f)		2,713		2,845		Altice Luxembourg SA
7.25%, 09/28/2021		2,084		2,350		7.25%, 05/15/2022	EUR	4,700		5,397
7.25%, 09/28/2021(f)		3,315		3,738		CenturyLink Inc
Sri Lanka Government International Bond						5.63%, 04/01/2020	$	2,450		2,585
5.13%, 04/11/2019(f)		248		252		5.63%, 04/01/2025		1,320		1,254
5.88%, 07/25/2022(f)		7,756		7,770		6.75%, 12/01/2023		2,970		3,055
6.13%, 06/03/2025(f)		179		172		7.50%, 04/01/2024		1,265		1,339
6.25%, 10/04/2020(f)		6,350		6,531		Columbus Cable Barbados Ltd
6.25%, 07/27/2021		18,118		18,518		7.38%, 03/30/2021(f)		6,018		6,394
Turkey Government International Bond						Comcel Trust via Comunicaciones Celulares
3.25%, 03/23/2023		14,803		13,216		SA
4.88%, 04/16/2043		8,993		7,333		6.88%, 02/06/2024(f)		3,561		3,730
5.13%, 03/25/2022		2,916		2,906		CommScope Technologies Finance LLC
5.63%, 03/30/2021		2,779		2,860		6.00%, 06/15/2025(f)		9,775		10,417
5.75%, 03/22/2024		3,923		3,952		Digicel Group Ltd
6.00%, 03/25/2027		14,210		14,327		7.13%, 04/01/2022(f)		20,123		16,090
6.00%, 01/14/2041		788		736		8.25%, 09/30/2020(f)		2,390		2,118
6.63%, 02/17/2045		2,213		2,231		eircom Finance DAC
6.88%, 03/17/2036		6,183		6,399		4.50%, 05/31/2022	EUR	3,300		3,714
7.00%, 03/11/2019		504		535		Frontier Communications Corp
7.00%, 06/05/2020		11,249		12,126		7.13%, 01/15/2023	$	5,585		4,998
8.00%, 02/14/2034		6,768		7,766		10.50%, 09/15/2022		2,800		2,917
Ukraine Government International Bond						GTH Finance BV
7.75%, 09/01/2019(f)		279		277		6.25%, 04/26/2020(f)		920		972
7.75%, 09/01/2020		10,206		9,983		7.25%, 04/26/2023(f)		4,516		4,922
7.75%, 09/01/2020(f)		10,818		10,581		GTT Escrow Corp
7.75%, 09/01/2021(f)		12,445		12,028		7.88%, 12/31/2024(f)		10,060		10,538
7.75%, 09/01/2021		5,695		5,504		Hughes Satellite Systems Corp
7.75%, 09/01/2022(f)		11,749		11,226		7.63%, 06/15/2021		10,300		11,338
7.75%, 09/01/2023(f)		8,474		8,018		Intelsat Jackson Holdings SA
7.75%, 09/01/2024(f)		6,402		5,990		5.50%, 08/01/2023		4,865		3,405
7.75%, 09/01/2025(f)		4,718		4,388		8.00%, 02/15/2024(f)		2,870		2,978
7.75%, 09/01/2026		2,282		2,111		Koninklijke KPN NV
7.75%, 09/01/2027(f)		6,770		6,237		7.00%, 03/28/2073(f),(h)		400		432
Ukreximbank Via Biz Finance PLC						7.00%, 03/28/2073(h)		2,000		2,158
9.63%, 04/27/2022		5,315		5,233		Level 3 Financing Inc
Venezuela Government International Bond						5.13%, 05/01/2023		3,100		3,123
7.65%, 04/21/2025		10,114		4,691		6.13%, 01/15/2021		3,950		4,083
7.75%, 10/13/2019		7,175		4,323		Matterhorn Telecom Holding SA
7.75%, 10/13/2019		24,735		14,903		4.88%, 05/01/2023	EUR	4,595		5,067
9.38%, 01/13/2034		2,636		1,280		Millicom International Cellular SA
13.63%, 08/15/2018(c)		6,000		4,680		6.63%, 10/15/2021(f)	$	3,631		3,794
Zambia Government International Bond						MTN Mauritius Investment Ltd
5.38%, 09/20/2022(f)		617		556		6.50%, 10/13/2026(f)		4,775		4,823
5.38%, 09/20/2022		8,575		7,726		Qualitytech LP/QTS Finance Corp
8.50%, 04/14/2024(f)		5,475		5,450		5.88%, 08/01/2022		6,170		6,286
8.97%, 07/30/2027(f)		985		984		Radiate Holdco LLC / Radiate Finance Inc
8.97%, 07/30/2027		200		200		6.63%, 02/15/2025(f),(i)		5,180		5,167
			$	1,285,554		Sixsigma Networks Mexico SA de CV
Student Loan Asset Backed Securities - 0.03%						8.25%, 11/07/2021(f)		2,421		2,227
SMB Private Education Loan Trust 2016-B						Sprint Communications Inc
1.42%, 11/15/2023(f),(h)		3,734		3,743		6.00%, 11/15/2022		3,475		3,527
						7.00%, 03/01/2020(f)		3,500		3,802
						9.00%, 11/15/2018(f)		4,180		4,577

See accompanying notes.

54

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
			Principal					CREDIT LINKED STRUCTURED NOTES		Principal
	BONDS (continued)		Amount (000's)       Value (000's)					- 0.03	%	Amount (000's)  Value (000's)
	Telecommunications (continued)							Sovereign - 0.03%
	Sprint Corp							Republic of Iraq - Merrill Lynch
	7.13%, 06/15/2024		$		4,550	$	4,755	2.56%, 01/07/2028(c),(e),(h)		$	492,208		3,082
	7.63%, 02/15/2025				650		697
	7.88%, 09/15/2023				2,100		2,294	TOTAL CREDIT LINKED STRUCTURED NOTES			$		3,082
	Telecom Italia SpA/Milano							SENIOR FLOATING RATE INTERESTS -       Principal
	3.25%, 01/16/2023		EUR		3,750		4,215	7.17	%	Amount (000's) Value (000's)
	3.63%, 05/25/2026				1,000		1,098	Agriculture - 0.33%
	Telefonica Celular del Paraguay SA							North Atlantic Trading Co Inc, Term Loan B
	6.75%, 12/13/2022(f)		$		2,455		2,535	9.25%, 01/13/2020(h)		$	7,010	$	6,952
	Telefonica Europe BV							NVA Holdings Inc/United States, Term Loan
	4.20%, 12/31/2049(g),(h)		EUR		4,000		4,448	8.00%, 08/08/2022(h)			11,521		11,521
	T-Mobile USA Inc							8.00%, 08/08/2022(h)			17,979		17,979
	6.00%, 03/01/2023		$		5,310		5,615				$		36,452
	6.00%, 04/15/2024				5,800		6,163	Automobile Manufacturers - 0.05%
	6.50%, 01/15/2026				9,800		10,768	Navistar Inc, Term Loan B
	ViaSat Inc							6.50%, 08/06/2020(h)			5,034		5,097
	6.88%, 06/15/2020				4,800		4,932
	Wind Acquisition Finance SA							Automobile Parts & Equipment - 0.08%
	4.75%, 07/15/2020(f)				400		407	BBB Industries US Holdings Inc, Term Loan
	7.00%, 04/23/2021		EUR		4,650		5,228	B
	7.00%, 04/23/2021(f)				1,940		2,181	6.00%, 11/03/2021(h)			2,163		2,163
	7.38%, 04/23/2021(f)		$		4,670		4,856	Mavis Tire Supply LLC, Term Loan C
					$		207,419	6.25%, 11/02/2020(c),(e),(h)			7,043		6,517
	Transportation - 0.35%										$		8,680
	BNSF Funding Trust I							Building Materials - 0.04%
	6.61%, 12/15/2055(h)				4,610		5,267	GYP Holdings III Corp, Term Loan
	Lima Metro Line 2 Finance Ltd							4.54%, 04/01/2021(h)			4,391		4,418
	5.88%, 07/05/2034(f)				2,075		2,202
	Navios Maritime Acquisition Corp / Navios							Chemicals - 0.11%
	Acquisition Finance US Inc							Alpha 3 BV, Term Loan B1
	8.13%, 11/15/2021(f)				8,228		7,467	0.00%, 01/31/2024(h),(l)			480		482
	Pelabuhan Indonesia II PT							Royal Holdings Inc/IN, Term Loan
	4.25%, 05/05/2025(f)				7,420		7,213	8.50%, 06/12/2023(h)			11,870		11,900
	5.38%, 05/05/2045(f)				7,805		7,200				$		12,382
	Pelabuhan Indonesia III Persero PT							Commercial Services - 0.02%
	4.88%, 10/01/2024(f)				1,815		1,856	Eagle Bidco Ltd, Term Loan B
	XPO Logistics Inc							4.92%, 05/12/2022(h)		GBP	600		752
	5.75%, 06/15/2021		EUR		4,162		4,717	Washington Inventory Service, Term Loan
	6.13%, 09/01/2023(f)		$		2,450		2,530	0.00%, 06/18/2019(a),(c),(h)		$	6,800		1,360
					$		38,452				$		2,112
	Trucking & Leasing - 0.11%							Computers - 0.06%
	Park Aerospace Holdings Ltd							Optiv Security Inc, Term Loan
	5.25%, 08/15/2022(f),(i)				5,305		5,437	0.00%, 01/13/2025(h),(l)			6,960		7,064
	5.50%, 02/15/2024(f),(i)				6,180		6,347
					$		11,784	Distribution & Wholesale - 0.05%
								ABB Con-Cise Optical Group LLC, Term
	TOTAL BONDS			$	6,643,738			Loan B
			Principal					6.00%, 06/15/2023(h)			2,793		2,814
	CONVERTIBLE BONDS - 0.20%		Amount (000's)        Value (000's)					HBC Holdings LLC, Term Loan B
	Coal- 0.15	%						6.75%, 03/30/2020(c),(e),(h)			3,071		2,994
	Foresight Energy LLC / Foresight Energy										$		5,808
	Finance Corp							Diversified Financial Services - 0.02%
	15.00%, PIK 15.00%, 10/03/2017(d),(j)				15,379		16,302	LPL Holdings Inc, Term Loan B
								4.81%, 11/21/2022(h)			1,881		1,886
	Mining - 0.01%
	Mirabela Nickel Ltd							Electric - 0.08%
	9.50%, PIK 9.50%, 06/24/2019(c),(e),(f),(j)				6,966		1,393	Invenergy Thermal Operating I LLC, Term
								Loan B
	Oil & Gas - 0.02%							6.50%, 10/19/2022(h)			5,992		5,753
	SandRidge Energy Inc							Panda Liberty LLC, Term Loan B1
	0.00%, 10/04/2020(a),(c)				1,802		1,970	7.50%, 08/21/2020(h)			2,280		2,246
								Panda Temple Power II LLC, Term Loan B
	Software - 0.02%							7.25%, 04/03/2019(h)			842		767
	Aspect Software Inc										$		8,766
	3.00%, PIK 3.09%, 05/25/2023(e),(j)				3,690		2,201
								Electronics - 0.23%
								CPI Buyer LLC, Term Loan
	TOTAL CONVERTIBLE BONDS				$		21,866	8.50%, 07/18/2022(c),(h)			10,160		9,449
								Linxens France SA, Term Loan
								9.50%, 07/31/2023(h)			15,795		15,703
											$		25,152

See accompanying notes.

55

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
	SENIOR FLOATING RATE INTERESTS		Principal				SENIOR FLOATING RATE INTERESTS			Principal
	(continued)		Amount (000's)       Value (000's)				(continued)			Amount (000's)    Value (000's)
	Engineering & Construction - 0.00%						Internet (continued)
	NANA Development Corp, Term Loan B						Ancestry.com Operations Inc, Term Loan B
	8.00%, 03/15/2018(c),(h)		$	375	$	360	9.25%, 10/14/2024(h)		$	12,540	$	12,838
							EIG Investors Corp, Term Loan B
	Entertainment - 0.34%						6.48%, 11/09/2019(h)			3,439		3,437
	Cyan Blue Holdco 3 Ltd, Term Loan B						ProQuest LLC, Term Loan B
	6.15%, 02/25/2022(h)		GBP	7,700		9,775	5.75%, 10/24/2021(h)			3,438		3,456
	Delta 2 Lux Sarl, Term Loan B						Zayo Group LLC, Delay-Draw Term Loan
	8.07%, 07/29/2022(h)		$	23,834		23,924	B3-DD
	Lions Gate Entertainment Corp, Term Loan						0.00%, 01/12/2024(h),(l)			110		111
	B						Zayo Group LLC, Term Loan B2
	3.77%, 10/13/2023(h)			3,895		3,915	3.50%, 01/12/2024(h)			230		232
				$		37,614				$		51,686
	Environmental Control - 0.13%						Iron & Steel - 0.09%
	Infiltrator Systems Integrated LLC, Term						Miami Valley Steel Services Inc, Term Loan
	Loan						10.50%, 01/20/2023(c),(e),(h)			4,590		4,590
	9.75%, 05/19/2023(h)			14,000		14,018	Optima Specialty Steel Inc, Term Loan
							11.04%, 10/31/2017(c),(e),(h)			5,203		5,203
	Food- 0.05	%								$		9,793
	American Seafoods Group LLC, Term Loan						Leisure Products & Services - 0.11%
	6.00%, 08/19/2021(c),(h)			3,051		3,051	Equinox Holdings Inc, Term Loan
	CTI Foods Holding Co LLC, Term Loan						9.75%, 05/16/2020(h)			12,500		12,594
	8.25%, 06/28/2021(h)			3,360		3,024
				$		6,075	Lodging - 0.19%
	Healthcare - Products - 0.15%						Parq Holdings LP, Term Loan
	CareCore National LLC, Term Loan						8.50%, 12/04/2020(h)			21,521		21,413
	5.50%, 03/05/2021(h)			4,706		4,683
	Hanger Inc, Term Loan						Machinery - Diversified - 0.14%
	11.50%, 08/01/2019(h)			11,370		11,398	CPM Holdings Inc, Term Loan
	Kinetic Concepts Inc, Term Loan B						10.25%, 12/02/2022(h)			15,470		15,431
	0.00%, 02/01/2024(e),(h),(l)			745		741
				$		16,822	Media- 0.04	%
	Healthcare - Services - 0.83%						McGraw-Hill Global Education Holdings
	Heartland Dental LLC, Term Loan						LLC, Term Loan
	9.75%, 06/20/2019(h)			37,000		36,168	5.00%, 05/04/2022(h)			2,587		2,450
	MPH Acquisition Holdings LLC, Term Loan						SFR Group SA, Term Loan B7
	B						5.29%, 01/08/2024(h)			2,481		2,507
	5.00%, 05/25/2023(h)			2,181		2,211				$		4,957
	Opal Acquisition Inc, Term Loan B						Mining - 0.15%
	5.00%, 11/20/2020(h)			15,422		14,362	Fairmount Santrol Inc, Term Loan B2
	US Renal Care Inc, Term Loan						4.50%, 09/05/2019(h)			17,437		17,006
	9.00%, 11/17/2023(h)			11,400		10,488
	9.00%, 11/17/2023(h)			31,120		28,630	Miscellaneous Manufacturers - 0.06%
				$		91,859	UTEX Industries Inc, Term Loan
	Holding Companies - Diversified - 0.07%						8.25%, 05/16/2022(h)			4,150		3,376
	Spirit Retail Bidco Ltd, Term Loan						UTEX Industries Inc, Term Loan B
	4.77%, 07/01/2021(c),(e),(h)			7,730		7,575	5.00%, 05/14/2021(h)			3,315		3,116
										$		6,492
	Home Furnishings - 0.00%						Oil & Gas - 0.10%
	Targus Group International Inc, PIK Term						California Resources Corp, Term Loan
	Loan						11.37%, 12/31/2021(h)			3,215		3,615
	14.75%, PIK 15.00%, 12/31/2019(c),(h),(j)			260		195	Chesapeake Energy Corp, Term Loan 1.5
	14.75%, PIK 15.00%, 12/31/2019(c),(h),(j)			87		82	8.50%, 08/17/2021(h)			4,180		4,570
	Targus Group International Inc, Term Loan B						Petrochoice Holdings Inc, Term Loan
	0.00%, 11/02/2016(c),(e),(h)			880		—	6.00%, 08/19/2022(h)			2,469		2,475
				$		277				$		10,660
	Insurance - 0.66%						Packaging & Containers - 0.23%
	Asurion LLC, Term Loan						Berlin Packaging LLC, Term Loan
	8.50%, 02/19/2021(h)			15,775		15,992	7.75%, 09/23/2022(h)			17,050		17,263
	8.50%, 02/19/2021(h)			33,014		33,468	FPC Holdings Inc, Term Loan
	Hyperion Insurance Group Ltd, Term Loan B						9.25%, 05/15/2020(c),(h)			9,400		8,249
	5.50%, 04/29/2022(h)			5,581		5,586				$		25,512
	Lonestar Intermediate Super Holdings LLC,						Pharmaceuticals - 0.82%
	PIK Term Loan						9089969 Canada Inc, Term Loan A2
	10.00%, PIK 10.75%, 08/10/2021(h),(j)			14,460		15,057	6.00%, 12/23/2021(h)			902		897
	10.00%, PIK 10.75%, 08/10/2021(h),(j)			2,725		2,837	BioScrip Inc, Delay-Draw Term Loan B-DD
				$		72,940	9.25%, 07/22/2020(c),(h)			6,758		6,454
	Internet - 0.46%						BioScrip Inc, Revolving Loan
	Accuvant Inc, Term Loan						8.00%, 07/31/2018(c),(h)			3,992		3,688
	10.00%, 01/30/2023(h)			27,705		27,682	BioScrip Inc, Term Loan
	Accuvant Inc, Term Loan B						10.00%, 07/31/2018(h)			6,450		5,958
	6.25%, 01/28/2022(h)			3,930		3,930	BioScrip Inc, Term Loan B
							9.25%, 06/05/2020(c),(h)			11,263		10,756

See accompanying notes.

56

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

SENIOR FLOATING RATE INTERESTS			Principal			SENIOR FLOATING RATE INTERESTS			Principal
(continued)			Amount (000's)       Value (000's)			(continued)		Amount (000's)      Value (000's)
Pharmaceuticals (continued)						Trucking & Leasing - 0.01%
Genoa a QoL Healthcare Co LLC, Term						Avolon TLB Borrower 1 Luxembourg Sarl,
Loan						Term Loan B2
9.00%, 10/25/2024(h)		$	18,060	$	18,240		0.00%, 01/20/2022(h),(l)	$	1,695		$	1,717
Lanai Holdings III Inc, Term Loan
9.50%, 08/14/2023(c),(h)			25,190		24,686	TOTAL SENIOR FLOATING RATE INTERESTS					$	796,676
Packaging Coordinators Midco Inc, Term						U.S. GOVERNMENT & GOVERNMENT			Principal
Loan						AGENCY OBLIGATIONS - 1.03%		Amount (000's)			Value(000		's)
9.75%, 06/29/2024(h)			21,670		21,020	Federal Home Loan Mortgage Corporation (FHLMC) - 0.05%
			$		91,699		5.00%, 12/01/2035	$	5,637		$	6,270
REITS- 0.03	%
Americold Realty Operating Partnership LP,						Federal National Mortgage Association (FNMA) - 0.89%
Term Loan B							2.50%, 02/01/2032(m)		10,000			10,000
4.75%, 12/01/2022(h)			2,893		2,940		3.00%, 02/01/2047(m)		10,000			9,898
							3.50%, 10/01/2044(n)		9,872			10,117
Retail - 0.32%							3.50%, 08/01/2045		18,230			18,678
99 Cents Only Stores LLC, Term Loan B2							3.50%, 04/01/2046		9,292			9,502
4.50%, 01/11/2019(h)			8,847		7,509		4.00%, 04/01/2046		13,476			14,231
BJ's Wholesale Club Inc, Term Loan							4.50%, 01/01/2044		1,973			2,129
0.00%, 01/27/2025(h),(l)			7,900		7,979		4.50%, 02/01/2044		4,099			4,436
Nautilus Merger Sub Inc, Term Loan							4.50%, 03/01/2044		4,975			5,388
6.75%, 03/11/2022(h)			13,312		12,899		4.50%, 12/01/2044		8,134			8,835
Nellson Nutraceutical LLC, Term Loan A1							5.00%, 03/01/2039		4,702			5,259
6.00%, 12/23/2021(h)			1,451		1,444						$	98,473
PFS Holding Corp, Term Loan						Government National Mortgage Association (GNMA) - 0.09%
8.25%, 01/31/2022(h)			1,750		1,617		3.00%, 02/01/2047		10,000			10,086
Sears Roebuck Acceptance Corp, Term Loan
B						TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
5.48%, 06/30/2018(h)			5		5	OBLIGATIONS					$	114,829
SRS Distribution Inc, Term Loan						TOTAL PURCHASED OPTIONS - 0.00%					$	299
9.75%, 02/25/2023(h)			4,170		4,305	Total Investments				$	11,051,731
			$		35,758	Other Assets and Liabilities - 0.48%					$	53,673
Software - 0.82%						TOTAL NET ASSETS - 100.00%				$	11,105,404
Air Newco LLC, Term Loan
10.50%, 01/31/2023(h)			5,100		4,582
Air Newco LLC, Term Loan B						(a)	Non-Income Producing Security
6.50%, 01/31/2022(h)			4,520		4,327	(b)	Security or a portion of the security was pledged to cover margin
Evergreen Skills Lux Sarl, Term Loan							requirements for options contracts. At the end of the period, the value of
5.83%, 04/23/2021(h)			24,105		21,905		these securities totaled $264,648 or 2.38% of net assets.
5.84%, 04/28/2021(h)			1,608		1,461	(c)	Security is Illiquid. At the end of the period, the value of these securities
9.33%, 04/28/2022(h)			20,327		14,703		totaled $277,626 or 2.50% of net assets.
Genesys Telecommunications Laboratories						(d)	Restricted Security. Please see Restricted Security Sub-Schedule for more
Inc, Term Loan B							information.
6.25%, 11/17/2023(h)			3,500		3,529	(e)	Fair value of these investments is determined in good faith by the Manager
Informatica LLC, Term Loan B							under procedures established and periodically reviewed by the Board of
4.50%, 06/03/2022(h)			1,975		1,967		Directors. Inputs used in the valuation may be unobservable; however, not
Kronos Inc/MA, Term Loan							all securities are included in Level 3 of the fair value hierarchy. At the end
9.25%, 10/18/2024(h)			3,550		3,664		of the period, the fair value of these securities totaled $217,046 or 1.95%
Magic Newco LLC, Term Loan							of net assets.
12.00%, 06/12/2019(h)			10,000		10,583	(f)	Security exempt from registration under Rule 144A of the Securities Act of
SolarWinds Holdings Inc, Term Loan B							1933. These securities may be resold in transactions exempt from
5.50%, 02/03/2023(h)			2,189		2,191		registration, normally to qualified institutional buyers. At the end of the
Solera LLC, Term Loan B							period, the value of these securities totaled $3,293,111 or 29.65% of net
5.75%, 03/03/2023(h)			6,402		6,467		assets.
Veritas US Inc, Term Loan B1						(g)	Perpetual security. Perpetual securities pay an indefinite stream of
6.63%, 01/27/2023(h)			16,277		15,417		interest, but they may be called by the issuer at an earlier date.
			$		90,796	(h)	Variable Rate. Rate shown is in effect at January 31, 2017.
Sovereign - 0.14%						(i)	Security purchased on a when-issued basis.
Brazil ECA, Term Loan						(j)	Payment in kind; the issuer has the option of paying additional securities
6.25%, 01/10/2018(c),(e),(h)			7,500		7,534		in lieu of cash.
6.25%, 01/10/2018(e),(h)			7,500		7,534	(k)	Security is an Interest Only Strip
			$		15,068	(l)	This Senior Floating Rate Note will settle after January 31, 2017, at which
Telecommunications - 0.16%							time the interest rate will be determined.
GTT Communications Inc, Term Loan						(m)	Security was purchased in a "to-be-announced" ("TBA") transaction. See
5.00%, 12/13/2023(h),(l)			1,963		1,987		Notes to Financial Statements for additional information.
Masergy Communications Inc, Term Loan						(n)	Security or a portion of the security was pledged to cover margin
9.50%, 12/16/2024(h)			15,090		15,241		requirements for futures contracts. At the end of the period, the value of
Radiate Holdco LLC, Term Loan							these securities totaled $464 or 0.00% of net assets.
0.00%, 12/09/2023(h),(l)			565		569
			$		17,797

See accompanying notes.

57

     Schedule of Investments Global Diversified Income Fund January 31, 2017 (unaudited)

Portfolio Summary (unaudited)
Country	Percent
United States	61.18	%
United Kingdom	3.01	%
Canada	2.43	%
Netherlands	2.35	%
Luxembourg	2.19	%
France	2.05	%
Japan	1.99	%
Mexico	1.78	%
Argentina	1.64	%
Australia	1.35	%
Indonesia	1.19	%
Brazil	1.05	%
Cayman Islands	0.97	%
Germany	0.95	%
Turkey	0.89	%
Colombia	0.71	%
Ukraine	0.69	%
Russian Federation	0.63	%
Hong Kong	0.62	%
Switzerland	0.60	%
Spain	0.56	%
Venezuela	0.47	%
Italy	0.45	%
Dominican Republic	0.44	%
South Africa	0.44	%
Bermuda	0.43	%
Supranational	0.42	%
Croatia	0.37	%
Kazakhstan	0.36	%
Panama	0.34	%
Costa Rica	0.33	%
Cote d'Ivoire	0.31	%
Sri Lanka	0.31	%
Azerbaijan	0.29	%
Jersey, Channel Islands	0.29	%
Sweden	0.25	%
Korea, Republic Of	0.25	%
Singapore	0.24	%
Chile	0.24	%
Virgin Islands, British	0.23	%
Ecuador	0.22	%
Peru	0.21	%
China	0.21	%
Poland	0.21	%
Lebanon	0.20	%
Taiwan, Province Of China	0.20	%
Ireland	0.19	%
El Salvador	0.18	%
Hungary	0.18	%
Finland	0.16	%
Serbia	0.15	%
Iraq	0.13	%
Zambia	0.13	%
Angola	0.12	%
Kenya	0.12	%
Egypt	0.12	%
Marshall Islands	0.12	%
Ghana	0.11	%
Gabon	0.11	%
Austria	0.10	%
Jersey	0.09	%
Bahrain	0.08	%
Paraguay	0.07	%
Barbados	0.06	%
Namibia	0.06	%
Romania	0.05	%
Mauritius	0.05	%
India	0.04	%
Georgia	0.04	%
Guernsey	0.04	%
Montenegro	0.04	%
Oman	0.04	%
Thailand	0.04	%
Ethiopia	0.03	%

Portfolio Summary (unaudited) (continued)
Country	Percent
Lithuania	0.03	%
Malaysia	0.03	%
Belgium	0.03	%
Nigeria	0.03	%
Suriname	0.03	%
Honduras	0.03	%
Trinidad And Tobago	0.02	%
Saudi Arabia	0.02	%
Jamaica	0.02	%
Cameroon	0.02	%
Mongolia	0.01	%
Morocco	0.01	%
Jordan	0.01	%
Bahamas	0.01	%
New Zealand	0.01	%
Norway	0.01	%
Purchased Options	0.00	%
Other Assets and Liabilities	0.48	%
TOTAL NET ASSETS	100.00	%

See accompanying notes.

58

Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
Restricted Securities
Security Name					Trade Date					Cost		Value				Percent of Net Assets
Aspect Software Inc					05/25/2016			$		3,513		$			6,569						0.06	%
Cengage Learning Holdings II Inc					03/31/2014					1,099					396						0.00	%
Foresight Energy LLC / Foresight Energy Finance Corp					08/30/2016					11,544					16,302						0.15	%
Foresight Energy LLC / Foresight Energy Finance Corp - Warrants					08/30/2016					—					2,559						0.02	%
Material Sciences Corp					12/22/2016					18,405					18,759						0.17	%
Material Sciences Corp - Warrants					12/22/2016					2,011					1,516						0.01	%
Optima Specialty Steel					01/20/2015					14,740					13,433						0.12	%
Targus Group International Inc					03/15/2016					154					116						0.00	%
Amounts in thousands
Credit Default Swaps
Sell Protection
		Implied
		Credit Spread			(Pay)/							Upfront			Unrealized
		as of January		Receive			Expiration			Notional		Premiums			Appreciation/				Fair Value (c)
Counterparty (Issuer)	Reference Entity	31, 2017	(a)	Fixed Rate			Date			Amount (b)		Paid/(Received)			(Depreciation)				Asset	Liability
JP Morgan Chase	Mexico Government	2.30%			1.00	%	06/20/2026		$	5,300	$	(486	)	$		(44	)	$	—	$	(530	)
	International Bond
Total										$		(486	)	$		(44	)	$	—	$	(530	)

Amounts in thousands

(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 $5,300.

(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	02/28/2017	EUR	929,850	$	995	$	1,005	$	10	$	—
Bank of New York Mellon	03/09/2017	EUR	3,950,000		4,150		4,269		119		—
JPMorgan Chase	02/10/2017	EUR	125,609,039		134,558		135,629		1,071		—
JPMorgan Chase	02/10/2017	GBP	22,006,100		27,574		27,686		112		—
JPMorgan Chase	02/10/2017	JPY	373,677,700		3,299		3,310		11		—
JPMorgan Chase	02/28/2017	PLN	30,975,594		7,645		7,735		90		—
JPMorgan Chase	03/02/2017	KRW	3,433,499,990		2,917		2,981		64		—
JPMorgan Chase	03/10/2017	EUR	20,783,961		22,465		22,465		—		—
Toronton Dominion Bank	02/28/2017	MXN	383,587,535		18,158		18,336		178		—
Toronton Dominion Bank	02/28/2017	TRY	17,245,906		4,529		4,543		14		—
Total								$	1,669	$	—
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset		Liability
Bank of America NA	02/28/2017	EUR	15,898,250	$	17,048	$	17,176	$	—	$	(128	)
Bank of New York Mellon	03/09/2017	EUR	3,950,000		4,216		4,269		—		(53	)
Goldman Sachs & Co	03/30/2017	EUR	18,600,000		19,426		20,128		—		(702	)
Goldman Sachs & Co	03/30/2017	GBP	9,800,000		12,007		12,343		—		(336	)
HSBC Securities Inc	02/28/2017	GBP	4,901,443		6,160		6,168		—		(8	)
JPMorgan Chase	02/06/2017	EUR	207,383,306		221,384		223,899		—		(2,515	)
JPMorgan Chase	02/10/2017	EUR	125,403,794		133,041		135,407		89		(2,455	)
JPMorgan Chase	02/10/2017	GBP	22,006,100		27,156		27,686		—		(530	)
JPMorgan Chase	02/10/2017	JPY	373,677,700		3,202		3,310		—		(108	)
JPMorgan Chase	03/02/2017	KRW	3,495,504,009		3,019		3,035		—		(16	)
JPMorgan Chase	03/10/2017	EUR	100,469,900		108,195		108,595		—		(400	)
JPMorgan Chase	03/10/2017	GBP	17,919,100		22,465		22,554		—		(89	)
JPMorgan Chase	03/10/2017	JPY	349,063,000		3,085		3,095		—		(10	)
Total								$	89	$	(7,350	)
Amounts in thousands except contracts

See accompanying notes.

59

			Schedule of Investments
Global Diversified Income Fund
January 31, 2017 (unaudited)
Futures Contracts
														Unrealized
Type		Long/Short	Contracts		Notional Value					Fair Value		Appreciation/(Depreciation)
US 2 Year Note; March 2017		Short	200		$		43,387	$		43,359			$	28
US 5 Year Note; March 2017		Short	145				17,137			17,091				46
Total												$		74
Amounts in thousands except contracts
Options
							Upfront Premiums							Unrealized
Purchased Options Outstanding		Exercise Price     Expiration Date		Contracts			Paid/(Received)			Fair Value		Appreciation/(Depreciation)
Call - S&P 500 Index	$	2,330.00	02/13/2017		834	$	123		$	50		$		(73	)
Call - S&P 500 Index	$	2,340.00	02/06/2017		893		315			—				(315	)
Put - S&P 500 Index	$	2,210.00	02/13/2017		834		793			222				(571	)
Put - S&P 500 Index	$	2,210.00	02/06/2017		893		655			27				(628	)
Total						$	1,886		$	299		$		(1,587	)
							Upfront Premiums							Unrealized
Written Options Outstanding		Exercise Price      Expiration Date		Contracts			Paid/(Received)			Fair Value		Appreciation/(Depreciation)
Call - Consumer Discretionary Select Sector	$	82.00	02/20/2017		504	$	(121	)	$	(158	)	$		(37	)
SPDR Fund
Call - Health Care Select Sector SPDR Fund	$	70.00	02/20/2017		20,103		(1,835	)		(1,995	)			(160	)
Call - iShares MSCI EAFE ETF	$	54.00	03/20/2017		16,802		(7,141	)		(9,655	)			(2,514	)
Call - iShares MSCI Emerging Markets ETF	$	31.00	03/20/2017		7,500		(2,701	)		(4,790	)			(2,089	)
Call - iShares MSCI Emerging Markets ETF	$	34.50	04/24/2017		12,580		(3,333	)		(4,171	)			(838	)
Call - iShares MSCI Emerging Markets ETF	$	35.00	02/21/2017		4,037		(466	)		(967	)			(501	)
Call - iShares U.S. Real Estate ETF	$	76.00	02/20/2017		1,720		(332	)		(276	)			56
Call - Russell 2000 Index	$	1,460.00	04/03/2017		1,000		(408	)		(458	)			(50	)
Call - Russell 2000 Index	$	1,340.00	03/01/2017		150		(864	)		(588	)			276
Call - Russell 2000 Index	$	1,360.00	02/21/2017		700		(2,829	)		(1,407	)			1,422
Call - Russell 2000 Index	$	1,320.00	02/20/2017		705		(3,158	)		(3,452	)			(294	)
Call - Russell 2000 Index	$	1,380.00	02/21/2017		1,600		(5,595	)		(1,725	)			3,870
Call - S&P 100 Index	$	920.00	02/21/2017		1,500		(8,237	)		(12,759	)			(4,522	)
Call - S&P 500 Index	$	2,315.00	02/13/2017		834		(229	)		(123	)			106
Call - S&P 500 Index	$	2,325.00	02/06/2017		893		(515	)		(3	)			512
Call - Utilities Select Sector SPDR Fund	$	47.00	02/21/2017		32,454		(6,628	)		(7,408	)			(780	)
Put - S&P 500 Index	$	2,260.00	02/20/2017		220		(420	)		(278	)			142
Put - S&P 500 Index	$	2,225.00	02/06/2017		893		(828	)		(45	)			783
Put - S&P 500 Index	$	2,225.00	02/13/2017		834		(994	)		(288	)			706
Total						$	(46,634	)	$	(50,546	)	$		(3,912	)
Amounts in thousands except contracts

See accompanying notes.

60

     Schedule of Investments Global Real Estate Securities Fund January 31, 2017 (unaudited)

COMMON STOCKS - 99.38%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Lodging - 1.12%					REITS (continued)
Hilton Grand Vacations Inc (a)	64,373	$	1,888		Park Hotels & Resorts Inc	86,147	$	2,338
Hilton Worldwide Holdings Inc	270,438		15,572		Physicians Realty Trust	757,993		14,061
		$	17,460		PLA Administradora Industrial S de RL de CV	4,272,330		5,847
Real Estate - 20.03%					(a)
Aeon Mall Co Ltd	737,200		10,684		Prologis Inc	736,722		35,989
CapitaLand Ltd	4,851,100		11,321		Prologis Property Mexico SA de CV	4,090,690		5,636
Castellum AB	867,675		11,953		Public Storage	82,217		17,677
CBRE Group Inc (a)	301,699		9,160		Regency Centers Corp	178,682		12,459
China Resources Land Ltd	2,502,000		6,189		Rexford Industrial Realty Inc	328,401		7,458
Deutsche Wohnen AG	1,640,038		53,494		Saul Centers Inc	181,996		11,555
Fabege AB	865,911		14,745		Scentre Group	7,031,276		23,463
Hongkong Land Holdings Ltd	2,581,014		17,432		Segro PLC	4,535,051		26,344
Inmobiliaria Colonial SA	705,028		5,182		Senior Housing Properties Trust	694,769		13,235
Mitsubishi Estate Co Ltd	621,000		11,820		Simon Property Group Inc	489,191		89,899
Mitsui Fudosan Co Ltd	1,991,793		45,985		SL Green Realty Corp	238,148		25,951
New World Development Co Ltd	16,575,000		19,124		Spirit Realty Capital Inc	1,310,599		13,787
Sponda OYJ	2,143,737		9,744		STAG Industrial Inc	55,929		1,294
Sun Hung Kai Properties Ltd	3,340,577		45,970		STORE Capital Corp	827,316		19,574
TLG Immobilien AG	586,857		11,153		Sun Communities Inc	246,051		19,379
Tokyo Tatemono Co Ltd	637,500		8,443		Sunstone Hotel Investors Inc	1,330,885		19,591
UNITE Group PLC/The	1,804,614		13,320		Tanger Factory Outlet Centers Inc	144,485		4,940
Wihlborgs Fastigheter AB	363,344		6,936		Unibail-Rodamco SE	56,598		13,043
		$	312,655		United Urban Investment Corp	8,991		14,341
REITS - 76.89%					Vornado Realty Trust	67,911		7,220
Agree Realty Corp	129,315		6,065		Welltower Inc	593,552		39,352
Alexandria Real Estate Equities Inc	191,533		21,226				$	1,200,358
American Campus Communities Inc	217,473		10,574		Software - 0.89%
American Tower Corp	134,266		13,897		InterXion Holding NV (a)	358,914		13,793
Apartment Investment & Management Co	596,676		26,295
Ascendas Real Estate Investment Trust	5,458,400		9,531		Storage & Warehousing - 0.45%
AvalonBay Communities Inc	255,539		44,287		Safestore Holdings PLC	1,514,643		7,070
Big Yellow Group PLC	510,255		4,410
Boston Properties Inc	257,172		33,664		TOTAL COMMON STOCKS		$	1,551,336
Brixmor Property Group Inc	156,410		3,774		INVESTMENT COMPANIES - 0.63%	Shares Held		Value(000	's)
Canadian Apartment Properties REIT	339,200		8,269		Money Market Funds - 0.63%
Colony Starwood Homes	324,131		10,194		Morgan Stanley Institutional Liquidity Funds -	9,889,713		9,890
CoreSite Realty Corp	19,090		1,644		Government Portfolio
Crown Castle International Corp	169,054		14,848
CubeSmart	818,895		20,579		TOTAL INVESTMENT COMPANIES		$	9,890
Daiwa Office Investment Corp	627		3,299		Total Investments		$	1,561,226
Dexus Property Group	4,831,275		32,912		Other Assets and Liabilities - (0.01)%		$	(160	)
Duke Realty Corp	815,116		19,832		TOTAL NET ASSETS - 100.00%		$	1,561,066
Education Realty Trust Inc	262,161		10,541
EPR Properties	171,805		12,708
Equinix Inc	64,740		24,924		(a) Non-Income Producing Security
Equity One Inc	676,447		21,098
Equity Residential	209,595		12,737
Essex Property Trust Inc	192,639		43,209
Extra Space Storage Inc	356,966		25,719		Portfolio Summary (unaudited)
Federal Realty Investment Trust	36,799		5,168		Country			Percent
First Industrial Realty Trust Inc	348,805		9,017		United States			54.19	%
Frasers Logistics & Industrial Trust	2,968,762		1,979		Japan			11.67	%
Gecina SA	102,074		13,163		Hong Kong			7.94	%
GGP Inc	783,735		19,468		Australia			6.21	%
Goodman Group	5,181,059		27,207		United Kingdom			4.88	%
Hoshino Resorts REIT Inc	1,179		6,297		Germany			4.14	%
Host Hotels & Resorts Inc	430,507		7,779		France			2.81	%
Hudson Pacific Properties Inc	200,780		7,110		Sweden			2.15	%
Industrial & Infrastructure Fund Investment	1,334		6,228		Singapore			1.73	%
Corp					Spain			1.52	%
Japan Hotel REIT Investment Corp	19,336		13,554		Netherlands			0.89	%
Japan Logistics Fund Inc	7,660		16,164		Mexico			0.73	%
Japan Retail Fund Investment Corp	9,831		21,019		Finland			0.62	%
Kenedix Retail REIT Corp	3,541		8,534		Canada			0.53	%
Kilroy Realty Corp	276,987		20,732		Other Assets and Liabilities			(0.01	)%
Kite Realty Group Trust	273,650		6,573		TOTAL NET ASSETS			100.00	%
Klepierre	465,163		17,664
Land Securities Group PLC	2,006,223		25,143
Link REIT	5,147,500		35,176
Mapletree Commercial Trust	3,686,800		4,011
Merlin Properties Socimi SA	1,657,635		18,567
Mirvac Group	8,757,328		13,490
Nomura Real Estate Master Fund Inc	10,042		15,646

See accompanying notes.

61

     Schedule of Investments Government & High Quality Bond Fund January 31, 2017 (unaudited)

INVESTMENT COMPANIES - 3.98%		Shares Held		Value(000			's)		Principal
Money Market Funds - 3.98%								BONDS (continued)	Amount (000's)      Value (000's)
Goldman Sachs Financial Square Funds -		62,697,059		$		62,697		Home Equity Asset Backed Securities - 0.45%
Government Fund								ACE Securities Corp Mortgage Loan Trust
								Series 2007-D1
TOTAL INVESTMENT COMPANIES				$		62,697		6.93%, 02/25/2038(e)	$	7,200	$	7,047
		Principal
BONDS- 28.32	%	Amount (000's)		Value(000			's)	Mortgage Backed Securities - 19.52%
Automobile Asset Backed Securities - 0.25%								Citigroup Mortgage Loan Trust 2014-A
								5.46%, 01/25/2035(a),(e)		5,994		6,313
AmeriCredit Automobile Receivables Trust
2016-3								Citigroup Mortgage Loan Trust 2015-PS1
2.24%, 04/08/2022(a)		$	4,000		$	3,960		5.25%, 09/25/2042(a),(e)		8,101		8,441
								CSMC Trust 2015-1
								3.96%, 01/25/2045(a),(e)		7,881		7,790
Commercial Mortgage Backed Securities - 7.68%
CD 2017-CD3 Mortgage Trust								Fannie Mae Interest Strip
3.98%, 02/10/2050(a),(b),(c)			3,500			3,605		3.50%, 12/25/2043(d)		6,307		1,135
								7.00%, 04/25/2024(a),(d)		47		8
								Fannie Mae REMICS
Citigroup Commercial Mortgage Trust 2013-GC17								1.37%, 04/25/2027(a)		12		12
4.54%, 11/10/2046			6,363			6,832		1.84%, 03/25/2046(a),(d)		41,025		2,292
Citigroup Commercial Mortgage Trust 2016-GC36								1.92%, 04/25/2045(a),(d)		36,028		2,175
4.76%, 02/10/2049(a)			3,500			3,555		1.93%, 11/25/2044(a),(d)		33,221		2,180
COMM 2014-UBS4 Mortgage Trust								1.93%, 05/25/2046(a),(d)		64,453		3,585
4.62%, 08/10/2047 (a)			5,000			5,034		1.93%, 07/25/2056(a),(d)		52,737		3,380
Ginnie Mae								1.94%, 06/25/2045(a),(d)		51,504		3,247
0.38%, 10/16/2053(a),(d)			15,842			682		1.96%, 08/25/2044(a),(d)		49,196		3,070
0.57%, 06/16/2052(a),(d)			34,654			1,147		1.96%, 12/25/2045(a),(d)		14,286		900
0.57%, 12/16/2053(a),(d)			35,097			1,361		2.07%, 08/25/2044(a),(d)		36,623		2,443
0.61%, 08/16/2051(a),(d)			86,631			3,997		2.50%, 02/25/2028(a),(d)		20,160		1,775
0.68%, 04/16/2047(a),(d)			95,691			4,448		3.00%, 01/25/2046(a)		10,699		10,870
0.73%, 11/16/2045(a),(d)			39,750			1,852		3.00%, 03/25/2046(a),(d)		15,730		3,403
0.75%, 10/16/2054(a),(d)			50,974			1,845		3.50%, 01/25/2028(a),(d)		18,546		2,078
0.77%, 11/16/2052(a),(d)			55,781			2,842		3.50%, 06/25/2033(a),(d)		19,236		2,598
0.77%, 06/16/2054(a),(d)			71,807			2,816		3.50%, 04/25/2034(a),(d)		18,936		2,901
0.83%, 02/16/2053(a),(d)			47,213			2,474		3.50%, 02/25/2036(a),(d)		12,130		2,020
0.84%, 02/16/2053(a),(d)			48,740			2,520		3.50%, 01/25/2040(a),(d)		21,982		2,955
0.84%, 01/16/2056(a),(d)			22,468			1,241		3.50%, 11/25/2042		9,708		10,149
0.85%, 03/16/2052(a),(d)			64,677			3,826		3.50%, 11/25/2042(a),(d)		26,402		5,199
0.85%, 09/16/2053(a),(d)			54,412			2,788		3.50%, 02/25/2043(a),(d)		11,373		1,924
0.86%, 10/16/2056(a),(d)			34,763			2,405		3.50%, 02/25/2043		1,455		1,519
0.92%, 02/16/2046(a),(d)			61,165			3,232		3.50%, 02/25/2043(a),(d)		20,154		3,077
0.95%, 06/16/2057(a),(d)			16,675			1,277		4.00%, 06/25/2039		10,000		10,482
								4.00%, 12/25/2039(d)		12,271		1,692
GS Mortgage Securities Trust 2011-GC5
5.40%, 08/10/2044(a),(e)			4,624			4,640		4.00%, 03/25/2045		6,411		6,927
								4.50%, 04/25/2045(a),(d)		32,711		7,992
GS Mortgage Securities Trust 2013-GC13
4.07%, 07/10/2046(a),(e)			5,000			4,598		7.00%, 04/25/2032		1,134		1,282
GS Mortgage Securities Trust 2015-GC32								9.00%, 05/25/2020		12		13
4.41%, 07/10/2048(a)			1,750			1,748		Freddie Mac REMICS
GS Mortgage Securities Trust 2015-GC34								1.67%, 02/15/2021(a)		6		7
4.65%, 10/10/2048 (a)			4,169			4,179		1.95%, 04/15/2040(a),(d)		47,812		3,192
JP Morgan Chase Commercial Mortgage								1.99%, 02/15/2042(a),(d)		33,813		1,903
Securities Trust 2013-C16								2.01%, 05/15/2041(a),(d)		67,266		4,395
4.91%, 12/15/2046  (a)			8,000			8,770		2.05%, 10/15/2040(a),(d)		50,343		3,899
								2.15%, 10/15/2040(a),(d)		37,269		2,819
JP Morgan Chase Commercial Mortgage
Securities Trust 2015-JP1								2.50%, 11/15/2032		6,628		6,548
4.24%, 01/15/2049(a),(e)			3,000			2,345		2.50%, 01/15/2043(a),(d)		16,809		2,402
JPMBB Commercial Mortgage Securities								2.50%, 02/15/2043		3,374		3,264
Trust 2014-C25								3.00%, 08/15/2028		4,327		4,386
4.45%, 11/15/2047(a)			5,000			4,997		3.00%, 11/15/2030(a),(d)		7,848		612
Wells Fargo Commercial Mortgage Trust								3.00%, 06/15/2040		6,842		6,988
2015	-C31							3.00%, 10/15/2042		2,271		2,297
4.61%, 11/15/2048(a)			6,000			6,087		3.00%, 03/15/2043		6,592		6,665
								3.00%, 03/15/2044		5,645		5,781
WFRBS Commercial Mortgage Trust 2013-								3.00%, 05/15/2044(a)		3,841		3,919
C14
4.00%, 06/15/2046(a),(e)			2,500			2,255		3.00%, 05/15/2044		1,588		1,521
WFRBS Commercial Mortgage Trust 2014-								3.50%, 01/15/2028(a),(d)		9,994		1,025
C22								3.50%, 04/15/2040(d)		13,126		1,171
3.91%, 09/15/2057(a),(e)			4,840			3,710		4.00%, 06/15/2028(a),(d)		1,000		15
								4.00%, 05/15/2039		4,825		4,987
WFRBS Commercial Mortgage Trust 2014-								4.00%, 11/15/2042(a),(d)		15,271		2,758
C23
4.38%, 10/15/2057(a)			9,700			10,217		4.00%, 01/15/2045		6,477		6,939
WFRBS Commercial Mortgage Trust 2014-								4.00%, 04/15/2045		2,735		2,878
LC14								6.50%, 08/15/2027		95		101
4.34%, 03/15/2047(a)			8,000			7,780		Freddie Mac Strips
								2.11%, 02/15/2038(a),(d)		47,695		3,434
				$		121,105		3.00%, 10/15/2027(a),(d)		17,797		1,753

See accompanying notes.

62

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2017 (unaudited)
	Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
BONDS (continued)	Amount (000's)      Value (000's)				AGENCY OBLIGATIONS (continued)		Amount (000's)		Value(000	's)
Mortgage Backed Securities (continued)					Federal Home Loan Mortgage Corporation (FHLMC) (continued)
Ginnie Mae					4.00%, 07/01/2042	$	4,135	$	4,392
1.13%, 03/20/2041(a),(d)	$	41,260	$	1,591	4.00%, 09/15/2042		3,536		3,702
1.15%, 11/20/2036(a),(d)		49,428		2,502	4.00%, 07/01/2043		5,366		5,703
1.17%, 09/20/2037(a),(d)		33,457		1,727	4.00%, 09/01/2044		6,525		6,927
3.00%, 05/16/2037		14,000		14,119	4.00%, 10/01/2045		11,347		12,013
3.00%, 01/20/2043(a),(d)		17,112		1,974	4.50%, 04/01/2041		6,290		6,891
3.25%, 05/20/2045(a)		5,030		5,099	4.50%, 11/01/2043		6,087		6,664
3.50%, 04/20/2038(a),(d)		10,493		1,017	5.00%, 10/01/2025		80		87
3.50%, 10/20/2041(a),(d)		17,170		2,354	5.00%, 12/01/2032		71		78
3.50%, 01/20/2043(d)		21,792		5,229	5.00%, 02/01/2033		672		735
3.50%, 05/20/2043(a),(d)		14,271		2,873	5.00%, 01/01/2034		665		732
3.50%, 10/20/2044(a),(d)		24,922		4,360	5.00%, 05/01/2034		160		175
4.00%, 02/20/2034		6,330		6,574	5.00%, 07/01/2035		3		4
4.00%, 11/16/2038		726		757	5.00%, 07/01/2035		66		73
4.00%, 02/20/2044(a),(d)		9,382		1,335	5.00%, 10/01/2035		12		13
4.00%, 04/20/2046(d)		17,199		2,945	5.00%, 11/01/2035		516		563
4.50%, 04/20/2045(a),(d)		9,232		2,161	5.00%, 07/01/2044		4,513		4,960
4.50%, 12/20/2045(a),(d)		11,933		2,796	5.50%, 04/01/2018		10		10
5.00%, 11/20/2039		5,185		5,704	5.50%, 03/01/2029		1		1
New Residential Mortgage Loan Trust 2014-					5.50%, 05/01/2033		11		13
3					5.50%, 10/01/2033		17		19
4.75%, 11/25/2054(a),(e)		7,550		7,883	5.50%, 12/01/2033		445		500
New Residential Mortgage Loan Trust 2015-					5.50%, 07/01/2037		28		31
2					5.50%, 04/01/2038		16		18
5.59%, 08/25/2055(a),(e)		6,597		6,810	5.50%, 05/01/2038		74		83
New Residential Mortgage Loan Trust 2016-					6.00%, 04/01/2017		5		5
4					6.00%, 04/01/2017		5		5
4.50%, 11/25/2056(a),(e)		3,528		3,646	6.00%, 05/01/2017		7		7
Sequoia Mortgage Trust 2013-2					6.00%, 01/01/2021		38		40
3.64%, 02/25/2043(a)		8,008		7,989	6.00%, 06/01/2028		10		11
Springleaf Mortgage Loan Trust 2013-3					6.00%, 05/01/2031		105		120
3.79%, 09/25/2057(a),(e)		4,800		4,799	6.00%, 10/01/2031		3		4
		$		307,730	6.00%, 02/01/2032		18		20
Other Asset Backed Securities - 0.42%					6.00%, 09/01/2032		184		208
CNH Equipment Trust 2016-C					6.00%, 11/01/2033		330		373
1.76%, 09/15/2023		1,600		1,577	6.00%, 11/01/2033		494		563
1.93%, 03/15/2024(a)		2,000		1,959	6.00%, 05/01/2034		1,257		1,433
TAL Advantage V LLC					6.00%, 05/01/2034		1,166		1,287
3.33%, 05/20/2039(a),(e)		3,149		3,036	6.00%, 09/01/2034		100		113
		$		6,572	6.00%, 02/01/2035		102		117
TOTAL BONDS		$		446,414	6.00%, 10/01/2036(a)		62		71
U.S. GOVERNMENT & GOVERNMENT	Principal				6.00%, 03/01/2037		128		148
AGENCY OBLIGATIONS - 70.12%	Amount (000's)      Value (000's)				6.00%, 05/01/2037		172		199
					6.00%, 01/01/2038(a)		59		67
Federal Home Loan Mortgage Corporation (FHLMC) - 14.75%
2.00%, 02/01/2028	$	507	$	495	6.00%, 03/01/2038		43		48
2.00%, 03/01/2028		2,355		2,298	6.00%, 04/01/2038		141		161
2.50%, 08/01/2027		1,873		1,895	6.00%, 07/01/2038		251		285
2.50%, 09/01/2027		6,069		6,139	6.00%, 10/01/2038		142		162
2.50%, 02/01/2028		5,902		5,971	6.00%, 09/01/2039		5,236		6,092
2.91%, 03/01/2036(a)		243		251	6.50%, 06/01/2017		1		1
3.00%, 02/01/2027		5,294		5,436	6.50%, 12/01/2021		193		212
3.00%, 04/01/2035		3,278		3,309	6.50%, 04/01/2022		179		196
3.00%, 10/01/2042		7,610		7,578	6.50%, 05/01/2022		76		80
3.00%, 10/01/2042		9,221		9,178	6.50%, 08/01/2022		43		47
3.00%, 05/01/2043		6,629		6,596	6.50%, 05/01/2023		80		84
3.00%, 07/01/2045		8,787		8,717	6.50%, 07/01/2023		2		2
3.00%, 10/01/2046(a)		10,132		10,072	6.50%, 01/01/2024		4		5
3.48%, 10/01/2032(a)		2		2	6.50%, 07/01/2025		1		1
3.50%, 11/01/2026		3,492		3,654	6.50%, 09/01/2025		1		1
3.50%, 02/01/2032		5,534		5,746	6.50%, 10/01/2025		2		2
3.50%, 04/01/2032		4,864		5,050	6.50%, 10/01/2025		1		1
3.50%, 12/01/2041		3,208		3,301	6.50%, 03/01/2029		6		7
3.50%, 04/01/2042		9,318		9,568	6.50%, 03/01/2029		54		61
3.50%, 07/01/2042		10,588		10,873	6.50%, 04/01/2031		220		248
3.50%, 09/01/2042		7,333		7,527	6.50%, 10/01/2031		78		90
3.50%, 08/01/2043		7,377		7,582	6.50%, 02/01/2032		11		13
3.50%, 02/01/2044		8,457		8,688	6.50%, 04/01/2032		10		12
3.50%, 08/01/2045		8,779		9,035	6.50%, 04/01/2035		7		8
3.50%, 07/01/2046		12,342		12,687	6.50%, 02/01/2037		30		34
4.00%, 12/01/2040		6,099		6,453	7.00%, 07/01/2024		2		3
4.00%, 12/01/2041		5,688		6,040	7.00%, 01/01/2028		413		455
					7.00%, 06/01/2029		131		151

See accompanying notes.

63

     Schedule of Investments Government & High Quality Bond Fund January 31, 2017 (unaudited)

U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000's)		Value (000's)		AGENCY OBLIGATIONS (continued)	Amount (000's)			Value(000	's)
Federal Home Loan Mortgage Corporation (FHLMC) (continued)					Federal National Mortgage Association (FNMA) (continued)
7.00%, 01/01/2031	$	1	$	1	4.00%, 09/01/2040	$	3,545	$	3,746
7.00%, 04/01/2031		83		92	4.00%, 02/01/2042		2,911		3,082
7.00%, 10/01/2031		103		115	4.00%, 04/01/2042		6,035		6,359
7.00%, 04/01/2032		201		227	4.00%, 01/01/2043		2,677		2,839
7.50%, 12/01/2030		4		4	4.00%, 03/01/2043		5,356		5,657
7.50%, 02/01/2031		20		22	4.00%, 08/01/2043		5,654		5,991
7.50%, 02/01/2031		2		2	4.00%, 08/01/2043		9,322		9,885
8.00%, 08/01/2030		1		1	4.00%, 10/01/2043		7,030		7,442
8.00%, 12/01/2030		9		9	4.00%, 04/01/2044		3,640		3,860
8.50%, 07/01/2029		132		146	4.00%, 08/01/2044		5,026		5,329
			$	232,400	4.00%, 08/01/2044		12,541		13,298
Federal National Mortgage Association (FNMA) - 42.56%					4.00%, 11/01/2044		3,863		4,095
2.00%, 10/01/2027		2,963		2,942	4.00%, 02/01/2045		6,729		7,131
2.00%, 10/01/2027		3,978		3,949	4.00%, 07/01/2045		7,983		8,422
2.00%, 02/01/2028		5,437		5,310	4.00%, 08/01/2045		14,523		15,389
2.00%, 08/01/2028		3,236		3,160	4.00%, 09/01/2045		12,990		13,764
2.00%, 07/01/2030		8,071		7,843	4.50%, 12/01/2019		24		24
2.50%, 06/01/2027		6,953		7,032	4.50%, 01/01/2020		109		112
2.50%, 05/01/2028		3,066		3,100	4.50%, 09/01/2025		2,513		2,665
2.50%, 05/01/2028		3,457		3,496	4.50%, 03/01/2041		4,999		5,401
2.50%, 07/01/2028		11,206		11,181	4.50%, 03/01/2042		11,036		11,994
2.50%, 08/01/2028		4,176		4,222	4.50%, 09/01/2043		8,781		9,579
2.50%, 09/01/2028		6,030		6,097	4.50%, 09/01/2043		4,907		5,352
2.50%, 03/01/2030		8,888		8,904	4.50%, 09/01/2043		5,490		5,986
2.50%, 12/01/2031		10,735		10,748	4.50%, 11/01/2043		8,034		8,760
3.00%, 04/01/2027		5,032		5,181	4.50%, 09/01/2044		6,856		7,463
3.00%, 05/01/2029		7,949		8,170	4.50%, 10/01/2044		4,757		5,178
3.00%, 08/01/2031		12,755		13,121	4.50%, 12/01/2044		11,198		12,190
3.00%, 10/01/2042		7,008		6,973	4.50%, 09/01/2045		7,548		8,193
3.00%, 11/01/2042		9,558		9,509	5.00%, 01/01/2018		9		9
3.00%, 12/01/2042		7,200		7,163	5.00%, 11/01/2018		62		63
3.00%, 12/01/2042		7,126		7,090	5.00%, 04/01/2019		24		24
3.00%, 01/01/2043		7,052		7,017	5.00%, 01/01/2026		94		102
3.00%, 01/01/2043		6,012		5,982	5.00%, 04/01/2035		210		233
3.00%, 02/01/2043		7,377		7,340	5.00%, 05/01/2035		108		119
3.00%, 04/01/2043		8,504		8,432	5.00%, 07/01/2035		36		39
3.00%, 06/01/2043		13,268		13,201	5.00%, 02/01/2038		2,489		2,769
3.00%, 08/01/2043		8,989		8,943	5.00%, 03/01/2038		1,812		2,016
3.00%, 07/01/2045		3,570		3,544	5.00%, 02/01/2040		9,158		10,197
3.00%, 01/01/2046		6,962		6,917	5.00%, 05/01/2040		3,575		3,981
3.00%, 05/01/2046		6,646		6,612	5.00%, 07/01/2040		2,327		2,591
3.00%, 07/01/2046		9,165		9,104	5.00%, 07/01/2041		10,497		11,701
3.00%, 09/01/2046		7,868		7,828	5.00%, 02/01/2044		4,473		4,983
3.00%, 10/01/2046		8,627		8,559	5.50%, 09/01/2017		1		1
3.00%, 12/01/2046		8,717		8,662	5.50%, 09/01/2017		5		5
3.00%, 12/01/2046		9,971		9,889	5.50%, 12/01/2017		33		34
3.00%, 01/01/2047		8,000		7,960	5.50%, 03/01/2018		10		10
3.09%, 12/01/2033(a)		107		112	5.50%, 06/01/2019		5		5
3.26%, 11/01/2033(a)		10		10	5.50%, 06/01/2019		5		5
3.50%, 08/01/2031		6,640		6,987	5.50%, 07/01/2019		23		23
3.50%, 02/01/2042		7,768		8,002	5.50%, 07/01/2019		6		6
3.50%, 03/01/2042		3,717		3,821	5.50%, 07/01/2019		1		1
3.50%, 06/01/2042		4,015		4,124	5.50%, 07/01/2019		14		14
3.50%, 07/01/2042		4,658		4,785	5.50%, 08/01/2019		5		5
3.50%, 07/01/2042		6,302		6,477	5.50%, 08/01/2019		20		20
3.50%, 09/01/2042		10,337		10,622	5.50%, 09/01/2019		30		31
3.50%, 11/01/2042		6,384		6,567	5.50%, 06/01/2026		84		93
3.50%, 02/01/2043		2,625		2,704	5.50%, 05/01/2033		175		190
3.50%, 05/01/2043		3,327		3,428	5.50%, 07/01/2033		801		907
3.50%, 05/01/2043		6,353		6,536	5.50%, 09/01/2033		441		499
3.50%, 10/01/2044		8,268		8,519	5.50%, 02/01/2037		9		10
3.50%, 11/01/2044		7,380		7,603	5.50%, 12/01/2037		1,230		1,392
3.50%, 03/01/2045		6,785		6,978	5.50%, 03/01/2038		314		356
3.50%, 03/01/2045		3,952		4,056	5.50%, 03/01/2038		444		499
3.50%, 06/01/2045		8,544		8,797	6.00%, 04/01/2017		2		2
3.50%, 08/01/2045		7,192		7,405	6.00%, 08/01/2017		52		52
3.50%, 09/01/2045		6,661		6,844	6.00%, 08/01/2018		79		80
3.50%, 10/01/2045		7,240		7,453	6.00%, 12/01/2022		15		17
3.50%, 11/01/2045		13,339		13,716	6.00%, 03/01/2029		56		63
3.50%, 01/01/2046		6,445		6,635	6.00%, 08/01/2031		388		442
3.50%, 04/01/2046		9,475		9,751	6.00%, 12/01/2031		2		2
3.50%, 12/01/2046		9,964		10,243	6.00%, 12/01/2031		3		3
4.00%, 01/01/2034		1,808		1,915

See accompanying notes.

64

Schedule of Investments
Government & High Quality Bond Fund
January 31, 2017 (unaudited)
U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000's)		Value (000's)		AGENCY OBLIGATIONS (continued)		Amount (000's)		Value(000	's)
Federal National Mortgage Association (FNMA) (continued)					Government National Mortgage Association (GNMA) (continued)
6.00%, 01/01/2032	$	253	$	277	5.50%, 07/20/2033	$	1,439	$	1,616
6.00%, 11/01/2032		7		8	5.50%, 03/20/2034		1,443		1,655
6.00%, 04/01/2033		264		290	5.50%, 05/20/2035		155		174
6.00%, 02/01/2034		197		222	5.50%, 01/15/2039		293		330
6.00%, 03/01/2034		144		163	6.00%, 10/15/2023		90		102
6.00%, 09/01/2034		904		995	6.00%, 11/15/2023		16		18
6.00%, 11/01/2037		39		44	6.00%, 11/15/2023		41		46
6.00%, 02/01/2038		114		128	6.00%, 12/15/2023		10		11
6.00%, 03/01/2038		75		86	6.00%, 12/15/2023		22		25
6.00%, 08/01/2038		740		846	6.00%, 12/15/2023		2		2
6.00%, 04/01/2039		884		1,024	6.00%, 01/15/2024		12		14
6.50%, 09/01/2024		232		263	6.00%, 01/20/2024		5		5
6.50%, 08/01/2028		65		73	6.00%, 02/15/2024		18		20
6.50%, 11/01/2028		46		53	6.00%, 02/15/2024		15		17
6.50%, 12/01/2028		39		45	6.00%, 02/15/2024		23		26
6.50%, 02/01/2029		25		29	6.00%, 03/15/2024		14		16
6.50%, 03/01/2029		50		56	6.00%, 04/20/2024		21		24
6.50%, 04/01/2029		26		29	6.00%, 05/20/2024		16		17
6.50%, 06/01/2031		91		101	6.00%, 05/20/2024		10		11
6.50%, 06/01/2031		69		78	6.00%, 10/20/2024		11		12
6.50%, 06/01/2031		75		85	6.00%, 09/20/2025		21		23
6.50%, 12/01/2031		4		4	6.00%, 04/20/2026		51		58
6.50%, 01/01/2032		33		37	6.00%, 10/20/2028		8		9
6.50%, 04/01/2032		354		400	6.00%, 02/20/2029		89		104
6.50%, 04/01/2032		22		24	6.00%, 08/15/2032		35		39
6.50%, 08/01/2032		143		162	6.00%, 09/15/2032		69		78
6.50%, 11/01/2032		184		204	6.00%, 02/15/2033		23		27
6.50%, 11/01/2032		401		448	6.00%, 07/20/2033		1,098		1,284
6.50%, 02/01/2033		228		258	6.00%, 08/15/2038		139		158
6.50%, 04/01/2036		8		9	6.50%, 09/15/2023		20		23
6.50%, 08/01/2036		54		61	6.50%, 09/15/2023		11		13
6.50%, 08/01/2036		111		130	6.50%, 09/15/2023		7		8
6.50%, 10/01/2036		48		57	6.50%, 09/15/2023		13		14
6.50%, 11/01/2036		41		46	6.50%, 10/15/2023		19		21
6.50%, 07/01/2037		28		31	6.50%, 12/15/2023		23		26
6.50%, 07/01/2037		40		46	6.50%, 12/15/2023		16		18
6.50%, 08/01/2037		707		829	6.50%, 12/15/2023		11		12
6.50%, 08/01/2037		54		62	6.50%, 12/15/2023		5		6
6.50%, 01/01/2038		8		9	6.50%, 01/15/2024		8		10
6.50%, 02/01/2038		35		41	6.50%, 01/15/2024		15		17
6.50%, 05/01/2038		11		12	6.50%, 01/15/2024		7		8
7.00%, 05/01/2022		12		13	6.50%, 01/15/2024		28		32
7.00%, 08/01/2028		76		86	6.50%, 01/15/2024		6		7
7.00%, 12/01/2028		80		90	6.50%, 01/15/2024		3		4
7.00%, 07/01/2029		79		90	6.50%, 03/15/2024		20		23
7.00%, 11/01/2031		245		267	6.50%, 04/15/2024		13		14
7.00%, 07/01/2032		145		162	6.50%, 04/20/2024		9		9
7.50%, 12/01/2024		100		109	6.50%, 07/15/2024		35		40
7.50%, 07/01/2029		20		20	6.50%, 01/15/2026		7		7
7.50%, 02/01/2030		79		86	6.50%, 03/15/2026		9		10
7.50%, 01/01/2031		1		1	6.50%, 07/20/2026		2		2
7.50%, 08/01/2032		10		11	6.50%, 10/20/2028		9		11
8.50%, 09/01/2025		1		2	6.50%, 03/20/2031		74		86
9.00%, 09/01/2030		32		37	6.50%, 04/20/2031		61		71
			$	670,790	6.50%, 07/15/2031		1		1
Government National Mortgage Association (GNMA) - 7.87%					6.50%, 10/15/2031		11		13
3.00%, 11/15/2042		8,564		8,656	6.50%, 07/15/2032		5		5
3.00%, 11/15/2042		6,172		6,229	6.50%, 05/20/2034		588		694
3.00%, 12/15/2042		6,266		6,333	6.80%, 04/20/2025		36		38
3.00%, 02/15/2043		6,906		6,981	7.00%, 11/15/2022		4		4
3.00%, 11/20/2046		5,966		6,029	7.00%, 11/15/2022		3		3
3.50%, 08/20/2042		6,105		6,356	7.00%, 12/15/2022		29		31
3.50%, 05/15/2043		10,394		10,869	7.00%, 01/15/2023		7		7
3.50%, 06/20/2043		6,767		7,054	7.00%, 01/15/2023		3		3
3.50%, 08/15/2043		8,883		9,251	7.00%, 01/15/2023		15		15
3.50%, 04/20/2045		6,783		7,046	7.00%, 02/15/2023		19		19
3.50%, 09/20/2045		9,022		9,391	7.00%, 07/15/2023		7		8
4.00%, 08/15/2041		5,548		5,918	7.00%, 07/15/2023		14		14
4.00%, 09/15/2041		8,945		9,586	7.00%, 07/15/2023		8		8
4.00%, 03/15/2044		5,470		5,839	7.00%, 08/15/2023		15		16
4.00%, 10/20/2044		5,494		5,861	7.00%, 10/15/2023		6		6
5.00%, 02/15/2034		175		194	7.00%, 12/15/2023		15		16
5.00%, 10/15/2039		3,657		4,087

See accompanying notes.

65

     Schedule of Investments Government & High Quality Bond Fund January 31, 2017 (unaudited)

U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT			Principal
AGENCY OBLIGATIONS (continued)		Amount (000's)	Value (000's)		AGENCY OBLIGATIONS (continued)		Amount (000's)		Value (000's)
Government National Mortgage Association (GNMA) (continued)					U.S. Treasury Strip - 0.41%
7.00%, 12/15/2023	$	13	$	14		0.00%, 05/15/2020(f),(g)	$	6,800	$	6,454
7.00%, 01/15/2026		11		11
7.00%, 01/15/2027		22		24	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
7.00%, 10/15/2027		8		8	OBLIGATIONS				$	1,105,147
7.00%, 10/15/2027		1		1	Total Investments				$	1,614,258
7.00%, 10/15/2027		1		1	Other Assets and Liabilities - (2.42)%				$	(38,215	)
7.00%, 12/15/2027		2		2	TOTAL NET ASSETS - 100.00%				$	1,576,043
7.00%, 12/15/2027		5		5
7.00%, 02/15/2028		1		1
7.00%, 04/15/2028		2		2	(a)	Variable Rate. Rate shown is in effect at January 31, 2017.
7.00%, 06/15/2028		139		153	(b)	Security purchased on a when-issued basis.
7.00%, 12/15/2028		69		76	(c)	Fair value of these investments is determined in good faith by the Manager
7.00%, 01/15/2029		49		54		under procedures established and periodically reviewed by the Board of
7.00%, 03/15/2029		24		25		Directors. Inputs used in the valuation may be unobservable; however, not
7.00%, 04/15/2029		172		188		all securities are included in Level 3 of the fair value hierarchy. At the end
7.00%, 04/15/2029		14		14		of the period, the fair value of these securities totaled $3,605 or 0.23% of
7.00%, 05/15/2031		8		9		net assets.
7.00%, 06/20/2031		59		70	(d)	Security is an Interest Only Strip
7.00%, 07/15/2031		1		2	(e)	Security exempt from registration under Rule 144A of the Securities Act of
7.00%, 09/15/2031		2		2		1933. These securities may be resold in transactions exempt from
7.25%, 09/15/2025		12		12		registration, normally to qualified institutional buyers. At the end of the
7.50%, 07/15/2018		3		3		period, the value of these securities totaled $73,313 or 4.65% of net assets.
7.50%, 12/15/2021		17		17	(f)	Non-Income Producing Security
7.50%, 02/15/2022		5		5	(g)	Security is a Principal Only Strip.
7.50%, 03/15/2022		1		—
7.50%, 03/15/2022		7		7
7.50%, 04/15/2022		2		2
7.50%, 04/15/2022		20		20		Portfolio Summary (unaudited)
7.50%, 04/15/2022		5		5	Sector					Percent
7.50%, 07/15/2022		12		12	Mortgage Securities					92.38	%
7.50%, 08/15/2022		3		3	Government					4.94	%
7.50%, 08/15/2022		13		13	Investment Companies					3.98	%
7.50%, 08/15/2022		2		2	Asset Backed Securities					1.12	%
7.50%, 02/15/2023		7		8	Other Assets and Liabilities					(2.42	)%
7.50%, 05/15/2023		2		2	TOTAL NET ASSETS					100.00	%
7.50%, 05/15/2023		7		7
7.50%, 06/15/2023		12		13
7.50%, 10/15/2023		1		1
7.50%, 11/15/2023		9		9
7.50%, 03/15/2024		14		15
7.50%, 08/15/2024		1		1
7.50%, 05/15/2027		16		16
7.50%, 05/15/2027		6		6
7.50%, 06/15/2027		9		10
7.50%, 08/15/2029		52		58
7.50%, 10/15/2029		17		17
7.50%, 11/15/2029		47		48
8.00%, 02/15/2022		16		18
8.00%, 04/15/2022		11		11
8.00%, 12/15/2030		7		8
9.00%, 11/15/2021		33		35
9.50%, 10/15/2017		1		1
9.50%, 11/15/2017		1		1
9.50%, 09/20/2018		10		11
9.50%, 09/15/2020		6		6
9.50%, 08/15/2021		32		35
			$	124,094
U.S. Treasury - 4.53%
1.00%, 02/15/2018		16,600		16,616
2.25%, 11/30/2017		3,600		3,642
3.13%, 05/15/2021		18,000		18,968
4.25%, 11/15/2040		8,710		10,582
5.25%, 11/15/2028		9,600		12,226
6.25%, 08/15/2023		7,500		9,375
			$	71,409

See accompanying notes.

66

     Schedule of Investments High Yield Fund January 31, 2017 (unaudited)

COMMON STOCKS - 0.57%			Shares Held	Value(000			's)			Principal
Energy - Alternate Sources - 0.00%								BONDS (continued)		Amount (000's) Value (000's)
Ogden Corp (a),(b),(c)			5,000,000	$		—		Banks (continued)
								Wells Fargo & Co
Forest Products & Paper - 0.06%								5.87%, 12/31/2049(f),(g)	$	8,765	$	9,318
Verso Corp (a)			279,134			2,258				$		92,284
Verso Corp - Warrants (a),(c)			12,855			—		Building Materials - 1.72%
				$		2,258		BMC East LLC
Oil & Gas Services - 0.51%								5.50%, 10/01/2024(d)		9,540		9,752
Seventy Seven Energy Inc (a)			387,550			18,428		Boise Cascade Co
								5.63%, 09/01/2024(d)		8,655		8,807
TOTAL COMMON STOCKS				$		20,686		Cemex SAB de CV
INVESTMENT COMPANIES - 3.69%			Shares Held	Value(000			's)	5.70%, 01/11/2025(d)		8,420		8,517
								6.13%, 05/05/2025(d)		4,000		4,130
Money Market Funds - 3.69%								7.25%, 01/15/2021(d)		2,880		3,078
Goldman Sachs Financial Square Funds -			133,003,530			133,004		7.75%, 04/16/2026(d)		4,705		5,228
Government Fund
								Louisiana-Pacific Corp
TOTAL INVESTMENT COMPANIES				$		133,004		4.88%, 09/15/2024		1,900		1,895
			Principal					Masco Corp
BONDS- 88.25	%		Amount (000's)	Value(000			's)	4.38%, 04/01/2026		9,845		10,107
								Norbord Inc
Advertising - 0.20%								5.38%, 12/01/2020(d)		10,175		10,582
MDC Partners Inc
6.50%, 05/01/2024(d)		$	8,205		$	7,138				$		62,096
								Chemicals - 1.99%
Aerospace & Defense - 0.09%								A Schulman Inc
								6.88%, 06/01/2023(d)		7,105		7,496
Air 2 US
8.63%, 10/01/2020(d)			3,045			3,181		Alpha 3 BV / Alpha US Bidco Inc
								6.25%, 02/01/2025(d)		2,700		2,700
Agriculture - 0.75%								Aruba Investments Inc
								8.75%, 02/15/2023(d)		10,280		10,588
Pinnacle Operating Corp
0.00%, 05/15/2023(a),(c)			5,696			5,696		Blue Cube Spinco Inc
9.00%, 11/15/2020(d)			22,113			11,167		9.75%, 10/15/2023		5,350		6,353
Vector Group Ltd								CF Industries Inc
6.13%, 02/01/2025(d)			9,715			9,982		5.15%, 03/15/2034		13,265		12,171
				$		26,845		Consolidated Energy Finance SA
								6.75%, 10/15/2019(d)		22,239		22,294
Airlines - 0.20%
								Cornerstone Chemical Co
American Airlines 2015-1 Class B Pass								9.38%, 03/15/2018  (d)		9,815		9,938
Through Trust
3.70%, 11/01/2024			2,401			2,353				$		71,540
United Airlines 2014-1 Class B Pass Through								Commercial Services - 0.46%
Trust								Ahern Rentals Inc
								7.38%, 05/15/2023(d)		7,070		6,610
4.75%, 10/11/2023			3,013			3,066
								TMS International Corp
US Airways 2001-1G Pass Through Trust								7.63%, 10/15/2021(d)		10,020		9,995
7.08%, 09/20/2022			1,740			1,865
				$		7,284				$		16,605
Automobile Manufacturers - 0.91%								Computers - 1.14%
Jaguar Land Rover Automotive PLC								Compiler Finance Sub Inc
3.50%, 03/15/2020(d)			7,400			7,455		7.00%, 05/01/2021(d)		12,770		5,906
4.25%, 11/15/2019(d)			3,550			3,669		Diamond 1 Finance Corp / Diamond 2 Finance
5.63%, 02/01/2023(d)			6,780			7,102		Corp
								3.48%, 06/01/2019(d)		8,455		8,629
Navistar International Corp								5.88%, 06/15/2021(d)		1,200		1,266
8.25%, 11/01/2021			14,360			14,504		7.13%, 06/15/2024(d)		22,930		25,106
				$		32,730
Automobile Parts & Equipment - 1.01%										$		40,907
Allison Transmission Inc								Consumer Products - 0.51%
5.00%, 10/01/2024(d)			7,180			7,234		ACCO Brands Corp
								5.25%, 12/15/2024(d)		7,085		7,130
Dana Inc
5.50%, 12/15/2024			8,530			8,871		Spectrum Brands Inc
IHO Verwaltungs GmbH								5.75%, 07/15/2025		10,830		11,317
4.75%, PIK 5.50%, 09/15/2026(d),(e)			2,985			2,933				$		18,447
ZF North America Capital Inc								Distribution & Wholesale - 0.62%
4.50%, 04/29/2022(d)			2,030			2,083		American Builders & Contractors Supply Co
4.75%, 04/29/2025(d)			14,945			15,195		Inc
								5.75%, 12/15/2023(d)		5,550		5,772
				$		36,316
Banks- 2.56	%							Global Partners LP / GLP Finance Corp
Barclays PLC								7.00%, 06/15/2023		10,170		9,992
8.25%, 12/31/2049(f),(g)			9,050			9,445		HD Supply Inc
ING Bank NV								5.25%, 12/15/2021(d)		2,525		2,661
5.80%,  09/25/2023(d)			18,700			20,729		5.75%, 04/15/2024(d)		3,825		4,026
ING Groep NV										$		22,451
6.00%, 12/31/2049(f),(g)			8,150			8,007		Diversified Financial Services - 5.08%
JPMorgan Chase & Co								Aircastle Ltd
5.00%, 12/31/2049(f),(g)			35,420			35,464		5.00%, 04/01/2023		9,745		9,892
Popular Inc								5.13%, 03/15/2021		11,795		12,399
7.00%, 07/01/2019			8,920			9,321		5.50%, 02/15/2022		5,165		5,423

See accompanying notes

67

     Schedule of Investments High Yield Fund January 31, 2017 (unaudited)

		Principal						Principal
BONDS (continued)		Amount (000's)    Value (000's)			BONDS (continued)			Amount (000's)   Value (000's)
Diversified Financial Services (continued)					Entertainment (continued)
Aircastle Ltd (continued)					Pinnacle Entertainment Inc
6.75%, 04/15/2017	$	3,915	$	3,954	5.63%, 05/01/2024(d)		$	8,510	$	8,633
Ally Financial Inc					WMG Acquisition Corp
4.25%, 04/15/2021		1,095		1,106	4.88%, 11/01/2024(d)			4,270		4,241
5.75%, 11/20/2025		17,750		18,016	5.00%, 08/01/2023(d)			5,810		5,825
CIT Group Inc					6.75%, 04/15/2022(d)			12,655		13,319
3.88%, 02/19/2019		20,125		20,553				$		141,277
5.00%, 08/15/2022		8,500		8,904	Food- 2.32	%
Credit Acceptance Corp					BI-LO LLC / BI-LO Finance Corp
6.13%, 02/15/2021		12,090		12,271	9.25%, 02/15/2019(d)			10,875		8,970
7.38%, 03/15/2023		8,140		8,352	Ingles Markets Inc
Dana Financing Luxembourg Sarl					5.75%, 06/15/2023			10,265		10,522
6.50%, 06/01/2026(d)		1,680		1,777	JBS USA LUX SA / JBS USA Finance Inc
Doric Nimrod Air Finance Alpha Ltd 2012-1					5.75%, 06/15/2025(d)			9,165		9,408
Class B Pass Through Trust					7.25%, 06/01/2021(d)			3,338		3,448
6.50%, 05/30/2021(d)		2,177		2,239	Lamb Weston Holdings Inc
FBM Finance Inc					4.63%, 11/01/2024(d)			1,800		1,805
8.25%, 08/15/2021(d)		2,260		2,413	4.88%, 11/01/2026(d)			5,280		5,287
Fly Leasing Ltd					Post Holdings Inc
6.38%, 10/15/2021		20,730		21,507	5.00%, 08/15/2026(d)			12,305		11,897
Navient Corp					7.75%, 03/15/2024(d)			4,585		5,075
5.00%, 10/26/2020		1,360		1,350	Smithfield Foods Inc
5.88%, 03/25/2021		7,480		7,508	5.25%, 08/01/2018(d)			1,963		1,984
6.13%, 03/25/2024		6,330		5,990	5.88%, 08/01/2021(d)			14,255		14,881
6.63%, 07/26/2021		4,245		4,319	TreeHouse Foods Inc
7.25%, 09/25/2023		10,260		10,337	6.00%, 02/15/2024(d)			9,730		10,204
OneMain Financial Holdings LLC								$		83,481
7.25%, 12/15/2021(d)		10,670		10,897	Forest Products & Paper - 0.84%
Springleaf Finance Corp					Mercer International Inc
5.25%, 12/15/2019		13,650		13,718	6.50%, 02/01/2024(c),(d),(h)			1,430		1,430
		$		182,925	Resolute Forest Products Inc
Electric - 1.49%					5.88%, 05/15/2023			9,830		8,577
Dynegy Inc					Sappi Papier Holding GmbH
6.75%, 11/01/2019		3,500		3,592	7.50%, 06/15/2032(d)			5,985		5,805
7.38%, 11/01/2022		12,610		12,453	7.75%, 07/15/2017(d)			5,000		5,063
8.00%, 01/15/2025(d)		2,320		2,227	Tembec Industries Inc
Elwood Energy LLC					9.00%, 12/15/2019(d)			9,430		9,548
8.16%, 07/05/2026		6,652		7,451				$		30,423
Indiantown Cogeneration LP					Gas- 0.37	%
9.77%, 12/15/2020		1,837		1,983	NGL Energy Partners LP / NGL Energy
Mirant Mid-Atlantic Series B Pass Through					Finance Corp
Trust					6.88%, 10/15/2021			4,155		4,279
9.13%, 06/30/2017		220		196	7.50%, 11/01/2023(d)			8,565		9,015
Mirant Mid-Atlantic Series C Pass Through								$		13,294
Trust					Healthcare - Products - 1.93%
10.06%, 12/30/2028		11,422		10,051	DJO Finco Inc / DJO Finance LLC / DJO
NRG Energy Inc					Finance Corp
6.25%, 05/01/2024		6,760		6,878	8.13%, 06/15/2021(d)			13,650		11,807
6.63%, 01/15/2027(d)		1,960		1,945
					Hill-Rom Holdings Inc
7.25%, 05/15/2026(d)		6,470		6,769	5.75%, 09/01/2023(d),(f)			6,440		6,682
		$		53,545	Kinetic Concepts Inc / KCI USA Inc
Entertainment - 3.92%					7.88%, 02/15/2021(d)			9,455		10,211
AMC Entertainment Holdings Inc					9.63%, 10/01/2021(d)			7,665		8,217
5.88%, 11/15/2026(d)		13,535		13,806	Mallinckrodt International Finance SA /
Carmike Cinemas Inc					Mallinckrodt CB LLC
6.00%, 06/15/2023(d)		7,040		7,462	5.63%, 10/15/2023(d)			14,080		12,478
CCM Merger Inc					Teleflex Inc
9.13%, 05/01/2019(d)		16,147		16,715	4.88%, 06/01/2026			5,020		4,995
Cinemark USA Inc					Universal Hospital Services Inc
4.88%, 06/01/2023		17,025		17,151	7.63%, 08/15/2020			15,410		15,295
Eldorado Resorts Inc								$		69,685
7.00%, 08/01/2023		10,345		11,017	Healthcare - Services - 4.99%
GLP Capital LP / GLP Financing II Inc					Centene Corp
4.38%, 04/15/2021		945		983	4.75%, 05/15/2022			17,250		17,509
5.38%, 04/15/2026		9,775		10,191	5.63%, 02/15/2021			3,930		4,126
International Game Technology PLC					6.13%, 02/15/2024			9,525		10,120
6.50%, 02/15/2025(d)		9,815		10,600
					Fresenius Medical Care US Finance II Inc
Lions Gate Entertainment Corp					4.75%, 10/15/2024(d)			5,770		5,842
5.88%, 11/01/2024(d)		8,635		8,786	5.88%, 01/31/2022(d)			7,825		8,451
National CineMedia LLC					6.50%, 09/15/2018(d)			4,895		5,189
5.75%, 08/15/2026		6,625		6,741	HCA Holdings Inc
Penn National Gaming Inc					6.25%, 02/15/2021			2,480		2,660
5.63%, 01/15/2027(d)		5,800		5,807

See accompanying notes

68

     Schedule of Investments High Yield Fund January 31, 2017 (unaudited)

	Principal						Principal
BONDS (continued)	Amount (000's)   Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Healthcare - Services (continued)					Lodging - 0.93%
HCA Inc					Boyd Gaming Corp
4.50%, 02/15/2027	$	17,840	$	17,595	6.88%, 05/15/2023		$	5,360	$	5,756
4.75%, 05/01/2023		21,400		22,176	Jack Ohio Finance LLC / Jack Ohio Finance 1
5.00%, 03/15/2024		17,315		18,029	Corp
5.25%, 04/15/2025		3,915		4,120	6.75%, 11/15/2021(d)			13,270		13,569
5.25%, 06/15/2026		3,825		3,987	MGM Resorts International
5.88%, 03/15/2022		8,015		8,706	6.00%, 03/15/2023			6,510		6,998
IASIS Healthcare LLC / IASIS Capital Corp					6.63%, 12/15/2021			6,290		7,013
8.38%, 05/15/2019		9,545		9,092				$		33,336
MPH Acquisition Holdings LLC					Machinery - Construction & Mining - 0.33%
7.13%, 06/01/2024(d)		16,800		17,829	BlueLine Rental Finance Corp
Tenet Healthcare Corp					7.00%, 02/01/2019(d)			2,555		2,523
6.75%, 06/15/2023		3,765		3,558	Vander Intermediate Holding II Corp
7.50%, 01/01/2022(d)		3,920		4,204	9.75%, PIK 10.50%, 02/01/2019(d),(e)			10,621		9,453
Tennessee Merger Sub Inc								$		11,976
6.38%, 02/01/2025(d),(h)		7,425		7,295	Machinery - Diversified - 0.37%
WellCare Health Plans Inc					Cloud Crane LLC
5.75%, 11/15/2020		9,115		9,400	10.13%, 08/01/2024(d)			12,195		13,415
		$		179,888
Home Builders - 2.47%					Media- 7.68	%
Beazer Homes USA Inc					Altice Financing SA
8.75%, 03/15/2022(d)		8,445		9,184	6.63%, 02/15/2023(d)			3,000		3,143
Lennar Corp					Altice Finco SA
4.13%, 12/01/2018		9,125		9,347	7.63%, 02/15/2025(d)			12,580		13,005
4.50%, 11/15/2019		8,300		8,611	Altice Luxembourg SA
4.75%, 11/15/2022(f)		7,561		7,755	7.75%, 05/15/2022(d)			10,420		11,058
4.88%, 12/15/2023		5,060		5,149	Altice US Finance I Corp
Mattamy Group Corp					5.50%, 05/15/2026(d)			3,675		3,767
6.88%, 12/15/2023(d)		7,500		7,725	CCO Holdings LLC / CCO Holdings Capital
WCI Communities Inc					Corp
6.88%, 08/15/2021		21,855		23,002	5.13%, 05/01/2023(d)			39,650		41,137
Woodside Homes Co LLC / Woodside Homes					5.50%, 05/01/2026(d)			2,840		2,975
Finance Inc					5.75%, 02/15/2026(d)			1,680		1,780
6.75%, 12/15/2021(d)		18,625		18,113	CSC Holdings LLC
		$		88,886	5.50%, 04/15/2027(d)			3,195		3,243
Insurance - 1.91%					6.63%, 10/15/2025(d)			4,225		4,611
CNO Financial Group Inc					10.13%, 01/15/2023(d)			13,135		15,229
4.50%, 05/30/2020		2,770		2,846	DISH DBS Corp
Liberty Mutual Group Inc					5.88%, 07/15/2022			22,230		23,108
7.00%, 03/07/2067(d),(f)		19,172		18,549	5.88%, 11/15/2024			8,205		8,297
Voya Financial Inc					6.75%, 06/01/2021			16,110		17,308
5.65%, 05/15/2053(f)		47,227		47,463	7.75%, 07/01/2026			9,385		10,505
		$		68,858	7.88%, 09/01/2019			12,500		13,766
Internet - 1.27%					RCN Telecom Services LLC / RCN Capital
Netflix Inc					Corp
4.38%, 11/15/2026(d)		9,805		9,621	8.50%, 08/15/2020(d)			16,475		17,525
United Group BV					SFR Group SA
7.88%, 11/15/2020(d)	EUR	12,000		13,563	6.00%, 05/15/2022(d)			7,655		7,875
Zayo Group LLC / Zayo Capital Inc					7.38%, 05/01/2026(d)			8,175		8,390
6.00%, 04/01/2023	$	21,635		22,609	Unitymedia GmbH
		$		45,793	6.13%, 01/15/2025(d)			8,940		9,242
Iron & Steel - 2.97%					Unitymedia Hessen GmbH & Co KG /
AK Steel Corp					Unitymedia NRW GmbH
7.50%, 07/15/2023		5,570		6,101	5.50%, 01/15/2023(d)			16,650		17,316
7.63%, 05/15/2020		10,680		10,894	Univision Communications Inc
ArcelorMittal					6.75%, 09/15/2022(d)			4,516		4,736
6.50%, 03/01/2021(f)		2,275		2,486	UPCB Finance IV Ltd
8.00%, 10/15/2039(f)		30,030		33,408	5.38%, 01/15/2025(d)			2,000		2,030
Commercial Metals Co					Virgin Media Finance PLC
4.88%, 05/15/2023		23,670		24,143	5.75%, 01/15/2025(d)			5,000		5,075
Signode Industrial Group Lux SA/Signode					6.00%, 10/15/2024(d)			2,940		3,063
Industrial Group US Inc					Virgin Media Secured Finance PLC
6.38%, 05/01/2022(d)		25,690		26,075	5.25%, 01/15/2026(d)			3,965		3,978
Vale Overseas Ltd					WideOpenWest Finance LLC /
6.25%, 08/10/2026		3,690		3,967	WideOpenWest Capital Corp
		$		107,074	10.25%, 07/15/2019			3,180		3,353
Leisure Products & Services - 0.51%					Ziggo Bond Finance BV
NCL Corp Ltd					4.63%, 01/15/2025(d)		EUR	1,500		1,696
4.63%,  11/15/2020(d)		12,870		13,160	6.00%, 01/15/2027(d)		$	8,705		8,636
Silversea Cruise Finance Ltd					Ziggo Secured Finance BV
7.25%, 02/01/2025(d)		5,205		5,349	5.50%, 01/15/2027(d)			10,820		10,779
		$		18,509				$		276,626

See accompanying notes

69

Schedule of Investments
High Yield Fund
January 31, 2017 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's)       Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Mining - 3.27%					Oil & Gas (continued)
Alcoa Nederland Holding BV					Oasis Petroleum Inc (continued)
6.75%, 09/30/2024(d)	$	4,460	$	4,825	6.88%, 03/15/2022	$	5,645	$	5,786
7.00%, 09/30/2026(d)		7,585		8,306	6.88%, 01/15/2023		11,825		12,106
Aleris International Inc					PDC Energy Inc
9.50%, 04/01/2021(d)		2,100		2,284	6.13%, 09/15/2024(d)		3,500		3,658
First Quantum Minerals Ltd					7.75%, 10/15/2022		5,275		5,598
7.00%, 02/15/2021(d)		3,730		3,823	Precision Drilling Corp
7.25%, 05/15/2022(d)		14,574		14,865	7.75%, 12/15/2023(d)		1,505		1,625
FMG Resources August 2006 Pty Ltd					QEP Resources Inc
6.88%, 04/01/2022(d)		16,655		17,259	5.25%, 05/01/2023		13,091		13,026
9.75%, 03/01/2022(d)		6,820		7,911	Seven Generations Energy Ltd
Freeport-McMoRan Inc					6.75%, 05/01/2023(d)		3,080		3,296
2.38%, 03/15/2018		9,520		9,491	Sunoco LP / Sunoco Finance Corp
6.88%, 02/15/2023(d)		1,845		1,923	5.50%, 08/01/2020		7,070		7,229
Hudbay Minerals Inc					6.38%, 04/01/2023		10,945		11,235
7.63%, 01/15/2025(d)		5,995		6,415	Tesoro Corp
Midwest Vanadium Pty Ltd					4.75%, 12/15/2023(d)		11,685		12,006
0.00%, 02/15/2018(a),(d)		10,696		214	Whiting Petroleum Corp
St Barbara Ltd					5.00%, 03/15/2019		12,900		13,126
8.88%, 04/15/2018(d)		892		919	5.75%, 03/15/2021		6,815		6,883
Taseko Mines Ltd					WildHorse Resource Development Corp
7.75%, 04/15/2019		10,635		9,439	6.88%, 02/01/2025(d),(h)		5,815		5,793
Teck Resources Ltd					WPX Energy Inc
3.75%, 02/01/2023		11,625		11,291	7.50%, 08/01/2020		11,285		12,244
6.25%, 07/15/2041		13,000		13,357			$		289,055
8.00%, 06/01/2021(d)		2,865		3,159	Oil & Gas Services - 0.85%
8.50%, 06/01/2024(d)		2,085		2,426	Archrock Partners LP / Archrock Partners
		$		117,907	Finance Corp
Miscellaneous Manufacturers - 1.04%					6.00%, 10/01/2022		7,955		7,796
Bombardier Inc					PHI Inc
6.13%, 01/15/2023(d)		3,570		3,489	5.25%, 03/15/2019		10,570		10,174
7.50%, 03/15/2025(d)		18,365		18,411	Weatherford International Ltd
8.75%, 12/01/2021(d)		14,435		15,608	4.50%, 04/15/2022		3,855		3,431
		$		37,508	8.25%, 06/15/2023		5,345		5,452
Oil & Gas - 8.02%					9.88%, 02/15/2024(d)		3,645		3,936
Baytex Energy Corp							$		30,789
5.13%, 06/01/2021(d)		7,195		6,655	Packaging & Containers - 2.28%
Carrizo Oil & Gas Inc					ARD Finance SA
7.50%, 09/15/2020		14,800		15,355	7.13%, PIK 7.88%, 09/15/2023(d),(e)		8,785		8,928
Chaparral Energy Inc					Ardagh Packaging Finance PLC / Ardagh
0.00%, 10/01/2020(a)		7,360		7,360	Holdings USA Inc
0.00%, 11/15/2022(a)		18,979		18,884	3.96%, 12/15/2019(d),(f)		3,342		3,397
Chesapeake Energy Corp					6.00%, 06/30/2021(d)		4,280		4,408
8.00%, 12/15/2022(d)		11,430		12,202	7.25%, 05/15/2024(d)		4,540		4,863
8.00%, 01/15/2025(d)		3,530		3,616	Coveris Holdings SA
Chesapeake Oil Op/Fin Escrow Shares					7.88%, 11/01/2019(d)		12,035		12,095
0.00%, 11/15/2019(a),(b),(c)		11,835		—	Crown Americas LLC / Crown Americas
Continental Resources Inc/OK					Capital Corp V
4.50%, 04/15/2023		14,075		13,899	4.25%, 09/30/2026(d)		2,000		1,913
5.00%, 09/15/2022		8,120		8,282	Crown Cork & Seal Co Inc
Denbury Resources Inc					7.38%, 12/15/2026		15,449		17,457
5.50%, 05/01/2022		12,020		10,307	Flex Acquisition Co Inc
EP Energy LLC / Everest Acquisition Finance					6.88%, 01/15/2025(d)		4,545		4,621
Inc					Reynolds Group Issuer Inc / Reynolds Group
6.38%, 06/15/2023		11,355		9,879	Issuer LLC / Reynolds Group Issuer
8.00%, 11/29/2024(d)		2,370		2,560	(Luxembourg) S.A.
9.38%, 05/01/2020		8,835		8,835	4.52%, 07/15/2021(d),(f)		6,620		6,810
Gulfport Energy Corp					5.13%, 07/15/2023(d)		7,145		7,307
6.38%, 05/15/2025(d)		8,585		8,800	5.75%, 10/15/2020		8,115		8,355
Halcon Resources Corp					7.00%, 07/15/2024(d)		1,950		2,078
8.63%, 02/01/2020(d)		12,670		13,240			$		82,232
12.00%, 02/15/2022(d)		1,082		1,223	Pharmaceuticals - 0.59%
Laredo Petroleum Inc					Valeant Pharmaceuticals International Inc
5.63%, 01/15/2022		560		568	5.63%, 12/01/2021(d)		10,350		8,176
7.38%, 05/01/2022		5,450		5,675	7.50%, 07/15/2021(d)		15,020		13,049
MEG Energy Corp							$		21,225
6.50%, 01/15/2025(d)		7,115		7,186	Pipelines - 1.94%
Murphy Oil Corp					Antero Midstream Partners LP / Antero
6.88%, 08/15/2024		3,450		3,700	Midstream Finance Corp
Northern Blizzard Resources Inc					5.38%, 09/15/2024(d)		4,025		4,116
7.25%, 02/01/2022(d)		13,414		13,481	Energy Transfer Equity LP
Oasis Petroleum Inc					5.88%, 01/15/2024		7,960		8,497
6.50%, 11/01/2021		3,655		3,737

See accompanying notes

70

Schedule of Investments
High Yield Fund
January 31, 2017 (unaudited)
				Principal				Principal
	BONDS (continued)			Amount (000's)    Value (000's)			BONDS (continued)	Amount (000's) Value (000's)
	Pipelines (continued)						Savings & Loans - 0.00%
	Sabine Pass Liquefaction LLC						Washington Mutual Bank / Henderson NV
	5.63%, 02/01/2021(f)		$	10,410	$	11,243	0.00%, 06/15/2011(a),(c)	$	3,500	$	—
	5.63%, 03/01/2025			16,130		17,521	0.00%, 01/15/2013(a),(b),(c)		3,000		—
	6.25%, 03/15/2022			4,915		5,480	0.00%, 01/15/2015(a),(c),(f)		2,000		—
	Tesoro Logistics LP / Tesoro Logistics								$		—
	Finance Corp						Semiconductors - 0.94%
	5.25%, 01/15/2025			4,605		4,801	Micron Technology Inc
	6.13%, 10/15/2021			13,410		14,030	5.50%, 02/01/2025		6,860		6,894
	6.25%, 10/15/2022			2,075		2,210	5.63%, 01/15/2026(d)		2,165		2,168
	6.38%, 05/01/2024			1,750		1,901	7.50%, 09/15/2023(d)		6,605		7,332
				$		69,799	NXP BV / NXP Funding LLC
	Private Equity - 0.40%						4.13%, 06/01/2021(d)		5,010		5,172
	Icahn Enterprises LP / Icahn Enterprises						Sensata Technologies UK Financing Co PLC
	Finance Corp						6.25%, 02/15/2026(d)		11,500		12,334
	5.88%, 02/01/2022			7,100		7,109			$		33,900
	6.00%, 08/01/2020			7,060		7,233	Shipbuilding - 0.33%
				$		14,342	Huntington Ingalls Industries Inc
	Real Estate - 0.56%						5.00%, 11/15/2025(d)		11,345		11,827
	Crescent Communities LLC/Crescent
	Ventures Inc						Software - 1.32%
	8.88%, 10/15/2021(d)			9,595		9,955	First Data Corp
	Kennedy-Wilson Inc						5.00%, 01/15/2024(d)		19,325		19,579
	5.88%, 04/01/2024			9,750		10,070	MSCI Inc
				$		20,025	5.25%, 11/15/2024(d)		6,675		6,919
	REITS- 2.80	%					5.75%, 08/15/2025(d)		3,315		3,512
	DuPont Fabros Technology LP						Quintiles IMS Inc
	5.88%, 09/15/2021			12,075		12,618	5.00%, 10/15/2026(d)		17,345		17,460
	Equinix Inc								$		47,470
	5.38%, 01/01/2022			10,065		10,644	Telecommunications - 7.39%
	5.88%, 01/15/2026			15,400		16,362	CenturyLink Inc
	Iron Mountain Inc						5.63%, 04/01/2025		4,870		4,627
	4.38%, 06/01/2021(d)			6,430		6,623	7.50%, 04/01/2024		4,005		4,240
	Iron Mountain US Holdings Inc						Frontier Communications Corp
	5.38%, 06/01/2026(d)			9,655		9,293	7.13%, 01/15/2023		7,850		7,026
	iStar Inc						8.88%, 09/15/2020		3,175		3,381
	4.88%, 07/01/2018			7,230		7,302	11.00%, 09/15/2025		19,160		19,376
	6.50%, 07/01/2021			6,745		7,015	10.50%, 09/15/2022		3,400		3,542
	9.00%, 06/01/2017			8,295		8,482	Goodman Networks Inc
	MGM Growth Properties Operating						12.13%, 07/01/2018(b)		14,363		5,961
	Partnership LP / MGP Finance Co-Issuer Inc						GTT Escrow Corp
	5.63%, 05/01/2024(d)			11,260		11,753	7.88%, 12/31/2024(d)		2,910		3,048
	MPT Operating Partnership LP / MPT Finance						Intelsat Jackson Holdings SA
	Corp						5.50%, 08/01/2023		15,980		11,186
	5.25%, 08/01/2026			4,390		4,313	8.00%, 02/15/2024(d)		10,505		10,899
	6.38%, 03/01/2024			4,760		5,028	Level 3 Communications Inc
	VEREIT Operating Partnership LP						5.75%, 12/01/2022		5,470		5,661
	4.88%, 06/01/2026			1,300		1,325	Level 3 Financing Inc
				$		100,758	5.13%, 05/01/2023		4,440		4,473
	Retail - 2.64%						5.38%, 01/15/2024		11,395		11,523
	Claire's Stores Inc						Play Finance 1 SA
	9.00%, 03/15/2019(d)			8,139		3,907	6.50%, 08/01/2019	EUR	3,000		3,344
	Dollar Tree Inc						Radiate Holdco LLC / Radiate Finance Inc
	5.75%, 03/01/2023			11,904		12,606	6.63%, 02/15/2025(d),(h)	$	16,855		16,813
	JC Penney Corp Inc						Sprint Capital Corp
	5.65%, 06/01/2020			4,895		4,822	6.88%, 11/15/2028		7,235		7,452
	5.88%, 07/01/2023(d)			3,550		3,600	Sprint Communications Inc
	KFC Holding Co/Pizza Hut Holdings						6.00%, 11/15/2022		16,500		16,748
	LLC/Taco Bell of America LLC						7.00%, 08/15/2020		12,300		13,161
	5.00%, 06/01/2024(d)			11,905		12,128	9.00%, 11/15/2018(d)		6,850		7,501
	5.25%, 06/01/2026(d)			7,420		7,506	Sprint Corp
	L Brands Inc						7.13%, 06/15/2024		8,840		9,238
	6.88%, 11/01/2035			7,245		7,064	7.88%, 09/15/2023		12,250		13,383
	Landry's Inc						T-Mobile USA Inc
	6.75%, 10/15/2024(d)			11,420		11,763	6.13%, 01/15/2022		4,110		4,346
	Michaels Stores Inc						6.25%, 04/01/2021		20,800		21,553
	5.88%, 12/15/2020(d)			12,293		12,631	6.50%, 01/15/2024		4,025		4,337
	PetSmart Inc						6.50%, 01/15/2026		9,620		10,570
	7.13%, 03/15/2023(d)			11,930		11,721	6.63%, 04/28/2021		12,140		12,656
	Tops Holding LLC / Tops Markets II Corp						Wind Acquisition Finance SA
	8.00%, 06/15/2022(d)			9,215		7,372	4.75%, 07/15/2020(d)		10,885		11,076
				$		95,120	7.38%, 04/23/2021(d)		18,205		18,931
									$		266,052

See accompanying notes

71

Schedule of Investments
High Yield Fund
January 31, 2017 (unaudited)
		Principal							SENIOR FLOATING RATE INTERESTS		Principal
BONDS (continued)		Amount (000's)			Value(000			's)	(continued)		Amount (000's)			Value(000	's)
Transportation - 2.18%									Insurance - 0.36%
Eletson Holdings Inc									Lonestar Intermediate Super Holdings LLC,
9.63%, 01/15/2022(d)		$	17,244			$	13,925		PIK Term Loan
Hornbeck Offshore Services Inc									10.00%, PIK 10.75%, 08/10/2021(e),(f)		$	12,440	$	12,953
5.00%, 03/01/2021			9,980				6,961
Navios Maritime Acquisition Corp / Navios									Internet - 0.03%
Acquisition Finance US Inc									Zayo Group LLC, Delay-Draw Term Loan
8.13%, 11/15/2021(d)			37,660				34,176		B3-DD
Navios Maritime Holdings Inc / Navios									0.00%, 01/12/2024(f),(i)			365		368
Maritime Finance II US Inc									Zayo Group LLC, Term Loan B2
7.38%, 01/15/2022(d)			16,245				11,138		3.50%, 01/12/2024(f)			760		766
Navios South American Logistics Inc / Navios													$	1,134
Logistics Finance US Inc									Media- 0.62	%
7.25%, 05/01/2022(d)			13,220				12,212		Adria Topco BV, PIK Term Loan
					$		78,412		9.00%, PIK 9.00%, 06/04/2019(e),(f)		EUR	1,598		1,740
Trucking & Leasing - 0.16%									Univision Communications Inc, Term Loan
Park Aerospace Holdings Ltd									C3
5.25%, 08/15/2022(d),(h)			2,865				2,937		4.00%, 03/01/2020(f)		$	3,183		3,186
5.50%, 02/15/2024(d),(h)			2,865				2,942		Univision Communications Inc, Term Loan
					$		5,879		C4
TOTAL BONDS				$	3,179,115				4.00%, 03/01/2020(f)			7,819		7,837
		Principal							WideOpenWest Finance LLC, Term Loan B
CONVERTIBLE BONDS - 0.14%		Amount (000's)			Value(000			's)	4.50%, 08/11/2023(f)			9,626		9,665
Food Service - 0.00%													$	22,428
Fresh Express Delivery Holding Group Co									Mining - 0.10%
Ltd									FMG Resources August 2006 Pty Ltd, Term
0.00%, 11/09/2009(a),(c)		HKD	46,500				—		Loan B
0.00%, 10/18/2010(a),(c)		CNY	245,000				—		3.75%, 06/30/2019(f)			3,507		3,529
					$		—
Semiconductors - 0.14%									Oil & Gas - 0.72%
Jazz US Holdings Inc									California Resources Corp, Term Loan
8.00%, 12/31/2018		$	2,290				4,906		11.37%, 12/31/2021(f)			10,680		12,009
									Chesapeake Energy Corp, Term Loan 1.5
									8.50%, 08/17/2021(f)			6,215		6,795
TOTAL CONVERTIBLE BONDS					$		4,906
									Seadrill Operating LP, Term Loan B
			Principal						4.00%, 02/12/2021(f)			9,711		7,150
SENIOR FLOATING RATE INTERESTS -6.28	%	Amount (000's)			Value(000			's)
Automobile Manufacturers - 0.10%													$	25,954
Navistar Inc, Term Loan B									Oil & Gas Services - 0.12%
6.50%, 08/06/2020(f)		$	3,640		$		3,686		Seventy Seven Operating LLC, Term Loan B
									3.78%, 06/17/2021(f)			4,431		4,390
Chemicals - 0.28%
Alpha 3 BV, Term Loan B1									Packaging & Containers - 0.18%
0.00%, 01/31/2024(f),(i)			1,605				1,613		SIG Combibloc US Acquisition Inc, Term
									Loan B
Emerald Performance Materials LLC, Term									4.00%, 03/11/2022(f)			6,491		6,541
Loan
8.75%, 07/22/2022(f)			8,475				8,451
					$		10,064		Pharmaceuticals - 0.17%
Entertainment - 0.52%									Valeant Pharmaceuticals International Inc,
									Term Loan BF1
CCM Merger Inc, Term Loan B									5.53%, 04/01/2022(f)			6,219		6,243
4.03%, 08/06/2021(f)			5,486				5,527
Lions Gate Entertainment Corp, Term Loan
B									REITS- 0.31	%
3.77%, 10/13/2023(f)			13,030				13,095		iStar Inc, Term Loan B
									5.50%, 07/01/2020(f)			10,899		10,981
					$		18,622
Forest Products & Paper - 0.63%
Caraustar Industries Inc, Term Loan B									Retail - 0.74%
8.00%, 04/26/2019(f)			11,251				11,447		Academy Ltd, Term Loan B
									5.04%, 06/16/2022(f)			9,856		8,591
8.00%, 05/01/2019(f)			11,115				11,310
									FOCUS Brands Inc, Term Loan
					$		22,757		5.00%, 10/03/2023(f)			10,785		10,942
Healthcare - Products - 0.13%									Michaels Stores Inc, Term Loan B1
Kinetic Concepts Inc									3.75%, 01/27/2023(f)			6,317		6,280
0.00%, 02/01/2024(c),(f),(i)			4,865				4,841
									PetSmart Inc, Term Loan B
									4.02%, 03/11/2022(f)			946		936
Healthcare - Services - 0.55%													$	26,749
Acadia Healthcare Co Inc, Term Loan B2
3.80%, 02/16/2023(f)			881				888		Semiconductors - 0.11%
									NXP BV, Term Loan F
Lantheus Medical Imaging Inc, Term Loan B									3.24%, 12/07/2020(f)			4,010		4,027
7.00%, 06/24/2022(f)			10,181				10,181
MPH Acquisition Holdings LLC, Term Loan
B									Telecommunications - 0.45%
5.00%, 05/25/2023(f)			8,430				8,548		GTT Communications Inc, Term Loan
									5.00%, 12/13/2023(f)			7,083		7,171
					$		19,617

See accompanying notes

72

				Schedule of Investments
				High Yield Fund
				January 31, 2017 (unaudited)
SENIOR FLOATING RATE INTERESTS		Principal
(continued)	Amount (000's)			Value(000	's)
Telecommunications (continued)
Radiate Holdco LLC, Term Loan
0.00%, 12/09/2023(f),(i)	$	9,105	$	9,172
			$	16,343
Trucking & Leasing - 0.16%
Avolon TLB Borrower 1 Luxembourg Sarl,
Term Loan B2
0.00%, 01/20/2022(f),(i)		5,540		5,611
TOTAL SENIOR FLOATING RATE INTERESTS			$	226,470
U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS - 1.39%	Amount (000's)			Value(000	's)
U.S. Treasury Bill - 1.39%
0.51%, 03/09/2017(j)	$	50,000	$	49,977
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS			$	49,977
Total Investments			$	3,614,158
Other Assets and Liabilities - (0.33)%			$	(11,728	)
TOTAL NET ASSETS - 100.00%			$	3,602,430

(a)	Non-Income Producing Security
(b)	Security is Illiquid. At the end of the period, the value of these securities totaled $5,961 or 0.17% of net assets.
(c)	Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Inputs used in the valuation may be unobservable; however, not all securities are included in Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $11,967 or 0.33% of net assets.
(d)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1,597,181 or 44.34% of net assets.
(e)	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
(f)	Variable Rate. Rate shown is in effect at January 31, 2017.
(g)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date.
(h)	Security purchased on a when-issued basis.
(i)	This Senior Floating Rate Note will settle after January 31, 2017, at which time the interest rate will be determined.
(j)	Rate shown is the discount rate of the original purchase.

Portfolio Summary (unaudited)
Sector	Percent
Communications	17.64	%
Consumer, Cyclical	14.57	%
Financial	13.98	%
Consumer, Non-cyclical	12.40	%
Energy	12.16	%
Basic Materials	10.14	%
Industrial	8.84	%
Investment Companies	3.69	%
Technology	3.65	%
Utilities	1.86	%
Government	1.39	%
Other Assets and Liabilities	(0.33	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

73

Schedule of Investments

High Yield Fund

January 31, 2017 (unaudited)

Exchange Cleared Credit Default Swaps

Sell Protection

Implied

Credit Spread

(Pay)/

Upfront

Unrealized

as of January

Receive Fixed

Expiration

Notional

Premiums

Appreciation/

Reference Entity

31, 2017

(a)

Rate

Date

Amount (b)

Paid/(Received)

(Depreciation)

Fair Value (c)

CDX.NA.HY.27

N/A

5.00

%

12/20/2021

$

50,000

$

2,825

$

327

$

3,152

Total

$

2,825

$

327

$

3,152

Amounts in thousands

(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 $50,000.

(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 Deliver			In Exchange For		Fair Value		Asset	Liability
Barclays Bank PLC	03/09/2017	EUR	26,000,000	$	27,980	$	28,101	$	— $	(121	)
Total								$	— $	(121	)
Amounts in thousands except contracts

See accompanying notes

74

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
	COMMON STOCKS - 0.30%			Shares Held	Value(000			's)				Principal
	Electric - 0.25%								BONDS (continued)			Amount (000's)        Value (000's)
	Dynegy Inc (a)			7,500	$		71		Apparel - 0.11%
	Texas Competitive Electric Holdings Co LLC			1,075,000			3		Hanesbrands Inc
	(a),(b)								4.88%, 05/15/2026(g)		$	1,170	$	1,153
	Vistra Energy Corp			164,087			2,660		Levi Strauss & Co
					$		2,734		5.00%, 05/01/2025			50		50
	Oil & Gas - 0.03%											$		1,203
	Penn Virginia Corp (a)			2,279			114		Automobile Manufacturers - 0.13%
	Penn Virginia Corp (a),(b),(c),(d)			2,826			141		Fiat Chrysler Automobiles NV
	Penn Virginia Corp (a),(b)			373,000			7		4.50%, 04/15/2020			418		427
	Sabine Oil & Gas Corp - Warrants (a),(b)			208			1		5.25%, 04/15/2023			630		646
					$		263		General Motors Co
	Packaging & Containers - 0.00%								0.00%, 12/01/2020(a),(b),(d)			25		—
	Constar International (a),(b),(d)			9,689			—		0.00%, 12/01/2020(a),(b),(d)			50		—
									0.00%, 07/15/2023(a),(b),(d)			1,000		—
	Retail - 0.00%								0.00%, 09/01/2025(a),(b),(d)			700		—
	Nebraska Book Holdings Inc (a),(b)			20,064			—		0.00%, 05/01/2028(a),(b),(d)			150		—
	Neebo, Inc - Warrants (a),(b),(d)			3,508			—		0.00%, 03/06/2032(a),(b),(d)			75		—
	Neebo, Inc - Warrants (a),(b),(d)			7,519			—		0.00%, 07/15/2033(a),(b),(d)			100		—
									0.00%, 07/15/2033(a),(b),(d)			5,050		—
					$		—		0.00%, 03/15/2036(a),(b),(d)			725		—
	Telecommunications - 0.02%
	NII Holdings Inc (a)			77,871			220		Navistar International Corp
									8.25%, 11/01/2021			360		364
	TOTAL COMMON STOCKS				$		3,217					$		1,437
	INVESTMENT COMPANIES - 4.33%			Shares Held	Value(000			's)	Automobile Parts & Equipment - 0.71%
	Money Market Funds - 4.33%								American Axle & Manufacturing Inc
	BlackRock Liquidity Funds FedFund Portfolio			46,610,688			46,611		6.63%, 10/15/2022			700		721
									Cooper-Standard Automotive Inc
									5.63%, 11/15/2026(g)			309		311
	TOTAL INVESTMENT COMPANIES				$		46,611
	PREFERRED STOCKS - 0.14%			Shares Held	Value(000			's)	Goodyear Tire & Rubber Co/The
									5.00%, 05/31/2026			900		907
	Insurance - 0.14%								5.13%, 11/15/2023			580		595
	XLIT Ltd 4.14%(b),(e),(f)			1,935	$		1,548
									IHO Verwaltungs GmbH
									4.13%, PIK 4.88%, 09/15/2021(g),(h)			640		644
	Packaging & Containers - 0.00%								4.50%, PIK 5.25%, 09/15/2023(g),(h)			650		644
	Constar International 0.00%(a),(b),(d)			977			—
									4.75%, PIK 5.50%, 09/15/2026(g),(h)			235		231
									MPG Holdco I Inc
	TOTAL PREFERRED STOCKS				$		1,548		7.38%, 10/15/2022			1,094		1,176
				Principal					Tenneco Inc
	BONDS- 88.23	%		Amount (000's)	Value(000			's)	5.38%, 12/15/2024			265		276
	Advertising - 0.42%								ZF North America Capital Inc
	Acosta Inc								4.00%, 04/29/2020(g)			675		703
	7.75%, 10/01/2022(g)		$	3,680		$	3,229		4.50%, 04/29/2022(g)			670		687
	Lamar Media Corp								4.75%, 04/29/2025(g)			759		772
	5.38%, 01/15/2024			56			58					$		7,667
	5.75%, 02/01/2026			689			730		Banks- 0.56	%
	Outfront Media Capital LLC / Outfront Media								Bank of America Corp
	Capital Corp								6.10%, 12/31/2049(e),(f)			720		751
	5.63%, 02/15/2024			125			131		Barclays PLC
	5.88%, 03/15/2025			365			382		8.25%, 12/31/2049(e),(f)			435		454
					$		4,530		Citigroup Inc
	Aerospace & Defense - 0.46%								6.13%, 12/31/2049(e),(f)			25		26
	Arconic Inc								6.25%, 12/31/2049(e),(f)			535		565
	5.13%, 10/01/2024			1,505			1,561		Credit Agricole SA
	5.40%, 04/15/2021			415			442		8.13%, 12/31/2049(e),(f),(g)			440		468
	5.87%, 02/23/2022			208			223		Royal Bank of Scotland Group PLC
	5.90%, 02/01/2027			129			138		6.00%, 12/19/2023			1,042		1,096
	6.15%, 08/15/2020			40			44		6.13%, 12/15/2022			1,706		1,800
	6.75%, 01/15/2028			816			885		8.00%, 12/31/2049(e),(f)			469		455
	Orbital ATK Inc								8.62%, 12/29/2049(e),(f)			200		206
	5.25%, 10/01/2021			241			250		Societe Generale SA
	5.50%, 10/01/2023			170			177		7.38%, 12/31/2049(e),(f),(g)			200		200
	TransDigm Inc											$		6,021
	6.00%, 07/15/2022			628			633		Biotechnology - 0.07%
	6.38%, 06/15/2026(g)			343			338
									Concordia International Corp
	6.50%, 07/15/2024			301			301		7.00%, 04/15/2023(g)			1,615		592
					$		4,992		9.00%, 04/01/2022(g)			187		159
	Airlines - 0.13%											$		751
	American Airlines Group Inc								Building Materials - 1.36%
	5.50%, 10/01/2019(g)			725			752
									Airxcel Inc
	UAL 2007-1 Pass Through Trust								8.50%, 02/15/2022(g),(i)			213		217
	6.64%, 01/02/2024			270			287		Cemex Finance LLC
	United Continental Holdings Inc								6.00%, 04/01/2024(g)			757		778
	5.00%, 02/01/2024			385			382
					$		1,421

See accompanying notes

75

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
				Principal					Principal
	BONDS (continued)			Amount (000's)        Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
	Building Materials (continued)						Commercial Services (continued)
	Cemex SAB de CV						Garda World Security Corp
	5.70%, 01/11/2025(g)		$	295	$	298	7.25%, 11/15/2021(g)	$	835	$	799
	6.13%, 05/05/2025(g)			1,238		1,278	Hertz Corp/The
	7.75%, 04/16/2026(g)			2,100		2,334	5.50%, 10/15/2024(g)		1,640		1,378
	Hardwoods Acquisition Inc						IHS Markit Ltd
	7.50%, 08/01/2021(g)			778		685	5.00%, 11/01/2022(g)		3,972		4,116
	Masonite International Corp						Jaguar Holding Co II / Pharmaceutical Product
	5.63%, 03/15/2023(g)			373		386	Development LLC
	NCI Building Systems Inc						6.38%, 08/01/2023(g)		1,625		1,723
	8.25%, 01/15/2023(g)			350		381	Live Nation Entertainment Inc
	NWH Escrow Corp						4.88%, 11/01/2024(g)		675		675
	7.50%, 08/01/2021(g)			197		173	Prime Security Services Borrower LLC /
	Standard Industries Inc/NJ						Prime Finance Inc
	5.38%, 11/15/2024(g)			745		768	9.25%, 05/15/2023(g)		2,140		2,319
	5.50%, 02/15/2023(g)			110		114	RR Donnelley & Sons Co
	6.00%, 10/15/2025(g)			592		625	6.00%, 04/01/2024		1,280		1,216
	Summit Materials LLC / Summit Materials						6.50%, 11/15/2023		720		704
	Finance Corp						7.00%, 02/15/2022		51		51
	6.13%, 07/15/2023			1,120		1,156	7.63%, 06/15/2020		4,320		4,579
	US Concrete Inc						7.88%, 03/15/2021		3,355		3,598
	6.38%, 06/01/2024			369		390	Service Corp International/US
	USG Corp						4.50%, 11/15/2020		145		148
	5.50%, 03/01/2025(g)			395		414	5.38%, 01/15/2022		1,395		1,451
	8.25%, 01/15/2018(f)			4,375		4,627	5.38%, 05/15/2024		635		665
				$		14,624	8.00%, 11/15/2021		370		432
	Chemicals - 1.25%						ServiceMaster Co LLC/The
	Blue Cube Spinco Inc						5.13%, 11/15/2024(g)		213		216
	9.75%, 10/15/2023			717		851	Syniverse Foreign Holdings Corp
	10.00%, 10/15/2025			1,533		1,855	9.13%, 01/15/2022(g)		2,665		2,565
	CF Industries Inc						Syniverse Holdings Inc
	5.15%, 03/15/2034			647		594	9.13%, 01/15/2019		445		405
	5.38%, 03/15/2044			130		114	Team Health Inc
	CVR Partners LP / CVR Nitrogen Finance						7.25%, 12/15/2023(g)		2,670		3,057
	Corp						United Rentals North America Inc
	9.25%, 06/15/2023(g)			1,793		1,909	5.50%, 07/15/2025		550		571
	GCP Applied Technologies Inc						5.75%, 11/15/2024		755		797
	9.50%, 02/01/2023(g)			525		598	5.88%, 09/15/2026		605		628
	Hexion Inc						6.13%, 06/15/2023		1,625		1,714
	6.63%, 04/15/2020			1,751		1,633			$		38,889
	Momentive Performance - Escrow						Computers - 1.70%
	0.00%, 10/15/2020(a),(b),(d)			1,325		—	Diamond 1 Finance Corp / Diamond 2 Finance
	Momentive Performance Materials Inc						Corp
	3.88%, 10/24/2021			975		949	3.48%, 06/01/2019(g)		5		5
	NOVA Chemicals Corp						4.42%, 06/15/2021(g)		277		288
	5.00%, 05/01/2025(g)			2,223		2,228	5.45%, 06/15/2023(g)		800		859
	5.25%, 08/01/2023(g)			210		217	5.88%, 06/15/2021(g)		1,245		1,314
	PolyOne Corp						6.02%, 06/15/2026(g)		1,870		2,019
	5.25%, 03/15/2023			1,114		1,142	7.13%, 06/15/2024(g)		315		345
	Rain CII Carbon LLC / CII Carbon Corp						Diebold Nixdorf Inc
	8.00%, 12/01/2018(g)			145		145	8.50%, 04/15/2024		628		686
	Unifrax I LLC / Unifrax Holding Co						EMC Corp
	7.50%, 02/15/2019(g)			725		725	1.88%, 06/01/2018		4,050		4,029
	Versum Materials Inc						2.65%, 06/01/2020		242		235
	5.50%, 09/30/2024(g)			500		520	Harland Clarke Holdings Corp
				$		13,480	6.88%, 03/01/2020(g)		380		377
	Coal- 0.05	%					Riverbed Technology Inc
	CONSOL Energy Inc						8.88%, 03/01/2023(g)		560		595
	5.88%, 04/15/2022			540		522	Western Digital Corp
							7.38%, 04/01/2023(g)		221		243
	Commercial Services - 3.62%						10.50%, 04/01/2024(g)		6,208		7,310
	ACE Cash Express Inc								$		18,305
	11.00%, 02/01/2019(g)			1,106		929	Consumer Products - 0.25%
	ADT Corp/The						ACCO Brands Corp
	4.13%, 06/15/2023			1,838		1,753	5.25%, 12/15/2024(g)		286		288
	4.88%, 07/15/2032(g)			980		789	Central Garden & Pet Co
	Ahern Rentals Inc						6.13%, 11/15/2023		25		27
	7.38%, 05/15/2023(g)			693		648	Prestige Brands Inc
	AMN Healthcare Inc						6.38%, 03/01/2024(g)		415		433
	5.13%, 10/01/2024(g)			273		274	Spectrum Brands Inc
	Avis Budget Car Rental LLC / Avis Budget						5.75%, 07/15/2025		1,122		1,172
	Finance Inc						6.13%, 12/15/2024		736		778
	5.50%, 04/01/2023			710		689			$		2,698

See accompanying notes

76

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
		Principal				Principal
BONDS (continued)		Amount (000's)           Value (000's)			BONDS (continued)	Amount (000's)          Value (000's)
Cosmetics & Personal Care - 0.41%					Diversified Financial Services (continued)
Edgewell Personal Care Co					Springleaf Finance Corp (continued)
4.70%, 05/19/2021	$	1,205	$	1,267	8.25%, 12/15/2020	$	347	$	373
4.70%, 05/24/2022		2,415		2,491			$		62,314
Revlon Consumer Products Corp					Electric - 3.56%
5.75%, 02/15/2021(f)		325		325	AES Corp/VA
6.25%, 08/01/2024		273		283	4.88%, 05/15/2023		250		249
		$		4,366	5.50%, 04/15/2025		525		532
Distribution & Wholesale - 0.44%					Calpine Corp
Global Partners LP / GLP Finance Corp					0.00%, 07/15/2013(a),(b),(d)		1,500		—
6.25%, 07/15/2022		520		500	5.25%, 06/01/2026(g)		650		655
H&E Equipment Services Inc					5.38%, 01/15/2023		3,540		3,487
7.00%, 09/01/2022		364		384	5.50%, 02/01/2024		1,000		975
HD Supply Inc					6.00%, 01/15/2022(g)		1,950		2,040
5.25%, 12/15/2021(g)		2,145		2,260	Dynegy Inc
5.75%, 04/15/2024(g)		1,070		1,126	5.88%, 06/01/2023		1,543		1,404
Univar USA Inc					7.38%, 11/01/2022		900		889
6.75%, 07/15/2023(g)		443		461	7.63%, 11/01/2024		370		352
		$		4,731	8.00%, 01/15/2025(g)		340		326
Diversified Financial Services - 5.79%					GenOn Energy Inc
AerCap Ireland Capital DAC / AerCap Global					9.88%, 10/15/2020		1,300		962
Aviation Trust					IPALCO Enterprises Inc
2.75%, 05/15/2017		2,420		2,427	5.00%, 05/01/2018		1,665		1,715
Aircastle Ltd					NRG Energy Inc
4.63%, 12/15/2018		1,380		1,432	6.25%, 07/15/2022		2,550		2,627
5.00%, 04/01/2023		530		538	6.25%, 05/01/2024		750		763
5.13%, 03/15/2021		1,965		2,066	6.63%, 03/15/2023		2,435		2,508
5.50%, 02/15/2022		405		425	6.63%, 01/15/2027(g)		4,433		4,400
6.25%, 12/01/2019		1,197		1,299	7.25%, 05/15/2026(g)		2,480		2,595
Alliance Data Systems Corp					NRG Yield Operating LLC
5.88%, 11/01/2021(g)		210		217	5.00%, 09/15/2026(g)		725		707
Ally Financial Inc					Talen Energy Supply LLC
3.25%, 09/29/2017		1,000		1,008	4.60%, 12/15/2021		3,860		3,136
3.25%, 11/05/2018		3,880		3,909	4.62%, 07/15/2019(f),(g)		6,431		6,222
3.60%, 05/21/2018		2,725		2,766	6.50%, 06/01/2025		1,077		869
4.13%, 03/30/2020		465		473	Terraform Global Operating LLC
4.63%, 05/19/2022		3,317		3,367	9.75%, 08/15/2022(g)		810		893
5.50%, 02/15/2017		1,935		1,936			$		38,306
6.25%, 12/01/2017		4,050		4,191	Electrical Components & Equipment - 0.09%
8.00%, 03/15/2020		2,505		2,849	EnerSys
8.00%, 11/01/2031		725		861	5.00%, 04/30/2023(g)		683		695
CIT Group Inc					WESCO Distribution Inc
3.88%, 02/19/2019		1,460		1,491	5.38%, 06/15/2024(g)		315		321
4.25%, 08/15/2017		330		333			$		1,016
5.00%, 05/15/2018(g)		5,805		5,892	Electronics - 0.18%
5.25%, 03/15/2018		4,440		4,589	Allegion PLC
5.38%, 05/15/2020		842		896	5.88%, 09/15/2023		515		548
5.50%, 02/15/2019(g)		675		710	Flex Ltd
6.63%, 04/01/2018(g)		3,050		3,204	5.00%, 02/15/2023		1,305		1,395
CNG Holdings Inc							$		1,943
9.38%, 05/15/2020(g)		920		774	Energy - Alternate Sources - 0.07%
ILFC E-Capital Trust I					Pattern Energy Group Inc
4.67%, 12/21/2065(f),(g)		1,943		1,706	5.88%, 02/01/2024(g)		329		336
ILFC E-Capital Trust II					TerraForm Power Operating LLC
4.92%, 12/21/2065(f),(g)		915		830	5.88%, 02/01/2023(g)		209		215
Intelsat Connect Finance SA					6.13%, 06/15/2025(g)		210		218
12.50%, 04/01/2022(g)		223		141
							$		769
International Lease Finance Corp					Engineering & Construction - 0.57%
8.88%, 09/01/2017		1,890		1,966	AECOM
Nationstar Mortgage LLC / Nationstar Capital					5.88%, 10/15/2024		3,395		3,658
Corp					MasTec Inc
6.50%, 07/01/2021		497		506	4.88%, 03/15/2023		1,197		1,184
7.88%, 10/01/2020		515		536	SBA Communications Corp
Navient Corp					4.88%, 07/15/2022		320		324
4.88%, 06/17/2019		5,530		5,568	4.88%, 09/01/2024(g)		73		71
5.50%, 01/15/2019		640		654	Tutor Perini Corp
NFP Corp					7.63%, 11/01/2018		899		906
9.00%, 07/15/2021(g)		420		440
							$		6,143
Quicken Loans Inc					Entertainment - 2.74%
5.75%, 05/01/2025(g)		1,174		1,130
Speedy Cash Intermediate Holdings Corp					AMC Entertainment Holdings Inc
10.75%, 05/15/2018 (g)		505		516	5.75%, 06/15/2025		1,070		1,105
					5.88%, 11/15/2026(g)		290		296
Springleaf Finance Corp
7.75%, 10/01/2021		283		295

See accompanying notes

77

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
				Principal						Principal
	BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)			Amount (000's)   Value (000's)
	Entertainment (continued)						Food Service - 0.27%
	Cedar Fair LP / Canada's Wonderland Co /						Aramark Services Inc
	Magnum Management Corp						5.13%, 01/15/2024(g)		$	2,825	$	2,936
	5.25%, 03/15/2021		$	2,275	$	2,344
	Chukchansi Economic Development						Forest Products & Paper - 0.07%
	Authority						Cascades Inc
	9.75%, 05/30/2020(b),(g)			1,238		520	5.75%, 07/15/2023(g)			450		455
	Cinemark USA Inc						Clearwater Paper Corp
	5.13%, 12/15/2022			300		308	4.50%, 02/01/2023			195		194
	EMI Music Publishing Group North America						5.38%, 02/01/2025(g)			104		104
	Holdings Inc									$		753
	7.63%, 06/15/2024(g)			395		432	Gas- 0.09	%
	GLP Capital LP / GLP Financing II Inc						AmeriGas Partners LP / AmeriGas Finance
	4.38%, 04/15/2021			35		36	Corp
	4.88%, 11/01/2020			4,235		4,447	5.50%, 05/20/2025			336		344
	5.38%, 11/01/2023			1,545		1,657	5.63%, 05/20/2024			218		226
	5.38%, 04/15/2026			420		438	5.88%, 08/20/2026			218		226
	International Game Technology PLC						NGL Energy Partners LP / NGL Energy
	6.25%, 02/15/2022(g)			265		282	Finance Corp
	6.50%, 02/15/2025(g)			430		464	6.88%, 10/15/2021			191		197
	Isle of Capri Casinos Inc									$		993
	5.88%, 03/15/2021			1,330		1,375	Hand & Machine Tools - 0.08%
	8.88%, 06/15/2020			915		955	Milacron LLC / Mcron Finance Corp
	Regal Entertainment Group						7.75%, 02/15/2021(g)			790		823
	5.75%, 03/15/2022			2,845		2,959
	5.75%, 06/15/2023			525		543	Healthcare - Products - 0.43%
	Scientific Games International Inc						Alere Inc
	6.25%, 09/01/2020			1,780		1,655	6.38%, 07/01/2023(g)			111		112
	6.63%, 05/15/2021			2,610		2,401	6.50%, 06/15/2020			578		577
	7.00%, 01/01/2022(g)			330		353	DJO Finco Inc / DJO Finance LLC / DJO
	10.00%, 12/01/2022			3,040		3,115	Finance Corp
	Shingle Springs Tribal Gaming Authority						8.13%, 06/15/2021(g)			1,145		991
	9.75%, 09/01/2021(g)			562		613	Hologic Inc
	Six Flags Entertainment Corp						5.25%, 07/15/2022(g)			500		521
	4.88%, 07/31/2024(g)			460		457	Mallinckrodt International Finance SA
	5.25%, 01/15/2021(g)			1,500		1,541	4.75%, 04/15/2023			143		118
	WMG Acquisition Corp						Mallinckrodt International Finance SA /
	4.88%, 11/01/2024(g)			105		104	Mallinckrodt CB LLC
	5.00%, 08/01/2023(g)			90		90	5.50%, 04/15/2025(g)			985		848
	5.63%, 04/15/2022(g)			502		517	5.63%, 10/15/2023(g)			720		638
	6.75%, 04/15/2022(g)			400		421	5.75%, 08/01/2022(g)			178		165
				$		29,428	Teleflex Inc
	Food- 1.70	%					4.88%, 06/01/2026			363		361
	Albertsons Cos LLC / Safeway Inc / New						5.25%, 06/15/2024			292		301
	Albertson's Inc / Albertson's LLC									$		4,632
	5.75%, 03/15/2025(g)			2,194		2,180	Healthcare - Services - 5.28%
	6.63%, 06/15/2024(g)			4,307		4,488	Acadia Healthcare Co Inc
	Bumble Bee Holdings Inc						5.63%, 02/15/2023			400		406
	9.00%, 12/15/2017(g)			575		574	6.13%, 03/15/2021			253		260
	Dean Foods Co						6.50%, 03/01/2024			205		213
	6.50%, 03/15/2023(g)			735		768	Centene Corp
	Ingles Markets Inc						4.75%, 05/15/2022			90		91
	5.75%, 06/15/2023			380		390	4.75%, 01/15/2025			610		602
	JBS USA LUX SA / JBS USA Finance Inc						5.63%, 02/15/2021			190		199
	5.75%, 06/15/2025(g)			191		196	6.13%, 02/15/2024			620		659
	5.88%, 07/15/2024(g)			931		961	CHS/Community Health Systems Inc
	7.25%, 06/01/2021(g)			775		801	5.13%, 08/15/2018			111		111
	Lamb Weston Holdings Inc						5.13%, 08/01/2021			413		389
	4.88%, 11/01/2026(g)			199		199	6.88%, 02/01/2022			276		201
	Pilgrim's Pride Corp						7.13%, 07/15/2020			386		316
	5.75%, 03/15/2025(g)			395		398	8.00%, 11/15/2019			683		608
	Post Holdings Inc						DaVita Inc
	5.00%, 08/15/2026(g)			998		965	5.00%, 05/01/2025			725		708
	6.00%, 12/15/2022(g)			1,890		1,985	5.13%, 07/15/2024			1,620		1,600
	7.75%, 03/15/2024(g)			1,430		1,583	5.75%, 08/15/2022			1,349		1,401
	8.00%, 07/15/2025(g)			83		93	Envision Healthcare Corp
	SUPERVALU Inc						5.13%, 07/01/2022(g)			414		421
	6.75%, 06/01/2021			703		701	Fresenius Medical Care US Finance II Inc
	7.75%, 11/15/2022			1,665		1,619	4.13%, 10/15/2020(g)			538		551
	US Foods Inc						4.75%, 10/15/2024(g)			295		299
	5.88%, 06/15/2024(g)			340		355	5.63%, 07/31/2019(g)			1,423		1,517
				$		18,256	5.88%, 01/31/2022(g)			1,214		1,312
							6.50%, 09/15/2018(g)			3,035		3,217

See accompanying notes

78

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Healthcare - Services (continued)					Housewares (continued)
HCA Holdings Inc					Scotts Miracle-Gro Co/The
6.25%, 02/15/2021	$	369	$	396	5.25%, 12/15/2026(g)	$	232	$	234
HCA Inc					6.00%, 10/15/2023(g)		267		282
4.25%, 10/15/2019		345		357			$		1,131
4.50%, 02/15/2027		1,365		1,346	Insurance - 0.20%
4.75%, 05/01/2023		1,715		1,777	CNO Financial Group Inc
5.00%, 03/15/2024		4,184		4,357	5.25%, 05/30/2025		642		646
5.25%, 04/15/2025		2,001		2,106	Fidelity & Guaranty Life Holdings Inc
5.25%, 06/15/2026		1,445		1,507	6.38%, 04/01/2021(g)		425		427
5.38%, 02/01/2025		1,282		1,308	Liberty Mutual Group Inc
5.88%, 03/15/2022		1,021		1,109	7.80%, 03/07/2087(g)		626		715
5.88%, 05/01/2023		478		509	Radian Group Inc
5.88%, 02/15/2026		480		499	7.00%, 03/15/2021		280		310
6.50%, 02/15/2020		2,747		3,001			$		2,098
7.50%, 02/15/2022		475		540	Internet - 0.42%
7.69%, 06/15/2025		1,130		1,240	Match Group Inc
IASIS Healthcare LLC / IASIS Capital Corp					6.38%, 06/01/2024		445		477
8.38%, 05/15/2019		7,462		7,108	Netflix Inc
LifePoint Health Inc					4.38%, 11/15/2026(g)		866		849
5.38%, 05/01/2024(g)		75		72	5.50%, 02/15/2022		1,050		1,125
5.50%, 12/01/2021		448		459	5.75%, 03/01/2024		125		135
5.88%, 12/01/2023		940		935	5.88%, 02/15/2025		225		244
MPH Acquisition Holdings LLC					Zayo Group LLC / Zayo Capital Inc
7.13%, 06/01/2024(g)		2,114		2,244	5.75%, 01/15/2027(g)		750		768
Tenet Healthcare Corp					6.00%, 04/01/2023		575		601
4.38%, 10/01/2021		287		289	6.38%, 05/15/2025		255		270
4.50%, 04/01/2021		750		754			$		4,469
5.50%, 03/01/2019		270		268	Iron & Steel - 1.13%
6.00%, 10/01/2020		481		507	AK Steel Corp
6.25%, 11/01/2018		882		927	7.50%, 07/15/2023		520		570
6.75%, 06/15/2023		575		543	ArcelorMittal
6.88%, 11/15/2031		535		433	6.13%, 06/01/2025		527		579
7.50%, 01/01/2022(g)		2,935		3,148	7.25%, 02/25/2022(f)		2,443		2,754
8.00%, 08/01/2020		464		467	8.00%, 10/15/2039(f)		5,660		6,297
8.13%, 04/01/2022		2,813		2,841	Commercial Metals Co
Tennessee Merger Sub Inc					4.88%, 05/15/2023		581		593
6.38%, 02/01/2025(g),(i)		644		633
					Steel Dynamics Inc
		$		56,761	5.13%, 10/01/2021		300		310
Home Builders - 1.18%					5.25%, 04/15/2023		200		208
CalAtlantic Group Inc					5.50%, 10/01/2024		290		308
5.25%, 06/01/2026		550		546	6.38%, 08/15/2022		320		335
5.38%, 10/01/2022		1,708		1,770	United States Steel Corp
5.88%, 11/15/2024		440		457	8.38%, 07/01/2021(g)		209		232
8.38%, 01/15/2021		820		955			$		12,186
Lennar Corp					Leisure Products & Services - 0.48%
4.75%, 12/15/2017		1,450		1,472	NCL Corp Ltd
4.75%, 11/15/2022(f)		3,545		3,636	4.63%, 11/15/2020(g)		1,050		1,074
M/I Homes Inc					4.75%, 12/15/2021(g)		2,594		2,615
6.75%, 01/15/2021		530		554	Royal Caribbean Cruises Ltd
Mattamy Group Corp					5.25%, 11/15/2022		1,010		1,091
6.50%, 11/15/2020(g)		431		441
					Sabre GLBL Inc
6.88%, 12/15/2023(g)		92		95	5.25%, 11/15/2023(g)		86		87
Meritage Homes Corp					5.38%, 04/15/2023(g)		289		294
6.00%, 06/01/2025		680		697			$		5,161
PulteGroup Inc					Lodging - 1.09%
4.25%, 03/01/2021		250		257	Boyd Gaming Corp
Taylor Morrison Communities Inc / Monarch					6.38%, 04/01/2026(g)		955		1,024
Communities Inc					6.88%, 05/15/2023		779		836
5.63%, 03/01/2024(g)		366		373
					Downstream Development Authority of the
Toll Brothers Finance Corp					Quapaw Tribe of Oklahoma
4.00%, 12/31/2018		700		721	10.50%, 07/01/2019(g)		400		400
4.38%, 04/15/2023		375		376	Golden Nugget Inc
5.63%, 01/15/2024		295		310	8.50%, 12/01/2021(g)		390		418
		$		12,660	Hilton Domestic Operating Co Inc
Home Furnishings - 0.08%					4.25%, 09/01/2024(g)		510		500
Tempur Sealy International Inc					Hilton Grand Vacations Borrower LLC/Hilton
5.50%, 06/15/2026		440		433	Grand Vacations Borrower Inc
5.63%, 10/15/2023		405		408	6.13%, 12/01/2024(g)		194		203
		$		841	Hilton Worldwide Finance LLC / Hilton
Housewares - 0.11%					Worldwide Finance Corp
Radio Systems Corp					5.63%, 10/15/2021		805		830
8.38%, 11/01/2019(g)		589		615

See accompanying notes

79

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
				Principal					Principal
	BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
	Lodging (continued)						Media (continued)
	Jack Ohio Finance LLC / Jack Ohio Finance 1						Cequel Communications Holdings I LLC /
	Corp						Cequel Capital Corp
	6.75%, 11/15/2021(g)		$	470	$	481	5.13%, 12/15/2021(g)	$	2,050	$	2,078
	MGM Resorts International						6.38%, 09/15/2020(g)		1,502		1,543
	4.63%, 09/01/2026			529		512	7.75%, 07/15/2025(g)		240		266
	6.00%, 03/15/2023			685		736	Clear Channel Worldwide Holdings Inc
	6.63%, 12/15/2021			685		764	6.50%, 11/15/2022		363		379
	7.75%, 03/15/2022			1,000		1,165	6.50%, 11/15/2022		502		507
	8.63%, 02/01/2019			1,405		1,560	7.63%, 03/15/2020		150		146
	Seminole Hard Rock Entertainment Inc /						7.63%, 03/15/2020		1,406		1,410
	Seminole Hard Rock International LLC						CSC Holdings LLC
	5.88%, 05/15/2021(g)			840		853	5.50%, 04/15/2027(g)		526		534
	Station Casinos LLC						6.75%, 11/15/2021		665		722
	7.50%, 03/01/2021			810		842	7.63%, 07/15/2018		2,425		2,601
	Wynn Las Vegas LLC / Wynn Las Vegas						8.63%, 02/15/2019		268		298
	Capital Corp						10.88%, 10/15/2025(g)		4,620		5,498
	5.50%, 03/01/2025(g)			620		622	DISH DBS Corp
				$		11,746	5.88%, 07/15/2022		175		182
	Machinery - Construction & Mining - 0.48%						5.88%, 11/15/2024		2,565		2,594
	BlueLine Rental Finance Corp						6.75%, 06/01/2021		4,345		4,668
	7.00%, 02/01/2019(g)			780		770	7.75%, 07/01/2026		795		890
	Oshkosh Corp						Gray Television Inc
	5.38%, 03/01/2022			75		78	5.13%, 10/15/2024(g)		1,320		1,297
	Terex Corp						5.88%, 07/15/2026(g)		275		273
	5.63%, 02/01/2025(g)			768		784	iHeartCommunications Inc
	6.00%, 05/15/2021			530		545	6.88%, 06/15/2018		503		367
	6.50%, 04/01/2020			970		993	7.25%, 10/15/2027		690		297
	Vertiv Group Corp						9.00%, 12/15/2019		977		817
	9.25%, 10/15/2024(g)			1,856		1,962	11.25%, 03/01/2021		5,664		4,432
				$		5,132	Liberty Interactive LLC
	Machinery - Diversified - 0.44%						8.50%, 07/15/2029		695		771
	ATS Automation Tooling Systems Inc						LIN Television Corp
	6.50%, 06/15/2023(g)			526		544	5.88%, 11/15/2022		169		172
	Case New Holland Industrial Inc						Mediacom Broadband LLC / Mediacom
	7.88%, 12/01/2017			1,193		1,253	Broadband Corp
	CNH Industrial Capital LLC						6.38%, 04/01/2023		430		450
	4.88%, 04/01/2021			585		609	Nexstar Broadcasting Inc
	CNH Industrial NV						6.13%, 02/15/2022(g)		445		462
	4.50%, 08/15/2023			1,130		1,131	Nexstar Escrow Corp
	Manitowoc Foodservice Inc						5.63%, 08/01/2024(g)		690		689
	9.50%, 02/15/2024			645		742	Nielsen Finance LLC / Nielsen Finance Co
	Zebra Technologies Corp						4.50%, 10/01/2020		1,450		1,483
	7.25%, 10/15/2022			470		506	5.00%, 04/15/2022(g)		5,592		5,711
				$		4,785	Quebecor Media Inc
	Media- 10.19	%					5.75%, 01/15/2023		180		189
	Altice Financing SA						Quebecor World PLC
	6.63%, 02/15/2023(g)			665		697	0.00%, 01/15/2025(a),(b),(d)		480		—
	7.50%, 05/15/2026(g)			975		1,029	0.00%, 11/15/2025(a),(b),(d)		1,075		—
							0.00%, 08/01/2027(a),(b),(d)		830		—
	Altice Luxembourg SA
	7.63%, 02/15/2025(g)			1,394		1,474	SFR Group SA
	7.75%, 05/15/2022(g)			3,359		3,564	6.00%, 05/15/2022(g)		5,212		5,361
	Altice US Finance I Corp						6.25%, 05/15/2024(g)		1,282		1,290
	5.38%,  07/15/2023 (g)			1,430		1,489	7.38%, 05/01/2026(g)		5,066		5,199
	5.50%, 05/15/2026(g)			1,598		1,638	Sinclair Television Group Inc
							5.63%, 08/01/2024(g)		579		589
	AMC Networks Inc
	4.75%, 12/15/2022			250		255	6.13%, 10/01/2022		530		554
	5.00%, 04/01/2024			500		510	Sirius XM Radio Inc
							4.25%, 05/15/2020(g)		3,505		3,558
	Cablevision Systems Corp						4.63%, 05/15/2023(g)		930		938
	8.00%, 04/15/2020			1,030		1,138	5.38%, 04/15/2025(g)		570		580
	8.63%, 09/15/2017			97		101	5.38%, 07/15/2026(g)		1,675		1,702
	CCO Holdings LLC / CCO Holdings Capital						5.75%, 08/01/2021(g)		180		187
	Corp 5.13%, 05/01/2023(g)			2,450		2,542	6.00%, 07/15/2024(g)		420		447
	5.13%, 05/01/2027(g),(i)			415		423	TEGNA Inc
	5.25%, 03/15/2021			655		674	5.13%, 10/15/2019		1,570		1,609
	5.25%, 09/30/2022			1,750		1,812	5.13%, 07/15/2020		2,800		2,898
	5.38%, 05/01/2025(g)			710		739	5.50%, 09/15/2024(g)		665		674
	5.50%, 05/01/2026(g)			480		503	6.38%, 10/15/2023		300		317
	5.75%, 02/15/2026(g)			3,077		3,261	Unitymedia GmbH
	5.88%, 04/01/2024(g)			2,492		2,674	6.13%, 01/15/2025(g)		725		750
	5.88%, 05/01/2027(g)			2,910		3,087	Unitymedia Hessen GmbH & Co KG /
	6.63%, 01/31/2022			595		616	Unitymedia NRW GmbH
							5.50%, 01/15/2023(g)		600		624

See accompanying notes

80

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Media (continued)					Mining (continued)
Univision Communications Inc					Teck Resources Ltd (continued)
5.13%, 05/15/2023(g)	$	2,385	$	2,368	8.50%, 06/01/2024(g)	$	303	$	353
5.13%, 02/15/2025(g)		200		191			$		31,399
6.75%, 09/15/2022(g)		892		936	Miscellaneous Manufacturers - 0.19%
UPCB Finance IV Ltd					Bombardier Inc
5.38%, 01/15/2025(g)		845		857	4.75%, 04/15/2019(g)		428		436
Videotron Ltd					6.00%, 10/15/2022(g)		305		298
5.38%, 06/15/2024(g)		617		645	6.13%, 01/15/2023(g)		657		642
Virgin Media Finance PLC					8.75%, 12/01/2021(g)		455		492
6.38%, 04/15/2023(g)		820		861	Koppers Inc
Virgin Media Secured Finance PLC					6.00%, 02/15/2025(g)		204		211
5.50%, 08/15/2026(g)		2,160		2,192			$		2,079
WideOpenWest Finance LLC /					Office & Business Equipment - 0.04%
WideOpenWest Capital Corp					CDW LLC / CDW Finance Corp
10.25%, 07/15/2019		940		991	5.00%, 09/01/2023		403		411
Ziggo Bond Finance BV
5.88%, 01/15/2025(g)		260		262	Oil & Gas - 7.48%
Ziggo Secured Finance BV					Antero Resources Corp
5.50%, 01/15/2027(g)		3,070		3,058	5.00%, 03/01/2025(g)		276		270
		$		109,590	5.13%, 12/01/2022		2,035		2,050
Metal Fabrication & Hardware - 0.36%					5.38%, 11/01/2021		616		632
Novelis Corp					Bill Barrett Corp
5.88%, 09/30/2026(g)		1,865		1,893	7.00%, 10/15/2022		944		937
6.25%, 08/15/2024(g)		1,865		1,963	California Resources Corp
		$		3,856	5.50%, 09/15/2021		11		9
Mining - 2.92%					6.00%, 11/15/2024		6		5
Alcoa Nederland Holding BV					8.00%, 12/15/2022(g)		1,868		1,663
6.75%, 09/30/2024(g)		443		479	Callon Petroleum Co
Aleris International Inc					6.13%, 10/01/2024(g)		447		473
9.50%, 04/01/2021(g)		415		451	Cenovus Energy Inc
Anglo American Capital PLC					4.45%, 09/15/2042		147		131
4.13%, 04/15/2021(g)		675		685	6.75%, 11/15/2039		132		148
4.13%, 09/27/2022(g)		200		202	Chesapeake Energy Corp
4.45%, 09/27/2020(g)		692		716	4.88%, 04/15/2022		665		618
4.88%, 05/14/2025(g)		575		582	5.38%, 06/15/2021		2,740		2,630
Coeur Mining Inc					5.75%, 03/15/2023		917		880
7.88%, 02/01/2021		302		311	6.13%, 02/15/2021		3,668		3,621
First Quantum Minerals Ltd					8.00%, 12/15/2022(g)		91		97
7.00%, 02/15/2021(g)		4,975		5,099	8.00%, 01/15/2025(g)		1,941		1,988
7.25%, 05/15/2022(g)		2,480		2,530	Citgo Holding Inc
FMG Resources August 2006 Pty Ltd					10.75%, 02/15/2020(g)		713		762
9.75%, 03/01/2022(g)		1,935		2,245	CITGO Petroleum Corp
Freeport-McMoRan Inc					6.25%, 08/15/2022(g)		537		556
2.38%, 03/15/2018		1,590		1,585	Concho Resources Inc
3.10%, 03/15/2020		505		501	5.50%, 04/01/2023		810		840
3.55%, 03/01/2022		30		28	Continental Resources Inc/OK
3.88%, 03/15/2023		3,890		3,588	3.80%, 06/01/2024		968		904
4.00%, 11/14/2021		1,039		1,013	4.50%, 04/15/2023		1,460		1,442
5.40%, 11/14/2034		1,688		1,474	4.90%, 06/01/2044		220		194
5.45%, 03/15/2043		562		483	Diamondback Energy Inc
Hecla Mining Co					4.75%, 11/01/2024(g)		180		180
6.88%, 05/01/2021		568		588	Encana Corp
Hudbay Minerals Inc					3.90%, 11/15/2021		37		38
7.25%, 01/15/2023(g)		1,295		1,369	6.50%, 08/15/2034		815		915
7.63%, 01/15/2025(g)		1,270		1,359	Ensco PLC
International Wire Group Inc					4.50%, 10/01/2024		91		81
10.75%, 08/01/2021(g)		380		365	5.20%, 03/15/2025		139		126
Kaiser Aluminum Corp					EP Energy LLC / Everest Acquisition Finance
5.88%, 05/15/2024		234		245	Inc
Lundin Mining Corp					6.38%, 06/15/2023		4,788		4,165
7.50%, 11/01/2020(g)		365		387	7.75%, 09/01/2022		1,842		1,658
7.88%, 11/01/2022(g)		350		382	8.00%, 11/29/2024(g)		441		476
New Gold Inc					9.38%, 05/01/2020		6,979		6,979
6.25%, 11/15/2022(g)		224		225	Extraction Oil & Gas Holdings LLC /
7.00%, 04/15/2020(g)		225		227	Extraction Finance Corp
Teck Resources Ltd					7.88%, 07/15/2021(g)		1,150		1,231
3.00%, 03/01/2019		290		292	Hilcorp Energy I LP / Hilcorp Finance Co
4.75%, 01/15/2022		1,472		1,509	5.00%, 12/01/2024(g)		561		553
5.40%, 02/01/2043		315		296	5.75%, 10/01/2025(g)		551		556
6.00%, 08/15/2040		585		587	MEG Energy Corp
6.13%, 10/01/2035		295		302	6.38%, 01/30/2023(g)		641		596
6.25%, 07/15/2041		830		853	6.50%, 03/15/2021(g)		1,092		1,121
8.00%, 06/01/2021(g)		80		88	6.50%, 01/15/2025(g)		457		462

See accompanying notes

81

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Oil & Gas (continued)					Oil & Gas (continued)
MEG Energy Corp (continued)					Whiting Petroleum Corp (continued)
7.00%, 03/31/2024(g)	$	360	$	338	5.75%, 03/15/2021	$	1,130	$	1,141
Nabors Industries Inc					6.25%, 04/01/2023		1,447		1,462
5.50%, 01/15/2023(g)		334		349	WPX Energy Inc
Newfield Exploration Co					5.25%, 09/15/2024		343		338
5.38%, 01/01/2026		1,360		1,408	6.00%, 01/15/2022		1,046		1,088
5.63%, 07/01/2024		776		817			$		80,446
5.75%, 01/30/2022		154		164	Oil & Gas Services - 0.51%
Noble Holding International Ltd					Archrock Partners LP / Archrock Partners
5.25%, 03/15/2042		35		26	Finance Corp
6.20%, 08/01/2040		236		184	6.00%, 10/01/2022		370		363
7.75%, 01/15/2024		293		291	Sea Trucks Group Ltd
Oasis Petroleum Inc					0.00%, 03/26/2018(a),(g)		683		259
6.50%, 11/01/2021		568		581	SESI LLC
6.88%, 03/15/2022		910		933	7.13%, 12/15/2021		774		794
Parker Drilling Co					Transocean Proteus Ltd
6.75%, 07/15/2022		221		191	6.25%, 12/01/2024(g)		178		184
7.50%, 08/01/2020		259		234	Trinidad Drilling Ltd
PBF Holding Co LLC / PBF Finance Corp					6.63%, 02/15/2025(g),(i)		289		296
7.00%, 11/15/2023		367		373	7.88%, 01/15/2019(g)		435		437
Precision Drilling Corp					Weatherford International LLC
5.25%, 11/15/2024		1,613		1,585	6.80%, 06/15/2037		58		50
6.50%, 12/15/2021		1,340		1,377	Weatherford International Ltd
6.63%, 11/15/2020		1,158		1,184	4.50%, 04/15/2022		212		189
QEP Resources Inc					5.95%, 04/15/2042		164		128
5.25%, 05/01/2023		521		518	6.50%, 08/01/2036		426		361
5.38%, 10/01/2022		1,141		1,152	6.75%, 09/15/2040		90		75
6.88%, 03/01/2021		768		812	7.00%, 03/15/2038		601		520
Range Resources Corp					7.75%, 06/15/2021		122		126
4.88%, 05/15/2025		707		688	8.25%, 06/15/2023		302		308
5.00%, 08/15/2022(g)		4,005		4,029	9.88%, 02/15/2024(g)		1,313		1,418
5.00%, 03/15/2023(g)		2,838		2,817			$		5,508
Rice Energy Inc					Packaging & Containers - 1.82%
7.25%, 05/01/2023		405		434	Ardagh Packaging Finance PLC / Ardagh
Rowan Cos Inc					Holdings USA Inc
7.38%, 06/15/2025		638		667	6.00%, 02/15/2025(g)		2,225		2,239
RSP Permian Inc					Ball Corp
5.25%, 01/15/2025(g)		225		230	4.38%, 12/15/2020		920		967
Sanchez Energy Corp					5.00%, 03/15/2022		1,945		2,043
6.13%, 01/15/2023		1,265		1,214	5.25%, 07/01/2025		298		313
Shelf Drilling Holdings Ltd					Berry Plastics Corp
9.50%, 11/02/2020(g)		341		306	5.13%, 07/15/2023		1,490		1,524
SM Energy Co					6.00%, 10/15/2022		1,320		1,398
5.00%, 01/15/2024		1,400		1,333	BWAY Holding Co
5.63%, 06/01/2025		302		294	9.13%, 08/15/2021(g)		2,425		2,607
6.13%, 11/15/2022		395		408	Constar International
6.50%, 11/15/2021		234		241	0.00%, PIK 0.00%, 12/31/2017(a),(b),(d),(f),(h)		452		2
6.50%, 01/01/2023		286		295	Crown Americas LLC / Crown Americas
Stone Energy Corp					Capital Corp V
0.00%, 11/15/2022(a)		320		200	4.25%, 09/30/2026(g)		395		378
Sunoco LP / Sunoco Finance Corp					Flex Acquisition Co Inc
6.25%, 04/15/2021		633		649	6.88%, 01/15/2025(g)		118		120
6.38%, 04/01/2023		305		313	Graphic Packaging International Inc
Tesoro Corp					4.88%, 11/15/2022		300		309
4.75%, 12/15/2023(g)		387		398	Owens-Brockway Glass Container Inc
5.13%, 04/01/2024		328		340	5.38%, 01/15/2025(g)		200		201
Transocean Inc					5.88%, 08/15/2023(g)		373		393
5.55%, 10/15/2022(f)		309		281	6.38%, 08/15/2025(g)		83		88
6.80%, 03/15/2038		784		631	Reynolds Group Issuer Inc / Reynolds Group
7.50%, 04/15/2031		69		61	Issuer LLC / Reynolds Group Issuer
9.00%, 07/15/2023(g)		2,000		2,129	(Luxembourg) S.A.
9.10%, 12/15/2041(f)		215		208	5.13%, 07/15/2023(g)		2,215		2,265
Ultra Petroleum Corp					5.75%, 10/15/2020		2,395		2,466
0.00%, 10/01/2024(a),(g)		627		588	6.88%, 02/15/2021(f)		635		651
Unit Corp					8.25%, 02/15/2021		264		271
6.63%, 05/15/2021(b)		1,193		1,184	Sealed Air Corp
W&T Offshore Inc					5.13%, 12/01/2024(g)		350		363
8.50%, 06/15/2019		424		312	5.50%, 09/15/2025(g)		935		986
Western Refining Logistics LP / WNRL							$		19,584
Finance Corp					Pharmaceuticals - 2.73%
7.50%, 02/15/2023		225		244	Endo Finance LLC
Whiting Petroleum Corp					5.75%, 01/15/2022(g)		166		145
5.00%, 03/15/2019		3,360		3,419

See accompanying notes

82

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
		Principal						Principal
BONDS (continued)		Amount (000's)    Value (000's)			BONDS (continued)			Amount (000's) Value (000's)
Pharmaceuticals (continued)					Pipelines (continued)
Endo Finance LLC / Endo Finco Inc					PBF Logistics LP / PBF Logistics Finance
5.38%, 01/15/2023(f),(g)	$	4,890	$	4,095	Corp
7.25%, 01/15/2022(f),(g)		161		146	6.88%, 05/15/2023		$	232	$	236
Endo Ltd / Endo Finance LLC / Endo Finco					Regency Energy Partners LP / Regency
Inc					Energy Finance Corp
6.00%, 07/15/2023(g)		2,690		2,293	5.50%, 04/15/2023			2,235		2,325
6.00%, 02/01/2025(f),(g)		2,265		1,843	Rockies Express Pipeline LLC
Grifols Worldwide Operations Ltd					5.63%, 04/15/2020(g)			2,630		2,788
5.25%, 04/01/2022		200		208	6.88%, 04/15/2040(g)			1,090		1,120
Nature's Bounty Co/The					7.50%, 07/15/2038(g)			645		690
7.63%, 05/15/2021(g)		2,990		3,132	Rose Rock Midstream LP / Rose Rock
Valeant Pharmaceuticals International					Finance Corp
6.38%, 10/15/2020(g)		484		424	5.63%, 07/15/2022			247		246
6.75%, 08/15/2021(g)		643		543	5.63%, 11/15/2023			2,930		2,897
7.00%, 10/01/2020(g)		957		866	Sabine Pass Liquefaction LLC
7.25%, 07/15/2022(g)		595		500	5.63%, 02/01/2021(f)			885		956
Valeant Pharmaceuticals International Inc					5.63%, 03/01/2025			1,465		1,591
5.38%, 03/15/2020(g)		750		645	5.75%, 05/15/2024			2,640		2,874
5.50%, 03/01/2023(g)		7,122		5,395	Summit Midstream Holdings LLC / Summit
5.88%, 05/15/2023(g)		10,429		7,939	Midstream Finance Corp
6.13%, 04/15/2025(g)		1,010		756	5.50%, 08/15/2022			514		515
7.50%, 07/15/2021(g)		473		411	Tallgrass Energy Partners LP / Tallgrass
		$		29,341	Energy Finance Corp
Pipelines - 4.79%					5.50%, 09/15/2024(g)			460		467
Antero Midstream Partners LP / Antero					Targa Resources Partners LP / Targa
Midstream Finance Corp					Resources Partners Finance Corp
5.38%, 09/15/2024(g)		2,010		2,055	4.25%, 11/15/2023			1,945		1,916
Blue Racer Midstream LLC / Blue Racer					5.13%, 02/01/2025(g)			685		709
Finance Corp					5.25%, 05/01/2023			770		789
6.13%, 11/15/2022(g)		230		236	5.38%, 02/01/2027(g)			655		679
Cheniere Corpus Christi Holdings LLC					6.38%, 08/01/2022			600		620
7.00%, 06/30/2024(g)		480		536	6.75%, 03/15/2024			1,505		1,644
Crestwood Midstream Partners LP /					Tesoro Logistics LP / Tesoro Logistics
Crestwood Midstream Finance Corp					Finance Corp
6.00%, 12/15/2020		1,455		1,499	5.88%, 10/01/2020			45		46
6.13%, 03/01/2022		750		776	6.13%, 10/15/2021			450		471
6.25%, 04/01/2023		2,530		2,612	6.25%, 10/15/2022			528		562
DCP Midstream Operating LP					6.38%, 05/01/2024			300		326
2.50%, 12/01/2017		1,245		1,242	Williams Cos Inc/The
3.88%, 03/15/2023		419		404	3.70%, 01/15/2023			475		467
4.75%, 09/30/2021(g)		480		490	5.75%, 06/24/2044			1,670		1,691
4.95%, 04/01/2022		154		160	7.50%, 01/15/2031			390		455
5.35%, 03/15/2020(g)		1,010		1,061	7.75%, 06/15/2031			245		290
5.60%, 04/01/2044		820		745	Williams Partners LP / ACMP Finance Corp
5.85%, 05/21/2043(f),(g)		290		260	6.13%, 07/15/2022			410		423
6.45%, 11/03/2036(g)		490		500				$		51,537
6.75%, 09/15/2037(g)		810		842	Private Equity - 0.44%
8.13%, 08/16/2030		330		380	Icahn Enterprises LP / Icahn Enterprises
Energy Transfer Equity LP					Finance Corp
5.88%, 01/15/2024		2,820		3,010	3.50%, 03/15/2017			1,000		1,000
7.50%, 10/15/2020		2,690		3,020	4.88%, 03/15/2019			3,445		3,484
Genesis Energy LP / Genesis Energy Finance					6.25%, 02/01/2022(g)			137		138
Corp					6.75%, 02/01/2024(g)			137		137
5.63%, 06/15/2024		660		665				$		4,759
5.75%, 02/15/2021		30		31	REITS- 2.24	%
6.75%, 08/01/2022		220		233	Communications Sales & Leasing Inc / CSL
Holly Energy Partners LP / Holly Energy					Capital LLC
Finance Corp					6.00%, 04/15/2023(g)			362		380
6.00%, 08/01/2024(g)		683		715	8.25%, 10/15/2023			2,630		2,854
Martin Midstream Partners LP / Martin					Equinix Inc
Midstream Finance Corp					5.38%, 01/01/2022			404		427
7.25%, 02/15/2021		240		242	5.38%, 04/01/2023			200		209
NGPL PipeCo LLC					5.75%, 01/01/2025			515		543
9.63%, 06/01/2019(g)		200		209	5.88%, 01/15/2026			1,033		1,097
NuStar Logistics LP					ESH Hospitality Inc
4.80%, 09/01/2020		272		277	5.25%, 05/01/2025(g)			2,469		2,478
6.75%, 02/01/2021		163		176	Iron Mountain Inc
ONEOK Inc					5.75%, 08/15/2024			1,525		1,548
4.25%, 02/01/2022		311		317	6.00%, 10/01/2020(g)			208		218
6.00%, 06/15/2035		950		957	6.00%, 08/15/2023			2,035		2,157
7.50%, 09/01/2023		81		94	MGM Growth Properties Operating
					Partnership LP / MGP Finance Co-Issuer Inc
					5.63%, 05/01/2024(g)			1,005		1,049

See accompanying notes

83

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's)     Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
REITS (continued)					Retail (continued)
MPT Operating Partnership LP / MPT Finance					Tops Holding LLC / Tops Markets II Corp
Corp					8.00%, 06/15/2022(g)	$	241	$	193
5.25%, 08/01/2026	$	790	$	776			$		28,736
5.50%, 05/01/2024		3,900		3,959	Semiconductors - 1.03%
6.38%, 03/01/2024		835		882	Amkor Technology Inc
Omega Healthcare Investors Inc					6.38%, 10/01/2022		2,325		2,412
5.88%, 03/15/2024		3,110		3,205	Micron Technology Inc
Sabra Health Care LP / Sabra Capital Corp					5.25%, 08/01/2023(g)		1,374		1,377
5.50%, 02/01/2021		2,250		2,329	5.25%, 01/15/2024(g)		472		474
		$		24,111	5.50%, 02/01/2025		947		952
Retail - 2.67%					5.63%, 01/15/2026(g)		770		771
1011778 BC ULC / New Red Finance Inc					Microsemi Corp
4.63%, 01/15/2022(g)		590		605	9.13%, 04/15/2023(g)		196		227
6.00%, 04/01/2022(g)		890		927	NXP BV / NXP Funding LLC
AmeriGas Finance LLC / AmeriGas Finance					4.13%, 06/01/2021(g)		1,435		1,482
Corp					4.63%, 06/15/2022(g)		612		644
7.00%, 05/20/2022		187		196	Qorvo Inc
Caleres Inc					6.75%, 12/01/2023		294		321
6.25%, 08/15/2023		310		324	Sensata Technologies BV
Claire's Stores Inc					5.00%, 10/01/2025(g)		496		496
6.13%, 03/15/2020(g)		728		328	Sensata Technologies UK Financing Co PLC
9.00%, 03/15/2019(g)		1,527		733	6.25%, 02/15/2026(g)		1,778		1,907
Dollar Tree Inc							$		11,063
5.75%, 03/01/2023		2,325		2,462	Software - 2.27%
Ferrellgas LP / Ferrellgas Finance Corp					Camelot Finance SA
6.50%, 05/01/2021		380		383	7.88%, 10/15/2024(g)		540		571
6.75%, 01/15/2022		2,280		2,291	Change Healthcare Holdings Inc
6.75%, 06/15/2023(f)		1,980		1,975	6.00%, 02/15/2021(g)		845		894
Group 1 Automotive Inc					First Data Corp
5.25%, 12/15/2023(g)		280		281	5.00%, 01/15/2024(g)		1,845		1,869
Guitar Center Inc					5.75%, 01/15/2024(g)		776		800
6.50%, 04/15/2019(g)		511		459	6.75%, 11/01/2020(g)		88		91
JC Penney Corp Inc					7.00%, 12/01/2023(g)		2,879		3,053
5.88%, 07/01/2023(g)		110		112	Genesys Telecommunications Laboratories
8.13%, 10/01/2019		241		255	Inc/Greeneden Lux 3 Sarl
Jo-Ann Stores LLC					10.00%, 11/30/2024(g)		515		556
8.13%, 03/15/2019(g)		57		57	Infor Software Parent LLC / Infor Software
KFC Holding Co/Pizza Hut Holdings					Parent Inc
LLC/Taco Bell of America LLC					7.13%, PIK 7.88%, 05/01/2021(g),(h)		2,104		2,162
5.00%, 06/01/2024(g)		445		453	Infor US Inc
5.25%, 06/01/2026(g)		1,320		1,335	5.75%, 08/15/2020(g)		116		121
L Brands Inc					6.50%, 05/15/2022		687		705
5.63%, 10/15/2023		1,540		1,602	MSCI Inc
6.75%, 07/01/2036		450		434	5.25%, 11/15/2024(g)		2,085		2,161
6.88%, 11/01/2035		361		352	5.75%, 08/15/2025(g)		1,275		1,351
Landry's Inc					Nuance Communications Inc
6.75%, 10/15/2024(g)		294		303	5.38%, 08/15/2020(g)		1,000		1,025
Neiman Marcus Group LTD LLC					6.00%, 07/01/2024(g)		1,850		1,892
8.00%, 10/15/2021(g)		800		494	Open Text Corp
New Albertsons Inc					5.63%, 01/15/2023(g)		135		140
6.63%, 06/01/2028		325		294	5.88%, 06/01/2026(g)		2,744		2,874
7.75%, 06/15/2026		310		310	Quintiles IMS Inc
8.00%, 05/01/2031		487		477	5.00%, 10/15/2026(g)		405		408
8.70%, 05/01/2030		95		98	Rackspace Hosting Inc
Penske Automotive Group Inc					8.63%, 11/15/2024(g)		2,815		2,920
5.38%, 12/01/2024		250		251	Solera LLC / Solera Finance Inc
5.50%, 05/15/2026		511		508	10.50%, 03/01/2024(g)		420		478
PetSmart Inc					SS&C Technologies Holdings Inc
7.13%, 03/15/2023(g)		1,985		1,950	5.88%, 07/15/2023		300		312
QVC Inc							$		24,383
5.13%, 07/02/2022		2,400		2,505	Telecommunications - 9.58%
5.45%, 08/15/2034		1,215		1,110	Alcatel-Lucent USA Inc
Rite Aid Corp					6.45%, 03/15/2029		642		670
6.13%, 04/01/2023(g)		2,502		2,605	Avaya Inc
6.75%, 06/15/2021		400		416	0.00%, 03/01/2021(a),(g)		271		74
9.25%, 03/15/2020		680		703	7.00%, 04/01/2019(g)		744		616
Sally Holdings LLC / Sally Capital Inc					CenturyLink Inc
5.50%, 11/01/2023		50		52	6.45%, 06/15/2021		2,430		2,582
5.63%, 12/01/2025		250		261	6.75%, 12/01/2023		610		628
Suburban Propane Partners LP/Suburban					Cincinnati Bell Inc
Energy Finance Corp					7.00%, 07/15/2024(g)		469		495
7.38%, 08/01/2021		617		642

See accompanying notes

84

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
		Principal						Principal
BONDS (continued)		Amount (000's)      Value (000's)			BONDS (continued)			Amount (000's)	Value(000			's)
Telecommunications (continued)					Telecommunications (continued)
CommScope Inc					T-Mobile USA Inc (continued)
5.50%, 06/15/2024(g)	$	562	$	580	6.63%, 11/15/2020		$	275		$	282
CommScope Technologies Finance LLC					6.63%, 04/28/2021			1,501			1,565
6.00%, 06/15/2025(g)		2,235		2,382	6.63%, 04/01/2023			723			768
Consolidated Communications Inc					6.73%, 04/28/2022			3,137			3,263
6.50%, 10/01/2022		300		301	6.84%, 04/28/2023			481			513
Embarq Corp					West Corp
8.00%, 06/01/2036		8,604		8,343	4.75%, 07/15/2021(g)			297			304
Frontier Communications Corp					5.38%, 07/15/2022(g)			675			650
6.25%, 09/15/2021		2,020		1,889	Wind Acquisition Finance SA
7.13%, 01/15/2023		2,050		1,835	4.75%, 07/15/2020(g)			3,645			3,709
7.63%, 04/15/2024		725		640	7.38%, 04/23/2021(g)			1,155			1,201
8.50%, 04/15/2020		1,516		1,615	Windstream Services LLC
9.00%, 08/15/2031		3,148		2,714	7.50%, 06/01/2022			788			762
9.25%, 07/01/2021		1,003		1,047	7.50%, 04/01/2023			157			150
11.00%, 09/15/2025		6,777		6,853					$		103,021
10.50%, 09/15/2022		1,093		1,138	Transportation - 0.19%
Goodman Networks Inc					Bluewater Holding BV
12.13%, 07/01/2018(b)		735		305	10.00%, 12/10/2019(g)			1,300			917
Hughes Satellite Systems Corp					Ultrapetrol Bahamas Ltd
5.25%, 08/01/2026(g)		750		750	0.00%, 06/15/2021(a),(b)			1,514			265
6.50%, 06/15/2019		663		713	XPO Logistics Inc
6.63%, 08/01/2026(g)		220		227	6.13%, 09/01/2023(g)			225			232
Intelsat Jackson Holdings SA					6.50%, 06/15/2022(g)			655			683
5.50%, 08/01/2023		630		441					$		2,097
7.25%, 04/01/2019		371		319	Trucking & Leasing - 0.58%
7.25%, 10/15/2020		452		355	Park Aerospace Holdings Ltd
7.50%, 04/01/2021		515		399	5.25%, 08/15/2022(g),(i)			3,023			3,098
8.00%, 02/15/2024(g)		1,080		1,120	5.50%, 02/15/2024(g),(i)			3,032			3,114
Intelsat Luxembourg SA									$		6,212
7.75%, 06/01/2021		2,355		818	TOTAL BONDS				$		949,052
8.13%, 06/01/2023		1,085		361				Principal
Level 3 Financing Inc					CONVERTIBLE BONDS - 0.01%			Amount (000's)	Value(000			's)
5.13%, 05/01/2023		1,282		1,292	Retail - 0.01%
5.25%, 03/15/2026(g)		290		289
					Nebraska Book Holdings Inc
5.38%, 08/15/2022		1,280		1,322	2.00%, PIK 2.00%, 04/01/2026(b),(d),(g),(h)			397			58
5.38%, 01/15/2024		2,902		2,935
5.38%, 05/01/2025		853		871	TOTAL CONVERTIBLE BONDS				$		58
Nokia OYJ
6.63%, 05/15/2039		216		226	SENIOR FLOATING RATE INTERESTS -			Principal
Plantronics Inc					7.17	%		Amount (000's)	Value(000			's)
5.50%, 05/31/2023(g)		195		199	Advertising - 0.27%
Qwest Capital Funding Inc					Advantage Sales & Marketing Inc, Term
6.88%, 07/15/2028		159		148	Loan
					7.50%, 07/21/2022(f)		$	2,950	$		2,862
Qwest Corp
6.88%, 09/15/2033		1,705		1,655	Vertis Inc, Term Loan EXIT
					0.00%, 12/31/2016(a),(b),(d),(f)			1,359			—
7.25%, 09/15/2025		175		188
SoftBank Group Corp									$		2,862
4.50%, 04/15/2020(g)		588		603	Aerospace & Defense - 0.20%
Sprint Capital Corp					B/E Aerospace Inc, Term Loan B
					3.94%, 11/19/2021(f)			226			227
6.88%, 11/15/2028		167		172
8.75%, 03/15/2032		1,102		1,265	TransDigm Inc, Term Loan F
					3.77%, 06/09/2023(f)			1,977			1,971
Sprint Communications Inc
6.00%, 11/15/2022		4,755		4,826					$		2,198
7.00%, 03/01/2020(g)		914		993	Airlines - 0.04%
7.00%, 08/15/2020		945		1,011	American Airlines Inc, Term Loan B
9.00%, 11/15/2018(g)		1,998		2,187	3.28%, 06/27/2020(f)			425			427
11.50%, 11/15/2021		374		465
Sprint Corp					Automobile Manufacturers - 0.07%
7.13%, 06/15/2024		7,851		8,204	FCA US LLC, Term Loan B
7.25%, 09/15/2021		2,582		2,766	3.27%, 12/31/2018(f)			339			339
7.63%, 02/15/2025		832		892	3.53%, 05/24/2017(f)			427			427
7.88%, 09/15/2023		6,325		6,910					$		766
Telecom Italia Capital SA					Biotechnology - 0.04%
6.00%, 09/30/2034		1,400		1,379	Concordia International Corp, Term Loan B
T-Mobile USA Inc					5.25%, 10/20/2021(f)			614			477
6.00%, 03/01/2023		3,352		3,544
6.00%, 04/15/2024		652		693	Commercial Services - 0.42%
6.13%, 01/15/2022		2,085		2,205	Pharmaceutical Product Development LLC,
6.38%, 03/01/2025		442		478	Term Loan B
6.50%, 01/15/2024		212		228	4.25%, 08/05/2022(f)			1,836			1,845
6.50%, 01/15/2026		460		505	ServiceMaster Co LLC/The, Term Loan B
6.54%, 04/28/2020		1,160		1,193	3.29%, 11/08/2023(f)			1,240			1,246

See accompanying notes

85

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
	SENIOR FLOATING RATE INTERESTS			Principal			SENIOR FLOATING RATE INTERESTS			Principal
	(continued)			Amount (000's)    Value (000's)			(continued)			Amount (000's) Value (000's)
	Commercial Services (continued)						Food Service - 0.14%
	Syniverse Holdings Inc, Term Loan B						Aramark Services Inc, Term Loan F
	4.00%, 04/23/2019(f)		$	313	$	281	3.50%, 02/21/2021(f)		$	1,472	$	1,484
	4.03%, 04/23/2019(f)			205		184
	4.04%, 04/23/2019(f)			300		269	Healthcare - Services - 0.32%
	Team Health Inc, Term Loan B						Envision Healthcare Corp, Term Loan C
	3.78%, 11/23/2022(f)			649		647	4.00%, 11/17/2023(f)			1,180		1,192
				$		4,472	MPH Acquisition Holdings LLC, Term Loan
	Computers - 0.08%						B
	Presidio Inc/GA, Term Loan						5.00%, 05/25/2023(f)			732		742
	4.50%, 02/02/2022(f)			871		879	Tennessee Merger Sub Inc, Term Loan
							0.00%, 01/12/2024(f),(j)			1,475		1,472
	Cosmetics & Personal Care - 0.03%									$		3,406
	Revlon Consumer Products Corp, Term Loan						Internet - 0.08%
	B						Go Daddy Operating Co LLC, Term Loan B
	4.28%, 09/07/2023(f)			7		7	4.25%, 05/05/2021(f)			248		249
	4.28%, 09/07/2023(f)			263		265	Match Group Inc, Term Loan B
	4.44%, 07/21/2023(f)			77		78	4.20%, 10/27/2022(f)			552		560
				$		350				$		809
	Electric - 0.45%						Lodging - 0.22%
	Calpine Corp, Term Loan B5						Boyd Gaming Corp, Term Loan B2
	3.75%, 05/20/2022(f)			1,336		1,342	3.78%, 08/16/2023(f)			259		262
	Calpine Corp, Term Loan B6						Four Seasons Hotels Ltd, Term Loan B
	3.75%, 01/15/2023(f)			1,197		1,203	4.00%, 11/30/2023(f)			310		314
	Dynegy Inc, Term Loan						Hilton Worldwide Finance LLC, Term Loan
	0.00%, 06/27/2023(f),(j)			160		161	B2
	Dynegy Inc, Term Loan B2						3.27%, 10/26/2023(f)			1,253		1,264
	4.00%, 04/16/2020(f)			344		344	Intrawest Operations Group LLC, Term Loan
	Vistra Operations Co LLC, Term Loan B2						B
	4.02%, 12/13/2023(f)			445		449	4.50%, 11/26/2020(f)			128		129
	Vistra Operations Co LLC, Term Loan B-						Station Casinos LLC, Term Loan B
	EXIT						3.77%, 06/08/2023(f)			352		353
	5.00%, 08/04/2023(f)			1,126		1,131				$		2,322
	Vistra Operations Co LLC, Term Loan C-						Machinery - Construction & Mining - 0.04%
	EXIT						Cortes NP Intermediate Holding II Corp, Term
	5.00%, 08/04/2023(f)			257		258	Loan B
				$		4,888	6.04%, 09/29/2023(f)			413		415
	Entertainment - 0.39%
	Cowlitz Tribal Gaming Authority, Term Loan						Media- 0.97	%
	B						Charter Communications Operating LLC,
	11.50%, 10/02/2020(b),(f)			1,335		1,432	Term Loan I
	Delta 2 Lux Sarl, Term Loan B						3.08%, 01/15/2024(f)			2,466		2,474
	7.75%, 07/29/2022(f)			600		602	CSC Holdings LLC, Term Loan B
	Delta 2 Lux Sarl, Term Loan B3						3.77%, 09/06/2021(f)			720		725
	5.07%, 07/30/2021(f)			575		578	Gray Television Inc, Term Loan B
	Eldorado Resorts Inc, Term Loan B						3.96%, 06/13/2021(f)			135		135
	4.25%, 07/15/2022(f)			787		792	iHeartCommunications Inc, Term Loan D-
	Graton Economic Development Authority,						EXT
	Term Loan B						7.53%, 01/23/2019(f)			2,022		1,675
	4.52%, 08/06/2022(f)			351		353	Sinclair Television Group Inc, Term Loan B2
	Scientific Games International Inc, Term Loan						3.03%, 01/03/2024(f)			360		361
	B1						Tribune Media Co, Term Loan B
	6.00%, 05/22/2020(f)			439		442	3.78%, 12/27/2020(f)			506		509
				$		4,199	Univision Communications Inc, Term Loan
	Food- 0.24	%					C3
	B&G Foods Inc, Term Loan B						4.00%, 03/01/2020(f)			1,772		1,774
	3.77%, 11/02/2022(f)			196		198	Univision Communications Inc, Term Loan
	Dole Food Co Inc, Term Loan B						C4
	4.50%, 12/01/2018(f)			125		125	4.00%, 03/01/2020(f)			1,070		1,072
	4.50%, 12/01/2018(f)			26		26	WideOpenWest Finance LLC, Term Loan
	4.50%, 12/01/2018(f)			125		125	4.50%, 08/18/2023(f)			1,711		1,717
	4.50%, 12/01/2018(f)			125		125				$		10,442
	4.75%, 12/01/2018(f)			125		125	Oil & Gas - 0.63%
	4.76%, 10/25/2018(f)			125		125	Alon USA Partners LP, Term Loan B
	Moran Foods LLC, Term Loan B						9.25%, 11/13/2018(f)			139		139
	7.00%, 12/01/2023(f)			1,200		1,193	California Resources Corp, Term Loan
	Pinnacle Foods Finance LLC, Term Loan I						11.37%, 12/31/2021(f)			694		780
	5.50%, 01/13/2023(f)			79		79	Chesapeake Energy Corp, Term Loan 1.5
	Viskase Cos Inc, Term Loan B						8.50%, 08/17/2021(f)			1,121		1,225
	4.25%, 01/30/2021(f)			209		202	EP Energy LLC, Term Loan 1.5
	4.48%, 01/30/2021(f)			248		239	9.75%, 06/30/2021(f)			1,125		1,172
				$		2,562	Fieldwood Energy LLC, Term Loan
							8.38%, 09/30/2020(f)			420		330

See accompanying notes

86

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
	SENIOR FLOATING RATE INTERESTS			Principal			SENIOR FLOATING RATE INTERESTS			Principal
	(continued)			Amount (000's)      Value (000's)			(continued)		Amount (000's) Value (000's)
	Oil & Gas (continued)						Software (continued)
	Gulf Finance LLC, Term Loan B						Rackspace Hosting Inc, Term Loan B
	6.25%, 08/17/2023(f)		$	2,309	$	2,334		4.52%, 10/26/2023(f)	$	1,575	$	1,587
	MEG Energy Corp, Term Loan B										$	7,393
	0.00%, 12/31/2023(f),(j)			383		384	Telecommunications - 0.34%
	Sabine Oil & Gas Corp, Term Loan B						Avaya Inc, DIP Term Loan
	0.00%, 01/18/2018(a),(f)			432		10		0.00%, 01/23/2018(f),(j)		123		126
	Western Refining Inc, Term Loan B2						Avaya Inc, Term Loan B3
	5.50%, 05/26/2023(f)			410		412		5.54%, 10/26/2017(f)		250		207
				$		6,786	Avaya Inc, Term Loan B6
	Packaging & Containers - 0.29%							6.53%, 03/31/2018(f)		320		264
	Berry Plastics Corp, Term Loan G						Cincinnati Bell Inc, Term Loan B
	3.50%, 01/06/2021(f)			135		135		4.00%, 08/09/2020(f)		50		51
	Berry Plastics Corp, Term Loan I							4.00%, 08/09/2020(f)		44		44
	3.29%, 10/01/2022(f)			150		151		4.00%, 08/20/2020(f)		50		51
	Reynolds Group Holdings Inc, Term Loan						Consolidated Communications Inc, Term
	4.25%, 01/20/2023(f)			2,858		2,865	Loan
				$		3,151		0.00%, 10/05/2023(f),(j)		309		311
	Pipelines - 0.04%						Intelsat Jackson Holdings SA, Term Loan B2
	Energy Transfer Equity LP, Term Loan							3.75%, 06/30/2019(f)		980		964
	3.39%, 11/15/2019(f)			418		417	Level 3 Financing Inc, Term Loan BI
								3.95%, 01/15/2020(f)		688		696
	REITS- 0.12	%					Level 3 Financing Inc, Term Loan BII
	ESH Hospitality Inc, Term Loan B							3.47%, 05/06/2022(f)		542		547
	3.78%, 08/17/2023(f)			808		811	UPC Financing Partnership, Term Loan AN
	MGM Growth Properties Operating							3.77%, 07/29/2024(f)		378		378
	Partnership LP, Term Loan B										$	3,639
	3.52%, 04/07/2023(f)			516		520	Transportation - 0.03%
				$		1,331	XPO Logistics Inc, Term Loan B2
	Retail - 0.83%							4.25%, 10/30/2021(f)		328		330
	1011778 BC ULC, Term Loan B2
	3.75%, 12/10/2021(f)			910		919	Trucking & Leasing - 0.17%
	Bass Pro Group LLC, Term Loan B						Avolon TLB Borrower 1 Luxembourg Sarl,
	4.02%, 06/05/2020(f)			653		650	Term Loan B2
	5.97%, 11/15/2023(f)			1,980		1,917		0.00%, 01/20/2022(f),(j)		1,750		1,773
	BJ's Wholesale Club Inc, Term Loan B
	0.00%, 01/26/2024(f),(j)			1,195		1,192	TOTAL SENIOR FLOATING RATE INTERESTS				$	77,066
	J Crew Group Inc, Term Loan B						Total Investments				$	1,077,552
	4.00%, 02/26/2021(f)			757		422	Other Assets and Liabilities - (0.18)%				$	(1,891	)
	4.00%, 02/26/2021(f)			298		166	TOTAL NET ASSETS - 100.00%				$	1,075,661
	4.00%, 02/26/2021(f)			378		210
	JC Penney Corp Inc, Term Loan B
	5.25%, 06/09/2023(f)			409		408	(a)	Non-Income Producing Security
	Landry's Inc, Term Loan						(b)	Security is Illiquid. At the end of the period, the value of these securities
	4.00%, 09/21/2023(f)			272		274		totaled $5,466 or 0.51% of net assets.
	PetSmart Inc, Term Loan B						(c)	Restricted Security. Please see Restricted Security Sub-Schedule for more
	4.02%, 03/11/2022(f)			642		636		information.
	Rite Aid Corp, Term Loan 2						(d)	Fair value of these investments is determined in good faith by the Manager
	4.88%, 06/11/2021(f)			1,000		1,003		under procedures established and periodically reviewed by the Board of
	Sears Roebuck Acceptance Corp, Term Loan							Directors. Inputs used in the valuation may be unobservable; however, not
	B							all securities are included in Level 3 of the fair value hierarchy. At the end
	5.50%, 06/30/2018(f)			1,137		1,117		of the period, the fair value of these securities totaled $201 or 0.02% of net
				$		8,914		assets.
	Semiconductors - 0.03%						(e)	Perpetual security. Perpetual securities pay an indefinite stream of
	NXP BV, Term Loan F							interest, but they may be called by the issuer at an earlier date.
	3.24%, 12/07/2020(f)			109		110	(f)	Variable Rate. Rate shown is in effect at January 31, 2017.
	ON Semiconductor Corp, Term Loan B						(g)	Security exempt from registration under Rule 144A of the Securities Act of
	4.03%, 03/31/2023(f)			261		264		1933. These securities may be resold in transactions exempt from
				$		374		registration, normally to qualified institutional buyers. At the end of the
	Software - 0.69%							period, the value of these securities totaled $404,417 or 37.60% of net
	Evergreen Skills Lux Sarl, Term Loan							assets.
	4.00%, 04/08/2021(f)			222		224	(h)	Payment in kind; the issuer has the option of paying additional securities
	4.00%, 05/01/2021(f)			22		22		in lieu of cash.
	4.00%, 05/01/2021(f)			187		188	(i)	Security purchased on a when-issued basis.
	First Data Corp, Term Loan C						(j)	This Senior Floating Rate Note will settle after January 31, 2017, at which
	3.78%, 07/08/2022(f)			4,326		4,355		time the interest rate will be determined.
	3.78%, 07/08/2022(f)			536		539
	Genesys Telecommunications Laboratories
	Inc, Term Loan B
	5.00%, 12/01/2023(f)			192		194
	Quest Software US Holdings Inc, Term Loan
	7.00%, 09/27/2022(f)			280		284

See accompanying notes

87

Schedule of Investments
High Yield Fund I
January 31, 2017 (unaudited)
Portfolio Summary (unaudited)
Sector	Percent
Communications	22.29	%
Consumer, Non-cyclical	15.54	%
Energy	13.60	%
Consumer, Cyclical	11.84	%
Financial	9.49	%
Industrial	7.53	%
Technology	5.84	%
Basic Materials	5.37	%
Utilities	4.35	%
Investment Companies	4.33	%
Other Assets and Liabilities	(0.18	)%
TOTAL NET ASSETS	100.00	%
Restricted Securities
Security Name	Trade Date			Cost			Value		Percent of Net Assets
Penn Virginia Corp	09/15/2016		$		97	$		141	0.01	%
Amounts in thousands

See accompanying notes

88

     Schedule of Investments Income Fund January 31, 2017 (unaudited)

COMMON STOCKS - 0.74%		Shares Held		Value(000			's)			Principal
Diversified Financial Services - 0.00%								BONDS (continued)		Amount (000's) Value (000's)
Adelphia Recovery Trust (a),(b),(c)			658,740	$		1		Banks (continued)
								ING Bank NV
Oil & Gas - 0.24%								3.75%, 03/07/2017(f)	$	5,000	$	5,012
Linn Energy LLC / Linn Energy Finance Corp			141,127			1,694		JPMorgan Chase & Co
- Rights (a),(b),(c)								3.25%, 09/23/2022		5,000		5,064
W&T Offshore Inc (a)			2,148,775			6,231		3.63%, 05/13/2024		15,000		15,248
				$		7,925		3.90%, 07/15/2025		5,000		5,138
Transportation - 0.50%								7.90%, 04/29/2049(e),(g)		7,000		7,210
Trailer Bridge Inc (a),(c),(d)			152,806			16,098		JPMorgan Chase Bank NA
								1.36%, 06/14/2017(e)		5,000		5,006
TOTAL COMMON STOCKS				$		24,024		Morgan Stanley
INVESTMENT COMPANIES - 3.06%		Shares Held		Value(000			's)	2.65%, 01/27/2020		5,000		5,034
Money Market Funds - 3.06%								3.95%, 04/23/2027		10,000		9,778
Goldman Sachs Financial Square Funds -		99,372,530				99,373		4.00%, 07/23/2025		5,000		5,103
Government Fund								4.88%, 11/01/2022		2,000		2,145
								5.50%, 07/28/2021		5,000		5,542
TOTAL INVESTMENT COMPANIES				$		99,373		PNC Bank NA
								2.95%, 01/30/2023		5,000		4,984
		Principal						2.95%, 02/23/2025		10,000		9,815
BONDS- 63.14	%	Amount (000's)		Value(000			's)	PNC Financial Services Group Inc/The
Airlines - 0.28%								6.75%, 07/29/2049(e),(g)		18,000		19,777
United Airlines 2013-1 Class A Pass Through								SunTrust Bank/Atlanta GA
Trust								2.75%, 05/01/2023		15,000		14,701
4.30%, 02/15/2027		$	8,688		$	8,970		3.30%, 05/15/2026		5,000		4,828
								SunTrust Banks Inc
Apparel - 0.41%								2.70%, 01/27/2022		9,000		8,964
Under Armour Inc								US Bancorp
3.25%, 06/15/2026			14,250			13,241		1.65%, 05/15/2017		9,000		9,011
								2.95%, 07/15/2022		5,000		5,047
Automobile Floor Plan Asset Backed Securities - 2.33%								3.00%, 03/15/2022		2,000		2,036
BMW Floorplan Master Owner Trust								3.60%, 09/11/2024		9,500		9,700
1.27%, 07/15/2020(e),(f)			13,500			13,510
								4.13%, 05/24/2021		3,000		3,211
Ford Credit Floorplan Master Owner Trust A
1.17%, 02/15/2019 (e)			6,000			6,000		US Bank NA/Cincinnati OH
1.67%, 02/15/2021(e)			15,000			15,170		2.80%, 01/27/2025		5,000		4,885
Mercedes-Benz Master Owner Trust								Wells Fargo & Co
1.15%, 04/15/2020 (e),(f)			15,000			15,030		3.07%, 01/24/2023		16,000		15,983
								7.98%, 12/31/2049(e),(g)		15,000		15,750
Nissan Master Owner Trust Receivables
1.17%, 01/15/2020(e)			15,000			15,022				$		318,956
Volkswagen Credit Auto Master Trust								Beverages - 1.22%
1.13%, 07/22/2019(e),(f)			11,000			10,992		Anheuser-Busch InBev Finance Inc
								3.65%, 02/01/2026		7,500		7,521
				$		75,724		4.70%, 02/01/2036		11,500		12,038
Automobile Manufacturers - 1.77%								Anheuser-Busch InBev Worldwide Inc
American Honda Finance Corp								2.50%, 07/15/2022		9,000		8,855
1.19%, 11/19/2018(e)			19,000			19,026
1.60%, 02/16/2018(f)			10,000			10,002		7.75%, 01/15/2019		10,000		11,122
2.30%, 09/09/2026			4,750			4,411				$		39,536
3.80%, 09/20/2021(f)			10,000			10,501		Biotechnology - 1.57%
Ford Motor Credit Co LLC								Amgen Inc
4.39%, 01/08/2026			9,500			9,565		3.63%, 05/15/2022		4,500		4,651
General Motors Co								3.88%, 11/15/2021		13,000		13,641
4.88%, 10/02/2023			4,000			4,240		Gilead Sciences Inc
								3.50%, 02/01/2025		4,750		4,785
				$		57,745		3.65%, 03/01/2026		18,000		18,293
Banks- 9.81	%							4.40%, 12/01/2021		9,000		9,683
Bank of America Corp										$		51,053
3.88%, 08/01/2025			7,000			7,076
5.42%, 03/15/2017			5,000			5,024		Chemicals - 1.56%
6.50%, 07/15/2018			2,000			2,129		Airgas Inc
6.75%, 06/01/2028			2,000			2,366		1.65%, 02/15/2018		13,500		13,522
8.00%, 12/31/2049(e),(g)			4,000			4,136		2.38%, 02/15/2020		7,000		7,024
8.13%, 12/29/2049(e),(g)			10,000			10,428		3.65%, 07/15/2024		6,750		7,002
								Westlake Chemical Corp
Bank of New York Mellon Corp/The								3.60%, 08/15/2026(f)		11,500		11,165
2.20%, 08/16/2023			9,500			9,075		4.63%, 02/15/2021(f)		9,250		9,612
2.60%, 08/17/2020			9,500			9,616		4.88%, 05/15/2023(f)		2,500		2,586
2.80%, 05/04/2026			4,500			4,316
3.00%, 10/30/2028			7,000			6,645				$		50,911
Citigroup Inc								Commercial Services - 0.66%
3.88%, 03/26/2025			20,000			19,733		ERAC USA Finance LLC
								3.30%, 10/15/2022(f)		2,000		2,020
4.45%, 09/29/2027			8,000			8,112		4.50%, 08/16/2021(f)		6,000		6,403
4.50%, 01/14/2022			4,000			4,257		6.38%, 10/15/2017(f)		4,000		4,131
Goldman Sachs Group Inc/The								7.00%, 10/15/2037(f)		7,000		8,879
3.50%, 11/16/2026			9,000			8,734
3.63%, 01/22/2023			4,000			4,081				$		21,433
5.25%, 07/27/2021			13,000			14,256

See accompanying notes

89

     Schedule of Investments Income Fund January 31, 2017 (unaudited)

		Principal						Principal
BONDS (continued)		Amount (000's)      Value (000's)			BONDS (continued)			Amount (000's) Value (000's)
Computers - 0.70%					Electronics (continued)
Apple Inc					Corning Inc (continued)
2.40%, 05/03/2023	$	13,000	$	12,718	4.25%, 08/15/2020		$	10,000	$	10,619
3.25%, 02/23/2026		10,000		9,953	4.75%, 03/15/2042			4,000		3,973
		$		22,671				$		19,615
Credit Card Asset Backed Securities - 0.56%					Entertainment - 0.04%
Cabela's Credit Card Master Note Trust					Greektown Holdings LLC/Greektown
1.12%, 03/16/2020(e)		10,253		10,254	Mothership Corp
1.44%, 07/17/2023(e)		8,000		8,080	8.88%, 03/15/2019(f)			1,250		1,309
		$		18,334
Diversified Financial Services - 1.23%					Environmental Control - 1.32%
GE Capital International Funding Co					Advanced Disposal Services Inc
Unlimited Co					5.63%, 11/15/2024(f)			11,500		11,701
2.34%, 11/15/2020		1,659		1,663	Republic Services Inc
International Lease Finance Corp					3.20%, 03/15/2025			10,000		9,929
8.63%, 01/15/2022		3,000		3,655	3.55%, 06/01/2022			6,000		6,238
8.75%, 03/15/2017(e)		8,500		8,569	3.80%, 05/15/2018			2,000		2,053
Jefferies Finance LLC / JFIN Co-Issuer Corp					5.00%, 03/01/2020			12,000		12,987
7.38%, 04/01/2020(f)		3,750		3,788				$		42,908
Jefferies Group LLC					Food- 0.61	%
4.85%, 01/15/2027		1,750		1,742	Kraft Heinz Foods Co
5.13%, 04/13/2018		5,000		5,173	3.50%, 07/15/2022			5,000		5,085
5.13%, 01/20/2023		1,500		1,579	3.95%, 07/15/2025			14,500		14,652
6.25%, 01/15/2036		9,000		9,209				$		19,737
8.50%, 07/15/2019		4,000		4,544	Gas- 0.24	%
		$		39,922	NiSource Finance Corp
Electric - 6.67%					3.85%, 02/15/2023			2,000		2,059
Black Hills Corp					6.13%, 03/01/2022			5,000		5,743
3.15%, 01/15/2027		7,500		7,171				$		7,802
Entergy Louisiana LLC					Healthcare - Services - 2.41%
3.25%, 04/01/2028		8,000		7,883	HCA Inc
Entergy Texas Inc					5.88%, 05/01/2023			4,500		4,792
2.55%, 06/01/2021		14,500		14,476	7.50%, 02/15/2022			3,000		3,412
Exelon Generation Co LLC					7.50%, 11/06/2033			1,700		1,823
6.20%, 10/01/2017		14,000		14,425	HealthSouth Corp
6.25%, 10/01/2039		3,000		3,012	5.75%, 11/01/2024			7,000		7,114
GenOn Americas Generation LLC					5.75%, 09/15/2025			1,000		1,003
8.50%, 10/01/2021		12,500		11,070	Roche Holdings Inc
GenOn Energy Inc					1.34%, 09/30/2019(e),(f)			31,000		31,066
9.88%, 10/15/2020		8,550		6,327	Surgery Center Holdings Inc
LG&E & KU Energy LLC					8.88%, 04/15/2021(f)			27,000		29,228
3.75%, 11/15/2020		5,000		5,199				$		78,438
4.38%, 10/01/2021		5,000		5,312	Housewares - 0.33%
Louisville Gas & Electric Co					Newell Brands Inc
3.30%, 10/01/2025		3,000		3,048	3.85%, 04/01/2023			6,000		6,185
Metropolitan Edison Co					4.20%, 04/01/2026			4,500		4,662
3.50%, 03/15/2023(f)		9,000		9,006
								$		10,847
Oncor Electric Delivery Co LLC					Insurance - 2.73%
2.95%, 04/01/2025		4,000		3,928	Berkshire Hathaway Finance Corp
7.00%, 09/01/2022		17,000		20,704	1.32%, 01/12/2018(e)			14,500		14,544
PacifiCorp					Berkshire Hathaway Inc
5.25%, 06/15/2035		5,000		5,742	3.00%, 02/11/2023			5,000		5,071
6.25%, 10/15/2037		2,000		2,612	3.75%, 08/15/2021			5,000		5,299
Solar Star Funding LLC
3.95%, 06/30/2035(f)		6,798		6,192	Fidelity National Financial Inc
5.38%, 06/30/2035(f)		15,145		15,524	5.50%, 09/01/2022			5,000		5,295
					6.60%, 05/15/2017			12,000		12,164
Southwestern Electric Power Co					First American Financial Corp
2.75%, 10/01/2026		10,000		9,443	4.30%, 02/01/2023			20,000		19,696
3.55%, 02/15/2022		12,000		12,358	4.60%, 11/15/2024			5,000		4,992
Talen Energy Supply LLC					Prudential Financial Inc
4.60%, 12/15/2021		11,000		8,938	4.50%, 11/16/2021			2,000		2,157
6.50%, 05/01/2018		3,000		3,113	5.38%, 06/21/2020			2,000		2,195
TransAlta Corp					7.38%, 06/15/2019			4,000		4,495
4.50%, 11/15/2022		18,000		17,854	8.88%, 06/15/2068(e)			12,000		12,960
6.90%, 05/15/2018(e)		4,000		4,164
								$		88,868
Tucson Electric Power Co					Internet - 0.05%
3.05%, 03/15/2025		2,000		1,909	VeriSign Inc
3.85%, 03/15/2023		14,000		14,146	5.25%, 04/01/2025			1,750		1,808
5.15%, 11/15/2021		3,000		3,254
		$		216,810	Iron & Steel - 0.96%
Electronics - 0.60%					Allegheny Technologies Inc
Corning Inc					5.95%, 01/15/2021			17,000		16,745
2.90%, 05/15/2022		5,000		5,023

See accompanying notes

90

     Schedule of Investments Income Fund January 31, 2017 (unaudited)

				Principal					Principal
BONDS (continued)				Amount (000's)  Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Iron & Steel (continued)							Oil & Gas (continued)
Allegheny Technologies Inc		(continued)					Whiting Petroleum Corp
7.88%, 08/15/2023(e)			$	14,250	$	14,392	5.75%, 03/15/2021		$	18,000	$	18,180
				$		31,137				$		155,989
Leisure Products & Services - 0.16%							Oil & Gas Services - 2.11%
Royal Caribbean Cruises Ltd							Archrock Partners LP / Archrock Partners
7.25%, 03/15/2018				5,000		5,287	Finance Corp
							6.00%, 04/01/2021			24,000		23,760
Lodging - 0.13%							Schlumberger Holdings Corp
Boyd Gaming Corp							3.63%, 12/21/2022(f)			6,500		6,750
6.88%, 05/15/2023				4,000		4,295	4.00%, 12/21/2025(f)			9,500		9,931
							Weatherford International Ltd
Media- 2.39	%						4.50%, 04/15/2022			16,500		14,685
21st Century Fox America Inc							5.13%, 09/15/2020			14,000		13,370
4.50%, 02/15/2021				5,000		5,344				$		68,496
6.40%, 12/15/2035				8,000		9,669	Other Asset Backed Securities - 0.76%
Comcast Corp							Drug Royalty II LP 2
2.85%, 01/15/2023				10,000		9,937	3.48%, 07/15/2023(e),(f)			9,734		9,656
3.13%, 07/15/2022				2,000		2,032	Drug Royalty III LP 1
3.30%, 02/01/2027				10,000		9,865	3.98%, 04/15/2027(e),(f)			5,949		5,959
5.15%, 03/01/2020				2,000		2,181	PFS Financing Corp
Historic TW Inc							1.39%, 04/15/2020(e),(f)			9,000		8,984
9.15%, 02/01/2023				5,260		6,797				$		24,599
NBCUniversal Enterprise Inc							Packaging & Containers - 0.26%
1.71%, 04/15/2018(e),(f)				3,000		3,020	Sealed Air Corp
Time Warner Cable LLC							5.50%, 09/15/2025(f)			2,000		2,110
4.00%, 09/01/2021				2,000		2,068	6.88%, 07/15/2033(f)			6,000		6,300
4.13%, 02/15/2021				2,000		2,075				$		8,410
5.00%, 02/01/2020				2,000		2,128	Pharmaceuticals - 0.88%
6.55%, 05/01/2037				6,000		6,865	AbbVie Inc
6.75%, 06/15/2039				5,500		6,435	2.90%, 11/06/2022			13,750		13,598
7.30%, 07/01/2038				7,750		9,488	Actavis Funding SCS
				$		77,904	3.45%, 03/15/2022			5,000		5,061
Miscellaneous Manufacturers - 0.42%							3.80%, 03/15/2025			10,000		9,982
General Electric Co										$		28,641
1.96%, 03/15/2023(e)				13,000		13,136
							Pipelines - 3.13%
5.30%, 02/11/2021				573		636	Buckeye Partners LP
				$		13,772	3.95%, 12/01/2026			10,000		9,808
Office & Business Equipment - 0.02%							4.15%, 07/01/2023			10,000		10,217
CDW LLC / CDW Finance Corp							4.35%, 10/15/2024			7,500		7,680
5.50%, 12/01/2024				500		521	Columbia Pipeline Group Inc
							4.50%, 06/01/2025			11,000		11,611
Oil & Gas - 4.80%							El Paso Natural Gas Co LLC
BG Energy Capital PLC							7.50%, 11/15/2026			9,500		11,442
4.00%, 10/15/2021(f)				11,500		12,205	Express Pipeline LLC
BP Capital Markets PLC							7.39%, 12/31/2019(f)			738		761
2.50%, 11/06/2022				3,000		2,933	Plains All American Pipeline LP / PAA
3.12%, 05/04/2026				7,000		6,773	Finance Corp
3.25%, 05/06/2022				4,000		4,086	4.50%, 12/15/2026			13,000		13,155
4.75%, 03/10/2019				14,000		14,817	Southeast Supply Header LLC
Canadian Natural Resources Ltd							4.25%, 06/15/2024(f)			14,000		13,526
3.80%, 04/15/2024				7,000		7,021	Southern Natural Gas Co LLC
Helmerich & Payne International Drilling Co							8.00%, 03/01/2032			4,000		5,167
4.65%, 03/15/2025				7,000		7,288	Tennessee Gas Pipeline Co LLC
Linn Energy LLC / Linn Energy Finance							8.38%, 06/15/2032			2,000		2,541
Corp							TransCanada PipeLines Ltd
0.00%, 05/15/2019(a)				16,000		8,160	6.10%, 06/01/2040			5,000		6,188
Nabors Industries Inc							7.25%, 08/15/2038			7,000		9,613
5.00%, 09/15/2020				14,000		14,567				$		101,709
5.10%, 09/15/2023				5,000		5,225	REITS- 6.25	%
5.50%, 01/15/2023(f)				9,000		9,405
							Alexandria Real Estate Equities Inc
Petro-Canada							3.90%, 06/15/2023			4,000		4,071
9.25%, 10/15/2021				8,500		10,576	4.30%, 01/15/2026			9,000		9,236
Phillips 66							4.60%, 04/01/2022			20,500		21,697
4.30%, 04/01/2022				9,000		9,663	CubeSmart LP
Rowan Cos Inc							4.00%, 11/15/2025			5,000		5,046
4.88%, 06/01/2022				8,000		7,610	4.38%, 12/15/2023			8,000		8,385
Tesoro Corp							4.80%, 07/15/2022			15,000		16,100
5.38%, 10/01/2022				8,750		9,067	Duke Realty LP
W&T Offshore Inc							3.25%, 06/30/2026			5,000		4,822
8.50%, 06/15/2021(f)				5,187		3,631
9.00%, 05/15/2020(f)				5,796		4,782	3.88%, 10/15/2022			3,000		3,139
							4.38%, 06/15/2022			4,000		4,271

See accompanying notes

91

Schedule of Investments
Income Fund
January 31, 2017 (unaudited)
			Principal					U.S. GOVERNMENT & GOVERNMENT		Principal
BONDS (continued)			Amount (000's)	Value(000			's)	AGENCY OBLIGATIONS - 31.98%	Amount (000's)		Value (000's)
REITS (continued)								Federal Home Loan Mortgage Corporation (FHLMC) - 5.25%
HCP Inc								3.00%, 10/01/2042	$	12,058	$	12,002
2.63%, 02/01/2020		$	5,000		$	5,015		3.00%, 10/01/2042		11,359		11,307
3.75%, 02/01/2019			5,000			5,149		3.00%, 11/01/2042		11,864		11,809
5.38%, 02/01/2021			3,000			3,277		3.00%, 06/01/2043		14,629		14,543
Healthcare Realty Trust Inc								3.50%, 10/01/2041		5,798		5,954
3.88%, 05/01/2025			5,000			4,899		3.50%, 04/01/2042		6,870		7,058
5.75%, 01/15/2021			4,000			4,399		3.50%, 04/01/2042		8,470		8,699
Hospitality Properties Trust								3.50%, 04/01/2045		14,198		14,554
4.50%, 06/15/2023			5,000			5,076		4.00%, 04/01/2039		4,942		5,246
4.65%, 03/15/2024			5,000			5,000		4.00%, 02/01/2045		10,017		10,514
4.95%, 02/15/2027			5,000			4,984		4.00%, 02/01/2046		14,702		15,432
5.00%, 08/15/2022			14,000			14,739		4.00%, 06/01/2046		15,092		15,880
Kimco Realty Corp								4.50%, 05/01/2039		2,824		3,042
6.88%, 10/01/2019			12,000			13,480		4.50%, 06/01/2039		2,232		2,403
Omega Healthcare Investors Inc								4.50%, 07/01/2039		6,556		7,098
5.25%, 01/15/2026			7,500			7,717		4.50%, 12/01/2040		7,040		7,594
Simon Property Group LP								4.50%, 10/01/2041		8,669		9,334
2.75%, 02/01/2023			7,000			6,943		5.00%, 08/01/2035		940		1,003
4.38%, 03/01/2021			3,000			3,217		5.00%, 10/01/2038		1,337		1,420
Ventas Realty LP / Ventas Capital Corp								5.00%, 08/01/2039		4,016		4,392
3.25%, 08/15/2022			8,000			8,071		5.50%, 11/01/2017		76		77
4.00%, 04/30/2019			3,000			3,112		5.50%, 01/01/2018		23		23
Welltower Inc								5.50%, 05/01/2031		266		296
3.75%, 03/15/2023			3,000			3,073		5.50%, 06/01/2035		498		554
4.50%, 01/15/2024			5,000			5,279		6.00%, 03/01/2031		39		44
4.95%, 01/15/2021			3,000			3,232		6.00%, 05/01/2032		135		153
6.13%, 04/15/2020			2,000			2,221		6.50%, 01/01/2029		50		56
Weyerhaeuser Co								6.50%, 05/01/2029		107		120
3.25%, 03/15/2023			5,000			4,999		6.50%, 06/01/2029		83		93
4.70%, 03/15/2021			12,000			12,751		6.50%, 06/01/2029		45		51
				$		203,400		6.50%, 08/01/2029		67		75
Savings & Loans - 0.22%								7.00%, 01/01/2032		22		23
First Niagara Financial Group Inc											$	170,849
7.25%, 12/15/2021			6,000			7,100		Federal National Mortgage Association (FNMA) - 13.53%
								3.00%, 03/01/2042		8,582		8,539
Software - 1.30%								3.00%, 03/01/2042		9,237		9,191
Oracle Corp								3.00%, 05/01/2042		10,197		10,145
2.50%, 05/15/2022			24,000			23,858		3.00%, 06/01/2042		9,359		9,311
2.95%, 05/15/2025			19,000			18,532		3.00%, 06/01/2042		9,405		9,357
				$		42,390		3.50%, 12/01/2040		6,617		6,813
Telecommunications - 1.57%								3.50%, 01/01/2041		5,146		5,299
Qwest Corp								3.50%, 01/01/2041		5,480		5,642
6.75%, 12/01/2021			19,000			20,887		3.50%, 12/01/2041		4,531		4,659
Sprint Corp								3.50%, 01/01/2042		7,361		7,570
7.88%, 09/15/2023			7,500			8,194		3.50%, 03/01/2042		7,768		7,985
Sprint Spectrum Co LLC / Sprint Spectrum Co								3.50%, 04/01/2042		10,113		10,389
II LLC / Sprint Spectrum Co III LLC								3.50%, 02/01/2043		12,865		13,215
3.36%, 03/20/2023(f)			7,250			7,259		3.50%, 06/01/2043		12,531		12,870
T-Mobile USA Inc								3.50%, 03/01/2045		13,531		13,888
6.38%, 03/01/2025			13,500			14,597		3.50%, 07/01/2045		15,662		16,056
				$		50,937		3.50%, 05/01/2046		16,048		16,411
Transportation - 0.00%								3.50%, 06/01/2046		14,397		14,722
Trailer Bridge Inc								4.00%, 03/01/2039		3,426		3,605
0.00%, 11/15/2017(a),(b),(c)			12,000			—		4.00%, 08/01/2040		3,331		3,506
								4.00%, 09/01/2040		6,709		7,089
Trucking & Leasing - 0.68%								4.00%, 11/01/2040		2,749		2,894
Penske Truck Leasing Co Lp / PTL Finance								4.00%, 11/01/2040		4,042		4,258
Corp								4.00%, 10/01/2041		5,290		5,574
3.75%, 05/11/2017(f)			22,000			22,142		4.00%, 10/01/2041		3,810		4,001
								4.00%, 11/01/2041		11,133		11,733
TOTAL BONDS				$		2,053,367		4.00%, 04/01/2042		7,907		8,313
SENIOR FLOATING RATE INTERESTS -			Principal					4.00%, 08/01/2043		11,089		11,701
0.41	%		Amount (000's)               Value (000's)					4.00%, 08/01/2043		13,312		14,063
Software - 0.35%								4.00%, 11/01/2043		13,283		14,050
LANDesk Software Group Inc, Term Loan								4.00%, 11/01/2043		10,925		11,502
0.00%, 01/19/2025(e),(h)		$	11,500	$		11,408		4.00%, 01/01/2044		11,566		12,202
								4.00%, 02/01/2044		12,505		13,210
Transportation - 0.06%								4.00%, 07/01/2044		10,851		11,387
Trailer Bridge Inc, Term Loan								4.00%, 09/01/2044		10,243		10,749
12.00%, 03/31/2017(b),(c),(d),(e)			2,178			2,134		4.00%, 11/01/2044		13,227		13,910
								4.50%, 08/01/2039		2,451		2,659
TOTAL SENIOR FLOATING RATE INTERESTS				$		13,542		4.50%, 05/01/2040		3,281		3,547
								4.50%, 08/01/2040		10,624		11,444

See accompanying notes

92

Schedule of Investments
Income Fund
January 31, 2017 (unaudited)
U.S. GOVERNMENT & GOVERNMENT		Principal			(f)	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
Federal National Mortgage Association (FNMA) (continued)						registration, normally to qualified institutional buyers. At the end of the
4.50%, 10/01/2040	$	7,286	$	7,847		period, the value of these securities totaled $344,078 or 10.58% of net
4.50%, 12/01/2040		8,159		8,808		assets.
4.50%, 08/01/2041		9,262		9,979	(g)	Perpetual security. Perpetual securities pay an indefinite stream of
4.50%, 10/01/2043		7,363		7,912		interest, but they may be called by the issuer at an earlier date.
4.50%, 05/01/2044		13,334		14,341	(h)	This Senior Floating Rate Note will settle after January 31, 2017, at which
4.50%, 06/01/2046		14,430		15,535		time the interest rate will be determined.
5.00%, 01/01/2018		64		65
5.00%, 08/01/2035		2,000		2,179
5.00%, 04/01/2040		3,383		3,741
5.00%, 06/01/2040		2,933		3,243		Portfolio Summary (unaudited)
5.50%, 03/01/2033		183		203	Sector		Percent
5.50%, 02/01/2035		2,092		2,344	Financial		20.24	%
6.00%, 04/01/2032		68		77	Mortgage Securities		18.78	%
6.50%, 09/01/2028		48		54	Government		13.20	%
6.50%, 11/01/2028		25		29	Energy		10.28	%
6.50%, 05/01/2031		25		28	Consumer, Non-cyclical		7.35	%
7.00%, 01/01/2030		4		4	Utilities		6.91	%
			$	439,848	Communications		4.01	%
Government National Mortgage Association (GNMA) - 0.00%					Industrial		3.84	%
7.00%, 06/20/2031		79		94	Asset Backed Securities		3.65	%
					Consumer, Cyclical		3.12	%
U.S. Treasury - 13.20%					Investment Companies		3.06	%
0.75%, 10/31/2017		15,000		14,998	Basic Materials		2.52	%
0.88%, 02/28/2017		15,000		15,005	Technology		2.37	%
1.25%, 10/31/2019		15,000		14,937	Other Assets and Liabilities		0.67	%
1.38%, 11/30/2018		15,000		15,057	TOTAL NET ASSETS		100.00	%
1.50%, 08/15/2026		15,000		13,791
1.63%, 04/30/2019		15,000		15,105
1.63%, 07/31/2019		15,000		15,093
1.63%, 06/30/2020		15,000		15,012
1.63%, 11/15/2022		15,000		14,622
1.75%, 05/15/2022		15,000		14,816
1.75%, 05/15/2023		15,000		14,626
2.00%, 11/15/2021		15,000		15,057
2.25%, 11/15/2024		5,000		4,968
2.38%, 05/31/2018		15,000		15,272
2.50%, 05/15/2024		15,000		15,228
2.63%, 11/15/2020		15,000		15,510
2.75%, 11/15/2023		15,000		15,493
2.88%, 05/15/2043		15,000		14,527
2.88%, 08/15/2045		15,000		14,458
3.00%, 11/15/2044		15,000		14,842
3.00%, 11/15/2045		15,000		14,817
3.13%, 05/15/2021		15,000		15,807
3.13%, 08/15/2044		15,000		15,209
3.38%, 05/15/2044		15,000		15,932
3.50%, 02/15/2039		15,000		16,406
3.63%, 02/15/2020		15,000		15,946
3.63%, 02/15/2044		15,000		16,639
3.75%, 11/15/2043		10,000		11,343
4.38%, 02/15/2038		15,000		18,638
			$	429,154
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS			$	1,039,945
Total Investments			$	3,230,251
Other Assets and Liabilities - 0.67%			$	21,828
TOTAL NET ASSETS - 100.00%			$	3,252,079

(a)	Non-Income Producing Security
(b)	Security is Illiquid. At the end of the period, the value of these securities totaled $3,829 or 0.12% of net assets.
(c)	Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Inputs used in the valuation may be unobservable; however, not all securities are included in Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $19,927 or 0.61% of net assets.
(d)	Restricted Security. Please see Restricted Security Sub-Schedule for more information.
(e)	Variable Rate. Rate shown is in effect at January 31, 2017.

See accompanying notes

93

Schedule of Investments
Income Fund
January 31, 2017 (unaudited)
Restricted Securities
Security Name	Trade Date		Cost		Value	Percent of Net Assets
Trailer Bridge Inc	05/07/2012-12/22/2016	$	16,579	$	16,098	0.50	%
Trailer Bridge Inc, Term Loan	03/30/2012-01/24/2017		2,177		2,134	0.07	%
Amounts in thousands

See accompanying notes

94

     Schedule of Investments Inflation Protection Fund January 31, 2017 (unaudited)

INVESTMENT COMPANIES - 3.12%		Shares Held		Value(000			's)				Principal
Money Market Funds - 3.12%								BONDS (continued)			Amount (000's)		Value(000			's)
BlackRock Liquidity Funds FedFund Portfolio		48,445,200		$		48,445		Other Asset Backed Securities (continued)
								Fannie Mae REMIC Trust 2003-W16
TOTAL INVESTMENT COMPANIES				$		48,445			1.07%, 11/25/2033(a)		$	1		$	1
		Principal						Long Beach Mortgage Loan Trust 2004-2
BONDS- 3.30	%	Amount (000's)		Value(000			's)		1.55%, 06/25/2034(a)			75			73
Commercial Mortgage Backed Securities - 0.00%													$		220
CD 2007-CD4 Commercial Mortgage Trust								Sovereign - 3.02%
0.36%, 12/11/2049(a),(b),(c)		$	1,216		$	—		Australia Government Bond
Commercial Mortgage Trust 2007-GG9									3.75%, 04/21/2037		AUD	4,595			3,627
0.24%, 03/10/2039(a),(b),(c)			7,277			—		Japanese Government CPI Linked Bond
Ginnie Mae									0.10%, 09/10/2024		JPY	1,806,943			16,836
1.10%, 03/16/2047(a),(b)			324			5			0.10%, 03/10/2025			1,021,553			9,541
ML-CFC Commercial Mortgage Trust 2006-									0.10%, 03/10/2026			144,181			1,352
3								New Zealand Government Bond
0.56%, 07/12/2046(a),(b),(c)			910			—			2.54%, 09/20/2035(a)		NZD	8,135			6,096
				$		5			3.09%, 09/20/2030(a)			11,359			9,422
Home Equity Asset Backed Securities - 0.00%													$		46,874
New Century Home Equity Loan Trust 2005-								TOTAL BONDS					$		51,219
1								U.S. GOVERNMENT & GOVERNMENT			Principal
1.35%, 03/25/2035(a)			55			55		AGENCY OBLIGATIONS - 94.40%			Amount (000's)		Value(000			's)
Option One Mortgage Loan Trust 2005-1								U.S. Treasury Inflation-Indexed Obligations - 94.40%
2.27%, 02/25/2035(a)			23			4			0.13%, 04/15/2019		$	96,659	$		98,471
				$		59			0.13%, 04/15/2020			91,318			92,996
Mortgage Backed Securities - 0.26%									0.13%, 04/15/2021			80,597			81,737
Alternative Loan Trust 2006-OA6									0.13%, 01/15/2022			56,503			57,203
1.03%, 07/25/2046(a)			167			119			0.13%, 07/15/2022			34,283			34,747
Alternative Loan Trust 2007-OA7									0.13%, 01/15/2023			66,496			66,686
0.98%, 05/25/2047(a)			1,534			558			0.13%, 07/15/2024			78,526			78,056
Bear Stearns ALT-A Trust 2007-2									0.13%, 07/15/2026			41,058			40,159
0.94%, 04/25/2037(a)			422			360			0.25%, 01/15/2025			81,258			80,740
Chase Mortgage Finance Trust Series 2007-									0.38%, 07/15/2023			17,671			18,024
A2									0.38%, 07/15/2025			32,784			32,956
3.11%, 07/25/2037(a)			77			77			0.38%, 01/15/2027			22,581			22,531
Fannie Mae REMIC Trust 2004-W5									0.63%, 07/15/2021			60,649			63,206
1.22%, 02/25/2047(a)			30			30			0.63%, 01/15/2024			83,522			85,887
Fannie Mae REMIC Trust 2005-W2									0.63%, 01/15/2026			58,486			59,637
0.97%, 05/25/2035(a)			17			17			0.63%, 02/15/2043			23,480			21,779
Freddie Mac REMICS									0.75%, 02/15/2042			31,633			30,327
1.17%, 09/15/2033(a)			12			12			0.75%, 02/15/2045			32,418			30,916
1.22%, 06/15/2023(a)			1			1			1.00%, 02/15/2046			11,725			11,939
HomeBanc Mortgage Trust 2005-5									1.13%, 01/15/2021			62,328			65,934
1.11%, 01/25/2036(a)			376			329			1.25%, 07/15/2020			17,956			19,104
Impac CMB Trust Series 2004-5									1.38%, 01/15/2020			26,501			28,048
3.10%, 10/25/2034(a)			23			18			1.38%, 02/15/2044			33,214			36,682
Impac CMB Trust Series 2004-6									1.75%, 01/15/2028			28,001			31,675
1.75%, 10/25/2034(a)			15			14			2.00%, 01/15/2026			9,832			11,200
Impac CMB Trust Series 2005-1									2.13%, 02/15/2040			20,538			25,757
1.39%, 04/25/2035(a)			116			102			2.13%, 02/15/2041			37,823			47,685
Impac CMB Trust Series 2005-5									2.38%, 01/15/2025			37,986			44,029
1.54%, 08/25/2035(a)			24			16			2.38%, 01/15/2027			31,374			37,268
Impac CMB Trust Series 2007-A									2.50%, 01/15/2029			30,512			37,276
1.02%, 05/25/2037(a),(c)			507			481			3.38%, 04/15/2032			817			1,145
JP Morgan Alternative Loan Trust 2007-A1									3.63%, 04/15/2028			22,735			30,228
0.92%, 03/25/2037(a)			560			535			3.88%, 04/15/2029(d)			29,954			41,441
Merrill Lynch Alternative Note Asset Trust													$		1,465,469
Series 2007-A3								TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
0.98%, 04/25/2037(a)			2,319			1,330		OBLIGATIONS					$		1,465,469
WaMu Mortgage Pass-Through Certificates								TOTAL PURCHASED OPTIONS - 0.02%					$		304
Series 2005-AR2 Trust								TOTAL PURCHASED INTEREST RATE SWAPTIONS -
1.14%, 01/25/2045(a)			65			60		0.12		%			$		1,808
WaMu Mortgage Pass-Through Certificates								Total Investments					$		1,567,245
Series 2006-AR9 Trust								Other Assets and Liabilities - (0.96)%					$		(14,856	)
0.99%, 08/25/2046(a)			21			2		TOTAL NET ASSETS - 100.00%					$		1,552,389
				$		4,061
Other Asset Backed Securities - 0.02%
Argent Securities Trust 2006-W3								(a)	Variable Rate. Rate shown is in effect at January 31, 2017.
0.89%, 04/25/2036(a)			30			12		(b)	Security is an Interest Only Strip
Asset-Backed Pass-Through Certificates								(c)	Security exempt from registration under Rule 144A of the Securities Act of
Series 2004-R2									1933. These securities may be resold in transactions exempt from
1.38%, 04/25/2034(a)			104			103			registration, normally to qualified institutional buyers. At the end of the
Countrywide Asset-Backed Certificates									period, the value of these securities totaled $481 or 0.03% of net assets.
1.90%, 12/25/2032(a)			33			31

See accompanying notes

95

Schedule of Investments
Inflation Protection Fund
January 31, 2017 (unaudited)

(d)      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 $2,612 or 0.17% of net assets.

Portfolio Summary (unaudited)
Sector			Percent
Government			97.42	%
Investment Companies			3.12	%
Mortgage Securities			0.26	%
Purchased Interest Rate Swaptions			0.12	%
Purchased Options			0.02	%
Asset Backed Securities			0.02	%
Other Assets and Liabilities			(0.96	)%
TOTAL NET ASSETS			100.00	%
Foreign Currency Contracts
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For			Fair Value		Asset		Liability
Citigroup Inc	02/01/2017	EUR	8,130,000		$	8,992	$	8,776	$	— $		(216	)
Deutsche Bank AG	02/01/2017	EUR	8,130,000			9,017		8,776		—		(241	)
Total									$	— $		(457	)
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For			Fair Value		Asset		Liability
ANZ Stockbroking	02/03/2017	NZD	22,115,000		$	15,288	$	16,225	$	— $		(937	)
Bank of America NA	02/01/2017	EUR	8,260,000			9,174		8,917		257		—
Bank of America NA	02/03/2017	JPY	3,153,924,150			26,763		27,934		—		(1,171	)
BNP Paribas	03/06/2017	NZD	22,115,000			16,139		16,206		—		(67	)
Goldman Sachs & Co	02/01/2017	EUR	8,130,000			9,158		8,776		382		—
Goldman Sachs & Co	03/06/2017	EUR	80,000			86		86		—		—
Morgan Stanley & Co	03/06/2017	EUR	602,000			648		651		—		(3	)
National Australia Bank	03/06/2017	AUD	4,290,000			3,247		3,250		—		(3	)
RBC Dominion Securities	02/03/2017	AUD	4,386,000			3,162		3,326		—		(164	)
UBS AG	02/03/2017	EUR	7,622,000			7,930		8,228		—		(298	)
UBS AG	03/06/2017	JPY	3,144,564,142			27,524		27,879		—		(355	)
Total									$	639	$	(2,998	)
Amounts in thousands except contracts
Futures Contracts
												Unrealized
Type	Long/Short		Contracts		Notional Value			Fair Value		Appreciation/(Depreciation)
90 Day Eurodollar; December 2017		Long	366		$	90,618		$		90,128	$	(490	)
90 Day Eurodollar; December 2018		Short	366			90,502				89,693		809
Australia 10 Year Bond; March 2017		Short	98			9,486				9,528		(42	)
Australia 3 Year Bond; March 2017		Long	98			8,296				8,310		14
Canada 10 Year Bond; March 2017		Long	96			10,203				10,140		(63	)
Euro Bund 10 Year Bund; March 2017		Short	127			22,285				22,228		57
Euro Schatz; March 2017		Short	622			75,340				75,354		(14	)
Euro-BTP; March 2017		Short	3			431				424		7
Euro-Oat; March 2017		Long	146			23,460				23,305		(155	)
Japan 10 Year Bond TSE; March 2017		Short	24			31,927				31,858		69
UK 10 Year Gilt; March 2017		Short	26			4,047				4,052		(5	)
US 10 Year Note; March 2017		Short	245			30,377				30,495		(118	)
US 10 Year Ultra Note; March 2017		Long	138			18,545				18,514		(31	)
US 2 Year Note; March 2017		Short	469			101,713				101,678		35
US 5 Year Note; March 2017		Long	1,698			199,896				200,139		243
US Long Bond; March 2017		Short	198			30,043				29,867		176
US Ultra Bond; March 2017		Short	127			20,107				20,407		(300	)
Total										$		192
Amounts in thousands except contracts

See accompanying notes

96

Schedule of Investments
Inflation Protection Fund
January 31, 2017 (unaudited)
Interest Rate Swaps
		(Pay)/
		Receive									Upfront
		Floating	Fixed		Expiration		Notional				Premiums			Unrealized								Fair Value
Counterparty (Issuer)	Floating Rate Index	Rate	Rate		Date		Amount				Paid/(Received)			Appreciation/(Depreciation)								Asset		Liability
Barclays Bank PLC	US CPI Urban	Receive	2.07	%	03/10/2018		$	20,405		$		—		$				702			$	702	$	—
	Consumers
	NAS(CPURNSA)
Barclays Bank PLC	US CPI Urban	Pay	1.63	%	09/13/2017			34,806				—					(377		)			—		(377	)
	Consumers
	NAS(CPURNSA)
Barclays Bank PLC	US CPI Urban	Receive	1.59	%	09/13/2018			34,806				—						650				650		—
	Consumers
	NAS(CPURNSA)
Deutsche Bank AG	Eurostat Eurozone	Pay	1.41	%	12/08/2026		EUR	12,965				—					(258		)			—		(258	)
	HICP Ex Tobacco
	Unrevised Series
	NSA
Deutsche Bank AG	Eurostat Eurozone	Receive	1.13	%	12/08/2021			12,965				—						174				174		—
	HICP Ex Tobacco
	Unrevised Series
	NSA
Total									$			—		$				891			$	1,526	$	(635	)
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		$	2,250		$		—		$				428			$			428
	3 Month LIBOR	Pay	1.73	%	08/31/2046			4,105				(723	)				(123		)					(846	)
	3 Month LIBOR	Receive	1.75	%	05/31/2021			61,720				1						468						469
	3 Month LIBOR	Receive	2.51	%	08/15/2026			17,195				1					(187		)					(186	)
	3 Month LIBOR	Pay	2.73	%	11/15/2043			4,010				—						32						32
	3 Month LIBOR	Pay	2.68	%	01/07/2027			15,620				—						(99	)					(99	)
	3 Month LIBOR	Receive	2.78	%	11/15/2043			7,945				—					(140		)					(140	)
	3 Month LIBOR	Pay	2.40	%	08/15/2026			9,040				—						11						11
	3 Month LIBOR	Receive	1.86	%	01/09/2020			63,130				1						65						66
	US Federal Funds	Receive	1.42	%	05/31/2021			19,870				1						118						119
	Effective Rate
	(continuous series)
Total									$			(719	)	$				573			$			(146	)
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)
Put - 30 Year Interest	Barclays Bank PLC	3 Month	Receive			4.00%    11/22/2017 $					6,900		$	313		$	37	$						(276	)
Rate Swap		LIBOR
Put - 30 Year Interest	Deutsche Bank AG	3 Month	Receive			2.68%    01/13/2021					5,150			689			661							(28	)
Rate Swap		LIBOR
Put - 5 Year Interest	Deutsche Bank AG	3 Month	Receive			3.25%    01/06/2022					44,800			1,085			1,110							25
Rate Swap		LIBOR
Total												$		2,087		$	1,808	$						(279	)
			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 $					94,800		$	(470	)	$	(44		) $					426
Rate Swap		LIBOR
Put - 2 Year Interest	Deutsche Bank AG	3 Month	Pay			1.90%    06/08/2018					94,800			(402	)		(778		)					(376	)
Rate Swap		LIBOR
Total												$		(872	)	$	(822		) $					50
Amounts in thousands

See accompanying notes

97

			Schedule of Investments
Inflation Protection Fund
January 31, 2017 (unaudited)
Options
						Upfront Premiums					Unrealized
Purchased Options Outstanding	Exercise Price		Expiration Date	Contracts		Paid/(Received)			Fair Value		Appreciation/(Depreciation)
Put - CHF versus NOK	CHF	7.90	02/21/2017	2,000,000	$	1		$	1		$	—
Put - CHF versus NOK	CHF	8.10	02/20/2017	17,380,000		207			4			(203	)
Put - CHF versus NOK	CHF	8.00	02/15/2017	17,380,000		127			—			(127	)
Put - US 10 Year Note Future; March 2017	$	123.50	02/27/2017	1,006		599			299			(300	)
Total					$	934		$	304		$	(630	)
						Upfront Premiums					Unrealized
Written Options Outstanding	Exercise Price		Expiration Date	Contracts		Paid/(Received)			Fair Value		Appreciation/(Depreciation)
Put - CHF versus NOK	CHF	8.00	02/15/2017	2,000,000	$	—		$	—		$	—
Put - CHF versus NOK	CHF	8.10	02/15/2017	2,000,000		(1	)		—			1
Put - CHF versus NOK	CHF	7.90	02/20/2017	17,380,000		(90	)		(1	)		89
Put - US 10 Year Note Future; March 2017	$	122.50	02/27/2017	1,006		(282	)		(110	)		172
Total					$	(373	)	$	(111	)	$	262
Amounts in thousands except contracts

See accompanying notes

98

     Schedule of Investments International Emerging Markets Fund January 31, 2017 (unaudited)

COMMON STOCKS - 93.51%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Agriculture - 1.38%					Food (continued)
Gudang Garam Tbk PT	445,700	$	2,061		X5 Retail Group NV (a)	210,925	$	7,082
KT&G Corp	111,957		9,698				$	23,987
		$	11,759		Forest Products & Paper - 1.19%
Automobile Manufacturers - 2.77%					Fibria Celulose SA	441,600		4,118
Geely Automobile Holdings Ltd	3,205,000		3,788		Sappi Ltd	930,977		5,986
Guangzhou Automobile Group Co Ltd	2,916,000		3,977				$	10,104
Maruti Suzuki India Ltd	181,409		15,786		Holding Companies - Diversified - 0.34%
		$	23,551		Siam Cement PCL/The	202,400		2,898
Automobile Parts & Equipment - 3.15%
Hankook Tire Co Ltd	172,785		8,432		Insurance - 1.76%
Hiroca Holdings Ltd	683,000		1,981		China Life Insurance Co Ltd/Taiwan	4,907,000		4,802
Mando Corp	20,234		4,354		Ping An Insurance Group Co of China Ltd	1,990,500		10,211
Tong Yang Industry Co Ltd	2,724,000		5,028				$	15,013
Xinyi Glass Holdings Ltd (a)	7,800,000		7,016		Internet - 9.91%
		$	26,811		Alibaba Group Holding Ltd ADR(a)	314,162		31,828
Banks - 16.68%					NAVER Corp	11,132		7,271
Banco do Brasil SA	687,300		6,785		Tencent Holdings Ltd	1,543,100		40,345
Banco Santander Chile	53,986,815		2,923		Weibo Corp ADR(a)	102,921		4,963
Bank Negara Indonesia Persero Tbk PT	10,017,800		4,280				$	84,407
Bank of China Ltd	17,672,000		8,004		Iron & Steel - 1.10%
Bank Rakyat Indonesia Persero Tbk PT	4,727,400		4,151		POSCO	26,142		6,110
Barclays Africa Group Ltd	1,000,343		11,782		Ternium SA ADR	141,409		3,233
China Construction Bank Corp	32,785,722		24,307				$	9,343
CIMB Group Holdings Bhd	3,382,900		3,797		Media - 2.09%
Credicorp Ltd	23,704		3,880		Naspers Ltd	111,483		17,761
ICICI Bank Ltd ADR	1,123,121		8,704
Nedbank Group Ltd	539,396		9,304		Metal Fabrication & Hardware - 0.62%
OTP Bank PLC	347,229		10,677		Hyosung Corp	45,312		5,282
Sberbank of Russia PJSC ADR	1,461,112		17,132
Siam Commercial Bank PCL/The	1,126,600		4,850		Mining - 2.97%
Standard Bank Group Ltd	491,328		5,254		Aluminum Corp of China Ltd (a)	5,428,000		2,804
Woori Bank	610,954		6,897		Anglo American PLC (a)	514,365		8,868
Yes Bank Ltd	449,524		9,262		Hindalco Industries Ltd	2,442,018		6,831
		$	141,989		Vedanta Ltd	1,823,933		6,825
Chemicals - 1.03%							$	25,328
Kingboard Chemical Holdings Ltd	1,065,500		3,666		Miscellaneous Manufacturers - 1.21%
Sinopec Shanghai Petrochemical Co Ltd	8,268,000		5,120		Largan Precision Co Ltd	72,000		10,299
		$	8,786
Coal - 1.21%					Oil & Gas - 8.83%
Adaro Energy Tbk PT	34,970,300		4,445		Bharat Petroleum Corp Ltd	710,572		7,154
China Shenhua Energy Co Ltd	2,758,000		5,828		China Petroleum & Chemical Corp	17,013,978		13,440
		$	10,273		CNOOC Ltd	3,826,000		4,778
Commercial Services - 2.86%					Indian Oil Corp Ltd	1,385,371		7,500
Kroton Educacional SA	1,943,000		8,331		LUKOIL PJSC ADR	332,978		18,765
New Oriental Education & Technology Group	216,126		10,277		MOL Hungarian Oil & Gas PLC	35,199		2,480
Inc ADR(a)					PTT PCL (b)	812,300		9,323
Qualicorp SA	877,500		5,739		SK Innovation Co Ltd	38,192		5,174
		$	24,347		Tatneft PJSC ADR	161,862		6,599
Diversified Financial Services - 4.42%							$	75,213
Fubon Financial Holding Co Ltd	7,913,000		12,861		Pharmaceuticals - 0.46%
Indiabulls Housing Finance Ltd	505,233		5,597		Sinopharm Group Co Ltd	860,400		3,932
Mega Financial Holding Co Ltd	13,707,184		10,219
Shinhan Financial Group Co Ltd	225,818		8,925		Pipelines - 0.41%
		$	37,602		Petronet LNG Ltd	624,511		3,454
Electric - 1.47%
Enel Americas SA	18,900,546		3,384		REITS - 0.37%
Huaneng Renewables Corp Ltd	8,638,000		2,681		Fibra Uno Administracion SA de CV	159,000		228
Tenaga Nasional BHD	2,138,000		6,462		Macquarie Mexico Real Estate Management	2,960,100		2,913
		$	12,527		SA de CV (a)
Electronics - 1.29%							$	3,141
Hon Hai Precision Industry Co Ltd	4,100,000		10,995		Retail - 0.48%
					Wal-Mart de Mexico SAB de CV	2,300,974		4,072
Engineering & Construction - 1.36%
Daelim Industrial Co Ltd	64,887		4,699		Semiconductors - 14.72%
Grupo Aeroportuario del Pacifico SAB de CV	398,800		3,091		Powertech Technology Inc	2,453,000		6,723
Promotora y Operadora de Infraestructura	434,423		3,798		Samsung Electronics Co Ltd	31,982		54,394
SAB de CV (a)					SK Hynix Inc	404,942		18,702
		$	11,588		Taiwan Semiconductor Manufacturing Co Ltd	7,640,685		45,530
Food - 2.82%							$	125,349
Cencosud SA	1,522,247		4,425		Software - 1.58%
Charoen Pokphand Foods PCL (b)	7,249,500		5,869		NetEase Inc ADR	53,042		13,467
JBS SA	1,750,000		6,611

See accompanying notes

99

			Schedule of Investments
			International Emerging Markets Fund
			January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)
Telecommunications - 4.41%
China Mobile Ltd	1,270,093	$	14,292
China Telecom Corp Ltd	15,748,000		7,435
Chunghwa Telecom Co Ltd	1,106,000		3,607
LG Uplus Corp	326,456		3,207
Telekomunikasi Indonesia Persero Tbk PT	30,989,900		8,984
		$	37,525
Water - 0.62%
Cia de Saneamento Basico do Estado de Sao	527,900		5,252
Paulo
TOTAL COMMON STOCKS		$	796,055
INVESTMENT COMPANIES - 1.02%	Shares Held		Value(000	's)
Money Market Funds - 1.02%
Goldman Sachs Financial Square Funds -	8,714,110		8,714
Government Fund
TOTAL INVESTMENT COMPANIES		$	8,714
PREFERRED STOCKS - 5.29%	Shares Held		Value(000	's)
Banks - 1.70%
Itau Unibanco Holding SA 0.18%(c)	1,224,560	$	14,469
Holding Companies - Diversified - 1.78%
Itausa - Investimentos Itau SA 0.06%(c)	5,154,090		15,179
Iron & Steel - 1.10%
Vale SA 0.28%(c)	960,579		9,319
Oil & Gas - 0.71%
Petroleo Brasileiro SA 0.00%(a),(c)	1,269,800		6,054
TOTAL PREFERRED STOCKS		$	45,021
Total Investments		$	849,790
Other Assets and Liabilities - 0.18%		$	1,495
TOTAL NET ASSETS - 100.00%		$	851,285

(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. Inputs used in the valuation may be unobservable; however, not all securities are included in Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $15,192 or 1.78% of net assets.
(c)	Variable Rate. Rate shown is in effect at January 31, 2017.

Portfolio Summary (unaudited)
Country	Percent
China	23.17	%
Korea, Republic Of	16.81	%
Taiwan, Province Of China	13.15	%
Brazil	9.63	%
India	8.35	%
South Africa	5.88	%
Russian Federation	5.81	%
Hong Kong	2.94	%
Indonesia	2.81	%
Thailand	2.70	%
Mexico	1.66	%
Hungary	1.54	%
Chile	1.26	%
Malaysia	1.21	%
United Kingdom	1.04	%
United States	1.02	%
Peru	0.46	%
Luxembourg	0.38	%
Other Assets and Liabilities	0.18	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

100

Schedule of Investments International Fund I

January 31, 2017 (unaudited)

COMMON STOCKS - 97.85%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 1.73%					Diversified Financial Services (continued)
MTU Aero Engines AG	15,257	$	1,828		Partners Group Holding AG	8,368	$	4,229
Thales SA	48,430		4,543				$	10,222
		$	6,371		Electronics - 3.57%
Agriculture - 0.44%					AAC Technologies Holdings Inc	487,007		5,001
KT&G Corp	18,863		1,634		Fujitsu General Ltd	140,700		2,768
					Hon Hai Precision Industry Co Ltd	692,000		1,856
Apparel - 0.49%					Micro-Star International Co Ltd	750,000		1,819
Shenzhou International Group Holdings Ltd	291,000		1,795		Pegatron Corp	720,000		1,734
							$	13,178
Automobile Manufacturers - 2.74%					Engineering & Construction - 1.76%
Daimler AG	28,055		2,110		Grupo Aeroportuario del Centro Norte SAB de	390,000		1,664
Fuji Heavy Industries Ltd	78,000		3,121		CV
Geely Automobile Holdings Ltd	2,511,000		2,968		Kyowa Exeo Corp	211,000		3,122
Great Wall Motor Co Ltd (a)	1,900,000		1,904		Promotora y Operadora de Infraestructura	195,100		1,706
		$	10,103		SAB de CV (a)
Automobile Parts & Equipment - 5.40%							$	6,492
Brembo SpA	70,852		4,540		Entertainment - 1.51%
Hankook Tire Co Ltd	50,000		2,440		Aristocrat Leisure Ltd	481,041		5,578
Koito Manufacturing Co Ltd	94,800		5,029
Valeo SA	95,550		5,840		Food - 3.93%
Xinyi Glass Holdings Ltd (a)	2,304,000		2,072		Bakkafrost P/F	72,000		2,767
		$	19,921		Colruyt SA	70,000		3,426
Banks - 4.34%					Leroy Seafood Group ASA	33,000		1,837
China Construction Bank Corp	3,637,000		2,696		Salmar ASA	58,000		1,642
China Merchants Bank Co Ltd	780,000		1,953		SPAR Group Ltd/The	127,000		1,792
China Minsheng Banking Corp Ltd	1,731,000		1,905		X5 Retail Group NV (a)	91,000		3,055
DBS Group Holdings Ltd	189,000		2,555				$	14,519
Fukuoka Financial Group Inc	453,000		2,000		Forest Products & Paper - 0.45%
Sberbank of Russia PJSC ADR	420,000		4,925		UPM-Kymmene OYJ	74,000		1,678
		$	16,034
Building Materials - 2.36%					Gas - 0.48%
Anhui Conch Cement Co Ltd	602,000		1,937		China Resources Gas Group Ltd	565,000		1,786
CSR Ltd	1,157,000		3,875
Sika AG	550		2,890		Healthcare - Products - 0.40%
		$	8,702		St Shine Optical Co Ltd	78,000		1,474
Chemicals - 4.53%
BASF SE	19,500		1,882		Holding Companies - Diversified - 0.92%
Johnson Matthey PLC	46,000		1,887		KOC Holding AS	383,000		1,543
Lotte Chemical Corp	5,600		1,815		Siam Cement PCL/The	130,000		1,861
Nissan Chemical Industries Ltd	172,900		6,173				$	3,404
Sinopec Shanghai Petrochemical Co Ltd	3,157,000		1,955		Home Builders - 2.80%
Symrise AG	50,000		3,011		Bellway PLC	80,421		2,521
		$	16,723		Haseko Corp	407,000		4,486
Coal - 0.48%					Iida Group Holdings Co Ltd	91,000		1,703
China Shenhua Energy Co Ltd	830,000		1,754		Taylor Wimpey PLC	765,052		1,615
							$	10,325
Commercial Services - 4.47%					Insurance - 4.94%
Ashtead Group PLC	239,000		4,846		Allianz SE	14,118		2,399
Intertek Group PLC	42,000		1,798		China Life Insurance Co Ltd/Taiwan	2,290,600		2,242
Intrum Justitia AB	87,092		2,932		Industrial Alliance Insurance & Financial	50,000		2,104
Kroton Educacional SA	650,000		2,787		Services Inc
New Oriental Education & Technology Group	57,000		2,710		Mapfre SA	871,000		2,641
Inc ADR(a)					Ping An Insurance Group Co of China Ltd	695,000		3,565
Zhejiang Expressway Co Ltd	1,430,000		1,436		Prudential PLC	148,238		2,873
		$	16,509		Swiss Life Holding AG (a)	7,997		2,428
Computers - 5.22%							$	18,252
Atos SE	61,382		6,531		Internet - 4.62%
Capgemini SA	21,400		1,742		Alibaba Group Holding Ltd ADR(a)	20,000		2,026
Foxconn Technology Co Ltd	560,000		1,581		Criteo SA ADR(a)	41,000		1,848
Lite-On Technology Corp	1,519,546		2,295		Dip Corp	90,000		1,840
Nomura Research Institute Ltd	97,200		3,321		Paysafe Group PLC (a)	397,000		1,914
Teleperformance	35,374		3,787		Start Today Co Ltd	100,000		1,883
		$	19,257		Tencent Holdings Ltd	288,200		7,535
Consumer Products - 0.90%							$	17,046
Reckitt Benckiser Group PLC	38,700		3,321		Iron & Steel - 1.92%
					Fortescue Metals Group Ltd	445,000		2,252
Distribution & Wholesale - 0.44%					Kumba Iron Ore Ltd (a)	186,000		2,868
Bunzl PLC	62,000		1,634		Severstal PJSC	123,000		1,954
							$	7,074
Diversified Financial Services - 2.77%					Leisure Products & Services - 0.51%
Fubon Financial Holding Co Ltd	1,141,000		1,854		Shimano Inc	12,000		1,892
Macquarie Group Ltd	64,446		4,139

See accompanying notes

101

Schedule of Investments International Fund I

January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	INVESTMENT COMPANIES - 0.19%		Shares Held	Value (000's)
Machinery - Construction & Mining - 0.99%					Money Market Funds - 0.19%
Atlas Copco AB - A Shares	58,000	$	1,860		First American Government Obligations Fund		690,375	$	690
Takeuchi Manufacturing Co Ltd	85,000		1,804
		$	3,664		TOTAL INVESTMENT COMPANIES			$	690
Mining - 1.39%					Total Investments			$	361,917
Boliden AB	66,000		1,925		Other Assets and Liabilities - 1.96%			$	7,225
Centamin PLC	1,616,000		3,196		TOTAL NET ASSETS - 100.00%			$	369,142
		$	5,121
Miscellaneous Manufacturers - 2.05%
Largan Precision Co Ltd	23,000		3,290		(a)	Non-Income Producing Security
Sunny Optical Technology Group Co Ltd	732,700		4,293		(b)	Fair value of these investments is determined in good faith by the Manager
		$	7,583			under procedures established and periodically reviewed by the Board of
Oil & Gas - 4.67%						Directors. Inputs used in the valuation may be unobservable; however, not
DCC PLC	21,000		1,694			all securities are included in Level 3 of the fair value hierarchy. At the end
LUKOIL PJSC ADR	50,000		2,818			of the period, the fair value of these securities totaled $2,870 or 0.78% of
Neste Oyj	90,000		3,131			net assets.
Novatek PJSC	20,000		2,545
PTT PCL (b)	250,000		2,870
SK Innovation Co Ltd	17,000		2,303			Portfolio Summary (unaudited)
Tatneft PJSC ADR	46,000		1,875		Country				Percent
		$	17,236		Japan				16.14	%
Packaging & Containers - 0.89%					China				15.39	%
CCL Industries Inc	16,000		3,293		Taiwan, Province Of China				7.85	%
					France				7.28	%
Pharmaceuticals - 5.07%					United Kingdom				6.48	%
Actelion Ltd (a)	20,000		5,222
					Australia				4.80	%
Ipsen SA	33,367		2,586		Russian Federation				4.65	%
Mitsubishi Tanabe Pharma Corp	94,000		1,885		Switzerland				4.57	%
Novo Nordisk A/S	88,389		3,194		Korea, Republic Of				4.19	%
Richter Gedeon Nyrt	92,000		1,982		Germany				4.12	%
Shire PLC	36,000		2,004		Canada				3.27	%
Sinopharm Group Co Ltd	407,000		1,860		Sweden				1.81	%
		$	18,733		Spain				1.34	%
Real Estate - 1.36%					Finland				1.30	%
Daito Trust Construction Co Ltd	20,000		2,796		Thailand				1.28	%
Open House Co Ltd	95,000		2,224		South Africa				1.26	%
		$	5,020		Italy				1.23	%
Retail - 3.28%					Hong Kong				1.12	%
Alimentation Couche-Tard Inc	89,200		4,086		Norway				0.94	%
JB Hi-Fi Ltd	90,000		1,888		Belgium				0.93	%
JD Sports Fashion PLC	500,000		2,190		Mexico				0.91	%
Next PLC	25,941		1,251		Jersey, Channel Islands				0.87	%
Nitori Holdings Co Ltd	24,000		2,690		Denmark				0.87	%
		$	12,105		Brazil				0.76	%
Semiconductors - 6.61%					Faroe Islands				0.75	%
Infineon Technologies AG	215,000		3,956		United States				0.73	%
Samsung Electronics Co Ltd	4,300		7,313		Singapore				0.69	%
Silicon Motion Technology Corp ADR	55,000		2,151		Israel				0.57	%
Taiwan Semiconductor Manufacturing Co Ltd	215,800		6,670		Hungary				0.54	%
ADR					Isle of Man				0.52	%
Tokyo Electron Ltd	22,000		2,279		Ireland				0.46	%
Win Semiconductors Corp	670,565		2,018		Turkey				0.42	%
		$	24,387		Other Assets and Liabilities				1.96	%
Software - 4.47%					TOTAL NET ASSETS				100.00	%
Amadeus IT Group SA	50,000		2,313
NetEase Inc ADR	25,900		6,576
Open Text Corp	76,000		2,601
Temenos Group AG	29,000		2,109
TravelSky Technology Ltd	1,300,000		2,920
		$	16,519
Telecommunications - 1.46%
KDDI Corp	121,800		3,273
Nice Ltd ADR	30,000		2,105
		$	5,378
Toys, Games & Hobbies - 0.59%
Bandai Namco Holdings Inc	79,300		2,184
Transportation - 0.82%
Central Japan Railway Co	18,700		3,022
Water - 0.08%
Guangdong Investment Ltd	245,082		304
TOTAL COMMON STOCKS		$	361,227

See accompanying notes

102

		Schedule of Investments
International Fund I
January 31, 2017 (unaudited)
Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
eMini MSCI EAFE; March 2017	Long	22	$	1,916	$	1,901		$	(15	)
S&P 500 Emini; March 2017	Long	7		802		796			(6	)
Total							$		(21	)
Amounts in thousands except contracts

See accompanying notes

103

     Schedule of Investments LargeCap Growth Fund January 31, 2017 (unaudited)

COMMON STOCKS - 98.97%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Airlines - 1.97%					Oil & Gas (continued)
Delta Air Lines Inc	690,530	$	32,621		Pioneer Natural Resources Co	170,423	$	30,715
							$	61,102
Banks - 2.54%					Oil & Gas Services - 1.00%
Citizens Financial Group Inc	716,700		25,923		Halliburton Co	292,900		16,569
SVB Financial Group (a)	94,100		16,207
		$	42,130		Pharmaceuticals - 2.70%
Biotechnology - 3.07%					DexCom Inc (a)	241,222		19,093
Biogen Inc (a)	59,900		16,607		Merck & Co Inc	412,600		25,577
Celgene Corp (a)	294,814		34,242				$	44,670
		$	50,849		Retail - 7.54%
Building Materials - 1.91%					Dollar Tree Inc (a)	257,354		19,865
Masco Corp	959,000		31,599		Panera Bread Co (a)	78,714		16,456
					TJX Cos Inc/The	522,449		39,142
Chemicals - 1.46%					Ulta Beauty Inc (a)	181,415		49,396
Albemarle Corp	260,803		24,161				$	124,859
					Semiconductors - 8.63%
Commercial Services - 4.66%					Analog Devices Inc	285,200		21,373
FleetCor Technologies Inc (a)	224,133		33,057		Applied Materials Inc	978,500		33,514
S&P Global Inc	194,498		23,375		Broadcom Ltd	142,051		28,339
Vantiv Inc (a)	332,100		20,670		Lam Research Corp	289,084		33,204
		$	77,102		Micron Technology Inc (a)	1,097,500		26,461
Computers - 4.29%							$	142,891
Apple Inc	585,083		71,000		Software - 5.79%
					Fidelity National Information Services Inc	316,328		25,123
Cosmetics & Personal Care - 2.05%					Microsoft Corp	1,094,400		70,753
Procter & Gamble Co/The	387,335		33,930				$	95,876
					Transportation - 4.15%
Diversified Financial Services - 7.12%					CSX Corp	686,600		31,851
Charles Schwab Corp/The	497,700		20,525		FedEx Corp	195,388		36,950
CME Group Inc	185,789		22,496				$	68,801
Mastercard Inc	312,751		33,255		TOTAL COMMON STOCKS		$	1,639,168
Visa Inc	503,256		41,624		INVESTMENT COMPANIES - 1.04%	Shares Held		Value(000	's)
		$	117,900		Money Market Funds - 1.04%
Food - 3.36%					Goldman Sachs Financial Square Funds -	17,303,164		17,303
Kellogg Co	231,367		16,823		Government Fund
Kraft Heinz Co/The	325,000		29,019
Pinnacle Foods Inc	185,900		9,888		TOTAL INVESTMENT COMPANIES		$	17,303
		$	55,730		Total Investments		$	1,656,471
Healthcare - Products - 6.45%					Other Assets and Liabilities - (0.01)%		$	(87	)
Edwards Lifesciences Corp (a)	382,638		36,825		TOTAL NET ASSETS - 100.00%		$	1,656,384
Intuitive Surgical Inc (a)	50,596		35,047
Thermo Fisher Scientific Inc	229,235		34,933
		$	106,805		(a) Non-Income Producing Security
Housewares - 1.47%
Newell Brands Inc	515,300		24,389
Internet - 16.03%					Portfolio Summary (unaudited)
Alphabet Inc - A Shares (a)	96,152		78,863		Sector			Percent
Amazon.com Inc (a)	66,583		54,830		Consumer, Non-cyclical			22.29	%
eBay Inc (a)	542,500		17,268		Technology			18.71	%
Facebook Inc (a)	391,412		51,009		Communications			16.98	%
Netflix Inc (a)	275,731		38,798		Consumer, Cyclical			14.87	%
Priceline Group Inc/The (a)	15,660		24,666		Industrial			10.31	%
		$	265,434		Financial			9.66	%
Leisure Products & Services - 2.37%					Energy			4.69	%
Royal Caribbean Cruises Ltd	419,302		39,259		Basic Materials			1.46	%
					Investment Companies			1.04	%
Lodging - 1.52%					Other Assets and Liabilities			(0.01	)%
Wynn Resorts Ltd	248,860		25,242		TOTAL NET ASSETS			100.00	%
Machinery - Construction & Mining - 2.19%
Caterpillar Inc	379,500		36,303
Machinery - Diversified - 2.06%
Deere & Co	158,100		16,924
Rockwell Automation Inc	116,500		17,241
		$	34,165
Media - 0.95%
CBS Corp	244,700		15,781
Oil & Gas - 3.69%
Diamondback Energy Inc (a)	288,929		30,387

See accompanying notes

104

Schedule of Investments
LargeCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS - 95.53%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.05%					Biotechnology (continued)
Interpublic Group of Cos Inc/The	35,317	$	831		Biogen Inc (a)	115,183	$	31,934
Omnicom Group Inc	33,465		2,866		BioMarin Pharmaceutical Inc (a)	13,660		1,197
		$	3,697		Celgene Corp (a)	243,611		28,295
Aerospace & Defense - 1.44%					Gilead Sciences Inc	106,635		7,726
B/E Aerospace Inc	9,307		572		Illumina Inc (a)	73,485		11,765
Boeing Co/The	530,572		86,706		Incyte Corp (a)	116,066		14,069
General Dynamics Corp	6,022		1,090		Intercept Pharmaceuticals Inc (a)	1,349		148
HEICO Corp	2,429		187		Intrexon Corp (a)	4,516		95
HEICO Corp - Class A	4,183		277		Ionis Pharmaceuticals Inc (a)	9,504		423
Lockheed Martin Corp	15,144		3,806		Juno Therapeutics Inc (a)	4,824		103
Northrop Grumman Corp	16,691		3,824		Regeneron Pharmaceuticals Inc (a)	6,241		2,242
Raytheon Co	6,728		970		Seattle Genetics Inc (a)	7,579		456
Rockwell Collins Inc	10,561		959		United Therapeutics Corp (a)	1,006		164
Spirit AeroSystems Holdings Inc	6,379		383		Vertex Pharmaceuticals Inc (a)	332,838		28,581
TransDigm Group Inc	4,052		877				$	258,728
		$	99,651		Building Materials - 0.30%
Agriculture - 0.71%					Eagle Materials Inc	4,087		428
Altria Group Inc	167,725		11,939		Fortune Brands Home & Security Inc	12,793		705
Philip Morris International Inc	364,942		35,082		Johnson Controls International plc	11,692		514
Reynolds American Inc	30,351		1,825		Lennox International Inc	3,381		530
		$	48,846		Martin Marietta Materials Inc	4,659		1,070
Airlines - 1.60%					Masco Corp	18,214		600
Alaska Air Group Inc	574,479		53,897		Vulcan Materials Co	131,564		16,884
American Airlines Group Inc	1,127,147		49,876				$	20,731
Delta Air Lines Inc	63,632		3,006		Chemicals - 0.31%
JetBlue Airways Corp (a)	5,098		100		AdvanSix Inc (a)	4,200		108
Southwest Airlines Co	65,772		3,441		Air Products & Chemicals Inc	17,582		2,457
					Axalta Coating Systems Ltd (a)	13,995		406
		$	110,320
Apparel - 0.11%					Celanese Corp	1,699		143
Carter's Inc	4,462		374		EI du Pont de Nemours & Co	78,160		5,901
Hanesbrands Inc	31,034		736		FMC Corp	8,935		538
Michael Kors Holdings Ltd (a)	14,031		600		International Flavors & Fragrances Inc	6,656		780
NIKE Inc	78,961		4,177		LyondellBasell Industries NV	19,569		1,825
Ralph Lauren Corp	688		61		Monsanto Co	16,896		1,830
Skechers U.S.A. Inc (a)	11,464		288		NewMarket Corp	644		278
Under Armour Inc - Class C (a)	15,913		306		PPG Industries Inc	15,726		1,573
VF Corp	20,241		1,042		Praxair Inc	25,160		2,980
		$	7,584		RPM International Inc	11,355		593
					Sherwin-Williams Co/The	4,767		1,448
Automobile Manufacturers - 0.94%					Valvoline Inc	1,847		43
Ferrari NV	292,860		18,195		Versum Materials Inc (a)	9,778		273
PACCAR Inc	1,838		124
Tesla Inc (a)	185,626		46,765				$	21,176
		$	65,084		Commercial Services - 5.08%
Automobile Parts & Equipment - 0.06%					AMERCO	348		131
BorgWarner Inc	3,773		154		Aramark	9,994		338
Delphi Automotive PLC	37,046		2,596		Automatic Data Processing Inc	53,887		5,442
Lear Corp	5,483		779		Booz Allen Hamilton Holding Corp	11,105		376
Visteon Corp (a)	3,529		316		Cintas Corp	7,686		892
					CoreLogic Inc/United States (a)	6,302		222
WABCO Holdings Inc (a)	4,558		497
					CoStar Group Inc (a)	2,771		560
		$	4,342		Ecolab Inc	921,609		110,713
Banks - 1.97%					Equifax Inc	9,848		1,155
Citizens Financial Group Inc	429,796		15,546		Euronet Worldwide Inc (a)	5,019		359
First Hawaiian Inc	2,222		73		FleetCor Technologies Inc (a)	492,999		72,713
First Republic Bank/CA	175,788		16,582		Gartner Inc (a)	6,999		695
Morgan Stanley	1,552,474		65,965		Global Payments Inc	12,715		983
Signature Bank/New York NY (a)	2,658		419
					KAR Auction Services Inc	11,945		544
State Street Corp	490,593		37,383		Live Nation Entertainment Inc (a)	7,889		226
Western Alliance Bancorp (a)	5,290		261
					LSC Communications Inc	4,096		107
		$	136,229		Moody's Corp	8,981		931
Beverages - 0.35%					Morningstar Inc	1,670		127
Brown-Forman Corp - A Shares	5,011		234		Nielsen Holdings PLC	23,043		943
Brown-Forman Corp - B Shares	14,188		647		PayPal Holdings Inc (a)	3,649,710		145,186
Coca-Cola Co/The	173,383		7,208		Quanta Services Inc (a)	5,019		180
Constellation Brands Inc	16,063		2,406		Robert Half International Inc	11,239		529
Dr Pepper Snapple Group Inc	15,486		1,412		Rollins Inc	9,726		343
Monster Beverage Corp (a)	24,814		1,057
					RR Donnelley & Sons Co	4,584		79
PepsiCo Inc	110,120		11,428		S&P Global Inc	15,722		1,889
		$	24,392		Sabre Corp	18,981		465
Biotechnology - 3.74%					Service Corp International/US	16,785		489
Alexion Pharmaceuticals Inc (a)	932,463		121,855		ServiceMaster Global Holdings Inc (a)	11,504		425
Alnylam Pharmaceuticals Inc (a)	5,008		200		Square Inc (a)	7,274		106
Amgen Inc	60,466		9,474		Total System Services Inc	14,780		749
AquaBounty Technologies Inc (a)	67		1

See accompanying notes

105

Schedule of Investments
LargeCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Commercial Services (continued)					Electronics (continued)
United Rentals Inc (a)	6,710	$	849		Amphenol Corp	1,642,961	$	110,883
Vantiv Inc (a)	13,447		837		Fortive Corp	1,836,823		101,595
Western Union Co/The	43,593		854		Gentex Corp	17,771		371
WEX Inc (a)	3,400		389		Honeywell International Inc	45,327		5,363
		$	350,826		Mettler-Toledo International Inc (a)	2,302		982
Computers - 3.55%					National Instruments Corp	7,216		227
Accenture PLC - Class A	67,771		7,717		PerkinElmer Inc	2,919		155
Apple Inc	669,387		81,230		Trimble Inc (a)	16,811		498
Cognizant Technology Solutions Corp (a)	1,449,625		76,235		Waters Corp (a)	6,576		932
CSRA Inc	15,489		481				$	221,952
DST Systems Inc	3,297		380		Engineering & Construction - 1.21%
Fortinet Inc (a)	13,020		433		SBA Communications Corp (a)	795,297		83,713
Genpact Ltd	2,727,664		67,319
International Business Machines Corp	59,719		10,422		Entertainment - 0.03%
Leidos Holdings Inc	6,906		334		Cinemark Holdings Inc	10,020		426
NCR Corp (a)	11,602		499		Lions Gate Entertainment Corp - A shares (a)	4,714		136
Teradata Corp (a)	13,247		389		Lions Gate Entertainment Corp - B shares (a)	8,418		226
VeriFone Systems Inc (a)	9,246		168		Regal Entertainment Group	4,819		109
		$	245,607		Six Flags Entertainment Corp	6,550		390
Consumer Products - 0.08%					Vail Resorts Inc	3,407		584
Avery Dennison Corp	7,471		545				$	1,871
Church & Dwight Co Inc	21,910		991		Environmental Control - 0.02%
Clorox Co/The	8,997		1,080		Waste Management Inc	21,784		1,514
Kimberly-Clark Corp	18,251		2,211
Spectrum Brands Holdings Inc	2,570		343		Food - 0.27%
		$	5,170		Blue Buffalo Pet Products Inc (a)	7,381		179
Cosmetics & Personal Care - 1.46%					Campbell Soup Co	15,957		993
Colgate-Palmolive Co	17,534		1,132		Conagra Brands Inc	29,492		1,153
Estee Lauder Cos Inc/The	1,230,106		99,897		Flowers Foods Inc	16,114		324
		$	101,029		General Mills Inc	35,441		2,214
Distribution & Wholesale - 0.07%					Hain Celestial Group Inc/The (a)	7,015		277
Fastenal Co	24,306		1,207		Hershey Co/The	11,791		1,243
HD Supply Holdings Inc (a)	17,909		758		Hormel Foods Corp	20,297		737
LKQ Corp (a)	26,102		833		Ingredion Inc	4,671		599
Pool Corp	3,904		412		Kellogg Co	13,666		994
Watsco Inc	2,431		371		Kraft Heinz Co/The	4,453		398
WW Grainger Inc	4,608		1,164		Kroger Co/The	56,764		1,928
		$	4,745		Lamb Weston Holdings Inc	11,129		416
Diversified Financial Services - 5.60%					McCormick & Co Inc/MD	9,813		938
Affiliated Managers Group Inc	3,869		590		Pilgrim's Pride Corp	4,270		82
					Post Holdings Inc (a)	3,695		309
Air Lease Corp	5,447		198		Sprouts Farmers Market Inc (a)	13,569		253
Alliance Data Systems Corp	4,967		1,134
Ameriprise Financial Inc	6,736		756		Sysco Corp	60,812		3,190
CBOE Holdings Inc	6,745		537		Tyson Foods Inc	27,252		1,711
					US Foods Holding Corp (a)	5,621		153
Charles Schwab Corp/The	77,753		3,207
CME Group Inc	146,299		17,714		Whole Foods Market Inc	6,588		199
Credit Acceptance Corp (a)	740		152				$	18,290
Discover Financial Services	16,707		1,158		Hand & Machine Tools - 0.03%
Eaton Vance Corp	9,858		413		Lincoln Electric Holdings Inc	3,947		329
Federated Investors Inc	9,377		244		Snap-on Inc	3,799		690
Intercontinental Exchange Inc	729,111		42,551		Stanley Black & Decker Inc	6,606		819
Invesco Ltd	6,806		197				$	1,838
Lazard Ltd	2,841		121		Healthcare - Products - 6.22%
LPL Financial Holdings Inc	2,236		88		Abbott Laboratories	9,944		415
Mastercard Inc	92,526		9,838		ABIOMED Inc (a)	3,546		377
SEI Investments Co	10,377		503		Align Technology Inc (a)	6,571		602
T Rowe Price Group Inc	10,932		737		Baxter International Inc	19,295		924
TD Ameritrade Holding Corp	1,058,669		48,857		Becton Dickinson and Co	20,468		3,629
Visa Inc	3,117,638		257,860		Bio-Techne Corp	3,477		354
		$	386,855		Boston Scientific Corp (a)	80,491		1,937
Electric - 0.00%					Bruker Corp	11,701		278
Dominion Resources Inc/VA	2,956		225		Cooper Cos Inc/The	3,337		616
					CR Bard Inc	6,187		1,468
Electrical Components & Equipment - 0.79%					Danaher Corp	2,147,114		180,186
Acuity Brands Inc	258,475		53,564		Edwards Lifesciences Corp (a)	12,503		1,203
AMETEK Inc	3,921		200		Henry Schein Inc (a)	7,050		1,127
Emerson Electric Co	6,028		354		Hill-Rom Holdings Inc	6,126		361
Energizer Holdings Inc	2,858		144		Hologic Inc (a)	24,317		986
Hubbell Inc	3,385		413		IDEXX Laboratories Inc (a)	7,747		948
					Intuitive Surgical Inc (a)	248,052		171,823
		$	54,675		OPKO Health Inc (a)	23,284		202
Electronics - 3.21%
Agilent Technologies Inc	8,253		404		Patterson Cos Inc	7,762		323
Allegion PLC	8,253		542		ResMed Inc	11,870		802

See accompanying notes

106

Schedule of Investments
LargeCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Healthcare - Products (continued)					Internet (continued)
Stryker Corp	302,728	$	37,396		Netflix Inc (a)	171,331	$	24,108
Teleflex Inc	1,091		183		Palo Alto Networks Inc (a)	53,100		7,835
Thermo Fisher Scientific Inc	142,207		21,671		Pandora Media Inc (a)	15,730		204
Varex Imaging Corp (a)	3,423		98		Priceline Group Inc/The (a)	103,257		162,643
Varian Medical Systems Inc (a)	8,558		665		Symantec Corp	8,809		243
VWR Corp (a)	2,761		72		Tencent Holdings Ltd ADR	1,088,900		28,513
West Pharmaceutical Services Inc	6,562		555		TripAdvisor Inc (a)	1,528,731		80,870
Zimmer Biomet Holdings Inc	5,809		687		VeriSign Inc (a)	8,349		670
		$	429,888		Yelp Inc (a)	5,089		213
Healthcare - Services - 4.08%					Zillow Group Inc - A Shares (a)	3,686		133
Aetna Inc	147,216		17,461		Zillow Group Inc - C Shares (a)	6,266		222
Anthem Inc	111,865		17,242				$	1,417,040
Centene Corp (a)	333,533		21,103		Iron & Steel - 0.00%
Cigna Corp	237,591		34,740		Steel Dynamics Inc	4,354		147
DaVita Inc (a)	933,363		59,502
Envision Healthcare Corp (a)	7,294		496		Leisure Products & Services - 0.02%
HCA Holdings Inc (a)	25,093		2,014		Brunswick Corp/DE	7,207		431
Humana Inc	217,675		43,209		Harley-Davidson Inc	15,531		886
Laboratory Corp of America Holdings (a)	4,261		572		Vista Outdoor Inc (a)	1,729		50
MEDNAX Inc (a)	6,022		412				$	1,367
Quintiles IMS Holdings Inc (a)	9,961		782		Lodging - 1.35%
UnitedHealth Group Inc	516,886		83,787		Choice Hotels International Inc	3,146		175
Universal Health Services Inc	2,370		267		Extended Stay America Inc	5,516		89
WellCare Health Plans Inc (a)	3,812		555		Hilton Grand Vacations Inc (a)	5,969		175
		$	282,142		Hilton Worldwide Holdings Inc	510,789		29,411
Home Builders - 0.03%					Hyatt Hotels Corp (a)	1,584		87
CalAtlantic Group Inc	1,716		60		Las Vegas Sands Corp	50,163		2,638
DR Horton Inc	16,855		504		Marriott International Inc/MD	34,199		2,893
Lennar Corp - A Shares	8,751		391		MGM Resorts International (a)	1,986,423		57,209
Lennar Corp - B Shares	2,243		81		Wyndham Worldwide Corp	9,727		769
NVR Inc (a)	322		598				$	93,446
PulteGroup Inc	10,754		231		Machinery - Construction & Mining - 0.01%
Thor Industries Inc	4,538		470		BWX Technologies Inc	9,188		381
		$	2,335
Home Furnishings - 0.02%					Machinery - Diversified - 2.68%
Harman International Industries Inc	3,213		357		Cognex Corp	7,625		515
Leggett & Platt Inc	11,915		569		Deere & Co	4,610		494
Tempur Sealy International Inc (a)	4,950		213		IDEX Corp	6,109		551
Whirlpool Corp	846		148		Manitowoc Foodservice Inc (a)	6,972		134
		$	1,287		Middleby Corp/The (a)	4,845		650
Housewares - 0.04%					Nordson Corp	5,292		601
Newell Brands Inc	27,864		1,319		Rockwell Automation Inc	13,554		2,006
Scotts Miracle-Gro Co/The	3,730		343		Roper Technologies Inc	516,653		99,119
Toro Co/The	9,891		583		Wabtec Corp/DE	924,295		80,081
Tupperware Brands Corp	4,706		284		Xylem Inc/NY	8,523		420
		$	2,529		Zebra Technologies Corp (a)	3,693		309
Insurance - 0.11%							$	184,880
AmTrust Financial Services Inc	3,233		85		Media - 0.69%
Aon PLC	23,139		2,608		AMC Networks Inc (a)	5,490		315
Arthur J Gallagher & Co	10,841		584		Cable One Inc	470		297
Brown & Brown Inc	2,117		89		CBS Corp	50,992		3,289
Erie Indemnity Co	1,861		209		Charter Communications Inc (a)	11,928		3,864
Lincoln National Corp	5,499		371		Comcast Corp - Class A	193,124		14,565
Marsh & McLennan Cos Inc	45,442		3,091		Discovery Communications Inc - A Shares (a)	13,264		376
Progressive Corp/The	3,399		127		Discovery Communications Inc - C Shares (a)	19,077		529
XL Group Ltd	8,506		320		DISH Network Corp (a)	14,153		837
		$	7,484		FactSet Research Systems Inc	3,329		576
Internet - 20.50%					Scripps Networks Interactive Inc	7,573		577
Alibaba Group Holding Ltd ADR(a)	381,600		38,660		Sirius XM Holdings Inc	158,862		750
Alphabet Inc - A Shares (a)	230,260		188,857		Time Warner Inc	54,666		5,294
Alphabet Inc - C Shares (a)	228,716		182,238		Twenty-First Century Fox Inc - A Shares	107,160		3,363
Amazon.com Inc (a)	501,967		413,359		Twenty-First Century Fox Inc - B Shares	32,863		1,019
CDW Corp/DE	14,162		729		Viacom Inc - A Shares	1,926		87
Dropbox Inc (a),(b),(c),(d)	52,984		509		Viacom Inc - B Shares	25,247		1,064
eBay Inc (a)	152,264		4,847		Walt Disney Co/The	96,745		10,705
F5 Networks Inc (a)	5,902		791				$	47,507
Facebook Inc (a)	2,147,701		279,888		Metal Fabrication & Hardware - 0.00%
Flipkart Online Services Pvt Ltd (a),(b),(c),(d)	6,882		641		Valmont Industries Inc	1,743		251
GoDaddy Inc (a)	5,688		203
IAC/InterActiveCorp (a)	5,508		379		Mining - 0.01%
Liberty Expedia Holdings Inc (a)	2,179		96		Freeport-McMoRan Inc (a)	37,937		632
Liberty Ventures (a)	1,786		78		Southern Copper Corp	3,196		122
Match Group Inc (a)	6,379		111				$	754

See accompanying notes

107

Schedule of Investments LargeCap Growth Fund I

January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Miscellaneous Manufacturers - 1.14%					REITS (continued)
3M Co	35,035	$	6,125		Boston Properties Inc	1,604	$	210
AO Smith Corp	970,205		47,298		Care Capital Properties Inc	1,812		45
AptarGroup Inc	1,812		132		Colony NorthStar Inc	17,299		241
Carlisle Cos Inc	2,141		233		Crown Castle International Corp	210,959		18,528
Donaldson Co Inc	11,138		470		CubeSmart	9,987		251
General Electric Co	106,420		3,161		Digital Realty Trust Inc	9,185		989
Hexcel Corp	8,740		449		Empire State Realty Trust Inc	7,102		146
Illinois Tool Works Inc	29,448		3,746		Equinix Inc	4,106		1,581
Ingersoll-Rand PLC	20,101		1,595		Equity LifeStyle Properties Inc	6,492		480
Textron Inc	324,026		15,349		Essex Property Trust Inc	2,274		510
		$	78,558		Extra Space Storage Inc	9,830		708
Office & Business Equipment - 0.01%					Federal Realty Investment Trust	5,743		806
Pitney Bowes Inc	16,707		266		Gaming and Leisure Properties Inc	16,062		508
					Iron Mountain Inc	20,809		745
Oil & Gas - 0.05%					Lamar Advertising Co	6,946		525
Apache Corp	21,177		1,267		Life Storage Inc	2,604		212
Cabot Oil & Gas Corp	26,382		567		Omega Healthcare Investors Inc	6,213		199
Cimarex Energy Co	1,442		195		Outfront Media Inc	2,902		80
Continental Resources Inc/OK (a)	3,762		182		Park Hotels & Resorts Inc	8,558		232
Devon Energy Corp	4,122		188		Public Storage	8,809		1,894
Diamondback Energy Inc (a)	1,682		177		Regency Centers Corp	1,507		105
EOG Resources Inc	5,107		519		Senior Housing Properties Trust	3,825		73
Murphy USA Inc (a)	2,292		146		Simon Property Group Inc	25,470		4,681
Parsley Energy Inc (a)	1,915		67		Tanger Factory Outlet Centers Inc	7,782		266
Southwestern Energy Co (a)	42,094		379		Taubman Centers Inc	2,623		186
		$	3,687		Ventas Inc	19,461		1,200
Packaging & Containers - 0.07%							$	39,649
Ball Corp	13,838		1,055		Retail - 6.94%
Bemis Co Inc	2,214		108		Advance Auto Parts Inc	5,738		942
Berry Plastics Group Inc (a)	10,911		557		AutoNation Inc (a)	2,483		132
Crown Holdings Inc (a)	11,704		634		AutoZone Inc (a)	1,743		1,264
Graphic Packaging Holding Co	21,475		269		Bed Bath & Beyond Inc	2,597		105
Owens-Illinois Inc (a)	15,181		287		Brinker International Inc	5,368		239
Packaging Corp of America	8,052		742		Burlington Stores Inc (a)	4,113		344
Sealed Air Corp	16,528		801		Cabela's Inc (a)	1,298		73
Silgan Holdings Inc	3,721		218		CarMax Inc (a)	15,966		1,065
		$	4,671		Casey's General Stores Inc	3,494		401
Pharmaceuticals - 3.69%					Coach Inc	5,418		202
AbbVie Inc	130,235		7,959		Copart Inc (a)	9,037		513
ACADIA Pharmaceuticals Inc (a)	7,651		265		Costco Wholesale Corp	853,381		139,912
Agios Pharmaceuticals Inc (a)	2,553		110		CVS Health Corp	93,435		7,364
Akorn Inc (a)	8,834		169		Darden Restaurants Inc	10,242		750
Alkermes PLC (a)	12,026		651		Dick's Sporting Goods Inc	6,858		354
Allergan PLC	127,582		27,927		Dollar General Corp	602,461		44,474
AmerisourceBergen Corp	14,092		1,230		Dollar Tree Inc (a)	13,487		1,041
Bristol-Myers Squibb Co	420,980		20,695		Domino's Pizza Inc	4,414		770
Cardinal Health Inc	17,974		1,347		Dunkin' Brands Group Inc	8,610		447
DexCom Inc (a)	939,239		74,341		Foot Locker Inc	10,747		737
Eli Lilly & Co	58,078		4,474		Gap Inc/The	3,991		92
Express Scripts Holding Co (a)	54,447		3,750		Genuine Parts Co	11,748		1,137
Herbalife Ltd (a)	7,111		400		Home Depot Inc/The	382,175		52,579
Johnson & Johnson	44,321		5,019		Liberty Interactive Corp QVC Group (a)	21,158		406
McKesson Corp	13,409		1,866		Lowe's Cos Inc	53,252		3,892
Mead Johnson Nutrition Co	1,098,783		77,420		Lululemon Athletica Inc (a)	8,479		572
Merck & Co Inc	364,100		22,570		McDonald's Corp	49,523		6,070
Mylan NV (a)	12,759		485		Michaels Cos Inc/The (a)	7,815		154
Neurocrine Biosciences Inc (a)	6,876		295		MSC Industrial Direct Co Inc	2,239		229
Pfizer Inc	24,970		792		Nordstrom Inc	11,208		496
Premier Inc (a)	3,419		109		Nu Skin Enterprises Inc	2,806		146
VCA Inc (a)	6,841		620		O'Reilly Automotive Inc (a)	67,691		17,753
Zoetis Inc	47,030		2,584		Panera Bread Co (a)	2,002		418
		$	255,078		Ross Stores Inc	363,046		24,000
					Sally Beauty Holdings Inc (a)	12,444		296
Pipelines - 0.02%
ONEOK Inc	17,630		972		Signet Jewelers Ltd	5,481		426
Spectra Energy Corp	8,967		373		Starbucks Corp	2,220,248		122,603
Williams Cos Inc/The	6,771		195		Target Corp	23,973		1,546
		$	1,540		TJX Cos Inc/The	143,499		10,750
					Tractor Supply Co	237,519		17,498
Real Estate - 0.01%					Ulta Beauty Inc (a)	4,969		1,353
CBRE Group Inc (a)	24,193		735
					Urban Outfitters Inc (a)	7,330		194
REITS - 0.57%					Walgreens Boots Alliance Inc	26,502		2,172
Alexandria Real Estate Equities Inc	742		82		Wendy's Co/The	14,434		195
American Tower Corp	40,255		4,166		Williams-Sonoma Inc	8,017		386
					Yum China Holdings Inc (a)	29,213		803

See accompanying notes

108

Schedule of Investments
LargeCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)				Shares Held	Value (000's)
Retail (continued)					Telecommunications (continued)
Yum! Brands Inc	192,103	$	12,589		T-Mobile US Inc (a)				514,701	$	32,051
		$	479,884		Verizon Communications Inc				164,257		8,050
Semiconductors - 3.15%					Zayo Group Holdings Inc (a)				12,835		410
Applied Materials Inc	96,248		3,297							$	41,669
ASML Holding NV - NY Reg Shares	236,000		28,650		Textiles - 0.01%
Broadcom Ltd	22,444		4,478		Mohawk Industries Inc (a)				4,222		911
Intel Corp	55,686		2,050
IPG Photonics Corp (a)	2,750		316		Toys, Games & Hobbies - 0.02%
KLA-Tencor Corp	13,229		1,126		Hasbro Inc				9,656		797
Lam Research Corp	20,096		2,308		Mattel Inc				27,531		721
Linear Technology Corp	10,048		634							$	1,518
Maxim Integrated Products Inc	23,940		1,065		Transportation - 0.70%
Microchip Technology Inc	17,691		1,192		CH Robinson Worldwide Inc				11,813		898
NVIDIA Corp	158,637		17,320		Expeditors International of Washington Inc				11,328		590
NXP Semiconductors NV (a)	1,502,304		147,000		FedEx Corp				192,896		36,479
ON Semiconductor Corp (a)	7,155		95		JB Hunt Transport Services Inc				7,686		762
Qorvo Inc (a)	1,453		93		Landstar System Inc				4,270		361
QUALCOMM Inc	44,633		2,385		Old Dominion Freight Line Inc				4,131		365
Skyworks Solutions Inc	10,318		947		Union Pacific Corp				17,464		1,861
Texas Instruments Inc	59,851		4,521		United Parcel Service Inc				61,407		6,701
Xilinx Inc	7,605		443							$	48,017
		$	217,920		TOTAL COMMON STOCKS					$	6,602,966
Shipbuilding - 0.01%					INVESTMENT COMPANIES - 3.37%				Shares Held	Value (000's)
Huntington Ingalls Industries Inc	3,512		681		Money Market Funds - 3.37%
					Cash Account Trust - Government & Agency				1,452,355		1,452
Software - 9.80%					Portfolio - Government Cash Managed
Activision Blizzard Inc	33,196		1,335		First American Government Obligations Fund				172,255,233		172,255
Adobe Systems Inc (a)	955,692		108,356		Morgan Stanley Institutional Liquidity Funds -				59,353,762		59,354
Akamai Technologies Inc (a)	1,239,085		84,989		Government Portfolio
ANSYS Inc (a)	479,209		44,691
athenahealth Inc (a)	3,335		420							$	233,061
Atlassian Corp PLC (a)	2,806		78		TOTAL INVESTMENT COMPANIES					$	233,061
Autodesk Inc (a)	10,266		835		CONVERTIBLE PREFERRED STOCKS -
Black Knight Financial Services Inc (a)	4,098		149		0.45		%		Shares Held	Value (000's)
					Internet - 0.45%
Broadridge Financial Solutions Inc	10,464		696		Airbnb Inc - Series D			0.00%(a),(b),(c),(d)	121,527	$	12,760
Cadence Design Systems Inc (a)	26,607		693
					Airbnb Inc - Series E			0.00%(a),(b),(c),(d)	29,361		3,083
CDK Global Inc	13,621		852		Dropbox Inc 0.00%(a),(b),(c),(d)				254,085		3,600
Citrix Systems Inc (a)	13,261		1,209
CommerceHub Inc - Series A (a)	3,930		58		Flipkart Online Services Pvt Ltd Series A				2,350		219
					0.00%(a),(b),(c),(d)
Donnelley Financial Solutions Inc (a)	4,392		106
					Flipkart Online Services Pvt Ltd Series C				4,148		387
Dun & Bradstreet Corp/The	1,621		199		0.00%(a),(b),(c),(d)
Electronic Arts Inc (a)	43,600		3,638
					Flipkart Online Services Pvt Ltd Series E				7,712		718
Fidelity National Information Services Inc	10,925		868		0.00%(a),(b),(c),(d)
First Data Corp (a)	28,894		443
					Uber Technologies Inc 0.00%(a),(b),(c),(d)				209,292		10,208
Fiserv Inc (a)	32,249		3,464
Guidewire Software Inc (a)	6,130		321							$	30,975
Inovalon Holdings Inc (a)	7,983		92		TOTAL CONVERTIBLE PREFERRED STOCKS					$	30,975
Intuit Inc	246,018		29,173		PREFERRED STOCKS - 0.26%				Shares Held	Value (000's)
Jack Henry & Associates Inc	7,196		646		Internet - 0.12%
Manhattan Associates Inc (a)	6,850		351		Flipkart Online Services Pvt Ltd Series G				34,940		3,255
Microsoft Corp	2,338,972		151,215		0.00%(a),(b),(c),(d)
					Uber Technologies Inc 0.00%(a),(b),(c),(d)				98,844		4,821
MSCI Inc	7,378		611
Nuance Communications Inc (a)	18,488		293							$	8,076
Oracle Corp	17,212		690		Software - 0.14%
Paychex Inc	53,403		3,220		Magic Leap Inc 0.00%(a),(b),(c),(d)				168,788		3,888
PTC Inc (a)	4,762		250		Snapchat Inc 0.00%(a),(b),(c),(d)				293,598		6,156
Red Hat Inc (a)	473,908		35,960							$	10,044
salesforce.com Inc (a)	1,796,808		142,127		TOTAL PREFERRED STOCKS					$	18,120
ServiceNow Inc (a)	431,344		39,088		Total Investments					$	6,885,122
Splunk Inc (a)	10,576		612		Other Assets and Liabilities - 0.39%					$	27,237
SS&C Technologies Holdings Inc	13,752		442		TOTAL NET ASSETS - 100.00%					$	6,912,359
Synopsys Inc (a)	2,504		157
Tyler Technologies Inc (a)	2,867		419
Ultimate Software Group Inc/The (a)	2,313		448		(a)	Non-Income Producing Security
Veeva Systems Inc (a)	9,147		387		(b)	Security is Illiquid. At the end of the period, the value of these securities
VMware Inc (a)	3,050		267			totaled $50,245 or 0.73% of net assets.
Workday Inc (a)	214,300		17,806		(c)	Restricted Security. Please see Restricted Security Sub-Schedule for more
		$	677,654			information.
Telecommunications - 0.60%					(d)	Fair value of these investments is determined in good faith by the Manager
Arista Networks Inc (a)	3,938		370			under procedures established and periodically reviewed by the Board of
ARRIS International PLC (a)	4,932		141			Directors. Inputs used in the valuation may be unobservable; however, not
CommScope Holding Co Inc (a)	12,323		466			all securities are included in Level 3 of the fair value hierarchy. At the end
Motorola Solutions Inc	2,239		181			of the period, the fair value of these securities totaled $50,245 or 0.73% of
						net assets.

See accompanying notes

109

Schedule of Investments
LargeCap Growth Fund I
January 31, 2017 (unaudited)

Portfolio Summary (unaudited)
Sector				Percent
Consumer, Non-cyclical				25.73	%
Communications				22.41	%
Technology				16.60	%
Industrial				11.61	%
Consumer, Cyclical				11.24	%
Financial				8.26	%
Investment Companies				3.37	%
Basic Materials				0.32	%
Energy				0.07	%
Utilities				0.00	%
Investments Sold Short				(0.03	)%
Other Assets and Liabilities				0.42	%
TOTAL NET ASSETS				100.00	%
Restricted Securities
Security Name		Trade Date					Cost			Value			Percent of Net Assets
Airbnb Inc - Series D		04/16/2014					$	4,948	$	12,760			0.18	%
Airbnb Inc - Series E		07/14/2015						2,733			3,083		0.04	%
Dropbox Inc		01/30/2014						4,854			3,600		0.05	%
Dropbox Inc		11/07/2014						1,012			509		0.01	%
Flipkart Online Services Pvt Ltd		03/19/2015						785			641		0.01	%
Flipkart Online Services Pvt Ltd Series A		03/19/2015						268			219		0.00	%
Flipkart Online Services Pvt Ltd Series C		03/19/2015						473			387		0.01	%
Flipkart Online Services Pvt Ltd Series E		03/19/2015						879			718		0.01	%
Flipkart Online Services Pvt Ltd Series G		12/17/2014						4,185			3,255		0.05	%
Magic Leap Inc		01/20/2016						3,888			3,888		0.06	%
Snapchat Inc		05/06/2016						4,509			6,156		0.09	%
Uber Technologies Inc		12/03/2015						4,821			4,821		0.07	%
Uber Technologies Inc		12/05/2014						6,973		10,208			0.15	%
Amounts in thousands
Futures Contracts
													Unrealized
Type	Long/Short			Contracts		Notional Value				Fair Value	Appreciation/(Depreciation)
S&P 500 Emini; March 2017		Long		2,129		$	241,137	$		242,121		$	984
Total											$		984
Amounts in thousands except contracts
Short Sales Outstanding
COMMON STOCKS - (0.03)%	Shares	Value(000			's)
Biotechnology - (0.03)%
Bioverativ Inc (a)	48,778		$	2,195
TOTAL COMMON STOCKS (proceeds $2,055)		$		2,195
TOTAL SHORT SALES (proceeds $2,055)		$		2,195
(a) Non-Income Producing Security

See accompanying notes

110

Schedule of Investments LargeCap Growth Fund II

January 31, 2017 (unaudited)

COMMON STOCKS - 97.29%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.48%					Biotechnology (continued)
Interpublic Group of Cos Inc/The	2,695	$	63		Gilead Sciences Inc	46,275	$	3,353
Omnicom Group Inc	29,644		2,539		Illumina Inc (a)	3,653		585
		$	2,602		Incyte Corp (a)	11,374		1,378
Aerospace & Defense - 1.19%					Intercept Pharmaceuticals Inc (a)	98		11
B/E Aerospace Inc	716		44		Intrexon Corp (a)	354		7
Boeing Co/The	9,429		1,541		Ionis Pharmaceuticals Inc (a)	731		32
General Dynamics Corp	463		84		Juno Therapeutics Inc (a)	352		7
HEICO Corp	186		14		Regeneron Pharmaceuticals Inc (a)	4,527		1,626
HEICO Corp - Class A	321		21		Seattle Genetics Inc (a)	592		36
Lockheed Martin Corp	16,753		4,211		United Therapeutics Corp (a)	75		12
Northrop Grumman Corp	1,284		294		Vertex Pharmaceuticals Inc (a)	1,526		131
Raytheon Co	517		75				$	21,226
Rockwell Collins Inc	820		74		Building Materials - 0.07%
Spirit AeroSystems Holdings Inc	490		30		Eagle Materials Inc	315		33
TransDigm Group Inc	311		67		Fortune Brands Home & Security Inc	984		54
		$	6,455		Johnson Controls International plc	895		39
Agriculture - 1.11%					Lennox International Inc	260		41
Altria Group Inc	49,470		3,522		Martin Marietta Materials Inc	357		82
Philip Morris International Inc	24,601		2,364		Masco Corp	1,401		46
Reynolds American Inc	2,341		141		Vulcan Materials Co	561		72
		$	6,027				$	367
Airlines - 0.80%					Chemicals - 1.41%
Alaska Air Group Inc	675		63		AdvanSix Inc (a)	323		8
Delta Air Lines Inc	84,823		4,007		Air Products & Chemicals Inc	1,352		189
JetBlue Airways Corp (a)	392		8		Axalta Coating Systems Ltd (a)	1,086		32
Southwest Airlines Co	5,059		265		Celanese Corp	125		11
		$	4,343		Dow Chemical Co/The	63,407		3,781
Apparel - 1.00%					EI du Pont de Nemours & Co	6,015		454
Carter's Inc	11,686		979		FMC Corp	680		41
Hanesbrands Inc	2,387		56		International Flavors & Fragrances Inc	514		60
Michael Kors Holdings Ltd (a)	1,075		46		LyondellBasell Industries NV	25,697		2,396
NIKE Inc	80,273		4,247		Monsanto Co	1,298		141
Ralph Lauren Corp	52		4		NewMarket Corp	49		21
Skechers U.S.A. Inc (a)	905		23		PPG Industries Inc	1,216		122
Under Armour Inc - Class C (a)	1,224		23		Praxair Inc	1,935		229
VF Corp	1,550		80		RPM International Inc	873		46
		$	5,458		Sherwin-Williams Co/The	366		111
					Valvoline Inc	142		3
Automobile Manufacturers - 0.03%					Versum Materials Inc (a)	730		20
PACCAR Inc	132		9
Tesla Inc (a)	537		135				$	7,665
		$	144		Commercial Services - 2.94%
Automobile Parts & Equipment - 0.54%					AMERCO	26		10
BorgWarner Inc	299		12		Aramark	773		26
Delphi Automotive PLC	2,848		200		Automatic Data Processing Inc	4,147		419
Lear Corp	420		60		Booz Allen Hamilton Holding Corp	840		28
Visteon Corp (a)	271		24		Cintas Corp	591		69
					CoreLogic Inc/United States (a)	489		17
WABCO Holdings Inc (a)	24,410		2,661
					CoStar Group Inc (a)	213		43
		$	2,957		Ecolab Inc	32,884		3,950
Banks - 0.42%					Equifax Inc	757		89
Citizens Financial Group Inc	33,511		1,212		Euronet Worldwide Inc (a)	386		28
First Hawaiian Inc	170		6		FleetCor Technologies Inc (a)	592		87
First Republic Bank/CA	783		74		Gartner Inc (a)	536		53
Regions Financial Corp	65,817		948		Global Payments Inc	44,305		3,424
Signature Bank/New York NY (a)	204		32
Western Alliance Bancorp (a)	406		20		KAR Auction Services Inc	915		42
					Live Nation Entertainment Inc (a)	616		18
		$	2,292		LSC Communications Inc	315		8
Beverages - 3.43%					Moody's Corp	688		71
Brown-Forman Corp - A Shares	385		18		Morningstar Inc	120		9
Brown-Forman Corp - B Shares	1,091		50		Nielsen Holdings PLC	1,765		72
Coca-Cola Co/The	163,430		6,794		PayPal Holdings Inc (a)	5,184		206
Constellation Brands Inc	1,235		185		Quanta Services Inc (a)	386		14
Dr Pepper Snapple Group Inc	58,030		5,292		Robert Half International Inc	860		41
Monster Beverage Corp (a)	1,900		81
					Rollins Inc	748		26
PepsiCo Inc	59,782		6,204		RR Donnelley & Sons Co	352		6
		$	18,624		S&P Global Inc	1,209		145
Biotechnology - 3.91%					Sabre Corp	1,460		36
Alexion Pharmaceuticals Inc (a)	1,344		176		Service Corp International/US	1,291		38
Alnylam Pharmaceuticals Inc (a)	392		16		ServiceMaster Global Holdings Inc (a)	885		33
Amgen Inc	36,550		5,727		Square Inc (a)	498		7
AquaBounty Technologies Inc (a)	5		—		Total System Services Inc	1,147		58
Biogen Inc (a)	11,149		3,091		United Rentals Inc (a)	6,492		821
BioMarin Pharmaceutical Inc (a)	1,046		92		Vantiv Inc (a)	1,034		64
Celgene Corp (a)	42,582		4,946

See accompanying notes

111

Schedule of Investments LargeCap Growth Fund II

January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Commercial Services (continued)					Electronics - 1.89%
Verisk Analytics Inc (a)	71,740	$	5,929		Agilent Technologies Inc	39,398	$	1,929
Western Union Co/The	3,353		66		Allegion PLC	634		42
WEX Inc (a)	261		30		Amphenol Corp	1,371		93
		$	15,983		Fortive Corp	24,130		1,335
Computers - 5.70%					Gentex Corp	1,368		29
Accenture PLC - Class A	5,215		594		Honeywell International Inc	51,168		6,054
Apple Inc	223,767		27,154		Mettler-Toledo International Inc (a)	178		76
Cognizant Technology Solutions Corp (a)	2,767		146		National Instruments Corp	555		17
Computer Sciences Corp	20,377		1,267		PerkinElmer Inc	232		12
CSRA Inc	1,187		37		Trimble Inc (a)	1,293		38
Dell Technologies Inc Class V (a)	12,290		774		Waters Corp (a)	4,409		624
DST Systems Inc	254		29				$	10,249
Fortinet Inc (a)	989		33		Engineering & Construction - 0.37%
Genpact Ltd	1,174		29		SBA Communications Corp (a)	19,166		2,017
International Business Machines Corp	4,595		802
Leidos Holdings Inc	536		26		Entertainment - 0.03%
NCR Corp (a)	890		38		Cinemark Holdings Inc	771		33
Teradata Corp (a)	1,019		30		Lions Gate Entertainment Corp - A shares (a)	362		10
VeriFone Systems Inc (a)	733		13		Lions Gate Entertainment Corp - B shares (a)	640		17
		$	30,972		Regal Entertainment Group	386		9
Consumer Products - 0.41%					Six Flags Entertainment Corp	514		31
Avery Dennison Corp	572		42		Vail Resorts Inc	262		45
Church & Dwight Co Inc	41,848		1,892				$	145
Clorox Co/The	689		83		Environmental Control - 0.02%
Kimberly-Clark Corp	1,403		170		Waste Management Inc	1,685		117
Spectrum Brands Holdings Inc	197		26
		$	2,213		Food - 2.34%
Cosmetics & Personal Care - 0.73%					Blue Buffalo Pet Products Inc (a)	567		14
Colgate-Palmolive Co	1,348		87		Campbell Soup Co	1,227		76
Estee Lauder Cos Inc/The	32,738		2,658		Conagra Brands Inc	2,268		89
Procter & Gamble Co/The	14,081		1,234		Flowers Foods Inc	1,239		25
		$	3,979		General Mills Inc	64,994		4,061
Distribution & Wholesale - 0.64%					Hain Celestial Group Inc/The (a)	539		21
Fastenal Co	64,742		3,216		Hershey Co/The	914		96
HD Supply Holdings Inc (a)	1,377		58		Hormel Foods Corp	40,100		1,456
LKQ Corp (a)	2,008		64		Ingredion Inc	359		46
Pool Corp	300		32		Kellogg Co	1,045		76
Watsco Inc	187		29		Kraft Heinz Co/The	344		31
WW Grainger Inc	354		89		Kroger Co/The	66,929		2,273
		$	3,488		Lamb Weston Holdings Inc	856		32
Diversified Financial Services - 4.39%					McCormick & Co Inc/MD	41,174		3,934
Affiliated Managers Group Inc	297		45		Pilgrim's Pride Corp	328		6
					Post Holdings Inc (a)	284		24
Air Lease Corp	419		15		Sprouts Farmers Market Inc (a)	1,043		20
Alliance Data Systems Corp	382		87
American Express Co	29,634		2,263		Sysco Corp	4,678		245
Ameriprise Financial Inc	518		58		Tyson Foods Inc	2,107		132
					US Foods Holding Corp (a)	432		12
CBOE Holdings Inc	45,578		3,629
Charles Schwab Corp/The	72,846		3,005		Whole Foods Market Inc	506		15
Credit Acceptance Corp (a)	56		12				$	12,684
Discover Financial Services	1,285		89		Hand & Machine Tools - 0.03%
Eaton Vance Corp	771		32		Lincoln Electric Holdings Inc	303		25
Federated Investors Inc	721		19		Snap-on Inc	288		53
Intercontinental Exchange Inc	1,290		75		Stanley Black & Decker Inc	508		63
Invesco Ltd	523		15				$	141
Lazard Ltd	218		9		Healthcare - Products - 3.94%
LPL Financial Holdings Inc	162		6		Abbott Laboratories	43,425		1,814
Mastercard Inc	63,839		6,788		ABIOMED Inc (a)	273		29
SEI Investments Co	795		39		Align Technology Inc (a)	500		46
T Rowe Price Group Inc	837		57		Baxter International Inc	1,484		71
TD Ameritrade Holding Corp	1,447		67		Becton Dickinson and Co	1,576		279
Visa Inc	91,450		7,564		Bio-Techne Corp	261		27
		$	23,874		Boston Scientific Corp (a)	6,187		149
Electric - 0.00%					Bruker Corp	888		21
Dominion Resources Inc/VA	235		18		Cooper Cos Inc/The	256		47
					CR Bard Inc	7,310		1,735
Electrical Components & Equipment - 0.03%					Danaher Corp	49,900		4,188
Acuity Brands Inc	269		56		Edwards Lifesciences Corp (a)	34,243		3,295
AMETEK Inc	301		15		Henry Schein Inc (a)	13,657		2,183
Emerson Electric Co	469		28		Hill-Rom Holdings Inc	471		28
Energizer Holdings Inc	219		11		Hologic Inc (a)	16,509		669
Hubbell Inc	257		31		IDEXX Laboratories Inc (a)	596		73
		$	141		Intuitive Surgical Inc (a)	5,259		3,643
					OPKO Health Inc (a)	1,786		16

See accompanying notes

112

Schedule of Investments
LargeCap Growth Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Healthcare - Products (continued)					Internet (continued)
Patterson Cos Inc	601	$	25		Liberty Expedia Holdings Inc (a)	147	$	6
ResMed Inc	913		62		Liberty Ventures (a)	137		6
Stryker Corp	2,453		303		Match Group Inc (a)	509		9
Teleflex Inc	80		13		Netflix Inc (a)	1,868		263
Thermo Fisher Scientific Inc	821		125		Pandora Media Inc (a)	1,210		16
Varex Imaging Corp (a)	11,154		320		Priceline Group Inc/The (a)	352		554
Varian Medical Systems Inc (a)	27,887		2,165		Symantec Corp	49,172		1,354
VWR Corp (a)	218		6		TripAdvisor Inc (a)	18,560		982
West Pharmaceutical Services Inc	504		43		VeriSign Inc (a)	21,117		1,694
Zimmer Biomet Holdings Inc	445		53		Yelp Inc (a)	391		16
		$	21,428		Zillow Group Inc - A Shares (a)	267		10
Healthcare - Services - 2.99%					Zillow Group Inc - C Shares (a)	482		17
Aetna Inc	1,161		138				$	57,395
Anthem Inc	794		122		Iron & Steel - 0.00%
Centene Corp (a)	848		54		Steel Dynamics Inc	323		11
Cigna Corp	882		129
DaVita Inc (a)	490		31		Leisure Products & Services - 0.02%
Envision Healthcare Corp (a)	561		38		Brunswick Corp/DE	554		33
HCA Holdings Inc (a)	1,936		155		Harley-Davidson Inc	1,203		69
Humana Inc	1,135		225		Vista Outdoor Inc (a)	134		4
Laboratory Corp of America Holdings (a)	48,365		6,491				$	106
MEDNAX Inc (a)	456		31		Lodging - 0.44%
Quest Diagnostics Inc	9,821		903		Choice Hotels International Inc	242		13
Quintiles IMS Holdings Inc (a)	762		60		Extended Stay America Inc	415		7
UnitedHealth Group Inc	47,980		7,777		Hilton Grand Vacations Inc (a)	459		13
Universal Health Services Inc	183		21		Hilton Worldwide Holdings Inc	1,031		59
WellCare Health Plans Inc (a)	292		43		Hyatt Hotels Corp (a)	118		6
		$	16,218		Las Vegas Sands Corp	38,296		2,014
Home Builders - 0.03%					Marriott International Inc/MD	2,630		223
CalAtlantic Group Inc	132		4		MGM Resorts International (a)	453		13
DR Horton Inc	1,291		39		Wyndham Worldwide Corp	744		59
Lennar Corp - A Shares	675		30				$	2,407
Lennar Corp - B Shares	164		6		Machinery - Construction & Mining - 0.27%
NVR Inc (a)	25		46		BWX Technologies Inc	693		29
PulteGroup Inc	827		18		Caterpillar Inc	15,164		1,450
Thor Industries Inc	354		37				$	1,479
		$	180		Machinery - Diversified - 0.59%
Home Furnishings - 0.02%					Cognex Corp	586		40
Harman International Industries Inc	253		28		Deere & Co	354		38
Leggett & Platt Inc	923		44		IDEX Corp	469		42
Tempur Sealy International Inc (a)	380		16		Manitowoc Foodservice Inc (a)	536		10
Whirlpool Corp	65		12		Middleby Corp/The (a)	372		50
		$	100		Nordson Corp	408		47
Housewares - 0.04%					Rockwell Automation Inc	1,042		154
Newell Brands Inc	2,168		103		Roper Technologies Inc	479		92
Scotts Miracle-Gro Co/The	287		26		Wabtec Corp/DE	30,796		2,668
Toro Co/The	760		45		Xylem Inc/NY	655		32
Tupperware Brands Corp	362		22		Zebra Technologies Corp (a)	295		25
		$	196				$	3,198
Insurance - 1.96%					Media - 5.19%
American International Group Inc	20,083		1,290		AMC Networks Inc (a)	422		24
AmTrust Financial Services Inc	248		7		Cable One Inc	37		24
Aon PLC	1,779		200		CBS Corp	3,922		253
Arthur J Gallagher & Co	834		45		Charter Communications Inc (a)	918		297
Berkshire Hathaway Inc - Class B (a)	25,730		4,223		Comcast Corp - Class A	206,342		15,562
Brown & Brown Inc	162		7		Discovery Communications Inc - A Shares (a)	1,020		29
Erie Indemnity Co	146		16		Discovery Communications Inc - C Shares (a)	1,467		41
Lincoln National Corp	423		29		DISH Network Corp (a)	1,088		64
Marsh & McLennan Cos Inc	70,456		4,793		FactSet Research Systems Inc	256		44
Progressive Corp/The	244		9		Scripps Networks Interactive Inc	574		44
XL Group Ltd	657		25		Sirius XM Holdings Inc	257,372		1,215
		$	10,644		Time Warner Inc	4,206		407
Internet - 10.57%					Twenty-First Century Fox Inc - A Shares	8,244		259
Alphabet Inc - A Shares (a)	33,892		27,798		Twenty-First Century Fox Inc - B Shares	2,515		78
Alphabet Inc - C Shares (a)	1,360		1,084		Viacom Inc - A Shares	136		6
Amazon.com Inc (a)	15,297		12,597		Viacom Inc - B Shares	1,942		82
CDW Corp/DE	26,590		1,369		Walt Disney Co/The	88,187		9,758
eBay Inc (a)	11,718		373				$	28,187
Expedia Inc	10,651		1,295		Metal Fabrication & Hardware - 0.00%
F5 Networks Inc (a)	24,423		3,274		Valmont Industries Inc	134		19
Facebook Inc (a)	35,559		4,634
GoDaddy Inc (a)	419		15		Mining - 0.01%
IAC/InterActiveCorp (a)	423		29		Freeport-McMoRan Inc (a)	2,918		49

See accompanying notes

113

Schedule of Investments
LargeCap Growth Fund II
January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Mining (continued)					Real Estate - 0.01%
Southern Copper Corp	219	$	8		CBRE Group Inc (a)	1,861	$	57
		$	57
Miscellaneous Manufacturers - 2.01%					REITS - 0.76%
3M Co	42,600		7,448		Alexandria Real Estate Equities Inc	63		7
AO Smith Corp	1,012		50		American Tower Corp	3,097		321
AptarGroup Inc	139		10		Boston Properties Inc	118		16
Carlisle Cos Inc	166		18		Care Capital Properties Inc	139		3
Donaldson Co Inc	856		36		Colony NorthStar Inc	1,330		19
General Electric Co	8,182		243		Crown Castle International Corp	1,458		128
Hexcel Corp	663		34		CubeSmart	768		19
Illinois Tool Works Inc	11,386		1,448		Digital Realty Trust Inc	706		76
Ingersoll-Rand PLC	1,563		124		Empire State Realty Trust Inc	546		11
Parker-Hannifin Corp	10,066		1,481		Equinix Inc	318		122
Textron Inc	615		29		Equity LifeStyle Properties Inc	499		37
		$	10,921		Equity Residential	27,687		1,683
Office & Business Equipment - 0.00%					Essex Property Trust Inc	174		39
Pitney Bowes Inc	1,285		21		Extra Space Storage Inc	756		55
					Federal Realty Investment Trust	441		62
Oil & Gas - 0.39%					Gaming and Leisure Properties Inc	1,235		39
Apache Corp	1,640		98		Iron Mountain Inc	1,593		57
Cabot Oil & Gas Corp	2,021		44		Lamar Advertising Co	534		40
Cimarex Energy Co	113		15		Life Storage Inc	195		16
Concho Resources Inc (a)	13,062		1,821		Omega Healthcare Investors Inc	478		15
Continental Resources Inc/OK (a)	292		14		Outfront Media Inc	245		7
Devon Energy Corp	317		15		Park Hotels & Resorts Inc	655		18
Diamondback Energy Inc (a)	132		14		Public Storage	679		146
EOG Resources Inc	392		40		Regency Centers Corp	115		8
Murphy USA Inc (a)	176		11		Senior Housing Properties Trust	294		6
Parsley Energy Inc (a)	149		5		Simon Property Group Inc	5,841		1,073
Southwestern Energy Co (a)	3,238		29		Tanger Factory Outlet Centers Inc	598		20
		$	2,106		Taubman Centers Inc	201		14
Oil & Gas Services - 0.25%					Ventas Inc	1,508		93
Halliburton Co	24,039		1,360				$	4,150
					Retail - 12.11%
Packaging & Containers - 0.07%					Advance Auto Parts Inc	446		73
Ball Corp	1,059		81		AutoNation Inc (a)	191		10
Bemis Co Inc	159		8		AutoZone Inc (a)	7,844		5,687
Berry Plastics Group Inc (a)	839		43		Bed Bath & Beyond Inc	205		8
Crown Holdings Inc (a)	897		48		Brinker International Inc	413		18
Graphic Packaging Holding Co	1,675		21		Burlington Stores Inc (a)	316		26
Owens-Illinois Inc (a)	1,167		22		Cabela's Inc (a)	101		6
Packaging Corp of America	620		57		CarMax Inc (a)	1,228		82
Sealed Air Corp	1,274		62		Casey's General Stores Inc	268		31
Silgan Holdings Inc	286		17		Chipotle Mexican Grill Inc (a)	4,126		1,739
		$	359		Coach Inc	42,517		1,588
					Copart Inc (a)	695		39
Pharmaceuticals - 3.97%
AbbVie Inc	72,734		4,444		Costco Wholesale Corp	42,319		6,938
ACADIA Pharmaceuticals Inc (a)	580		20		CVS Health Corp	7,190		567
Agios Pharmaceuticals Inc (a)	178		8		Darden Restaurants Inc	17,299		1,267
Akorn Inc (a)	669		13		Dick's Sporting Goods Inc	527		27
Alkermes PLC (a)	925		50		Dollar General Corp	1,291		95
					Dollar Tree Inc (a)	96,387		7,441
Allergan PLC	908		199
AmerisourceBergen Corp	1,084		95		Domino's Pizza Inc	338		59
Bristol-Myers Squibb Co	58,388		2,870		Dunkin' Brands Group Inc	662		34
Cardinal Health Inc	38,151		2,860		Foot Locker Inc	832		57
Eli Lilly & Co	4,475		345		Gap Inc/The	310		7
Express Scripts Holding Co (a)	37,497		2,582		Genuine Parts Co	903		87
Herbalife Ltd (a)	547		31		Home Depot Inc/The	69,371		9,544
					Liberty Interactive Corp QVC Group (a)	1,623		31
Johnson & Johnson	61,727		6,991
McKesson Corp	1,030		143		Lowe's Cos Inc	4,104		300
					Lululemon Athletica Inc (a)	644		43
Mead Johnson Nutrition Co	7,451		525
Mylan NV (a)	981		37		McDonald's Corp	39,841		4,883
Neurocrine Biosciences Inc (a)	518		22		Michaels Cos Inc/The (a)	610		12
Pfizer Inc	1,912		61		MSC Industrial Direct Co Inc	172		18
Premier Inc (a)	247		8		Nordstrom Inc	858		38
VCA Inc (a)	526		48		Nu Skin Enterprises Inc	215		11
					O'Reilly Automotive Inc (a)	21,889		5,741
Zoetis Inc	3,615		198		Panera Bread Co (a)	154		32
		$	21,550
Pipelines - 0.02%					Ross Stores Inc	29,293		1,937
					Sally Beauty Holdings Inc (a)	968		23
ONEOK Inc	1,347		74
Spectra Energy Corp	696		29		Signet Jewelers Ltd	421		33
Williams Cos Inc/The	520		15		Starbucks Corp	68,036		3,757
		$	118		Target Corp	1,851		119
					TJX Cos Inc/The	123,479		9,252

See accompanying notes

114

Schedule of Investments
LargeCap Growth Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Retail (continued)					Software (continued)
Tractor Supply Co	848	$	62		VMware Inc (a)	12,678	$	1,110
Ulta Beauty Inc (a)	381		104				$	59,456
Urban Outfitters Inc (a)	586		16		Telecommunications - 1.41%
Walgreens Boots Alliance Inc	2,037		167		Arista Networks Inc (a)	304		29
Wal-Mart Stores Inc	41,812		2,791		ARRIS International PLC (a)	379		11
Wendy's Co/The	1,121		15		CommScope Holding Co Inc (a)	944		36
Williams-Sonoma Inc	16,863		813		Motorola Solutions Inc	172		14
Yum China Holdings Inc (a)	2,247		62		T-Mobile US Inc (a)	1,084		67
Yum! Brands Inc	1,596		105		Verizon Communications Inc	152,001		7,449
		$	65,795		Zayo Group Holdings Inc (a)	1,004		32
Semiconductors - 2.93%							$	7,638
Applied Materials Inc	7,405		254		Textiles - 0.01%
ASML Holding NV - NY Reg Shares	14,698		1,784		Mohawk Industries Inc (a)	323		70
Broadcom Ltd	17,532		3,497
Intel Corp	157,660		5,805		Toys, Games & Hobbies - 0.02%
IPG Photonics Corp (a)	217		25		Hasbro Inc	737		61
KLA-Tencor Corp	1,020		87		Mattel Inc	2,118		55
Lam Research Corp	1,545		178				$	116
Linear Technology Corp	781		49		Transportation - 2.40%
Marvell Technology Group Ltd	97,905		1,456		CH Robinson Worldwide Inc	904		69
Maxim Integrated Products Inc	40,670		1,809		Expeditors International of Washington Inc	90,227		4,699
Microchip Technology Inc	1,361		92		FedEx Corp	16,095		3,043
NVIDIA Corp	2,327		254		JB Hunt Transport Services Inc	594		59
ON Semiconductor Corp (a)	552		7		Landstar System Inc	328		28
Qorvo Inc (a)	102		7		Old Dominion Freight Line Inc	317		28
QUALCOMM Inc	3,430		183		Union Pacific Corp	42,873		4,569
Skyworks Solutions Inc	793		73		United Parcel Service Inc	4,725		516
Texas Instruments Inc	4,606		348				$	13,011
Xilinx Inc	585		34		TOTAL COMMON STOCKS		$	528,528
		$	15,942		INVESTMENT COMPANIES - 3.00%	Shares Held		Value(000	's)
Shipbuilding - 0.01%					Money Market Funds - 3.00%
Huntington Ingalls Industries Inc	270		52		Cash Account Trust - Government & Agency	116,146		116
					Portfolio - Government Cash Managed
Software - 10.94%					First American Government Obligations Fund	4,714,732		4,715
Activision Blizzard Inc	107,011		4,303		Morgan Stanley Institutional Liquidity Funds -	11,492,460		11,492
Adobe Systems Inc (a)	2,232		253
Akamai Technologies Inc (a)	1,019		70		Government Portfolio
ANSYS Inc (a)	191		18				$	16,323
athenahealth Inc (a)	257		32		TOTAL INVESTMENT COMPANIES		$	16,323
Atlassian Corp PLC (a)	215		6		Total Investments		$	544,851
Autodesk Inc (a)	789		64		Other Assets and Liabilities - (0.29)%		$	(1,585	)
Black Knight Financial Services Inc (a)	299		11		TOTAL NET ASSETS - 100.00%		$	543,266
Broadridge Financial Solutions Inc	40,573		2,699
Cadence Design Systems Inc (a)	2,046		53
CDK Global Inc	1,043		65		(a) Non-Income Producing Security
Cerner Corp (a)	35,813		1,924
Citrix Systems Inc (a)	71,974		6,564
CommerceHub Inc - Series A (a)	302		4		Portfolio Summary (unaudited)
Donnelley Financial Solutions Inc (a)	337		8		Sector			Percent
Dun & Bradstreet Corp/The	124		15		Consumer, Non-cyclical			25.82	%
Electronic Arts Inc (a)	31,536		2,631		Technology			19.52	%
Fidelity National Information Services Inc	836		66		Communications			17.65	%
First Data Corp (a)	2,213		34		Consumer, Cyclical			15.73	%
Fiserv Inc (a)	36,400		3,911		Industrial			8.95	%
Guidewire Software Inc (a)	474		25		Financial			7.54	%
Inovalon Holdings Inc (a)	614		7		Investment Companies			3.00	%
Intuit Inc	2,636		313		Basic Materials			1.42	%
Jack Henry & Associates Inc	551		49		Energy			0.66	%
Manhattan Associates Inc (a)	526		27		Utilities			0.00	%
Microsoft Corp	336,609		21,762		Other Assets and Liabilities			(0.29	)%
MSCI Inc	565		47		TOTAL NET ASSETS			100.00	%
Nuance Communications Inc (a)	1,392		22
Oracle Corp	199,105		7,986
Paychex Inc	4,108		248
PTC Inc (a)	370		19
Red Hat Inc (a)	1,178		89
salesforce.com Inc (a)	34,969		2,766
Splunk Inc (a)	36,499		2,112
SS&C Technologies Holdings Inc	1,055		34
Synopsys Inc (a)	185		12
Tyler Technologies Inc (a)	220		32
Ultimate Software Group Inc/The (a)	178		35
Veeva Systems Inc (a)	717		30

See accompanying notes

115

Schedule of Investments
LargeCap Growth Fund II
January 31, 2017 (unaudited)
Foreign Currency Contracts
								Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For		Fair Value		Asset		Liability
UBS AG	03/31/2017	EUR	252,831	$	270	$	273	$	3	$	—
Total								$	3	$	—
								Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset		Liability
UBS AG	03/31/2017	EUR	1,681,005	$	1,753	$	1,819	$	— $		(66	)
Total								$	— $		(66	)
Amounts in thousands except contracts
Futures Contracts
											Unrealized
Type	Long/Short		Contracts		Notional Value		Fair Value		Appreciation/(Depreciation)
S&P 500 Emini; March 2017		Long	142	$	16,115		$	16,149		$	34
Total									$		34
Amounts in thousands except contracts

See accompanying notes

116

     Schedule of Investments LargeCap S&P 500 Index Fund January 31, 2017 (unaudited)

COMMON STOCKS - 98.99%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.15%					Beverages - 2.00%
Interpublic Group of Cos Inc/The	102,217	$	2,405		Brown-Forman Corp - B Shares	46,960	$	2,141
Omnicom Group Inc	60,732		5,202		Coca-Cola Co/The	999,406		41,545
		$	7,607		Constellation Brands Inc	45,757		6,853
Aerospace & Defense - 2.19%					Dr Pepper Snapple Group Inc	47,300		4,314
Arconic Inc	112,894		2,573		Molson Coors Brewing Co	47,447		4,580
Boeing Co/The	147,778		24,150		Monster Beverage Corp (a)	104,376		4,446
General Dynamics Corp	73,700		13,346		PepsiCo Inc	369,257		38,322
Harris Corp	31,997		3,286				$	102,201
L3 Technologies Inc	19,904		3,158		Biotechnology - 2.34%
Lockheed Martin Corp	64,871		16,304		Alexion Pharmaceuticals Inc (a)	57,737		7,545
Northrop Grumman Corp	45,381		10,396		Amgen Inc	191,536		30,010
Raytheon Co	75,605		10,899		Biogen Inc (a)	56,018		15,531
Rockwell Collins Inc	33,537		3,044		Celgene Corp (a)	199,590		23,182
TransDigm Group Inc	12,911		2,794		Gilead Sciences Inc	339,203		24,575
United Technologies Corp	197,161		21,623		Illumina Inc (a)	37,822		6,055
		$	111,573		Regeneron Pharmaceuticals Inc (a)	19,464		6,993
Agriculture - 1.83%					Vertex Pharmaceuticals Inc (a)	63,861		5,484
Altria Group Inc	502,133		35,742				$	119,375
Archer-Daniels-Midland Co	148,147		6,557		Building Materials - 0.47%
Philip Morris International Inc	399,424		38,397		Fortune Brands Home & Security Inc	39,729		2,190
Reynolds American Inc	212,915		12,802		Johnson Controls International plc	241,175		10,607
		$	93,498		Martin Marietta Materials Inc	16,340		3,752
Airlines - 0.62%					Masco Corp	84,528		2,785
Alaska Air Group Inc	31,738		2,978		Vulcan Materials Co	34,065		4,372
American Airlines Group Inc	133,400		5,903				$	23,706
Delta Air Lines Inc	189,595		8,956		Chemicals - 1.94%
Southwest Airlines Co	158,497		8,291		Air Products & Chemicals Inc	55,967		7,822
United Continental Holdings Inc (a)	74,338		5,239		Albemarle Corp	28,959		2,683
		$	31,367		CF Industries Holdings Inc	60,019		2,118
Apparel - 0.59%					Dow Chemical Co/The	288,720		17,216
Hanesbrands Inc	97,308		2,307		Eastman Chemical Co	37,783		2,928
Michael Kors Holdings Ltd (a)	42,288		1,810		EI du Pont de Nemours & Co	223,828		16,899
NIKE Inc	344,024		18,199		FMC Corp	34,459		2,073
Ralph Lauren Corp	14,499		1,282		International Flavors & Fragrances Inc	20,449		2,397
Under Armour Inc - Class A (a)	47,307		1,017		LyondellBasell Industries NV	86,038		8,025
Under Armour Inc - Class C (a)	47,572		914		Monsanto Co	112,766		12,214
VF Corp	85,214		4,387		Mosaic Co/The	90,175		2,829
		$	29,916		PPG Industries Inc	67,970		6,797
Automobile Manufacturers - 0.62%					Praxair Inc	73,478		8,703
Ford Motor Co	1,004,865		12,420		Sherwin-Williams Co/The	20,811		6,322
General Motors Co	357,148		13,075				$	99,026
PACCAR Inc	90,252		6,075		Commercial Services - 1.40%
		$	31,570		Automatic Data Processing Inc	116,163		11,731
Automobile Parts & Equipment - 0.18%					Cintas Corp	22,154		2,572
BorgWarner Inc	51,548		2,105		Ecolab Inc	67,559		8,116
Delphi Automotive PLC	69,733		4,885		Equifax Inc	30,834		3,616
Goodyear Tire & Rubber Co/The	67,212		2,177		Global Payments Inc	39,572		3,058
		$	9,167		H&R Block Inc	53,325		1,144
Banks - 7.93%					Moody's Corp	42,828		4,440
Bank of America Corp	2,601,733		58,903		Nielsen Holdings PLC	86,505		3,539
					PayPal Holdings Inc (a)	288,926		11,494
Bank of New York Mellon Corp/The	272,231		12,177		Quanta Services Inc (a)	38,929		1,397
BB&T Corp	208,916		9,650
Capital One Financial Corp	124,177		10,852		Robert Half International Inc	33,184		1,562
Citigroup Inc	733,716		40,963		S&P Global Inc	66,710		8,017
					Total System Services Inc	42,595		2,159
Citizens Financial Group Inc	131,792		4,767		United Rentals Inc (a)	21,685		2,743
Comerica Inc	44,352		2,995		Verisk Analytics Inc (a)	40,095		3,314
Fifth Third Bancorp	194,546		5,077
Goldman Sachs Group Inc/The	95,215		21,835		Western Union Co/The	124,835		2,444
Huntington Bancshares Inc/OH	279,297		3,779				$	71,346
JPMorgan Chase & Co	921,291		77,969		Computers - 5.15%
KeyCorp	278,249		5,000		Accenture PLC - Class A	159,709		18,186
M&T Bank Corp	39,920		6,490		Apple Inc	1,372,904		166,602
					Cognizant Technology Solutions Corp (a)	156,206		8,215
Morgan Stanley	371,288		15,776
Northern Trust Corp	54,800		4,546		CSRA Inc	37,448		1,162
PNC Financial Services Group Inc/The	125,259		15,089		Hewlett Packard Enterprise Co	428,942		9,728
Regions Financial Corp	316,937		4,567		HP Inc	440,497		6,629
State Street Corp	93,355		7,114		International Business Machines Corp	222,781		38,880
SunTrust Banks Inc	126,365		7,180		NetApp Inc	70,900		2,717
US Bancorp	411,356		21,658		Seagate Technology PLC	75,830		3,424
					Teradata Corp (a)	33,445		982
Wells Fargo & Co	1,163,777		65,555
Zions Bancorporation	52,450		2,213		Western Digital Corp	73,500		5,860
		$	404,155				$	262,385

See accompanying notes

117

Schedule of Investments
LargeCap S&P 500 Index Fund
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Consumer Products - 0.39%					Electronics (continued)
Avery Dennison Corp	22,911	$	1,673		Fortive Corp	77,444	$	4,284
Church & Dwight Co Inc	66,582		3,011		Garmin Ltd	29,596		1,429
Clorox Co/The	33,147		3,977		Honeywell International Inc	196,223		23,217
Kimberly-Clark Corp	92,213		11,170		Mettler-Toledo International Inc (a)	6,755		2,882
		$	19,831		PerkinElmer Inc	28,204		1,500
Cosmetics & Personal Care - 1.61%					TE Connectivity Ltd	91,489		6,802
Colgate-Palmolive Co	228,849		14,779		Waters Corp (a)	20,746		2,939
Coty Inc	121,057		2,324				$	61,850
Estee Lauder Cos Inc/The	57,229		4,648		Energy - Alternate Sources - 0.01%
Procter & Gamble Co/The	688,985		60,355		First Solar Inc (a)	20,065		626
		$	82,106
Distribution & Wholesale - 0.19%					Engineering & Construction - 0.07%
Fastenal Co	74,416		3,697		Fluor Corp	35,852		1,990
LKQ Corp (a)	79,174		2,526		Jacobs Engineering Group Inc	31,089		1,820
WW Grainger Inc	14,109		3,564				$	3,810
		$	9,787		Environmental Control - 0.24%
Diversified Financial Services - 3.26%					Republic Services Inc	59,519		3,415
Affiliated Managers Group Inc	14,113		2,150		Stericycle Inc (a)	21,906		1,690
Alliance Data Systems Corp	14,871		3,396		Waste Management Inc	104,697		7,276
American Express Co	197,945		15,119				$	12,381
Ameriprise Financial Inc	40,692		4,569		Food - 1.73%
BlackRock Inc	31,295		11,704		Campbell Soup Co	49,885		3,104
Charles Schwab Corp/The	310,600		12,809		Conagra Brands Inc	107,076		4,186
CME Group Inc	87,372		10,579		General Mills Inc	152,263		9,513
Discover Financial Services	101,545		7,035		Hershey Co/The	35,911		3,788
E*TRADE Financial Corp (a)	70,480		2,639		Hormel Foods Corp	69,489		2,523
Franklin Resources Inc	89,334		3,550		JM Smucker Co/The	29,977		4,072
Intercontinental Exchange Inc	153,367		8,951		Kellogg Co	65,050		4,730
Invesco Ltd	105,185		3,042		Kraft Heinz Co/The	153,570		13,712
Mastercard Inc	245,071		26,058		Kroger Co/The	243,095		8,256
Nasdaq Inc	29,349		2,070		McCormick & Co Inc/MD	29,495		2,818
Navient Corp	78,038		1,174		Mondelez International Inc	397,637		17,607
Synchrony Financial	201,905		7,232		Sysco Corp	129,551		6,796
T Rowe Price Group Inc	62,676		4,227		Tyson Foods Inc	74,809		4,697
Visa Inc	480,843		39,771		Whole Foods Market Inc	81,980		2,478
		$	166,075				$	88,280
Electric - 2.84%					Forest Products & Paper - 0.12%
AES Corp/VA	169,717		1,942		International Paper Co	105,874		5,992
Alliant Energy Corp	58,573		2,205
Ameren Corp	62,470		3,289		Gas - 0.22%
American Electric Power Co Inc	126,600		8,110		CenterPoint Energy Inc	110,886		2,906
CMS Energy Corp	71,861		3,061		NiSource Inc	83,095		1,859
Consolidated Edison Inc	78,457		5,833		Sempra Energy	64,382		6,592
Dominion Resources Inc/VA	161,368		12,309				$	11,357
DTE Energy Co	46,198		4,557		Hand & Machine Tools - 0.15%
Duke Energy Corp	177,380		13,931		Snap-on Inc	14,939		2,712
Edison International	83,886		6,114		Stanley Black & Decker Inc	38,797		4,811
Entergy Corp	46,119		3,304				$	7,523
Eversource Energy	81,670		4,518		Healthcare - Products - 2.92%
Exelon Corp	237,713		8,529		Abbott Laboratories	443,131		18,510
FirstEnergy Corp	109,615		3,324		Baxter International Inc	126,038		6,038
NextEra Energy Inc	120,306		14,884		Becton Dickinson and Co	54,666		9,692
NRG Energy Inc	81,215		1,343		Boston Scientific Corp (a)	350,589		8,435
PG&E Corp	130,193		8,058		Cooper Cos Inc/The	12,548		2,317
Pinnacle West Capital Corp	28,658		2,225		CR Bard Inc	18,930		4,493
PPL Corp	174,983		6,096		Danaher Corp	156,720		13,152
Public Service Enterprise Group Inc	130,252		5,764		DENTSPLY SIRONA Inc	59,444		3,370
SCANA Corp	36,796		2,528		Edwards Lifesciences Corp (a)	55,050		5,298
Southern Co/The	252,319		12,472		Henry Schein Inc (a)	20,723		3,313
WEC Energy Group Inc	81,261		4,799		Hologic Inc (a)	71,631		2,903
Xcel Energy Inc	130,782		5,404		IDEXX Laboratories Inc (a)	23,071		2,822
		$	144,599		Intuitive Surgical Inc (a)	9,976		6,910
Electrical Components & Equipment - 0.30%					Medtronic PLC	353,517		26,874
Acuity Brands Inc	11,349		2,352		Patterson Cos Inc	21,452		893
AMETEK Inc	59,586		3,045		Stryker Corp	80,020		9,885
Emerson Electric Co	165,495		9,708		Thermo Fisher Scientific Inc	101,706		15,499
		$	15,105		Varex Imaging Corp (a)	9,619		277
Electronics - 1.21%					Varian Medical Systems Inc (a)	24,049		1,867
Agilent Technologies Inc	83,519		4,090		Zimmer Biomet Holdings Inc	51,570		6,102
Allegion PLC	24,690		1,621				$	148,650
Amphenol Corp	79,423		5,360		Healthcare - Services - 1.98%
Corning Inc	244,911		6,488		Aetna Inc	90,345		10,716
FLIR Systems Inc	35,049		1,238		Anthem Inc	67,825		10,455

See accompanying notes

118

     Schedule of Investments LargeCap S&P 500 Index Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Healthcare - Services (continued)					Lodging - 0.22%
Centene Corp (a)	43,999	$	2,784		Marriott International Inc/MD	82,439	$	6,974
Cigna Corp	66,102		9,665		Wyndham Worldwide Corp	27,748		2,194
DaVita Inc (a)	40,659		2,592		Wynn Resorts Ltd	20,431		2,072
Envision Healthcare Corp (a)	30,205		2,054				$	11,240
HCA Holdings Inc (a)	75,246		6,041		Machinery - Construction & Mining - 0.28%
Humana Inc	38,389		7,620		Caterpillar Inc	150,638		14,410
Laboratory Corp of America Holdings (a)	26,519		3,559
Quest Diagnostics Inc	35,695		3,281		Machinery - Diversified - 0.54%
UnitedHealth Group Inc	245,063		39,725		Cummins Inc	39,695		5,836
Universal Health Services Inc	23,087		2,600		Deere & Co	74,478		7,973
		$	101,092		Flowserve Corp	33,587		1,651
Holding Companies - Diversified - 0.04%					Rockwell Automation Inc	33,015		4,886
Leucadia National Corp	83,424		1,990		Roper Technologies Inc	26,116		5,010
					Xylem Inc/NY	46,188		2,277
Home Builders - 0.13%							$	27,633
DR Horton Inc	87,375		2,613		Media - 3.05%
Lennar Corp - A Shares	50,592		2,259		CBS Corp	100,921		6,508
PulteGroup Inc	76,639		1,649		Charter Communications Inc (a)	55,750		18,060
		$	6,521		Comcast Corp - Class A	613,648		46,281
Home Furnishings - 0.14%					Discovery Communications Inc - A Shares (a)	39,120		1,109
Harman International Industries Inc	17,949		1,995		Discovery Communications Inc - C Shares (a)	56,795		1,574
Leggett & Platt Inc	34,418		1,643		News Corp - A Shares	98,335		1,209
Whirlpool Corp	19,337		3,382		News Corp - B Shares	30,839		390
		$	7,020		Scripps Networks Interactive Inc	24,526		1,868
Housewares - 0.12%					TEGNA Inc	55,205		1,265
Newell Brands Inc	124,202		5,879		Time Warner Inc	198,541		19,229
					Twenty-First Century Fox Inc - A Shares	272,610		8,554
Insurance - 4.21%					Twenty-First Century Fox Inc - B Shares	125,412		3,889
Aflac Inc	105,073		7,354		Viacom Inc - B Shares	89,439		3,769
Allstate Corp/The	94,811		7,131		Walt Disney Co/The	376,971		41,712
American International Group Inc	251,232		16,144				$	155,417
Aon PLC	67,738		7,634		Mining - 0.20%
Arthur J Gallagher & Co	45,814		2,466		Freeport-McMoRan Inc (a)	322,544		5,370
Assurant Inc	14,677		1,425		Newmont Mining Corp	136,651		4,958
Berkshire Hathaway Inc - Class B (a)	488,898		80,248				$	10,328
Chubb Ltd	119,810		15,754		Miscellaneous Manufacturers - 2.60%
Cincinnati Financial Corp	38,600		2,724		3M Co	154,859		27,072
Hartford Financial Services Group Inc/The	97,254		4,737		Dover Corp	39,997		3,110
Lincoln National Corp	58,846		3,973		Eaton Corp PLC	116,298		8,232
Loews Corp	71,140		3,314		General Electric Co	2,277,669		67,647
Marsh & McLennan Cos Inc	132,749		9,029		Illinois Tool Works Inc	81,335		10,346
MetLife Inc	282,992		15,398		Ingersoll-Rand PLC	66,512		5,278
Progressive Corp/The	149,408		5,594		Parker-Hannifin Corp	34,345		5,053
Prudential Financial Inc	110,711		11,637		Pentair PLC	43,048		2,524
Torchmark Corp	28,412		2,089		Textron Inc	69,570		3,295
Travelers Cos Inc/The	73,135		8,614				$	132,557
Unum Group	59,763		2,715		Office & Business Equipment - 0.04%
Willis Towers Watson PLC	33,094		4,141		Pitney Bowes Inc	47,827		761
XL Group Ltd	69,274		2,603		Xerox Corp	219,253		1,520
		$	214,724				$	2,281
Internet - 6.93%					Oil & Gas - 5.48%
Alphabet Inc - A Shares (a)	76,233		62,526		Anadarko Petroleum Corp	143,899		10,005
Alphabet Inc - C Shares (a)	76,410		60,883		Apache Corp	97,691		5,844
Amazon.com Inc (a)	101,542		83,618		Cabot Oil & Gas Corp	119,762		2,572
eBay Inc (a)	267,683		8,520		Chesapeake Energy Corp (a)	191,918		1,238
Expedia Inc	31,092		3,780		Chevron Corp	486,041		54,121
F5 Networks Inc (a)	16,816		2,254		Cimarex Energy Co	24,450		3,306
Facebook Inc (a)	602,689		78,542		Concho Resources Inc (a)	37,603		5,243
Netflix Inc (a)	110,492		15,547		ConocoPhillips	319,010		15,555
Priceline Group Inc/The (a)	12,705		20,012		Devon Energy Corp	134,810		6,139
Symantec Corp	160,511		4,422		EOG Resources Inc	148,419		15,076
TripAdvisor Inc (a)	29,427		1,557		EQT Corp	44,480		2,697
VeriSign Inc (a)	23,423		1,879		Exxon Mobil Corp	1,067,644		89,565
Yahoo! Inc (a)	226,004		9,960		Helmerich & Payne Inc	27,851		1,982
		$	353,500		Hess Corp	68,657		3,720
Iron & Steel - 0.09%					Marathon Oil Corp	218,130		3,654
Nucor Corp	82,000		4,763		Marathon Petroleum Corp	135,895		6,530
					Murphy Oil Corp	41,675		1,205
Leisure Products & Services - 0.25%					Newfield Exploration Co (a)	50,784		2,035
Carnival Corp	107,964		5,979		Noble Energy Inc	110,371		4,388
Harley-Davidson Inc	45,513		2,596		Occidental Petroleum Corp	196,754		13,334
Royal Caribbean Cruises Ltd	43,093		4,035		Phillips 66	113,987		9,304
		$	12,610		Pioneer Natural Resources Co	43,698		7,876

See accompanying notes

119

     Schedule of Investments LargeCap S&P 500 Index Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Oil & Gas (continued)					REITS (continued)
Range Resources Corp	48,360	$	1,564		Welltower Inc	93,340	$	6,188
Southwestern Energy Co (a)	126,361		1,138		Weyerhaeuser Co	192,602		6,034
Tesoro Corp	30,091		2,433				$	140,764
Transocean Ltd (a)	100,230		1,400		Retail - 5.83%
Valero Energy Corp	116,546		7,664		Advance Auto Parts Inc	18,962		3,114
		$	279,588		AutoNation Inc (a)	16,910		898
Oil & Gas Services - 1.12%					AutoZone Inc (a)	7,430		5,387
Baker Hughes Inc	108,855		6,866		Bed Bath & Beyond Inc	39,156		1,580
Halliburton Co	222,569		12,591		Best Buy Co Inc	70,296		3,130
National Oilwell Varco Inc	97,242		3,677		CarMax Inc (a)	49,004		3,269
Schlumberger Ltd	358,218		29,986		Chipotle Mexican Grill Inc (a)	7,453		3,141
TechnipFMC PLC (a)	120,881		4,064		Coach Inc	72,185		2,696
		$	57,184		Costco Wholesale Corp	112,546		18,452
Packaging & Containers - 0.18%					CVS Health Corp	274,574		21,639
Ball Corp	45,006		3,432		Darden Restaurants Inc	31,690		2,322
Sealed Air Corp	49,771		2,414		Dollar General Corp	65,438		4,831
WestRock Co	64,651		3,450		Dollar Tree Inc (a)	60,780		4,692
		$	9,296		Foot Locker Inc	34,837		2,388
Pharmaceuticals - 6.05%					Gap Inc/The	56,485		1,301
AbbVie Inc	418,412		25,569		Genuine Parts Co	38,294		3,707
Allergan PLC	96,571		21,139		Home Depot Inc/The	313,638		43,150
AmerisourceBergen Corp	43,068		3,759		Kohl's Corp	45,436		1,810
Bristol-Myers Squibb Co	430,289		21,153		L Brands Inc	61,845		3,724
Cardinal Health Inc	82,405		6,177		Lowe's Cos Inc	223,958		16,367
Eli Lilly & Co	250,123		19,267		Macy's Inc	78,700		2,325
Endo International PLC (a)	51,071		625		McDonald's Corp	213,813		26,207
Express Scripts Holding Co (a)	158,761		10,936		Nordstrom Inc	29,902		1,322
Johnson & Johnson	700,452		79,326		O'Reilly Automotive Inc (a)	24,320		6,378
Mallinckrodt PLC (a)	27,255		1,328		PVH Corp	20,408		1,915
McKesson Corp	58,209		8,100		Ross Stores Inc	102,106		6,750
Mead Johnson Nutrition Co	47,559		3,351		Signet Jewelers Ltd	17,914		1,391
Merck & Co Inc	709,877		44,005		Staples Inc	167,496		1,541
Mylan NV (a)	118,484		4,508		Starbucks Corp	374,720		20,692
Perrigo Co PLC	36,914		2,811		Target Corp	144,619		9,325
Pfizer Inc (b)	1,562,412		49,575		Tiffany & Co	27,557		2,169
Zoetis Inc	127,146		6,986		TJX Cos Inc/The	167,844		12,575
		$	308,615		Tractor Supply Co	33,792		2,489
					Ulta Beauty Inc (a)	15,095		4,110
Pipelines - 0.54%					Urban Outfitters Inc (a)	22,744		604
Kinder Morgan Inc/DE	494,297		11,042
ONEOK Inc	54,203		2,987		Walgreens Boots Alliance Inc	220,339		18,055
Spectra Energy Corp	180,619		7,523		Wal-Mart Stores Inc	387,712		25,876
Williams Cos Inc/The	209,842		6,052		Yum! Brands Inc	89,767		5,882
		$	27,604				$	297,204
Real Estate - 0.05%					Savings & Loans - 0.03%
CBRE Group Inc (a)	77,287		2,346		People's United Financial Inc	80,173		1,503
REITS - 2.76%					Semiconductors - 3.30%
American Tower Corp	109,601		11,344		Analog Devices Inc	79,344		5,946
Apartment Investment & Management Co	40,394		1,780		Applied Materials Inc	278,296		9,532
AvalonBay Communities Inc	35,357		6,128		Broadcom Ltd	102,299		20,409
Boston Properties Inc	39,592		5,183		Intel Corp	1,220,144		44,926
Crown Castle International Corp	92,844		8,154		KLA-Tencor Corp	40,247		3,425
Digital Realty Trust Inc	40,922		4,404		Lam Research Corp	41,923		4,815
Equinix Inc	18,377		7,075		Linear Technology Corp	61,884		3,907
Equity Residential	94,146		5,721		Microchip Technology Inc	55,618		3,746
					Micron Technology Inc (a)	265,757		6,407
Essex Property Trust Inc	16,868		3,783
Extra Space Storage Inc	32,392		2,334		NVIDIA Corp	138,775		15,151
					Qorvo Inc (a)	32,886		2,112
Federal Realty Investment Trust	18,482		2,595
GGP Inc	150,342		3,735		QUALCOMM Inc	380,252		20,317
HCP Inc	120,388		3,650		Skyworks Solutions Inc	47,841		4,389
Host Hotels & Resorts Inc	190,491		3,442		Texas Instruments Inc	257,336		19,439
Iron Mountain Inc	63,081		2,258		Xilinx Inc	65,014		3,784
Kimco Realty Corp	109,430		2,724				$	168,305
Macerich Co/The	31,083		2,135		Software - 4.88%
Mid-America Apartment Communities Inc	29,229		2,775		Activision Blizzard Inc	176,045		7,079
Prologis Inc	136,101		6,649		Adobe Systems Inc (a)	128,020		14,515
Public Storage	38,403		8,257		Akamai Technologies Inc (a)	44,619		3,060
Realty Income Corp	66,580		3,970		Autodesk Inc (a)	50,424		4,102
Simon Property Group Inc	80,904		14,868		CA Inc	80,684		2,523
SL Green Realty Corp	26,086		2,843		Cerner Corp (a)	77,794		4,178
UDR Inc	68,808		2,405		Citrix Systems Inc (a)	40,156		3,662
Ventas Inc	91,171		5,623		Dun & Bradstreet Corp/The	9,470		1,161
Vornado Realty Trust	44,279		4,707		Electronic Arts Inc (a)	77,694		6,482

See accompanying notes

120

     Schedule of Investments LargeCap S&P 500 Index Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)		Shares Held	Value (000's)		Portfolio Summary (unaudited)
Software (continued)					Sector	Percent
Fidelity National Information Services Inc		84,509	$	6,712	Consumer, Non-cyclical	22.35	%
Fiserv Inc (a)		55,885		6,004	Financial	18.24	%
Intuit Inc		62,780		7,444	Communications	13.52	%
Microsoft Corp		2,001,910		129,424	Technology	13.27	%
Oracle Corp		771,650		30,951	Industrial	9.89	%
Paychex Inc		82,871		4,996	Consumer, Cyclical	9.05	%
Red Hat Inc (a)		46,240		3,509	Energy	7.15	%
salesforce.com Inc (a)		164,354		13,000	Utilities	3.13	%
			$	248,802	Basic Materials	2.35	%
Telecommunications - 3.39%					Investment Companies	1.00	%
AT&T Inc		1,581,115		66,660	Diversified	0.04	%
CenturyLink Inc		140,755		3,640	Other Assets and Liabilities	0.01	%
Cisco Systems Inc		1,292,430		39,704	TOTAL NET ASSETS	100.00	%
Frontier Communications Corp		302,017		1,054
Juniper Networks Inc		97,921		2,622
Level 3 Communications Inc (a)		75,063		4,463
Motorola Solutions Inc		42,729		3,449
Verizon Communications Inc		1,049,606		51,441
			$	173,033
Textiles - 0.07%
Mohawk Industries Inc (a)		16,231		3,503
Toys, Games & Hobbies - 0.09%
Hasbro Inc		28,916		2,386
Mattel Inc		88,065		2,308
			$	4,694
Transportation - 1.66%
CH Robinson Worldwide Inc		36,460		2,773
CSX Corp		241,161		11,188
Expeditors International of Washington Inc		46,441		2,419
FedEx Corp		62,950		11,905
JB Hunt Transport Services Inc		22,529		2,232
Kansas City Southern		27,697		2,379
Norfolk Southern Corp		75,165		8,829
Ryder System Inc		13,766		1,068
Union Pacific Corp		212,182		22,614
United Parcel Service Inc		177,488		19,369
			$	84,776
Water - 0.07%
American Water Works Co Inc		45,830		3,366
TOTAL COMMON STOCKS			$	5,047,412
INVESTMENT COMPANIES - 1.00%		Shares Held	Value (000's)
Exchange Traded Funds - 0.15%
iShares Core S&P 500 ETF		33,369		7,639
Money Market Funds - 0.85%
Morgan Stanley Institutional Liquidity Funds -		43,292,187		43,292
Government Portfolio
TOTAL INVESTMENT COMPANIES			$	50,931
Total Investments			$	5,098,343
Other Assets and Liabilities - 0.01%			$	516
TOTAL NET ASSETS - 100.00%			$	5,098,859
(a)	Non-Income Producing Security
(b)	Security or a portion of the security was pledged to cover margin
	requirements for futures contracts. At the end of the period, the value of
	these securities totaled $5,237 or 0.10% of net assets.

Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
S&P 500 Emini; March 2017	Long	348	$	39,486	$	39,576		$	90
Total							$		90
Amounts in thousands except contracts

See accompanying notes

121

Schedule of Investments
LargeCap Value Fund
January 31, 2017 (unaudited)
COMMON STOCKS - 99.68%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 1.05%					Insurance (continued)
General Dynamics Corp	69,100	$	12,513		Unum Group	831,800	$	37,789
United Technologies Corp	89,900		9,859				$	219,902
		$	22,372		Iron & Steel - 0.79%
Agriculture - 0.58%					Nucor Corp	147,700		8,580
Bunge Ltd	179,500		12,423		Steel Dynamics Inc	239,400		8,094
							$	16,674
Automobile Parts & Equipment - 1.68%					Lodging - 0.52%
Allison Transmission Holdings Inc	821,000		28,719		MGM Resorts International (a)	385,800		11,111
Lear Corp	48,500		6,891
		$	35,610		Machinery - Diversified - 0.93%
Banks - 17.38%					Cummins Inc	134,000		19,699
Bank of America Corp	2,903,000		65,724
Citigroup Inc	113,000		6,309		Miscellaneous Manufacturers - 2.00%
Fifth Third Bancorp	540,200		14,099		General Electric Co	400,400		11,892
JPMorgan Chase & Co	1,382,100		116,967		Parker-Hannifin Corp	208,300		30,647
Morgan Stanley	1,462,700		62,150				$	42,539
State Street Corp	213,494		16,268		Oil & Gas - 11.62%
SunTrust Banks Inc	1,142,400		64,911		Chevron Corp	616,400		68,636
Wells Fargo & Co	403,300		22,718		Devon Energy Corp	249,800		11,376
		$	369,146		EOG Resources Inc	401,700		40,805
Chemicals - 4.05%					Exxon Mobil Corp	560,900		47,054
Cabot Corp	322,300		17,846		Helmerich & Payne Inc	73,300		5,216
Dow Chemical Co/The	1,142,100		68,103		Nabors Industries Ltd	1,040,000		16,900
		$	85,949		Patterson-UTI Energy Inc	517,190		14,502
Computers - 1.39%					Valero Energy Corp	643,000		42,283
Leidos Holdings Inc	610,300		29,490				$	246,772
					Oil & Gas Services - 1.49%
Cosmetics & Personal Care - 0.99%					Baker Hughes Inc	502,300		31,685
Procter & Gamble Co/The	241,000		21,112
					Pharmaceuticals - 5.00%
Distribution & Wholesale - 0.62%					Johnson & Johnson	338,900		38,380
WESCO International Inc (a)	185,500		13,115		Merck & Co Inc	642,700		39,841
					Pfizer Inc	883,000		28,018
Electric - 3.25%							$	106,239
Exelon Corp	480,400		17,237		REITS - 5.00%
MDU Resources Group Inc	859,100		25,215		Corporate Office Properties Trust	543,028		17,279
Public Service Enterprise Group Inc	602,900		26,678		Duke Realty Corp	1,853,100		45,086
		$	69,130		Highwoods Properties Inc	264,600		13,603
Entertainment - 0.77%					Liberty Property Trust	283,700		10,891
International Game Technology PLC	615,600		16,258		Sun Communities Inc	245,900		19,367
							$	106,226
Environmental Control - 0.77%					Retail - 7.34%
Waste Management Inc	234,500		16,298		Burlington Stores Inc (a)	188,800		15,803
					CVS Health Corp	518,300		40,847
Food - 1.38%					Dick's Sporting Goods Inc	200,300		10,335
Ingredion Inc	125,500		16,088		Target Corp	421,100		27,153
Tyson Foods Inc (b)	211,700		13,293		Wal-Mart Stores Inc	924,800		61,721
		$	29,381				$	155,859
Gas - 3.44%					Semiconductors - 3.46%
CenterPoint Energy Inc	1,935,000		50,716		Intel Corp	1,740,900		64,100
UGI Corp	481,700		22,337		Lam Research Corp	82,300		9,453
		$	73,053				$	73,553
Hand & Machine Tools - 1.45%					Software - 0.63%
Stanley Black & Decker Inc	248,900		30,864		VMware Inc (a)	152,250		13,328
Healthcare - Products - 2.02%					Telecommunications - 4.17%
Baxter International Inc	467,600		22,402		AT&T Inc	400,000		16,864
Danaher Corp	243,300		20,418		Cisco Systems Inc	2,336,900		71,790
		$	42,820				$	88,654
Healthcare - Services - 4.14%					Transportation - 1.42%
Aetna Inc	136,000		16,131		Norfolk Southern Corp	256,400		30,117
Anthem Inc	312,800		48,215
UnitedHealth Group Inc	89,700		14,540		TOTAL COMMON STOCKS		$	2,117,303
WellCare Health Plans Inc (a)	62,100		9,038		INVESTMENT COMPANIES - 0.15%	Shares Held		Value(000	's)
		$	87,924		Money Market Funds - 0.15%
Insurance - 10.35%					Goldman Sachs Financial Square Funds -	3,280,298		3,280
Assured Guaranty Ltd	295,700		11,506		Government Fund
Berkshire Hathaway Inc - Class B (a)	451,000		74,027
Everest Re Group Ltd	134,200		29,515		TOTAL INVESTMENT COMPANIES		$	3,280
Prudential Financial Inc	296,200		31,133		Total Investments		$	2,120,583
Reinsurance Group of America Inc	64,000		8,030		Other Assets and Liabilities - 0.17%		$	3,706
Travelers Cos Inc/The	236,900		27,902		TOTAL NET ASSETS - 100.00%		$	2,124,289

See accompanying notes

122

Schedule of Investments
LargeCap Value Fund
January 31, 2017 (unaudited)

(a)	Non-Income Producing Security
(b)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $12,558 or 0.59% of net assets.

Portfolio Summary (unaudited)
Sector	Percent
Financial	32.73	%
Consumer, Non-cyclical	14.11	%
Energy	13.11	%
Consumer, Cyclical	10.93	%
Industrial	7.62	%
Utilities	6.69	%
Technology	5.48	%
Basic Materials	4.84	%
Communications	4.17	%
Investment Companies	0.15	%
Other Assets and Liabilities	0.17	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

123

Schedule of Investments
LargeCap Value Fund III
January 31, 2017 (unaudited)
COMMON STOCKS - 95.85%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 4.08%					Banks (continued)
Arconic Inc	13,135	$	299		Synovus Financial Corp	4,415	$	184
Boeing Co/The	74,525		12,179		TCF Financial Corp	5,672		98
General Dynamics Corp	166,070		30,072		US Bancorp	35,525		1,870
Harris Corp	3,874		398		Wells Fargo & Co	982,027		55,318
L3 Technologies Inc	2,412		383		Zions Bancorporation	6,304		266
Raytheon Co	52,092		7,510				$	235,444
Spirit AeroSystems Holdings Inc	2,145		129		Beverages - 1.49%
United Technologies Corp	212,444		23,298		Brown-Forman Corp - A Shares	91		4
		$	74,268		Brown-Forman Corp - B Shares	331		15
Agriculture - 3.06%					Coca-Cola Co/The	29,702		1,235
Altria Group Inc	335,547		23,884		Dr Pepper Snapple Group Inc	135,818		12,387
Archer-Daniels-Midland Co	20,007		886		Molson Coors Brewing Co	5,967		576
Bunge Ltd	4,090		283		PepsiCo Inc	124,079		12,877
Philip Morris International Inc	312,929		30,082				$	27,094
Reynolds American Inc	10,429		627		Biotechnology - 0.02%
		$	55,762		Alnylam Pharmaceuticals Inc (a)	305		12
Airlines - 0.12%					Bio-Rad Laboratories Inc (a)	694		132
Alaska Air Group Inc	859		81		Juno Therapeutics Inc (a)	191		4
American Airlines Group Inc	11,558		512		United Therapeutics Corp (a)	929		152
Copa Holdings SA	1,159		113				$	300
Delta Air Lines Inc	8,603		406		Building Materials - 1.44%
JetBlue Airways Corp (a)	9,812		192		Johnson Controls International plc	588,447		25,880
Spirit Airlines Inc (a)	2,465		133		Lennox International Inc	224		35
United Continental Holdings Inc (a)	11,869		836		Martin Marietta Materials Inc	129		30
		$	2,273		Owens Corning	3,683		203
Apparel - 0.66%					USG Corp (a)	3,150		96
Ralph Lauren Corp	1,625		144		Vulcan Materials Co	210		27
VF Corp	230,450		11,863				$	26,271
		$	12,007		Chemicals - 2.91%
Automobile Manufacturers - 0.18%					Air Products & Chemicals Inc	172,331		24,085
Ford Motor Co	84,860		1,049		Albemarle Corp	3,415		316
General Motors Co	44,925		1,645		Ashland Global Holdings Inc	2,009		239
PACCAR Inc	6,826		459		Cabot Corp	2,327		129
Tesla Inc (a)	154		39		Celanese Corp	4,255		359
		$	3,192		Dow Chemical Co/The	34,213		2,040
Automobile Parts & Equipment - 0.05%					Eastman Chemical Co	4,737		367
Adient PLC (a)	2,284		145		EI du Pont de Nemours & Co	128,900		9,732
Allison Transmission Holdings Inc	4,802		168		FMC Corp	980		59
BorgWarner Inc	5,957		243		Huntsman Corp	7,234		147
Goodyear Tire & Rubber Co/The	8,047		261		LyondellBasell Industries NV	6,399		597
Lear Corp	468		66		Monsanto Co	3,354		363
		$	883		Mosaic Co/The	10,765		338
Banks - 12.92%					NewMarket Corp	67		29
					Platform Specialty Products Corp (a)	5,835		71
Associated Banc-Corp	5,273		133
Bank of America Corp	2,059,811		46,634		Praxair Inc	743		88
Bank of Hawaii Corp	1,587		136		Sherwin-Williams Co/The	45,590		13,851
Bank of New York Mellon Corp/The	22,897		1,024		Valvoline Inc	1,696		39
					Versum Materials Inc (a)	1,473		41
BankUnited Inc	3,237		124
BB&T Corp	171,404		7,917		Westlake Chemical Corp	1,366		85
BOK Financial Corp	998		82				$	52,975
Capital One Financial Corp	105,994		9,263		Coal - 0.01%
Citigroup Inc	415,286		23,186		CONSOL Energy Inc	7,851		133
Citizens Financial Group Inc	6,823		247
Comerica Inc	5,503		372		Commercial Services - 1.40%
Commerce Bancshares Inc/MO	3,118		176		Aramark	4,388		148
Cullen/Frost Bankers Inc	1,893		169		Booz Allen Hamilton Holding Corp	367,609		12,433
East West Bancorp Inc	4,787		246		CoreLogic Inc/United States (a)	1,124		40
Fifth Third Bancorp	39,263		1,025		Graham Holdings Co	148		77
First Hawaiian Inc	1,405		46		Live Nation Entertainment Inc (a)	2,051		59
First Horizon National Corp	8,006		160		LSC Communications Inc	1,069		28
Goldman Sachs Group Inc/The	8,439		1,935		Macquarie Infrastructure Corp	2,446		183
Huntington Bancshares Inc/OH	32,334		438		ManpowerGroup Inc	2,236		213
JPMorgan Chase & Co	662,183		56,041		Moody's Corp	370		38
KeyCorp	23,570		424		Nielsen Holdings PLC	3,276		134
M&T Bank Corp	3,267		531		PayPal Holdings Inc (a)	301,860		12,008
Morgan Stanley	51,753		2,199		Quanta Services Inc (a)	3,673		132
Northern Trust Corp	9,347		776		RR Donnelley & Sons Co	796		14
PacWest Bancorp	4,031		223		United Rentals Inc (a)	600		76
PNC Financial Services Group Inc/The	90,225		10,868				$	25,583
Popular Inc	3,405		151		Computers - 1.10%
Regions Financial Corp	58,282		840		Amdocs Ltd	215,792		12,669
State Street Corp	145,155		11,061		Apple Inc	14,501		1,760
SunTrust Banks Inc	22,541		1,281		Brocade Communications Systems Inc	14,016		175

See accompanying notes

124

Schedule of Investments
LargeCap Value Fund III
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Computers (continued)					Electric (continued)
Computer Sciences Corp	4,128	$	257		PG&E Corp	17,800	$	1,102
Conduent Inc (a)	6,052		90		Pinnacle West Capital Corp	3,681		286
Dell Technologies Inc Class V (a)	5,754		362		PPL Corp	14,867		518
Hewlett Packard Enterprise Co	56,079		1,272		Public Service Enterprise Group Inc	11,057		489
HP Inc	59,746		899		SCANA Corp	4,094		281
International Business Machines Corp	9,613		1,678		Southern Co/The	20,569		1,017
Leidos Holdings Inc	1,961		95		WEC Energy Group Inc	220,432		13,016
NetApp Inc	9,433		361		Westar Energy Inc	4,587		251
Nutanix Inc (a)	109		3		Xcel Energy Inc	11,115		459
Western Digital Corp	6,180		493				$	42,861
		$	20,114		Electrical Components & Equipment - 0.06%
Consumer Products - 0.02%					AMETEK Inc	5,718		292
Avery Dennison Corp	497		36		Emerson Electric Co	11,729		688
Clorox Co/The	849		102		Energizer Holdings Inc	1,233		62
Kimberly-Clark Corp	2,483		301		Hubbell Inc	736		90
		$	439				$	1,132
Cosmetics & Personal Care - 1.15%					Electronics - 1.54%
Colgate-Palmolive Co	214,856		13,876		Agilent Technologies Inc	12,457		610
Coty Inc	12,703		244		Arrow Electronics Inc (a)	3,072		226
Edgewell Personal Care Co (a)	1,719		135		Avnet Inc	4,095		190
Procter & Gamble Co/The	76,409		6,693		Corning Inc	20,809		551
		$	20,948		FLIR Systems Inc	4,371		155
Distribution & Wholesale - 0.01%					Fortive Corp	4,859		269
WESCO International Inc (a)	1,663		118		Garmin Ltd	3,541		171
					Gentex Corp	3,589		75
Diversified Financial Services - 2.85%					Honeywell International Inc	214,049		25,326
Affiliated Managers Group Inc	248		38		Jabil Circuit Inc	6,313		152
Air Lease Corp	1,929		70		Keysight Technologies Inc (a)	5,781		214
Alliance Data Systems Corp	51,966		11,868		PerkinElmer Inc	2,843		151
Ally Financial Inc	14,036		297		Trimble Inc (a)	1,887		56
American Express Co	245,345		18,739				$	28,146
Ameriprise Financial Inc	2,385		268		Engineering & Construction - 0.05%
BlackRock Inc	2,732		1,022		AECOM (a)	4,762		176
Charles Schwab Corp/The	5,208		215		Chicago Bridge & Iron Co NV ADR	3,635		121
CIT Group Inc	5,955		245		Fluor Corp	4,218		234
CME Group Inc	7,387		894		Jacobs Engineering Group Inc	3,826		224
Discover Financial Services	14,631		1,014		KBR Inc	5,412		92
E*TRADE Financial Corp (a)	8,686		325		SBA Communications Corp (a)	1,324		139
FNF Group	8,510		301				$	986
Franklin Resources Inc	7,851		312		Entertainment - 0.02%
Intercontinental Exchange Inc	229,789		13,410		Dolby Laboratories Inc	2,058		99
Invesco Ltd	10,597		307		International Game Technology PLC	3,257		86
Lazard Ltd	3,781		161		Lions Gate Entertainment Corp - A shares (a)	911		26
LPL Financial Holdings Inc	2,584		102		Lions Gate Entertainment Corp - B shares (a)	749		20
Nasdaq Inc	3,504		247		Regal Entertainment Group	2,245		51
Navient Corp	10,511		158				$	282
Raymond James Financial Inc	4,045		303		Environmental Control - 0.04%
SLM Corp (a)	13,416		159		Republic Services Inc	7,280		418
Synchrony Financial	36,881		1,321		Waste Management Inc	4,757		330
T Rowe Price Group Inc	1,219		82				$	748
TD Ameritrade Holding Corp	1,191		55		Food - 1.68%
		$	51,913		Conagra Brands Inc	5,882		230
Electric - 2.35%					Flowers Foods Inc	417		8
AES Corp/VA	22,343		256		General Mills Inc	204,525		12,779
Alliant Energy Corp	7,251		273		Hain Celestial Group Inc/The (a)	755		30
Ameren Corp	7,809		411		Hormel Foods Corp	355,920		12,920
American Electric Power Co Inc	10,763		689		Ingredion Inc	616		79
CMS Energy Corp	8,772		374		JM Smucker Co/The	4,345		590
Consolidated Edison Inc	6,669		496		Kellogg Co	389		28
Dominion Resources Inc/VA	17,602		1,343		Kraft Heinz Co/The	16,438		1,468
DTE Energy Co	7,783		768		Lamb Weston Holdings Inc	895		34
Duke Energy Corp	21,189		1,664		Mondelez International Inc	32,686		1,447
Edison International	12,116		883		Pilgrim's Pride Corp	1,479		28
Entergy Corp	5,496		394		Pinnacle Foods Inc	3,409		181
Eversource Energy	12,350		683		Post Holdings Inc (a)	790		66
Exelon Corp	33,084		1,187		Safeway, Inc. - CVR - Casa Ley (a),(b),(c)	16,993		—
FirstEnergy Corp	13,406		406		Safeway, Inc. - CVR - Property Development	16,993		—
Great Plains Energy Inc	7,296		201		Centers (a),(b),(c),(d)
Hawaiian Electric Industries Inc	4,155		139		TreeHouse Foods Inc (a)	1,093		83
MDU Resources Group Inc	7,043		207		Tyson Foods Inc	6,701		421
NextEra Energy Inc	118,432		14,653		Whole Foods Market Inc	7,807		236
NRG Energy Inc	11,186		185				$	30,628
OGE Energy Corp	6,862		230

See accompanying notes

125

Schedule of Investments
LargeCap Value Fund III
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Forest Products & Paper - 0.05%					Insurance (continued)
Domtar Corp	2,517	$	110		American Financial Group Inc/OH	2,377	$	205
International Paper Co	13,360		756		American International Group Inc	559,032		35,924
		$	866		American National Insurance Co	452		53
Gas - 0.10%					AmTrust Financial Services Inc	3,474		92
Atmos Energy Corp	3,449		263		Arch Capital Group Ltd (a)	3,677		325
CenterPoint Energy Inc	14,160		371		Arthur J Gallagher & Co	2,074		112
National Fuel Gas Co	2,646		149		Aspen Insurance Holdings Ltd	2,297		129
Sempra Energy	5,444		557		Assured Guaranty Ltd	4,687		182
UGI Corp	5,880		273		Axis Capital Holdings Ltd	3,130		200
Vectren Corp	3,085		169		Berkshire Hathaway Inc - Class B (a)	41,412		6,797
		$	1,782		Brown & Brown Inc	3,778		159
Hand & Machine Tools - 0.05%					Chubb Ltd	112,173		14,750
Lincoln Electric Holdings Inc	907		76		Cincinnati Financial Corp	4,717		333
Regal Beloit Corp	1,587		115		CNA Financial Corp	1,522		63
Snap-on Inc	562		102		Endurance Specialty Holdings Ltd	2,145		199
Stanley Black & Decker Inc	5,093		631		Erie Indemnity Co	376		42
		$	924		Everest Re Group Ltd	1,376		303
Healthcare - Products - 3.55%					First American Financial Corp	3,872		145
Abbott Laboratories	431,428		18,021		Hanover Insurance Group Inc/The	1,555		130
Baxter International Inc	19,721		945		Hartford Financial Services Group Inc/The	8,554		417
Becton Dickinson and Co	74,100		13,137		Lincoln National Corp	12,350		834
Cooper Cos Inc/The	416		77		Loews Corp	8,814		410
Danaher Corp	16,871		1,416		Mercury General Corp	1,150		73
DENTSPLY SIRONA Inc	7,065		401		MetLife Inc	35,981		1,958
Hill-Rom Holdings Inc	468		27		Old Republic International Corp	8,511		177
Medtronic PLC	383,782		29,175		ProAssurance Corp	1,919		104
OPKO Health Inc (a)	846		7		Progressive Corp/The	11,486		430
QIAGEN NV (a)	6,971		202		Prudential Financial Inc	17,644		1,854
Teleflex Inc	1,170		196		Reinsurance Group of America Inc	2,126		267
Thermo Fisher Scientific Inc	4,679		713		RenaissanceRe Holdings Ltd	1,445		197
VWR Corp (a)	2,846		74		Torchmark Corp	3,885		286
Zimmer Biomet Holdings Inc	1,899		225		Travelers Cos Inc/The	12,463		1,468
		$	64,616		Unum Group	7,675		349
Healthcare - Services - 3.58%					Validus Holdings Ltd	2,722		155
Aetna Inc	103,133		12,233		Voya Financial Inc	6,729		271
Anthem Inc	165,300		25,479		WR Berkley Corp	3,274		220
Cigna Corp	95,218		13,923		XL Group Ltd	281,800		10,587
DaVita Inc (a)	3,325		212				$	95,165
Envision Healthcare Corp (a)	1,195		81		Internet - 0.41%
HCA Holdings Inc (a)	6,679		536		Alphabet Inc - A Shares (a)	7,345		6,024
Humana Inc	1,765		350		FireEye Inc (a)	3,408		46
Laboratory Corp of America Holdings (a)	1,839		247		IAC/InterActiveCorp (a)	474		33
LifePoint Health Inc (a)	1,372		82		Liberty Expedia Holdings Inc (a)	1,483		65
MEDNAX Inc (a)	1,037		71		Liberty Ventures (a)	2,016		88
					Pandora Media Inc (a)	917		12
Quest Diagnostics Inc	4,426		407
Quintiles IMS Holdings Inc (a)	1,101		86		Symantec Corp	11,463		316
					Yahoo! Inc (a)	18,954		835
UnitedHealth Group Inc	69,952		11,339		Yelp Inc (a)	478		20
Universal Health Services Inc	2,096		236		Zillow Group Inc - A Shares (a)	481		18
WellCare Health Plans Inc (a)	258		38		Zillow Group Inc - C Shares (a)	940		33
		$	65,320
Holding Companies - Diversified - 0.01%							$	7,490
Leucadia National Corp	10,698		255		Iron & Steel - 0.07%
					Nucor Corp	10,452		607
Home Builders - 0.03%					Reliance Steel & Aluminum Co	2,426		193
CalAtlantic Group Inc	2,106		74		Steel Dynamics Inc	6,734		228
DR Horton Inc	4,853		145		United States Steel Corp	5,282		173
Lennar Corp - A Shares	2,757		123				$	1,201
Lennar Corp - B Shares	465		17		Leisure Products & Services - 0.74%
PulteGroup Inc	7,593		163		Brunswick Corp/DE	733		44
Toll Brothers Inc (a)	2,650		83		Carnival Corp	233,189		12,914
		$	605		Royal Caribbean Cruises Ltd	5,086		476
					Vista Outdoor Inc (a)	1,602		46
Home Furnishings - 0.03%
Harman International Industries Inc	1,231		137				$	13,480
Whirlpool Corp	2,025		354		Lodging - 0.05%
		$	491		Choice Hotels International Inc	546		30
Housewares - 0.00%					Extended Stay America Inc	2,714		44
					Hilton Grand Vacations Inc (a)	617		18
Scotts Miracle-Gro Co/The	328		30
					Hilton Worldwide Holdings Inc	815		47
					Hyatt Hotels Corp (a)	1,153		63
Insurance - 5.22%
Aflac Inc	18,597		1,302		Marriott International Inc/MD	3,811		323
Alleghany Corp (a)	482		295		MGM Resorts International (a)	13,188		380
Allied World Assurance Co Holdings AG	3,089		164		Wynn Resorts Ltd	219		22
Allstate Corp/The	175,568		13,204				$	927

See accompanying notes

126

Schedule of Investments LargeCap Value Fund III

January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Machinery - Construction & Mining - 0.07%					Oil & Gas (continued)
Caterpillar Inc	12,204	$	1,167		ConocoPhillips	519,103	$	25,311
Oshkosh Corp	2,468		172		Continental Resources Inc/OK (a)	1,744		85
		$	1,339		Devon Energy Corp	10,401		474
Machinery - Diversified - 0.56%					Diamond Offshore Drilling Inc (a)	2,433		40
AGCO Corp	2,274		143		Diamondback Energy Inc (a)	1,814		191
Cummins Inc	5,879		864		Energen Corp (a)	3,150		170
Deere & Co	77,737		8,322		Ensco PLC	10,682		117
IDEX Corp	290		26		EOG Resources Inc	139,675		14,188
Manitowoc Foodservice Inc (a)	2,869		55		EQT Corp	5,128		311
Rockwell Automation Inc	2,022		299		Exxon Mobil Corp	242,438		20,338
Roper Technologies Inc	1,941		372		Helmerich & Payne Inc	3,141		223
Xylem Inc/NY	2,840		140		Hess Corp	6,128		332
Zebra Technologies Corp (a)	416		35		HollyFrontier Corp	5,305		154
		$	10,256		Kosmos Energy Ltd (a)	5,228		34
Media - 1.57%					Laredo Petroleum Inc (a)	5,244		71
Comcast Corp - Class A	180,468		13,610		Marathon Oil Corp	64,523		1,081
Discovery Communications Inc - A Shares (a)	691		20		Marathon Petroleum Corp	11,496		552
Discovery Communications Inc - C Shares (a)	917		25		Murphy Oil Corp	5,163		149
DISH Network Corp (a)	1,583		94		Murphy USA Inc (a)	513		33
John Wiley & Sons Inc	1,505		83		Nabors Industries Ltd	9,396		153
Liberty Broadband Corp - A Shares (a)	891		75		Newfield Exploration Co (a)	4,660		187
Liberty Broadband Corp - C Shares (a)	3,187		272		Noble Corp PLC	9,357		63
Liberty Media Corp-Liberty SiriusXM - A	3,030		110		Noble Energy Inc	24,418		971
Shares (a)					Occidental Petroleum Corp	320,647		21,730
Liberty Media Corp-Liberty SiriusXM - C	5,778		207		Parsley Energy Inc (a)	4,694		165
Shares (a)					Patterson-UTI Energy Inc	5,060		142
TEGNA Inc	6,879		158		PBF Energy Inc	3,751		87
Thomson Reuters Corp	9,171		411		Phillips 66	169,415		13,828
Time Warner Inc	9,295		900		Pioneer Natural Resources Co	3,563		642
Twenty-First Century Fox Inc - A Shares	390,883		12,266		QEP Resources Inc (a)	8,013		140
Twenty-First Century Fox Inc - B Shares	7,452		231		Range Resources Corp	6,212		201
Viacom Inc - A Shares	255		12		Rice Energy Inc (a)	5,264		104
Viacom Inc - B Shares	1,384		58		Rowan Cos PLC (a)	4,827		86
					RSP Permian Inc (a)	146,640		6,241
		$	28,532
Metal Fabrication & Hardware - 0.01%					SM Energy Co	3,263		99
Timken Co/The	2,552		113		Tesoro Corp	3,775		305
					Transocean Ltd (a)	11,632		162
Valmont Industries Inc	243		35
		$	148		Valero Energy Corp	25,077		1,649
					Whiting Petroleum Corp (a)	7,557		84
Mining - 0.08%					WPX Energy Inc (a)	11,309		157
Alcoa Corp	4,771		174
Compass Minerals International Inc	1,150		96				$	173,353
Freeport-McMoRan Inc (a)	32,097		535		Oil & Gas Services - 0.99%
Newmont Mining Corp	11,618		422		Baker Hughes Inc	24,524		1,547
					Dril-Quip Inc (a)	1,460		91
Southern Copper Corp	1,386		53
Tahoe Resources Inc	9,671		88		Frank's International NV	1,587		19
		$	1,368		Halliburton Co	235,326		13,312
Miscellaneous Manufacturers - 0.47%					National Oilwell Varco Inc	8,260		312
Carlisle Cos Inc	1,485		162		Oceaneering International Inc	3,563		99
Colfax Corp (a)	3,405		133		RPC Inc	2,630		57
Crane Co	1,754		126		Schlumberger Ltd	30,476		2,551
Donaldson Co Inc	833		35				$	17,988
Dover Corp	4,764		370		Packaging & Containers - 0.04%
Eaton Corp PLC	15,353		1,087		Bemis Co Inc	2,908		142
General Electric Co	162,439		4,825		Graphic Packaging Holding Co	4,913		61
Ingersoll-Rand PLC	6,070		482		Sonoco Products Co	3,452		190
ITT Inc	2,832		116		WestRock Co	7,874		420
Parker-Hannifin Corp	5,167		760				$	813
Textron Inc	5,807		275		Pharmaceuticals - 9.00%
Trinity Industries Inc	4,911		135		Allergan PLC	2,987		654
		$	8,506		Cardinal Health Inc	226,323		16,965
					Endo International PLC (a)	7,111		87
Office & Business Equipment - 0.01%					Express Scripts Holding Co (a)	291,900		20,106
Xerox Corp	33,350		231
					Johnson & Johnson	422,796		47,883
					Mallinckrodt PLC (a)	3,538		172
Oil & Gas - 9.51%
Anadarko Petroleum Corp	25,252		1,756		Mead Johnson Nutrition Co	3,521		248
Antero Resources Corp (a)	5,638		138		Merck & Co Inc	357,435		22,157
					Mylan NV (a)	6,817		259
Apache Corp	2,538		152
BP PLC ADR	717,280		25,808		Perrigo Co PLC	4,232		322
Cabot Oil & Gas Corp	4,281		92		Pfizer Inc	784,055		24,878
Chesapeake Energy Corp (a)	17,996		116		Premier Inc (a)	1,504		48
Chevron Corp	300,680		33,481		Sanofi ADR	379,216		15,465
Cimarex Energy Co	2,439		330		Teva Pharmaceutical Industries Ltd ADR	443,923		14,840
Concho Resources Inc (a)	3,086		430				$	164,084

See accompanying notes

127

Schedule of Investments
LargeCap Value Fund III
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Pipelines - 0.12%					REITS (continued)
Kinder Morgan Inc/DE	42,034	$	939		UDR Inc	8,166	$	285
Spectra Energy Corp	12,931		539		Ventas Inc	9,067		559
Targa Resources Corp	5,267		304		VEREIT Inc	31,253		267
Williams Cos Inc/The	12,568		362		Vornado Realty Trust	3,753		399
		$	2,144		Weingarten Realty Investors	3,919		140
Real Estate - 0.01%					Welltower Inc	11,596		769
Jones Lang LaSalle Inc	1,340		138		Weyerhaeuser Co	23,399		733
Realogy Holdings Corp	4,691		122		WP Carey Inc	3,431		213
		$	260				$	40,952
REITS - 2.25%					Retail - 5.12%
AGNC Investment Corp	11,368		212		AutoNation Inc (a)	1,227		65
Alexandria Real Estate Equities Inc	2,174		241		Bed Bath & Beyond Inc	4,158		168
American Campus Communities Inc	4,193		204		Best Buy Co Inc	8,498		378
American Homes 4 Rent	5,852		130		Burlington Stores Inc (a)	1,040		87
Annaly Capital Management Inc	33,038		338		Cabela's Inc (a)	1,428		80
Apartment Investment & Management Co	5,005		221		Coach Inc	6,969		260
Apple Hospitality REIT Inc	5,819		117		CST Brands Inc	2,358		114
AvalonBay Communities Inc	4,806		833		CVS Health Corp	519,280		40,924
Boston Properties Inc	2,764		362		Dick's Sporting Goods Inc	807		42
Brandywine Realty Trust	6,233		100		Dillard's Inc	655		37
Brixmor Property Group Inc	6,446		156		Foot Locker Inc	597		41
Camden Property Trust	2,795		234		GameStop Corp	3,366		82
Care Capital Properties Inc	2,930		72		Gap Inc/The	6,636		153
Chimera Investment Corp	7,268		128		Genuine Parts Co	374		36
Colony NorthStar Inc	12,217		170		Home Depot Inc/The	137,000		18,849
Columbia Property Trust Inc	4,093		91		Kohl's Corp	5,760		229
Communications Sales & Leasing Inc	4,239		111		L Brands Inc	4,351		262
CoreCivic Inc	3,896		113		Liberty Interactive Corp QVC Group (a)	5,884		113
Corporate Office Properties Trust	3,402		108		Lowe's Cos Inc	195,352		14,276
Crown Castle International Corp	888		78		Macy's Inc	9,297		275
DCT Industrial Trust Inc	3,076		137		Michaels Cos Inc/The (a)	1,030		20
Digital Realty Trust Inc	1,033		111		MSC Industrial Direct Co Inc	988		101
Douglas Emmett Inc	4,660		176		Nu Skin Enterprises Inc	1,141		59
Duke Realty Corp	11,076		269		Penske Automotive Group Inc	1,382		75
Empire State Realty Trust Inc	2,090		43		PVH Corp	2,535		238
EPR Properties	2,146		159		Signet Jewelers Ltd	254		20
Equity Commonwealth (a)	4,318		133		Staples Inc	20,791		191
Equity One Inc	3,268		102		Target Corp	165,850		10,694
Equity Residential	7,789		473		Tiffany & Co	3,358		264
Essex Property Trust Inc	1,518		341		Urban Outfitters Inc (a)	953		25
GGP Inc	12,565		312		Walgreens Boots Alliance Inc	21,755		1,783
Highwoods Properties Inc	3,256		167		Wal-Mart Stores Inc	46,816		3,125
Hospitality Properties Trust	5,383		168		Wendy's Co/The	3,547		48
Host Hotels & Resorts Inc	22,873		413		World Fuel Services Corp	2,545		113
Kilroy Realty Corp	2,984		223				$	93,227
Kimco Realty Corp	12,211		304		Savings & Loans - 0.01%
Liberty Property Trust	4,869		187		People's United Financial Inc	10,652		200
Life Storage Inc	559		46
Macerich Co/The	4,279		294		Semiconductors - 3.41%
MFA Financial Inc	14,816		117		Analog Devices Inc	6,705		503
Mid-America Apartment Communities Inc	3,489		331		Applied Materials Inc	13,152		451
National Retail Properties Inc	4,482		195		Intel Corp	129,804		4,779
Omega Healthcare Investors Inc	3,864		124		IPG Photonics Corp (a)	338		39
Outfront Media Inc	4,093		112		Lam Research Corp	58,557		6,726
Paramount Group Inc	6,142		103		Linear Technology Corp	2,771		175
Park Hotels & Resorts Inc	1,121		30		Micron Technology Inc (a)	22,593		545
Piedmont Office Realty Trust Inc	5,308		115		ON Semiconductor Corp (a)	12,385		165
Prologis Inc	18,187		888		Qorvo Inc (a)	3,520		226
Public Storage	57,524		12,368		QUALCOMM Inc	348,881		18,640
Quality Care Properties Inc (a)	3,366		62		Skyworks Solutions Inc	332		31
Rayonier Inc (b)	4,355		121		Teradyne Inc	7,154		203
Realty Income Corp	5,634		336		Texas Instruments Inc	388,849		29,373
Regency Centers Corp	2,542		177		Xilinx Inc	3,803		221
Retail Properties of America Inc	8,226		123				$	62,077
Senior Housing Properties Trust	7,094		135		Shipbuilding - 0.00%
Simon Property Group Inc	70,572		12,970		Huntington Ingalls Industries Inc	347		67
SL Green Realty Corp	3,054		333
Spirit Realty Capital Inc	15,676		165		Software - 3.75%
Starwood Property Trust Inc	8,678		193		Akamai Technologies Inc (a)	584		40
STORE Capital Corp	4,846		115		ANSYS Inc (a)	1,952		182
Sun Communities Inc	2,197		173		Autodesk Inc (a)	826		67
Tanger Factory Outlet Centers Inc	910		31		CA Inc	8,686		272
Taubman Centers Inc	1,043		74		CommerceHub Inc - Series A (a)	413		6
Two Harbors Investment Corp	13,513		119

See accompanying notes

128

Schedule of Investments
LargeCap Value Fund III
January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	(d) Restricted Security. Please see Restricted Security Sub-Schedule for more
Software (continued)					information.
CommerceHub Inc - Series C (a)	769	$	11
Donnelley Financial Solutions Inc (a)	1,370		33
Dun & Bradstreet Corp/The	769		94
Fidelity National Information Services Inc	3,062		243		Portfolio Summary (unaudited)
Microsoft Corp	415,600		26,869		Sector	Percent
Nuance Communications Inc (a)	1,709		27		Consumer, Non-cyclical	24.95	%
Oracle Corp	995,420		39,926		Financial	23.26	%
PTC Inc (a)	1,877		99		Energy	10.63	%
SS&C Technologies Holdings Inc	432		14		Industrial	10.47	%
Synopsys Inc (a)	4,082		257		Technology	8.27	%
Twilio Inc (a)	104		3		Consumer, Cyclical	7.02	%
VMware Inc (a)	1,660		145		Communications	5.66	%
Zynga Inc (a)	21,668		55		Investment Companies	4.58	%
		$	68,343		Basic Materials	3.11	%
Telecommunications - 3.68%					Utilities	2.47	%
ARRIS International PLC (a)	4,859		139		Diversified	0.01	%
AT&T Inc	841,661		35,485		Other Assets and Liabilities	(0.43	)%
CenturyLink Inc	15,876		411		TOTAL NET ASSETS	100.00	%
Cisco Systems Inc	152,262		4,677
EchoStar Corp (a)	1,922		98
Frontier Communications Corp	34,468		120
Juniper Networks Inc	12,137		325
Level 3 Communications Inc (a)	6,391		380
Motorola Solutions Inc	3,373		272
Sprint Corp (a)	22,440		207
Telephone & Data Systems Inc	2,795		86
T-Mobile US Inc (a)	4,167		259
United States Cellular Corp (a)	397		18
Verizon Communications Inc	502,120		24,609
		$	67,086
Textiles - 0.01%
Mohawk Industries Inc (a)	436		94
Transportation - 2.06%
CSX Corp	31,876		1,479
Expeditors International of Washington Inc	1,849		96
FedEx Corp	64,300		12,160
Genesee & Wyoming Inc (a)	1,793		135
Kansas City Southern	3,294		283
Kirby Corp (a)	1,622		104
Norfolk Southern Corp	66,747		7,840
Old Dominion Freight Line Inc	970		86
Ryder System Inc	1,773		137
Union Pacific Corp	142,403		15,178
		$	37,498
Water - 0.02%
American Water Works Co Inc	5,346		393
TOTAL COMMON STOCKS		$	1,746,611
INVESTMENT COMPANIES - 4.58%	Shares Held		Value(000	's)
Money Market Funds - 4.58%
Cash Account Trust - Government & Agency	692,671		693
Portfolio - Government Cash Managed
First American Government Obligations Fund	33,008,115		33,008
Goldman Sachs Financial Square Funds -	49,685,124		49,685
Government Fund
		$	83,386
TOTAL INVESTMENT COMPANIES		$	83,386
Total Investments		$	1,829,997
Other Assets and Liabilities - (0.43)%		$	(7,858	)
TOTAL NET ASSETS - 100.00%		$	1,822,139

(a)	Non-Income Producing Security
(b)	Security is Illiquid. At the end of the period, the value of these securities totaled $121 or 0.01% of net assets.
(c)	Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Inputs used in the valuation may be unobservable; however, not all securities are included in Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $0 or 0.00% of net assets.

See accompanying notes

129

Schedule of Investments
LargeCap Value Fund III
January 31, 2017 (unaudited)
Restricted Securities
Security Name	Trade Date			Cost		Value			Percent of Net Assets
Safeway, Inc. - CVR - Property Development	04/13/2015			$	1	$—			0.00	%
Centers
Amounts in thousands
Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
S&P 500 Emini; March 2017	Long	730	$	82,728	$	83,019		$	291
Total							$		291
Amounts in thousands except contracts

See accompanying notes

130

     Schedule of Investments MidCap Fund January 31, 2017 (unaudited)

COMMON STOCKS - 101.00%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 2.73%					Internet - 2.96%
TransDigm Group Inc	1,578,289	$	341,542		Liberty Expedia Holdings Inc (a)	1,613,630	$	71,016
					Liberty Ventures (a)	2,418,116		105,551
Banks - 1.31%					VeriSign Inc (a)	2,400,050		192,508
M&T Bank Corp	1,010,073		164,207				$	369,075
					Machinery - Diversified - 2.04%
Beverages - 0.37%					Roper Technologies Inc	1,328,697		254,910
Brown-Forman Corp - B Shares	1,002,685		45,722
					Media - 6.32%
Building Materials - 1.54%					Liberty Broadband Corp - A Shares (a)	866,661		72,522
Martin Marietta Materials Inc	746,046		171,292		Liberty Broadband Corp - C Shares (a)	2,647,644		225,950
Vulcan Materials Co	159,521		20,471		Liberty Global PLC - A Shares (a)	1,012,265		36,928
		$	191,763		Liberty Global PLC - C Shares (a)	6,223,687		218,638
Chemicals - 3.61%					Liberty Media Corp-Liberty Braves - A Shares	154,678		3,086
Air Products & Chemicals Inc	1,903,060		265,972		(a)
Axalta Coating Systems Ltd (a)	1,692,521		49,083		Liberty Media Corp-Liberty Braves - C Shares	676,915		13,525
Sherwin-Williams Co/The	447,279		135,888		(a)
		$	450,943		Liberty Media Corp-Liberty Formula One - A	386,239		11,193
Commercial Services - 11.72%					Shares (a)
AMERCO	55,860		21,041		Liberty Media Corp-Liberty Formula One - C	1,106,262		31,794
Brookfield Business Partners LP	389,635		9,523		Shares (a)
Ecolab Inc	598,420		71,888		Liberty Media Corp-Liberty SiriusXM - A	1,187,227		43,025
IHS Markit Ltd (a)	2,543,167		100,328		Shares (a)
KAR Auction Services Inc	3,436,575		156,536		Liberty Media Corp-Liberty SiriusXM - C	3,681,395		132,125
Live Nation Entertainment Inc (a)	3,459,957		99,024		Shares (a)
Macquarie Infrastructure Corp	1,852,314		138,905				$	788,786
Moody's Corp	3,366,408		348,996		Miscellaneous Manufacturers - 1.97%
Robert Half International Inc	863,864		40,653		Colfax Corp (a),(b)	6,313,001		246,207
S&P Global Inc	2,192,557		263,501
Verisk Analytics Inc (a)	2,582,434		213,412		Pharmaceuticals - 2.37%
		$	1,463,807		Mead Johnson Nutrition Co	531,471		37,448
Distribution & Wholesale - 1.12%					Zoetis Inc	4,708,305		258,674
Fastenal Co	1,480,628		73,557				$	296,122
HD Supply Holdings Inc (a)	1,557,536		65,884		Private Equity - 1.19%
		$	139,441		KKR & Co LP	2,197,099		38,141
Diversified Financial Services - 2.08%					Onex Corp	1,584,589		110,461
FNF Group	7,002,024		247,592				$	148,602
FNFV Group (a)	952,924		12,388		Real Estate - 7.51%
		$	259,980		Brookfield Asset Management Inc	17,734,495		613,259
Electric - 2.31%					Brookfield Property Partners LP	2,186,423		49,085
Brookfield Infrastructure Partners LP	6,701,446		234,216		CBRE Group Inc (a)	6,210,257		188,543
Brookfield Renewable Partners LP	1,778,831		53,756		Howard Hughes Corp/The (a)	813,034		86,678
		$	287,972				$	937,565
Electronics - 0.71%					REITS - 2.19%
Sensata Technologies Holding NV (a)	2,123,691		89,089		Equinix Inc	382,496		147,253
					Forest City Realty Trust Inc	5,572,068		126,152
Engineering & Construction - 3.44%							$	273,405
SBA Communications Corp (a)	4,079,134		429,370		Retail - 15.25%
					AutoZone Inc (a)	265,838		192,727
Healthcare - Products - 2.12%					CarMax Inc (a)	5,868,783		391,506
CR Bard Inc	804,516		190,936		Copart Inc (a)	2,478,633		140,638
DENTSPLY SIRONA Inc	1,305,430		74,018		Dollar General Corp	866,313		63,951
		$	264,954		Dollar Tree Inc (a)	3,350,612		258,634
Healthcare - Services - 1.00%					O'Reilly Automotive Inc (a)	1,067,629		280,007
DaVita Inc (a)	1,957,181		124,770		Restaurant Brands International Inc	6,119,228		300,332
					Ross Stores Inc	4,182,221		276,487
Holding Companies - Diversified - 0.81%							$	1,904,282
Leucadia National Corp	4,261,811		101,644		Semiconductors - 1.39%
					Microchip Technology Inc	2,576,539		173,530
Home Builders - 0.83%
Lennar Corp - A Shares	1,300,905		58,085		Software - 5.97%
NVR Inc (a)	24,270		45,094		Autodesk Inc (a)	3,322,639		270,263
		$	103,179		CDK Global Inc	1,407,070		88,012
Insurance - 13.31%					Fidelity National Information Services Inc	2,466,494		195,889
Alleghany Corp (a)	84,296		51,553		Intuit Inc	1,321,037		156,649
Aon PLC	3,866,447		435,749		MSCI Inc	426,426		35,287
Arch Capital Group Ltd (a)	1,363,793		120,491				$	746,100
Brown & Brown Inc	2,634,574		110,995		Telecommunications - 1.37%
Loews Corp	4,244,205		197,695		EchoStar Corp (a)	632,357		32,206
Markel Corp (a)	455,333		421,183		Motorola Solutions Inc	1,721,567		138,948
Progressive Corp/The	2,783,282		104,206				$	171,154
White Mountains Insurance Group Ltd	114,136		103,836
Willis Towers Watson PLC	926,382		115,918
		$	1,661,626

See accompanying notes

131

Schedule of Investments
MidCap Fund
January 31, 2017 (unaudited)
COMMON STOCKS (continued)		Shares Held			Value(000's)
Textiles - 1.46%
Mohawk Industries Inc (a)		846,615			$	182,733
TOTAL COMMON STOCKS					$12,612,480
INVESTMENT COMPANIES - 0.13%		Shares Held			Value(000's)
Money Market Funds - 0.13%
Goldman Sachs Financial Square Funds -		16,348,809				16,349
Government Fund
TOTAL INVESTMENT COMPANIES					$	16,349
Total Investments					$12,628,829
Other Assets and Liabilities - (1.13)%					$	(141,192)
TOTAL NET ASSETS - 100.00%					$12,487,637
(a)	Non-Income Producing Security
(b)	Affiliated Security as defined by the Investment Company Act of 1940 (the
	Fund controls 5.0% or more of the outstanding voting shares of the
	security). Please see Affiliated Sub-Schedule for transactional
	information.
	Portfolio Summary (unaudited)
Sector							Percent
Financial							27.59	%
Consumer, Cyclical							18.66	%
Consumer, Non-cyclical							17.58	%
Industrial							12.43	%
Communications							10.65	%
Technology							7.36	%
Basic Materials							3.61	%
Utilities							2.31	%
Diversified							0.81	%
Investment Companies							0.13	%
Other Assets and Liabilities							(1.13	)%
TOTAL NET ASSETS						100.00		%
	October 31,			October 31,										January 31,		January 31,
Affiliated Securities		2016		2016			Purchases		Purchases	Sales			Sales	2017		2017
		Shares		Cost			Shares		Cost	Shares			Proceeds	Shares		Cost
Colfax Corp		6,242,338	$	272,915			149,160	$	5,615	78,497		$	2,896	6,313,001	$	274,585
		$		272,915			$		5,615			$	2,896		$	274,585
									Realized Gain/Loss					Realized Gain from
				Income					on Investments				Capital Gain Distributions
Colfax Corp		$				—	$			(1,049	)	$				—
		$				—	$			(1,049	)	$				—
Amounts in thousands except shares

See accompanying notes

132

     Schedule of Investments MidCap Growth Fund January 31, 2017 (unaudited)

COMMON STOCKS - 98.57%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Airlines - 1.03%					Lodging - 1.60%
Southwest Airlines Co	26,834	$	1,404		MGM Resorts International (a)	75,712	$	2,180
Automobile Parts & Equipment - 3.51%					Machinery - Diversified - 4.64%
BorgWarner Inc	59,756		2,440		Deere & Co	15,758		1,687
Mobileye NV (a)	54,303		2,333		Middleby Corp/The (a)	24,233		3,252
		$	4,773		Rockwell Automation Inc	9,200		1,361
Banks - 3.44%							$	6,300
Comerica Inc	30,683		2,072		Metal Fabrication & Hardware - 1.11%
Zions Bancorporation	61,661		2,601		Timken Co/The	33,854		1,503
		$	4,673
Biotechnology - 3.04%					Miscellaneous Manufacturers - 2.47%
BioMarin Pharmaceutical Inc (a)	21,434		1,878		Colfax Corp (a)	40,398		1,576
Incyte Corp (a)	18,588		2,253		Parker-Hannifin Corp	12,127		1,784
		$	4,131				$	3,360
Building Materials - 1.04%					Oil & Gas - 1.88%
Vulcan Materials Co	10,976		1,409		Pioneer Natural Resources Co	14,191		2,558
Chemicals - 3.16%					Pharmaceuticals - 2.28%
Albemarle Corp	25,668		2,378		Zoetis Inc	56,394		3,098
Celanese Corp	22,738		1,919
		$	4,297		Retail - 7.68%
					Burlington Stores Inc (a)	31,662		2,650
Commercial Services - 7.23%
Booz Allen Hamilton Holding Corp	100,801		3,409		PVH Corp	21,978		2,062
Cintas Corp	15,439		1,793		Ross Stores Inc	27,850		1,841
TransUnion (a)	69,799		2,201		Ulta Beauty Inc (a)	14,260		3,883
Vantiv Inc (a)	38,932		2,423				$	10,436
		$	9,826		Semiconductors - 6.56%
Diversified Financial Services - 3.27%					Applied Materials Inc	105,004		3,596
E*TRADE Financial Corp (a)	37,522		1,405		Micron Technology Inc (a)	110,635		2,668
					Microsemi Corp (a)	49,973		2,656
Intercontinental Exchange Inc	51,975		3,033
		$	4,438				$	8,920
Electrical Components & Equipment - 1.72%					Software - 9.99%
AMETEK Inc	45,679		2,334		Activision Blizzard Inc	37,229		1,497
					CommVault Systems Inc (a)	26,161		1,285
					Electronic Arts Inc (a)	25,402		2,119
Electronics - 1.56%
Trimble Inc (a)	71,781		2,126		Fidelity National Information Services Inc	28,544		2,267
					ServiceNow Inc (a)	50,677		4,592
					Take-Two Interactive Software Inc (a)	33,926		1,820
Entertainment - 1.25%
Vail Resorts Inc	9,895		1,697				$	13,580
					Telecommunications - 3.15%
Environmental Control - 1.51%					CommScope Holding Co Inc (a)	77,766		2,941
Waste Connections Inc	25,603		2,056		Finisar Corp (a)	45,092		1,333
							$	4,274
Hand & Machine Tools - 1.19%					Textiles - 1.59%
Kennametal Inc	45,191		1,615		Mohawk Industries Inc (a)	10,028		2,164
Healthcare - Products - 6.85%					Transportation - 1.66%
Edwards Lifesciences Corp (a)	21,009		2,022		Canadian Pacific Railway Ltd	14,953		2,260
IDEXX Laboratories Inc (a)	29,434		3,601
Nevro Corp (a)	19,011		1,654		TOTAL COMMON STOCKS		$	133,970
NuVasive Inc (a)	28,769		2,036		INVESTMENT COMPANIES - 0.23%	Shares Held		Value(000	's)
		$	9,313		Money Market Funds - 0.23%
Healthcare - Services - 2.49%					Goldman Sachs Financial Square Funds -	315,602		316
WellCare Health Plans Inc (a)	23,267		3,386		Government Fund
Home Builders - 0.95%					TOTAL INVESTMENT COMPANIES		$	316
DR Horton Inc	43,114		1,290		Total Investments		$	134,286
					Other Assets and Liabilities - 1.20%		$	1,626
Housewares - 1.23%					TOTAL NET ASSETS - 100.00%		$	135,912
Newell Brands Inc	35,295		1,671
Internet - 5.65%					(a) Non-Income Producing Security
eBay Inc (a)	51,956		1,654
Expedia Inc	20,274		2,465
GrubHub Inc (a)	42,996		1,787
Match Group Inc (a)	102,373		1,778
		$	7,684
Leisure Products & Services - 3.84%
Brunswick Corp/DE	35,628		2,132
Royal Caribbean Cruises Ltd	32,914		3,082
		$	5,214

See accompanying notes

133

	Schedule of Investments
	MidCap Growth Fund
	January 31, 2017 (unaudited)
Portfolio Summary (unaudited)
Sector	Percent
Consumer, Cyclical	22.68	%
Consumer, Non-cyclical	21.89	%
Industrial	16.90	%
Technology	16.55	%
Communications	8.80	%
Financial	6.71	%
Basic Materials	3.16	%
Energy	1.88	%
Investment Companies	0.23	%
Other Assets and Liabilities	1.20	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

134

Schedule of Investments
MidCap Growth Fund III
January 31, 2017 (unaudited)
COMMON STOCKS - 95.55%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.26%					Chemicals - 0.76%
Interpublic Group of Cos Inc/The	40,249	$	947		Axalta Coating Systems Ltd (a)	183,988	$	5,336
Omnicom Group Inc	21,397		1,833		Celanese Corp	2,459		208
		$	2,780		FMC Corp	9,605		578
Aerospace & Defense - 0.82%					International Flavors & Fragrances Inc	5,044		591
B/E Aerospace Inc	6,397		393		NewMarket Corp	607		262
HEICO Corp	1,947		150		RPM International Inc	8,118		424
HEICO Corp - Class A	3,567		236		Valspar Corp/The	4,908		543
Rockwell Collins Inc	8,214		746		Valvoline Inc	1,225		28
Spirit AeroSystems Holdings Inc	7,740		465				$	7,970
TransDigm Group Inc	30,500		6,600		Commercial Services - 8.28%
		$	8,590		AMERCO	325		122
Airlines - 0.10%					Aramark	6,502		220
Alaska Air Group Inc	9,617		902		Booz Allen Hamilton Holding Corp	208,025		7,035
JetBlue Airways Corp (a)	8,248		162		Cintas Corp	5,567		646
					CoreLogic Inc/United States (a)	5,412		191
		$	1,064		CoStar Group Inc (a)	62,209		12,572
Apparel - 1.10%
Carter's Inc	4,206		352		Equifax Inc	37,154		4,357
Hanesbrands Inc	417,091		9,889		Euronet Worldwide Inc (a)	125,180		8,953
Michael Kors Holdings Ltd (a)	16,250		696		FleetCor Technologies Inc (a)	5,767		851
					Gartner Inc (a)	83,516		8,298
Ralph Lauren Corp	462		41
Skechers U.S.A. Inc (a)	11,020		277		Global Payments Inc	9,615		743
Under Armour Inc - Class C (a)	15,262		293		KAR Auction Services Inc	8,640		394
					Live Nation Entertainment Inc (a)	7,000		200
		$	11,548
Automobile Manufacturers - 0.01%					LSC Communications Inc	2,615		69
PACCAR Inc	1,879		127		MarketAxess Holdings Inc	22,221		4,161
					Moody's Corp	9,548		990
Automobile Parts & Equipment - 1.46%					Morningstar Inc	1,470		112
Adient PLC (a)	1,968		125		Nielsen Holdings PLC	17,796		728
					Quanta Services Inc (a)	4,059		146
BorgWarner Inc	6,637		271
Delphi Automotive PLC	24,492		1,716		Robert Half International Inc	12,315		580
Lear Corp	6,376		906		Rollins Inc	8,593		303
Mobileye NV (a)	98,925		4,250		RR Donnelley & Sons Co	3,935		68
Visteon Corp (a)	3,064		274		Sabre Corp	17,883		438
WABCO Holdings Inc (a)	71,426		7,788		Service Corp International/US	15,782		460
					ServiceMaster Global Holdings Inc (a)	11,153		412
		$	15,330		Square Inc (a)	5,559		81
Banks - 3.13%					Total System Services Inc	10,346		524
Citizens Financial Group Inc	21,003		760		United Rentals Inc (a)	7,459		944
East West Bancorp Inc	255,717		13,154		Vantiv Inc (a)	218,058		13,572
First Hawaiian Inc	569		19		Verisk Analytics Inc (a)	211,578		17,485
First Republic Bank/CA	64,161		6,052		Western Union Co/The	51,133		1,001
Signature Bank/New York NY (a)	77,762		12,249
					WEX Inc (a)	3,308		378
SVB Financial Group (a)	2,386		411
Western Alliance Bancorp (a)	4,418		218				$	87,034
					Computers - 3.29%
		$	32,863		Check Point Software Technologies Ltd (a)	85,500		8,445
Beverages - 0.82%					CSRA Inc	327,268		10,152
Brown-Forman Corp - A Shares	4,325		202		DST Systems Inc	3,020		348
Brown-Forman Corp - B Shares	14,669		669		Fortinet Inc (a)	12,324		410
Dr Pepper Snapple Group Inc	84,407		7,698		Genpact Ltd	299,709		7,396
		$	8,569		Leidos Holdings Inc	4,142		200
Biotechnology - 1.20%					MAXIMUS Inc	120,859		6,664
Alnylam Pharmaceuticals Inc (a)	5,246		210		NCR Corp (a)	10,432		449
AquaBounty Technologies Inc (a)	65		1		Teradata Corp (a)	11,981		352
BioMarin Pharmaceutical Inc (a)	86,957		7,620		VeriFone Systems Inc (a)	8,972		163
Charles River Laboratories International Inc	4,064		328				$	34,579
(a)
Illumina Inc (a)	9,219		1,476		Consumer Products - 0.78%
Incyte Corp (a)	13,121		1,590		Avery Dennison Corp	8,360		610
Intercept Pharmaceuticals Inc (a)	1,295		142		Church & Dwight Co Inc	143,937		6,509
Intrexon Corp (a)	4,371		92		Clorox Co/The	6,956		835
Ionis Pharmaceuticals Inc (a)	9,611		428		Spectrum Brands Holdings Inc	2,118		283
Juno Therapeutics Inc (a)	4,476		95				$	8,237
Seattle Genetics Inc (a)	7,678		463		Cosmetics & Personal Care - 0.00%
United Therapeutics Corp (a)	969		159		Coty Inc	1,434		28
		$	12,604		Distribution & Wholesale - 3.06%
Building Materials - 1.79%					Fastenal Co	157,025		7,801
Eagle Materials Inc	3,942		412		HD Supply Holdings Inc (a)	19,843		839
Fortune Brands Home & Security Inc	129,044		7,115		LKQ Corp (a)	242,028		7,723
Johnson Controls International plc	12,375		544		Pool Corp	45,363		4,789
Lennox International Inc	3,841		602		Watsco Inc	65,995		10,080
Martin Marietta Materials Inc	4,777		1,097		WW Grainger Inc	3,492		882
Masco Corp	13,417		442				$	32,114
Vulcan Materials Co	67,201		8,624
		$	18,836

See accompanying notes

135

Schedule of Investments MidCap Growth Fund III

January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Diversified Financial Services - 3.38%					Healthcare - Products - 5.05%
Affiliated Managers Group Inc	75,449	$	11,495		ABIOMED Inc (a)	30,927	$	3,290
Air Lease Corp	4,560		166		Align Technology Inc (a)	49,890		4,574
Alliance Data Systems Corp	42,517		9,710		Bio-Techne Corp	3,139		319
Ameriprise Financial Inc	5,070		569		Bruker Corp	9,569		227
CBOE Holdings Inc	5,072		404		Cooper Cos Inc/The	43,905		8,105
Credit Acceptance Corp (a)	679		139		CR Bard Inc	6,734		1,598
Eaton Vance Corp	9,026		379		Edwards Lifesciences Corp (a)	97,643		9,397
Federated Investors Inc	7,835		204		Henry Schein Inc (a)	5,157		824
Intercontinental Exchange Inc	76,985		4,493		Hill-Rom Holdings Inc	5,405		318
Invesco Ltd	8,337		241		Hologic Inc (a)	17,603		714
Lazard Ltd	1,651		70		IDEXX Laboratories Inc (a)	75,423		9,226
LPL Financial Holdings Inc	1,127		44		Intuitive Surgical Inc (a)	16,594		11,495
Nasdaq Inc	73,010		5,150		OPKO Health Inc (a)	23,259		202
SEI Investments Co	7,952		386		Patterson Cos Inc	7,208		300
T Rowe Price Group Inc	16,082		1,085		ResMed Inc	8,851		598
TD Ameritrade Holding Corp	20,262		935		Teleflex Inc	500		84
		$	35,470		Varex Imaging Corp (a)	2,386		69
Electrical Components & Equipment - 0.79%					Varian Medical Systems Inc (a)	5,967		463
Acuity Brands Inc	36,664		7,598		VWR Corp (a)	1,268		33
AMETEK Inc	2,658		136		West Pharmaceutical Services Inc	6,063		513
Energizer Holdings Inc	1,870		94		Zimmer Biomet Holdings Inc	6,199		734
Hubbell Inc	3,862		472				$	53,083
		$	8,300		Healthcare - Services - 3.47%
Electronics - 2.39%					Acadia Healthcare Co Inc (a)	137,415		5,273
Agilent Technologies Inc	10,601		519		Centene Corp (a)	152,612		9,656
Allegion PLC	5,976		393		DaVita Inc (a)	4,132		263
Amphenol Corp	25,522		1,723		Envision Healthcare Corp (a)	8,565		582
Fortive Corp	133,225		7,369		HealthSouth Corp	97,230		3,775
Gentex Corp	24,088		503		Laboratory Corp of America Holdings (a)	35,425		4,754
Mettler-Toledo International Inc (a)	16,382		6,989		MEDNAX Inc (a)	151,948		10,386
National Instruments Corp	6,738		212		Quintiles IMS Holdings Inc (a)	11,610		911
PerkinElmer Inc	2,258		120		Universal Health Services Inc	1,304		147
Trimble Inc (a)	210,853		6,245		WellCare Health Plans Inc (a)	4,776		695
Waters Corp (a)	7,316		1,036				$	36,442
		$	25,109		Home Builders - 0.21%
Engineering & Construction - 0.75%					CalAtlantic Group Inc	1,139		40
SBA Communications Corp (a)	74,508		7,843		DR Horton Inc	11,575		346
					Lennar Corp - A Shares	11,242		502
Entertainment - 1.56%					Lennar Corp - B Shares	1,136		41
Cinemark Holdings Inc	9,091		386		NVR Inc (a)	296		550
Lions Gate Entertainment Corp - A shares (a)	3,331		96		PulteGroup Inc	6,374		137
Lions Gate Entertainment Corp - B shares (a)	7,574		203		Thor Industries Inc	4,177		432
Regal Entertainment Group	3,002		68		Toll Brothers Inc (a)	6,363		200
Six Flags Entertainment Corp	164,597		9,807				$	2,248
Vail Resorts Inc	34,261		5,877		Home Furnishings - 0.15%
		$	16,437		Harman International Industries Inc	4,422		492
Environmental Control - 0.04%					Leggett & Platt Inc	14,503		692
Stericycle Inc (a)	4,852		374		Tempur Sealy International Inc (a)	4,547		195
					Whirlpool Corp	1,281		224
Food - 2.51%							$	1,603
Blue Buffalo Pet Products Inc (a)	5,418		131		Housewares - 1.33%
Campbell Soup Co	18,247		1,136		Newell Brands Inc	267,652		12,668
Conagra Brands Inc	21,642		846		Scotts Miracle-Gro Co/The	3,578		329
Flowers Foods Inc	13,544		272		Toro Co/The	11,312		667
Hain Celestial Group Inc/The (a)	6,324		250		Tupperware Brands Corp	4,317		260
Hershey Co/The	13,093		1,381				$	13,924
Hormel Foods Corp	23,370		848		Insurance - 0.66%
Ingredion Inc	6,027		773		AmTrust Financial Services Inc	977		26
Kellogg Co	14,431		1,049		Arthur J Gallagher & Co	12,466		671
Lamb Weston Holdings Inc	9,708		363		Brown & Brown Inc	830		35
McCormick & Co Inc/MD	86,294		8,245		Erie Indemnity Co	1,515		170
Pilgrim's Pride Corp	1,549		30		Lincoln National Corp	6,903		466
Post Holdings Inc (a)	3,152		264		Progressive Corp/The	8,798		329
Sprouts Farmers Market Inc (a)	11,296		211		Willis Towers Watson PLC	40,474		5,064
Tyson Foods Inc	157,517		9,890		XL Group Ltd	5,476		206
WhiteWave Foods Co/The (a)	10,970		604				$	6,967
Whole Foods Market Inc	3,302		100		Internet - 1.45%
		$	26,393		CDW Corp/DE	190,563		9,816
Hand & Machine Tools - 0.73%					Expedia Inc	7,522		915
Lincoln Electric Holdings Inc	3,486		291		F5 Networks Inc (a)	6,788		910
Snap-on Inc	38,903		7,062		GoDaddy Inc (a)	4,699		168
Stanley Black & Decker Inc	2,483		308		IAC/InterActiveCorp (a)	5,003		344
		$	7,661		Liberty Expedia Holdings Inc (a)	1,230		54

See accompanying notes

136

Schedule of Investments
MidCap Growth Fund III
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Internet (continued)					Miscellaneous Manufacturers (continued)
Liberty Ventures (a)	1,428	$	62		Ingersoll-Rand PLC	12,392	$	983
Match Group Inc (a)	4,577		80		Textron Inc	8,959		424
Palo Alto Networks Inc (a)	5,485		809				$	12,679
Symantec Corp	5,376		148		Office & Business Equipment - 0.02%
Twitter Inc (a)	35,325		622		Pitney Bowes Inc	15,870		253
VeriSign Inc (a)	9,795		786
Yelp Inc (a)	4,719		197		Oil & Gas - 1.27%
Zillow Group Inc - A Shares (a)	3,235		116		Cabot Oil & Gas Corp	27,399		589
Zillow Group Inc - C Shares (a)	5,983		212		Cimarex Energy Co	911		123
		$	15,239		Concho Resources Inc (a)	27,236		3,798
Iron & Steel - 0.02%					Continental Resources Inc/OK (a)	3,312		161
Steel Dynamics Inc	6,563		222		Devon Energy Corp	5,138		234
					Diamondback Energy Inc (a)	73,765		7,758
Leisure Products & Services - 0.18%					Murphy USA Inc (a)	2,000		127
Brunswick Corp/DE	6,397		383		Newfield Exploration Co (a)	3,122		125
Harley-Davidson Inc	17,664		1,007		Parsley Energy Inc (a)	1,424		50
Norwegian Cruise Line Holdings Ltd (a)	924		43		Southwestern Energy Co (a)	40,500		365
Polaris Industries Inc	4,886		411				$	13,330
Vista Outdoor Inc (a)	1,274		37		Packaging & Containers - 1.42%
		$	1,881		Ball Corp	145,838		11,121
Lodging - 0.40%					Bemis Co Inc	1,617		79
Choice Hotels International Inc	2,319		129		Berry Plastics Group Inc (a)	12,276		626
Extended Stay America Inc	2,588		42		Crown Holdings Inc (a)	13,197		715
Hilton Grand Vacations Inc (a)	4,633		136		Graphic Packaging Holding Co	20,024		251
Hilton Worldwide Holdings Inc	9,577		552		Owens-Illinois Inc (a)	14,308		270
Hyatt Hotels Corp (a)	617		34		Packaging Corp of America	9,022		832
Marriott International Inc/MD	21,955		1,857		Sealed Air Corp	17,736		860
MGM Resorts International (a)	2,617		75		Silgan Holdings Inc	3,435		201
Wyndham Worldwide Corp	11,310		894				$	14,955
Wynn Resorts Ltd	4,546		461		Pharmaceuticals - 2.54%
		$	4,180		ACADIA Pharmaceuticals Inc (a)	7,709		267
Machinery - Construction & Mining - 0.97%					Agios Pharmaceuticals Inc (a)	2,472		106
BWX Technologies Inc	105,393		4,373		Akorn Inc (a)	7,642		146
Oshkosh Corp	82,865		5,770		Alkermes PLC (a)	12,186		659
		$	10,143		AmerisourceBergen Corp	15,661		1,367
Machinery - Diversified - 3.92%					DexCom Inc (a)	5,179		410
Cognex Corp	6,836		462		Herbalife Ltd (a)	6,228		350
Flowserve Corp	4,871		239		Mead Johnson Nutrition Co	113,544		8,000
Graco Inc	71,558		6,411		Neurocrine Biosciences Inc (a)	6,925		297
IDEX Corp	4,406		397		Perrigo Co PLC	41,609		3,169
Manitowoc Foodservice Inc (a)	5,595		107		Premier Inc (a)	1,912		61
Middleby Corp/The (a)	120,363		16,150		VCA Inc (a)	4,868		441
Nordson Corp	5,981		679		Zoetis Inc	206,919		11,368
Rockwell Automation Inc	51,005		7,549				$	26,641
Roper Technologies Inc	4,553		873		Pipelines - 0.12%
Wabtec Corp/DE	86,553		7,499		ONEOK Inc	18,332		1,010
Xylem Inc/NY	9,590		473		Williams Cos Inc/The	7,042		203
Zebra Technologies Corp (a)	3,497		293				$	1,213
		$	41,132		Real Estate - 0.07%
Media - 1.27%					CBRE Group Inc (a)	24,980		758
AMC Networks Inc (a)	5,014		288
Cable One Inc	14,980		9,473		REITS - 0.99%
Discovery Communications Inc - A Shares (a)	11,934		338		Alexandria Real Estate Equities Inc	1,413		157
Discovery Communications Inc - C Shares (a)	12,942		359		Boston Properties Inc	1,631		213
FactSet Research Systems Inc	2,491		431		Care Capital Properties Inc	1,592		39
Scripps Networks Interactive Inc	9,285		707		Colony NorthStar Inc	25,212		351
Sirius XM Holdings Inc	184,103		869		CubeSmart	10,074		253
Viacom Inc - A Shares	1,277		58		CyrusOne Inc	5,104		246
Viacom Inc - B Shares	19,064		803		Digital Realty Trust Inc	10,000		1,076
		$	13,326		Empire State Realty Trust Inc	6,900		141
Metal Fabrication & Hardware - 0.02%					Equinix Inc	4,361		1,679
Valmont Industries Inc	1,572		226		Equity LifeStyle Properties Inc	6,414		474
					Essex Property Trust Inc	2,564		575
Mining - 0.05%					Extra Space Storage Inc	10,481		755
Freeport-McMoRan Inc (a)	26,135		435		Federal Realty Investment Trust	4,434		623
Southern Copper Corp	3,004		115		Gaming and Leisure Properties Inc	15,945		504
		$	550		Iron Mountain Inc	16,439		589
Miscellaneous Manufacturers - 1.21%					Lamar Advertising Co	8,163		616
AO Smith Corp	205,251		10,006		Life Storage Inc	2,526		206
AptarGroup Inc	1,592		116		Omega Healthcare Investors Inc	8,438		271
Carlisle Cos Inc	2,836		309		Outfront Media Inc	2,693		74
Donaldson Co Inc	10,189		431		Park Hotels & Resorts Inc	8,389		228
Hexcel Corp	7,976		410		Regency Centers Corp	1,720		120

See accompanying notes

137

Schedule of Investments
MidCap Growth Fund III
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
REITS (continued)					Software (continued)
Senior Housing Properties Trust	3,617	$	69		Broadridge Financial Solutions Inc	54,099	$	3,599
Tanger Factory Outlet Centers Inc	7,611		260		Cadence Design Systems Inc (a)	18,626		485
Taubman Centers Inc	2,567		182		CDK Global Inc	15,650		979
Ventas Inc	10,680		659		Cerner Corp (a)	119,581		6,422
		$	10,360		Citrix Systems Inc (a)	14,986		1,367
Retail - 12.91%					CommerceHub Inc - Series A (a)	2,201		32
Advance Auto Parts Inc	4,460		733		Donnelley Financial Solutions Inc (a)	1,934		47
AutoNation Inc (a)	2,260		120		Dun & Bradstreet Corp/The	40,713		4,992
AutoZone Inc (a)	1,853		1,343		Electronic Arts Inc (a)	25,827		2,155
Bed Bath & Beyond Inc	5,029		203		Fidelity National Information Services Inc	17,529		1,392
Brinker International Inc	4,520		201		First Data Corp (a)	27,312		419
Burlington Stores Inc (a)	85,729		7,175		Fiserv Inc (a)	96,183		10,333
Cabela's Inc (a)	880		49		Guidewire Software Inc (a)	122,948		6,434
CarMax Inc (a)	12,160		811		Inovalon Holdings Inc (a)	5,900		68
Casey's General Stores Inc	49,583		5,697		Jack Henry & Associates Inc	8,665		778
Chipotle Mexican Grill Inc (a)	1,781		751		Manhattan Associates Inc (a)	6,383		327
Coach Inc	3,250		121		MSCI Inc	7,699		637
Copart Inc (a)	187,712		10,651		Nuance Communications Inc (a)	15,999		254
Darden Restaurants Inc	12,087		886		Paychex Inc	29,222		1,762
Dick's Sporting Goods Inc	5,952		307		PTC Inc (a)	4,446		234
Dollar General Corp	212,450		15,683		Red Hat Inc (a)	195,655		14,846
Dollar Tree Inc (a)	14,244		1,100		ServiceNow Inc (a)	89,720		8,131
Domino's Pizza Inc	36,483		6,368		Splunk Inc (a)	8,159		472
Dunkin' Brands Group Inc	7,852		407		SS&C Technologies Holdings Inc	13,247		426
Foot Locker Inc	12,723		872		Synopsys Inc (a)	105,486		6,634
Gap Inc/The	2,396		55		Tyler Technologies Inc (a)	48,949		7,147
Genuine Parts Co	13,008		1,259		Ultimate Software Group Inc/The (a)	40,783		7,898
Kate Spade & Co (a)	10,704		198		Veeva Systems Inc (a)	280,782		11,885
L Brands Inc	2,707		163		Workday Inc (a)	7,361		612
Liberty Interactive Corp QVC Group (a)	15,662		300				$	120,864
Lululemon Athletica Inc (a)	109,370		7,384		Telecommunications - 0.40%
Michaels Cos Inc/The (a)	6,698		132		Arista Networks Inc (a)	34,002		3,196
MSC Industrial Direct Co Inc	1,814		185		ARRIS International PLC (a)	3,851		110
Nordstrom Inc	10,454		462		CommScope Holding Co Inc (a)	10,852		410
Nu Skin Enterprises Inc	1,646		85		Motorola Solutions Inc	1,216		98
Ollie's Bargain Outlet Holdings Inc (a)	226,750		6,927		Zayo Group Holdings Inc (a)	13,033		417
O'Reilly Automotive Inc (a)	74,734		19,601				$	4,231
Panera Bread Co (a)	48,731		10,189		Textiles - 0.10%
Rite Aid Corp (a)	64,622		363		Mohawk Industries Inc (a)	4,795		1,035
Ross Stores Inc	205,112		13,560
Sally Beauty Holdings Inc (a)	11,992		285		Toys, Games & Hobbies - 0.96%
Signet Jewelers Ltd	5,269		409		Hasbro Inc	115,167		9,503
Tractor Supply Co	148,393		10,932		Mattel Inc	21,504		563
Ulta Beauty Inc (a)	32,975		8,979				$	10,066
Urban Outfitters Inc (a)	6,414		170		Transportation - 1.71%
Wendy's Co/The	11,339		153		CH Robinson Worldwide Inc	12,123		922
Williams-Sonoma Inc	7,457		360		Expeditors International of Washington Inc	7,965		415
		$	135,629		JB Hunt Transport Services Inc	73,200		7,253
Semiconductors - 2.10%					Landstar System Inc	3,780		320
IPG Photonics Corp (a)	37,315		4,291		Old Dominion Freight Line Inc	102,837		9,078
KLA-Tencor Corp	9,843		838				$	17,988
Lam Research Corp	12,021		1,381		TOTAL COMMON STOCKS		$	1,003,902
Linear Technology Corp	6,961		439		INVESTMENT COMPANIES - 4.21%	Shares Held		Value(000	's)
Maxim Integrated Products Inc	17,834		793		Money Market Funds - 4.21%
Microchip Technology Inc	13,253		893		BlackRock Liquidity Funds FedFund Portfolio	21,937,987		21,938
Monolithic Power Systems Inc	76,055		6,635		Cash Account Trust - Government & Agency	375,653		376
NVIDIA Corp	42,954		4,690		Portfolio - Government Cash Managed
ON Semiconductor Corp (a)	4,378		58
Qorvo Inc (a)	1,798		116		First American Government Obligations Fund	21,894,030		21,894
							$	44,208
Skyworks Solutions Inc	15,721		1,442		TOTAL INVESTMENT COMPANIES		$	44,208
Xilinx Inc	9,217		536		Total Investments		$	1,048,110
		$	22,112		Other Assets and Liabilities - 0.24%		$	2,482
Shipbuilding - 0.07%					TOTAL NET ASSETS - 100.00%		$	1,050,592
Huntington Ingalls Industries Inc	3,930		762
Software - 11.50%					(a) Non-Income Producing Security
Akamai Technologies Inc (a)	212,699		14,590
ANSYS Inc (a)	1,419		132
athenahealth Inc (a)	3,225		406
Atlassian Corp PLC (a)	2,479		68
Autodesk Inc (a)	10,948		891
Black Knight Financial Services Inc (a)	2,976		108
Blackbaud Inc	59,480		3,902

See accompanying notes

138

Schedule of Investments
MidCap Growth Fund III
January 31, 2017 (unaudited)
Portfolio Summary (unaudited)
Sector		Percent
Consumer, Non-cyclical		24.82	%
Consumer, Cyclical		23.53	%
Technology		16.74	%
Industrial		16.63	%
Financial		8.23	%
Investment Companies		4.21	%
Communications		3.38	%
Energy		1.39	%
Basic Materials		0.83	%
Other Assets and Liabilities		0.24	%
TOTAL NET ASSETS		100.00	%
Futures Contracts
										Unrealized
Type	Long/Short	Contracts		Notional Value			Fair Value	Appreciation/(Depreciation)
S&P Mid 400 Emini; March 2017	Long	277		$	46,498	$	46,688		$	190
Total								$		190
Amounts in thousands except contracts

See accompanying notes

139

     Schedule of Investments MidCap S&P 400 Index Fund January 31, 2017 (unaudited)

COMMON STOCKS - 99.44%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 1.60%					Chemicals (continued)
B/E Aerospace Inc	79,438	$	4,883		Valspar Corp/The	57,078	$	6,317
Curtiss-Wright Corp	34,581		3,391		Versum Materials Inc (a)	84,967		2,375
Esterline Technologies Corp (a)	23,123		1,980				$	39,981
KLX Inc (a)	41,193		2,018		Coal - 0.18%
Orbital ATK Inc	45,782		3,981		CONSOL Energy Inc	138,128		2,340
Teledyne Technologies Inc (a)	27,318		3,357
Triumph Group Inc	38,740		1,036		Commercial Services - 3.92%
		$	20,646		Aaron's Inc	49,696		1,538
Airlines - 0.38%					Avis Budget Group Inc (a)	68,716		2,558
JetBlue Airways Corp (a)	253,111		4,964		CEB Inc	25,197		1,926
					CoreLogic Inc/United States (a)	67,526		2,382
Apparel - 0.56%					Deluxe Corp	37,994		2,768
Carter's Inc	38,600		3,233		DeVry Education Group Inc	44,555		1,493
Deckers Outdoor Corp (a)	25,085		1,445		FTI Consulting Inc (a)	33,131		1,396
Skechers U.S.A. Inc (a)	104,245		2,618		Gartner Inc (a)	64,588		6,417
		$	7,296		Graham Holdings Co	3,635		1,888
Automobile Parts & Equipment - 0.18%					Live Nation Entertainment Inc (a)	103,388		2,959
Dana Inc	112,448		2,265		ManpowerGroup Inc	52,430		5,005
					MarketAxess Holdings Inc	29,381		5,502
Banks - 7.12%					PAREXEL International Corp (a)	41,646		2,952
Associated Banc-Corp	115,771		2,929		Rollins Inc	74,937		2,642
BancorpSouth Inc	66,632		1,979		Service Corp International/US	148,934		4,338
Bank of Hawaii Corp	33,379		2,868		Sotheby's (a)	36,028		1,431
Bank of the Ozarks Inc	71,039		3,898		WEX Inc (a)	30,071		3,438
Cathay General Bancorp	57,979		2,113				$	50,633
Chemical Financial Corp	55,157		2,726		Computers - 3.56%
Commerce Bancshares Inc/MO	68,195		3,855		3D Systems Corp (a)	83,456		1,376
Cullen/Frost Bankers Inc	43,810		3,917		Brocade Communications Systems Inc	314,556		3,922
East West Bancorp Inc	112,711		5,798		Computer Sciences Corp	110,096		6,848
First Horizon National Corp	182,355		3,647		Convergys Corp	74,565		1,851
FNB Corp/PA	163,156		2,438		Diebold Nixdorf Inc	58,748		1,598
Fulton Financial Corp	135,472		2,466		DST Systems Inc	25,008		2,880
Hancock Holding Co	64,951		2,978		Fortinet Inc (a)	114,997		3,825
International Bancshares Corp	45,385		1,684		Leidos Holdings Inc	111,684		5,397
MB Financial Inc	55,543		2,473		MAXIMUS Inc	50,646		2,793
PacWest Bancorp	94,041		5,210		Mentor Graphics Corp	85,629		3,160
PrivateBancorp Inc	62,297		3,405		NCR Corp (a)	97,027		4,174
Prosperity Bancshares Inc	54,326		3,946		NetScout Systems Inc (a)	71,595		2,384
Signature Bank/New York NY (a)	41,972		6,611		NeuStar Inc (a)	42,668		1,417
SVB Financial Group (a)	40,725		7,014		Science Applications International Corp	35,046		2,853
Synovus Financial Corp	95,619		3,985		VeriFone Systems Inc (a)	86,762		1,576
TCF Financial Corp	133,696		2,320				$	46,054
Trustmark Corp	52,874		1,778		Consumer Products - 0.16%
UMB Financial Corp	34,100		2,630		Helen of Troy Ltd (a)	21,794		2,033
Umpqua Holdings Corp	172,170		3,152
Valley National Bancorp	199,004		2,410		Cosmetics & Personal Care - 0.43%
Webster Financial Corp	71,716		3,766		Avon Products Inc (a)	342,073		2,008
		$	91,996		Edgewell Personal Care Co (a)	45,278		3,570
Beverages - 0.08%							$	5,578
Boston Beer Co Inc/The (a)	7,065		1,086		Distribution & Wholesale - 0.57%
					Fossil Group Inc (a)	32,740		837
Biotechnology - 0.89%					Pool Corp	32,320		3,412
Bio-Rad Laboratories Inc (a)	16,228		3,085		Watsco Inc	20,169		3,080
Charles River Laboratories International Inc	37,004		2,990				$	7,329
(a)					Diversified Financial Services - 2.74%
United Therapeutics Corp (a)	33,162		5,426		CBOE Holdings Inc	63,552		5,060
		$	11,501		Eaton Vance Corp	88,681		3,718
Building Materials - 1.00%					Federated Investors Inc	72,720		1,892
Cree Inc (a)	77,953		2,150		Janus Capital Group Inc	111,366		1,392
Eagle Materials Inc	37,700		3,943		Legg Mason Inc	70,285		2,227
Lennox International Inc	30,291		4,750		Raymond James Financial Inc	98,789		7,402
Louisiana-Pacific Corp (a)	111,198		2,127		SEI Investments Co	105,080		5,097
		$	12,970		SLM Corp (a)	334,842		3,978
Chemicals - 3.09%					Stifel Financial Corp (a)	51,800		2,607
Ashland Global Holdings Inc	48,610		5,786		Waddell & Reed Financial Inc	64,745		1,169
Cabot Corp	48,735		2,698		WisdomTree Investments Inc	89,576		923
Chemours Co/The	142,167		3,756				$	35,465
Minerals Technologies Inc	27,313		2,189		Electric - 2.58%
NewMarket Corp	7,226		3,116		Black Hills Corp	41,553		2,599
Olin Corp	129,218		3,387		Great Plains Energy Inc	168,328		4,637
PolyOne Corp	65,503		2,234		Hawaiian Electric Industries Inc	84,849		2,841
RPM International Inc	104,281		5,450		IDACORP Inc	39,406		3,153
Sensient Technologies Corp	34,826		2,673		MDU Resources Group Inc	152,698		4,482

See accompanying notes

140

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Electric (continued)					Hand & Machine Tools (continued)
NorthWestern Corp	37,785	$	2,158		Regal Beloit Corp	34,997	$	2,541
OGE Energy Corp	156,138		5,237				$	8,820
PNM Resources Inc	62,277		2,142		Healthcare - Products - 3.45%
Westar Energy Inc	110,855		6,063		ABIOMED Inc (a)	31,543		3,355
		$	33,312		Align Technology Inc (a)	58,566		5,370
Electrical Components & Equipment - 1.18%					Bio-Techne Corp	29,170		2,968
Belden Inc	32,950		2,520		Globus Medical Inc (a)	56,237		1,482
Energizer Holdings Inc	48,269		2,436		Halyard Health Inc (a)	36,492		1,404
EnerSys	33,955		2,647		Hill-Rom Holdings Inc	46,755		2,753
Hubbell Inc	40,251		4,914		LivaNova PLC (a)	34,208		1,646
Littelfuse Inc	17,616		2,778		NuVasive Inc (a)	39,364		2,786
		$	15,295		ResMed Inc	110,214		7,444
Electronics - 3.28%					STERIS PLC	66,612		4,718
Arrow Electronics Inc (a)	70,042		5,150		Teleflex Inc	34,442		5,777
Avnet Inc	99,788		4,634		West Pharmaceutical Services Inc	57,219		4,842
Gentex Corp	224,008		4,680				$	44,545
Jabil Circuit Inc	145,096		3,479		Healthcare - Services - 1.36%
Keysight Technologies Inc (a)	132,865		4,925		HealthSouth Corp	70,207		2,725
Knowles Corp (a)	69,370		1,250		LifePoint Health Inc (a)	31,396		1,863
National Instruments Corp	82,652		2,597		MEDNAX Inc (a)	72,419		4,950
SYNNEX Corp	22,703		2,728		Molina Healthcare Inc (a)	33,319		1,890
Tech Data Corp (a)	27,537		2,356		Tenet Healthcare Corp (a)	62,320		1,096
Trimble Inc (a)	195,919		5,803		WellCare Health Plans Inc (a)	34,628		5,040
Vishay Intertechnology Inc	104,650		1,737				$	17,564
Woodward Inc	43,363		3,020		Home Builders - 1.32%
		$	42,359		CalAtlantic Group Inc	57,155		1,993
Engineering & Construction - 1.03%					KB Home	65,042		1,066
AECOM (a)	120,364		4,445		NVR Inc (a)	2,755		5,119
Dycom Industries Inc (a)	24,601		1,984		Thor Industries Inc	37,414		3,872
EMCOR Group Inc	47,416		3,305		Toll Brothers Inc (a)	116,679		3,659
Granite Construction Inc	30,964		1,738		TRI Pointe Group Inc (a)	113,883		1,397
KBR Inc	111,545		1,897				$	17,106
		$	13,369		Home Furnishings - 0.13%
Entertainment - 0.44%					Tempur Sealy International Inc (a)	39,384		1,694
Churchill Downs Inc	9,738		1,396
Cinemark Holdings Inc	82,674		3,514		Housewares - 0.82%
International Speedway Corp	20,225		741		Scotts Miracle-Gro Co/The	34,763		3,197
		$	5,651		Toro Co/The	85,466		5,037
Environmental Control - 0.31%					Tupperware Brands Corp	39,531		2,386
Clean Harbors Inc (a)	40,834		2,266				$	10,620
MSA Safety Inc	24,394		1,741		Insurance - 5.12%
		$	4,007		Alleghany Corp (a)	12,055		7,373
Food - 3.32%					American Financial Group Inc/OH	57,036		4,915
Dean Foods Co	70,754		1,405		Aspen Insurance Holdings Ltd	47,080		2,655
Flowers Foods Inc	142,857		2,873		Brown & Brown Inc	89,890		3,787
Hain Celestial Group Inc/The (a)	80,881		3,200		CNO Financial Group Inc	135,690		2,566
Ingredion Inc	56,607		7,256		Endurance Specialty Holdings Ltd	50,212		4,654
Lamb Weston Holdings Inc	108,442		4,051		Everest Re Group Ltd	31,957		7,028
Lancaster Colony Corp	15,223		1,995		First American Financial Corp	85,863		3,227
Post Holdings Inc (a)	50,725		4,245		Genworth Financial Inc (a)	389,651		1,309
Snyder's-Lance Inc	66,913		2,568		Hanover Insurance Group Inc/The	33,262		2,792
Sprouts Farmers Market Inc (a)	104,603		1,953		Kemper Corp	38,019		1,642
Tootsie Roll Industries Inc	13,585		509		Mercury General Corp	28,521		1,804
TreeHouse Foods Inc (a)	44,355		3,366		Old Republic International Corp	190,942		3,972
United Natural Foods Inc (a)	39,485		1,805		Primerica Inc	35,809		2,702
WhiteWave Foods Co/The (a)	138,566		7,629		Reinsurance Group of America Inc	50,202		6,299
		$	42,855		RenaissanceRe Holdings Ltd	32,177		4,386
Forest Products & Paper - 0.17%					WR Berkley Corp	75,915		5,102
Domtar Corp	48,932		2,138				$	66,213
					Internet - 0.20%
Gas - 2.41%					comScore Inc (a)	35,315		1,185
Atmos Energy Corp	81,285		6,192		WebMD Health Corp (a)	28,917		1,443
National Fuel Gas Co	66,584		3,739				$	2,628
New Jersey Resources Corp	67,319		2,538		Iron & Steel - 1.59%
ONE Gas Inc	40,847		2,640		Allegheny Technologies Inc	85,164		1,851
Southwest Gas Holdings Inc	37,123		2,991		Carpenter Technology Corp	36,447		1,459
UGI Corp	135,247		6,271		Commercial Metals Co	90,338		1,845
Vectren Corp	64,790		3,556		Reliance Steel & Aluminum Co	56,734		4,519
WGL Holdings Inc	40,020		3,279		Steel Dynamics Inc	190,631		6,445
		$	31,206		United States Steel Corp	134,837		4,410
Hand & Machine Tools - 0.68%							$	20,529
Kennametal Inc	62,496		2,233		Leisure Products & Services - 0.73%
Lincoln Electric Holdings Inc	48,527		4,046		Brunswick Corp/DE	70,124		4,198

See accompanying notes

141

     Schedule of Investments MidCap S&P 400 Index Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Leisure Products & Services (continued)					Packaging & Containers - 1.54%
Polaris Industries Inc	46,584	$	3,916		Bemis Co Inc	73,268	$	3,569
Vista Outdoor Inc (a)	45,979		1,325		Greif Inc - Class A	20,157		1,161
		$	9,439		Owens-Illinois Inc (a)	126,814		2,397
Machinery - Construction & Mining - 0.68%					Packaging Corp of America	73,013		6,730
Joy Global Inc	76,748		2,158		Silgan Holdings Inc	29,257		1,712
Oshkosh Corp	58,220		4,054		Sonoco Products Co	78,067		4,290
Terex Corp	82,798		2,633				$	19,859
		$	8,845		Pharmaceuticals - 1.05%
Machinery - Diversified - 2.42%					Akorn Inc (a)	68,543		1,309
AGCO Corp	52,715		3,311		Catalent Inc (a)	97,534		2,610
Cognex Corp	66,978		4,525		Owens & Minor Inc	48,090		1,726
Graco Inc	43,536		3,900		Prestige Brands Holdings Inc (a)	41,386		2,184
IDEX Corp	59,609		5,374		VCA Inc (a)	63,437		5,747
Nordson Corp	41,585		4,721				$	13,576
Wabtec Corp/DE	69,641		6,034		Real Estate - 0.41%
Zebra Technologies Corp (a)	41,273		3,453		Alexander & Baldwin Inc	36,026		1,604
		$	31,318		Jones Lang LaSalle Inc	35,345		3,641
Media - 1.30%							$	5,245
AMC Networks Inc (a)	46,083		2,643		REITS - 9.89%
Cable One Inc	3,662		2,316		Alexandria Real Estate Equities Inc	62,089		6,881
FactSet Research Systems Inc	31,223		5,403		American Campus Communities Inc	103,282		5,022
John Wiley & Sons Inc	35,131		1,936		Camden Property Trust	68,396		5,716
Meredith Corp	28,558		1,750		Care Capital Properties Inc	65,644		1,622
New York Times Co/The	95,239		1,286		Communications Sales & Leasing Inc	109,624		2,881
Time Inc	77,451		1,491		CoreCivic Inc	91,908		2,669
		$	16,825		Corporate Office Properties Trust	74,089		2,357
Metal Fabrication & Hardware - 0.51%					Cousins Properties Inc	267,583		2,274
Timken Co/The	54,755		2,431		DCT Industrial Trust Inc	71,169		3,181
Valmont Industries Inc	17,600		2,535		Douglas Emmett Inc	112,548		4,259
Worthington Industries Inc	34,254		1,637		Duke Realty Corp	277,317		6,747
		$	6,603		Education Realty Trust Inc	57,111		2,296
Mining - 0.46%					EPR Properties	49,748		3,680
Compass Minerals International Inc	26,416		2,208		Equity One Inc	72,625		2,265
Royal Gold Inc	51,067		3,686		First Industrial Realty Trust Inc	91,412		2,363
		$	5,894		Healthcare Realty Trust Inc	90,600		2,737
Miscellaneous Manufacturers - 2.41%					Highwoods Properties Inc	78,352		4,028
AO Smith Corp	115,479		5,630		Hospitality Properties Trust	128,434		3,998
AptarGroup Inc	49,015		3,577		Kilroy Realty Corp	76,325		5,713
Carlisle Cos Inc	50,429		5,502		Lamar Advertising Co	64,668		4,884
CLARCOR Inc	38,009		3,148		LaSalle Hotel Properties	88,417		2,667
Crane Co	38,981		2,808		Liberty Property Trust	114,927		4,412
Donaldson Co Inc	103,249		4,362		Life Storage Inc	36,277		2,955
ITT Inc	68,959		2,818		Mack-Cali Realty Corp	70,122		1,965
Trinity Industries Inc	119,042		3,278		Medical Properties Trust Inc	250,386		3,192
		$	31,123		National Retail Properties Inc	115,029		5,015
Office Furnishings - 0.25%					Omega Healthcare Investors Inc	152,572		4,893
Herman Miller Inc	46,894		1,463		Potlatch Corp	31,679		1,305
					Quality Care Properties Inc (a)	73,176		1,351
HNI Corp	34,821		1,755		Rayonier Inc (b)	95,798		2,672
		$	3,218		Regency Centers Corp	81,698		5,697
Oil & Gas - 3.02%					Senior Housing Properties Trust	185,725		3,538
Denbury Resources Inc (a)	311,493		1,043
Diamond Offshore Drilling Inc (a)	50,405		826		Tanger Factory Outlet Centers Inc	75,111		2,568
Energen Corp (a)	75,896		4,090		Taubman Centers Inc	47,248		3,347
					Urban Edge Properties	71,746		2,007
Ensco PLC	236,996		2,588
Gulfport Energy Corp (a)	120,760		2,524		Washington Prime Group Inc	144,976		1,399
					Weingarten Realty Investors	92,117		3,282
HollyFrontier Corp	137,454		3,982
Murphy USA Inc (a)	28,368		1,807				$	127,838
Nabors Industries Ltd	221,598		3,601		Retail - 5.74%
Noble Corp PLC	190,172		1,284		American Eagle Outfitters Inc	133,670		2,020
Patterson-UTI Energy Inc	128,116		3,592		Big Lots Inc	34,805		1,740
QEP Resources Inc (a)	187,300		3,267		Brinker International Inc	38,823		1,728
					Buffalo Wild Wings Inc (a)	14,231		2,149
Rowan Cos PLC (a)	98,074		1,757
					Cabela's Inc (a)	40,155		2,244
SM Energy Co	75,346		2,299
Western Refining Inc	61,886		2,167		Casey's General Stores Inc	30,632		3,520
WPX Energy Inc (a)	304,382		4,240		Cheesecake Factory Inc/The	34,487		2,078
					Chico's FAS Inc	101,019		1,363
		$	39,067		Copart Inc (a)	79,734		4,524
Oil & Gas Services - 0.73%					Cracker Barrel Old Country Store Inc	18,794		2,971
Dril-Quip Inc (a)	29,382		1,828
NOW Inc (a)	84,028		1,786		CST Brands Inc	59,179		2,851
					Dick's Sporting Goods Inc	68,756		3,548
Oceaneering International Inc	76,672		2,135
Oil States International Inc (a)	40,167		1,587		Domino's Pizza Inc	37,591		6,561
Superior Energy Services Inc (a)	118,638		2,096		Dunkin' Brands Group Inc	71,719		3,720
					GameStop Corp	79,651		1,951
		$	9,432

See accompanying notes

142

     Schedule of Investments MidCap S&P 400 Index Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)		Shares Held	Value (000's)
Retail (continued)					Water - 0.33%
HSN Inc	24,890	$	877		Aqua America Inc		138,667	$	4,217
Jack in the Box Inc	25,281		2,728
JC Penney Co Inc (a)	241,044		1,603		TOTAL COMMON STOCKS			$	1,285,514
Kate Spade & Co (a)	100,179		1,854		INVESTMENT COMPANIES - 0.90%		Shares Held	Value (000's)
MSC Industrial Direct Co Inc	34,909		3,566		Exchange Traded Funds - 0.14%
Office Depot Inc	413,117		1,838		iShares Core S&P Mid-Cap ETF		11,000		1,850
Panera Bread Co (a)	17,070		3,569
Papa John's International Inc	20,766		1,770		Money Market Funds - 0.76%
RH (a)	29,920		808		BlackRock Liquidity Funds FedFund Portfolio		9,832,952		9,833
Sally Beauty Holdings Inc (a)	112,671		2,682
Texas Roadhouse Inc	50,173		2,340		TOTAL INVESTMENT COMPANIES			$	11,683
Wendy's Co/The	156,747		2,121		Total Investments			$	1,297,197
Williams-Sonoma Inc	63,678		3,070		Other Assets and Liabilities - (0.34)%			$	(4,402	)
World Fuel Services Corp	55,090		2,450		TOTAL NET ASSETS - 100.00%			$	1,292,795
		$	74,244
Savings & Loans - 0.62%
New York Community Bancorp Inc	380,806		5,784		(a)	Non-Income Producing Security
Washington Federal Inc	69,648		2,288		(b)	Security is Illiquid. At the end of the period, the value of these securities
		$	8,072			totaled $2,672 or 0.21% of net assets.
Semiconductors - 2.78%
Advanced Micro Devices Inc (a)	594,232		6,162
Cirrus Logic Inc (a)	49,812		3,005
Cypress Semiconductor Corp	251,115		2,963			Portfolio Summary (unaudited)
Integrated Device Technology Inc (a)	104,799		2,640		Sector				Percent
Intersil Corp	107,019		2,401		Financial				25.90	%
IPG Photonics Corp (a)	29,065		3,342		Industrial				18.47	%
Microsemi Corp (a)	89,638		4,764		Consumer, Non-cyclical				14.66	%
Monolithic Power Systems Inc	29,256		2,552		Technology				12.01	%
Silicon Laboratories Inc (a)	32,640		2,128		Consumer, Cyclical				11.12	%
Synaptics Inc (a)	27,286		1,538		Utilities				5.32	%
Teradyne Inc	157,325		4,465		Basic Materials				5.31	%
		$	35,960		Energy				3.93	%
Shipbuilding - 0.54%					Communications				2.72	%
Huntington Ingalls Industries Inc	36,251		7,031		Investment Companies				0.90	%
					Other Assets and Liabilities				(0.34	)%
Software - 5.67%					TOTAL NET ASSETS				100.00	%
ACI Worldwide Inc (a)	91,702		1,779
Acxiom Corp (a)	60,568		1,581
Allscripts Healthcare Solutions Inc (a)	144,712		1,695
ANSYS Inc (a)	67,653		6,309
Broadridge Financial Solutions Inc	93,101		6,194
Cadence Design Systems Inc (a)	224,168		5,835
CDK Global Inc	116,888		7,311
CommVault Systems Inc (a)	32,933		1,617
Fair Isaac Corp	24,191		2,983
j2 Global Inc	37,538		3,146
Jack Henry & Associates Inc	61,064		5,482
Manhattan Associates Inc (a)	55,659		2,853
MSCI Inc	73,591		6,090
PTC Inc (a)	90,385		4,752
Synopsys Inc (a)	118,324		7,441
Tyler Technologies Inc (a)	26,059		3,805
Ultimate Software Group Inc/The (a)	22,673		4,391
		$	73,264
Telecommunications - 1.22%
ARRIS International PLC (a)	149,079		4,261
Ciena Corp (a)	108,944		2,652
InterDigital Inc/PA	26,804		2,503
Plantronics Inc	26,027		1,472
Telephone & Data Systems Inc	73,083		2,240
ViaSat Inc (a)	40,271		2,614
		$	15,742
Transportation - 1.15%
Genesee & Wyoming Inc (a)	47,927		3,612
Kirby Corp (a)	42,106		2,714
Landstar System Inc	32,665		2,763
Old Dominion Freight Line Inc	54,142		4,780
Werner Enterprises Inc	34,931		981
		$	14,850
Trucking & Leasing - 0.14%
GATX Corp	31,195		1,804

See accompanying notes

143

Schedule of Investments
MidCap S&P 400 Index Fund
January 31, 2017 (unaudited)
Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
S&P Mid 400 Emini; March 2017	Long	33	$	5,547	$	5,562		$	15
Total							$		15
Amounts in thousands except contracts

See accompanying notes

144

Schedule of Investments MidCap Value Fund I

January 31, 2017 (unaudited)

COMMON STOCKS - 97.84%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.92%					Biotechnology (continued)
Clear Channel Outdoor Holdings Inc	2,053	$	10		United Therapeutics Corp (a)	4,126	$	675
Interpublic Group of Cos Inc/The	461,829		10,867				$	863
		$	10,877		Building Materials - 1.20%
Aerospace & Defense - 0.32%					Cree Inc (a)	2,834		78
Arconic Inc	30,788		701		Johnson Controls International plc	23,474		1,032
Harris Corp	4,069		418		Lennox International Inc	92		15
L3 Technologies Inc	14,290		2,268		Martin Marietta Materials Inc	194		45
Orbital ATK Inc	2,498		217		Masco Corp	3,798		125
Spirit AeroSystems Holdings Inc	3,763		226		Owens Corning	230,604		12,741
		$	3,830		USG Corp (a)	4,062		124
Agriculture - 1.64%					Vulcan Materials Co	291		37
Archer-Daniels-Midland Co	399,927		17,701				$	14,197
Bunge Ltd	24,665		1,707		Chemicals - 3.18%
		$	19,408		Agrium Inc	92,289		9,497
Airlines - 0.96%					Albemarle Corp	3,638		337
Alaska Air Group Inc	1,714		161		Ashland Global Holdings Inc	19,913		2,370
American Airlines Group Inc	100,329		4,440		Cabot Corp	8,586		475
Copa Holdings SA	1,470		143		Celanese Corp	80,066		6,757
JetBlue Airways Corp (a)	132,684		2,602		CF Industries Holdings Inc	67,645		2,387
Spirit Airlines Inc (a)	3,206		173		Eastman Chemical Co	53,679		4,160
United Continental Holdings Inc (a)	55,540		3,914		FMC Corp	17,289		1,040
					GCP Applied Technologies Inc (a)	3,580		97
		$	11,433
					Huntsman Corp	9,230		188
Apparel - 0.02%					Ingevity Corp (a)	2,605		145
Ralph Lauren Corp	2,319		205
					International Flavors & Fragrances Inc	41,710		4,889
Automobile Manufacturers - 0.11%					Mosaic Co/The	102,645		3,220
PACCAR Inc	19,173		1,291		NewMarket Corp	48		21
					Valvoline Inc	1,960		45
Automobile Parts & Equipment - 1.12%					Westlake Chemical Corp	28,047		1,737
Adient PLC (a)	3,107		197		WR Grace & Co	5,576		387
Allison Transmission Holdings Inc	6,335		222				$	37,752
BorgWarner Inc	283,651		11,581		Coal - 0.01%
Goodyear Tire & Rubber Co/The	36,214		1,173		CONSOL Energy Inc	10,392		176
Lear Corp	923		131
		$	13,304		Commercial Services - 2.02%
Banks - 4.76%					Aramark	4,484		152
Associated Banc-Corp	6,771		171		Booz Allen Hamilton Holding Corp	186,713		6,314
					CoreLogic Inc/United States (a)	12,210		431
Bank of Hawaii Corp	22,674		1,948
BankUnited Inc	37,175		1,420		Graham Holdings Co	189		98
BOK Financial Corp	1,199		99		H&R Block Inc	8,794		189
					Herc Holdings Inc (a)	26,790		1,331
Citizens Financial Group Inc	465,282		16,829		Live Nation Entertainment Inc (a)	2,686		77
Comerica Inc	5,689		384
Commerce Bancshares Inc/MO	24,937		1,410		LSC Communications Inc	6,538		171
Cullen/Frost Bankers Inc	2,424		217		Macquarie Infrastructure Corp	2,443		183
East West Bancorp Inc	8,354		430		ManpowerGroup Inc	4,936		471
Fifth Third Bancorp	36,446		951		Moody's Corp	565		59
First Horizon National Corp	9,943		199		Nielsen Holdings PLC	12,948		530
					Quanta Services Inc (a)	363,501		13,046
First Republic Bank/CA	929		88
Huntington Bancshares Inc/OH	46,608		631		RR Donnelley & Sons Co	36,420		625
					United Rentals Inc (a)	2,283		288
KeyCorp	48,866		878
M&T Bank Corp	4,870		792				$	23,965
Northern Trust Corp	13,776		1,143		Computers - 3.15%
PacWest Bancorp	15,093		836		Amdocs Ltd	7,347		431
Popular Inc	13,584		603		Brocade Communications Systems Inc	18,494		231
Regions Financial Corp	95,315		1,373		Computer Sciences Corp	143,162		8,904
Signature Bank/New York NY (a)	699		110		Conduent Inc (a)	35,584		532
SunTrust Banks Inc	352,583		20,034		Genpact Ltd	1,283		32
SVB Financial Group (a)	428		74		Hewlett Packard Enterprise Co	380,590		8,632
Synovus Financial Corp	95,388		3,976		Leidos Holdings Inc	2,137		103
TCF Financial Corp	85,539		1,484		Lumentum Holdings Inc (a)	4,850		184
Western Alliance Bancorp (a)	2,011		99		MAXIMUS Inc	164,973		9,097
Zions Bancorporation	6,570		277		NetApp Inc	86,862		3,329
					Nutanix Inc (a)	130		4
		$	56,456		Teradata Corp (a)	15,490		455
Beverages - 0.06%
Brown-Forman Corp - A Shares	128		6		Western Digital Corp	68,028		5,423
Brown-Forman Corp - B Shares	360		16				$	37,357
Molson Coors Brewing Co	7,488		723		Consumer Products - 0.69%
		$	745		Avery Dennison Corp	110,882		8,096
Biotechnology - 0.07%					Clorox Co/The	619		75
Alnylam Pharmaceuticals Inc (a)	402		16				$	8,171
Bio-Rad Laboratories Inc (a)	876		167		Cosmetics & Personal Care - 0.15%
Juno Therapeutics Inc (a)	250		5		Avon Products Inc (a)	105,240		618
					Coty Inc	14,068		270

See accompanying notes

145

Schedule of Investments MidCap Value Fund I

January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Cosmetics & Personal Care (continued)					Energy - Alternate Sources - 0.01%
Edgewell Personal Care Co (a)	11,040	$	870		First Solar Inc (a)	3,266	$	102
		$	1,758
Distribution & Wholesale - 0.01%					Engineering & Construction - 1.42%
WESCO International Inc (a)	2,207		156		AECOM (a)	7,337		271
					Chicago Bridge & Iron Co NV ADR	51,320		1,704
Diversified Financial Services - 1.60%					Fluor Corp	48,064		2,668
Affiliated Managers Group Inc	223		34		Jacobs Engineering Group Inc	199,448		11,678
Air Lease Corp	9,829		358		KBR Inc	23,213		394
Ally Financial Inc	46,932		991		SBA Communications Corp (a)	1,479		156
Ameriprise Financial Inc	7,279		818				$	16,871
CIT Group Inc	91,130		3,754		Entertainment - 0.13%
E*TRADE Financial Corp (a)	9,077		340		Dolby Laboratories Inc	27,613		1,323
FNF Group	8,550		302		International Game Technology PLC	4,361		115
Invesco Ltd	225,496		6,521		Lions Gate Entertainment Corp - A shares (a)	1,080		31
Lazard Ltd	3,587		152		Lions Gate Entertainment Corp - B shares (a)	888		24
Legg Mason Inc	4,563		145		Regal Entertainment Group	2,918		66
LPL Financial Holdings Inc	3,399		134				$	1,559
Nasdaq Inc	3,648		257		Environmental Control - 0.77%
Navient Corp	13,654		205		Republic Services Inc	154,782		8,881
Raymond James Financial Inc	4,123		309		Stericycle Inc (a)	3,754		290
Santander Consumer USA Holdings Inc (a)	5,418		72				$	9,171
SLM Corp (a)	23,950		284		Food - 1.46%
Synchrony Financial	107,780		3,861		Conagra Brands Inc	2,998		117
T Rowe Price Group Inc	1,884		127		Flowers Foods Inc	592		12
TD Ameritrade Holding Corp	2,958		136		Hain Celestial Group Inc/The (a)	1,066		42
Waddell & Reed Financial Inc	9,460		171		Hormel Foods Corp	2,437		88
		$	18,971		Ingredion Inc	1,275		163
Electric - 6.12%					JM Smucker Co/The	5,225		710
AES Corp/VA	63,943		732		Kellogg Co	116,850		8,496
Alliant Energy Corp	297,044		11,183		Lamb Weston Holdings Inc	1,266		47
Ameren Corp	25,172		1,326		Pilgrim's Pride Corp	2,090		40
Avangrid Inc	20,920		812		Pinnacle Foods Inc	5,503		293
Calpine Corp (a)	248,326		2,931		Post Holdings Inc (a)	1,119		94
CMS Energy Corp	12,906		550		Safeway, Inc. - CVR - Casa Ley (a),(b),(c)	86,307		—
Consolidated Edison Inc	28,652		2,130		Safeway, Inc. - CVR - Property Development	86,307		—
DTE Energy Co	147,110		14,511		Centers (a),(b),(c),(d)
Edison International	14,485		1,056		Sysco Corp	120,714		6,333
Entergy Corp	56,484		4,047		TreeHouse Foods Inc (a)	1,575		120
Eversource Energy	36,975		2,045		Tyson Foods Inc	7,281		457
FirstEnergy Corp	159,240		4,828		Whole Foods Market Inc	8,625		261
Great Plains Energy Inc	21,969		605				$	17,273
Hawaiian Electric Industries Inc	90,803		3,040		Forest Products & Paper - 0.44%
MDU Resources Group Inc	23,532		690		Domtar Corp	16,822		735
NRG Energy Inc	76,109		1,258		International Paper Co	78,174		4,425
OGE Energy Corp	12,847		430				$	5,160
Pinnacle West Capital Corp	22,449		1,743		Gas - 1.44%
PPL Corp	90,034		3,137		Atmos Energy Corp	126,294		9,621
Public Service Enterprise Group Inc	32,564		1,441		CenterPoint Energy Inc	190,486		4,993
SCANA Corp	6,233		428		National Fuel Gas Co	8,090		454
WEC Energy Group Inc	19,214		1,135		NiSource Inc	10,504		235
Westar Energy Inc	7,392		404		Sempra Energy	8,147		834
Xcel Energy Inc	293,148		12,113		UGI Corp	9,382		435
		$	72,575		Vectren Corp	8,875		487
Electrical Components & Equipment - 1.09%							$	17,059
AMETEK Inc	8,560		437		Hand & Machine Tools - 0.21%
Energizer Holdings Inc	8,197		414		Kennametal Inc	36,289		1,297
Hubbell Inc	99,399		12,135		Lincoln Electric Holdings Inc	1,419		118
		$	12,986		Regal Beloit Corp	2,053		149
Electronics - 5.81%					Snap-on Inc	1,026		186
Agilent Technologies Inc	169,402		8,296		Stanley Black & Decker Inc	6,055		751
Arrow Electronics Inc (a)	9,813		722
							$	2,501
Avnet Inc	207,060		9,615		Healthcare - Products - 0.87%
Fitbit Inc (a)	1,530		9
					Abbott Laboratories	2,409		101
Flex Ltd(a)	769,985		12,066		Alere Inc (a)	2,983		110
FLIR Systems Inc	319,019		11,271		Bio-Techne Corp	4,860		494
Garmin Ltd	11,433		552		Cooper Cos Inc/The	342		63
Gentex Corp	153,019		3,196		CR Bard Inc	8,073		1,916
Jabil Circuit Inc	20,024		480		DENTSPLY SIRONA Inc	7,466		423
Keysight Technologies Inc (a)	305,680		11,331
					Hill-Rom Holdings Inc	219		13
National Instruments Corp	1,220		39		Hologic Inc (a)	150,800		6,112
PerkinElmer Inc	196,561		10,456		OPKO Health Inc (a)	1,113		10
Trimble Inc (a)	30,419		901
					Patterson Cos Inc	4,603		192
		$	68,934		QIAGEN NV (a)	9,942		288

See accompanying notes

146

Schedule of Investments
MidCap Value Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Healthcare - Products (continued)					Insurance (continued)
Teleflex Inc	1,158	$	194		Torchmark Corp	6,596	$	485
VWR Corp (a)	3,126		81		Unum Group	12,829		583
Zimmer Biomet Holdings Inc	2,819		334		Validus Holdings Ltd	53,791		3,066
		$	10,331		Voya Financial Inc	82,170		3,305
Healthcare - Services - 3.10%					White Mountains Insurance Group Ltd	494		449
Acadia Healthcare Co Inc (a)	1,995		76		WR Berkley Corp	196,071		13,178
Brookdale Senior Living Inc (a)	7,695		115		XL Group Ltd	5,724		215
Centene Corp (a)	5,773		366				$	122,801
DaVita Inc (a)	19,985		1,274		Internet - 0.40%
Envision Healthcare Corp (a)	1,739		118		FireEye Inc (a)	4,731		64
HCA Holdings Inc (a)	111,200		8,927		IAC/InterActiveCorp (a)	630		43
Laboratory Corp of America Holdings (a)	2,648		355		Liberty Expedia Holdings Inc (a)	6,513		287
LifePoint Health Inc (a)	1,577		94		Liberty Ventures (a)	10,250		447
MEDNAX Inc (a)	107,889		7,375		Pandora Media Inc (a)	1,277		17
Quest Diagnostics Inc	169,419		15,573		Symantec Corp	138,267		3,809
Quintiles IMS Holdings Inc (a)	1,684		132		Twitter Inc (a)	2,359		42
Universal Health Services Inc	20,712		2,332		Yelp Inc (a)	633		26
WellCare Health Plans Inc (a)	431		63		Zillow Group Inc - A Shares (a)	642		23
		$	36,800		Zillow Group Inc - C Shares (a)	1,285		46
Holding Companies - Diversified - 0.14%							$	4,804
Leucadia National Corp	68,622		1,637		Iron & Steel - 1.28%
					Nucor Corp	14,828		861
Home Builders - 1.16%					Reliance Steel & Aluminum Co	172,703		13,756
CalAtlantic Group Inc	2,847		99		Steel Dynamics Inc	10,324		349
DR Horton Inc	4,970		149		United States Steel Corp	8,031		263
Lennar Corp - A Shares	4,485		200				$	15,229
Lennar Corp - B Shares	468		17		Leisure Products & Services - 0.07%
NVR Inc (a)	7,013		13,030		Brunswick Corp/DE	1,175		70
PulteGroup Inc	7,884		169		Norwegian Cruise Line Holdings Ltd (a)	4,719		222
Toll Brothers Inc (a)	3,720		117		Royal Caribbean Cruises Ltd	5,469		512
		$	13,781		Vista Outdoor Inc (a)	2,247		65
Home Furnishings - 0.08%							$	869
Harman International Industries Inc	2,046		227		Lodging - 0.19%
Whirlpool Corp	3,835		671		Choice Hotels International Inc	22,506		1,249
		$	898		Extended Stay America Inc	3,369		55
Housewares - 0.01%					Hilton Grand Vacations Inc (a)	202		6
Scotts Miracle-Gro Co/The	281		26		Hilton Worldwide Holdings Inc	1,638		94
Tupperware Brands Corp	650		39		Hyatt Hotels Corp (a)	1,471		80
		$	65		Marriott International Inc/MD	3,862		327
Insurance - 10.35%					MGM Resorts International (a)	14,052		405
Aflac Inc	180,342		12,622		Wynn Resorts Ltd	220		22
Alleghany Corp (a)	23,023		14,081				$	2,238
Allied World Assurance Co Holdings AG	3,953		210		Machinery - Construction & Mining - 0.07%
Allstate Corp/The	99,700		7,498		Oshkosh Corp	9,288		646
American Financial Group Inc/OH	143,158		12,336		Terex Corp	4,707		150
American National Insurance Co	6,325		737				$	796
AmTrust Financial Services Inc	4,048		107		Machinery - Diversified - 2.40%
Arch Capital Group Ltd (a)	6,070		536		AGCO Corp	121,650		7,640
Arthur J Gallagher & Co	150,721		8,114		Cummins Inc	9,148		1,344
Aspen Insurance Holdings Ltd	41,997		2,368		Flowserve Corp	1,640		81
Assurant Inc	6,562		637		IDEX Corp	778		70
Assured Guaranty Ltd	150,109		5,841		Manitowoc Foodservice Inc (a)	3,216		62
Axis Capital Holdings Ltd	2,990		191		Rockwell Automation Inc	79,746		11,801
Brown & Brown Inc	4,908		207		Roper Technologies Inc	1,588		305
Cincinnati Financial Corp	7,365		520		Xylem Inc/NY	143,760		7,089
CNA Financial Corp	1,571		65		Zebra Technologies Corp (a)	498		42
Endurance Specialty Holdings Ltd	2,078		193				$	28,434
Erie Indemnity Co	400		45		Media - 2.45%
Everest Re Group Ltd	2,331		513		CBS Corp	182,345		11,759
First American Financial Corp	12,886		484		Discovery Communications Inc - A Shares (a)	740		21
Genworth Financial Inc (a)	79,590		267		Discovery Communications Inc - C Shares (a)	2,208		61
Hanover Insurance Group Inc/The	44,023		3,695		John Wiley & Sons Inc	2,057		113
Hartford Financial Services Group Inc/The	58,891		2,868		Liberty Broadband Corp - A Shares (a)	11,180		935
Lincoln National Corp	26,636		1,798		Liberty Broadband Corp - C Shares (a)	8,613		735
Loews Corp	9,095		424		Liberty Media Corp-Liberty SiriusXM - A	4,101		149
Markel Corp (a)	10,413		9,632		Shares (a)
Marsh & McLennan Cos Inc	131,470		8,943		Liberty Media Corp-Liberty SiriusXM - C	5,967		214
Mercury General Corp	14,133		894		Shares (a)
Old Republic International Corp	51,736		1,076		News Corp - A Shares	16,157		199
ProAssurance Corp	55,839		3,038		TEGNA Inc	576,409		13,206
Progressive Corp/The	17,135		642		Viacom Inc - A Shares	265		12
Reinsurance Group of America Inc	3,698		464		Viacom Inc - B Shares	38,413		1,619
RenaissanceRe Holdings Ltd	3,474		474				$	29,023

See accompanying notes

147

Schedule of Investments
MidCap Value Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Metal Fabrication & Hardware - 0.02%					Oil & Gas Services (continued)
Timken Co/The	3,395	$	151		Oceaneering International Inc	17,496	$	487
Valmont Industries Inc	251		36		RPC Inc	3,054		66
		$	187		Superior Energy Services Inc (a)	708,578		12,521
Mining - 0.50%					TechnipFMC PLC (a)	54,950		1,847
Alcoa Corp	6,504		237		Weatherford International PLC (a)	31,860		166
Compass Minerals International Inc	1,495		125				$	16,975
Freeport-McMoRan Inc (a)	151,256		2,518		Packaging & Containers - 1.49%
Newmont Mining Corp	77,527		2,813		Bemis Co Inc	32,337		1,575
Royal Gold Inc	2,626		189		Crown Holdings Inc (a)	265,738		14,395
Southern Copper Corp	1,999		77		Graphic Packaging Holding Co	5,203		65
		$	5,959		Sonoco Products Co	13,248		729
Miscellaneous Manufacturers - 4.55%					WestRock Co	17,291		922
AptarGroup Inc	168,619		12,305				$	17,686
Carlisle Cos Inc	6,696		731		Pharmaceuticals - 0.29%
Colfax Corp (a)	4,467		174		Endo International PLC (a)	8,651		106
Crane Co	7,250		522		Mallinckrodt PLC (a)	20,377		993
Donaldson Co Inc	735		31		Mead Johnson Nutrition Co	3,890		274
Dover Corp	5,001		389		Perrigo Co PLC	5,940		452
Ingersoll-Rand PLC	182,829		14,507		Premier Inc (a)	51,676		1,647
ITT Inc	3,882		159				$	3,472
Parker-Hannifin Corp	87,924		12,936		Pipelines - 0.40%
Pentair PLC	5,402		317		Cheniere Energy Inc (a)	6,490		309
Textron Inc	214,652		10,168		Targa Resources Corp	40,652		2,343
Trinity Industries Inc	63,033		1,735		Williams Cos Inc/The	72,958		2,104
		$	53,974				$	4,756
Office & Business Equipment - 0.11%					Real Estate - 0.03%
Xerox Corp	189,783		1,315		Jones Lang LaSalle Inc	1,912		197
					Realogy Holdings Corp	6,431		167
Oil & Gas - 5.88%							$	364
Antero Resources Corp (a)	8,488		208		REITS - 7.79%
Cabot Oil & Gas Corp	4,429		95		AGNC Investment Corp	81,857		1,528
Cimarex Energy Co	82,354		11,135		Alexandria Real Estate Equities Inc	3,571		396
Cobalt International Energy Inc (a)	88,575		87		American Campus Communities Inc	7,192		350
Concho Resources Inc (a)	4,595		641		American Homes 4 Rent	7,847		175
Continental Resources Inc/OK (a)	2,278		111		Annaly Capital Management Inc	155,710		1,592
Devon Energy Corp	288,656		13,146		Apartment Investment & Management Co	5,985		264
Diamond Offshore Drilling Inc (a)	3,000		49		Apple Hospitality REIT Inc	7,742		155
Diamondback Energy Inc (a)	1,919		202		AvalonBay Communities Inc	9,702		1,681
Energen Corp (a)	197,755		10,657		Boston Properties Inc	6,288		823
Ensco PLC	132,509		1,447		Brandywine Realty Trust	8,063		130
EQT Corp	24,859		1,507		Brixmor Property Group Inc	8,666		209
Gulfport Energy Corp (a)	28,310		592		Camden Property Trust	24,420		2,040
Helmerich & Payne Inc	5,716		407		Care Capital Properties Inc	15,474		382
Hess Corp	55,791		3,023		CBL & Associates Properties Inc	33,842		367
HollyFrontier Corp	56,809		1,645		Chimera Investment Corp	112,700		1,987
Kosmos Energy Ltd (a)	6,716		44		Columbia Property Trust Inc	5,731		127
Marathon Oil Corp	182,833		3,062		Communications Sales & Leasing Inc	5,493		144
Marathon Petroleum Corp	41,103		1,975		CoreCivic Inc	5,341		155
Murphy Oil Corp	69,302		2,003		Corporate Office Properties Trust	4,539		144
Murphy USA Inc (a)	723		46		CubeSmart	2,452		62
Nabors Industries Ltd	12,423		202		CyrusOne Inc	454		22
Newfield Exploration Co (a)	4,829		194		DCT Industrial Trust Inc	4,114		184
Noble Corp PLC	10,752		73		DDR Corp	658,884		10,002
Noble Energy Inc	40,129		1,596		Digital Realty Trust Inc	1,552		167
Parsley Energy Inc (a)	4,823		170		Douglas Emmett Inc	6,289		238
Patterson-UTI Energy Inc	6,573		184		Duke Realty Corp	30,524		742
PBF Energy Inc	4,653		108		Empire State Realty Trust Inc	2,303		47
PDC Energy Inc (a)	145,371		10,749		EPR Properties	2,878		213
QEP Resources Inc (a)	10,549		184		Equity Commonwealth (a)	173,123		5,339
Range Resources Corp	10,045		325		Equity One Inc	4,389		137
Rice Energy Inc (a)	6,982		138		Essex Property Trust Inc	1,258		283
Rowan Cos PLC (a)	99,936		1,790		Gaming and Leisure Properties Inc	35,078		1,110
SM Energy Co	4,403		134		GGP Inc	52,024		1,292
Tesoro Corp	15,898		1,285		HCP Inc	90,888		2,756
Transocean Ltd (a)	15,419		215		Healthcare Trust of America Inc	1,688		49
Whiting Petroleum Corp (a)	9,514		105		Highwoods Properties Inc	48,055		2,470
WPX Energy Inc (a)	14,724		205		Hospitality Properties Trust	44,507		1,386
		$	69,739		Host Hotels & Resorts Inc	45,059		814
Oil & Gas Services - 1.43%					Kilroy Realty Corp	5,414		405
Baker Hughes Inc	20,433		1,289		Kimco Realty Corp	107,761		2,682
Dril-Quip Inc (a)	1,837		114		Lamar Advertising Co	76,300		5,762
Frank's International NV	1,613		19		Liberty Property Trust	76,489		2,936
National Oilwell Varco Inc	12,319		466		Life Storage Inc	680		55

See accompanying notes

148

Schedule of Investments MidCap Value Fund I

January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
REITS (continued)					Semiconductors (continued)
Macerich Co/The	44,616	$	3,065		Lam Research Corp	2,145	$	246
MFA Financial Inc	491,771		3,881		Linear Technology Corp	9,833		621
Mid-America Apartment Communities Inc	24,160		2,295		Marvell Technology Group Ltd	91,121		1,355
National Retail Properties Inc	215,043		9,376		Micron Technology Inc (a)	108,539		2,617
Omega Healthcare Investors Inc	38,837		1,245		ON Semiconductor Corp (a)	430,603		5,736
Outfront Media Inc	5,428		149		Qorvo Inc (a)	4,539		291
Paramount Group Inc	8,350		139		Skyworks Solutions Inc	104,705		9,606
Park Hotels & Resorts Inc	405		11		Teradyne Inc	128,054		3,634
Piedmont Office Realty Trust Inc	6,864		149		Xilinx Inc	41,581		2,420
Prologis Inc	24,598		1,202				$	35,746
Quality Care Properties Inc (a)	19,592		361		Shipbuilding - 0.01%
Rayonier Inc (b)	5,700		159		Huntington Ingalls Industries Inc	725		141
Realty Income Corp	12,216		728
Regency Centers Corp	25,552		1,782		Software - 1.96%
Retail Properties of America Inc	10,961		164		Akamai Technologies Inc (a)	1,556		107
Senior Housing Properties Trust	24,584		468		Allscripts Healthcare Solutions Inc (a)	7,858		92
SL Green Realty Corp	3,169		345		ANSYS Inc (a)	5,072		473
Spirit Realty Capital Inc	21,900		231		Autodesk Inc (a)	1,244		101
Starwood Property Trust Inc	116,754		2,599		CA Inc	30,441		952
STORE Capital Corp	6,722		159		CommerceHub Inc - Series A (a)	448		7
Sun Communities Inc	3,016		238		CommerceHub Inc - Series C (a)	1,031		15
Tanger Factory Outlet Centers Inc	860		29		Donnelley Financial Solutions Inc (a)	6,719		161
Taubman Centers Inc	1,276		90		Dun & Bradstreet Corp/The	6,463		792
Two Harbors Investment Corp	83,311		731		Fidelity National Information Services Inc	153,662		12,204
UDR Inc	8,667		303		Nuance Communications Inc (a)	2,250		36
Ventas Inc	11,687		721		PTC Inc (a)	2,655		140
VEREIT Inc	360,268		3,073		SS&C Technologies Holdings Inc	590		19
Vornado Realty Trust	16,621		1,767		Synopsys Inc (a)	127,569		8,023
Weingarten Realty Investors	5,333		190		Twilio Inc (a)	171		5
Welltower Inc	31,625		2,097		Zynga Inc (a)	30,302		76
Weyerhaeuser Co	24,183		758				$	23,203
WP Carey Inc	33,966		2,104		Telecommunications - 2.29%
		$	92,411		ARRIS International PLC (a)	263,242		7,524
Retail - 2.77%					CenturyLink Inc	106,915		2,765
AutoNation Inc (a)	1,661		88		EchoStar Corp (a)	2,352		120
Bed Bath & Beyond Inc	32,199		1,299		Frontier Communications Corp	49,498		173
Best Buy Co Inc	63,457		2,825		Juniper Networks Inc	61,489		1,646
Burlington Stores Inc (a)	1,842		154		Level 3 Communications Inc (a)	13,041		775
Cabela's Inc (a)	1,970		110		Motorola Solutions Inc	169,479		13,678
Coach Inc	51,267		1,915		Sprint Corp (a)	24,759		229
CST Brands Inc	3,256		157		Telephone & Data Systems Inc	4,751		146
Dick's Sporting Goods Inc	992		51		Viavi Solutions Inc (a)	16,470		147
Dillard's Inc	868		49				$	27,203
Foot Locker Inc	1,282		88		Textiles - 0.01%
GameStop Corp	4,579		112		Mohawk Industries Inc (a)	753		163
Gap Inc/The	76,411		1,760
Genuine Parts Co	270		26		Toys, Games & Hobbies - 0.07%
JC Penney Co Inc (a)	13,419		89		Mattel Inc	32,781		859
Kohl's Corp	41,667		1,660
L Brands Inc	6,488		391		Transportation - 1.24%
Liberty Interactive Corp QVC Group (a)	6,964		134		Expeditors International of Washington Inc	1,734		90
Macy's Inc	75,649		2,235		Genesee & Wyoming Inc (a)	2,456		185
Michaels Cos Inc/The (a)	1,286		25		Kansas City Southern	6,801		585
MSC Industrial Direct Co Inc	7,585		775		Kirby Corp (a)	2,256		145
Nu Skin Enterprises Inc	1,635		85		Old Dominion Freight Line Inc	152,596		13,472
Penske Automotive Group Inc	1,790		97		Ryder System Inc	2,337		181
PVH Corp	3,899		366				$	14,658
Signet Jewelers Ltd	3,662		284		Water - 0.26%
Staples Inc	241,683		2,223		American Water Works Co Inc	5,801		426
Tiffany & Co	172,229		13,558		Aqua America Inc	87,604		2,664
Urban Outfitters Inc (a)	1,169		31
							$	3,090
Wendy's Co/The	4,434		60		TOTAL COMMON STOCKS		$	1,160,746
World Fuel Services Corp	50,137		2,230		INVESTMENT COMPANIES - 2.28%	Shares Held		Value(000	's)
		$	32,877		Money Market Funds - 2.28%
Savings & Loans - 0.27%					BlackRock Liquidity Funds FedFund Portfolio	4,468,498		4,469
New York Community Bancorp Inc	15,446		235		Cash Account Trust - Government & Agency	608,433		608
People's United Financial Inc	153,184		2,872		Portfolio - Government Cash Managed
TFS Financial Corp	2,801		49		First American Government Obligations Fund	21,937,663		21,938
		$	3,156				$	27,015
Semiconductors - 3.01%					TOTAL INVESTMENT COMPANIES		$	27,015
Analog Devices Inc	13,919		1,043
IPG Photonics Corp (a)	332		38		Total Investments		$	1,187,761
KLA-Tencor Corp	95,626		8,139		Other Assets and Liabilities - (0.12)%		$	(1,372	)
					TOTAL NET ASSETS - 100.00%		$	1,186,389

See accompanying notes

149

Schedule of Investments
MidCap Value Fund I
January 31, 2017 (unaudited)

(a)	Non-Income Producing Security
(b)	Security is Illiquid. At the end of the period, the value of these securities totaled $159 or 0.01% of net assets.
(c)	Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Inputs used in the valuation may be unobservable; however, not all securities are included in Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $0 or 0.00% of net assets.
(d)	Restricted Security. Please see Restricted Security Sub-Schedule for more information.

Portfolio Summary (unaudited)
Sector		Percent
Financial		24.80	%
Industrial		20.60	%
Consumer, Non-cyclical		10.35	%
Technology		8.23	%
Utilities		7.82	%
Energy		7.73	%
Consumer, Cyclical		6.71	%
Communications		6.07	%
Basic Materials		5.39	%
Investment Companies		2.28	%
Diversified		0.14	%
Other Assets and Liabilities		(0.12	)%
TOTAL NET ASSETS		100.00	%
Restricted Securities
Security Name	Trade Date				Cost			Value			Percent of Net Assets
Safeway, Inc. - CVR - Property Development	04/13/2015				$6		$	—			0.00	%
Centers
Amounts in thousands
Futures Contracts
											Unrealized
Type	Long/Short	Contracts		Notional Value				Fair Value	Appreciation/(Depreciation)
S&P Mid 400 Emini; March 2017	Long	182		$	30,564	$		30,676		$	112
Total									$		112
Amounts in thousands except contracts

See accompanying notes

150

Schedule of Investments
MidCap Value Fund III
January 31, 2017 (unaudited)
COMMON STOCKS - 96.18%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.00%					Biotechnology (continued)
Clear Channel Outdoor Holdings Inc	2,554	$	13		Bio-Rad Laboratories Inc (a)	1,001	$	190
					Juno Therapeutics Inc (a)	247		5
Aerospace & Defense - 2.26%					United Therapeutics Corp (a)	1,522		249
Arconic Inc	16,373		373				$	462
Harris Corp	4,654		478		Building Materials - 3.88%
L3 Technologies Inc	4,163		661		Cree Inc (a)	3,353		92
Orbital ATK Inc	111,866		9,727		CRH PLC ADR	363,954		12,564
Spirit AeroSystems Holdings Inc	354,608		21,294		Johnson Controls International plc	391,585		17,222
		$	32,533		Lennox International Inc	120		19
Agriculture - 1.22%					Martin Marietta Materials Inc	223		51
Bunge Ltd	7,385		511		Masco Corp	4,341		143
Reynolds American Inc	284,053		17,080		Owens Corning	460,358		25,435
		$	17,591		USG Corp (a)	4,547		139
Airlines - 0.20%					Vulcan Materials Co	335		43
Alaska Air Group Inc	1,955		183				$	55,708
American Airlines Group Inc	19,721		873		Chemicals - 4.63%
Copa Holdings SA	1,698		166		Albemarle Corp	4,179		387
JetBlue Airways Corp (a)	17,568		344		Ashland Global Holdings Inc	2,319		276
Spirit Airlines Inc (a)	3,650		197		Axalta Coating Systems Ltd (a)	469,600		13,618
United Continental Holdings Inc (a)	16,346		1,152		Cabot Corp	242,737		13,441
		$	2,915		Celanese Corp	92,406		7,799
Apparel - 1.09%					CF Industries Holdings Inc	8,730		308
Hanesbrands Inc	651,345		15,443		Eastman Chemical Co	103,936		8,055
Ralph Lauren Corp	2,652		235		FMC Corp	244,451		14,707
		$	15,678		Huntsman Corp	10,547		215
Automobile Manufacturers - 0.06%					Mosaic Co/The	13,071		410
PACCAR Inc	11,669		785		NewMarket Corp	54		23
					Valvoline Inc	2,256		52
					Versum Materials Inc (a)	252,000		7,043
Automobile Parts & Equipment - 0.97%
Adient PLC (a)	3,549		225		Westlake Chemical Corp	2,102		130
Allison Transmission Holdings Inc	208,847		7,306		WR Grace & Co	1,668		116
BorgWarner Inc	10,353		423				$	66,580
Goodyear Tire & Rubber Co/The	9,919		321		Coal - 0.01%
Lear Corp	39,951		5,676		CONSOL Energy Inc	11,749		199
		$	13,951
Banks - 6.57%					Commercial Services - 2.32%
Associated Banc-Corp	7,654		194		Aramark	5,137		174
Bank of Hawaii Corp	2,262		194		Booz Allen Hamilton Holding Corp	345		12
					CoreLogic Inc/United States (a)	1,795		63
BankUnited Inc	4,926		188
BOK Financial Corp	1,365		112		Graham Holdings Co	219		114
Capital One Financial Corp	189,195		16,534		H&R Block Inc	10,057		216
					Live Nation Entertainment Inc (a)	3,161		90
Citizens Financial Group Inc	18,149		657
Comerica Inc	6,506		439		LSC Communications Inc	940		25
Commerce Bancshares Inc/MO	82,304		4,653		Macquarie Infrastructure Corp	2,796		210
Cullen/Frost Bankers Inc	2,742		245		ManpowerGroup Inc	4,148		396
East West Bancorp Inc	117,356		6,037		Moody's Corp	651		67
Fifth Third Bancorp	752,658		19,644		Nielsen Holdings PLC	218,543		8,940
					Quanta Services Inc (a)	385,249		13,827
First Horizon National Corp	11,328		227
First Republic Bank/CA	26,053		2,457		RR Donnelley & Sons Co	1,126		19
Huntington Bancshares Inc/OH	53,315		721		Total System Services Inc	178,822		9,063
					United Rentals Inc (a)	1,428		181
KeyCorp	381,798		6,862
M&T Bank Corp	5,587		908				$	33,397
Northern Trust Corp	11,081		919		Computers - 1.17%
PacWest Bancorp	4,426		245		Amdocs Ltd	188,405		11,061
Popular Inc	5,326		237		Brocade Communications Systems Inc	21,154		264
Regions Financial Corp	68,617		989		Computer Sciences Corp	5,181		322
Signature Bank/New York NY (a)	804		127		Conduent Inc (a)	9,614		144
SunTrust Banks Inc	426,022		24,206		Leidos Holdings Inc	72,038		3,481
SVB Financial Group (a)	493		85		NetApp Inc	16,598		636
Synovus Financial Corp	6,460		269		Nutanix Inc (a)	162		5
TCF Financial Corp	8,089		140		Western Digital Corp	10,527		839
Valley National Bancorp	555,691		6,729				$	16,752
Western Alliance Bancorp (a)	2,314		114		Consumer Products - 0.70%
Zions Bancorporation	7,500		317		Avery Dennison Corp	135,589		9,901
		$	94,449		Clorox Co/The	715		86
Beverages - 0.85%							$	9,987
Brown-Forman Corp - A Shares	137		6		Cosmetics & Personal Care - 0.04%
Brown-Forman Corp - B Shares	386		18		Coty Inc	16,073		308
Coca-Cola European Partners PLC	328,500		11,343		Edgewell Personal Care Co (a)	2,826		223
Molson Coors Brewing Co	8,567		827				$	531
		$	12,194		Distribution & Wholesale - 0.01%
Biotechnology - 0.03%					WESCO International Inc (a)	2,526		179
Alnylam Pharmaceuticals Inc (a)	432		18

See accompanying notes

151

Schedule of Investments
MidCap Value Fund III
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Diversified Financial Services - 6.65%					Engineering & Construction (continued)
Affiliated Managers Group Inc	259	$	39		Jacobs Engineering Group Inc	7,033	$	412
Air Lease Corp	2,636		96		KBR Inc	240,209		4,086
Ally Financial Inc	16,577		350		SBA Communications Corp (a)	1,692		178
Ameriprise Financial Inc	112,998		12,686				$	5,451
CIT Group Inc	7,420		306		Entertainment - 1.00%
Discover Financial Services	250,896		17,382		Dolby Laboratories Inc	2,894		139
E*TRADE Financial Corp (a)	10,432		391		International Game Technology PLC	248,271		6,556
FNF Group	355,280		12,563		Lions Gate Entertainment Corp - A shares (a)	1,241		36
Invesco Ltd	12,750		369		Lions Gate Entertainment Corp - B shares (a)	994		27
Lazard Ltd	96,893		4,116		Regal Entertainment Group	3,372		76
Legg Mason Inc	5,221		165		SeaWorld Entertainment Inc	416,118		7,536
LPL Financial Holdings Inc	127,519		5,011				$	14,370
Nasdaq Inc	4,173		294		Environmental Control - 0.04%
Navient Corp	933,860		14,045		Republic Services Inc	8,792		505
Raymond James Financial Inc	79,111		5,928		Stericycle Inc (a)	195		15
Santander Consumer USA Holdings Inc (a)	6,403		85
SLM Corp (a)	1,027,881		12,211				$	520
					Food - 1.41%
Synchrony Financial	43,643		1,563		Conagra Brands Inc	3,424		134
T Rowe Price Group Inc	2,147		145		Flowers Foods Inc	813		16
TD Ameritrade Holding Corp	170,171		7,854		Hain Celestial Group Inc/The (a)	1,231		49
		$	95,599		Hormel Foods Corp	2,814		102
Electric - 5.65%					Ingredion Inc	51,755		6,635
AES Corp/VA	40,655		465		JM Smucker Co/The	60,172		8,174
Alliant Energy Corp	8,473		319		Kellogg Co	711		52
Ameren Corp	13,548		713		Lamb Weston Holdings Inc	1,463		55
Avangrid Inc	2,677		104		Pilgrim's Pride Corp	2,413		46
Calpine Corp (a)	17,145		202		Pinnacle Foods Inc	6,295		335
CMS Energy Corp	14,763		629		Post Holdings Inc (a)	1,291		108
Consolidated Edison Inc	15,753		1,171		Safeway, Inc. - CVR - Casa Ley (a),(b),(c)	8,276		—
DTE Energy Co	60,808		5,998		Safeway, Inc. - CVR - Property Development	8,276		—
Edison International	111,070		8,095		Centers (a),(b),(c),(d)
Entergy Corp	6,669		478		TreeHouse Foods Inc (a)	1,797		136
Eversource Energy	11,863		656		Tyson Foods Inc	64,729		4,064
FirstEnergy Corp	23,460		711		Whole Foods Market Inc	9,904		299
Great Plains Energy Inc	13,355		368				$	20,205
Hawaiian Electric Industries Inc	5,168		173		Forest Products & Paper - 0.58%
MDU Resources Group Inc	405,372		11,898		Domtar Corp	164,663		7,194
NRG Energy Inc	15,119		250		International Paper Co	21,112		1,195
OGE Energy Corp	163,068		5,469				$	8,389
Pinnacle West Capital Corp	151,705		11,777		Gas - 2.28%
PPL Corp	25,361		884		Atmos Energy Corp	136,789		10,421
Public Service Enterprise Group Inc	385,009		17,037		CenterPoint Energy Inc	773,047		20,261
SCANA Corp	7,015		482		National Fuel Gas Co	3,533		198
WEC Energy Group Inc	16,441		971		NiSource Inc	11,992		268
Westar Energy Inc	8,456		462		Sempra Energy	9,337		956
Xcel Energy Inc	286,429		11,835		UGI Corp	10,733		498
		$	81,147		Vectren Corp	3,982		219
Electrical Components & Equipment - 0.05%							$	32,821
AMETEK Inc	9,792		500		Hand & Machine Tools - 2.39%
Energizer Holdings Inc	2,012		102		Lincoln Electric Holdings Inc	1,291		108
Hubbell Inc	730		89		Regal Beloit Corp	2,372		172
		$	691		Snap-on Inc	1,171		213
Electronics - 0.20%					Stanley Black & Decker Inc	272,804		33,827
Agilent Technologies Inc	12,262		600				$	34,320
Arrow Electronics Inc (a)	5,491		404
					Healthcare - Products - 0.61%
Avnet Inc	4,796		223
Fitbit Inc (a)	1,910		11		Abbott Laboratories	2,988		125
					Alere Inc (a)	3,396		126
FLIR Systems Inc	7,020		248		Cooper Cos Inc/The	394		73
Garmin Ltd	6,547		316		DENTSPLY SIRONA Inc	8,585		487
Gentex Corp	7,650		160		Hill-Rom Holdings Inc	272		16
Jabil Circuit Inc	9,632		231		OPKO Health Inc (a)	1,508		13
Keysight Technologies Inc (a)	10,283		381
					Patterson Cos Inc	165,864		6,902
National Instruments Corp	1,339		42		QIAGEN NV (a)	11,373		329
PerkinElmer Inc	4,723		251		Teleflex Inc	1,326		222
Trimble Inc (a)	1,946		58
					VWR Corp (a)	3,598		93
		$	2,925		Zimmer Biomet Holdings Inc	3,225		382
Energy - Alternate Sources - 0.01%							$	8,768
First Solar Inc (a)	3,727		116
					Healthcare - Services - 2.85%
					Acadia Healthcare Co Inc (a)	2,296		88
Engineering & Construction - 0.38%					Brookdale Senior Living Inc (a)	8,857		133
AECOM (a)	8,393		310
					Centene Corp (a)	1,649		104
Chicago Bridge & Iron Co NV ADR	5,322		177		Cigna Corp	133,547		19,527
Fluor Corp	5,194		288		DaVita Inc (a)	5,372		342

See accompanying notes

152

Schedule of Investments
MidCap Value Fund III
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Healthcare - Services (continued)					Internet (continued)
Envision Healthcare Corp (a)	1,983	$	135		Twitter Inc (a)	2,720	$	48
Laboratory Corp of America Holdings (a)	36,830		4,943		Yelp Inc (a)	717		30
LifePoint Health Inc (a)	1,814		108		Zillow Group Inc - A Shares (a)	722		26
MEDNAX Inc (a)	1,007		69		Zillow Group Inc - C Shares (a)	1,482		52
Quest Diagnostics Inc	7,244		666				$	1,084
Quintiles IMS Holdings Inc (a)	1,918		151		Iron & Steel - 0.62%
Universal Health Services Inc	3,446		388		Nucor Corp	16,512		959
WellCare Health Plans Inc (a)	97,795		14,233		Reliance Steel & Aluminum Co	4,351		347
		$	40,887		Steel Dynamics Inc	215,709		7,293
Holding Companies - Diversified - 0.02%					United States Steel Corp	9,186		300
Leucadia National Corp	12,292		293				$	8,899
					Leisure Products & Services - 2.81%
Home Builders - 0.06%					Brunswick Corp/DE	993		59
CalAtlantic Group Inc	3,277		114		Norwegian Cruise Line Holdings Ltd (a)	400,875		18,841
DR Horton Inc	5,665		170		Royal Caribbean Cruises Ltd	229,195		21,460
Lennar Corp - A Shares	5,128		229		Vista Outdoor Inc (a)	2,596		75
Lennar Corp - B Shares	503		18				$	40,435
PulteGroup Inc	9,027		194		Lodging - 0.37%
Toll Brothers Inc (a)	4,233		133		Choice Hotels International Inc	728		40
		$	858		Extended Stay America Inc	3,892		63
Home Furnishings - 1.30%					Hilton Grand Vacations Inc (a)	252		7
Harman International Industries Inc	2,340		260		Hilton Worldwide Holdings Inc	1,884		109
Whirlpool Corp	105,528		18,456		Hyatt Hotels Corp (a)	1,692		93
		$	18,716		Marriott International Inc/MD	4,414		373
Housewares - 0.00%					MGM Resorts International (a)	162,074		4,668
Scotts Miracle-Gro Co/The	317		29		Wynn Resorts Ltd	243		25
							$	5,378
Insurance - 7.29%					Machinery - Construction & Mining - 0.03%
Alleghany Corp (a)	556		340		Oshkosh Corp	3,740		260
Allied World Assurance Co Holdings AG	4,504		239		Terex Corp	5,370		171
American Financial Group Inc/OH	4,917		424				$	431
American National Insurance Co	519		60		Machinery - Diversified - 1.25%
AmTrust Financial Services Inc	4,604		121		AGCO Corp	3,497		220
Arch Capital Group Ltd (a)	6,953		614		CNH Industrial NV	767,598		6,878
Arthur J Gallagher & Co	4,944		266		Cummins Inc	66,065		9,712
Aspen Insurance Holdings Ltd	121,462		6,850		Flowserve Corp	1,892		93
Assurant Inc	2,116		206		IDEX Corp	895		81
Assured Guaranty Ltd	261,231		10,165		Manitowoc Foodservice Inc (a)	3,702		71
Athene Holding Ltd (a)	64,600		3,032		Rockwell Automation Inc	1,880		278
Axis Capital Holdings Ltd	3,407		218		Roper Technologies Inc	1,822		349
Brown & Brown Inc	5,614		236		Xylem Inc/NY	5,499		271
Cincinnati Financial Corp	8,424		595		Zebra Technologies Corp (a)	575		48
CNA Financial Corp	1,859		77				$	18,001
Endurance Specialty Holdings Ltd	2,382		221		Media - 1.23%
Erie Indemnity Co	458		51		Discovery Communications Inc - A Shares (a)	763		22
Everest Re Group Ltd	73,767		16,224		Discovery Communications Inc - C Shares (a)	2,541		70
First American Financial Corp	5,508		207		John Wiley & Sons Inc	2,345		129
Hanover Insurance Group Inc/The	2,249		189		Liberty Broadband Corp - A Shares (a)	1,342		112
Hartford Financial Services Group Inc/The	21,489		1,047		Liberty Broadband Corp - C Shares (a)	5,484		468
Lincoln National Corp	110,741		7,476		Liberty Media Corp-Liberty SiriusXM - A	4,656		169
Loews Corp	10,460		487		Shares (a)
Markel Corp (a)	507		469
					Liberty Media Corp-Liberty SiriusXM - C	6,824		245
Mercury General Corp	1,530		97		Shares (a)
Old Republic International Corp	12,459		259		Meredith Corp	155,203		9,514
ProAssurance Corp	2,767		151		News Corp - A Shares	18,670		230
Progressive Corp/The	19,650		736		Scripps Networks Interactive Inc	83,500		6,359
Reinsurance Group of America Inc	124,722		15,649		TEGNA Inc	10,702		245
RenaissanceRe Holdings Ltd	1,574		215		Viacom Inc - A Shares	359		16
Torchmark Corp	7,545		555		Viacom Inc - B Shares	1,490		63
Unum Group	373,746		16,979				$	17,642
Validus Holdings Ltd	3,974		226		Metal Fabrication & Hardware - 0.02%
Voya Financial Inc	7,654		308		Timken Co/The	3,769		167
Willis Towers Watson PLC	110,218		13,792		Valmont Industries Inc	297		43
WR Berkley Corp	3,570		240				$	210
XL Group Ltd	152,846		5,742
		$	104,763		Mining - 0.15%
					Alcoa Corp	7,437		271
Internet - 0.08%
FireEye Inc (a)	5,456		74		Compass Minerals International Inc	1,701		142
					Freeport-McMoRan Inc (a)	38,705		645
IAC/InterActiveCorp (a)	712		49
Liberty Expedia Holdings Inc (a)	2,275		100		Newmont Mining Corp	19,820		719
Liberty Ventures (a)	3,328		145		Royal Gold Inc	3,000		217
Pandora Media Inc (a)	1,373		18		Southern Copper Corp	2,301		88
Symantec Corp	19,664		542				$	2,082

See accompanying notes

153

Schedule of Investments
MidCap Value Fund III
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Miscellaneous Manufacturers - 2.17%					Pharmaceuticals - 1.36%
AptarGroup Inc	2,433	$	177		Cardinal Health Inc	243,787	$	18,274
Carlisle Cos Inc	2,851		311		Endo International PLC (a)	9,870		121
Colfax Corp (a)	5,072		198		Mallinckrodt PLC (a)	4,075		199
Crane Co	2,578		186		Mead Johnson Nutrition Co	4,466		315
Donaldson Co Inc	892		38		Perrigo Co PLC	6,794		517
Dover Corp	5,718		445		Premier Inc (a)	1,607		51
Ingersoll-Rand PLC	188,396		14,949				$	19,477
ITT Inc	4,446		182		Pipelines - 0.94%
Parker-Hannifin Corp	92,280		13,577		Cheniere Energy Inc (a)	7,451		355
Pentair PLC	6,207		364		ONEOK Inc	215,200		11,860
Textron Inc	10,012		474		Targa Resources Corp	10,641		613
Trinity Industries Inc	7,410		204		Williams Cos Inc/The	21,460		619
		$	31,105				$	13,447
Office & Business Equipment - 0.03%					Real Estate - 0.03%
Xerox Corp	61,874		429		Jones Lang LaSalle Inc	2,185		225
					Realogy Holdings Corp	7,346		190
Oil & Gas - 7.27%							$	415
Antero Resources Corp (a)	8,987		219		REITS - 8.01%
Cabot Oil & Gas Corp	5,113		110		AGNC Investment Corp	23,674		442
Chesapeake Energy Corp (a)	1,086,200		7,006		Alexandria Real Estate Equities Inc	4,085		453
Cimarex Energy Co	2,940		398		American Campus Communities Inc	8,227		400
Concho Resources Inc (a)	55,156		7,691		American Homes 4 Rent	8,961		200
Continental Resources Inc/OK (a)	2,631		128		Annaly Capital Management Inc	38,000		388
Devon Energy Corp	540,324		24,606		Apartment Investment & Management Co	5,821		257
Diamond Offshore Drilling Inc (a)	3,372		55		Apple Hospitality REIT Inc	8,845		177
Diamondback Energy Inc (a)	2,199		231		AvalonBay Communities Inc	5,111		886
Energen Corp (a)	3,626		195		Boston Properties Inc	4,747		621
Ensco PLC	15,722		172		Brandywine Realty Trust	9,191		148
EQT Corp	8,807		534		Brixmor Property Group Inc	9,886		239
Gulfport Energy Corp (a)	6,127		128		Camden Property Trust	5,823		487
Helmerich & Payne Inc	6,538		465		Care Capital Properties Inc	4,315		107
Hess Corp	10,512		570		Chimera Investment Corp	10,241		181
HollyFrontier Corp	10,840		314		Columbia Property Trust Inc	6,397		142
Kosmos Energy Ltd (a)	7,730		51		Communications Sales & Leasing Inc	6,266		165
Marathon Oil Corp	48,559		813		CoreCivic Inc	6,084		177
Marathon Petroleum Corp	28,188		1,354		Corporate Office Properties Trust	352,901		11,229
Murphy Oil Corp	8,123		235		CubeSmart	2,823		71
Murphy USA Inc (a)	835		53		CyrusOne Inc	506		24
Nabors Industries Ltd	498,211		8,096		DCT Industrial Trust Inc	4,687		209
Newfield Exploration Co (a)	5,530		222		DDR Corp	15,601		237
Noble Corp PLC	12,223		82		Digital Realty Trust Inc	72,471		7,800
Noble Energy Inc	23,002		915		Douglas Emmett Inc	7,220		273
Parsley Energy Inc (a)	5,528		195		Duke Realty Corp	534,375		13,001
Patterson-UTI Energy Inc	260,313		7,299		Empire State Realty Trust Inc	2,661		55
PBF Energy Inc	436,222		10,116		EPR Properties	3,280		243
QEP Resources Inc (a)	221,595		3,865		Equity Commonwealth (a)	6,492		200
Range Resources Corp	11,490		372		Equity LifeStyle Properties Inc	124,400		9,198
Rice Energy Inc (a)	7,993		158		Equity One Inc	4,953		154
Rowan Cos PLC (a)	6,848		123		Essex Property Trust Inc	1,419		318
SM Energy Co	5,026		153		GEO Group Inc/The	215,300		8,939
Tesoro Corp	149,348		12,075		GGP Inc	21,513		534
Transocean Ltd (a)	17,639		246		HCP Inc	17,471		530
Vermilion Energy Inc	361,400		14,886		Healthcare Trust of America Inc	1,943		56
Whiting Petroleum Corp (a)	10,835		120		Highwoods Properties Inc	95,479		4,909
WPX Energy Inc (a)	17,013		237		Hospitality Properties Trust	8,119		253
		$	104,488		Host Hotels & Resorts Inc	41,406		748
Oil & Gas Services - 0.71%					Kilroy Realty Corp	6,194		464
Baker Hughes Inc	132,971		8,387		Kimco Realty Corp	21,562		537
Dril-Quip Inc (a)	2,057		128		Liberty Property Trust	336,714		12,926
Frank's International NV	1,898		22		Life Storage Inc	781		64
National Oilwell Varco Inc	14,090		533		Macerich Co/The	5,345		367
Oceaneering International Inc	5,165		144		MFA Financial Inc	20,448		161
RPC Inc	3,515		76		Mid-America Apartment Communities Inc	6,560		623
Superior Energy Services Inc (a)	7,789		138		National Retail Properties Inc	8,828		385
TechnipFMC PLC (a)	15,134		509		Omega Healthcare Investors Inc	4,310		138
Weatherford International PLC (a)	36,410		190		Outfront Media Inc	6,259		172
		$	10,127		Paramount Group Inc	9,521		159
Packaging & Containers - 0.09%					Park Hotels & Resorts Inc	505		14
Bemis Co Inc	4,249		207		Piedmont Office Realty Trust Inc	7,859		171
Graphic Packaging Holding Co	6,143		77		Prologis Inc	350,451		17,119
Sonoco Products Co	5,134		282		Quality Care Properties Inc (a)	5,233		97
WestRock Co	13,533		722		Rayonier Inc (b)	6,441		180
		$	1,288		Realty Income Corp	159,674		9,521

See accompanying notes

154

Schedule of Investments
MidCap Value Fund III
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)		Shares Held	Value (000's)
REITS (continued)					Software - 1.89%
Regency Centers Corp	4,877	$	340		Akamai Technologies Inc (a)		1,770	$	121
Retail Properties of America Inc	12,520		187		Allscripts Healthcare Solutions Inc (a)		9,044		106
Senior Housing Properties Trust	10,854		207		ANSYS Inc (a)		2,427		226
SL Green Realty Corp	3,642		397		Autodesk Inc (a)		1,434		117
Spirit Realty Capital Inc	24,373		256		CA Inc		287,508		8,990
Starwood Property Trust Inc	18,302		407		CommerceHub Inc - Series A (a)		480		7
STORE Capital Corp	7,705		182		CommerceHub Inc - Series C (a)		1,146		17
Sun Communities Inc	3,476		274		Donnelley Financial Solutions Inc (a)		1,156		28
Tanger Factory Outlet Centers Inc	954		33		Dun & Bradstreet Corp/The		1,146		141
Taubman Centers Inc	1,468		104		Fidelity National Information Services Inc		7,606		604
Two Harbors Investment Corp	18,952		166		Nuance Communications Inc (a)		2,550		40
UDR Inc	9,897		346		PTC Inc (a)		3,023		159
Ventas Inc	13,369		824		SS&C Technologies Holdings Inc		643		21
VEREIT Inc	36,078		308		Synopsys Inc (a)		261,146		16,423
Vornado Realty Trust	6,412		682		Twilio Inc (a)		213		6
Weingarten Realty Investors	6,076		216		Zynga Inc (a)		34,089		86
Welltower Inc	18,720		1,241					$	27,092
Weyerhaeuser Co	27,712		868		Telecommunications - 0.25%
WP Carey Inc	7,364		456		ARRIS International PLC (a)		8,575		245
		$	115,043		CenturyLink Inc		28,207		730
Retail - 2.71%					EchoStar Corp (a)		2,677		136
AutoNation Inc (a)	1,911		102		Frontier Communications Corp		56,776		198
Bed Bath & Beyond Inc	7,458		301		Juniper Networks Inc		21,110		565
Best Buy Co Inc	14,626		651		Level 3 Communications Inc (a)		14,918		887
Burlington Stores Inc (a)	110,602		9,257		Motorola Solutions Inc		5,771		466
Cabela's Inc (a)	2,222		124		Sprint Corp (a)		28,231		261
Coach Inc	8,445		315		Telephone & Data Systems Inc		5,418		166
CST Brands Inc	3,717		179					$	3,654
Dick's Sporting Goods Inc	1,145		59		Textiles - 0.01%
Dillard's Inc	999		56		Mohawk Industries Inc (a)		858		185
Foot Locker Inc	1,475		101
GameStop Corp	5,240		128		Transportation - 1.82%
Gap Inc/The	90,030		2,073		Expeditors International of Washington Inc		1,998		104
Genuine Parts Co	306		30		Genesee & Wyoming Inc (a)		2,816		212
JC Penney Co Inc (a)	15,499		103		Golar LNG Ltd		576,606		14,911
Kohl's Corp	151,976		6,053		Kansas City Southern		4,020		346
L Brands Inc	181,734		10,943		Kirby Corp (a)		2,577		166
Liberty Interactive Corp QVC Group (a)	7,264		139		Norfolk Southern Corp		16,400		1,927
Macy's Inc	219,534		6,486		Old Dominion Freight Line Inc		2,087		184
Michaels Cos Inc/The (a)	1,404		28		Ryder System Inc		107,826		8,367
MSC Industrial Direct Co Inc	1,400		143					$	26,217
Nu Skin Enterprises Inc	1,889		98		Water - 0.05%
Penske Automotive Group Inc	2,107		115		American Water Works Co Inc		6,635		487
PVH Corp	4,459		418		Aqua America Inc		6,656		203
Signet Jewelers Ltd	242		19					$	690
Staples Inc	37,202		342		TOTAL COMMON STOCKS			$	1,381,870
Tiffany & Co	5,870		462		INVESTMENT COMPANIES - 3.85%		Shares Held	Value (000's)
Urban Outfitters Inc (a)	1,266		34
					Money Market Funds - 3.85%
Wendy's Co/The	4,920		67		BlackRock Liquidity Funds FedFund Portfolio		1,184,103		1,184
World Fuel Services Corp	3,696		164		Cash Account Trust - Government & Agency		752,794		753
		$	38,990		Portfolio - Government Cash Managed
Savings & Loans - 1.23%					First American Government Obligations Fund		44,528,895		44,529
New York Community Bancorp Inc	1,135,997		17,256		Goldman Sachs Financial Square Funds -		8,922,927		8,923
People's United Financial Inc	20,500		384		Government Fund
TFS Financial Corp	3,334		58					$	55,389
		$	17,698		TOTAL INVESTMENT COMPANIES			$	55,389
Semiconductors - 2.26%					Total Investments			$	1,437,259
Analog Devices Inc	11,438		857		Other Assets and Liabilities - (0.03)%			$	(400	)
IPG Photonics Corp (a)	382		44
Lam Research Corp	101,762		11,689		TOTAL NET ASSETS - 100.00%			$	1,436,859
Linear Technology Corp	7,361		465
Marvell Technology Group Ltd	15,022		223		(a)	Non-Income Producing Security
Microchip Technology Inc	242,433		16,328		(b)	Security is Illiquid. At the end of the period, the value of these securities
Micron Technology Inc (a)	53,898		1,299			totaled $180 or 0.01% of net assets.
ON Semiconductor Corp (a)	18,620		248
Qorvo Inc (a)	4,310		277		(c)	Fair value of these investments is determined in good faith by the Manager
						under procedures established and periodically reviewed by the Board of
Skyworks Solutions Inc	1,502		138			Directors. Inputs used in the valuation may be unobservable; however, not
Teradyne Inc	10,589		300			all securities are included in Level 3 of the fair value hierarchy. At the end
Xilinx Inc	9,666		563			of the period, the fair value of these securities totaled $0 or 0.00% of net
		$	32,431			assets.
Shipbuilding - 0.01%					(d)	Restricted Security. Please see Restricted Security Sub-Schedule for more
Huntington Ingalls Industries Inc	827		160			information.

See accompanying notes

155

Schedule of Investments
MidCap Value Fund III
January 31, 2017 (unaudited)
Portfolio Summary (unaudited)
Sector		Percent
Financial		29.78	%
Industrial		14.59	%
Consumer, Non-cyclical		11.39	%
Consumer, Cyclical		10.59	%
Energy		8.94	%
Utilities		7.98	%
Basic Materials		5.98	%
Technology		5.35	%
Investment Companies		3.85	%
Communications		1.56	%
Diversified		0.02	%
Other Assets and Liabilities		(0.03	)%
TOTAL NET ASSETS		100.00	%
Restricted Securities
Security Name	Trade Date				Cost			Value			Percent of Net Assets
Safeway, Inc. - CVR - Property Development	04/13/2015			$	1		$	—			0.00	%
Centers
Amounts in thousands
Futures Contracts
											Unrealized
Type	Long/Short	Contracts		Notional Value				Fair Value	Appreciation/(Depreciation)
S&P Mid 400 Emini; March 2017	Long	332		$	55,894	$		55,959		$	65
Total									$		65
Amounts in thousands except contracts

See accompanying notes

156

     Schedule of Investments Money Market Fund January 31, 2017 (unaudited)

INVESTMENT COMPANIES - 5.15%			Shares Held			Value(000	's)				Principal
Money Market Funds - 5.15%								MUNICIPAL BONDS (continued)			Amount (000's)			Value(000	's)
Deutsche Government Money Market Series			9,780,000	$		9,780		Colorado (continued)
Goldman Sachs Financial Square Funds -			10,940,000			10,940		Colorado Housing & Finance
Government Fund								Authority (credit support from Federal Home
Morgan Stanley Institutional Liquidity Funds -			8,940,000			8,940		Loan Bank)
Government Portfolio								0.80%, 02/07/2017(a),(d)		$	7,510	$		7,510
STIT-Government & Agency Portfolio			10,000,000			10,000		County of Kit Carson CO (credit support from
				$		39,660		Wells Fargo)
TOTAL INVESTMENT COMPANIES				$		39,660		0.73%, 02/07/2017(d)			1,070			1,070
			Principal									$		15,580
BONDS- 11.29	%		Amount (000's)	Value(000			's)	Illinois - 1.31%
Automobile Asset Backed Securities - 3.75%								Memorial Health System/IL (credit support
AmeriCredit Automobile Receivables Trust								from JP Morgan Chase & Co)
2016-3								0.73%, 02/07/2017(d)			10,100			10,100
0.75%, 08/08/2017		$	1,296		$	1,296
Chrysler Capital Auto Receivables Trust 2016-								Maryland - 1.03%
B								City of Baltimore MD (credit support from
0.85%, 11/15/2017(a),(b)			3,221			3,221		State Street Bank & Trust)
Drive Auto Receivables Trust 2016-C								0.72%, 02/07/2017(d)			7,915			7,915
0.90%, 12/15/2017(a),(b)			2,849			2,849
Drive Auto Receivables Trust 2017-A								Minnesota - 0.53%
0.97%, 02/15/2018(a),(b)			2,700			2,700		City of St Paul MN (credit support from
Enterprise Fleet Financing LLC								Wells Fargo)
0.85%, 07/20/2017(a),(b)			2,202			2,202		0.72%, 02/07/2017(d)			4,100			4,100
1.05%, 02/20/2018(a),(b)			5,500			5,500
Huntington Auto Trust								Oklahoma - 0.32%
0.85%, 12/15/2017(a)			3,431			3,431		Oklahoma University Hospital (credit support
Mercedes-Benz Auto Lease Trust 2016-B								from Bank of America)
0.75%, 11/15/2017			2,092			2,092		0.75%, 02/07/2017(d)			2,500			2,500
Santander Drive Auto Receivables Trust 2016-
3								TOTAL MUNICIPAL BONDS				$		44,362
0.80%, 10/16/2017			2,111			2,111					Principal
Wheels SPV 2 LLC								COMMERCIAL PAPER - 68.42%			Amount (000's)		Value	(000	's)
0.85%, 08/20/2017(b)			3,509			3,509		Agriculture - 2.08%
				$		28,911		Archer-Daniels-Midland Co
Banks- 0.93	%							0.70%, 02/24/2017(b)		$	3,000	$		2,999
Wells Fargo Bank NA								Philip Morris International Inc
1.19%, 10/22/2017(a)			7,200			7,200		0.65%, 02/06/2017(b)			6,000			5,999
								0.66%, 02/02/2017(b)			7,000			7,000
Diversified Financial Services - 3.08%												$		15,998
Corporate Finance Managers Inc								Automobile Manufacturers - 0.93%
0.82%, 02/07/2017(a)			8,700			8,700		American Honda Finance Corp (credit support
MetLife Inc								from Honda Motor Company)
1.16%, 08/17/2017(a),(c)			15,000			15,000		0.90%, 05/22/2017(d)			1,150			1,147
				$		23,700		Toyota Financial Services de Puerto Rico
Healthcare - Services - 1.11%								Inc (credit support from Toyota Financial
Portland Clinic LLP/The								Services)
0.73%, 02/07/2017(a)			8,510			8,510		0.89%, 03/23/2017(d)			6,000			5,992
												$		7,139
Insurance - 2.08%								Banks- 29.15	%
New York Life Global Funding Company								Bank of Tokyo-Mitsubishi UFJ Ltd/New York
0.88%, 07/21/2017(a),(c)			16,000			16,000		NY
								0.69%, 02/03/2017			6,000			6,000
Other Asset Backed Securities - 0.34%								0.75%, 02/23/2017			5,000			4,998
Dell Equipment Finance Trust 2016-1								BNP Paribas SA/New York NY
0.85%, 07/24/2017(a),(b)			2,117			2,117		0.56%, 02/01/2017			13,000			13,000
MMAF Equipment Finance LLC 2016-A								CAFCO LLC
0.75%, 05/15/2017(a),(b)			537			537		0.85%, 02/22/2017(b)			6,000			5,997
				$		2,654		0.95%, 03/09/2017(b)			5,000			4,995
TOTAL BONDS				$		86,975		1.05%, 03/16/2017(b)			5,000			4,994
			Principal					Credit Suisse AG/New York NY
MUNICIPAL BONDS - 5.76%			Amount (000's)			Value(000	's)	1.06%, 02/10/2017			6,000			5,998
California - 0.54%								1.06%, 02/21/2017			6,000			5,997
Kern Water Bank Authority (credit support								1.29%, 04/21/2017			5,000			4,986
from Wells Fargo)								DBS Bank Ltd
0.72%, 02/07/2017(d)		$	4,167	$		4,167		1.03%, 04/10/2017(b),(e)			6,000			5,988
								1.05%, 04/03/2017(b),(e)			5,000			4,991
								1.08%, 03/20/2017(b),(e)			6,500			6,491
Colorado - 2.03%
City of Colorado Springs CO Utilities System								DNB Bank ASA
								0.77%, 02/27/2017(b),(e)			5,000			4,997
Revenue (credit support from Mizuho Bank
LTD)								ING US Funding LLC (credit support from
0.72%, 02/07/2017(d)			7,000			7,000		ING Bank)
								0.93%, 03/03/2017(d)			3,450			3,447

See accompanying notes

157

Schedule of Investments
Money Market Fund
January 31, 2017 (unaudited)
		Principal							Principal
COMMERCIAL PAPER (continued)		Amount (000's)		Value(000	's)	COMMERCIAL PAPER (continued)			Amount (000's)		Value(000	's)
Banks (continued)						Diversified Financial Services (continued)
Kreditanstalt fuer Wiederaufbau (credit						Gotham Funding Corp
support from Republic of Germany)						0.75%, 02/10/2017(b)		$	1,650	$	1,650
0.77%, 02/01/2017(b),(d),(e)	$	5,000	$	5,000		0.78%, 02/02/2017(b)			1,800		1,800
0.90%, 03/07/2017(b),(d),(e)		2,000		1,998		0.92%, 03/02/2017(b)			6,000		5,996
Manhattan Asset Funding Co LLC						1.00%, 03/07/2017(b)			4,500		4,496
0.91%, 02/28/2017(b)		6,000		5,996		1.10%, 04/04/2017(b)			5,500		5,490
0.91%, 03/10/2017(b)		6,200		6,194		Intercontinental Exchange Inc
0.93%, 03/31/2017(b)		6,000		5,991		0.68%, 02/02/2017(b)			6,500		6,500
Mitsubishi UFJ Trust & Banking Corp/NY						0.68%, 02/03/2017(b)			6,000		6,000
1.08%, 04/21/2017		6,000		5,986		0.68%, 02/09/2017(b)			6,000		5,999
Mizuho Bank Ltd/NY						JP Morgan Securities LLC
0.85%, 02/07/2017(b)		6,000		5,999		0.80%, 02/01/2017(b)			3,510		3,510
1.06%, 04/24/2017(b)		5,000		4,988		1.10%, 05/03/2017			6,000		5,983
1.17%, 02/27/2017(b)		6,000		5,995		Liberty Street Funding LLC
Natixis SA/New York NY						0.85%, 02/07/2017(b)			4,000		3,999
0.68%, 02/08/2017		6,000		5,999		0.93%, 02/21/2017(b)			1,620		1,619
Nordea Bank AB						0.93%, 02/22/2017(b)			1,940		1,939
0.92%, 04/20/2017(b),(e)		4,000		3,992		1.01%, 03/13/2017(b)			6,000		5,993
Oversea-Chinese Banking Corp Ltd						1.08%, 04/03/2017(b)			5,000		4,991
0.87%, 02/14/2017(b),(e)		5,000		4,999		Nieuw Amsterdam Receivables Corp
0.89%, 02/16/2017(b),(e)		5,000		4,998		0.84%, 03/08/2017(b)			6,000		5,995
0.95%, 03/03/2017(b),(e)		4,000		3,997		0.85%, 02/03/2017(b)			5,000		5,000
1.06%, 03/16/2017(b),(e)		5,000		4,994		0.87%, 02/24/2017(b)			4,445		4,443
Sheffield Receivables Co LLC						0.97%, 03/02/2017(b)			3,500		3,497
0.80%, 02/01/2017(b)		1,800		1,800		Ontario Teachers' Finance Trust (credit
0.88%, 03/17/2017(b)		6,500		6,493		support from Ontario Teachers Pension Plan
0.95%, 02/13/2017(b)		5,000		4,998		Board)
1.12%, 04/19/2017(b)		5,000		4,988		0.80%, 02/10/2017(b),(d)			4,600		4,599
Standard Chartered Bank/New York						1.01%, 04/11/2017(b),(d)			5,000		4,990
0.90%, 02/15/2017(b)		5,000		4,998		Regency Markets No. 1 LLC
1.15%, 05/09/2017(b)		6,000		5,981		0.79%, 02/09/2017(b)			6,000		5,999
Sumitomo Mitsui Banking Corp						Thunder Bay Funding LLC
0.86%, 02/01/2017(b),(e)		6,000		6,000		1.05%, 03/20/2017(b)			6,400		6,391
1.10%, 04/17/2017(b),(e)		6,000		5,986						$	173,080
1.10%, 04/24/2017(b),(e)		6,000		5,985		Electric - 1.18%
Toronto-Dominion Holdings USA Inc (credit						Oglethorpe Power Corp
support from Toronto Dominion Bank)						0.77%, 02/21/2017(b)			3,100		3,099
1.04%, 03/24/2017(b),(d)		6,000		5,991		0.86%, 02/14/2017(b)			6,000		5,998
1.06%, 04/06/2017(b),(d)		3,780		3,773						$	9,097
United Overseas Bank Ltd						Food- 0.48	%
0.80%, 03/13/2017(b),(e)		2,600		2,598		Unilever Capital Corp (credit support from
1.07%, 03/15/2017(b),(e)		5,000		4,994		Unilever)
			$	224,590		0.78%, 03/27/2017(b),(d)			3,700		3,696
Beverages - 0.65%
Brown-Forman Corp						Healthcare - Products - 2.15%
0.84%, 02/17/2017(b)		5,000		4,998		Danaher Corp
						0.70%, 02/07/2017(b)			4,560		4,560
Computers - 0.65%						0.84%, 03/17/2017(b)			6,000		5,994
International Business Machines Corp						0.85%, 02/06/2017(b)			6,000		5,999
0.55%, 02/01/2017(b)		5,000		5,000						$	16,553
						Insurance - 0.52%
Diversified Financial Services - 22.47%						Nationwide Life Insurance Co
American Express Credit Corp						0.90%, 02/13/2017(b)			4,000		3,999
0.90%, 02/22/2017		5,000		4,997
0.97%, 02/02/2017		4,500		4,500		Machinery - Construction & Mining - 1.60%
1.07%, 03/01/2017		6,000		5,995		Caterpillar Financial Services Corp (credit
Anglesea Funding LLC						support from Caterpillar Inc)
0.73%, 02/06/2017(b)		6,000		5,999		0.97%, 03/21/2017(d)			6,500		6,492
Collateralized Commercial Paper Co LLC						1.00%, 02/16/2017(d)			5,800		5,797
1.00%, 03/06/2017		6,000		5,995						$	12,289
1.08%, 04/12/2017		6,500		6,486		Miscellaneous Manufacturers - 2.06%
1.15%, 05/17/2017		6,000		5,980		Parker-Hannifin Corp
CRC Funding						0.75%, 02/06/2017(b)			2,004		2,004
1.10%, 03/27/2017(b)		1,300		1,298		0.85%, 02/13/2017(b)			2,900		2,899
DCAT LLC						0.85%, 02/23/2017(b)			5,000		4,997
0.92%, 02/09/2017		2,530		2,530		0.90%, 02/15/2017(b)			6,000		5,998
0.94%, 02/28/2017		6,000		5,996						$	15,898
0.95%, 02/07/2017		5,000		4,999		Oil & Gas - 0.36%
0.95%, 02/08/2017		5,000		4,999		Total Capital Canada Ltd (credit support from
Fairway Finance Co LLC						Total SA)
1.06%, 04/06/2017(b)		1,440		1,437
						0.68%, 02/15/2017(b),(d)			2,750		2,749
1.06%, 04/07/2017(b)		5,000		4,990

See accompanying notes

158

Schedule of Investments
Money Market Fund
January 31, 2017 (unaudited)
				Principal				Portfolio Summary (unaudited)
	COMMERCIAL PAPER (continued)			Amount (000's)		Value(000	's)	Sector	Percent
	REITS- 2.20	%						Financial	69.75	%
	Simon Property Group LP							Consumer, Non-cyclical	6.47	%
	0.87%, 03/08/2017(b)		$	5,000	$	4,996		Insured	5.76	%
	0.89%, 04/05/2017(b)			6,000		5,990		Investment Companies	5.15	%
	0.91%, 03/21/2017(b)			6,000		5,993		Asset Backed Securities	4.09	%
					$	16,979		Industrial	3.66	%
	Telecommunications - 1.94%							Communications	1.94	%
	Telstra Corp Ltd							Utilities	1.18	%
	0.90%, 02/21/2017(b)			5,000		4,998		Consumer, Cyclical	0.93	%
	0.97%, 04/18/2017(b)			5,000		4,990		Technology	0.65	%
	0.99%, 04/26/2017(b)			5,000		4,988		Energy	0.36	%
					$	14,976		Other Assets and Liabilities	0.06	%
	TOTAL COMMERCIAL PAPER				$	527,041		TOTAL NET ASSETS	100.00	%
				Principal
	CERTIFICATE OF DEPOSIT - 1.53%			Amount (000's)		Value(000	's)
	Banks- 1.53	%
	Bank of Nova Scotia/Houston
	1.06%, 05/11/2017(a),(e)			5,800		5,800
	Citibank NA
	1.14%, 05/01/2017			6,000		6,000
					$	11,800
	TOTAL CERTIFICATE OF DEPOSIT				$	11,800
				Maturity
	REPURCHASE AGREEMENTS - 7.79%			Amount (000's)		Value(000	's)
	Banks- 7.79	%
	Barclays Bank PLC Repurchase Agreement;		$	20,000	$	20,000
	0.54% dated 01/31/2017 maturing
	02/01/2017 (collateralized by US
	Government Securities; $20,400,058;
	0.00%-1.25%; dated 03/31/21-11/15/45)
	Credit Suisse Repurchase Agreement; 0.53%			15,000		15,000
	dated 01/31/2017 maturing 02/01/2017
	(collateralized by US Government
	Security; $15,302,694; 1.63%; dated
	04/30/2019	)
	Merrill Lynch Repurchase Agreement; 0.54%			25,000		25,000
	dated 01/31/2017 maturing 02/01/2017
	(collateralized by US Government
	Securities; $25,500,063; 0.00%-4.63%;
	dated 09/15/20-09/15/60)
					$	60,000
	TOTAL REPURCHASE AGREEMENTS				$	60,000
	Total Investments				$	769,838
	Other Assets and Liabilities - 0.06%				$	497
	TOTAL NET ASSETS - 100.00%				$	770,335

(a)	Variable Rate. Rate shown is in effect at January 31, 2017.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $415,377 or 53.92% of net assets.
(c)	Security is Illiquid. At the end of the period, the value of these securities totaled $31,000 or 4.02% of net assets.
(d)	Credit support indicates investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution, or government agency.
(e)	Security issued by foreign bank and denominated in USD.

See accompanying notes

159

Schedule of Investments
Overseas Fund
January 31, 2017 (unaudited)
COMMON STOCKS - 93.45%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.02%					Banks (continued)
Publicis Groupe SA	9,977	$	685		Credit Agricole SA	68,597	$	910
					Credit Suisse Group AG (a)	1,652,938		25,233
Aerospace & Defense - 3.05%					Danske Bank A/S	42,036		1,402
Airbus SE	398,930		27,042		DBS Group Holdings Ltd	104,900		1,418
BAE Systems PLC	183,380		1,347		Deutsche Bank AG (a)	71,716		1,432
Cobham PLC	6,059,157		10,368		DNB ASA	59,658		995
Embraer SA ADR	691,700		15,812		Erste Group Bank AG	782,499		23,852
IHI Corp	7,629,600		20,545		Fukuoka Financial Group Inc	66,000		291
Meggitt PLC	66,453		350		Hachijuni Bank Ltd/The	34,900		205
Rolls-Royce Holdings PLC (a)	1,656,264		13,951		Hang Seng Bank Ltd	45,300		923
		$	89,415		Hiroshima Bank Ltd/The	43,000		201
Agriculture - 3.26%					HSBC Holdings PLC	1,214,285		10,359
British American Tobacco PLC	785,215		48,470		ING Groep NV	3,208,079		46,087
Golden Agri-Resources Ltd	302,600		91		Intesa Sanpaolo SpA	659,717		1,550
Imperial Brands PLC	689,407		31,939		Investec PLC	36,573		260
KT&G Corp	82,589		7,154		KBC Group NV	15,314		995
Philip Morris International Inc	82,300		7,911		Komercni banka as	56,327		1,992
		$	95,565		Kyushu Financial Group Inc	14,800		102
Airlines - 1.00%					Lloyds Banking Group PLC	36,150,091		29,651
ANA Holdings Inc	99,000		294		Mediobanca SpA	48,530		418
Deutsche Lufthansa AG	19,978		267		Mitsubishi UFJ Financial Group Inc	763,300		4,888
Japan Airlines Co Ltd	908,000		28,914		Mizuho Financial Group Inc	1,443,600		2,679
		$	29,475		National Australia Bank Ltd	172,985		3,978
Apparel - 0.40%					Natixis SA	80,670		478
Gildan Activewear Inc	436,663		11,423		Nordea Bank AB	185,415		2,238
Yue Yuen Industrial Holdings Ltd	63,500		232		Oversea-Chinese Banking Corp Ltd	163,500		1,090
					Raiffeisen Bank International AG (a)	5,024		112
		$	11,655		Resona Holdings Inc	132,100		715
Automobile Manufacturers - 2.05%					Royal Bank of Scotland Group PLC (a)	183,372		514
Bayerische Motoren Werke AG	19,818		1,810		Shizuoka Bank Ltd/The	46,000		400
Daimler AG	106,412		8,003		Skandinaviska Enskilda Banken AB	78,984		887
Fiat Chrysler Automobiles NV (a)	3,042,352		33,312
					Societe Generale SA	46,836		2,290
Fuji Heavy Industries Ltd	23,100		924		Standard Chartered PLC (a)	170,711		1,672
Honda Motor Co Ltd	61,200		1,821		Sumitomo Mitsui Financial Group Inc	704,000		27,619
Isuzu Motors Ltd	50,800		682		Sumitomo Mitsui Trust Holdings Inc	17,207		641
Mazda Motor Corp	32,900		484		Svenska Handelsbanken AB	92,926		1,387
Nissan Motor Co Ltd	139,400		1,379		Swedbank AB	55,281		1,398
Peugeot SA (a)	27,031		503
					UBS Group AG	879,555		14,294
Renault SA	11,504		1,036		UniCredit SpA (a)	315,712		8,618
Toyota Motor Corp	154,310		8,974		United Overseas Bank Ltd	1,575,100		23,425
Volvo AB - B Shares	89,073		1,140		Westpac Banking Corp	217,860		5,245
		$	60,068				$	364,558
Automobile Parts & Equipment - 0.58%					Beverages - 1.54%
Aisin Seiki Co Ltd	11,000		503		Asahi Group Holdings Ltd	246,800		8,685
Bridgestone Corp	37,500		1,375		Coca-Cola Amatil Ltd	24,544		181
Cie Generale des Etablissements Michelin	10,908		1,172		Coca-Cola European Partners PLC	574,800		19,848
GKN PLC	146,938		637		Diageo PLC	573,112		15,920
Hankook Tire Co Ltd	230,479		11,247		Kirin Holdings Co Ltd	24,700		405
JTEKT Corp	19,100		314				$	45,039
Nokian Renkaat OYJ	9,903		372
Sumitomo Electric Industries Ltd	32,300		470		Building Materials - 2.51%
Sumitomo Rubber Industries Ltd	14,700		230		Asahi Glass Co Ltd	87,000		646
Toyoda Gosei Co Ltd	5,500		132		Cie de Saint-Gobain	525,595		25,826
Toyota Industries Corp	14,000		676		CRH PLC	990,226		34,558
					Fletcher Building Ltd	20,774		160
		$	17,128		Sumitomo Osaka Cement Co Ltd	2,981,100		12,004
Banks - 12.43%
ABNAMRO Group NV (b)	24,172		569		Taiheiyo Cement Corp	104,000		364
Aozora Bank Ltd	101,000		368				$	73,558
Australia & New Zealand Banking Group Ltd	152,211		3,382		Chemicals - 4.49%
Banco Bilbao Vizcaya Argentaria SA	342,063		2,326		Air Liquide SA	146,012		15,764
Banco de Sabadell SA	10,546,288		15,922		Akzo Nobel NV	720,943		48,927
Banco Santander SA	759,174		4,241		Asahi Kasei Corp	72,000		672
Bangkok Bank PCL	713,900		3,681		BASF SE	298,829		28,847
Bank Hapoalim BM	91,322		552		Hitachi Chemical Co Ltd	3,000		85
Bank Leumi Le-Israel BM (a)	124,016		513		Incitec Pivot Ltd	144,619		423
Barclays PLC	11,651,561		32,337		Kaneka Corp	23,000		198
Bendigo & Adelaide Bank Ltd	39,576		377		Kuraray Co Ltd	10,700		170
BNP Paribas SA	293,806		18,795		Linde AG	202,010		32,852
BOC Hong Kong Holdings Ltd	218,800		875		Mitsubishi Chemical Holdings Corp	40,700		284
CaixaBank SA	5,773,352		21,162		Mitsubishi Gas Chemical Co Inc	15,500		297
Chiba Bank Ltd/The	60,000		392		Solvay SA	3,852		452
Chugoku Bank Ltd/The	14,600		215		Sumitomo Chemical Co Ltd	134,000		714
Commerzbank AG	55,351		481		Syngenta AG	2,408		1,023
Commonwealth Bank of Australia	89,181		5,526		Teijin Ltd	10,400		219

See accompanying notes

160

Schedule of Investments
Overseas Fund
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Chemicals (continued)					Electronics (continued)
Yara International ASA	15,222	$	642		Yokogawa Electric Corp	9,800	$	157
		$	131,569				$	24,280
Commercial Services - 0.34%					Engineering & Construction - 0.55%
Abertis Infraestructuras SA	37,190		533		ACS Actividades de Construccion y Servicios	16,182		499
Adecco Group AG	9,393		672		SA
AerCap Holdings NV (a)	4,790		212		ACS Actividades de Construccion y Servicios	16,116		7
Atlantia SpA	23,855		544		SA - Rights (a)
Babcock International Group PLC	21,667		244		Balfour Beatty PLC	3,424,878		11,177
Dai Nippon Printing Co Ltd	44,000		448		Bouygues SA	8,883		323
G4S PLC	132,997		428		CIMIC Group Ltd	5,418		141
Hutchison Port Holdings Trust	448,010		190		Fraport AG Frankfurt Airport Services	3,565		214
Randstad Holding NV	10,197		593		Worldwide
RELX NV	328,149		5,543		LendLease Group	47,417		507
Toppan Printing Co Ltd	44,000		432		Skanska AB	19,646		480
		$	9,839		Taisei Corp	90,000		639
Distribution & Wholesale - 1.33%					Vinci SA	29,248		2,050
ITOCHU Corp	87,400		1,204				$	16,037
Jardine Cycle & Carriage Ltd	352,300		10,331		Entertainment - 0.02%
Li & Fung Ltd	504,000		218		Sega Sammy Holdings Inc	16,000		251
Marubeni Corp	96,400		586		Tabcorp Holdings Ltd	46,342		166
Mitsubishi Corp	88,200		1,992		Tatts Group Ltd	81,597		269
Mitsui & Co Ltd	99,600		1,462				$	686
Rexel SA	25,910		452		Food - 1.34%
Sumitomo Corp	1,765,400		22,131		Aryzta AG (a)	307,803		8,479
Toyota Tsusho Corp	18,200		501		Carrefour SA	32,768		802
		$	38,877		Casino Guichard Perrachon SA	142,074		7,661
Diversified Financial Services - 1.48%					Charoen Pokphand Foods PCL (c)	8,116,400		6,571
AEON Financial Service Co Ltd	9,600		172		Dairy Crest Group PLC	1,707,163		12,787
Credit Saison Co Ltd	12,700		231		First Pacific Co Ltd/Hong Kong	182,000		138
Daiwa Securities Group Inc	85,000		542		ICA Gruppen AB	6,896		225
Deutsche Boerse AG (a)	215,345		19,871		J Sainsbury PLC	140,581		457
Julius Baer Group Ltd (a)	13,661		642		NH Foods Ltd	4,000		109
Mebuki Financial Group Inc	80,860		310		Nisshin Seifun Group Inc	8,460		129
Mitsubishi UFJ Lease & Finance Co Ltd	38,400		205		Nissin Foods Holdings Co Ltd	1,700		90
Nomura Holdings Inc	217,300		1,347		Orkla ASA	69,870		652
ORIX Corp	79,200		1,195		Tate & Lyle PLC	14,000		118
Shinhan Financial Group Co Ltd	481,501		19,030		Wm Morrison Supermarkets PLC	190,161		567
		$	43,545		Woolworths Ltd	23,271		434
Electric - 2.40%							$	39,219
AusNet Services	152,811		183		Forest Products & Paper - 1.14%
Chubu Electric Power Co Inc	35,900		479		DS Smith PLC	5,592,321		31,261
Contact Energy Ltd	61,333		215		Mondi PLC	31,478		696
DUET Group	208,554		443		Oji Holdings Corp	34,000		150
E.ON SE	104,045		802		Stora Enso OYJ	47,220		536
EDP - Energias de Portugal SA	198,502		577		UPM-Kymmene OYJ	31,507		714
Electric Power Development Co Ltd	12,600		293				$	33,357
Endesa SA	27,227		562		Gas - 0.59%
Enel SpA	451,759		1,889		Centrica PLC	284,281		805
Engie SA	3,111,012		37,247		Enagas SA	19,441		477
Fortum OYJ	38,073		607		Gas Natural SDG SA	30,023		579
HK Electric Investments & HK Electric	227,500		190		National Grid PLC	1,188,757		13,925
Investments Ltd (b)					Osaka Gas Co Ltd	161,000		603
Hokuriku Electric Power Co	14,400		145		Snam SpA	127,414		485
Iberdrola SA	327,512		2,069		Tokyo Gas Co Ltd	113,000		501
Kansai Electric Power Co Inc/The (a)	60,400		645				$	17,375
Meridian Energy Ltd	109,844		212		Hand & Machine Tools - 1.14%
Origin Energy Ltd	75,147		403		Fuji Electric Co Ltd	5,510,000		32,643
Power Assets Holdings Ltd	71,000		680		Sandvik AB	31,988		432
Red Electrica Corp SA	22,508		403		THK Co Ltd	10,300		254
RWE AG (a)	27,264		363				$	33,329
SSE PLC	1,111,243		20,890		Holding Companies - Diversified - 0.53%
Terna Rete Elettrica Nazionale SpA	129,215		567		China Merchants Port Holdings Co Ltd	4,041,916		10,805
Tohoku Electric Power Co Inc	19,400		237		CK Hutchison Holdings Ltd	160,500		1,924
Tokyo Electric Power Co Holdings Inc (a)	62,000		237
					Jardine Matheson Holdings Ltd	14,786		912
		$	70,338		Keppel Corp Ltd	124,700		547
Electrical Components & Equipment - 1.59%					NWS Holdings Ltd	132,000		237
Legrand SA	28,042		1,629		Swire Pacific Ltd	46,500		474
Schneider Electric SE	630,027		45,081		Wharf Holdings Ltd/The	81,000		607
		$	46,710				$	15,506
Electronics - 0.83%					Home Builders - 0.11%
Koninklijke Philips NV	781,184		22,922		Barratt Developments PLC	86,033		519
Kyocera Corp	19,100		994		Berkeley Group Holdings PLC	7,272		257
Nippon Electric Glass Co Ltd	36,000		207		Daiwa House Industry Co Ltd	17,000		460

See accompanying notes

161

Schedule of Investments
Overseas Fund
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Home Builders (continued)					Machinery - Construction & Mining (continued)
Iida Group Holdings Co Ltd	6,300	$	118		Hitachi Construction Machinery Co Ltd	3,100	$	71
Persimmon PLC	26,428		643		Hitachi Ltd	10,476,800		59,985
Sekisui House Ltd	34,800		563		Komatsu Ltd	972,100		23,018
Taylor Wimpey PLC	279,860		591		Mitsubishi Electric Corp	112,800		1,717
		$	3,151				$	133,135
Home Furnishings - 0.03%					Machinery - Diversified - 1.31%
Electrolux AB	20,621		548		Alstom SA (a)	11,200		318
Panasonic Corp	44,500		463		Amada Holdings Co Ltd	14,500		171
		$	1,011		CNH Industrial NV	572,105		5,126
Insurance - 7.09%					CNH Industrial NV	2,420,395		21,502
Aegon NV	3,779,598		20,544		FANUC Corp	6,500		1,276
Allianz SE	27,896		4,741		Metso OYJ	9,665		297
AMP Ltd	153,793		584		Mitsubishi Heavy Industries Ltd	187,000		840
Assicurazioni Generali SpA	60,830		971		Sumitomo Heavy Industries Ltd	46,000		316
Aviva PLC	6,508,672		39,189		Teco Electric and Machinery Co Ltd	9,639,203		8,713
AXA SA	118,389		2,910				$	38,559
Baloise Holding AG	2,787		359		Media - 0.11%
CNP Assurances	14,715		277		Axel Springer SE	3,699		195
Dai-ichi Life Holdings Inc	64,500		1,169		ITV PLC	188,378		483
Gjensidige Forsikring ASA	17,142		295		Pearson PLC	42,746		333
Hannover Rueck SE	5,169		569		ProSiebenSat.1 Media SE	12,113		515
Helvetia Holding AG	14,010		7,928		RTL Group SA	3,316		253
Legal & General Group PLC	363,347		1,078		Singapore Press Holdings Ltd	89,100		219
Manulife Financial Corp	276,300		5,298		Sky PLC	53,628		678
Mapfre SA	92,389		280		Vivendi SA	30,804		565
MS&AD Insurance Group Holdings Inc	30,300		1,014				$	3,241
Muenchener Rueckversicherungs-Gesellschaft	9,832		1,851		Metal Fabrication & Hardware - 0.04%
AG in Muenchen					NSK Ltd	37,800		459
NN Group NV	19,241		681		SKF AB	34,124		686
Old Mutual PLC	256,324		673				$	1,145
Poste Italiane SpA (b)	44,782		282		Mining - 0.32%
Prudential PLC	1,993,600		38,634		BHP Billiton PLC	54,909		1,001
QBE Insurance Group Ltd	2,445,782		23,203		Glencore PLC (a)	469,507		1,945
Sampo Oyj	27,287		1,264		Mitsubishi Materials Corp	9,500		324
SCOR SE	13,985		473		Norsk Hydro ASA	115,275		658
Sompo Holdings Inc	18,300		663		Rio Tinto Ltd	24,507		1,243
Standard Life PLC	102,717		449		Rio Tinto PLC	73,033		3,236
Suncorp Group Ltd	66,900		661		South32 Ltd	296,619		621
Swiss Life Holding AG (a)	47,088		14,295		Sumitomo Metal Mining Co Ltd	26,000		352
Swiss Re AG	19,780		1,848				$	9,380
T&D Holdings Inc	49,600		735		Miscellaneous Manufacturers - 1.24%
Tokio Marine Holdings Inc	40,700		1,697		Alfa Laval AB	857,311		16,029
Tryg A/S	9,688		185		FUJIFILM Holdings Corp	22,700		879
UnipolSai SpA	97,024		202		IMI PLC	8,157		120
Zurich Insurance Group AG	114,046		32,842		Konica Minolta Inc	38,800		402
		$	207,844		Nikon Corp	774,500		12,500
Internet - 1.40%					Orica Ltd	32,136		457
Baidu Inc ADR(a)	152,500		26,698		Siemens AG	44,197		5,717
SBI Holdings Inc/Japan	18,200		252		Smiths Group PLC	11,853		225
Trend Micro Inc/Japan	361,000		14,009				$	36,329
		$	40,959		Office & Business Equipment - 0.43%
Investment Companies - 0.05%					Canon Inc	405,895		12,009
BGP Holdings PLC (a),(c)	738,711		—		Seiko Epson Corp	24,000		494
EXOR NV	9,296		424				$	12,503
Investor AB	27,804		1,110		Oil & Gas - 7.04%
		$	1,534		BP PLC	4,095,940		24,463
Iron & Steel - 0.46%					BP PLC ADR	325,100		11,697
ArcelorMittal (a)	1,457,627		11,366		Caltex Australia Ltd	7,823		170
Fortescue Metals Group Ltd	133,451		675		CNOOC Ltd	21,399,000		26,722
Nippon Steel & Sumitomo Metal Corp	46,600		1,126		Ecopetrol SA ADR(a)	572,800		5,384
voestalpine AG	9,747		413		Encana Corp	1,223,990		15,624
		$	13,580		Eni SpA	1,565,667		24,074
Leisure Products & Services - 1.09%					Galp Energia SGPS SA	21,485		316
Carnival PLC	592,856		31,717		Idemitsu Kosan Co Ltd	7,500		232
Yamaha Motor Co Ltd	15,600		325		Inpex Corp	28,500		280
		$	32,042		JX Holdings Inc	122,510		578
Lodging - 0.02%					Neste Oyj	7,142		248
Accor SA	5,124		208		OMV AG	12,623		442
Crown Resorts Ltd	31,218		270		Repsol SA	58,661		869
SJM Holdings Ltd	170,000		135		Royal Dutch Shell PLC - A Shares	335,270		9,093
		$	613		Royal Dutch Shell PLC - B Shares	1,810,580		51,139
Machinery - Construction & Mining - 4.54%					TonenGeneral Sekiyu KK	24,000		282
ABB Ltd (a)	2,028,639		48,344

See accompanying notes

162

Schedule of Investments
Overseas Fund
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Oil & Gas (continued)					Semiconductors - 1.58%
TOTAL SA	691,867	$	35,006		Rohm Co Ltd	5,000	$	320
		$	206,619		Samsung Electronics Co Ltd	26,459		45,001
Oil & Gas Services - 0.76%					Tokyo Electron Ltd	9,300		963
TechnipFMC PLC (a)	682,582		22,371				$	46,284
					Software - 0.89%
Pharmaceuticals - 10.32%					SAP SE	285,093		26,072
Alfresa Holdings Corp	5,600		92
Astellas Pharma Inc	1,158,600		15,550		Telecommunications - 5.58%
AstraZeneca PLC	704,861		37,407		BT Group PLC	438,770		1,683
Bayer AG	260,137		28,896		China Mobile Ltd	3,651,841		41,093
Daiichi Sankyo Co Ltd	31,200		698		Deutsche Telekom AG	200,983		3,519
Eisai Co Ltd	8,500		469		Elisa OYJ	6,097		205
GlaxoSmithKline PLC	2,359,940		45,606		Eutelsat Communications SA	14,965		255
Medipal Holdings Corp	14,700		238		HKT Trust & HKT Ltd	113,000		158
Mitsubishi Tanabe Pharma Corp	19,200		385		KDDI Corp	1,665,700		44,755
Novartis AG	791,056		58,401		Koninklijke KPN NV	190,336		548
Orion Oyj	3,082		143		Nippon Telegraph & Telephone Corp	41,300		1,824
Roche Holding AG	154,299		36,561		Nokia OYJ	303,429		1,362
Sanofi	714,805		57,454		Orange SA	122,475		1,901
Suzuken Co Ltd/Aichi Japan	4,300		142		PCCW Ltd	363,000		220
Taisho Pharmaceutical Holdings Co Ltd	1,500		127		SES SA	31,224		607
Takeda Pharmaceutical Co Ltd	23,600		989		SK Telecom Co Ltd	183,196		35,120
Teva Pharmaceutical Industries Ltd ADR	588,383		19,670		Spark New Zealand Ltd	156,845		404
		$	302,828		Swisscom AG	1,589		701
Private Equity - 0.02%					TDC A/S (a)	69,602		367
3i Group PLC	59,379		525		Telecom Italia SpA/Milano	516,683		369
					Telecom Italia SpA/Milano (a)	621,573		535
Real Estate - 0.29%					Telefonaktiebolaget LM Ericsson	159,599		945
Cheung Kong Property Holdings Ltd	303,500		1,994		Telefonica SA	285,882		2,766
Hang Lung Group Ltd	75,000		288		Telia Co AB	135,092		548
Hang Lung Properties Ltd	192,000		473		Vocus Group Ltd	22,496		69
Hongkong Land Holdings Ltd	61,168		413		Vodafone Group PLC	9,733,690		23,843
Hysan Development Co Ltd	53,000		242				$	163,797
Kerry Properties Ltd	55,500		157		Transportation - 1.82%
Mitsui Fudosan Co Ltd	33,000		762		Canadian Pacific Railway Ltd	9,500		1,437
New World Development Co Ltd	483,285		558		Central Japan Railway Co	8,400		1,357
Nomura Real Estate Holdings Inc	10,700		184		East Japan Railway Co	471,400		42,689
Sino Land Co Ltd	265,920		439		Hankyu Hanshin Holdings Inc	10,400		353
Sun Hung Kai Properties Ltd	85,383		1,175		Kamigumi Co Ltd	20,000		194
Swiss Prime Site AG (a)	6,126		510		Mitsui OSK Lines Ltd	98,000		311
Tokyu Fudosan Holdings Corp	43,900		257		MTR Corp Ltd	44,500		226
Vonovia SE	24,231		794		Nippon Express Co Ltd	70,000		370
Wheelock & Co Ltd	69,000		419		PostNL NV (a)	1,213,119		5,324
		$	8,665		Royal Mail PLC	77,146		401
REITS - 0.77%					West Japan Railway Co	9,600		626
CapitaLand Commercial Trust	177,400		192				$	53,288
Daiwa House REIT Investment Corp	115		290		Water - 0.30%
Dexus Property Group	82,970		565		Guangdong Investment Ltd	7,076,600		8,781
Hammerson PLC	67,875		468
Intu Properties PLC	80,686		275		TOTAL COMMON STOCKS		$	2,740,732
Japan Prime Realty Investment Corp	70		281		INVESTMENT COMPANIES - 3.48%	Shares Held		Value(000	's)
Japan Real Estate Investment Corp	111		631		Money Market Funds - 3.48%
Japan Retail Fund Investment Corp	220		470		BlackRock Liquidity Funds FedFund Portfolio	46,150,299		46,150
Klepierre	11,440		434		Cash Account Trust - Government & Agency	551,788		552
Land Securities Group PLC	41,112		515		Portfolio - Government Cash Managed
Mirvac Group	206,432		318		First American Government Obligations Fund	55,455,527		55,456
Nippon Building Fund Inc	82		471				$	102,158
Segro PLC	71,016		413		TOTAL INVESTMENT COMPANIES		$	102,158
Stockland	206,153		680		PREFERRED STOCKS - 2.26%	Shares Held		Value(000	's)
Unibail-Rodamco SE	5,165		1,190		Automobile Manufacturers - 2.26%
United Urban Investment Corp	253		404		Bayerische Motoren Werke AG 3.22%(d)	4,696	$	353
Westfield Corp	2,247,326		14,982		Porsche Automobil Holding SE 1.01%(d)	7,961		479
		$	22,579		Volkswagen AG 0.17%(d)	418,446		65,343
Retail - 1.23%							$	66,175
Cie Financiere Richemont SA	436,523		33,996		TOTAL PREFERRED STOCKS		$	66,175
Harvey Norman Holdings Ltd	30,993		118		Total Investments		$	2,909,065
Kingfisher PLC	116,997		496		Other Assets and Liabilities - 0.81%		$	23,857
Lawson Inc	2,700		197		TOTAL NET ASSETS - 100.00%		$	2,932,922
Swatch Group AG/The	1,320		468
Swatch Group AG/The	4,254		297
Takashimaya Co Ltd	25,000		215		(a) Non-Income Producing Security
Yamada Denki Co Ltd	53,800		297
		$	36,084

See accompanying notes

163

Schedule of Investments
Overseas Fund
January 31, 2017 (unaudited)

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1,041 or 0.04% of net assets.
(c)	Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Inputs used in the valuation may be unobservable; however, not all securities are included in Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $6,571 or 0.22% of net assets.
(d)	Variable Rate. Rate shown is in effect at January 31, 2017.

Portfolio Summary (unaudited)
Country		Percent
United Kingdom		21.59	%
Japan		15.63	%
France		9.93	%
Switzerland		9.84	%
Germany		8.00	%
Netherlands		7.04	%
United States		4.83	%
Korea, Republic Of		4.02	%
Hong Kong		2.55	%
Australia		2.26	%
China		1.82	%
Spain		1.78	%
Italy		1.38	%
Singapore		1.29	%
Ireland		1.19	%
Canada		1.15	%
Sweden		0.98	%
Austria		0.83	%
Israel		0.71	%
Brazil		0.54	%
Luxembourg		0.42	%
Thailand		0.35	%
Taiwan, Province Of China		0.30	%
Finland		0.19	%
Colombia		0.18	%
Norway		0.10	%
Czech Republic		0.07	%
Denmark		0.07	%
Belgium		0.05	%
New Zealand		0.04	%
South Africa		0.03	%
Portugal		0.03	%
Other Assets and Liabilities		0.81	%
TOTAL NET ASSETS		100.00	%
Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value			Fair Value		Appreciation/(Depreciation)
eMini MSCI EAFE; March 2017	Long	929		$	80,107	$	80,284	$	177
S&P 500 Emini; March 2017	Long	302			34,186		34,345		159
Total							$		336
Amounts in thousands except contracts

See accompanying notes

164

     Schedule of Investments Principal Capital Appreciation Fund January 31, 2017 (unaudited)

COMMON STOCKS - 98.87%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 3.21%					Electric - 2.07%
Boeing Co/The	207,934	$	33,981		NextEra Energy Inc	197,195	$	24,397
Northrop Grumman Corp	137,973		31,607		Xcel Energy Inc	646,022		26,694
Teledyne Technologies Inc (a)	112,113		13,775				$	51,091
		$	79,363		Electronics - 0.88%
Airlines - 1.11%					Trimble Inc (a)	319,923		9,476
Alaska Air Group Inc	293,279		27,515		Waters Corp (a)	86,047		12,189
							$	21,665
Apparel - 1.30%					Environmental Control - 1.52%
Deckers Outdoor Corp (a)	156,771		9,030		Waste Connections Inc	467,200		37,516
NIKE Inc	438,626		23,203
		$	32,233		Food - 3.57%
Automobile Manufacturers - 0.73%					B&G Foods Inc	403,040		17,875
PACCAR Inc	266,702		17,952		General Mills Inc	307,260		19,197
					Kroger Co/The	1,117,315		37,944
Automobile Parts & Equipment - 1.40%					McCormick & Co Inc/MD	139,592		13,338
Adient PLC (a)	217,735		13,824		Safeway, Inc. - CVR - Casa Ley (a),(b),(c)	2,740		—
Autoliv Inc	125,943		14,567		Safeway, Inc. - CVR - Property Development	2,740		—
Mobileye NV (a)	144,369		6,202		Centers (a),(b),(c),(d)
		$	34,593				$	88,354
Banks - 7.50%					Gas - 0.99%
East West Bancorp Inc	285,139		14,667		Sempra Energy	240,170		24,591
Goldman Sachs Group Inc/The	75,095		17,221
JPMorgan Chase & Co	414,733		35,099		Healthcare - Products - 5.16%
PNC Financial Services Group Inc/The	244,083		29,402		Abbott Laboratories	192,650		8,047
SVB Financial Group (a)	36,987		6,370		Becton Dickinson and Co	158,952		28,181
US Bancorp	636,098		33,491		Bio-Techne Corp	80,386		8,179
Wells Fargo & Co	873,688		49,215		Edwards Lifesciences Corp (a)	179,879		17,312
		$	185,465		Medtronic PLC	283,182		21,528
Beverages - 2.25%					Thermo Fisher Scientific Inc	214,046		32,618
Anheuser-Busch InBev SA/NV ADR	11,883		1,239		Varex Imaging Corp (a)	52,572		1,511
Brown-Forman Corp - B Shares	172,436		7,863		Varian Medical Systems Inc (a)	131,432		10,206
Dr Pepper Snapple Group Inc	210,172		19,167				$	127,582
PepsiCo Inc	262,755		27,269		Healthcare - Services - 0.72%
		$	55,538		DaVita Inc (a)	99,678		6,355
Biotechnology - 1.38%					Universal Health Services Inc	101,333		11,413
Biogen Inc (a)	69,621		19,302				$	17,768
Gilead Sciences Inc	203,156		14,718		Housewares - 0.30%
		$	34,020		Tupperware Brands Corp	121,348		7,325
Building Materials - 0.72%
Apogee Enterprises Inc	129,522		7,393		Insurance - 2.42%
Johnson Controls International plc	233,999		10,291		AmTrust Financial Services Inc	959,162		25,312
		$	17,684		Chubb Ltd	261,659		34,406
Chemicals - 2.52%							$	59,718
EI du Pont de Nemours & Co	103,144		7,787		Internet - 6.16%
FMC Corp	124,486		7,489		Alphabet Inc - A Shares (a)	46,599		38,220
HB Fuller Co	307,838		15,198		Alphabet Inc - C Shares (a)	44,922		35,793
Innospec Inc	204,981		14,626		Amazon.com Inc (a)	36,424		29,994
International Flavors & Fragrances Inc	36,876		4,322		eBay Inc (a)	583,654		18,578
PPG Industries Inc	129,605		12,962		Facebook Inc (a)	229,135		29,861
		$	62,384				$	152,446
Commercial Services - 1.05%					Iron & Steel - 0.41%
Aaron's Inc	404,528		12,516		Reliance Steel & Aluminum Co	125,719		10,013
PayPal Holdings Inc (a)	341,108		13,569
		$	26,085		Machinery - Diversified - 1.84%
Computers - 3.19%					Deere & Co	120,851		12,937
Apple Inc	649,755		78,848		Flowserve Corp	370,798		18,229
					Roper Technologies Inc	75,342		14,454
Consumer Products - 0.29%							$	45,620
Kimberly-Clark Corp	59,953		7,262		Media - 4.34%
					Comcast Corp - Class A	578,657		43,642
Cosmetics & Personal Care - 0.48%					Nexstar Media Group Inc	97,334		6,366
Procter & Gamble Co/The	136,095		11,922		Sirius XM Holdings Inc	3,868,990		18,262
					Walt Disney Co/The	352,826		39,040
Distribution & Wholesale - 0.38%							$	107,310
Pool Corp	88,404		9,332		Miscellaneous Manufacturers - 1.35%
					AptarGroup Inc	189,127		13,801
Diversified Financial Services - 4.58%					Crane Co	88,548		6,379
Ameriprise Financial Inc	240,112		26,957		Donaldson Co Inc	28,861		1,219
Charles Schwab Corp/The	507,727		20,939		General Electric Co	403,325		11,979
Discover Financial Services	187,254		12,973				$	33,378
FNF Group	745,791		26,371		Oil & Gas - 4.98%
Synchrony Financial	725,043		25,971		Chevron Corp	232,471		25,886
		$	113,211		Cimarex Energy Co	301,188		40,724

See accompanying notes

165

     Schedule of Investments Principal Capital Appreciation Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	INVESTMENT COMPANIES - 1.39%		Shares Held	Value (000's)
Oil & Gas (continued)					Money Market Funds - 1.39%
Energen Corp (a)	191,134	$	10,300		Goldman Sachs Financial Square Funds -		34,451,249	$	34,451
Exxon Mobil Corp	231,867		19,451		Government Fund
Noble Energy Inc	377,083		14,993
Valero Energy Corp	179,474		11,802		TOTAL INVESTMENT COMPANIES			$	34,451
		$	123,156		Total Investments			$	2,479,216
Oil & Gas Services - 1.01%					Other Assets and Liabilities - (0.26)%			$	(6,365	)
Schlumberger Ltd	298,957		25,026		TOTAL NET ASSETS - 100.00%			$	2,472,851
Pharmaceuticals - 4.46%
Allergan PLC	114,217		25,001		(a)	Non-Income Producing Security
Bristol-Myers Squibb Co	162,930		8,010		(b)	Security is Illiquid. At the end of the period, the value of these securities
Johnson & Johnson	292,679		33,146			totaled $0 or 0.00% of net assets.
McKesson Corp	130,010		18,091		(c)	Fair value of these investments is determined in good faith by the Manager
Pfizer Inc	665,193		21,106			under procedures established and periodically reviewed by the Board of
VCA Inc (a)	55,450		5,024			Directors. Inputs used in the valuation may be unobservable; however, not
		$	110,378			all securities are included in Level 3 of the fair value hierarchy. At the end
Pipelines - 0.48%						of the period, the fair value of these securities totaled $0 or 0.00% of net
Magellan Midstream Partners LP	148,049		11,848			assets.
					(d)	Restricted Security. Please see Restricted Security Sub-Schedule for more
REITS - 3.80%						information.
Alexandria Real Estate Equities Inc	233,894		25,920
Essex Property Trust Inc	56,465		12,665
Host Hotels & Resorts Inc	1,000,956		18,087
Realty Income Corp	382,026		22,780			Portfolio Summary (unaudited)
Ventas Inc	233,822		14,420		Sector				Percent
		$	93,872		Consumer, Non-cyclical				19.36	%
					Financial				18.59	%
Chipotle Retail - 5.43% Mexican Grill Inc (a)	37,514		15,810		Technology				14.11	%
Copart Inc (a)	102,571		5,820		Communications				12.65	%
					Consumer, Cyclical				11.46	%
Costco Wholesale Corp	102,777		16,850		Industrial				10.24	%
CVS Health Corp	242,043		19,075		Energy				6.47	%
Dollar General Corp	437,670		32,309		Utilities				3.06	%
Home Depot Inc/The	187,396		25,782		Basic Materials				2.93	%
Starbucks Corp	339,215		18,732		Investment Companies				1.39	%
		$	134,378		Other Assets and Liabilities				(0.26	)%
Savings & Loans - 0.29%					TOTAL NET ASSETS				100.00	%
Washington Federal Inc	220,469		7,242
Semiconductors - 4.02%
Applied Materials Inc	170,845		5,851
Broadcom Ltd	80,218		16,003
Intel Corp	212,863		7,838
Lam Research Corp	169,719		19,494
Microchip Technology Inc	390,517		26,301
NXP Semiconductors NV (a)	117,952		11,542
QUALCOMM Inc	233,625		12,483
		$	99,512
Software - 6.90%
Adobe Systems Inc (a)	268,194		30,408
Fair Isaac Corp	99,011		12,208
Fidelity National Information Services Inc	280,872		22,307
Microsoft Corp	1,068,258		69,063
Omnicell Inc (a)	370,944		13,317
Oracle Corp	464,554		18,633
Red Hat Inc (a)	34,628		2,627
Tyler Technologies Inc (a)	14,948		2,183
		$	170,746
Telecommunications - 2.15%
Cisco Systems Inc	639,165		19,635
Verizon Communications Inc	682,926		33,470
		$	53,105
Toys, Games & Hobbies - 0.81%
Hasbro Inc	241,250		19,906
Transportation - 0.72%
Expeditors International of Washington Inc	115,601		6,021
Union Pacific Corp	110,634		11,791
		$	17,812
TOTAL COMMON STOCKS		$	2,444,765

See accompanying notes

166

Schedule of Investments
Principal Capital Appreciation Fund
January 31, 2017 (unaudited)
Restricted Securities
Security Name	Trade Date		Cost		Value	Percent of Net Assets
Safeway, Inc. - CVR - Property Development	04/27/2015	$	—	$	—	0.00	%
Centers
Amounts in thousands

See accompanying notes

167

			Schedule of Investments
			Principal LifeTime 2010 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.02%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.02%
Blue Chip Fund (a)	1,787,036	$	31,327
Bond Market Index Fund (a)	9,658,512		104,795
Core Plus Bond Fund (a)	19,041,100		205,644
Diversified International Fund (a)	3,962,034		45,603
Diversified Real Asset Fund (a)	2,729,907		30,138
Equity Income Fund (a)	1,069,747		30,242
Global Diversified Income Fund (a)	7,495,543		102,164
Global Multi-Strategy Fund (a)	5,461,716		60,134
Global Opportunities Fund (a)	3,045,166		35,628
Inflation Protection Fund (a)	8,343,985		71,091
International Emerging Markets Fund (a)	126,165		2,872
International Small Company Fund (a)	831,091		8,485
LargeCap Growth Fund I (a)	2,528,302		30,567
LargeCap S&P 500 Index Fund (a)	3,182,674		49,936
LargeCap Value Fund III (a)	2,034,766		31,722
MidCap Fund (a)	1,110,257		25,758
MidCap Value Fund III (a)	951,973		19,239
Origin Emerging Markets Fund (a)	525,855		4,622
Overseas Fund (a)	4,519,977		44,070
Short-Term Income Fund (a)	14,678,131		178,486
SmallCap Growth Fund I (a),(b)	824,243		9,883
SmallCap Value Fund II (a)	784,915		10,251
		$	1,132,657
TOTAL INVESTMENT COMPANIES		$	1,132,657
Total Investments		$	1,132,657
Other Assets and Liabilities - (0.02)%		$	(274	)
TOTAL NET ASSETS - 100.00%		$	1,132,383

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

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	49.45	%
Domestic Equity Funds	21.10	%
Specialty Funds	16.99	%
International Equity Funds	12.48	%
Other Assets and Liabilities	(0.02	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

168

Schedule of Investments
Principal LifeTime 2010 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2016		2016	Purchases	Purchases		Sales			Sales	2017		2017
	Shares		Cost	Shares	Cost		Shares			Proceeds	Shares		Cost
Blue Chip Fund	2,108,311	$	33,185	22,031	$	377	343,306		$	5,853	1,787,036	$	28,128
Bond Market Index Fund	9,461,074		105,301	1,186,875		13,170	989,437			10,812	9,658,512		107,590
Core Plus Bond Fund	20,714,534		224,841	178,833		1,928	1,852,267			20,038	19,041,100		206,731
Diversified International Fund	4,331,210		68,416	78,103		854	447,279			5,067	3,962,034		62,891
Diversified Real Asset Fund	2,879,707		30,435	77,759		837	227,559			2,483	2,729,907		28,883
Equity Income Fund	1,287,045		24,276	30,319		852	247,617			6,853	1,069,747		20,167
Global Diversified Income Fund	8,039,660		97,960	170,507		2,293	714,624			9,675	7,495,543		90,502
Global Multi-Strategy Fund	6,006,507		62,827	19,708		215	564,499			6,170	5,461,716		56,812
Global Opportunities Fund	3,293,331		36,364	62,256		709	310,421			3,569	3,045,166		33,527
Inflation Protection Fund	11,946,090		98,337	92,465		780	3,694,570			31,891	8,343,985		67,448
International Emerging Markets Fund	293,591		9,557	2,651		56	170,077			3,708	126,165		4,451
International Small Company Fund	—		—	831,091		8,050	—			—	831,091		8,050
LargeCap Growth Fund I	2,889,817		21,055	121,897		1,433	483,412			5,802	2,528,302		18,301
LargeCap S&P 500 Index Fund	3,825,502		37,546	118,859		1,865	761,687			11,834	3,182,674		30,627
LargeCap Value Fund III	2,313,222		30,586	95,566		1,511	374,022			5,802	2,034,766		26,874
MidCap Fund	1,156,524		16,809	74,025		1,701	120,292			2,734	1,110,257		16,131
MidCap Growth Fund III	1,263,915		12,170	—		—	1,263,915			12,807	—		—
MidCap Value Fund III	684,973		12,170	358,011		6,892	91,011			1,819	951,973		17,263
Origin Emerging Markets Fund	857,665		8,710	6,082		50	337,892			2,841	525,855		5,343
Overseas Fund	4,730,240		41,744	104,575		977	314,838			3,044	4,519,977		39,736
Short-Term Income Fund	12,681,383		152,880	3,450,195		42,022	1,453,447			17,662	14,678,131		177,234
SmallCap Growth Fund I	1,037,550		8,645	26,768		319	240,075			2,879	824,243		6,475
SmallCap Value Fund II	992,550		7,672	47,384		634	255,019			3,379	784,915		6,074
		$	1,141,486		$	87,525			$	176,722		$	1,059,238
					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Blue Chip Fund	$		236	$			419			$			86
Bond Market Index Fund			1,962				(69	)					—
Core Plus Bond Fund			1,542				—						—
Diversified International Fund			774				(1,312	)					—
Diversified Real Asset Fund			789				94						—
Equity Income Fund			201				1,892						596
Global Diversified Income Fund			2,107				(76	)					—
Global Multi-Strategy Fund			96				(60	)					—
Global Opportunities Fund			641				23						—
Inflation Protection Fund			651				222						—
International Emerging Markets Fund			56				(1,454	)					—
International Small Company Fund			24				—						—
LargeCap Growth Fund I			26				1,615					1,354
LargeCap S&P 500 Index Fund			1,081				3,050						692
LargeCap Value Fund III			641				579						817
MidCap Fund			108				355						543
MidCap Growth Fund III			—				637						—
MidCap Value Fund III			277				20						77
Origin Emerging Markets Fund			50				(576	)					—
Overseas Fund			899				59						—
Short-Term Income Fund			871				(6	)					—
SmallCap Growth Fund I			—				390						302
SmallCap Value Fund II			91				1,147						527
	$		13,123	$			6,949			$		4,994
Amounts in thousands except shares

See accompanying notes

169

			Schedule of Investments
			Principal LifeTime 2015 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)	1,415,635	$	24,816
Bond Market Index Fund (a)	6,041,483		65,550
Core Plus Bond Fund (a)	12,073,586		130,395
Diversified International Fund (a)	3,183,995		36,648
Diversified Real Asset Fund (a)	1,743,438		19,248
Equity Income Fund (a)	895,706		25,322
Global Diversified Income Fund (a)	4,297,510		58,575
Global Multi-Strategy Fund (a)	3,186,413		35,082
Global Opportunities Fund (a)	2,699,581		31,585
Inflation Protection Fund (a)	3,982,195		33,928
International Emerging Markets Fund (a)	128,514		2,925
International Small Company Fund (a)	773,164		7,894
LargeCap Growth Fund I (a)	2,069,500		25,020
LargeCap S&P 500 Index Fund (a)	2,654,849		41,655
LargeCap Value Fund III (a)	1,593,042		24,835
MidCap Fund (a)	980,370		22,745
MidCap Value Fund III (a)	888,127		17,949
Origin Emerging Markets Fund (a)	375,888		3,304
Overseas Fund (a)	3,676,892		35,850
Short-Term Income Fund (a)	6,683,892		81,276
SmallCap Growth Fund I (a),(b)	690,019		8,273
SmallCap Value Fund II (a)	620,459		8,103
		$	740,978
TOTAL INVESTMENT COMPANIES		$	740,978
Total Investments		$	740,978
Other Assets and Liabilities - (0.01)%		$	(75	)
TOTAL NET ASSETS - 100.00%		$	740,903

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

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	42.00	%
Domestic Equity Funds	26.82	%
International Equity Funds	15.95	%
Specialty Funds	15.24	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

170

Schedule of Investments
Principal LifeTime 2015 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases	Purchases		Sales			Sales	2017		2017
	Shares		Cost	Shares	Cost		Shares			Proceeds	Shares		Cost
Blue Chip Fund	1,650,482	$	26,020	69,253	$	1,183	304,100		$	5,204	1,415,635	$	22,282
Bond Market Index Fund	5,542,494		61,686	1,086,317		11,776	587,328			6,419	6,041,483		67,046
Core Plus Bond Fund	12,986,535		132,027	562,869		6,074	1,475,818			15,956	12,073,586		122,106
Diversified International Fund	3,343,794		28,510	180,293		1,994	340,092			3,885	3,183,995		26,841
Diversified Real Asset Fund	1,786,222		21,570	111,918		1,211	154,702			1,690	1,743,438		21,072
Equity Income Fund	989,577		18,884	55,161		1,542	149,032			4,203	895,706		17,072
Global Diversified Income Fund	4,436,478		60,162	256,914		3,463	395,882			5,362	4,297,510		58,272
Global Multi-Strategy Fund	3,361,853		35,378	139,298		1,522	314,738			3,442	3,186,413		33,454
Global Opportunities Fund	2,790,032		30,187	151,084		1,728	241,535			2,780	2,699,581		29,170
Inflation Protection Fund	5,902,454		48,695	195,515		1,656	2,115,774			18,273	3,982,195		32,305
International Emerging Markets Fund	212,901		2,793	2,355		49	86,742			1,874	128,514		1,611
International Small Company Fund	—		—	773,164		7,480	—			—	773,164		7,480
LargeCap Growth Fund I	2,245,981		13,177	172,454		2,028	348,935			4,203	2,069,500		11,999
LargeCap S&P 500 Index Fund	2,961,664		20,118	190,512		2,970	497,327			7,795	2,654,849		17,716
LargeCap Value Fund III	1,790,262		23,666	135,573		2,130	332,793			5,204	1,593,042		21,034
MidCap Fund	1,005,285		14,738	60,934		1,388	85,849			1,960	980,370		14,359
MidCap Growth Fund III	845,111		5,854	119		1	845,230			8,536	—		—
MidCap Value Fund III	478,369		7,660	485,101		9,455	75,343			1,504	888,127		15,626
Origin Emerging Markets Fund	594,206		6,048	4,191		34	222,509			1,877	375,888		3,833
Overseas Fund	3,854,218		36,110	222,985		2,104	400,311			3,885	3,676,892		34,327
Short-Term Income Fund	4,910,086		59,682	2,397,051		29,165	623,245			7,573	6,683,892		81,275
SmallCap Growth Fund I	827,586		5,794	47,396		562	184,963			2,213	690,019		4,678
SmallCap Value Fund II	764,035		5,950	62,671		833	206,247			2,712	620,459		4,776
		$	664,709		$	90,348			$	116,550		$	648,334
					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Blue Chip Fund	$		181	$			283			$			66
Bond Market Index Fund			1,042				3						—
Core Plus Bond Fund			980				(39	)					—
Diversified International Fund			627				222						—
Diversified Real Asset Fund			491				(19	)					—
Equity Income Fund			153				849						454
Global Diversified Income Fund			1,175				9						—
Global Multi-Strategy Fund			54				(4	)					—
Global Opportunities Fund			548				35						—
Inflation Protection Fund			301				227						—
International Emerging Markets Fund			49				643						—
International Small Company Fund			21				—						—
LargeCap Growth Fund I			21				997						1,072
LargeCap S&P 500 Index Fund			828				2,423						530
LargeCap Value Fund III			525				442						670
MidCap Fund			92				193						461
MidCap Growth Fund III			—				2,681						—
MidCap Value Fund III			249				15						69
Origin Emerging Markets Fund			34				(372	)					—
Overseas Fund			736				(2	)					—
Short-Term Income Fund			372				1						—
SmallCap Growth Fund I			—				535						259
SmallCap Value Fund II			78				705						453
	$		8,557	$			9,827			$			4,034
Amounts in thousands except shares

See accompanying notes

171

			Schedule of Investments
			Principal LifeTime 2020 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)	13,373,160	$	234,432
Bond Market Index Fund (a)	42,184,001		457,696
Core Plus Bond Fund (a)	87,210,073		941,869
Diversified International Fund (a)	29,803,055		343,033
Diversified Real Asset Fund (a)	13,488,101		148,909
Equity Income Fund (a)	8,482,985		239,814
Global Diversified Income Fund (a)	28,717,738		391,423
Global Multi-Strategy Fund (a)	23,497,366		258,706
Global Opportunities Fund (a)	24,507,610		286,739
Inflation Protection Fund (a)	23,542,760		200,584
International Emerging Markets Fund (a)	1,390,272		31,643
International Small Company Fund (a)	2,610,331		26,651
LargeCap Growth Fund I (a)	19,239,205		232,602
LargeCap S&P 500 Index Fund (a)	25,202,029		395,420
LargeCap Value Fund III (a)	15,420,422		240,404
MidCap Fund (a)	8,762,511		203,290
MidCap Value Fund III (a)	7,538,478		152,353
Origin Emerging Markets Fund (a)	3,110,679		27,343
Overseas Fund (a)	36,594,405		356,795
Real Estate Securities Fund (a)	2,584,661		58,103
Short-Term Income Fund (a)	26,891,047		326,995
SmallCap Growth Fund I (a),(b)	6,169,573		73,973
SmallCap Value Fund II (a)	5,953,041		77,747
		$	5,706,524
TOTAL INVESTMENT COMPANIES		$	5,706,524
Total Investments		$	5,706,524
Other Assets and Liabilities - (0.01)%		$	(727	)
TOTAL NET ASSETS - 100.00%		$	5,705,797

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

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	33.78	%
Domestic Equity Funds	33.44	%
International Equity Funds	18.79	%
Specialty Funds	14.00	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

172

Schedule of Investments
Principal LifeTime 2020 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	14,877,457	$	233,784	183,875	$	3,149	1,688,172		$	28,723	13,373,160	$	209,757
Bond Market Index Fund	33,788,910		375,886	11,135,588		122,663	2,740,497			29,915	42,184,001		468,634
Core Plus Bond Fund	96,308,830		1,046,045	948,316		10,224	10,047,073			108,693	87,210,073		947,539
Diversified International Fund	31,227,486		423,333	612,946		6,712	2,037,377			22,953	29,803,055		408,086
Diversified Real Asset Fund	13,871,275		161,116	402,884		4,336	786,058			8,559	13,488,101		156,687
Equity Income Fund	8,916,249		179,599	235,096		6,598	668,360			18,723	8,482,985		167,741
Global Diversified Income Fund	29,782,425		415,661	690,833		9,293	1,755,520			23,739	28,717,738		401,212
Global Multi-Strategy Fund	23,868,949		251,359	1,067,537		11,711	1,439,120			15,721	23,497,366		247,560
Global Opportunities Fund	25,461,955		276,881	527,136		6,006	1,481,481			16,991	24,507,610		265,950
Global Real Estate Securities Fund	13,300,434		97,829	155,090		1,320	13,455,524			117,203	—		—
Inflation Protection Fund	24,671,535		215,371	294,506		2,486	1,423,281			12,126	23,542,760		205,708
International Emerging Markets Fund	2,120,184		60,557	26,364		553	756,276			16,297	1,390,272		41,612
International Small Company Fund	—		—	2,610,331		25,435	—			—	2,610,331		25,435
LargeCap Growth Fund I	20,277,516		147,163	941,594		11,078	1,979,905			23,711	19,239,205		139,034
LargeCap S&P 500 Index Fund	27,413,294		246,551	898,383		14,088	3,109,648			48,340	25,202,029		222,681
LargeCap Value Fund III	16,212,850		214,565	735,652		11,629	1,528,080			23,709	15,420,422		204,173
MidCap Fund	9,040,420		168,291	248,894		5,696	526,803			11,956	8,762,511		161,913
MidCap Growth Fund III	8,792,544		74,948	—		—	8,792,544			88,927	—		—
MidCap Value Fund III	4,719,560		75,157	3,274,808		63,278	455,890			9,059	7,538,478		129,508
Origin Emerging Markets Fund	5,026,053		52,350	38,099		311	1,953,473			16,347	3,110,679		32,849
Overseas Fund	36,556,576		344,952	864,917		8,089	827,088			7,939	36,594,405		345,108
Real Estate Securities Fund	—		—	2,645,900		59,555	61,239			1,395	2,584,661		58,171
Short-Term Income Fund	20,025,572		244,814	8,585,742		104,333	1,720,267			20,900	26,891,047		328,238
SmallCap Growth Fund I	7,566,247		70,018	206,807		2,464	1,603,481			19,293	6,169,573		52,792
SmallCap Value Fund II	7,017,813		54,307	362,017		4,843	1,426,789			19,294	5,953,041		46,673
		$	5,430,537		$	495,850			$	710,513		$	5,267,061
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		1,735	$			1,547			$			633
Bond Market Index Fund			8,206				—						—
Core Plus Bond Fund			7,044				(37	)					—
Diversified International Fund			5,590				994						—
Diversified Real Asset Fund			3,848				(206	)					—
Equity Income Fund			1,470				267						4,349
Global Diversified Income Fund			7,937				(3	)					—
Global Multi-Strategy Fund			387				211						—
Global Opportunities Fund			5,040				54						—
Global Real Estate Securities Fund			1,173				18,054						147
Inflation Protection Fund			1,804				(23	)					—
International Emerging Markets Fund			553				(3,201	)					—
International Small Company Fund			74				—						—
LargeCap Growth Fund I			194				4,504						10,103
LargeCap S&P 500 Index Fund			7,783				10,382						4,978
LargeCap Value Fund III			4,768				1,688						6,080
MidCap Fund			833				(118	)					4,180
MidCap Growth Fund III			—				13,979						—
MidCap Value Fund III			2,144				132						597
Origin Emerging Markets Fund			311				(3,465	)					—
Overseas Fund			6,967				6						—
Real Estate Securities Fund			123				11						863
Short-Term Income Fund			1,475				(9	)					—
SmallCap Growth Fund I			—				(397	)					2,220
SmallCap Value Fund II			679				6,817						3,920
	$		70,138	$			51,187			$			38,070
Amounts in thousands except shares

See accompanying notes

173

			Schedule of Investments
			Principal LifeTime 2025 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)	4,691,114	$	82,235
Bond Market Index Fund (a)	11,983,577		130,022
Core Plus Bond Fund (a)	23,287,717		251,507
Diversified International Fund (a)	10,672,271		122,838
Diversified Real Asset Fund (a)	3,848,241		42,484
Equity Income Fund (a)	2,989,553		84,515
Global Diversified Income Fund (a)	7,377,331		100,553
Global Multi-Strategy Fund (a)	6,167,071		67,899
Global Opportunities Fund (a)	8,213,226		96,095
Inflation Protection Fund (a)	4,788,185		40,795
International Emerging Markets Fund (a)	493,836		11,240
International Small Company Fund (a)	1,312,175		13,397
LargeCap Growth Fund I (a)	6,741,928		81,510
LargeCap S&P 500 Index Fund (a)	8,842,842		138,744
LargeCap Value Fund III (a)	5,222,842		81,424
MidCap Fund (a)	2,943,792		68,296
MidCap Value Fund III (a)	2,522,511		50,980
Origin Emerging Markets Fund (a)	1,198,359		10,534
Overseas Fund (a)	12,386,564		120,769
Real Estate Securities Fund (a)	1,091,980		24,548
Short-Term Income Fund (a)	2,208,741		26,858
SmallCap Growth Fund I (a),(b)	2,205,681		26,446
SmallCap Value Fund II (a)	2,065,207		26,972
		$	1,700,661
TOTAL INVESTMENT COMPANIES		$	1,700,661
Total Investments		$	1,700,661
Other Assets and Liabilities - (0.01)%		$	(174	)
TOTAL NET ASSETS - 100.00%		$	1,700,487

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	39.15	%
Fixed Income Funds	26.42	%
International Equity Funds	22.04	%
Specialty Funds	12.40	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

174

Schedule of Investments
Principal LifeTime 2025 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	4,939,142	$	78,422	154,527	$	2,650	402,555		$	6,868	4,691,114	$	74,407
Bond Market Index Fund	10,111,958		112,523	2,559,108		28,138	687,489			7,506	11,983,577		133,143
Core Plus Bond Fund	23,867,494		252,811	711,715		7,679	1,291,492			13,975	23,287,717		246,513
Diversified International Fund	10,554,758		104,949	426,035		4,717	308,522			3,495	10,672,271		106,172
Diversified Real Asset Fund	3,872,024		47,005	191,544		2,075	215,327			2,347	3,848,241		46,737
Equity Income Fund	3,008,707		79,837	137,635		3,858	156,789			4,368	2,989,553		79,327
Global Diversified Income Fund	7,300,264		101,707	489,014		6,608	411,947			5,573	7,377,331		102,744
Global Multi-Strategy Fund	6,179,483		65,196	339,146		3,713	351,558			3,842	6,167,071		65,067
Global Opportunities Fund	8,340,392		92,440	343,886		3,941	471,052			5,407	8,213,226		90,972
Global Real Estate Securities Fund	5,503,849		41,598	87,615		746	5,591,464			48,759	—		—
Inflation Protection Fund	6,155,057		53,749	159,616		1,356	1,526,488			13,166	4,788,185		41,963
International Emerging Markets Fund	685,147		13,721	8,970		189	200,281			4,318	493,836		8,811
International Small Company Fund	—		—	1,312,175		13,008	—			—	1,312,175		13,008
LargeCap Growth Fund I	6,942,532		50,361	455,396		5,397	656,000			7,867	6,741,928		47,844
LargeCap S&P 500 Index Fund	9,156,277		86,924	484,655		7,598	798,090			12,556	8,842,842		82,255
LargeCap Value Fund III	5,408,728		72,318	345,949		5,470	531,835			8,369	5,222,842		69,610
MidCap Fund	2,316,930		48,168	794,978		18,292	168,116			3,827	2,943,792		62,630
MidCap Growth Fund III	3,706,828		35,643	1,792		17	3,708,620			37,780	—		—
MidCap Value Fund III	2,039,437		33,210	635,266		12,198	152,192			3,029	2,522,511		42,397
Origin Emerging Markets Fund	1,698,215		17,486	13,979		114	513,835			4,318	1,198,359		12,421
Overseas Fund	12,211,827		121,475	537,090		5,076	362,353			3,492	12,386,564		123,061
Real Estate Securities Fund	—		—	1,119,076		25,145	27,096			617	1,091,980		24,531
Short-Term Income Fund	—		—	2,274,101		27,638	65,360			794	2,208,741		26,844
SmallCap Growth Fund I	2,291,431		20,819	115,087		1,375	200,837			2,405	2,205,681		19,784
SmallCap Value Fund II	2,225,406		20,606	162,414		2,171	322,613			4,406	2,065,207		18,579
		$	1,550,968		$	189,169			$	209,084		$	1,538,820
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		602	$			203			$			220
Bond Market Index Fund			2,353				(12	)					—
Core Plus Bond Fund			1,825				(2	)					—
Diversified International Fund			2,004				1						—
Diversified Real Asset Fund			1,093				4						—
Equity Income Fund			514				—						1,517
Global Diversified Income Fund			1,986				2						—
Global Multi-Strategy Fund			102				—						—
Global Opportunities Fund			1,680				(2	)					—
Global Real Estate Securities Fund			643				6,415						81
Inflation Protection Fund			369				24						—
International Emerging Markets Fund			182				(781	)					—
International Small Company Fund			16				—						—
LargeCap Growth Fund I			67				(47	)					3,502
LargeCap S&P 500 Index Fund			2,706				289						1,729
LargeCap Value Fund III			1,602				191						2,040
MidCap Fund			278				(3	)					1,392
MidCap Growth Fund III			—				2,120						—
MidCap Value Fund III			712				18						198
Origin Emerging Markets Fund			108				(861	)					—
Overseas Fund			2,363				2						—
Real Estate Securities Fund			40				3						277
Short-Term Income Fund			87				—						—
SmallCap Growth Fund I			—				(5	)					786
SmallCap Value Fund II			234				208						1,348
	$		21,566	$			7,767			$			13,090
Amounts in thousands except shares

See accompanying notes

175

			Schedule of Investments
			Principal LifeTime 2030 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)	16,170,323	$	283,466
Bond Market Index Fund (a)	33,531,304		363,815
Core Plus Bond Fund (a)	73,312,373		791,774
Diversified International Fund (a)	42,496,288		489,132
Diversified Real Asset Fund (a)	14,893,598		164,425
Equity Income Fund (a)	7,402,811		209,277
Global Diversified Income Fund (a)	22,672,278		309,023
Global Multi-Strategy Fund (a)	23,143,654		254,812
Global Opportunities Fund (a)	35,807,920		418,953
Inflation Protection Fund (a)	15,275,328		130,146
International Emerging Markets Fund (a)	2,657,121		60,476
International Small Company Fund (a)	9,923,932		101,323
LargeCap Growth Fund I (a)	35,269,916		426,413
LargeCap S&P 500 Index Fund (a)	38,366,092		601,964
LargeCap Value Fund (a)	16,676,680		197,952
LargeCap Value Fund III (a)	19,598,550		305,541
MidCap Fund (a)	13,086,919		303,617
MidCap Value Fund III (a)	11,899,731		240,494
Origin Emerging Markets Fund (a)	6,382,812		56,105
Overseas Fund (a)	49,303,495		480,709
Real Estate Securities Fund (a)	4,004,856		90,029
SmallCap Growth Fund I (a),(b)	10,292,748		123,410
SmallCap Value Fund II (a)	9,532,872		124,499
		$	6,527,355
TOTAL INVESTMENT COMPANIES		$	6,527,355
Total Investments		$	6,527,355
Other Assets and Liabilities - (0.01)%		$	(814	)
TOTAL NET ASSETS - 100.00%		$	6,526,541

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	44.53	%
International Equity Funds	24.63	%
Fixed Income Funds	19.69	%
Specialty Funds	11.16	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

176

Schedule of Investments
Principal LifeTime 2030 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	16,843,143	$	268,503	306,120	$	5,248	978,940		$	16,704	16,170,323	$	257,686
Bond Market Index Fund	25,945,420		288,860	9,860,625		108,466	2,274,741			24,790	33,531,304		372,479
Core Plus Bond Fund	78,909,456		857,366	1,161,940		12,529	6,759,023			73,013	73,312,373		796,791
Diversified International Fund	46,111,987		590,090	1,097,101		12,061	4,712,800			52,573	42,496,288		549,599
Diversified Real Asset Fund	15,246,770		185,824	520,038		5,611	873,210			9,498	14,893,598		181,690
Equity Income Fund	8,656,512		230,462	238,022		6,678	1,491,723			41,358	7,402,811		197,037
Global Diversified Income Fund	22,194,459		309,506	1,808,341		24,473	1,330,522			17,978	22,672,278		316,118
Global Multi-Strategy Fund	20,755,076		219,597	3,782,867		41,518	1,394,289			15,237	23,143,654		245,890
Global Opportunities Fund	36,997,830		408,433	951,727		10,868	2,141,637			24,548	35,807,920		394,738
Global Real Estate Securities Fund	24,681,249		184,178	224,531		1,913	24,905,780			216,949	—		—
Inflation Protection Fund	15,910,869		139,072	266,793		2,258	902,334			7,680	15,275,328		133,647
International Emerging Markets Fund	2,981,926		78,807	54,350		1,149	379,155			8,205	2,657,121		70,176
International Small Company Fund	—		—	9,923,932		97,978	—			—	9,923,932		97,978
LargeCap Growth Fund I	35,393,364		263,859	1,885,873		22,245	2,009,321			23,719	35,269,916		263,250
LargeCap S&P 500 Index Fund	39,659,893		402,899	1,551,398		24,333	2,845,199			44,370	38,366,092		383,805
LargeCap Value Fund	19,999,338		178,052	901,630		10,926	4,224,288			51,182	16,676,680		140,239
LargeCap Value Fund III	15,924,037		210,459	4,820,803		76,411	1,146,290			17,882	19,598,550		268,962
MidCap Fund	7,048,074		154,920	6,791,430		156,511	752,585			17,079	13,086,919		294,192
MidCap Growth Fund III	18,942,974		187,637	22,195		225	18,965,169			194,374	—		—
MidCap Value Fund III	10,218,643		163,729	2,387,182		46,340	706,094			14,015	11,899,731		196,052
Origin Emerging Markets Fund	7,279,541		76,158	95,271		787	992,000			8,327	6,382,812		67,116
Overseas Fund	54,374,463		514,110	1,482,420		13,905	6,553,388			62,573	49,303,495		465,739
Real Estate Securities Fund	—		—	4,082,329		91,567	77,473			1,766	4,004,856		89,804
SmallCap Growth Fund I	10,441,494		99,511	384,342		4,583	533,088			6,268	10,292,748		97,861
SmallCap Value Fund II	10,124,039		83,547	618,698		8,278	1,209,865			16,445	9,532,872		76,268
		$	6,095,579		$	786,861			$	966,533		$	5,957,117
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		2,103	$			639			$			768
Bond Market Index Fund			5,923				(57	)					—
Core Plus Bond Fund			5,973				(91	)					—
Diversified International Fund			8,155				21						—
Diversified Real Asset Fund			4,261				(247	)					—
Equity Income Fund			1,282				1,255						3,792
Global Diversified Income Fund			6,015				117						—
Global Multi-Strategy Fund			339				12						—
Global Opportunities Fund			7,379				(15	)					—
Global Real Estate Securities Fund			1,644				30,858						206
Inflation Protection Fund			1,172				(3	)					—
International Emerging Markets Fund			872				(1,575	)					—
International Small Company Fund			225				—						—
LargeCap Growth Fund I			357				865						18,513
LargeCap S&P 500 Index Fund			11,861				943						7,583
LargeCap Value Fund			4,804				2,443						4,544
LargeCap Value Fund III			6,086				(26	)					7,755
MidCap Fund			1,056				(160	)					5,295
MidCap Growth Fund III			—				6,512						171
MidCap Value Fund III			3,387				(2	)					943
Origin Emerging Markets Fund			509				(1,502	)					—
Overseas Fund			10,000				297						—
Real Estate Securities Fund			274				3						1,922
SmallCap Growth Fund I			—				35						3,692
SmallCap Value Fund II			1,087				888						6,274
	$		84,764	$			41,210			$			61,458
Amounts in thousands except shares

See accompanying notes

177

			Schedule of Investments
			Principal LifeTime 2035 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)	1,833,426	$	32,140
Bond Market Index Fund (a)	7,368,170		79,945
Core Plus Bond Fund (a)	14,022,802		151,446
Diversified International Fund (a)	9,388,435		108,061
Diversified Real Asset Fund (a)	3,002,708		33,150
Equity Income Fund (a)	1,420,942		40,170
Global Opportunities Fund (a)	3,901,882		45,652
High Yield Fund I (a)	4,487,702		44,428
International Emerging Markets Fund (a)	641,645		14,604
International Small Company Fund (a)	2,687,037		27,435
LargeCap Growth Fund I (a)	10,521,857		127,209
LargeCap S&P 500 Index Fund (a)	8,701,248		136,523
LargeCap Value Fund (a)	3,335,003		39,586
LargeCap Value Fund III (a)	5,131,194		79,995
MidCap Growth Fund III (a),(b)	6,112,152		63,689
MidCap Value Fund III (a)	3,315,701		67,010
Origin Emerging Markets Fund (a)	1,510,762		13,280
Overseas Fund (a)	10,967,930		106,937
Real Estate Securities Fund (a)	1,064,704		23,935
SmallCap Growth Fund I (a),(b)	2,117,782		25,392
SmallCap Value Fund II (a)	2,022,048		26,408
		$	1,286,995
TOTAL INVESTMENT COMPANIES		$	1,286,995
Total Investments		$	1,286,995
Other Assets and Liabilities - (0.01)%		$	(126	)
TOTAL NET ASSETS - 100.00%		$	1,286,869

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	51.45	%
International Equity Funds	24.55	%
Fixed Income Funds	21.43	%
Specialty Funds	2.58	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

178

Schedule of Investments
Principal LifeTime 2035 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	—	$	—	1,908,141	$	32,545	74,715		$	1,297	1,833,426	$	31,257
Bond Market Index Fund	7,172,856		79,818	780,225		8,503	584,911			6,379	7,368,170		81,942
Core Plus Bond Fund	13,500,898		144,550	1,532,133		16,528	1,010,229			10,923	14,022,802		150,153
Diversified International Fund	9,770,055		98,384	378,241		4,184	759,861			8,494	9,388,435		94,073
Diversified Real Asset Fund	3,067,148		37,283	147,334		1,596	211,774			2,307	3,002,708		36,550
Equity Income Fund	—		—	1,467,049		39,837	46,107			1,298	1,420,942		38,542
Global Opportunities Fund	4,026,039		44,942	161,456		1,850	285,613			3,279	3,901,882		43,512
Global Real Estate Securities Fund	5,447,355		41,594	56,731		484	5,504,086			47,766	—		—
High Yield Fund I	2,700,147		26,188	2,125,106		20,708	337,551			3,322	4,487,702		43,571
Inflation Protection Fund	2,209,037		19,130	1,746		15	2,210,783			19,146	—		—
International Emerging Markets Fund	707,714		13,778	23,369		500	89,438			1,934	641,645		12,276
International Small Company Fund	—		—	2,795,435		27,560	108,398			1,088	2,687,037		26,483
LargeCap Growth Fund	2,248,011		12,962	—		—	2,248,011			22,010	—		—
LargeCap Growth Fund I	11,992,283		109,355	716,417		8,484	2,186,843			26,380	10,521,857		91,743
LargeCap S&P 500 Index Fund	9,033,543		96,686	485,130		7,608	817,425			12,728	8,701,248		91,737
LargeCap Value Fund	6,691,480		67,745	242,216		2,931	3,598,693			42,373	3,335,003		28,073
LargeCap Value Fund III	5,276,815		71,083	343,387		5,429	489,008			7,670	5,131,194		68,774
MidCap Growth Fund III	6,093,883		60,994	460,092		4,614	441,823			4,516	6,112,152		61,093
MidCap Value Fund III	3,305,830		56,977	237,042		4,641	227,171			4,516	3,315,701		57,102
Origin Emerging Markets Fund	1,691,717		17,433	49,253		412	230,208			1,937	1,510,762		15,712
Overseas Fund	12,013,709		120,054	483,337		4,561	1,529,116			14,495	10,967,930		110,114
Real Estate Securities Fund	—		—	1,099,661		24,778	34,957			795	1,064,704		23,986
SmallCap Growth Fund I	2,322,371		22,573	111,899		1,336	316,488			3,797	2,117,782		20,127
SmallCap Value Fund II	2,222,229		21,760	160,033		2,139	360,214			4,795	2,022,048		19,187
		$	1,163,289		$	221,243			$	253,245		$	1,146,007
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		235	$			9			$			86
Bond Market Index Fund			1,471				—						—
Core Plus Bond Fund			1,055				(2	)					—
Diversified International Fund			1,811				(1	)					—
Diversified Real Asset Fund			863				(22	)					—
Equity Income Fund			243				3						716
Global Opportunities Fund			808				(1	)					—
Global Real Estate Securities Fund			395				5,688						49
High Yield Fund I			576				(3	)					—
Inflation Protection Fund			—				1						—
International Emerging Markets Fund			207				(68	)					—
International Small Company Fund			48				11						—
LargeCap Growth Fund			—				9,048						—
LargeCap Growth Fund I			109				284						5,647
LargeCap S&P 500 Index Fund			2,755				171						1,760
LargeCap Value Fund			1,031				(230	)					975
LargeCap Value Fund III			1,595				(68	)					2,031
MidCap Growth Fund III			—				1						178
MidCap Value Fund III			943				—						262
Origin Emerging Markets Fund			118				(196	)					—
Overseas Fund			2,187				(6	)					—
Real Estate Securities Fund			58				3						406
SmallCap Growth Fund I			—				15						765
SmallCap Value Fund II			231				83						1,337
	$		16,739	$			14,720			$			14,212
Amounts in thousands except shares

See accompanying notes

179

			Schedule of Investments
			Principal LifeTime 2040 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.02%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.02%
Blue Chip Fund (a)	6,358,855	$	111,471
Bond Market Index Fund (a)	18,379,118		199,413
Core Plus Bond Fund (a)	37,028,877		399,912
Diversified International Fund (a)	33,941,905		390,671
Diversified Real Asset Fund (a)	9,919,339		109,510
Equity Income Fund (a)	5,253,768		148,524
Global Opportunities Fund (a)	14,041,504		164,286
High Yield Fund I (a)	12,459,592		123,350
International Emerging Markets Fund (a)	2,203,945		50,162
International Small Company Fund (a)	10,457,693		106,773
LargeCap Growth Fund I (a)	37,906,778		458,293
LargeCap S&P 500 Index Fund (a)	31,755,626		498,246
LargeCap Value Fund (a)	12,289,118		145,872
LargeCap Value Fund III (a)	18,570,578		289,515
MidCap Growth Fund III (a),(b)	21,486,994		223,894
MidCap Value Fund III (a)	11,133,980		225,018
Origin Emerging Markets Fund (a)	5,167,553		45,423
Overseas Fund (a)	39,877,753		388,808
Real Estate Securities Fund (a)	4,010,131		90,148
SmallCap Growth Fund I (a),(b)	7,823,559		93,804
SmallCap Value Fund II (a)	7,519,010		98,198
		$	4,361,291
TOTAL INVESTMENT COMPANIES		$	4,361,291
Total Investments		$	4,361,291
Other Assets and Liabilities - (0.02)%		$	(762	)
TOTAL NET ASSETS - 100.00%		$	4,360,529

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	54.65	%
International Equity Funds	26.29	%
Fixed Income Funds	16.57	%
Specialty Funds	2.51	%
Other Assets and Liabilities	(0.02	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

180

Schedule of Investments
Principal LifeTime 2040 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	—	$	—	6,486,624	$	110,171	127,769		$	2,216	6,358,855	$	107,966
Bond Market Index Fund	17,641,891		195,911	1,913,889		20,843	1,176,662			12,819	18,379,118		203,883
Core Plus Bond Fund	34,150,438		371,083	5,094,547		55,279	2,216,108			23,948	37,028,877		402,424
Diversified International Fund	37,682,684		455,579	980,240		10,793	4,721,019			52,581	33,941,905		414,099
Diversified Real Asset Fund	10,139,661		118,489	377,384		4,076	597,706			6,501	9,919,339		115,961
Equity Income Fund	—		—	5,332,545		145,091	78,777			2,216	5,253,768		142,870
Global Opportunities Fund	14,486,720		160,183	417,986		4,778	863,202			9,891	14,041,504		155,071
Global Real Estate Securities Fund	21,032,264		157,063	245,012		2,087	21,277,276			185,714	—		—
High Yield Fund I	8,756,683		84,445	4,503,444		43,881	800,535			7,867	12,459,592		120,452
Inflation Protection Fund	4,723,707		40,180	1,657		14	4,725,364			40,922	—		—
International Emerging Markets Fund	2,475,956		58,714	58,494		1,243	330,505			7,121	2,203,945		51,511
International Small Company Fund	—		—	10,641,774		105,053	184,081			1,848	10,457,693		103,234
LargeCap Growth Fund	8,178,326		46,699	—		—	8,178,326			79,746	—		—
LargeCap Growth Fund I	40,726,463		337,651	2,150,477		25,382	4,970,162			59,665	37,906,778		303,925
LargeCap S&P 500 Index Fund	32,259,633		338,340	1,381,424		21,669	1,885,431			29,218	31,755,626		330,831
LargeCap Value Fund	23,846,069		242,766	724,818		8,781	12,281,769			144,910	12,289,118		102,748
LargeCap Value Fund III	19,259,471		256,662	1,033,050		16,337	1,721,943			27,015	18,570,578		247,343
MidCap Growth Fund III	21,528,338		216,724	1,284,666		13,201	1,326,010			13,503	21,486,994		216,424
MidCap Value Fund III	11,484,284		197,173	330,726		6,626	681,030			13,505	11,133,980		190,264
Origin Emerging Markets Fund	5,897,589		61,808	115,110		957	845,146			7,067	5,167,553		54,470
Overseas Fund	45,193,717		442,013	1,335,855		12,552	6,651,819			63,583	39,877,753		390,477
Real Estate Securities Fund	—		—	4,073,479		92,122	63,348			1,444	4,010,131		90,680
SmallCap Growth Fund I	8,375,719		82,840	323,196		3,858	875,356			10,453	7,823,559		76,368
SmallCap Value Fund II	7,795,335		67,083	512,123		6,853	788,448			10,451	7,519,010		63,632
		$	3,931,406		$	711,647			$	814,204		$	3,884,633
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		803	$			11			$			293
Bond Market Index Fund			3,393				(52	)					—
Core Plus Bond Fund			2,740				10						—
Diversified International Fund			6,511				308						—
Diversified Real Asset Fund			2,837				(103	)					—
Equity Income Fund			886				(5	)					2,615
Global Opportunities Fund			2,893				1						—
Global Real Estate Securities Fund			1,799				26,564						225
High Yield Fund I			1,612				(7	)					—
Inflation Protection Fund			—				728						—
International Emerging Markets Fund			722				(1,325	)					—
International Small Company Fund			229				29						—
LargeCap Growth Fund			—				33,047						—
LargeCap Growth Fund I			387				557						20,068
LargeCap S&P 500 Index Fund			9,819				40						6,274
LargeCap Value Fund			3,650				(3,889	)					3,451
LargeCap Value Fund III			5,757				1,359						7,333
MidCap Growth Fund III			—				2						624
MidCap Value Fund III			3,167				(30	)					881
Origin Emerging Markets Fund			412				(1,228	)					—
Overseas Fund			8,269				(505	)					—
Real Estate Securities Fund			201				2						1,407
SmallCap Growth Fund I			—				123						2,817
SmallCap Value Fund II			858				147						4,955
	$		56,945	$			55,784			$			50,943
Amounts in thousands except shares

See accompanying notes

181

			Schedule of Investments
			Principal LifeTime 2045 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)	1,554,043	$	27,242
Bond Market Index Fund (a)	2,904,897		31,518
Core Plus Bond Fund (a)	5,290,829		57,141
Diversified International Fund (a)	6,959,656		80,106
Diversified Real Asset Fund (a)	1,986,394		21,930
Equity Income Fund (a)	949,647		26,847
Global Opportunities Fund (a)	2,887,429		33,783
High Yield Fund I (a)	1,728,675		17,114
International Emerging Markets Fund (a)	429,894		9,784
International Small Company Fund (a)	2,201,688		22,479
LargeCap Growth Fund I (a)	7,347,930		88,837
LargeCap S&P 500 Index Fund (a)	6,453,613		101,257
LargeCap Value Fund (a)	2,415,314		28,670
LargeCap Value Fund III (a)	3,908,753		60,937
MidCap Growth Fund III (a),(b)	4,342,612		45,250
MidCap Value Fund III (a)	2,339,587		47,283
Origin Emerging Markets Fund (a)	979,387		8,609
Overseas Fund (a)	8,160,891		79,569
Real Estate Securities Fund (a)	901,033		20,255
SmallCap Growth Fund I (a),(b)	1,587,972		19,040
SmallCap Value Fund II (a)	1,576,357		20,587
		$	848,238
TOTAL INVESTMENT COMPANIES		$	848,238
Total Investments		$	848,238
Other Assets and Liabilities - (0.01)%		$	(80	)
TOTAL NET ASSETS - 100.00%		$	848,158

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	57.32	%
International Equity Funds	27.62	%
Fixed Income Funds	12.48	%
Specialty Funds	2.59	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

182

Schedule of Investments
Principal LifeTime 2045 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	—	$	—	1,601,571	$	27,072	47,528		$	826	1,554,043	$	26,256
Bond Market Index Fund	2,539,656		28,318	630,922		6,863	265,681			2,891	2,904,897		32,286
Core Plus Bond Fund	4,985,294		53,764	802,251		8,657	496,716			5,364	5,290,829		57,059
Diversified International Fund	7,585,999		78,934	359,816		3,984	986,159			10,972	6,959,656		71,952
Diversified Real Asset Fund	2,042,392		24,267	119,490		1,295	175,488			1,907	1,986,394		23,654
Equity Income Fund	—		—	979,010		26,586	29,363			827	949,647		25,760
Global Opportunities Fund	3,000,826		33,889	153,180		1,754	266,577			3,052	2,887,429		32,590
Global Real Estate Securities Fund	4,550,549		36,521	44,844		383	4,595,393			40,112	—		—
High Yield Fund I	1,801,565		17,758	82,321		806	155,211			1,526	1,728,675		17,037
International Emerging Markets Fund	508,925		11,165	21,665		465	100,696			2,162	429,894		9,361
International Small Company Fund	—		—	2,270,830		22,350	69,142			694	2,201,688		21,668
LargeCap Growth Fund	1,151,462		6,809	—		—	1,151,462			11,184	—		—
LargeCap Growth Fund I	8,792,590		87,035	596,353		7,076	2,041,013			24,399	7,347,930		69,733
LargeCap S&P 500 Index Fund	6,607,062		75,671	429,149		6,719	582,598			9,031	6,453,613		73,357
LargeCap Value Fund	4,955,073		53,073	204,172		2,466	2,743,931			32,432	2,415,314		22,276
LargeCap Value Fund III	3,945,110		53,677	303,218		4,788	339,575			5,298	3,908,753		53,140
MidCap Growth Fund III	4,489,896		46,075	263,779		2,702	411,063			4,192	4,342,612		44,580
MidCap Value Fund III	2,428,207		42,875	122,241		2,438	210,861			4,191	2,339,587		41,117
Origin Emerging Markets Fund	1,193,734		12,349	49,206		413	263,553			2,198	979,387		10,250
Overseas Fund	9,063,181		91,556	457,764		4,321	1,360,054			12,969	8,160,891		82,917
Real Estate Securities Fund	—		—	926,347		21,074	25,314			575	901,033		20,499
SmallCap Growth Fund I	1,626,436		16,913	100,428		1,197	138,892			1,640	1,587,972		16,470
SmallCap Value Fund II	1,638,419		17,199	139,920		1,866	201,982			2,675	1,576,357		16,387
		$	787,848		$	155,275			$	181,117		$	768,349
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		197	$			10			$			72
Bond Market Index Fund			529				(4	)					—
Core Plus Bond Fund			396				2						—
Diversified International Fund			1,364				6						—
Diversified Real Asset Fund			579				(1	)					—
Equity Income Fund			162				1						476
Global Opportunities Fund			608				(1	)					—
Global Real Estate Securities Fund			291				3,208						36
High Yield Fund I			233				(1	)					—
International Emerging Markets Fund			149				(107	)					—
International Small Company Fund			53				12						—
LargeCap Growth Fund			—				4,375						—
LargeCap Growth Fund I			77				21						3,985
LargeCap S&P 500 Index Fund			2,031				(2	)					1,297
LargeCap Value Fund			740				(831	)					700
LargeCap Value Fund III			1,231				(27	)					1,568
MidCap Growth Fund III			—				(5	)					129
MidCap Value Fund III			677				(5	)					188
Origin Emerging Markets Fund			84				(314	)					—
Overseas Fund			1,701				9						—
Real Estate Securities Fund			52				—						365
SmallCap Growth Fund I			—				—						581
SmallCap Value Fund II			183				(3	)					1,054
	$		11,337	$			6,343			$			10,451
Amounts in thousands except shares

See accompanying notes

183

			Schedule of Investments
			Principal LifeTime 2050 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.02%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.02%
Blue Chip Fund (a)	4,281,407	$	75,053
Bond Market Index Fund (a)	5,384,332		58,420
Core Plus Bond Fund (a)	10,962,200		118,392
Diversified International Fund (a)	20,330,607		234,005
Diversified Real Asset Fund (a)	5,240,289		57,853
Equity Income Fund (a)	2,812,129		79,499
Global Opportunities Fund (a)	8,295,199		97,054
High Yield Fund I (a)	4,924,993		48,757
International Emerging Markets Fund (a)	1,231,239		28,023
International Small Company Fund (a)	6,260,811		63,923
LargeCap Growth Fund I (a)	21,757,687		263,050
LargeCap S&P 500 Index Fund (a)	18,306,055		287,222
LargeCap Value Fund (a)	7,588,374		90,074
LargeCap Value Fund III (a)	11,135,326		173,600
MidCap Growth Fund III (a),(b)	12,459,111		129,824
MidCap Value Fund III (a)	6,783,154		137,088
Origin Emerging Markets Fund (a)	2,912,076		25,597
Overseas Fund (a)	23,631,663		230,409
Real Estate Securities Fund (a)	2,560,503		57,560
SmallCap Growth Fund I (a),(b)	4,539,645		54,430
SmallCap Value Fund II (a)	4,252,606		55,539
		$	2,365,372
TOTAL INVESTMENT COMPANIES		$	2,365,372
Total Investments		$	2,365,372
Other Assets and Liabilities - (0.02)%		$	(413	)
TOTAL NET ASSETS - 100.00%		$	2,364,959

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	59.32	%
International Equity Funds	28.71	%
Fixed Income Funds	9.54	%
Specialty Funds	2.45	%
Other Assets and Liabilities	(0.02	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

184

Schedule of Investments
Principal LifeTime 2050 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	—	$	—	4,338,895	$	73,989	57,488		$	997	4,281,407	$	72,997
Bond Market Index Fund	4,604,122		51,384	1,182,173		12,854	401,963			4,378	5,384,332		59,852
Core Plus Bond Fund	9,530,290		103,816	2,196,935		23,577	765,025			8,259	10,962,200		119,136
Diversified International Fund	22,417,747		261,739	689,354		7,609	2,776,494			30,800	20,330,607		238,527
Diversified Real Asset Fund	5,393,029		62,782	229,078		2,478	381,818			4,148	5,240,289		61,146
Equity Income Fund	—		—	2,847,593		78,215	35,464			998	2,812,129		77,215
Global Opportunities Fund	8,601,564		97,032	289,494		3,312	595,859			6,814	8,295,199		93,530
Global Real Estate Securities Fund	12,975,408		99,607	77,663		663	13,053,071			113,890	—		—
High Yield Fund I	5,116,493		51,851	146,750		1,437	338,250			3,319	4,924,993		49,962
International Emerging Markets Fund	1,444,563		36,501	40,394		862	253,718			5,449	1,231,239		30,924
International Small Company Fund	—		—	6,343,691		62,288	82,880			832	6,260,811		61,468
LargeCap Growth Fund	3,901,896		21,840	—		—	3,901,896			38,231	—		—
LargeCap Growth Fund I	25,106,068		225,663	1,358,561		16,060	4,706,942			56,460	21,757,687		185,688
LargeCap S&P 500 Index Fund	18,726,569		207,899	900,968		14,121	1,321,482			20,462	18,306,055		201,647
LargeCap Value Fund	14,260,658		151,093	485,025		5,868	7,157,309			85,932	7,588,374		69,682
LargeCap Value Fund III	11,225,062		150,436	675,182		10,670	764,918			11,931	11,135,326		149,038
MidCap Growth Fund III	12,747,509		129,107	640,899		6,582	929,297			9,445	12,459,111		126,238
MidCap Value Fund III	7,025,430		123,467	234,320		4,689	476,596			9,445	6,783,154		118,670
Origin Emerging Markets Fund	3,490,642		36,565	84,561		707	663,127			5,533	2,912,076		30,574
Overseas Fund	26,633,446		263,269	895,585		8,433	3,897,368			36,801	23,631,663		234,862
Real Estate Securities Fund	—		—	2,590,883		59,009	30,380			692	2,560,503		58,317
SmallCap Growth Fund I	4,646,226		48,275	210,731		2,515	317,312			3,729	4,539,645		47,084
SmallCap Value Fund II	4,522,239		42,119	312,360		4,175	581,993			7,730	4,252,606		38,530
		$	2,164,445		$	400,113			$	466,275		$	2,125,087
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		536	$			5			$			196
Bond Market Index Fund			970				(8	)					—
Core Plus Bond Fund			780				2						—
Diversified International Fund			3,909				(21	)					—
Diversified Real Asset Fund			1,504				34						—
Equity Income Fund			472				(2	)					1,392
Global Opportunities Fund			1,712				—						—
Global Real Estate Securities Fund			525				13,620						66
High Yield Fund I			658				(7	)					—
International Emerging Markets Fund			414				(990	)					—
International Small Company Fund			162				12						—
LargeCap Growth Fund			—				16,391						—
LargeCap Growth Fund I			223				425						11,600
LargeCap S&P 500 Index Fund			5,683				89						3,631
LargeCap Value Fund			2,270				(1,347	)					2,146
LargeCap Value Fund III			3,460				(137	)					4,407
MidCap Growth Fund III			—				(6	)					363
MidCap Value Fund III			1,932				(41	)					538
Origin Emerging Markets Fund			239				(1,165	)					—
Overseas Fund			4,732				(39	)					—
Real Estate Securities Fund			170				—						1,192
SmallCap Growth Fund I			—				23						1,639
SmallCap Value Fund II			487				(34	)					2,812
	$		30,838	$			26,804			$			29,982
Amounts in thousands except shares

See accompanying notes

185

			Schedule of Investments
			Principal LifeTime 2055 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.01%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.01%
Blue Chip Fund (a)	566,683	$	9,934
Bond Market Index Fund (a)	529,528		5,745
Core Plus Bond Fund (a)	963,126		10,402
Diversified International Fund (a)	2,757,404		31,738
Diversified Real Asset Fund (a)	635,726		7,018
Equity Income Fund (a)	394,621		11,156
Global Opportunities Fund (a)	1,115,123		13,047
High Yield Fund I (a)	611,176		6,051
International Emerging Markets Fund (a)	152,262		3,465
International Small Company Fund (a)	863,179		8,813
LargeCap Growth Fund I (a)	2,955,468		35,732
LargeCap S&P 500 Index Fund (a)	2,530,624		39,705
LargeCap Value Fund (a)	1,003,868		11,916
LargeCap Value Fund III (a)	1,504,685		23,458
MidCap Growth Fund III (a),(b)	1,629,954		16,984
MidCap Value Fund III (a)	907,861		18,348
Origin Emerging Markets Fund (a)	365,615		3,214
Overseas Fund (a)	3,204,224		31,241
Real Estate Securities Fund (a)	352,285		7,919
SmallCap Growth Fund I (a),(b)	617,158		7,400
SmallCap Value Fund II (a)	615,853		8,043
		$	311,329
TOTAL INVESTMENT COMPANIES		$	311,329
Total Investments		$	311,329
Other Assets and Liabilities - (0.01)%		$	(24	)
TOTAL NET ASSETS - 100.00%		$	311,305

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	61.23	%
International Equity Funds	29.40	%
Fixed Income Funds	7.13	%
Specialty Funds	2.25	%
Other Assets and Liabilities	(0.01	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

186

Schedule of Investments
Principal LifeTime 2055 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases	Purchases		Sales			Sales	2017		2017
	Shares		Cost	Shares	Cost		Shares			Proceeds	Shares		Cost
Blue Chip Fund	—	$	—	575,286	$	9,867	8,603		$	150	566,683	$	9,718
Bond Market Index Fund	425,170		4,739	158,018		1,716	53,660			584	529,528		5,869
Core Plus Bond Fund	876,556		9,488	187,633		2,025	101,063			1,090	963,126		10,423
Diversified International Fund	2,944,319		32,332	226,908		2,526	413,823			4,595	2,757,404		30,269
Diversified Real Asset Fund	645,223		7,435	63,634		693	73,131			793	635,726		7,336
Equity Income Fund	—		—	399,926		10,963	5,305			150	394,621		10,813
Global Opportunities Fund	1,138,455		13,234	96,372		1,106	119,704			1,363	1,115,123		12,975
Global Real Estate Securities Fund	1,699,326		14,475	20,423		175	1,719,749			15,104	—		—
High Yield Fund I	626,089		6,243	49,803		488	64,716			634	611,176		6,097
International Emerging Markets Fund	190,621		4,473	13,796		299	52,155			1,114	152,262		3,607
International Small Company Fund	—		—	875,811		8,622	12,632			127	863,179		8,497
LargeCap Growth Fund	637,600		5,669	—		—	637,600			6,267	—		—
LargeCap Growth Fund I	3,240,955		36,018	325,900		3,880	611,387			7,291	2,955,468		32,612
LargeCap S&P 500 Index Fund	2,543,569		32,775	246,408		3,852	259,353			4,007	2,530,624		32,615
LargeCap Value Fund	1,905,121		22,054	113,770		1,369	1,015,023			12,163	1,003,868		11,237
LargeCap Value Fund III	1,492,424		20,869	162,693		2,563	150,432			2,344	1,504,685		21,086
MidCap Growth Fund III	1,692,659		17,575	121,681		1,245	184,386			1,867	1,629,954		16,948
MidCap Value Fund III	925,643		16,838	76,636		1,528	94,418			1,868	907,861		16,497
Origin Emerging Markets Fund	467,015		4,743	32,680		277	134,080			1,116	365,615		3,787
Overseas Fund	3,414,884		34,382	276,675		2,624	487,335			4,594	3,204,224		32,412
Real Estate Securities Fund	—		—	356,757		8,157	4,472			102	352,285		8,055
SmallCap Growth Fund I	621,864		7,071	58,686		699	63,392			743	617,158		7,027
SmallCap Value Fund II	600,824		6,903	71,717		953	56,688			745	615,853		7,110
		$	297,316		$	65,627			$	68,811		$	294,990
					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Blue Chip Fund	$		69	$			1			$			25
Bond Market Index Fund			83				(2	)					—
Core Plus Bond Fund			67				—						—
Diversified International Fund			541				6						—
Diversified Real Asset Fund			184				1						—
Equity Income Fund			65				—						191
Global Opportunities Fund			232				(2	)					—
Global Real Estate Securities Fund			113				454						14
High Yield Fund I			81				—						—
International Emerging Markets Fund			55				(51	)					—
International Small Company Fund			21				2						—
LargeCap Growth Fund			—				598						—
LargeCap Growth Fund I			31				5						1,580
LargeCap S&P 500 Index Fund			783				(5	)					500
LargeCap Value Fund			305				(23	)					288
LargeCap Value Fund III			466				(2	)					594
MidCap Growth Fund III			—				(5	)					47
MidCap Value Fund III			258				(1	)					72
Origin Emerging Markets Fund			32				(117	)					—
Overseas Fund			639				—						—
Real Estate Securities Fund			20				—						137
SmallCap Growth Fund I			—				—						222
SmallCap Value Fund II			70				(1	)					405
	$		4,115	$			858			$			4,075
Amounts in thousands except shares

See accompanying notes

187

			Schedule of Investments
			Principal LifeTime 2060 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.00%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.00%
Blue Chip Fund (a)	333,552	$	5,847
Bond Market Index Fund (a)	255,912		2,777
Core Plus Bond Fund (a)	466,284		5,036
Diversified International Fund (a)	1,527,899		17,586
Diversified Real Asset Fund (a)	394,906		4,360
Equity Income Fund (a)	219,280		6,199
Global Opportunities Fund (a)	620,848		7,264
High Yield Fund I (a)	354,573		3,510
International Emerging Markets Fund (a)	107,109		2,438
International Small Company Fund (a)	487,032		4,972
LargeCap Growth Fund I (a)	1,697,169		20,519
LargeCap S&P 500 Index Fund (a)	1,442,104		22,627
LargeCap Value Fund (a)	560,793		6,657
LargeCap Value Fund III (a)	838,231		13,068
MidCap Growth Fund III (a),(b)	915,889		9,543
MidCap Value Fund III (a)	498,112		10,067
Origin Emerging Markets Fund (a)	230,518		2,026
Overseas Fund (a)	1,789,933		17,452
Real Estate Securities Fund (a)	187,186		4,208
SmallCap Growth Fund I (a),(b)	341,210		4,091
SmallCap Value Fund II (a)	335,255		4,378
		$	174,625
TOTAL INVESTMENT COMPANIES		$	174,625
Total Investments		$	174,625
Other Assets and Liabilities - 0.00%		$	(7	)
TOTAL NET ASSETS - 100.00%		$	174,618

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	61.39	%
International Equity Funds	29.63	%
Fixed Income Funds	6.48	%
Specialty Funds	2.50	%
Other Assets and Liabilities	0.00	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

188

Schedule of Investments
Principal LifeTime 2060 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases	Purchases		Sales			Sales	2017		2017
	Shares		Cost	Shares	Cost		Shares			Proceeds	Shares		Cost
Blue Chip Fund	—	$	—	334,439	$	5,740	887		$	16	333,552	$	5,724
Bond Market Index Fund	214,431		2,390	54,000		588	12,519			136	255,912		2,842
Core Plus Bond Fund	413,655		4,512	75,518		815	22,889			247	466,284		5,080
Diversified International Fund	1,505,996		17,343	186,575		2,079	164,672			1,843	1,527,899		17,578
Diversified Real Asset Fund	340,466		3,951	74,105		811	19,665			212	394,906		4,550
Equity Income Fund	—		—	219,830		6,045	550			16	219,280		6,029
Global Opportunities Fund	573,743		7,054	79,226		909	32,121			367	620,848		7,596
Global Real Estate Securities Fund	850,771		7,678	9,986		86	860,757			7,561	—		—
High Yield Fund I	330,004		3,302	41,948		410	17,379			170	354,573		3,542
International Emerging Markets Fund	109,427		2,630	12,113		263	14,431			311	107,109		2,581
International Small Company Fund	—		—	488,319		4,814	1,287			13	487,032		4,801
LargeCap Growth Fund	345,532		3,883	—		—	345,532			3,397	—		—
LargeCap Growth Fund I	1,670,718		20,806	245,256		2,929	218,805			2,627	1,697,169		21,110
LargeCap S&P 500 Index Fund	1,318,503		18,902	193,743		3,027	70,142			1,084	1,442,104		20,844
LargeCap Value Fund	945,576		11,753	83,282		1,002	468,065			5,613	560,793		7,095
LargeCap Value Fund III	756,762		11,418	122,174		1,925	40,705			634	838,231		12,709
MidCap Growth Fund III	857,457		9,028	107,899		1,103	49,467			501	915,889		9,630
MidCap Value Fund III	460,490		8,754	63,218		1,260	25,596			507	498,112		9,507
Origin Emerging Markets Fund	238,692		2,409	29,062		247	37,236			310	230,518		2,343
Overseas Fund	1,734,236		17,823	224,267		2,129	168,570			1,592	1,789,933		18,359
Real Estate Securities Fund	—		—	187,651		4,287	465			10	187,186		4,277
SmallCap Growth Fund I	312,063		3,797	46,577		555	17,430			203	341,210		4,149
SmallCap Value Fund II	299,158		3,774	51,693		686	15,596			202	335,255		4,258
		$	161,207		$	41,710			$	27,572		$	174,604
					Realized Gain/Loss						Realized Gain from
			Income		on Investments					Capital Gain Distributions
Blue Chip Fund	$		38	$			—			$			14
Bond Market Index Fund			44				—						—
Core Plus Bond Fund			33				—						—
Diversified International Fund			291				(1	)					—
Diversified Real Asset Fund			102				—						—
Equity Income Fund			34				—						99
Global Opportunities Fund			123				—						—
Global Real Estate Securities Fund			56				(203	)					7
High Yield Fund I			45				—						—
International Emerging Markets Fund			34				(1	)					—
International Small Company Fund			11				—						—
LargeCap Growth Fund			—				(486	)					—
LargeCap Growth Fund I			17				2						860
LargeCap S&P 500 Index Fund			426				(1	)					272
LargeCap Value Fund			160				(47	)					151
LargeCap Value Fund III			248				—						316
MidCap Growth Fund III			—				—						25
MidCap Value Fund III			135				—						37
Origin Emerging Markets Fund			18				(3	)					—
Overseas Fund			341				(1	)					—
Real Estate Securities Fund			10				—						72
SmallCap Growth Fund I			—				—						117
SmallCap Value Fund II			37				—						211
	$		2,203	$			(741	)		$			2,181
Amounts in thousands except shares

See accompanying notes

189

			Schedule of Investments
			Principal LifeTime Hybrid 2015 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 99.99%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 99.99%
Bond Market Index Fund (a)	586,122	$	6,359
Diversified International Fund (a)	185,467		2,135
Diversified Real Asset Fund (a)	45,421		501
Global Diversified Income Fund (a)	114,136		1,556
Inflation Protection Fund (a)	117,568		1,002
International Small Company Fund (a)	32,729		334
LargeCap S&P 500 Index Fund (a)	267,213		4,193
MidCap S&P 400 Index Fund (a)	59,030		1,188
Short-Term Income Fund (a)	175,889		2,139
SmallCap S&P 600 Index Fund (a)	18,833		479
		$	19,886
TOTAL INVESTMENT COMPANIES		$	19,886
Total Investments		$	19,886
Other Assets and Liabilities - 0.01%		$	1
TOTAL NET ASSETS - 100.00%		$	19,887

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

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	47.77	%
Domestic Equity Funds	29.47	%
International Equity Funds	12.41	%
Specialty Funds	10.34	%
Other Assets and Liabilities	0.01	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

190

Schedule of Investments
Principal LifeTime Hybrid 2015 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	341,824	$	3,795	351,666	$	3,851	107,368		$	1,174	586,122	$	6,468
Diversified International Fund	111,140		1,271	107,900		1,188	33,573			378	185,467		2,081
Diversified Real Asset Fund	27,730		309	25,988		281	8,297			91	45,421		499
Global Diversified Income Fund	70,824		959	64,309		866	20,997			285	114,136		1,540
Inflation Protection Fund	94,122		793	86,578		738	63,132			538	117,568		993
International Emerging Markets Fund	3,036		66	2,590		55	5,626			125	—		—
International Small Company Fund	20,346		199	18,502		179	6,119			60	32,729		318
LargeCap S&P 500 Index Fund	177,780		2,628	157,994		2,447	68,561			1,085	267,213		4,012
MidCap S&P 400 Index Fund	39,033		744	35,513		714	15,516			318	59,030		1,145
Origin Emerging Markets Fund	7,497		67	6,551		54	14,048			121	—		—
Short-Term Income Fund	78,912		961	122,403		1,488	25,426			309	175,889		2,140
SmallCap S&P 600 Index Fund	12,911		305	11,161		288	5,239			137	18,833		458
		$	12,097		$	12,149			$	4,621		$	19,654
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		84	$			(4	)	$				—
Diversified International Fund			30				—						—
Diversified Real Asset Fund			11				—						—
Global Diversified Income Fund			29				—						—
Inflation Protection Fund			10				—						—
International Emerging Markets Fund			1				4						—
International Small Company Fund			1				—						—
LargeCap S&P 500 Index Fund			68				22						46
MidCap S&P 400 Index Fund			14				5						52
Origin Emerging Markets Fund			1				—						—
Short-Term Income Fund			7				—						—
SmallCap S&P 600 Index Fund			6				2						23
	$		262	$			29		$				121
Amounts in thousands except shares

See accompanying notes

191

			Schedule of Investments
			Principal LifeTime Hybrid 2020 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.00%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.00%
Bond Market Index Fund (a)	1,843,292	$	20,000
Diversified International Fund (a)	791,092		9,105
Diversified Real Asset Fund (a)	154,954		1,711
Global Diversified Income Fund (a)	347,120		4,731
Inflation Protection Fund (a)	296,570		2,527
International Small Company Fund (a)	128,638		1,313
LargeCap S&P 500 Index Fund (a)	1,110,716		17,427
MidCap S&P 400 Index Fund (a)	241,588		4,863
Real Estate Securities Fund (a)	28,634		644
Short-Term Income Fund (a)	338,662		4,118
SmallCap S&P 600 Index Fund (a)	76,147		1,939
		$	68,378
TOTAL INVESTMENT COMPANIES		$	68,378
Total Investments		$	68,378
Other Assets and Liabilities - 0.00%		$	(1	)
TOTAL NET ASSETS - 100.00%		$	68,377

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

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	38.97	%
Domestic Equity Funds	36.37	%
International Equity Funds	15.24	%
Specialty Funds	9.42	%
Other Assets and Liabilities	0.00	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

192

Schedule of Investments
Principal LifeTime Hybrid 2020 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	1,101,105	$	12,241	817,233	$	8,963	75,046		$	826	1,843,292	$	20,379
Diversified International Fund	472,964		5,388	349,672		3,857	31,544			352	791,092		8,893
Diversified Real Asset Fund	98,631		1,085	62,814		678	6,491			71	154,954		1,692
Global Diversified Income Fund	219,387		2,965	142,050		1,911	14,317			193	347,120		4,683
Global Real Estate Securities Fund	92,967		864	62,896		538	155,863			1,357	—		—
Inflation Protection Fund	198,844		1,675	122,379		1,043	24,653			210	296,570		2,508
International Emerging Markets Fund	12,847		278	7,434		158	20,281			452	—		—
International Small Company Fund	83,515		816	50,568		489	5,445			53	128,638		1,252
LargeCap S&P 500 Index Fund	755,705		11,184	459,489		7,113	104,478			1,629	1,110,716		16,676
MidCap S&P 400 Index Fund	166,178		3,162	105,501		2,123	30,091			604	241,588		4,684
Origin Emerging Markets Fund	31,752		282	18,696		156	50,448			436	—		—
Real Estate Securities Fund	—		—	28,970		658	336			7	28,634		651
Short-Term Income Fund	158,432		1,930	191,550		2,329	11,320			138	338,662		4,121
SmallCap S&P 600 Index Fund	54,256		1,278	32,919		851	11,028			282	76,147		1,845
		$	43,148		$	30,867			$	6,610		$	67,384
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		284	$			1		$				—
Diversified International Fund			121				—						—
Diversified Real Asset Fund			38				—						—
Global Diversified Income Fund			83				—						—
Global Real Estate Securities Fund			26				(45	)					3
Inflation Protection Fund			20				—						—
International Emerging Markets Fund			5				16						—
International Small Company Fund			3				—						—
LargeCap S&P 500 Index Fund			304				8						195
MidCap S&P 400 Index Fund			63				3						217
Origin Emerging Markets Fund			3				(2	)					—
Real Estate Securities Fund			—				—						—
Short-Term Income Fund			14				—						—
SmallCap S&P 600 Index Fund			27				(2	)					95
	$		991	$			(21	)	$				510
Amounts in thousands except shares

See accompanying notes

193

			Schedule of Investments
			Principal LifeTime Hybrid 2025 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 99.99%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 99.99%
Bond Market Index Fund (a)	717,732	$	7,787
Diversified International Fund (a)	403,826		4,648
Diversified Real Asset Fund (a)	66,794		737
Global Diversified Income Fund (a)	127,945		1,744
Inflation Protection Fund (a)	91,748		782
International Small Company Fund (a)	65,708		671
LargeCap S&P 500 Index Fund (a)	559,300		8,775
MidCap S&P 400 Index Fund (a)	123,717		2,491
Real Estate Securities Fund (a)	18,192		409
Short-Term Income Fund (a)	38,173		464
SmallCap S&P 600 Index Fund (a)	38,453		979
		$	29,487
TOTAL INVESTMENT COMPANIES		$	29,487
Total Investments		$	29,487
Other Assets and Liabilities - 0.01%		$	4
TOTAL NET ASSETS - 100.00%		$	29,491

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	42.91	%
Fixed Income Funds	30.63	%
International Equity Funds	18.04	%
Specialty Funds	8.41	%
Other Assets and Liabilities	0.01	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

194

Schedule of Investments
Principal LifeTime Hybrid 2025 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	300,818	$	3,354	435,975	$	4,779	19,061		$	208	717,732	$	7,925
Diversified International Fund	160,498		1,821	253,358		2,797	10,030			111	403,826		4,507
Diversified Real Asset Fund	29,152		325	39,434		426	1,792			19	66,794		732
Global Diversified Income Fund	55,246		747	76,042		1,024	3,343			46	127,945		1,725
Global Real Estate Securities Fund	39,935		370	57,161		490	97,096			846	—		—
Inflation Protection Fund	45,835		390	60,423		515	14,510			125	91,748		780
International Emerging Markets Fund	4,355		94	5,486		117	9,841			220	—		—
International Small Company Fund	29,172		286	38,329		371	1,793			17	65,708		640
LargeCap S&P 500 Index Fund	256,825		3,793	330,224		5,113	27,749			432	559,300		8,475
MidCap S&P 400 Index Fund	55,983		1,059	73,415		1,476	5,681			114	123,717		2,421
Origin Emerging Markets Fund	10,750		95	13,881		116	24,631			214	—		—
Real Estate Securities Fund	—		—	18,231		414	39			—	18,192		414
Short-Term Income Fund	—		—	38,270		465	97			—	38,173		465
SmallCap S&P 600 Index Fund	18,401		425	23,019		594	2,967			74	38,453		944
		$	12,759		$	18,697			$	2,426		$	29,028
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		101	$			—		$				—
Diversified International Fund			57				—						—
Diversified Real Asset Fund			16				—						—
Global Diversified Income Fund			29				—						—
Global Real Estate Securities Fund			16				(14	)					2
Inflation Protection Fund			6				—						—
International Emerging Markets Fund			2				9						—
International Small Company Fund			2				—						—
LargeCap S&P 500 Index Fund			133				1						85
MidCap S&P 400 Index Fund			27				—						93
Origin Emerging Markets Fund			1				3						—
Real Estate Securities Fund			—				—						—
Short-Term Income Fund			—				—						—
SmallCap S&P 600 Index Fund			11				(1	)					41
	$		401	$			(2	)	$				221
Amounts in thousands except shares

See accompanying notes

195

			Schedule of Investments
			Principal LifeTime Hybrid 2030 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.00%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.00%
Bond Market Index Fund (a)	1,242,947	$	13,486
Diversified International Fund (a)	903,902		10,404
Diversified Real Asset Fund (a)	137,595		1,519
Global Diversified Income Fund (a)	209,151		2,851
Inflation Protection Fund (a)	157,368		1,341
International Emerging Markets Fund (a)	16,486		375
International Small Company Fund (a)	147,186		1,503
LargeCap S&P 500 Index Fund (a)	1,311,721		20,581
MidCap S&P 400 Index Fund (a)	286,613		5,769
Origin Emerging Markets Fund (a)	40,118		352
Real Estate Securities Fund (a)	42,935		965
Short-Term Income Fund (a)	16,438		200
SmallCap S&P 600 Index Fund (a)	90,610		2,307
		$	61,653
TOTAL INVESTMENT COMPANIES		$	61,653
Total Investments		$	61,653
Other Assets and Liabilities - 0.00%		$	(1	)
TOTAL NET ASSETS - 100.00%		$	61,652

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	48.05	%
Fixed Income Funds	24.37	%
International Equity Funds	20.50	%
Specialty Funds	7.08	%
Other Assets and Liabilities	0.00	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

196

Schedule of Investments
Principal LifeTime Hybrid 2030 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	849,915	$	9,468	440,705	$	4,821	47,673		$	518	1,242,947	$	13,771
Diversified International Fund	637,999		7,271	300,118		3,320	34,215			383	903,902		10,208
Diversified Real Asset Fund	103,491		1,142	39,600		428	5,496			61	137,595		1,509
Global Diversified Income Fund	153,487		2,078	63,741		859	8,077			110	209,151		2,827
Global Real Estate Securities Fund	165,657		1,547	66,658		571	232,315			2,024	—		—
Inflation Protection Fund	120,178		1,015	43,620		371	6,430			54	157,368		1,332
International Emerging Markets Fund	17,867		387	6,167		131	7,548			168	16,486		349
International Small Company Fund	113,065		1,111	40,101		389	5,980			59	147,186		1,441
LargeCap S&P 500 Index Fund	1,018,933		15,138	375,940		5,824	83,152			1,303	1,311,721		19,665
MidCap S&P 400 Index Fund	223,611		4,272	89,083		1,791	26,081			523	286,613		5,541
Origin Emerging Markets Fund	44,162		392	15,445		129	19,489			168	40,118		351
Real Estate Securities Fund	—		—	43,190		981	255			6	42,935		975
Short-Term Income Fund	—		—	16,568		201	130			1	16,438		200
SmallCap S&P 600 Index Fund	73,721		1,744	28,235		730	11,346			290	90,610		2,181
		$	45,565		$	20,546			$	5,668		$	60,350
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		193	$			—		$				—
Diversified International Fund			142				—						—
Diversified Real Asset Fund			35				—						—
Global Diversified Income Fund			51				—						—
Global Real Estate Securities Fund			40				(94	)					5
Inflation Protection Fund			11				—						—
International Emerging Markets Fund			6				(1	)					—
International Small Company Fund			4				—						—
LargeCap S&P 500 Index Fund			363				6						234
MidCap S&P 400 Index Fund			76				1						262
Origin Emerging Markets Fund			4				(2	)					—
Real Estate Securities Fund			—				—						—
Short-Term Income Fund			—				—						—
SmallCap S&P 600 Index Fund			32				(3	)					116
	$		957	$			(93	)	$				617
Amounts in thousands except shares

See accompanying notes

197

			Schedule of Investments
			Principal LifeTime Hybrid 2035 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 99.99%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 99.99%
Bond Market Index Fund (a)	361,476	$	3,922
Diversified International Fund (a)	341,829		3,934
Diversified Real Asset Fund (a)	48,689		538
High Yield Fund I (a)	75,042		743
International Emerging Markets Fund (a)	10,104		230
International Small Company Fund (a)	56,437		576
LargeCap S&P 500 Index Fund (a)	507,750		7,967
MidCap S&P 400 Index Fund (a)	111,557		2,246
Origin Emerging Markets Fund (a)	26,222		230
Real Estate Securities Fund (a)	17,805		400
SmallCap S&P 600 Index Fund (a)	35,193		896
		$	21,682
TOTAL INVESTMENT COMPANIES		$	21,682
Total Investments		$	21,682
Other Assets and Liabilities - 0.01%		$	2
TOTAL NET ASSETS - 100.00%		$	21,684

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	53.07	%
International Equity Funds	22.92	%
Fixed Income Funds	21.52	%
Specialty Funds	2.48	%
Other Assets and Liabilities	0.01	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

198

Schedule of Investments
Principal LifeTime Hybrid 2035 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	155,298	$	1,730	229,764	$	2,523	23,586		$	257	361,476	$	3,996
Diversified International Fund	147,393		1,683	216,013		2,379	21,577			241	341,829		3,821
Diversified Real Asset Fund	22,378		252	29,579		319	3,268			36	48,689		535
Global Real Estate Securities Fund	41,158		382	57,516		493	98,674			860	—		—
High Yield Fund I	20,734		200	57,357		564	3,049			30	75,042		734
Inflation Protection Fund	16,997		144	21,676		185	38,673			330	—		—
International Emerging Markets Fund	5,223		115	6,494		138	1,613			35	10,104		218
International Small Company Fund	26,435		260	33,835		327	3,833			38	56,437		549
LargeCap S&P 500 Index Fund	240,143		3,559	302,634		4,683	35,027			549	507,750		7,698
MidCap S&P 400 Index Fund	52,539		1,002	67,586		1,360	8,568			174	111,557		2,190
Origin Emerging Markets Fund	12,331		111	15,659		131	1,768			15	26,222		227
Real Estate Securities Fund	—		—	17,877		406	72			1	17,805		405
SmallCap S&P 600 Index Fund	17,306		406	21,276		549	3,389			88	35,193		868
		$	9,844		$	14,057			$	2,654		$	21,241
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		54	$			—		$				—
Diversified International Fund			53				—						—
Diversified Real Asset Fund			12				—						—
Global Real Estate Securities Fund			16				(15	)					2
High Yield Fund I			5				—						—
Inflation Protection Fund			2				1						—
International Emerging Markets Fund			3				—						—
International Small Company Fund			2				—						—
LargeCap S&P 500 Index Fund			129				5						83
MidCap S&P 400 Index Fund			27				2						91
Origin Emerging Markets Fund			2				—						—
Real Estate Securities Fund			—				—						—
SmallCap S&P 600 Index Fund			11				1						40
	$		316	$			(6	)	$				216
Amounts in thousands except shares

See accompanying notes

199

			Schedule of Investments
			Principal LifeTime Hybrid 2040 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.00%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.00%
Bond Market Index Fund (a)	403,840	$	4,382
Diversified International Fund (a)	539,130		6,205
Diversified Real Asset Fund (a)	71,424		789
High Yield Fund I (a)	95,607		946
International Emerging Markets Fund (a)	17,264		393
International Small Company Fund (a)	87,412		892
LargeCap S&P 500 Index Fund (a)	809,147		12,696
MidCap S&P 400 Index Fund (a)	177,085		3,565
Origin Emerging Markets Fund (a)	42,732		376
Real Estate Securities Fund (a)	28,836		648
SmallCap S&P 600 Index Fund (a)	56,494		1,438
		$	32,330
TOTAL INVESTMENT COMPANIES		$	32,330
Total Investments		$	32,330
Other Assets and Liabilities - 0.00%		$	(1	)
TOTAL NET ASSETS - 100.00%		$	32,329

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	56.75	%
International Equity Funds	24.33	%
Fixed Income Funds	16.48	%
Specialty Funds	2.44	%
Other Assets and Liabilities	0.00	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

200

Schedule of Investments
Principal LifeTime Hybrid 2040 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	275,330	$	3,069	153,299	$	1,678	24,789		$	270	403,840	$	4,477
Diversified International Fund	377,247		4,309	194,230		2,148	32,347			363	539,130		6,095
Diversified Real Asset Fund	53,626		592	22,364		241	4,566			50	71,424		783
Global Real Estate Securities Fund	111,091		1,040	47,972		411	159,063			1,387	—		—
High Yield Fund I	49,898		481	50,258		495	4,549			45	95,607		931
Inflation Protection Fund	27,102		229	10,419		89	37,521			320	—		—
International Emerging Markets Fund	13,264		288	5,032		107	1,032			22	17,264		373
International Small Company Fund	67,057		657	26,028		252	5,673			55	87,412		854
LargeCap S&P 500 Index Fund	614,949		9,150	246,881		3,822	52,683			827	809,147		12,155
MidCap S&P 400 Index Fund	134,724		2,582	57,934		1,165	15,573			315	177,085		3,435
Origin Emerging Markets Fund	32,796		292	12,598		105	2,662			22	42,732		375
Real Estate Securities Fund	—		—	29,241		665	405			10	28,836		655
SmallCap S&P 600 Index Fund	44,404		1,055	18,359		474	6,269			162	56,494		1,367
		$	23,744		$	11,652			$	3,848		$	31,500
						Realized Gain/Loss				Realized Gain from Capital Gain Distributions
			Income			on Investments
Bond Market Index Fund	$		64	$			—		$				—
Diversified International Fund			85				1						—
Diversified Real Asset Fund			18				—						—
Global Real Estate Securities Fund			27				(64	)					3
High Yield Fund I			8				—						—
Inflation Protection Fund			2				2						—
International Emerging Markets Fund			5				—						—
International Small Company Fund			2				—						—
LargeCap S&P 500 Index Fund			223				10						142
MidCap S&P 400 Index Fund			47				3						159
Origin Emerging Markets Fund			3				—						—
Real Estate Securities Fund			—				—						—
SmallCap S&P 600 Index Fund			20				—						71
	$		504	$			(48	)	$				375
Amounts in thousands except shares

See accompanying notes

201

			Schedule of Investments
			Principal LifeTime Hybrid 2045 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 99.99%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 99.99%
Bond Market Index Fund (a)	124,373	$	1,349
Diversified International Fund (a)	229,601		2,643
Diversified Real Asset Fund (a)	28,921		319
High Yield Fund I (a)	25,963		257
International Emerging Markets Fund (a)	6,229		142
International Small Company Fund (a)	37,372		382
LargeCap S&P 500 Index Fund (a)	338,726		5,315
MidCap S&P 400 Index Fund (a)	75,103		1,512
Origin Emerging Markets Fund (a)	16,074		141
Real Estate Securities Fund (a)	13,215		297
SmallCap S&P 600 Index Fund (a)	24,005		611
		$	12,968
TOTAL INVESTMENT COMPANIES		$	12,968
Total Investments		$	12,968
Other Assets and Liabilities - 0.01%		$	1
TOTAL NET ASSETS - 100.00%		$	12,969

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	59.64	%
International Equity Funds	25.50	%
Fixed Income Funds	12.39	%
Specialty Funds	2.46	%
Other Assets and Liabilities	0.01	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

202

Schedule of Investments
Principal LifeTime Hybrid 2045 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2016		2016	Purchases	Purchases		Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	54,826	$	614	74,568	$	817	5,021		$	55	124,373	$	1,376
Diversified International Fund	103,951		1,191	134,712		1,485	9,062			102	229,601		2,574
Diversified Real Asset Fund	14,137		159	15,996		173	1,212			14	28,921		318
Global Real Estate Securities Fund	32,503		306	38,935		334	71,438			622	—		—
High Yield Fund I	13,115		127	13,933		136	1,085			11	25,963		252
International Emerging Markets Fund	3,569		79	3,827		81	1,167			26	6,229		134
International Small Company Fund	18,623		183	20,322		197	1,573			16	37,372		364
LargeCap S&P 500 Index Fund	169,403		2,534	183,249		2,833	13,926			217	338,726		5,151
MidCap S&P 400 Index Fund	37,018		714	41,045		825	2,960			61	75,103		1,479
Origin Emerging Markets Fund	8,828		80	9,678		81	2,432			22	16,074		139
Real Estate Securities Fund	—		—	13,440		305	225			5	13,215		300
SmallCap S&P 600 Index Fund	12,102		286	12,826		331	923			22	24,005		595
		$	6,273		$	7,598			$	1,173		$	12,682
					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		17	$			—		$				—
Diversified International Fund			32				—						—
Diversified Real Asset Fund			6				—						—
Global Real Estate Securities Fund			11				(18	)					1
High Yield Fund I			3				—						—
International Emerging Markets Fund			2				—						—
International Small Company Fund			1				—						—
LargeCap S&P 500 Index Fund			80				1						52
MidCap S&P 400 Index Fund			17				1						57
Origin Emerging Markets Fund			1				—						—
Real Estate Securities Fund			—				—						—
SmallCap S&P 600 Index Fund			7				—						25
	$		177	$			(16	)	$				135
Amounts in thousands except shares

See accompanying notes

203

			Schedule of Investments
			Principal LifeTime Hybrid 2050 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.00%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 100.00%
Bond Market Index Fund (a)	121,645	$	1,320
Diversified International Fund (a)	324,802		3,739
Diversified Real Asset Fund (a)	39,188		433
High Yield Fund I (a)	35,650		353
International Emerging Markets Fund (a)	9,627		219
International Small Company Fund (a)	52,284		534
LargeCap S&P 500 Index Fund (a)	484,384		7,600
MidCap S&P 400 Index Fund (a)	107,156		2,157
Origin Emerging Markets Fund (a)	24,387		214
Real Estate Securities Fund (a)	18,906		425
SmallCap S&P 600 Index Fund (a)	34,026		866
		$	17,860
TOTAL INVESTMENT COMPANIES		$	17,860
Total Investments		$	17,860
Other Assets and Liabilities - 0.00%		$	—
TOTAL NET ASSETS - 100.00%		$	17,860

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	61.86	%
International Equity Funds	26.35	%
Fixed Income Funds	9.37	%
Specialty Funds	2.42	%
Other Assets and Liabilities	0.00	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

204

Schedule of Investments
Principal LifeTime Hybrid 2050 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2016		2016	Purchases	Purchases		Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	77,089	$	859	46,313	$	506	1,757		$	19	121,645	$	1,346
Diversified International Fund	216,923		2,473	112,555		1,249	4,676			53	324,802		3,669
Diversified Real Asset Fund	28,337		313	11,455		124	604			7	39,188		430
Global Real Estate Securities Fund	66,888		623	27,596		237	94,484			823	—		—
High Yield Fund I	26,395		254	9,795		96	540			5	35,650		345
International Emerging Markets Fund	7,659		166	2,781		59	813			18	9,627		207
International Small Company Fund	38,640		378	14,459		141	815			8	52,284		511
LargeCap S&P 500 Index Fund	353,883		5,247	137,640		2,132	7,139			112	484,384		7,268
MidCap S&P 400 Index Fund	77,714		1,485	32,468		652	3,026			60	107,156		2,077
Origin Emerging Markets Fund	18,927		168	6,980		58	1,520			12	24,387		214
Real Estate Securities Fund	—		—	19,003		432	97			2	18,906		430
SmallCap S&P 600 Index Fund	25,452		604	10,235		264	1,661			45	34,026		823
		$	12,570		$	5,950			$	1,164		$	17,320
					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		18	$			—		$				—
Diversified International Fund			48				—						—
Diversified Real Asset Fund			9				—						—
Global Real Estate Securities Fund			16				(37	)					2
High Yield Fund I			4				—						—
International Emerging Markets Fund			3				—						—
International Small Company Fund			1				—						—
LargeCap S&P 500 Index Fund			126				1						81
MidCap S&P 400 Index Fund			26				—						90
Origin Emerging Markets Fund			2				—						—
Real Estate Securities Fund			—				—						—
SmallCap S&P 600 Index Fund			11				—						40
	$		264	$			(36	)	$				213
Amounts in thousands except shares

See accompanying notes

205

			Schedule of Investments
			Principal LifeTime Hybrid 2055 Fund
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 99.95%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 99.95%
Bond Market Index Fund (a)	15,439	$	167
Diversified International Fund (a)	58,853		677
Diversified Real Asset Fund (a)	7,025		78
High Yield Fund I (a)	6,344		63
International Emerging Markets Fund (a)	1,842		42
International Small Company Fund (a)	9,535		97
LargeCap S&P 500 Index Fund (a)	88,886		1,395
MidCap S&P 400 Index Fund (a)	19,402		391
Origin Emerging Markets Fund (a)	4,587		40
Real Estate Securities Fund (a)	3,249		73
SmallCap S&P 600 Index Fund (a)	6,164		157
		$	3,180
TOTAL INVESTMENT COMPANIES		$	3,180
Total Investments		$	3,180
Other Assets and Liabilities - 0.05%		$	1
TOTAL NET ASSETS - 100.00%		$	3,181

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	63.34	%
International Equity Funds	26.94	%
Fixed Income Funds	7.23	%
Specialty Funds	2.44	%
Other Assets and Liabilities	0.05	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

206

Schedule of Investments
Principal LifeTime Hybrid 2055 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,	January 31,
Affiliated Securities	2016		2016	Purchases	Purchases		Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	8,287	$	93	7,788	$	85	636		$	7	15,439	$	171
Diversified International Fund	34,037		386	27,372		304	2,556			29	58,853		661
Diversified Real Asset Fund	4,355		48	2,995		32	325			3	7,025		77
Global Real Estate Securities Fund	10,233		96	6,406		55	16,639			144	—		—
High Yield Fund I	4,038		39	2,598		25	292			2	6,344		62
International Emerging Markets Fund	1,185		26	742		16	85			2	1,842		40
International Small Company Fund	6,045		59	3,944		38	454			4	9,535		93
LargeCap S&P 500 Index Fund	55,362		826	37,406		580	3,882			63	88,886		1,344
MidCap S&P 400 Index Fund	12,094		232	8,386		169	1,078			23	19,402		378
Origin Emerging Markets Fund	2,934		26	1,874		16	221			2	4,587		40
Real Estate Securities Fund	—		—	3,251		74	2			—	3,249		74
SmallCap S&P 600 Index Fund	3,967		93	2,651		68	454			11	6,164		150
		$	1,924		$	1,462			$	290		$	3,090
					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		2	$			—		$				—
Diversified International Fund			8				—						—
Diversified Real Asset Fund			2				—						—
Global Real Estate Securities Fund			3				(7	)					—
High Yield Fund I			1				—						—
International Emerging Markets Fund			1				—						—
International Small Company Fund			—				—						—
LargeCap S&P 500 Index Fund			21				1						14
MidCap S&P 400 Index Fund			4				—						16
Origin Emerging Markets Fund			—				—						—
Real Estate Securities Fund			—				—						—
SmallCap S&P 600 Index Fund			2				—						7
	$		44	$			(6	)	$				37
Amounts in thousands except shares

See accompanying notes

207

Schedule of Investments
Principal LifeTime Hybrid 2060 Fund
January 31, 2017 (unaudited)

INVESTMENT COMPANIES - 99.85%	Shares Held		Value
Principal Funds, Inc. Institutional Class - 99.85%
Bond Market Index Fund (a)	2,797	$	30,348
Diversified International Fund (a)	14,875		171,206
Diversified Real Asset Fund (a)	1,702		18,785
High Yield Fund I (a)	1,548		15,325
International Emerging Markets Fund (a)	438		9,976
International Small Company Fund (a)	2,308		23,564
LargeCap S&P 500 Index Fund (a)	21,951		344,419
MidCap S&P 400 Index Fund (a)	4,779		96,199
Origin Emerging Markets Fund (a)	1,093		9,604
Real Estate Securities Fund (a)	789		17,738
SmallCap S&P 600 Index Fund (a)	1,515		38,578
		$	775,742
TOTAL INVESTMENT COMPANIES		$	775,742
Total Investments		$	775,742
Other Assets and Liabilities - 0.15%		$	1,183
TOTAL NET ASSETS - 100.00%		$	776,925

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	63.96	%
International Equity Funds	27.59	%
Fixed Income Funds	5.88	%
Specialty Funds	2.42	%
Other Assets and Liabilities	0.15	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

208

Schedule of Investments
Principal LifeTime Hybrid 2060 Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Bond Market Index Fund	1,799	$	19,947	1,330	$	14,494	332		$	3,625	2,797	$	30,823
Diversified International Fund	8,208		91,351	7,323		82,596	656			7,320	14,875		166,625
Diversified Real Asset Fund	1,037		11,153	747		8,162	82			903	1,702		18,413
Global Real Estate Securities Fund	2,454		22,380	851		7,349	3,305			28,788	—		—
High Yield Fund I	969		9,166	653		6,423	74			723	1,548		14,866
International Emerging Markets Fund	294		6,158	165		3,638	21			456	438		9,341
International Small Company Fund	1,440		13,840	983		9,775	115			1,120	2,308		22,497
LargeCap S&P 500 Index Fund	13,398		194,178	9,548		148,742	995			15,724	21,951		327,261
MidCap S&P 400 Index Fund	2,942		54,283	2,127		42,618	290			5,870	4,779		91,026
Origin Emerging Markets Fund	726		6,225	421		3,600	54			455	1,093		9,370
Real Estate Securities Fund	—		—	794		18,083	5			117	789		17,966
SmallCap S&P 600 Index Fund	967		21,918	674		17,174	126			3,241	1,515		35,843
	$		450,599		$	362,654			$	68,342		$	744,031
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Bond Market Index Fund	$		369	$			7			$			—
Diversified International Fund			1,657				(2	)					—
Diversified Real Asset Fund			315				1						—
Global Real Estate Securities Fund			535				(941	)					69
High Yield Fund I			145				—						—
International Emerging Markets Fund			95				1						—
International Small Company Fund			44				2						—
LargeCap S&P 500 Index Fund			4,343				65						2,911
MidCap S&P 400 Index Fund			913				(5	)					3,255
Origin Emerging Markets Fund			56				—						—
Real Estate Securities Fund			—				—						—
SmallCap S&P 600 Index Fund			392				(8	)					1,447
	$		8,864	$			(880	)		$			7,682
Amounts shown are in dollars and not rounded to the thousands.

See accompanying notes

209

Schedule of Investments
Principal LifeTime Hybrid Income Fund
January 31, 2017 (unaudited)

INVESTMENT COMPANIES - 99.99%	Shares Held		Value(000	's)
Principal Funds, Inc. Institutional Class - 99.99%
Bond Market Index Fund (a)	633,765	$	6,876
Diversified International Fund (a)	78,902		908
Global Diversified Income Fund (a)	119,958		1,635
Inflation Protection Fund (a)	164,906		1,405
International Small Company Fund (a)	13,670		139
LargeCap S&P 500 Index Fund (a)	109,801		1,723
MidCap S&P 400 Index Fund (a)	25,000		503
Short-Term Income Fund (a)	282,621		3,437
SmallCap S&P 600 Index Fund (a)	7,879		201
		$	16,827
TOTAL INVESTMENT COMPANIES		$	16,827
Total Investments		$	16,827
Other Assets and Liabilities - 0.01%		$	1
TOTAL NET ASSETS - 100.00%		$	16,828

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

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	69.62	%
Domestic Equity Funds	14.42	%
Specialty Funds	9.72	%
International Equity Funds	6.23	%
Other Assets and Liabilities	0.01	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

210

Schedule of Investments
Principal LifeTime Hybrid Income Fund
January 31, 2017 (unaudited)
	October 31,		October 31,							January 31,	January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales		Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Bond Market Index Fund	321,323	$	3,611	376,667	$	4,102	64,225	$	701	633,765	$	7,012
Diversified International Fund	40,485		461	46,281		511	7,864		87	78,902		885
Global Diversified Income Fund	62,350		849	69,480		938	11,872		160	119,958		1,627
Inflation Protection Fund	121,716		1,039	136,240		1,159	93,050		793	164,906		1,406
International Small Company Fund	7,119		70	7,922		77	1,371		13	13,670		134
LargeCap S&P 500 Index Fund	59,146		890	64,737		1,005	14,082		221	109,801		1,676
MidCap S&P 400 Index Fund	12,880		249	14,432		290	2,312		48	25,000		492
Short-Term Income Fund	122,332		1,494	184,636		2,243	24,347		296	282,621		3,441
SmallCap S&P 600 Index Fund	4,149		99	4,437		115	707		19	7,879		195
		$	8,762		$	10,440		$	2,338		$	16,868
						Realized Gain/Loss				Realized Gain from
			Income			on Investments			Capital Gain Distributions
Bond Market Index Fund	$		82	$			—	$				—
Diversified International Fund			14				—					—
Global Diversified Income Fund			29				—					—
Inflation Protection Fund			16				1					—
International Small Company Fund			—				—					—
LargeCap S&P 500 Index Fund			24				2					15
MidCap S&P 400 Index Fund			5				1					17
Short-Term Income Fund			12				—					—
SmallCap S&P 600 Index Fund			2				—					7
	$		184	$			4	$				39
Amounts in thousands except shares

See accompanying notes

211

Schedule of Investments
Principal LifeTime Strategic Income Fund
January 31, 2017 (unaudited)

INVESTMENT COMPANIES - 100.03%		Shares Held	Value (000's)
Principal Funds, Inc. Institutional Class - 100.03%
Blue Chip Fund (a)		1,231,908	$	21,595
Bond Market Index Fund (a)		6,661,613		72,279
Core Plus Bond Fund (a)		13,517,571		145,990
Diversified International Fund (a)		1,398,881		16,101
Equity Income Fund (a)		766,249		21,662
Global Diversified Income Fund (a)		4,612,091		62,863
Global Multi-Strategy Fund (a)		3,840,252		42,281
Global Opportunities Fund (a)		1,045,796		12,236
Inflation Protection Fund (a)		5,889,067		50,175
International Small Company Fund (a)		394,116		4,024
LargeCap S&P 500 Index Fund (a)		1,132,789		17,773
MidCap Fund (a)		718,870		16,678
Overseas Fund (a)		1,632,553		15,917
Short-Term Income Fund (a)		10,851,196		131,951
SmallCap Growth Fund I (a),(b)		341,547		4,095
SmallCap Value Fund II (a)		288,675		3,770
			$	639,390
TOTAL INVESTMENT COMPANIES			$	639,390
Total Investments			$	639,390
Other Assets and Liabilities - (0.03)%			$	(206	)
TOTAL NET ASSETS - 100.00%			$	639,184
(a)	Affiliated Security. Please see Affiliated Sub-Schedule for transactional
	information.
(b)	Non-Income Producing Security
Portfolio Summary (unaudited)
Fund Type				Percent
Fixed Income Funds				62.64	%
Specialty Funds				16.45	%
Domestic Equity Funds				13.39	%
International Equity Funds				7.55	%
Other Assets and Liabilities				(0.03	)%
TOTAL NET ASSETS				100.00	%

See accompanying notes

212

Schedule of Investments
Principal LifeTime Strategic Income Fund
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases	Purchases		Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	731,780	$	11,465	716,929	$	12,173	216,801		$	3,729	1,231,908	$	19,950
Bond Market Index Fund	6,487,945		72,205	950,969		10,350	777,301			8,479	6,661,613		74,061
Core Plus Bond Fund	14,981,433		163,248	468,417		5,055	1,932,279			20,901	13,517,571		147,393
Diversified International Fund	1,677,905		20,262	60,744		676	339,768			3,801	1,398,881		17,238
Equity Income Fund	843,095		15,904	39,695		1,115	116,541			3,261	766,249		14,431
Global Diversified Income Fund	4,890,214		57,365	218,120		2,950	496,243			6,714	4,612,091		53,506
Global Multi-Strategy Fund	4,174,738		43,925	117,934		1,293	452,420			4,947	3,840,252		40,244
Global Opportunities Fund	1,119,074		12,412	49,477		569	122,755			1,413	1,045,796		11,576
Inflation Protection Fund	9,216,973		79,715	209,703		1,777	3,537,609			30,393	5,889,067		51,226
International Small Company Fund	—		—	415,405		4,145	21,289			216	394,116		3,932
LargeCap Growth Fund I	945,817		6,950	231		3	946,048			11,428	—		—
LargeCap S&P 500 Index Fund	1,250,090		12,489	69,135		1,083	186,436			2,908	1,132,789		10,890
MidCap Fund	759,053		11,389	37,251		853	77,434			1,767	718,870		10,545
Overseas Fund	1,945,623		17,786	80,605		765	393,675			3,801	1,632,553		14,719
Short-Term Income Fund	9,473,152		113,985	2,621,151		31,906	1,243,107			15,101	10,851,196		130,785
SmallCap Growth Fund I	353,560		2,863	17,695		211	29,708			353	341,547		2,714
SmallCap Value Fund II	363,652		2,812	25,561		340	100,538			1,354	288,675		2,228
		$	644,775		$	75,264			$	120,566		$	605,438
					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		161	$			41			$			59
Bond Market Index Fund			1,248				(15	)					—
Core Plus Bond Fund			1,113				(9	)					—
Diversified International Fund			272				101						—
Equity Income Fund			140				673						414
Global Diversified Income Fund			1,285				(95	)					—
Global Multi-Strategy Fund			67				(27	)					—
Global Opportunities Fund			218				8						—
Inflation Protection Fund			456				127						—
International Small Company Fund			6				3						—
LargeCap Growth Fund I			—				4,475						—
LargeCap S&P 500 Index Fund			372				226						238
MidCap Fund			69				70						346
Overseas Fund			361				(31	)					—
Short-Term Income Fund			646				(5	)					—
SmallCap Growth Fund I			—				(7	)					123
SmallCap Value Fund II			37				430						215
	$		6,451	$			5,965			$			1,395
Amounts in thousands except shares

See accompanying notes

213

     Schedule of Investments Real Estate Securities Fund January 31, 2017 (unaudited)

COMMON STOCKS - 97.96%	Shares Held		Value(000	's)	Portfolio Summary (unaudited)
Lodging - 1.96%					Sector	Percent
Hilton Grand Vacations Inc (a)	244,860	$	7,182		Financial	94.49	%
Hilton Worldwide Holdings Inc	1,106,864		63,733		Investment Companies	2.14	%
		$	70,915		Consumer, Cyclical	1.96	%
Real Estate - 0.88%					Technology	1.51	%
CBRE Group Inc (a)	1,048,252		31,825		Other Assets and Liabilities	(0.10	)%
					TOTAL NET ASSETS	100.00	%
REITS - 93.61%
Alexandria Real Estate Equities Inc	817,677		90,615
American Campus Communities Inc	878,411		42,708
American Tower Corp	593,553		61,433
Apartment Investment & Management Co	2,555,234		112,609
AvalonBay Communities Inc	1,018,444		176,506
Boston Properties Inc	1,057,736		138,458
Colony Starwood Homes	1,249,468		39,296
CoreSite Realty Corp	66,570		5,734
Crown Castle International Corp	710,316		62,387
CubeSmart	2,047,896		51,464
Duke Realty Corp	3,635,503		88,452
Education Realty Trust Inc	962,156		38,688
EPR Properties	785,237		58,084
Equinix Inc	564,041		217,144
Equity LifeStyle Properties Inc	534,334		39,509
Equity One Inc	2,452,746		76,501
Equity Residential	632,311		38,426
Essex Property Trust Inc	803,488		180,222
Extra Space Storage Inc	1,525,394		109,905
Federal Realty Investment Trust	171,477		24,080
First Industrial Realty Trust Inc	1,011,049		26,136
GGP Inc	3,682,550		91,475
Host Hotels & Resorts Inc	1,539,848		27,825
Hudson Pacific Properties Inc	698,780		24,744
Kilroy Realty Corp	1,178,910		88,241
Kite Realty Group Trust	1,129,330		27,126
Park Hotels & Resorts Inc	468,700		12,720
Physicians Realty Trust	3,368,316		62,482
Prologis Inc	2,978,694		145,509
Public Storage	454,999		97,825
Regency Centers Corp	683,437		47,656
Saul Centers Inc	378,568		24,035
Senior Housing Properties Trust	2,478,960		47,224
Simon Property Group Inc	1,903,321		349,773
SL Green Realty Corp	902,302		98,324
Spirit Realty Capital Inc	6,390,891		67,232
STAG Industrial Inc	216,756		5,016
STORE Capital Corp	3,616,558		85,568
Sun Communities Inc	936,851		73,786
Sunstone Hotel Investors Inc	4,444,074		65,417
Tanger Factory Outlet Centers Inc	595,700		20,367
Terreno Realty Corp	585,089		15,909
Ventas Inc	264,854		16,334
Vornado Realty Trust	472,371		50,218
Welltower Inc	2,480,099		164,431
		$	3,387,594
Software - 1.51%
InterXion Holding NV (a)	1,423,443		54,703
TOTAL COMMON STOCKS		$	3,545,037
INVESTMENT COMPANIES - 2.14%	Shares Held		Value(000	's)
Money Market Funds - 2.14%
BlackRock Liquidity Funds FedFund Portfolio	77,504,350		77,504
TOTAL INVESTMENT COMPANIES		$	77,504
Total Investments		$	3,622,541
Other Assets and Liabilities - (0.10)%		$	(3,640	)
TOTAL NET ASSETS - 100.00%		$	3,618,901
(a) Non-Income Producing Security

See accompanying notes

214

			Schedule of Investments
			SAM Balanced Portfolio
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.07%	Shares Held		Value(000	's)
Money Market Funds - 0.04%
Cash Account Trust - Government & Agency	2,002,515	$	2,003
Portfolio - Government Cash Managed
Principal Exchange-Traded Funds - 2.43%
Principal EDGE Active Income ETF (a)	1,230,600		50,266
Principal U.S. Small Cap Index ETF (a)	2,455,700		67,777
		$	118,043
Principal Funds, Inc. Institutional Class - 97.60%
Blue Chip Fund (a)	13,079,523		229,284
Diversified International Fund (a)	47,136,467		542,541
Diversified Real Asset Fund (a)	15,004,782		165,653
EDGE MidCap Fund (a)	8,466,249		103,881
Equity Income Fund (a)	19,275,277		544,912
Global Multi-Strategy Fund (a)	36,240,383		399,007
Global Real Estate Securities Fund (a)	16,133,995		140,204
Government & High Quality Bond Fund (a)	25,182,004		265,418
High Yield Fund (a)	9,879,488		72,614
Income Fund (a)	62,699,021		595,014
Inflation Protection Fund (a)	9,796,295		83,464
International Emerging Markets Fund (a)	5,285,089		120,289
International Small Company Fund (a)	5,165,667		52,741
LargeCap Growth Fund (a)	19,097,792		169,397
LargeCap Value Fund (a)	26,763,773		317,686
MidCap Fund (a)	9,259,098		214,811
Preferred Securities Fund (a)	9,549,913		95,881
Principal Capital Appreciation Fund (a)	2,375,672		135,485
Real Estate Debt Income Fund (a)	4,918,508		46,873
Short-Term Income Fund (a)	18,374,394		223,433
Small-MidCap Dividend Income Fund (a)	12,877,391		210,417
		$	4,729,005
TOTAL INVESTMENT COMPANIES		$	4,849,051
Total Investments		$	4,849,051
Other Assets and Liabilities - (0.07)%		$	(3,617	)
TOTAL NET ASSETS - 100.00%		$	4,845,434

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	41.15	%
Fixed Income Funds	29.57	%
International Equity Funds	17.66	%
Specialty Funds	11.65	%
Investment Companies	0.04	%
Other Assets and Liabilities	(0.07	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

215

Schedule of Investments
SAM Balanced Portfolio
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	13,504,287	$	187,923	141,897	$	2,436	566,661		$	9,678	13,079,523	$	181,264
Diversified International Fund	47,054,194		486,579	851,215		9,312	768,942			8,639	47,136,467		486,526
Diversified Real Asset Fund	—		—	15,036,266		164,424	31,484			348	15,004,782		164,078
EDGE MidCap Fund	8,337,056		86,057	373,053		4,563	243,860			2,962	8,466,249		87,685
Equity Income Fund	19,361,151		286,631	476,475		13,387	562,349			15,717	19,275,277		287,156
Global Diversified Income Fund	7,065,425		95,496	115,127		1,544	7,180,552			97,648	—		—
Global Multi-Strategy Fund	32,833,589		350,838	3,816,486		41,900	409,692			4,461	36,240,383		388,161
Global Real Estate Securities Fund	13,241,378		116,377	2,983,768		25,931	91,151			794	16,133,995		141,433
Government & High Quality Bond	22,796,021		238,987	2,441,107		25,828	55,124			582	25,182,004		264,211
Fund
High Yield Fund	14,005,887		98,597	208,727		1,513	4,335,126			31,752	9,879,488		68,030
Income Fund	62,879,624		577,979	617,330		5,840	797,933			7,581	62,699,021		576,060
Inflation Protection Fund	9,818,632		83,919	97,922		826	120,259			1,027	9,796,295		83,709
International Emerging Markets Fund	5,357,126		111,273	77,178		1,621	149,215			3,281	5,285,089		109,355
International Small Company Fund	5,297,404		52,110	17,738		173	149,475			1,471	5,165,667		50,776
LargeCap Growth Fund	26,220,036		152,183	3,962,850		34,208	11,085,094			96,403	19,097,792		100,212
LargeCap Value Fund	26,263,239		285,792	1,231,909		14,931	731,375			8,800	26,763,773		291,471
MidCap Fund	10,266,358		145,777	256,145		5,867	1,263,405			28,915	9,259,098		123,426
Preferred Securities Fund	9,546,781		89,127	208,130		2,068	204,998			2,052	9,549,913		89,103
Principal Capital Appreciation Fund	2,816,798		78,814	292,787		16,712	733,913			41,799	2,375,672		63,641
Principal EDGE Active Income ETF	1,230,600		47,668	—		—	—			—	1,230,600		47,668
Principal U.S. Small Cap Index ETF	2,455,700		61,045	—		—	—			—	2,455,700		61,045
Real Estate Debt Income Fund	4,979,030		48,099	47,136		447	107,658			1,026	4,918,508		47,496
Short-Term Income Fund	15,382,819		184,163	3,148,791		38,273	157,216			1,911	18,374,394		220,514
Small-MidCap Dividend Income Fund	14,142,936		167,095	219,821		3,515	1,485,366			23,841	12,877,391		149,296
		$	4,032,529		$	415,319			$	390,688		$	4,082,316
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		1,660	$			583			$			607
Diversified International Fund			8,750				(726	)					—
Diversified Real Asset Fund			—				2						—
EDGE MidCap Fund			4,365				27						99
Equity Income Fund			3,264				2,855						9,657
Global Diversified Income Fund			1,510				608						—
Global Multi-Strategy Fund			537				(116	)					—
Global Real Estate Securities Fund			2,661				(81	)					333
Government & High Quality Bond Fund			2,573				(22	)					—
High Yield Fund			1,398				(328	)					—
Income Fund			5,130				(178	)					—
Inflation Protection Fund			725				(9	)					—
International Emerging Markets Fund			1,580				(258	)					—
International Small Company Fund			148				(36	)					—
LargeCap Growth Fund			1,455				10,224						32,544
LargeCap Value Fund			7,505				(452	)					7,114
MidCap Fund			946				697						4,754
Preferred Securities Fund			1,220				(40	)					827
Principal Capital Appreciation Fund			2,384				9,914						14,179
Principal EDGE Active Income ETF			642				—						—
Principal U.S. Small Cap Index ETF			235				—						—
Real Estate Debt Income Fund			401				(24	)					1
Short-Term Income Fund			938				(11	)					—
Small-MidCap Dividend Income Fund			3,490				2,527						—
	$		53,517	$			25,156			$			70,115
Amounts in thousands except shares

See accompanying notes

216

			Schedule of Investments
			SAM Conservative Balanced Portfolio
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.06%	Shares Held		Value(000	's)
Money Market Funds - 0.07%
Cash Account Trust - Government & Agency	1,224,564	$	1,225
Portfolio - Government Cash Managed
Principal Exchange-Traded Funds - 3.53%
Principal EDGE Active Income ETF (a)	1,041,000		42,522
Principal U.S. Small Cap Index ETF (a)	712,200		19,656
		$	62,178
Principal Funds, Inc. Institutional Class - 96.46%
Blue Chip Fund (a)	2,098,491		36,787
Diversified International Fund (a)	12,164,909		140,018
Diversified Real Asset Fund (a)	4,154,209		45,862
EDGE MidCap Fund (a)	2,637,132		32,358
Equity Income Fund (a)	4,506,855		127,409
Global Diversified Income Fund (a)	2,587,225		35,264
Global Multi-Strategy Fund (a)	8,157,532		89,814
Global Real Estate Securities Fund (a)	3,819,897		33,195
Government & High Quality Bond Fund (a)	18,742,143		197,542
High Yield Fund (a)	7,171,661		52,712
Income Fund (a)	36,925,913		350,427
Inflation Protection Fund (a)	4,892,983		41,688
International Emerging Markets Fund (a)	1,303,021		29,657
International Small Company Fund (a)	1,285,934		13,129
LargeCap Growth Fund (a)	5,527,384		49,028
LargeCap Value Fund (a)	8,531,258		101,266
MidCap Fund (a)	1,380,705		32,032
Preferred Securities Fund (a)	2,489,923		24,999
Principal Capital Appreciation Fund (a)	695,371		39,657
Real Estate Debt Income Fund (a)	1,765,885		16,829
Short-Term Income Fund (a)	12,918,900		157,094
Small-MidCap Dividend Income Fund (a)	3,253,255		53,158
		$	1,699,925
TOTAL INVESTMENT COMPANIES		$	1,763,328
Total Investments		$	1,763,328
Other Assets and Liabilities - (0.06)%		$	(1,059	)
TOTAL NET ASSETS - 100.00%		$	1,762,269

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

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	50.14	%
Domestic Equity Funds	27.90	%
International Equity Funds	12.25	%
Specialty Funds	9.70	%
Investment Companies	0.07	%
Other Assets and Liabilities	(0.06	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

217

Schedule of Investments
SAM Conservative Balanced Portfolio
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	2,145,311	$	27,871	31,731	$	545	78,551		$	1,342	2,098,491	$	27,146
Diversified International Fund	12,101,961		125,213	302,553		3,320	239,605			2,686	12,164,909		125,615
Diversified Real Asset Fund	—		—	4,165,697		45,551	11,488			127	4,154,209		45,425
EDGE MidCap Fund	2,596,534		27,303	125,341		1,532	84,743			1,027	2,637,132		27,813
Equity Income Fund	4,509,929		70,634	136,959		3,830	140,033			3,909	4,506,855		70,606
Global Diversified Income Fund	4,245,951		57,593	115,318		1,550	1,774,044			24,119	2,587,225		34,296
Global Multi-Strategy Fund	8,249,177		88,296	84,308		916	175,953			1,922	8,157,532		87,251
Global Real Estate Securities Fund	3,678,817		31,864	160,829		1,375	19,749			172	3,819,897		33,053
Government & High Quality Bond	16,328,784		174,674	2,543,823		26,928	130,464			1,393	18,742,143		200,173
Fund
High Yield Fund	12,299,566		88,943	196,076		1,418	5,323,981			38,989	7,171,661		50,270
Income Fund	36,723,489		344,495	722,670		6,838	520,246			4,944	36,925,913		346,258
Inflation Protection Fund	4,870,252		41,689	106,283		902	83,552			713	4,892,983		41,871
International Emerging Markets Fund	1,345,238		27,158	19,140		402	61,357			1,342	1,303,021		26,105
International Small Company Fund	1,254,854		12,347	35,250		342	4,170			43	1,285,934		12,646
LargeCap Growth Fund	7,801,802		56,649	1,230,186		10,668	3,504,604			30,723	5,527,384		34,177
LargeCap Value Fund	8,332,554		90,652	446,340		5,400	247,636			2,970	8,531,258		92,924
MidCap Fund	1,704,894		22,522	51,375		1,174	375,564			8,596	1,380,705		15,678
Preferred Securities Fund	2,491,870		22,205	69,289		689	71,236			713	2,489,923		22,171
Principal Capital Appreciation Fund	768,454		23,919	83,145		4,753	156,228			8,906	695,371		20,305
Principal EDGE Active Income ETF	1,041,000		40,318	—		—	—			—	1,041,000		40,318
Principal U.S. Small Cap Index ETF	712,200		17,695	—		—	—			—	712,200		17,695
Real Estate Debt Income Fund	1,771,834		17,113	31,440		298	37,389			356	1,765,885		17,050
Short-Term Income Fund	9,507,659		113,903	3,474,060		42,226	62,819			764	12,918,900		155,360
Small-MidCap Dividend Income Fund	3,665,224		44,020	57,654		922	469,623			7,584	3,253,255		38,249
		$	1,567,076		$	161,579			$	143,340		$	1,582,455
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		265	$			72			$			97
Diversified International Fund			2,256				(232	)					—
Diversified Real Asset Fund			—				1						—
EDGE MidCap Fund			1,359				5						31
Equity Income Fund			764				51						2,261
Global Diversified Income Fund			1,059				(728	)					—
Global Multi-Strategy Fund			136				(39	)					—
Global Real Estate Securities Fund			750				(14	)					93
Government & High Quality Bond Fund			1,864				(36	)					—
High Yield Fund			1,194				(1,102	)					—
Income Fund			3,013				(131	)					—
Inflation Protection Fund			363				(7	)					—
International Emerging Markets Fund			395				(113	)					—
International Small Company Fund			37				—						—
LargeCap Growth Fund			436				(2,417	)					9,738
LargeCap Value Fund			2,398				(158	)					2,272
MidCap Fund			158				578						795
Preferred Securities Fund			319				(10	)					216
Principal Capital Appreciation Fund			653				539						3,879
Principal EDGE Active Income ETF			543				—						—
Principal U.S. Small Cap Index ETF			68				—						—
Real Estate Debt Income Fund			144				(5	)					—
Short-Term Income Fund			595				(5	)					—
Small-MidCap Dividend Income Fund			911				891						—
	$		19,680	$			(2,860	)		$			19,382
Amounts in thousands except shares

See accompanying notes

218

			Schedule of Investments
			SAM Conservative Growth Portfolio
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.08%	Shares Held		Value(000	's)
Money Market Funds - 0.04%
Cash Account Trust - Government & Agency	1,341,377	$	1,341
Portfolio - Government Cash Managed
Principal Exchange-Traded Funds - 2.18%
Principal U.S. Small Cap Index ETF (a)	2,440,600		67,361
Principal Funds, Inc. Class R-6 - 2.81%
Multi-Manager Equity Long/Short Fund (a)	8,484,386		86,795
Principal Funds, Inc. Institutional Class - 95.05%
Blue Chip Fund (a)	10,455,228		183,280
Diversified International Fund (a)	39,729,517		457,287
Diversified Real Asset Fund (a)	9,024,228		99,627
EDGE MidCap Fund (a)	6,764,095		82,995
Equity Income Fund (a)	12,675,447		358,335
Global Multi-Strategy Fund (a)	7,615,596		83,848
Global Real Estate Securities Fund (a)	6,763,271		58,773
Government & High Quality Bond Fund (a)	7,230,671		76,211
Income Fund (a)	16,498,181		156,568
International Small Company Fund (a)	4,386,421		44,785
LargeCap Growth Fund (a)	27,264,910		241,840
LargeCap Value Fund (a)	28,845,731		342,399
MidCap Fund (a)	8,283,481		192,177
Origin Emerging Markets Fund (a)	12,269,581		107,850
Preferred Securities Fund (a)	4,386,838		44,044
Principal Capital Appreciation Fund (a)	2,703,842		154,200
Short-Term Income Fund (a)	6,941,416		84,408
Small-MidCap Dividend Income Fund (a)	10,230,124		167,160
		$	2,935,787
TOTAL INVESTMENT COMPANIES		$	3,091,284
Total Investments		$	3,091,284
Other Assets and Liabilities - (0.08)%		$	(2,360	)
TOTAL NET ASSETS - 100.00%		$	3,088,924

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	57.94	%
International Equity Funds	21.64	%
Fixed Income Funds	11.70	%
Specialty Funds	8.76	%
Investment Companies	0.04	%
Other Assets and Liabilities	(0.08	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

219

Schedule of Investments
SAM Conservative Growth Portfolio
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Blue Chip Fund	10,676,184	$	146,461	114,296	$	1,960	335,252		$	5,725	10,455,228	$	142,997
Diversified International Fund	39,811,059		416,850	706,381		7,726	787,923			8,871	39,729,517		414,978
Diversified Real Asset Fund	6,709,885		76,990	2,387,623		26,070	73,280			801	9,024,228		102,160
EDGE MidCap Fund	6,585,634		67,689	299,474		3,662	121,013			1,466	6,764,095		69,886
Equity Income Fund	12,717,860		185,616	311,065		8,738	353,478			9,840	12,675,447		186,426
Global Multi-Strategy Fund	7,783,049		79,262	19,968		218	187,421			2,045	7,615,596		77,490
Global Real Estate Securities Fund	6,622,709		55,615	185,740		1,582	45,178			394	6,763,271		56,775
Government & High Quality Bond	6,573,464		68,500	732,308		7,749	75,101			803	7,230,671		75,437
Fund
High Yield Fund	6,348,433		43,364	71,722		517	6,420,155			47,043	—		—
Income Fund	16,494,962		149,701	168,328		1,593	165,109			1,571	16,498,181		149,695
International Small Company Fund	4,508,591		44,358	15,777		154	137,947			1,363	4,386,421		43,122
LargeCap Growth Fund	24,090,416		154,577	3,640,420		31,422	465,926			4,280	27,264,910		181,970
LargeCap Value Fund	28,247,352		312,656	1,321,404		16,016	723,025			8,677	28,845,731		319,417
MidCap Fund	8,867,761		128,112	221,309		5,067	805,589			18,435	8,283,481		115,147
Multi-Manager Equity Long/Short	8,594,374		84,699	72,982		741	182,970			1,857	8,484,386		83,610
Fund
Origin Emerging Markets Fund	12,522,380		111,643	117,664		961	370,463			3,190	12,269,581		108,918
Preferred Securities Fund	4,352,805		42,734	102,029		1,014	67,996			681	4,386,838		43,057
Principal Capital Appreciation Fund	2,553,405		71,762	265,876		15,174	115,439			6,623	2,703,842		80,909
Principal U.S. Small Cap Index ETF	2,440,600		60,676	—		—	—			—	2,440,600		60,676
Short-Term Income Fund	3,672,725		43,903	3,268,691		39,732	—			—	6,941,416		83,635
Small-MidCap Dividend Income Fund	10,989,060		127,037	169,888		2,717	928,824			14,905	10,230,124		116,355
		$	2,472,205		$	172,813			$	138,570		$	2,512,660
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Blue Chip Fund	$		1,320	$			301			$			483
Diversified International Fund			7,379				(727	)					—
Diversified Real Asset Fund			1,880				(99	)					—
EDGE MidCap Fund			3,473				1						79
Equity Income Fund			2,141				1,912						6,344
Global Multi-Strategy Fund			127				55						—
Global Real Estate Securities Fund			1,331				(28	)					166
Government & High Quality Bond Fund			739				(9	)					—
High Yield Fund			571				3,162						—
Income Fund			1,348				(28	)					—
International Small Company Fund			126				(27	)					—
LargeCap Growth Fund			1,339				251						29,912
LargeCap Value Fund			8,085				(578	)					7,668
MidCap Fund			820				403						4,123
Multi-Manager Equity Long/Short Fund			640				27						—
Origin Emerging Markets Fund			886				(496	)					—
Preferred Securities Fund			558				(10	)					379
Principal Capital Appreciation Fund			2,169				596						12,893
Principal U.S. Small Cap Index ETF			233				—						—
Short-Term Income Fund			242				—						—
Small-MidCap Dividend Income Fund			2,716				1,506						—
	$		38,123	$			6,212			$			62,047
Amounts in thousands except shares

See accompanying notes

220

			Schedule of Investments
			SAM Flexible Income Portfolio
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.05%	Shares Held		Value(000	's)
Money Market Funds - 0.07%
Cash Account Trust - Government & Agency	1,709,900	$	1,710
Portfolio - Government Cash Managed
Principal Exchange-Traded Funds - 2.51%
Principal EDGE Active Income ETF (a)	1,592,800		65,061
Principal Funds, Inc. Institutional Class - 97.47%
Diversified International Fund (a)	7,030,412		80,920
Equity Income Fund (a)	8,513,358		240,673
Global Diversified Income Fund (a)	9,536,562		129,983
Global Real Estate Securities Fund (a)	10,378,158		90,186
Government & High Quality Bond Fund (a)	27,383,626		288,623
High Yield Fund (a)	17,773,299		130,634
Income Fund (a)	82,554,921		783,446
Inflation Protection Fund (a)	20,050,504		170,830
International Emerging Markets Fund (a)	1,020,847		23,235
LargeCap Growth Fund (a)	5,209,412		46,208
LargeCap Value Fund (a)	6,902,862		81,937
Preferred Securities Fund (a)	3,992,787		40,088
Real Estate Debt Income Fund (a)	5,274,864		50,269
Short-Term Income Fund (a)	23,029,693		280,041
Small-MidCap Dividend Income Fund (a)	5,603,964		91,569
		$	2,528,642
TOTAL INVESTMENT COMPANIES		$	2,595,413
Total Investments		$	2,595,413
Other Assets and Liabilities - (0.05)%		$	(1,252	)
TOTAL NET ASSETS - 100.00%		$	2,594,161

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

Portfolio Summary (unaudited)
Fund Type	Percent
Fixed Income Funds	69.73	%
Domestic Equity Funds	17.75	%
International Equity Funds	7.49	%
Specialty Funds	5.01	%
Investment Companies	0.07	%
Other Assets and Liabilities	(0.05	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

221

Schedule of Investments
SAM Flexible Income Portfolio
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Diversified International Fund	6,997,342	$	76,824	163,273	$	1,796	130,203		$	1,447	7,030,412	$	77,034
Equity Income Fund	8,308,158		157,519	309,269		8,653	104,069			2,899	8,513,358		163,252
Global Diversified Income Fund	12,175,068		166,795	366,880		4,937	3,005,386			40,858	9,536,562		128,722
Global Real Estate Securities Fund	6,875,660		59,684	3,559,855		30,975	57,357			498	10,378,158		90,120
Government & High Quality Bond	24,062,961		258,352	3,428,714		36,297	108,049			1,152	27,383,626		293,454
Fund
High Yield Fund	26,159,395		188,951	524,695		3,795	8,910,791			65,273	17,773,299		125,353
Income Fund	80,411,185		762,712	2,643,739		25,032	500,003			4,736	82,554,921		782,778
Inflation Protection Fund	12,306,889		105,622	7,830,152		66,663	86,537			740	20,050,504		171,529
International Emerging Markets Fund	1,016,205		21,787	15,528		328	10,886			236	1,020,847		21,857
LargeCap Growth Fund	8,003,686		65,692	1,309,391		11,393	4,103,665			35,823	5,209,412		38,942
LargeCap Value Fund	6,527,200		73,274	444,069		5,363	68,407			822	6,902,862		77,764
Preferred Securities Fund	3,949,667		35,026	132,765		1,322	89,645			895	3,992,787		35,426
Principal EDGE Active Income ETF	1,592,800		61,633	—		—	—			—	1,592,800		61,633
Real Estate Debt Income Fund	5,185,644		50,028	138,906		1,320	49,686			473	5,274,864		50,855
Short-Term Income Fund	19,172,343		230,263	3,986,389		48,452	129,039			1,568	23,029,693		277,132
Small-MidCap Dividend Income Fund	7,110,458		79,531	115,771		1,853	1,622,265			26,339	5,603,964		59,919
		$	2,393,693		$	248,179			$	183,759		$	2,455,770
						Realized Gain/Loss					Realized Gain from
			Income			on Investments				Capital Gain Distributions
Diversified International Fund	$		1,300	$			(139	)		$			—
Equity Income Fund			1,421				(21	)					4,207
Global Diversified Income Fund			3,160				(2,152	)					—
Global Real Estate Securities Fund			1,409				(41	)					176
Government & High Quality Bond Fund			2,748				(43	)					—
High Yield Fund			2,605				(2,120	)					—
Income Fund			6,657				(230	)					—
Inflation Protection Fund			923				(16	)					—
International Emerging Markets Fund			303				(22	)					—
LargeCap Growth Fund			450				(2,320	)					10,067
LargeCap Value Fund			1,894				(51	)					1,795
Preferred Securities Fund			507				(27	)					344
Principal EDGE Active Income ETF			830				—						—
Real Estate Debt Income Fund			424				(20	)					1
Short-Term Income Fund			1,178				(15	)					—
Small-MidCap Dividend Income Fund			1,779				4,874						—
	$		27,588	$			(2,343	)		$			16,590
Amounts in thousands except shares

See accompanying notes

222

			Schedule of Investments
			SAM Strategic Growth Portfolio
			January 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.11%	Shares Held		Value(000	's)
Money Market Funds - 0.12%
Cash Account Trust - Government & Agency	2,264,041	$	2,264
Portfolio - Government Cash Managed
Principal Exchange-Traded Funds - 7.38%
Principal EDGE Active Income ETF (a)	1,859,800		75,968
Principal U.S. Small Cap Index ETF (a)	2,195,700		60,601
		$	136,569
Principal Funds, Inc. Class R-6 - 2.48%
Multi-Manager Equity Long/Short Fund (a)	4,481,690		45,848
Principal Funds, Inc. Institutional Class - 90.13%
Diversified International Fund (a)	30,167,291		347,226
EDGE MidCap Fund (a)	3,357,287		41,194
Equity Income Fund (a)	7,497,013		211,941
Global Multi-Strategy Fund (a)	3,173,430		34,939
Global Real Estate Securities Fund (a)	9,650,916		83,866
International Small Company Fund (a)	3,449,455		35,219
LargeCap Growth Fund (a)	21,408,728		189,895
LargeCap Value Fund (a)	17,126,748		203,294
Origin Emerging Markets Fund (a)	13,780,093		121,127
Principal Capital Appreciation Fund (a)	4,965,140		283,162
Real Estate Debt Income Fund (a)	3,787,503		36,095
Small-MidCap Dividend Income Fund (a)	4,866,687		79,522
		$	1,667,480
TOTAL INVESTMENT COMPANIES		$	1,852,161
Total Investments		$	1,852,161
Other Assets and Liabilities - (0.11)%		$	(2,075	)
TOTAL NET ASSETS - 100.00%		$	1,850,086

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

Portfolio Summary (unaudited)
Fund Type	Percent
Domestic Equity Funds	57.81	%
International Equity Funds	31.75	%
Fixed Income Funds	6.06	%
Specialty Funds	4.37	%
Investment Companies	0.12	%
Other Assets and Liabilities	(0.11	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

223

Schedule of Investments
SAM Strategic Growth Portfolio
January 31, 2017 (unaudited)
	October 31,		October 31,								January 31,		January 31,
Affiliated Securities	2016		2016	Purchases	Purchases		Sales			Sales	2017		2017
	Shares		Cost	Shares		Cost	Shares			Proceeds	Shares		Cost
Diversified International Fund	30,096,449	$	333,385	596,319	$	6,539	525,477		$	5,904	30,167,291	$	333,524
EDGE MidCap Fund	3,283,838		38,030	150,646		1,844	77,197			935	3,357,287		38,942
Equity Income Fund	7,689,136		112,385	178,948		5,030	371,071			10,262	7,497,013		110,124
Global Multi-Strategy Fund	3,244,255		35,453	14,933		163	85,758			934	3,173,430		34,675
Global Real Estate Securities Fund	7,534,679		63,485	2,204,304		19,171	88,067			766	9,650,916		81,811
International Small Company Fund	3,561,614		35,037	15,825		154	127,984			1,257	3,449,455		33,902
LargeCap Growth Fund	22,176,298		153,356	3,352,952		28,948	4,120,522			36,030	21,408,728		145,249
LargeCap Value Fund	16,923,724		188,573	787,582		9,549	584,558			7,027	17,126,748		190,640
Multi-Manager Equity Long/Short	3,967,901		39,102	577,019		5,855	63,230			638	4,481,690		44,326
Fund
Origin Emerging Markets Fund	13,791,097		127,111	164,649		1,349	175,653			1,531	13,780,093		126,713
Principal Capital Appreciation Fund	4,636,762		175,180	481,901		27,503	153,523			8,958	4,965,140		193,590
Principal EDGE Active Income ETF	1,859,800		72,413	—		—	—			—	1,859,800		72,413
Principal U.S. Small Cap Index ETF	2,195,700		54,599	—		—	—			—	2,195,700		54,599
Real Estate Debt Income Fund	1,855,959		17,818	1,970,809		18,839	39,265			376	3,787,503		36,279
Small-MidCap Dividend Income Fund	5,612,929		61,433	87,966		1,407	834,208			13,401	4,866,687		51,181
		$	1,507,360		$	126,351			$	88,019		$	1,547,968
					Realized Gain/Loss						Realized Gain from
			Income			on Investments				Capital Gain Distributions
Diversified International Fund	$		5,597	$			(496	)		$			—
EDGE MidCap Fund			1,722				3						39
Equity Income Fund			1,268				2,971						3,761
Global Multi-Strategy Fund			53				(7	)					—
Global Real Estate Securities Fund			1,511				(79	)					189
International Small Company Fund			99				(32	)					—
LargeCap Growth Fund			1,230				(1,025	)					27,474
LargeCap Value Fund			4,800				(455	)					4,556
Multi-Manager Equity Long/Short Fund			295				7						—
Origin Emerging Markets Fund			989				(216	)					—
Principal Capital Appreciation Fund			3,903				(135	)					23,225
Principal EDGE Active Income ETF			970				—						—
Principal U.S. Small Cap Index ETF			210				—						—
Real Estate Debt Income Fund			196				(2	)					1
Small-MidCap Dividend Income Fund			1,380				1,742						—
	$		24,223	$			2,276			$			59,245
Amounts in thousands except shares

See accompanying notes

224

     Schedule of Investments Short-Term Income Fund January 31, 2017 (unaudited)

INVESTMENT COMPANIES - 1.76%		Shares Held		Value(000			's)			Principal
Exchange Traded Funds - 1.02%								BONDS (continued)		Amount (000's) Value (000's)
iShares 1-3 Year Credit Bond ETF			100,000	$		10,514		Automobile Asset Backed Securities (continued)
iShares Floating Rate Bond ETF			85,000			4,316		Capital Auto Receivables Asset Trust 2013-3
iShares Short Maturity Bond ETF			100,000			5,023		2.32%, 07/20/2018		$	3,239	$	3,243
SPDR Bloomberg Barclays Short Term			100,000			3,059		Capital Auto Receivables Asset Trust 2014-1
Corporate Bond ETF								2.22%, 01/22/2019			8,500		8,538
Vanguard Short-Term Corporate Bond ETF			200,000			15,924		2.84%, 04/22/2019			11,600		11,715
				$		38,836		Capital Auto Receivables Asset Trust 2014-2
Money Market Funds - 0.74%								2.03%, 12/20/2018			9,250		9,283
Morgan Stanley Institutional Liquidity Funds -		28,046,825				28,047		2.41%, 05/20/2019			1,950		1,964
Government Portfolio								Capital Auto Receivables Asset Trust 2016-2
								1.32%, 01/22/2019(b)			11,459		11,457
TOTAL INVESTMENT COMPANIES				$		66,883		Capital Auto Receivables Asset Trust 2016-3
								1.36%, 04/22/2019(b)			4,750		4,751
		Principal
BONDS- 98.69	%	Amount (000's)		Value(000			's)	CPS Auto Receivables Trust 2013-A
								1.31%, 06/15/2020(a),(b)			4,168		4,151
Aerospace & Defense - 1.11%
								CPSAuto Receivables Trust 2013-B
Lockheed Martin Corp								1.82%, 09/15/2020(a),(b)			2,675		2,676
1.85%, 11/23/2018		$	6,500		$	6,518
2.50%, 11/23/2020			6,500			6,553		CPS Auto Receivables Trust 2013-C
								4.30%, 08/15/2019(a)			6,250		6,338
Rolls-Royce PLC
2.38%, 10/14/2020(a)			5,000			5,004		CPS Auto Receivables Trust 2013-D
								3.97%, 11/15/2019(a),(b)			1,000		1,008
United Technologies Corp
1.24%, 11/01/2019(b)			4,850			4,873		CPS Auto Receivables Trust 2014-B
								1.11%, 11/15/2018(a)			453		453
1.50%, 11/01/2019			14,400			14,303
1.95%, 11/01/2021			5,000			4,906		CPS Auto Receivables Trust 2014-C
								1.31%, 02/15/2019(a),(b)			3,801		3,799
				$		42,157		2.67%, 08/17/2020(a)			4,000		4,023
Agriculture - 0.66%								3.77%, 08/17/2020(a)			4,330		4,348
Cargill Inc
6.00%, 11/27/2017(a)			24,153			24,998		CPS Auto Receivables Trust 2014-D
								1.49%, 04/15/2019(a)			1,748		1,748
								CPS Auto Receivables Trust 2015-A
Airlines - 0.88%								2.79%, 02/16/2021(a),(b)			10,330		10,421
American Airlines 2013-2 Class A Pass								CPS Auto Receivables Trust 2015-C
Through Trust								1.77%, 06/17/2019(a)			5,306		5,309
4.95%, 07/15/2024			14,691			15,655		2.55%, 02/18/2020(a)			3,580		3,597
Delta Air Lines 2009-1 Class A Pass Through								CPS Auto Receivables Trust 2016-B
Trust								2.07%, 11/15/2019(a)			3,813		3,824
7.75%, 06/17/2021			11,253			12,491		CPS Auto Receivables Trust 2016-C
Delta Air Lines 2012-1 Class A Pass Through								1.62%, 01/15/2020(a)			15,378		15,365
Trust								CPS Auto Trust
4.75%, 11/07/2021			5,077			5,350		1.48%, 03/16/2020(a)			1,330		1,329
				$		33,496		1.50%, 06/15/2020(a),(b)			8,518		8,507
Automobile Asset Backed Securities - 11.78%								1.68%, 08/17/2020(a),(b)			16,500		16,499
AmeriCredit Automobile Receivables 2015-4								Ford Credit Auto Owner Trust 2015-REV2
1.26%, 04/08/2019			3,166			3,166		2.44%, 01/15/2027(a),(b)			12,327		12,419
AmeriCredit Automobile Receivables 2016-1								Ford Credit Auto Owner Trust 2016-REV2
1.52%, 06/10/2019			4,546			4,550		2.03%, 12/15/2027(a)			14,000		13,795
AmeriCredit Automobile Receivables Trust								Ford Credit Auto Owner Trust/Ford Credit
2013-1								2014-RE	V1
1.57%, 01/08/2019			1,991			1,991		2.26%, 11/15/2025(a),(b)			11,327		11,430
2.09%, 02/08/2019			4,400			4,413		Santander Drive Auto Receivables Trust 2013-
AmeriCredit Automobile Receivables Trust								1
2013-5								1.76%, 01/15/2019			3,737		3,739
2.29%, 11/08/2019			3,965			3,986		2.27%, 01/15/2019			6,740		6,765
2.86%, 12/09/2019(b)			14,920			15,093
								Santander Drive Auto Receivables Trust 2013-
AmeriCredit Automobile Receivables Trust								3
2014-1								2.42%, 04/15/2019			2,300		2,315
0.90%, 02/08/2019			303			303		Santander Drive Auto Receivables Trust 2013-
2.15%, 03/09/2020(b)			2,400			2,412
2.54%, 06/08/2020(b)			10,500			10,564		5
								2.25%, 06/17/2019(b)			1,909		1,915
AmeriCredit Automobile Receivables Trust								2.73%, 10/15/2019(b)			6,800		6,870
2014-2								Santander Drive Auto Receivables Trust 2014-
2.18%, 06/08/2020			3,400			3,418		1
2.57%, 07/08/2020(b)			9,400			9,442
								2.36%, 04/15/2020			11,257		11,298
AmeriCredit Automobile Receivables Trust								2.91%, 04/15/2020			3,500		3,543
2014-3								Santander Drive Auto Receivables Trust 2014-
2.58%, 09/08/2020(b)			3,200			3,237
								2
Americredit Automobile Receivables Trust								1.62%, 02/15/2019			430		430
2016-4								2.76%, 02/18/2020(b)			3,600		3,640
1.34%, 04/08/2020			12,350			12,336		Santander Drive Auto Receivables Trust 2014-
Capital Auto Receivables Asset Trust 2013-1								3
1.74%, 10/22/2018			1,230			1,230		2.13%, 08/17/2020(b)			9,727		9,759
2.19%, 09/20/2021(b)			6,650			6,667
								2.65%, 08/17/2020			2,770		2,800
Capital Auto Receivables Asset Trust 2013-2
3.30%, 06/20/2019			10,500			10,607

See accompanying notes

225

     Schedule of Investments Short-Term Income Fund January 31, 2017 (unaudited)

		Principal						Principal
BONDS (continued)		Amount (000's)			Value (000's)	BONDS (continued)		Amount (000's)		Value (000's)
Automobile Asset Backed Securities (continued)						Banks (continued)
Santander Drive Auto Receivables Trust 2014-						BB&T Corp (continued)
5						2.05%, 05/10/2021	$	9,500	$	9,344
2.46%, 06/15/2020		$	5,000	$	5,035	Branch Banking & Trust Co
Santander Drive Auto Receivables Trust 2015-						1.22%, 05/23/2017(b)		14,450		14,454
1						2.10%, 01/15/2020		14,400		14,402
2.57%, 04/15/2021			16,195		16,323	2.63%, 01/15/2022		14,400		14,386
Santander Drive Auto Receivables Trust 2015-						Capital One NA/Mclean VA
2						1.65%, 02/05/2018		9,327		9,324
2.44%, 04/15/2021(b)			13,400		13,491	1.72%, 09/13/2019(b)		9,500		9,542
Santander Drive Auto Receivables Trust 2016-						1.85%, 09/13/2019		9,500		9,415
3						2.19%, 01/30/2023(b)		14,400		14,435
1.34%, 11/15/2019			10,400		10,399	Citigroup Inc
TCF Auto Receivables Owner Trust 2016-						1.39%, 08/14/2017(b)		8,000		8,002
PT1						1.70%, 04/27/2018		13,990		13,969
1.93%, 06/15/2022(a),(b)			23,200		23,162	2.34%, 10/26/2020(b)		10,000		10,168
Westlake Automobile Receivables Trust 2015-						2.45%, 01/10/2020		4,800		4,809
1						2.70%, 03/30/2021		14,100		14,019
2.29%, 11/16/2020(a)			13,095		13,145	Fifth Third Bank/Cincinnati OH
Westlake Automobile Receivables Trust 2015-						1.63%, 09/27/2019		4,750		4,695
2						2.25%, 06/14/2021		7,700		7,602
1.28%, 07/16/2018(a),(b)			2,736		2,735	2.30%, 03/15/2019		7,600		7,665
Westlake Automobile Receivables Trust 2015-						Goldman Sachs Group Inc/The
3						2.01%, 11/15/2018(b)		9,909		10,008
1.42%, 05/17/2021(a),(b)			5,724		5,723	2.14%, 04/26/2022(b)		14,400		14,391
Westlake Automobile Receivables Trust 2016-						2.20%, 04/23/2020(b)		23,990		24,265
1						2.30%, 12/13/2019		9,600		9,590
1.82%, 01/15/2019(a)			5,049		5,056	2.60%, 04/23/2020		9,600		9,643
Westlake Automobile Receivables Trust 2016-						3.00%, 04/26/2022		19,200		19,072
2						JPMorgan Chase & Co
1.57%, 06/17/2019(a)			13,471		13,478	2.27%, 10/24/2023(b)		15,000		15,257
Westlake Automobile Receivables Trust 2016-						2.30%, 08/15/2021		9,500		9,335
3						4.25%, 10/15/2020		19,500		20,687
2.07%, 12/15/2021(a),(b)			11,400		11,349	JPMorgan Chase Bank NA
			$		448,375	6.00%, 10/01/2017		29,480		30,349
Automobile Floor Plan Asset Backed Securities - 0.75%						KeyBank NA/Cleveland OH
Ford Credit Floorplan Master Owner Trust A						1.60%, 08/22/2019		2,000		1,976
1.23%, 11/15/2021(b)			16,300		16,303	1.70%, 06/01/2018		6,500		6,504
Volkswagen Credit Auto Master Trust						2.35%, 03/08/2019		14,350		14,457
1.13%, 07/22/2019(a),(b)			12,327		12,318	Morgan Stanley
			$		28,621	1.88%, 01/05/2018		4,664		4,676
Automobile Manufacturers - 1.78%						2.13%, 04/25/2018		9,750		9,791
Daimler Finance North America LLC						2.44%, 04/21/2021(b)		24,000		24,535
1.38%, 08/01/2017(a)			6,664		6,661	2.44%, 10/24/2023(b)		29,000		29,343
1.75%, 10/30/2019(a)			6,650		6,565	5.50%, 07/24/2020		9,500		10,377
Ford Motor Credit Co LLC						National City Bank/Cleveland OH
2.02%, 05/03/2019			9,600		9,514	1.32%, 06/07/2017(b)		4,500		4,502
PACCAR Financial Corp						PNC Bank NA
1.45%, 03/09/2018			6,664		6,666	1.60%, 06/01/2018		4,500		4,498
2.20%, 09/15/2019			9,327		9,416	1.70%, 12/07/2018		5,000		4,990
Toyota Motor Credit Corp						4.88%, 09/21/2017		15,355		15,675
1.20%, 04/06/2018			9,600		9,569	6.88%, 04/01/2018		4,080		4,310
2.10%, 01/17/2019			9,600		9,674	PNC Financial Services Group Inc/The
2.60%, 01/11/2022			9,600		9,602	5.63%, 02/01/2017		7,231		7,231
			$		67,667	SunTrust Bank/Atlanta GA
						2.25%, 01/31/2020(c)		9,600		9,617
Banks- 20.55	%
Bank of America Corp						7.25%, 03/15/2018		23,149		24,469
2.19%, 01/20/2023(b)			33,500		33,618	SunTrust Banks Inc
2.44%, 04/19/2021(b)			4,500		4,608	2.90%, 03/03/2021		12,500		12,642
2.50%, 10/21/2022			12,000		11,597	US Bancorp
2.60%, 01/15/2019			12,000		12,114	2.63%, 01/24/2022		9,600		9,636
2.63%, 10/19/2020			15,750		15,775	US Bank NA/Cincinnati OH
						1.52%, 10/28/2019(b)		14,209		14,265
Bank of America NA
1.26%, 06/15/2017(b)			7,750		7,750	2.00%, 01/24/2020		9,600		9,607
5.30%, 03/15/2017			33,524		33,684	Wells Fargo & Co
						2.15%, 01/24/2023(b)		19,000		19,085
Bank of Montreal
2.50%, 01/11/2022(a)			6,750		6,749	2.60%, 07/22/2020		14,327		14,413
Bank of New York Mellon Corp/The						Wells Fargo Bank NA
2.09%, 10/30/2023(b)			24,500		24,909	1.65%, 01/22/2018		14,250		14,271
2.20%, 05/15/2019			11,327		11,406	6.00%, 11/15/2017		8,500		8,790
2.50%, 04/15/2021			5,700		5,691			$		782,086
BB&T Corp						Beverages - 1.44%
1.55%, 02/01/2019(b)			5,664		5,697	Anheuser-Busch InBev Finance Inc
						2.15%, 02/01/2019		14,414		14,526

See accompanying notes

226

Schedule of Investments
Short-Term Income Fund
January 31, 2017 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Beverages (continued)					Computers (continued)
Anheuser-Busch InBev Worldwide Inc					International Business Machines Corp
1.58%, 08/01/2018(b)	$	4,500	$	4,532	1.95%, 02/12/2019	$	9,250	$	9,319
3.75%, 01/15/2022		14,500		15,181	2.25%, 02/19/2021		9,500		9,493
PepsiCo Inc							$		66,107
1.00%, 10/13/2017		4,750		4,744	Cosmetics & Personal Care - 0.20%
1.35%, 10/04/2019		6,400		6,353	Procter & Gamble Co/The
2.15%, 10/14/2020		9,500		9,539	1.70%, 11/03/2021		7,700		7,555
		$		54,875
Biotechnology - 1.23%					Credit Card Asset Backed Securities - 1.83%
Amgen Inc					Cabela's Credit Card Master Note Trust
1.25%, 05/22/2017		9,000		9,000	1.12%, 03/16/2020(b)		5,878		5,879
2.20%, 05/22/2019		9,327		9,390	1.22%, 07/15/2022(b)		18,364		18,377
Biogen Inc					1.25%, 06/15/2020(a),(b)		9,214		9,222
2.90%, 09/15/2020		14,000		14,228	1.30%, 02/18/2020(a),(b)		6,982		6,983
Gilead Sciences Inc					1.42%, 08/16/2021(a),(b)		9,745		9,797
1.85%, 09/04/2018		4,750		4,772	Capital One Multi-Asset Execution Trust
1.95%, 03/01/2022		4,750		4,590	1.28%, 09/16/2024(b)		19,200		19,255
2.55%, 09/01/2020		4,750		4,797			$		69,513
		$		46,777	Diversified Financial Services - 1.03%
Chemicals - 1.41%					GTP Acquisition Partners I LLC
Air Liquide Finance SA					2.35%, 06/15/2045(a),(e)		9,100		8,954
1.75%, 09/27/2021(a)		6,750		6,513	Murray Street Investment Trust I
Airgas Inc					4.65%, 03/09/2017(b)		30,072		30,146
1.65%, 02/15/2018		12,592		12,612			$		39,100
Chevron Phillips Chemical Co LLC / Chevron					Electric - 4.11%
Phillips Chemical Co LP					Black Hills Corp
1.70%, 05/01/2018(a)		9,495		9,494	2.50%, 01/11/2019		5,000		5,037
2.45%, 05/01/2020(a)		4,832		4,854	Dominion Resources Inc/VA
Westlake Chemical Corp					1.40%, 09/15/2017		9,327		9,321
4.63%, 02/15/2021(a)		10,000		10,391	2.96%, 07/01/2019(b)		6,200		6,283
4.88%, 05/15/2023(a)		9,600		9,929	Duke Energy Florida LLC
		$		53,793	1.85%, 01/15/2020		9,600		9,612
Commercial Mortgage Backed Securities - 1.62%					3.10%, 08/15/2021		5,750		5,931
Ginnie Mae					Emera US Finance LP
0.60%, 07/16/2054(b),(d)		38,940		1,683	2.70%, 06/15/2021		6,700		6,648
0.68%, 09/16/2055(b),(d)		34,437		1,598	Fortis Inc/Canada
0.81%, 06/16/2055(b),(d)		42,165		1,873	2.10%, 10/04/2021(a)		14,750		14,276
0.83%, 01/16/2054(b),(d)		50,480		2,495	Indiantown Cogeneration LP
0.85%, 03/16/2052(b),(d)		38,732		2,291	9.77%, 12/15/2020		6,760		7,295
0.85%, 10/16/2054(b),(d)		54,825		2,347	NextEra Energy Capital Holdings Inc
0.89%, 10/16/2054(b),(d)		62,978		3,215	1.59%, 06/01/2017		6,664		6,670
0.90%, 10/16/2054(b),(d)		72,908		3,432	7.30%, 09/01/2067(b)		11,827		11,898
0.91%, 01/16/2055(b),(d)		104,249		4,651	Public Service Co of New Mexico
0.91%, 02/16/2055(b),(d)		73,311		2,752	7.95%, 05/15/2018		24,440		26,302
0.92%, 02/16/2048(b),(d)		37,727		1,835	San Diego Gas & Electric Co
0.98%, 09/16/2054(b),(d)		43,178		2,286	1.91%, 02/01/2022		3,770		3,720
1.08%, 07/16/2056(b),(d)		23,196		1,531	Southern California Edison Co
1.11%, 06/16/2045(b),(d)		82,054		4,822	1.85%, 02/01/2022		7,470		7,356
1.12%, 08/16/2042(b),(d)		85,774		4,880	Southern Co/The
1.16%, 02/16/2046(b),(d)		78,552		4,741	1.55%, 07/01/2018		5,800		5,781
1.26%, 10/16/2051(b),(d)		4,021		278	Talen Energy Supply LLC
1.37%, 12/16/2036(b),(d)		60,793		3,721	6.50%, 05/01/2018		4,832		5,013
JPMDB Commercial Mortgage Securities					Texas-New Mexico Power Co
Trust 2016-C4					9.50%, 04/01/2019(a)		4,798		5,499
1.54%, 12/15/2049(b)		11,307		11,160	TransAlta Corp
		$		61,591	6.90%, 05/15/2018(b)		18,985		19,762
Commercial Services - 0.12%							$		156,404
Equifax Inc					Electronics - 0.76%
2.30%, 06/01/2021		4,800		4,726	Fortive Corp
					1.80%, 06/15/2019(a)		3,500		3,479
Computers - 1.74%					2.35%, 06/15/2021(a)		6,700		6,615
Apple Inc					Honeywell International Inc
1.00%, 05/03/2018		4,664		4,648	1.85%, 11/01/2021		19,200		18,789
1.70%, 02/22/2019		6,747		6,764			$		28,883
2.05%, 02/23/2021(b)		4,750		4,902	Engineering & Construction - 0.25%
Diamond 1 Finance Corp / Diamond 2 Finance					SBA Tower Trust
Corp					2.88%, 07/15/2046(a)		9,600		9,504
3.48%, 06/01/2019(a)		14,400		14,696
Hewlett Packard Enterprise Co					Finance - Mortgage Loan/Banker - 6.89%
2.45%, 10/05/2017		9,500		9,549	Fannie Mae
2.85%, 10/05/2018		6,650		6,736	1.25%, 08/17/2021		30,000		29,080
					1.38%, 10/07/2021		53,750		52,305

See accompanying notes

227

Schedule of Investments
Short-Term Income Fund
January 31, 2017 (unaudited)
			Principal						Principal
	BONDS (continued)		Amount (000's) Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
	Finance - Mortgage Loan/Banker (continued)						Home Equity Asset Backed Securities (continued)
	Fannie Mae (continued)						Terwin Mortgage Trust Series TMTS 2005-
	1.50%, 11/30/2020		$	30,000	$	29,721	14	HE
	1.63%, 01/21/2020			44,500		44,630	4.85%, 08/25/2036(b)		$	986	$	999
	2.00%, 01/05/2022			20,900		20,849	Wells Fargo Home Equity Asset-Backed
	Freddie Mac						Securities 2004-2 Trust
	1.50%, 01/17/2020			30,000		29,956	1.61%, 10/25/2034(b)			229		228
	2.38%, 01/13/2022			54,800		55,700	5.00%, 10/25/2034			43		43
				$		262,241				$		12,314
	Food- 0.77	%					Home Furnishings - 0.37%
	Kraft Heinz Foods Co						Samsung Electronics America Inc
	1.60%, 06/30/2017			5,664		5,668	1.75%, 04/10/2017(a)			13,990		13,999
	2.00%, 07/02/2018			4,731		4,739
	Mondelez International Holdings Netherlands						Housewares - 0.28%
	BV						Newell Brands Inc
	1.63%, 10/28/2019(a)			9,500		9,355	2.60%, 03/29/2019			4,800		4,860
	1.65%, 10/28/2019(a),(b)			9,500		9,532	3.85%, 04/01/2023			5,800		5,979
				$		29,294				$		10,839
	Gas- 0.65	%					Insurance - 5.70%
	Spire Inc						Berkshire Hathaway Finance Corp
	1.66%, 08/15/2017(b)			24,886		24,899	1.34%, 01/10/2020(b)			14,500		14,541
							1.60%, 05/15/2017			11,490		11,509
	Hand & Machine Tools - 0.38%						1.70%, 03/15/2019			6,500		6,501
	Stanley Black & Decker Inc						Berkshire Hathaway Inc
	1.62%, 11/17/2018			14,400		14,347	2.20%, 03/15/2021			4,600		4,600
							2.75%, 03/15/2023			5,500		5,491
	Healthcare - Products - 1.08%						Hartford Financial Services Group Inc/The
	Abbott Laboratories						8.13%, 06/15/2068(b)			20,750		22,203
	2.00%, 03/15/2020			18,653		18,423	MassMutual Global Funding II
	Becton Dickinson and Co						1.55%, 10/11/2019(a)			9,650		9,547
	1.80%, 12/15/2017			3,605		3,614	2.00%, 04/05/2017(a)			5,430		5,438
	2.68%, 12/15/2019			4,063		4,126	2.00%, 04/15/2021(a)			4,478		4,373
	Medtronic Inc						2.10%, 08/02/2018(a)			12,995		13,104
	1.76%, 03/15/2020(b)			5,250		5,319	2.35%, 04/09/2019(a)			8,700		8,797
	2.50%, 03/15/2020			9,495		9,611	Metropolitan Life Global Funding I
				$		41,093	1.50%, 01/10/2018(a)			6,250		6,252
	Healthcare - Services - 0.97%						1.75%, 12/19/2018(a)			9,600		9,593
	Aetna Inc						2.30%, 04/10/2019(a)			16,827		16,948
	1.70%, 06/07/2018			2,000		2,000	New York Life Global Funding
	1.90%, 06/07/2019			4,800		4,811	1.45%, 12/15/2017(a)			4,500		4,505
	Anthem Inc						1.95%, 02/11/2020(a)			16,941		16,872
	5.88%, 06/15/2017			11,164		11,346	2.00%, 04/13/2021(a)			9,600		9,418
	Roche Holdings Inc						2.15%, 06/18/2019(a)			12,626		12,697
	1.34%, 09/30/2019(a),(b)			9,327		9,347	Prudential Financial Inc
	UnitedHealth Group Inc						8.88%, 06/15/2068(b)			31,819		34,365
	1.70%, 02/15/2019			9,500		9,478				$		216,754
				$		36,982	Internet - 0.25%
	Home Equity Asset Backed Securities - 0.32%						Amazon.com Inc
	ACE Securities Corp Home Equity Loan Trust						2.60%, 12/05/2019			9,327		9,509
	Series 2005-HE2
	1.49%, 04/25/2035(b)			358		358	Machinery - Diversified - 0.49%
	Asset Backed Securities Corp Home Equity						John Deere Capital Corp
	Loan Trust Series OOMC 2005-HE6						1.35%, 01/16/2018			9,327		9,319
	1.54%, 07/25/2035(b)			763		764	2.05%, 03/10/2020			9,300		9,264
	Centex Home Equity Loan Trust 2005-D									$		18,583
	1.20%, 10/25/2035(b)			1,310		1,310	Manufactured Housing Asset Backed Securities - 0.00%
	Credit Suisse First Boston Mortgage Securities						Conseco Financial Corp
	Corp						7.70%, 09/15/2026			87		91
	4.80%, 05/25/2035			2,029		2,050
	Home Equity Asset Trust 2004-6						Media- 0.45	%
	1.45%, 12/25/2034(b)			48		48	Time Warner Cable LLC
	Home Equity Asset Trust 2005-4						8.25%, 04/01/2019			9,495		10,638
	1.48%, 10/25/2035(b)			1,600		1,587	Walt Disney Co/The
	JP Morgan Mortgage Acquisition Corp 2005-						2.30%, 02/12/2021			6,500		6,558
	OPT1									$		17,196
	1.22%, 06/25/2035(b)			331		330	Mining - 0.37%
	RASC Series 2005-AHL2 Trust						Glencore Finance Canada Ltd
	1.12%, 10/25/2035(b)			2,363		2,345	2.70%, 10/25/2017(a),(b)			14,159		14,266
	RASC Series 2005-EMX2 Trust
	1.28%, 07/25/2035(b)			1,818		1,808	Miscellaneous Manufacturers - 0.68%
	Structured Asset Securities Corp Mortgage						General Electric Co
	Loan Trust Series 2005-GEL4						5.50%, 01/08/2020			11,500		12,667
	1.69%, 08/25/2035(b)			450		444	5.55%, 05/04/2020			3,200		3,554

See accompanying notes

228

Schedule of Investments
Short-Term Income Fund
January 31, 2017 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Miscellaneous Manufacturers (continued)					Mortgage Backed Securities (continued)
Ingersoll-Rand Global Holding Co Ltd					Springleaf Mortgage Loan Trust 2013-
6.88%, 08/15/2018	$	9,100	$	9,808	2 (continued)
		$		26,029	3.52%, 12/25/2065(a),(b)	$	14,969	$	15,007
Mortgage Backed Securities - 2.25%					WaMu Mortgage Pass-Through Certificates
Adjustable Rate Mortgage Trust 2004-2					Series 2003-S8 Trust
1.91%, 02/25/2035(b)		24		24	5.00%, 09/25/2018		51		51
Alternative Loan Trust 2004-J8							$		85,569
6.00%, 02/25/2017		48		48	Oil & Gas - 1.73%
Banc of America Funding 2004-1 Trust					BP Capital Markets PLC
5.25%, 02/25/2019		311		317	4.75%, 03/10/2019		10,327		10,930
Banc of America Funding 2004-3 Trust					Chevron Corp
4.75%, 09/25/2019		289		290	1.72%, 06/24/2018		12,125		12,166
Banc of America Mortgage Trust 2005-7					Phillips 66
5.00%, 08/25/2020		24		24	2.95%, 05/01/2017		15,490		15,556
BCAP LLC 2011-RR11 Trust					Shell International Finance BV
3.64%, 03/26/2035(a),(b)		1,931		1,933	2.13%, 05/11/2020		11,495		11,505
CHL Mortgage Pass-Through Trust 2003-46					Total Capital International SA
3.14%, 01/19/2034(b)		816		816	1.45%, 08/10/2018(b)		5,430		5,456
CHL Mortgage Pass-Through Trust 2004-J1					1.55%, 06/28/2017		10,327		10,341
4.50%, 01/25/2019(b)		50		50			$		65,954
CHL Mortgage Pass-Through Trust 2004-J7					Other Asset Backed Securities - 5.05%
5.00%, 09/25/2019		365		370	Ameriquest Mortgage Securities Inc Asset-
Credit Suisse First Boston Mortgage Securities					Backed Pass-Through Ctfs Ser 2004-R11
Corp					1.36%, 11/25/2034(b)		72		72
5.00%, 09/25/2019		54		50	Ameriquest Mortgage Securities Inc Asset-
CSFB Mortgage-Backed Pass-Through					Backed Pass-Through Ctfs Ser 2005-R1
Certificates Series 2004-AR4					1.45%, 03/25/2035(b)		604		604
1.73%, 05/25/2034(b)		323		306	Drug Royalty II LP 2
CSFB Mortgage-Backed Trust Series 2004-7					3.48%, 07/15/2023(a),(b)		7,566		7,505
5.00%, 10/25/2019		216		216	Drug Royalty III LP 1
Freddie Mac REMICS					3.98%, 04/15/2027(a),(b)		5,736		5,746
1.22%, 06/15/2023(b)		3		3	MVW Owner Trust 2015-1
Ginnie Mae					2.52%, 12/20/2032(a),(b)		16,527		16,424
4.50%, 08/20/2032		24		24	MVW Owner Trust 2016-1
GSMSC Pass-Through Trust 2009-4R					2.25%, 12/20/2033(a)		8,844		8,665
1.21%, 12/26/2036(a),(b)		1,721		1,695	OneMain Financial Issuance Trust 2014-1
JP Morgan Mortgage Trust 2004-A3					2.43%, 06/18/2024(a),(b)		8,126		8,129
3.03%, 07/25/2034(b)		1,179		1,172	OneMain Financial Issuance Trust 2014-2
JP Morgan Mortgage Trust 2004-S1					2.47%, 09/18/2024(a)		11,088		11,098
5.00%, 09/25/2034		934		956	OneMain Financial Issuance Trust 2015-2
JP Morgan Mortgage Trust 2016-4					2.57%, 07/18/2025(a)		19,260		19,253
3.50%, 10/25/2046(a)		18,040		18,313	PFS Financing Corp
JP Morgan Resecuritization Trust Series 2010-					1.37%, 02/15/2019(a),(b)		15,726		15,717
4					1.37%, 10/15/2019(a),(b)		20,640		20,623
2.85%, 10/26/2036(a),(b)		59		59	1.39%, 04/15/2020(a),(b)		9,847		9,830
MASTR Alternative Loan Trust 2003-9					1.72%, 02/15/2019(a),(b)		4,600		4,594
6.50%, 01/25/2019		352		360	1.87%, 10/15/2021(a),(b)		5,500		5,445
MASTR Asset Securitization Trust 2004-11					PFS Tax Lien Trust 2014-1
5.00%, 12/25/2019		57		57	1.44%, 05/15/2029(a),(b)		5,576		5,537
MASTR Asset Securitization Trust 2004-9					RAAC Series 2006-RP2 Trust
5.00%, 09/25/2019		225		227	1.02%, 02/25/2037(a),(b)		998		990
PHH Mortgage Trust Series 2008-CIM1					RAMP Series 2005-RZ4 Trust
5.22%, 06/25/2038		2,268		2,245	1.17%, 11/25/2035(b)		475		474
Prime Mortgage Trust 2005-2					Securitized Asset Backed Receivables LLC
5.25%, 07/25/2020(b)		542		550	Trust 2005-OP2
Provident Funding Mortgage Loan Trust 2005-					1.09%, 10/25/2035(b)		3,466		3,434
1					Soundview Home Loan Trust 2005-CTX1
1.35%, 05/25/2035(b)		3,688		3,554	1.19%, 11/25/2035(b)		588		587
RALI Series 2003-QS23 Trust					Structured Asset Investment Loan Trust 2005-
5.00%, 12/26/2018		658		660	4
RALI Series 2004-QS3 Trust					1.43%, 05/25/2035(b)		1,690		1,688
5.00%, 03/25/2019		484		468	Trafigura Securitisation Finance PLC 2014-1
RBSSP Resecuritization Trust 2009-7					1.72%, 10/15/2018(a),(b)		8,829		8,817
1.16%, 06/26/2037(a),(b)		742		712	Verizon Owner Trust 2016-1
5.00%, 09/26/2036(a),(b)		159		159	1.42%, 01/20/2021(a),(b)		8,500		8,439
Sequoia Mortgage Trust					Verizon Owner Trust 2016-2
3.50%, 02/25/2047(a)		14,000		14,247	1.68%, 05/20/2021(a),(b)		28,500		28,368
Sequoia Mortgage Trust 2013-4							$		192,039
1.55%, 04/25/2043(b)		9,983		9,757	Pharmaceuticals - 1.36%
Sequoia Mortgage Trust 2013-8					AbbVie Inc
2.25%, 06/25/2043(b)		6,800		6,500	1.80%, 05/14/2018		4,798		4,805
Springleaf Mortgage Loan Trust 2013-2					2.30%, 05/14/2021		4,800		4,724
1.78%, 12/25/2065(a)		4,365		4,349

See accompanying notes

229

Schedule of Investments
Short-Term Income Fund
January 31, 2017 (unaudited)
				Principal				Principal
	BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)	Amount (000's) Value (000's)
	Pharmaceuticals (continued)						Software (continued)
	AbbVie Inc (continued)						Microsoft Corp (continued)
	2.50%, 05/14/2020		$	6,664	$	6,694	1.85%, 02/06/2020(c)	$	9,600	$	9,602
	Actavis Funding SCS						1.85%, 02/12/2020		4,662		4,659
	1.85%, 03/01/2017			9,664		9,671	2.40%, 02/06/2022(c)		6,700		6,698
	2.35%, 03/12/2018			11,995		12,070	Oracle Corp
	Mead Johnson Nutrition Co						1.90%, 09/15/2021		4,800		4,685
	3.00%, 11/15/2020			4,750		4,805	2.25%, 10/08/2019		4,750		4,809
	Merck & Co Inc						5.75%, 04/15/2018		4,664		4,911
	1.10%, 01/31/2018			8,827		8,814			$		49,466
				$		51,583	Student Loan Asset Backed Securities - 4.75%
	Pipelines - 2.94%						Access Group Inc
	Buckeye Partners LP						1.72%, 07/01/2038(b)		1,918		1,916
	2.65%, 11/15/2018			11,316		11,396	KeyCorp Student Loan Trust 2000-A
	4.15%, 07/01/2023			11,300		11,545	1.25%, 05/25/2029(b)		2,221		2,147
	Columbia Pipeline Group Inc						KeyCorp Student Loan Trust 2004-A
	2.45%, 06/01/2018			4,832		4,859	1.34%, 10/28/2041(b)		248		247
	3.30%, 06/01/2020			4,832		4,925	1.57%, 01/27/2042(b)		14,500		14,478
	Florida Gas Transmission Co LLC						KeyCorp Student Loan Trust 2006-A
	7.90%, 05/15/2019(a)			10,271		11,447	1.31%, 09/27/2035(b)		24,233		24,048
	Hiland Partners Holdings LLC / Hiland						Navient Private Education Loan Trust 2014-
	Partners Finance Corp						CT
	5.50%, 05/15/2022(a)			4,900		5,133	1.47%, 09/16/2024(a),(b)		10,311		10,325
	TransCanada PipeLines Ltd						Navient Private Education Loan Trust 2015-
	6.35%, 05/15/2067(b)			19,000		17,433	A
	Williams Partners LP / ACMP Finance Corp						1.27%, 12/15/2021(a),(b)		2,373		2,374
	4.88%, 05/15/2023			17,300		17,844	SLC Private Student Loan Trust 2006-A
	4.88%, 03/15/2024			12,100		12,510	1.19%, 07/15/2036(b)		16,818		16,818
	6.13%, 07/15/2022			14,495		14,966	SLC Private Student Loan Trust 2010-B
				$		112,058	4.27%, 07/15/2042(a),(b)		946		953
	Real Estate - 0.26%						SLM Private Credit Student Loan Trust 2002-
	Prologis LP						A
	7.38%, 10/30/2019			8,653		9,816	1.51%, 12/16/2030(b)		8,445		8,285
							SLM Private Credit Student Loan Trust 2004-
	REITS- 1.66	%					A
	Alexandria Real Estate Equities Inc						1.36%, 06/15/2033(b)		2,322		2,248
	2.75%, 01/15/2020			11,990		11,991	SLM Private Credit Student Loan Trust 2004-
	American Tower Trust #1						B
	1.55%, 03/15/2043(a)			11,396		11,378	1.16%, 06/15/2021(b)		1,242		1,241
	Digital Realty Trust LP						SLM Private Credit Student Loan Trust 2005-
	3.40%, 10/01/2020			6,700		6,833	B
	Healthcare Realty Trust Inc						1.14%, 03/15/2023(b)		4,245		4,241
	5.75%, 01/15/2021			6,997		7,695	1.23%, 12/15/2023(b)		6,765		6,624
	Hospitality Properties Trust						SLM Private Credit Student Loan Trust 2006-
	4.50%, 06/15/2023			4,500		4,568	A
	Kimco Realty Corp						1.15%, 12/15/2023(b)		1,408		1,399
	4.30%, 02/01/2018			6,664		6,788	1.25%, 06/15/2039(b)		24,500		22,517
	WEA Finance LLC / Westfield UK & Europe						SLM Private Credit Student Loan Trust 2006-
	Finance PLC						B
	1.75%, 09/15/2017(a)			7,400		7,407	1.06%, 12/15/2039(b)		9,000		8,310
	Welltower Inc						SLM Private Education Loan Trust 2013-A
	4.95%, 01/15/2021			5,960		6,422	1.37%, 08/15/2022(a),(b)		3,083		3,085
				$		63,082	1.77%, 05/17/2027(a)		9,335		9,320
	Retail - 0.25%						SLM Private Education Loan Trust 2013-B
	Home Depot Inc/The						1.42%, 07/15/2022(a),(b)		1,480		1,481
	2.00%, 04/01/2021			4,800		4,770	1.85%, 06/17/2030(a),(b)		11,664		11,625
	McDonald's Corp						SLM Private Education Loan Trust 2014-A
	2.75%, 12/09/2020			4,500		4,565	1.37%, 07/15/2022(a),(b)		1,613		1,614
				$		9,335	SMB Private Education Loan Trust 2016-C
							1.32%, 11/15/2023(a),(b)		9,921		9,934
	Savings & Loans - 0.00%
	Washington Mutual Bank / Henderson NV						SMB Private Education Loan Trust 2017-A
	0.00%, 01/15/2013(e),(f),(g)			1,200		—	1.23%, 06/17/2024(a),(b),(c),(e)		15,500		15,500
									$		180,730
	Semiconductors - 0.75%						Telecommunications - 2.91%
	Broadcom Corp / Broadcom Cayman Finance						AT&T Inc
	Ltd						2.45%, 06/30/2020		11,462		11,373
	2.38%, 01/15/2020(a)			19,200		19,162	2.80%, 02/17/2021		9,500		9,461
	3.00%, 01/15/2022(a)			9,600		9,558	3.60%, 02/17/2023		6,500		6,531
				$		28,720	Cisco Systems Inc
	Software - 1.30%						2.20%, 02/28/2021		4,750		4,738
	Microsoft Corp						4.95%, 02/15/2019		9,500		10,128
	1.10%, 08/08/2019			9,500		9,359	Crown Castle Towers LLC
							4.88%, 08/15/2040(a)		8,415		8,965
	1.30%, 11/03/2018			4,750		4,743

See accompanying notes

230

Schedule of Investments
Short-Term Income Fund
January 31, 2017 (unaudited)
	Principal							(e)	Fair value of these investments is determined in good faith by the Manager
BONDS (continued)	Amount (000's)			Value(000			's)		under procedures established and periodically reviewed by the Board of
Telecommunications (continued)									Directors. Inputs used in the valuation may be unobservable; however, not
Sprint Spectrum Co LLC / Sprint Spectrum Co									all securities are included in Level 3 of the fair value hierarchy. At the end
II LLC / Sprint Spectrum Co III LLC									of the period, the fair value of these securities totaled $24,454 or 0.64% of
3.36%, 03/20/2023(a)	$	21,750			$	21,777			net assets.
Verizon Communications Inc								(f)	Non-Income Producing Security
2.63%, 02/21/2020		13,800				13,977		(g)	Security is Illiquid. At the end of the period, the value of these securities
2.71%, 09/14/2018(b)		4,664				4,769			totaled $0 or 0.00% of net assets.
3.65%, 09/14/2018		8,250				8,515
5.50%, 02/15/2018		4,250				4,433
Vodafone Group PLC
1.63%, 03/20/2017		6,164				6,169			Portfolio Summary (unaudited)
				$		110,836		Sector		Percent
Transportation - 0.36%								Financial		29.20	%
Ryder System Inc								Asset Backed Securities		24.48	%
2.25%, 09/01/2021		4,800				4,698		Consumer, Non-cyclical		7.83	%
2.45%, 11/15/2018		8,995				9,077		Government		6.89	%
								Utilities		4.76	%
				$		13,775		Energy		4.67	%
Trucking & Leasing - 0.22%								Industrial		4.25	%
Penske Truck Leasing Co Lp / PTL Finance								Mortgage Securities		3.90	%
Corp								Technology		3.79	%
3.75%, 05/11/2017(a)		8,169				8,222
								Communications		3.61	%
								Consumer, Cyclical		3.56	%
TOTAL BONDS			$	3,755,849				Basic Materials		1.78	%
U.S. GOVERNMENT & GOVERNMENT	Principal							Investment Companies		1.76	%
AGENCY OBLIGATIONS - 0.03%	Amount (000's)			Value(000			's)	Other Assets and Liabilities		(0.48	)%
Federal Home Loan Mortgage Corporation (FHLMC) - 0.01%								TOTAL NET ASSETS		100.00	%
2.66%, 11/01/2021(b)	$	3		$		3
2.83%, 09/01/2035(b)		79				83
6.00%, 04/01/2017		1				1
6.00%, 05/01/2017		2				2
7.00%, 12/01/2022		86				90
				$		179
Federal National Mortgage Association (FNMA) - 0.02%
2.55%, 11/01/2022(b)		2				2
2.66%, 01/01/2035(b)		93				98
2.71%, 02/01/2037(b)		122				129
2.82%, 10/01/2035(b)		250				265
2.84%, 07/01/2034(b)		31				33
2.87%, 08/01/2034(b)		49				52
2.91%, 11/01/2032(b)		42				44
2.95%, 07/01/2034(b)		142				149
3.10%, 02/01/2035(b)		23				25
3.13%, 12/01/2032(b)		53				55
4.17%, 11/01/2035(b)		6				6
5.60%, 04/01/2019(b)		2				2
7.50%, 10/01/2029		3				3
8.00%, 05/01/2027		2				2
10.00%, 05/01/2022		1				1
				$		866
Government National Mortgage Association (GNMA) - 0.00%
9.00%, 04/20/2025		1				1
10.00%, 01/15/2019		8				8
				$		9
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS				$		1,054
Total Investments				$		3,823,786
Other Assets and Liabilities - (0.48)%				$		(18,242	)
TOTAL NET ASSETS - 100.00%				$		3,805,544

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $983,145 or 25.83% of net assets.
(b)	Variable Rate. Rate shown is in effect at January 31, 2017.
(c)	Security purchased on a when-issued basis.
(d)	Security is an Interest Only Strip

See accompanying notes

231

     Schedule of Investments SmallCap Fund January 31, 2017 (unaudited)

COMMON STOCKS - 97.45%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Automobile Parts & Equipment - 3.89%					Distribution & Wholesale - 0.65%
Cooper Tire & Rubber Co	252,883	$	9,167		SiteOne Landscape Supply Inc (a)	104,420	$	4,012
Horizon Global Corp (a)	82,150		1,607
Tenneco Inc	52,870		3,566		Diversified Financial Services - 3.68%
Visteon Corp (a)	108,370		9,707		Enova International Inc (a)	174,470		2,460
		$	24,047		Evercore Partners Inc - Class A	83,750		6,486
Banks - 11.66%					Houlihan Lokey Inc	71,920		2,237
Cathay General Bancorp	128,570		4,685		Moelis & Co	61,740		2,105
CenterState Banks Inc	116,020		2,830		Piper Jaffray Cos	24,679		1,740
Central Pacific Financial Corp	206,090		6,457		WageWorks Inc (a)	107,140		7,730
Chemical Financial Corp	37,490		1,853				$	22,758
FCB Financial Holdings Inc (a)	103,100		4,840		Electric - 1.97%
First Busey Corp	41,230		1,206		Avista Corp	150,960		5,833
First Merchants Corp	72,230		2,769		Portland General Electric Co	145,990		6,367
First of Long Island Corp/The	45,566		1,235				$	12,200
Great Western Bancorp Inc	138,240		5,910		Electrical Components & Equipment - 2.17%
Hanmi Financial Corp	69,180		2,293		Advanced Energy Industries Inc (a)	147,597		8,685
Heartland Financial USA Inc	55,140		2,581		EnerSys	60,430		4,710
IBERIABANK Corp	100,210		8,232				$	13,395
Independent Bank Group Inc	18,940		1,177		Electronics - 4.65%
Kearny Financial Corp/MD	192,449		2,935		II-VI Inc (a)	181,950		6,641
PacWest Bancorp	71,640		3,969		Itron Inc (a)	54,400		3,357
Sandy Spring Bancorp Inc	37,420		1,533		SYNNEX Corp	85,000		10,215
TCF Financial Corp	280,820		4,872		Vishay Intertechnology Inc	513,430		8,523
Towne Bank/Portsmouth VA	70,670		2,276				$	28,736
Umpqua Holdings Corp	326,930		5,986		Engineering & Construction - 2.14%
Union Bankshares Corp	69,870		2,568		Argan Inc	65,280		4,814
WesBanco Inc	43,790		1,817		EMCOR Group Inc	43,080		3,002
		$	72,024		MasTec Inc (a)	144,710		5,391
Biotechnology - 2.20%							$	13,207
Acceleron Pharma Inc (a)	33,640		817		Entertainment - 1.99%
Aratana Therapeutics Inc (a)	138,198		1,104		Isle of Capri Casinos Inc (a)	164,128		3,908
Bellicum Pharmaceuticals Inc (a)	24,700		330		Vail Resorts Inc	48,820		8,374
Bluebird Bio Inc (a)	5,125		382				$	12,282
Cambrex Corp (a)	54,840		2,876
					Environmental Control - 0.61%
Cytokinetics Inc - Warrants (a),(b),(c)	110,568		95		AquaVenture Holdings Ltd (a)	84,566		1,630
DNIB Unwind Inc - Warrants (a),(b),(c)	17,472		—		Energy Recovery Inc (a)	208,080		2,131
Epizyme Inc (a)	28,590		300
FibroGen Inc (a)	32,570		738				$	3,761
Genocea Biosciences Inc (a)	76,470		338		Food - 2.17%
Insmed Inc (a)	69,050		1,020		Cal-Maine Foods Inc	76,453		3,188
Intercept Pharmaceuticals Inc (a)	3,780		415		Dean Foods Co	331,420		6,582
					SUPERVALU Inc (a)	934,360		3,663
MacroGenics Inc (a)	39,850		736
NewLink Genetics Corp (a)	23,870		291				$	13,433
Seattle Genetics Inc (a)	16,180		975		Gas - 1.21%
Spark Therapeutics Inc (a)	9,910		625		Southwest Gas Holdings Inc	93,110		7,502
Ultragenyx Pharmaceutical Inc (a)	21,170		1,588
Versartis Inc (a)	66,440		950		Healthcare - Products - 3.48%
					Cynosure Inc (a)	127,310		6,798
		$	13,580		ICU Medical Inc (a)	65,060		8,920
Building Materials - 2.57%					K2M Group Holdings Inc (a)	127,300		2,587
Forterra Inc (a)	123,760		2,381
					Nevro Corp (a)	26,900		2,341
NCI Building Systems Inc (a)	221,188		3,539
					STAAR Surgical Co (a)	84,340		835
Universal Forest Products Inc	46,980		4,779
US Concrete Inc (a)	78,642		5,151				$	21,481
					Healthcare - Services - 1.33%
		$	15,850		HealthSouth Corp	186,120		7,225
Chemicals - 0.68%					Natera Inc (a)	34,360		308
Cabot Corp	75,820		4,198		Teladoc Inc (a)	33,140		663
							$	8,196
Commercial Services - 6.27%					Home Builders - 1.02%
ABM Industries Inc	114,820		4,638		Installed Building Products Inc (a)	154,211		6,307
AMN Healthcare Services Inc (a)	70,060		2,512
ICF International Inc (a)	45,130		2,347
Insperity Inc	78,660		5,624		Insurance - 3.63%
K12 Inc (a)	107,470		2,142		American Financial Group Inc/OH	94,960		8,182
Live Nation Entertainment Inc (a)	108,845		3,115		Argo Group International Holdings Ltd	64,159		4,103
					Athene Holding Ltd (a)	29,911		1,404
Navigant Consulting Inc (a)	113,420		2,801
PAREXEL International Corp (a)	108,360		7,682		Employers Holdings Inc	36,563		1,333
Quanta Services Inc (a)	219,600		7,881		James River Group Holdings Ltd	63,500		2,518
					MGIC Investment Corp (a)	458,233		4,880
		$	38,742				$	22,420
Computers - 2.68%
CACI International Inc (a)	71,420		8,770		Internet - 0.90%
					GoDaddy Inc (a)	155,200		5,545
ExlService Holdings Inc (a)	100,600		4,623
Sykes Enterprises Inc (a)	112,960		3,155
		$	16,548

See accompanying notes

232

     Schedule of Investments SmallCap Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)		Shares Held	Value (000's)
Iron & Steel - 0.82%					Retail (continued)
Steel Dynamics Inc	150,270	$	5,081		Tile Shop Holdings Inc		187,620	$	3,584
								$	22,934
Leisure Products & Services - 0.70%					Savings & Loans - 1.38%
Planet Fitness Inc	205,100		4,315		Oritani Financial Corp		83,170		1,443
					Pacific Premier Bancorp Inc (a)		56,730		2,233
Machinery - Construction & Mining - 0.87%					Provident Financial Services Inc		183,010		4,844
Astec Industries Inc	76,580		5,359					$	8,520
					Semiconductors - 0.77%
Machinery - Diversified - 0.34%					Entegris Inc (a)		252,880		4,741
Columbus McKinnon Corp/NY	77,460		2,129
					Software - 4.25%
Metal Fabrication & Hardware - 0.97%					Apptio Inc (a)		97,364		1,347
Atkore International Group Inc (a)	158,033		4,223		Aspen Technology Inc (a)		189,240		10,050
Global Brass & Copper Holdings Inc	53,976		1,789		Atlassian Corp PLC (a)		93,420		2,581
		$	6,012		Blackbaud Inc		106,990		7,020
Mining - 0.47%					Blackline Inc (a)		12,310		335
US Silica Holdings Inc	49,640		2,936		Coupa Software Inc (a)		21,453		558
					Manhattan Associates Inc (a)		84,700		4,342
Miscellaneous Manufacturers - 2.11%								$	26,233
Barnes Group Inc	98,240		4,729		Telecommunications - 3.04%
Trinseo SA	128,560		8,324		Gigamon Inc (a)		73,880		2,449
		$	13,053		NETGEAR Inc (a)		94,360		5,369
Oil & Gas - 3.54%					Plantronics Inc		127,820		7,232
Callon Petroleum Co (a)	238,980		3,652		Quantenna Communications Inc (a)		64,000		1,204
Carrizo Oil & Gas Inc (a)	93,620		3,310		West Corp		103,160		2,504
Jagged Peak Energy Inc (a)	62,323		904					$	18,758
Murphy USA Inc (a)	91,050		5,800		TOTAL COMMON STOCKS			$	601,995
Oasis Petroleum Inc (a)	223,160		3,156
PDC Energy Inc (a)	43,810		3,239		INVESTMENT COMPANIES - 2.76%		Shares Held	Value (000's)
Rice Energy Inc (a)	91,690		1,818		Money Market Funds - 2.76%
					Goldman Sachs Financial Square Funds -		17,075,807		17,076
		$	21,879		Government Fund
Oil & Gas Services - 1.67%
Mammoth Energy Services Inc (a)	162,370		2,923		TOTAL INVESTMENT COMPANIES			$	17,076
MRC Global Inc (a)	286,210		5,881
Pioneer Energy Services Corp (a)	239,520		1,509		Total Investments			$	619,071
					Other Assets and Liabilities - (0.21)%			$	(1,315	)
		$	10,313		TOTAL NET ASSETS - 100.00%			$	617,756
Packaging & Containers - 0.62%
Graphic Packaging Holding Co	305,990		3,828
					(a)	Non-Income Producing Security
Pharmaceuticals - 4.33%					(b)	Security is Illiquid. At the end of the period, the value of these securities
Array BioPharma Inc (a)	129,570		1,409			totaled $95 or 0.02% of net assets.
Concert Pharmaceuticals Inc (a)	39,970		354		(c)	Fair value of these investments is determined in good faith by the Manager
DexCom Inc (a)	9,210		729			under procedures established and periodically reviewed by the Board of
Nektar Therapeutics (a)	100,050		1,212			Directors. Inputs used in the valuation may be unobservable; however, not
Neurocrine Biosciences Inc (a)	15,530		666			all securities are included in Level 3 of the fair value hierarchy. At the end
Portola Pharmaceuticals Inc (a)	16,960		462			of the period, the fair value of these securities totaled $95 or 0.02% of net
PRA Health Sciences Inc (a)	165,990		9,725			assets.
Prestige Brands Holdings Inc (a)	166,820		8,801
ProQR Therapeutics NV (a)	23,625		92
Revance Therapeutics Inc (a)	26,863		537
SCYNEXIS Inc (a)	73,560		222			Portfolio Summary (unaudited)
TESARO Inc (a)	8,960		1,459		Sector				Percent
Vanda Pharmaceuticals Inc (a)	74,725		1,057		Financial				26.66	%
		$	26,725		Consumer, Non-cyclical				19.78	%
REITS - 6.31%					Industrial				17.05	%
American Homes 4 Rent	95,822		2,135		Consumer, Cyclical				11.96	%
Armada Hoffler Properties Inc	228,640		3,150		Technology				7.70	%
CYS Investments Inc	96,927		734		Energy				5.21	%
First Industrial Realty Trust Inc	278,790		7,207		Communications				3.94	%
Highwoods Properties Inc	133,450		6,861		Utilities				3.18	%
Mack-Cali Realty Corp	271,040		7,594		Investment Companies				2.76	%
MedEquities Realty Trust Inc	57,246		624		Basic Materials				1.97	%
Monmouth Real Estate Investment Corp	104,490		1,525		Other Assets and Liabilities				(0.21	)%
National Storage Affiliates Trust	207,630		4,620		TOTAL NET ASSETS				100.00	%
Summit Hotel Properties Inc	284,570		4,505
		$	38,955
Retail - 3.71%
At Home Group Inc (a)	185,670		2,830
Big 5 Sporting Goods Corp	77,110		1,187
Caleres Inc	274,840		8,451
GMS Inc (a)	107,388		3,204
Michaels Cos Inc/The (a)	186,960		3,678

See accompanying notes

233

Schedule of Investments
SmallCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS - 94.96%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.00%					Banks (continued)
MDC Partners Inc	3,251	$	21		Eagle Bancorp Inc (a)	3,330	$	204
					FCB Financial Holdings Inc (a)	104,134		4,889
Aerospace & Defense - 1.14%					First Connecticut Bancorp Inc/Farmington CT	827		19
Aerojet Rocketdyne Holdings Inc (a)	4,080		74		First Financial Bankshares Inc	5,662		241
Aerovironment Inc (a)	730		19		First Foundation Inc (a)	1,884		27
Astronics Corp (a)	3,681		121		Franklin Financial Network Inc (a)	588		23
Curtiss-Wright Corp	6,666		654		HarborOne Bancorp Inc (a)	305		6
HEICO Corp	123,075		9,470		Heritage Commerce Corp	974		14
Kaman Corp	322		16		Home BancShares Inc/AR	24,127		650
KLX Inc (a)	76,550		3,750		IBERIABANK Corp	28,410		2,334
Kratos Defense & Security Solutions Inc (a)	278,507		2,295		Live Oak Bancshares Inc	27,115		554
Moog Inc (a)	1,611		106		National Bank Holdings Corp	4,631		151
National Presto Industries Inc	169		18		Opus Bank	141,347		2,877
Teledyne Technologies Inc (a)	2,367		291		Paragon Commercial Corp (a)	94		4
		$	16,814		Park Sterling Corp	3,280		38
Agriculture - 0.01%					Pinnacle Financial Partners Inc	778		52
Alico Inc	261		7		PrivateBancorp Inc	44,120		2,412
Limoneira Co	2,267		39		Prosperity Bancshares Inc	87,723		6,371
Turning Point Brands Inc (a)	1,289		17		Provident Bancorp Inc (a)	345		7
Vector Group Ltd	5,670		125		ServisFirst Bancshares Inc	6,496		260
					Signature Bank/New York NY (a)	31,786		5,007
		$	188		SVB Financial Group (a)	36,407		6,270
Airlines - 0.37%					Texas Capital Bancshares Inc (a)	517		43
Allegiant Travel Co	1,870		322
Hawaiian Holdings Inc (a)	10,955		558		Union Bankshares Inc/Morrisville VT	615		26
Spirit Airlines Inc (a)	84,522		4,567		Veritex Holdings Inc (a)	562		15
					Western Alliance Bancorp (a)	140,515		6,939
		$	5,447
Apparel - 0.32%					Western New England Bancorp Inc	1,316		13
Columbia Sportswear Co	5,977		325		Wintrust Financial Corp	31,610		2,263
					Xenith Bankshares Inc (a)	250		7
Deckers Outdoor Corp (a)	1,455		84
Oxford Industries Inc	2,106		116				$	57,745
Sequential Brands Group Inc (a)	272,839		1,263		Beverages - 0.04%
Steven Madden Ltd (a)	76,039		2,677		Boston Beer Co Inc/The (a)	1,230		189
Superior Uniform Group Inc	1,742		29		Coca-Cola Bottling Co Consolidated	896		151
					Farmer Brothers Co (a)	1,559		54
Weyco Group Inc	326		9
Wolverine World Wide Inc	5,612		132		MGP Ingredients Inc	2,251		96
		$	4,635		National Beverage Corp	2,237		112
					Primo Water Corp (a)	4,073		53
Automobile Manufacturers - 0.01%
Blue Bird Corp (a)	736		13				$	655
Navistar International Corp (a)	417		11		Biotechnology - 4.39%
					Acceleron Pharma Inc (a)	77,097		1,872
Wabash National Corp	7,810		138		Achillion Pharmaceuticals Inc (a)	21,507		90
		$	162		Acorda Therapeutics Inc (a)	1,067		22
Automobile Parts & Equipment - 0.18%					Aduro Biotech Inc (a)	6,377		76
American Axle & Manufacturing Holdings Inc(a)	18,010		367		Advaxis Inc (a)	6,407		57
					Aevi Genomic Medicine Inc (a)	4,858		23
Cooper-Standard Holdings Inc (a)	3,253		343
					Agenus Inc (a)	10,721		43
Dorman Products Inc (a)	5,830		402
					Alder Biopharmaceuticals Inc (a)	299,634		6,158
Douglas Dynamics Inc	3,679		124		AMAG Pharmaceuticals Inc (a)	1,884		45
Gentherm Inc (a)	5,053		179
					Anavex Life Sciences Corp (a)	5,745		26
Horizon Global Corp (a)	3,681		72
					ANI Pharmaceuticals Inc (a)	1,529		92
Metaldyne Performance Group Inc	2,054		49		Applied Genetic Technologies Corp/DE (a)	37,800		274
Miller Industries Inc/TN	458		12		Aptevo Therapeutics Inc (a)	2,889		6
Motorcar Parts of America Inc (a)	3,158		83
					Aratana Therapeutics Inc (a)	6,251		50
Standard Motor Products Inc	3,719		186		Ardelyx Inc (a)	909		11
Supreme Industries Inc	1,792		33		Arena Pharmaceuticals Inc (a)	44,702		69
Tenneco Inc	11,517		777		Argos Therapeutics Inc (a)	2,575		12
Unique Fabricating Inc	1,716		22		ARIAD Pharmaceuticals Inc (a)	134,952		3,214
		$	2,649		Arrowhead Pharmaceuticals Inc (a)	9,937		19
Banks - 3.92%					Asterias Biotherapeutics Inc (a)	3,991		17
Allegiance Bancshares Inc (a)	394		13
					Asterias Biotherapeutics Inc - Warrants (a)	354		—
Ameris Bancorp	3,505		158		Atara Biotherapeutics Inc (a)	237		3
Bank of the Ozarks Inc	143,151		7,854		Athersys Inc (a)	12,595		14
Bankwell Financial Group Inc	393		12		Audentes Therapeutics Inc (a)	97,924		1,598
Blue Hills Bancorp Inc	653		12		Bellicum Pharmaceuticals Inc (a)	2,462		33
BNC Bancorp	487		17		BioCryst Pharmaceuticals Inc (a)	10,765		68
Capital Bank Financial Corp	1,421		56		BioTime Inc (a)	12,430		39
Cardinal Financial Corp	1,291		40		Bluebird Bio Inc (a)	10,604		790
Cass Information Systems Inc	1,320		87		Blueprint Medicines Corp (a)	3,631		124
Chemical Financial Corp	5,115		253		Cambrex Corp (a)	7,256		381
CoBiz Financial Inc	846		15		Cellular Biomedicine Group Inc (a)	1,487		18
ConnectOne Bancorp Inc	216,815		5,355		Charles River Laboratories International Inc(a)	146,325		11,823
County Bancorp Inc	844		23
CU Bancorp (a)	602		22
					ChemoCentryx Inc (a)	4,193		30
Customers Bancorp Inc (a)	61,314		2,112
					ChromaDex Corp (a)	6,893		19

See accompanying notes

234

Schedule of Investments
SmallCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Biotechnology (continued)					Biotechnology (continued)
Clearside Biomedical Inc (a)	1,792	$	13		Versartis Inc (a)	311	$	4
Curis Inc (a)	19,947		57		XBiotech Inc (a)	3,077		35
Cytokinetics Inc (a)	5,958		62		ZIOPHARM Oncology Inc (a)	22,373		132
CytomX Therapeutics Inc (a)	3,594		42				$	64,649
CytRx Corp (a)	11,197		5		Building Materials - 2.08%
Dermira Inc (a)	4,680		138		AAON Inc	5,598		190
Dimension Therapeutics Inc (a)	864		2		Apogee Enterprises Inc	120,387		6,872
Dynavax Technologies Corp (a)	6,972		29		Boise Cascade Co (a)	4,652		115
Edge Therapeutics Inc (a)	1,239		12		Builders FirstSource Inc (a)	11,718		126
Editas Medicine Inc (a)	1,208		21		Caesarstone Ltd (a)	4,467		136
Eiger BioPharmaceuticals Inc (a)	609		7		Continental Building Products Inc (a)	6,822		159
Emergent BioSolutions Inc (a)	6,006		182		Gibraltar Industries Inc (a)	5,365		236
Endocyte Inc (a)	2,506		6		Headwaters Inc (a)	10,151		235
Enzo Biochem Inc (a)	8,095		54		JELD-WEN Holding Inc (a)	16,160		437
Epizyme Inc (a)	5,050		53		Louisiana-Pacific Corp (a)	28,258		541
Exact Sciences Corp (a)	19,748		374		Masonite International Corp (a)	69,791		4,648
Exelixis Inc (a)	216,109		3,916		NCI Building Systems Inc (a)	5,239		84
FibroGen Inc (a)	9,693		220		Patrick Industries Inc (a)	3,620		296
Five Prime Therapeutics Inc (a)	1,105		51		PGT Innovations Inc (a)	9,046		104
Flex Pharma Inc (a)	1,923		8		Ply Gem Holdings Inc (a)	4,387		71
Fortress Biotech Inc (a)	5,998		15		Quanex Building Products Corp	790		16
Foundation Medicine Inc (a)	2,369		46		Simpson Manufacturing Co Inc	8,921		388
Galena Biopharma Inc (a)	1,587		3		Summit Materials Inc (a)	254,685		6,392
Geron Corp (a)	27,525		57		Trex Co Inc (a)	81,752		5,537
GlycoMimetics Inc (a)	1,802		10		Universal Forest Products Inc	3,903		397
Halozyme Therapeutics Inc (a)	20,044		231		US Concrete Inc (a)	54,813		3,590
Idera Pharmaceuticals Inc (a)	17,303		24				$	30,570
ImmunoGen Inc (a)	15,101		35		Chemicals - 1.00%
Immunomedics Inc (a)	16,365		74		Aceto Corp	5,026		96
Infinity Pharmaceuticals Inc (a)	8,458		17		Balchem Corp	6,173		526
Innoviva Inc (a)	10,147		108		Chemours Co/The	31,127		822
Inovio Pharmaceuticals Inc (a)	11,885		78		Chemtura Corp (a)	4,512		149
Insmed Inc (a)	177,595		2,623		Codexis Inc (a)	6,701		32
Intellia Therapeutics Inc (a)	1,229		16		Ferro Corp (a)	11,532		163
Intercept Pharmaceuticals Inc (a)	13,923		1,528		GCP Applied Technologies Inc (a)	8,403		226
Karyopharm Therapeutics Inc (a)	889		9		Hawkins Inc	484		26
Kite Pharma Inc (a)	7,271		371		HB Fuller Co	10,799		533
Lexicon Pharmaceuticals Inc (a)	7,779		111		Ingevity Corp (a)	4,799		267
Ligand Pharmaceuticals Inc (a)	3,534		375		Innophos Holdings Inc	4,640		226
Lion Biotechnologies Inc (a)	10,172		74		Innospec Inc	33,621		2,399
Loxo Oncology Inc (a)	2,347		92		KMG Chemicals Inc	1,000		37
MacroGenics Inc (a)	81,352		1,503		Koppers Holdings Inc (a)	3,181		129
Medicines Co/The (a)	104,567		3,769		Landec Corp (a)	1,603		20
Merrimack Pharmaceuticals Inc (a)	13,294		41		Minerals Technologies Inc	4,292		344
Momenta Pharmaceuticals Inc (a)	2,744		52		OMNOVA Solutions Inc (a)	5,553		51
Myriad Genetics Inc (a)	12,403		201		PolyOne Corp	216,985		7,401
NeoGenomics Inc (a)	157,584		1,270		Quaker Chemical Corp	2,375		305
NewLink Genetics Corp (a)	2,905		35		Rayonier Advanced Materials Inc	5,205		71
Novavax Inc (a)	48,096		63		Sensient Technologies Corp	6,210		477
OncoMed Pharmaceuticals Inc (a)	3,794		31		Stepan Co	1,324		103
Organovo Holdings Inc (a)	17,640		65		Univar Inc (a)	10,325		308
Otonomy Inc (a)	114,470		1,677		Valhi Inc	1,040		3
OvaScience Inc (a)	745		1
Pacific Biosciences of California Inc (a)	15,553		75				$	14,714
					Commercial Services - 5.82%
Pfenex Inc(a)	3,008		24		Advisory Board Co/The (a)	5,720		260
PharmAthene Inc	10,318		32		Alarm.com Holdings Inc (a)	92,853		2,516
Prothena Corp PLC (a)	67,310		3,296		Albany Molecular Research Inc (a)	104,074		1,915
Puma Biotechnology Inc (a)	5,130		166		AMN Healthcare Services Inc (a)	6,652		238
Rigel Pharmaceuticals Inc (a)	14,692		31
(a)					Barrett Business Services Inc	1,437		86
Sage Therapeutics Inc	67,539		3,241		Bright Horizons Family Solutions Inc (a)	291,322		20,643
Sangamo Therapeutics Inc (a)	12,146		43
Second Sight Medical Products Inc (a)	4,063		6		Brink's Co/The	6,368		283
(a)					Capella Education Co	2,786		238
Selecta Biosciences Inc	729		10		Cardtronics PLC (a)	10,269		561
Spark Therapeutics Inc (a)	3,544		223		Care.com Inc (a)	3,619		31
Spectrum Pharmaceuticals Inc (a)	4,154		19
Stemline Therapeutics Inc (a)	438		4		Carriage Services Inc	2,685		70
					CEB Inc	4,554		348
Syndax Pharmaceuticals Inc(a)	394		3		Cimpress NV (a)	64,372		5,432
Synthetic Biologics Inc (a)	17,799		15
					Collectors Universe Inc	1,743		36
Theravance Biopharma Inc(a)	5,559		167		CoreLogic Inc/United States (a)	106,021		3,739
Tobira Therapeutics Inc - Rights (a),(b),(c)	1,559		17		CorVel Corp (a)	1,974		76
Tokai Pharmaceuticals Inc (a)	1,744		2		CoStar Group Inc (a)	33,536		6,778
Trovagene Inc (a)	4,551		9
					CPI Card Group Inc	2,579		12
Ultragenyx Pharmaceutical Inc(a)	134,534		10,092		Cross Country Healthcare Inc (a)	6,402		93
Veracyte Inc (a)	4,031		30

See accompanying notes

235

Schedule of Investments
SmallCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Commercial Services (continued)					Computers (continued)
Deluxe Corp	10,048	$	732		Silver Spring Networks Inc (a)	7,179	$	92
EVERTEC Inc	15,859		270		Stratasys Ltd (a)	3,097		61
Forrester Research Inc	2,080		85		Super Micro Computer Inc (a)	4,429		117
Franklin Covey Co (a)	1,836		32		Syntel Inc	6,098		128
FTI Consulting Inc (a)	2,041		86		TeleTech Holdings Inc	3,312		98
Global Payments Inc	47,542		3,674		Tessera Holding Corp	7,607		344
Grand Canyon Education Inc (a)	9,482		559		Unisys Corp (a)	6,528		84
Great Lakes Dredge & Dock Corp (a)	1,497		8		USA Technologies Inc (a)	6,131		26
Green Dot Corp (a)	4,061		109		Varonis Systems Inc (a)	103,041		3,081
Hackett Group Inc/The	4,652		76		Virtusa Corp (a)	5,159		131
Healthcare Services Group Inc	194,914		7,747		Vocera Communications Inc (a)	209,551		4,348
HealthEquity Inc (a)	9,828		455				$	49,614
HMS Holdings Corp (a)	19,606		356		Consumer Products - 0.05%
Huron Consulting Group Inc (a)	1,814		82		Central Garden & Pet Co (a)	512		17
INC Research Holdings Inc (a)	9,060		480		Central Garden & Pet Co - A Shares (a)	2,291		70
Information Services Group Inc (a)	7,241		24		Helen of Troy Ltd (a)	3,953		369
Insperity Inc	2,197		157		WD-40 Co	1,962		206
Kforce Inc	4,721		109				$	662
Korn/Ferry International	4,746		138		Cosmetics & Personal Care - 0.19%
Landauer Inc	1,922		99		Avon Products Inc (a)	23,464		138
LendingTree Inc (a)	45,065		5,042		elf Beauty Inc (a)	102,576		2,560
Liberty Tax Inc	1,438		19		Inter Parfums Inc	1,575		54
LifeLock Inc (a)	11,848		284		Revlon Inc (a)	783		26
Matthews International Corp	55,632		3,753				$	2,778
Medifast Inc	2,078		88		Distribution & Wholesale - 1.80%
Monro Muffler Brake Inc	4,447		266		Beacon Roofing Supply Inc (a)	8,421		369
National Research Corp	1,858		32		Core-Mark Holding Co Inc	144,896		5,061
Neff Corp (a)	1,286		20		G-III Apparel Group Ltd (a)	4,762		125
Nutrisystem Inc	139,932		4,625		H&E Equipment Services Inc	249,815		6,460
On Assignment Inc (a)	7,132		323
					Pool Corp	58,130		6,136
PAREXEL International Corp(a)	7,344		521		SiteOne Landscape Supply Inc (a)	217,509		8,357
Patriot National Inc	2,051		9		Triton International Ltd/Bermuda	1,539		37
Paylocity Holding Corp (a)	176,842		5,457		Veritiv Corp (a)	194		11
Quad/Graphics Inc	3,055		80				$	26,556
ServiceSource International Inc (a)	7,730		41
Sotheby's (a)	3,962		157		Diversified Financial Services - 1.83%
					Altisource Portfolio Solutions SA (a)	2,290		65
SP Plus Corp (a)	3,309		92
Strayer Education Inc (a)	970		79		BGC Partners Inc	44,643		494
					Blackhawk Network Holdings Inc (a)	11,142		398
Team Health Holdings Inc (a)	9,558		415
Team Inc (a)	41,584		1,397		Cohen & Steers Inc	3,946		138
					Cowen Group Inc (a)	334		5
Travelport Worldwide Ltd	11,916		171		Diamond Hill Investment Group Inc	579		117
TriNet Group Inc (a)	5,837		148
					Ellie Mae Inc (a)	85,731		7,093
TrueBlue Inc (a)	366		9
Vectrus Inc (a)	653		15		Evercore Partners Inc - Class A	8,027		622
					Financial Engines Inc	7,583		292
Viad Corp	3,720		163
Weight Watchers International Inc (a)	5,115		64		GAIN Capital Holdings Inc	1,285		10
WEX Inc (a)	32,433		3,708		GAMCO Investors Inc	306		9
					Greenhill & Co Inc	3,818		113
		$	85,611		Hennessy Advisors Inc	641		18
Computers - 3.37%					Houlihan Lokey Inc	124,553		3,874
3D Systems Corp (a)	14,974		247
					Investment Technology Group Inc	1,045		21
Agilysys Inc(a)	496		5		LendingClub Corp (a)	20,190		125
Barracuda Networks Inc (a)	4,513		106
Carbonite Inc (a)	3,916		68		Medley Management Inc	1,161		11
					Moelis & Co	73,062		2,492
Convergys Corp	6,238		155		Nationstar Mortgage Holdings Inc (a)	2,856		52
Cray Inc (a)	7,387		127
					OM Asset Management PLC	5,132		72
Diebold Nixdorf Inc	3,124		85		Pzena Investment Management Inc	2,594		26
Electronics For Imaging Inc (a)	80,377		3,613		Regional Management Corp (a)	357		9
EPAM Systems Inc (a)	83,196		5,354
					Silvercrest Asset Management Group Inc	1,616		22
ExlService Holdings Inc(a)	4,537		208		Stifel Financial Corp (a)	102,444		5,156
Genpact Ltd	345,396		8,524		Virtu Financial Inc	4,305		75
Globant SA (a)	4,902		162
					Waddell & Reed Financial Inc	1,067		19
Immersion Corp(a)	2,092		22		WageWorks Inc (a)	73,416		5,296
KEYW Holding Corp/The (a)	86,203		863
Lumentum Holdings Inc (a)	111,480		4,231		Westwood Holdings Group Inc	1,531		86
					WisdomTree Investments Inc	15,929		164
MAXIMUS Inc	134,227		7,402				$	26,874
Mercury Systems Inc (a)	237,683		8,014
Mitek Systems Inc (a)	6,391		42		Electric - 0.03%
					EnerNOC Inc (a)	4,386		25
MTS Systems Corp	4,266		248		MGE Energy Inc	3,301		210
NeuStar Inc (a)	6,144		204
Nimble Storage Inc (a)	11,472		98		Ormat Technologies Inc	3,691		198
Nutanix Inc (a)	14,185		429		Spark Energy Inc	1,053		28
Qualys Inc (a)	3,769		135				$	461
Radisys Corp (a)	7,329		32		Electrical Components & Equipment - 0.89%
					Advanced Energy Industries Inc (a)	132,044		7,770
Science Applications International Corp	8,963		730

See accompanying notes

236

Schedule of Investments
SmallCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Electrical Components & Equipment (continued)					Environmental Control (continued)
Belden Inc	8,820	$	674		Heritage-Crystal Clean Inc (a)	1,740	$	26
EnerSys	3,331		260		MSA Safety Inc	2,935		209
Generac Holdings Inc (a)	74,103		2,983		Tetra Tech Inc	166,504		7,276
General Cable Corp	6,230		126		US Ecology Inc	3,080		158
Insteel Industries Inc	3,402		126		Waste Connections Inc	244,493		19,633
Littelfuse Inc	4,544		717				$	29,711
Novanta Inc (a)	2,047		46		Food - 0.91%
Universal Display Corp (a)	5,853		386		Amplify Snack Brands Inc (a)	5,368		52
		$	13,088		B&G Foods Inc	13,166		584
Electronics - 1.86%					Calavo Growers Inc	3,442		190
Allied Motion Technologies Inc	1,338		30		Cal-Maine Foods Inc	3,344		140
Applied Optoelectronics Inc (a)	86,700		2,667		Chefs' Warehouse Inc/The (a)	248,863		4,156
Badger Meter Inc	6,910		266		Darling Ingredients Inc (a)	11,942		143
Brady Corp	8,434		307		Dean Foods Co	10,747		214
Coherent Inc (a)	16,583		2,615		Fairway Group Holdings Corp (a),(c)	4,759		—
ESCO Technologies Inc	161,682		9,410		Fresh Del Monte Produce Inc	1,207		69
FARO Technologies Inc (a)	972		36		J&J Snack Foods Corp	2,110		269
Fluidigm Corp (a)	5,808		37		John B Sanfilippo & Son Inc	567		37
II-VI Inc (a)	2,291		84		Lancaster Colony Corp	3,777		495
Itron Inc (a)	7,474		461		Lifeway Foods Inc (a)	952		10
Mesa Laboratories Inc	566		67		Performance Food Group Co (a)	5,188		115
Methode Electronics Inc	8,257		347		Tootsie Roll Industries Inc	3,264		122
NVE Corp	528		41		TreeHouse Foods Inc (a)	89,692		6,806
Rogers Corp (a)	2,205		176				$	13,402
Sparton Corp (a)	401		9		Food Service - 0.28%
Stoneridge Inc (a)	5,351		88		AdvancePierre Foods Holdings Inc	150,606		4,173
TASER International Inc (a)	7,347		184
Watts Water Technologies Inc	3,620		239		Forest Products & Paper - 0.04%
Woodward Inc	147,233		10,253		Clearwater Paper Corp (a)	2,350		148
ZAGG Inc (a)	1,196		8		Deltic Timber Corp (b)	1,965		149
		$	27,325		Neenah Paper Inc	2,300		189
Energy - Alternate Sources - 0.01%					Orchids Paper Products Co	1,774		48
Pattern Energy Group Inc	7,362		145		Schweitzer-Mauduit International Inc	2,838		126
Renewable Energy Group Inc (a)	636		6				$	660
TPI Composites Inc (a)	351		7		Gas - 0.01%
		$	158		Chesapeake Utilities Corp	231		15
Engineering & Construction - 1.24%					New Jersey Resources Corp	942		36
Argan Inc	3,505		258		Southwest Gas Holdings Inc	1,258		101
Comfort Systems USA Inc	5,139		174		WGL Holdings Inc	733		60
Dycom Industries Inc (a)	136,664		11,023				$	212
EMCOR Group Inc	2,887		201		Hand & Machine Tools - 0.48%
Exponent Inc	3,592		208		Franklin Electric Co Inc	9,432		381
Granite Construction Inc	6,097		342		Lincoln Electric Holdings Inc	79,815		6,654
Hill International Inc (a)	2,871		15		Milacron Holdings Corp (a)	2,317		38
IES Holdings Inc (a)	1,723		34				$	7,073
MasTec Inc (a)	13,924		519		Healthcare - Products - 4.38%
Mistras Group Inc (a)	3,462		80		Abaxis Inc	3,038		155
NV5 Global Inc (a)	10,557		430		Accelerate Diagnostics Inc (a)	4,296		90
Orion Group Holdings Inc (a)	1,392		15		Accuray Inc (a)	16,170		93
Primoris Services Corp	28,906		718		Align Technology Inc (a)	52,017		4,769
TopBuild Corp (a)	720		27		Analogic Corp	1,033		80
Tutor Perini Corp (a)	139,689		4,163		AtriCure Inc (a)	96,625		1,572
		$	18,207		Atrion Corp	265		130
Entertainment - 1.76%					Avinger Inc (a)	3,616		9
AMC Entertainment Holdings Inc	456		15		AxoGen Inc (a)	5,722		62
Churchill Downs Inc	26,921		3,859		BioTelemetry Inc (a)	5,374		124
Eldorado Resorts Inc (a)	5,172		80		Cantel Medical Corp	7,497		580
Golden Entertainment Inc	865		10		Cardiovascular Systems Inc (a)	6,127		151
IMAX Corp (a)	228,462		7,448		Cerus Corp (a)	16,683		71
Isle of Capri Casinos Inc (a)	4,886		116		ConforMIS Inc (a)	7,166		60
Marriott Vacations Worldwide Corp	195		17		CryoLife Inc (a)	4,278		81
National CineMedia Inc	267,589		3,923		Cutera Inc (a)	2,667		49
Penn National Gaming Inc (a)	182,220		2,511		Cynosure Inc (a)	3,284		175
Pinnacle Entertainment Inc (a)	1,195		18		Endologix Inc (a)	15,530		107
Reading International Inc (a)	1,095		18		Entellus Medical Inc (a)	1,788		31
Red Rock Resorts Inc	5,838		137		GenMark Diagnostics Inc (a)	8,497		103
Scientific Games Corp (a)	9,861		168		Genomic Health Inc (a)	3,464		95
SeaWorld Entertainment Inc	9,299		168		Glaukos Corp (a)	152,602		6,291
Vail Resorts Inc	43,410		7,447		Globus Medical Inc (a)	9,708		256
		$	25,935		Henry Schein Inc (a)	44,543		7,121
Environmental Control - 2.02%					ICU Medical Inc (a)	2,369		325
Advanced Disposal Services Inc (a)	105,404		2,341		IDEXX Laboratories Inc (a)	65,819		8,052
Energy Recovery Inc (a)	6,639		68		Inogen Inc (a)	4,092		263

See accompanying notes

237

Schedule of Investments
SmallCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Healthcare - Products (continued)					Home Builders - 0.49%
Insulet Corp (a)	8,079	$	336		Cavco Industries Inc (a)	1,616	$	159
Integer Holdings Corp (a)	77,034		2,496		Century Communities Inc (a)	606		14
Integra LifeSciences Holdings Corp (a)	12,890		538		Installed Building Products Inc (a)	117,416		4,802
Intersect ENT Inc (a)	5,198		70		KB Home	2,521		41
InVivo Therapeutics Holdings Corp (a)	6,477		31		LGI Homes Inc (a)	2,837		88
iRadimed Corp (a)	1,506		14		M/I Homes Inc (a)	1,126		28
iRhythm Technologies Inc (a)	18,292		597		MDC Holdings Inc	2,134		58
IRIDEX Corp (a)	1,809		25		Meritage Homes Corp (a)	45,890		1,686
K2M Group Holdings Inc (a)	175,832		3,573		PICO Holdings Inc (a)	538		8
LeMaitre Vascular Inc	2,905		66		Taylor Morrison Home Corp (a)	5,959		116
Luminex Corp (a)	3,423		69		TRI Pointe Group Inc (a)	1,213		15
Masimo Corp (a)	8,650		636		UCP Inc (a)	708		8
Meridian Bioscience Inc	7,113		93		Winnebago Industries Inc	6,959		218
Merit Medical Systems Inc (a)	5,641		143				$	7,241
MiMedx Group Inc (a)	18,637		151		Home Furnishings - 0.20%
NanoString Technologies Inc (a)	3,209		58		American Woodmark Corp (a)	3,300		235
Natus Medical Inc (a)	8,166		319		Bassett Furniture Industries Inc	1,288		36
Nevro Corp (a)	87,587		7,621		Ethan Allen Interiors Inc	3,422		100
Novadaq Technologies Inc (a)	155,384		1,050		Hooker Furniture Corp	426		14
NuVasive Inc (a)	10,150		718		iRobot Corp (a)	6,197		375
NxStage Medical Inc (a)	8,822		237		La-Z-Boy Inc	6,037		173
OraSure Technologies Inc (a)	11,104		98		Select Comfort Corp (a)	6,457		130
Orthofix International NV (a)	3,438		124		Tempur Sealy International Inc (a)	39,763		1,710
Oxford Immunotec Global PLC (a)	4,524		61		Universal Electronics Inc (a)	1,961		117
Penumbra Inc (a)	96,207		6,884				$	2,890
Quidel Corp (a)	4,935		94		Housewares - 0.00%
Repligen Corp (a)	6,247		188		Libbey Inc	770		13
Spectranetics Corp/The (a)	5,921		153
STAAR Surgical Co (a)	8,088		80		Insurance - 0.17%
Surmodics Inc (a)	2,615		63		AMERISAFE Inc	3,505		221
T2 Biosystems Inc (a)	2,570		14		Atlas Financial Holdings Inc (a)	1,210		21
Tactile Systems Technology Inc (a)	1,084		17		Crawford & Co	2,536		31
Tandem Diabetes Care Inc (a)	4,286		10		Essent Group Ltd (a)	15,892		549
TransEnterix Inc (a)	2,847		4		Kinsale Capital Group Inc	260		8
Utah Medical Products Inc	735		46		Maiden Holdings Ltd	5,632		100
Vascular Solutions Inc (a)	4,450		249		National General Holdings Corp	7,773		190
Zeltiq Aesthetics Inc (a)	150,102		6,656		Primerica Inc	9,473		715
		$	64,477		RLI Corp	6,207		369
Healthcare - Services - 1.22%					State National Cos Inc	986		13
AAC Holdings Inc (a)	2,696		21		Third Point Reinsurance Ltd (a)	1,201		14
Addus HomeCare Corp (a)	479		16		United Insurance Holdings Corp	2,534		35
Adeptus Health Inc (a)	3,384		24		Universal Insurance Holdings Inc	6,291		164
Air Methods Corp (a)	8,336		298				$	2,430
Almost Family Inc (a)	605		29		Internet - 6.59%
Amedisys Inc (a)	3,875		178		1-800-Flowers.com Inc (a)	1,930		17
American Renal Associates Holdings Inc (a)	1,877		36		8x8 Inc (a)	376,878		5,974
Chemed Corp	3,446		572		Autobytel Inc (a)	690		9
Civitas Solutions Inc (a)	3,234		59		Blucora Inc (a)	2,080		31
Ensign Group Inc/The	6,615		135		Blue Nile Inc	2,227		91
Envision Healthcare Corp (a)	75,877		5,160		Boingo Wireless Inc (a)	4,296		50
Genesis Healthcare Inc (a)	5,617		23		ChannelAdvisor Corp (a)	143,130		1,982
HealthSouth Corp	18,087		702		Chegg Inc (a)	444,884		3,199
ICON PLC (a)	63,644		5,350		Cogent Communications Holdings Inc	423,429		17,699
Invitae Corp (a)	5,148		43		comScore Inc (a)	99,812		3,349
Laboratory Corp of America Holdings (a)	16,350		2,194		Corindus Vascular Robotics Inc (a)	12,273		7
LHC Group Inc (a)	369		19		DHI Group Inc (a)	9,946		57
Magellan Health Inc (a)	4,062		304		Endurance International Group Holdings Inc(a)	11,353		87
Medpace Holdings Inc (a)	1,300		45
Molina Healthcare Inc (a)	6,636		376		ePlus Inc (a)	906		102
Natera Inc (a)	4,589		41		Etsy Inc (a)	14,769		186
Nobilis Health Corp (a)	3,493		8		Expedia Inc	38,229		4,648
Providence Service Corp/The (a)	2,581		100		Global Eagle Entertainment Inc (a)	755,262		4,652
Quorum Health Corp (a)	6,567		58		GrubHub Inc (a)	122,774		5,101
RadNet Inc (a)	7,945		46		HealthStream Inc (a)	4,975		114
Select Medical Holdings Corp (a)	6,766		84		Imperva Inc (a)	99,204		4,142
Surgery Partners Inc (a)	2,349		43		Liberty Ventures (a)	77,597		3,387
Surgical Care Affiliates Inc (a)	3,755		212		Lionbridge Technologies Inc (a)	12,233		70
Teladoc Inc (a)	83,168		1,664		MakeMyTrip Ltd (a)	90,895		3,036
US Physical Therapy Inc	2,331		164		MeetMe Inc (a)	8,551		42
		$	18,004		Mimecast Ltd (a)	137,606		2,926
Holding Companies - Diversified - 0.03%					New Media Investment Group Inc	1,901		29
HRG Group Inc (a)	25,203		424		NIC Inc	15,861		382
					Overstock.com Inc (a)	2,801		47

See accompanying notes

238

Schedule of Investments
SmallCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Internet (continued)					Media (continued)
Pandora Media Inc (a)	246,281	$	3,202		MSG Networks Inc (a)	6,588	$	153
Perficient Inc (a)	4,945		88		Nexstar Media Group Inc	78,115		5,108
Proofpoint Inc (a)	178,743		14,328		Radio One Inc (a)	5,958		18
Q2 Holdings Inc (a)	224,514		7,128		Sinclair Broadcast Group Inc	13,985		472
Quotient Technology Inc (a)	11,911		127		TiVo Corp	5,013		95
Reis Inc	1,413		28		Townsquare Media Inc (a)	904		10
RingCentral Inc (a)	344,690		8,048		tronc Inc (a)	3,445		46
Rubicon Project Inc/The (a)	4,180		35		Value Line Inc	418		7
Shutterfly Inc (a)	7,519		386				$	11,852
Shutterstock Inc (a)	5,707		307		Metal Fabrication & Hardware - 0.62%
Stamps.com Inc (a)	3,710		451		Advanced Drainage Systems Inc	6,676		161
TechTarget Inc (a)	1,892		17		Atkore International Group Inc (a)	1,601		43
TrueCar Inc (a)	10,338		136		Global Brass & Copper Holdings Inc	3,684		122
VASCO Data Security International Inc (a)	5,108		78		Lawson Products Inc/DE (a)	990		26
Wayfair Inc (a)	4,369		182		Mueller Industries Inc	5,598		225
Web.com Group Inc (a)	8,263		157		Mueller Water Products Inc - Class A	21,880		295
WebMD Health Corp (a)	8,365		417		RBC Bearings Inc (a)	69,233		6,413
XO Group Inc (a)	4,994		94		Rexnord Corp (a)	12,922		285
Zendesk Inc (a)	11,322		271		Sun Hydraulics Corp	2,887		113
Zix Corp (a)	12,085		58		TimkenSteel Corp (a)	53,506		902
		$	96,954		Worthington Industries Inc	9,887		472
Iron & Steel - 0.00%							$	9,057
ALJ Regional Holdings Inc (a)	4,708		19		Mining - 0.09%
					Coeur Mining Inc (a)	27,367		319
Leisure Products & Services - 2.14%					Gold Resource Corp	8,739		47
Black Diamond Inc (a)	300,756		1,684		Kaiser Aluminum Corp	880		69
Callaway Golf Co	11,380		129		United States Lime & Minerals Inc	126		10
Camping World Holdings Inc	41,301		1,300		US Silica Holdings Inc	15,594		922
ClubCorp Holdings Inc	8,918		147				$	1,367
Fox Factory Holding Corp (a)	4,414		115		Miscellaneous Manufacturers - 2.18%
LCI Industries	5,031		552		Actuant Corp	3,832		100
Liberty TripAdvisor Holdings Inc (a)	845,027		15,169		American Outdoor Brands Corp (a)	13,113		279
Lindblad Expeditions Holdings Inc (a)	272,217		2,447		AZZ Inc	5,463		325
Malibu Boats Inc (a)	3,773		70		Carlisle Cos Inc	60,279		6,577
Marine Products Corp	2,627		30		Chase Corp	1,371		121
MCBC Holdings Inc	2,087		29		CLARCOR Inc	6,658		551
Nautilus Inc (a)	5,828		101		EnPro Industries Inc	2,992		203
Planet Fitness Inc	459,139		9,660		Fabrinet (a)	8,179		345
		$	31,433		GP Strategies Corp (a)	2,509		64
Lodging - 0.03%					Hexcel Corp	314,298		16,139
Boyd Gaming Corp (a)	18,183		369		Hillenbrand Inc	12,793		468
Century Casinos Inc (a)	2,763		20		John Bean Technologies Corp	65,620		5,666
ILG Inc	1,489		28		Lydall Inc (a)	4,144		253
La Quinta Holdings Inc (a)	2,348		33		Myers Industries Inc	4,320		60
		$	450		Proto Labs Inc (a)	3,468		182
Machinery - Construction & Mining - 0.40%					Raven Industries Inc	3,066		77
Astec Industries Inc	84,532		5,916		Standex International Corp	1,352		118
Hyster-Yale Materials Handling Inc	640		39		Sturm Ruger & Co Inc	2,623		138
		$	5,955		Trinseo SA	6,417		416
Machinery - Diversified - 1.92%							$	32,082
Alamo Group Inc	496		38		Office & Business Equipment - 0.00%
Albany International Corp	584		28		Eastman Kodak Co (a)	3,040		41
Altra Industrial Motion Corp	5,649		211
Applied Industrial Technologies Inc	4,187		253		Office Furnishings - 0.30%
Gorman-Rupp Co/The	2,955		96		Herman Miller Inc	13,036		407
IDEX Corp	138,633		12,499		HNI Corp	9,343		471
Kadant Inc	485		30		Interface Inc	8,051		147
Lindsay Corp	1,307		98		Kimball International Inc	6,162		103
Middleby Corp/The (a)	47,222		6,336		Knoll Inc	119,683		3,125
Nordson Corp	52,890		6,005		Steelcase Inc	11,929		200
Power Solutions International Inc (a)	684		5				$	4,453
Tennant Co	38,587		2,672		Oil & Gas - 0.61%
		$	28,271		Abraxas Petroleum Corp (a)	10,155		25
Media - 0.81%					Callon Petroleum Co (a)	243,237		3,717
Central European Media Enterprises Ltd (a)	15,069		39		Carrizo Oil & Gas Inc (a)	8,670		307
Entravision Communications Corp	12,154		66		CVR Energy Inc	234		5
Gray Television Inc (a)	7,717		91		Evolution Petroleum Corp	4,606		40
Hemisphere Media Group Inc (a)	1,493		17		Isramco Inc (a)	141		18
Houghton Mifflin Harcourt Co (a)	11,499		130		Matador Resources Co (a)	176,594		4,650
Liberty Media Corp-Liberty Formula One - A	192,198		5,570		Panhandle Oil and Gas Inc	1,417		31
Shares (a)					Par Pacific Holdings Inc (a)	2,032		29
Liberty Media Corp-Liberty Formula One - C	1,038		30		Sanchez Energy Corp (a)	3,308		44
Shares (a)					Synergy Resources Corp (a)	7,491		64

See accompanying notes

239

Schedule of Investments
SmallCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Oil & Gas (continued)					Pharmaceuticals (continued)
Trecora Resources (a)	3,214	$	40		Mirati Therapeutics Inc (a)	1,997	$	10
		$	8,970		MyoKardia Inc (a)	2,757		31
Oil & Gas Services - 0.79%					Myovant Sciences Ltd (a)	1,548		17
Flotek Industries Inc (a)	10,057		106		NantKwest Inc (a)	313		2
Forum Energy Technologies Inc (a)	176,578		3,832		Natural Health Trends Corp	1,704		43
Keane Group Inc (a)	120,370		2,659		Nektar Therapeutics (a)	20,127		244
Oil States International Inc (a)	126,140		4,983		Neogen Corp (a)	7,777		514
PHI Inc (a)	215		3		Neos Therapeutics Inc (a)	2,464		14
TETRA Technologies Inc (a)	10,970		54		Neurocrine Biosciences Inc (a)	142,732		6,124
		$	11,637		Omega Protein Corp	546		14
Packaging & Containers - 0.16%					Ophthotech Corp (a)	5,610		27
Berry Plastics Group Inc (a)	38,470		1,963		Osiris Therapeutics Inc (a)	2,946		17
KapStone Paper and Packaging Corp	4,281		103		Owens & Minor Inc	3,432		123
Multi Packaging Solutions International Ltd (a)	4,221		75		Pacira Pharmaceuticals Inc/DE (a)	5,048		194
Multi-Color Corp	3,322		256		Phibro Animal Health Corp	3,468		93
					Portola Pharmaceuticals Inc (a)	80,148		2,184
Pharmaceuticals - 5.27%		$	2,397		PRA Health Sciences Inc (a)	5,856		343
AcelRx PharmaceuticalsInc (a)	7,251		19		Premier Inc (a)	113,193		3,606
Aclaris Therapeutics Inc (a)	2,273		60		Prestige Brands Holdings Inc (a)	7,452		393
Adamas Pharmaceuticals Inc (a)	234,131		3,716		Progenics Pharmaceuticals Inc (a)	12,443		111
Aerie Pharmaceuticals Inc (a)	79,563		3,493		Protagonist Therapeutics Inc (a)	1,084		20
Agios Pharmaceuticals Inc (a)	52,713		2,268		Proteostasis Therapeutics Inc (a)	1,428		21
Aimmune Therapeutics Inc (a)	256,754		4,694		Ra Pharmaceuticals Inc (a)	1,194		19
Akebia Therapeutics Inc (a)	1,890		19		Radius Health Inc (a)	71,970		3,132
Akorn Inc (a)	159,950		3,055		Reata Pharmaceuticals Inc (a)	53,338		1,328
Amicus Therapeutics Inc (a)	26,396		145		Regulus Therapeutics Inc (a)	6,826		8
Amphastar Pharmaceuticals Inc (a)	7,057		111		Sarepta Therapeutics Inc (a)	85,178		2,646
Anika Therapeutics Inc (a)	2,305		116		SciClone Pharmaceuticals Inc (a)	9,991		101
Anthera Pharmaceuticals Inc (a)	6,708		4		Seres Therapeutics Inc (a)	3,194		32
Array BioPharma Inc (a)	2,929		32		Sorrento Therapeutics Inc (a)	4,799		26
Avexis Inc (a)	1,060		59		Sucampo Pharmaceuticals Inc (a)	4,839		54
Axovant Sciences Ltd (a)	4,300		53		Supernus Pharmaceuticals Inc (a)	11,530		312
Axsome Therapeutics Inc (a)	2,691		13		Synergy Pharmaceuticals Inc (a)	33,076		234
BeiGene Ltd ADR(a)	98,707		3,439		Synutra International Inc (a)	1,391		8
BioScrip Inc (a)	7,981		11		Syros Pharmaceuticals Inc (a)	665		7
BioSpecifics Technologies Corp (a)	951		49		Teligent Inc (a)	8,203		57
Cara Therapeutics Inc (a)	506		8		TESARO Inc (a)	37,119		6,045
Catalent Inc (a)	333,278		8,919		TG Therapeutics Inc (a)	6,636		32
Cempra Inc (a)	8,333		26		TherapeuticsMD Inc (a)	19,610		114
Cidara Therapeutics Inc (a)	120		1		Titan Pharmaceuticals Inc (a)	5,104		22
Clovis Oncology Inc (a)	62,578		4,055		Trevena Inc (a)	7,873		55
Coherus Biosciences Inc (a)	74,268		2,072		USANA Health Sciences Inc (a)	2,028		126
Concert Pharmaceuticals Inc (a)	1,180		10		Vanda Pharmaceuticals Inc (a)	6,663		94
Corcept Therapeutics Inc (a)	14,840		106		Vital Therapies Inc (a)	4,166		21
DBV Technologies SA ADR(a)	63,584		2,195		Voyager Therapeutics Inc (a)	887		11
Depomed Inc (a)	8,459		153		vTv Therapeutics Inc (a)	1,344		8
DexCom Inc (a)	61,318		4,853		Xencor Inc (a)	6,578		157
Diplomat Pharmacy Inc (a)	9,104		125				$	77,557
Durect Corp (a)	25,769		27		Private Equity - 0.07%
Dyax Corp - Rights (a),(c)	211,240		—		Fifth Street Asset Management Inc	1,838		14
Eagle Pharmaceuticals Inc/DE (a)	1,627		113		GSV Capital Corp	175,979		917
Egalet Corp (a)	1,012		5		Kennedy-Wilson Holdings Inc	5,737		117
Flexion Therapeutics Inc (a)	4,869		94				$	1,048
Global Blood Therapeutics Inc (a)	2,958		48		Real Estate - 0.03%
GW Pharmaceuticals PLC ADR(a)	19,044		2,190		Alexander & Baldwin Inc	3,442		153
Heron Therapeutics Inc (a)	5,712		74		Consolidated-Tomoka Land Co	781		43
Heska Corp (a)	1,274		101		Forestar Group Inc (a)	1,223		16
Horizon Pharma Plc (a)	33,915		555		HFF Inc	4,992		148
Ignyta Inc (a)	3,299		16		Marcus & Millichap Inc (a)	2,942		76
Immune Design Corp (a)	2,334		13		RMR Group Inc/The	1,480		71
Impax Laboratories Inc (a)	10,147		133				$	507
Inotek Pharmaceuticals Corp (a)	2,768		4		REITS - 1.06%
Insys Therapeutics Inc (a)	4,091		42		Acadia Realty Trust	2,332		74
Intra-Cellular Therapies Inc (a)	6,463		93		Alexander's Inc	531		224
Ironwood Pharmaceuticals Inc (a)	23,989		345		American Assets Trust Inc	1,854		80
Jounce Therapeutics Inc (a)	46,998		779		Armada Hoffler Properties Inc	5,958		82
Kadmon Holdings Inc (a)	1,159		5		CareTrust REIT Inc	179,882		2,726
Keryx Biopharmaceuticals Inc (a)	14,169		71		Chesapeake Lodging Trust	6,376		163
La Jolla Pharmaceutical Co (a)	2,396		47		CoreSite Realty Corp	4,726		407
Lifevantage Corp (a)	3,380		24		DuPont Fabros Technology Inc	14,635		695
MannKind Corp (a)	57,068		40		EastGroup Properties Inc	6,999		495
MediciNova Inc (a)	5,225		29		Education Realty Trust Inc	1,282		52
Minerva Neurosciences Inc (a)	3,396		36		FelCor Lodging Trust Inc	16,811		129

See accompanying notes

240

Schedule of Investments
SmallCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
REITS (continued)					Retail (continued)
First Industrial Realty Trust Inc	3,501	$	90		Jack in the Box Inc	44,075	$	4,756
Four Corners Property Trust Inc	5,667		124		Kate Spade & Co (a)	75,060		1,389
GEO Group Inc/The	2,155		89		Kirkland's Inc (a)	1,584		22
Global Medical REIT Inc	53,070		470		Lithia Motors Inc	69,182		7,134
Gramercy Property Trust	2,807		74		MarineMax Inc (a)	2,803		60
Hersha Hospitality Trust	435		9		Nathan's Famous Inc (a)	664		41
iStar Inc (a)	13,076		147		Ollie's Bargain Outlet Holdings Inc (a)	295,652		9,032
LTC Properties Inc	7,081		330		Papa John's International Inc	97,466		8,306
Medical Properties Trust Inc	23,231		296		Party City Holdco Inc (a)	2,675		39
Monmouth Real Estate Investment Corp	7,541		110		PetMed Express Inc	3,971		84
National Health Investors Inc	7,940		587		Pier 1 Imports Inc	3,679		27
National Storage Affiliates Trust	1,067		24		Popeyes Louisiana Kitchen Inc (a)	2,841		180
Orchid Island Capital Inc	1,283		15		Potbelly Corp (a)	4,779		62
Pennsylvania Real Estate Investment Trust	2,641		47		PriceSmart Inc	40,604		3,439
Physicians Realty Trust	9,797		182		Red Robin Gourmet Burgers Inc (a)	22,069		1,049
Potlatch Corp	8,849		365		Ruth's Hospitality Group Inc	6,331		109
PS Business Parks Inc	4,372		490		Shake Shack Inc (a)	2,930		103
QTS Realty Trust Inc	92,680		4,671		Sonic Corp	6,145		153
Retail Opportunity Investments Corp	15,477		328		Sportsman's Warehouse Holdings Inc (a)	4,911		37
Rexford Industrial Realty Inc	3,459		79		Stein Mart Inc	6,253		23
Ryman Hospitality Properties Inc	6,126		375		Tailored Brands Inc	4,967		106
Sabra Health Care REIT Inc	5,559		141		Texas Roadhouse Inc	125,286		5,844
Saul Centers Inc	1,676		106		Tile Shop Holdings Inc	410,745		7,845
STAG Industrial Inc	16,143		374		Tilly's Inc (a)	119,861		1,606
Terreno Realty Corp	1,584		43		Urban Outfitters Inc (a)	50,590		1,343
UMH Properties Inc	1,868		27		Vera Bradley Inc (a)	3,008		34
Universal Health Realty Income Trust	2,305		143		Vitamin Shoppe Inc (a)	534		12
Urban Edge Properties	18,013		504		Wingstop Inc	3,067		87
Urstadt Biddle Properties Inc	5,639		127		Winmark Corp	448		50
Washington Prime Group Inc	5,344		52				$	104,714
Washington Real Estate Investment Trust	3,521		111		Savings & Loans - 1.04%
		$	15,657		Banc of California Inc	6,540		103
Retail - 7.11%					BofI Holding Inc (a)	208,638		6,155
American Eagle Outfitters Inc	130,611		1,973		Greene County Bancorp Inc	273		6
Asbury Automotive Group Inc (a)	2,768		182		Hingham Institution for Savings	135		26
Ascena Retail Group Inc (a)	7,799		37		Home Bancorp Inc	297		11
At Home Group Inc (a)	1,139		17		Meridian Bancorp Inc	5,023		95
Big Lots Inc	9,557		478		Northfield Bancorp Inc	1,020		18
Biglari Holdings Inc (a)	35		15		Pacific Premier Bancorp Inc (a)	112,529		4,428
BJ's Restaurants Inc (a)	3,260		116		Sterling Bancorp/DE	186,258		4,442
Bloomin' Brands Inc	14,640		250				$	15,284
BMC Stock Holdings Inc (a)	6,601		123		Semiconductors - 5.09%
Bob Evans Farms Inc/DE	2,795		158		Advanced Micro Devices Inc (a)	50,484		523
Bojangles' Inc (a)	2,167		43		Ambarella Inc (a)	3,151		156
Buckle Inc/The	2,114		45		Amkor Technology Inc (a)	9,201		87
Buffalo Wild Wings Inc (a)	45,268		6,836		Cabot Microelectronics Corp	1,908		129
Build-A-Bear Workshop Inc (a)	634		8		Cavium Inc (a)	248,748		16,470
Burlington Stores Inc (a)	42,210		3,533		CEVA Inc (a)	3,751		133
Carrols Restaurant Group Inc (a)	323,915		4,649		Cirrus Logic Inc (a)	94,094		5,676
Cato Corp/The	1,158		29		Entegris Inc (a)	21,061		395
Cheesecake Factory Inc/The	9,577		577		Exar Corp (a)	2,028		21
Chico's FAS Inc	26,511		358		FormFactor Inc (a)	7,670		95
Children's Place Inc/The	4,144		402		GigPeak Inc (a)	3,463		9
Chuy's Holdings Inc (a)	70,248		2,066		Inphi Corp (a)	34,513		1,581
Container Store Group Inc/The (a)	1,958		10		Integrated Device Technology Inc (a)	18,852		475
Cracker Barrel Old Country Store Inc	3,728		589		IPG Photonics Corp (a)	20,766		2,388
Dave & Buster's Entertainment Inc (a)	165,357		9,005		Lattice Semiconductor Corp (a)	22,406		161
Del Frisco's Restaurant Group Inc (a)	805		14		MACOM Technology Solutions Holdings Inc(a)	268,535		12,769
Denny's Corp (a)	14,151		172
DineEquity Inc	1,420		97		MaxLinear Inc (a)	51,866		1,327
Duluth Holdings Inc (a)	1,828		41		Microsemi Corp (a)	303,680		16,140
Fiesta Restaurant Group Inc (a)	4,182		110		MKS Instruments Inc	391		26
Finish Line Inc/The	1,779		31		Monolithic Power Systems Inc	80,044		6,983
FirstCash Inc	5,868		251		Nanometrics Inc (a)	3,780		97
Five Below Inc (a)	276,299		11,010		Power Integrations Inc	3,878		275
Francesca's Holdings Corp (a)	7,573		132		Rambus Inc (a)	3,827		50
Freshpet Inc (a)	386,842		4,313		Semtech Corp (a)	9,074		299
Genesco Inc (a)	1,470		88		Silicon Laboratories Inc (a)	126,769		8,265
GMS Inc (a)	116,934		3,490		Synaptics Inc (a)	7,856		443
GNC Holdings Inc	9,511		84		Ultratech Inc (a)	675		17
Group 1 Automotive Inc	642		52				$	74,990
Habit Restaurants Inc/The (a)	2,495		36		Software - 11.91%
Hibbett Sports Inc (a)	5,032		166		2U Inc (a)	344,890		11,741
HSN Inc	4,416		156

See accompanying notes

241

Schedule of Investments
SmallCap Growth Fund I
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Software (continued)					Telecommunications (continued)
ACI Worldwide Inc (a)	16,293	$	316		CalAmp Corp (a)	6,950	$	104
Acxiom Corp (a)	5,296		138		Ciena Corp (a)	185,792		4,522
Amber Road Inc (a)	4,126		37		Clearfield Inc (a)	2,369		41
American Software Inc/GA	5,719		60		Consolidated Communications Holdings Inc	8,417		221
Appfolio Inc (a)	1,647		37		DigitalGlobe Inc (a)	127,190		3,568
Aspen Technology Inc (a)	294,836		15,658		EarthLink Holdings Corp	20,738		133
Avid Technology Inc (a)	4,576		24		Extreme Networks Inc (a)	20,612		114
Blackbaud Inc	208,276		13,665		FairPoint Communications Inc (a)	3,611		67
Bottomline Technologies de Inc (a)	4,882		126		General Communication Inc (a)	5,398		109
Box Inc (a)	9,284		158		Gigamon Inc (a)	58,710		1,946
Brightcove Inc (a)	6,409		46		GTT Communications Inc (a)	179,847		5,081
Broadridge Financial Solutions Inc	150,963		10,044		IDT Corp - Class B	2,422		47
BroadSoft Inc (a)	308,179		12,944		Infinera Corp (a)	13,788		124
Callidus Software Inc (a)	8,447		156		Inteliquent Inc	6,332		145
Castlight Health Inc (a)	8,741		27		InterDigital Inc/PA	7,297		682
CommVault Systems Inc (a)	9,185		451		Leap Wireless International Inc - Rights	5,801		18
Computer Programs & Systems Inc	2,316		52		(a),(b),(c)
Cornerstone OnDemand Inc (a)	7,115		290		LogMeIn Inc	75,276		8,137
Cotiviti Holdings Inc (a)	108,587		3,677		Loral Space & Communications Inc (a)	2,441		99
CSG Systems International Inc	8,006		387		Lumos Networks Corp (a)	778		12
Ebix Inc	6,150		341		NeoPhotonics Corp (a)	1,464		16
Envestnet Inc (a)	140,062		5,294		NETGEAR Inc (a)	5,605		319
Exa Corp (a)	3,064		47		Numerex Corp (a)	720		4
Fair Isaac Corp	59,836		7,378		Oclaro Inc (a)	169,374		1,661
Five9 Inc (a)	6,764		105		ORBCOMM Inc (a)	10,825		88
Guidance Software Inc (a)	5,440		40		Plantronics Inc	7,632		432
Guidewire Software Inc (a)	214,085		11,203		RigNet Inc (a)	207		4
Hortonworks Inc (a)	7,767		75		Shenandoah Telecommunications Co	9,334		254
HubSpot Inc (a)	104,065		5,339		ShoreTel Inc (a)	3,527		25
InnerWorkings Inc (a)	6,998		67		Silicom Ltd	480		18
Instructure Inc (a)	2,067		45		Sonus Networks Inc (a)	2,114		13
j2 Global Inc	9,833		824		Straight Path Communications Inc (a)	1,745		61
Jive Software Inc (a)	12,858		49		Ubiquiti Networks Inc (a)	5,846		365
LivePerson Inc (a)	10,440		76		ViaSat Inc (a)	6,314		410
Majesco (a)	1,981		10		Vonage Holdings Corp (a)	1,577,054		11,182
Medidata Solutions Inc (a)	118,020		5,847		West Corp	3,986		97
MicroStrategy Inc (a)	27,736		5,583		Windstream Holdings Inc	2,780		22
MINDBODY Inc (a)	2,799		68				$	45,747
MobileIron Inc (a)	10,105		44		Textiles - 0.02%
Model N Inc (a)	156,110		1,374		Culp Inc	2,164		70
Monotype Imaging Holdings Inc	192,102		4,207		G&K Services Inc	2,073		199
NantHealth Inc (a)	122,514		997		UniFirst Corp/MA	194		25
New Relic Inc (a)	4,233		153				$	294
Omnicell Inc (a)	4,930		177		Transportation - 1.02%
Park City Group Inc (a)	2,393		30		Air Transport Services Group Inc (a)	1,758		28
Paycom Software Inc (a)	9,681		448		Echo Global Logistics Inc (a)	4,847		115
PDF Solutions Inc (a)	4,747		107		Forward Air Corp	4,125		199
Pegasystems Inc	30,373		1,179		Genesee & Wyoming Inc (a)	81,436		6,137
Planet Payment Inc (a)	9,513		40		Heartland Express Inc	6,437		133
Progress Software Corp	953		27		Hub Group Inc (a)	4,301		191
PROS Holdings Inc (a)	4,682		105		Knight Transportation Inc	231,174		7,721
Quality Systems Inc (a)	10,129		152		Matson Inc	2,636		94
RealPage Inc (a)	13,558		415		Radiant Logistics Inc (a)	6,198		23
Rosetta Stone Inc (a)	3,379		30		Swift Transportation Co (a)	16,289		372
Sapiens International Corp NV	5,032		67		Universal Logistics Holdings Inc	1,481		21
SPS Commerce Inc (a)	96,692		6,671		YRC Worldwide Inc (a)	1,627		24
Synchronoss Technologies Inc (a)	199,110		7,669
Tabula Rasa HealthCare Inc (a)	60,193		846				$	15,058
Take-Two Interactive Software Inc (a)	271,486		14,565		Water - 0.04%
Ultimate Software Group Inc/The (a)	73,139		14,165		American States Water Co	4,622		202
Veeva Systems Inc (a)	180,570		7,644		California Water Service Group	3,943		136
Workiva Inc (a)	4,404		55		Connecticut Water Service Inc	501		27
Xactly Corp (a)	138,814		1,687		Global Water Resources Inc	1,578		13
					Middlesex Water Co	2,500		95
		$	175,279		York Water Co/The	2,137		76
Storage & Warehousing - 0.01%							$	549
Mobile Mini Inc	4,571		149		TOTAL COMMON STOCKS		$	1,398,038
Wesco Aircraft Holdings Inc (a)	2,595		39
					INVESTMENT COMPANIES - 4.88%	Shares Held		Value(000	's)
		$	188		Money Market Funds - 4.88%
Telecommunications - 3.11%					Cash Account Trust - Government & Agency	678,369		678
A10 Networks Inc (a)	9,315		74
Acacia Communications Inc (a)	967		56		Portfolio - Government Cash Managed
ADTRAN Inc	4,320		95
Aerohive Networks Inc (a)	4,458		26
Arista Networks Inc (a)	56,970		5,355

See accompanying notes

242

					Schedule of Investments
SmallCap Growth Fund I
January 31, 2017 (unaudited)
INVESTMENT COMPANIES (continued)		Shares Held	Value (000's)
Money Market Funds (continued)
First American Government Obligations Fund		71,108,469	$		71,109
			$		71,787
TOTAL INVESTMENT COMPANIES			$		71,787
Total Investments			$	1,469,825
Other Assets and Liabilities - 0.16%			$		2,397
TOTAL NET ASSETS - 100.00%			$	1,472,222
(a)	Non-Income Producing Security
(b)	Security is Illiquid. At the end of the period, the value of these securities
	totaled $184 or 0.01% of net assets.
(c)	Fair value of these investments is determined in good faith by the Manager
	under procedures established and periodically reviewed by the Board of
	Directors. Inputs used in the valuation may be unobservable; however, not
	all securities are included in Level 3 of the fair value hierarchy. At the end
	of the period, the fair value of these securities totaled $35 or 0.00% of net
	assets.
	Portfolio Summary (unaudited)
Sector					Percent
Consumer, Non-cyclical					22.28	%
Technology					20.37	%
Industrial					16.01	%
Consumer, Cyclical					15.01	%
Communications					10.51	%
Financial					8.12	%
Investment Companies					4.88	%
Energy					1.41	%
Basic Materials					1.14	%
Utilities					0.08	%
Diversified					0.03	%
Other Assets and Liabilities					0.16	%
TOTAL NET ASSETS					100.00	%
Futures Contracts
													Unrealized
Type		Long/Short			Contracts		Notional Value			Fair Value	Appreciation/(Depreciation)
Russell 2000 Mini; March 2017		Long			1,107		$	76,028	$	75,248		$	(780	)
Total											$		(780	)
Amounts in thousands except contracts

See accompanying notes

243

     Schedule of Investments SmallCap S&P 600 Index Fund January 31, 2017 (unaudited)

COMMON STOCKS - 98.11%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 1.09%					Banks (continued)
AAR Corp	55,713	$	1,782		Simmons First National Corp	52,077	$	3,132
Aerojet Rocketdyne Holdings Inc (a)	122,710		2,223		Southside Bancshares Inc	45,951		1,570
Aerovironment Inc (a)	36,079		945		Texas Capital Bancshares Inc (a)	85,920		7,088
Cubic Corp	43,683		2,077		Tompkins Financial Corp	21,378		1,936
Kaman Corp	47,520		2,401		TrustCo Bank Corp NY	167,771		1,409
Moog Inc (a)	56,350		3,712		United Bankshares Inc/WV	141,613		6,344
National Presto Industries Inc	8,648		920		United Community Banks Inc/GA	124,224		3,494
		$	14,060		Walker & Dunlop Inc (a)	48,599		1,527
Agriculture - 0.34%					Westamerica Bancorporation	44,999		2,554
Andersons Inc/The	45,555		1,720		Wintrust Financial Corp	90,754		6,498
Universal Corp/VA	39,940		2,716				$	127,670
		$	4,436		Biotechnology - 1.62%
Airlines - 0.93%					Acorda Therapeutics Inc (a)	80,838		1,657
Allegiant Travel Co	22,919		3,942		AMAG Pharmaceuticals Inc (a)	59,970		1,445
Hawaiian Holdings Inc (a)	93,656		4,772		ANI Pharmaceuticals Inc (a)	14,006		847
SkyWest Inc	90,703		3,211		Cambrex Corp (a)	56,359		2,956
		$	11,925		Emergent BioSolutions Inc (a)	60,347		1,827
Apparel- 0.94%					Innoviva Inc (a)	135,330		1,434
Crocs Inc (a)	128,928		941		Ligand Pharmaceuticals Inc (a)	33,340		3,534
Iconix Brand Group Inc (a)	98,394		1,012		Medicines Co/The (a)	121,956		4,397
Oxford Industries  Inc	26,162		1,439		Momenta Pharmaceuticals Inc (a)	112,051		2,118
Perry  Ellis International Inc (a)	21,191		500		Spectrum Pharmaceuticals Inc (a)	122,721		572
Steven Madden Ltd (a)	95,648		3,367				$	20,787
Unifi Inc (a)	26,573		715		Building Materials - 2.31%
Wolverine World Wide Inc	172,951		4,063		AAON Inc	69,359		2,355
		$	12,037		Apogee Enterprises Inc	50,656		2,891
					Boise Cascade Co (a)	67,930		1,685
Automobile Manufacturers - 0.15%					Gibraltar Industries Inc (a)	54,879		2,409
Wabash National Corp	108,749		1,919
					Griffon Corp	52,111		1,326
					Headwaters Inc (a)	129,997		3,012
Automobile Parts & Equipment - 1.28%					Patrick Industries Inc (a)	25,536		2,088
American Axle & Manufacturing Holdings Inc(a)	134,052		2,735		PGT Innovations Inc (a)	85,891		988
Cooper-Standard Holdings Inc (a)	30,947		3,258		Quanex Building Products Corp	59,984		1,185
Dorman Products Inc (a)	53,185		3,671		Simpson Manufacturing Co Inc	70,847		3,083
Gentherm Inc (a)	64,002		2,266		Trex Co Inc (a)	51,527		3,490
Motorcar Parts of America Inc (a)	32,719		858		Universal Forest Products Inc	35,640		3,625
					US Concrete Inc (a)	24,919		1,632
Standard Motor Products Inc	35,224		1,756
Superior Industries International Inc	40,144		925				$	29,769
Titan International Inc	76,755		1,020		Chemicals - 2.70%
		$	16,489		A Schulman Inc	51,429		1,774
Banks - 9.92%					Aceto Corp	52,679		1,006
					AdvanSix Inc (a)	53,436		1,373
Ameris Bancorp	61,214		2,761
Banner Corp	46,289		2,598		American Vanguard Corp	45,292		779
Boston Private Financial Holdings Inc	145,722		2,404		Balchem Corp	55,607		4,740
Cardinal Financial Corp	57,509		1,804		Calgon Carbon Corp	88,754		1,407
Central Pacific Financial Corp	54,046		1,693		Hawkins Inc	16,744		898
City Holding Co	26,307		1,712		HB Fuller Co	88,162		4,353
					Ingevity Corp (a)	73,829		4,104
Columbia Banking System Inc	101,747		4,046
Community Bank System Inc	77,800		4,540		Innophos Holdings Inc	33,927		1,650
Customers Bancorp Inc (a)	49,367		1,701		Innospec Inc	42,042		3,000
					Koppers Holdings Inc (a)	36,222		1,465
CVB Financial Corp	176,293		3,974		Kraton Corp (a)	54,195		1,456
Fidelity Southern Corp	37,115		863
First BanCorp/Puerto Rico (a)	236,305		1,588		Quaker Chemical Corp	23,239		2,986
First Commonwealth Financial Corp	156,003		2,203		Rayonier Advanced Materials Inc	75,849		1,029
First Financial Bancorp	108,609		2,992		Stepan Co	34,170		2,669
First Financial Bankshares Inc	115,808		4,939				$	34,689
First Midwest Bancorp Inc/IL	142,564		3,462		Coal - 0.12%
First NBC Bank Holding Co (a)	27,980		112		Cloud Peak Energy Inc (a)	107,732		613
Glacier Bancorp Inc	134,148		4,766		SunCoke Energy Inc (a)	112,570		993
Great Western Bancorp Inc	102,927		4,400				$	1,606
Hanmi Financial Corp	56,539		1,874		Commercial Services - 5.56%
Home BancShares Inc/AR	216,650		5,837		ABM Industries Inc	97,740		3,948
Hope Bancorp Inc	222,843		4,660		Albany Molecular Research Inc (a)	39,097		719
Independent Bank Corp/Rockland MA	47,332		2,951		American Public Education Inc (a)	28,216		686
LegacyTexas Financial Group Inc	72,859		3,011		AMN Healthcare Services Inc (a)	84,230		3,020
National Bank Holdings Corp	45,513		1,479		Brink's Co/The	78,711		3,503
NBT Bancorp Inc	75,659		3,082		Capella Education Co	20,098		1,718
OFG Bancorp	76,981		1,020		Cardtronics PLC (a)	79,414		4,334
Old National Bancorp/IN	236,629		4,200		Career Education Corp (a)	112,859		1,103
Opus Bank	31,854		648		CDI Corp (a)	24,206		208
Pinnacle Financial Partners Inc	80,689		5,394		CorVel Corp (a)	17,427		668
S&T Bancorp Inc	61,202		2,302		Cross Country Healthcare Inc (a)	57,868		837
ServisFirst Bancshares Inc	77,468		3,102		Forrester Research Inc	17,564		717

See accompanying notes

244

     Schedule of Investments SmallCap S&P 600 Index Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Commercial Services (continued)					Diversified Financial Services (continued)
Green Dot Corp (a)	77,429	$	2,075		WageWorks Inc (a)	64,233	$	4,634
Healthcare Services Group Inc	127,245		5,058		World Acceptance Corp (a)	10,497		515
HealthEquity Inc (a)	75,351		3,485				$	30,265
Heidrick & Struggles International Inc	32,576		728		Electric - 1.03%
HMS Holdings Corp (a)	148,407		2,695		ALLETE Inc	86,703		5,666
Insperity Inc	33,195		2,373		Avista Corp	112,514		4,348
Kelly Services Inc	51,248		1,147		El Paso Electric Co	71,035		3,260
Korn/Ferry International	101,502		2,949				$	13,274
Landauer Inc	16,835		865		Electrical Components & Equipment - 0.88%
LendingTree Inc (a)	12,607		1,411		Advanced Energy Industries Inc (a)	69,575		4,094
LSC Communications Inc	46,572		1,221		Encore Wire Corp	36,331		1,535
Matthews International Corp	56,345		3,801		General Cable Corp	86,417		1,754
Medifast Inc	19,523		823		Insteel Industries Inc	30,603		1,134
Monro Muffler Brake Inc	56,622		3,392		Powell Industries Inc	14,978		576
Navigant Consulting Inc (a)	82,499		2,038		SPX Corp (a)	73,428		1,832
Nutrisystem Inc	51,475		1,701		Vicor Corp (a)	28,028		429
On Assignment Inc (a)	85,374		3,866
							$	11,354
Rent-A-Center Inc/TX	93,172		835		Electronics - 4.00%
Resources Connection Inc	51,753		864		Badger Meter Inc	51,029		1,967
RR Donnelley & Sons Co	122,359		2,098		Bel Fuse Inc	15,225		484
Strayer Education Inc (a)	18,280		1,481		Benchmark Electronics Inc (a)	85,686		2,622
Team Inc (a)	51,706		1,737
					Brady Corp	82,999		3,017
TrueBlue Inc(a)	74,465		1,843		Coherent Inc (a)	43,039		6,789
Viad Corp	35,600		1,561		CTS Corp	57,428		1,235
		$	71,508		Electro Scientific Industries Inc (a)	56,909		374
Computers - 2.79%					ESCO Technologies Inc	45,087		2,624
Agilysys Inc (a)	26,662		260		FARO Technologies Inc (a)	29,229		1,084
CACI International Inc (a)	42,734		5,248		II-VI Inc (a)	94,982		3,467
Ciber Inc (a)	130,244		56		Itron Inc (a)	58,349		3,600
Cray Inc (a)	71,431		1,225		Methode Electronics Inc	64,773		2,724
Electronics For Imaging Inc (a)	81,988		3,685		OSI Systems Inc (a)	31,748		2,371
Engility Holdings Inc (a)	30,944		908		Park Electrochemical Corp	33,343		611
ExlService Holdings Inc (a)	58,737		2,699		Plexus Corp (a)	58,751		3,190
Insight Enterprises Inc (a)	62,193		2,309		Rogers Corp (a)	31,506		2,519
Lumentum Holdings Inc (a)	95,924		3,640		Sanmina Corp (a)	128,707		5,013
Mercury Systems Inc (a)	82,382		2,778		TASER International Inc (a)	91,650		2,290
MTS Systems Corp	29,231		1,698		TTM Technologies Inc (a)	147,831		2,192
Qualys Inc (a)	50,680		1,819		Watts Water Technologies Inc	48,821		3,222
Super Micro Computer Inc (a)	65,605		1,735
Sykes Enterprises Inc (a)	69,179		1,932				$	51,395
					Energy - Alternate Sources - 0.21%
TeleTech Holdings Inc	27,703		820		FutureFuel Corp	39,854		518
Tessera Holding Corp	85,167		3,850		Green Plains Inc	62,551		1,407
Virtusa Corp (a)	48,321		1,231		REX American Resources Corp (a)	9,922		824
		$	35,893				$	2,749
Consumer Products - 0.39%					Engineering & Construction - 0.80%
Central Garden & Pet Co (a)	17,667		580		Aegion Corp (a)	59,537		1,385
Central Garden & Pet Co - A Shares (a)	58,739		1,808
					Comfort Systems USA Inc	64,712		2,190
WD-40 Co	24,850		2,613		Exponent Inc	44,864		2,604
		$	5,001		MYR Group Inc (a)	28,162		1,083
Cosmetics & Personal Care - 0.08%					Orion Group Holdings Inc (a)	48,524		510
Inter Parfums Inc	29,990		1,023		TopBuild Corp (a)	66,687		2,475
							$	10,247
Distribution & Wholesale - 1.02%					Entertainment - 0.40%
Anixter International Inc (a)	49,834		4,261
					Marriott Vacations Worldwide Corp	42,593		3,683
Core-Mark Holding Co Inc	80,906		2,826		Scientific Games Corp (a)	89,036		1,514
Essendant Inc	64,805		1,354				$	5,197
G-III Apparel Group Ltd (a)	76,739		2,015
ScanSource Inc (a)	44,088		1,743		Environmental Control - 0.49%
Veritiv Corp (a)	16,499		925		Tetra Tech Inc	100,028		4,371
					US Ecology Inc	38,180		1,957
		$	13,124				$	6,328
Diversified Financial Services - 2.35%					Food - 1.83%
Calamos Asset Management Inc	29,152		245		B&G Foods Inc	116,417		5,163
Encore Capital Group Inc (a)	41,177		1,274
Enova International Inc (a)	40,758		575		Calavo Growers Inc	26,900		1,488
					Cal-Maine Foods Inc	52,129		2,174
Evercore Partners Inc - Class A	68,223		5,284		Darling Ingredients Inc (a)	288,553		3,463
Financial Engines Inc	93,333		3,598		J&J Snack Foods Corp	26,201		3,342
Greenhill & Co Inc	47,676		1,409		Sanderson Farms Inc	34,831		3,170
Interactive Brokers Group Inc - A Shares	119,174		4,450		Seneca Foods Corp - Class A (a)	10,919		391
INTL. FCStone Inc (a)	26,146		964
					SpartanNash Co	65,704		2,488
Investment Technology Group Inc	54,235		1,091		SUPERVALU Inc (a)	466,441		1,828
Piper Jaffray Cos	24,931		1,758
PRA Group Inc (a)	81,244		3,234				$	23,507
Virtus Investment Partners Inc	11,317		1,234		Forest Products & Paper - 0.77%
					Clearwater Paper Corp (a)	29,315		1,844

See accompanying notes

245

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Forest Products & Paper (continued)					Home Furnishings (continued)
Deltic Timber Corp (b)	18,545	$	1,409		La-Z-Boy Inc	85,769	$	2,453
Neenah Paper Inc	29,361		2,412		Select Comfort Corp (a)	78,781		1,590
PH Glatfelter Co	76,343		1,863		Universal Electronics Inc (a)	25,544		1,520
Schweitzer-Mauduit International Inc	53,529		2,373				$	12,199
		$	9,901		Insurance - 2.99%
Gas - 0.99%					American Equity Investment Life Holding Co	154,439		3,645
Northwest Natural Gas Co	50,083		2,950		AMERISAFE Inc	33,710		2,125
South Jersey Industries Inc	138,958		4,586		eHealth Inc (a)	29,259		359
Spire Inc	80,035		5,202		Employers Holdings Inc	56,250		2,050
		$	12,738		HCI Group Inc	14,820		613
Hand & Machine Tools - 0.21%					Horace Mann Educators Corp	70,484		2,915
Franklin Electric Co Inc	67,373		2,718		Infinity Property & Casualty Corp	19,379		1,683
					Maiden Holdings Ltd	128,341		2,278
Healthcare - Products - 4.18%					Navigators Group Inc/The	38,792		2,178
Abaxis Inc	39,503		2,013		ProAssurance Corp	93,340		5,078
Analogic Corp	21,830		1,695		RLI Corp	66,963		3,979
AngioDynamics Inc (a)	55,243		889		Safety Insurance Group Inc	24,966		1,790
BioTelemetry Inc (a)	49,489		1,141		Selective Insurance Group Inc	101,421		4,229
Cantel Medical Corp	63,623		4,925		Stewart Information Services Corp	40,967		1,790
CONMED Corp	43,410		1,936		United Fire Group Inc	37,784		1,783
CryoLife Inc (a)	47,217		897		United Insurance Holdings Corp	31,112		425
Cynosure Inc (a)	41,823		2,233		Universal Insurance Holdings Inc	57,136		1,494
Haemonetics Corp (a)	90,556		3,609				$	38,414
ICU Medical Inc (a)	25,763		3,532		Internet - 1.82%
Inogen Inc (a)	28,058		1,806		8x8 Inc (a)	158,738		2,516
Integer Holdings Corp (a)	48,139		1,560		Blucora Inc (a)	67,284		1,016
Integra LifeSciences Holdings Corp (a)	104,860		4,376		Blue Nile Inc	20,504		835
Invacare Corp	55,622		640		Cogent Communications Holdings Inc	71,763		3,000
Luminex Corp (a)	69,528		1,406		DHI Group Inc (a)	87,264		497
Masimo Corp (a)	77,506		5,703		ePlus Inc (a)	11,544		1,293
Meridian Bioscience Inc	73,815		967		FTD Cos Inc (a)	30,063		691
Merit Medical Systems Inc (a)	78,161		1,985		HealthStream Inc (a)	44,512		1,022
MiMedx Group Inc (a)	176,621		1,427		Liquidity Services Inc (a)	42,782		417
Natus Medical Inc (a)	57,694		2,253		New Media Investment Group Inc	91,808		1,399
Repligen Corp (a)	59,307		1,782		NIC Inc	108,723		2,620
Surmodics Inc (a)	23,153		560		Perficient Inc (a)	63,204		1,121
Varex Imaging Corp (a)	65,417		1,881		QuinStreet Inc (a)	63,367		222
Vascular Solutions Inc (a)	30,735		1,720		Shutterstock Inc (a)	33,869		1,822
Zeltiq Aesthetics Inc (a)	63,071		2,796		Stamps.com Inc (a)	27,799		3,379
		$	53,732		VASCO Data Security International Inc (a)	52,849		803
Healthcare - Services - 2.17%					XO Group Inc (a)	43,601		821
Adeptus Health Inc (a)	26,442		190				$	23,474
Air Methods Corp (a)	58,053		2,072		Iron & Steel - 0.34%
Almost Family Inc (a)	20,157		952		AK Steel Holding Corp (a)	548,723		4,434
Amedisys Inc (a)	48,844		2,238
Chemed Corp	28,440		4,724		Leisure Products & Services - 0.72%
Community Health Systems Inc (a)	199,299		1,276		Arctic Cat Inc (a)	22,873		430
Ensign Group Inc/The	83,449		1,697		Callaway Golf Co	164,980		1,869
Kindred Healthcare Inc	149,285		993		Fox Factory Holding Corp (a)	50,401		1,306
LHC Group Inc (a)	26,128		1,310		LCI Industries	43,165		4,737
Magellan Health Inc (a)	40,741		3,054		Nautilus Inc (a)	54,569		947
Providence Service Corp/The (a)	21,354		825				$	9,289
Quorum Health Corp (a)	51,687		454		Lodging - 0.77%
Select Medical Holdings Corp (a)	187,898		2,339		Belmond Ltd (a)	148,061		2,050
Surgical Care Affiliates Inc (a)	48,864		2,761		Boyd Gaming Corp (a)	143,946		2,925
Tivity Health Inc (a)	58,317		1,496		ILG Inc	185,809		3,521
US Physical Therapy Inc	21,951		1,540		Marcus Corp/The	33,187		984
		$	27,921		Monarch Casino & Resort Inc (a)	19,182		456
Home Builders - 0.90%							$	9,936
Cavco Industries Inc (a)	14,817		1,456		Machinery - Construction & Mining - 0.18%
Installed Building Products Inc (a)	34,772		1,422		Astec Industries Inc	33,528		2,346
LGI Homes Inc (a)	29,847		927
M/I Homes Inc (a)	43,244		1,087		Machinery - Diversified - 1.45%
MDC Holdings Inc	72,204		1,952		Alamo Group Inc	16,546		1,251
Meritage Homes Corp (a)	65,954		2,424		Albany International Corp	50,661		2,404
WCI Communities Inc (a)	38,320		897		Applied Industrial Technologies Inc	68,379		4,134
Winnebago Industries Inc	46,366		1,456		Briggs & Stratton Corp	75,044		1,625
		$	11,621		Chart Industries Inc (a)	53,634		2,080
Home Furnishings - 0.95%					DXP Enterprises Inc/TX (a)	27,047		1,023
American Woodmark Corp (a)	24,499		1,744		Lindsay Corp	18,634		1,404
Daktronics Inc	70,236		714		SPX FLOW Inc (a)	73,445		2,563
Ethan Allen Interiors Inc	44,592		1,298		Tennant Co	30,907		2,140
iRobot Corp (a)	47,564		2,880				$	18,624

See accompanying notes

246

     Schedule of Investments SmallCap S&P 600 Index Fund January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Media - 0.88%					Pharmaceuticals - 1.78%
EW Scripps Co/The (a)	99,528	$	1,939		Amphastar Pharmaceuticals Inc (a)	62,930	$	991
Gannett Co Inc	204,414		1,967		Anika Therapeutics Inc (a)	25,634		1,296
Scholastic Corp	47,232		2,162		Depomed Inc (a)	107,951		1,953
TiVo Corp	209,582		3,961		Diplomat Pharmacy Inc (a)	75,124		1,032
World Wrestling Entertainment Inc	67,411		1,320		Eagle Pharmaceuticals Inc/DE (a)	13,800		955
		$	11,349		Enanta Pharmaceuticals Inc (a)	24,360		807
Metal Fabrication & Hardware - 0.64%					Impax Laboratories Inc (a)	129,512		1,703
CIRCOR International Inc	28,794		1,793		Lannett Co Inc (a)	51,243		1,033
Haynes International Inc	21,896		900		Nektar Therapeutics (a)	267,920		3,244
Mueller Industries Inc	100,585		4,050		Neogen Corp (a)	66,104		4,365
Olympic Steel Inc	15,951		359		PharMerica Corp (a)	53,960		1,338
TimkenSteel Corp (a)	68,218		1,150		Phibro Animal Health Corp	32,465		867
		$	8,252		SciClone Pharmaceuticals Inc (a)	89,497		908
Mining - 1.26%					Supernus Pharmaceuticals Inc (a)	86,787		2,348
Century Aluminum Co (a)	87,007		1,340				$	22,840
Kaiser Aluminum Corp	31,396		2,463		Real Estate - 0.32%
Materion Corp	34,951		1,374		Forestar Group Inc (a)	46,548		607
Stillwater Mining Co (a)	212,252		3,608		HFF Inc	61,423		1,823
US Silica Holdings Inc	125,643		7,431		RE/MAX Holdings Inc	30,933		1,734
		$	16,216				$	4,164
Miscellaneous Manufacturers - 2.96%					REITS - 5.84%
Actuant Corp	103,357		2,703		Acadia Realty Trust	141,753		4,513
AZZ Inc	45,595		2,715		Agree Realty Corp	45,849		2,150
Barnes Group Inc	87,732		4,223		American Assets Trust Inc	70,407		3,023
EnPro Industries Inc	37,445		2,543		Capstead Mortgage Corp	168,269		1,795
Fabrinet (a)	64,610		2,722		CareTrust REIT Inc	112,900		1,711
Federal Signal Corp	105,013		1,632		Cedar Realty Trust Inc	133,101		800
Harsco Corp (a)	140,547		1,876		Chesapeake Lodging Trust	105,359		2,697
Hillenbrand Inc	110,537		4,040		CoreSite Realty Corp	59,418		5,118
John Bean Technologies Corp	51,112		4,413		DiamondRock Hospitality Co	351,154		3,957
LSB Industries Inc (a)	35,229		300		EastGroup Properties Inc	57,396		4,062
Lydall Inc (a)	30,076		1,835		Four Corners Property Trust Inc	104,983		2,290
Myers Industries Inc	38,290		528		Franklin Street Properties Corp	187,976		2,397
Proto Labs Inc (a)	42,628		2,238		GEO Group Inc/The	131,498		5,460
Raven Industries Inc	63,386		1,588		Getty Realty Corp	46,406		1,197
Standex International Corp	22,338		1,948		Government Properties Income Trust	124,777		2,403
Sturm Ruger & Co Inc	33,258		1,754		Kite Realty Group Trust	146,456		3,518
Tredegar Corp	44,074		981		Lexington Realty Trust	374,061		4,010
		$	38,039		LTC Properties Inc	68,756		3,209
Office Furnishings - 0.16%					Parkway Inc (a)	74,899		1,595
Interface Inc	113,577		2,067		Pennsylvania Real Estate Investment Trust	121,900		2,183
					PS Business Parks Inc	34,229		3,835
Oil & Gas - 1.51%					Retail Opportunity Investments Corp	191,599		4,062
Atwood Oceanics Inc (a)	127,632		1,552		Sabra Health Care REIT Inc	114,401		2,906
Bill Barrett Corp (a)	132,603		868		Saul Centers Inc	20,632		1,310
Carrizo Oil & Gas Inc (a)	107,321		3,795		Summit Hotel Properties Inc	153,131		2,424
Contango Oil & Gas Co (a)	39,855		323		Universal Health Realty Income Trust	21,930		1,362
Northern Oil and Gas Inc (a)	76,239		274		Urstadt Biddle Properties Inc	50,551		1,135
PDC Energy Inc (a)	97,698		7,224				$	75,122
Synergy Resources Corp (a)	351,612		3,027		Retail - 5.87%
Unit Corp (a)	90,256		2,347		Abercrombie & Fitch Co	118,634		1,377
		$	19,410		Asbury Automotive Group Inc (a)	34,570		2,268
Oil & Gas Services - 1.26%					Ascena Retail Group Inc (a)	297,037		1,429
Archrock Inc	122,061		1,782		Barnes & Noble Education Inc (a)	67,331		677
Bristow Group Inc	55,984		989		Barnes & Noble Inc	96,834		988
CARBO Ceramics Inc (a)	36,781		522		Big 5 Sporting Goods Corp	31,096		479
Era Group Inc (a)	34,138		535		Biglari Holdings Inc (a)	1,775		787
Exterran Corp (a)	54,826		1,701		BJ's Restaurants Inc (a)	33,840		1,203
Flotek Industries Inc (a)	94,432		998		Bob Evans Farms Inc/DE	34,648		1,955
Geospace Technologies Corp (a)	23,364		545		Buckle Inc/The	48,912		1,034
Gulf Island Fabrication Inc	23,599		328		Caleres Inc	76,073		2,339
Helix Energy Solutions Group Inc (a)	233,968		1,984		Cato Corp/The	43,986		1,117
Matrix Service Co (a)	46,512		1,042		Children's Place Inc/The	31,618		3,067
Newpark Resources Inc (a)	148,398		1,120		Chuy's Holdings Inc (a)	29,489		867
Pioneer Energy Services Corp (a)	134,509		847		Dave & Buster's Entertainment Inc (a)	65,606		3,573
SEACOR Holdings Inc (a)	28,262		2,079		DineEquity Inc	29,815		2,045
Tesco Corp (a)	81,346		700		El Pollo Loco Holdings Inc (a)	37,769		470
TETRA Technologies Inc (a)	201,583		1,000		Express Inc (a)	137,446		1,461
					EZCORP Inc (a)	84,949		841
		$	16,172		Fiesta Restaurant Group Inc (a)	46,885		1,233
Packaging & Containers - 0.43%
KapStone Paper and Packaging Corp	154,142		3,696		Finish Line Inc/The	71,105		1,223
Multi-Color Corp	23,150		1,787		FirstCash Inc	85,033		3,631
					Five Below Inc (a)	96,210		3,834
		$	5,483

See accompanying notes

247

Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Retail (continued)					Software (continued)
Francesca's Holdings Corp (a)	66,473	$	1,159		LivePerson Inc (a)	93,493	$	682
Fred's Inc	61,544		897		ManTech International Corp/VA	44,445		1,731
Genesco Inc (a)	36,155		2,176		Medidata Solutions Inc (a)	95,922		4,752
Group 1 Automotive Inc	34,841		2,815		MicroStrategy Inc (a)	16,471		3,316
Guess? Inc	107,956		1,379		Monotype Imaging Holdings Inc	72,972		1,598
Haverty Furniture Cos Inc	33,464		729		Omnicell Inc (a)	64,016		2,298
Hibbett Sports Inc (a)	39,230		1,295		Progress Software Corp	85,182		2,387
Kirkland's Inc (a)	25,628		356		Quality Systems Inc (a)	80,549		1,209
Lithia Motors Inc	41,041		4,232		SPS Commerce Inc (a)	29,869		2,061
Lumber Liquidators Holdings Inc (a)	47,765		748		Synchronoss Technologies Inc (a)	73,876		2,846
MarineMax Inc (a)	43,272		928		Take-Two Interactive Software Inc (a)	151,740		8,141
Movado Group Inc	26,841		729		Tangoe Inc (a)	40,782		297
Ollie's Bargain Outlet Holdings Inc (a)	83,416		2,548				$	45,481
PetMed Express Inc	35,983		762		Storage & Warehousing - 0.20%
Popeyes Louisiana Kitchen Inc (a)	36,332		2,296		Mobile Mini Inc	77,945		2,537
Red Robin Gourmet Burgers Inc (a)	22,540		1,072
Regis Corp (a)	61,482		856		Telecommunications - 2.25%
Ruby Tuesday Inc (a)	105,525		207		ADTRAN Inc	84,841		1,858
Ruth's Hospitality Group Inc	51,986		891		ATN International Inc	18,637		1,496
Shake Shack Inc (a)	31,492		1,112		Black Box Corp	26,554		354
Shoe Carnival Inc	23,251		594		CalAmp Corp (a)	63,690		957
Sonic Automotive Inc	46,056		1,078		Cincinnati Bell Inc (a)	73,670		1,691
Sonic Corp	80,215		1,997		Comtech Telecommunications Corp	41,241		443
Stein Mart Inc	54,259		199		Consolidated Communications Holdings Inc	88,798		2,336
Tailored Brands Inc	85,362		1,814		General Communication Inc (a)	46,588		937
Tile Shop Holdings Inc	57,884		1,105		Harmonic Inc (a)	137,344		728
Tuesday Morning Corp (a)	79,039		340		Inteliquent Inc	60,345		1,382
Vera Bradley Inc (a)	34,278		393		Iridium Communications Inc (a)	141,025		1,424
Vitamin Shoppe Inc (a)	41,740		904		Ixia (a)	110,841		2,156
Wingstop Inc	50,393		1,435		LogMeIn Inc	44,678		4,830
Zumiez Inc (a)	30,551		612		Lumos Networks Corp (a)	41,328		639
		$	75,556		NETGEAR Inc (a)	57,987		3,299
Savings & Loans - 2.03%					Spok Holdings Inc	36,003		740
Astoria Financial Corp	159,868		3,023		Viavi Solutions Inc (a)	403,412		3,611
Banc of California Inc	86,828		1,372				$	28,881
Bank Mutual Corp	73,658		703		Textiles - 0.53%
BofI Holding Inc (a)	100,976		2,979		G&K Services Inc	34,572		3,321
Brookline Bancorp Inc	123,644		1,947		UniFirst Corp/MA	27,038		3,458
Dime Community Bancshares Inc	54,626		1,169				$	6,779
HomeStreet Inc (a)	40,925		1,072		Transportation - 1.75%
Northfield Bancorp Inc	78,723		1,421		ArcBest Corp	41,773		1,320
Northwest Bancshares Inc	177,584		3,031		Atlas Air Worldwide Holdings Inc (a)	43,842		2,313
Oritani Financial Corp	66,622		1,156		Celadon Group Inc	49,450		376
Provident Financial Services Inc	105,354		2,789		Echo Global Logistics Inc (a)	48,159		1,144
Sterling Bancorp/DE	229,296		5,469		Forward Air Corp	53,506		2,578
		$	26,131		Heartland Express Inc	75,920		1,564
Semiconductors - 2.62%					Hornbeck Offshore Services Inc (a)	56,749		411
Brooks Automation Inc	120,992		2,108		Hub Group Inc (a)	58,190		2,581
Cabot Microelectronics Corp	42,468		2,867		Knight Transportation Inc	116,450		3,889
CEVA Inc (a)	37,218		1,316		Marten Transport Ltd	40,538		926
Cohu Inc	43,548		575		Matson Inc	75,098		2,678
Diodes Inc (a)	67,723		1,686		Roadrunner Transportation Systems Inc (a)	53,096		421
DSP Group Inc (a)	37,903		411		Saia Inc (a)	43,893		2,109
Exar Corp (a)	73,844		757		Tidewater Inc (a)	82,510		182
Kopin Corp (a)	106,513		340				$	22,492
Kulicke & Soffa Industries Inc (a)	124,256		2,184		Trucking & Leasing - 0.17%
MKS Instruments Inc	93,943		6,191		Greenbrier Cos Inc/The	49,729		2,176
Nanometrics Inc (a)	43,677		1,123
Power Integrations Inc	51,082		3,627		Water - 0.44%
Rambus Inc (a)	193,622		2,513		American States Water Co	64,107		2,807
Rudolph Technologies Inc (a)	54,378		1,248		California Water Service Group	84,088		2,901
Semtech Corp (a)	115,061		3,791
Ultratech Inc (a)	41,449		1,074				$	5,708
Veeco Instruments Inc (a)	71,187		1,833		TOTAL COMMON STOCKS		$	1,262,098
					INVESTMENT COMPANIES - 2.07%	Shares Held		Value(000	's)
		$	33,644		Exchange Traded Funds - 0.25%
Software - 3.54%					iShares Core S&P Small-Cap ETF	46,844		3,203
Blackbaud Inc	83,411		5,472
Bottomline Technologies de Inc (a)	64,072		1,648
Computer Programs & Systems Inc	18,741		423
CSG Systems International Inc	56,587		2,739
Digi International Inc (a)	45,511		594
Donnelley Financial Solutions Inc (a)	46,147		1,111
Ebix Inc	39,208		2,176

See accompanying notes

248

				Schedule of Investments
SmallCap S&P 600 Index Fund
January 31, 2017 (unaudited)
INVESTMENT COMPANIES (continued)		Shares Held	Value (000's)
Money Market Funds - 1.82%
BlackRock Liquidity Funds FedFund Portfolio		23,401,204	$	23,401
TOTAL INVESTMENT COMPANIES			$	26,604
Total Investments			$	1,288,702
Other Assets and Liabilities - (0.18)%			$	(2,299	)
TOTAL NET ASSETS - 100.00%			$	1,286,403
(a)	Non-Income Producing Security
(b)	Security is Illiquid. At the end of the period, the value of these securities
	totaled $1,409 or 0.11% of net assets.
	Portfolio Summary (unaudited)
Sector				Percent
Financial				23.45	%
Consumer, Non-cyclical				17.95	%
Industrial				17.36	%
Consumer, Cyclical				14.82	%
Technology				8.95	%
Basic Materials				5.07	%
Communications				4.95	%
Energy				3.10	%
Utilities				2.46	%
Investment Companies				2.07	%
Other Assets and Liabilities				(0.18	)%
TOTAL NET ASSETS				100.00	%
Futures Contracts
												Unrealized
Type		Long/Short Contracts				Notional Value			Fair Value	Appreciation/(Depreciation)
Russell 2000 Mini; March 2017		Long		307		$	20,913	$	20,868		$	(45	)
Total										$		(45	)
Amounts in thousands except contracts

See accompanying notes

249

Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)

COMMON STOCKS - 95.10%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.01%					Banks - 14.22%
EVINE Live Inc (a)	5,584	$	9		1st Constitution Bancorp	1,457	$	24
Harte-Hanks Inc	38,509		60		1st Source Corp	29,570		1,334
Marchex Inc (a)	6,615		18		Access National Corp	1,684		45
MDC Partners Inc	6,254		40		ACNB Corp	1,235		37
		$	127		Allegiance Bancshares Inc (a)	1,983		64
Aerospace & Defense - 0.84%					American National Bankshares Inc	2,748		97
AAR Corp	53,467		1,710		American River Bankshares	6,194		93
Aerojet Rocketdyne Holdings Inc (a)	3,885		70		Ameris Bancorp	1,196		54
Aerovironment Inc (a)	4,008		105		AmeriServ Financial Inc	24,724		98
Arotech Corp (a)	15,416		63		Ames National Corp	1,738		56
CPI Aerostructures Inc (a)	1,506		13		Arrow Financial Corp	6,143		217
Cubic Corp	23,715		1,128		ASB Bancorp Inc (a)	600		18
Curtiss-Wright Corp	13,996		1,372		Associated Banc-Corp	126,340		3,196
Ducommun Inc (a)	17,055		506		BancFirst Corp	1,065		101
Esterline Technologies Corp (a)	38,846		3,327		Bancorp Inc/The (a)	26,605		159
Kaman Corp	6,911		349		BancorpSouth Inc	46,756		1,388
KLX Inc (a)	12,704		622		Bank of Commerce Holdings	1,302		13
Kratos Defense & Security Solutions Inc (a)	70,840		583		Bank of Florida Corp (a),(b),(c)	6,269		—
Moog Inc (a)	9,861		650		Bank of Marin Bancorp	1,174		79
National Presto Industries Inc	837		89		Bankwell Financial Group Inc	1,139		33
SIFCO Industries Inc (a)	610		5		Banner Corp	23,135		1,299
Teledyne Technologies Inc (a)	4,716		580		Bar Harbor Bankshares	3,386		146
Triumph Group Inc	6,839		183		BCB Bancorp Inc	1,563		21
		$	11,355		Blue Hills Bancorp Inc	16,443		313
Agriculture - 0.32%					BNC Bancorp	163,717		5,771
Alico Inc	1,729		46		Boston Private Financial Holdings Inc	73,964		1,220
Alliance One International Inc (a)	9,102		152		Bridge Bancorp Inc	3,389		123
Andersons Inc/The	24,571		928		Bryn Mawr Bank Corp	7,237		289
Tejon Ranch Co (a)	3,065		73		C&F Financial Corp	723		31
Turning Point Brands Inc (a)	918		12		Camden National Corp	3,239		135
Universal Corp/VA	42,523		2,891		Capital Bank Financial Corp	1,912		75
Vector Group Ltd	8,615		190		Capital City Bank Group Inc	14,127		293
					Capstar Financial Holdings Inc (a)	842		18
		$	4,292
					Cardinal Financial Corp	12,907		405
Airlines - 0.31%					Carolina Bank Holdings Inc (a)	378		10
Copa Holdings SA	19,923		1,942
					Carolina  Financial Corp	1,919		57
SkyWest Inc	63,309		2,241		CascadeBancorp(a)	14,452		115
		$	4,183		Cass Information Systems Inc	1,378		91
Apparel - 0.77%					Cathay General Bancorp	39,604		1,443
Deckers Outdoor Corp (a)	20,173		1,162
Delta Apparel Inc (a)	8,340		157		CenterState Banks Inc	10,965		268
Iconix Brand Group Inc (a)	58,403		601		Central Pacific Financial Corp	18,601		582
Lakeland Industries Inc (a)	7,304		79		Central Valley Community Bancorp	2,852		58
Perry Ellis International Inc (a)	22,537		531		Century Bancorp Inc/MA	1,303		78
					Chemical Financial Corp	30,328		1,499
Rocky Brands  Inc	8,535		108
Sequential BrandsGroup Inc (a)	11,212		52		Chemung Financial Corp	783		27
Steven Madden Ltd (a)	165,025		5,809		Citizens & Northern Corp	7,979		189
					Citizens First Corp	300		6
Superior Uniform Group Inc	8,321		142
Unifi  Inc  (a)	22,950		617		City Holding Co	1,962		128
					Civista Bancshares Inc	688		14
Weyco Group Inc	2,035		57		CNB Financial Corp/PA	4,117		97
Wolverine World Wide Inc	47,789		1,123		CoBiz Financial Inc	6,061		106
		$	10,438		Codorus Valley Bancorp Inc	2,363		60
Automobile Manufacturers - 0.09%					Colony Bankcorp Inc	706		10
Blue Bird Corp (a)	1,368		23
Navistar International Corp (a)	6,382		174		Columbia Banking System Inc	7,974		317
					Community Bank System Inc	17,340		1,012
Wabash National Corp	60,700		1,071		Community Trust Bancorp Inc	69,974		3,237
		$	1,268		Community West Bancshares	1,308		13
Automobile Parts & Equipment - 0.66%					ConnectOne Bancorp Inc	21,618		534
Cooper Tire & Rubber Co	65,233		2,365		County Bancorp Inc	614		17
Cooper-Standard Holdings Inc (a)	2,584		271		CU Bancorp (a)	4,484		162
Dana Inc	58,493		1,179		Customers Bancorp Inc (a)	8,085		278
Douglas Dynamics Inc	1,869		63		CVB Financial Corp	13,924		314
Meritor Inc (a)	17,787		257		Eagle Bancorp Inc (a)	1,614		99
Metaldyne Performance Group Inc	1,304		31		Eastern Virginia Bankshares Inc	851		9
Miller Industries Inc/TN	18,972		502		Enterprise Bancorp Inc/MA	1,698		57
Modine Manufacturing Co (a)	63,057		858		Enterprise Financial Services Corp	5,292		220
Spartan Motors Inc	60,193		475		Equity Bancshares Inc (a)	1,035		34
Standard Motor Products Inc	14,424		719		Evans Bancorp Inc	387		14
Strattec Security Corp	2,801		86		Farmers Capital Bank Corp	7,046		262
Superior Industries International Inc	46,584		1,074		Farmers National Banc Corp	4,880		62
Supreme Industries Inc	20,152		371		FCB Financial Holdings Inc (a)	7,238		340
Titan International Inc	40,566		539		Fidelity Southern Corp	7,020		163
Tower International Inc	3,849		101		Financial Institutions Inc	17,728		585
		$	8,891		First Bancorp Inc/ME	1,979		53

See accompanying notes

250

Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Banks (continued)					Banks (continued)
First BanCorp/Puerto Rico (a)	180,466	$	1,213		Opus Bank	5,098	$	104
First Bancorp/Southern Pines NC	19,178		561		Orrstown Financial Services Inc	1,412		31
First Bancshares Inc/The	1,620		45		Pacific Continental Corp	4,552		113
First Busey Corp	20,612		602		Paragon Commercial Corp (a)	309		14
First Business Financial Services Inc	6,992		169		Park National Corp	2,814		312
First Citizens BancShares Inc/NC	1,907		699		Park Sterling Corp	43,682		511
First Commonwealth Financial Corp	130,432		1,841		Patriot National Bancorp Inc (a)	212		3
First Community Bancshares Inc/VA	21,312		620		Peapack Gladstone Financial Corp	7,241		219
First Community Financial Partners Inc (a)	2,564		31		Penns Woods Bancorp Inc	911		42
First Connecticut Bancorp Inc/Farmington CT	8,284		188		Peoples Bancorp Inc/OH	18,439		573
First Financial Bancorp	454,965		12,535		Peoples Bancorp of North Carolina Inc	1,797		47
First Financial Bankshares Inc	3,321		142		Peoples Financial Services Corp	1,357		58
First Financial Corp/IN	7,053		341		People's Utah Bancorp	2,634		67
First Foundation Inc (a)	3,534		51		Pinnacle Financial Partners Inc	5,149		344
First Internet Bancorp	954		30		Popular Inc	34,526		1,534
First Interstate BancSystem Inc	10,366		427		Preferred Bank/Los Angeles CA	3,883		215
First Merchants Corp	380,154		14,571		Premier Financial Bancorp Inc	11,428		210
First Mid-Illinois Bancshares Inc	1,603		51		PrivateBancorp Inc	10,753		588
First Midwest Bancorp Inc/IL	145,606		3,535		Prosperity Bancshares Inc	234,661		17,044
First Northwest Bancorp (a)	3,253		48		Provident Bancorp Inc (a)	1,120		22
First of Long Island Corp/The	3,831		104		QCR Holdings Inc	2,319		97
First United Corp (a)	1,489		21		Renasant Corp	29,252		1,163
FNB Corp/PA	171,982		2,569		Republic Bancorp Inc/KY	10,166		352
Fulton Financial Corp	221,505		4,031		S&T Bancorp Inc	30,925		1,163
German American Bancorp Inc	4,350		209		Sandy Spring Bancorp Inc	34,660		1,420
Glacier Bancorp Inc	20,136		716		SB Financial Group Inc	2,685		48
Great Southern Bancorp Inc	2,269		114		Seacoast Banking Corp of Florida (a)	5,481		119
Great Western Bancorp Inc	23,645		1,011		Select Bancorp Inc (a)	2,142		22
Green Bancorp Inc (a)	10,445		179		Shore Bancshares Inc	3,481		56
Guaranty Bancorp	3,872		94		Sierra Bancorp	22,431		600
Guaranty Federal Bancshares Inc	541		11		Simmons First National Corp	4,487		270
Hancock Holding Co	84,245		3,862		South State Corp	3,263		292
Hanmi Financial Corp	7,561		250		Southern First Bancshares Inc (a)	1,444		51
Hawthorn Bancshares Inc	1,750		34		Southern National Bancorp of Virginia Inc	4,459		71
Heartland Financial USA Inc	4,732		222		Southside Bancshares Inc	5,958		204
Heritage Commerce Corp	8,710		123		Southwest Bancorp Inc	18,619		516
Heritage Financial Corp/WA	18,820		480		State Bank Financial Corp	4,762		126
Heritage Oaks Bancorp	4,620		63		Stock Yards Bancorp Inc	2,917		131
Hilltop Holdings Inc	58,173		1,592		Stonegate Bank	7,342		334
Home BancShares Inc/AR	3,852		104		Suffolk Bancorp	2,184		90
Hope Bancorp Inc	366,688		7,667		Summit Financial Group Inc	1,501		39
Horizon Bancorp/IN	3,576		92		Summit State Bank	804		13
IBERIABANK Corp	47,519		3,903		Sun Bancorp Inc/NJ	2,972		74
Independent Bank Corp/MI	16,701		351		Sussex Bancorp	1,215		26
Independent Bank Corp/Rockland MA	5,465		341		Synovus Financial Corp	6,243		260
Independent Bank Group Inc	2,246		140		TCF Financial Corp	89,008		1,544
International Bancshares Corp	77,391		2,871		Texas Capital Bancshares Inc (a)	8,370		691
Kearny Financial Corp/MD	90,335		1,377		TierOne Corp (a),(b),(c)	2,447		—
Lakeland Bancorp Inc	25,076		465		Tompkins Financial Corp	2,921		264
Lakeland Financial Corp	123,893		5,503		Towne Bank/Portsmouth VA	7,721		249
LCNB Corp	1,833		41		TriCo Bancshares	6,505		240
LegacyTexas Financial Group Inc	6,132		253		TriState Capital Holdings Inc (a)	11,539		256
Macatawa Bank Corp	12,024		123		Triumph Bancorp Inc (a)	3,469		94
MainSource Financial Group Inc	37,012		1,216		TrustCo Bank Corp NY	25,059		211
MB Financial Inc	69,327		3,087		Trustmark Corp	75,532		2,539
MBT Financial Corp	19,318		209		UMB Financial Corp	8,938		689
Mercantile Bank Corp	12,581		407		Umpqua Holdings Corp	118,517		2,170
Merchants Bancshares Inc/VT	1,102		56		Union Bankshares Corp	359,431		13,213
Mid Penn Bancorp Inc	119		3		Union Bankshares Inc/Morrisville VT	135		6
Middleburg Financial Corp	977		34		United Bancshares Inc/OH	900		20
Midland States Bancorp Inc	855		29		United Bankshares Inc/WV	8,994		403
MidSouth Bancorp Inc	743		11		United Community Banks Inc/GA	15,357		432
MidWestOne Financial Group Inc	3,160		112		United Security Bancshares/Fresno CA (a)	1,843		15
National Bank Holdings Corp	26,164		850		Unity Bancorp Inc	181		3
National Bankshares Inc	1,332		58		Univest Corp of Pennsylvania	25,373		714
National Commerce Corp (a)	1,654		62		Valley National Bancorp	191,321		2,317
NBT Bancorp Inc	19,199		783		Veritex Holdings Inc (a)	522		14
Nicolet Bankshares Inc (a)	1,492		72		Walker & Dunlop Inc (a)	5,236		164
Northeast Bancorp	1,364		19		Washington Trust Bancorp Inc	11,362		619
Northrim BanCorp Inc	9,342		264		WashingtonFirst Bankshares Inc	1,748		49
OFG Bancorp	97,841		1,296		Webster Financial Corp	97,289		5,110
Old Line Bancshares Inc	1,785		48		WesBanco Inc	37,104		1,540
Old National Bancorp/IN	479,634		8,514		West Bancorporation Inc	3,062		70
Old Second Bancorp Inc	17,243		186		Westamerica Bancorporation	3,401		193

See accompanying notes

251

Schedule of Investments SmallCap Value Fund II

January 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Banks (continued)					Building Materials (continued)
Western New England Bancorp Inc	29,318	$	285		Universal Forest Products Inc	17,444	$	1,774
Wintrust Financial Corp	60,710		4,347				$	15,804
Xenith Bankshares Inc (a)	869		23		Chemicals - 1.15%
Yadkin Financial Corp	6,856		219		A Schulman Inc	20,558		710
		$	192,088		Aceto Corp	7,818		149
Beverages - 0.02%					AdvanSix Inc (a)	88,475		2,273
Craft Brew Alliance Inc (a)	7,888		120		AgroFresh Solutions Inc (a)	5,206		14
MGP Ingredients Inc	5,023		213		American Vanguard Corp	53,255		915
		$	333		Cabot Corp	796		44
Biotechnology - 0.27%					Calgon Carbon Corp	16,232		258
Acorda Therapeutics Inc (a)	6,639		136		Chemours Co/The	7,206		190
Adverum Biotechnologies Inc (a)	3,940		11		Chemtura Corp (a)	4,306		143
Agenus Inc (a)	2,155		9		CSW Industrials Inc (a)	2,654		97
AMAG Pharmaceuticals Inc (a)	4,228		102		GCP Applied Technologies Inc (a)	1,477		40
Aratana Therapeutics Inc (a)	944		8		Hawkins Inc	1,459		78
Ardelyx Inc (a)	4,527		54		Huntsman Corp	26,600		542
ARIAD Pharmaceuticals Inc (a)	1,848		44		Ingevity Corp (a)	1,121		62
Arrowhead Pharmaceuticals Inc (a)	694		1		Innophos Holdings Inc	8,581		418
Atara Biotherapeutics Inc (a)	3,747		50		Innospec Inc	20,635		1,473
Audentes Therapeutics Inc (a)	199		3		KMG Chemicals Inc	1,033		38
Bellicum Pharmaceuticals Inc (a)	1,202		16		Koppers Holdings Inc (a)	1,762		71
BioCryst Pharmaceuticals Inc (a)	2,440		15		Kraton Corp (a)	33,066		888
Bluebird Bio Inc (a)	4,477		334		Kronos Worldwide Inc	17,925		237
Celldex Therapeutics Inc (a)	16,369		53		Landec Corp (a)	27,378		345
Cellular Biomedicine Group Inc (a)	635		8		Minerals Technologies Inc	16,470		1,320
Corvus Pharmaceuticals Inc (a)	481		7		Oil-Dri Corp of America	991		33
Dimension Therapeutics Inc (a)	1,308		3		Olin Corp	85,616		2,245
Edge Therapeutics Inc (a)	1,711		16		OMNOVA Solutions Inc (a)	3,335		30
Emergent BioSolutions Inc (a)	1,582		48		Platform Specialty Products Corp (a)	31,152		378
Endocyte Inc (a)	6,834		15		Quaker Chemical Corp	883		113
Enzo Biochem Inc (a)	12,542		84		Rayonier Advanced Materials Inc	3,499		47
Epizyme Inc (a)	1,978		21		Sensient Technologies Corp	2,511		193
Esperion Therapeutics Inc (a)	2,451		30		Stepan Co	10,512		821
Exelixis Inc (a)	15,247		276		Tronox Ltd	108,578		1,359
Five Prime Therapeutics Inc (a)	26,728		1,224				$	15,524
Harvard Bioscience Inc (a)	7,272		22		Coal - 0.13%
Idera Pharmaceuticals Inc (a)	1,268		2		Cloud Peak Energy Inc (a)	41,497		236
Immunomedics Inc (a)	1,313		6		CONSOL Energy Inc	24,871		421
Innoviva Inc (a)	1,221		13		Hallador Energy Co	10,633		100
Karyopharm Therapeutics Inc (a)	3,714		38		SunCoke Energy Inc (a)	107,553		949
Medicines Co/The (a)	773		28		Westmoreland Coal Co (a)	3,781		69
Merrimack Pharmaceuticals Inc (a)	7,965		25				$	1,775
Momenta Pharmaceuticals Inc (a)	8,767		166		Commercial Services - 5.67%
NewLink Genetics Corp (a)	878		11		Aaron's Inc	98,039		3,033
Otonomy Inc (a)	4,116		60		ABM Industries Inc	13,267		536
OvaScience Inc (a)	4,651		7		Albany Molecular Research Inc (a)	277,789		5,112
PDL BioPharma Inc	55,499		122		AMERCO	6,657		2,508
PharmAthene Inc	14,708		46		American Public Education Inc (a)	19,560		475
PTC Therapeutics Inc (a)	5,697		75		AMN Healthcare Services Inc (a)	117,525		4,213
REGENXBIO Inc (a)	3,470		64		Apollo Education Group Inc (a)	11,632		116
Retrophin Inc (a)	6,305		124		ARC Document Solutions Inc (a)	29,737		140
Rigel Pharmaceuticals Inc (a)	3,392		7		Ascent Capital Group Inc (a)	14,739		228
RTI Surgical Inc (a)	41,661		136		AstroNova Inc	9,156		128
Selecta Biosciences Inc (a)	177		2		Avalon Holdings Corp (a)	3,917		11
Spectrum Pharmaceuticals Inc (a)	9,475		44		B. Riley Financial Inc	1,782		34
Stemline Therapeutics Inc (a)	2,409		25		Booz Allen Hamilton Holding Corp	273,650		9,255
Syndax Pharmaceuticals Inc (a)	423		3		Bridgepoint Education Inc (a)	8,178		87
Trovagene Inc (a)	397		1		CAI International Inc (a)	32,730		528
Versartis Inc (a)	4,989		71		Cambium Learning Group Inc (a)	16,138		81
		$	3,666		Capella Education Co	658		56
Building Materials - 1.17%					Cardtronics PLC (a)	925		50
Armstrong Flooring Inc (a)	14,823		312		Career Education Corp (a)	52,380		512
Boise Cascade Co (a)	30,603		759		Carriage Services Inc	10,127		262
Continental Building Products Inc (a)	195,425		4,544		Cartesian Inc (a)	650		1
Continental Materials Corp (a)	657		20		CBIZ Inc (a)	63,050		826
Cree Inc (a)	75,464		2,081		CDI Corp (a)	13,382		115
Gibraltar Industries Inc (a)	25,881		1,136		Civeo Corp (a)	5,739		20
Griffon Corp	42,957		1,093		CPI Card Group Inc	3,274		15
JELD-WEN Holding Inc (a)	72,150		1,953		CRA International Inc	18,412		612
Louisiana-Pacific Corp (a)	36,344		696		Cross Country Healthcare Inc (a)	12,822		186
LSI Industries Inc	24,204		230		DeVry Education Group Inc	70,592		2,365
Quanex Building Products Corp	25,827		510		Edgewater Technology Inc (a)	10,657		75
Simpson Manufacturing Co Inc	15,992		696		Ennis Inc	108,553		1,834

See accompanying notes

252

Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Commercial Services (continued)					Computers (continued)
Everi Holdings Inc (a)	38,863	$	115		Unisys Corp (a)	5,129	$	66
EVERTEC Inc	9,265		158		Virtusa Corp (a)	163,926		4,177
Franklin Covey Co (a)	6,052		106		Vocera Communications Inc (a)	1,537		32
FTI Consulting Inc (a)	52,833		2,227				$	35,568
Graham Holdings Co	1,225		636		Consumer Products - 0.32%
Great Lakes Dredge & Dock Corp (a)	69,246		360		ACCO Brands Corp (a)	122,898		1,567
Green Dot Corp (a)	9,073		243		Acme United Corp	1,796		44
Hackett Group Inc/The	1,719		28		Central Garden & Pet Co (a)	15,919		523
Heidrick & Struggles International Inc	16,338		365		Central Garden & Pet Co - A Shares (a)	44,044		1,356
Hudson Global Inc	611		1		CSS Industries Inc	12,898		317
Huron Consulting Group Inc (a)	5,478		248		Helen of Troy Ltd (a)	4,907		458
ICF International Inc (a)	168,243		8,749				$	4,265
INC Research Holdings Inc (a)	67,775		3,592		Cosmetics & Personal Care - 0.11%
K12 Inc (a)	57,150		1,139		Avon Products Inc (a)	226,505		1,330
KAR Auction Services Inc	258,525		11,776		CCA Industries Inc (a)	500		1
Kelly Services Inc	65,808		1,474		elf Beauty Inc (a)	1,066		27
Korn/Ferry International	67,384		1,958		Inter Parfums Inc	1,825		62
Landauer Inc	2,205		113		Revlon Inc (a)	2,620		87
Liberty Tax Inc	611		8				$	1,507
McGrath RentCorp	20,937		802		Distribution & Wholesale - 1.39%
MoneyGram International Inc (a)	5,518		70		ADDvantage Technologies Group Inc (a)	3,841		7
National Research Corp	379		7		Anixter International Inc (a)	18,660		1,596
Navigant Consulting Inc (a)	72,460		1,790		Beacon Roofing Supply Inc (a)	9,619		421
Neff Corp (a)	1,359		21
Perceptron Inc (a)	6,585		43		Core-Mark Holding Co Inc	15,263		533
					Essendant Inc	64,139		1,339
Quad/Graphics Inc	20,983		549		Fossil Group Inc (a)	13,268		339
Quanta Services Inc (a)	23,861		856		G-III Apparel Group Ltd (a)	1,161		30
RCM Technologies Inc (a)	13,071		79
					H&E Equipment Services Inc	3,400		88
Rent-A-Center Inc/TX	18,122		162		ScanSource Inc (a)	37,091		1,467
Resources Connection Inc	25,889		432		Systemax Inc	2,788		24
RPX Corp (a)	52,723		573		Titan Machinery Inc (a)	4,132		57
ServiceSource International Inc (a)	4,226		22
(a)					Triton International Ltd/Bermuda	36,911		899
Sotheby's	2,858		114		Veritiv Corp (a)	7,793		437
SP Plus Corp (a)	404		11		WESCO International Inc (a)	162,846		11,513
Strayer Education Inc (a)	2,923		236
Team Inc (a)	70,799		2,379				$	18,750
					Diversified Financial Services - 1.36%
Travelport Worldwide Ltd	4,024		58		AeroCentury Corp (a)	423		4
TrueBlue Inc (a)	10,953		271
Universal Security Instruments Inc (a)	1,000		4		Air Lease Corp	54,033		1,966
Vectrus Inc (a)	2,488		56		Aircastle Ltd	23,213		517
					Arlington Asset Investment Corp	4,343		65
Viad  Corp	27,920		1,224
Volt InformationSciences Inc (a)	13,617		112		Associated Capital Group Inc	3,652		128
					Asta Funding Inc (a)	11,856		121
Weight Watchers International Inc (a)	565		7
					Atlanticus Holdings Corp (a)	14,485		41
		$	76,588		Calamos Asset Management Inc	40,496		341
Computers - 2.63%					California First National Bancorp	3,922		63
Agilysys Inc (a)	31,433		306		Cowen Group Inc (a)	30,119		452
CACI International Inc (a)	117,088		14,378		Encore Capital Group Inc (a)	3,243		100
Ciber Inc (a)	89,262		39		Enova International Inc (a)	6,813		96
Cogint Inc (a)	2,600		10
					FBR & Co	11,277		161
Convergys Corp	113,656		2,822		Federal Agricultural Mortgage Corp	10,869		605
Diebold Nixdorf Inc	6,340		172		FNFV Group (a)	8,971		117
DMC Global Inc	5,141		82		GAIN Capital Holdings Inc	17,389		131
Engility Holdings Inc (a)	152,252		4,465
Imation Corp (a)	29,492		24		GAMCO Investors Inc	5,398		157
Immersion Corp (a)	3,653		38		Greenhill & Co Inc	22,985		679
Insight Enterprises Inc (a)	50,428		1,873		Hannon Armstrong Sustainable Infrastructure	9,379		171
					Capital Inc
Key Tronic Corp(a)	16,991		135		Impac Mortgage Holdings Inc (a)	1,739		24
KEYW Holding Corp/The (a)	6,398		64		INTL. FCStone Inc (a)	5,251		194
Mentor Graphics Corp	22,040		813		Investment Technology Group Inc	6,602		133
Mercury Systems Inc (a)	5,773		194
					Janus Capital Group Inc	129,430		1,618
MTS Systems Corp	5,748		334		KCG Holdings Inc (a)	77,331		1,081
NCI Inc	1,721		22		Ladder Capital Corp	7,221		98
NetScout Systems Inc (a)	50,989		1,698
					Legg Mason Inc	14,050		445
NeuStar Inc(a)	10,584		351		LendingClub Corp (a)	25,219		156
PAR Technology Corp (a)	9,256		60
Qualstar Corp (a)	769		3		Manning & Napier Inc	33,996		236
Qumu Corp (a)	1,087		3		Marlin Business Services Corp	14,468		333
					Medley Management Inc	1,231		12
Radisys Corp(a)	5,005		22		Nationstar Mortgage Holdings Inc (a)	3,003		54
Silver Spring Networks Inc (a)	6,435		82
StarTek Inc (a)	11,737		102		Nelnet Inc	27,387		1,343
					NewStar Financial Inc	57,407		510
Stratasys Ltd(a)	3,461		68		Ocwen Financial Corp (a)	17,614		93
Super Micro Computer Inc (a)	21,332		564
(a)					OM Asset Management PLC	13,320		188
Sykes Enterprises Inc	60,433		1,688		OneMain Holdings Inc (a)	903		20
Tessera Holding Corp	19,496		881

See accompanying notes

253

Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Diversified Financial Services (continued)					Electronics (continued)
Oppenheimer Holdings Inc	20,655	$	354		NVE Corp	3,596	$	279
PennyMac Financial Services Inc	11,389		193		OSI Systems Inc (a)	2,415		180
PHH Corp (a)	7,230		105		Park Electrochemical Corp	7,947		146
Piper Jaffray Cos	14,870		1,048		Plexus Corp (a)	63,783		3,463
PJT Partners Inc	3,222		102		Rogers Corp (a)	15,597		1,247
PRA Group Inc (a)	9,144		364		Sanmina Corp (a)	93,918		3,658
Pzena Investment Management Inc	12,886		128		Sparton Corp (a)	7,018		152
Regional Management Corp (a)	11,633		291		Stoneridge Inc (a)	6,135		101
Stifel Financial Corp (a)	27,714		1,395		SYNNEX Corp	36,805		4,424
Virtu Financial Inc	531		9		Sypris Solutions Inc (a)	37,183		34
Virtus Investment Partners Inc	3,350		365		Tech Data Corp (a)	52,391		4,483
Waddell & Reed Financial Inc	84,101		1,518		TTM Technologies Inc (a)	128,592		1,906
World Acceptance Corp (a)	1,216		60		Vishay Intertechnology Inc	217,032		3,602
		$	18,385		Vishay Precision Group Inc (a)	18,529		309
Electric - 1.41%					Watts Water Technologies Inc	261		17
ALLETE Inc	18,612		1,216		ZAGG Inc (a)	28,071		188
Ameresco Inc (a)	10,111		52				$	37,732
Atlantic Power Corp (a)	26,067		62		Energy - Alternate Sources - 0.32%
Atlantica Yield PLC	8,110		174		Clean Energy Fuels Corp (a)	53,850		139
Avista Corp	16,118		623		FutureFuel Corp	48,629		631
Black Hills Corp	7,080		443		Green Plains Inc	75,976		1,710
Dynegy Inc (a)	80,541		769		Pacific Ethanol Inc (a)	30,818		219
El Paso Electric Co	15,429		708		Pattern Energy Group Inc	1,782		35
EnerNOC Inc (a)	692		4		Renewable Energy Group Inc (a)	129,239		1,125
Genie Energy Ltd (a)	8,028		46		REX American Resources Corp (a)	1,428		119
IDACORP Inc	9,698		776		Sunrun Inc (a)	10,982		58
MGE Energy Inc	10,840		690		TerraForm Global Inc	16,601		73
NorthWestern Corp	129,608		7,402		TerraForm Power Inc (a)	12,145		144
NRG Yield Inc - A Shares	6,462		105		TPI Composites Inc (a)	1,119		22
NRG Yield Inc - C Shares	8,898		151		Vivint Solar Inc (a)	3,980		12
Ormat Technologies Inc	56,541		3,036				$	4,287
Otter Tail Corp	16,005		606		Engineering & Construction - 0.82%
PNM Resources Inc	10,961		377		Aegion Corp (a)	44,757		1,041
Portland General Electric Co	35,258		1,538		EMCOR Group Inc	22,115		1,541
Unitil Corp	7,510		343		ENGlobal Corp (a)	18,947		53
		$	19,121		Goldfield Corp/The (a)	4,043		24
Electrical Components & Equipment - 0.55%					Granite Construction Inc	22,796		1,280
Advanced Energy Industries Inc (a)	270		16		Hill International Inc (a)	24,773		134
American Superconductor Corp (a)	2,248		16		IES Holdings Inc (a)	401		8
Encore Wire Corp	19,107		807		KBR Inc	14,098		240
EnerSys	6,038		471		Layne Christensen Co (a)	9,262		97
General Cable Corp	20,572		418		MasTec Inc (a)	47,828		1,782
Graham Corp	11,055		245		MYR Group Inc (a)	13,810		531
Insteel Industries Inc	401		15		NV5 Global Inc (a)	501		20
Littelfuse Inc	29,928		4,720		Orion Group Holdings Inc (a)	32,834		344
Novanta Inc (a)	4,425		99		Sterling Construction Co Inc (a)	3,250		30
Powell Industries Inc	9,208		354		TopBuild Corp (a)	32,821		1,218
SPX Corp (a)	7,451		186		Tutor Perini Corp (a)	83,080		2,476
Ultralife Corp (a)	14,398		79		VSE Corp	8,584		320
		$	7,426				$	11,139
Electronics - 2.79%					Entertainment - 0.59%
Applied Optoelectronics Inc (a)	3,160		97		AMC Entertainment Holdings Inc	16,119		544
AVX Corp	133,254		2,159		Caesars Acquisition Co (a)	8,872		133
Ballantyne Strong Inc (a)	8,901		65		Dover Motorsports Inc	3,447		8
Bel Fuse Inc	8,946		284		Eldorado Resorts Inc (a)	9,774		152
Benchmark Electronics Inc (a)	87,332		2,672		Eros International PLC (a)	5,296		63
Brady Corp	32,057		1,165		Golden Entertainment Inc	1,797		20
Coherent Inc (a)	3,994		630		International Game Technology PLC	5,173		137
Control4 Corp (a)	4,164		45		International Speedway Corp	27,345		1,002
CTS Corp	55,841		1,201		Marriott Vacations Worldwide Corp	29,654		2,565
CyberOptics Corp (a)	7,092		255		National CineMedia Inc	13,262		194
Electro Scientific Industries Inc (a)	22,219		146		Penn National Gaming Inc (a)	33,314		459
ESCO Technologies Inc	25,713		1,497		Pinnacle Entertainment Inc (a)	93,325		1,437
FARO Technologies Inc (a)	10,700		397		RCI Hospitality Holdings Inc	10,679		187
Frequency Electronics Inc (a)	11,821		131		Reading International Inc (a)	2,471		40
GoPro Inc (a)	13,830		149		Speedway Motorsports Inc	50,234		1,080
II-VI Inc (a)	40,767		1,487				$	8,021
IntriCon Corp (a)	448		3		Environmental Control - 0.25%
Kemet Corp (a)	28,632		199		Casella Waste Systems Inc (a)	7,399		85
Kimball Electronics Inc (a)	39,108		669		CECO Environmental Corp	18,101		237
Knowles Corp (a)	12,132		219		Covanta Holding Corp	58,516		942
LGL Group Inc/The (a)	410		2		Fuel Tech Inc (a)	1,539		2
Methode Electronics Inc	1,687		71		Heritage-Crystal Clean Inc (a)	2,381		36

See accompanying notes

254

Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Environmental Control (continued)					Healthcare - Products (continued)
MSA Safety Inc	1,343	$	96		Digirad Corp	15,358	$	78
Tetra Tech Inc	42,921		1,876		Exactech Inc (a)	8,242		203
TRC Cos Inc (a)	17,494		163		Haemonetics Corp (a)	9,720		387
		$	3,437		Halyard Health Inc (a)	16,272		626
Food - 1.78%					Hanger Inc (a)	4,332		52
AMCON Distributing Co	191		20		ICU Medical Inc (a)	1,042		143
Cal-Maine Foods Inc	939		39		Integer Holdings Corp (a)	24,157		783
Chefs' Warehouse Inc/The (a)	525		9		Integra LifeSciences Holdings Corp (a)	83,375		3,479
Darling Ingredients Inc (a)	152,595		1,831		Invacare Corp	32,925		378
Dean Foods Co	28,490		565		K2M Group Holdings Inc (a)	3,228		66
Fairway Group Holdings Corp (a),(c)	19,332		—		LeMaitre Vascular Inc	1,485		34
Fresh Del Monte Produce Inc	79,080		4,527		LivaNova PLC (a)	300		14
Hostess Brands Inc (a)	371,850		5,314		Luminex Corp (a)	5,345		108
Ingles Markets Inc	18,661		844		Meridian Bioscience Inc	18,269		239
John B Sanfilippo & Son Inc	17,109		1,126		Merit Medical Systems Inc (a)	15,834		403
Lancaster Colony Corp	4,655		610		Misonix Inc (a)	9,679		103
Post Holdings Inc (a)	12,019		1,006		Nuvectra Corp (a)	3,849		30
Sanderson Farms Inc	8,367		761		OraSure Technologies Inc (a)	14,435		127
Seaboard Corp	59		227		Orthofix International NV (a)	6,505		234
Seneca Foods Corp - Class A (a)	20,310		728		Quidel Corp (a)	384		7
Seneca Foods Corp - Class B (a)	39		2		Tactile Systems Technology Inc (a)	357		6
Smart & Final Stores Inc (a)	3,112		45		VWR Corp (a)	424,050		10,987
Snyder's-Lance Inc	47,657		1,829		Wright Medical Group NV (a)	14,142		356
SpartanNash Co	48,701		1,844				$	22,618
SUPERVALU Inc (a)	36,693		144		Healthcare - Services - 2.07%
TerraVia Holdings Inc (a)	13,816		13		Addus HomeCare Corp (a)	6,852		234
United Natural Foods Inc (a)	38,900		1,778		Almost Family Inc (a)	9,989		472
Village Super Market Inc	4,853		147		Amedisys Inc (a)	3,896		178
Weis Markets Inc	10,536		626		American Renal Associates Holdings Inc (a)	355		7
		$	24,035		American Shared Hospital Services (a)	2,738		12
Food Service - 0.00%					Brookdale Senior Living Inc (a)	69,720		1,044
AdvancePierre Foods Holdings Inc	1,635		45		Community Health Systems Inc (a)	15,013		96
					Ensign Group Inc/The	2,285		46
Forest Products & Paper - 0.53%					Envision Healthcare Corp (a)	190,362		12,945
Clearwater Paper Corp (a)	6,260		394		Five Star Quality Care Inc (a)	16,385		47
Domtar Corp	54,722		2,391		Genesis Healthcare Inc (a)	4,293		18
Mercer International Inc	51,746		618		Kindred Healthcare Inc	72,571		482
Neenah Paper Inc	8,010		658		LHC Group Inc (a)	23,123		1,160
PH Glatfelter Co	61,583		1,504		LifePoint Health Inc (a)	39,253		2,330
Resolute Forest Products Inc (a)	70,441		387		Magellan Health Inc (a)	36,203		2,713
Schweitzer-Mauduit International Inc	25,950		1,150		Medcath Corp of Delaware (a),(b),(c)	31,637		—
		$	7,102		Medpace Holdings Inc (a)	520		18
Gas - 1.33%					Molina Healthcare Inc (a)	7,084		402
Chesapeake Utilities Corp	1,875		123		National HealthCare Corp	3,611		270
Delta Natural Gas Co Inc	1,341		35		Nobilis Health Corp (a)	10,669		23
New Jersey Resources Corp	10,796		407		Providence Service Corp/The (a)	277		11
Northwest Natural Gas Co	10,878		641		Quorum Health Corp (a)	9,557		84
ONE Gas Inc	16,650		1,076		Select Medical Holdings Corp (a)	88,820		1,105
South Jersey Industries Inc	16,781		554		Surgery Partners Inc (a)	111,363		2,060
Southwest Gas Holdings Inc	13,970		1,125		Tivity Health Inc (a)	26,122		670
Spire Inc	78,347		5,093		Triple-S Management Corp (a)	61,872		1,183
Vectren Corp	149,050		8,181		Universal American Corp (a)	35,272		351
WGL Holdings Inc	9,365		767				$	27,961
		$	18,002		Home Builders - 0.89%
Hand & Machine Tools - 1.06%					AMREP Corp (a)	1,173		8
Franklin Electric Co Inc	141,223		5,698		AV Homes Inc (a)	14,062		248
Hardinge Inc	15,489		164		Beazer Homes USA Inc (a)	18,079		258
Kennametal Inc	44,674		1,597		CalAtlantic Group Inc	8,410		293
Lincoln Electric Holdings Inc	52,400		4,368		Century Communities Inc (a)	15,022		341
LS Starrett Co/The	5,475		60		Green Brick Partners Inc (a)	14,736		142
Milacron Holdings Corp (a)	409		7		Hovnanian Enterprises Inc (a)	23,446		56
Regal Beloit Corp	32,627		2,369		KB Home	30,546		501
					LGI Homes Inc (a)	332		10
		$	14,263		M/I Homes Inc (a)	71,821		1,806
Healthcare - Products - 1.67%
Alere Inc (a)	32,133		1,189		MDC Holdings Inc	87,521		2,366
AnalogicCorp	2,349		182		Meritage Homes Corp (a)	47,920		1,761
AngioDynamics   Inc (a)	48,906		787		New Home Co Inc/The (a)	3,036		32
AtriCure Inc (a)	1,302		21		Orleans Homebuilders Inc (a),(b),(c)	7,702		—
BioTelemetry Inc (a)	1,440		33		PICO Holdings Inc (a)	17,336		247
Cerus Corp (a)	2,922		12		Taylor Morrison Home Corp (a)	11,754		228
CONMED Corp	30,154		1,345		TRI Pointe Group Inc (a)	217,953		2,674
CryoLife  Inc(a)	4,553		87		UCP Inc (a)	6,325		71
Cutera Inc (a)	6,458		119		WCI Communities Inc (a)	18,984		445
					William Lyon Homes (a)	29,564		522

See accompanying notes

255

Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Home Builders (continued)					Insurance (continued)
Winnebago Industries Inc	1,840	$	58		State National Cos Inc	5,453	$	75
		$	12,067		Stewart Information Services Corp	15,067		658
Home Furnishings - 1.10%					Third Point Reinsurance Ltd (a)	86,335		989
American Woodmark Corp (a)	78,100		5,561		Unico American Corp (a)	5,796		57
Bassett Furniture Industries Inc	12,577		354		United Fire Group Inc	40,696		1,922
Daktronics Inc	28,094		285		United Insurance Holdings Corp	3,639		49
Ethan Allen Interiors Inc	9,356		273		Universal Insurance Holdings Inc	4,177		109
Flexsteel Industries Inc	8,888		452				$	98,627
Hooker Furniture Corp	14,882		494		Internet - 0.45%
La-Z-Boy Inc	258,050		7,380		1-800-Flowers.com Inc (a)	4,187		38
Stanley Furniture Co Inc	8,033		8		Autobytel Inc (a)	1,460		20
VOXX International Corp (a)	21,664		91		Bankrate Inc (a)	150,666		1,643
		$	14,898		Blucora Inc (a)	51,378		776
Housewares - 0.05%					Boingo Wireless Inc (a)	2,495		29
Libbey Inc	3,815		65		ChannelAdvisor Corp (a)	5,307		74
Lifetime Brands Inc	15,538		232		Chegg Inc (a)	8,240		59
NACCO Industries Inc	5,038		372		ePlus Inc (a)	5,876		658
		$	669		FTD Cos Inc (a)	25,986		597
Insurance - 7.30%					Global Eagle Entertainment Inc (a)	7,229		45
Allied World Assurance Co Holdings AG	8,723		463		Global Sources Ltd (a)	1,752		16
Ambac Financial Group Inc (a)	61,512		1,288		Limelight Networks Inc (a)	13,163		29
American Equity Investment Life Holding Co	107,768		2,543		Liquidity Services Inc (a)	34,921		341
American National Insurance Co	1,810		211		MeetMe Inc (a)	30,046		148
AMERISAFE Inc	1,724		109		New Media Investment Group Inc	33,080		504
Argo Group International Holdings Ltd	40,084		2,564		PC-Tel Inc	47		—
Aspen Insurance Holdings Ltd	209,757		11,830		Perficient Inc (a)	4,283		76
Atlantic American Corp	7,236		27		QuinStreet Inc (a)	6,842		24
Atlas Financial Holdings Inc (a)	1,877		32		RealNetworks Inc (a)	14,774		79
Baldwin & Lyons Inc	24,856		596		Reis Inc	9,502		190
Blue Capital Reinsurance Holdings Ltd	1,443		28		RetailMeNot Inc (a)	42,283		382
Brown & Brown Inc	238,350		10,042		Rubicon Project Inc/The (a)	36,445		308
Citizens Inc/TX (a)	8,513		79		TechTarget Inc (a)	2,312		20
CNO Financial Group Inc	238,674		4,513		TheStreet Inc (a)	28,307		23
Donegal Group Inc	20,645		340		Trade Desk Inc/The (a)	804		24
EMC Insurance Group Inc	21,295		621		VASCO Data Security International Inc (a)	574		9
Employers Holdings Inc	38,180		1,391				$	6,112
Endurance Specialty Holdings Ltd	1,979		183		Investment Companies - 1.08%
Enstar Group Ltd (a)	2,308		447		Acacia Research Corp (a)	9,398		55
FBL Financial Group Inc	48,365		3,375		FS Investment Corp	769,550		7,926
Federated National Holding Co	20,690		379		Real Industry Inc (a)	2,218		12
Fidelity & Guaranty Life	2,423		58		TCP Capital Corp	397,600		6,505
First Acceptance Corp (a)	19,254		31		Tiptree Inc	4,713		31
First American Financial Corp	331,592		12,462				$	14,529
Genworth Financial Inc (a)	508,690		1,709		Iron & Steel - 1.43%
Global Indemnity Ltd (a)	18,300		723		AK Steel Holding Corp (a)	58,499		473
Greenlight Capital Re Ltd (a)	12,889		291		Allegheny Technologies Inc	14,990		326
Hallmark Financial Services Inc (a)	36,388		399		Carpenter Technology Corp	59,709		2,390
Hanover Insurance Group Inc/The	42,480		3,566		Cliffs Natural Resources Inc (a)	42,110		369
HCI Group Inc	9,301		384		Commercial Metals Co	159,625		3,261
Heritage Insurance Holdings Inc	22,328		317		Friedman Industries Inc	7,610		52
Horace Mann Educators Corp	68,534		2,834		Reliance Steel & Aluminum Co	132,975		10,591
Independence Holding Co	18,054		360		Ryerson Holding Corp (a)	3,270		35
Infinity Property & Casualty Corp	9,873		857		Schnitzer Steel Industries Inc	62,375		1,475
Investors Title Co	1,702		206		Shiloh Industries Inc (a)	16,781		201
James River Group Holdings Ltd	2,665		106		Universal Stainless & Alloy Products Inc (a)	6,060		102
Kemper Corp	72,799		3,145				$	19,275
Kinsale Capital Group Inc	1,171		34		Leisure Products & Services - 0.64%
Maiden Holdings Ltd	91,575		1,626		Acushnet Holdings Corp (a)	1,933		36
MBIA Inc (a)	155,344		1,584		Arctic Cat Inc (a)	4,293		81
MGIC Investment Corp (a)	206,474		2,199		Callaway Golf Co	13,796		156
National General Holdings Corp	2,739		67		Camping World Holdings Inc	399		13
National Security Group Inc/The	369		6		Escalade Inc	3,685		48
National Western Life Group Inc	5,916		1,734		Intrawest Resorts Holdings Inc (a)	7,566		156
Navigators Group Inc/The	42,878		2,407		Johnson Outdoors Inc	9,425		326
NMI Holdings Inc (a)	55,221		597		Liberty TripAdvisor Holdings Inc (a)	57,279		1,028
OneBeacon Insurance Group Ltd	8,452		137		Vista Outdoor Inc (a)	235,907		6,796
Radian Group Inc	142,596		2,624				$	8,640
RenaissanceRe Holdings Ltd	58,101		7,920		Lodging - 0.32%
RLI Corp	917		55		Belmond Ltd (a)	129,021		1,786
Safety Insurance Group Inc	19,353		1,387		Caesars Entertainment Corp (a)	10,063		90
Security National Financial Corp (a)	985		7		Century Casinos Inc (a)	5,544		39
Selective Insurance Group Inc	67,354		2,809		Full House Resorts Inc (a)	551		1
State Auto Financial Corp	42,202		1,066		ILG Inc	52,087		987

See accompanying notes

256

Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Lodging (continued)					Media (continued)
La Quinta Holdings Inc (a)	17,287	$	245		Value Line Inc	371	$	7
Marcus Corp/The	27,427		813				$	11,722
Monarch Casino & Resort Inc (a)	2,046		49		Metal Fabrication & Hardware - 1.02%
Red Lion Hotels Corp (a)	34,421		276		Ampco-Pittsburgh Corp	9,317		140
		$	4,286		Atkore International Group Inc (a)	333,309		8,906
Machinery - Construction & Mining - 0.45%					Chicago Rivet & Machine Co	1,070		51
Astec Industries Inc	10,561		739		CIRCOR International Inc	2,281		142
Babcock & Wilcox Enterprises Inc (a)	28,546		475		Eastern Co/The	2,538		50
Hyster-Yale Materials Handling Inc	5,014		309		Global Brass & Copper Holdings Inc	58,606		1,943
Joy Global Inc	20,674		581		Haynes International Inc	6,733		277
Oshkosh Corp	34,043		2,370		Lawson Products Inc/DE (a)	6,858		177
Terex Corp	51,220		1,629		Mueller Industries Inc	2,211		89
		$	6,103		Northwest Pipe Co (a)	6,892		132
Machinery - Diversified - 1.11%					Olympic Steel Inc	14,664		330
Alamo Group Inc	13,415		1,014		Park-Ohio Holdings Corp	2,337		105
Albany International Corp	3,367		160		Rexnord Corp (a)	2,608		58
Altra Industrial Motion Corp	1,974		74		Sun Hydraulics Corp	322		13
Applied Industrial Technologies Inc	24,486		1,480		TimkenSteel Corp (a)	43,907		741
Briggs & Stratton Corp	59,283		1,284		TriMas Corp (a)	32,324		688
Chart Industries Inc (a)	20,567		798				$	13,842
Columbus McKinnon Corp/NY	10,548		290		Mining - 0.63%
DXP Enterprises Inc/TX (a)	2,829		107		A-Mark Precious Metals Inc	1,064		20
Gencor Industries Inc (a)	6,251		98		Century Aluminum Co (a)	130,120		2,004
Gerber Scientific Inc (a),(b),(c)	56,637		—		Coeur Mining Inc (a)	6,438		75
Gorman-Rupp Co/The	1,443		47		Fairmount Santrol Holdings Inc (a)	12,545		157
Hurco Cos Inc	11,024		337		Ferroglobe PLC	37,972		399
Kadant Inc	12,153		749		Gold Resource Corp	2,599		14
Key Technology Inc (a)	1,200		16		Hecla Mining Co	451,978		2,911
Lindsay Corp	184		14		Kaiser Aluminum Corp	4,403		345
Manitowoc Co Inc/The (a)	16,995		116		Materion Corp	27,361		1,075
Manitowoc Foodservice Inc (a)	6,138		118		Smart Sand Inc (a)	2,284		40
NN Inc	25,047		485		Stillwater Mining Co (a)	87,342		1,485
Power Solutions International Inc (a)	214		2		United States Lime & Minerals Inc	406		31
SPX FLOW Inc (a)	4,872		170				$	8,556
Tennant Co	2,324		160		Miscellaneous Manufacturers - 1.39%
Twin Disc Inc (a)	1,679		28		Actuant Corp	20,036		523
Zebra Technologies Corp (a)	88,600		7,413		American Railcar Industries Inc	8,468		377
		$	14,960		Barnes Group Inc	53,779		2,589
Media - 0.87%					Core Molding Technologies Inc (a)	9,787		151
AH Belo Corp	19,330		123		Fabrinet (a)	19,812		834
Beasley Broadcast Group Inc	5,597		42		Federal Signal Corp	41,865		651
Cumulus Media Inc (a)	10,020		10		FreightCar America Inc	14,203		205
Daily Journal Corp (a)	69		15		Handy & Harman Ltd (a)	802		23
Entercom Communications Corp	23,679		336		Harsco Corp (a)	25,823		345
EW Scripps Co/The (a)	58,140		1,132		Hillenbrand Inc	321,250		11,742
Gannett Co Inc	54,132		520		LSB Industries Inc (a)	13,282		113
Gray Television Inc (a)	80,298		952		Lydall Inc (a)	6,082		371
Hemisphere Media Group Inc (a)	680		8		MFRI Inc (a)	7,216		63
Houghton Mifflin Harcourt Co (a)	28,819		326		Myers Industries Inc	6,430		89
Liberty Media Corp-Liberty Braves - A Shares	1,596		32		NL Industries Inc (a)	8,567		51
(a)					Raven Industries Inc	1,833		46
Liberty Media Corp-Liberty Braves - C Shares	5,208		104		Servotronics Inc	788		8
(a)					Standex International Corp	973		85
Liberty Media Corp-Liberty Formula One - A	2,571		75		Synalloy Corp (a)	1,787		21
Shares (a)					Tredegar Corp	22,558		502
Liberty Media Corp-Liberty Formula One - C	5,290		152				$	18,789
Shares (a)					Office & Business Equipment - 0.01%
McClatchy Co/The (a)	5,247		61		Eastman Kodak Co (a)	9,029		121
Media General Inc - Rights (a),(b),(c)	48,541		15
Meredith Corp	21,382		1,310		Office Furnishings - 0.11%
MSG Networks Inc (a)	8,845		205		CompX International Inc	630		9
New York Times Co/The	75,491		1,019		HNI Corp	2,180		110
Nexstar Media Group Inc	6,062		397		Interface Inc	23,605		429
Radio One Inc (a)	16,782		50		Kewaunee Scientific Corp	4,472		113
Saga Communications Inc	5,212		262		Kimball International Inc	21,332		358
Salem Media Group Inc	17,328		106		Knoll Inc	15,460		404
Scholastic Corp	49,456		2,264		Virco Manufacturing Corp (a)	4,847		21
Spanish Broadcasting System Inc (a)	1,921		2				$	1,444
Time Inc	14,112		272		Oil & Gas - 3.78%
TiVo Corp	98,840		1,868		Abraxas Petroleum Corp (a)	14,667		36
Townsquare Media Inc (a)	2,716		29		Adams Resources & Energy Inc	1,570		61
tronc Inc (a)	2,145		28		Alon USA Energy Inc	78,002		878
					Atwood Oceanics Inc (a)	44,530		541

See accompanying notes

257

Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000		's)
Oil & Gas (continued)					Oil & Gas Services (continued)
Barnwell Industries Inc (a)	2,755	$	5		TETRA Technologies Inc (a)	44,777	$		222
Bill Barrett Corp (a)	33,594		220		Thermon Group Holdings Inc (a)	96,003			1,993
Callon Petroleum Co (a)	369,975		5,653		Willbros Group Inc (a)	25,147			76
Clayton Williams Energy Inc (a)	1,072		156				$		27,968
Cobalt International Energy Inc (a)	135,040		132		Packaging & Containers - 2.55%
Contango Oil & Gas Co (a)	43,417		352		Graphic Packaging Holding Co	801,150			10,022
CVR Energy Inc	5,141		114		Greif Inc - Class A	50,552			2,910
Delek US Holdings Inc	74,082		1,659		Greif Inc - Class B	1,670			119
Denbury Resources Inc (a)	48,486		162		KapStone Paper and Packaging Corp	33,864			812
Diamond Offshore Drilling Inc (a)	18,315		300		Multi Packaging Solutions International Ltd (a)	458,175			8,165
Earthstone Energy Inc (a)	497		7		Multi-Color Corp	92,200			7,118
EP Energy Corp (a)	7,836		41		Silgan Holdings Inc	90,801			5,313
EXCO Resources Inc (a)	28,262		19		UFP Technologies Inc (a)	2,598			65
Jones Energy Inc (a)	11,733		52				$		34,524
Kosmos Energy Ltd (a)	16,188		106		Pharmaceuticals - 0.69%
Laredo Petroleum Inc (a)	614,600		8,328		Adamas Pharmaceuticals Inc (a)	1,432			23
Nabors Industries Ltd	183,757		2,986		Akebia Therapeutics Inc (a)	4,314			43
Noble Corp PLC	126,371		853		Anika Therapeutics Inc (a)	1,028			52
Northern Oil and Gas Inc (a)	10,209		37		Array BioPharma Inc (a)	26,679			290
Oasis Petroleum Inc (a)	739,613		10,458		BioScrip Inc (a)	8,235			11
Pacific Drilling SA (a)	4,924		16		Cara Therapeutics Inc (a)	3,106			48
Panhandle Oil and Gas Inc	1,611		35		Chimerix Inc (a)	7,313			40
Par Pacific Holdings Inc (a)	3,455		50		Cidara Therapeutics Inc (a)	2,107			21
Parker Drilling Co (a)	145,005		370		Concert Pharmaceuticals Inc (a)	1,674			15
Patterson-UTI Energy Inc	121,668		3,412		Enanta Pharmaceuticals Inc (a)	3,178			106
PBF Energy Inc	49,793		1,155		Ignyta Inc (a)	1,850			9
PDC Energy Inc (a)	43,995		3,253		Impax Laboratories Inc (a)	1,358			18
QEP Resources Inc (a)	6,084		106		Inotek Pharmaceuticals Corp (a)	295			—
Rice Energy Inc (a)	8,997		178		Kadmon Holdings Inc (a)	282			1
Ring Energy Inc (a)	7,446		98		Lannett Co Inc (a)	6,207			125
Rowan Cos PLC (a)	103,939		1,863		Myovant Sciences Ltd (a)	371			4
RSP Permian Inc (a)	69,113		2,942		NantKwest Inc (a)	2,549			14
Sanchez Energy Corp (a)	7,262		96		Natural Alternatives International Inc (a)	4,296			49
Seadrill Ltd (a)	89,964		168		Nutraceutical International Corp	13,807			463
Synergy Resources Corp (a)	22,647		195		Omega Protein Corp	51,176			1,277
Trecora Resources (a)	1,018		13		Osiris Therapeutics Inc (a)	286			2
Unit Corp (a)	17,406		453		Owens & Minor Inc	15,532			557
W&T Offshore Inc (a)	8,267		24		PharMerica Corp (a)	16,916			419
Western Refining Inc	16,541		579		Phibro Animal Health Corp	315			8
Whiting Petroleum Corp (a)	123,822		1,373		Portola Pharmaceuticals Inc (a)	709			19
WPX Energy Inc (a)	106,858		1,489		PRA Health Sciences Inc (a)	88,225			5,169
		$	51,024		Prestige Brands Holdings Inc (a)	9,292			490
Oil & Gas Services - 2.07%					Protagonist Therapeutics Inc (a)	263			5
Archrock Inc	112,214		1,639		Ra Pharmaceuticals Inc (a)	287			5
Bristow Group Inc	56,322		995		Syros Pharmaceuticals Inc (a)	162			2
Dawson Geophysical Co (a)	19,159		151		TherapeuticsMD Inc (a)	1,283			7
Dril-Quip Inc (a)	24,947		1,552		Titan Pharmaceuticals Inc (a)	1,172			5
Era Group Inc (a)	29,938		470		Voyager Therapeutics Inc (a)	1,091			13
Exterran Corp (a)	46,426		1,440		Zafgen Inc (a)	3,915			16
Forum Energy Technologies Inc (a)	285,978		6,206		Zogenix Inc (a)	4,575			37
Geospace Technologies Corp (a)	2,427		57				$		9,363
Gulf Island Fabrication Inc	12,738		177		Pipelines - 0.19%
Gulfmark Offshore Inc (a)	634		1		SemGroup Corp	63,764			2,531
Helix Energy Solutions Group Inc (a)	132,597		1,124
Independence Contract Drilling Inc (a)	7,760		50		Private Equity - 0.01%
Mammoth Energy Services Inc (a)	1,692		30		Fifth Street Asset Management Inc	1,281			10
Matrix Service Co (a)	17,458		391		Kennedy-Wilson Holdings Inc	5,641			115
McDermott International Inc (a)	408,702		3,310		Safeguard Scientifics Inc (a)	2,849			34
Mitcham Industries Inc (a)	12,775		62
MRC Global Inc (a)	18,488		380				$		159
Natural Gas Services Group Inc (a)	14,855		426		Real Estate - 0.21%
					Alexander & Baldwin Inc	14,955			665
Newpark Resources Inc(a)	83,692		632		California Coastal Communities Inc (a),(b),(c)	9,672			—
NOW Inc (a)	20,150		428
					Community Healthcare Trust Inc	2,429			52
Oceaneering International Inc	18,837		525		Consolidated-Tomoka Land Co	163			9
Oil States International Inc (a)	58,838		2,324
					Farmland Partners Inc	2,630			30
PHI Inc(a)	30,468		483		Forestar Group Inc (a)	24,865			325
Pioneer Energy Services Corp (a)	77,130		486		FRP Holdings Inc (a)	1,809			71
SEACOR Holdings Inc (a)	29,133		2,143
Seventy Seven Energy Inc (a),(b),(c)	16,216		—		Griffin Industrial Realty Inc	1,161			36
					RE/MAX Holdings Inc	23,276			1,305
Seventy Seven Energy Inc - Warrants B	811		—		RMR Group Inc/The	502			24
(a),(b),(c)					St Joe Co/The (a)	10,569			178
Seventy Seven Energy Inc - Warrants C	901		—		Stratus Properties Inc (a)	2,638			81
(a),(b),(c)
Tesco Corp (a)	22,713		195

See accompanying notes

258

Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Real Estate (continued)					REITS (continued)
Trinity Place Holdings Inc (a)	3,216	$	26		Parkway Inc (a)	5,763	$	123
		$	2,802		Pebblebrook Hotel Trust	14,870		445
REITS - 3.44%					Pennsylvania Real Estate Investment Trust	24,198		433
Acadia Realty Trust	11,195		356		PennyMac Mortgage Investment Trust	74,545		1,264
AG Mortgage Investment Trust Inc	27,793		486		Physicians Realty Trust	9,052		168
Agree Realty Corp	5,271		247		Potlatch Corp	1,330		55
Alexander's Inc	141		60		Preferred Apartment Communities Inc	4,637		63
American Assets Trust Inc	10,006		430		PS Business Parks Inc	1,175		132
Anworth Mortgage Asset Corp	100,801		517		Ramco-Gershenson Properties Trust	305,955		4,975
Apollo Commercial Real Estate Finance Inc	51,675		900		Redwood Trust Inc	29,414		456
Ares Commercial Real Estate Corp	52,628		709		Resource Capital Corp	86,439		711
Armada Hoffler Properties Inc	1,101		15		Retail Opportunity Investments Corp	6,596		140
ARMOUR Residential REIT Inc	5,014		105		Rexford Industrial Realty Inc	9,963		226
Ashford Hospitality Prime Inc	45,293		609		RLJ Lodging Trust	43,563		1,011
Ashford Hospitality Trust Inc	33,362		254		Sabra Health Care REIT Inc	51,777		1,316
Bluerock Residential Growth REIT Inc	3,574		47		Saul Centers Inc	266		17
Capstead Mortgage Corp	20,918		223		Select Income REIT	33,570		839
CatchMark Timber Trust Inc (b)	7,160		74		Seritage Growth Properties	3,491		142
CBL & Associates Properties Inc	119,262		1,294		Silver Bay Realty Trust Corp	6,113		103
Cedar Realty Trust Inc	15,011		90		STORE Capital Corp	20,635		488
Chatham Lodging Trust	10,335		208		Summit Hotel Properties Inc	20,492		324
Chesapeake Lodging Trust	58,452		1,496		Sunstone Hotel Investors Inc	68,626		1,010
City Office REIT Inc	1,454		18		Terreno Realty Corp	4,619		126
Colony NorthStar Inc	33,529		467		Tier REIT Inc	6,505		118
Colony Starwood Homes	8,940		281		UMH Properties Inc	3,680		54
CorEnergy Infrastructure Trust Inc	2,287		82		Urstadt Biddle Properties Inc	3,981		89
Cousins Properties Inc	46,461		395		Washington Prime Group Inc	20,171		195
CYS Investments Inc	126,594		958		Washington Real Estate Investment Trust	10,456		329
DiamondRock Hospitality Co	74,961		844		Western Asset Mortgage Capital Corp	7,597		77
DuPont Fabros Technology Inc	770		37		Whitestone REIT	5,206		72
Dynex Capital Inc	8,871		59		Xenia Hotels & Resorts Inc	22,457		412
Easterly Government Properties Inc	6,059		119				$	46,457
EastGroup Properties Inc	1,795		127		Retail - 3.62%
Education Realty Trust Inc	8,822		355		Abercrombie & Fitch Co	164,907		1,915
Equity One Inc	1,140		35		American Eagle Outfitters Inc	33,226		502
FelCor Lodging Trust Inc	17,848		137		America's Car-Mart Inc/TX (a)	2,119		89
First Industrial Realty Trust Inc	12,443		322		Ascena Retail Group Inc (a)	70,698		340
First Potomac Realty Trust	20,518		210		At Home Group Inc (a)	1,223		19
Four Corners Property Trust Inc	23,030		502		Barnes & Noble Education Inc (a)	48,676		489
Franklin Street Properties Corp	24,045		307		Barnes & Noble Inc	108,812		1,110
GEO Group Inc/The	8,037		334		Big 5 Sporting Goods Corp	20,323		312
Getty Realty Corp	38,964		1,005		Biglari Holdings Inc (a)	219		97
Gladstone Commercial Corp	4,461		88		BJ's Restaurants Inc (a)	315		11
Global Net Lease Inc	23,700		184		BMC Stock Holdings Inc (a)	6,525		122
Government Properties Income Trust	28,957		558		Boot Barn Holdings Inc (a)	2,606		28
Gramercy Property Trust	30,157		794		Buckle Inc/The	3,565		75
Great Ajax Corp	3,063		40		Build-A-Bear Workshop Inc (a)	11,809		141
Healthcare Realty Trust Inc	15,680		474		Cabela's Inc (a)	6,998		391
Hersha Hospitality Trust	267,186		5,341		Caleres Inc	19,765		608
Hudson Pacific Properties Inc	21,055		745		Carrols Restaurant Group Inc (a)	949		14
Independence Realty Trust Inc	10,731		99		Cato Corp/The	3,788		96
InfraREIT Inc	19,179		316		Chico's FAS Inc	45,803		618
Invesco Mortgage Capital Inc	25,137		366		Christopher & Banks Corp (a)	10,696		14
Investors Real Estate Trust	16,502		106		Citi Trends Inc	16,536		265
Kite Realty Group Trust	18,488		444		Conn's Inc (a)	308		3
LaSalle Hotel Properties	78,309		2,363		Container Store Group Inc/The (a)	4,075		20
Lexington Realty Trust	48,266		518		Cracker Barrel Old Country Store Inc	428		68
Life Storage Inc	2,695		219		Del Frisco's Restaurant Group Inc (a)	21,216		371
LTC Properties Inc	1,951		91		Del Taco Restaurants Inc (a)	26,568		362
Mack-Cali Realty Corp	18,004		504		Denny's Corp (a)	26,591		323
MedEquities Realty Trust Inc	2,395		26		Dillard's Inc	11,278		637
Medical Properties Trust Inc	37,632		480		DineEquity Inc	6,645		456
Monmouth Real Estate Investment Corp	14,043		205		DSW Inc	32,244		682
Monogram Residential Trust Inc	23,192		236		El Pollo Loco Holdings Inc (a)	4,811		60
MTGE Investment Corp	6,147		98		Express Inc (a)	82,585		878
National Storage Affiliates Trust	4,255		95		EZCORP Inc (a)	109,895		1,088
New Residential Investment Corp	53,719		814		Fiesta Restaurant Group Inc (a)	633		17
New Senior Investment Group Inc	10,397		104		Finish Line Inc/The	32,004		551
New York Mortgage Trust Inc	28,038		180		FirstCash Inc	175,275		7,485
NexPoint Residential Trust Inc	3,444		80		Fogo De Chao Inc (a)	1,180		16
NorthStar Realty Europe Corp	9,837		118		Fred's Inc	40,634		592
One Liberty Properties Inc	2,643		61		Gaia Inc (a)	2,364		20
Orchid Island Capital Inc	4,113		49		GameStop Corp	47,109		1,154
Owens Realty Mortgage Inc	2,024		34		Genesco Inc (a)	21,833		1,314

See accompanying notes

259

Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Retail (continued)					Savings & Loans (continued)
Group 1 Automotive Inc	108,811	$	8,791		Magyar Bancorp Inc (a)	400	$	5
Guess? Inc	100,742		1,286		Meridian Bancorp Inc	63,282		1,193
Haverty Furniture Cos Inc	20,908		456		Meta Financial Group Inc	3,805		334
Hibbett Sports Inc (a)	1,997		66		MutualFirst Financial Inc	6,493		203
J Alexander's Holdings Inc (a)	2,864		29		Northeast Community Bancorp Inc	2,697		21
Jack in the Box Inc	982		106		Northfield Bancorp Inc	69,922		1,262
JC Penney Co Inc (a)	7,198		48		Northwest Bancshares Inc	115,559		1,972
Kirkland's Inc (a)	1,705		24		OceanFirst Financial Corp	7,702		218
Luby's Inc (a)	28,408		104		Oritani Financial Corp	43,074		747
MarineMax Inc (a)	22,047		473		Pacific Premier Bancorp Inc (a)	188,849		7,431
Movado Group Inc	38,436		1,043		Provident Financial Holdings Inc	15,859		294
New York & Co Inc (a)	6,083		13		Provident Financial Services Inc	101,126		2,677
Office Depot Inc	347,316		1,545		Prudential Bancorp Inc	7,541		132
Party City Holdco Inc (a)	5,248		76		Riverview Bancorp Inc	28,105		216
PC Connection Inc	36,439		994		SI Financial Group Inc	4,094		61
PCM Inc (a)	12,431		279		Southern Missouri Bancorp Inc	1,171		39
Penske Automotive Group Inc	28,014		1,523		Sterling Bancorp/DE	88,917		2,121
Perfumania Holdings Inc (a)	3,407		7		Territorial Bancorp Inc	13,031		414
Pier 1 Imports Inc	49,600		360		Timberland Bancorp Inc/WA	7,281		152
Red Robin Gourmet Burgers Inc (a)	5,950		283		United Community Financial Corp/OH	33,703		287
Regis Corp (a)	54,594		760		United Financial Bancorp Inc	45,785		826
RH (a)	5,389		146		Washington Federal Inc	133,642		4,390
Ruby Tuesday Inc (a)	113,093		221		Waterstone Financial Inc	34,311		621
Rush Enterprises Inc - Class A (a)	36,231		1,187		Wayne Savings Bancshares Inc	1,380		25
Rush Enterprises Inc - Class B (a)	13,142		404		WSFS Financial Corp	3,946		179
Ruth's Hospitality Group Inc	4,890		84				$	46,614
Shoe Carnival Inc	19,979		511		Semiconductors - 3.25%
Sonic Automotive Inc	35,256		825		Advanced Micro Devices Inc (a)	85,026		882
Sportsman's Warehouse Holdings Inc (a)	699		5		Alpha & Omega Semiconductor Ltd (a)	22,758		463
Stage Stores Inc	35,681		100		Ambarella Inc (a)	2,643		131
Tailored Brands Inc	13,634		289		Amkor Technology Inc (a)	167,900		1,580
Tilly's Inc (a)	10,648		143		Axcelis Technologies Inc (a)	18,000		274
Trans World Entertainment Corp (a)	33,798		93		AXT Inc (a)	25,020		144
Tuesday Morning Corp (a)	24,767		107		Brooks Automation Inc	93,451		1,628
Vera Bradley Inc (a)	20,793		238		Cabot Microelectronics Corp	4,650		314
Vitamin Shoppe Inc (a)	20,958		454		Cavium Inc (a)	1,111		74
Wendy's Co/The	46,396		628		Cohu Inc	40,437		534
West Marine Inc (a)	38,388		357		Cypress Semiconductor Corp	14,337		169
World Fuel Services Corp	23,899		1,063		Diodes Inc (a)	40,268		1,002
Zumiez Inc (a)	22,211		446		DSP Group Inc (a)	33,491		363
		$	48,920		EMCORE Corp	5,085		46
Savings & Loans - 3.45%					Entegris Inc (a)	11,807		221
Astoria Financial Corp	144,045		2,724		Exar Corp (a)	9,121		93
Atlantic Coast Financial Corp (a)	210		2		FormFactor Inc (a)	49,626		618
Banc of California Inc	18,436		291		GigPeak Inc (a)	24,900		64
Bank Mutual Corp	42,383		405		Integrated Device Technology Inc (a)	171,125		4,311
BankFinancial Corp	41,524		559		Intersil Corp	20,970		471
Bear State Financial Inc	4,023		41		InvenSense Inc (a)	11,298		143
Beneficial Bancorp Inc	81,772		1,460		IXYS Corp	41,953		508
Berkshire Hills Bancorp Inc	58,605		2,075		Kulicke & Soffa Industries Inc (a)	79,205		1,392
BFC Financial Corp	9,579		49		MaxLinear Inc (a)	183,300		4,689
BofI Holding Inc (a)	473		14		Mellanox Technologies Ltd (a)	81,600		3,864
Brookline Bancorp Inc	89,739		1,413		MKS Instruments Inc	51,388		3,387
BSB Bancorp Inc/MA (a)	1,518		42		Nanometrics Inc (a)	15,251		392
Capitol Federal Financial Inc	81,792		1,263		Photronics Inc (a)	126,889		1,459
Charter Financial Corp/MD	22,020		378		Power Integrations Inc	705		50
Citizens Community Bancorp Inc/WI	2,250		28		Rambus Inc (a)	11,198		145
Clifton Bancorp Inc	36,045		560		Richardson Electronics Ltd/United States	11,891		72
Dime Community Bancshares Inc	83,816		1,793		Rudolph Technologies Inc (a)	37,857		868
Eagle Bancorp Montana Inc	111		2		Semtech Corp (a)	1,135		37
ESSA Bancorp Inc	9,291		147		Sigma Designs Inc (a)	27,128		165
EverBank Financial Corp	30,620		595		Silicon Laboratories Inc (a)	162,850		10,618
First Defiance Financial Corp	11,945		578		Ultra Clean Holdings Inc (a)	39,328		493
First Financial Northwest Inc	12,022		249		Ultratech Inc (a)	57,283		1,485
Flagstar Bancorp Inc (a)	91,505		2,359		Veeco Instruments Inc (a)	20,806		536
Flushing Financial Corp	42,894		1,167		Xcerra Corp (a)	29,581		224
Greene County Bancorp Inc	803		18				$	43,909
Hingham Institution for Savings	169		33		Software - 2.09%
HMN Financial Inc (a)	2,080		38		Actua Corp (a)	9,483		135
Home Bancorp Inc	4,520		161		Acxiom Corp (a)	5,470		143
HomeStreet Inc (a)	43,369		1,136		Allscripts Healthcare Solutions Inc (a)	58,348		683
HomeTrust Bancshares Inc (a)	10,054		249		Avid Technology Inc (a)	47,748		255
HopFed Bancorp Inc	3,929		56		Bazaarvoice Inc (a)	15,064		71
Investors Bancorp Inc	63,311		909		Blackline Inc (a)	504		14

See accompanying notes

260

Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Software (continued)					Telecommunications (continued)
Bottomline Technologies de Inc (a)	791	$	20		RF Industries Ltd	300	$	—
BroadSoft Inc (a)	115,950		4,870		RigNet Inc (a)	2,365		47
CommerceHub Inc - Series A (a)	138,475		2,034		Shenandoah Telecommunications Co	84		2
Concurrent Computer Corp	948		5		ShoreTel Inc (a)	52,443		364
Cotiviti Holdings Inc (a)	151,747		5,138		Silicom Ltd	848		31
Coupa Software Inc (a)	420		11		Sonus Networks Inc (a)	46,354		295
Digi International Inc (a)	60,061		784		Spok Holdings Inc	22,013		452
Dun & Bradstreet Corp/The	42,925		5,263		Telenav Inc (a)	8,838		79
Everbridge Inc (a)	530		10		Telephone & Data Systems Inc	80,879		2,479
Evolent Health Inc (a)	2,972		54		TESSCO Technologies Inc	2,082		30
InnerWorkings Inc (a)	16,525		159		United States Cellular Corp (a)	1,142		51
Inseego Corp (a)	4,845		15		ViaSat Inc (a)	900		58
ManTech International Corp/VA	33,537		1,306		Viavi Solutions Inc (a)	32,398		290
MicroStrategy Inc (a)	1,030		207		Vonage Holdings Corp (a)	31,708		225
Park City Group Inc (a)	271		3		West Corp	5,031		122
PDF Solutions Inc (a)	461		10		Westell Technologies Inc (a)	9,001		6
pdvWireless Inc (a)	1,672		36		Windstream Holdings Inc	11,518		93
Progress Software Corp	17,613		494				$	18,732
QAD Inc	1,724		50		Textiles - 0.07%
Quality Systems Inc (a)	410		6		Dixie Group Inc/The (a)	12,240		43
Rosetta Stone Inc (a)	1,030		9		G&K Services Inc	4,036		388
Seachange International Inc (a)	1,711		4		UniFirst Corp/MA	4,444		568
Tabula Rasa HealthCare Inc (a)	440		6				$	999
Tangoe Inc (a)	5,154		38		Toys, Games & Hobbies - 0.01%
Verint Systems Inc (a)	153,560		5,736		JAKKS Pacific Inc (a)	28,720		146
Zynga Inc (a)	284,336		717
		$	28,286		Transportation - 2.17%
Storage & Warehousing - 0.12%					Air Transport Services Group Inc (a)	52,805		851
Mobile Mini Inc	41,043		1,336		ArcBest Corp	33,066		1,045
Wesco Aircraft Holdings Inc (a)	16,148		245		Ardmore Shipping Corp	11,074		81
		$	1,581		Atlas Air Worldwide Holdings Inc (a)	31,961		1,686
Supranational Bank - 0.03%					Celadon Group Inc	18,306		140
Banco Latinoamericano de Comercio Exterior	13,683		372		Costamare Inc	6,268		33
SA					Covenant Transportation Group Inc (a)	14,502		312
					DHT Holdings Inc	162,258		761
Telecommunications - 1.39%					Dorian LPG Ltd (a)	25,159		285
ADTRAN Inc	37,859		829		Echo Global Logistics Inc (a)	485		12
Alaska Communications Systems Group Inc(a)	6,092		10		Frontline Ltd/Bermuda	12,097		84
					GasLog Ltd	26,799		448
ATN International Inc	9,398		754		Gener8 Maritime Inc (a)	7,887		40
Aviat Networks Inc (a)	1,548		20		Genesee & Wyoming Inc (a)	98,396		7,415
Aware Inc/MA (a)	17,409		108		Golar LNG Ltd	13,193		341
Black Box Corp	24,370		326		Hornbeck Offshore Services Inc (a)	41,737		302
Calix Inc (a)	30,777		222		Hub Group Inc (a)	18,684		829
Cincinnati Bell Inc (a)	28,349		651		International Seaways Inc (a)	39,923		694
Communications Systems Inc	8,832		45		Kirby Corp (a)	72,808		4,693
Comtech Telecommunications Corp	56,710		608		Knight Transportation Inc	1,883		63
Consolidated Communications Holdings Inc	4,191		110		Marten Transport Ltd	40,388		923
DigitalGlobe Inc (a)	74,345		2,085		Matson Inc	24,720		881
EarthLink Holdings Corp	24,763		158		Navios Maritime Acquisition Corp	18,034		34
FairPoint Communications Inc (a)	767		14		Nordic American Tankers Ltd	13,419		116
Finisar Corp (a)	80,688		2,386		Overseas Shipholding Group Inc	118,375		581
General Communication Inc (a)	8,669		174		PAM Transportation Services Inc (a)	5,127		120
Globalstar Inc (a)	24,064		38		Patriot Transportation Holding Inc (a)	320		8
Harmonic Inc (a)	74,755		396		Radiant Logistics Inc (a)	4,431		16
Hawaiian Telcom Holdco Inc (a)	4,974		124		Roadrunner Transportation Systems Inc (a)	51,953		411
HC2 Holdings Inc (a)	6,658		44		Saia Inc (a)	25,724		1,236
IDT Corp - Class B	1,183		23		Scorpio Tankers Inc	279,596		1,071
Infinera Corp (a)	6,883		62		Ship Finance International Ltd	29,429		441
Intelsat SA (a)	5,516		20		Teekay Corp	9,139		92
Iridium Communications Inc (a)	111,266		1,124		Teekay Tankers Ltd	78,696		193
Ixia (a)	34,284		667		Tidewater Inc (a)	24,215		54
KVH Industries Inc (a)	9,293		96		Universal Logistics Holdings Inc	710		10
Leap Wireless International Inc - Rights	64,745		198		USA Truck Inc (a)	8,990		76
(a),(b),(c)					Werner Enterprises Inc	54,079		1,519
Lumos Networks Corp (a)	8,702		135		XPO Logistics Inc (a)	29,665		1,327
NeoPhotonics Corp (a)	4,922		54		YRC Worldwide Inc (a)	4,771		71
NETGEAR Inc (a)	39,976		2,275				$	29,295
NII Holdings Inc (a)	9,170		26		Trucking & Leasing - 0.34%
Numerex Corp (a)	1,962		12		GATX Corp	57,084		3,300
Oclaro Inc (a)	2,160		21		Greenbrier Cos Inc/The	24,349		1,066
Optical Cable Corp (a)	8,872		29		Willis Lease Finance Corp (a)	7,473		190
ORBCOMM Inc (a)	16,960		139				$	4,556
Preformed Line Products Co	2,290		125

See accompanying notes

261

					Schedule of Investments
SmallCap Value Fund II
January 31, 2017 (unaudited)
COMMON STOCKS (continued)		Shares Held	Value (000's)
Water - 0.16%
American States Water Co		20,288	$		888
Artesian Resources Corp		11,892			369
California Water Service Group		2,670			92
Connecticut Water Service Inc		3,547			192
Consolidated Water Co Ltd		14,307			147
Middlesex Water Co		558			21
SJW Group		4,715			236
York Water Co/The		6,863			246
			$		2,191
TOTAL COMMON STOCKS			$	1,285,065
INVESTMENT COMPANIES - 4.45%		Shares Held	Value (000's)
Money Market Funds - 4.45%
Cash Account Trust - Government & Agency		766,739			767
Portfolio - Government Cash Managed
First American Government Obligations Fund		59,319,169			59,319
			$		60,086
TOTAL INVESTMENT COMPANIES			$		60,086
Total Investments			$	1,345,151
Other Assets and Liabilities - 0.45%			$		6,027
TOTAL NET ASSETS - 100.00%			$	1,351,178
(a)	Non-Income Producing Security
(b)	Security is Illiquid. At the end of the period, the value of these securities
	totaled $287 or 0.02% of net assets.
(c)	Fair value of these investments is determined in good faith by the Manager
	under procedures established and periodically reviewed by the Board of
	Directors. Inputs used in the valuation may be unobservable; however, not
	all securities are included in Level 3 of the fair value hierarchy. At the end
	of the period, the fair value of these securities totaled $213 or 0.02% of net
	assets.
	Portfolio Summary (unaudited)
Sector					Percent
Financial					31.07	%
Industrial					16.51	%
Consumer, Non-cyclical					12.92	%
Consumer, Cyclical					10.74	%
Technology					7.98	%
Energy					6.49	%
Investment Companies					4.45	%
Basic Materials					3.74	%
Utilities					2.90	%
Communications					2.72	%
Government					0.03	%
Other Assets and Liabilities					0.45	%
TOTAL NET ASSETS					100.00	%
Futures Contracts
													Unrealized
Type		Long/Short			Contracts		Notional Value			Fair Value	Appreciation/(Depreciation)
Russell 2000 Mini; March 2017		Long			912		$	62,984	$	61,993		$	(991	)
Total											$		(991	)
Amounts in thousands except contracts

See accompanying notes

262

     Schedule of Investments Tax-Exempt Bond Fund January 31, 2017 (unaudited)

		Principal								Principal
BONDS- 0.42	%	Amount (000's)		Value(000			's)	MUNICIPAL BONDS (continued)		Amount (000's)		Value(000	's)
U.S. Municipals - 0.42%								California (continued)
Oglala Sioux Tribe								Golden State Tobacco Securitization
5.75%, 10/01/2025(a),(b)		$	1,500		$	1,507		Corp (credit support from GOLDEN ST TOB
								SECURITIZATION)
TOTAL BONDS				$		1,507		5.00%, 06/01/2033(c)	$	1,000	$	969
		Principal						Golden State Tobacco Securitization
MUNICIPAL BONDS - 101.39%		Amount (000's)		Value(000			's)	Corp (credit support from ST APPROP)
								5.00%, 06/01/2033(c)		1,170		1,307
Alabama - 3.00%
Auburn University								Lancaster Redevelopment Agency Successor
5.00%, 06/01/2038		$	555	$		584		Agency
5.00%, 06/01/2038			945			995		6.50%, 08/01/2029		580		645
Birmingham Airport Authority (credit support								Los Angeles Department of Water & Power
from AGM)								5.25%, 07/01/2038		1,000		1,057
5.25%, 07/01/2030(c)			1,000			1,097		Los Angeles Unified School District/CA
Lower Alabama Gas District/The								5.00%, 07/01/2029		1,000		1,081
5.00%, 09/01/2034			6,500			7,341		Metropolitan Water District of Southern
Selma Industrial Development Board								California
6.25%, 11/01/2033			700			776		5.00%, 07/01/2029		1,150		1,244
				$		10,793		Morongo Band of Mission Indians/The
								6.50%, 03/01/2028(b)		500		522
Alaska - 0.46%
Borough of Matanuska-Susitna AK (credit								Oakland Unified School District/Alameda
support from AGC)								County
5.50%, 09/01/2023(c)			1,500			1,660		5.00%, 08/01/2034		2,210		2,516
								Port of Los Angeles
Arizona - 2.62%								5.00%, 08/01/2031		1,240		1,339
Arizona Department of Transportation State								Regents of the University of California
Highway Fund Revenue								Medical Center Pooled Revenue
5.00%, 07/01/2026			1,500			1,583		5.50%, 05/15/2027		1,375		1,408
City of Phoenix Civic Improvement Corp								Richmond Joint Powers Financing Authority
5.00%, 07/01/2034			1,000			1,090		6.25%, 07/01/2024		1,000		1,104
Navajo Nation								Riverside Community Properties Development
5.50%, 12/01/2030(b)			1,240			1,319		Inc
Salt Verde Financial Corp								6.00%, 10/15/2038		1,150		1,344
5.00%, 12/01/2032			4,860			5,450		Sacramento Area Flood Control
								Agency (credit support from BAM)
				$		9,442		5.00%, 10/01/2039(c)		1,340		1,496
California - 19.27%								San Diego Unified School District/CA
Alum Rock Union Elementary School								0.00%, 07/01/2032(e)		5,000		2,687
District								Southern California Public Power Authority
5.25%, 08/01/2043			1,000			1,140		5.25%, 07/01/2028		1,000		1,147
Bay Area Toll Authority								University of California
5.00%, 04/01/2034			2,500			2,706		5.00%, 05/15/2037		1,500		1,709
California Educational Facilities Authority
5.00%, 12/29/2015(d)			8,190			8,789		5.75%, 05/15/2025		1,380		1,523
5.00%, 01/01/2038(d)			478			493		West Contra Costa Unified School District
5.00%, 01/01/2038(d)			1,179			1,223		5.25%, 08/01/2033		1,000		1,156
5.00%, 10/01/2038(d)			2,700			2,881					$	69,436
California Health Facilities Financing								Colorado - 0.94%
Authority								Denver Convention Center Hotel Authority
5.00%, 11/15/2046(d)			1,691			1,869		5.00%, 12/01/2036		1,000		1,082
California Pollution Control Financing								Platte River Power Authority
Authority								5.00%, 06/01/2026		1,135		1,234
4.30%, 07/01/2040			2,000			2,024		Regional Transportation District
California Statewide Communities								6.00%, 01/15/2041		450		498
Development Authority								6.50%, 01/15/2030		500		563
5.00%, 12/01/2036(b)			4,500			4,670					$	3,377
6.25%, 11/15/2019(b)			300			320		Connecticut - 1.92%
6.63%, 11/15/2024(b)			500			555		Mohegan Tribal Finance Authority
								7.00%, 02/01/2045(b)		5,500		5,692
California Statewide Communities
Development Authority (credit support from								State of Connecticut (credit support from
FHA INS)								ACA)
6.63%, 08/01/2029(c)			890			1,008		6.60%, 07/01/2024(c)		1,215		1,219
California Statewide Communities											$	6,911
Development Authority (credit support from								District of Columbia - 1.78%
GNMA COLL)								District of Columbia
4.90%, 07/20/2039(c)			500			526		5.00%, 12/01/2023		1,785		1,951
City of Los Angeles Department of Airports								5.00%, 12/01/2024		715		781
5.00%, 05/15/2035			1,500			1,646		6.38%, 10/01/2034		1,000		1,132
City of Vernon CA Electric System Revenue								District of Columbia Water & Sewer
5.13%, 08/01/2021			320			342		Authority (credit support from AGM)
5.13%, 08/01/2021			545			587		5.50%, 10/01/2017(c)		500		515
Golden State Tobacco Securitization Corp
5.30%, 06/01/2037			2,700			2,643
5.75%, 06/01/2047			11,970			11,760

See accompanying notes

263

Schedule of Investments
Tax-Exempt Bond Fund
January 31, 2017 (unaudited)
				Principal							Principal
	MUNICIPAL BONDS (continued)			Amount (000's)		Value(000	's)	MUNICIPAL BONDS (continued)			Amount (000's)		Value(000	's)
	District of Columbia (continued)							Illinois (continued)
	District of Columbia Water & Sewer							Illinois State Toll Highway
	Authority (credit support from AGM-CR							Authority (continued)
	NATL)							5.00%, 01/01/2040(d)		$	2,000	$	2,204
	5.50%, 10/01/2041(c)		$	2,000	$	2,062		5.25%, 01/01/2030			1,000		1,084
					$	6,441		Metropolitan Pier & Exposition
	Florida - 1.79%							Authority (credit support from NATL)
	City of Lakeland FL Department of Electric							5.50%, 06/15/2029(c)			2,410		2,836
	Utilities							Metropolitan Water Reclamation District of
	5.25%, 10/01/2036			1,000		1,241		Greater Chicago
	County of Miami-Dade FL							5.00%, 12/01/2028			5,000		5,867
	4.00%, 10/01/2040			1,000		1,006		5.00%, 12/01/2045			1,000		1,107
	County of Miami-Dade FL Aviation							State of Illinois
	Revenue (credit support from AGC)							5.50%, 07/01/2027			3,410		3,578
	5.25%, 10/01/2033(c)			525		560		United City of Yorkville IL
	5.25%, 10/01/2033(c)			1,475		1,555		5.75%, 03/01/2028			500		494
	Escambia County Health Facilities											$	56,464
	Authority (credit support from AMBAC)							Indiana - 1.02%
	5.95%, 07/01/2020(c)			10		10		Indiana Finance Authority
	School Board of Miami-Dade							5.00%, 10/01/2044			700		746
	County/The (credit support from AGC)							5.38%, 11/01/2032			1,000		1,059
	5.25%, 05/01/2028(c)			2,000		2,105		Indiana Municipal Power Agency
					$	6,477		6.00%, 01/01/2039			1,000		1,091
	Georgia - 0.31%							Town of Shoals IN
	City of Atlanta GA Water & Wastewater							7.25%, 11/01/2043			700		797
	Revenue											$	3,693
	6.00%, 11/01/2027			1,000		1,127		Iowa- 0.35	%
								City of Altoona IA (credit support from CITY
	Idaho- 0.67	%						APPROP)
	Idaho Health Facilities Authority							5.75%, 06/01/2031(c)			1,200		1,275
	6.65%, 02/15/2021			2,000		2,399
								Kansas - 0.30%
	Illinois - 15.67%							Kansas Development Finance Authority
	Chicago O'Hare International Airport							5.50%, 11/15/2029			1,000		1,097
	5.00%, 01/01/2033			2,000		2,197
	5.25%, 01/01/2036			2,000		2,271		Kentucky - 1.62%
	City of Chicago IL							Kentucky Economic Development Finance
	5.00%, 01/01/2034			3,000		2,814		Authority
	5.25%, 01/01/2029			2,000		1,946		5.38%, 08/15/2024			1,000		1,052
	6.00%, 01/01/2038(f)			2,000		2,001		5.63%, 08/15/2027			1,000		1,049
	7.13%, 03/15/2022			400		388		Kentucky Economic Development Finance
	7.46%, 02/15/2026			684		483		Authority (credit support from AGC)
	City of Chicago IL (credit support from AGC)							6.00%, 12/01/2033(c)			1,000		1,047
	5.25%, 01/01/2025(c)			2,000		2,057		Kentucky State Property & Building
	City of Chicago IL Wastewater Transmission							Commission (credit support from AGC)
	Revenue							5.25%, 02/01/2025(c)			885		956
	5.00%, 01/01/2030			1,000		1,088		5.25%, 02/01/2025(c)			115		123
	5.00%, 01/01/2032			1,000		1,076		Paducah Electric Plant Board (credit support
	5.00%, 01/01/2033			2,000		2,144		from AGC)
	City of Chicago IL Wastewater Transmission							5.25%, 10/01/2035(c)			1,500		1,628
	Revenue (credit support from BHAC)											$	5,855
	5.50%, 01/01/2038(c)			1,000		1,030		Louisiana - 2.53%
	City of Chicago IL Waterworks Revenue							Lafayette Public Trust Financing
	5.00%, 11/01/2028			1,000		1,112		Authority (credit support from AGM)
	Gilberts Special Service Area No 24/IL							5.25%, 10/01/2030(c)			1,000		1,097
	5.38%, 03/01/2034			296		245		Louisiana Public Facilities Authority
	Huntley Special Service Area No							8.00%, 07/01/2039			1,000		398
	10/IL (credit support from AGC)							8.38%, 07/01/2039			600		239
	5.10%, 03/01/2029(c)			993		996		Louisiana Public Facilities Authority (credit
	Illinois Finance Authority							support from FNMA)
	5.00%, 11/01/2030			1,000		1,090		0.00%, 12/01/2019(c),(e)			1,500		1,433
	5.00%, 02/15/2036			1,000		1,013		New Orleans Aviation Board (credit support
	5.38%, 08/15/2024			500		541		from AGC)
	5.50%, 08/01/2037			1,000		1,023		6.00%, 01/01/2023(c)			1,000		1,081
	5.75%, 08/15/2030			1,050		1,155		Parish of St John the Baptist LA
	5.75%, 11/15/2037			1,500		1,557		5.13%, 06/01/2037			4,865		4,876
	6.00%, 03/01/2038			1,540		1,693						$	9,124
	6.25%, 11/15/2035			350		384		Maryland - 0.62%
	6.25%, 11/15/2035			650		735		Maryland Economic Development Corp
	6.50%, 11/01/2038			1,000		1,091		5.00%, 03/31/2041			1,000		1,070
	7.00%, 02/15/2018			210		216		5.75%, 06/01/2035			545		586
	7.25%, 11/01/2038			1,000		1,104
	Illinois State Toll Highway Authority
	5.00%, 12/01/2032			5,200		5,844

See accompanying notes

264

     Schedule of Investments Tax-Exempt Bond Fund January 31, 2017 (unaudited)

		Principal							Principal
MUNICIPAL BONDS (continued)		Amount (000's)		Value(000	's)	MUNICIPAL BONDS (continued)			Amount (000's)		Value(000	's)
Maryland (continued)						New Jersey (continued)
Maryland Health & Higher Educational						New Jersey Economic Development
Facilities Authority						Authority (continued)
6.00%, 07/01/2041	$	500	$	594		5.75%, 06/01/2031		$	550	$	596
			$	2,250		New Jersey Economic Development
Massachusetts - 2.29%						Authority (credit support from NEW JERSEY
Massachusetts Bay Transportation Authority						ECONOMIC DEV AUTH S)
5.25%, 07/01/2028		2,000		2,478		5.25%, 09/15/2029(c)			650		684
Massachusetts Development Finance Agency						New Jersey Educational Facilities
5.75%, 12/01/2042		1,000		1,100		Authority (credit support from AGM)
Massachusetts Educational Financing						5.00%, 07/01/2035(c)			1,000		1,120
Authority						New Jersey Housing & Mortgage Finance
4.90%, 07/01/2028		2,450		2,558		Agency
Massachusetts Health & Educational Facilities						6.38%, 10/01/2028			70		72
Authority (credit support from GO OF UNIV)						New Jersey Transportation Trust Fund
5.00%, 07/01/2038(c)		1,000		1,018		Authority
Massachusetts State College Building						5.25%, 06/15/2032			2,000		2,054
Authority (credit support from ST APPROP)						5.25%, 06/15/2034			2,250		2,299
5.50%, 05/01/2039(c)		1,000		1,096		Newark Housing Authority (credit support
			$	8,250		from AGM MUN GOVT GTD)
Michigan - 0.77%						5.00%, 12/01/2038(c)			2,300		2,509
City of Detroit MI Sewage Disposal System										$	14,226
Revenue (credit support from AGM)						New York - 9.07%
7.00%, 07/01/2027(c)		1,500		1,678		Brooklyn Arena Local Development Corp
Wayne County Airport Authority						6.38%, 07/15/2043			1,400		1,604
5.00%, 12/01/2045		1,000		1,085		Hudson Yards Infrastructure Corp
			$	2,763		5.75%, 02/15/2047			2,500		2,830
Minnesota - 0.99%						Metropolitan Transportation Authority
City of Minneapolis MN						5.25%, 11/15/2030			1,500		1,664
6.75%, 11/15/2032		500		550		MTA Hudson Rail Yards Trust Obligations
City of Minneapolis MN (credit support from						5.00%, 11/15/2056			500		536
AGC)						New York City Industrial Development
6.50%, 11/15/2038(c)		165		181		Agency (credit support from AGC)
6.50%, 11/15/2038(c)		835		902		6.13%, 01/01/2029(c)			1,000		1,082
City of Rochester MN						New York City Transitional Finance Authority
5.00%, 11/15/2034		1,600		1,954		Building Aid Revenue (credit support from
			$	3,587		ST AID WITHHLDG)
						5.25%, 01/15/2039(c)			2,145		2,291
Missouri - 0.78%
City of St Louis MO Airport Revenue (credit						New York Counties Tobacco Trust VI
support from NATL)						5.00%, 06/01/2031			215		234
5.50%, 07/01/2028(c)		1,500		1,797		5.00%, 06/01/2036			740		787
Health & Educational Facilities Authority of						5.00%, 06/01/2041			400		425
the State of Missouri						New York Liberty Development Corp
5.00%, 02/01/2046		1,000		1,024		5.00%, 11/15/2031			1,000		1,114
			$	2,821		5.00%, 09/15/2040			1,000		1,114
Nebraska - 0.89%						New York Liberty Development Corp (credit
Municipal Energy Agency of Nebraska (credit						support from GO OF AUTH)
						5.00%, 12/15/2041(c)			1,000		1,095
support from BHAC)
5.13%, 04/01/2029(c)		1,000		1,084		New York State Dormitory Authority (credit
Omaha Public Power District						support from AGC ST AID WITHHLDG)
						5.00%, 10/01/2023(c)			1,860		2,044
5.50%, 02/01/2039		1,000		1,045		5.00%, 10/01/2023(c)			140		151
University of Nebraska
5.25%, 07/01/2039		1,000		1,077		New York State Thruway Authority
			$	3,206		5.25%, 01/01/2056			4,395		4,933
						New York Transportation Development Corp
Nevada - 1.46%						5.00%, 08/01/2021			3,500		3,723
County of Clark Department of Aviation						5.25%, 01/01/2050			3,125		3,297
5.13%, 07/01/2034		1,000		1,079		Tompkins County Development Corp
Las Vegas Redevelopment Agency						5.00%, 07/01/2027			1,115		1,159
5.00%, 06/15/2040		3,850		4,199		Westchester County Local Development
			$	5,278		Corp
New Hampshire - 0.29%						5.00%, 11/01/2046			2,500		2,628
City of Manchester NH General Airport										$	32,711
Revenue (credit support from AGM)
5.13%, 01/01/2030(c)		1,000		1,037		North Carolina - 0.71%
						City of Raleigh NC Combined Enterprise
						System Revenue
New Jersey - 3.95%						5.00%, 03/01/2031			1,000		1,137
Casino Reinvestment Development Authority						North Carolina Medical Care Commission
5.25%, 11/01/2039		750		745		5.00%, 10/01/2033(f)			1,250		1,419
New Jersey Economic Development
Authority										$	2,556
3.35%, 07/15/2036		2,500		1,959		Ohio- 4.14	%
5.00%, 09/01/2034		1,000		1,094		American Municipal Power Inc
5.75%, 04/01/2031		1,005		1,094		5.25%, 02/15/2033			2,575		2,873

See accompanying notes

265

Schedule of Investments
Tax-Exempt Bond Fund
January 31, 2017 (unaudited)
				Principal						Principal
	MUNICIPAL BONDS (continued)			Amount (000's)		Value(000	's)	MUNICIPAL BONDS (continued)		Amount (000's)		Value(000	's)
	Ohio (continued)							Texas (continued)
	Buckeye Tobacco Settlement Financing							Harris County-Houston Sports Authority
	Authority							5.00%, 11/15/2030	$	3,000	$	3,370
	6.00%, 06/01/2042		$	2,000	$	1,838		Metropolitan Transit Authority of Harris
	City of Cincinnati OH							County
	5.00%, 12/01/2032			815		914		5.00%, 11/01/2033		2,435		2,786
	City of Cleveland OH Airport System							Mission Economic Development Corp
	Revenue (credit support from AGM)							5.75%, 10/01/2031(b)		1,000		1,032
	5.00%, 01/01/2024(c)			1,075		1,236		5.75%, 10/01/2031(b)		1,000		1,032
	County of Hamilton OH							New Hope Cultural Education Facilities
	5.00%, 01/01/2036			2,435		2,484		Finance Corp
	5.00%, 01/01/2046			2,500		2,512		5.00%, 07/01/2047		3,000		3,113
	Ohio Air Quality Development Authority							North Texas Health Facilities Development
	3.75%, 12/01/2023			3,000		1,302		Corp (credit support from AGM)
	5.63%, 06/01/2018			1,000		941		5.00%, 09/01/2024(c)		1,000		1,021
	Ohio Housing Finance Agency (credit support							North Texas Tollway Authority
	from GNMA/FNMA/FHLMC)							5.00%, 01/01/2045		1,000		1,107
	5.20%, 09/01/2029(c)			420		431		5.63%, 01/01/2033		385		401
	Ohio Water Development Authority							5.63%, 01/01/2033		180		186
	4.00%, 01/01/2034			1,000		407		5.63%, 01/01/2033		435		453
					$	14,938		5.75%, 01/01/2033		1,130		1,179
	Oklahoma - 0.20%							Port Beaumont Navigation District
	Tulsa Airports Improvement Trust							7.25%, 02/01/2036(b)		4,000		4,140
	5.00%, 06/01/2035(g)			700		732		Sea Breeze Public Facility Corp
								6.50%, 01/01/2046		100		101
	Pennsylvania - 3.53%							Tarrant County Cultural Education Facilities
	Allegheny County Industrial Development							Finance Corp
	Authority							5.00%, 11/15/2037		3,060		3,247
	6.00%, 07/15/2038			1,000		1,035		Tarrant County Cultural Education Facilities
	City of Philadelphia PA (credit support from							Finance Corp (credit support from AGC)
	AGM)							6.25%, 07/01/2028(c)		1,000		1,077
	5.00%, 08/01/2030(c),(f)			1,750		2,005		Texas A&M University
	City of Scranton PA							5.00%, 05/15/2027		1,000		1,084
	8.50%, 09/01/2022(a)			600		603		Texas Private Activity Bond Surface
	Pennsylvania Economic Development							Transportation Corp
	Financing Authority							7.00%, 12/31/2038		1,000		1,135
	6.00%, 06/01/2031			500		492					$	31,495
	Pennsylvania Turnpike Commission							Virgin Islands - 0.34%
	5.00%, 12/01/2046			3,000		3,233		Virgin Islands Public Finance Authority
	5.75%, 12/01/2028			380		440		5.00%, 10/01/2025		1,650		1,238
	5.75%, 12/01/2028			245		275
	5.75%, 12/01/2028			175		203		Virginia - 1.52%
	6.00%, 12/01/2034			65		76		County of Botetourt VA
	6.00%, 12/01/2034			80		93		6.00%, 07/01/2034		1,000		1,037
	6.00%, 12/01/2034			355		405		6.00%, 07/01/2044		1,000		1,035
	School District of Philadelphia/The (credit							Fairfax County Economic Development
	support from ST AID WITHHLDG)							Authority
	5.00%, 09/01/2032(c)			3,500		3,794		5.00%, 10/01/2036		1,000		1,093
					$	12,654		Roanoke Economic Development Authority
	South Carolina - 1.52%							6.63%, 12/01/2044		1,295		1,373
	South Carolina Jobs-Economic Development							Shops at White Oak Village Community
	Authority (credit support from AGC)							Development Authority/The
	5.38%, 02/01/2029(c)			1,000		1,083		5.30%, 03/01/2017		100		100
	South Carolina Public Service Authority							Washington County Industrial Development
	5.25%, 12/01/2055			4,000		4,381		Authority/VA
					$	5,464		7.50%, 07/01/2029		750		815
	Tennessee - 1.29%										$	5,453
	Metropolitan Government Nashville &							Washington - 1.43%
	Davidson County Health & Educational Facs							FYI Properties
	Bd							5.50%, 06/01/2039		1,000		1,079
	5.00%, 07/01/2040			4,250		4,636		State of Washington
								6.40%, 06/01/2017		770		784
	Texas- 8.74	%						Washington Health Care Facilities Authority
	Capital Area Cultural Education Facilities							7.38%, 03/01/2038		1,000		1,124
	Finance Corp							Washington Health Care Facilities
	6.13%, 04/01/2045			1,000		1,106		Authority (credit support from AGM)
	Central Texas Turnpike System							5.50%, 08/15/2038(c)		1,000		1,047
	5.00%, 08/15/2031			1,285		1,396		Washington Higher Education Facilities
	City of Houston TX Airport System Revenue							Authority
	5.00%, 07/01/2029			2,000		2,097		5.63%, 10/01/2040		1,000		1,113
	Harris County Industrial Development Corp										$	5,147
	5.00%, 02/01/2023			400		432

See accompanying notes

266

					Schedule of Investments
					Tax-Exempt Bond Fund
					January 31, 2017 (unaudited)
		Principal
MUNICIPAL BONDS (continued)	Amount (000's)				Value(000	's)
West Virginia - 0.45%
County of Ohio WV
5.85%, 06/01/2034	$	250		$	254
West Virginia Hospital Finance Authority
5.50%, 06/01/2034		1,250			1,372
				$	1,626
Wisconsin - 2.16%
City of Superior WI (credit support from GO
OF CORP)
5.38%, 11/01/2021(c)		750			769
Public Finance Authority
4.00%, 08/01/2035		1,580			1,471
5.25%, 04/01/2030		1,400			1,471
State of Wisconsin (credit support from ST
APPROP)
5.38%, 05/01/2025(c)		1,000			1,089
Wisconsin Health & Educational Facilities
Authority
5.00%, 07/01/2041		1,590			1,663
6.38%, 02/15/2029		500			551
6.63%, 02/15/2039		720			797
				$	7,811
TOTAL MUNICIPAL BONDS				$	365,450
Total Investments				$	366,957
Liability for Floating Rate Notes Issued in Conjunction with
Securities Held - (2.38)%
Notes with an interest rate of 0.69% - 0.74% at $		(8,570	)	$	(8,570	)
January 31, 2017 and contractual maturity of
collateral from 2017-2024.(h)
Total Net Investments				$	358,387
Other Assets and Liabilities - 0.57%				$	2,047
TOTAL NET ASSETS - 100.00%				$	360,434

(a)	Security is Illiquid. At the end of the period, the value of these securities totaled $2,110 or 0.59% of net assets.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $20,789 or 5.77% of net assets.
(c)	Credit support indicates investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution, or government agency.
(d)	Security or portion of underlying security related to Inverse Floaters entered into by the Fund. See Notes to Financial Statements for additional information.
(e)	Non-Income Producing Security
(f)	Security purchased on a when-issued basis.
(g)	Variable Rate. Rate shown is in effect at January 31, 2017.
(h)	Floating rate securities. The interest rate(s) shown reflect the rates in effect at January 31, 2017.

Portfolio Summary (unaudited)
Sector	Percent
Revenue Bonds	60.48	%
Insured	18.01	%
Prerefunded	12.94	%
General Obligation Unlimited	7.84	%
Tax Allocation	1.34	%
Government	0.42	%
Special Assessment	0.33	%
Certificate Participation	0.24	%
Special Tax	0.21	%
Liability For Floating Rate Notes Issued	(2.38	)%
Other Assets and Liabilities	0.57	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

267

Glossary to the Schedule of Investments
January 31, 2017 (unaudited)

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

See accompanying notes

268

At January 31, 2017, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held were as follows (amounts in thousands):

		Unrealized		Unrealized			Net Unrealized			Cost for Federal
		Appreciation		(Depreciation)			Appreciation (Depreciation)			Income Tax Purposes
California Municipal Fund*	$	34,504	$	(9,657	)	$	24,847		$	360,326
Core Plus Bond Fund		47,945		(58,090	)		(10,145	)		3,846,130
Diversified International Fund		1,077,227		(213,565	)		863,662			7,611,709
Equity Income Fund		2,123,121		(81,587	)		2,041,534			3,903,167
Finisterre Unconstrained Emerging Markets Bond Fund		326		(201	)		125			23,280
Global Diversified Income Fund		356,038		(392,940	)		(36,902	)		11,088,633
Global Real Estate Securities Fund		61,367		(58,432	)		2,935			1,558,291
Government & High Quality Bond Fund		16,969		(64,080	)		(47,111	)		1,661,369
High Yield Fund		149,150		(134,294	)		14,856			3,599,302
High Yield Fund I		35,644		(24,636	)		11,008			1,066,544
Income Fund		86,211		(53,546	)		32,665			3,197,586
Inflation Protection Fund		7,793		(15,648	)		(7,855	)		1,575,100
International Emerging Markets Fund		123,537		(18,364	)		105,173			744,617
International Fund I		54,710		(14,711	)		39,999			321,918
LargeCap Growth Fund		223,589		(14,232	)		209,357			1,447,114
LargeCap Growth Fund I		1,679,516		(121,843	)		1,557,673			5,327,449
LargeCap Growth Fund II		61,703		(8,762	)		52,941			491,910
LargeCap S&P 500 Index Fund		1,983,237		(116,260	)		1,866,977			3,231,366
LargeCap Value Fund		230,248		(33,725	)		196,523			1,924,060
LargeCap Value Fund III		231,425		(55,221	)		176,204			1,653,793
MidCap Fund		3,324,980		(203,103	)		3,121,877			9,506,952
MidCap Growth Fund		20,688		(1,404	)		19,284			115,002
MidCap Growth Fund III		121,270		(28,445	)		92,825			955,285
MidCap S&P 400 Index Fund		371,554		(64,995	)		306,559			990,638
MidCap Value Fund I		123,538		(20,433	)		103,105			1,084,656
MidCap Value Fund III		207,766		(33,412	)		174,354			1,262,905
Money Market Fund		—		—			—			769,838
Overseas Fund		246,553		(210,913	)		35,640			2,873,425
Principal Capital Appreciation Fund		1,039,869		(9,669	)		1,030,200			1,449,016
Principal LifeTime 2010 Fund		98,791		(26,327	)		72,464			1,060,193
Principal LifeTime 2015 Fund		100,463		(8,081	)		92,382			648,596
Principal LifeTime 2020 Fund		591,725		(157,642	)		434,083			5,272,441
Principal LifeTime 2025 Fund		186,302		(25,102	)		161,200			1,539,461
Principal LifeTime 2030 Fund		736,490		(171,042	)		565,448			5,961,907
Principal LifeTime 2035 Fund		163,061		(22,459	)		140,602			1,146,393
Principal LifeTime 2040 Fund		592,097		(118,339	)		473,758			3,887,533
Principal LifeTime 2045 Fund		96,333		(16,678	)		79,655			768,583
Principal LifeTime 2050 Fund		304,006		(65,336	)		238,670			2,126,702
Principal LifeTime 2055 Fund		23,247		(7,014	)		16,233			295,096
Principal LifeTime 2060 Fund		5,437		(5,470	)		(33	)		174,658
Principal LifeTime Hybrid 2015 Fund		372		(149	)		223			19,663
Principal LifeTime Hybrid 2020 Fund		1,476		(497	)		979			67,399
Principal LifeTime Hybrid 2025 Fund		649		(195	)		454			29,033
Principal LifeTime Hybrid 2030 Fund		1,662		(387	)		1,275			60,378
Principal LifeTime Hybrid 2035 Fund		563		(125	)		438			21,244
Principal LifeTime Hybrid 2040 Fund		966		(150	)		816			31,514
Principal LifeTime Hybrid 2045 Fund		342		(58	)		284			12,684
Principal LifeTime Hybrid 2050 Fund		594		(57	)		537			17,323
Principal LifeTime Hybrid 2055 Fund		99		(10	)		89			3,091
Principal LifeTime Hybrid 2060 Fund		33		(1	)		32			744
Principal LifeTime Hybrid Income Fund		136		(178	)		(42	)		16,869
Principal LifeTime Strategic Income Fund		43,012		(9,614	)		33,398			605,992
Real Estate Securities Fund		622,482		(51,327	)		571,155			3,051,386
SAM Balanced Portfolio		716,017		(23,310	)		692,707			4,156,344
SAM Conservative Balanced Portfolio		172,673		(10,440	)		162,233			1,601,095
SAM Conservative Growth Portfolio		561,551		(22,332	)		539,219			2,552,065
SAM Flexible Income Portfolio		144,384		(26,554	)		117,830			2,477,583
SAM Strategic Growth Portfolio		300,757		(28,678	)		272,079			1,580,082
Short-Term Income Fund		17,093		(23,351	)		(6,258	)		3,830,044
SmallCap Fund		146,613		(18,728	)		127,885			491,186
SmallCap Growth Fund I		293,571		(55,780	)		237,791			1,232,034
SmallCap S&P 600 Index Fund		381,622		(83,430	)		298,192			990,510
SmallCap Value Fund II		286,466		(54,589	)		231,877			1,113,274
Tax-Exempt Bond Fund*		23,474		(9,840	)		13,634			344,754

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

Security Valuation. Principal LifeTime 2010 Fund, Principal LifeTime 2015 Fund, Principal LifeTime 2020 Fund, Principal LifeTime 2025 Fund, Principal LifeTime 2030 Fund, Principal LifeTime 2035 Fund, Principal LifeTime 2040 Fund, Principal LifeTime 2045 Fund, Principal LifeTime 2050 Fund, Principal LifeTime 2055 Fund, Principal LifeTime 2060 Fund, and Principal LifeTime Strategic Income Fund (collectively, the “Principal LifeTime Funds”), Principal LifeTime Hybrid 2015 Fund, Principal LifeTime Hybrid 2020 Fund, Principal LifeTime Hybrid 2025 Fund, Principal LifeTime Hybrid 2030 Fund, Principal LifeTime Hybrid 2035 Fund, Principal LifeTime Hybrid 2040 Fund, Principal LifeTime Hybrid 2045 Fund, Principal LifeTime Hybrid 2050 Fund, Principal LifeTime Hybrid 2055 Fund, Principal LifeTime Hybrid 2060 Fund, and Principal LifeTime Hybrid Income Fund (collectively, the “Principal LifeTime Hybrid Funds”), along with the SAM Balanced, SAM Conservative Balanced Portfolio, SAM Conservative Growth Portfolio, SAM Flexible Income Portfolio, and SAM Strategic Growth Portfolio (collectively, the “SAM Portfolios”) invest in Institutional Class and R-6 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. In addition, the SAM Portfolios invest in Principal Exchange-Traded Funds, which are valued at fair value. The Funds also invest in other publicly traded investment funds. Other publicly traded investment funds are valued at the respective fund’s net asset value.

Bond & Mortgage Securities Fund, California Municipal Fund, Diversified International Fund, Equity Income Fund, Finisterre Unconstrained Emerging Markets Bond Fund, Global Diversified Income Fund, Global Real Estate Securities Fund, Government & High Quality Bond Fund, High Yield Fund, High Yield Fund I, Income Fund, Inflation Protection Fund, International Emerging Markets Fund, International Fund I, LargeCap Growth Fund, LargeCap Growth Fund I, LargeCap Growth Fund II, LargeCap S&P 500 Index Fund, LargeCap Value Fund, LargeCap Value Fund III, MidCap Blend Fund, MidCap Growth Fund, MidCap Growth Fund III, MidCap S&P 400 Index Fund, MidCap Value Fund I, MidCap Value Fund III, Money Market Fund, Overseas Fund, Principal Capital Appreciation Fund, Real Estate Securities Fund, Short-Term Income Fund, SmallCap Blend Fund, SmallCap Growth Fund I, SmallCap S&P 600 Index Fund, SmallCap Value Fund II, and Tax-Exempt Bond Fund (known as the "Funds") (with the exception of Money Market Fund, Principal LifeTime Funds, Principal LifeTime Hybrid Funds, and the SAM Portfolios) value securities for which market quotations are readily available at fair value, which is determined using the last reported sale price. If no sales are reported, as is regularly the case for some securities traded over-the-counter, securities are valued using the last reported bid price or an evaluated bid price provided by a pricing service. Pricing services use electronic modeling techniques that incorporate security characteristics, market conditions and dealer-supplied valuations to determine an evaluated bid price. When reliable market quotations are not considered to be readily available, which may be the case, for example, with respect to restricted securities, certain debt securities, preferred stocks, and foreign securities, the investments are valued at their fair value as determined in good faith by Principal Management Corporation (“the Manager”) under procedures established and periodically reviewed by the Fund’s Board of Directors.

The value of foreign securities used in computing the net asset value per share is generally determined as of the close of the foreign exchange where the security is principally traded. Events that occur after the close of the applicable foreign market or exchange but prior to the calculation of the Funds’ net asset values are reflected in the Funds’ net asset values and these securities are valued at fair value as determined in good faith by the Manager under procedures established and periodically reviewed by the Fund’s Board of Directors. Many factors, 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.

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

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

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

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

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. Benchmark pricing procedures set the base price of a security based on current market data. The base price may be a broker-dealer quote, transaction price, or internal value based on relevant market data.

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

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

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

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

The beginning of the period timing recognition has been adopted for the significant transfers between levels of each Fund’s assets and liabilities. There were no significant purchases, sales, or transfers into or out of Level 3, except as noted in the Level 3 roll forward. The table below shows the amounts that were transferred from Level 1 to Level 2 due to lack of exchange traded valuation data:

Diversified International Fund	$	73,918,486
Global Diversified Income Fund		5,732,840
SmallCap Value Fund II		24,426

In addition, the following amounts were transferred from Level 1 to Level 2 to reflect events that occurred after the close of a certain foreign market or exchange but prior to the calculation of the net asset value:

Diversified International Fund	$	125,993,509
Global Diversified Income Fund		6,500,076
International Emerging Markets Fund		85,427,778
International Fund I		3,235,746

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

Core Plus Bond Fund	$	3,676,096
Global Diversified Income Fund		33,332,955
SmallCap Value Fund II		216,891

The following is a summary of the inputs used as of January 31, 2017 in valuing the Funds' securities carried at value (amounts shown in thousands):

					Level 2 - Other
	Level 1 - Quoted				Significant		Level 3 - Significant			Totals (Level
Fund		Prices			Observable Inputs		Unobservable Inputs			1,2,3	)
California Municipal Fund
Municipal Bonds*	$	—		$	402,570		$	—	$	402,570
	Total investments in securities$	—		$	402,570		$	—	$	402,570
Core Plus Bond Fund
Bonds*	$	—		$	2,500,186		$	—	$	2,500,186
Common Stocks*		2,652			—			—		2,652
Convertible Bonds*		—			225			—		225
Investment Companies*		44,619			—			—		44,619
Preferred Stocks		16,856			—			—		16,856
Senior Floating Rate Interests*		—			88,371			—		88,371
U.S. Government & Government Agency Obligations*		—			1,183,076			—		1,183,076
	Total investments in securities$	64,127		$	3,771,858		$	—	$	3,835,985
Assets
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	667		$	—	$	667
Interest Rate Contracts**
Futures	$	387		$	—		$	—	$	387
Liabilities
Credit Contracts**
Exchange Cleared Credit Default Swaps	$	—		$	(2,034	)	$	—	$	(2,034	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(218	)	$	—	$	(218	)
Interest Rate Contracts**
Futures	$	(456	)	$	—		$	—	$	(456	)
Diversified International Fund
Common Stocks
Basic Materials	$	50,244		$	304,763		$	—	$	355,007
Communications		84,576			745,695			—		830,271
Consumer, Cyclical		215,761			1,017,674			—		1,233,435
Consumer, Non-cyclical		89,039			1,143,694			—		1,232,733
Diversified		—			57,962			—		57,962
Energy		230,795			340,018			—		570,813
Financial		561,752			1,479,348			—		2,041,100
Industrial		89,736			946,268			—		1,036,004
Technology		64,713			652,899			—		717,612
Utilities		—			138,173			—		138,173
Investment Companies*		150,616			—			—		150,616
Preferred Stocks
Basic Materials		—			74,982			—		74,982
Diversified		—			36,663			—		36,663
	Total investments in securities$	1,537,232		$	6,938,139		$	—	$	8,475,371
Equity Income Fund
Common Stocks*	$	5,824,500		$	—		$	—	$	5,824,500
Investment Companies*		120,201			—			—		120,201
	Total investments in securities$	5,944,701		$	—		$	—	$	5,944,701
Finisterre Unconstrained Emerging Markets Bond Fund
Bonds*	$	—		$	21,925		$	764	$	22,689
Convertible Bonds*		—			716			—		716
	Total investments in securities$	—		$	22,641		$	764	$	23,405
Assets
Credit Contracts**
Credit Default Swaps	$	—		$	285		$	—	$	285
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	14		$	—	$	14
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	1		$	—	$	1
Liabilities
Credit Contracts**
Credit Default Swaps	$	—		$	(94	)	$	—	$	(94	)

					Level 2 - Other
	Level 1 - Quoted				Significant		Level 3 - Significant			Totals (Level
Fund		Prices			Observable Inputs			Unobservable Inputs		1,2,3	)
Finisterre Unconstrained Emerging Markets Bond Fund (continued)
Liabilities (continued)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(40	)	$	—	$	(40	)
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	(28	)	$	—	$	(28	)
Futures		(14	)		—			—		(14	)
Global Diversified Income Fund
Bonds*	$	—		$	6,562,146		$	81,592	$	6,643,738
Common Stocks
Basic Materials		18,927			43,113			1,516		63,556
Communications		173,350			40,118			—		213,468
Consumer, Cyclical		42,507			56,197			116		98,820
Consumer, Non-cyclical		139,605			156,566			—		296,171
Diversified		—			11,843			—		11,843
Energy		193,477			66,035			3,340		262,852
Financial		695,776			501,335			—		1,197,111
Government		1,632			—			—		1,632
Industrial		147,212			114,083			—		261,295
Technology		112,492			26,137			6,584		145,213
Utilities		365,938			111,252			—		477,190
Convertible Bonds*		—			18,272			3,594		21,866
Convertible Preferred Stocks
Financial		—			4,687			—		4,687
Credit Linked Structured Notes*		—			—			3,082		3,082
Investment Companies*		245,590			—			—		245,590
Preferred Stocks
Communications		22,486			—			—		22,486
Consumer, Non-cyclical		1,072			—			—		1,072
Diversified		—			2,642			—		2,642
Financial		131,411			6,535			—		137,946
Industrial		13,493			—			55		13,548
Utilities		14,119			—			—		14,119
Senior Floating Rate Interests*		—			772,096			24,580		796,676
U.S. Government & Government Agency Obligations*		—			114,829			—		114,829
Purchased Options		299			—			—		299
	Total investments in securities$	2,319,386		$	8,607,886		$	124,459	$	11,051,731
Assets
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	1,758		$	—	$	1,758
Interest Rate Contracts**
Futures	$	74		$	—		$	—	$	74
Liabilities
Credit Contracts**
Credit Default Swaps	$	—		$	(530	)	$	—	$	(530	)
Equity Contracts**
Options	$	(50,546	)	$	—		$	—	$	(50,546	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(7,350	)	$	—	$	(7,350	)
Global Real Estate Securities Fund
Common Stocks
Consumer, Cyclical	$	17,460		$	7,070		$	—	$	24,530
Financial		838,333			674,680			—		1,513,013
Technology		13,793			—			—		13,793
Investment Companies*		9,890			—			—		9,890
	Total investments in securities$	879,476		$	681,750		$	—	$	1,561,226
Government & High Quality Bond Fund
Bonds*	$	—		$	446,414		$	—	$	446,414
Investment Companies*		62,697			—			—		62,697
U.S. Government & Government Agency Obligations*		—			1,105,147			—		1,105,147
	Total investments in securities$	62,697		$	1,551,561		$	—	$	1,614,258

					Level 2 - Other
	Level 1 - Quoted				Significant		Level 3 - Significant			Totals (Level
Fund		Prices			Observable Inputs			Unobservable Inputs		1,2,3	)
High Yield Fund
Bonds*	$	—		$	3,179,115		$	—	$	3,179,115
Common Stocks*		20,686			—			—		20,686
Convertible Bonds*		—			4,906			—		4,906
Investment Companies*		133,004			—			—		133,004
Senior Floating Rate Interests*		—			226,470			—		226,470
U.S. Government & Government Agency Obligations*		—			49,977			—		49,977
	Total investments in securities$	153,690		$	3,460,468		$	—	$	3,614,158
Assets
Credit Contracts**
Exchange Cleared Credit Default Swaps	$	—		$	327		$	—	$	327
Liabilities
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(121	)	$	—	$	(121	)
High Yield Fund I
Bonds*	$	—		$	949,050		$	2	$	949,052
Common Stocks
Communications		220			—			—		220
Consumer, Cyclical		—			—			—		—
Energy		114			142			7		263
Industrial		—			—			—		—
Utilities		2,731			3			—		2,734
Convertible Bonds*		—			—			58		58
Investment Companies*		46,611			—			—		46,611
Preferred Stocks
Financial		—			1,548			—		1,548
Industrial		—			—			—		—
Senior Floating Rate Interests*		—			77,066			—		77,066
	Total investments in securities$	49,676		$	1,027,809		$	67	$	1,077,552
Income Fund
Bonds*	$	—		$	2,053,367		$	—	$	2,053,367
Common Stocks
Energy		6,231			1,694			—		7,925
Financial		—			—			1		1
Industrial		—			—			16,098		16,098
Investment Companies*		99,373			—			—		99,373
Senior Floating Rate Interests*		—			11,408			2,134		13,542
U.S. Government & Government Agency Obligations*		—			1,039,945			—		1,039,945
	Total investments in securities$	105,604		$	3,106,414		$	18,233	$	3,230,251
Inflation Protection Fund
Bonds*	$	—		$	51,219		$	—	$	51,219
Investment Companies*		48,445			—			—		48,445
U.S. Government & Government Agency Obligations*		—			1,465,469			—		1,465,469
Purchased Interest Rate Swaptions		—			1,808			—		1,808
Purchased Options		299			5			—		304
	Total investments in securities$	48,744		$	1,518,501		$	—	$	1,567,245
Assets
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	639		$	—	$	639
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	1,122		$	—	$	1,122
Futures		1,410			—			—		1,410
Interest Rate Swaps		—			1,526			—		1,526
Liabilities
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(3,455	)	$	—	$	(3,455	)
Written Options		—			(1	)		—		(1	)
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	(549	)	$	—	$	(549	)
Futures		(1,218	)		—			—		(1,218	)
Interest Rate Swaps		—			(635	)		—		(635	)
Interest Rate Swaptions		—			(822	)		—		(822	)
Options		(110	)		—			—		(110	)

					Level 2 - Other
	Level 1 - Quoted				Significant	Level 3 - Significant			Totals (Level
Fund		Prices			Observable Inputs		Unobservable Inputs		1,2,3	)
International Emerging Markets Fund
Common Stocks
Basic Materials	$	3,233		$	50,328	$	—	$	53,561
Communications		36,791			102,902		—		139,693
Consumer, Cyclical		4,072			50,362		—		54,434
Consumer, Non-cyclical		10,277			53,748		—		64,025
Diversified		—			2,898		—		2,898
Energy		—			88,940		—		88,940
Financial		15,725			182,020		—		197,745
Industrial		6,889			31,275		—		38,164
Technology		13,467			125,349		—		138,816
Utilities		—			17,779		—		17,779
Investment Companies*		8,714			—		—		8,714
Preferred Stocks
Basic Materials		—			9,319		—		9,319
Diversified		—			15,179		—		15,179
Energy		—			6,054		—		6,054
Financial		—			14,469		—		14,469
	Total investments in securities$	99,168		$	750,622	$	—	$	849,790
International Fund I
Common Stocks
Basic Materials	$	—		$	30,596	$	—	$	30,596
Communications		5,979			16,445		—		22,424
Consumer, Cyclical		4,086			61,451		—		65,537
Consumer, Non-cyclical		2,710			53,480		—		56,190
Diversified		—			3,404		—		3,404
Energy		—			18,990		—		18,990
Financial		2,104			47,424		—		49,528
Industrial		6,663			45,642		—		52,305
Technology		17,998			42,165		—		60,163
Utilities		—			2,090		—		2,090
Investment Companies*		690			—		—		690
	Total investments in securities$	40,230		$	321,687	$	—	$	361,917
Liabilities
Equity Contracts**
Futures	$	(21	)	$	—	$	—	$	(21	)
LargeCap Growth Fund
Common Stocks*	$	1,639,168		$	—	$	—	$	1,639,168
Investment Companies*		17,303			—		—		17,303
	Total investments in securities$	1,656,471		$	—	$	—	$	1,656,471
LargeCap Growth Fund I
Common Stocks
Basic Materials	$	22,077		$	—	$	—	$	22,077
Communications		1,508,763			—		1,150		1,509,913
Consumer, Cyclical		777,223			—		—		777,223
Consumer, Non-cyclical		1,777,609			—		—		1,777,609
Energy		5,227			—		—		5,227
Financial		570,952			—		—		570,952
Industrial		801,513			—		—		801,513
Technology		1,138,227			—		—		1,138,227
Utilities		225			—		—		225
Convertible Preferred Stocks
Communications		—			—		30,975		30,975
Investment Companies*		233,061			—		—		233,061
Preferred Stocks
Communications		—			—		8,076		8,076
Technology		—			3,888		6,156		10,044
	Total investments in securities$	6,834,877		$	3,888	$	46,357	$	6,885,122

					Level 2 - Other
	Level 1 - Quoted				Significant		Level 3 - Significant			Totals (Level
Fund		Prices			Observable Inputs			Unobservable Inputs		1,2,3	)
LargeCap Growth Fund I (continued)
Short Sales
Common Stocks
Consumer, Non-cyclical	$	(2,195	)	$	—		$	—	$	(2,195	)
	Total Short Sales$	(2,195	)	$	—		$	—	$	(2,195	)
Assets
Equity Contracts**
Futures	$	984		$	—		$	—	$	984
LargeCap Growth Fund II
Common Stocks*	$	528,528		$	—		$	—	$	528,528
Investment Companies*		16,323			—			—		16,323
	Total investments in securities$	544,851		$	—		$	—	$	544,851
Assets
Equity Contracts**
Futures	$	34		$	—		$	—	$	34
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	3		$	—	$	3
Liabilities
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(66	)	$	—	$	(66	)
LargeCap S&P 500 Index Fund
Common Stocks*	$	5,047,412		$	—		$	—	$	5,047,412
Investment Companies*		50,931			—			—		50,931
	Total investments in securities$	5,098,343		$	—		$	—	$	5,098,343
Assets
Equity Contracts**
Futures	$	90		$	—		$	—	$	90
LargeCap Value Fund
Common Stocks*	$	2,117,303		$	—		$	—	$	2,117,303
Investment Companies*		3,280			—			—		3,280
	Total investments in securities$	2,120,583		$	—		$	—	$	2,120,583
LargeCap Value Fund III
Common Stocks*	$	1,746,611		$	—		$	—	$	1,746,611
Investment Companies*		83,386			—			—		83,386
	Total investments in securities$	1,829,997		$	—		$	—	$	1,829,997
Assets
Equity Contracts**
Futures	$	291		$	—		$	—	$	291
MidCap Fund
Common Stocks*	$	12,612,480		$	—		$	—	$	12,612,480
Investment Companies*		16,349			—			—		16,349
	Total investments in securities$	12,628,829		$	—		$	—	$	12,628,829
MidCap Growth Fund
Common Stocks*	$	133,970		$	—		$	—	$	133,970
Investment Companies*		316			—			—		316
	Total investments in securities$	134,286		$	—		$	—	$	134,286
MidCap Growth Fund III
Common Stocks*	$	1,003,902		$	—		$	—	$	1,003,902
Investment Companies*		44,208			—			—		44,208
	Total investments in securities$	1,048,110		$	—		$	—	$	1,048,110
Assets
Equity Contracts**
Futures	$	190		$	—		$	—	$	190

				Level 2 - Other
	Level 1 - Quoted			Significant	Level 3 - Significant			Totals (Level
Fund		Prices	Observable Inputs		Unobservable Inputs			1,2,3	)
MidCap S&P 400 Index Fund
Common Stocks*	$	1,285,514	$	—	$	—	$	1,285,514
Investment Companies*		11,683		—		—		11,683
	Total investments in securities$	1,297,197	$	—	$	—	$	1,297,197
Assets
Equity Contracts**
Futures	$	15	$	—	$	—	$	15
MidCap Value Fund I
Common Stocks*	$	1,160,746	$	—	$	—	$	1,160,746
Investment Companies*		27,015		—		—		27,015
	Total investments in securities$	1,187,761	$	—	$	—	$	1,187,761
Assets
Equity Contracts**
Futures	$	112	$	—	$	—	$	112
MidCap Value Fund III
Common Stocks*	$	1,381,870	$	—	$	—	$	1,381,870
Investment Companies*		55,389		—		—		55,389
	Total investments in securities$	1,437,259	$	—	$	—	$	1,437,259
Assets
Equity Contracts**
Futures	$	65	$	—	$	—	$	65
Money Market Fund
Bonds*	$	—	$	86,975	$	—	$	86,975
Certificate of Deposit*		—		11,800		—		11,800
Commercial Paper*		—		527,041		—		527,041
Investment Companies*		39,660		—		—		39,660
Municipal Bonds*		—		44,362		—		44,362
Repurchase Agreements*		—		60,000		—		60,000
	Total investments in securities$	39,660	$	730,178	$	—	$	769,838
Overseas Fund
Common Stocks
Basic Materials	$	—	$	187,886	$	—	$	187,886
Communications		26,698		181,984		—		208,682
Consumer, Cyclical		11,423		219,367		—		230,790
Consumer, Non-cyclical		47,641		444,849		—		492,490
Diversified		—		15,506		—		15,506
Energy		32,705		196,285		—		228,990
Financial		5,298		643,952		—		649,250
Industrial		22,382		523,403		—		545,785
Technology		—		84,859		—		84,859
Utilities		—		96,494		—		96,494
Investment Companies*		102,158		—		—		102,158
Preferred Stocks
Consumer, Cyclical		—		66,175		—		66,175
	Total investments in securities$	248,305	$	2,660,760	$	—	$	2,909,065
Assets
Equity Contracts**
Futures	$	336	$	—	$	—	$	336
Principal Capital Appreciation Fund
Common Stocks*	$	2,444,765	$	—	$	—	$	2,444,765
Investment Companies*		34,451		—		—		34,451
	Total investments in securities$	2,479,216	$	—	$	—	$	2,479,216
Principal LifeTime 2010 Fund
Investment Companies*	$	1,132,657	$	—	$	—	$	1,132,657
	Total investments in securities$	1,132,657	$	—	$	—	$	1,132,657
Principal LifeTime 2015 Fund
Investment Companies*	$	740,978	$	—	$	—	$	740,978
	Total investments in securities$	740,978	$	—	$	—	$	740,978

				Level 2 - Other
	Level 1 - Quoted			Significant	Level 3 - Significant			Totals (Level
Fund		Prices	Observable Inputs		Unobservable Inputs			1,2,3	)
Principal LifeTime 2020 Fund
Investment Companies*	$	5,706,524	$	—	$	—	$	5,706,524
	Total investments in securities$	5,706,524	$	—	$	—	$	5,706,524
Principal LifeTime 2025 Fund
Investment Companies*	$	1,700,661	$	—	$	—	$	1,700,661
	Total investments in securities$	1,700,661	$	—	$	—	$	1,700,661
Principal LifeTime 2030 Fund
Investment Companies*	$	6,527,355	$	—	$	—	$	6,527,355
	Total investments in securities$	6,527,355	$	—	$	—	$	6,527,355
Principal LifeTime 2035 Fund
Investment Companies*	$	1,286,995	$	—	$	—	$	1,286,995
	Total investments in securities$	1,286,995	$	—	$	—	$	1,286,995
Principal LifeTime 2040 Fund
Investment Companies*	$	4,361,291	$	—	$	—	$	4,361,291
	Total investments in securities$	4,361,291	$	—	$	—	$	4,361,291
Principal LifeTime 2045 Fund
Investment Companies*	$	848,238	$	—	$	—	$	848,238
	Total investments in securities$	848,238	$	—	$	—	$	848,238
Principal LifeTime 2050 Fund
Investment Companies*	$	2,365,372	$	—	$	—	$	2,365,372
	Total investments in securities$	2,365,372	$	—	$	—	$	2,365,372
Principal LifeTime 2055 Fund
Investment Companies*	$	311,329	$	—	$	—	$	311,329
	Total investments in securities$	311,329	$	—	$	—	$	311,329
Principal LifeTime 2060 Fund
Investment Companies*	$	174,625	$	—	$	—	$	174,625
	Total investments in securities$	174,625	$	—	$	—	$	174,625
Principal LifeTime Hybrid 2015 Fund
Investment Companies*	$	19,886	$	—	$	—	$	19,886
	Total investments in securities$	19,886	$	—	$	—	$	19,886
Principal LifeTime Hybrid 2020 Fund
Investment Companies*	$	68,378	$	—	$	—	$	68,378
	Total investments in securities$	68,378	$	—	$	—	$	68,378
Principal LifeTime Hybrid 2025 Fund
Investment Companies*	$	29,487	$	—	$	—	$	29,487
	Total investments in securities$	29,487	$	—	$	—	$	29,487
Principal LifeTime Hybrid 2030 Fund
Investment Companies*	$	61,653	$	—	$	—	$	61,653
	Total investments in securities$	61,653	$	—	$	—	$	61,653
Principal LifeTime Hybrid 2035 Fund
Investment Companies*	$	21,682	$	—	$	—	$	21,682
	Total investments in securities$	21,682	$	—	$	—	$	21,682
Principal LifeTime Hybrid 2040 Fund
Investment Companies*	$	32,330	$	—	$	—	$	32,330
	Total investments in securities$	32,330	$	—	$	—	$	32,330
Principal LifeTime Hybrid 2045 Fund
Investment Companies*	$	12,968	$	—	$	—	$	12,968
	Total investments in securities$	12,968	$	—	$	—	$	12,968

				Level 2 - Other
	Level 1 - Quoted			Significant	Level 3 - Significant			Totals (Level
Fund		Prices		Observable Inputs	Unobservable Inputs			1,2,3	)
Principal LifeTime Hybrid 2050 Fund
Investment Companies*	$	17,860	$	—	$	—	$	17,860
	Total investments in securities$	17,860	$	—	$	—	$	17,860
Principal LifeTime Hybrid 2055 Fund
Investment Companies*	$	3,180	$	—	$	—	$	3,180
	Total investments in securities$	3,180	$	—	$	—	$	3,180
Principal LifeTime Hybrid 2060 Fund
Investment Companies*	$	776	$	—	$	—	$	776
	Total investments in securities$	776	$	—	$	—	$	776
Principal LifeTime Hybrid Income Fund
Investment Companies*	$	16,827	$	—	$	—	$	16,827
	Total investments in securities$	16,827	$	—	$	—	$	16,827
Principal LifeTime Strategic Income Fund
Investment Companies*	$	639,390	$	—	$	—	$	639,390
	Total investments in securities$	639,390	$	—	$	—	$	639,390
Real Estate Securities Fund
Common Stocks*	$	3,545,037	$	—	$	—	$	3,545,037
Investment Companies*		77,504		—		—		77,504
	Total investments in securities$	3,622,541	$	—	$	—	$	3,622,541
SAM Balanced Portfolio
Investment Companies*	$	4,781,274	$	67,777	$	—	$	4,849,051
	Total investments in securities$	4,781,274	$	67,777	$	—	$	4,849,051
SAM Conservative Balanced Portfolio
Investment Companies*	$	1,743,672	$	19,656	$	—	$	1,763,328
	Total investments in securities$	1,743,672	$	19,656	$	—	$	1,763,328
SAM Conservative Growth Portfolio
Investment Companies*	$	3,023,923	$	67,361	$	—	$	3,091,284
	Total investments in securities$	3,023,923	$	67,361	$	—	$	3,091,284
SAM Flexible Income Portfolio
Investment Companies*	$	2,595,413	$	—	$	—	$	2,595,413
	Total investments in securities$	2,595,413	$	—	$	—	$	2,595,413
SAM Strategic Growth Portfolio
Investment Companies*	$	1,791,560	$	60,601	$	—	$	1,852,161
	Total investments in securities$	1,791,560	$	60,601	$	—	$	1,852,161
Short-Term Income Fund
Bonds*	$	—	$	3,746,895	$	8,954	$	3,755,849
Investment Companies*		66,883		—		—		66,883
U.S. Government & Government Agency Obligations*		—		1,054		—		1,054
	Total investments in securities$	66,883	$	3,747,949	$	8,954	$	3,823,786
SmallCap Fund
Common Stocks
Basic Materials	$	12,215	$	—	$	—	$	12,215
Communications		24,303		—		—		24,303
Consumer, Cyclical		73,897		—		—		73,897
Consumer, Non-cyclical		122,062		95		—		122,157
Energy		32,192		—		—		32,192
Financial		164,677		—		—		164,677
Industrial		105,330		—		—		105,330
Technology		47,522		—		—		47,522
Utilities		19,702		—		—		19,702
Investment Companies*		17,076		—		—		17,076
	Total investments in securities$	618,976	$	95	$	—	$	619,071

					Level 2 - Other
	Level 1 - Quoted				Significant	Level 3 - Significant			Totals (Level
Fund		Prices			Observable Inputs	Unobservable Inputs			1,2,3	)
SmallCap Growth Fund I
Common Stocks
Basic Materials	$	16,760		$	—	$	—	$	16,760
Communications		154,556			—		18		154,574
Consumer, Cyclical		221,233			—		—		221,233
Consumer, Non-cyclical		327,966			—		17		327,983
Diversified		424			—		—		424
Energy		20,765			—		—		20,765
Financial		119,545			—		—		119,545
Industrial		235,608			—		—		235,608
Technology		299,924			—		—		299,924
Utilities		1,222			—		—		1,222
Investment Companies*		71,787			—		—		71,787
	Total investments in securities$	1,469,790		$	—	$	35	$	1,469,825
Liabilities
Equity Contracts**
Futures	$	(780	)	$	—	$	—	$	(780	)
SmallCap S&P 600 Index Fund
Common Stocks*	$	1,262,098		$	—	$	—	$	1,262,098
Investment Companies*		26,604			—		—		26,604
	Total investments in securities$	1,288,702		$	—	$	—	$	1,288,702
Liabilities
Equity Contracts**
Futures	$	(45	)	$	—	$	—	$	(45	)
SmallCap Value Fund II
Common Stocks
Basic Materials	$	50,457		$	—	$	—	$	50,457
Communications		36,480			15		198		36,693
Consumer, Cyclical		145,133			113		—		145,246
Consumer, Non-cyclical		174,628			—		—		174,628
Energy		87,585			—		—		87,585
Financial		419,576			85		—		419,661
Government		372			—		—		372
Industrial		223,225			—		—		223,225
Technology		107,884			—		—		107,884
Utilities		39,314			—		—		39,314
Investment Companies*		60,086			—		—		60,086
	Total investments in securities$	1,344,740		$	213	$	198	$	1,345,151
Liabilities
Equity Contracts**
Futures	$	(991	)	$	—	$	—	$	(991	)
Tax-Exempt Bond Fund
Bonds*	$	—		$	1,507	$	—	$	1,507
Municipal Bonds*		—			365,450		—		365,450
	Total investments in securities$	—		$	366,957	$	—	$	366,957

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

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

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

			Fair Value as
			of January 31,		Unobservable
Fund	Asset Type		2017	Valuation Technique	Input		Input Value(s)
Finisterre Unconstrained
Emerging Markets Bond
Fund	Bonds	$	764	Indicative Market Quotations	Broker Quote	$	99.81 - 100.50
Global Diversified Income
Fund	Bonds	$	68,046	Benchmark Pricing	Base Price		0.00 - 102.60
	Bonds	$	13,546	Indicative Market Quotations	Broker Quote		1.79 - 97.90
	Common Stocks	$	4,972	Benchmark Pricing	Base Price		0.00 - 417.00
	Common Stocks	$	15	Indicative Market Quotations	Broker Quote		120.00
	Common Stocks	$	6,569	Third Party Vendor	Broker Quote		17.00
	Convertible Bonds	$	2,201	Benchmark Pricing	Base Price		59.65
	Convertible Bonds	$	1,393	Indicative Market Quotations	Broker Quote		20.00
	Credit Linked Structured Notes	$	3,082	Indicative Market Quotations	Broker Quote		70.70
	Preferred Stock	$	55	Indicative Market Quotations	Broker Quote		205.00
	Senior Floating Rate Interests	$	6,517	Benchmark Pricing	Base Price		0.00 - 92.54
	Senior Floating Rate Interests	$	18,063	Indicative Market Quotations	Broker Quote		97.50 - 101.08
		$	124,459

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

													Net Change in Unrealized
				Accrued Discounts/Premiums						Transfers		Value	Appreciation/(Depreciation)
		Realized		and Change in Unrealized			Proceeds from		Transfers	Out of		January 31,	on Investments held at
Fund	Value October 31, 2016	Gain/(Loss)		Gain/(Loss)		Purchases	Sales		into Level 3* Level 3**			2017	January 31, 2017
Finisterre Unconstrained Emerging Markets Bond Fund
Bonds	265	-		4		500	(5	)	-	-		764	4
Total	265	-		4		500	(5	)	-	-		764	4
Global Diversified Income Fund
Bonds	65,591	300		2,472		18,380	(301	)	-	(4,850	)	81,592	(98	)
Common Stocks
Basic Materials	-	-		(495	)	2,011	-		-	-		1,516	(495	)
Consumer, Cyclical	120	-		(4	)	-	-		-	-		116	(4	)
Energy	-	-		2,580		760	-		-	-		3,340	2,580
Technology	5,833	-		751		-	-		-	-		6,584	751
Convertible Bonds	3,305	-		233		56	-		-	-		3,594	196
Credit Linked
Structured Notes	3,327	(9	)	(38	)	-	(198	)	-	-		3,082	(60	)
Preferred Stocks
Industrial	80	-		(25	)	-	-		-	-		55	(25	)
Senior Floating Rate
Interests	26,817	4		(213	)	-	(5,202	)	3,174	-		24,580	(222	)
Total	105,073	295		5,261		21,207	(5,701	)	3,174	(4,850	)	124,459	2,623
*Securities are transferred into Level 3 for a variety of reasons including, but not limited to:
1. Securities where trading has been halted
2. Securities that have certain restrictions on trading
3. Instances in which a security is not priced by pricing services
**Securities are transferred out of Level 3 for a variety of reasons including, but not limited to:
1. Securities where trading resumes
2. Securities where trading restrictions have expired
3. Instances in which a price becomes available from a pricing service
At the end of the period, there were no other 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,
except as noted above.
The Funds' Schedules of Investments as of January 31, 2017 have not been audited. This report is provided for the general information of the Funds' shareholders. For more information
regarding the Fund and its holdings, please see the Funds' prospectus and annual report.

ITEM 2 – CONTROLS AND PROCEDURES

a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).

(b) There have been no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3 – EXHIBITS

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act are attached hereto as Exhibit 99.CERT.

SIGNATURES

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

(Registrant)

Principal Funds, Inc.

By /s/ Michael J. Beer

Michael J. Beer, President and CEO

Date 03/21/2017

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

By /s/ Michael J. Beer

Michael J. Beer, President and CEO

Date 03/21/2017

By /s/ Tracy W. Bollin

Tracy W. Bollin, Chief Financial Officer

Date 03/21/2017