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)

801 Grand Avenue, Des Moines, IA 50309
(Address of principal executive offices)

Principal Global Investors, LLC, 801 Grand Avenue, Des Moines, IA 50309

(Name and address of agent for service)

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

ITEM 1 – SCHEDULE OF INVESTMENTS

Schedule of Investments
Blue Chip Fund
May 31, 2017 (unaudited)
COMMON STOCKS - 99.60%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 3.62%					Retail (continued)
TransDigm Group Inc	232,566	$	62,346		TJX Cos Inc/The	283,060	$	21,289
					Yum! Brands Inc	442,533		32,146
Banks - 3.10%							$	183,939
Wells Fargo & Co	1,044,541		53,418		Software - 3.45%
					Microsoft Corp	851,008		59,434
Beverages - 2.02%
Anheuser-Busch InBev SA/NV ADR	297,658		34,811		TOTAL COMMON STOCKS		$	1,717,079
					INVESTMENT COMPANIES - 0.47%	Shares Held		Value(000	's)
Building Materials - 0.40%					Money Market Funds - 0.47%
Martin Marietta Materials Inc	31,010		6,949		Goldman Sachs Financial Square Funds -	8,078,281		8,078
					Government Fund
Chemicals - 4.43%
Air Products & Chemicals Inc	272,606		39,272		TOTAL INVESTMENT COMPANIES		$	8,078
Praxair Inc	208,096		27,529		Total Investments		$	1,725,157
Sherwin-Williams Co/The	28,804		9,556		Other Assets and Liabilities - (0.07)%		$	(1,159	)
		$	76,357		TOTAL NET ASSETS - 100.00%		$	1,723,998
Commercial Services - 3.39%
Brookfield Business Partners LP	45,100		1,194
IHS Markit Ltd (a)	245,566		11,259		(a) Non-Income Producing Security
Moody's Corp	388,883		46,063
		$	58,516
Diversified Financial Services - 11.92%
Charles Schwab Corp/The	790,630		30,637		Portfolio Summary (unaudited)
FNF Group	322,091		13,724		Sector			Percent
Mastercard Inc	667,454		82,017		Financial			39.12	%
Visa Inc	832,001		79,231		Communications			25.14	%
		$	205,609		Consumer, Cyclical			10.67	%
Electric - 0.51%					Consumer, Non-cyclical			9.27	%
Brookfield Infrastructure Partners LP	216,742		8,778		Industrial			5.81	%
					Basic Materials			4.43	%
Healthcare - Products - 3.86%					Technology			3.45	%
Danaher Corp	597,449		50,747		Energy			1.20	%
DENTSPLY SIRONA Inc	249,577		15,853		Utilities			0.51	%
		$	66,600		Investment Companies			0.47	%
Insurance - 11.69%					Other Assets and Liabilities			(0.07	)%
Aon PLC	418,743		54,817		TOTAL NET ASSETS			100.00	%
Berkshire Hathaway Inc - Class B (a)	664,180		109,776
Markel Corp (a)	37,769		36,910
		$	201,503
Internet - 20.16%
Alphabet Inc - A Shares (a)	6,324		6,242
Alphabet Inc - C Shares (a)	141,869		136,884
Amazon.com Inc (a)	143,940		143,166
Facebook Inc (a)	306,341		46,398
Liberty Expedia Holdings Inc (a)	108,232		5,647
Liberty Ventures (a)	170,216		9,173
		$	347,510
Media - 4.98%
Liberty Broadband Corp - C Shares (a)	335,628		29,928
Liberty Global PLC - C Shares (a)	1,881,417		55,916
		$	85,844
Miscellaneous Manufacturers - 1.79%
Colfax Corp (a)	420,367		17,050
General Electric Co	508,150		13,913
		$	30,963
Pipelines - 1.20%
Kinder Morgan Inc/DE	1,100,090		20,638
Real Estate - 4.81%
Brookfield Asset Management Inc	2,183,814		82,897
REITS - 7.60%
American Tower Corp	623,083		81,742
Equinix Inc	36,540		16,115
SBA Communications Corp (a)	239,613		33,110
		$	130,967
Retail - 10.67%
AutoZone Inc (a)	19,284		11,685
CarMax Inc (a)	584,703		36,737
Costco Wholesale Corp	36,698		6,621
Dollar Tree Inc (a)	216,120		16,792
Restaurant Brands International Inc	337,791		20,832
Starbucks Corp	594,834		37,837

See accompanying notes

1

Schedule of Investments
Bond Market Index Fund
May 31, 2017 (unaudited)
	INVESTMENT COMPANIES - 6.50%		Shares Held		Value(000			's)				Principal
	Money Market Funds - 6.50%								BONDS (continued)			Amount (000's)             Value (000's)
	Morgan Stanley Institutional Liquidity Funds -			126,300,742	$		126,301		Airlines (continued)
	Government Portfolio								American Airlines 2016-1 Class AA Pass
									Through Trust
	TOTAL INVESTMENT COMPANIES				$		126,301		3.58%, 07/15/2029		$	253	$	258
				Principal					Southwest Airlines Co
	BONDS- 33.85	%	Amount (000's)		Value(000			's)	2.75%, 11/06/2019			300		305
	Advertising - 0.03%								3.00%, 11/15/2026			350		341
	Interpublic Group of Cos Inc/The											$		921
	4.20%, 04/15/2024		$	50		$	53		Apparel - 0.03%
	Omnicom Group Inc								NIKE Inc
	3.60%, 04/15/2026			500			509		3.88%, 11/01/2045			500		501
	4.45%, 08/15/2020			30			32
					$		594		Automobile Asset Backed Securities - 0.23%
	Aerospace & Defense - 0.43%								Ally Auto Receivables Trust 2015-2
	Boeing Capital Corp								1.84%, 06/15/2020			1,000		1,004
	4.70%, 10/27/2019			35			37		CarMax Auto Owner Trust 2016-1
	Boeing Co/The								1.61%, 11/16/2020			1,000		1,001
	2.35%, 10/30/2021			1,000			1,013		Ford Credit Auto Owner Trust 2016-B
	Embraer Netherlands Finance BV								1.33%, 10/15/2020			1,000		998
	5.05%, 06/15/2025			250			257		Nissan Auto Receivables 2016-A Owner
	Harris Corp								Trust
	3.83%, 04/27/2025			200			208		1.34%, 10/15/2020			500		499
	4.40%, 12/15/2020			40			43		World Omni Auto Receivables Trust 2016-A
	L3 Technologies Inc								1.77%, 09/15/2021			1,000		1,003
	3.95%, 05/28/2024			178			184					$		4,505
	4.95%, 02/15/2021			30			33		Automobile Manufacturers - 0.39%
	Lockheed Martin Corp								American Honda Finance Corp
	3.35%, 09/15/2021			500			523		1.60%, 07/13/2018			350		351
	3.55%, 01/15/2026			190			197		1.70%, 09/09/2021			500		491
	3.80%, 03/01/2045			250			245		Ford Motor Co
	4.07%, 12/15/2042			30			31		4.35%, 12/08/2026			500		511
	4.50%, 05/15/2036			685			755		4.75%, 01/15/2043			400		377
	4.70%, 05/15/2046			60			67		Ford Motor Credit Co LLC
	Northrop Grumman Corp								2.60%, 11/04/2019			500		503
	3.50%, 03/15/2021			30			32		3.34%, 03/18/2021			500		510
	5.05%, 11/15/2040			500			574		3.66%, 09/08/2024			725		723
	Raytheon Co								5.88%, 08/02/2021			100		112
	3.13%, 10/15/2020			30			31		General Motors Co
	4.70%, 12/15/2041			750			853		6.60%, 04/01/2036			500		576
	Spirit AeroSystems Inc								General Motors Financial Co Inc
	5.25%, 03/15/2022			500			521		3.45%, 04/10/2022			500		507
	United Technologies Corp								4.35%, 01/17/2027			500		506
	2.30%, 05/04/2022			300			301		PACCAR Financial Corp
	3.10%, 06/01/2022			500			518		2.20%, 09/15/2019			20		20
	3.75%, 11/01/2046			500			487		Toyota Motor Credit Corp
	4.05%, 05/04/2047			300			306		1.70%, 02/19/2019			500		501
	4.50%, 04/15/2020			550			591		1.90%, 04/08/2021			500		496
	4.50%, 06/01/2042			390			424		2.00%, 10/24/2018			400		403
	6.13%, 07/15/2038			46			60		2.75%, 05/17/2021			500		511
					$		8,291		3.30%, 01/12/2022			500		521
	Agriculture - 0.21%											$		7,619
	Altria Group Inc								Automobile Parts & Equipment - 0.02%
	4.00%, 01/31/2024			500			535		BorgWarner Inc
	4.25%, 08/09/2042			150			153		4.38%, 03/15/2045			300		295
	4.75%, 05/05/2021			500			547		Delphi Corp
	Archer-Daniels-Midland Co								4.15%, 03/15/2024			133		141
	4.02%, 04/16/2043			350			362					$		436
	4.48%, 03/01/2021(a)			8			9		Banks- 6.22	%
	Philip Morris International Inc								Australia & New Zealand Banking Group Ltd
	2.75%, 02/25/2026			500			490		2.13%, 08/19/2020			300		300
	2.90%, 11/15/2021			400			411		2.63%, 05/19/2022			300		301
	4.13%, 03/04/2043			300			299		Australia & New Zealand Banking Group
	Reynolds American Inc								Ltd/New York NY
	4.45%, 06/12/2025			220			237		2.25%, 06/13/2019			550		553
	6.15%, 09/15/2043			500			623		Banco Santander SA
	8.13%, 06/23/2019			430			482		4.25%, 04/11/2027			400		409
					$		4,148		Bank of America Corp
	Airlines - 0.05%								2.25%, 04/21/2020			160		160
	American Airlines 2014-1 Class A Pass								2.60%, 01/15/2019			600		606
	Through Trust								2.63%, 04/19/2021			775		778
	3.70%, 04/01/2028			17			17		2.65%, 04/01/2019			625		632
									3.25%, 10/21/2027			350		339
									3.30%, 01/11/2023			1,100		1,120

See accompanying notes.

2

Schedule of Investments
Bond Market Index Fund
May 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)
Bank of America Corp	(continued)					Credit Suisse Group Funding Guernsey
3.50%, 04/19/2026		$	335	$	337	Ltd (continued)
4.00%, 04/01/2024			850		893	3.80%, 09/15/2022	$	1,130	$	1,171
4.24%, 04/24/2038(a)			600		614	Deutsche Bank AG
4.25%, 10/22/2026			800		828	4.10%, 01/13/2026		750		761
4.88%, 04/01/2044			450		500	4.25%, 10/14/2021		400		418
5.63%, 07/01/2020			500		548	Discover Bank
6.11%, 01/29/2037			850		1,022	3.20%, 08/09/2021		1,000		1,024
Bank of America NA						Fifth Third Bancorp
1.75%, 06/05/2018			900		902	2.88%, 07/27/2020		1,000		1,022
Bank of Montreal						4.30%, 01/16/2024		50		53
1.50%, 07/18/2019			500		496	Fifth Third Bank/Cincinnati OH
2.10%, 12/12/2019			176		177	2.25%, 06/14/2021		300		300
2.38%, 01/25/2019			500		505	2.30%, 03/15/2019		300		302
Bank of Nova Scotia/The						First Tennessee Bank NA
1.65%, 06/14/2019			500		497	2.95%, 12/01/2019		300		304
2.45%, 03/22/2021			750		756	Goldman Sachs Group Inc/The
2.80%, 07/21/2021			500		510	2.00%, 04/25/2019		500		500
Bank One Corp						2.55%, 10/23/2019		1,300		1,313
8.00%, 04/29/2027			1,000		1,331	2.60%, 04/23/2020		300		303
Barclays PLC						2.63%, 04/25/2021		500		502
2.88%, 06/08/2020			300		303	2.75%, 09/15/2020		250		253
3.25%, 01/12/2021			285		291	2.90%, 07/19/2018		500		506
4.38%, 01/12/2026			380		396	3.50%, 11/16/2026		750		747
4.84%, 05/09/2028			400		410	4.25%, 10/21/2025		500		519
5.25%, 08/17/2045			750		832	4.75%, 10/21/2045		100		109
BB&T Corp						5.15%, 05/22/2045		300		327
2.45%, 01/15/2020			500		507	5.25%, 07/27/2021		1,350		1,490
6.85%, 04/30/2019			45		49	5.95%, 01/15/2027		700		823
BNP Paribas SA						6.13%, 02/15/2033		850		1,058
2.45%, 03/17/2019			400		404	6.25%, 02/01/2041		220		284
2.70%, 08/20/2018			400		405	6.75%, 10/01/2037		150		192
BPCE SA						HSBC Bank USA NA/New York NY
4.00%, 04/15/2024			750		794	5.63%, 08/15/2035		500		600
Branch Banking & Trust Co						HSBC Holdings PLC
2.63%, 01/15/2022			1,000		1,014	3.40%, 03/08/2021		1,250		1,290
3.80%, 10/30/2026			1,000		1,056	3.90%, 05/25/2026		500		517
Capital One Financial Corp						4.25%, 08/18/2025		750		776
2.50%, 05/12/2020			400		402	6.10%, 01/14/2042		600		778
3.50%, 06/15/2023			40		41	HSBC USA Inc
4.75%, 07/15/2021			400		433	2.35%, 03/05/2020		500		504
Capital One NA/Mclean VA						3.50%, 06/23/2024		500		516
2.40%, 09/05/2019			750		752	Industrial & Commercial Bank of China
Citigroup Inc						Ltd/New York
2.15%, 07/30/2018			370		371	2.45%, 10/20/2021		350		345
2.50%, 09/26/2018			500		504	JPMorgan Chase & Co
2.75%, 04/25/2022			300		300	2.20%, 10/22/2019		1,550		1,558
2.90%, 12/08/2021			350		354	2.25%, 01/23/2020		530		532
3.30%, 04/27/2025			1,250		1,250	2.30%, 08/15/2021		750		747
4.13%, 07/25/2028			500		508	2.40%, 06/07/2021		500		501
4.60%, 03/09/2026			1,000		1,054	2.55%, 03/01/2021		1,500		1,511
4.75%, 05/18/2046			350		359	2.78%, 04/25/2023(a)		250		251
5.50%, 09/13/2025			800		894	3.13%, 01/23/2025		800		799
6.68%, 09/13/2043			300		393	3.20%, 01/25/2023		132		135
8.13%, 07/15/2039			779		1,175	3.54%, 05/01/2028(a)		500		503
Commonwealth Bank of Australia/New York						3.63%, 05/13/2024		100		104
NY						3.63%, 12/01/2027		500		497
2.05%, 03/15/2019			500		501	3.88%, 09/10/2024		25		26
Compass Bank						3.90%, 07/15/2025		750		786
3.88%, 04/10/2025			500		498	4.13%, 12/15/2026		500		521
Cooperatieve Rabobank UA						4.50%, 01/24/2022		100		108
3.88%, 02/08/2022			950		1,014	4.85%, 02/01/2044		400		457
5.25%, 08/04/2045			500		574	5.60%, 07/15/2041		70		86
Cooperatieve Rabobank UA/NY						KeyBank NA/Cleveland OH
2.25%, 01/14/2019			250		252	1.60%, 08/22/2019		500		496
3.38%, 05/21/2025			500		516	3.30%, 06/01/2025		500		510
Credit Suisse AG/New York NY						KeyCorp
3.00%, 10/29/2021			250		255	2.30%, 12/13/2018		750		755
3.63%, 09/09/2024			500		518	Korea Development Bank/The
5.40%, 01/14/2020			800		861	3.38%, 09/16/2025		500		514
Credit Suisse Group Funding Guernsey Ltd						Kreditanstalt fuer Wiederaufbau
3.75%, 03/26/2025			1,000		1,012	0.00%, 04/18/2036(b)		260		152
						1.00%, 06/11/2018		1,600		1,595

See accompanying notes.

3

Schedule of Investments
Bond Market Index Fund
May 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)
Kreditanstalt fuer Wiederaufbau	(continued)					Skandinaviska Enskilda Banken AB
1.00%, 07/15/2019		$	1,500	$	1,485	1.50%, 09/13/2019	$	500	$	495
1.13%, 08/06/2018			1,000		998	Societe Generale SA
1.50%, 02/06/2019			500		501	2.63%, 10/01/2018		50		51
1.50%, 04/20/2020			500		498	State Street Corp
1.50%, 06/15/2021			210		207	2.55%, 08/18/2020		220		224
1.63%, 03/15/2021			1,535		1,526	2.65%, 05/19/2026		500		489
1.75%, 10/15/2019			550		553	3.10%, 05/15/2023		50		51
1.88%, 04/01/2019			1,200		1,209	3.55%, 08/18/2025		200		210
2.00%, 05/02/2025			280		276	Sumitomo Mitsui Banking Corp
2.13%, 06/15/2022			400		403	1.95%, 07/23/2018		800		802
2.13%, 01/17/2023			500		503	Sumitomo Mitsui Financial Group Inc
2.50%, 11/20/2024			300		306	2.06%, 07/14/2021		500		493
2.75%, 09/08/2020			1,100		1,136	2.44%, 10/19/2021		500		500
4.00%, 01/27/2020			100		106	2.85%, 01/11/2022		1,000		1,014
Landwirtschaftliche Rentenbank						3.45%, 01/11/2027		130		133
2.38%, 06/10/2025			750		755	Svenska Handelsbanken AB
Lloyds Bank PLC						1.88%, 09/07/2021		1,000		981
2.70%, 08/17/2020			200		204	Toronto-Dominion Bank/The
Lloyds Banking Group PLC						2.13%, 07/02/2019		750		754
4.58%, 12/10/2025			1,000		1,049	2.63%, 09/10/2018		1,000		1,012
4.65%, 03/24/2026			400		420	3.62%, 09/15/2031(a)		300		295
Manufacturers & Traders Trust Co						US Bancorp
2.10%, 02/06/2020			300		301	3.00%, 03/15/2022		50		51
Mitsubishi UFJ Financial Group Inc						3.15%, 04/27/2027		500		503
2.76%, 09/13/2026			500		482	3.60%, 09/11/2024		750		782
2.95%, 03/01/2021			750		763	US Bank NA/Cincinnati OH
Mizuho Financial Group Inc						2.13%, 10/28/2019		500		504
2.27%, 09/13/2021			300		296	Wells Fargo & Co
Morgan Stanley						2.10%, 07/26/2021		500		495
2.50%, 04/21/2021			1,000		1,001	2.60%, 07/22/2020		1,250		1,269
2.63%, 11/17/2021			1,000		1,002	3.00%, 01/22/2021		500		513
2.75%, 05/19/2022			300		301	3.00%, 04/22/2026		400		391
3.13%, 07/27/2026			640		622	3.00%, 10/23/2026		500		486
3.70%, 10/23/2024			1,000		1,032	3.30%, 09/09/2024		1,000		1,015
3.75%, 02/25/2023			100		104	3.45%, 02/13/2023		500		513
4.30%, 01/27/2045			250		255	3.58%, 05/22/2028(a)		300		304
4.35%, 09/08/2026			500		524	3.90%, 05/01/2045		620		614
4.88%, 11/01/2022			650		709	4.10%, 06/03/2026		500		520
5.50%, 07/24/2020			700		766	4.65%, 11/04/2044		1,000		1,036
5.50%, 07/28/2021			1,000		1,114	4.75%, 12/07/2046		250		264
5.75%, 01/25/2021			100		111	5.38%, 02/07/2035		250		294
6.38%, 07/24/2042			200		265	Wells Fargo Bank NA
7.30%, 05/13/2019			1,450		1,593	2.15%, 12/06/2019		250		251
National Australia Bank Ltd/New York						Westpac Banking Corp
2.13%, 05/22/2020			400		401	1.60%, 08/19/2019		500		497
2.50%, 05/22/2022			400		400	2.10%, 05/13/2021		390		387
2.63%, 07/23/2020			500		507	2.70%, 08/19/2026		500		482
Oesterreichische Kontrollbank AG						2.85%, 05/13/2026		500		489
1.50%, 10/21/2020			220		218	4.88%, 11/19/2019		50		53
2.38%, 10/01/2021			750		764			$		120,771
PNC Bank NA						Beverages - 0.85%
1.60%, 06/01/2018			430		430	Anheuser-Busch InBev Finance Inc
1.85%, 07/20/2018			450		451	1.90%, 02/01/2019		1,345		1,349
2.00%, 05/19/2020			300		300	2.65%, 02/01/2021		609		618
2.70%, 11/01/2022			300		302	3.65%, 02/01/2026		1,220		1,256
PNC Financial Services Group Inc/The						4.70%, 02/01/2036		945		1,030
3.30%, 03/08/2022			400		417	4.90%, 02/01/2046		1,600		1,764
6.70%, 06/10/2019			365		399	Anheuser-Busch InBev Worldwide Inc
Royal Bank of Canada						2.20%, 08/01/2018		400		403
2.20%, 07/27/2018			1,000		1,006	3.75%, 07/15/2042		750		709
2.35%, 10/30/2020			500		504	5.00%, 04/15/2020		609		661
4.65%, 01/27/2026			500		535	6.88%, 11/15/2019		40		45
Royal Bank of Scotland Group PLC						8.20%, 01/15/2039		40		62
3.50%, 05/15/2023(a)			400		401	Coca-Cola Co/The
Santander Holdings USA Inc						2.45%, 11/01/2020		750		766
2.65%, 04/17/2020			500		500	3.15%, 11/15/2020		440		460
Santander UK Group Holdings PLC						3.30%, 09/01/2021		750		790
3.57%, 01/10/2023			500		511	Coca-Cola Femsa SAB de CV
Santander UK PLC						2.38%, 11/26/2018		540		543
3.05%, 08/23/2018			1,000		1,015	Diageo Capital PLC
						4.83%, 07/15/2020		50		54

See accompanying notes.

4

Schedule of Investments
Bond Market Index Fund
May 31, 2017 (unaudited)
		Principal				Principal
BONDS (continued)		Amount (000's)   Value (000's)			BONDS (continued)	Amount (000's) Value (000's)
Beverages (continued)					Chemicals (continued)
Diageo Investment Corp					Monsanto Co (continued)
2.88%, 05/11/2022	$	780	$	802	3.95%, 04/15/2045	$	500	$	471
Dr Pepper Snapple Group Inc					Mosaic Co/The
3.13%, 12/15/2023		500		511	5.45%, 11/15/2033		500		527
Molson Coors Brewing Co					5.63%, 11/15/2043		25		26
2.10%, 07/15/2021		500		494	Potash Corp of Saskatchewan Inc
4.20%, 07/15/2046		250		240	3.00%, 04/01/2025		150		146
PepsiCo Inc					3.63%, 03/15/2024		550		559
1.35%, 10/04/2019		750		744	PPG Industries Inc
2.38%, 10/06/2026		500		481	3.60%, 11/15/2020		50		52
2.75%, 03/05/2022		280		288	Praxair Inc
3.60%, 08/13/2042		400		384	1.25%, 11/07/2018		1,000		996
4.50%, 01/15/2020		1,000		1,070	2.20%, 08/15/2022		50		50
Pepsi-Cola Metropolitan Bottling Co Inc					Sherwin-Williams Co/The
7.00%, 03/01/2029		750		1,029	3.45%, 06/01/2027		180		182
		$		16,553	Westlake Chemical Corp
Biotechnology - 0.49%					5.00%, 08/15/2046		350		367
Amgen Inc							$		8,183
3.88%, 11/15/2021		500		531	Commercial Mortgage Backed Securities - 1.76%
4.10%, 06/15/2021		1,000		1,065	Citigroup Commercial Mortgage Trust 2013-
4.66%, 06/15/2051		760		784	GC15
5.70%, 02/01/2019		34		36	4.37%, 09/10/2046		500		547
5.75%, 03/15/2040		530		619	Citigroup Commercial Mortgage Trust 2015-
Baxalta Inc					GC33
3.60%, 06/23/2022		750		778	3.52%, 09/10/2058		1,000		1,039
5.25%, 06/23/2045		250		285	COMM 2012-CCRE2 Mortgage Trust
Biogen Inc					3.79%, 08/15/2045		200		209
2.90%, 09/15/2020		500		511	COMM 2012-CCRE4 Mortgage Trust
4.05%, 09/15/2025		160		169	3.25%, 10/15/2045		500		510
Celgene Corp					COMM 2013-CCRE6 Mortgage Trust
2.30%, 08/15/2018		440		443	3.10%, 03/10/2046(a)		500		512
3.88%, 08/15/2025		790		826	COMM 2014-CCRE15 Mortgage Trust
5.00%, 08/15/2045		730		799	4.07%, 02/10/2047		500		537
Gilead Sciences Inc					COMM 2014-CCRE20 Mortgage Trust
1.95%, 03/01/2022		300		294	3.59%, 11/10/2047		1,302		1,360
2.05%, 04/01/2019		40		40	COMM 2014-LC15 Mortgage Trust
2.35%, 02/01/2020		300		304	4.20%, 04/10/2047		350		374
2.95%, 03/01/2027		150		145	COMM 2014-UBS3 Mortgage Trust
3.70%, 04/01/2024		600		626	3.82%, 06/10/2047		550		580
4.00%, 09/01/2036		200		198	COMM 2015-DC1 Mortgage Trust
4.60%, 09/01/2035		590		624	2.87%, 02/10/2048		1,000		1,018
4.75%, 03/01/2046		400		425	3.08%, 02/10/2048(a)		500		504
		$		9,502	COMM 2015-LC19 Mortgage Trust
Building Materials - 0.09%					3.18%, 02/10/2048(a)		500		511
Johnson Controls International plc					COMM 2015-PC1 Mortgage Trust
3.75%, 12/01/2021		755		793	3.90%, 07/10/2050		885		937
5.13%, 09/14/2045		500		575	Commercial Mortgage Loan Trust 2008-LS1
5.25%, 12/01/2041		30		33	6.11%, 12/10/2049(a)		8		8
Masco Corp					Commercial Mortgage Pass Through
4.45%, 04/01/2025		300		321	Certificates
Owens Corning					3.76%, 02/10/2049		2,000		2,113
4.20%, 12/15/2022		30		32	Fannie Mae-Aces
		$		1,754	2.30%, 09/25/2022		465		460
Chemicals - 0.42%					2.48%, 04/25/2022		486		495
Agrium Inc					2.51%, 11/25/2022		1,000		1,015
5.25%, 01/15/2045		300		338	2.52%, 04/25/2023(a)		350		354
Dow Chemical Co/The					2.53%, 09/25/2024		1,500		1,505
3.50%, 10/01/2024		250		259	2.83%, 04/25/2025(a)		800		816
8.55%, 05/15/2019		500		564	2.94%, 01/25/2026		1,601		1,635
9.40%, 05/15/2039		380		628	3.12%, 08/25/2024(a)		982		1,027
Eastman Chemical Co					3.46%, 01/25/2024(a)		81		86
2.70%, 01/15/2020		550		558	4.33%, 03/25/2020		95		100
EI du Pont de Nemours & Co					Freddie Mac Multifamily Structured Pass
3.63%, 01/15/2021		750		786	Through Certificates
4.15%, 02/15/2043		50		51	2.08%, 12/25/2019(a)		13		13
6.00%, 07/15/2018		500		524	2.87%, 12/25/2021		350		362
LYB International Finance BV					3.02%, 02/25/2023(a)		87		90
4.88%, 03/15/2044		530		560	3.06%, 07/25/2023(a)		150		157
Methanex Corp					3.17%, 10/25/2024		1,000		1,049
3.25%, 12/15/2019		30		30	3.21%, 03/25/2025		1,248		1,309
Monsanto Co
2.75%, 07/15/2021		500		509

See accompanying notes.

5

Schedule of Investments
Bond Market Index Fund
May 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)
Freddie Mac Multifamily Structured Pass						WFRBS Commercial Mortgage Trust 2014-
Through Certificates (continued)						C20
3.30%, 04/25/2023		$	500	$	532	4.00%, 05/15/2047	$	500	$	535
3.30%, 07/25/2024(a)			500		529			$		34,225
3.53%, 06/25/2020			335		351	Commercial Services - 0.19%
3.53%, 10/25/2023			500		535	California Institute of Technology
4.33%, 10/25/2020			500		539	4.32%, 08/01/2045		50		55
GS Mortgage Securities Trust 2011-GC5						4.70%, 11/01/2111		250		252
3.71%, 08/10/2044			375		396	Ecolab Inc
GS Mortgage Securities Trust 2013-GCJ14						5.50%, 12/08/2041		400		488
4.24%, 08/10/2046(a)			50		54	Massachusetts Institute of Technology
GS Mortgage Securities Trust 2015-GC28						3.89%, 07/01/2116		375		343
3.40%, 02/10/2048(a)			600		618	3.96%, 07/01/2038		185		200
GS Mortgage Securities Trust 2016-GS2						4.68%, 07/01/2114		100		109
3.05%, 05/10/2049(a)			1,000		1,007	Moody's Corp
JP Morgan Chase Commercial Mortgage						4.50%, 09/01/2022		500		539
Securities Trust 2006-LDP7						5.25%, 07/15/2044		90		104
5.94%, 04/17/2045(a)			2		3	S&P Global Inc
JPMBB Commercial Mortgage Securities						4.00%, 06/15/2025		350		368
Trust 2013-C14						6.55%, 11/15/2037		30		37
4.41%, 08/15/2046			500		538	Total System Services Inc
JPMBB Commercial Mortgage Securities						3.80%, 04/01/2021		500		523
Trust 2014-C18						4.80%, 04/01/2026		500		548
4.08%, 02/15/2047(a)			50		54	University of Southern California
JPMBB Commercial Mortgage Securities						5.25%, 10/01/2111		20		24
Trust 2014-C19						Western Union Co/The
3.67%, 04/15/2047			500		522	5.25%, 04/01/2020		30		32
Morgan Stanley Bank of America Merrill								$		3,622
Lynch Trust 2013-C11						Computers - 0.67%
3.09%, 08/15/2046(a)			81		83	Apple Inc
4.17%, 08/15/2046(a)			1,130		1,223	1.55%, 02/07/2020		500		498
Morgan Stanley Bank of America Merrill						2.25%, 02/23/2021		625		632
Lynch Trust 2013-C12						2.30%, 05/11/2022		290		291
4.26%, 10/15/2046			500		543	2.85%, 05/06/2021		550		567
Morgan Stanley Bank of America Merrill						3.20%, 05/13/2025		560		574
Lynch Trust 2014-C14						3.25%, 02/23/2026		750		769
3.67%, 02/15/2047			500		524	3.35%, 02/09/2027		280		288
Morgan Stanley Bank of America Merrill						3.45%, 02/09/2045		300		279
Lynch Trust 2014-C15						3.85%, 05/04/2043		550		546
4.05%, 04/15/2047			580		625	4.38%, 05/13/2045		80		86
Morgan Stanley Bank of America Merrill						4.65%, 02/23/2046		170		189
Lynch Trust 2015-C20						Dell International LLC / EMC Corp
3.25%, 02/15/2048(a)			500		510	3.48%, 06/01/2019(c)		295		302
Morgan Stanley Bank of America Merrill						4.42%, 06/15/2021(c)		800		843
Lynch Trust 2015-C21						6.02%, 06/15/2026(c)		640		706
3.15%, 03/15/2048(a)			575		596	8.10%, 07/15/2036(c)		220		277
SG Commercial Mortgage Securities Trust						8.35%, 07/15/2046(c)		185		238
2016	-C5					Hewlett Packard Enterprise Co
3.05%, 10/10/2048(a)			950		942	2.85%, 10/05/2018		330		334
UBS Commercial Mortgage Trust 2012-C1						3.60%, 10/15/2020(a)		320		333
3.00%, 05/10/2045			36		36	4.90%, 10/15/2025(a)		200		212
3.40%, 05/10/2045(a)			69		73	6.20%, 10/15/2035(a)		400		432
UBS-Barclays Commercial Mortgage Trust						6.35%, 10/15/2045(a)		100		108
2012	-C3					HP Inc
3.09%, 08/10/2049(a)			50		51	4.65%, 12/09/2021		750		812
UBS-Barclays Commercial Mortgage Trust						6.00%, 09/15/2041		280		298
2012	-C4					International Business Machines Corp
2.85%, 12/10/2045(a)			100		101	1.63%, 05/15/2020		500		498
WFRBS Commercial Mortgage Trust 2012-						2.25%, 02/19/2021		140		141
C7						2.50%, 01/27/2022		500		506
2.30%, 06/15/2045			435		438	3.45%, 02/19/2026		750		771
WFRBS Commercial Mortgage Trust 2012-						4.00%, 06/20/2042		350		350
C9						4.70%, 02/19/2046		145		161
3.39%, 11/15/2045			500		518	7.00%, 10/30/2025		370		474
WFRBS Commercial Mortgage Trust 2013-						Seagate HDD Cayman
C14						4.75%, 06/01/2023		550		565
3.34%, 06/15/2046			500		517			$		13,080
						Consumer Products - 0.00%
						Clorox Co/The
						3.80%, 11/15/2021		30		32
						Kimberly-Clark Corp
						2.40%, 03/01/2022		30		30

See accompanying notes.

6

Schedule of Investments Bond Market Index Fund May 31, 2017 (unaudited)

		Principal					Principal
BONDS (continued)		Amount (000's)      Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Consumer Products (continued)					Diversified Financial Services (continued)
Kimberly-Clark Corp (continued)					Mastercard Inc
7.50%, 11/01/2018	$	25	$	27	2.00%, 04/01/2019	$	30	$	30
		$		89	3.38%, 04/01/2024		150		157
Cosmetics & Personal Care - 0.11%					National Rural Utilities Cooperative Finance
Colgate-Palmolive Co					Corp
2.45%, 11/15/2021		500		510	2.85%, 01/27/2025		100		100
Procter & Gamble Co/The					3.05%, 02/15/2022		530		546
1.70%, 11/03/2021		500		497	Nomura Holdings Inc
2.30%, 02/06/2022		500		509	6.70%, 03/04/2020		500		556
5.55%, 03/05/2037		24		32	Private Export Funding Corp
Unilever Capital Corp					2.80%, 05/15/2022		500		519
4.25%, 02/10/2021		500		537	Visa Inc
		$		2,085	2.20%, 12/14/2020		375		379
Credit Card Asset Backed Securities - 0.21%					3.15%, 12/14/2025		360		368
Barclays Dryrock Issuance Trust					4.15%, 12/14/2035		140		151
2.20%, 12/15/2022(a)		760		768	4.30%, 12/14/2045		240		260
Chase Issuance Trust							$		14,078
1.36%, 04/15/2020		1,000		999	Electric - 1.63%
1.37%, 06/15/2021		1,000		995	Ameren Illinois Co
Citibank Credit Card Issuance Trust					2.70%, 09/01/2022		530		537
2.88%, 01/23/2023		605		626	Berkshire Hathaway Energy Co
Discover Card Execution Note Trust					3.75%, 11/15/2023		750		793
2.12%, 12/15/2021		500		505	6.13%, 04/01/2036		450		575
Synchrony Credit Card Master Note Trust					Commonwealth Edison Co
2016-2					4.70%, 01/15/2044		150		170
2.21%, 05/15/2024		250		251	Consolidated Edison Co of New York Inc
		$		4,144	4.30%, 12/01/2056		750		780
Distribution & Wholesale - 0.03%					6.65%, 04/01/2019		540		586
WW Grainger Inc					6.75%, 04/01/2038		530		737
4.60%, 06/15/2045		500		538	Consumers Energy Co
					6.70%, 09/15/2019		620		687
Diversified Financial Services - 0.73%					Dominion Energy Inc
Air Lease Corp					2.50%, 12/01/2019		300		303
3.38%, 01/15/2019		50		51	4.05%, 09/15/2042		900		865
3.75%, 02/01/2022		70		73	DTE Electric Co
American Express Co					3.70%, 03/15/2045		200		197
4.05%, 12/03/2042		500		506	DTE Energy Co
American Express Credit Corp					3.50%, 06/01/2024		500		511
1.80%, 07/31/2018		500		501	Duke Energy Carolinas LLC
1.88%, 05/03/2019		500		500	4.00%, 09/30/2042		280		286
2.25%, 08/15/2019		750		755	5.30%, 02/15/2040		250		306
3.30%, 05/03/2027		500		502	6.00%, 12/01/2028		500		625
Ameriprise Financial Inc					6.45%, 10/15/2032		500		664
4.00%, 10/15/2023		775		833	Duke Energy Corp
BlackRock Inc					1.80%, 09/01/2021		500		489
3.38%, 06/01/2022		30		32	Duke Energy Florida LLC
4.25%, 05/24/2021		500		539	3.20%, 01/15/2027		500		511
5.00%, 12/10/2019		430		463	3.40%, 10/01/2046		200		187
Capital One Bank USA NA					5.65%, 06/15/2018		30		31
2.25%, 02/13/2019		400		401	Duke Energy Progress LLC
Charles Schwab Corp/The					4.38%, 03/30/2044		400		431
3.00%, 03/10/2025		300		303	Edison International
CME Group Inc					2.95%, 03/15/2023		350		353
3.00%, 03/15/2025		500		507	Emera US Finance LP
GE Capital International Funding Co					2.15%, 06/15/2019		1,000		1,001
Unlimited Co					Enel Generacion Chile SA
2.34%, 11/15/2020		500		505	4.25%, 04/15/2024		30		31
3.37%, 11/15/2025		1,000		1,044	Entergy Arkansas Inc
4.42%, 11/15/2035		1,000		1,077	3.75%, 02/15/2021		30		32
HSBC Finance Corp					Entergy Corp
6.68%, 01/15/2021		850		967	5.13%, 09/15/2020		30		33
Intercontinental Exchange Inc					Entergy Louisiana LLC
2.75%, 12/01/2020		500		510	3.12%, 09/01/2027		300		302
4.00%, 10/15/2023		25		27	3.25%, 04/01/2028		500		504
Jefferies Group LLC					Exelon Corp
6.88%, 04/15/2021		280		321	4.95%, 06/15/2035		320		345
8.50%, 07/15/2019		33		37	5.15%, 12/01/2020		500		543
Legg Mason Inc					Exelon Generation Co LLC
4.75%, 03/15/2026		500		532	4.25%, 06/15/2022		500		529
5.63%, 01/15/2044		25		26	Florida Power & Light Co
					2.75%, 06/01/2023		500		509
					4.05%, 10/01/2044		25		26
					5.65%, 02/01/2037		250		315

See accompanying notes.

7

Schedule of Investments
Bond Market Index Fund
May 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)
Great Plains Energy Inc					Virginia Electric & Power Co
3.90%, 04/01/2027	$	155	$	157	3.15%, 01/15/2026	$	500	$	505
4.85%, 06/01/2021		30		32	4.45%, 02/15/2044		500		543
Hydro-Quebec					WEC Energy Group Inc
8.05%, 07/07/2024		530		700	3.55%, 06/15/2025		70		73
Mississippi Power Co							$		31,738
4.25%, 03/15/2042		30		26	Electrical Components & Equipment - 0.02%
Nevada Power Co					Emerson Electric Co
7.13%, 03/15/2019		434		474	2.63%, 02/15/2023		30		31
NextEra Energy Capital Holdings Inc					4.88%, 10/15/2019		30		32
2.30%, 04/01/2019		300		302	5.25%, 10/15/2018		250		262
4.50%, 06/01/2021		50		54			$		325
Northern States Power Co/MN					Electronics - 0.09%
5.35%, 11/01/2039		30		37	Arrow Electronics Inc
NSTAR Electric Co					4.50%, 03/01/2023		30		32
2.38%, 10/15/2022		500		500	Corning Inc
3.20%, 05/15/2027		300		305	4.25%, 08/15/2020		500		529
Oncor Electric Delivery Co LLC					Honeywell International Inc
5.25%, 09/30/2040		530		627	3.35%, 12/01/2023		500		523
Pacific Gas & Electric Co					Jabil Circuit Inc
3.75%, 02/15/2024		125		133	4.70%, 09/15/2022		30		32
5.40%, 01/15/2040		30		37	Koninklijke Philips NV
5.80%, 03/01/2037		500		633	3.75%, 03/15/2022		500		529
6.35%, 02/15/2038		400		531	5.00%, 03/15/2042		30		32
8.25%, 10/15/2018		300		326	Tyco Electronics Group SA
PacifiCorp					7.13%, 10/01/2037		37		51
5.65%, 07/15/2018		30		31			$		1,728
6.00%, 01/15/2039		500		647	Environmental Control - 0.10%
PECO Energy Co					Republic Services Inc
1.70%, 09/15/2021		60		59	2.90%, 07/01/2026		500		492
2.38%, 09/15/2022		730		729	3.20%, 03/15/2025		300		304
4.15%, 10/01/2044		400		418	5.50%, 09/15/2019		25		27
Potomac Electric Power Co					Waste Management Inc
3.60%, 03/15/2024		30		31	3.50%, 05/15/2024		1,000		1,045
PPL Capital Funding Inc							$		1,868
3.50%, 12/01/2022		1,000		1,037	Federal & Federally Sponsored Credit - 0.01%
PPL Electric Utilities Corp					Federal Farm Credit Banks
3.95%, 06/01/2047		300		307	1.58%, 02/17/2021		150		149
Progress Energy Inc
3.15%, 04/01/2022		40		41	Finance - Mortgage Loan/Banker - 1.73%
7.75%, 03/01/2031		500		708	Fannie Mae
PSEG Power LLC					0.00%, 10/09/2019(b)		85		82
8.63%, 04/15/2031		500		645	0.88%, 12/27/2017		650		649
Puget Energy Inc					0.88%, 08/02/2019		500		495
6.00%, 09/01/2021		500		560	1.00%, 02/26/2019		250		249
Puget Sound Energy Inc					1.00%, 08/28/2019		250		248
4.30%, 05/20/2045		400		430	1.05%, 05/25/2018		50		50
San Diego Gas & Electric Co					1.13%, 07/20/2018		500		499
3.60%, 09/01/2023		30		32	1.13%, 12/14/2018		700		698
4.50%, 08/15/2040		350		389	1.13%, 07/26/2019		2,200		2,184
South Carolina Electric & Gas Co					1.25%, 02/26/2019		2,000		1,993
5.45%, 02/01/2041		540		620	1.25%, 05/06/2021		300		295
Southern California Edison Co					1.38%, 01/28/2019		205		205
5.50%, 03/15/2040		350		433	1.38%, 02/26/2021		250		247
5.95%, 02/01/2038		30		39	1.50%, 06/22/2020		750		750
Southern Co/The					1.50%, 11/30/2020		500		498
2.35%, 07/01/2021		400		398	1.63%, 11/27/2018		125		126
2.45%, 09/01/2018		540		544	1.70%, 01/27/2020		500		500
4.40%, 07/01/2046		540		537	1.75%, 09/12/2019		1,000		1,008
Southern Power Co					1.75%, 11/26/2019		400		403
2.50%, 12/15/2021		300		299	1.88%, 09/18/2018		100		101
4.95%, 12/15/2046		300		309	1.88%, 02/19/2019		500		505
Southwestern Electric Power Co					1.88%, 12/28/2020		300		303
6.20%, 03/15/2040		390		498	1.88%, 09/24/2026		350		333
6.45%, 01/15/2019		30		32	2.00%, 01/05/2022		500		503
Southwestern Public Service Co					2.13%, 04/24/2026		1,000		975
4.50%, 08/15/2041		600		658	2.63%, 09/06/2024		500		517
TransAlta Corp					5.63%, 07/15/2037		65		89
6.50%, 03/15/2040		30		29	6.63%, 11/15/2030		500		718
Union Electric Co					7.13%, 01/15/2030		250		368
3.65%, 04/15/2045		500		489	7.25%, 05/15/2030		249		371

See accompanying notes.

8

Schedule of Investments Bond Market Index Fund May 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)						Forest Products & Paper (continued)
Federal Home Loan Banks						International Paper Co
0.63%, 08/07/2018		$	400	$	397	3.65%, 06/15/2024		$	250	$	260
0.88%, 06/29/2018			1,000		996	4.40%, 08/15/2047			250		251
0.88%, 10/01/2018			750		746	7.30%, 11/15/2039			326		440
1.00%, 09/26/2019			250		248				$		2,019
1.13%, 06/21/2019			500		498	Gas- 0.11	%
1.13%, 07/14/2021			450		440	Atmos Energy Corp
1.25%, 01/16/2019			1,000		999	4.13%, 10/15/2044			250		256
1.38%, 11/15/2019			1,000		999	Dominion Energy Gas Holdings LLC
1.38%, 02/18/2021			500		495	3.55%, 11/01/2023			30		31
1.63%, 06/14/2019			800		804	4.60%, 12/15/2044			200		206
1.65%, 01/06/2020			300		300	NiSource Finance Corp
1.75%, 12/14/2018			750		755	6.80%, 01/15/2019			39		42
1.88%, 03/13/2020			500		505	ONE Gas Inc
2.00%, 09/14/2018			500		505	3.61%, 02/01/2024			50		52
4.13%, 03/13/2020			100		107	Sempra Energy
5.50%, 07/15/2036			50		68	2.40%, 03/15/2020			200		202
5.63%, 06/11/2021			65		75	6.00%, 10/15/2039			634		792
Freddie Mac						Southern California Gas Co
0.88%, 10/12/2018			200		199	3.15%, 09/15/2024			500		517
1.00%, 05/25/2018			650		648				$		2,098
1.13%, 04/15/2019			1,000		996	Hand & Machine Tools - 0.04%
1.25%, 10/02/2019			1,500		1,494	Snap-on Inc
1.38%, 05/01/2020			500		499	3.25%, 03/01/2027			500		513
1.40%, 08/22/2019			163		163	Stanley Black & Decker Inc
1.50%, 01/17/2020			500		501	3.40%, 12/01/2021			250		262
1.75%, 05/30/2019			250		252				$		775
2.38%, 01/13/2022			1,750		1,794	Healthcare - Products - 0.47%
3.75%, 03/27/2019			1,250		1,305	Abbott Laboratories
4.88%, 06/13/2018			63		65	2.00%, 03/15/2020			300		300
5.13%, 11/17/2017			70		71	2.90%, 11/30/2021			460		467
6.25%, 07/15/2032			500		711	3.75%, 11/30/2026			410		419
6.75%, 03/15/2031			43		63	4.75%, 04/15/2043			300		310
			$		33,660	4.90%, 11/30/2046			310		331
Food- 0.36	%					5.13%, 04/01/2019			530		560
Campbell Soup Co						Becton Dickinson and Co
4.25%, 04/15/2021			30		32	3.73%, 12/15/2024			731		745
General Mills Inc						5.00%, 11/12/2040			30		31
3.15%, 12/15/2021			30		31	Boston Scientific Corp
JM Smucker Co/The						3.85%, 05/15/2025			950		980
3.00%, 03/15/2022			300		307	6.00%, 01/15/2020			30		33
4.25%, 03/15/2035			300		310	Medtronic Inc
Kellogg Co						3.15%, 03/15/2022			1,000		1,039
2.65%, 12/01/2023			460		455	3.50%, 03/15/2025			780		814
4.00%, 12/15/2020			780		828	4.38%, 03/15/2035			234		253
Koninklijke Ahold Delhaize NV						4.63%, 03/15/2044			500		550
5.70%, 10/01/2040			30		35	5.55%, 03/15/2040			40		49
Kraft Heinz Foods Co						Stryker Corp
2.00%, 07/02/2018			330		331	3.50%, 03/15/2026			500		514
3.00%, 06/01/2026			285		273	4.38%, 05/15/2044			25		25
3.50%, 06/06/2022			1,000		1,037	Thermo Fisher Scientific Inc
3.50%, 07/15/2022			500		518	2.95%, 09/19/2026			300		293
3.95%, 07/15/2025			120		124	4.15%, 02/01/2024			600		642
4.38%, 06/01/2046			345		330	4.70%, 05/01/2020			30		32
5.20%, 07/15/2045			260		279	Zimmer Biomet Holdings Inc
5.38%, 02/10/2020			30		33	3.15%, 04/01/2022			200		203
6.50%, 02/09/2040			30		37	3.55%, 04/01/2025			500		504
Kroger Co/The									$		9,094
2.95%, 11/01/2021			500		511	Healthcare - Services - 0.40%
5.15%, 08/01/2043			500		549	Aetna Inc
5.40%, 07/15/2040			30		34	6.63%, 06/15/2036			13		17
Sysco Corp						6.75%, 12/15/2037			205		281
3.30%, 07/15/2026			500		502	Anthem Inc
Tyson Foods Inc						3.50%, 08/15/2024			450		461
4.88%, 08/15/2034			350		373	4.65%, 01/15/2043			30		32
			$		6,929	4.65%, 08/15/2044			650		693
Forest Products & Paper - 0.10%						Cigna Corp
Celulosa Arauco y Constitucion SA						4.00%, 02/15/2022			600		636
4.75%, 01/11/2022			500		525	Coventry Health Care Inc
Georgia-Pacific LLC						5.45%, 06/15/2021			108		120
7.75%, 11/15/2029			20		28
8.00%, 01/15/2024			400		515

See accompanying notes.

9

Schedule of Investments Bond Market Index Fund May 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)
Humana Inc					Marsh & McLennan Cos Inc	(continued)
2.63%, 10/01/2019	$	20	$	20	2.35%, 03/06/2020		$	200	$	202
4.63%, 12/01/2042		500		525	MetLife Inc
Laboratory Corp of America Holdings					3.60%, 11/13/2025			750		783
4.70%, 02/01/2045		250		257	4.05%, 03/01/2045			200		202
Memorial Sloan-Kettering Cancer Center					4.72%, 12/15/2044(a)			200		222
4.13%, 07/01/2052		350		353	4.75%, 02/08/2021			750		818
4.20%, 07/01/2055		250		256	6.40%, 12/15/2066(a)			430		491
Northwell Healthcare Inc					7.72%, 02/15/2019			130		143
3.98%, 11/01/2046		500		471	PartnerRe Finance B LLC
Providence St Joseph Health Obligated					5.50%, 06/01/2020			40		44
Group					Progressive Corp/The
3.74%, 10/01/2047		500		472	3.75%, 08/23/2021			30		32
Quest Diagnostics Inc					4.35%, 04/25/2044			30		32
4.75%, 01/30/2020		12		13	Prudential Financial Inc
Trinity Health Corp					2.30%, 08/15/2018			270		272
4.13%, 12/01/2045		500		494	5.20%, 03/15/2044(a)			400		422
UnitedHealth Group Inc					5.70%, 12/14/2036			480		588
1.90%, 07/16/2018		300		301	6.63%, 12/01/2037			550		732
2.70%, 07/15/2020		300		307	7.38%, 06/15/2019			500		554
3.75%, 07/15/2025		190		201	Reinsurance Group of America Inc
4.70%, 02/15/2021		500		543	4.70%, 09/15/2023			30		33
4.75%, 07/15/2045		500		563	Travelers Cos Inc/The
6.50%, 06/15/2037		500		669	6.25%, 06/15/2037			533		709
		$		7,685	Voya Financial Inc
Housewares - 0.05%					3.65%, 06/15/2026			335		338
Newell Brands Inc					XLIT Ltd
2.88%, 12/01/2019		200		204	2.30%, 12/15/2018			500		503
4.20%, 04/01/2026		750		796				$		15,925
		$		1,000	Internet - 0.22%
Insurance - 0.82%					Alibaba Group Holding Ltd
Aflac Inc					3.60%, 11/28/2024			1,000		1,025
3.63%, 11/15/2024		300		315	Alphabet Inc
Alleghany Corp					2.00%, 08/15/2026			500		470
4.90%, 09/15/2044		500		532	3.63%, 05/19/2021			40		43
Allstate Corp/The					Amazon.com Inc
3.28%, 12/15/2026		300		307	2.50%, 11/29/2022			40		40
5.35%, 06/01/2033		350		413	2.60%, 12/05/2019			500		510
American International Group Inc					4.80%, 12/05/2034			350		401
3.88%, 01/15/2035		300		288	Baidu Inc
3.90%, 04/01/2026		750		776	3.25%, 08/06/2018			351		356
4.80%, 07/10/2045		260		278	eBay Inc
4.88%, 06/01/2022		850		935	2.20%, 08/01/2019			1,000		1,005
Aon Corp					2.60%, 07/15/2022			450		450
5.00%, 09/30/2020		480		519				$		4,300
Aon PLC					Iron & Steel - 0.07%
3.50%, 06/14/2024		250		256	Nucor Corp
4.75%, 05/15/2045		270		289	4.00%, 08/01/2023			250		266
AXA SA					Vale Overseas Ltd
8.60%, 12/15/2030		30		42	4.38%, 01/11/2022			300		305
Berkshire Hathaway Finance Corp					5.63%, 09/15/2019			380		402
4.25%, 01/15/2021		350		378	6.88%, 11/10/2039			50		54
Berkshire Hathaway Inc					Vale SA
3.13%, 03/15/2026		275		280	5.63%, 09/11/2042			350		330
3.75%, 08/15/2021		750		802				$		1,357
4.50%, 02/11/2043		350		385	Leisure Products & Services - 0.03%
Chubb Corp/The					Carnival Corp
6.50%, 05/15/2038		326		448	3.95%, 10/15/2020			25		27
Chubb INA Holdings Inc					Harley-Davidson Inc
2.70%, 03/13/2023		300		302	3.50%, 07/28/2025			300		308
2.88%, 11/03/2022		500		511	Royal Caribbean Cruises Ltd
5.90%, 06/15/2019		30		32	5.25%, 11/15/2022			300		332
CNA Financial Corp								$		667
5.75%, 08/15/2021		40		45	Lodging - 0.05%
First American Financial Corp					Marriott International Inc/MD
4.60%, 11/15/2024		300		304	2.30%, 01/15/2022			350		347
Lincoln National Corp					2.88%, 03/01/2021			600		612
6.15%, 04/07/2036		20		24	Wyndham Worldwide Corp
Manulife Financial Corp					3.90%, 03/01/2023			25		26
4.15%, 03/04/2026		300		319				$		985
Marsh & McLennan Cos Inc
2.35%, 09/10/2019		25		25

See accompanying notes.

10

Schedule of Investments
Bond Market Index Fund
May 31, 2017 (unaudited)
				Principal					Principal
	BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
	Machinery - Construction & Mining - 0.15%						Media (continued)
	Caterpillar Financial Services Corp						Viacom Inc
	1.70%, 08/09/2021		$	250	$	244	3.88%, 12/15/2021	$	530	$	556
	1.80%, 11/13/2018			750		752	4.38%, 03/15/2043		330		291
	1.93%, 10/01/2021			500		493	4.85%, 12/15/2034		500		488
	2.40%, 08/09/2026			250		241	Walt Disney Co/The
	2.45%, 09/06/2018			500		505	1.85%, 05/30/2019		1,000		1,005
	7.15%, 02/15/2019			25		27	3.75%, 06/01/2021		525		560
	Caterpillar Inc						7.00%, 03/01/2032		30		42
	3.40%, 05/15/2024			500		523			$		17,592
	3.80%, 08/15/2042			50		50	Metal Fabrication & Hardware - 0.01%
				$		2,835	Precision Castparts Corp
	Machinery - Diversified - 0.15%						3.90%, 01/15/2043		193		195
	Cummins Inc
	4.88%, 10/01/2043			25		28	Mining - 0.22%
	John Deere Capital Corp						Barrick Gold Corp
	1.95%, 03/04/2019			500		503	4.10%, 05/01/2023		350		381
	2.75%, 03/15/2022			530		541	Barrick North America Finance LLC
	2.80%, 03/06/2023			500		508	5.75%, 05/01/2043		280		337
	3.35%, 06/12/2024			300		312	BHP Billiton Finance USA Ltd
	Roper Technologies Inc						5.00%, 09/30/2043		500		574
	2.05%, 10/01/2018			1,000		1,003	Goldcorp Inc
	Xylem Inc/NY						3.63%, 06/09/2021		30		31
	4.88%, 10/01/2021			17		19	3.70%, 03/15/2023		500		518
				$		2,914	Newmont Mining Corp
	Media- 0.91	%					3.50%, 03/15/2022		500		519
	21st Century Fox America Inc						6.25%, 10/01/2039		350		420
	3.00%, 09/15/2022			540		551	Rio Tinto Alcan Inc
	3.38%, 11/15/2026			170		170	5.75%, 06/01/2035		400		460
	4.50%, 02/15/2021			500		538	6.13%, 12/15/2033		30		36
	4.75%, 11/15/2046			200		207	Rio Tinto Finance USA Ltd
	6.40%, 12/15/2035			50		62	9.00%, 05/01/2019		500		567
	7.85%, 03/01/2039			500		709	Southern Copper Corp
	CBS Corp						5.38%, 04/16/2020		40		43
	3.70%, 08/15/2024			500		513	5.88%, 04/23/2045		350		367
	4.85%, 07/01/2042			300		312	6.75%, 04/16/2040		100		114
	5.75%, 04/15/2020			530		582			$		4,367
	7.88%, 07/30/2030			30		42	Miscellaneous Manufacturers - 0.31%
	Charter Communications Operating LLC /						3M Co
	Charter Communications Operating Capital						2.00%, 06/26/2022		500		498
	5.38%, 05/01/2047(c)			500		524	5.70%, 03/15/2037		30		38
	6.38%, 10/23/2035			30		35	Dover Corp
	Comcast Corp						5.38%, 03/01/2041		30		37
	2.75%, 03/01/2023			50		51	Eaton Corp
	3.13%, 07/15/2022			575		598	2.75%, 11/02/2022		520		527
	3.38%, 02/15/2025			600		621	4.15%, 11/02/2042		20		20
	3.38%, 08/15/2025			300		309	General Electric Co
	4.50%, 01/15/2043			25		26	2.30%, 01/14/2019		500		506
	4.60%, 08/15/2045			270		291	3.15%, 09/07/2022		500		522
	5.65%, 06/15/2035			500		606	4.50%, 03/11/2044		500		550
	6.40%, 03/01/2040			500		667	4.63%, 01/07/2021		50		55
	6.45%, 03/15/2037			1,060		1,395	5.88%, 01/14/2038		750		967
	Discovery Communications LLC						6.75%, 03/15/2032		250		345
	6.35%, 06/01/2040			40		43	Illinois Tool Works Inc
	Grupo Televisa SAB						3.50%, 03/01/2024		540		571
	5.00%, 05/13/2045			500		480	Ingersoll-Rand Luxembourg Finance SA
	RELX Capital Inc						2.63%, 05/01/2020		500		506
	3.13%, 10/15/2022			16		16	Parker-Hannifin Corp
	Scripps Networks Interactive Inc						3.30%, 11/21/2024		300		311
	3.95%, 06/15/2025			350		362	3.50%, 09/15/2022		30		32
	Thomson Reuters Corp						Textron Inc
	3.35%, 05/15/2026			400		400	4.00%, 03/15/2026		500		518
	3.95%, 09/30/2021			200		209			$		6,003
	5.85%, 04/15/2040			30		35	Office & Business Equipment - 0.02%
	Time Warner Cable LLC						Xerox Corp
	4.50%, 09/15/2042			1,000		955	4.07%, 03/17/2022(c)		175		181
	7.30%, 07/01/2038			60		77	4.50%, 05/15/2021		30		32
	8.75%, 02/14/2019			830		921	6.75%, 12/15/2039		250		267
	Time Warner Inc								$		480
	2.95%, 07/15/2026			400		377	Oil & Gas - 1.90%
	3.55%, 06/01/2024			500		507	Anadarko Petroleum Corp
	4.85%, 07/15/2045			500		500	6.20%, 03/15/2040		430		496
	4.88%, 03/15/2020			430		461
	6.20%, 03/15/2040			430		498

See accompanying notes.

11

Schedule of Investments Bond Market Index Fund May 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)
Apache Corp					Petroleos Mexicanos (continued)
3.63%, 02/01/2021	$	530	$	552	5.50%, 06/27/2044	$	530	$	475
4.75%, 04/15/2043		280		285	5.63%, 01/23/2046		800		722
BP Capital Markets PLC					6.50%, 03/13/2027(c)		500		546
2.52%, 01/15/2020		500		508	6.63%, 06/15/2035		750		789
3.02%, 01/16/2027		1,000		983	6.88%, 08/04/2026		300		337
3.25%, 05/06/2022		640		663	Phillips 66
4.75%, 03/10/2019		170		179	4.88%, 11/15/2044		500		533
Canadian Natural Resources Ltd					5.88%, 05/01/2042		30		36
3.80%, 04/15/2024		750		765	Pioneer Natural Resources Co
Chevron Corp					3.95%, 07/15/2022		30		32
1.72%, 06/24/2018		350		351	Shell International Finance BV
2.19%, 11/15/2019		350		353	1.38%, 05/10/2019		605		601
2.36%, 12/05/2022		350		349	1.88%, 05/10/2021		1,045		1,037
2.42%, 11/17/2020		175		177	2.88%, 05/10/2026		155		154
2.43%, 06/24/2020		290		295	3.25%, 05/11/2025		280		288
2.95%, 05/16/2026		180		180	4.13%, 05/11/2035		60		62
3.33%, 11/17/2025		165		171	4.38%, 03/25/2020		565		604
CNOOC Finance 2013 Ltd					4.38%, 05/11/2045		500		526
3.00%, 05/09/2023		500		495	5.50%, 03/25/2040		430		521
CNOOC Nexen Finance 2014 ULC					6.38%, 12/15/2038		350		468
4.25%, 04/30/2024		500		527	Statoil ASA
ConocoPhillips					1.95%, 11/08/2018		1,000		1,004
6.00%, 01/15/2020		500		552	3.15%, 01/23/2022		300		310
6.50%, 02/01/2039		490		635	5.25%, 04/15/2019		808		858
ConocoPhillips Co					Suncor Energy Inc
2.88%, 11/15/2021		300		307	6.50%, 06/15/2038		400		512
4.95%, 03/15/2026		500		560	6.85%, 06/01/2039		13		17
Devon Energy Corp					Total Capital International SA
3.25%, 05/15/2022		300		303	2.13%, 01/10/2019		400		403
5.60%, 07/15/2041		495		539	2.88%, 02/17/2022		400		410
Ecopetrol SA					Total Capital SA
5.88%, 09/18/2023		1,040		1,138	2.13%, 08/10/2018		750		757
EOG Resources Inc					4.25%, 12/15/2021		550		595
2.63%, 03/15/2023		480		477	Valero Energy Corp
4.15%, 01/15/2026		500		533	9.38%, 03/15/2019		500		563
4.40%, 06/01/2020		40		42			$		36,934
Exxon Mobil Corp					Oil & Gas Services - 0.17%
1.71%, 03/01/2019		375		376	Baker Hughes Inc
1.91%, 03/06/2020		500		503	3.20%, 08/15/2021		128		132
2.22%, 03/01/2021		500		505	7.50%, 11/15/2018		900		969
2.40%, 03/06/2022		500		505	Halliburton Co
2.71%, 03/06/2025		200		200	3.25%, 11/15/2021		530		547
3.04%, 03/01/2026		500		508	3.80%, 11/15/2025		145		150
4.11%, 03/01/2046		500		525	4.85%, 11/15/2035		530		568
Hess Corp					5.00%, 11/15/2045		230		249
4.30%, 04/01/2027		300		301	7.45%, 09/15/2039		26		36
7.13%, 03/15/2033		21		25	National Oilwell Varco Inc
7.30%, 08/15/2031		349		423	2.60%, 12/01/2022		400		395
HollyFrontier Corp					3.95%, 12/01/2042		400		341
5.88%, 04/01/2026		500		539			$		3,387
Husky Energy Inc					Packaging & Containers - 0.00%
4.00%, 04/15/2024		500		512	Packaging Corp of America
Kerr-McGee Corp					4.50%, 11/01/2023		25		27
6.95%, 07/01/2024		400		476
Marathon Oil Corp					Pharmaceuticals - 1.23%
3.85%, 06/01/2025		500		498	AbbVie Inc
Marathon Petroleum Corp					2.50%, 05/14/2020		620		628
3.63%, 09/15/2024		500		505	2.90%, 11/06/2022		550		556
5.00%, 09/15/2054		200		184	3.20%, 05/14/2026		390		384
Nexen Energy ULC					3.60%, 05/14/2025		150		154
6.40%, 05/15/2037		730		927	4.30%, 05/14/2036		240		242
7.50%, 07/30/2039		39		56	4.45%, 05/14/2046		270		270
Noble Energy Inc					4.50%, 05/14/2035		220		227
4.15%, 12/15/2021		750		793	4.70%, 05/14/2045		320		331
Occidental Petroleum Corp					Actavis Inc
3.50%, 06/15/2025		500		515	6.13%, 08/15/2019		34		37
4.10%, 02/15/2047		500		497	Allergan Funding SCS
Petro-Canada					3.00%, 03/12/2020		685		700
6.80%, 05/15/2038		534		707	3.80%, 03/15/2025		1,520		1,574
Petroleos Mexicanos					4.55%, 03/15/2035		170		176
4.25%, 01/15/2025		50		49
4.88%, 01/24/2022		1,180		1,230

See accompanying notes.

12

Schedule of Investments
Bond Market Index Fund
May 31, 2017 (unaudited)
			Principal					Principal
BONDS (continued)			Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Pharmaceuticals (continued)						Pharmaceuticals (continued)
Allergan Funding SCS	(continued)					Zoetis Inc
4.75%, 03/15/2045		$	500	$	529	3.25%, 02/01/2023	$	540	$	556
AmerisourceBergen Corp								$		23,816
3.40%, 05/15/2024			30		31	Pipelines - 0.95%
AstraZeneca PLC						Boardwalk Pipelines LP
1.75%, 11/16/2018			750		751	3.38%, 02/01/2023		30		30
2.38%, 11/16/2020			195		197	Buckeye Partners LP
3.38%, 11/16/2025			180		184	3.95%, 12/01/2026		500		505
4.00%, 09/18/2042			300		301	4.35%, 10/15/2024		25		26
Bristol-Myers Squibb Co						Enbridge Energy Partners LP
3.25%, 08/01/2042			515		464	5.20%, 03/15/2020		24		26
Cardinal Health Inc						7.38%, 10/15/2045		70		92
4.60%, 03/15/2043			430		433	7.50%, 04/15/2038		350		447
Eli Lilly & Co						Energy Transfer LP
5.50%, 03/15/2027			530		642	4.05%, 03/15/2025		300		305
Express Scripts Holding Co						4.20%, 04/15/2027		300		306
3.90%, 02/15/2022			500		523	4.90%, 03/15/2035		500		497
4.75%, 11/15/2021			50		54	5.30%, 04/15/2047		300		303
4.80%, 07/15/2046			500		498	6.50%, 02/01/2042		530		603
GlaxoSmithKline Capital Inc						9.00%, 04/15/2019		16		18
6.38%, 05/15/2038			430		578	EnLink Midstream Partners LP
Johnson & Johnson						4.40%, 04/01/2024		200		207
1.65%, 03/01/2021			265		263	Enterprise Products Operating LLC
2.45%, 03/01/2026			225		220	3.70%, 02/15/2026		400		411
3.55%, 03/01/2036			750		765	3.75%, 02/15/2025		850		881
5.95%, 08/15/2037			75		100	4.45%, 02/15/2043		350		352
McKesson Corp						4.85%, 08/15/2042		400		428
2.70%, 12/15/2022			500		499	5.20%, 09/01/2020		430		470
4.75%, 03/01/2021			100		108	6.88%, 03/01/2033		39		50
4.88%, 03/15/2044			80		86	EQT Midstream Partners LP
Mead Johnson Nutrition Co						4.13%, 12/01/2026		500		511
4.60%, 06/01/2044			30		32	Kinder Morgan Energy Partners LP
Merck & Co Inc						3.50%, 09/01/2023		390		397
4.15%, 05/18/2043			750		792	3.95%, 09/01/2022		600		628
6.55%, 09/15/2037			290		400	4.70%, 11/01/2042		20		19
Merck Sharp & Dohme Corp						6.38%, 03/01/2041		380		430
5.00%, 06/30/2019			530		565	6.95%, 01/15/2038		383		462
Mylan Inc						Kinder Morgan Inc/DE
4.20%, 11/29/2023			30		32	3.05%, 12/01/2019		400		409
Mylan NV						5.05%, 02/15/2046		300		303
3.15%, 06/15/2021			825		841	7.75%, 01/15/2032		500		643
3.95%, 06/15/2026			240		241	Magellan Midstream Partners LP
5.25%, 06/15/2046			125		133	4.25%, 02/01/2021		750		798
Novartis Capital Corp						MPLX LP
3.40%, 05/06/2024			500		524	4.13%, 03/01/2027		140		142
4.40%, 04/24/2020			30		32	4.88%, 12/01/2024		500		537
4.40%, 05/06/2044			530		588	4.88%, 06/01/2025		100		107
Novartis Securities Investment Ltd						ONEOK Partners LP
5.13%, 02/10/2019			500		528	6.13%, 02/01/2041		30		35
Perrigo Co PLC						8.63%, 03/01/2019		530		586
5.30%, 11/15/2043			500		534	Plains All American Pipeline LP / PAA
Pfizer Inc						Finance Corp
1.95%, 06/03/2021			200		201	4.30%, 01/31/2043		100		87
3.00%, 12/15/2026			500		503	4.50%, 12/15/2026		500		515
3.40%, 05/15/2024			100		105	4.70%, 06/15/2044		30		28
4.13%, 12/15/2046			500		521	6.65%, 01/15/2037		500		571
4.30%, 06/15/2043			200		212	8.75%, 05/01/2019		170		191
5.20%, 08/12/2020			110		121	Regency Energy Partners LP / Regency
7.20%, 03/15/2039			400		587	Energy Finance Corp
Shire Acquisitions Investments Ireland DAC						5.00%, 10/01/2022		350		382
1.90%, 09/23/2019			300		299	Sabine Pass Liquefaction LLC
2.88%, 09/23/2023			300		297	5.63%, 02/01/2021(a)		200		219
3.20%, 09/23/2026			300		293	5.88%, 06/30/2026		200		226
Teva Pharmaceutical Finance IV BV						Spectra Energy Capital LLC
3.65%, 11/10/2021			750		777	8.00%, 10/01/2019		30		34
Teva Pharmaceutical Finance Netherlands III						Spectra Energy Partners LP
BV						4.75%, 03/15/2024		30		32
3.15%, 10/01/2026			1,000		939	5.95%, 09/25/2043		400		466
Wyeth LLC						Sunoco Logistics Partners Operations LP
6.50%, 02/01/2034			500		658	3.90%, 07/15/2026		500		501
						4.65%, 02/15/2022		155		166
						TransCanada PipeLines Ltd
						3.75%, 10/16/2023		30		32

See accompanying notes.

13

Schedule of Investments
Bond Market Index Fund
May 31, 2017 (unaudited)
					Principal					Principal
	BONDS (continued)				Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
	Pipelines (continued)							REITS (continued)
	TransCanada PipeLines Ltd		(continued)					HCP Inc (continued)
	6.10%, 06/01/2040			$	30	$	38	3.88%, 08/15/2024	$	200	$	204
	6.50%, 08/15/2018				30		32	4.20%, 03/01/2024		200		208
	7.25%, 08/15/2038				750		1,054	Highwoods Realty LP
	Williams Partners LP							3.20%, 06/15/2021		30		30
	3.60%, 03/15/2022				500		514	Hospitality Properties Trust
	3.90%, 01/15/2025				500		512	4.50%, 06/15/2023		500		527
	4.00%, 09/15/2025				50		51	4.65%, 03/15/2024		40		42
	5.10%, 09/15/2045				220		227	Host Hotels & Resorts LP
	5.25%, 03/15/2020				530		574	5.25%, 03/15/2022		500		546
	6.30%, 04/15/2040				30		35	6.00%, 10/01/2021		30		34
					$		18,451	Kimco Realty Corp
	Real Estate - 0.04%							2.70%, 03/01/2024		300		288
	Brookfield Asset Management Inc							3.20%, 05/01/2021		750		766
	4.00%, 01/15/2025				300		305	Liberty Property LP
	Prologis LP							3.38%, 06/15/2023		40		40
	2.75%, 02/15/2019				390		395	3.75%, 04/01/2025		90		92
					$		700	National Retail Properties Inc
	Regional Authority - 0.21%							3.60%, 12/15/2026		300		300
	Province of British Columbia Canada							Omega Healthcare Investors Inc
	2.00%, 10/23/2022				500		499	4.95%, 04/01/2024		30		31
	2.65%, 09/22/2021				400		412	Realty Income Corp
	6.50%, 01/15/2026				45		58	3.25%, 10/15/2022		500		511
	Province of Manitoba Canada							4.13%, 10/15/2026		20		21
	1.75%, 05/30/2019				500		501	Simon Property Group LP
	3.05%, 05/14/2024				30		31	2.20%, 02/01/2019		500		503
	Province of Ontario Canada							2.75%, 02/01/2023		250		250
	2.50%, 09/10/2021				500		510	4.75%, 03/15/2042		164		174
	3.20%, 05/16/2024				440		462	UDR Inc
	4.00%, 10/07/2019				400		421	4.00%, 10/01/2025		200		207
	Province of Quebec Canada							Ventas Realty LP
	2.75%, 08/25/2021				540		557	3.75%, 05/01/2024		500		512
	2.88%, 10/16/2024				500		514	5.70%, 09/30/2043		225		262
	7.50%, 09/15/2029				36		52	Weingarten Realty Investors
	Province of Saskatchewan Canada							3.38%, 10/15/2022		120		122
	8.50%, 07/15/2022				17		22	Welltower Inc
					$		4,039	4.50%, 01/15/2024		30		32
	REITS- 0.72	%						5.25%, 01/15/2022		350		386
	Alexandria Real Estate Equities Inc							Weyerhaeuser Co
	3.90%, 06/15/2023				750		778	4.70%, 03/15/2021		30		32
	American Tower Corp							7.38%, 10/01/2019		500		558
	3.38%, 10/15/2026				500		492	7.38%, 03/15/2032		30		41
	4.70%, 03/15/2022				50		54			$		13,995
	5.90%, 11/01/2021				500		565	Retail - 1.01%
	AvalonBay Communities Inc							AutoZone Inc
	3.50%, 11/15/2024				1,000		1,032	3.13%, 04/21/2026		500		488
	3.63%, 10/01/2020				100		104	3.75%, 06/01/2027		300		303
	Boston Properties LP							Bed Bath & Beyond Inc
	3.13%, 09/01/2023				20		20	3.75%, 08/01/2024		500		504
	5.63%, 11/15/2020				30		33	Costco Wholesale Corp
	5.88%, 10/15/2019				530		571	1.75%, 02/15/2020		250		250
	CBL & Associates LP							2.15%, 05/18/2021		200		201
	5.25%, 12/01/2023				200		199	2.30%, 05/18/2022		200		201
	5.95%, 12/15/2026				300		298	2.75%, 05/18/2024		300		302
	Crown Castle International Corp							3.00%, 05/18/2027		300		302
	3.70%, 06/15/2026				510		516	CVS Health Corp
	5.25%, 01/15/2023				500		558	1.90%, 07/20/2018		1,350		1,354
	CubeSmart LP							2.80%, 07/20/2020		340		347
	4.38%, 12/15/2023				30		32	3.50%, 07/20/2022		500		521
	DDR Corp							5.13%, 07/20/2045		740		838
	4.63%, 07/15/2022				130		136	Home Depot Inc/The
	Duke Realty LP							2.00%, 04/01/2021		500		501
	3.75%, 12/01/2024				300		310	3.75%, 02/15/2024		500		535
	3.88%, 10/15/2022				530		555	4.25%, 04/01/2046		650		694
	ERP Operating LP							5.88%, 12/16/2036		550		715
	2.38%, 07/01/2019				300		302	Kohl's Corp
	Federal Realty Investment Trust							4.00%, 11/01/2021		30		31
	4.50%, 12/01/2044				300		312	4.25%, 07/17/2025		300		298
	HCP Inc							Lowe's Cos Inc
	3.75%, 02/01/2019				400		409	3.10%, 05/03/2027		160		160
								3.88%, 09/15/2023		30		32
								4.38%, 09/15/2045		500		535

See accompanying notes.

14

Schedule of Investments Bond Market Index Fund May 31, 2017 (unaudited)

		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Retail (continued)					Software (continued)
Macy's Retail Holdings Inc					Microsoft Corp (continued)
6.90%, 04/01/2029	$	510	$	555	3.30%, 02/06/2027	$	490	$	507
McDonald's Corp					3.45%, 08/08/2036		550		539
3.25%, 06/10/2024		175		181	3.63%, 12/15/2023		550		587
3.63%, 05/20/2021		750		789	3.70%, 08/08/2046		500		489
3.70%, 01/30/2026		115		120	3.95%, 08/08/2056		635		625
4.88%, 12/09/2045		740		819	4.10%, 02/06/2037		500		532
5.00%, 02/01/2019		100		105	4.20%, 06/01/2019		50		53
Nordstrom Inc					4.20%, 11/03/2035		360		387
5.00%, 01/15/2044		300		289	4.45%, 11/03/2045		207		226
O'Reilly Automotive Inc					4.50%, 02/06/2057		640		692
3.55%, 03/15/2026		500		506	4.75%, 11/03/2055		70		79
QVC Inc					Oracle Corp
3.13%, 04/01/2019		30		30	2.38%, 01/15/2019		600		608
Staples Inc					2.80%, 07/08/2021		500		515
4.38%, 01/12/2023		120		123	3.40%, 07/08/2024		550		573
Starbucks Corp					3.90%, 05/15/2035		130		133
2.10%, 02/04/2021		750		757	4.00%, 07/15/2046		1,000		990
Target Corp					4.38%, 05/15/2055		150		156
3.63%, 04/15/2046		300		280	5.00%, 07/08/2019		250		267
3.88%, 07/15/2020		500		530	5.38%, 07/15/2040		550		661
4.00%, 07/01/2042		500		499			$		12,986
TJX Cos Inc/The					Sovereign - 1.54%
2.75%, 06/15/2021		25		26	Chile Government International Bond
Walgreens Boots Alliance Inc					3.25%, 09/14/2021		500		520
2.70%, 11/18/2019		1,000		1,015	3.88%, 08/05/2020		750		794
3.80%, 11/18/2024		500		519	Colombia Government International Bond
4.80%, 11/18/2044		500		526	7.38%, 09/18/2037		500		642
Wal-Mart Stores Inc					11.75%, 02/25/2020		300		374
3.25%, 10/25/2020		550		576	10.38%, 01/28/2033		700		1,057
3.30%, 04/22/2024		550		579	Development Bank of Japan Inc
5.63%, 04/15/2041		450		577	2.00%, 10/19/2021		350		342
6.50%, 08/15/2037		800		1,107	Export Development Canada
		$		19,620	1.75%, 08/19/2019		50		50
Semiconductors - 0.34%					1.75%, 07/21/2020		750		753
Applied Materials Inc					Export-Import Bank of Korea
5.85%, 06/15/2041		500		632	1.88%, 10/21/2021		350		339
Broadcom Corp / Broadcom Cayman Finance					2.25%, 01/21/2020		500		499
Ltd					5.00%, 04/11/2022		500		552
3.00%, 01/15/2022(c)		1,200		1,209	Financing Corp
3.88%, 01/15/2027(c)		1,150		1,169	9.65%, 11/02/2018		500		558
Intel Corp					Hungary Government International Bond
2.45%, 07/29/2020		300		306	5.38%, 02/21/2023		500		556
3.15%, 05/11/2027		150		151	5.38%, 03/25/2024		500		563
3.30%, 10/01/2021		550		577	6.38%, 03/29/2021		500		564
4.90%, 07/29/2045		500		575	Israel Government AID Bond
NVIDIA Corp					5.50%, 09/18/2023		65		78
2.20%, 09/16/2021		300		298	5.50%, 04/26/2024		65		78
3.20%, 09/16/2026		500		494	5.50%, 09/18/2033		33		44
QUALCOMM Inc					Israel Government International Bond
2.25%, 05/20/2020		250		252	4.00%, 06/30/2022		650		696
2.60%, 01/30/2023		310		310	5.13%, 03/26/2019		500		531
3.25%, 05/20/2027		270		270	Japan Bank for International
3.45%, 05/20/2025		180		186	Cooperation/Japan
4.65%, 05/20/2035		70		76	2.13%, 02/10/2025		300		291
4.80%, 05/20/2045		110		119	2.25%, 11/04/2026		1,000		961
		$		6,624	2.38%, 04/20/2026		500		488
Software - 0.67%					3.00%, 05/29/2024		300		310
Fidelity National Information Services Inc					Korea International Bond
3.63%, 10/15/2020		200		209	2.75%, 01/19/2027		250		248
5.00%, 10/15/2025		180		201	Mexico Government International Bond
Fiserv Inc					3.60%, 01/30/2025		530		535
2.70%, 06/01/2020		1,000		1,015	3.63%, 03/15/2022		1,070		1,106
3.50%, 10/01/2022		30		31	4.13%, 01/21/2026		500		519
Microsoft Corp					4.60%, 01/23/2046		500		486
1.85%, 02/06/2020		500		502	4.75%, 03/08/2044		210		208
1.85%, 02/12/2020		500		502	5.75%, 10/12/2110		500		509
2.38%, 02/12/2022		750		761	6.75%, 09/27/2034		750		952
2.40%, 02/06/2022		500		508	8.30%, 08/15/2031		97		142
2.40%, 08/08/2026		470		453	Panama Government International Bond
3.13%, 11/03/2025		180		185	3.75%, 03/16/2025		250		258
					5.20%, 01/30/2020		500		543

See accompanying notes.

15

Schedule of Investments
Bond Market Index Fund
May 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 (continued)
Panama Government International					European Investment Bank	(continued)
Bond (continued)					1.63%, 03/16/2020		$	300	$	300
8.88%, 09/30/2027	$	570	$	813	1.88%, 02/10/2025			250		243
Peruvian Government International Bond					2.00%, 03/15/2021			795		800
5.63%, 11/18/2050		400		492	2.25%, 03/15/2022			500		507
7.13%, 03/30/2019		500		546	2.38%, 05/24/2027			150		149
8.75%, 11/21/2033		350		541	2.50%, 04/15/2021			150		154
Philippine Government International Bond					2.88%, 09/15/2020			1,100		1,140
3.70%, 03/01/2041		500		501	FMS Wertmanagement AoeR
3.70%, 02/02/2042		200		200	1.00%, 08/16/2019			550		544
4.00%, 01/15/2021		750		799	1.75%, 03/17/2020			200		201
6.38%, 10/23/2034		510		681	Inter-American Development Bank
7.75%, 01/14/2031		140		201	1.13%, 08/28/2018			1,750		1,745
10.63%, 03/16/2025		600		920	1.63%, 05/12/2020			300		300
Republic of Italy Government International					1.75%, 08/24/2018			750		754
Bond					1.75%, 10/15/2019			1,000		1,004
5.38%, 06/15/2033		40		45	2.13%, 01/18/2022			500		506
6.88%, 09/27/2023		550		648	3.88%, 09/17/2019			600		630
Republic of Poland Government International					4.38%, 01/24/2044			50		60
Bond					International Bank for Reconstruction &
5.00%, 03/23/2022		500		554	Development
5.13%, 04/21/2021		580		641	0.88%, 07/19/2018			1,250		1,244
Svensk Exportkredit AB					1.00%, 10/05/2018			1,870		1,861
1.25%, 04/12/2019		500		497	1.13%, 11/27/2019			500		495
1.75%, 08/28/2020		400		400	1.25%, 07/26/2019			1,000		993
Tennessee Valley Authority					1.38%, 05/24/2021			345		339
3.50%, 12/15/2042		100		104	1.38%, 09/20/2021			320		314
3.88%, 02/15/2021		400		431	1.88%, 10/07/2022			180		179
4.25%, 09/15/2065		150		168	2.25%, 06/24/2021			750		762
4.63%, 09/15/2060		500		602	2.50%, 07/29/2025			270		273
5.25%, 09/15/2039		250		328	7.63%, 01/19/2023			933		1,204
5.38%, 04/01/2056		61		82	International Finance Corp
5.88%, 04/01/2036		600		820	1.63%, 07/16/2020			200		200
6.75%, 11/01/2025		57		75	1.75%, 09/16/2019			550		554
Tunisia Government AID Bonds					2.13%, 04/07/2026			1,000		983
1.42%, 08/05/2021		250		244	Nordic Investment Bank
Ukraine Government AID Bonds					1.13%, 02/25/2019			750		747
1.47%, 09/29/2021		250		245	North American Development Bank
Uruguay Government International Bond					2.30%, 10/10/2018			500		505
4.13%, 11/20/2045		386		350				$		33,582
4.38%, 10/27/2027		210		222	Telecommunications - 1.43%
7.63%, 03/21/2036		400		530	America Movil SAB de CV
		$		29,826	5.00%, 03/30/2020			30		32
Supranational Bank - 1.73%					6.13%, 03/30/2040			750		914
African Development Bank					AT&T Inc
1.00%, 11/02/2018		500		497	2.30%, 03/11/2019			150		151
1.38%, 02/12/2020		250		249	3.00%, 02/15/2022			760		767
1.63%, 10/02/2018		750		752	3.20%, 03/01/2022			230		234
2.38%, 09/23/2021		15		15	3.80%, 03/15/2022			530		552
Asian Development Bank					3.90%, 03/11/2024			500		516
1.50%, 09/28/2018		750		752	3.95%, 01/15/2025			500		511
1.75%, 09/11/2018		1,250		1,257	4.13%, 02/17/2026			500		512
1.75%, 01/10/2020		500		503	4.35%, 06/15/2045			1,500		1,356
2.13%, 11/24/2021		800		806	4.50%, 05/15/2035			500		485
2.13%, 03/19/2025		300		297	4.50%, 03/09/2048			20		19
5.82%, 06/16/2028		39		49	4.55%, 03/09/2049			559		518
Corp Andina de Fomento					5.25%, 03/01/2037			370		388
4.38%, 06/15/2022		559		607	5.35%, 09/01/2040			54		56
Council Of Europe Development Bank					5.88%, 10/01/2019			520		564
1.75%, 11/14/2019		300		302	6.15%, 09/15/2034			400		455
European Bank for Reconstruction &					6.30%, 01/15/2038			500		582
Development					6.50%, 09/01/2037			56		67
1.00%, 09/17/2018		750		746	British Telecommunications PLC
1.88%, 02/23/2022		500		498	9.12%, 12/15/2030(a)			530		810
European Investment Bank					Cisco Systems Inc
1.00%, 06/15/2018		1,000		997	1.65%, 06/15/2018			750		752
1.13%, 08/15/2018		1,000		997	1.85%, 09/20/2021			750		743
1.13%, 08/15/2019		1,840		1,824	2.20%, 02/28/2021			500		504
1.25%, 05/15/2019		1,930		1,921	2.45%, 06/15/2020			460		469
1.25%, 12/16/2019		500		496	2.50%, 09/20/2026			750		724
1.38%, 06/15/2020		330		327	2.95%, 02/28/2026			300		302
					5.90%, 02/15/2039			430		559

See accompanying notes.

16

Schedule of Investments
Bond Market Index Fund
May 31, 2017 (unaudited)
		Principal						Principal
BONDS (continued)		Amount (000's)       Value (000's)			BONDS (continued)		Amount (000's)		Value(000			's)
Telecommunications (continued)					Transportation (continued)
Deutsche Telekom International Finance BV					Norfolk Southern Corp (continued)
8.75%, 06/15/2030(a)	$	530	$	790	3.85%, 01/15/2024		$	200		$	212
Juniper Networks Inc					4.80%, 08/15/2043			300			333
4.35%, 06/15/2025		200		210	4.84%, 10/01/2041			30			34
Motorola Solutions Inc					Ryder System Inc
3.50%, 09/01/2021		275		284	2.55%, 06/01/2019			500			506
Orange SA					Union Pacific Corp
4.13%, 09/14/2021		30		32	2.25%, 06/19/2020			750			756
5.38%, 01/13/2042		30		35	2.75%, 03/01/2026			500			497
9.00%, 03/01/2031(a)		500		762	3.80%, 10/01/2051			280			271
Qwest Corp					4.16%, 07/15/2022			500			544
6.88%, 09/15/2033		17		17	United Parcel Service Inc
Rogers Communications Inc					3.13%, 01/15/2021			530			553
5.00%, 03/15/2044		500		558	3.63%, 10/01/2042			500			491
6.80%, 08/15/2018		30		32	4.88%, 11/15/2040			30			35
7.50%, 08/15/2038		500		681	5.13%, 04/01/2019			325			345
Telefonica Emisiones SAU									$		12,587
5.13%, 04/27/2020		100		108	Water- 0.00	%
7.05%, 06/20/2036		530		684	American Water Capital Corp
Telefonica Europe BV					6.59%, 10/15/2037			13			18
8.25%, 09/15/2030		350		493
Verizon Communications Inc					TOTAL BONDS				$		657,391
2.55%, 06/17/2019		750		762				Principal
2.63%, 08/15/2026		500		465	MUNICIPAL BONDS - 0.73%		Amount (000's)		Value(000			's)
2.95%, 03/15/2022(c)		358		363
					California - 0.22%
3.13%, 03/16/2022		255		261	Bay Area Toll Authority
3.45%, 03/15/2021		500		521	6.26%, 04/01/2049		$	325	$		460
3.50%, 11/01/2024		1,000		1,014	6.91%, 10/01/2050			250			369
4.15%, 03/15/2024		100		106	East Bay Municipal Utility District Water
4.27%, 01/15/2036		1,000		957	System Revenue
4.50%, 09/15/2020		1,000		1,072	5.87%, 06/01/2040			20			26
4.67%, 03/15/2055		880		822	Los Angeles Department of Water & Power
4.86%, 08/21/2046		1,250		1,242	Power System Revenue
5.01%, 08/21/2054		607		594	6.57%, 07/01/2045			250			359
5.05%, 03/15/2034		550		578	Los Angeles Unified School District/CA
Vodafone Group PLC					5.76%, 07/01/2029			530			653
4.63%, 07/15/2018		560		577	Regents of the University of California
6.15%, 02/27/2037		240		287	Medical Center Pooled Revenue
		$		27,849	6.55%, 05/15/2048			20			27
Toys, Games & Hobbies - 0.03%					State of California
Mattel Inc					7.30%, 10/01/2039			750			1,081
2.35%, 05/06/2019		30		30	7.70%, 11/01/2030			500			588
2.35%, 08/15/2021		600		593	University of California
		$		623	5.77%, 05/15/2043			530			674
Transportation - 0.65%									$		4,237
Burlington Northern Santa Fe LLC					Colorado - 0.02%
3.65%, 09/01/2025		500		530	Regional Transportation District
4.15%, 04/01/2045		200		208	5.84%, 11/01/2050			250			333
4.40%, 03/15/2042		30		32
4.55%, 09/01/2044		400		439	Connecticut - 0.05%
5.40%, 06/01/2041		400		483	State of Connecticut
Canadian National Railway Co					5.85%, 03/15/2032			830			991
2.85%, 12/15/2021		500		513
5.55%, 03/01/2019		39		42	Florida - 0.03%
Canadian Pacific Railway Co					State Board of Administration Finance Corp
2.90%, 02/01/2025		500		498	2.11%, 07/01/2018			30			30
4.45%, 03/15/2023		30		33	3.00%, 07/01/2020			500			513
6.13%, 09/15/2115		350		434					$		543
CSX Corp					Georgia - 0.03%
2.60%, 11/01/2026		350		338	Municipal Electric Authority of Georgia
3.40%, 08/01/2024		600		621	6.64%, 04/01/2057			540			649
4.75%, 05/30/2042		430		472
FedEx Corp					Illinois - 0.04%
3.20%, 02/01/2025		1,000		1,012	Chicago Transit Authority
3.25%, 04/01/2026		713		721	6.20%, 12/01/2040			30			36
3.88%, 08/01/2042		30		28	City of Chicago IL
4.00%, 01/15/2024		500		538	6.31%, 01/01/2044			30			27
4.55%, 04/01/2046		500		513	State of Illinois
Norfolk Southern Corp					4.95%, 06/01/2023			85			86
3.00%, 04/01/2022		500		513	5.10%, 06/01/2033			700			631
3.25%, 12/01/2021		40		42					$		780

See accompanying notes.

17

Schedule of Investments
Bond Market Index Fund
May 31, 2017 (unaudited)
				Principal			U.S. GOVERNMENT & GOVERNMENT	Principal
	MUNICIPAL BONDS (continued)			Amount (000's)	Value (000's)		AGENCY OBLIGATIONS (continued)	Amount (000's)		Value (000's)
	New Jersey - 0.10%						Federal Home Loan Mortgage Corporation (FHLMC) (continued)
	New Jersey Economic Development						2.50%, 01/01/2046	$	168	$	164
	Authority (credit support from AGM)						2.50%, 11/01/2046		147		143
	0.00%, 02/15/2023(b),(d)		$	50	$	40	3.00%, 04/01/2021		117		121
	New Jersey Economic Development						3.00%, 09/01/2021		6		6
	Authority (credit support from NATL)						3.00%, 10/01/2021		287		297
	7.43%, 02/15/2029(d)			750		923	3.00%, 12/01/2021		168		174
	New Jersey Transportation Trust Fund						3.00%, 02/01/2027		178		184
	Authority						3.00%, 02/01/2027		415		429
	6.56%, 12/15/2040			146		166	3.00%, 05/01/2027		52		54
	New Jersey Turnpike Authority (credit						3.00%, 06/01/2027		154		159
	support from NEW JERSEY ST TPK AUTH						3.00%, 07/01/2028		66		68
	TPK REV)						3.00%, 11/01/2028		550		568
	7.41%, 01/01/2040(d)			500		736	3.00%, 04/01/2029		508		525
					$	1,865	3.00%, 07/01/2029		98		102
	New York - 0.10%						3.00%, 09/01/2029		476		492
	City of New York NY						3.00%, 10/01/2029		354		366
	6.27%, 12/01/2037			500		663	3.00%, 10/01/2029		690		713
	New York City Water & Sewer System						3.00%, 11/01/2029		305		315
	5.72%, 06/15/2042			280		368	3.00%, 11/01/2029		175		181
	5.95%, 06/15/2042			250		336	3.00%, 12/01/2029		96		99
	Port Authority of New York & New Jersey						3.00%, 01/01/2030		269		277
	4.46%, 10/01/2062			500		537	3.00%, 03/01/2030		43		44
					$	1,904	3.00%, 04/01/2030		181		187
	Ohio- 0.06	%					3.00%, 06/01/2030(e)		900		929
	American Municipal Power Inc						3.00%, 11/01/2030		410		424
	7.83%, 02/15/2041			500		733	3.00%, 11/01/2030		238		246
	Ohio State University/The						3.00%, 01/01/2031		844		872
	3.80%, 12/01/2046			350		348	3.00%, 02/01/2031		61		63
	4.91%, 06/01/2040			50		60	3.00%, 03/01/2031		89		92
					$	1,141	3.00%, 03/01/2031		166		171
	Texas- 0.06	%					3.00%, 04/01/2031		679		702
	City of Houston TX						3.00%, 05/01/2032		656		671
	6.29%, 03/01/2032			490		584	3.00%, 07/01/2032(e)		100		103
	Dallas Area Rapid Transit						3.00%, 04/01/2033		87		89
	5.02%, 12/01/2048			30		35	3.00%, 09/01/2034		451		464
	State of Texas						3.00%, 10/01/2034		304		312
	5.52%, 04/01/2039			500		646	3.00%, 12/01/2034		99		102
					$	1,265	3.00%, 04/01/2035		260		267
	Wisconsin - 0.02%						3.00%, 05/01/2035		78		81
	State of Wisconsin (credit support from						3.00%, 06/01/2035		356		366
	AGM)						3.00%, 04/01/2036		172		177
	5.70%, 05/01/2026(d)			350		409	3.00%, 04/01/2036		264		272
							3.00%, 09/01/2036		141		144
	TOTAL MUNICIPAL BONDS				$	14,117	3.00%, 09/01/2036		288		295
	U.S. GOVERNMENT & GOVERNMENT			Principal			3.00%, 11/01/2036		97		100
	AGENCY OBLIGATIONS - 64.89%			Amount (000's)	Value (000's)		3.00%, 02/01/2037		299		306
	Federal Home Loan Mortgage Corporation (FHLMC) - 7.77%						3.00%, 09/01/2042		1,989		2,010
	2.00%, 03/01/2028		$	70	$	69	3.00%, 10/01/2042		473		478
	2.00%, 08/01/2028			412		408	3.00%, 11/01/2042		845		854
	2.00%, 01/01/2030			90		89	3.00%, 01/01/2043		144		145
	2.00%, 06/01/2031(e)			75		74	3.00%, 01/01/2043		146		147
	2.00%, 09/01/2031			329		324	3.00%, 02/01/2043		821		830
	2.00%, 12/01/2031			289		285	3.00%, 04/01/2043		1,318		1,333
	2.50%, 03/01/2027			143		145	3.00%, 07/01/2043		171		173
	2.50%, 08/01/2027			103		105	3.00%, 08/01/2043		1,320		1,333
	2.50%, 08/01/2028			260		265	3.00%, 08/01/2043		1,070		1,082
	2.50%, 09/01/2029			615		624	3.00%, 09/01/2043		225		227
	2.50%, 12/01/2029			773		782	3.00%, 10/01/2043		169		170
	2.50%, 01/01/2030			804		814	3.00%, 12/01/2044		617		621
	2.50%, 06/01/2030(e)			3,400		3,437	3.00%, 01/01/2045		32		32
	2.50%, 09/01/2030			1,774		1,795	3.00%, 01/01/2045		181		182
	2.50%, 01/01/2031			638		645	3.00%, 03/01/2045		377		379
	2.50%, 01/01/2031			658		665	3.00%, 04/01/2045		255		256
	2.50%, 02/01/2031			647		655	3.00%, 04/01/2045		1,130		1,136
							3.00%, 06/01/2045		740		744
	2.50%, 04/01/2031			215		217	3.00%, 06/01/2045(e)		7,600		7,638
	2.50%, 12/01/2031			959		971
	2.50%, 01/01/2032			984		996	3.00%, 08/01/2045		1,169		1,175
	2.50%, 01/01/2032			193		196	3.00%, 08/01/2045		49		49
	2.50%, 03/01/2032			296		299	3.00%, 12/01/2045		1,367		1,374
	2.50%, 11/01/2036			195		194	3.00%, 01/01/2046		131		131
	2.50%, 01/01/2043			172		168	3.00%, 03/01/2046		831		836
	2.50%, 07/01/2043			82		79	3.00%, 04/01/2046		1,073		1,078
							3.00%, 04/01/2046		924		929

See accompanying notes.

18

Schedule of Investments
Bond Market Index Fund
May 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 Home Loan Mortgage Corporation (FHLMC) (continued)
3.00%, 06/01/2046	$	1,218	$	1,225		3.50%, 08/01/2046	$	496	$	513
3.00%, 07/01/2046		475		478		3.50%, 09/01/2046		497		513
3.00%, 09/01/2046		1,247		1,254		3.50%, 09/01/2046		199		205
3.00%, 10/01/2046		131		132		3.50%, 06/01/2047(e)		12,350		12,759
3.00%, 11/01/2046		1,270		1,277		3.50%, 07/01/2047(e)		450		464
3.00%, 11/01/2046		491		494		4.00%, 06/01/2018		52		54
3.00%, 11/01/2046		1,366		1,373		4.00%, 07/01/2020		184		191
3.00%, 12/01/2046		1,272		1,279		4.00%, 07/01/2024		18		19
3.00%, 12/01/2046		1,276		1,283		4.00%, 12/01/2024		272		286
3.00%, 01/01/2047		705		709		4.00%, 08/01/2025		25		27
3.00%, 01/01/2047		779		784		4.00%, 10/01/2025		19		20
3.00%, 02/01/2047		492		495		4.00%, 03/01/2026		5		6
3.00%, 03/01/2047		380		382		4.00%, 12/01/2030		41		44
3.50%, 01/01/2021		148		155		4.00%, 11/01/2033		276		295
3.50%, 01/01/2021		56		58		4.00%, 07/01/2034		186		198
3.50%, 03/01/2021		36		38		4.00%, 07/01/2039		77		83
3.50%, 03/01/2021		354		371		4.00%, 12/01/2040		87		92
3.50%, 07/01/2024		35		37		4.00%, 12/01/2040		378		401
3.50%, 10/01/2025		37		38		4.00%, 12/01/2040		73		78
3.50%, 11/01/2025		12		13		4.00%, 10/01/2041		97		102
3.50%, 11/01/2025		6		6		4.00%, 12/01/2041		61		65
3.50%, 12/01/2025		91		96		4.00%, 01/01/2042		16		17
3.50%, 02/01/2026		167		175		4.00%, 01/01/2044		23		24
3.50%, 02/01/2026		40		42		4.00%, 02/01/2044		352		374
3.50%, 04/01/2026		152		160		4.00%, 02/01/2044		19		20
3.50%, 06/01/2026		20		21		4.00%, 03/01/2044		111		117
3.50%, 08/01/2026		18		19		4.00%, 04/01/2044		516		545
3.50%, 12/01/2028		88		92		4.00%, 05/01/2044		218		231
3.50%, 02/01/2029		76		79		4.00%, 06/01/2044		369		390
3.50%, 06/01/2029		489		514		4.00%, 07/01/2044		645		682
3.50%, 09/01/2029		21		22		4.00%, 07/01/2044		826		873
3.50%, 02/01/2030		359		377		4.00%, 07/01/2044		66		70
3.50%, 06/01/2030(e)		75		79		4.00%, 07/01/2044		263		278
3.50%, 09/01/2030		76		80		4.00%, 08/01/2044		15		16
3.50%, 12/01/2031		426		448		4.00%, 09/01/2044		231		244
3.50%, 04/01/2032		83		87		4.00%, 11/01/2044		599		633
3.50%, 05/01/2034		459		482		4.00%, 11/01/2044		38		40
3.50%, 05/01/2034		164		172		4.00%, 12/01/2044		2,835		2,995
3.50%, 11/01/2034		188		197		4.00%, 12/01/2044		525		555
3.50%, 01/01/2035		385		404		4.00%, 01/01/2045		702		742
3.50%, 06/01/2035		315		330		4.00%, 02/01/2045		29		31
3.50%, 11/01/2041		50		51		4.00%, 04/01/2045		114		121
3.50%, 01/01/2042		45		47		4.00%, 05/01/2045		377		398
3.50%, 04/01/2042		57		59		4.00%, 07/01/2045		498		526
3.50%, 06/01/2042		16		16		4.00%, 07/01/2045		405		428
3.50%, 06/01/2042		257		266		4.00%, 08/01/2045		991		1,047
3.50%, 06/01/2042		51		53		4.00%, 09/01/2045		2,491		2,632
3.50%, 07/01/2042		2,635		2,734		4.00%, 10/01/2045		157		166
3.50%, 08/01/2042		44		45		4.00%, 10/01/2045		1,401		1,481
3.50%, 10/01/2042		1,350		1,400		4.00%, 11/01/2045		798		843
3.50%, 08/01/2043		480		498		4.00%, 11/01/2045		159		168
3.50%, 01/01/2044		646		671		4.00%, 12/01/2045		171		180
3.50%, 08/01/2044		29		30		4.00%, 02/01/2046		277		293
3.50%, 01/01/2045		882		912		4.00%, 05/01/2046		310		328
3.50%, 02/01/2045		357		369		4.00%, 06/01/2046		72		76
3.50%, 02/01/2045		260		268		4.00%, 06/01/2047(e)		3,125		3,301
3.50%, 03/01/2045		595		616		4.00%, 07/01/2047(e)		925		975
3.50%, 03/01/2045		1,243		1,285		4.50%, 09/01/2018		33		33
3.50%, 06/01/2045		657		679		4.50%, 01/01/2019		119		122
3.50%, 07/01/2045		647		669		4.50%, 05/01/2019		113		116
3.50%, 08/01/2045		429		443		4.50%, 12/01/2019		90		92
3.50%, 09/01/2045		618		639		4.50%, 01/01/2024		12		13
3.50%, 10/01/2045		78		80		4.50%, 08/01/2025		32		34
3.50%, 12/01/2045		1,645		1,700		4.50%, 10/01/2030		190		205
3.50%, 01/01/2046		1,477		1,527		4.50%, 05/01/2031		21		23
3.50%, 03/01/2046		3,217		3,325		4.50%, 02/01/2039		23		25
3.50%, 03/01/2046		354		366		4.50%, 04/01/2039		27		29
3.50%, 03/01/2046		1,008		1,042		4.50%, 09/01/2039		36		39
3.50%, 04/01/2046		1,639		1,695		4.50%, 10/01/2039		556		602
3.50%, 04/01/2046		765		792		4.50%, 10/01/2039		33		37
3.50%, 05/01/2046		1,027		1,061		4.50%, 11/01/2039		39		43
3.50%, 06/01/2046		911		942		4.50%, 02/01/2040		40		44

See accompanying notes.

19

Schedule of Investments
Bond Market Index Fund
May 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 Home Loan Mortgage Corporation (FHLMC) (continued)
4.50%, 02/01/2040	$	29	$	32	5.00%, 12/01/2041	$	261	$	289
4.50%, 02/01/2040		11		12	5.00%, 02/01/2042		963		1,061
4.50%, 05/01/2040		20		21	5.00%, 10/01/2043		74		82
4.50%, 05/01/2040		7		8	5.00%, 04/01/2044		271		299
4.50%, 07/01/2040		31		34	5.50%, 01/01/2018		1		1
4.50%, 08/01/2040		23		25	5.50%, 06/01/2034		124		139
4.50%, 08/01/2040		37		40	5.50%, 07/01/2036		37		42
4.50%, 08/01/2040		25		27	5.50%, 01/01/2037		102		113
4.50%, 09/01/2040		31		34	5.50%, 09/01/2037		17		19
4.50%, 01/01/2041		12		13	5.50%, 11/01/2037		20		22
4.50%, 02/01/2041		433		468	5.50%, 04/01/2038		11		12
4.50%, 03/01/2041		559		605	5.50%, 07/01/2038		187		210
4.50%, 05/01/2041		27		30	5.50%, 07/01/2038		184		205
4.50%, 06/01/2041		17		19	5.50%, 07/01/2038		10		11
4.50%, 06/01/2041		703		760	5.50%, 07/01/2038		233		258
4.50%, 08/01/2041		8		8	5.50%, 09/01/2038		19		21
4.50%, 08/01/2041		49		53	5.50%, 12/01/2038		1		1
4.50%, 03/01/2042		24		26	5.50%, 12/01/2038		368		409
4.50%, 09/01/2043		218		236	5.50%, 10/01/2039		434		482
4.50%, 10/01/2043		12		13	5.50%, 11/01/2039		74		82
4.50%, 11/01/2043		246		266	5.50%, 01/01/2040		18		20
4.50%, 11/01/2043		468		505	5.50%, 03/01/2040		11		12
4.50%, 12/01/2043		463		500	5.50%, 06/01/2040		26		29
4.50%, 02/01/2044		243		262	5.50%, 06/01/2041		261		290
4.50%, 03/01/2044		788		850	6.00%, 04/01/2023		2		2
4.50%, 04/01/2044		359		387	6.00%, 12/01/2037		20		23
4.50%, 06/01/2044		50		54	6.00%, 04/01/2038		532		604
4.50%, 08/01/2044		134		145	6.00%, 05/01/2038		55		64
4.50%, 09/01/2044		99		107	6.00%, 07/01/2038		31		35
4.50%, 09/01/2044		57		62	6.00%, 10/01/2038		2		2
4.50%, 09/01/2044		523		564	6.00%, 11/01/2038		207		236
4.50%, 11/01/2044		566		610	6.00%, 01/01/2039		69		78
4.50%, 01/01/2045		83		89	6.50%, 09/01/2039		39		44
4.50%, 09/01/2045		879		948				$	150,795
4.50%, 06/01/2047(e)		325		350	Federal National Mortgage Association (FNMA) - 12.32%
5.00%, 04/01/2021		18		18	2.00%, 11/01/2028		69		69
5.00%, 04/01/2025		304		333	2.00%, 09/01/2029		599		593
5.00%, 09/01/2025		66		73	2.00%, 01/01/2030		38		37
5.00%, 01/01/2026		14		15	2.00%, 01/01/2030		85		84
5.00%, 03/01/2026		8		9	2.00%, 05/01/2030		250		246
5.00%, 07/01/2026		2		3	2.00%, 06/01/2030(e)		675		664
5.00%, 02/01/2027		32		35	2.00%, 12/01/2031		384		378
5.00%, 02/01/2028		1		1	2.50%, 01/01/2028		238		242
5.00%, 02/01/2028		472		517	2.50%, 07/01/2028		227		231
5.00%, 03/01/2028		93		102	2.50%, 07/01/2028		608		619
5.00%, 03/01/2030		6		6	2.50%, 08/01/2028		22		22
5.00%, 08/01/2030		50		56	2.50%, 11/01/2028		777		791
5.00%, 09/01/2033		233		256	2.50%, 09/01/2029		490		497
5.00%, 09/01/2033		11		12	2.50%, 11/01/2029		62		63
5.00%, 08/01/2035		12		13	2.50%, 12/01/2029		727		737
5.00%, 10/01/2035		1		2	2.50%, 02/01/2030		138		140
5.00%, 11/01/2035		150		165	2.50%, 03/01/2030		518		525
5.00%, 08/01/2036		22		24	2.50%, 03/01/2030		45		45
5.00%, 10/01/2036		181		199	2.50%, 05/01/2030		545		553
5.00%, 11/01/2036		17		19	2.50%, 06/01/2030(e)		4,000		4,041
5.00%, 12/01/2036		414		456	2.50%, 07/01/2030		167		169
5.00%, 06/01/2037		13		15	2.50%, 08/01/2030		568		576
5.00%, 12/01/2038		86		94	2.50%, 08/01/2030		675		685
5.00%, 01/01/2039		21		23	2.50%, 12/01/2030		723		731
5.00%, 01/01/2039		20		22	2.50%, 01/01/2031		41		41
5.00%, 08/01/2039		877		966	2.50%, 03/01/2031		144		145
5.00%, 09/01/2039		19		22	2.50%, 03/01/2031		839		848
5.00%, 11/01/2039		534		585	2.50%, 03/01/2031		677		684
5.00%, 01/01/2040		42		47	2.50%, 05/01/2031		328		331
5.00%, 07/01/2040		99		109	2.50%, 05/01/2031		185		187
5.00%, 08/01/2040		38		42	2.50%, 07/01/2031		717		725
5.00%, 09/01/2040		11		12	2.50%, 11/01/2031		984		995
5.00%, 02/01/2041		127		139	2.50%, 11/01/2031		480		485
5.00%, 03/01/2041		578		634	2.50%, 12/01/2031		193		195
5.00%, 04/01/2041		67		73	2.50%, 12/01/2031		165		167
5.00%, 09/01/2041		27		30	2.50%, 12/01/2031		517		523
					2.50%, 01/01/2032		290		294
					2.50%, 01/01/2032		480		485

See accompanying notes.

20

Schedule of Investments
Bond Market Index Fund
May 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)						Federal National Mortgage Association (FNMA) (continued)
2.50%, 03/01/2032	$	295	$	299		3.00%, 04/01/2043	$	23	$	24
2.50%, 07/01/2033		26		26		3.00%, 04/01/2043		228		231
2.50%, 10/01/2036		96		96		3.00%, 04/01/2043		835		845
2.50%, 10/01/2036		288		286		3.00%, 04/01/2043		857		866
2.50%, 12/01/2036		245		243		3.00%, 04/01/2043		1,038		1,049
2.50%, 12/01/2042		73		71		3.00%, 05/01/2043		889		899
2.50%, 01/01/2043		163		159		3.00%, 05/01/2043		216		218
2.50%, 02/01/2043		58		57		3.00%, 05/01/2043		1,401		1,416
2.50%, 05/01/2043		245		239		3.00%, 05/01/2043		65		66
2.50%, 07/01/2043		189		184		3.00%, 05/01/2043		1,563		1,580
2.50%, 10/01/2043		180		175		3.00%, 05/01/2043		1,307		1,322
2.50%, 05/01/2046		86		83		3.00%, 06/01/2043		246		248
2.50%, 12/01/2046		296		287		3.00%, 06/01/2043		735		743
2.50%, 01/01/2047		75		72		3.00%, 06/01/2043		1,022		1,034
2.69%, 01/01/2045(a)		31		32		3.00%, 07/01/2043		1,253		1,266
3.00%, 12/01/2020		6		7		3.00%, 07/01/2043		210		212
3.00%, 09/01/2022		151		156		3.00%, 07/01/2043		904		913
3.00%, 11/01/2025		111		115		3.00%, 07/01/2043		109		110
3.00%, 01/01/2026		121		125		3.00%, 07/01/2043		1,062		1,073
3.00%, 11/01/2026		87		90		3.00%, 08/01/2043		75		76
3.00%, 02/01/2027		65		68		3.00%, 08/01/2043		143		145
3.00%, 03/01/2027		139		144		3.00%, 10/01/2043		548		554
3.00%, 04/01/2027		229		237		3.00%, 10/01/2043		1,001		1,012
3.00%, 07/01/2027		75		77		3.00%, 11/01/2043		233		236
3.00%, 10/01/2027		191		198		3.00%, 11/01/2044		736		741
3.00%, 01/01/2029		179		185		3.00%, 01/01/2045		3,216		3,241
3.00%, 02/01/2029		145		150		3.00%, 01/01/2045		449		452
3.00%, 03/01/2029		15		16		3.00%, 01/01/2045		61		62
3.00%, 04/01/2029		609		628		3.00%, 01/01/2045		260		262
3.00%, 11/01/2029		120		123		3.00%, 01/01/2045		1,360		1,375
3.00%, 11/01/2029		79		82		3.00%, 04/01/2045		33		33
3.00%, 12/01/2029		157		162		3.00%, 04/01/2045		124		125
3.00%, 12/01/2029		381		394		3.00%, 06/01/2045(e)		1,250		1,257
3.00%, 01/01/2030		934		964		3.00%, 08/01/2045		758		763
3.00%, 01/01/2030		171		177		3.00%, 12/01/2045		551		554
3.00%, 01/01/2030		803		829		3.00%, 12/01/2045		441		444
3.00%, 06/01/2030(e)		1,900		1,960		3.00%, 01/01/2046		336		338
3.00%, 06/01/2030		589		608		3.00%, 01/01/2046		811		816
3.00%, 07/01/2030		918		948		3.00%, 02/01/2046		24		25
3.00%, 09/01/2030		193		200		3.00%, 02/01/2046		43		43
3.00%, 10/01/2030		883		912		3.00%, 03/01/2046		388		390
3.00%, 10/01/2030		83		86		3.00%, 04/01/2046		117		117
3.00%, 11/01/2030		22		23		3.00%, 04/01/2046		1,013		1,019
3.00%, 11/01/2030		760		784		3.00%, 04/01/2046		1,925		1,937
3.00%, 12/01/2030		143		148		3.00%, 04/01/2046		22		22
3.00%, 12/01/2030		138		143		3.00%, 05/01/2046		279		281
3.00%, 12/01/2030		535		552		3.00%, 05/01/2046		364		366
3.00%, 02/01/2031		626		647		3.00%, 05/01/2046		415		418
3.00%, 03/01/2031		442		456		3.00%, 05/01/2046		821		826
3.00%, 04/01/2031		181		186		3.00%, 08/01/2046		315		316
3.00%, 09/01/2031		914		944		3.00%, 09/01/2046		1,249		1,256
3.00%, 01/01/2033		84		87		3.00%, 09/01/2046		1,251		1,258
3.00%, 04/01/2033		83		86		3.00%, 10/01/2046		1,266		1,274
3.00%, 09/01/2034		645		662		3.00%, 11/01/2046		707		711
3.00%, 11/01/2034		485		498		3.00%, 11/01/2046		1,172		1,179
3.00%, 12/01/2034		236		242		3.00%, 11/01/2046		1,387		1,396
3.00%, 02/01/2035		187		193		3.00%, 11/01/2046		1,148		1,156
3.00%, 02/01/2035		343		352		3.00%, 11/01/2046		1,216		1,223
3.00%, 05/01/2035		982		1,008		3.00%, 12/01/2046		1,174		1,181
3.00%, 06/01/2035		557		572		3.00%, 12/01/2046		124		125
3.00%, 11/01/2035		238		245		3.00%, 12/01/2046		500		503
3.00%, 02/01/2036		251		258		3.00%, 12/01/2046		1,169		1,176
3.00%, 07/01/2036		398		408		3.00%, 12/01/2046		496		499
3.00%, 12/01/2036		463		473		3.00%, 12/01/2046		1,178		1,185
3.00%, 12/01/2036		268		274		3.00%, 01/01/2047		1,279		1,286
3.00%, 12/01/2036		414		423		3.00%, 02/01/2047		716		720
3.00%, 02/01/2037		98		101		3.00%, 02/01/2047		987		993
3.00%, 02/01/2037		418		428		3.00%, 04/01/2047		500		503
3.00%, 04/01/2042		224		227		3.44%, 02/01/2041(a)		7		7
3.00%, 11/01/2042		1,007		1,019		3.50%, 09/01/2018		1		1
3.00%, 11/01/2042		830		839		3.50%, 01/01/2020		79		83
3.00%, 12/01/2042		2,044		2,067		3.50%, 05/01/2020		85		89
						3.50%, 05/01/2025		95		99

See accompanying notes.

21

Schedule of Investments
Bond Market Index Fund
May 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)						Federal National Mortgage Association (FNMA) (continued)
3.50%, 10/01/2025	$	37	$	39		3.50%, 07/01/2045(e)	$	400	$		412
3.50%, 11/01/2025		46		48		3.50%, 08/01/2045		607			627
3.50%, 12/01/2025		223		233		3.50%, 08/01/2045		603			623
3.50%, 01/01/2026		31		33		3.50%, 09/01/2045		463			478
3.50%, 01/01/2026		663		695		3.50%, 10/01/2045		324			335
3.50%, 01/01/2026		138		144		3.50%, 10/01/2045		351			363
3.50%, 05/01/2026		204		214		3.50%, 10/01/2045		36			37
3.50%, 08/01/2026		39		41		3.50%, 11/01/2045		328			339
3.50%, 09/01/2026		372		390		3.50%, 11/01/2045		723			747
3.50%, 10/01/2026		489		512		3.50%, 11/01/2045		779			805
3.50%, 10/01/2026		550		577		3.50%, 11/01/2045		703			726
3.50%, 12/01/2026		365		383		3.50%, 12/01/2045		55			57
3.50%, 06/01/2027		409		429		3.50%, 12/01/2045		295			305
3.50%, 03/01/2029		162		170		3.50%, 12/01/2045		876			906
3.50%, 09/01/2029		358		375		3.50%, 12/01/2045		830			858
3.50%, 10/01/2029		601		630		3.50%, 12/01/2045		474			490
3.50%, 11/01/2029		13		13		3.50%, 12/01/2045		940			971
3.50%, 04/01/2030		35		36		3.50%, 12/01/2045		1,008			1,042
3.50%, 11/01/2030		170		179		3.50%, 01/01/2046		267			276
3.50%, 04/01/2032		41		43		3.50%, 01/01/2046		932			964
3.50%, 06/01/2032(e)		475		497		3.50%, 01/01/2046		931			962
3.50%, 07/01/2032		34		35		3.50%, 01/01/2046		990			1,023
3.50%, 09/01/2032		38		40		3.50%, 02/01/2046		376			389
3.50%, 10/01/2033		21		22		3.50%, 03/01/2046		86			89
3.50%, 05/01/2034		131		137		3.50%, 03/01/2046		1,180			1,220
3.50%, 06/01/2034		90		95		3.50%, 03/01/2046		887			917
3.50%, 07/01/2034		583		610		3.50%, 03/01/2046		814			841
3.50%, 09/01/2034		440		460		3.50%, 03/01/2046		790			816
3.50%, 10/01/2034		145		151		3.50%, 03/01/2046		275			284
3.50%, 12/01/2035		801		837		3.50%, 04/01/2046		744			769
3.50%, 02/01/2036		166		174		3.50%, 04/01/2046		1,133			1,171
3.50%, 07/01/2036		251		263		3.50%, 04/01/2046		717			741
3.50%, 08/01/2036		272		284		3.50%, 05/01/2046		193			199
3.50%, 02/01/2037		123		128		3.50%, 05/01/2046		444			459
3.50%, 03/01/2041		63		65		3.50%, 06/01/2046		225			233
3.50%, 06/01/2041		69		71		3.50%, 07/01/2046		971			1,004
3.50%, 10/01/2041		45		47		3.50%, 07/01/2046		99			102
3.50%, 12/01/2041		61		63		3.50%, 06/01/2047(e)		16,375			16,914
3.50%, 02/01/2042		607		630		4.00%, 07/01/2019		119			123
3.50%, 03/01/2042		142		147		4.00%, 05/01/2020		101			105
3.50%, 04/01/2042		171		177		4.00%, 05/01/2020		90			93
3.50%, 05/01/2042		934		969		4.00%, 12/01/2020		42			43
3.50%, 05/01/2042		119		123		4.00%, 03/01/2022		230			239
3.50%, 06/01/2042		838		870		4.00%, 03/01/2022		137			142
3.50%, 07/01/2042		149		154		4.00%, 09/01/2025		32			34
3.50%, 08/01/2042		102		105		4.00%, 03/01/2026		46			48
3.50%, 09/01/2042		93		97		4.00%, 09/01/2026		37			39
3.50%, 10/01/2042		128		132		4.00%, 04/01/2029		17			18
3.50%, 10/01/2042		1,129		1,170		4.00%, 12/01/2030		22			23
3.50%, 04/01/2043		1,075		1,113		4.00%, 11/01/2031		28			30
3.50%, 05/01/2043		1,202		1,245		4.00%, 11/01/2033		467			498
3.50%, 05/01/2043		720		746		4.00%, 10/01/2034		323			344
3.50%, 06/01/2043		197		204		4.00%, 02/01/2036		428			457
3.50%, 08/01/2043		876		907		4.00%, 01/01/2037		143			152
3.50%, 09/01/2043		2,052		2,125		4.00%, 03/01/2039		23			25
3.50%, 11/01/2043		354		366		4.00%, 08/01/2039		90			95
3.50%, 01/01/2044		276		286		4.00%, 09/01/2040		176			187
3.50%, 02/01/2044		26		27		4.00%, 10/01/2040		62			66
3.50%, 10/01/2044		541		560		4.00%, 12/01/2040		42			45
3.50%, 11/01/2044		590		609		4.00%, 12/01/2040		47			50
3.50%, 12/01/2044		761		787		4.00%, 01/01/2041		24			25
3.50%, 12/01/2044		815		842		4.00%, 01/01/2041		164			174
3.50%, 01/01/2045		893		923		4.00%, 02/01/2041		146			155
3.50%, 02/01/2045		1,009		1,042		4.00%, 02/01/2041		120			128
3.50%, 02/01/2045		167		172		4.00%, 02/01/2041		62			65
3.50%, 02/01/2045		126		130		4.00%, 03/01/2041		74			78
3.50%, 02/01/2045		694		717		4.00%, 07/01/2041(e)		1,275			1,344
3.50%, 04/01/2045		726		753		4.00%, 09/01/2041		57			60
3.50%, 04/01/2045		615		635		4.00%, 12/01/2041		308			327
3.50%, 05/01/2045		58		60		4.00%, 12/01/2041		196			208
3.50%, 06/01/2045		23		24		4.00%, 12/01/2041		97			102
3.50%, 07/01/2045		923		954		4.00%, 05/01/2042		56			59
						4.00%, 06/01/2042		220			233

See accompanying notes.

22

Schedule of Investments
Bond Market Index Fund
May 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)						Federal National Mortgage Association (FNMA) (continued)
4.00%, 06/01/2042	$	470	$	498		4.50%, 02/01/2039	$	37	$	40
4.00%, 12/01/2042		486		515		4.50%, 04/01/2039		27		29
4.00%, 06/01/2043		622		659		4.50%, 04/01/2039		245		265
4.00%, 09/01/2043		842		891		4.50%, 04/01/2039		63		68
4.00%, 11/01/2043		665		703		4.50%, 06/01/2039		28		30
4.00%, 11/01/2043		731		773		4.50%, 06/01/2039		4		4
4.00%, 12/01/2043		27		28		4.50%, 08/01/2039		43		47
4.00%, 05/01/2044		232		245		4.50%, 10/01/2039		27		29
4.00%, 08/01/2044		281		297		4.50%, 12/01/2039		63		69
4.00%, 08/01/2044		41		43		4.50%, 02/01/2040		62		68
4.00%, 08/01/2044		216		228		4.50%, 05/01/2040		44		48
4.00%, 08/01/2044		668		706		4.50%, 09/01/2040		460		498
4.00%, 09/01/2044		83		88		4.50%, 10/01/2040		59		64
4.00%, 09/01/2044		276		292		4.50%, 02/01/2041		57		62
4.00%, 09/01/2044		319		338		4.50%, 03/01/2041		58		63
4.00%, 10/01/2044		173		183		4.50%, 04/01/2041		102		110
4.00%, 10/01/2044		126		133		4.50%, 05/01/2041		538		582
4.00%, 10/01/2044		37		39		4.50%, 07/01/2041		7		8
4.00%, 10/01/2044		177		187		4.50%, 07/01/2041		46		50
4.00%, 11/01/2044		214		226		4.50%, 07/01/2041(e)		375		404
4.00%, 11/01/2044		160		169		4.50%, 08/01/2041		528		572
4.00%, 11/01/2044		212		224		4.50%, 09/01/2041		627		679
4.00%, 11/01/2044		386		408		4.50%, 09/01/2041		58		63
4.00%, 11/01/2044		88		92		4.50%, 11/01/2041		46		50
4.00%, 11/01/2044		47		50		4.50%, 11/01/2041		44		47
4.00%, 12/01/2044		451		477		4.50%, 01/01/2042		14		15
4.00%, 12/01/2044		119		126		4.50%, 07/01/2042		14		15
4.00%, 12/01/2044		723		764		4.50%, 09/01/2043		438		473
4.00%, 12/01/2044		408		432		4.50%, 10/01/2043		29		31
4.00%, 01/01/2045		695		735		4.50%, 10/01/2043		37		39
4.00%, 01/01/2045		24		26		4.50%, 11/01/2043		525		567
4.00%, 01/01/2045		267		283		4.50%, 11/01/2043		15		17
4.00%, 01/01/2045		620		655		4.50%, 11/01/2043		475		513
4.00%, 02/01/2045		348		367		4.50%, 11/01/2043		264		286
4.00%, 02/01/2045		343		363		4.50%, 12/01/2043		15		16
4.00%, 02/01/2045		641		678		4.50%, 01/01/2044		507		547
4.00%, 03/01/2045		193		204		4.50%, 01/01/2044		454		491
4.00%, 04/01/2045		371		392		4.50%, 02/01/2044		107		115
4.00%, 06/01/2045		91		96		4.50%, 03/01/2044		62		67
4.00%, 08/01/2045		75		80		4.50%, 03/01/2044		323		349
4.00%, 08/01/2045		56		59		4.50%, 04/01/2044		566		611
4.00%, 08/01/2045		245		259		4.50%, 04/01/2044		793		857
4.00%, 09/01/2045		879		930		4.50%, 05/01/2044		473		511
4.00%, 09/01/2045		223		236		4.50%, 05/01/2044		160		173
4.00%, 11/01/2045		179		189		4.50%, 05/01/2044		558		603
4.00%, 11/01/2045		21		22		4.50%, 06/01/2044		20		22
4.00%, 11/01/2045		998		1,054		4.50%, 06/01/2044		130		140
4.00%, 12/01/2045		31		33		4.50%, 06/01/2044		648		699
4.00%, 12/01/2045		27		29		4.50%, 07/01/2044		181		196
4.00%, 12/01/2045		616		651		4.50%, 08/01/2044		22		24
4.00%, 12/01/2045		364		385		4.50%, 08/01/2044		152		164
4.00%, 12/01/2045		87		92		4.50%, 09/01/2044		445		480
4.00%, 12/01/2045		237		251		4.50%, 10/01/2044		562		606
4.00%, 01/01/2046		150		159		4.50%, 11/01/2044		13		14
4.00%, 02/01/2046		167		177		4.50%, 11/01/2044		556		600
4.00%, 02/01/2046		714		755		4.50%, 11/01/2044		75		81
4.00%, 03/01/2046		1,567		1,656		4.50%, 11/01/2044		185		199
4.00%, 03/01/2046		32		34		4.50%, 11/01/2044		100		107
4.00%, 04/01/2046		739		782		4.50%, 04/01/2045		138		149
4.00%, 07/01/2046		334		353		4.50%, 03/01/2046		152		163
4.00%, 06/01/2047(e)		13,600		14,369		4.50%, 04/01/2046		191		206
4.50%, 02/01/2018		5		5		4.50%, 08/01/2046		24		26
4.50%, 05/01/2018		32		33		4.50%, 11/01/2046		599		646
4.50%, 11/01/2018		81		83		4.50%, 06/01/2047(e)		775		836
4.50%, 01/01/2020		131		135		5.00%, 06/01/2018		2		2
4.50%, 02/01/2021		96		99		5.00%, 12/01/2020		20		21
4.50%, 08/01/2023		261		281		5.00%, 05/01/2023		7		8
4.50%, 05/01/2025		34		36		5.00%, 10/01/2024		35		38
4.50%, 06/01/2029		39		42		5.00%, 09/01/2025		112		115
4.50%, 07/01/2029		9		10		5.00%, 12/01/2025		292		321
4.50%, 08/01/2030		22		24		5.00%, 06/01/2028		67		74
4.50%, 01/01/2034		60		65

See accompanying notes.

23

Schedule of Investments
Bond Market Index Fund
May 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)						Federal National Mortgage Association (FNMA) (continued)
5.00%, 03/01/2030	$	5	$	6		6.00%, 04/01/2026	$	56	$	64
5.00%, 05/01/2030		5		5		6.00%, 07/01/2035		87		100
5.00%, 03/01/2034		18		20		6.00%, 10/01/2036		280		317
5.00%, 04/01/2035		19		21		6.00%, 02/01/2037		228		258
5.00%, 06/01/2035		47		52		6.00%, 07/01/2037		3		3
5.00%, 07/01/2035		51		56		6.00%, 11/01/2037		1		2
5.00%, 08/01/2035		1		2		6.00%, 11/01/2037		6		6
5.00%, 02/01/2037		6		7		6.00%, 02/01/2038		1		1
5.00%, 04/01/2037		2		2		6.00%, 04/01/2038		94		106
5.00%, 07/01/2037		39		43		6.00%, 05/01/2038		6		6
5.00%, 04/01/2038		1		1		6.00%, 05/01/2038		6		6
5.00%, 01/01/2039		980		1,077		6.00%, 08/01/2038		158		180
5.00%, 02/01/2039		32		36		6.00%, 09/01/2038		1		1
5.00%, 07/01/2039		366		402		6.00%, 10/01/2039		114		129
5.00%, 12/01/2039		578		636		6.00%, 04/01/2040		76		86
5.00%, 12/01/2039		29		33		6.00%, 10/01/2040		105		118
5.00%, 01/01/2040		35		39		6.50%, 06/01/2024		2		3
5.00%, 05/01/2040		45		49		6.50%, 12/01/2031		3		3
5.00%, 06/01/2040		6		7		6.50%, 03/01/2032		3		3
5.00%, 06/01/2040		42		46		6.50%, 10/01/2039		52		59
5.00%, 06/01/2040		8		9					$	239,344
5.00%, 02/01/2041		373		412		Government National Mortgage Association (GNMA) - 8.14%
5.00%, 02/01/2041		208		229		2.50%, 06/20/2027		265		272
5.00%, 04/01/2041		795		877		2.50%, 09/20/2027		28		29
5.00%, 04/01/2041		746		821		2.50%, 01/20/2028		103		105
5.00%, 05/01/2041		55		60		2.50%, 04/20/2028		58		59
5.00%, 08/01/2041		379		416		2.50%, 11/20/2030		159		162
5.00%, 05/01/2042		416		458		2.50%, 12/20/2030		223		228
5.00%, 07/01/2042		191		211		2.50%, 03/20/2031		378		388
5.00%, 09/01/2043		187		206		2.50%, 04/15/2043		279		275
5.00%, 03/01/2044		160		176		2.50%, 07/20/2043		243		241
5.00%, 03/01/2044		190		209		2.50%, 04/15/2045		76		75
5.00%, 03/01/2044		540		593		2.50%, 09/15/2046		50		49
5.00%, 05/01/2044		251		277		2.50%, 10/15/2046		100		98
5.00%, 06/01/2044		235		258		2.50%, 11/20/2046		98		97
5.00%, 02/01/2045		360		396		2.50%, 12/20/2046		938		925
5.00%, 06/01/2045		973		1,073		2.50%, 01/20/2047		247		244
5.00%, 06/01/2047(e)		1,575		1,732		3.00%, 01/20/2027		25		26
5.50%, 01/01/2025		5		5		3.00%, 02/15/2027		182		190
5.50%, 12/01/2027		122		135		3.00%, 04/15/2027		25		26
5.50%, 06/01/2034		8		8		3.00%, 09/20/2027		51		53
5.50%, 04/01/2035		3		4		3.00%, 11/20/2028		339		352
5.50%, 09/01/2035		6		7		3.00%, 05/20/2029		76		79
5.50%, 10/01/2035		10		11		3.00%, 08/20/2029		209		217
5.50%, 04/01/2036		36		41		3.00%, 09/20/2029		234		243
5.50%, 04/01/2036		4		4		3.00%, 07/20/2030		184		191
5.50%, 09/01/2036		53		59		3.00%, 01/20/2031		196		203
5.50%, 12/01/2036		49		55		3.00%, 04/15/2042		409		419
5.50%, 02/01/2037		3		4		3.00%, 09/20/2042		146		149
5.50%, 05/01/2037		34		38		3.00%, 11/20/2042		1,086		1,111
5.50%, 06/01/2037		4		4		3.00%, 12/20/2042		794		813
5.50%, 07/01/2037		5		5		3.00%, 01/20/2043		780		798
5.50%, 08/01/2037		3		3		3.00%, 03/20/2043		865		884
5.50%, 05/01/2038		255		286		3.00%, 03/20/2043		166		169
5.50%, 06/01/2038		351		392		3.00%, 03/20/2043		185		189
5.50%, 06/01/2038		4		4		3.00%, 04/15/2043		603		617
5.50%, 06/01/2038		6		7		3.00%, 04/20/2043		1,264		1,294
5.50%, 08/01/2038		1		1		3.00%, 05/15/2043		93		95
5.50%, 09/01/2038		24		27		3.00%, 05/15/2043		66		67
5.50%, 09/01/2038		529		593		3.00%, 05/15/2043		120		122
5.50%, 10/01/2038		7		7		3.00%, 06/15/2043		133		136
5.50%, 11/01/2038		292		326		3.00%, 06/15/2043		18		18
5.50%, 12/01/2038		26		29		3.00%, 06/20/2043		1,140		1,167
5.50%, 12/01/2038		34		38		3.00%, 08/20/2043		1,225		1,254
5.50%, 02/01/2039		92		103		3.00%, 07/15/2044		187		191
5.50%, 04/01/2039		35		39		3.00%, 12/15/2044		202		206
5.50%, 04/01/2039		286		320		3.00%, 12/20/2044		1,537		1,569
5.50%, 06/01/2039		2		2		3.00%, 01/15/2045		392		399
5.50%, 12/01/2039		29		32		3.00%, 01/15/2045		172		175
5.50%, 03/01/2040		556		621		3.00%, 01/20/2045		143		146
5.50%, 04/01/2040		370		413		3.00%, 02/20/2045		157		160
5.50%, 07/01/2041		430		480

See accompanying notes.

24

Schedule of Investments
Bond Market Index Fund
May 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)						Government National Mortgage Association (GNMA) (continued)
3.00%, 05/20/2045	$	1,035	$	1,056		3.50%, 03/20/2046	$	923	$	964
3.00%, 06/01/2045		16,025		16,335		3.50%, 04/20/2046		1,076		1,124
3.00%, 06/20/2045		415		424		3.50%, 05/20/2046		1,207		1,261
3.00%, 07/15/2045		316		322		3.50%, 06/20/2046		1,246		1,302
3.00%, 07/20/2045		645		658		3.50%, 07/20/2046		1,178		1,230
3.00%, 08/20/2045		1,238		1,263		3.50%, 08/15/2046		237		247
3.00%, 09/20/2045		537		548		3.50%, 08/20/2046		1,200		1,254
3.00%, 10/20/2045		1,180		1,204		3.50%, 09/20/2046		1,169		1,221
3.00%, 12/20/2045		653		666		3.50%, 10/20/2046		1,191		1,244
3.00%, 01/20/2046		292		298		3.50%, 11/20/2046		1,064		1,112
3.00%, 03/20/2046		1,255		1,281		3.50%, 12/20/2046		883		922
3.00%, 04/20/2046		1,206		1,231		3.50%, 03/20/2047		1,194		1,247
3.00%, 05/20/2046		899		918		3.50%, 07/01/2047		2,700		2,811
3.00%, 07/20/2046		1,209		1,233		4.00%, 05/15/2026		28		30
3.00%, 08/20/2046		1,206		1,231		4.00%, 07/20/2026		62		66
3.00%, 09/20/2046		1,348		1,376		4.00%, 09/15/2040		29		30
3.00%, 10/20/2046		496		506		4.00%, 09/15/2040		8		8
3.00%, 11/20/2046		1,224		1,250		4.00%, 01/15/2041		36		38
3.00%, 12/15/2046		297		303		4.00%, 01/15/2041		33		35
3.00%, 12/20/2046		1,280		1,306		4.00%, 01/20/2041		97		103
3.00%, 01/20/2047		1,285		1,311		4.00%, 07/15/2041		59		63
3.00%, 07/01/2047		150		153		4.00%, 07/20/2041		22		24
3.50%, 12/20/2026		227		239		4.00%, 09/15/2041		7		8
3.50%, 03/20/2027		15		16		4.00%, 09/20/2041		21		22
3.50%, 02/15/2042		76		79		4.00%, 10/15/2041		21		22
3.50%, 02/20/2042		161		168		4.00%, 11/20/2041		43		46
3.50%, 05/15/2042		118		123		4.00%, 12/20/2041		29		31
3.50%, 05/20/2042		321		336		4.00%, 01/20/2042		26		28
3.50%, 06/20/2042		329		345		4.00%, 02/20/2042		32		34
3.50%, 07/15/2042		51		53		4.00%, 06/20/2043		12		12
3.50%, 08/15/2042		17		18		4.00%, 11/20/2043		1,094		1,160
3.50%, 08/20/2042		78		82		4.00%, 02/20/2044		437		464
3.50%, 09/20/2042		955		1,000		4.00%, 03/15/2044		371		393
3.50%, 10/20/2042		684		717		4.00%, 03/15/2044		47		50
3.50%, 11/20/2042		592		620		4.00%, 03/20/2044		52		55
3.50%, 12/20/2042		597		626		4.00%, 04/20/2044		119		126
3.50%, 01/20/2043		963		1,009		4.00%, 05/15/2044		314		332
3.50%, 02/20/2043		1,531		1,604		4.00%, 05/15/2044		318		336
3.50%, 03/20/2043		1,072		1,123		4.00%, 05/20/2044		253		268
3.50%, 04/15/2043		492		514		4.00%, 07/15/2044		144		152
3.50%, 05/20/2043		469		491		4.00%, 07/20/2044		73		77
3.50%, 07/20/2043		611		640		4.00%, 08/20/2044		542		574
3.50%, 08/20/2043		1,626		1,704		4.00%, 09/15/2044		541		574
3.50%, 09/20/2043		1,120		1,174		4.00%, 09/20/2044		473		501
3.50%, 10/20/2043		524		549		4.00%, 10/20/2044		1,784		1,891
3.50%, 02/20/2044		712		745		4.00%, 11/15/2044		227		240
3.50%, 04/20/2044		619		648		4.00%, 11/20/2044		360		381
3.50%, 09/20/2044		536		560		4.00%, 12/20/2044		638		676
3.50%, 10/20/2044		631		659		4.00%, 01/20/2045		274		290
3.50%, 11/20/2044		621		648		4.00%, 02/15/2045		12		13
3.50%, 12/15/2044		766		799		4.00%, 03/15/2045		89		94
3.50%, 12/20/2044		653		682		4.00%, 03/20/2045		394		418
3.50%, 01/20/2045		639		667		4.00%, 05/15/2045		528		559
3.50%, 02/15/2045		213		224		4.00%, 06/01/2045		7,900		8,362
3.50%, 02/20/2045		872		911		4.00%, 08/15/2045		151		160
3.50%, 03/15/2045		106		111		4.00%, 08/20/2045		610		646
3.50%, 03/15/2045		234		244		4.00%, 09/15/2045		199		210
3.50%, 03/20/2045		1,161		1,213		4.00%, 09/20/2045		717		759
3.50%, 04/15/2045		127		132		4.00%, 10/20/2045		885		938
3.50%, 04/15/2045		173		181		4.00%, 11/15/2045		140		149
3.50%, 04/20/2045		807		844		4.00%, 11/20/2045		1,183		1,254
3.50%, 04/20/2045		730		763		4.00%, 12/15/2045		267		282
3.50%, 05/20/2045		1,171		1,223		4.00%, 01/20/2046		1,384		1,467
3.50%, 06/01/2045		11,175		11,659		4.00%, 02/20/2046		222		235
3.50%, 06/20/2045		171		179		4.00%, 04/20/2046		834		884
3.50%, 07/20/2045		944		986		4.00%, 05/15/2046		90		96
3.50%, 08/20/2045		983		1,027		4.00%, 10/20/2046		271		287
3.50%, 09/20/2045		940		982		4.00%, 07/01/2047		700		740
3.50%, 11/20/2045		485		507		4.50%, 06/15/2034		6		6
3.50%, 12/20/2045		1,060		1,107		4.50%, 06/20/2035		51		55
3.50%, 01/20/2046		578		604		4.50%, 03/15/2039		45		48
3.50%, 02/20/2046		921		962		4.50%, 03/15/2039		346		373
						4.50%, 03/20/2039		71		77

See accompanying notes.

25

Schedule of Investments
Bond Market Index Fund
May 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)					Government National Mortgage Association (GNMA) (continued)
4.50%, 06/15/2039	$	48	$	52	5.00%, 04/20/2045	$	783	$	848
4.50%, 06/15/2039		50		54	5.00%, 09/20/2045		96		103
4.50%, 08/15/2039		9		10	5.00%, 02/20/2046		518		560
4.50%, 11/15/2039		12		13	5.00%, 05/20/2046		51		55
4.50%, 12/15/2039		97		106	5.00%, 12/20/2046		408		444
4.50%, 03/15/2040		532		576	5.50%, 05/20/2032		1		1
4.50%, 06/15/2040		47		50	5.50%, 07/15/2034		18		21
4.50%, 07/15/2040		473		510	5.50%, 02/15/2035		44		50
4.50%, 07/15/2040		3		4	5.50%, 03/15/2038		172		193
4.50%, 08/15/2040		64		69	5.50%, 06/15/2038		112		126
4.50%, 02/20/2041		47		51	5.50%, 10/20/2038		38		42
4.50%, 02/20/2041		63		70	5.50%, 01/15/2039		21		23
4.50%, 03/20/2041		51		56	5.50%, 02/15/2039		190		213
4.50%, 05/15/2041		28		30	5.50%, 06/15/2040		419		470
4.50%, 06/15/2041		22		24	5.50%, 07/20/2040		25		28
4.50%, 06/20/2041		32		35	5.50%, 04/20/2044		31		35
4.50%, 07/20/2041		65		70	5.50%, 07/20/2044		276		306
4.50%, 08/15/2041		17		19	5.50%, 08/20/2044		123		137
4.50%, 08/20/2041		33		36	5.50%, 09/20/2044		373		417
4.50%, 09/20/2041		30		33	6.00%, 07/20/2028		1		1
4.50%, 09/20/2043		20		21	6.00%, 07/15/2032		2		3
4.50%, 10/20/2043		290		311	6.00%, 12/15/2032		3		4
4.50%, 11/20/2043		416		445	6.00%, 11/20/2037		33		38
4.50%, 01/20/2044		500		536	6.00%, 01/15/2039		28		32
4.50%, 02/20/2044		382		409	6.50%, 05/15/2023		1		1
4.50%, 05/20/2044		963		1,031	6.50%, 05/20/2032		14		16
4.50%, 07/20/2044		252		269	7.00%, 03/15/2029		5		6
4.50%, 08/20/2044		81		87	7.00%, 07/15/2031		2		3
4.50%, 09/20/2044		426		457				$	158,073
4.50%, 10/20/2044		269		288	U.S. Treasury - 36.66%
4.50%, 01/20/2045		206		220	0.75%, 07/31/2018		2,350		2,337
4.50%, 02/20/2045		124		133	0.75%, 08/31/2018		2,345		2,331
4.50%, 04/20/2045		335		359	0.75%, 09/30/2018		2,330		2,316
4.50%, 05/15/2045		270		291	0.75%, 10/31/2018		1,805		1,793
4.50%, 05/20/2045		246		263	0.75%, 02/15/2019		3,610		3,580
4.50%, 06/01/2045		400		428	0.75%, 07/15/2019		995		984
4.50%, 09/15/2045		278		301	0.75%, 08/15/2019		3,265		3,226
4.50%, 09/15/2045		130		140	0.88%, 10/15/2018		2,760		2,747
4.50%, 10/20/2045		92		99	0.88%, 04/15/2019		3,415		3,390
4.50%, 12/20/2045		613		657	0.88%, 05/15/2019		2,705		2,684
4.50%, 02/20/2046		809		866	0.88%, 06/15/2019		2,565		2,544
4.50%, 03/20/2046		230		246	0.88%, 07/31/2019		1,770		1,754
4.50%, 04/20/2046		266		284	0.88%, 09/15/2019		3,750		3,713
4.50%, 05/20/2046		68		72	1.00%, 08/15/2018		7,074		7,057
4.50%, 07/20/2046		115		123	1.00%, 09/15/2018		3,161		3,152
4.50%, 08/15/2046		237		255	1.00%, 11/30/2018		2,500		2,491
4.50%, 09/15/2046		125		134	1.00%, 03/15/2019		2,335		2,324
4.50%, 10/15/2046		726		781	1.00%, 06/30/2019		250		249
5.00%, 05/15/2033		288		319	1.00%, 09/30/2019		1,873		1,859
5.00%, 08/15/2033		61		68	1.00%, 10/15/2019		3,190		3,166
5.00%, 12/15/2036		3		3	1.00%, 11/15/2019		3,820		3,789
5.00%, 04/20/2038		29		33	1.00%, 11/30/2019		4,930		4,888
5.00%, 05/15/2038		197		217	1.13%, 01/15/2019		2,630		2,625
5.00%, 07/20/2038		260		289	1.13%, 01/31/2019		2,600		2,595
5.00%, 10/15/2038		435		483	1.13%, 02/28/2019		1,750		1,746
5.00%, 02/15/2039		464		515	1.13%, 05/31/2019		1,150		1,146
5.00%, 03/15/2039		1		2	1.13%, 12/31/2019		1,620		1,610
5.00%, 04/20/2039		181		201	1.13%, 03/31/2020		1,600		1,588
5.00%, 06/20/2039		38		41	1.13%, 04/30/2020		3,005		2,980
5.00%, 09/15/2039		261		289	1.13%, 02/28/2021		3,000		2,948
5.00%, 09/15/2039		85		95	1.13%, 06/30/2021		2,800		2,742
5.00%, 02/15/2040		6		6	1.13%, 07/31/2021		1,570		1,536
5.00%, 05/20/2040		31		34	1.13%, 08/31/2021		2,975		2,908
5.00%, 06/20/2040		39		43	1.13%, 09/30/2021		1,785		1,743
5.00%, 12/15/2040		235		260	1.25%, 10/31/2018		3,050		3,051
5.00%, 05/20/2041		49		54	1.25%, 11/15/2018		1,157		1,157
5.00%, 10/15/2041		187		205	1.25%, 11/30/2018		2,930		2,930
5.00%, 05/20/2044		663		719	1.25%, 12/15/2018		2,150		2,150
5.00%, 06/20/2044		419		457	1.25%, 12/31/2018		2,590		2,590
5.00%, 07/20/2044		151		163	1.25%, 01/31/2019		2,819		2,819
5.00%, 08/20/2044		65		70	1.25%, 03/31/2019		2,590		2,589
5.00%, 01/20/2045		390		421	1.25%, 04/30/2019		2,000		1,999

See accompanying notes.

26

Schedule of Investments
Bond Market Index Fund
May 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)
U.S. Treasury (continued)						U.S. Treasury (continued)
1.25%, 05/31/2019	$	2,575	$	2,573		1.88%, 11/30/2021	$	2,310	$	2,327
1.25%, 01/31/2020		3,960		3,946		1.88%, 01/31/2022		2,490		2,505
1.25%, 02/29/2020		2,005		1,997		1.88%, 02/28/2022		3,370		3,392
1.25%, 03/31/2021		2,220		2,190		1.88%, 03/31/2022		3,750		3,772
1.25%, 10/31/2021		2,830		2,776		1.88%, 04/30/2022		4,360		4,384
1.25%, 07/31/2023		3,795		3,646		1.88%, 05/31/2022		4,580		4,603
1.38%, 07/31/2018		1,870		1,873		1.88%, 08/31/2022		4,655		4,672
1.38%, 09/30/2018		4,631		4,640		1.88%, 10/31/2022		2,985		2,992
1.38%, 11/30/2018		2,000		2,004		2.00%, 07/31/2020		2,115		2,149
1.38%, 12/31/2018		715		716		2.00%, 09/30/2020		2,920		2,965
1.38%, 02/28/2019		3,876		3,883		2.00%, 11/30/2020		3,845		3,904
1.38%, 12/15/2019		2,390		2,391		2.00%, 02/28/2021		2,365		2,401
1.38%, 01/15/2020		2,414		2,414		2.00%, 05/31/2021		3,895		3,950
1.38%, 01/31/2020		4,540		4,539		2.00%, 08/31/2021		3,150		3,191
1.38%, 02/15/2020		2,380		2,379		2.00%, 10/31/2021		2,950		2,987
1.38%, 02/29/2020		2,900		2,898		2.00%, 11/15/2021		4,100		4,154
1.38%, 03/31/2020		4,010		4,006		2.00%, 12/31/2021		4,370		4,423
1.38%, 04/30/2020		4,005		3,998		2.00%, 07/31/2022		2,990		3,020
1.38%, 05/31/2020		1,966		1,961		2.00%, 11/30/2022		5,295		5,339
1.38%, 08/31/2020		4,160		4,143		2.00%, 02/15/2023		5,181		5,218
1.38%, 09/30/2020		3,000		2,986		2.00%, 05/31/2024		2,775		2,773
1.38%, 10/31/2020		4,010		3,988		2.00%, 02/15/2025		5,215		5,182
1.38%, 01/31/2021		5,450		5,409		2.00%, 08/15/2025		4,235		4,193
1.38%, 04/30/2021		2,420		2,397		2.00%, 11/15/2026		7,200		7,079
1.38%, 05/31/2021		1,310		1,297		2.13%, 08/31/2020		2,250		2,294
1.38%, 06/30/2023		2,315		2,243		2.13%, 01/31/2021		1,850		1,886
1.38%, 08/31/2023		3,000		2,901		2.13%, 06/30/2021		3,290		3,351
1.50%, 08/31/2018		5,473		5,493		2.13%, 08/15/2021		4,250		4,329
1.50%, 12/31/2018		3,100		3,112		2.13%, 09/30/2021		3,840		3,909
1.50%, 01/31/2019		3,190		3,203		2.13%, 12/31/2021		4,475		4,555
1.50%, 02/28/2019		1,000		1,004		2.13%, 12/31/2022		4,490		4,554
1.50%, 03/31/2019		1,300		1,306		2.13%, 05/15/2025		4,460		4,464
1.50%, 05/31/2019		3,070		3,083		2.25%, 03/31/2021		2,000		2,048
1.50%, 10/31/2019		3,395		3,409		2.25%, 04/30/2021		2,570		2,631
1.50%, 11/30/2019		2,110		2,117		2.25%, 07/31/2021		1,030		1,054
1.50%, 04/15/2020		2,405		2,410		2.25%, 12/31/2023		2,500		2,543
1.50%, 05/15/2020		2,380		2,385		2.25%, 01/31/2024		4,775		4,856
1.50%, 05/31/2020		3,560		3,565		2.25%, 11/15/2024		4,614		4,673
1.50%, 01/31/2022		3,800		3,760		2.25%, 11/15/2025		5,150		5,191
1.50%, 02/28/2023		2,530		2,478		2.25%, 02/15/2027		7,965		7,995
1.50%, 03/31/2023		3,755		3,674		2.25%, 08/15/2046		4,605		4,035
1.50%, 08/15/2026		7,545		7,114		2.38%, 12/31/2020		3,250		3,342
1.63%, 03/31/2019		2,136		2,150		2.38%, 08/15/2024		6,650		6,802
1.63%, 04/30/2019		5,700		5,738		2.38%, 05/15/2027		1,200		1,219
1.63%, 06/30/2019		2,000		2,014		2.50%, 08/15/2023		4,280		4,422
1.63%, 07/31/2019		3,500		3,524		2.50%, 05/15/2024		7,565		7,807
1.63%, 08/31/2019		2,155		2,170		2.50%, 02/15/2045		3,825		3,557
1.63%, 12/31/2019		4,400		4,429		2.50%, 02/15/2046		3,850		3,569
1.63%, 03/15/2020		2,390		2,405		2.50%, 05/15/2046		4,365		4,045
1.63%, 06/30/2020		2,560		2,572		2.63%, 08/15/2020		4,400		4,555
1.63%, 07/31/2020		2,950		2,963		2.63%, 11/15/2020		4,770		4,942
1.63%, 11/30/2020		3,770		3,780		2.75%, 02/15/2019		3,900		3,998
1.63%, 08/15/2022		5,738		5,689		2.75%, 11/15/2023		5,680		5,955
1.63%, 11/15/2022		5,300		5,243		2.75%, 02/15/2024		7,000		7,337
1.63%, 04/30/2023		2,875		2,831		2.75%, 08/15/2042		2,284		2,250
1.63%, 05/31/2023		1,790		1,761		2.75%, 11/15/2042		3,640		3,582
1.63%, 02/15/2026		5,748		5,502		2.88%, 05/15/2043		3,935		3,957
1.63%, 05/15/2026		4,586		4,380		2.88%, 08/15/2045		4,850		4,861
1.75%, 10/31/2018		392		394		2.88%, 11/15/2046		4,080		4,088
1.75%, 09/30/2019		4,511		4,555		3.00%, 05/15/2042		370		382
1.75%, 10/31/2020		2,430		2,448		3.00%, 11/15/2044		3,410		3,509
1.75%, 12/31/2020		3,000		3,019		3.00%, 05/15/2045		5,480		5,630
1.75%, 11/30/2021		3,600		3,607		3.00%, 11/15/2045		4,175		4,287
1.75%, 02/28/2022		2,770		2,770		3.00%, 02/15/2047		3,835		3,942
1.75%, 03/31/2022		3,050		3,049		3.00%, 05/15/2047		1,485		1,527
1.75%, 04/30/2022		5,545		5,542		3.13%, 05/15/2019		3,490		3,614
1.75%, 05/15/2022		2,620		2,619		3.13%, 05/15/2021		3,000		3,171
1.75%, 05/31/2022		3,370		3,370		3.13%, 11/15/2041		1,010		1,067
1.75%, 09/30/2022		4,795		4,778		3.13%, 02/15/2042		2,400		2,534
1.75%, 01/31/2023		3,000		2,981		3.13%, 02/15/2043		2,080		2,190
1.75%, 05/15/2023		5,000		4,956		3.13%, 08/15/2044		4,900		5,161
1.88%, 06/30/2020		2,000		2,025		3.38%, 11/15/2019		2,855		2,995
						3.38%, 05/15/2044		4,365		4,808

See accompanying notes.

27

Schedule of Investments Bond Market Index Fund May 31, 2017 (unaudited)

U.S. GOVERNMENT & GOVERNMENT	Principal					Portfolio Summary (unaudited)
AGENCY OBLIGATIONS (continued)	Amount (000's)			Value(000	's)	Sector	Percent
U.S. Treasury (continued)						Government	41.88	%
3.50%, 05/15/2020	$	3,715	$	3,936		Mortgage Securities	29.99	%
3.50%, 02/15/2039		1,445		1,636		Financial	8.53	%
3.63%, 08/15/2019		3,250		3,413		Investment Companies	6.50	%
3.63%, 02/15/2020		5,198		5,506		Consumer, Non-cyclical	4.31	%
3.63%, 02/15/2021		5,560		5,969		Energy	3.02	%
3.63%, 08/15/2043		2,910		3,339		Communications	2.59	%
3.63%, 02/15/2044		4,070		4,677		Industrial	2.04	%
3.75%, 11/15/2018		1,950		2,021		Utilities	1.74	%
3.75%, 11/15/2043		4,280		5,017		Technology	1.70	%
3.88%, 08/15/2040		1,180		1,404		Consumer, Cyclical	1.69	%
4.00%, 08/15/2018		1,500		1,550		Basic Materials	0.81	%
4.25%, 11/15/2040		1,453		1,826		Asset Backed Securities	0.44	%
4.38%, 02/15/2038		435		557		Revenue Bonds	0.32	%
4.38%, 11/15/2039		920		1,174		General Obligation Unlimited	0.27	%
4.38%, 05/15/2040		1,519		1,940		Insured	0.11	%
4.38%, 05/15/2041		1,713		2,194		General Obligation Limited	0.03	%
4.50%, 02/15/2036		1,995		2,586		Investments Sold Short	(0.04	)%
4.50%, 05/15/2038		2,560		3,331		Other Assets and Liabilities	(5.93	)%
4.50%, 08/15/2039		2,050		2,660		TOTAL NET ASSETS	100.00	%
4.63%, 02/15/2040		1,210		1,598
4.75%, 02/15/2037		500		669
4.75%, 02/15/2041		2,009		2,708
5.00%, 05/15/2037		1,045		1,441
5.25%, 11/15/2028		1,000		1,297
5.25%, 02/15/2029		1,220		1,589
5.38%, 02/15/2031		2,070		2,810
5.50%, 08/15/2028		1,256		1,655
6.13%, 11/15/2027		2,720		3,707
6.25%, 08/15/2023		2,370		2,974
6.25%, 05/15/2030		1,740		2,504
6.38%, 08/15/2027		1,500		2,069
6.63%, 02/15/2027		1,000		1,388
6.88%, 08/15/2025		1,000		1,362
7.25%, 08/15/2022		20		25
8.13%, 05/15/2021		1,150		1,435
8.75%, 05/15/2020		2,000		2,422
8.75%, 08/15/2020		1,500		1,840
9.00%, 11/15/2018		3,000		3,339
			$	712,013
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS			$	1,260,225
Total Investments			$	2,058,034
Other Assets and Liabilities - (5.97)%			$	(115,920	)
TOTAL NET ASSETS - 100.00%			$	1,942,114

(a)	Variable Rate. Rate shown is in effect at May 31, 2017.
(b)	Non-Income Producing Security
(c)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $6,358 or 0.33% 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 was purchased in a "to-be-announced" ("TBA") transaction. See Notes to Financial Statements for additional information.

See accompanying notes.

28

					Schedule of Investments
					Bond Market Index Fund
					May 31, 2017 (unaudited)
					Short Sales Outstanding
U.S. GOVERNMENT & GOVERNMENT			Principal
AGENCY OBLIGATIONS - (0.04)%		Amount (000's)			Value (000's)
Government National Mortgage Association (GNMA) -
(0.04	)%
3.00%, 07/01/2047		$	200	$	203
4.00%, 06/01/2045			50		53
4.00%, 07/01/2045			200		212
5.00%, 07/01/2047			350		377
			$		845
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY $					845
OBLIGATIONS (proceeds $845)
TOTAL SHORT SALES (proceeds $845)			$		845

See accompanying notes.

29

Schedule of Investments Capital Securities Fund May 31, 2017 (unaudited)

INVESTMENT COMPANIES - 3.38%			Shares Held	Value(000			's)			Principal
Money Market Funds - 3.38%								BONDS (continued)		Amount (000's)      Value (000's)
Goldman Sachs Financial Square Funds -			12,702,145	$		12,702		Banks (continued)
Government Fund								Credit Agricole SA (continued)
								8.38%, 12/31/2049(a),(b),(c)	$	2,250	$	2,509
TOTAL INVESTMENT COMPANIES				$		12,702		Credit Suisse AG
PREFERRED STOCKS - 8.59%			Shares Held	Value(000			's)	6.50%, 08/08/2023		600		674
Banks- 4.26	%							Credit Suisse Group AG
CoBank ACB 6.13%(a)			6,000	$		601		6.25%, 12/31/2049(a),(b),(c)		1,000		1,056
CoBank ACB 6.20%(a),(b)			10,000			1,056		7.50%, 12/31/2049(a),(b),(c)		4,500		5,029
CoBank ACB 6.25%(a),(b),(c)			38,800			4,097		Danske Bank A/S
Fifth Third Bancorp 6.63%(a),(b)			123,534			3,579		6.13%, 12/31/2049(a),(b)		2,200		2,283
Huntington Bancshares Inc/OH 6.25%(a)			80,000			2,171		Dresdner Funding Trust I
KeyCorp 6.13%(a),(b)			40,000			1,128		8.15%, 06/30/2031(c)		400		496
M&T Bank Corp 6.38%(a),(b)			2,130			2,233		8.15%, 06/30/2031		1,100		1,364
Valley National Bancorp 6.25%(a),(b)			39,083			1,135		Goldman Sachs Capital III
								4.00%, 09/29/2049(a),(b)		169		147
				$		16,000
Electric - 1.84%								HBOS Capital Funding LP
								6.85%, 03/29/2049(a)		2,300		2,347
Georgia Power Co 6.50%(a)			10,000			1,021
Gulf Power Co 6.45%(a)			57,830			5,913		HSBC Capital Funding Dollar 1 LP
								10.18%, 12/29/2049(a),(b)		4,400		6,842
				$		6,934		10.18%, 12/29/2049(a),(b),(c)		700		1,088
Insurance - 0.23%
XLIT Ltd 4.28%(a),(b)			1,000			875		HSBC Holdings PLC
								6.87%, 12/31/2049(a),(b)		5,900		6,394
								ING Groep NV
Telecommunications - 2.26%								6.50%, 12/31/2049(a),(b)		500		524
Centaur Funding Corp 9.08%(c)			7,329			8,481
								JPMorgan Chase & Co
								6.75%, 12/31/2049(a),(b)		2,000		2,265
TOTAL PREFERRED STOCKS				$		32,290		KeyCorp
			Principal					5.00%, 12/31/2049(a),(b)		3,500		3,517
BONDS- 86.54	%		Amount (000's)	Value(000			's)	KeyCorp Capital I
Banks- 50.97	%							1.89%, 07/01/2028(b)		2,000		1,815
Australia & New Zealand Banking Group								KeyCorp Capital III
Ltd/United Kingdom								7.75%, 07/15/2029		1,500		1,817
6.75%, 12/31/2049(a),(c)		$	1,900		$	2,108
								Lloyds Bank PLC
Banco Bilbao Vizcaya Argentaria SA								12.00%, 12/29/2049(a),(b)		300		409
9.00%, 12/31/2049(a)			3,400			3,562
								Lloyds Banking Group PLC
Bank of America Corp								6.41%, 01/29/2049(a),(c)		1,700		1,887
6.30%, 12/31/2049(a),(b)			1,000			1,103		7.50%, 12/31/2049(a),(b)		4,300		4,730
6.50%, 12/31/2049(a),(b)			600			664
								M&T Bank Corp
Bank of New York Mellon Corp/The								5.12%, 12/31/2049(a),(b)		4,000		4,100
4.62%, 12/31/2049(a),(b)			9,500			9,452		6.45%, 12/31/2049(a),(b)		1,300		1,410
4.95%, 12/31/2049(a),(b)			2,000			2,075
								Nordea Bank AB
Barclays Bank PLC								5.50%, 12/31/2049(a),(b),(c)		400		407
7.75%, 04/10/2023(b)			1,400			1,463		5.50%, 12/31/2049(a),(b)		1,600		1,630
10.18%, 06/12/2021			900			1,140		6.13%, 12/31/2049(a),(b),(c)		4,300		4,493
10.18%, 06/12/2021(c)			3,000			3,801
								Northern Trust Corp
Barclays PLC								4.60%, 12/31/2049(a),(b)		5,815		5,844
6.63%, 12/31/2049(a),(b)			636			650
(a),(b)								NTC Capital I
8.25%, 12/31/2049			3,500			3,736		1.68%, 01/15/2027(b)		1,250		1,175
BNP Paribas SA								NTC Capital II
7.20%, 06/29/2049(a),(c)			3,300			3,750		1.75%, 04/15/2027(b)		1,200		1,128
7.63%, 12/31/2049(a),(b),(c)			1,000			1,095
(a),(b)								PNC Financial Services Group Inc/The
7.63%, 12/31/2049			1,900			2,081		6.75%, 07/29/2049(a),(b)		1,200		1,353
BPCE SA								RBS Capital Trust B
12.50%, 08/29/2049(a),(b)			2,500			3,022		6.80%, 12/29/2049(a)		2,500		2,536
Capital One Financial Corp								Royal Bank of Scotland Group PLC
5.55%, 12/31/2049(a),(b)			3,000			3,109		7.50%, 12/31/2049(a),(b)		4,896		5,104
Citigroup Inc								7.64%, 03/29/2049(a),(b)		1,000		947
6.13%, 12/31/2049(a),(b)			6,000			6,427		8.00%, 12/31/2049(a),(b)		1,000		1,094
6.25%, 12/31/2049(a),(b)			3,100			3,383
								Societe Generale SA
Citizens Financial Group Inc								7.38%, 12/31/2049(a),(b),(c)		5,000		5,375
5.50%, 12/31/2049(a),(b)			5,000			5,200		8.00%, 12/31/2049(a),(b),(c)		200		227
CoBank ACB								8.25%, 12/31/2049(a),(b)		2,250		2,398
6.25%, 12/31/2049(a),(b)			1,000			1,104
								Standard Chartered PLC
Commerzbank AG								6.50%, 12/31/2049(a),(b)		1,500		1,507
8.13%, 09/19/2023(c)			500			600		7.01%, 07/29/2049(a),(c)		2,800		3,171
Cooperatieve Rabobank UA								7.50%, 12/31/2049(a),(b),(c)		1,300		1,380
4.38%, 08/04/2025			6,000			6,305		7.75%, 12/31/2049(a),(b),(c)		1,000		1,064
8.40%, 11/29/2049(a),(b)			2,000			2,009
(a),(b)								SunTrust Capital I
11.00%, 12/29/2049			1,100			1,283		1.85%, 05/15/2027(b)		4,500		4,140
11.00%, 12/29/2049(a),(b),(c)			1,400			1,633
								SunTrust Capital III
Corestates Capital III								1.78%, 03/15/2028(b)		1,600		1,482
1.75%, 02/15/2027(b),(c)			2,000			1,870
								Svenska Handelsbanken AB
Credit Agricole SA								5.25%, 12/31/2049(a),(b)		3,100		3,156
8.13%, 12/31/2049(a),(b),(c)			1,100			1,272

See accompanying notes

30

Schedule of Investments
Capital Securities Fund
May 31, 2017 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's)   Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Banks (continued)					Insurance (continued)
Swedbank AB					MetLife Inc (continued)
6.00%, 12/31/2049(a)	$	4,400	$	4,620		6.40%, 12/15/2066(b)	$	700	$	799
UBS Group AG						9.25%, 04/08/2068(b),(c)		3,900		5,684
6.88%, 12/31/2049(a),(b)		5,700		6,130		10.75%, 08/01/2069		900		1,467
US Bancorp					Mitsui Sumitomo Insurance Co Ltd
5.12%, 12/31/2049(a),(b)		2,000		2,093		7.00%, 03/15/2072(c)		3,600		4,180
Wells Fargo & Co					Nationwide Financial Services Inc
7.98%, 12/31/2049(a),(b)		2,400		2,492		6.75%, 05/15/2087		500		537
		$		191,546	Nippon Life Insurance Co
Diversified Financial Services - 1.32%						5.00%, 10/18/2042(b),(c)		1,525		1,636
Charles Schwab Corp/The					Prudential Financial Inc
7.00%, 02/28/2049(a),(b)		2,813		3,210		5.63%, 06/15/2043(b)		2,800		3,045
Depository Trust & Clearing Corp/The						5.88%, 09/15/2042(b)		5,900		6,542
4.88%, 12/31/2049(a),(b),(c)		1,000		1,030	Prudential PLC
National Rural Utilities Cooperative Finance						7.75%, 12/31/2049(a)		2,000		2,066
Corp					Reinsurance Group of America Inc
5.25%, 04/20/2046(b)		700		736		3.80%, 12/15/2065(b)		2,000		1,895
		$		4,976	Sumitomo Life Insurance Co
Electric - 3.30%						6.50%, 09/20/2073(b),(c)		3,000		3,488
Dominion Energy Inc					Voya Financial Inc
5.75%, 10/01/2054(b)		6,775		7,097		5.65%, 05/15/2053(b)		3,500		3,675
Emera Inc					XLIT Ltd
6.75%, 06/15/2076(b)		1,000		1,110		3.62%, 12/31/2049(a),(b)		1,400		1,236
NextEra Energy Capital Holdings Inc								$		98,068
3.22%, 10/01/2066(b)		4,500		4,207	Miscellaneous Manufacturers - 1.04%
		$		12,414	General Electric Co
Hand & Machine Tools - 0.17%						5.00%, 12/31/2049(a),(b)		3,703		3,908
Stanley Black & Decker Inc
5.75%, 12/15/2053		600		632	Pipelines - 1.83%
					Enterprise Products Operating LLC
Insurance - 26.10%						7.03%, 01/15/2068(b)		3,200		3,280
ACE Capital Trust II					TransCanada PipeLines Ltd
9.70%, 04/01/2030		2,570		3,868		3.39%, 05/15/2067(b)		200		188
Aegon NV					Transcanada Trust
2.33%, 07/29/2049(a),(b)		7,400		6,283		5.63%, 05/20/2075(b)		1,600		1,676
Allstate Corp/The						5.87%, 08/15/2076(b)		1,600		1,722
5.75%, 08/15/2053(b)		9,900		10,772				$		6,866
American International Group Inc					Telecommunications - 0.29%
8.18%, 05/15/2068		6,700		8,911	Koninklijke KPN NV
Aon Corp						7.00%, 03/28/2073(b)		1,000		1,104
8.21%, 01/01/2027		1,000		1,300
Aviva PLC					Transportation - 1.52%
8.25%, 04/29/2049(a)		200		205	BNSF Funding Trust I
AXA SA						6.61%, 12/15/2055(b)		5,000		5,712
6.38%, 12/29/2049(a),(b),(c)		2,800		3,103
8.60%, 12/15/2030		2,400		3,372	TOTAL BONDS			$		325,226
Catlin Insurance Co Ltd					Total Investments			$		370,218
4.13%, 07/29/2049(a),(b),(c)		3,100		2,945	Other Assets and Liabilities - 1.49%			$		5,596
Everest Reinsurance Holdings Inc					TOTAL NET ASSETS - 100.00%			$		375,814
3.57%, 05/01/2067(b)		1,600		1,472
Great-West Life & Annuity Insurance Capital
LP					(a)	Perpetual security. Perpetual securities pay an indefinite stream of
6.63%, 11/15/2034(c)		1,200		1,405		interest, but they may be called by the issuer at an earlier date.
Hartford Financial Services Group Inc/The					(b)	Variable Rate. Rate shown is in effect at May 31, 2017.
3.31%, 02/12/2067(b),(c)		3,900		3,627	(c)	Security exempt from registration under Rule 144A of the Securities Act of
8.13%, 06/15/2068(b)		500		529		1933. These securities may be resold in transactions exempt from
Legal & General Group PLC						registration, normally to qualified institutional buyers. At the end of the
5.25%, 03/21/2047		1,000		1,045		period, the value of these securities totaled $93,339 or 24.84% of net
Liberty Mutual Group Inc						assets.
4.04%, 03/07/2067(b),(c)		300		291
7.80%, 03/07/2087(c)		3,400		4,114
Liberty Mutual Insurance Co
7.70%, 10/15/2097(c)		1,100		1,491		Portfolio Summary (unaudited)
Lincoln National Corp					Sector					Percent
3.20%, 04/20/2067(b)		1,100		973	Financial					82.88	%
3.54%, 05/17/2066(b)		1,300		1,202	Utilities					5.14	%
Meiji Yasuda Life Insurance Co					Investment Companies					3.38	%
5.20%, 10/20/2045(b),(c)		1,000		1,080	Industrial					2.73	%
MetLife Capital Trust IV					Communications					2.55	%
7.88%, 12/15/2067(c)		1,800		2,376	Energy					1.83	%
MetLife Inc					Other Assets and Liabilities					1.49	%
5.25%, 12/31/2049(a),(b)		1,400		1,454	TOTAL NET ASSETS					100.00	%

See accompanying notes

31

Consolidated Schedule of Investments Diversified Real Asset Fund May 31, 2017 (unaudited)

COMMON STOCKS - 52.00%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Agriculture - 0.39%					Cosmetics & Personal Care (continued)
Andersons Inc/The	16,864	$	592		Unicharm Corp	153,200	$	4,146
Archer-Daniels-Midland Co	240,656		10,006				$	23,068
Bunge Ltd	73,802		5,902		Electric - 2.58%
		$	16,500		American Electric Power Co Inc	77,500		5,563
Automobile Manufacturers - 0.06%					CLP Holdings Ltd	349,000		3,816
Mahindra & Mahindra Ltd	114,500		2,547		CMS Energy Corp	38,000		1,802
					Dominion Energy Inc	54,700		4,418
Building Materials - 0.89%					DONG Energy A/S (d)	43,700		1,906
Boise Cascade Co (a)	108,507		2,924		Edison International	127,455		10,396
Builders FirstSource Inc (a)	254,265		3,473		Enel SpA	2,014,737		10,786
Duratex SA	512,100		1,253		FirstEnergy Corp	60,000		1,754
Forterra Inc (a)	15,858		114		Hera SpA	548,628		1,807
Geberit AG	31,683		14,842		Huadian Fuxin Energy Corp Ltd	15,332,000		3,577
Louisiana-Pacific Corp (a)	202,369		4,509		Iberdrola SA	1,551,049		12,386
Norbord Inc	201,382		5,738		Infraestructura Energetica Nova SAB de CV	1,664,720		7,768
Universal Forest Products Inc	52,446		4,612		NextEra Energy Inc	115,400		16,322
		$	37,465		PG&E Corp	297,052		20,312
Chemicals - 2.14%					Terna Rete Elettrica Nazionale SpA	1,000,323		5,656
Agrium Inc	76,992		7,114				$	108,269
Calgon Carbon Corp	43,320		609		Electronics - 0.31%
CF Industries Holdings Inc	219,773		5,912		Badger Meter Inc	24,901		976
FMC Corp	64,118		4,832		Halma PLC	323,229		4,775
Israel Chemicals Ltd	373,803		1,589		Rotork PLC	742,158		2,255
K+S AG	182,539		4,674		Trimble Inc (a)	103,270		3,722
Koninklijke DSM NV	34,428		2,565		Watts Water Technologies Inc	23,789		1,477
Monsanto Co	239,516		28,124				$	13,205
Mosaic Co/The	192,057		4,346		Energy - Alternate Sources - 0.33%
OCI NV (a)	157,649		3,776		China Everbright International Ltd	2,434,000		3,105
Olin Corp	141,478		4,151		China Longyuan Power Group Corp Ltd	3,644,000		2,743
Potash Corp of Saskatchewan Inc	497,253		8,215		Innogy SE (d)	147,928		6,076
Potash Corp of Saskatchewan Inc	65,638		1,084		Pattern Energy Group Inc	82,800		1,868
Sociedad Quimica y Minera de Chile SA	94,031		3,388				$	13,792
ADR					Engineering & Construction - 1.57%
Tessenderlo Chemie NV (a)	61,870		2,607		Aegion Corp (a)	31,115		616
Yara International ASA	188,987		7,041		Aena SA (d)	33,006		6,669
		$	90,027		Arcadis NV	65,777		1,165
Coal - 0.21%					Auckland International Airport Ltd	679,523		3,363
Adaro Energy Tbk PT	6,166,400		703		Eiffage SA	29,600		2,691
Alliance Holdings GP LP	11,540		327		Enav SpA (d)	2,587,781		10,920
Arch Coal Inc	8,032		568		Ferrovial SA	324,638		7,328
Banpu PCL (b)	650,200		340		Flughafen Zurich AG	45,311		11,244
China Coal Energy Co Ltd	791,000		347		Grupo Aeroportuario del Pacifico SAB de CV	170,700		1,707
China Shenhua Energy Co Ltd	1,091,500		2,654		Mytilineos Holdings SA (a)	30,052		262
CONSOL Energy Inc (a)	73,723		1,070		Promotora y Operadora de Infraestructura	166,800		1,729
Exxaro Resources Ltd	60,568		471		SAB de CV
Foresight Energy LP (a)	8,495		42		Sydney Airport	1,955,606		10,794
Harum Energy Tbk PT (a)	347,400		55		Vinci SA	87,700		7,671
Indo Tambangraya Megah Tbk PT	145,200		166				$	66,159
Inner Mongolia Yitai Coal Co Ltd	452,700		373		Environmental Control - 0.14%
Semirara Mining & Power Corp	136,910		434		China Water Affairs Group Ltd	764,000		500
Shougang Fushan Resources Group Ltd	1,360,000		229		Kurita Water Industries Ltd	94,800		2,510
Tambang Batubara Bukit Asam Persero Tbk	296,100		242		SIIC Environment Holdings Ltd	831,200		324
PT					Tetra Tech Inc	52,778		2,425
Whitehaven Coal Ltd (a)	197,811		371				$	5,759
Yanzhou Coal Mining Co Ltd	624,000		464		Food - 1.45%
		$	8,856		Aryzta AG (a)	51,419		1,624
Commercial Services - 1.83%					Associated British Foods PLC	121,779		4,704
Abertis Infraestructuras SA	996,553		18,253		Bakkafrost P/F	42,763		1,586
Atlantia SpA	410,297		11,430		BRF SA	292,600		3,941
Cengage Learning Holdings II Inc (c)	11,792		65		China Mengniu Dairy Co Ltd	672,000		1,358
COSCO SHIPPING Ports Ltd	5,633,071		6,576		Chr Hansen Holding A/S	33,031		2,312
Groupe Eurotunnel SE	1,184,669		13,955		Cosan Ltd	236,100		1,672
Hutchison Port Holdings Trust	13,762,100		5,574		Emmi AG (a)	3,014		2,339
OHL Mexico SAB de CV	4,172,065		4,636		Fuji Oil Holdings Inc	82,000		1,996
Transurban Group	1,808,517		16,549		Hormel Foods Corp	60,996		2,051
		$	77,038		Leroy Seafood Group ASA	511,750		2,758
Consumer Products - 0.03%					McCormick & Co Inc/MD	22,270		2,319
Kimberly-Clark Corp	10,784		1,399		Nippon Flour Mills Co Ltd	173,300		2,748
					Nippon Suisan Kaisha Ltd	542,500		2,831
Cosmetics & Personal Care - 0.55%					Pilgrim's Pride Corp (a)	86,911		2,022
Kao Corp	103,000		6,495		Salmar ASA	122,838		3,324
Svenska Cellulosa AB SCA	352,301		12,427		Sanderson Farms Inc	18,380		2,182
					Sao Martinho SA	397,800		2,213

See accompanying notes

32

Consolidated Schedule of Investments Diversified Real Asset Fund May 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Food (continued)					Iron & Steel - 0.27%
Sysco Corp	52,063	$	2,841		Cliffs Natural Resources Inc (a)	95,235	$	561
Toyo Suisan Kaisha Ltd	77,700		3,027		Fortescue Metals Group Ltd	600,309		2,159
Tyson Foods Inc	132,700		7,609		Kumba Iron Ore Ltd (a)	20,697		249
Wilmar International Ltd	1,385,400		3,543		Vale SA ADR	651,342		5,146
		$	61,000		Vale SA ADR	413,558		3,461
Forest Products & Paper - 3.11%							$	11,576
Acadian Timber Corp (c)	145,023		1,946		Lodging - 0.38%
BillerudKorsnas AB	123,046		1,964		City Developments Ltd	445,900		3,429
Canfor Corp (a)	567,455		8,082		Hilton Grand Vacations Inc (a)	49,378		1,766
Clearwater Paper Corp (a)	25,722		1,192		Hilton Worldwide Holdings Inc	162,723		10,816
Deltic Timber Corp (c)	126,826		8,606				$	16,011
DS Smith PLC	693,225		3,908		Machinery - Diversified - 1.58%
Empresas CMPC SA	1,816,688		4,303		AGCO Corp	74,968		4,800
Fibria Celulose SA ADR	630,556		7,207		Alamo Group Inc	25,856		2,201
Holmen AB	91,967		4,136		ANDRITZ AG	113,971		6,847
Interfor Corp (a)	464,321		6,060		Bucher Industries AG	7,974		2,598
International Paper Co	120,731		6,384		CNH Industrial NV	292,798		3,274
Klabin SA	1,334,200		6,968		Deere & Co	116,144		14,223
Metsa Board OYJ	233,501		1,780		Ebara Corp	93,600		2,648
Mondi PLC	475,465		12,429		Gorman-Rupp Co/The	14,953		360
Quintis Ltd (b)	2,854,062		679		IDEX Corp	65,222		7,075
Sappi Ltd	759,831		5,605		Interpump Group SpA	67,986		1,995
Smurfit Kappa Group PLC	194,319		5,471		Kubota Corp	522,200		8,260
Smurfit Kappa Group PLC	27,633		777		Lindsay Corp	9,093		776
Stora Enso OYJ	510,009		6,450		Valmet OYJ	178,018		3,463
Sumitomo Forestry Co Ltd	522,100		8,316		Xylem Inc/NY	153,514		8,004
Suzano Papel e Celulose SA	1,213,300		5,785				$	66,524
UPM-Kymmene OYJ	265,100		7,470		Metal Fabrication & Hardware - 0.13%
West Fraser Timber Co Ltd	236,673		10,304		Advanced Drainage Systems Inc	30,644		587
Western Forest Products Inc	3,024,508		4,747		Mueller Industries Inc	49,272		1,393
		$	130,569		Mueller Water Products Inc - Class A	138,340		1,547
Gas - 1.57%					Rexnord Corp (a)	87,898		2,004
ENN Energy Holdings Ltd	582,000		3,061				$	5,531
Hong Kong & China Gas Co Ltd	628,669		1,344		Mining - 4.27%
Italgas SpA	271,035		1,435		Acacia Mining PLC	52,706		195
National Grid PLC	1,365,334		19,174		African Rainbow Minerals Ltd	28,092		175
NiSource Inc	233,017		6,074		Agnico Eagle Mines Ltd	72,400		3,499
Sempra Energy	198,611		23,136		Alacer Gold Corp (a)	94,000		138
Snam SpA	890,600		4,086		Alamos Gold Inc	96,000		646
Southcross Holdings Borrower LP (a),(c),(e)	37		18		Alumina Ltd	740,274		1,056
Southwest Gas Holdings Inc	44,700		3,557		Aluminum Corp of China Ltd (a)	1,266,000		590
Tokyo Gas Co Ltd	404,900		2,102		Aneka Tambang Persero Tbk PT (a)	3,088,400		180
Western Gas Equity Partners LP	43,342		1,881		Anglo American Platinum Ltd (a)	17,330		369
		$	65,868		Anglo American PLC (a)	450,564		6,010
Hand & Machine Tools - 0.03%					AngloGold Ashanti Ltd	131,201		1,500
Franklin Electric Co Inc	32,931		1,258		Antofagasta PLC	126,708		1,312
					Asanko Gold Inc (a)	64,900		105
Healthcare - Products - 0.19%					Assore Ltd	17,942		262
Danaher Corp	95,903		8,146		B2Gold Corp (a)	310,000		778
					Barrick Gold Corp	374,500		6,193
Healthcare - Services - 0.00%					BHP Billiton Ltd	1,031,972		18,141
Millennium Health LLC (a),(c),(e)	22,091		30		BHP Billiton PLC	678,645		10,255
Millennium Health LLC (a),(b),(c),(e)	20,580		—		Boliden AB	87,883		2,403
Millennium Health LLC (a),(b),(c),(e)	19,318		—		Cameco Corp	127,100		1,171
		$	30		Capstone Mining Corp (a)	125,262		86
Holding Companies - Diversified - 0.25%					Centamin PLC	370,192		794
China Merchants Port Holdings Co Ltd	2,635,537		7,807		Centerra Gold Inc	74,900		425
Empresas COPEC SA	231,638		2,647		China Gold International Resources Corp Ltd	76,400		110
		$	10,454		(a)
Home Builders - 0.36%					China Molybdenum Co Ltd	1,260,000		394
Daiwa House Industry Co Ltd	75,100		2,453		Coeur Mining Inc (a)	58,175		540
DR Horton Inc	58,260		1,905		Detour Gold Corp (a)	56,100		726
Lennar Corp - A Shares	88,086		4,520		Dominion Diamond Corp	26,600		343
LGI Homes Inc (a)	47,755		1,547		Dowa Holdings Co Ltd	100,000		754
Toll Brothers Inc	124,763		4,605		Eldorado Gold Corp	230,200		697
		$	15,030		Endeavour Mining Corp (a)	23,800		375
Home Furnishings - 0.09%					Endeavour Silver Corp (a)	40,800		119
American Woodmark Corp (a)	19,673		1,825		Eramet (a)	3,411		167
Rational AG	3,333		1,799		Evolution Mining Ltd	431,781		772
					First Majestic Silver Corp (a)	53,000		443
		$	3,624
Housewares - 0.06%					First Quantum Minerals Ltd	221,500		1,868
					Fortuna Silver Mines Inc (a)	51,100		241
Scotts Miracle-Gro Co/The	27,444		2,377
					Franco-Nevada Corp	57,300		4,279

See accompanying notes

33

Consolidated Schedule of Investments Diversified Real Asset Fund May 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Mining (continued)					Mining (continued)
Freeport-McMoRan Inc (a)	464,885	$	5,342		Vedanta Resources PLC	34,726	$	275
Fresnillo PLC	94,710		1,926		Western Areas Ltd (a)	87,486		143
Glencore PLC (a)	3,700,225		13,630		Wheaton Precious Metals Corp	141,800		2,897
Gold Fields Ltd	263,971		939		Yamana Gold Inc	304,500		789
Goldcorp Inc	274,300		3,730		Zhaojin Mining Industry Co Ltd	336,500		275
Grupo Mexico SAB de CV	2,001,000		5,419		Zijin Mining Group Co Ltd	1,840,000		604
Guyana Goldfields Inc (a)	43,900		176				$	179,525
Harmony Gold Mining Co Ltd	56,523		114		Miscellaneous Manufacturers - 0.43%
Hecla Mining Co	127,059		729		Aalberts Industries NV	82,291		3,329
Hi-Crush Partners LP (a)	23,395		305		Alfa Laval AB	245,485		4,943
Highland Gold Mining Ltd	62,699		123		Pentair PLC	130,833		8,664
Hochschild Mining PLC	97,788		362		Sulzer AG	10,844		1,265
Hudbay Minerals Inc	76,200		390				$	18,201
IAMGOLD Corp (a)	148,100		660		Oil & Gas - 0.26%
Iluka Resources Ltd	134,535		912		Antero Midstream Partners LP	261,837		9,070
Impala Platinum Holdings Ltd (a)	236,096		658		EQT GP Holdings LP (c)	68,152		1,782
Imperial Metals Corp (a)	18,100		66		Vantage Drilling International (a),(b)	1,554		1
Independence Group NL	188,515		500				$	10,853
Industrias Penoles SAB de CV	51,100		1,111		Packaging & Containers - 0.67%
Jiangxi Copper Co Ltd	445,000		669		Graphic Packaging Holding Co	217,158		2,934
KAZ Minerals PLC (a)	86,117		539
Kinross Gold Corp (a)	400,100		1,730		Huhtamaki OYJ	51,521		2,001
					KapStone Paper and Packaging Corp	272,945		5,767
Kirkland Lake Gold Ltd	65,202		507		Mayr Melnhof Karton AG	4,277		543
Klondex Mines Ltd (a)	56,300		168
Lonmin PLC (a)	72,600		69		Packaging Corp of America	88,005		8,991
					WestRock Co	143,299		7,798
Lucara Diamond Corp	98,300		218				$	28,034
Lundin Mining Corp	233,300		1,285		Pharmaceuticals - 0.07%
McEwen Mining Inc	77,004		196		Zoetis Inc	44,614		2,779
MMG Ltd (a)	1,020,000		336
Mountain Province Diamonds Inc (a)	41,100		117
Munsun Capital Group Ltd (a)	2,680,000		44		Pipelines - 11.60%
					Antero Midstream GP LP (a)	129,575		2,861
Nevsun Resources Ltd	96,800		233		APA Group	1,286,520		9,153
New Gold Inc (a)	184,900		534
					Buckeye Partners LP	256,709		16,429
Newcrest Mining Ltd	246,365		3,861		Cheniere Energy Inc (a)	466,882		22,746
Newmont Mining Corp	170,667		5,828		Enbridge Energy Management LLC (a)	418,637		6,732
Nickel Asia Corp	488,500		62		Enbridge Inc	91,277		3,515
Norsk Hydro ASA	398,882		2,164		Enbridge Inc	697,313		26,843
North Mining Shares Co Ltd (a)	5,530,000		114
Northam Platinum Ltd (a)	131,040		438		Energy Transfer Equity LP	1,328,813		22,643
					Energy Transfer Partners LP	1,055,109		22,959
Northern Star Resources Ltd	192,964		675
Nyrstar NV (a)	30,063		187		Enterprise Products Partners LP	1,208,604		32,403
					EQT Midstream Partners LP (c)	280,506		20,690
OceanaGold Corp	193,813		656		Genesis Energy LP	270,115		8,425
Orocobre Ltd (a)	67,643		185
					Kinder Morgan Inc/DE	1,211,200		22,722
Osisko Gold Royalties Ltd	34,200		361		Koninklijke Vopak NV	44,933		2,035
OZ Minerals Ltd	95,965		520		Magellan Midstream Partners LP	402,674		29,230
Pan African Resources PLC	574,434		120		MPLX LP	595,284		19,674
Pan American Silver Corp	48,900		853		Noble Midstream Partners LP	55,308		2,544
Petra Diamonds Ltd (a)	170,333		285
					NuStar Energy LP	77,996		3,555
Philex Mining Corp	952,400		172		ONEOK Partners LP	402,860		19,704
Polymetal International PLC	110,525		1,441		Pembina Pipeline Corp	154,906		4,950
Randgold Resources Ltd	30,204		2,865		Phillips 66 Partners LP (c)	323,570		16,023
Regis Resources Ltd	160,976		390		Plains All American Pipeline LP	911,540		24,138
Resolute Mining Ltd	236,805		203		Shell Midstream Partners LP (c)	303,168		9,043
Richmont Mines Inc (a)	20,200		143
					Spectra Energy Partners LP	179,738		7,754
Rio Tinto Ltd	136,299		6,346		Tallgrass Energy GP LP	67,326		1,735
Rio Tinto PLC	444,826		17,764		Tallgrass Energy Partners LP	162,768		8,073
Royal Gold Inc	20,992		1,688		Targa Resources Corp	170,561		7,834
Sandfire Resources NL	50,683		230		Tesoro Logistics LP (c)	318,775		16,889
Saracen Mineral Holdings Ltd (a)	259,478		201
SEMAFO Inc (a)	104,300		212		TransCanada Corp	590,617		27,418
					Valero Energy Partners LP (c)	219,742		9,935
Sibanye Gold Ltd	545,881		673		Veresen Inc	413,800		5,624
Sibanye Gold Ltd - Rights (a)	307,033		105
					Western Gas Partners LP (c)	323,486		18,028
Silver Standard Resources Inc (a)	38,400		365
					Williams Cos Inc/The	777,850		22,247
Silvercorp Metals Inc	53,700		157		Williams Partners LP	333,508		13,063
South32 Ltd	1,710,618		3,355				$	487,617
Southern Copper Corp	49,675		1,737
St Barbara Ltd (a)	159,800		341		Real Estate - 2.15%
					ADO Properties SA (d)	180,690		7,773
Sumitomo Metal Mining Co Ltd	187,000		2,273
Tahoe Resources Inc	99,900		884		Aeon Mall Co Ltd	357,000		6,683
Teck Resources Ltd	182,400		3,247		Deutsche Wohnen AG	395,819		15,536
Timah Persero Tbk PT	957,100		65		Fabege AB	411,763		7,728
Torex Gold Resources Inc (a)	25,500		426		Hongkong Land Holdings Ltd	995,861		7,528
Turquoise Hill Resources Ltd (a)	387,800		1,011		Inmobiliaria Colonial SA	490,524		3,989
Vale Indonesia Tbk PT (a)	638,500		91		Leopalace21 Corp	596,500		3,510

See accompanying notes

34

Consolidated Schedule of Investments
Diversified Real Asset Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)		Shares Held		Value(000			's)
Real Estate (continued)					Transportation - 0.14%
Mitsui Fudosan Co Ltd	651,500	$	15,401		East Japan Railway Co			31,800	$		3,048
New World Development Co Ltd	5,091,000		6,327		Prumo Logistica SA (a)			1,148,920			2,861
Pope Resources a Delaware LP (c)	73,271		5,396						$		5,909
Sun Hung Kai Properties Ltd	721,000		10,662		Water- 2.02	%
		$	90,533		American States Water Co			33,689			1,543
REITS - 9.50%					American Water Works Co Inc			204,004			15,949
Agree Realty Corp	77,439		3,526		Aqua America Inc			163,391			5,341
Alexandria Real Estate Equities Inc	124,827		14,565		Beijing Enterprises Water Group Ltd			4,504,000			3,605
American Homes 4 Rent	544,255		12,229		California Water Service Group			44,174			1,531
American Tower Corp	176,333		23,133		China Water Industry Group Ltd (a)			1,100,000			229
Apartment Investment & Management Co	95,744		4,109		Cia de Saneamento Basico do Estado de Sao			470,588			4,202
Assura PLC	3,602,205		2,949		Paulo ADR
AvalonBay Communities Inc	80,152		15,328		Connecticut Water Service Inc			10,350			549
CatchMark Timber Trust Inc	437,501		4,953		Guangdong Investment Ltd			2,592,000			3,738
Corporate Office Properties Trust	155,287		5,238		Middlesex Water Co			14,999			530
Crown Castle International Corp	186,941		19,003		Pennon Group PLC			910,348			10,806
CubeSmart	305,363		7,622		Severn Trent PLC			322,540			10,398
Dexus	1,554,117		11,983		Suez			343,001			6,251
Digital Realty Trust Inc	72,570		8,577		United Utilities Group PLC			730,881			9,698
EPR Properties	78,372		5,557		Veolia Environnement SA			452,731			9,964
Equinix Inc	28,867		12,731		York Water Co/The			11,824			391
Essex Property Trust Inc	48,912		12,566						$		84,725
Frasers Logistics & Industrial Trust	8,672,656		6,299		TOTAL COMMON STOCKS				$		2,185,620
Gecina SA	46,587		7,157		INVESTMENT COMPANIES - 5.12%		Shares Held		Value(000			's)
Goodman Group	2,042,203		12,880		Exchange Traded Funds - 0.07%
Great Portland Estates PLC	528,042		4,322		Guggenheim S&P Global Water Index ETF			48,552			1,590
Hoshino Resorts REIT Inc	294		1,518		SPDR S&P Metals & Mining ETF			49,200			1,423
Hudson Pacific Properties Inc	161,781		5,300						$		3,013
Industrial & Infrastructure Fund Investment	388		1,752		Money Market Funds - 5.05%
Corp					BlackRock Liquidity Funds FedFund Portfolio			1,541,236			1,541
Investa Office Fund	512,528		1,796		Cash Account Trust - Government & Agency		29,491,694				29,492
Invitation Homes Inc	179,812		3,870		Portfolio - Government Cash Managed
Japan Hotel REIT Investment Corp	5,883		4,267		First American Government Obligations Fund			39,268			39
Japan Logistics Fund Inc	1,586		3,411		Goldman Sachs Financial Square Funds -		53,445,751				53,446
Japan Retail Fund Investment Corp	2,634		5,117		Government Fund
Link REIT	1,915,500		15,108		Morgan Stanley Institutional Liquidity Funds -		125,928,934				125,929
Merlin Properties Socimi SA	296,484		3,763		Government Portfolio
Nomura Real Estate Master Fund Inc	2,866		4,310		Wells Fargo Advantage Government Money			1,750,058			1,750
Park Hotels & Resorts Inc	105,347		2,712		Market Fund
Physicians Realty Trust	509,878		10,371						$		212,197
Potlatch Corp	213,834		9,783		TOTAL INVESTMENT COMPANIES				$		215,210
Prologis Inc	120,097		6,670		PREFERRED STOCKS - 0.06%		Shares Held		Value(000			's)
Rayonier Inc	372,541		10,465
					Water - 0.06%
Regency Centers Corp	235,333		14,322		Cia de Saneamento do Parana 0.58%(f)			756,900	$		2,430
Rexford Industrial Realty Inc	437,351		11,918
SBA Communications Corp (a)	51,687		7,142
Segro PLC	637,055		4,133		TOTAL PREFERRED STOCKS				$		2,430
Senior Housing Properties Trust	300,697		6,357		COMMODITY INDEXED STRUCTURED		Principal
Simon Property Group Inc	121,979		18,815		NOTES- 0.44	%	Amount (000's)		Value(000			's)
STORE Capital Corp	215,906		4,400		Banks- 0.44	%
Sun Communities Inc	80,366		6,923		Royal Bank of Canada; Dow Jones – UBS
Sunstone Hotel Investors Inc	223,379		3,487		Commodity Index Linked Note
					0.87%, 03/12/2018(d),(f)		$	4,200		$	3,678
Unibail-Rodamco SE	44,235		11,421		0.87%, 03/12/2018(d),(f)			17,000			14,763
UNITE Group PLC/The	577,765		4,693
Weyerhaeuser Co	627,625		20,687						$		18,441
		$	399,238		TOTAL COMMODITY INDEXED STRUCTURED NOTES				$		18,441
Retail - 0.11%							Principal
BMC Stock Holdings Inc (a)	69,012		1,346		CONVERTIBLE BONDS - 0.01%		Amount (000's)		Value(000			's)
Lowe's Cos Inc	17,557		1,383		Oil & Gas - 0.01%
Tractor Supply Co	30,986		1,709		Vantage Drilling International
		$	4,438		1.00%, PIK 1.00%, 12/31/2030(b),(c),(f),(g)			271			271
Software - 0.06%
InterXion Holding NV (a)	57,495		2,556		TOTAL CONVERTIBLE BONDS				$		271
					SENIOR FLOATING RATE INTERESTS -		Principal
Storage & Warehousing - 0.06%					19.80	%	Amount (000's)		Value(000			's)
Safestore Holdings PLC	415,985		2,364		Advertising - 0.24%
					Advantage Sales & Marketing Inc, Term
Telecommunications - 0.02%					Loan
Cellnex Telecom SA (d)	44,200		927		7.51%, 07/21/2022(f)		$	493	$		482
					Advantage Sales & Marketing Inc, Term Loan
Textiles - 0.14%					B
Mohawk Industries Inc (a)	24,399		5,839		4.29%, 07/21/2021(f)			2,000			1,977
					Affinion Group Inc, Term Loan
					8.93%, 03/31/2022(f)			2,750			2,795

See accompanying notes

35

Consolidated Schedule of Investments Diversified Real Asset Fund May 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)
Advertising (continued)						Commercial Services (continued)
Checkout Holding Corp, Term Loan B						Brand Energy & Infrastructure Services Inc,
4.54%, 04/03/2021(f)		$	1,671	$	1,474	Term Loan B
Getty Images Inc, Term Loan B						4.92%, 11/20/2020(f)	$	900	$	902
4.75%, 10/03/2019(f)			3,518		3,228	Camelot Finance LP, Term Loan
			$		9,956	4.54%, 10/03/2023(f)		2,985		3,006
Aerospace & Defense - 0.27%						Ceridian HCM Holding Inc, Term Loan B2
Sequa Mezzanine Holdings LLC, Term Loan						4.54%, 09/15/2020(f)		1,254		1,251
10.17%, 04/28/2022(f)			1,621		1,654	Concentra Inc, Term Loan B
Sequa Mezzanine Holdings LLC, Term Loan						4.06%, 06/01/2022(f)		1,918		1,932
B						Gartner Inc, Term Loan A
6.67%, 10/28/2021(f)			4,709		4,736	2.99%, 03/21/2022(f)		1,269		1,272
TransDigm Inc, Term Loan D						Gartner Inc, Term Loan B
4.14%, 05/21/2021(f)			4,831		4,848	3.04%, 03/15/2024(f)		750		756
			$		11,238	Global Payments Inc, Term Loan B
Airlines - 0.35%						2.99%, 04/21/2023(f)		387		389
American Airlines Inc, Term Loan B						KAR Auction Services Inc, Term Loan
3.04%, 06/26/2020(f)			3,904		3,908	0.00%, 03/09/2023(f),(h)		990		997
3.49%, 10/10/2021(c),(f)			3,144		3,147	Laureate Education Inc, Term Loan
3.49%, 12/14/2023(f)			2,185		2,189	7.40%, 04/19/2024(f)		3,000		3,005
3.54%, 04/28/2023(f)			2,475		2,478	Monitronics International Inc, Term Loan B2
Delta Air Lines Inc, Term Loan B1						6.65%, 09/22/2022(f)		2,289		2,319
3.49%, 10/18/2018(f)			3,037		3,057	Pharmaceutical Product Development LLC,
						Term Loan
			$		14,779	0.00%, 08/18/2022(f),(h)		6,321		6,327
Automobile Manufacturers - 0.07%
FCA US LLC, Term Loan B						Prime Security Services Borrower LLC, Term
2.99%, 12/05/2018(f)			2,897		2,917	Loan
						4.29%, 05/02/2022(f)		4,988		5,028
Automobile Parts & Equipment - 0.03%						Syniverse Holdings Inc, Term Loan B
Allison Transmission Inc, Term Loan B						4.15%, 04/23/2019(f)		2,583		2,486
3.03%, 09/23/2022  (f)			1,117		1,127	4.17%, 04/23/2019(f)		3,220		3,061
						WEX Inc, Term Loan B
						4.54%, 06/24/2023(f)		1,191		1,201
Beverages - 0.11%
Jacobs Douwe Egberts International BV, Term								$		36,086
Loan B						Computers - 1.22%
3.44%, 07/02/2022(f)			3,018		3,037	Conduent Business Services LLC, Term Loan
Keurig Green Mountain Inc, Term Loan A						B
2.56%, 03/03/2021(f)			1,661		1,657	4.99%, 12/07/2023(f)		2,257		2,291
			$		4,694	CSRA Inc, Term Loan B
						3.54%, 10/06/2022(f)		1,243		1,245
Biotechnology - 0.13%
Concordia International Corp, Term Loan B						Dell International LLC, Term Loan A1
5.28%, 10/21/2021(f)			7,624		5,507	3.05%, 12/31/2018(f)		1,685		1,687
						Dell International LLC, Term Loan A2
						3.30%, 06/02/2021(f)		5,070		5,085
Building Materials - 0.16%
Quikrete Holdings Inc, Term Loan B						Dell International LLC, Term Loan A3
3.74%, 11/03/2023(f)			3,990		3,974	3.05%, 05/31/2019(f)		3,500		3,507
Safway Group Holding LLC, Term Loan						Dell International LLC, Term Loan B
5.76%, 08/04/2023(f)			2,786		2,793	3.55%, 09/07/2023(f)		15,197		15,283
			$		6,767	iQor US Inc, Term Loan B
						6.15%, 02/19/2021(f)		2,706		2,700
Chemicals - 0.21%
						NeuStar Inc, Term Loan
Alpha 3 BV, Term Loan B1						0.00%, 03/01/2024  (f),(h)		1,750		1,767
4.15%, 01/31/2024(f)			2,000		2,009
						Optiv Security Inc, Term Loan
Axalta Coating Systems US Holdings Inc,						4.44%, 01/13/2024(f)		1,933		1,913
Term Loan
0.00%, 06/21/2024(f),(h)			337		339	Riverbed Technology Inc, Term Loan B
						4.30%, 04/25/2022(f)		2,229		2,200
Duke Finance LLC, Term Loan
6.15%, 02/16/2024(f)			1,492		1,507	Tempo Acquisition LLC, Term Loan B
						3.99%, 04/19/2024(f)		2,000		2,006
Ineos US Finance LLC, Term Loan B
3.80%, 03/31/2022(f)			245		247	TierPoint LLC, Term Loan B
						4.77%, 04/26/2024(f)		2,000		2,002
Minerals Technologies Inc, Term Loan B2
4.75%, 05/09/2021(f)			1,305		1,322	Western Digital Corp, Term Loan B2
						3.78%, 04/29/2023(f)		9,390		9,471
Versum Materials Inc, Term Loan B
3.65%, 09/21/2023(f)			3,483		3,520			$		51,157
			$		8,944	Consumer Products - 0.07%
Coal- 0.07	%					Prestige Brands Inc, Term Loan B4
						3.79%, 01/20/2024(f)		1,432		1,443
Peabody Energy Corp, Term Loan EXIT
5.50%, 02/08/2022(f)			3,067		3,070	Spectrum Brands Inc, Term Loan B
						3.16%, 06/23/2022(f)		1,579		1,588
Commercial Services - 0.86%								$		3,031
Acosta Holdco Inc, Term Loan B						Cosmetics & Personal Care - 0.11%
4.29%, 09/26/2021(f)			500		466	Coty Inc, Term Loan A
						2.74%, 10/27/2020(f)		2,714		2,696
Allied Universal Holdco LLC, Term Loan
4.79%, 07/27/2022(f)			1,680		1,688

See accompanying notes

36

Consolidated Schedule of Investments Diversified Real Asset Fund May 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)
Cosmetics & Personal Care (continued)						Food (continued)
Revlon Consumer Products Corp, Term Loan						Albertsons LLC, Term Loan B5
B						4.40%, 12/21/2022(f)		$	2,000	$	2,013
4.54%, 07/21/2023(f)		$	2,180	$	2,080	Albertsons LLC, Term Loan B6
			$		4,776	4.45%, 06/22/2023(f)			6,747		6,789
Distribution & Wholesale - 0.25%						Chobani LLC, Term Loan B
HD Supply Inc, Term Loan B						5.25%, 09/29/2023(f)			2,419		2,450
3.75%, 10/16/2023(f)			2,886		2,902	Moran Foods LLC, Term Loan B
3.90%, 08/13/2021(f)			1,348		1,356	7.04%, 12/01/2023(f)			998		981
Univar USA Inc, Term Loan B						Pinnacle Foods Finance LLC, Term Loan B
3.79%, 07/01/2022(f)			6,089		6,112	2.99%, 01/30/2024(f)			3,071		3,085
			$		10,370	SUPERVALU Inc, Term Loan
Diversified Financial Services - 0.17%						5.50%, 03/21/2019(f)			1,979		1,982
Walter Investment Management Corp, Term						US Foods Inc, Term Loan B
Loan						3.79%, 06/27/2023(f)			9,676		9,751
4.75%, 12/11/2020(f)			7,852		7,115				$		41,163
						Gas- 0.00	%
Electric - 0.65%						Southcross Holdings Borrower LP, Term Loan
Calpine Corp, Term Loan B5						B
3.90%, 05/20/2022(f)			1,618		1,614	4.50%, PIK 5.50%, 04/13/2023(c),(f),(g)			34		31
Calpine Corp, Term Loan B7
3.90%, 05/05/2023(f)			2,879		2,871	Healthcare - Products - 0.32%
Dayton Power & Light Co/The, Term Loan B						Alere Inc, Term Loan B
4.30%, 08/19/2022(f)			2,643		2,670	4.30%, 06/10/2022(f)			249		250
Dynegy Inc, Term Loan C1						Carestream Health Inc, Term Loan
4.25%, 06/27/2023(f)			684		683	9.65%, 12/15/2019(f)			729		704
Energy Future Intermediate Holding Co LLC,						Carestream Health Inc, Term Loan B
DIP Term Loan						5.15%, 06/05/2019(f)			5,030		4,912
4.29%, 06/30/2017(f)			3,726		3,741	ConvaTec Inc, Term Loan
Vistra Operations Co LLC, Term Loan B						3.54%, 10/13/2023(f)			3,153		3,169
3.79%, 08/04/2023(f)			10,316		10,239	DJO Finance LLC, Term Loan B
Vistra Operations Co LLC, Term Loan B2						4.27%, 06/24/2020(f)			1,719		1,700
4.26%, 12/13/2023(f)			2,993		2,994	Kinetic Concepts Inc, Term Loan B
Vistra Operations Co LLC, Term Loan C						4.40%, 01/26/2024(f)			2,899		2,858
3.79%, 08/04/2023(f)			2,359		2,341				$		13,593
			$		27,153	Healthcare - Services - 0.79%
Electronics - 0.06%						Ardent Legacy Acquisitions Inc, Term Loan
TTM Technologies Inc, Term Loan B						B
5.29%, 05/07/2021(f)			2,296		2,336	6.65%, 07/30/2021(f)			244		244
						CHS/Community Health Systems Inc, Term
Engineering & Construction - 0.04%						Loan G
Engility Corp, Term Loan B2						3.80%, 12/13/2019(f)			2,915		2,916
4.82%, 08/14/2023(f)			1,514		1,529	CHS/Community Health Systems Inc, Term
						Loan H
Entertainment - 0.67%						4.05%, 01/14/2021(f)			4,226		4,227
CCM Merger Inc, Term Loan B						DaVita Inc, Term Loan B
3.83%, 07/30/2021(f)			1,372		1,379	3.79%, 06/24/2021(f)			1,670		1,682
Delta 2 Lux Sarl, Term Loan B						Envision Healthcare Corp, Term Loan C
8.07%, 07/29/2022(f)			795		799	4.15%, 11/17/2023(f)			1,995		2,016
Delta 2 Lux Sarl, Term Loan B3						HCA Inc, Term Loan
4.57%, 02/01/2024(f)			8,763		8,770	3.04%, 03/17/2023(f)			4,709		4,725
Lions Gate Entertainment Corp, Term Loan						3.29%, 02/15/2024(f)			4,991		5,038
B						Heartland Dental LLC, Term Loan
4.00%, 10/13/2023(f)			1,350		1,356	5.54%, 12/21/2018(f)			3,389		3,391
Scientific Games International Inc, Term Loan						IASIS Healthcare LLC, Term Loan
B3						5.25%, 02/16/2021(f)			2,724		2,748
5.06%, 10/01/2021(f)			11,863		12,040	MPH Acquisition Holdings LLC, Term Loan
William Morris Endeavor Entertainment LLC,						B
Term Loan B						4.90%, 05/25/2023(f)			1,882		1,886
4.30%, 05/06/2021(f)			2,588		2,600	New Millennium Holdco Inc, Term Loan
WMG Acquisition Corp, Term Loan						7.54%, 12/21/2020(f)			1,112		657
3.51%, 11/01/2023(f)			1,192		1,193	Quorum Health Corp, Term Loan
			$		28,137	7.79%, 04/29/2022(f)			678		677
Environmental Control - 0.14%						Select Medical Corp, Term Loan
Advanced Disposal Services Inc, Term Loan						4.65%, 02/13/2024(f)			1,959		1,976
B						Tennessee Merger Sub Inc, Term Loan
3.70%, 11/10/2023(f)			6,059		6,100	3.76%, 01/12/2024(f)			944		939
									$		33,122
Food- 0.98	%					Holding Companies - Diversified - 0.19%
AdvancePierre Foods Inc, Term Loan B						Emerald Expositions Holding Inc, Term Loan
5.92%, 05/26/2023(f)			1,638		1,638	B
Albertsons LLC, Term Loan B4						0.00%, 05/17/2024(f),(h)			2,206		2,216
4.04%, 08/25/2021(f)			12,405		12,474

See accompanying notes

37

Consolidated Schedule of Investments
Diversified Real Asset Fund
May 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)
Holding Companies - Diversified (continued)					Machinery - Diversified (continued)
Travelport Finance Luxembourg Sarl, Term					RBS Global Inc, Term Loan B
Loan C					3.89%, 08/21/2023(f)		$	2,462	$	2,471
4.43%, 09/02/2021(f)	$	5,720	$	5,747	Zebra Technologies Corp, Term Loan B
		$		7,963	3.60%, 10/27/2021(f)			3,008		3,030
Insurance - 0.19%					Zodiac Pool Solutions LLC, Term Loan
Acrisure LLC, Term Loan					0.00%, 12/20/2023(f),(h)			1,746		1,754
1.70%, 11/22/2023(f)		1,500		1,513				$		22,343
Alliant Holdings Intermediate LLC, Term					Media- 2.21	%
Loan					Altice Financing SA, Term Loan
4.42%, 07/27/2022(f)		2,824		2,827	3.91%, 06/20/2025(f)			3,000		3,001
HUB International Ltd, Term Loan B					Altice US Finance I Corp, Term Loan B
4.17%, 09/17/2020(f)		3,588		3,606	3.28%, 07/28/2025(f)			5,788		5,775
		$		7,946	CBS Radio Inc, Term Loan B
Internet - 0.26%					0.00%, 03/02/2024(f),(h)			1,353		1,361
Ancestry.com Operations Inc, Term Loan B					4.51%, 10/06/2023(f)			2,105		2,124
4.25%, 10/19/2023(f)		2,376		2,396	Charter Communications Operating LLC,
EIG Investors Corp, Term Loan B					Term Loan F
6.68%, 11/09/2019(f)		1,340		1,341	3.05%, 01/03/2021(f)			3,467		3,486
TIBCO Software Inc, Term Loan B					Charter Communications Operating LLC,
5.55%, 12/04/2020(f)		6,516		6,577	Term Loan I
Zayo Group LLC, Term Loan B2					3.29%, 01/15/2024(f)			6,736		6,778
3.51%, 01/12/2024(f)		500		503	Cumulus Media Holdings Inc, Term Loan B
		$		10,817	4.30%, 12/18/2020(f)			8,436		6,683
Investment Companies - 0.09%					Gray Television Inc, Term Loan B2
AI Mistral Luxembourg Subco Sarl, Term					3.50%, 02/02/2024(f)			595		599
Loan B					Houghton Mifflin Harcourt Publishers Inc,
4.18%, 01/17/2024(f)		1,000		999	Term Loan B
RPI Finance Trust, Term Loan B6					4.04%, 05/11/2021(f)			3,169		2,992
3.15%, 03/16/2023(f)		3,000		3,011	iHeartCommunications Inc, Term Loan D-
					EXT
		$		4,010	7.79%, 01/22/2019(f)			30,305		24,901
Leisure Products & Services - 0.16%
Equinox Holdings Inc, Term Loan					iHeartCommunications Inc, Term Loan E
4.25%, 03/03/2024(f)		1,051		1,060	8.54%, 07/30/2019(f)			3,386		2,795
Life Time Fitness Inc, Term Loan B					McGraw-Hill Global Education Holdings
4.04%, 06/10/2022(f)		2,264		2,269	LLC, Term Loan
					5.00%, 05/02/2022(f)			3,627		3,585
Planet Fitness Holdings LLC, Term Loan B
4.03%, 03/31/2021(f)		2,234		2,238	Mediacom Illinois LLC, Term Loan K
					3.20%, 02/15/2024(f)			489		491
Sabre GLBL Inc, Term Loan B
3.79%, 02/16/2024(f)		984		994	Mission Broadcasting Inc, Term Loan B
					4.00%, 09/26/2023(f)			481		485
		$		6,561
Lodging - 0.31%					Nexstar Broadcasting Inc, Term Loan B
					4.00%, 09/26/2023(f)			4,908		4,950
Boyd Gaming Corp, Term Loan B
3.45%, 09/15/2023(f)		2,776		2,788	Nielsen Finance LLC, Term Loan B4
					2.99%, 10/04/2023(f)			3,000		3,009
Caesars Entertainment Corp, Term Loan
0.00%, 04/04/2024(f),(h)		2,000		1,990	Springer Science+Business Media GmbH,
					Term Loan B9
CityCenter Holdings LLC, Term Loan B					4.62%, 08/14/2020(f)			1,737		1,743
3.50%, 04/18/2024(f)		3,829		3,843
					Tribune Media Co, Term Loan C
Hilton Worldwide Finance LLC, Term Loan					4.04%, 01/26/2024(f)			4,814		4,829
B2
3.02%, 10/25/2023(f)		3,329		3,348	Virgin Media Bristol LLC, Term Loan I
					3.74%, 01/31/2025(f)			4,000		4,016
Intrawest Operations Group LLC, Term Loan					WideOpenWest Finance LLC, Term Loan
B					4.65%, 08/18/2023 (f)			2,838		2,854
4.54%, 11/26/2020(f)		1,239		1,244
		$		13,213	Ziggo Secured Finance Partnership, Term
					Loan E
Machinery - Construction & Mining - 0.05%					3.49%, 04/15/2025(f)			6,650		6,647
North American Lifting Holdings Inc, Term
Loan								$		93,104
5.65%, 11/26/2020(f)		1,026		975	Mining - 0.09%
					Fairmount Santrol Inc, Term Loan B1
Vertiv Intermediate Holding II Corp, Term					4.65%, 09/05/2019(f)			370		360
Loan B
5.00%, 11/30/2023(f)		1,161		1,171	Fairmount Santrol Inc, Term Loan B2
					4.65%, 09/05/2019(f)			3,664		3,570
		$		2,146
Machinery - Diversified - 0.53%								$		3,930
Columbus McKinnon Corp/NY, Term Loan					Miscellaneous Manufacturers - 0.10%
4.15%, 01/19/2024(f)		1,944		1,954	Gates Global LLC, Term Loan B
					4.41%, 03/29/2024(f)			4,213		4,230
Gardner Denver Inc, Term Loan
4.57%, 07/23/2020(f)		8,906		8,922
NN Inc, Term Loan					Oil & Gas - 0.29%
4.75%, 03/26/2021(f)		2,813		2,809	California Resources Corp, Term Loan
					0.00%, 12/31/2021(f),(h)			1,250		1,382
NN Inc, Term Loan B
0.00%, 10/19/2022(f),(h)		1,406		1,403

See accompanying notes

38

Consolidated Schedule of Investments
Diversified Real Asset Fund
May 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)						Retail (continued)
	Drillships Financing Holding Inc, Term Loan						Petco Animal Supplies Inc, Term Loan B1
	B1						4.17%, 01/26/2023(f)	$	4,761	$	4,420
	0.00%, 02/02/2021(a),(f)		$	2,198	$	1,579	PetSmart Inc, Term Loan B
	Fieldwood Energy LLC, Term Loan						4.01%, 03/11/2022(f)		3,678		3,531
	8.04%, 08/31/2020(f)			2,918		2,787	Rite Aid Corp, Term Loan 1
	8.38%, 09/17/2020(f)			3,553		3,150	5.75%, 07/07/2020(f)		3,950		3,963
	8.38%, 09/20/2020(f)			884		650	Rite Aid Corp, Term Loan 2
	Fieldwood Energy LLC, Term Loan B						4.88%, 06/11/2021(f)		13,350		13,379
	3.92%, 09/28/2018(f)			1,864		1,798	Serta Simmons Bedding LLC, Term Loan
	Seadrill Operating LP, Term Loan B						4.59%, 10/20/2023(f)		477		478
	4.15%, 02/12/2021(f)			1,057		724			$		51,123
				$		12,070	Semiconductors - 0.19%
	Packaging & Containers - 0.34%						Bright Bidco BV, Term Loan
	Berry Plastics Corp, Term Loan J						0.00%, 03/15/2024(f),(h)		1,417		1,438
	3.49%, 01/12/2024(f)			2,500		2,516	Cavium Inc, Term Loan B1
	Reynolds Group Holdings Inc, Term Loan B						3.28%, 08/16/2022(f)		3,062		3,070
	4.03%, 02/05/2023(f)			11,542		11,596	Microsemi Corp, Term Loan B
	SIG Combibloc PurchaseCo Sarl, Term Loan						3.33%, 12/17/2022(f)		1,291		1,296
	B						ON Semiconductor Corp, Term Loan B
	4.04%, 02/03/2022(f)			238		239	3.29%, 03/31/2023(f)		2,383		2,393
				$		14,351			$		8,197
	Pharmaceuticals - 0.78%						Software - 2.61%
	Catalent Pharma Solutions Inc, Term Loan B						Almonde Inc, Term Loan
	3.79%, 05/20/2021(f)			4,927		4,977	0.00%, 04/26/2024(f),(h)		2,360		2,365
	Change Healthcare Holdings LLC, Term Loan						0.00%, 04/28/2025(f),(h)		816		832
	B						Blackboard Inc, Term Loan B4
	3.14%, 02/03/2024(f)			14,000		14,042	6.16%, 06/30/2021(f)		4,049		4,056
	Grifols Worldwide Operations USA Inc, Term						BMC Software Finance Inc, Term Loan
	Loan B						5.04%, 09/10/2022(f)		6,462		6,491
	3.20%, 01/24/2025(f)			6,000		6,010	Cengage Learning Inc, Term Loan B
	inVentiv Group Holdings Inc, Term Loan B						5.25%, 06/07/2023(f)		6,945		6,536
	4.80%, 09/29/2023(f)			4,239		4,262	Compuware Corp, Term Loan B3
	Patheon Holdings I BV, Term Loan						5.29%, 12/15/2021(f)		5,594		5,636
	4.40%, 04/11/2024(f)			2,190		2,199	DTI Holdco Inc, Term Loan B
	Valeant Pharmaceuticals International Inc,						6.42%, 09/23/2023(f)		1,692		1,659
	Term Loan BF1						Evergreen Skills Lux Sarl, Term Loan
	5.75%, 03/11/2022(f)			445		453	5.75%, 04/23/2021(f)		5,572		5,261
	Vizient Inc, Term Loan B						9.25%, 04/28/2022(f)		804		668
	4.50%, 02/13/2023(f)			660		668	First Data Corp, Term Loan
				$		32,611	0.00%, 03/24/2021(f),(h)		2,000		2,010
	Real Estate - 0.22%						3.53%, 04/19/2024(f)		21,717		21,829
	Capital Automotive LP, Term Loan						First Data Corp, Term Loan C
	7.03%, 03/21/2025(f)			2,711		2,766	4.03%, 07/08/2022(f)		3,241		3,260
	Capital Automotive LP, Term Loan B						Genesys Telecommunications Laboratories
	4.03%, 03/21/2024(f)			4,761		4,799	Inc, Term Loan B
	Realogy Group LLC, Term Loan B						5.16%, 12/01/2023(f)		4,689		4,719
	3.29%, 07/20/2022(f)			1,503		1,512	Infor US Inc, Term Loan B6
				$		9,077	3.90%, 02/01/2022(f)		4,980		4,967
	REITS- 0.12	%					Informatica LLC, Term Loan B
	Uniti Group Inc, Term Loan B						4.65%, 06/03/2022(f)		1,184		1,183
	4.04%, 10/24/2022(f)			4,991		5,014	Kronos Inc/MA, Term Loan B
							4.68%, 11/01/2023(f)		1,796		1,812
	Retail - 1.22%						LANDesk Software Group Inc, Term Loan
	1011778 BC ULC, Term Loan B						5.30%, 01/19/2024(f)		2,500		2,503
	3.72%, 02/16/2024(f)			10,037		10,052	Rackspace Hosting Inc, Term Loan B
	Academy Ltd, Term Loan B						4.67%, 10/26/2023(f)		4,663		4,689
	5.13%, 06/16/2022(f)			2,021		1,626	RP Crown Parent LLC, Term Loan B
	Bass Pro Group LLC, Term Loan						4.54%, 09/22/2023(f)		2,993		3,017
	5.90%, 05/15/2018(f)			200		202	Seattle SpinCo Inc, Term Loan
	Bass Pro Group LLC, Term Loan B						0.00%, 04/19/2024(f),(h)		1,032		1,031
	4.24%, 06/05/2020(f)			861		860	0.00%, 04/19/2024(f),(h)		6,968		6,964
	Belk Inc, Term Loan B						3.67%, 11/19/2021(f)		841		840
	5.91%, 11/18/2022(f)			1,197		1,026	Sophia LP, Term Loan B
	BJ's Wholesale Club Inc, Term Loan B						4.40%, 09/30/2022(f)		6,237		6,215
	4.75%, 01/26/2024(f)			1,726		1,722	SS&C European Holdings Sarl, Term Loan
	Dollar Tree Inc, Term Loan B2						B2
	4.19%, 05/26/2022(f)			6,800		6,864	3.29%, 07/08/2022(f)		316		318
	Gymboree Corp/The, Term Loan						SS&C Technologies Inc, Term Loan B1
	5.00%, 02/23/2018(f)			3,830		1,701	3.29%, 07/08/2022(f)		4,549		4,575
	Hudson's Bay Co, Term Loan B						Veritas US Inc, Term Loan B1
	4.29%, 08/12/2022(f)			1,352		1,299	6.77%, 01/27/2023(f)		6,487		6,491
									$		109,927

See accompanying notes

39

Consolidated Schedule of Investments Diversified Real Asset Fund May 31, 2017 (unaudited)

SENIOR FLOATING RATE INTERESTS	Principal					U.S. GOVERNMENT & GOVERNMENT			Principal
(continued)	Amount (000's)			Value(000	's)	AGENCY OBLIGATIONS (continued)		Amount (000's)			Value(000	's)
Telecommunications - 1.59%						U.S. Treasury Inflation-Indexed Obligations (continued)
Avaya Inc, DIP Term Loan						0.13%, 01/15/2022		$	18,412	$	18,570
8.52%, 01/23/2018(f)	$	2,019	$	2,079		0.13%, 04/15/2022			20,701		20,815
Avaya Inc, Term Loan B3						0.13%, 07/15/2022			16,140		16,305
6.46%, 10/26/2017(f)		2,259		1,841		0.13%, 01/15/2023			23,463		23,516
Avaya Inc, Term Loan B6						0.13%, 07/15/2024(k)			27,380		27,264
6.50%, 03/31/2018(f)		3,621		2,951		0.13%, 07/15/2026			18,294		17,938
Avaya Inc, Term Loan B7						0.25%, 01/15/2025			16,969		16,900
6.46%, 04/30/2020(f)		4,244		3,472		0.38%, 07/15/2023			16,558		16,874
CenturyLink Inc, Term Loan						0.38%, 07/15/2025			15,193		15,297
0.00%, 01/15/2025(f),(h)		5,000		4,990		0.38%, 01/15/2027(k)			34,719		34,705
Cincinnati Bell Inc, Term Loan B						0.63%, 07/15/2021			19,094		19,767
4.00%, 08/20/2020(f)		826		833		0.63%, 01/15/2024			18,359		18,868
Colorado Buyer Inc, Term Loan						0.63%, 01/15/2026			19,858		20,301
4.17%, 03/15/2024(f)		2,191		2,202		0.63%, 02/15/2043			8,209		7,701
8.42%, 03/14/2025(f)		948		960		0.75%, 02/15/2042			10,366		10,047
CommScope Inc, Term Loan						0.75%, 02/15/2045			11,810		11,311
0.00%, 12/29/2022(f),(h)		544		546		0.88%, 02/15/2047			5,605		5,554
Consolidated Communications Inc, Term						1.00%, 02/15/2046			7,358		7,508
Loan						1.13%, 01/15/2021			12,734		13,353
0.00%, 10/05/2023(f),(h)		2,500		2,512		1.25%, 07/15/2020			10,514		11,055
DigitalGlobe Inc, Term Loan B						1.38%, 01/15/2020			5,432		5,679
3.79%, 12/22/2023(f)		3,242		3,246		1.38%, 02/15/2044			9,765		10,821
FairPoint Communications Inc, Term Loan B						1.75%, 01/15/2028			7,383		8,382
7.50%, 02/14/2019(f)		145		146		2.00%, 01/15/2026			7,426		8,455
Intelsat Jackson Holdings SA, Term Loan B2						2.13%, 02/15/2040			5,709		7,233
3.89%, 06/30/2019(f)		23,853		23,541		2.13%, 02/15/2041			8,402		10,699
Sprint Communications Inc, Term Loan B						2.38%, 01/15/2025			9,569		11,059
3.56%, 01/31/2024(f)		10,000		10,027		2.38%, 01/15/2027			6,965		8,264
UPC Financing Partnership, Term Loan AP						2.50%, 01/15/2029			6,612		8,110
3.74%, 04/15/2025(f)		6,000		6,030		3.38%, 04/15/2032			5,104		7,192
Windstream Services LLC, Term Loan B6						3.63%, 04/15/2028			6,744		8,980
5.01%, 03/29/2021(f)		1,493		1,499		3.88%, 04/15/2029			6,360		8,811
			$	66,875						$	482,384
Transportation - 0.12%						TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
CEVA Group PLC, Term Loan						OBLIGATIONS				$	639,360
6.50%, 03/19/2021(f)		371		335					Principal
6.67%, 03/12/2021(f)		524		472		BONDS- 7.69	%	Amount (000's)			Value(000	's)
6.67%, 03/19/2021(f)		66		59		Federal & Federally Sponsored Credit - 2.84%
CEVA Intercompany BV, Term Loan						Federal Farm Credit Banks
6.67%, 03/19/2021(f)		380		342		0.94%, 04/25/2019(f),(i)			7,500		7,499
Commercial Barge Line Co, Term Loan B						0.97%, 01/23/2019(f),(i)			8,500		8,508
9.79%, 11/06/2020(f)		950		826		0.98%, 01/14/2019(f),(i)			20,000		20,019
HGIM Corp, Term Loan B						0.98%, 03/27/2019(f),(i)			22,760		22,744
5.64%, 06/12/2020(c),(f)		2,171		1,243		1.06%, 01/25/2019(f),(i)			16,000		16,004
XPO Logistics Inc, Term Loan B						1.08%, 05/08/2019(f),(i)			10,000		9,996
3.41%, 11/01/2021(f)		1,644		1,655		1.11%, 04/12/2019(f),(i)			6,000		5,999
			$	4,932		1.13%, 06/27/2018(f),(i)			20,000		20,049
Trucking & Leasing - 0.17%						1.14%, 08/01/2018(f),(i)			8,500		8,525
Avolon TLB Borrower 1 US LLC, Term Loan										$	119,343
B2						Finance - Mortgage Loan/Banker - 4.37%
3.76%, 01/20/2022(f)		7,091		7,179		Fannie Mae
						0.99%, 03/08/2019(f),(i)			4,200		4,206
TOTAL SENIOR FLOATING RATE INTERESTS			$	832,317		1.00%, 09/08/2017(f)			9,015		9,020
U.S. GOVERNMENT & GOVERNMENT	Principal					1.00%, 10/05/2017(f)			5,460		5,463
AGENCY OBLIGATIONS - 15.21%	Amount (000's)			Value(000	's)	1.03%, 07/20/2017(f),(i)			13,175		13,179
U.S. Treasury - 3.35%						1.04%, 02/28/2019(f),(i)			4,000		4,008
1.03%, 04/30/2019(f),(i)	$	31,400	$	31,405		1.10%, 03/21/2018(f)			4,015		4,022
1.10%, 01/31/2019(f),(i)		30,000		30,056		2.50%, 09/29/2017			1,150		1,155
1.13%, 10/31/2018(f),(i),(j)		18,000		18,042		Federal Home Loan Bank Discount Notes
1.15%, 04/30/2018(f),(i),(j)		20,000		20,044		0.73%, 06/20/2017(i),(l)			11,500		11,495
1.23%, 01/31/2018(f),(i),(j)		20,000		20,045		Federal Home Loan Banks
1.88%, 09/30/2017(i),(k)		8,300		8,322		1.03%, 09/20/2018(f),(i)			10,000		10,013
1.88%, 10/31/2017		1,000		1,003		1.06%, 12/07/2017(f),(i)			10,000		10,013
2.25%, 11/30/2017(i)		12,000		12,066		1.08%, 10/25/2017(f),(i)			6,200		6,205
			$	140,983		1.09%, 06/16/2017(f),(i)			10,000		10,001
U.S. Treasury Bill - 0.38%						1.10%, 09/11/2017(f),(i)			15,000		15,010
0.69%, 06/22/2017(i),(l)		16,000		15,993		1.10%, 10/27/2017(f),(i)			5,800		5,805
						1.11%, 03/08/2018(f),(i)			10,000		10,021
U.S. Treasury Inflation-Indexed Obligations - 11.48%						Freddie Mac
0.13%, 04/15/2019		1,388		1,398		0.90%, 07/24/2018(f),(i)			6,500		6,499
0.13%, 04/15/2020		38,558		38,904		0.93%, 07/17/2018(f),(i)			11,100		11,101
0.13%, 04/15/2021		4,711		4,748

See accompanying notes

40

Consolidated Schedule of Investments Diversified Real Asset Fund May 31, 2017 (unaudited)

			Principal					Portfolio Summary (unaudited)
BONDS (continued)			Amount (000's)			Value (000's)		Sector	Percent
Finance - Mortgage Loan/Banker (continued)								Government	22.89	%
Freddie Mac (continued)								Financial	12.88	%
	1.00%, 09/21/2018		$	1,000	$	996		Energy	12.77	%
	1.00%, 02/22/2019(f),(i)			3,900		3,900		Basic Materials	10.09	%
	1.00%, 04/26/2019(f),(i)			13,200		13,194		Consumer, Non-cyclical	8.66	%
	1.05%, 05/25/2018(i)			10,000		9,983		Industrial	7.87	%
	1.13%, 03/08/2018(f),(i)			18,400		18,433		Utilities	6.88	%
				$		183,722		Investment Companies	5.12	%
Media- 0.01		%						Communications	4.33	%
iHeartCommunications Inc								Consumer, Cyclical	4.32	%
	9.00%, 12/15/2019			523		414		Technology	4.08	%
								Diversified	0.44	%
Sovereign - 0.47%								Purchased Interest Rate Swaptions	0.01	%
Italy Buoni Poliennali Del Tesoro								Purchased Options	0.01	%
	1.25%, 10/27/2020		EUR	1,716		2,023		Other Assets and Liabilities	(0.35	)%
	1.65%, 04/23/2020			5,523		6,517		TOTAL NET ASSETS	100.00	%
	2.55%, 09/15/2041			204		257
Japanese Government CPI Linked Bond
	0.10%, 09/10/2024		JPY	528,776		5,009
New Zealand Government Bond
	2.54%, 09/20/2035(f)		NZD	2,831		2,241
	3.15%, 09/20/2030(f)			2,430		2,068
United Kingdom Gilt
	2.50%, 07/22/2065		GBP	1,015		1,738
				$		19,853
TOTAL BONDS				$		323,332
TOTAL PURCHASED OPTIONS - 0.01%				$		554
TOTAL PURCHASED INTEREST RATE SWAPTIONS -0.01		%		$		328
Total Investments				$		4,217,863
Other Assets and Liabilities - (0.35)%				$		(14,846	)
TOTAL NET ASSETS - 100.00%				$		4,203,017
(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. Certain inputs used in the valuation may be unobservable;
	however, each security is evaluated individually for purposes of ASC 820
	which results in not all securities being identified as Level 3 of the fair
	value hierarchy. At the end of the period, the fair value of these securities
	totaled $1,291 or 0.03% of net assets.
(c)	Security is Illiquid. At the end of the period, the value of these securities
	totaled $113,143 or 2.69% 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 $52,712 or 1.25% of net assets.
(e)	Restricted Security. Please see Restricted Security Sub-Schedule for more
	information.
(f)	Variable Rate. Rate shown is in effect at May 31, 2017.
(g)	Payment in kind; the issuer has the option of paying additional securities
	in lieu of cash.
(h)	This Senior Floating Rate Note will settle after May 31, 2017, at which
	time the interest rate will be determined.
(i)	All or a portion of this security is owned by the DRA Cayman Corporation,
	which is a 100% owned subsidiary of the fund.
(j)	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 $30,068 or 0.72% of net assets.
(k)	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 $1,729 or 0.04% of net assets.
(l)	Rate shown is the discount rate of the original purchase.

Restricted Securities
Security Name	Trade Date		Cost			Value		Percent of Net Assets
Millennium Health LLC	12/21/2015	$		206	$		30	0.00	%
Millennium Health LLC	03/15/2016			—			—	0.00	%
Millennium Health LLC	03/15/2016			—			—	0.00	%

See accompanying notes

41

Consolidated Schedule of Investments
Diversified Real Asset Fund
May 31, 2017 (unaudited)
Restricted Securities (continued)
Security Name		Trade Date					Cost			Value	Percent of Net Assets
Southcross Holdings Borrower LP		04/29/2016			$		6	$		18		0.00	%
Total												0.00	%
Amounts in thousands
Foreign Currency Contracts
										Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For		Fair Value			Asset		Liability
ANZ Stockbroking	06/06/2017	NZD	737,310	$	509	$	522		$	13	$	—
Barclays Bank PLC	07/13/2017	AUD	19,956,546		15,075		14,816			3		(262	)
Barclays Bank PLC	07/13/2017	CAD	5,708,195		4,206		4,229			32		(9	)
Barclays Bank PLC	07/13/2017	CHF	13,132,044		13,259		13,600			341		—
Barclays Bank PLC	07/13/2017	EUR	36,193,994		39,473		40,744			1,271		—
Barclays Bank PLC	07/13/2017	GBP	2,386,000		3,043		3,078			35		—
Barclays Bank PLC	07/13/2017	JPY	1,470,551,458		13,264		13,306			78		(36	)
Barclays Bank PLC	07/13/2017	MXN	57,700,884		3,012		3,074			62		—
Barclays Bank PLC	07/13/2017	NOK	20,695,137		2,402		2,452			50		—
Barclays Bank PLC	07/13/2017	NZD	23,446,932		16,289		16,593			304		—
Barclays Bank PLC	07/13/2017	SEK	91,487,807		10,242		10,556			314		—
Deutsche Bank AG	06/06/2017	GBP	77,483		100		100			—		—
Deutsche Bank AG	07/13/2017	AUD	8,171,000		6,037		6,066			29		—
Deutsche Bank AG	07/13/2017	BRL	13,463,082		4,264		4,123			—		(141	)
Deutsche Bank AG	07/13/2017	CAD	11,098,428		8,288		8,223			—		(65	)
Deutsche Bank AG	07/13/2017	CHF	1,177,135		1,214		1,219			5		—
Deutsche Bank AG	07/13/2017	EUR	14,928,000		16,299		16,804			505		—
Deutsche Bank AG	07/13/2017	GBP	9,427,495		11,969		12,160			218		(27	)
Deutsche Bank AG	07/13/2017	JPY	3,032,781,702		27,391		27,442			164		(113	)
Deutsche Bank AG	07/13/2017	KRW	1,480,749,490		1,315		1,324			9		—
Deutsche Bank AG	07/13/2017	MXN	79,791,503		4,202		4,251			49		—
Deutsche Bank AG	07/13/2017	NOK	66,998,609		7,816		7,937			132		(11	)
Deutsche Bank AG	07/13/2017	NZD	16,569,000		11,421		11,725			304		—
Deutsche Bank AG	07/13/2017	RUB	60,228,012		1,049		1,052			3		—
Deutsche Bank AG	07/13/2017	SEK	52,882,853		6,029		6,102			73		—
Deutsche Bank AG	07/13/2017	TRY	15,708,116		4,134		4,400			266		—
Deutsche Bank AG	07/13/2017	TWD	37,596,000		1,240		1,249			9		—
Deutsche Bank AG	07/13/2017	ZAR	15,389,055		1,099		1,166			67		—
HSBC Securities Inc	06/06/2017	NZD	1,054,000		731		747			16		—
JPMorgan Chase	07/13/2017	AUD	45,657,728		33,940		33,896			100		(144	)
JPMorgan Chase	07/13/2017	CAD	9,016,592		6,625		6,681			64		(8	)
JPMorgan Chase	07/13/2017	CHF	5,957,753		6,021		6,170			149		—
JPMorgan Chase	07/13/2017	CZK	90,502,630		3,635		3,872			237		—
JPMorgan Chase	07/13/2017	EUR	40,760,000		45,197		45,884			687		—
JPMorgan Chase	07/13/2017	GBP	19,135,456		24,731		24,683			54		(102	)
JPMorgan Chase	07/13/2017	HUF	976,224,188		3,348		3,566			218		—
JPMorgan Chase	07/13/2017	JPY	7,235,077,560		64,961		65,465			609		(105	)
JPMorgan Chase	07/13/2017	MXN	126,229,685		6,651		6,725			88		(14	)
JPMorgan Chase	07/13/2017	NOK	94,921,131		11,149		11,246			119		(22	)
JPMorgan Chase	07/13/2017	NZD	27,722,898		19,223		19,619			396		—
JPMorgan Chase	07/13/2017	SEK	146,744,259		16,601		16,931			331		(1	)
JPMorgan Chase	07/13/2017	ZAR	40,695,795		3,012		3,082			70		—
RBC Dominion Securities	06/06/2017	GBP	1,800,000		2,318		2,319			1		—
Total									$	7,475	$	(1,060	)
										Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value			Asset		Liability
ANZ Stockbroking	06/06/2017	NZD	7,588,000	$	5,206	$	5,375		$	—	$	(169	)
Bank of America NA	06/06/2017	JPY	562,359,000		5,046		5,079			—		(33	)
Barclays Bank PLC	07/13/2017	AUD	3,261,000		2,412		2,421			—		(9	)
Barclays Bank PLC	07/13/2017	CAD	4,058,821		3,012		3,007			5		—
Barclays Bank PLC	07/13/2017	CHF	5,832,949		6,024		6,041			—		(17	)
Barclays Bank PLC	07/13/2017	EUR	15,943,000		17,446		17,947			2		(503	)
Barclays Bank PLC	07/13/2017	GBP	9,052,051		11,629		11,677			42		(90	)
Barclays Bank PLC	07/13/2017	JPY	4,641,114,477		42,314		41,994			424		(104	)
Barclays Bank PLC	07/13/2017	MXN	171,162,031		9,056		9,127			14		(85	)
Barclays Bank PLC	07/13/2017	NOK	51,915,895		6,051		6,151			—		(100	)
Barclays Bank PLC	07/13/2017	NZD	31,170,000		21,624		22,058			—		(434	)
Barclays Bank PLC	07/13/2017	SEK	90,456,636		10,258		10,437			—		(179	)
Deutsche Bank AG	06/06/2017	EUR	7,515,000		8,212		8,444			—		(232	)
Deutsche Bank AG	07/06/2017	EUR	7,504,000		8,443		8,444			—		(1	)
Deutsche Bank AG	07/06/2017	GBP	792,000		1,018		1,021			—		(3	)
Deutsche Bank AG	07/13/2017	AUD	23,515,386		17,783		17,458			325		—
Deutsche Bank AG	07/13/2017	CAD	3,270,985		2,410		2,424			—		(14	)
Deutsche Bank AG	07/13/2017	CHF	5,353,832		5,420		5,544			—		(124	)

See accompanying notes

42

Consolidated Schedule of Investments
Diversified Real Asset Fund
May 31, 2017 (unaudited)
Foreign Currency Contracts (continued)
							Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset		Liability
Deutsche Bank AG	07/13/2017	EUR	18,021,339	$	19,861	$	20,286	$	1	$	(426	)
Deutsche Bank AG	07/13/2017	GBP	2,353,242		3,026		3,036		1		(11	)
Deutsche Bank AG	07/13/2017	HKD	43,207,672		5,572		5,551		21		—
Deutsche Bank AG	07/13/2017	HUF	977,672,729		3,372		3,571		—		(199	)
Deutsche Bank AG	07/13/2017	JPY	3,091,320,032		27,674		27,971		10		(307	)
Deutsche Bank AG	07/13/2017	NZD	3,484,000		2,413		2,466		—		(53	)
Deutsche Bank AG	07/13/2017	SEK	10,556,077		1,211		1,218		—		(7	)
Goldman Sachs & Co	07/06/2017	JPY	560,920,000		5,069		5,074		—		(5	)
JPMorgan Chase	06/06/2017	GBP	1,828,000		2,368		2,356		12		—
JPMorgan Chase	07/06/2017	NZD	5,797,000		4,118		4,103		15		—
JPMorgan Chase	07/13/2017	AUD	42,366,244		31,451		31,453		91		(93	)
JPMorgan Chase	07/13/2017	BRL	9,547,377		3,012		2,924		88		—
JPMorgan Chase	07/13/2017	CAD	14,583,249		10,842		10,805		44		(7	)
JPMorgan Chase	07/13/2017	CHF	12,897,468		13,066		13,357		—		(291	)
JPMorgan Chase	07/13/2017	EUR	81,286,000		89,329		91,503		—		(2,174	)
JPMorgan Chase	07/13/2017	GBP	20,399,345		26,298		26,313		75		(90	)
JPMorgan Chase	07/13/2017	JPY	2,989,169,461		26,946		27,047		21		(122	)
JPMorgan Chase	07/13/2017	MXN	56,281,505		3,012		2,998		22		(8	)
JPMorgan Chase	07/13/2017	NOK	87,299,248		10,257		10,342		37		(122	)
JPMorgan Chase	07/13/2017	NZD	41,689,836		29,187		29,503		8		(324	)
JPMorgan Chase	07/13/2017	SEK	121,032,713		13,883		13,965		1		(83	)
State Street Financial	06/06/2017	GBP	1,806,000		2,330		2,327		3		—
Total							$		1,262	$	(6,419	)
Amounts in thousands except contracts
Futures Contracts
											Unrealized
Type	Long/Short		Contracts		Notional Value				Fair Value	Appreciation/(Depreciation)
Australia 10 Year Bond; June 2017		Short	10	$	932		$		978	$	(46	)
Brent Crude; September 2017(a)		Long	571		28,877				29,172		295
Coffee 'C'; July 2017(a)		Long	185		9,849				8,974		(875	)
Copper; July 2017(a)		Long	494		32,396				31,863		(533	)
Corn; July 2017(a)		Long	1,727		31,679				32,122		443
Cotton No.2; December 2017(a)		Long	153		5,607				5,569		(38	)
Cotton No.2; July 2017(a)		Long	9		344				346		2
Euro Bund 10 Year Bund; June 2017		Short	73		13,256				13,311		(55	)
Euro Schatz; June 2017		Short	93		11,727				11,729		(2	)
Euro-BTP; June 2017		Short	31		4,614				4,636		(22	)
Euro-BTP; June 2017		Short	93		11,736				11,810		(74	)
Euro-Oat; June 2017		Long	42		7,012				7,151		139
Gasoline RBOB; July 2017(a)		Long	224		15,724				15,020		(704	)
Gold 100 oz; December 2017(a)		Long	396		48,346				50,787		2,441
Japan 10 Year Bond TSE; June 2017		Short	4		5,415				5,442		(27	)
KC HRW Wheat; July 2017 (a)		Long	225		4,886				4,857		(29	)
Lean Hogs; July 2017(a)		Long	339		10,489				11,258		769
Live Cattle; August 2017(a)		Long	149		7,265				7,253		(12	)
Live Cattle; June 2017(a)		Long	107		5,076				5,325		249
Live Cattle; October 2017(a)		Long	102		4,858				4,821		(37	)
LME Nickel; August 2017(a)		Long	172		10,182				9,252		(930	)
LME PRI Alum; December 2017(a)		Long	442		19,681				21,418		1,737
LME Zinc; December 2017(a)		Long	121		7,399				7,891		492
LME Zinc; June 2017(a)		Short	—		196				—		196
LME Zinc; June 2018(a)		Long	51		3,307				3,306		(1	)
Natural Gas; December 2017(a)		Long	176		6,362				5,838		(524	)
Natural Gas; July 2017(a)		Long	833		27,029				25,581		(1,448	)
NY Harb ULSD; July 2017(a)		Long	32		2,230				2,040		(190	)
NY Harb ULSD; September 2017(a)		Long	189		12,428				12,189		(239	)
Silver; July 2017(a)		Long	207		18,968				18,015		(953	)
Soybean Meal; July 2017(a)		Long	386		12,114				11,507		(607	)
Soybean Oil; July 2017(a)		Long	554		10,600				10,417		(183	)
Soybean; July 2017(a)		Long	487		23,149				22,305		(844	)
Sugar #11; July 2017(a)		Long	607		11,713				10,109		(1,604	)

See accompanying notes

43

Consolidated Schedule of Investments
Diversified Real Asset Fund
May 31, 2017 (unaudited)
Futures Contracts (continued)
															Unrealized
Type			Long/Short		Contracts			Notional Value					Fair Value    Appreciation/(Depreciation)
UK 10 Year Gilt; September 2017			Short			69	$	11,383			$		11,374	$				9
US 10 Year Note; September 2017			Long			99		12,476					12,503					27
US 10 Year Ultra Note; September 2017			Short			75		10,102					10,180					(78	)
US 5 Year Note; September 2017			Short			19		2,244					2,248					(4	)
US Long Bond; September 2017			Short			81		12,346					12,459					(113	)
US Ultra Bond; September 2017			Short			56		9,120					9,247					(127	)
Wheat; July 2017 (a)			Long		649			14,345					13,929					(416	)
WTI Crude; December 2017(a)			Short		168			8,936					8,252					684
WTI Crude; December 2018(a)			Long		168			8,854					8,220					(634	)
WTI Crude; July 2017(a)			Long		328			17,562					15,849			(1,713			)
WTI Crude; September 2017(a)			Long		218			10,874					10,625					(249	)
Total													$			(5,828			)
Amounts in thousands except contracts
Interest Rate Swaps
		(Pay)/
		Receive								Upfront
		Floating	Fixed		Expiration	Notional				Premiums		Unrealized				Fair Value
Counterparty (Issuer)	Floating Rate Index	Rate	Rate		Date			Amount		Paid/(Received)			Appreciation/(Depreciation)			Asset		Liability
Barclays Bank PLC	Eurostat Eurozone	Receive	1.75	%	07/15/2017	EUR		2,795	$	23		$	28		$	51	$	—
	HICP Ex Tobacco
	Unrevised Series
	NSA
Barclays Bank PLC	UK RPI All Items	Pay	3.52	%	06/15/2017	GBP		2,800		(38	)		(84	)		—		(122	)
	NSA
Barclays Bank PLC	UK RPI All Items	Pay	3.43	%	07/17/2017			8,421		(327	)		(11	)		—		(338	)
	NSA
Barclays Bank PLC	US CPI Urban	Pay	1.63	%	09/13/2017	$		12,807		—			(173	)		—		(173	)
	Consumers
	NAS(CPURNSA)
Barclays Bank PLC	US CPI Urban	Receive	1.59	%	09/13/2018			12,807		—			212			212		—
	Consumers
	NAS(CPURNSA)
Barclays Bank PLC	US CPI Urban	Receive	2.07	%	03/10/2018			7,960		—			288			288		—
	Consumers
	NAS(CPURNSA)
Deutsche Bank AG	Eurostat Eurozone	Receive	1.47	%	03/15/2027	EUR		995		—			(11	)		—		(11	)
	HICP Ex Tobacco
	Unrevised Series
	NSA
Deutsche Bank AG	Eurostat Eurozone	Pay	1.97	%	03/15/2047			995		—			55			55		—
	HICP Ex Tobacco
	Unrevised Series
	NSA
Deutsche Bank AG	UK RPI All Items	Receive	3.57	%	03/15/2047	GBP		725		—			(38	)		—		(38	)
	NSA
Total								$		(342	)	$	266		$	606	$	(682	)
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	1.86	%	01/09/2020	$		16,350	$	—		$	(57	)	$			(57	)
	3 Month LIBOR	Receive	2.45	%	11/15/2026			2,360		—			(62	)				(62	)
	3 Month LIBOR	Pay	2.68	%	01/07/2027			4,110		—			34					34
	3 Month LIBOR	Receive	2.05	%	08/31/2021			15,750		—			(171	)				(171	)
	3 Month LIBOR	Pay	1.73	%	08/31/2046			910		(158	)		14					(144	)
	3 Month LIBOR	Receive	2.24	%	08/31/2021			3,340		—			(61	)				(61	)
	3 Month LIBOR	Pay	1.75	%	05/19/2020			5,795		—			(3	)				(3	)
	3 Month LIBOR	Pay	1.75	%	05/19/2020			840		—			—					—
	3 Month LIBOR	Pay	1.78	%	05/19/2020			3,620		—			—					—
	US Federal Funds	Receive	1.68	%	08/31/2021			5,230		—			(24	)				(24	)
	Effective Rate
	(continuous series)

See accompanying notes

44

Consolidated Schedule of Investments
Diversified Real Asset Fund
May 31, 2017 (unaudited)
Exchange Cleared Interest Rate Swaps (continued)
		(Pay)/
		Receive											Upfront
		Floating		Fixed				Expiration		Notional			Premiums			Unrealized
	Floating Rate Index	Rate		Rate				Date			Amount		Paid/(Received)						Appreciation/(Depreciation)				Fair Value
	6 Month GBP	Receive		1.61		%	02/15/2047		GBP		7,455	$		(21	)	$					(514	)	$	(535	)
	LIBOR
	6 Month GBP	Pay		1.40		%	05/26/2047				2,375			—							15			15
	LIBOR
	Eurostat Eurozone	Pay		1.83		%	05/15/2047		EUR		1,370			—							6			6
	HICP Ex Tobacco
	Unrevised Series
	NSA
	UK RPI All Items	Pay		3.62		%	02/15/2047		GBP		3,575			7							379			386
	NSA
	UK RPI All Items	Pay		3.52		%	02/15/2027				4,525			—							77			77
	NSA
	US CPI Urban	Pay		1.52		%	05/05/2018		$	11,290				—							9			9
	Consumers
	NAS(CPURNSA)
	US CPI Urban	Pay		1.54		%	05/03/2018			14,860				—							18			18
	Consumers
	NAS(CPURNSA)
	US CPI Urban	Pay		2.24		%	07/03/2017			11,375				—							5			5
	Consumers
	NAS(CPURNSA)
Total											$			(172	)	$					(335	)	$	(507	)
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 $					2,320		$	105			$		— $			(105	)
Rate Swap		LIBOR
Put - 30 Year Interest	Barclays Bank PLC	3 Month		Receive				2.68%           01/13/2021					335			31					33			2
Rate Swap		LIBOR
Put - 30 Year Interest	Deutsche Bank AG	3 Month		Receive				2.68%           01/13/2021					1,020			136					98			(38	)
Rate Swap		LIBOR
Put - 5 Year Interest	Deutsche Bank AG	3 Month		Receive				3.25%            01/06/2022					11,800			286			197					(89	)
Rate Swap		LIBOR
Total														$		558		$	328			$		(230	)
					Pay/
				Receive												Upfront
Written Swaptions		Floating Rate			Floating			Exercise		Expiration			Notional	Premiums					Fair				Unrealized
Outstanding	Counterparty (Issuer)	Index			Rate			Rate		Date			Amount			Paid/(Received)					Value		Appreciation/(Depreciation)
Put - 10 Year Interest	Barclays Bank PLC	6 Month GBP			Pay			1.40%		07/11/2017		GBP	10,270		$	(52	)		$		(4	) $		48
Rate Swap		LIBOR
Total														$		(52)				$	(4	) $		48
Amounts in thousands
Options
											Upfront Premiums												Unrealized
Purchased Options Outstanding		Exercise Price			Expiration Date				Contracts		Paid/(Received)					Fair Value					Appreciation/(Depreciation)
Call - EUR versus USD		EUR	1.09		06/16/2017				5,678,000		$			87		$			232		$			145
Call - US 10 Year Note Future; September 2017		$	126.50		06/26/2017					606				292					274					(18	)
Call - USD versus JPY		$	115.00		07/10/2017					10,125,000				50					6					(44	)
Put - GBP versus USD		GBP	1.25		08/02/2017				7,765,000					32					38					6
Put - US Long Bond Future; June 2017		$	147.00		06/26/2017					62				26					4					(22	)
Total											$			487		$			554		$			67
											Upfront Premiums												Unrealized
Written Options Outstanding		Exercise Price			Expiration Date				Contracts		Paid/(Received)					Fair Value					Appreciation/(Depreciation)
Call - GBP versus USD		GBP	1.34		08/02/2017				7,765,000		$			(37	)	$			(24	)	$			13
Call - US 10 Year Note Future; September 2017		$	127.50		06/26/2017					606				(136	)				(105	)				31
Call - USD versus JPY		$	117.00		07/10/2017					10,125,000				(22	)				(1	)				21

See accompanying notes

45

Consolidated Schedule of Investments

Diversified Real Asset Fund

May 31, 2017 (unaudited)

Options (continued)

Upfront Premiums

Unrealized

Written Options Outstanding

Exercise Price Expiration Date Contracts

Paid/(Received)

Fair Value

Appreciation/(Depreciation)

Total

$

(195

) $

(130

)

$

65

Amounts in thousands except contracts

Total Return Swaps

Counterparty

Pay/Receive

Financing

Expiration

(Issuer)

Reference Entity

Contracts Positive Return

Rate

Date

Notional Amount      Fair Value   Asset

Liability

M3 Capital PartnersBloomberg Commodity Index 2 Month

75,226 Receive

0.99%        06/22/2017

$

29,227

$

— $

(655

)

Forward Total Return(a)

Total

$

— $

(655

)

(a)

All or a portion of this security is owned by the DRA Cayman Corporation, which is a 100% owned subsidiary of the fund.

Amounts in thousands except contracts

See accompanying notes

46

Schedule of Investments
Dynamic High Yield Explorer Fund
May 31, 2017 (unaudited)
	INVESTMENT COMPANIES - 11.04%			Shares Held	Value(000			's)				Principal
	Exchange Traded Funds - 4.78%								BONDS (continued)		Amount (000's)		Value(000			's)
	PowerShares Senior Loan Portfolio			30,500	$		711		Telecommunications - 4.72%
									Frontier Communications Corp
	Money Market Funds - 6.26%								11.00%, 09/15/2025		$	165		$	154
	BlackRock Liquidity Funds FedFund Portfolio			930,810			931		GTT Communications Inc
									7.88%, 12/31/2024(d)			150			160
	TOTAL INVESTMENT COMPANIES				$		1,642		Intelsat Jackson Holdings SA
				Principal					8.00%, 02/15/2024(d)			70			76
	BONDS- 23.52	%		Amount (000's)	Value(000			's)	Sprint Corp
	Banks- 0.91	%							7.88%, 09/15/2023			270			312
	Popular Inc												$		702
	7.00%, 07/01/2019		$	130		$	136		TOTAL BONDS				$		3,497
									SENIOR FLOATING RATE INTERESTS -			Principal
	Chemicals - 2.65%								70.54	%	Amount (000's)		Value(000			's)
	Consolidated Energy Finance SA								Automobile Manufacturers - 2.07%
	0.00%, 06/15/2022(a),(b),(c),(d)			250			250		Navistar Inc, Term Loan B
	6.75%, 10/15/2019(d)			140			144		5.00%, 08/07/2020(c)		$	303	$		308
					$		394
	Diversified Financial Services - 2.74%								Automobile Parts & Equipment - 2.08%
	Ally Financial Inc								American Axle & Manufacturing Inc, Term
	5.75%, 11/20/2025			285			296		Loan B
	Credit Acceptance Corp								3.28%, 03/08/2024(c)			310			309
	7.38%, 03/15/2023			110			111
					$		407		Beverages - 0.57%
	Gas- 0.99	%							9941762 Canada Inc, Term Loan B1
									4.89%, 11/15/2023(c)			85			85
	NGL Energy Partners LP / NGL Energy
	Finance Corp
	7.50%, 11/01/2023(d)			145			147		Chemicals - 4.82%
									A Schulman Inc, Term Loan B
									4.25%, 05/11/2022(c)			117			117
	Healthcare - Products - 0.79%
	Universal Hospital Services Inc								Aruba Investments Inc, Term Loan B
									4.65%, 02/02/2022(c)			69			69
	7.63%, 08/15/2020			115			117
									Emerald Performance Materials LLC, Term
	Healthcare - Services - 0.98%								Loan
									8.79%, 07/22/2022(c)			265			264
	Tenet Healthcare Corp
	4.63%, 06/15/2020(c)			145			146		Ineos US Finance LLC, Term Loan B
									3.79%, 03/31/2022(c)			109			110
	Machinery - Diversified - 0.95%								Methanol Holdings Trinidad Ltd, Term Loan
	Cloud Crane LLC								B
	10.13%, 08/01/2024(d)			130			141		4.54%, 06/16/2022(c)			157			157
													$		717
	Media- 2.23	%							Coal- 0.51	%
	DISH DBS Corp								Peabody Energy Corp, Term Loan EXIT
	5.88%, 11/15/2024			180			192		5.50%, 02/08/2022(c)			75			75
	WideOpenWest Finance LLC /
	WideOpenWest Capital Corp								Commercial Services - 1.90%
	10.25%, 07/15/2019			135			140		Garda World Security Corp, Term Loan B
					$		332		0.00%, 05/12/2024(b),(c)			171			172
	Miscellaneous Manufacturers - 1.15%								Prime Security Services Borrower LLC, Term
	Bombardier Inc								Loan
	7.50%, 03/15/2025(d)			165			171		4.29%, 05/02/2022(c)			110			110
													$		282
	Oil & Gas - 3.16%								Computers - 3.47%
	Continental Resources Inc/OK								CompuCom Systems Inc, Term Loan B
	4.50%, 04/15/2023			180			176		4.30%, 05/09/2020(c)			140			110
	MEG Energy Corp								Dell International LLC, Term Loan B
	6.50%, 01/15/2025(d)			90			88		3.55%, 09/07/2023(c)			404			406
	Whiting Petroleum Corp												$		516
	5.75%, 03/15/2021			210			206		Consumer Products - 2.07%
					$		470		Prestige Brands Inc, Term Loan B4
	Pipelines - 0.81%								3.79%, 01/20/2024(c)			305			308
	Tesoro Logistics LP / Tesoro Logistics
	Finance Corp								Diversified Financial Services - 2.24%
	6.38%, 05/01/2024			110			120		Delos Finance Sarl, Term Loan
									3.40%, 10/06/2023(c)			150			152
	Real Estate - 1.09%								Russell Investments US Institutional Holdco
	Crescent Communities LLC/Crescent								Inc, Term Loan B
	Ventures Inc								6.79%, 05/10/2023(c)			179			181
	8.88%, 10/15/2021(d)			155			162						$		333
									Electric - 1.11%
	Semiconductors - 0.35%								Dynegy Inc, Term Loan C1
	Micron Technology Inc								4.25%, 06/27/2023(c)			165			165
	5.50%, 02/01/2025			50			52

See accompanying notes

47

Schedule of Investments
Dynamic High Yield Explorer Fund
May 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)
	Entertainment - 2.56%						Packaging & Containers - 3.61%
	CCM Merger Inc, Term Loan B						Berry Plastics Corp, Term Loan I
	3.83%, 08/04/2021(c)		$	178	$	179		3.52%, 10/01/2022(c)	$	169	$	170
	Lions Gate Entertainment Corp, Term Loan						Coveris Holdings SA, Term Loan B
	B							4.65%, 05/08/2019(c)		224		221
	3.99%, 10/13/2023(c)			98		98	Flex Acquisition Co Inc, Term Loan
	WMG Acquisition Corp, Term Loan							4.40%, 12/16/2023(c)		145		146
	3.51%, 11/01/2023(c)			104		104					$	537
				$		381	Pharmaceuticals - 0.98%
	Food- 3.14	%					Patheon Holdings I BV, Term Loan
	B&G Foods Inc, Term Loan B							4.41%, 04/11/2024(c)		146		146
	3.29%, 11/02/2022(c)			303		306
	Post Holdings Inc, Term Loan B						REITS- 3.07%
	3.28%, 05/17/2024(c)			160		161	Americold Realty Operating Partnership LP,
				$		467	Term Loan B
	Forest Products & Paper - 1.49%							4.79%, 12/01/2022(c)		45		46
	Caraustar Industries Inc, Term Loan						GEO Group Inc/The, Term Loan B
	6.65%, 03/09/2022(c)			220		221		3.25%, 03/15/2024(c)		155		155
							iStar Inc, Term Loan B
	Healthcare - Products - 3.52%							4.75%, 07/01/2020(c)		115		116
	DJO Finance LLC, Term Loan B						MGM Growth Properties Operating
	4.27%, 06/08/2020(c)			145		143	Partnership LP, Term Loan B
	Kinetic Concepts Inc, Term Loan B							3.29%, 04/25/2023(c)		139		140
	4.40%, 01/26/2024(c)			165		163					$	457
	Mallinckrodt International Finance SA, Term						Retail - 7.02%
	Loan B						Academy Ltd, Term Loan B
	3.90%, 09/24/2024(c)			217		217		5.13%, 06/16/2022(c)		184		148
				$		523	Comfort Holding LLC, Term Loan
	Healthcare - Services - 4.12%							5.78%, 02/02/2024(c)		145		145
	Acadia Healthcare Co Inc, Term Loan B2							11.03%, 01/31/2025(c)		55		53
	3.74%, 02/16/2023(c)			192		193	Dollar Tree Inc, Term Loan B2
	Lantheus Medical Imaging Inc, Term Loan B							4.19%, 07/06/2022(c)		205		207
	5.54%, 06/30/2022(c)			52		52	JC Penney Corp Inc, Term Loan B
	MPH Acquisition Holdings LLC, Term Loan							5.45%, 06/09/2023(c)		157		155
	B						KFC Holding Co, Term Loan B
	4.90%, 05/25/2023(c)			255		256		3.00%, 06/16/2023(c)		204		205
	Radnet Management Inc, Term Loan B						Michaels Stores Inc, Term Loan B1
	4.43%, 06/30/2023(c)			112		112		3.78%, 01/27/2023(c)		131		131
				$		613					$	1,044
	Insurance - 2.28%						Semiconductors - 0.44%
	Asurion LLC, Term Loan						Micron Technology Inc, Term Loan B
	8.54%, 02/19/2021(c)			85		86		3.55%, 04/26/2022(c)		65		66
	Lonestar Intermediate Super Holdings LLC,
	PIK Term Loan						Software - 1.48%
	10.04%, PIK 10.75%, 08/10/2021(c),(e)			245		253	Evergreen Skills Lux Sarl, Term Loan
				$		339		3.84%, 04/08/2021(c)		220		220
	Lodging - 0.86%
	Hilton Worldwide Finance LLC, Term Loan						Telecommunications - 6.14%
	B2						CenturyLink Inc, Term Loan B
	3.02%, 10/25/2023(c)			127		127		0.00%, 01/15/2025(c),(f)		220		219
							GTT Communications Inc, Term Loan
	Media- 2.89	%						5.06%, 12/13/2023(c)		120		121
	Altice Financing SA, Term Loan B						Level 3 Financing Inc, Term Loan B
	3.91%, 06/20/2025(c)			165		165		3.22%, 02/17/2024(c)		160		160
	Radiate Holdco LLC, Term Loan						Telenet Financing USD LLC, Term Loan AI
	4.04%, 12/09/2023(c)			120		120		3.74%, 06/02/2025(c)		410		412
	Univision Communications Inc, Term Loan										$	912
	C5						Trucking & Leasing - 1.60%
	3.79%, 03/15/2024(c)			146		145	Avolon TLB Borrower 1 US LLC, Term Loan
				$		430	B2
	Oil & Gas - 3.07%							3.76%, 01/20/2022(c)		235		238
	California Resources Corp, Term Loan
	11.37%, 12/31/2021(c)			30		33	TOTAL SENIOR FLOATING RATE INTERESTS				$	10,488
	Chesapeake Energy Corp, Term Loan 1.5						Total Investments				$	15,627
	8.69%, 08/17/2021(c)			340		366	Other Assets and Liabilities - (5.10)%				$	(759	)
	Seadrill Operating LP, Term Loan B						TOTAL NET ASSETS - 100.00%				$	14,868
	4.15%, 02/12/2021(c)			83		57
				$		456
	Oil & Gas Services - 1.43%						(a)	Security purchased on a when-issued basis.
	Navios Maritime Midstream Partners LP,						(b)	Non-Income Producing Security
	Term Loan B						(c)	Variable Rate. Rate shown is in effect at May 31, 2017.
	5.66%, 06/15/2020(c)			214		213

See accompanying notes

48

Schedule of Investments
Dynamic High Yield Explorer Fund
May 31, 2017 (unaudited)

(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 $1,339 or 9.01% of net assets.
(e)	Payment in kind; the issuer has the option of paying additional securities in lieu of cash.
(f)	This Senior Floating Rate Note will settle after May 31, 2017, at which time the interest rate will be determined.

Portfolio Summary (unaudited)
Sector	Percent
Consumer, Non-cyclical	18.08	%
Communications	15.98	%
Consumer, Cyclical	14.59	%
Financial	12.34	%
Investment Companies	11.04	%
Energy	8.96	%
Basic Materials	8.96	%
Industrial	7.31	%
Technology	5.74	%
Utilities	2.10	%
Other Assets and Liabilities	(5.10	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

49

Schedule of Investments EDGE MidCap Fund May 31, 2017 (unaudited)

COMMON STOCKS - 98.36%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Airlines - 1.67%					Retail - 4.00%
Alaska Air Group Inc	56,527	$	4,921		Chipotle Mexican Grill Inc (a)	10,517	$	5,020
					Lululemon Athletica Inc (a)	140,439		6,779
Automobile Parts & Equipment - 2.23%							$	11,799
Autoliv Inc	59,276		6,575		Savings & Loans - 2.77%
					Washington Federal Inc	255,788		8,172
Banks - 3.43%
Cullen/Frost Bankers Inc	110,071		10,090		Semiconductors - 4.00%
					Microchip Technology Inc	141,046		11,749
Beverages - 1.04%
Dr Pepper Snapple Group Inc	33,006		3,063		Software - 7.15%
					Black Knight Financial Services Inc (a)	190,983		7,611
Chemicals - 3.98%					Fair Isaac Corp	81,721		10,841
FMC Corp	26,130		1,969		j2 Global Inc	31,120		2,633
HB Fuller Co	192,335		9,761				$	21,085
		$	11,730		Toys, Games & Hobbies - 3.33%
Commercial Services - 2.58%					Hasbro Inc	93,102		9,800
Aaron's Inc	208,237		7,605
					Transportation - 5.63%
Consumer Products - 1.78%					Expeditors International of Washington Inc	157,512		8,408
Avery Dennison Corp	62,047		5,228		Kirby Corp (a)	123,170		8,160
							$	16,568
Diversified Financial Services - 3.36%					TOTAL COMMON STOCKS		$	289,667
FNF Group	232,298		9,898		INVESTMENT COMPANIES - 1.57%	Shares Held		Value(000	's)
					Money Market Funds - 1.57%
Electric - 6.63%					Morgan Stanley Institutional Liquidity Funds -	4,631,863		4,632
Eversource Energy	162,000		10,055		Government Portfolio
WEC Energy Group Inc	150,831		9,466
		$	19,521		TOTAL INVESTMENT COMPANIES		$	4,632
Electrical Components & Equipment - 2.31%					Total Investments		$	294,299
Energizer Holdings Inc	127,183		6,817		Other Assets and Liabilities - 0.07%		$	196
					TOTAL NET ASSETS - 100.00%		$	294,495
Electronics - 3.13%
Arrow Electronics Inc (a)	121,822		9,209
					(a) Non-Income Producing Security
Environmental Control - 2.98%
Waste Connections Inc	92,177		8,771
Food - 2.29%					Portfolio Summary (unaudited)
B&G Foods Inc	166,602		6,756		Sector			Percent
					Financial			23.15	%
Hand & Machine Tools - 3.53%					Industrial			17.58	%
Lincoln Electric Holdings Inc	86,865		7,764		Consumer, Non-cyclical			16.25	%
Snap-on Inc	16,277		2,631		Consumer, Cyclical			14.68	%
		$	10,395		Technology			11.15	%
Healthcare - Products - 5.80%					Utilities			6.63	%
Teleflex Inc	54,261		10,853		Energy			4.94	%
Varex Imaging Corp (a)	22,032		757		Basic Materials			3.98	%
Varian Medical Systems Inc (a)	55,081		5,454		Investment Companies			1.57	%
		$	17,064		Other Assets and Liabilities			0.07	%
Healthcare - Services - 2.76%					TOTAL NET ASSETS			100.00	%
Universal Health Services Inc	71,528		8,130
Housewares - 1.57%
Tupperware Brands Corp	64,164		4,614
Insurance - 3.41%
AmTrust Financial Services Inc	78,212		1,028
Markel Corp (a)	9,217		9,007
		$	10,035
Office Furnishings - 1.88%
HNI Corp	128,672		5,535
Oil & Gas - 4.94%
Cimarex Energy Co	73,919		7,951
Helmerich & Payne Inc	24,521		1,291
HollyFrontier Corp	221,672		5,298
		$	14,540
REITS - 10.18%
Alexandria Real Estate Equities Inc	54,506		6,360
Digital Realty Trust Inc	76,091		8,993
Omega Healthcare Investors Inc	239,105		7,489
Tanger Factory Outlet Centers Inc	274,547		7,155
		$	29,997

See accompanying notes

50

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
COMMON STOCKS - 38.59%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.06%					Automobile Parts & Equipment (continued)
Gendai Agency Inc	3,600	$	19		Rheinmetall AG	7,805	$	750
Interpublic Group of Cos Inc/The (a)	31,818		793		Showa Corp	22,320		217
Omnicom Group Inc (a)	8,697		728		Sumitomo Rubber Industries Ltd	71,800		1,224
Relia Inc	10,700		118		Tokai Rika Co Ltd	17,200		316
		$	1,658		Toyo Tire & Rubber Co Ltd	48,815		941
Aerospace & Defense - 0.28%					Toyoda Gosei Co Ltd	12,400		298
Arconic Inc	35,593		978		Toyota Industries Corp	2,205		111
Cobham PLC	487,329		842				$	13,868
IHI Corp	63,800		240		Banks - 2.05%
Jamco Corp	6,350		149		Australia & New Zealand Banking Group Ltd	42,080		875
Leonardo SpA	42,068		741		Banco Bilbao Vizcaya Argentaria SA	99,360		813
Lockheed Martin Corp	4,508		1,267		Bank of America Corp	269,902		6,049
Rockwell Collins Inc	8,595		937		Bank of Ireland (b)	2,539,420		688
Rolls-Royce Holdings PLC (b)	89,211		998		Bank of New York Mellon Corp/The (a)	46,080		2,171
Ste Industrielle d'Aviation Latecoere SA (b)	54,246		231		Bank of Nova Scotia/The	20,300		1,145
Ultra Electronics Holdings PLC	22,881		630		Bankinter SA	105,972		977
United Technologies Corp	1,025		124		BB&T Corp	2,710		113
Zodiac Aerospace	30,234		800		BNP Paribas SA	11,408		805
		$	7,937		CaixaBank SA	189,681		898
Agriculture - 0.31%					Capital Bank Financial Corp	9,342		347
Altria Group Inc	10,568		797		Citigroup Inc (a)	114,564		6,935
Bunge Ltd	37,451		2,995		CU Bancorp (b)	4,911		177
Japan Tobacco Inc	36,660		1,378		Deutsche Bank AG	39,004		682
Philip Morris International Inc	1,779		213		DNB ASA	20,069		340
Reynolds American Inc (a)	27,931		1,879		Erste Group Bank AG (b)	11,618		422
Swedish Match AB	43,478		1,466		First Citizens BancShares Inc/NC	1,384		459
		$	8,728		First Republic Bank/CA	10,800		995
					Goldman Sachs Group Inc/The (a)	14,273		3,016
Airlines - 0.34%
Delta Air Lines Inc (a)	28,309		1,391		Japan Post Bank Co Ltd	99,800		1,238
					JPMorgan Chase & Co (a)	8,553		702
Deutsche Lufthansa AG	63,430		1,234
Japan Airlines Co Ltd	116,400		3,412		M&T Bank Corp	19,256		3,013
Qantas Airways Ltd	145,978		544		Macquarie Group Ltd	4,122		275
Southwest Airlines Co (a)	19,631		1,179		Mediobanca SpA	92,780		880
United Continental Holdings Inc (a),(b)	22,930		1,827		Mitsubishi UFJ Financial Group Inc	511,493		3,174
		$	9,587		Mizuho Financial Group Inc	324,000		563
					Morgan Stanley (a)	9,924		414
Apparel - 0.23%
Crocs Inc (b)	53,144		363		National Australia Bank Ltd	61,602		1,375
Descente Ltd	4,700		57		Nordea Bank AB	27,148		348
Honeys Holdings Co Ltd	5,980		61		Oita Bank Ltd/The	10,300		38
NIKE Inc	93,205		4,939		Pacific Continental Corp	9,557		225
Sanyo Shokai Ltd	67,000		96		Park Sterling Corp	184		2
Under Armour Inc - Class C (b)	19,771		353		PNC Financial Services Group Inc/The	47,150		5,597
					PrivateBancorp Inc	19,038		1,134
VF Corp	11,476		617		Raiffeisen Bank International AG (b)	90,566		2,391
		$	6,486		Regions Financial Corp (a)	35,906		497
Automobile Manufacturers - 0.32%					Shinsei Bank Ltd	28,000		45
General Motors Co	2,519		86		Standard Chartered PLC (b)	91,075		860
Hino Motors Ltd	34,380		417		State Street Corp (a)	18,581		1,514
Honda Motor Co Ltd	26,650		747		Stonegate Bank	5,773		261
Mazda Motor Corp	10,100		138		Sumitomo Mitsui Financial Group Inc	19,800		709
Mitsubishi Motors Corp	66,940		434		Sumitomo Mitsui Trust Holdings Inc	11,520		389
PACCAR Inc	19,205		1,209		Suruga Bank Ltd	26,400		571
Renault SA	10,185		950		Swedbank AB	13,521		325
Subaru Corp	49,900		1,687		Tochigi Bank Ltd/The	15,200		66
Suzuki Motor Corp	8,100		381		Tokyo TY Financial Group Inc	2,323		62
Toyota Motor Corp	21,800		1,170		Toronto-Dominion Bank/The	23,200		1,106
Volkswagen AG	12,392		1,947		UBS Group AG (b)	37,528		598
		$	9,166		United Bankshares Inc/WV	10,712		410
Automobile Parts & Equipment - 0.49%					US Bancorp (a)	11,500		585
Aisan Industry Co Ltd	15,100		120		Wells Fargo & Co	23,485		1,201
Aisin Seiki Co Ltd	19,200		947				$	58,475
Allison Transmission Holdings Inc	27,668		1,071		Beverages - 0.47%
Daikyonishikawa Corp	19,180		256		Coca-Cola Amatil Ltd	102,694		713
Delphi Automotive PLC	19,327		1,701		Coca-Cola Bottlers Japan Inc	17,200		554
Exedy Corp	8,200		224		Coca-Cola Co/The	34,314		1,560
Keihin Corp	15,400		211		Constellation Brands Inc	532		97
Koito Manufacturing Co Ltd	11,100		585		Heineken NV	68,482		6,741
Lear Corp (a)	7,858		1,171
					Monster Beverage Corp (b)	54,942		2,778
Mobileye NV (b)	30,123		1,865
					PepsiCo Inc	2,325		272
NGK Insulators Ltd	17,800		357		Suntory Beverage & Food Ltd	11,300		549
NGK Spark Plug Co Ltd	24,306		495				$	13,264
Nissin Kogyo Co Ltd	13,700		217
					Biotechnology - 0.60%
NOK Corp	14,200		311		Amgen Inc (a)	12,028		1,867
Nokian Renkaat OYJ	11,764		480

See accompanying notes

51

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Biotechnology (continued)					Commercial Services (continued)
Biogen Inc (a),(b),(c)	9,624	$	2,385		AMERCO	3,793	$	1,400
BioMarin Pharmaceutical Inc (a),(b)	16,313		1,429		ANR Inc (b),(e)	153		2
CSL Ltd	1,826		176		Automatic Data Processing Inc	12,729		1,303
Genmab A/S (b)	4,255		906		Benesse Holdings Inc	6,900		253
Gilead Sciences Inc	87,206		5,659		Berendsen PLC	39,259		556
Incyte Corp (b)	18,350		2,373		Brambles Ltd	77,232		595
Ionis Pharmaceuticals Inc (b)	6,566		301		Capita PLC	108,473		815
Regeneron Pharmaceuticals Inc (a),(b)	2,149		987		Cintas Corp	11,227		1,413
United Therapeutics Corp (a),(b)	8,009		968		CoStar Group Inc (b)	9,012		2,357
		$	17,051		Everi Holdings Inc (b)	354,133		2,369
Building Materials - 0.37%					FreakOut Holdings inc (b)	2,133		75
Cie de Saint-Gobain	15,870		887		Gartner Inc (b)	2,651		317
CRH PLC	19,720		712		Kyoritsu Maintenance Co Ltd	10,848		312
Forterra Inc (b)	176,020		1,266		Macquarie Infrastructure Corp (a)	82,118		6,397
Geberit AG	1,593		746		ManpowerGroup Inc (a)	23,390		2,383
Ibstock PLC (d)	171,171		557		Moody's Corp (a)	8,973		1,063
Johnson Controls International plc	25,597		1,069		New Oriental Education & Technology Group	5,471		392
LafargeHolcim Ltd (b)	19,693		1,185		Inc ADR(b)
Lennox International Inc	12,012		2,127		Nord Anglia Education Inc (b)	3,181		103
Masco Corp (a)	25,752		959		Outsourcing Inc	1,800		82
Sanwa Holdings Corp	19,300		213		PayPal Holdings Inc (a),(b)	80,862		4,222
Taiheiyo Cement Corp	17,000		55		QinetiQ Group PLC	140,733		567
Wienerberger AG	30,725		725		Randstad Holding NV	18,161		1,053
		$	10,501		Robert Half International Inc (a)	14,508		674
Chemicals - 2.07%					Secom Co Ltd	25,000		1,829
Agrium Inc (a)	12,238		1,130		Sohgo Security Services Co Ltd	2,110		99
Air Products & Chemicals Inc	39,041		5,624		Square Inc (b)	3,312		76
Akzo Nobel NV	4,709		394		TechnoPro Holdings Inc	7,450		302
Ashland Global Holdings Inc	12,545		835		Temp Holdings Co Ltd	8,000		158
Axalta Coating Systems Ltd (b)	65,857		2,061		Toppan Forms Co Ltd	11,600		121
Chemours Co/The	5,844		234		TransUnion (b)	41,931		1,833
Daicel Corp	64,625		766		United Rentals Inc (b)	11,483		1,248
Denka Co Ltd	33,700		170		Verisk Analytics Inc (a),(b)	8,529		690
DIC Corp	7,420		255				$	36,442
Dow Chemical Co/The (a)	22,014		1,364		Computers - 1.51%
Eastman Chemical Co (a)	25,370		2,032		Accenture PLC - Class A (a)	23,765		2,958
EI du Pont de Nemours & Co	11,608		916		Apple Inc (a)	38,207		5,836
Evonik Industries AG	9,614		332		Atos SE	8,433		1,210
FMC Corp (a)	105,187		7,928		Brocade Communications Systems Inc	950,151		12,001
GCP Applied Technologies Inc (b)	16,833		507		CGI Group Inc (b)	17,800		882
Hitachi Chemical Co Ltd	31,400		867		Dell Technologies Inc Class V (b)	150,268		10,427
Huntsman Corp	61,745		1,476		DXC Technology Co (a)	47,180		3,657
Incitec Pivot Ltd	162,293		413		Ferrotec Holdings Corp	14,900		214
International Flavors & Fragrances Inc (a)	8,670		1,196		Fortinet Inc (a),(b)	24,598		968
JSR Corp	23,200		390		Fujitsu Ltd	292,480		2,132
Kuraray Co Ltd	33,500		603		Melco Holdings Inc	3,500		101
LANXESS AG	19,995		1,494		NET One Systems Co Ltd	9,200		88
Linde AG	2,876		550		NetApp Inc (a)	31,304		1,267
LyondellBasell Industries NV (a)	28,128		2,265		NeuStar Inc (b)	7,571		251
Mitsubishi Gas Chemical Co Inc	12,300		254		Obic Co Ltd	9,600		558
Monsanto Co	105,235		12,356		Otsuka Corp	1,467		90
Nippon Shokubai Co Ltd	2,760		169		SCSK Corp	7,950		351
Nissan Chemical Industries Ltd	27,400		962				$	42,991
Nitto Denko Corp	4,100		329		Consumer Products - 0.03%
Platform Specialty Products Corp (b)	138,979		1,734		Avery Dennison Corp (a)	8,840		745
Praxair Inc (a),(c)	13,226		1,750
RPM International Inc	8,028		435		Cosmetics & Personal Care - 0.40%
Sherwin-Williams Co/The	2,921		969		Ci:z Holdings Co Ltd	2,100		68
Shin-Etsu Chemical Co Ltd	3,900		350		Colgate-Palmolive Co (a)	28,144		2,149
Sumitomo Chemical Co Ltd	52,437		274		Coty Inc	159,624		3,023
Tokyo Ohka Kogyo Co Ltd	8,400		295		Estee Lauder Cos Inc/The	18,995		1,788
Toray Industries Inc	31,046		259		Kose Corp	1,448		156
Valspar Corp/The (a)	14,549		1,644		Lion Corp	22,900		485
Valvoline Inc	73,705		1,649		L'Oreal SA	2,639		565
Westlake Chemical Corp	26,551		1,632		Pola Orbis Holdings Inc	10,200		286
		$	58,863		Procter & Gamble Co/The (a)	32,111		2,829
Coal - 0.00%							$	11,349
Alpha Natural Resources Holdings Inc (b)	153		1		Distribution & Wholesale - 0.14%
Contura Energy Inc - Warrants (b),(e)	17		—		Fastenal Co	57,484		2,482
		$	1		ITOCHU Corp	12,410		176
Commercial Services - 1.28%					Mitsubishi Corp	55,200		1,105
Adecco Group AG (b)	11,746		877		Nippon Gas Co Ltd	2,300		77
AerCap Holdings NV (a),(b)	11,488		506		Trusco Nakayama Corp	8,860		198

See accompanying notes

52

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Distribution & Wholesale (continued)					Electronics (continued)
Yondoshi Holdings Inc	2,170	$	52		Taiyo Yuden Co Ltd	8,410	$	119
		$	4,090		Tokyo Seimitsu Co Ltd	5,820		200
Diversified Financial Services - 0.82%					Waters Corp (a),(b)	4,342		780
AEON Financial Service Co Ltd	6,100		125				$	13,044
Alliance Data Systems Corp	4,763		1,149		Engineering & Construction - 0.31%
American Express Co (a)	52,546		4,043		ACS Actividades de Construccion y Servicios	80,882		3,237
Blackhawk Network Holdings Inc (b)	1,038		45		SA
BlackRock Inc	4,033		1,650		Chiyoda Corp	33,800		190
CBOE Holdings Inc	3,556		307		CIMIC Group Ltd	30,809		927
Credit Acceptance Corp (b)	2,548		548		Fluor Corp (a)	23,120		1,037
Element Comm Aviation (b),(e),(f),(g)	280		2,773		Kajima Corp	59,000		453
Ichigo Inc	51,500		148		Kyudenko Corp	16,242		576
Ichiyoshi Securities Co Ltd	19,600		156		Nippon Densetsu Kogyo Co Ltd	2,650		54
Julius Baer Group Ltd (b)	11,616		602		Obayashi Corp	32,300		357
KCG Holdings Inc (b)	19,153		380		SHO-BOND Holdings Co Ltd	2,400		116
Kenedix Inc	31,200		155		Skanska AB	42,836		1,018
Ocwen Financial Corp (b)	427,702		1,061		Toyo Engineering Corp	64,000		149
Partners Group Holding AG	4,720		2,894		Vinci SA	8,091		708
SEI Investments Co (a)	16,254		814				$	8,822
Synchrony Financial (a)	56,883		1,527		Entertainment - 0.29%
T Rowe Price Group Inc (a)	10,989		774		Avex Group Holdings Inc	7,200		93
Visa Inc	40,077		3,817		Churchill Downs Inc	3,385		568
Walter Investment Management Corp (b)	74,280		79		Eldorado Resorts Inc (b)	10,961		227
Zenkoku Hosho Co Ltd	6,540		268		Genting Singapore PLC	1,775,000		1,514
		$	23,315		OPAP SA	39,011		433
Electric - 0.51%					Pinnacle Entertainment Inc (b)	151,974		2,977
CenterPoint Energy Inc (a)	59,543		1,704		Sankyo Co Ltd	23,650		793
Duke Energy Corp (a)	14,790		1,267		Sega Sammy Holdings Inc	135,300		1,716
E.ON SE	105,013		920				$	8,321
Enel SpA	120,923		647		Environmental Control - 0.25%
Engie SA	122,650		1,875		Clean Harbors Inc (b)	25,778		1,506
eRex Co Ltd	4,200		40		Daiseki Co Ltd	3,450		74
Exelon Corp	2,403		87		METAWATER Co Ltd	1,100		30
Fortum OYJ	32,549		518		Waste Connections Inc	59,443		5,656
NextEra Energy Inc	1,026		145				$	7,266
Origin Energy Ltd (b)	55,972		319		Food - 0.68%
PG&E Corp	1,290		88		Barry Callebaut AG (b)	262		376
PPL Corp (a)	33,730		1,346		Belc Co Ltd	1,900		89
Red Electrica Corp SA	101,823		2,286		Casino Guichard Perrachon SA	19,165		1,182
Southern Co/The (a)	11,337		574		Ezaki Glico Co Ltd	10,716		605
Terna Rete Elettrica Nazionale SpA	131,987		746		General Mills Inc (a)	7,951		451
Westar Energy Inc	35,542		1,882		Hershey Co/The (a)	20,603		2,375
		$	14,444		Ingredion Inc (a)	3,000		342
Electrical Components & Equipment - 0.08%					Itoham Yonekyu Holdings Inc	22,100		207
AMETEK Inc	10,492		640		Kikkoman Corp	18,300		573
Funai Electric Co Ltd	16,400		128		Kraft Heinz Co/The	34,324		3,165
Legrand SA	9,470		650		Marine Harvest ASA (b)	28,249		494
Schneider Electric SE (b)	7,206		555		MEIJI Holdings Co Ltd	4,200		343
Ushio Inc	17,000		218		METRO AG	32,885		1,102
W-Scope Corp	7,600		121		Mondelez International Inc	10,846		506
		$	2,312		Morinaga & Co Ltd/Japan	3,010		179
Electronics - 0.46%					Safeway, Inc. - CVR - Casa Ley (b),(e),(f)	11,050		—
Agilent Technologies Inc (a)	12,803		772		Safeway, Inc. - CVR - Property Development	11,050		—
Alps Electric Co Ltd	18,220		510		Centers (b),(e),(f),(g)
Corning Inc (a)	74,750		2,175		Saputo Inc	29,300		978
Fortive Corp (a)	33,468		2,090		Sysco Corp (a)	25,800		1,408
Garmin Ltd (a)	30,411		1,583		Tate & Lyle PLC	115,187		1,095
Hirose Electric Co Ltd	6,700		893		Tesco PLC (b)	702,944		1,666
Hitachi High-Technologies Corp	12,500		496		Toyo Suisan Kaisha Ltd	30,400		1,184
Hitachi Maxell Ltd	5,648		111		Tyson Foods Inc (a)	4,732		271
Honeywell International Inc	1,203		160		US Foods Holding Corp (b)	26,780		802
Horiba Ltd	420		26				$	19,393
Hosiden Corp	16,000		182		Food Service - 0.00%
Japan Aviation Electronics Industry Ltd	16,919		227		AdvancePierre Foods Holdings Inc	1,339		54
Keysight Technologies Inc (b)	16,067		621
Kuroda Electric Co Ltd	7,300		139		Forest Products & Paper - 0.19%
Mettler-Toledo International Inc (a),(b)	1,271		741		International Paper Co	76,532		4,047
MINEBEA MITSUMI Inc	26,000		423		Oji Holdings Corp	102,000		500
Murata Manufacturing Co Ltd	1,290		178		Smurfit Kappa Group PLC	26,055		734
Nichicon Corp	21,100		207				$	5,281
Nippon Ceramic Co Ltd	6,800		162		Gas - 0.29%
Omron Corp	2,100		88		Enagas SA	61,143		1,818
Siix Corp	3,840		161		Osaka Gas Co Ltd	476,000		1,880

See accompanying notes

53

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Gas (continued)					Insurance (continued)
Sempra Energy	522	$	61		Aon PLC (a)	14,237	$	1,864
Toho Gas Co Ltd	181,000		1,396		Arch Capital Group Ltd (a),(b)	9,195		894
Tokyo Gas Co Ltd	94,000		488		Assurant Inc (a)	8,176		801
UGI Corp (a)	38,703		1,981		Berkshire Hathaway Inc - Class B (b)	8,120		1,342
WGL Holdings Inc	7,431		615		Chubb Ltd	16,677		2,388
		$	8,239		Cincinnati Financial Corp (a)	23,160		1,623
Hand & Machine Tools - 0.06%					Dai-ichi Life Holdings Inc	43,500		724
Disco Corp	682		118		Everest Re Group Ltd (a)	7,430		1,892
DMG Mori Co Ltd	12,400		195		Fairfax Financial Holdings Ltd	3,165		1,389
Fuji Electric Co Ltd	263,000		1,407		Genworth Financial Inc (b)	76,652		280
		$	1,720		Hartford Financial Services Group Inc/The (a)	27,950		1,380
Healthcare - Products - 1.17%					Insurance Australia Group Ltd	83,818		396
ABIOMED Inc (b)	6,417		882		Legal & General Group PLC	225,400		732
Alere Inc (b)	222,926		10,814		Manulife Financial Corp	23,200		401
Align Technology Inc (b)	3,397		493		Markel Corp (b)	2,951		2,884
Asahi Intecc Co Ltd	4,490		208		Marsh & McLennan Cos Inc	19,412		1,506
Baxter International Inc (a)	39,449		2,340		Medibank Pvt Ltd	199,531		408
Becton Dickinson and Co (a)	4,246		803		MetLife Inc	135,928		6,877
Boston Scientific Corp (a),(b)	67,595		1,827		MS&AD Insurance Group Holdings Inc	29,700		1,043
CR Bard Inc (a)	18,227		5,604		Muenchener Rueckversicherungs-Gesellschaft	5,833		1,152
DENTSPLY SIRONA Inc	18,353		1,166		AG in Muenchen
Edwards Lifesciences Corp (a),(b)	26,178		3,012		NN Group NV	21,362		769
Getinge AB	24,307		505		Old Mutual PLC	215,517		523
Hologic Inc (b)	56,486		2,446		Progressive Corp/The (a)	26,849		1,139
Medtronic PLC (a)	36,465		3,074		RenaissanceRe Holdings Ltd (a)	4,935		705
Nihon Kohden Corp	5,550		124		T&D Holdings Inc	89,200		1,261
VWR Corp (b)	2,246		74		Tokio Marine Holdings Inc	26,352		1,118
					Travelers Cos Inc/The (a)	6,100		762
		$	33,372
Healthcare - Services - 0.71%					Tryg A/S	50,577		1,039
Acadia Healthcare Co Inc (b)	10,106		418		Unum Group	16,856		758
Ain Holdings Inc	1,379		111		White Mountains Insurance Group Ltd	1,016		874
Centene Corp (a),(b)	6,574		477		Willis Towers Watson PLC	5,644		828
					XL Group Ltd (a)	64,863		2,834
CMIC Holdings Co Ltd	5,700		72
DaVita Inc (a),(b)	17,980		1,191		Zurich Insurance Group AG	1,916		564
Envision Healthcare Corp (b)	15,542		849				$	53,450
EPS Holdings Inc	6,600		99		Internet - 2.12%
HCA Healthcare Inc (a),(b)	20,851		1,708		Alibaba Group Holding Ltd ADR(b)	9,553		1,170
Humana Inc	35,383		8,218		Alphabet Inc - A Shares (b)	5,646		5,573
Laboratory Corp of America Holdings (b)	8,799		1,223		Amazon.com Inc (a),(b)	9,507		9,456
Miraca Holdings Inc	44,400		1,866		Dip Corp	19,171		434
Quorum Health Corp (b)	43,606		164		eBay Inc (a),(b)	64,010		2,196
Ramsay Health Care Ltd	9,128		468		Expedia Inc	6,432		925
Ryman Healthcare Ltd	98,584		582		Facebook Inc (a),(b)	78,155		11,837
UnitedHealth Group Inc	16,070		2,815		GoDaddy Inc (b)	37,655		1,549
		$	20,261		Gree Inc	55,300		458
					Itokuro Inc (b)	1,900		66
Holding Companies - Diversified - 0.13%
Jardine Matheson Holdings Ltd	22,100		1,412		Kakaku.com Inc	89,100		1,269
Leucadia National Corp (a)	46,414		1,132		Klarna Holding AB (b),(e),(f),(g)	808		89
Matlin and Partners Acquisition Corp (b)	103,668		1,046		LAC Co Ltd	2,000		24
Ocelot Partners Ltd (b),(d)	15,246		150		Liberty Ventures (b)	76,951		4,147
Ocelot Partners Ltd - Warrants (b),(f)	15,246		8		Lifull Co Ltd	9,200		59
		$	3,748		Mixi Inc	12,700		796
Home Builders - 0.27%					MonotaRO Co Ltd	2,800		94
					Netflix Inc (a),(b)	24,534		4,001
Cairn Homes PLC (b)	647,105		1,156
					Palo Alto Networks Inc (a),(b)	4,572		542
Daiwa House Industry Co Ltd	7,850		256		Priceline Group Inc/The (b)	1,478		2,774
DR Horton Inc (a)	50,084		1,637
Iida Group Holdings Co Ltd	82,000		1,354		Proto Corp	2,500		38
NVR Inc (b)	1,371		3,129		Rakuten Inc	102,000		1,239
Sekisui House Ltd	13,300		228		SMS Co Ltd	4,300		119
					Symantec Corp (a)	128,345		3,890
		$	7,760		Trade Desk Inc/The (b)	5,340		294
Home Furnishings - 0.05%					Yahoo Japan Corp	76,800		345
Alpine Electronics Inc	34,850		499		Yahoo! Inc (a),(b)	87,910		4,423
Panasonic Corp	14,350		184		Yelp Inc (b)	36,983		1,033
Pioneer Corp (b)	167,800		301
					Zillow Group Inc - A Shares (b)	3,460		152
SEB SA	2,342		411		Zillow Group Inc - C Shares (b)	28,005		1,219
		$	1,395				$	60,211
Insurance - 1.88%					Investment Companies - 0.03%
Aegon NV	104,232		520		EXOR NV	14,051		785
Ageas	45,854		1,852
Alleghany Corp (b),(c)	1,141		670
					Iron & Steel - 0.16%
Allied World Assurance Co Holdings AG	6,313		332		ArcelorMittal (b)	68,275		1,481
American International Group Inc (a),(c)	71,035		4,520
					Chubu Steel Plate Co Ltd	7,200		41
AMP Ltd	641,041		2,406		Hitachi Metals Ltd	16,000		213

See accompanying notes

54

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Iron & Steel (continued)					Media (continued)
Japan Steel Works Ltd/The	15,400	$	223		Wolters Kluwer NV	15,245	$	669
JFE Holdings Inc	15,733		262				$	46,590
Kobe Steel Ltd (b)	8,900		81		Metal Fabrication & Hardware - 0.04%
Kyoei Steel Ltd	10,900		165		Maruichi Steel Tube Ltd	28,900		847
Nakayama Steel Works Ltd	10,600		63		Neturen Co Ltd	10,600		96
Steel Dynamics Inc	23,632		803		Tocalo Co Ltd	2,200		71
Tokyo Steel Manufacturing Co Ltd	45,700		363		Tsubaki Nakashima Co Ltd	5,100		92
voestalpine AG	12,940		587				$	1,106
Yamato Kogyo Co Ltd	9,260		222		Mining - 0.43%
		$	4,504		Agnico Eagle Mines Ltd	16,000		773
Leisure Products & Services - 0.04%					Alcoa Corp	25,455		839
Harley-Davidson Inc	18,841		999		Anglo American PLC (b)	71,350		952
HIS Co Ltd	4,290		121		Antofagasta PLC	36,051		373
		$	1,120		Barrick Gold Corp	24,200		400
Lodging - 0.65%					BHP Billiton Ltd	37,546		660
Choice Hotels International Inc	22,820		1,482		Boliden AB	30,446		832
Hilton Grand Vacations Inc (b)	1		—		Constellium NV (b)	331,019		2,234
Hilton Worldwide Holdings Inc	141,787		9,424		Franco-Nevada Corp	28,100		2,098
Hyatt Hotels Corp (b)	13,093		755		Kinross Gold Corp (b)	113,200		490
InterContinental Hotels Group PLC	15,004		847		Mitsubishi Materials Corp	1,130		32
Las Vegas Sands Corp (a)	36,040		2,131		Newmont Mining Corp (a)	14,665		501
Melco Resorts & Entertainment Ltd ADR(a)	34,302		775		Pacific Metals Co Ltd (b)	59,500		153
Shangri-La Asia Ltd	192,000		294		Teck Resources Ltd	104,182		1,861
Wyndham Worldwide Corp (a)	12,136		1,226				$	12,198
Wynn Macau Ltd	271,600		603		Miscellaneous Manufacturers - 0.40%
Wynn Resorts Ltd	8,094		1,042		AO Smith Corp (a)	10,496		576
		$	18,579		Dover Corp	18,795		1,552
Machinery - Construction & Mining - 0.19%					Eaton Corp PLC (a)	23,880		1,848
ABB Ltd	43,842		1,103		EnPro Industries Inc (a)	73,993		4,943
Caterpillar Inc (a)	22,075		2,327		FUJIFILM Holdings Corp	6,524		238
Hitachi Ltd	325,000		1,960		General Electric Co (a)	56,358		1,543
Tadano Ltd	10,500		129		Nikon Corp	18,300		282
		$	5,519		Sumitomo Riko Co Ltd	13,700		141
Machinery - Diversified - 0.68%					Tenma Corp	4,800		86
Alstom SA (b)	101,795		3,566		Trinseo SA	1,275		82
CNH Industrial NV	156,717		1,742				$	11,291
Cummins Inc (a)	8,288		1,307		Office & Business Equipment - 0.02%
Daifuku Co Ltd	7,200		219		Canon Inc	14,300		492
Deere & Co (a)	33,132		4,058
Hisaka Works Ltd	8,000		68		Oil & Gas - 1.85%
Husqvarna AB	49,178		510		Anadarko Petroleum Corp	14,870		752
IDEX Corp	15,506		1,682		Apache Corp (a)	10,850		507
Middleby Corp/The (b)	13,981		1,795		Atwood Oceanics Inc (b)	9,805		99
Nittoku Engineering Co Ltd	1,600		45		Bonanza Creek Energy Inc (b)	7,346		259
Roper Technologies Inc	696		158		Calumet Specialty Products Partners LP (b)	147,224		574
Sumitomo Heavy Industries Ltd	64,000		417		Canadian Natural Resources Ltd	3,513		101
Toshiba Machine Co Ltd	47,000		207		Cenovus Energy Inc	102,500		914
Xylem Inc/NY	55,279		2,882		Chevron Corp (a)	20,540		2,126
Zebra Technologies Corp (b)	7,197		751		Cimarex Energy Co (a)	11,489		1,236
		$	19,407		Concho Resources Inc (a),(b)	4,587		582
Media - 1.64%					ConocoPhillips	36,466		1,630
Amuse Inc	3,450		96		Devon Energy Corp (a)	20,556		699
Charter Communications Inc (b)	3,088		1,067		Diamondback Energy Inc (b)	32,983		3,059
Comcast Corp - Class A	3,055		127		Encana Corp	9,859		96
Discovery Communications Inc - C Shares	14,477		374		Eni SpA	148,312		2,357
(a),(b)					EOG Resources Inc	6,056		547
DISH Network Corp (b)	248,140		15,824		EQT Corp	471		26
FactSet Research Systems Inc	6,797		1,126		Exxon Mobil Corp (a)	30,890		2,487
Global Eagle Entertainment Inc (b)	157,309		486		Halcon Resources Corp (b)	75,345		458
Gray Television Inc (a),(b)	293,043		3,531		Hess Corp	17,300		794
Liberty Global PLC - A Shares (b)	100,003		3,058		Inpex Corp	40,480		373
News Corp - A Shares (a)	94,481		1,264		Jagged Peak Energy Inc (b)	20,817		271
Nexstar Media Group Inc (a)	80,930		4,629		Japan Petroleum Exploration Co Ltd	11,200		226
Nippon Television Holdings Inc	35,240		552		JXTG Holdings Inc	137,600		600
Shaw Communications Inc	46,900		1,002		Marathon Oil Corp (a)	37,287		485
Sinclair Broadcast Group Inc (a)	89,441		2,898		Marathon Petroleum Corp (a)	34,672		1,804
Thomson Reuters Corp	23,100		1,008		Midstates Petroleum Co Inc (b)	81,978		1,407
Time Warner Inc	23,378		2,326		Nabors Industries Ltd	1,133		10
Tribune Media Co	66,063		2,524		Newfield Exploration Co (a),(b)	98,861		3,211
Twenty-First Century Fox Inc - A Shares (a)	24,500		665		Noble Energy Inc	4,436		127
Viacom Inc - B Shares	66,065		2,299		OGX Petroleo e Gas SA ADR(b)	26,974		8
Vivendi SA	25,526		554		Oil Search Ltd	177,868		941
Walt Disney Co/The (a)	4,737		511		Pacific Exploration and Production Corp (b)	15,370		449

See accompanying notes

55

Schedule of Investments Global Multi-Strategy Fund May 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Oil & Gas (continued)					Real Estate - 0.18%
Parsley Energy Inc (b)	162,532	$	4,819		Forestar Group Inc (b)	14,196	$	201
PDC Energy Inc (b)	5,785		287		Hang Lung Group Ltd	459,000		1,902
Pioneer Natural Resources Co	5,646		942		Hulic Co Ltd	12,300		116
Repsol SA	127,447		2,142		Kerry Properties Ltd	145,000		512
Southwestern Energy Co (b)	368,950		2,236		LEG Immobilien AG	6,088		575
Tesoro Corp (a)	59,882		4,985		Neinor Homes SLU (b),(d)	29,944		599
Ultra Petroleum Corp (b)	264,100		2,976		Realogy Holdings Corp	29,664		903
Valero Energy Corp (a)	26,123		1,606		Takara Leben Co Ltd	44,000		202
Western Refining Inc	33,906		1,227		WeWork Cos Inc (b),(e),(f),(g)	979		51
Whiting Petroleum Corp (b)	301,798		2,131				$	5,061
		$	52,566		REITS - 0.86%
Oil & Gas Services - 0.40%					AGNC Investment Corp (a)	60,324		1,254
Baker Hughes Inc	15,458		852		American Tower Corp	5,258		690
C&J Energy Services Inc (b)	71,121		2,401		Camden Property Trust (a)	22,851		1,904
Halliburton Co	155,484		7,027		Care Capital Properties Inc	34,100		897
National Oilwell Varco Inc (a)	6,384		209		Daiwa House REIT Investment Corp	375		965
Saipem SpA (b)	44,142		180		Equinix Inc	2,268		1,000
TechnipFMC PLC (a),(b)	27,441		794		FelCor Lodging Trust Inc	44,968		322
		$	11,463		GGP Inc	46,833		1,044
Packaging & Containers - 0.15%					Grivalia Properties REIC AE	38,907		373
Ball Corp	21,295		871		Hibernia REIT plc	504,291		788
CCL Industries Inc	2,300		544		Hoshino Resorts REIT Inc	10		52
KapStone Paper and Packaging Corp	33,622		710		Host Hotels & Resorts Inc	120,569		2,169
Multi Packaging Solutions International Ltd (b)	17,185		309		Irish Residential Properties REIT Plc	355,207		523
Silgan Holdings Inc (c)	24,214		770		Klepierre	45,260		1,890
WestRock Co	22,285		1,213		LaSalle Hotel Properties	23,766		676
		$	4,417		National Retail Properties Inc (a)	39,462		1,514
Pharmaceuticals - 2.79%					New York REIT Inc	398,393		3,422
Actelion Ltd (b)	66,460		19,076		Park Hotels & Resorts Inc	1		—
Akorn Inc (b)	18,384		612		Public Storage	15,285		3,292
Allergan PLC	3,462		775		Regency Centers Corp	14		1
Astellas Pharma Inc	152,200		1,924		RioCan Real Estate Investment Trust	57,000		1,068
AstraZeneca PLC	13,112		886		UDR Inc (a)	19,790		764
Bristol-Myers Squibb Co (a)	113,763		6,138				$	24,608
Cardinal Health Inc (a)	31,051		2,306		Retail - 2.19%
Daiichi Sankyo Co Ltd	32,100		704		ABC-Mart Inc	11,500		672
Eisai Co Ltd	5,310		280		Adastria Co Ltd	4,600		122
Eli Lilly & Co	1,359		108		Advance Auto Parts Inc (c)	19,936		2,664
Express Scripts Holding Co (a),(b)	5,385		322		Alimentation Couche-Tard Inc	5,800		268
Hisamitsu Pharmaceutical Co Inc	5,000		252		Best Buy Co Inc (a)	12,910		767
Johnson & Johnson	24,093		3,090		Cabela's Inc (b)	19,245		1,017
Mallinckrodt PLC (b)	128,782		5,554		CarMax Inc (b)	7,222		454
McKesson Corp	23,911		3,900		Cawachi Ltd	4,800		120
Mead Johnson Nutrition Co	136,027		12,163		Chipotle Mexican Grill Inc (b)	1,528		729
Merck & Co Inc	101,772		6,627		Citizen Watch Co Ltd	34,000		222
Mitsubishi Tanabe Pharma Corp	34,200		761		Coach Inc (a)	94,938		4,388
Mylan NV (b)	41,024		1,599		cocokara fine Inc	2,450		124
Neurocrine Biosciences Inc (b)	885		38		Costco Wholesale Corp	14,464		2,610
Nippon Shinyaku Co Ltd	4,590		268		CST Brands Inc	35,336		1,708
Novartis AG	9,938		813		CVS Health Corp (a)	6,637		510
Novo Nordisk A/S	24,705		1,049		Dollar Tree Inc (b)	11,476		892
Ono Pharmaceutical Co Ltd	6,620		138		Dollarama Inc	8,900		824
Patheon NV (b)	12,143		421		Domino's Pizza Inc	1,502		318
Pfizer Inc	8,354		273		Genuine Parts Co (a)	6,326		586
Roche Holding AG	12,149		3,335		H2O Retailing Corp	9,050		152
Shionogi & Co Ltd	8,500		454		Home Depot Inc/The (a)	18,885		2,899
STADA Arzneimittel AG	5,778		418		HUGO BOSS AG	10,652		803
Suzuken Co Ltd/Aichi Japan	6,695		220		IDOM Inc	8,200		45
Takeda Pharmaceutical Co Ltd	14,100		727		Jand Inc (b),(e),(f),(g)	1,693		12
UCB SA	21,385		1,509		Kate Spade & Co (b)	57,485		1,059
VCA Inc (b)	21,920		2,019		K's Holdings Corp	3,500		72
Zoetis Inc (a)	9,637		600		L Brands Inc (a)	7,046		364
		$	79,359		Lowe's Cos Inc	14,339		1,129
Pipelines - 0.11%					Lululemon Athletica Inc (b)	11,454		553
Koninklijke Vopak NV	25,159		1,140		Luxottica Group SpA	28,018		1,695
Veresen Inc	143,421		1,949		Matsumotokiyoshi Holdings Co Ltd	4,350		255
Williams Cos Inc/The	2,884		82		McDonald's Corp (a)	46,082		6,953
		$	3,171		Nishimatsuya Chain Co Ltd	1,900		20
Private Equity - 0.09%					PAL GROUP Holdings Co Ltd	4,400		109
3i Group PLC	174,245		2,011		Pandora A/S	15,371		1,454
					Panera Bread Co (b)	9,805		3,083
Kennedy-Wilson Holdings Inc	33,453		656
		$	2,667		Restaurant Brands International Inc	18,400		1,126
					Rite Aid Corp (a),(b)	125,379		427
					Ross Stores Inc	17,211		1,100

See accompanying notes

56

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Retail (continued)					Telecommunications - 0.97%
Signet Jewelers Ltd (a)	4,985	$	240		Acacia Communications Inc (b)	26,703	$	1,256
Staples Inc	131,648		1,195		BCE Inc	12,137		550
Starbucks Corp (a)	19,344		1,230		BT Group PLC	175,815		699
Sundrug Co Ltd	9,800		381		CenturyLink Inc	6,799		170
Swatch Group AG/The	3,260		249		Cisco Systems Inc (a)	66,146		2,085
TJX Cos Inc/The (a)	63,131		4,748		DigitalGlobe Inc (b)	14,136		440
Tractor Supply Co (a)	5,860		323		EchoStar Corp (b)	7,647		452
Ulta Beauty Inc (a),(b)	7,987		2,435		General Communication Inc (b)	2,875		106
United Arrows Ltd	5,000		151		Globalstar Inc (b)	516,250		1,022
USS Co Ltd	27,600		555		Hellenic Telecommunications Organization	53,555		608
Wal-Mart Stores Inc (a)	66,521		5,229		SA
World Fuel Services Corp	17,995		636		Hikari Tsushin Inc	3,700		375
Xebio Holdings Co Ltd	11,000		178		Level 3 Communications Inc (b)	29,481		1,755
Yum! Brands Inc (a)	33,174		2,410		Loral Space & Communications Inc (a),(b),(f)	93,193		3,681
		$	62,265		Millicom International Cellular SA	7,702		451
Savings & Loans - 0.05%					Motorola Solutions Inc (a)	33,610		2,809
Astoria Financial Corp	18,021		334		Nice Ltd ADR	235		18
EverBank Financial Corp (a)	63,940		1,243		Nippon Telegraph & Telephone Corp	49,111		2,362
		$	1,577		Nokia OYJ	141,071		893
Semiconductors - 1.01%					SES SA	34,600		857
Advanced Micro Devices Inc (b)	162,281		1,816		Sprint Corp (b)	46,566		395
Applied Materials Inc (a)	44,667		2,049		Straight Path Communications Inc (b)	2,792		499
Broadcom Ltd	23,577		5,646		Swisscom AG	1,995		958
Cavium Inc (b)	11,215		818		Telefonaktiebolaget LM Ericsson	88,749		647
Lattice Semiconductor Corp (b)	41,480		288		Telefonica SA	160,069		1,785
Maxim Integrated Products Inc (a)	8,071		386		TELUS Corp	11,800		401
Microchip Technology Inc	30,759		2,562		TPG Telecom Ltd	60,203		263
Micron Technology Inc (b)	48,144		1,481		Verizon Communications Inc	29,329		1,368
Micronics Japan Co Ltd	8,900		85		Vocus Group Ltd	129,205		271
Miraial Co Ltd	5,400		44		West Corp	14,297		331
Nippon Chemi-Con Corp	29,900		107				$	27,507
NVIDIA Corp (a)	7,386		1,066		Textiles - 0.13%
NXP Semiconductors NV (b)	23,215		2,551		Mohawk Industries Inc (b)	12,089		2,893
QUALCOMM Inc (a)	79,209		4,537		UniFirst Corp/MA	5,421		768
Rohm Co Ltd	2,080		167				$	3,661
Shinko Electric Industries Co Ltd	33,900		269		Toys, Games & Hobbies - 0.04%
Skyworks Solutions Inc (a)	14,510		1,545		Bandai Namco Holdings Inc	25,000		892
Sumco Corp	8,750		144		Nintendo Co Ltd	1,190		361
Teradyne Inc	3,375		120				$	1,253
Texas Instruments Inc (a)	15,774		1,301		Transportation - 0.77%
Veeco Instruments Inc (b)	1,573		50		Canadian National Railway Co	33,283		2,580
Xcerra Corp (b)	23,745		231		Central Japan Railway Co	8,600		1,409
Xilinx Inc (a)	22,325		1,489		CSX Corp	29,749		1,611
		$	28,752		Expeditors International of Washington Inc (a)	11,319		604
Shipbuilding - 0.04%					FedEx Corp	303		59
Yangzijiang Shipbuilding Holdings Ltd	1,406,000		1,290		Genesee & Wyoming Inc (b)	25,534		1,672
					Golar LNG Ltd	3,097		72
Software - 1.44%					Hornbeck Offshore Services Inc (b)	167,806		282
Adobe Systems Inc (a),(b)	13,920		1,975		Kamigumi Co Ltd	168,000		1,719
Alpha Systems Inc	1,400		26		Kansas City Southern (a)	7,989		761
Amadeus IT Group SA	10,308		602		Knight Transportation Inc	18,301		610
ANSYS Inc (b)	12,771		1,613		Navios Maritime Partners LP (b)	307,375		498
Autodesk Inc (b)	34,586		3,865		Nippon Yusen KK	181,769		330
CA Inc (a)	24,279		771		Swift Transportation Co (b)	137,746		3,299
Capcom Co Ltd	8,700		205		Union Pacific Corp	14,623		1,613
Citrix Systems Inc (a),(b)	8,123		671		United Parcel Service Inc (c)	18,687		1,980
Constellation Software Inc/Canada	2,500		1,293		XPO Logistics Inc (b)	51,621		2,715
DeNA Co Ltd	23,600		522				$	21,814
DH Corp	49,424		930		Water - 0.02%
Electronic Arts Inc (a),(b)	24,488		2,775		Veolia Environnement SA	26,354		580
Microsoft Corp (a),(c)	138,429		9,668
Nuance Communications Inc (b)	5,657		105		TOTAL COMMON STOCKS		$	1,098,282
Open Text Corp	60,700		1,981		INVESTMENT COMPANIES - 17.17%	Shares Held		Value(000	's)
Oracle Corp (a)	27,970		1,270		Exchange Traded Funds - 0.02%
Paychex Inc (a)	55,866		3,309		Financial Select Sector SPDR Fund	30,168		701
PTC Inc (b)	7,648		440
salesforce.com Inc (b)	3,886		348		Money Market Funds - 17.15%
ServiceNow Inc (a),(b)	30,738		3,217		BlackRock Liquidity Funds FedFund Portfolio	238,783,230		238,783
Ultimate Software Group Inc/The (b)	3,999		883
Verint Systems Inc (b)	14,675		603		First American Government Obligations Fund	46,307,774		46,308
Workday Inc (b)	39,720		3,971		Goldman Sachs Financial Square Funds -	130,225,624		130,226
Xactly Corp (b)	1,712		27		Government Fund
					Morgan Stanley Institutional Liquidity Funds -	26,968,324		26,969
		$	41,070		Government Portfolio (a)

See accompanying notes

57

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
	INVESTMENT COMPANIES (continued)		Shares Held		Value(000	's)	PREFERRED STOCKS (continued)			Shares Held	Value(000			's)
	Money Market Funds (continued)						Internet (continued)
	Wells Fargo Advantage Government Money		45,678,936	$	45,678		Veracode Inc 0.00%(b),(e),(f)			6,031	$		25
	Market Fund (h)						Zuora Inc 0.00%(b),(e),(f),(g)			40,988			195
				$	487,964						$		2,046
	TOTAL INVESTMENT COMPANIES			$	488,665		Private Equity - 0.01%
							Forward Venture Services LLC 0.00%(b),(e),(f),(g)			54,650			276
	CONVERTIBLE PREFERRED STOCKS -0.59	%	Shares Held		Value(000	's)
	Agriculture - 0.02%
	Bunge Ltd 4.88%(i)		6,137	$	665		Real Estate - 0.02%
							Redfin Corp 0.00%(b),(e),(f),(g)			29,409			137
	Computers - 0.02%						WeWork Cos Inc Series D-1 0.00%(b),(e),(f),(g)			4,867			252
	NCR Corp 5.50%; PIK 5.50%(i),(j),(k)		278		420		WeWork Cos Inc Series D-2 0.00%(b),(e),(f),(g)			3,824			198
											$		587
	Electric - 0.05%						Software - 0.01%
	Black Hills Corp 7.75%		10,000		757		Birst Inc 0.00%(b),(e),(f),(g)			21,065			39
	Dominion Energy Inc 6.75%		2,375		122		Marklogic Corp 0.00%(b),(e),(f),(g)			14,832			159
	Dynegy Inc 7.00%		1,975		122						$		198
	Great Plains Energy Inc 7.00%		10,200		532		Trucking & Leasing - 0.04%
				$	1,533		AerGen Aviation Finance Ltd 0.00%(b),(e),(f),(g)			12,150			1,239
	Electrical Components & Equipment - 0.01%
	Belden Inc 6.75%		1,277		127		TOTAL PREFERRED STOCKS				$		5,360
										Principal
	Food- 0.00	%					BONDS- 28.90	%	Amount (000's)		Value(000			's)
	Post Holdings Inc 2.50%(i)		725		110		Aerospace & Defense - 0.22%
							Embraer Netherlands Finance BV
	Hand & Machine Tools - 0.00%						5.05%, 06/15/2025		$	310		$	319
	Stanley Black & Decker Inc 5.38%		1,075		112		5.40%, 02/01/2027			280			290
							Embraer Overseas Ltd
	Healthcare - Products - 0.02%						5.70%, 09/16/2023(d)			320			343
	Becton Dickinson and Co 6.13%		8,525		456		Meccanica Holdings USA Inc
							6.25%, 01/15/2040(d)			1,685			1,862
	Healthcare - Services - 0.08%						StandardAero Aviation Holdings Inc
	Anthem Inc 5.25%		43,075		2,217		10.00%, 07/15/2023(d)			2,000			2,205
							United Technologies Corp
	Internet - 0.01%						1.52%, 11/01/2019(j)			1,220			1,228
	Airbnb, Inc 0.00%(b),(e),(f),(g)		1,685		177						$		6,247
	DraftKings Inc 0.00%(b),(e),(f),(g)		29,108		64
	Dropbox Inc 0.00%(b),(e),(f),(g)		2,671		33		Agriculture - 0.29%
							Kernel Holding SA
				$	274		8.75%, 01/31/2022(d)			2,900			3,088
	Investment Companies - 0.09%						MHP SA
	Mandatory Exchangeable Trust 5.75%(d),(f)		18,658		2,670		7.75%, 05/10/2024(d)			5,000			5,051
											$		8,139
	Metal Fabrication & Hardware - 0.01%						Airlines - 0.11%
	Rexnord Corp 5.75%		2,750		146		Air Canada 2015-2 Class B Pass Through
							Trust
	Pharmaceuticals - 0.14%						5.00%, 06/15/2025(d)			1,926			1,988
	Allergan PLC 5.50%		4,075		3,263		Latam Airlines 2015-1 Pass Through Trust B
	Teva Pharmaceutical Industries Ltd 7.00%		1,381		691		4.50%, 08/15/2025			1,098			1,083
				$	3,954						$		3,071
	REITS- 0.11	%					Automobile Asset Backed Securities - 0.57%
	Welltower Inc 6.50%(a),(i)		45,600		2,958
							AmeriCredit Automobile Receivables 2015-4
							3.72%, 12/08/2021			189			194
	Retail - 0.00%
	Jand Inc 0.00%(b),(e),(f),(g)		3,781		34		AmeriCredit Automobile Receivables Trust
							2016-2
							3.65%, 05/09/2022(j)			80			82
	Software - 0.00%						CPS Auto Receivables Trust 2016-B
	Cloudera Inc 0.00%(b),(f),(g)		3,756		78		8.14%, 05/15/2023(d),(j)			855			921
							DT Auto Owner Trust 2014-3
	Telecommunications - 0.03%						4.47%, 11/15/2021(d),(j)			175			179
	T-Mobile US Inc 5.50%		8,825		964		DT Auto Owner Trust 2015-2
							4.25%, 02/15/2022(d),(j)			260			266
	TOTAL CONVERTIBLE PREFERRED STOCKS			$	16,718		DT Auto Owner Trust 2016-1
	PREFERRED STOCKS - 0.19%		Shares Held		Value(000	's)	4.66%, 12/15/2022(d),(j)			1,335			1,363
	Automobile Manufacturers - 0.04%						DT Auto Owner Trust 2016-2
	Porsche Automobil Holding SE 1.01%(j)		8,997		516		5.43%, 11/15/2022(d),(j)			820			857
	Volkswagen AG 2.06%(j)		3,304		498		First Investors Auto Owner Trust 2014-1
				$	1,014		3.28%, 04/15/2021(d),(j)			70			71
	Internet - 0.07%						First Investors Auto Owner Trust 2014-2
	DraftKings Inc 0.00%(b),(e),(f)		18,119		36		3.47%, 02/15/2021(d),(j)			120			121
	Forescout Tech Inc 0.00%(b),(e),(f),(g)		9,157		104		First Investors Auto Owner Trust 2015-1
	General Assembly Space, Inc 0.00%(b),(e),(f),(g)		2,184		107		3.59%, 01/18/2022(d),(j)			100			101
	Lithium Technologies Inc 0.00%(b),(e),(f),(g)		59,552		266		First Investors Auto Owner Trust 2015-2
	Pinterest Inc 0.00%(b),(e),(f),(g)		87,425		572		4.22%, 12/15/2021(d),(j)			565			580
	Uber Technologies Inc 0.00%(b),(e),(f),(g)		15,196		741

See accompanying notes

58

Schedule of Investments
Global Multi-Strategy Fund
May 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- 2.05	%
First Investors Auto Owner Trust 2016-2					Banco Hipotecario SA
3.35%, 11/15/2022(d),(j)	$	70	$	70	21.35%, 01/12/2020(d),(j)		ARS	9,230	$	577
Flagship Credit Auto Trust 2015-1					Banco Macro SA
3.76%, 06/15/2021(d)		165		166	17.50%, 05/08/2022(d)			5,115		311
Ford Credit Auto Owner Trust 2015-B					Banco Supervielle SA
1.16%, 11/15/2019(j)		376		376	24.17%, 08/09/2020(d),(j)			11,000		705
Ford Credit Auto Owner Trust 2016-A					Bank of America Corp
1.39%, 12/15/2018(j)		284		284	2.23%, 03/22/2018(j)		$	605		609
Ford Credit Auto Owner Trust 2016-B					6.00%, 09/01/2017			1,100		1,112
1.30%, 03/15/2019(j)		874		874	Bank of America NA
Ford Credit Auto Owner Trust 2016-C					1.43%, 06/15/2017(j)			250		250
1.13%, 09/15/2019(j)		2,100		2,101	Banque Centrale de Tunisie International
Ford Credit Auto Owner Trust 2017-A					Bond
1.11%, 12/15/2019(j)		895		895	5.63%, 02/17/2024		EUR	6,350		7,276
Honda Auto Receivables 2016-4 Owner					Capital One NA/Mclean VA
Trust					2.33%, 08/17/2018(j)		$	550		555
1.21%, 12/18/2020		1,145		1,138	Citigroup Inc
Honda Auto Receivables 2017-1 Owner					1.89%, 11/24/2017(j)			945		948
Trust					Financiera de Desarrollo Territorial SA
1.72%, 07/21/2021		310		311	Findeter
Nissan Auto Receivables 2016-B Owner					7.88%, 08/12/2024(d)		COP	3,380,000		1,154
Trust					Finansbank AS/Turkey
1.29%, 04/15/2019(j)		761		762	4.88%, 05/19/2022(d)		$	6,000		6,031
Nissan Auto Receivables 2016-C Owner					Goldman Sachs Group Inc/The
Trust					1.73%, 06/04/2017(j)			1,205		1,205
1.18%, 01/15/2021(j)		200		199	Hongkong & Shanghai Banking Corp
Nissan Auto Receivables 2017-A Owner					Ltd/The
Trust					1.37%, 07/29/2049(i),(j)			1,100		906
1.05%, 01/15/2020(j)		230		230	HSBC Bank PLC
1.74%, 08/16/2021		375		376	1.63%, 06/29/2049(i),(j)			240		196
Prestige Auto Receivables Trust 2016-1					1.69%, 09/29/2049(i),(j)			550		452
5.15%, 11/15/2021(d)		815		851	JPMorgan Chase & Co
Toyota Auto Receivables 2014-C Owner					1.88%, 06/01/2021(j),(l)			1,425		1,424
Trust					2.06%, 01/25/2018(j)			605		608
0.93%, 07/16/2018		70		70	JPMorgan Chase Bank NA
Toyota Auto Receivables 2016-C					1.75%, 09/23/2019(j)			1,215		1,223
1.14%, 08/17/2020(j)		165		164	Morgan Stanley
Toyota Auto Receivables 2016-D Owner					2.44%, 04/25/2018(j)			605		611
Trust					Oschadbank Via SSB #1 PLC
1.12%, 05/15/2019(j)		415		415	9.38%, 03/10/2023(j)			5,450		5,587
Toyota Auto Receivables 2017-A Owner					Provident Funding Associates LP / PFG
Trust					Finance Corp
1.06%, 09/16/2019(j)		540		540	6.38%, 06/15/2025(d),(l)			232		237
1.73%, 02/16/2021		460		461	Royal Bank of Scotland Group PLC
USAA Auto Owner Trust 2015-1					6.99%, 10/29/2049(d),(i),(j)			1,477		1,684
1.20%, 06/17/2019(j)		693		693	7.09%, 10/29/2049(i),(j)		EUR	1,350		1,436
USAA Auto Owner Trust 2016-1					7.64%, 03/29/2049(i),(j)		$	1,600		1,516
1.20%, 06/15/2020		280		279	Santander Holdings USA Inc
Westlake Automobile Receivables Trust 2017-					4.50%, 07/17/2025			63		65
1					Sberbank of Russia Via SB Capital SA
3.46%, 10/17/2022(d),(j)		145		146	5.50%, 02/26/2024(j)			7,050		7,251
		$		16,136	Sumitomo Mitsui Banking Corp
Automobile Floor Plan Asset Backed Securities - 0.02%					1.70%, 01/11/2019(j)			1,225		1,228
NextGear Floorplan Master Owner Trust					1.89%, 07/23/2018(j)			600		603
2.09%, 04/18/2022(d),(j)		715		715	TC Ziraat Bankasi AS
					5.13%, 05/03/2022(d)			5,000		5,013
Automobile Manufacturers - 0.20%					Toronto-Dominion Bank/The
American Honda Finance Corp					1.58%, 01/18/2019(j)			630		632
1.46%, 11/19/2018(j)		1,225		1,228	Turkiye Vakiflar Bankasi TAO
BMW US Capital LLC					5.63%, 05/30/2022(d)			4,800		4,801
1.54%, 09/13/2019(d),(j)		1,205		1,209	US Bank NA/Cincinnati OH
General Motors Financial Co Inc					1.47%, 01/24/2020(j)			1,255		1,259
2.09%, 04/13/2020(j)		1,500		1,503	Wells Fargo & Co
Nissan Motor Acceptance Corp					1.36%, 06/02/2017(j)			275		275
1.74%, 01/13/2020(d),(j)		1,215		1,219	1.78%, 04/23/2018(j)			615		618
Toyota Motor Credit Corp								$		58,358
1.60%, 10/18/2019(j)		605		609	Beverages - 0.18%
		$		5,768	CEDC Finance Corp International Inc
Automobile Parts & Equipment - 0.01%					10.00%, 12/31/2022(d)			3,265		3,102
Exide Technologies					PepsiCo Inc
11.00%, PIK 11.00%, 04/30/2020(k)		260		195	1.21%, 05/02/2019(j)			1,430		1,430
					1.42%, 10/04/2019(j)			610		613
								$		5,145

See accompanying notes

59

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
			Principal						Principal
	BONDS (continued)		Amount (000's)          Value (000's)				BONDS (continued)		Amount (000's)    Value (000's)
	Building Materials - 0.10%						Commercial Mortgage Backed Securities (continued)
	Cemex SAB de CV						Wachovia Bank Commercial Mortgage Trust
	6.13%, 05/05/2025(d)		$	650	$	697	Series 2007-C30
	St Marys Cement Inc Canada						5.48%, 12/15/2043		$	368	$	365
	5.75%, 01/28/2027(d)			2,125		2,088	Wachovia Bank Commercial Mortgage Trust
				$		2,785	Series 2007-C31
	Chemicals - 0.10%						5.89%, 04/15/2047(j)			5,868		5,848
	Mexichem SAB de CV						WFRBS Commercial Mortgage Trust 2011-
	5.88%, 09/17/2044(d)			2,000		1,995	C4
	NOVA Chemicals Corp						5.25%, 06/15/2044(d),(j)			845		862
	4.88%, 06/01/2024(d),(l)			458		459	WFRBS Commercial Mortgage Trust 2012-
	5.25%, 06/01/2027(d),(l)			348		349	C6
				$		2,803	5.58%, 04/15/2045(d),(j)			500		504
	Coal- 0.02	%								$		36,117
	SunCoke Energy Partners LP / SunCoke						Commercial Services - 0.90%
	Energy Partners Finance Corp						Acwa Power Management And Investments
	7.50%, 06/15/2025(d)			464		456	One Ltd
							5.95%, 12/15/2039(d)			945		962
	Commercial Mortgage Backed Securities - 1.27%						APX Group Inc
	BLCP Hotel Trust						7.88%, 12/01/2022			1,138		1,243
	3.49%, 08/15/2029(d),(j)			300		301	Cenveo Corp
	4.66%, 08/15/2029(d),(j)			300		302	6.00%, 08/01/2019(d)			11,695		9,941
	BXHTL Mezzanine Trust						Corporate Risk Holdings LLC
	9.19%, 05/15/2020(e),(f),(g),(j)			1,100		1,070	9.50%, 07/01/2019(d)			10,489		11,118
	CCRESG Commercial Mortgage Trust 2016-						KAR Auction Services Inc
	HEAT						5.13%, 06/01/2025(d)			221		226
	5.49%, 04/10/2029(d),(j)			255		260	Monitronics International Inc
	CDGJ Commercial Mortgage Trust 2014-						9.13%, 04/01/2020			2,200		2,101
	BXCH									$		25,591
	2.84%, 12/15/2027(d),(j)			800		803	Computers - 0.30%
	3.49%, 12/15/2027(d),(j)			880		882	Apple Inc
	Citigroup Commercial Mortgage Trust 2014-						1.38%, 02/07/2020(j)			720		722
	GC19						Dell International LLC / EMC Corp
	4.40%, 03/10/2047(d),(f),(j)			355		263	6.02%, 06/15/2026(d)			2,310		2,550
	4.90%, 03/10/2047(d),(j)			2,000		1,805	Everi Payments Inc
	COBALT CMBS Commercial Mortgage Trust						10.00%, 01/15/2022			3,680		4,034
	2007	-C2					International Business Machines Corp
	5.62%, 04/15/2047			5,000		4,990	1.40%, 01/27/2020(j)			1,255		1,259
	COMM 2016-SAVA Mortgage Trust									$		8,565
	3.99%, 10/15/2034(d),(j)			370		372	Credit Card Asset Backed Securities - 0.47%
	Commercial Mortgage Trust 2005-GG5						American Express Credit Account Secured
	5.43%, 04/10/2037(j)			2,662		2,582	Note Trust 2012-4
	Commercial Mortgage Trust 2007-GG11						1.23%, 05/15/2020(j)			835		836
	6.12%, 12/10/2049(j)			4,300		4,267	American Express Issuance Trust II
	CSMC 2014-USA OA LLC						1.42%, 08/15/2019(j)			570		572
	4.37%, 09/15/2037(d),(j)			825		713	BA Credit Card Trust
	Ginnie Mae						1.32%, 06/15/2020(j)			1,205		1,207
	0.61%, 01/16/2053(j),(m)			7,172		280	1.95%, 08/15/2022(j)			1,030		1,037
	GS Mortgage Securities Trust 2007-GG10						Capital One Multi-Asset Execution Trust
	5.77%, 08/10/2045(j)			1,745		1,747	2.00%, 01/17/2023			620		625
	JP Morgan Chase Commercial Mortgage						Chase Issuance Trust
	Securities Trust 2007-LDP10						1.04%, 08/15/2019(j)			680		680
	5.46%, 01/15/2049			166		166	1.27%, 07/15/2021(j)			600		596
	JP Morgan Chase Commercial Mortgage						1.29%, 01/18/2022(j)			1,260		1,264
	Securities Trust 2013-C13						Citibank Credit Card Issuance Trust
	3.99%, 01/15/2046(d),(j)			268		205	1.02%, 04/07/2022(j)			1,330		1,331
	JP Morgan Chase Commercial Mortgage						1.25%, 01/19/2021(j)			1,260		1,262
	Securities Trust 2015-SGP						1.75%, 11/19/2021			1,210		1,212
	5.49%, 07/15/2036(d),(j)			785		793	1.92%, 04/07/2022			1,330		1,335
	Morgan Stanley Capital I Trust 2007-TOP27						Discover Card Execution Note Trust
	5.75%, 06/11/2042(d),(j)			590		580	1.29%, 08/17/2020(j)			495		496
	Morgan Stanley Capital I Trust 2011-C2						1.34%, 08/17/2020(j)			205		205
	5.48%, 06/15/2044(d),(j)			475		494	Tidewater Sales Finance Master Trust Series
	Motel 6 Trust 2015-M6MZ						2017	-A
	8.23%, 02/05/2020(d),(f),(g),(j)			2,779		2,817	4.55%, 04/15/2021(d),(e),(j)			435		435
	SCG Trust 2013-SRP1						World Financial Network Credit Card Master
	3.49%, 11/15/2026(d),(j)			365		352	Trust
	4.24%, 11/15/2026(d),(j)			400		389	1.47%, 02/15/2022(j)			165		165
	4.33%, 11/15/2026(d),(j)			850		801				$		13,258
	Wachovia Bank Commercial Mortgage Trust						Diversified Financial Services - 1.25%
	Series 2006-C25						Aircastle Ltd
	5.86%, 05/15/2043(d),(j)			1,406		1,304	5.00%, 04/01/2023			355		379

See accompanying notes

60

Schedule of Investments
Global Multi-Strategy Fund
May 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)						Insurance - 0.20%
	Ally Financial Inc						Ambac Assurance Corp
	3.25%, 09/29/2017		$	550	$	552	0.00%, 06/07/2020(b),(d)		$	2,115	$	2,591
	4.75%, 09/10/2018			1,300		1,337	Berkshire Hathaway Finance Corp
	American Express Credit Corp						1.48%, 01/10/2020(j)			1,225		1,231
	1.50%, 05/03/2019(j)			1,430		1,433	1.65%, 03/07/2018(j)			605		607
	1.95%, 11/05/2018(j)			605		610	Metropolitan Life Global Funding I
	ASP AMC Merger Sub Inc						1.46%, 09/14/2018(d),(j)			1,205		1,209
	8.00%, 05/15/2025(d)			7,356		7,209				$		5,638
	Dragon Aviation Finance Luxembourg SA						Internet - 0.16%
	4.00%, 11/28/2022(e)			4,652		4,629	Netflix Inc
	Ladder Capital Finance Holdings LLLP /						4.38%, 11/15/2026(d)			4,524		4,530
	Ladder Capital Finance Corp
	5.88%, 08/01/2021(d)			665		678	Iron & Steel - 0.02%
	Ocwen Loan Servicing LLC						Vale Overseas Ltd
	8.38%, 11/15/2022(d)			1,986		1,887	6.25%, 08/10/2026			460		499
	Oilflow SPV 1 DAC
	12.00%, 01/13/2022(d)			7,000		7,357	Leisure Products & Services - 0.18%
	12.00%, 01/13/2022			2,100		2,207	LTF Merger Sub Inc
	Unifin Financiera SAB de CV SOFOM ENR						8.50%, 06/15/2023(d)			3,588		3,830
	7.00%, 01/15/2025(d)			6,000		5,940	Silversea Cruise Finance Ltd
	USAA Capital Corp						7.25%, 02/01/2025(d)			1,322		1,412
	1.40%, 02/01/2019(d),(j)			1,430		1,430				$		5,242
				$		35,648	Lodging - 0.48%
	Electric - 0.66%						Caesars Entertainment Operating Co Inc
	Enel SpA						0.00%, 06/01/2017(b)			1,018		1,220
	8.75%, 09/24/2073(d),(j)			2,170		2,566	0.00%, 02/15/2020(b)			1,895		2,317
	Eskom Holdings SOC Ltd						0.00%, 02/15/2020(b)			4,152		5,075
	5.75%, 01/26/2021			6,600		6,720	Diamond Resorts International Inc
	GenOn Energy Inc						7.75%, 09/01/2023(d)			2,438		2,566
	9.50%, 10/15/2018			5,430		3,910	10.75%, 09/01/2024(d)			2,284		2,421
	9.88%, 10/15/2020			6,145		4,470				$		13,599
	OmGrid Funding Ltd						Machinery - Construction & Mining - 0.09%
	5.20%, 05/16/2027(d)			10		10	Caterpillar Financial Services Corp
	Pacific Gas & Electric Co						1.67%, 01/10/2020(j)			1,225		1,232
	1.40%, 11/30/2017(j)			1,150		1,151	1.89%, 02/23/2018(j)			1,200		1,205
				$		18,827				$		2,437
	Entertainment - 0.17%						Machinery - Diversified - 0.17%
	AMC Entertainment Holdings Inc						Cloud Crane Escrow LLC
	6.13%, 05/15/2027(d)			2,515		2,600	10.13%, 08/01/2024(d)			1,000		1,087
	Eldorado Resorts Inc						Cloud Crane LLC
	6.00%, 04/01/2025(d)			2,018		2,121	10.13%, 08/01/2024(d)			3,075		3,344
				$		4,721	John Deere Capital Corp
	Finance - Mortgage Loan/Banker - 0.32%						1.45%, 01/16/2018(j)			384		385
	Freddie Mac									$		4,816
	1.38%, 04/20/2020			9,287		9,248	Media- 0.24	%
							CBS Radio Inc
	Food- 0.14	%					7.25%, 11/01/2024(d)			430		454
	Albertsons Cos LLC / Safeway Inc / New						Clear Channel Worldwide Holdings Inc
	Albertson's Inc / Albertson's LLC						7.63%, 03/15/2020			1,145		1,151
	6.63%, 06/15/2024(d)			200		207	Cox Communications Inc
	BRF GmbH						4.50%, 06/30/2043(d)			765		675
	4.35%, 09/29/2026(d)			840		783	4.70%, 12/15/2042(d)			380		344
	BRF SA						DISH DBS Corp
	7.75%, 05/22/2018(d)		BRL	1,500		450	5.88%, 11/15/2024			615		655
	Flowers Foods Inc						7.75%, 07/01/2026			255		299
	3.50%, 10/01/2026		$	180		179	Grupo Televisa SAB
	Fresh Market Inc/The						7.25%, 05/14/2043		MXN	4,370		178
	9.75%, 05/01/2023(d)			2,201		1,857	LBI Media Inc
	JBS USA LUX SA / JBS USA Finance Inc						10.00%, 04/15/2019(d),(j)		$	1,166		1,143
	5.75%, 06/15/2025(d)			540		524	NBCUniversal Enterprise Inc
				$		4,000	5.25%, 12/19/2049(d),(i)			1,205		1,277
	Gas- 0.12	%					Time Warner Cable LLC
	AmeriGas Partners LP / AmeriGas Finance						4.50%, 09/15/2042			645		616
	Corp						Viacom Inc
	5.50%, 05/20/2025			560		567	6.25%, 02/28/2057(j)			175		180
	NGL Energy Partners LP / NGL Energy									$		6,972
	Finance Corp						Metal Fabrication & Hardware - 0.03%
	5.13%, 07/15/2019			725		727	Zekelman Industries Inc
	6.13%, 03/01/2025(d)			1,162		1,095	9.88%, 06/15/2023(d)			655		740
	6.88%, 10/15/2021			130		131
	7.50%, 11/01/2023(d)			790		800
				$		3,320

See accompanying notes

61

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Mining - 0.24%					Mortgage Backed Securities (continued)
Aleris International Inc					CHL Mortgage Pass-Through Trust 2004-
9.50%, 04/01/2021(d)	$	672	$	702	HYB8
Coeur Mining Inc					3.02%, 01/20/2035(j)		$	101	$	97
5.88%, 06/01/2024(d)		1,159		1,150	CHL Mortgage Pass-Through Trust 2005-11
Constellium NV					1.29%, 04/25/2035(j)			99		83
6.63%, 03/01/2025(d)		3,644		3,517	CHL Mortgage Pass-Through Trust 2005-21
Real Alloy Holding Inc					5.50%, 10/25/2035(j)			130		117
10.00%, 01/15/2019(d),(f)		1,370		1,339	Citigroup Mortgage Loan Trust 2005-3
		$		6,708	3.03%, 08/25/2035(j)			761		733
Miscellaneous Manufacturers - 0.15%					Credit Suisse First Boston Mortgage Securities
General Electric Co					Corp
1.86%, 04/02/2018(j)		354		356	3.20%, 11/25/2033(j)			93		91
Koppers Inc					3.31%, 12/25/2033(j)			62		62
6.00%, 02/15/2025(d)		1,000		1,050	5.25%, 11/25/2020			441		431
Siemens Financieringsmaatschappij NV					5.75%, 11/25/2033			55		58
1.47%, 05/25/2018(d),(j)		400		401	CSFB Mortgage-Backed Pass-Through
Working Capital Solutions Funding LCC					Certificates Series 2004-AR4
7.99%, 08/27/2017(e),(f),(g),(j)		2,400		2,400	3.36%, 05/25/2034(j)			238		223
		$		4,207	Deutsche Mortgage Securities Inc Mortgage
Mortgage Backed Securities - 1.60%					Loan Trust 2004-4
Adjustable Rate Mortgage Trust 2004-4					1.37%, 06/25/2034(j)			229		211
3.37%, 03/25/2035(j)		90		87	DSLA Mortgage Loan Trust 2005-AR5
Adjustable Rate Mortgage Trust 2005-1					1.33%, 09/19/2045(j)			199		154
3.22%, 05/25/2035(j)		277		274	Dukinfield 2 Plc
Alliance Bancorp Trust 2007-OA1					1.59%, 12/20/2052(j)		GBP	417		542
1.26%, 07/25/2037(j)		1,103		830	Eurosail-UK 2007-2np PLC
Alternative Loan Trust 2003-22CB					0.49%, 03/13/2045(j)			157		198
5.75%, 12/25/2033		158		162	Fannie Mae Connecticut Avenue Securities
Alternative Loan Trust 2003-9T1					5.37%, 04/25/2029(j)		$	2,000		2,188
5.50%, 07/25/2033(j)		77		76	5.87%, 10/25/2029(j)			850		867
Alternative Loan Trust 2004-14T2					6.57%, 04/25/2028(j)			5,000		5,652
5.50%, 08/25/2034		88		92	6.77%, 07/25/2029(j)			2,125		2,305
Alternative Loan Trust 2004-16CB					7.02%, 09/25/2028(j)			750		876
5.50%, 07/25/2034		140		143	Fannie Mae Interest Strip
5.50%, 08/25/2034		154		158	4.00%, 11/25/2040(m)			16,171		3,161
Alternative Loan Trust 2004-28CB					Freddie Mac Structured Agency Credit Risk
5.75%, 01/25/2035		70		70	Debt Notes
Alternative Loan Trust 2004-J10					2.67%, 04/25/2024(j)			382		388
6.00%, 09/25/2034		259		267	2.87%, 10/25/2027(j)			550		563
Alternative Loan Trust 2004-J3					3.22%, 02/25/2024(j)			500		513
5.50%, 04/25/2034		88		89	5.27%, 11/25/2023(j)			250		278
Alternative Loan Trust 2005-14					5.97%, 07/25/2029(j)			485		499
1.23%, 05/25/2035(j)		467		388	6.17%, 10/25/2029(j)			1,150		1,198
Alternative Loan Trust 2005-J1					9.82%, 03/25/2028(j)			6,993		7,895
5.50%, 02/25/2025		187		190	10.37%, 04/25/2028(j)			1,000		1,178
American Home Mortgage Investment Trust					GMACM Mortgage Loan Trust 2005-AR4
2005-2					3.68%, 07/19/2035(j)			99		96
1.62%, 09/25/2045(j)		211		178	GSR Mortgage Loan Trust 2004-14
Banc of America Alternative Loan Trust 2003-					3.12%, 12/25/2034(j)			130		130
8					GSR Mortgage Loan Trust 2005-4F
5.50%, 10/25/2033		118		120	6.50%, 02/25/2035			71		71
Banc of America Alternative Loan Trust 2004-					Harborview Mortgage Loan Trust
6					1.74%, 10/19/2033(j)			818		773
6.00%, 07/25/2034		583		607	HarborView Mortgage Loan Trust 2006-10
Banc of America Funding 2004-B Trust					1.18%, 11/19/2036(j)			369		313
3.24%, 11/20/2034(j)		200		186	IndyMac INDX Mortgage Loan Trust 2004-
Banc of America Funding 2005-5 Trust					AR12
5.50%, 09/25/2035		59		62	1.80%, 12/25/2034(j)			246		207
Banc of America Funding 2005-7 Trust					IndyMac INDX Mortgage Loan Trust 2004-
5.75%, 11/25/2035(j)		116		118	AR7
Banc of America Funding 2007-4 Trust					2.24%, 09/25/2034(j)			182		159
5.50%, 11/25/2034		178		178	IndyMac INDX Mortgage Loan Trust 2005-
Banc of America Mortgage 2005-A Trust					AR11
3.47%, 02/25/2035(j)		53		53	3.16%, 08/25/2035(j)			824		681
BCAP LLC Trust 2007-AA2					IndyMac INDX Mortgage Loan Trust 2005-
6.00%, 03/25/2022		245		241	AR16	IP
CHL Mortgage Pass-Through Trust 2004-12					1.66%, 07/25/2045(j)			246		226
3.27%, 08/25/2034(j)		130		124	JP Morgan Mortgage Trust 2005-A2
CHL Mortgage Pass-Through Trust 2004-					3.45%, 04/25/2035(j)			197		196
HYB4					JP Morgan Mortgage Trust 2006-A1
3.20%, 09/20/2034(j)		55		53	3.22%, 02/25/2036(j)			163		151
					JP Morgan Mortgage Trust 2006-A7
					3.25%, 01/25/2037(j)			287		270

See accompanying notes

62

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
			Principal						Principal
	BONDS (continued)		Amount (000's)			Value (000's)	BONDS (continued)		Amount (000's)     Value (000's)
	Mortgage Backed Securities (continued)						Mortgage Backed Securities (continued)
	Lehman XS Trust Series 2005-7N						Wells Fargo Mortgage Backed Securities
	1.30%, 12/25/2035(j)		$	84	$	61	2005-16 Trust
	Lehman XS Trust Series 2006-2N						6.00%, 01/25/2036(j)	$	131	$	131
	1.28%, 02/25/2046(j)			160		129	Wells Fargo Mortgage Backed Securities
	Ludgate Funding PLC						2005-AR10 Trust
	0.00%, 01/01/2061(b),(j)		EUR	110		119	3.12%, 05/01/2035(j)		77		78
	0.94%, 01/01/2061(j)		GBP	444		556	Wells Fargo Mortgage Backed Securities
	MASTR Adjustable Rate Mortgages Trust						Trust
	2004-7						2.99%, 08/25/2034(j)		109		111
	2.92%, 07/25/2034(j)		$	252		245			$		45,684
	MASTR Adjustable Rate Mortgages Trust						Oil & Gas - 2.68%
	2005-2						Ascent Resources Utica Holdings LLC / ARU
	3.19%, 03/25/2035(j)			720		645	Finance Corp
	MASTR Adjustable Rate Mortgages Trust						10.00%, 04/01/2022(d)		540		553
	2006-2						Baytex Energy Corp
	3.45%, 04/25/2036(j)			144		142	5.13%, 06/01/2021(d)		685		642
	MASTR Alternative Loan Trust 2003-9						5.63%, 06/01/2024(d)		205		187
	5.25%, 11/25/2033			70		73	Bellatrix Exploration Ltd
	MASTR Alternative Loan Trust 2004-5						8.50%, 05/15/2020(d)		1,040		978
	5.50%, 06/25/2034			78		80	Bonanza Creek Energy Inc
	6.00%, 06/25/2034			91		94	0.00%, 04/15/2021(b),(e),(f)		55		—
	MASTR Alternative Loan Trust 2004-8						0.00%, 02/01/2023(b),(e),(f)		210		—
	6.00%, 09/25/2034			431		458	BP Capital Markets PLC
	Merrill Lynch Mortgage Investors Trust Series						1.61%, 02/13/2018(j)		255		256
	MLCC 2006-1						California Resources Corp
	3.14%, 02/25/2036(j)			727		686	5.50%, 09/15/2021		18		12
	Merrill Lynch Mortgage Investors Trust Series						6.00%, 11/15/2024		89		56
	MLCC 2006-2						8.00%, 12/15/2022(d)		745		558
	3.02%, 05/25/2036(j)			44		43	Callon Petroleum Co
	Merrill Lynch Mortgage Investors Trust Series						6.13%, 10/01/2024(d)		765		792
	MLCC 2007-1						Cenovus Energy Inc
	3.30%, 01/25/2037(j)			86		80	5.40%, 06/15/2047(d)		720		701
	National City Mortgage Capital Trust						Chesapeake Energy Corp
	6.00%, 03/25/2038(j)			481		500	8.00%, 01/15/2025(d)		660		657
	Newgate Funding 2007-3						8.00%, 06/15/2027(d),(l)		452		443
	0.27%, 12/15/2050(j)		EUR	159		175	Cobalt International Energy Inc
	RALI Series 2006-QO4 Trust						7.75%, 12/01/2023(d)		3,206		2,116
	1.21%, 04/25/2046(j)		$	221		199	10.75%, 12/01/2021(d)		6,217		6,030
	RALI Series 2006-QO7 Trust						Continental Resources Inc/OK
	1.23%, 09/25/2046(j)			94		73	3.80%, 06/01/2024		280		262
	Residential Asset Securitization Trust 2005-						4.50%, 04/15/2023		135		132
	A8	CB					5.00%, 09/15/2022		2,890		2,894
	5.38%, 07/25/2035			330		289	Exxon Mobil Corp
	RFMSI Series 2006-S1 Trust						1.28%, 03/15/2019(j)		610		611
	5.75%, 01/25/2036			107		108	Halcon Resources Corp
	Rmac 2005-Ns3 PLC						6.75%, 02/15/2025(d)		880		821
	0.03%, 06/12/2043(j)		EUR	54		59	HollyFrontier Corp
	RMAC Securities No 1 PLC						5.88%, 04/01/2026		1,325		1,428
	0.00%, 06/12/2044(b),(j)			103		112	KazMunayGas National Co JSC
	Structured Adjustable Rate Mortgage Loan						4.75%, 04/19/2027(d)		6,100		6,163
	Trust						Marathon Oil Corp
	1.33%, 07/25/2035(j)		$	787		632	5.20%, 06/01/2045		370		372
	3.34%, 09/25/2034(j)			281		283	Matador Resources Co
	Structured Adjustable Rate Mortgage Loan						6.88%, 04/15/2023		957		1,005
	Trust Series 2004-6						MEG Energy Corp
	3.23%, 06/25/2034(j)			149		147	6.38%, 01/30/2023(d)		295		253
	Structured Asset Securities Corp Mortgage						6.50%, 01/15/2025(d)		300		293
	Pass-Through Certificates Series 2004-20						7.00%, 03/31/2024(d)		940		813
	5.75%, 11/25/2034			103		104	Midstates Petroleum Co Inc
	Structured Asset Securities Corp Trust 2005-						0.00%, 06/01/2020(b),(e),(f)		1,471		—
	1						Oasis Petroleum Inc
	5.50%, 02/25/2035			156		156	6.88%, 03/15/2022		490		496
	Towd Point Mortgage Funding 2016-Granite1						Odebrecht Offshore Drilling Finance Ltd
	PLC						6.75%, 10/01/2023(d)		2,067		796
	1.74%, 07/20/2046(j)		GBP	200		259	6.75%, 10/01/2023		5,915		2,277
	Wells Fargo Mortgage Backed Securities						OGX Austria GmbH
	2003-M Trust						0.00%, 06/01/2018(b),(d),(f),(g)		600		—
	3.00%, 12/25/2033(j)		$	246		247	0.00%, 04/01/2022(b),(d),(f),(g)		1,100		—
	Wells Fargo Mortgage Backed Securities						Parsley Energy LLC / Parsley Finance Corp
	2005-11 Trust						6.25%, 06/01/2024(d)		500		527
	5.50%, 11/25/2035			29		30	PBF Holding Co LLC / PBF Finance Corp
							7.25%, 06/15/2025(d)		1,612		1,592

See accompanying notes

63

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
		Principal							Principal
BONDS (continued)		Amount (000's)			Value (000's)	BONDS (continued)			Amount (000's)       Value (000's)
Oil & Gas (continued)						Other Asset Backed Securities (continued)
PDC Energy Inc						Bayview Opportunity Master Fund IIIb Trust
6.13%, 09/15/2024(d)		$	150	$	153	2017	-RN2
Petrobras Global Finance BV						3.47%, 04/28/2032(d),(j)		$	115	$	115
5.38%, 01/27/2021			6,455		6,581	Bayview Opportunity Master Fund IIIb Trust
5.63%, 05/20/2043			485		405	2017	-RN3
6.25%, 12/14/2026		GBP	1,000		1,326	3.23%, 05/28/2032(d),(j)			230		230
7.25%, 03/17/2044		$	245		243	Bayview Opportunity Master Fund IVb Trust
7.38%, 01/17/2027			2,350		2,519	2017-NP	L1
8.38%, 05/23/2021			7,975		8,952	3.60%, 01/28/2032(d),(e),(j)			273		273
8.75%, 05/23/2026			260		303	BAYVIEW OPPORTUNITY MASTER
Petroleos Mexicanos						FUND TRUST 2016-LT1
6.50%, 03/13/2027			3,625		3,956	3.47%, 10/28/2031(d),(j)			168		167
6.63%, 06/15/2035			5,000		5,261	Blackbird Capital Aircraft Lease Securitization
7.65%, 11/24/2021(d),(j)		MXN	6,500		330	Ltd 2016-1
RSP Permian Inc						4.21%, 12/16/2041(d),(j)			250		256
6.63%, 10/01/2022		$	1,665		1,754	5.68%, 12/16/2041(d)			690		709
Sabine Oil & Gas Corp						BlueMountain CLO 2013-4 Ltd
0.00%, 06/15/2019(b),(e),(g)			300		—	6.81%, 04/15/2025(d),(j)			3,000		2,865
Shell International Finance BV						Bowman Park CLO Ltd
1.47%, 09/12/2019(j)			1,210		1,215	6.59%, 11/23/2025(d),(j)			1,000		969
SM Energy Co						CAM Mortgage Trust
5.00%, 01/15/2024			385		356	4.00%, 01/15/2056(d),(j)			89		90
6.13%, 11/15/2022			425		420	5.00%, 01/15/2056(d),(j)			545		527
6.50%, 01/01/2023			20		20	CLI Funding V LLC
6.75%, 09/15/2026			75		73	3.38%, 10/18/2029(d)			515		508
State Oil Co of the Azerbaijan Republic						Coinstar Funding LLC Series 2017-1
4.75%, 03/13/2023			7,250		7,144	5.22%, 04/25/2047(d),(j)			725		737
YPF SA						Colony American Finance 2015-1 Ltd
23.08%, 07/07/2020(d),(j)			410		448	5.65%, 10/15/2047(d)			550		561
			$		76,175	Colony American Finance 2016-1 Ltd
Oil & Gas Services - 0.13%						4.64%, 06/15/2048(d),(j)			260		264
FTS International Inc						Colony American Homes 2014-2
6.25%, 05/01/2022			2,275		2,002	4.23%, 07/17/2031(d),(j)			1,000		1,007
8.63%, 06/15/2020(d),(j)			787		801	Cronos Containers Program I Ltd
Transocean Proteus Ltd						3.27%, 11/18/2029(d)			748		742
6.25%, 12/01/2024(d)			840		865	Five Guys Holdings Inc
			$		3,668	4.60%, 07/25/2047(d),(l)			220		223
Other Asset Backed Securities - 1.53%						GCA2014 Holdings Ltd - Class C
AASET 2017-1 Trust						6.00%, 01/05/2030(d),(e),(f),(g),(j)			606		387
3.97%, 05/16/2042(d),(e),(l)			250		250	GCA2014 Holdings Ltd - Class D
AIM Aviation Finance Ltd						7.50%, 01/05/2030(d),(e),(f),(g),(j)			240		69
5.07%, 02/15/2040(d),(e),(j)			1,246		1,222	GCA2014 Holdings Ltd - Class E
AJAX Mortgage Loan Trust						0.00%, 01/05/2030(b),(d),(e),(f),(g),(j)			1,030		1
3.47%, 04/25/2057(d),(e)			105		105	GCAT 2017-2 LLC
Ajax Mortgage Loan Trust 2016-B						3.50%, 04/25/2047(d),(j)			388		387
4.00%, 09/25/2065(d)			390		389	GCAT 2017-3 LLC
Ajax Mortgage Loan Trust 2016-C						3.35%, 04/25/2047(d),(j)			242		242
4.00%, 10/25/2057(d)			292		291	Global Container Assets Ltd
ALM VII R Ltd						4.50%, 02/05/2030(d),(f),(g),(j)			357		345
8.30%, 10/15/2028(d),(j)			2,000		2,021	Invitation Homes 2015-SFR1 Trust
American Homes 4 Rent 2014-SFR2 Trust						5.19%, 03/17/2032(d),(j)			280		281
5.15%, 10/17/2036(d),(j)			280		301	Kabbage Asset Securitization LLC
6.23%, 10/17/2036(d),(j)			695		773	8.00%, 03/15/2022(d)			253		255
American Homes 4 Rent 2014-SFR3 Trust						Magnetite IX Ltd
6.42%, 12/17/2036(d),(j)			900		1,013	6.91%, 07/25/2026(d),(j)			1,750		1,618
American Homes 4 Rent 2015-SFR1						NYMT Residential 2016-RP1
5.64%, 04/17/2052(d),(j)			1,045		1,122	4.00%, 03/25/2021(d),(j)			148		147
AMMC CLO 17 Ltd						OneMain Financial Issuance Trust 2014-2
7.93%, 11/15/2027(d),(j)			2,500		2,498	2.47%, 09/18/2024(d)			42		42
AMMC CLO 18 Ltd						3.02%, 09/18/2024(d),(j)			130		130
7.87%, 05/26/2028(d),(j)			1,750		1,747	5.31%, 09/18/2024(d),(j)			1,210		1,221
Apidos CLO XXII						OneMain Financial Issuance Trust 2015-1
7.16%, 10/20/2027(d),(j)			750		750	3.19%, 03/18/2026(d),(j)			220		222
Avery Point VII CLO Ltd						OneMain Financial Issuance Trust 2015-3
7.76%, 01/15/2028(d),(j)			1,400		1,411	4.16%, 11/20/2028(d),(j)			790		767
9.16%, 01/15/2028(d),(j)			1,050		1,055	OneMain Financial Issuance Trust 2016-2
Bayview Opportunity Master Fund IIa Trust						5.94%, 03/20/2028(d)			1,295		1,350
2016-RP	L3					Rise Ltd
3.47%, 07/28/2031(d),(j)			85		85	4.75%, 02/15/2039(f),(j)			350		350
Bayview Opportunity Master Fund IIIa Trust						Shenton Aircraft Investment I Ltd
2016	-RN3					4.75%, 10/15/2042(d)			1,087		1,117
3.60%, 09/29/2031(d),(j)			113		113

See accompanying notes

64

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
	Principal						Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Other Asset Backed Securities (continued)					Pipelines (continued)
Sierra Timeshare 2013-1 Receivables Funding					Kinder Morgan Energy Partners
LLC					LP (continued)
1.59%, 11/20/2029(d),(j)	$	67	$	67	5.00%, 03/01/2043		$	60	$	59
Sierra Timeshare 2013-3 Receivables Funding					5.63%, 09/01/2041			440		459
LLC					MPLX LP
2.20%, 10/20/2030(d),(j)		150		150	5.20%, 03/01/2047			710		736
Sound Point Clo XV Ltd					Niska Gas Storage Ltd / Niska Gas Storage
7.00%, 01/23/2029(d),(j)		1,500		1,453	Canada Finance Corp
SpringCastle America Funding LLC					6.50%, 04/01/2019			4,577		4,646
3.05%, 04/25/2029(d)		246		248	Sabine Pass Liquefaction LLC
TAL Advantage V LLC					5.63%, 03/01/2025			645		716
3.55%, 11/20/2038(d),(j)		341		338	Southern Gas Corridor CJSC
THL Credit Wind River 2014-3 CLO Ltd					6.88%, 03/24/2026			6,650		7,349
6.75%, 01/22/2027(d),(j)		3,000		2,963	Targa Resources Partners LP / Targa
THUNDERBOLT AIRCRAFT LEASE LTD					Resources Partners Finance Corp
5.75%, 05/17/2032(d),(j)		250		251	6.75%, 03/15/2024			1,190		1,291
VOLT LIV LLC					Transcanada Trust
3.62%, 02/25/2047(d),(j)		288		288	5.30%, 03/15/2077			1,435		1,471
6.00%, 02/25/2047(d),(j)		545		552	Williams Partners LP
VOLT LV LLC					5.10%, 09/15/2045			250		258
3.50%, 03/25/2047(d),(j)		289		289	6.30%, 04/15/2040			470		555
VOLT LVI LLC								$		21,479
3.50%, 03/25/2047(d)		484		486	Private Equity - 0.03%
VOLT XIX LLC					Icahn Enterprises LP / Icahn Enterprises
3.88%, 04/25/2055(d)		15		15	Finance Corp
VOLT XL LLC					6.25%, 02/01/2022(d)			575		599
4.88%, 11/27/2045(d)		320		315	6.75%, 02/01/2024(d)			370		386
VOLT XLVIII LLC								$		985
3.50%, 07/25/2046(d)		641		643	Real Estate - 0.53%
VOLT XXII LLC					MAF Global Securities Ltd
3.50%, 02/25/2055(d),(j)		68		69	7.13%, 12/31/2049(i),(j),(n)			12,300		12,935
4.25%, 02/25/2055(d),(j)		100		100	Rialto Holdings LLC / Rialto Corp
VOLT XXIV LLC					7.00%, 12/01/2018(d)			2,238		2,277
4.25%, 02/25/2055(d),(j)		174		173
								$		15,212
VOLT XXXIII LLC					Regional Authority - 0.16%
3.50%, 03/25/2055(d)		345		346
					Provincia de Buenos Aires/Argentina
VOLT XXXIV LLC					5.75%, 06/15/2019(d)			735		764
3.25%, 02/25/2055(d)		57		57	6.50%, 02/15/2023(d)			545		563
VOLT XXXV					7.88%, 06/15/2027(d)			450		473
3.50%, 09/25/2046(d)		418		419	23.89%, 05/31/2022(d),(j)		ARS	45,870		2,897
VOLT XXXVII LLC								$		4,697
3.63%, 07/25/2045(d)		52		53
					REITS- 0.25	%
		$		43,595	Equinix Inc
Packaging & Containers - 0.09%					5.38%, 05/15/2027		$	2,711		2,852
BWAY Holding Co					Uniti Group Inc / CSL Capital LLC
5.50%, 04/15/2024(d)		2,500		2,556
					8.25%, 10/15/2023			4,000		4,210
								$		7,062
Pharmaceuticals - 0.30%					Savings & Loans - 0.03%
Endo Dac / Endo Finance LLC / Endo Finco					Flagstar Bancorp Inc
Inc					6.13%, 07/15/2021			717		776
6.00%, 02/01/2025(d),(j)		5,841		5,234
Grifols SA					Software - 0.08%
3.20%, 05/01/2025(d)	EUR	655		744
Merck & Co Inc					Donnelley Financial Solutions Inc
1.54%, 05/18/2018 (j)	$	605		607	8.25%, 10/15/2024			530		557
					Oracle Corp
Valeant Pharmaceuticals International Inc					1.35%, 07/07/2017(j)			1,075		1,075
4.50%, 05/15/2023(d)	EUR	510		443
5.88%, 05/15/2023(d)	$	510		415	Quintiles IMS Inc
					3.25%, 03/15/2025(d)		EUR	680		785
6.13%, 04/15/2025(d)		1,500		1,208
								$		2,417
		$		8,651	Sovereign - 7.77%
Pipelines - 0.75%					1MDB Global Investments Ltd
Cheniere Corpus Christi Holdings LLC					4.40%, 03/09/2023		$	9,000		8,350
5.13%, 06/30/2027(d)		710		720
					Brazil Letras do Tesouro Nacional
Energy Transfer LP					0.00%, 07/01/2017(b)		BRL	8,800		2,696
5.15%, 03/15/2045		100		99	Brazil Notas do Tesouro Nacional Serie F
6.13%, 12/15/2045		1,275		1,422	10.00%, 01/01/2021			40,000		12,274
EnLink Midstream Partners LP					Ecuador Government International Bond
5.05%, 04/01/2045		340		330	9.63%, 06/02/2027(d),(e),(l)		$	2,920		2,899
5.45%, 06/01/2047		185		187	Egypt Government International Bond
5.60%, 04/01/2044		200		208	6.13%, 01/31/2022(d)			7,100		7,295
Kinder Morgan Energy Partners LP					Ghana Government International Bond
4.70%, 11/01/2042		285		274	9.25%, 09/15/2022(d)			1,865		2,024
5.00%, 08/15/2042		710		699

See accompanying notes

65

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
	Principal					Principal
BONDS (continued)	Amount (000's)       Value (000's)				BONDS (continued)	Amount (000's)     Value (000's)
Sovereign (continued)					Student Loan Asset Backed Securities (continued)
Hazine Mustesarligi Varlik Kiralama AS					SoFi Professional Loan Program 2015-A
5.00%, 04/06/2023(d)	$	4,500	$	4,612	LLC
Hellenic Republic Treasury Bill					2.19%, 03/25/2033(d),(j)	$	362	$	365
0.00%, 08/04/2017(b),(e)	EUR	728		815	SoFi Professional Loan Program 2015-C
0.00%, 08/11/2017(b),(e)		5,780		6,466	LLC
0.00%, 11/03/2017(b),(e)		4,624		5,147	3.58%, 08/25/2036(d),(j)		135		136
Indonesia Treasury Bond					Sofi Professional Loan Program 2016-A LLC
7.88%, 04/15/2019	IDR 71,500,000			5,502	3.57%, 01/26/2038(d),(j)		648		653
8.75%, 05/15/2031		66,200,000		5,549			$		2,404
Iraq International Bond					Supranational Bank - 0.46%
5.80%, 01/15/2028(f)	$	7,839		7,196	Africa Finance Corp
Italy Buoni Ordinari del Tesoro BOT					3.88%, 04/13/2024(d)		4,100		4,071
0.00%, 03/14/2018(b)	EUR	5,777		6,510	Banque Ouest Africaine de Developpement
Lebanon Government International Bond					5.50%, 05/06/2021(d)		8,530		9,061
5.45%, 11/28/2019	$	12,200		12,298			$		13,132
6.00%, 05/20/2019		3,350		3,417	Telecommunications - 0.91%
Malaysia Government Bond					Avanti Communications Group PLC
3.80%, 09/30/2022	MYR	21,550		5,044	10.00%, PIK 15.00%, 10/01/2021(d),(k)		1,124		933
Mexican Bonos					Cisco Systems Inc
5.75%, 03/05/2026(j)	MXN	23,500		1,134	1.49%, 09/20/2019(j)		1,420		1,428
7.75%, 11/23/2034		180,000		9,900	Gogo Intermediate Holdings LLC / Gogo
Montenegro Government International Bond					Finance Co Inc
3.88%, 03/18/2020(d)	EUR	5,812		6,588	12.50%, 07/01/2022(d)		2,560		2,925
Peruvian Government International Bond					Goodman Networks Inc
6.35%, 08/12/2028(d)	PEN	9,300		2,994	0.00%, 07/01/2018(b)		7,374		2,728
6.35%, 08/12/2028		30,000		9,658	HTA Group Ltd/Mauritius
Portugal Government International Bond					9.13%, 03/08/2022(d)		3,600		3,691
5.13%, 10/15/2024(d)	$	1,079		1,095	9.13%, 03/08/2022		3,065		3,142
Portugal Obrigacoes do Tesouro OT					Intelsat Jackson Holdings SA
4.13%, 04/14/2027(d)	EUR	4,102		5,030	8.00%, 02/15/2024(d)		2,420		2,612
Portugal Treasury Bill					MTN Mauritius Investment Ltd
0.00%, 01/19/2018(b)		5,260		5,923	5.37%, 02/13/2022(d)		6,200		6,387
Republic of Poland Government Bond					Oi SA
2.50%, 07/25/2027	PLN	39,301		9,902	0.00%, 09/15/2016(b),(d),(e)	BRL	1,475		116
Republic of South Africa Government Bond					Verizon Communications Inc
8.88%, 02/28/2035(n)	ZAR	33,318		2,414	1.55%, 08/15/2019(j)	$	610		610
10.50%, 12/21/2026(n)		41,404		3,545	2.87%, 09/14/2018(j)		1,170		1,192
Republic of South Africa Government							$		25,764
International Bond					Transportation - 0.09%
6.88%, 05/27/2019	$	8,740		9,472	Kazakhstan Temir Zholy Finance BV
Russian Federal Bond - OFZ					6.95%, 07/10/2042		2,250		2,453
7.50%, 08/18/2021(j)	RUB	350,000		6,112
Second Pakistan International Sukuk Co					TOTAL BONDS		$		822,429
Ltd/The						Principal
6.75%, 12/03/2019	$	4,850		5,123	CONVERTIBLE BONDS - 2.38%	Amount (000's)      Value (000's)
Serbia International Bond
5.25%, 11/21/2017(d)		9,740		9,887	Aerospace & Defense - 0.01%
					Aerojet Rocketdyne Holdings Inc
5.25%, 11/21/2017		1,285		1,304	2.25%, 12/15/2023(d)		190		205
5.88%, 12/03/2018(d)		1,063		1,116
Spain Letras del Tesoro
0.00%, 12/08/2017(b)	EUR	5,260		5,921	Automobile Manufacturers - 0.01%
					Tesla Inc
Sri Lanka Government International Bond					2.38%, 03/15/2022		350		415
5.88%, 07/25/2022	$	2,900		3,016
6.25%, 07/27/2021		2,400		2,562
Turkey Government Bond					Automobile Parts & Equipment - 0.02%
11.00%, 03/02/2022(j)	TRY	22,200		6,431	Meritor Inc
Turkey Government International Bond					7.88%, 03/01/2026		325		530
6.75%, 04/03/2018	$	6,204		6,427	Biotechnology - 0.06%
Ukraine Government International Bond					Acorda Therapeutics Inc
7.75%, 09/01/2022		7,550		7,570	1.75%, 06/15/2021		555		429
		$		221,218	AMAG Pharmaceuticals Inc
Student Loan Asset Backed Securities - 0.08%					3.25%, 06/01/2022		200		187
SLM Private Credit Student Loan Trust 2003-					Innoviva Inc
A					2.13%, 01/15/2023		300		271
3.26%, 06/15/2032(j)		340		341
					Intercept Pharmaceuticals Inc
SLM Private Credit Student Loan Trust 2003-					3.25%, 07/01/2023		385		359
B
3.31%, 03/15/2033(e),(j)		850		850	Ionis Pharmaceuticals Inc
					1.00%, 11/15/2021		555		562
SoFi Professional Loan Program 2014-B							$		1,808
LLC
2.24%, 08/25/2032(d),(j)		58		59

See accompanying notes

66

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
			Principal							Principal
	CONVERTIBLE BONDS (continued)		Amount (000's) Value (000's)				CONVERTIBLE BONDS (continued)			Amount (000's) Value (000's)
	Coal- 0.00	%					Media (continued)
	Alpha Natural Resources Inc						DISH Network Corp (continued)
	0.00%, 12/15/2020(b)		$	100	$	1	3.38%, 08/15/2026(d)		$	5,273	$	6,410
							Liberty Media Corp
	Commercial Services - 0.04%						2.25%, 09/30/2046(d)			180		194
	Element Fleet Management Corp									$		6,965
	5.13%, 06/30/2019(d)		CAD	725		537	Oil & Gas - 0.06%
	Macquarie Infrastructure Corp						Chesapeake Energy Corp
	2.00%, 10/01/2023		$	515		508	5.50%, 09/15/2026(d)			745		719
				$		1,045	Cobalt International Energy Inc
	Diversified Financial Services - 0.01%						3.13%, 05/15/2024			2,382		643
	PRA Group Inc						Nabors Industries Inc
	3.50%, 06/01/2023(d)			100		100	0.75%, 01/15/2024(d)			395		324
	Walter Investment Management Corp						SM Energy Co
	4.50%, 11/01/2019			870		296	1.50%, 07/01/2021			5		4
				$		396	Whiting Petroleum Corp
	Electric - 0.03%						1.25%, 04/01/2020			120		105
	NRG Yield Inc									$		1,795
	3.25%, 06/01/2020(d)			225		222	Oil & Gas Services - 0.03%
	3.50%, 02/01/2019(d)			650		656	Weatherford International Ltd
				$		878	5.88%, 07/01/2021			700		773
	Electrical Components & Equipment - 0.02%
	General Cable Corp						Pharmaceuticals - 0.05%
	4.50%, 11/15/2029(a),(j)			75		57	Amicus Therapeutics Inc
	SunPower Corp						3.00%, 12/15/2023(d)			100		147
	0.75%, 06/01/2018			575		543	Horizon Pharma Investment Ltd
				$		600	2.50%, 03/15/2022			325		273
	Electronics - 0.05%						Impax Laboratories Inc
	TTM Technologies Inc						2.00%, 06/15/2022			645		552
	1.75%, 12/15/2020			550		975	Neurocrine Biosciences Inc
	Vishay Intertechnology Inc						2.25%, 05/15/2024(d)			390		378
	2.25%, 11/15/2040			300		386				$		1,350
				$		1,361	Private Equity - 0.01%
	Energy - Alternate Sources - 0.00%						Hercules Capital Inc
	SunEdison Inc						4.38%, 02/01/2022(d)			200		203
	0.00%, 10/01/2018(b)			400		7
	0.00%, 01/15/2020(b),(d)			1,425		25	REITS- 0.08	%
	0.00%, 01/01/2021(b)			725		13	Blackstone Mortgage Trust Inc
				$		45	4.38%, 05/05/2022			150		150
	Healthcare - Services - 0.22%						Colony NorthStar Inc
	Anthem Inc						3.88%, 01/15/2021			625		636
	2.75%, 10/15/2042(a)			2,450		6,113	Colony Starwood Homes
							3.50%, 01/15/2022(d)			100		107
	Brookdale Senior Living Inc
	2.75%, 06/15/2018			100		99	Spirit Realty Capital Inc
				$		6,212	2.88%, 05/15/2019			725		711
	Holding Companies - Diversified - 0.01%						3.75%, 05/15/2021			150		146
	RWT Holdings Inc						Starwood Property Trust Inc
	5.63%, 11/15/2019			185		192	4.00%, 01/15/2019			350		390
							4.38%, 04/01/2023			75		74
	Internet - 0.17%									$		2,214
	Pandora Media Inc						Semiconductors - 0.58%
	1.75%, 12/01/2020			100		93	Intel Corp
	Twitter Inc						3.25%, 08/01/2039			3,501		6,140
	0.25%, 09/15/2019			2,799		2,641	Microchip Technology Inc
	VeriSign Inc						2.13%, 12/15/2037			128		451
	4.45%, 08/15/2037(j)			825		2,180	2.25%, 02/15/2037(d)			580		653
				$		4,914	Novellus Systems Inc
	Investment Companies - 0.49%						2.63%, 05/15/2041			2,000		9,175
	Aabar Investments PJSC						Rovi Corp
	0.50%, 03/27/2020		EUR	7,800		7,873	0.50%, 03/01/2020			150		145
	1.00%, 03/27/2022			5,900		5,690				$		16,564
	Ares Capital Corp						Software - 0.02%
	3.75%, 02/01/2022(d)		$	300		300	Evolent Health Inc
							2.00%, 12/01/2021(d)			130		159
	Prospect Capital Corp
	4.95%, 07/15/2022			175		171	Nuance Communications Inc
				$		14,034	1.00%, 12/15/2035			195		190
	Iron & Steel - 0.00%						RealPage Inc
							1.50%, 11/15/2022(d)			150		156
	Allegheny Technologies Inc
	4.75%, 07/01/2022			125		167				$		505
							Telecommunications - 0.06%
	Media- 0.24	%					Ciena Corp
							3.75%, 10/15/2018(d)			925		1,199
	DISH Network Corp
	2.38%, 03/15/2024(d)			345		361

See accompanying notes

67

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
			Principal					SENIOR FLOATING RATE INTERESTS			Principal
CONVERTIBLE BONDS (continued)		Amount (000's)		Value(000			's)	(continued)			Amount (000's)		Value(000	's)
Telecommunications (continued)								Computers (continued)
Finisar Corp								NeuStar Inc, Term Loan
0.50%, 12/15/2036(d)		$	485		$	462		0.00%, 03/01/2024(j),(o)		$	325	$	328
				$		1,661						$	5,946
Transportation - 0.11%								Distribution & Wholesale - 0.01%
Atlas Air Worldwide Holdings Inc								HD Supply Inc, Term Loan B
1.88%, 06/01/2024			150			157		3.75%, 10/16/2023(j)			333		335
Hornbeck Offshore Services Inc
1.50%, 09/01/2019			4,375			2,630		Diversified Financial Services - 0.41%
Ship Finance International Ltd								ASP AMC Merger Sub Inc, Term Loan
5.75%, 10/15/2021			275			262		4.57%, 04/12/2024(j)			787		782
				$		3,049		Focus Financial Partners LLC, Term Loan
TOTAL CONVERTIBLE BONDS				$		67,882		0.00%, 05/22/2024(j),(o)			848		853
SENIOR FLOATING RATE INTERESTS -			Principal					0.00%, 05/09/2025(j),(o)			2,000		2,010
5.76	%	Amount (000's)		Value(000			's)	Ocwen Loan Servicing LLC, Term Loan B
Aerospace & Defense - 0.02%								6.00%, 12/07/2020(j)			3,045		3,030
TransDigm Inc, Term Loan E								Walter Investment Management Corp, Term
4.07%, 05/13/2022(j)		$	65	$		65		Loan
TransDigm Inc, Term Loan F								4.75%, 12/11/2020(j)			5,383		4,877
3.99%, 06/09/2023(j)			489			489						$	11,552
				$		554		Electric - 0.24%
Agriculture - 0.01%								AES Corp/VA, Term Loan B
Pinnacle Operating Corp, Term Loan B								0.00%, 05/19/2022(j),(o)			706		704
8.24%, PIK 1.75%, 11/14/2018(j),(k)			163			151		Chief Power Finance LLC, Term Loan B
								6.07%, 12/31/2020(j)			869		608
Automobile Parts & Equipment - 0.08%								Star West Generation LLC, Term Loan B
AP Exhaust Acquisition LLC, Term Loan								5.90%, 03/13/2020(j)			6,290		5,599
6.18%, 05/09/2024(j)			251			246						$	6,911
Commercial Vehicle Group Inc, Term Loan								Electronics - 0.04%
B								Greenlight Merger Corp, Term Loan
7.16%, 03/29/2023(j)			1,378			1,381		0.00%, 05/24/2024(j),(o)			1,067		1,067
Tectum Holdings Inc, Term Loan
5.16%, 05/16/2024(j)			645			641		Energy - Alternate Sources - 0.52%
				$		2,268		SunEdison Inc, Term Loan
Building Materials - 0.20%								8.52%, 04/26/2018(j)			9,400		9,397
American Bath Group LLC, Term Loan								13.02%, PIK 13.02%, 04/26/2018(j),(k)			5,228		5,281
6.40%, 09/30/2023(j)			3,411			3,446						$	14,678
DiversiTech Holdings Inc, Term Loan								Engineering & Construction - 0.04%
0.00%, 06/01/2024(j),(o)			850			852		Bolt Infrastructure Merger Sub Inc, Term
Quikrete Holdings Inc, Term Loan B								loan
0.00%, 11/03/2023(j),(o)			489			487		0.00%, 05/24/2024(j),(o)			769		771
VC GB Holdings Inc, Term Loan								Engility Corp, Term Loan B2
9.09%, 02/21/2025(j)			1,064			1,048		4.82%, 08/14/2023(j)			233		235
				$		5,833						$	1,006
Chemicals - 0.10%								Entertainment - 0.00%
Ashland LLC, Term Loan B								AMC Entertainment Holdings Inc, Term Loan
0.00%, 05/24/2024(j),(o)			85			85		B
Axalta Coating Systems US Holdings Inc,								0.00%, 10/31/2023(j),(o)			65		65
Term Loan
0.00%, 06/21/2024(j),(o)			176			177		Environmental Control - 0.01%
IPS Intermediate Holdings Corp, Term Loan								GFL Environmental Inc, Term Loan B
6.25%, 12/14/2023(j)			1,995			1,985		3.90%, 09/27/2023(j)			159		160
New Arclin US Holding Corp, Term Loan
10.17%, 02/07/2025(j)			703			709		Food- 0.05	%
				$		2,956		Albertsons LLC, Term Loan B4
Commercial Services - 0.12%								4.04%, 08/25/2021(j)			743		747
Allied Universal Holdco LLC, Term Loan								Del Monte Foods Inc, Term Loan B
4.79%, 07/27/2022(j)			953			957		4.43%, 01/26/2021(j)			468		396
Camelot Finance LP, Term Loan								Post Holdings Inc, Term Loan
4.54%, 10/03/2023(j)			304			306		3.28%, 05/17/2024(j)			335		337
Electro Rent Corp, Term Loan												$	1,480
6.04%, 01/23/2024(j)			2,059			2,067		Forest Products & Paper - 0.10%
Gartner Inc, Term Loan B								Verso Paper Holdings LLC, Term Loan
3.04%, 03/15/2024(j)			95			96		EXIT
				$		3,426		12.03%, 09/24/2021(f),(j)			2,961		2,932
Computers - 0.21%
Conduent Business Services LLC, Term Loan								Healthcare - Services - 0.41%
B								21st Century Oncology Inc, Term Loan B
4.99%, 12/07/2023(j)			1,042			1,058		7.27%, 04/30/2022(j)			3,378		3,113
Harland Clarke Holdings Corp, Term Loan								BCPE Eagle Buyer LLC, Term Loan
B6								9.10%, 03/08/2025(j)			574		574
6.63%, 02/09/2022(j)			4,564			4,560		Envision Healthcare Corp, Term Loan C
								4.15%, 11/17/2023(j)			190		191

See accompanying notes

68

Schedule of Investments
Global Multi-Strategy Fund
May 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)					Media- 0.16	%
Highland Acquisition Holdings LLC, Term					Altice US Finance I Corp, Term Loan B
Loan					3.28%, 07/28/2025(j)		$	57	$	57
6.54%, 11/23/2022(j)	$	3,122	$	3,083	CBS Radio Inc, Term Loan B
Keystone Peer Review Organization Holdings					4.51%, 10/06/2023(j)			217		219
Inc, Term Loan					Coral-US Co-Borrower LLC, Term Loan
6.28%, 05/10/2024(j)		127		126	0.00%, 01/31/2025(j),(o)			1,400		1,405
Quorum Health Corp, Term Loan					CSC Holdings LLC, Term Loan B
7.79%, 04/29/2022(j)		2,972		2,970	3.25%, 07/15/2025(j)			45		45
Tennessee Merger Sub Inc, Term Loan					Global Eagle Entertainment Inc, Term Loan
3.76%, 01/12/2024(j)		630		627	B
WP CityMD Bidco LLC, Term Loan					7.32%, 12/22/2022(j)			2,095		1,931
0.00%, 05/24/2024(j),(o)		850		851	Virgin Media Bristol LLC, Term Loan I
		$		11,535	3.74%, 01/31/2025(j)			530		532
Home Furnishings - 0.05%					Ziggo Secured Finance Partnership, Term
Brown Jordan International Inc, Term Loan					Loan E
6.79%, 01/31/2023(j)		1,469		1,473	3.49%, 04/15/2025(j)			425		425
								$		4,614
Insurance - 0.55%					Metal Fabrication & Hardware - 0.07%
Asurion LLC, Term Loan					Eco-Bat Technologies Ltd, PIK Term Loan
8.50%, 02/19/2021(j)		5,149		5,198	11.00%, PIK 11.00%, 06/30/2017(j),(k)		EUR	5,917		2,011
Confie Seguros Holding II Co, Term Loan
9.75%, 05/08/2019(j)		1,800		1,767	Miscellaneous Manufacturers - 0.03%
Confie Seguros Holding II Co, Term Loan B					Gates Global LLC, Term Loan B
6.54%, 04/13/2022(j)		2,928		2,891	4.41%, 03/29/2024(j)		$	456		458
Cunningham Lindsey US Inc, Term Loan B					LTI Flexible Products Inc, Term Loan
5.03%, 10/18/2019(j)		4,390		3,925	0.00%, 05/17/2023(j),(o)			550		544
Lonestar Intermediate Super Holdings LLC,								$		1,002
PIK Term Loan					Office & Business Equipment - 0.21%
10.00%, PIK 10.75%, 08/10/2021(j),(k)		615		635	Eastman Kodak Co, Term Loan EXIT
10.00%, PIK 10.75%, 08/10/2021(j),(k)		407		420	7.25%, 09/03/2019(j)			5,968		5,938
USI Inc/NY, Term Loan B
0.00%, 04/05/2024(j),(o)		760		758	Oil & Gas - 0.09%
		$		15,594	California Resources Corp, Term Loan
Internet - 0.06%					11.37%, 12/31/2021(j)			695		769
Ancestry.com Operations Inc, Term Loan B					Chesapeake Energy Corp, Term Loan 1.5
0.00%, 10/19/2023(j),(o)		1,000		1,008	8.69%, 08/17/2021(j)			546		588
Uber Technologies Inc, Term Loan B					Gulf Finance LLC, Term Loan B
5.01%, 07/07/2023(j)		597		591	6.30%, 08/17/2023(j)			908		869
Zayo Group LLC, Term Loan B2					MEG Energy Corp, Term Loan B
3.51%, 01/12/2024(j)		98		98	4.63%, 12/31/2023(j)			75		75
		$		1,697	Pacific Drilling SA, Term Loan B
Investment Companies - 0.19%					4.62%, 05/18/2018(j)			370		181
LSF9 Atlantis Holdings LLC, Term Loan B								$		2,482
7.00%, 04/21/2023(j)		517		522	Packaging & Containers - 0.11%
TKC Holdings Inc, Term Loan					BWAY Corp, Term Loan B
4.75%, 02/01/2023(j)		1,000		1,004	4.25%, 04/03/2024(j)			715		714
8.50%, 01/31/2024(j)		3,000		3,015	Charter NEX Films Inc, Term Loan
UFC Holdings LLC, Term Loan B					0.00%, 05/10/2024(j),(o)			1,280		1,282
0.00%, 08/18/2023(j),(o)		1,000		1,005	Proampac PG Borrower LLC, Term Loan
		$		5,546	9.56%, 11/28/2024(j)			1,000		1,015
Leisure Products & Services - 0.11%								$		3,011
AMF Bowling Centers Inc, Term Loan					Pharmaceuticals - 0.23%
11.04%, 02/16/2024(j)		1,500		1,530	Change Healthcare Holdings LLC, Term Loan
AMF Bowling Centers Inc, Term Loan B					B
6.04%, 08/17/2023(j)		1,493		1,507	3.14%, 02/03/2024(j)			476		478
		$		3,037	inVentiv Group Holdings Inc, Term Loan B
Leisure Time - 0.01%					4.80%, 09/29/2023(j)			1,137		1,143
Travel Leaders Group LLC, Term Loan					Valeant Pharmaceuticals International Inc,
6.29%, 01/19/2024(j)		244		246	Term Loan BF1
					5.75%, 03/11/2022(j)			4,935		5,022
Lodging - 0.06%								$		6,643
Boyd Gaming Corp, Term Loan B					Pipelines - 0.13%
3.45%, 09/15/2023(j)		152		152	Southcross Energy Partners LP, Term Loan B
Diamond Resorts International Inc, Term Loan					0.00%, 07/29/2021(j),(o)			4,000		3,567
B					5.40%, 07/29/2021(j)			288		257
7.04%, 08/17/2023(j)		1,493		1,511
		$		1,663	Real Estate - 0.08%
Machinery - Diversified - 0.03%					ASP MCS Acquisition Corp, Term Loan
Gardner Denver Inc, Term Loan					0.00%, 05/11/2024(j),(o)			299		302
4.57%, 07/30/2020(j)		849		851	Lightstone Holdco LLC, Term Loan
					5.54%, 01/30/2024(j)			1,879		1,837

See accompanying notes

69

Schedule of Investments Global Multi-Strategy Fund May 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)
Real Estate (continued)					Telecommunications (continued)
Lightstone Holdco LLC, Term					Global Tel*Link Corp, Term
Loan (continued)					Loan (continued)
5.55%, 01/30/2024(j)	$	116	$	113	9.00%, 11/23/2020(j)		$	2,500	$	2,486
		$		2,252	GTT Communications Inc, Term Loan
Retail - 0.13%					5.00%, 12/13/2023(j)			130		131
1011778 BC ULC, Term Loan B					5.06%, 12/13/2023(j)			1,000		1,011
3.72%, 02/16/2024(j)		80		80	Securus Technologies Holdings Inc, Term
Bass Pro Group LLC, Term Loan B					Loan
6.15%, 11/15/2023(j)		725		703	9.00%, 04/30/2021(j)			932		930
Harbor Freight Tools USA Inc, Term Loan					Sprint Communications Inc, Term Loan B
4.24%, 08/16/2023(j)		278		278	3.56%, 01/31/2024(j)			675		677
Innovative XCessories & Services LLC, Term					Telenet Financing USD LLC, Term Loan
Loan					0.00%, 06/30/2025(j),(o)			42		42
5.75%, 11/23/2022(j)		1,000		1,007					$	11,888
Men's Wearhouse Inc/The, Term Loan B					Transportation - 0.04%
4.58%, 04/15/2021(j)		242		230	Navios Maritime Partners LP, Term Loan
Serta Simmons Bedding LLC, Term Loan					6.13%, 09/04/2020(j)			1,286		1,275
4.59%, 10/20/2023(j)		611		613
Steinway Musical Instruments Inc, Term Loan					Trucking & Leasing - 0.02%
B					Avolon TLB Borrower 1 US LLC, Term Loan
4.92%, 09/19/2019(j)		702		673	B2
Talbots Inc/The, Term Loan B					3.76%, 01/20/2022(j)			430		435
5.50%, 03/13/2020(j)		256		238
		$		3,822	TOTAL SENIOR FLOATING RATE INTERESTS				$	163,809
Semiconductors - 0.01%					U.S. GOVERNMENT & GOVERNMENT		Principal
Cavium Inc, Term Loan B1					AGENCY OBLIGATIONS - 8.50%	Amount (000's)			Value (000's)
3.28%, 08/16/2022(j)		153		153	U.S. Treasury - 4.42%
					0.75%, 04/30/2018(p)		$	1,000	$	996
Software - 0.40%					1.38%, 12/15/2019(n)			13,317		13,324
Almonde Inc, Term Loan					1.50%, 02/28/2019(n)			12,180		12,228
0.00%, 04/26/2024(j),(o)		440		441	1.50%, 04/15/2020(n)			22,220		22,269
0.00%, 04/28/2025(j),(o)		493		503	1.50%, 05/15/2020(n)			44,410		44,498
0.00%, 04/28/2025(j),(o)		1,000		1,019	1.63%, 03/15/2020(n)			10,269		10,332
Donnelley Financial Solutions Inc, Term Loan					1.75%, 05/31/2022(n)			5,765		5,765
B					2.38%, 05/15/2027(n)			14,584		14,814
5.00%, 09/26/2023(j)		176		178	2.88%, 11/15/2046			894		896
DTI Holdco Inc, Term Loan B					3.00%, 05/15/2047(n)			576		592
6.42%, 09/23/2023(j)		2,072		2,032					$	125,714
Evergreen Skills Lux Sarl, Term Loan					U.S. Treasury Bill - 1.92%
0.00%, 04/28/2022(j),(o)		2,000		1,662	0.59%, 07/13/2017(p),(q)			850		849
3.85%, 04/08/2021(j)		57		57	0.78%, 06/22/2017(a),(q)			13,000		12,994
EVO Payments International LLC, Term					1.02%, 03/29/2018(q)			28,000		27,744
Loan					1.08%, 04/26/2018(q)			13,300		13,165
6.05%, 12/08/2023(j)		2,000		2,020					$	54,752
Hyland Software Inc, Term Loan					U.S. Treasury Inflation-Indexed Obligations - 2.16%
0.00%, 07/01/2022(j),(o)		341		344	0.13%, 04/15/2018(n)			61,343		61,391
0.00%, 05/31/2025(j),(o)		341		346
LANDesk Software Group Inc, Term Loan
5.30%, 01/19/2024(j)		1,069		1,070	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
					OBLIGATIONS				$	241,857
Rackspace Hosting Inc, Term Loan B
4.67%, 10/26/2023(j)		204		206			Maturity
					REPURCHASE AGREEMENTS - 4.29%	Amount (000's)			Value (000's)
Seattle SpinCo Inc, Term Loan					Banks- 4.29	%
0.00%, 04/19/2024(j),(o)		23		23
0.00%, 04/19/2024(j),(o)		157		157	Barclays Bank PLC Repurchase Agreement;		$	2,210	$	2,212
					(0.85)% dated 04/27/2017 (collateralized
Veritas  US Inc, Term Loan B1
6.77%, 01/27/2023  (j)		1,438		1,439	by Mozambique International Bond;
					$2,242,500; 10.5%; dated 01/18/23)(r)
		$		11,497	Merrill Lynch Repurchase Agreement on			1,203		1,203
Telecommunications - 0.42%					securities sold short; 0.10% dated
CenturyLink Inc, Term Loan					03/30/2017 (collateralized by Republic of
0.00%, 01/15/2025(j),(o)		1,654		1,651
0.00%, 01/15/2025(j),(o)		715		714	South Africa Government International
					Bond; $1,193,179; 4.88%; dated
Colorado Buyer Inc, Term Loan					04/14/26)(r)
4.17%, 03/15/2024(j)		1,000		1,005
					Merrill Lynch Repurchase Agreement on			574		574
Consolidated Communications Inc, Term					securities sold short; 0.10% dated
Loan					04/11/2017 (collateralized by Republic of
0.00%, 10/05/2023(j),(o)		240		241
					South Africa Government International
CPI International Inc, Term Loan					Bond; $583,241; 4.88%; dated 04/14/26) (r)
8.25%, 04/07/2022(j)		576		576
					Merrill Lynch Repurchase Agreement on			509		509
Digicel International Finance Ltd, Term Loan					securities sold short; 0.10% dated
0.00%, 05/10/2024(j),(o)		1,150		1,159
					05/23/2017 (collateralized by Republic of
Global Tel*Link Corp, Term Loan					South Africa Government International
5.00%, 05/23/2020(j)		1,265		1,265	Bond; $510,336; 4.88%; dated 04/14/26) (r)

See accompanying notes

70

Schedule of Investments Global Multi-Strategy Fund May 31, 2017 (unaudited)

REPURCHASE AGREEMENTS			Maturity			TOTAL PURCHASED INTEREST RATE SWAPTIONS -
(continued)			Amount (000's)    Value (000's)			0.00	%		$	1
Banks (continued)						Total Investments			$	3,034,017
Merrill Lynch Repurchase Agreement on		$	1,201	$	1,200	Other Assets and Liabilities - (6.61)%			$	(188,073	)
securities sold short; 0.20% dated						TOTAL NET ASSETS - 100.00%			$	2,845,944
01/23/2017 (collateralized by Turkey
Government International Bond;						(a)		Security or a portion of the security was pledged as collateral for short
$1,271,727; 7.38%; dated 02/05/25) (r)								sales. At the end of the period, the value of these securities totaled
Merrill Lynch Repurchase Agreement on			1,201		1,200			$134,643 or 4.73% of net assets.
securities sold short; 0.20% dated						(b)		Non-Income Producing Security
01/23/2017 (collateralized by Turkey						(c)		Security or a portion of the security was pledged to cover margin
Government International Bond;								requirements for options contracts. At the end of the period, the value of
$1,271,727; 7.38%; dated 02/05/25) (r)								these securities totaled $7,076 or 0.25% of net assets.
Merrill Lynch Repurchase Agreement on			1,207		1,206	(d)		Security exempt from registration under Rule 144A of the Securities Act of
securities sold short; 0.20% dated								1933. These securities may be resold in transactions exempt from
01/25/2017 (collateralized by Turkey								registration, normally to qualified institutional buyers. At the end of the
Government International Bond;								period, the value of these securities totaled $349,224 or 12.27% of net
$1,271,727; 7.38%; dated 02/05/25) (r)								assets.
Merrill Lynch Repurchase Agreement on			1,473		1,472	(e)		Fair value of these investments is determined in good faith by the Manager
securities sold short; 0.25% dated								under procedures established and periodically reviewed by the Board of
12/15/2016 (collateralized by Turkey								Directors. Certain inputs used in the valuation may be unobservable;
Government International Bond;								however, each security is evaluated individually for purposes of ASC 820
$1,566,120; 7.38%; dated 02/05/25) (r)								which results in not all securities being identified as Level 3 of the fair
Merrill Lynch Repurchase Agreement on			1,197		1,195			value hierarchy. At the end of the period, the fair value of these securities
securities sold short; 0.40% dated								totaled $34,715 or 1.22% of net assets.
01/09/2017 (collateralized by Turkey						(f)		Security is Illiquid. At the end of the period, the value of these securities
Government International Bond;								totaled $33,185 or 1.17% of net assets.
$1,270,535; 7.38%; dated 02/05/25)(r)						(g)		Restricted Security. Please see Restricted Security Sub-Schedule for more
Merrill Lynch Repurchase Agreement on			26,900		26,899			information.
securities sold short; 0.64% dated						(h)		Security or a portion of the security was pledged to cover margin
05/31/2017 maturing 06/01/2017								requirements for swap and/or swaption contracts. At the end of the period,
(collateralized by United States Treasury								the value of these securities totaled $17,697 or 0.62% of net assets.
Inflation Indexed Bonds; $26,916,773;						(i)		Perpetual security. Perpetual securities pay an indefinite stream of
0.13%; dated 04/15/22)								interest, but they may be called by the issuer at an earlier date.
Merrill Lynch Repurchase Agreement on			11,724		11,724	(j)		Variable Rate. Rate shown is in effect at May 31, 2017.
securities sold short; 0.84% dated						(k)		Payment in kind; the issuer has the option of paying additional securities
05/31/2017 maturing 06/01/2017								in lieu of cash.
(collateralized by United States Treasury						(l)		Security purchased on a when-issued basis.
Note/Bond; $11,729,349; 1.63%; dated						(m)		Security is an Interest Only Strip
03/31/19	)					(n)		Security or portion of the security was pledged as collateral for reverse
Merrill Lynch Repurchase Agreement on			12,087		12,087			repurchase agreements. At the end of the period, the value of these
securities sold short; 0.88% dated								securities totaled $182,840 or 6.42% of net assets.
05/31/2017 maturing 06/01/2017						(o)		This Senior Floating Rate Note will settle after May 31, 2017, at which
(collateralized by United States Treasury								time the interest rate will be determined.
Inflation Indexed Bonds; $12,094,114;						(p)		Security or a portion of the security was pledged to cover margin
1.25%; dated 07/15/20)								requirements for futures contracts. At the end of the period, the value of
Merrill Lynch Repurchase Agreement on			19,704		19,704			these securities totaled $1,596 or 0.06% of net assets.
securities sold short; 0.91% dated						(q)		Rate shown is the discount rate of the original purchase.
05/31/2017 maturing 06/01/2017						(r)		Although the maturity date of the repurchase agreement is open-ended
(collateralized by United States Treasury								through the maturity date of the collateral, the Fund has a right to
Inflation Indexed Bonds; $19,723,611;								terminate the repurchase agreement and demand repayment from the
0.63%; dated 07/15/21)								counterparty at any time with two days' notice or less. During periods of
Merrill Lynch Repurchase Agreement on			2,731		2,730			high demand for the collateral security, the fund may also pay the
securities sold short; 0.92% dated								counterparty a fee.
05/31/2017 maturing 06/01/2017
(collateralized by United States Treasury								Portfolio Summary (unaudited)
Note/Bond; $2,732,001; 2.00%; dated						Sector				Percent
12/31/21	)					Government				17.21	%
Merrill Lynch Repurchase Agreement on			2,075		2,075	Investment Companies				17.17	%
securities sold short; 0.93% dated						Financial				16.63	%
05/31/2017 maturing 06/01/2017						Consumer, Non-cyclical				11.82	%
(collateralized by United States Treasury						Communications				7.32	%
Note/Bond; $2,074,568; 1.88%; dated						Consumer, Cyclical				6.85	%
01/31/22	)					Energy				6.77	%
Merrill Lynch Repurchase Agreement on			36,130		36,129	Industrial				5.89	%
securities sold short; 0.93% dated						Technology				5.70	%
05/31/2017 maturing 06/01/2017						Basic Materials				3.41	%
(collateralized by United States Treasury						Mortgage Securities				2.87	%
Note/Bond; $36,144,903; 2.00%; dated						Asset Backed Securities				2.67	%
05/31/24	)					Utilities				1.92	%
			$		122,119	Purchased Options				0.24	%
TOTAL REPURCHASE AGREEMENTS			$		122,119	Diversified				0.14	%
TOTAL PURCHASED OPTIONS - 0.24%			$		6,895	Purchased Interest Rate Swaptions				0.00	%
						Investments Sold Short				(16.69	)%
						Other Assets and Liabilities				10.08	%
						TOTAL NET ASSETS				100.00	%

See accompanying notes

71

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Restricted Securities
Security Name				Trade Date				Cost		Value			Percent of Net Assets
AerGen Aviation Finance Ltd				03/01/2017			$	1,215		$		1,239					0.04	%
Airbnb, Inc				06/24/2015				157				177					0.01	%
Birst Inc				03/03/2015				123				39					0.00	%
BXHTL Mezzanine Trust				06/19/2015				1,100				1,070					0.04	%
Centennial Resource Development Inc/DE				12/19/2016				—				—					0.00	%
Cloudera Inc				02/05/2014				55				78					0.00	%
DraftKings Inc				12/04/2014				52				64					0.00	%
Dropbox Inc				01/28/2014				51				33					0.00	%
Element Comm Aviation				06/15/2015				2,800				2,773					0.10	%
Forescout Tech Inc				11/24/2015				109				104					0.00	%
Forward Venture Services LLC				11/20/2014				170				276					0.01	%
GCA2014 Holdings Ltd - Class C				12/18/2014				606				387					0.01	%
GCA2014 Holdings Ltd - Class D				12/18/2014				240				69					0.00	%
GCA2014 Holdings Ltd - Class E				12/18/2014				950				1					0.00	%
General Assembly Space, Inc				07/31/2015				107				107					0.00	%
Global Container Assets Ltd				01/23/2015				357				345					0.01	%
Jand Inc				04/23/2015				43				34					0.00	%
Jand Inc				04/23/2015				19				12					0.00	%
Klarna Holding AB				08/07/2015				89				89					0.00	%
Lithium Technologies Inc				04/16/2015				290				266					0.01	%
Marklogic Corp				04/27/2015				172				159					0.01	%
Motel 6 Trust 2015-M6MZ				02/23/2015				2,779				2,817					0.10	%
OGX Austria GmbH				03/27/2012-04/12/2013				997				—					0.00	%
OGX Austria GmbH				10/27/2011-03/27/2013				578				—					0.00	%
Pinterest Inc				03/16/2015				627				572					0.02	%
Redfin Corp				12/15/2014				97				137					0.00	%
Sabine Oil & Gas Corp				05/06/2014				301				—					0.00	%
Safeway, Inc. - CVR - Property Development Centers				04/13/2015				1				—					0.00	%
Uber Technologies Inc				06/05/2014				236				741					0.03	%
Veracode Inc				08/26/2014				—				—					0.00	%
WeWork Cos Inc				12/08/2014				16				51					0.00	%
WeWork Cos Inc Series D-1				12/08/2014				81				252					0.01	%
WeWork Cos Inc Series D-2				12/08/2014				64				198					0.01	%
Working Capital Solutions Funding LCC				12/29/2016				2,400				2,400					0.08	%
Zuora Inc				01/15/2015				156				195					0.01	%
Total																	0.50	%
Amounts in thousands
Credit Default Swaps
Buy Protection
		Implied
		Credit Spread		(Pay)/						Upfront		Unrealized
		as of May 31,		Receive		Expiration	Notional			Premiums		Appreciation/				Fair Value
Counterparty (Issuer)	Reference Entity	2017	(a)	Fixed Rate		Date		Amount		Paid/(Received)			(Depreciation)			Asset       Liability
Barclays Bank PLC	Enel SpA	0.81	%	(1.00	)%	06/20/2022	EUR	1,150	$	8		$	(20	)	$	— $	(12	)
Bank of America NA	Turkey Government	1.97	%	(1.00	)%	06/20/2022	$	2,525		162			(47	)		115	—
	International Bond
Deutsche Bank AG	CDX.EM.27	N/A		(1.00	)%	06/20/2022		1,425		77			(15	)		62	—
Goldman Sachs & Co	Assured Guaranty	1.52	%	(5.00	)%	12/20/2021		6,000		(826	)		(68	)		—	(894	)
	Municipal Corp
Goldman Sachs & Co	Frontier	5.61	%	(5.00	)%	06/20/2020		1,000		20			(3	)		17	—
	Communications
	Corp
Goldman Sachs & Co	Gap Inc/The	2.21	%	(1.00	)%	12/20/2021		6,000		588			(280	)		308	—
Goldman Sachs & Co	Goodyear Tire &	1.20	%	(5.00	)%	12/20/2021		3,000		(440	)		(53	)		—	(493	)
	Rubber Co/The
Goldman Sachs & Co	Hertz Corp/The	7.27	%	(5.00	)%	06/20/2020		2,000		149			(27	)		122	—
Goldman Sachs & Co	Hertz Corp/The	4.48	%	(5.00	)%	06/20/2019		1,000		5			(15	)		—	(10	)
Goldman Sachs & Co	International Lease	0.96	%	(5.00	)%	12/20/2021		6,000		(962	)		(91	)		—	(1,053	)
	Finance Corp
Goldman Sachs & Co	JC Penny Corp Inc	7.39	%	(5.00	)%	12/20/2021		2,000		48			131			179	—
Goldman Sachs & Co	Kohl's Corp	1.92	%	(1.00	)%	12/20/2021		3,000		171			(53	)		118	—
Goldman Sachs & Co	Nordstrom Inc	1.44	%	(1.00	)%	12/20/2021		3,000		73			(16	)		57	—
Goldman Sachs & Co	Staples Inc	2.11	%	(1.00	)%	12/20/2021		4,000		239			(49	)		190	—
HSBC Securities Inc	Korea International	0.56	%	(1.00	)%	06/20/2022		23,750		(603	)		103			—	(500	)
	Bond
JP Morgan Chase	Enel SpA	0.81	%	(1.00	)%	06/20/2022	EUR	1,150	$	7		$	(19	)	$	— $	(12	)
JP Morgan Chase	Intesa Sanpaolo SpA	1.28	%	(1.00	)%	06/20/2022		2,300		65			(30	)		35	—
Morgan Stanley & Co	CDX. ITX.27	N/A		(1.00	)%	06/20/2022	$	3,370		(3	)		(12	)		—	(15	)
Morgan Stanley & Co	China Government	0.78	%	(1.00	)%	06/20/2022		1,200		(7	)		(6	)		—	(13	)
	International Bond

See accompanying notes

72

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Credit Default Swaps (continued)
Buy Protection (continued)
		Implied
		Credit Spread		(Pay)/						Upfront			Unrealized
		as of May 31,		Receive		Expiration	Notional			Premiums			Appreciation/			Fair Value
Counterparty (Issuer)	Reference Entity	2017	(a)	Fixed Rate		Date		Amount		Paid/(Received)			(Depreciation)			Asset	Liability
Morgan Stanley & Co	Korea International	0.56	%	(1.00	)%	06/20/2022	$	3,625	$	(83	)	$	7		$	—	$	(76	)
	Bond
Total								$		(1,312	)	$	(563	)	$	1,203	$	(3,078	)
Amounts in thousands
Exchange Cleared Credit Default Swaps
Buy Protection
		Implied
		Credit Spread		(Pay)/						Upfront			Unrealized
		as of May 31,		Receive		Expiration	Notional			Premiums			Appreciation/
	Reference Entity	2017	(a)	Fixed Rate		Date	Amount			Paid/(Received)			(Depreciation)			Fair Value
	CDX.NA.HY.28	N/A		(5.00	)%	06/20/2022	$	635	$	(39	)	$	(9	)	$			(48	)
	ITX.EX.5.26	N/A		(5.00	)%	12/20/2021	EUR	8,000		(630	)		(410	)				(1,040	)
Total								$		(669	)	$	(419	)	$			(1,088	)
Sell Protection
		Implied
		Credit Spread		(Pay)/						Upfront			Unrealized
		as of May 31,		Receive		Expiration	Notional			Premiums			Appreciation/
	Reference Entity	2017	(a)	Fixed Rate		Date	Amount (b)		Paid/(Received)				(Depreciation)			Fair Value (c)
	CDX.NA.HY.28	N/A		5.00	%	06/20/2022	$	5,750	$	407		$	25		$			432
	ITX.27.15	N/A		5.00	%	06/20/2022	EUR	8,703		928			186					1,114
Total								$		1,335		$	211		$			1,546

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 $5,750 and 8,703 EUR..

(c) The market price and resulting market value for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit default swap as of the period end. Increasing market values, in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Foreign Currency Contracts
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For		Fair Value		Asset		Liability
Bank of America NA	06/23/2017	AUD	69,620,000	$	52,459	$	51,705	$	—	$	(754	)
Bank of America NA	06/23/2017	CAD	61,769,000		46,206		45,750		14		(470	)
Bank of America NA	06/23/2017	CHF	134,155,000		136,452		138,739		2,287		—
Bank of America NA	06/23/2017	EUR	153,863,000		168,167		173,028		4,861		—
Bank of America NA	06/23/2017	GBP	118,553,000		152,765		152,835		522		(452	)
Bank of America NA	06/23/2017	JPY	28,078,610,000		253,350		253,819		929		(460	)
Bank of America NA	06/23/2017	MXN	498,705,000		25,669		26,654		998		(13	)
Bank of America NA	06/23/2017	NZD	64,183,000		44,860		45,444		641		(57	)
Bank of New York Mellon	06/21/2017	GBP	1,100,000		1,369		1,418		49		—
Bank of New York Mellon	11/03/2017	EUR	990,375		1,061		1,122		61		—
Bank of New York Mellon	12/05/2017	EUR	5,171,325		5,587		5,868		281		—
Barclays Bank PLC	06/01/2017	EUR	1,234,327		1,381		1,386		5		—
Barclays Bank PLC	06/02/2017	AUD	1,156,000		862		859		—		(3	)
Barclays Bank PLC	06/02/2017	BRL	1,297,891		403		401		—		(2	)
Barclays Bank PLC	06/02/2017	EUR	3,045,000		3,418		3,421		3		—
Barclays Bank PLC	06/02/2017	GBP	1,997,520		2,568		2,574		6		—
Barclays Bank PLC	06/02/2017	JPY	271,445,197		2,436		2,451		15		—
Barclays Bank PLC	06/02/2017	MXN	122,332,837		6,281		6,561		280		—
Barclays Bank PLC	06/02/2017	SEK	11,893,435		1,352		1,368		16		—
Barclays Bank PLC	06/08/2017	KRW	1,814,032,192		1,619		1,621		2		—
Barclays Bank PLC	06/09/2017	CNY	476,031		69		70		1		—
Barclays Bank PLC	06/09/2017	EUR	1,153,000		1,288		1,296		8		—
Barclays Bank PLC	06/09/2017	SEK	32,683,618		3,718		3,762		44		—

See accompanying notes

73

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Foreign Currency Contracts (continued)
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For		Fair Value		Asset		Liability
Barclays Bank PLC	06/16/2017	JPY	270,047,652	$	2,436	$	2,440	$	4	$	—
Barclays Bank PLC	06/19/2017	AUD	844,000		628		627		—		(1	)
Barclays Bank PLC	06/19/2017	CAD	1,983,367		1,471		1,469		—		(2	)
Barclays Bank PLC	06/19/2017	JPY	141,675,365		1,279		1,280		2		(1	)
Barclays Bank PLC	06/19/2017	KRW	1,303,390,000		1,156		1,165		9		—
Barclays Bank PLC	06/19/2017	NOK	27,061,532		3,204		3,204		—		—
Barclays Bank PLC	06/19/2017	NZD	2,057,000		1,436		1,456		21		(1	)
Barclays Bank PLC	06/19/2017	SEK	24,476,815		2,817		2,820		3		—
Barclays Bank PLC	07/03/2017	SEK	11,891,743		1,371		1,371		—		—
Barclays Bank PLC	07/24/2017	CNY	3,046,289		440		446		6		—
Barclays Bank PLC	07/24/2017	GBP	352,254		452		455		3		—
Barclays Bank PLC	07/24/2017	TRY	8,397,629		2,231		2,345		114		—
Barclays Bank PLC	08/02/2017	BRL	1,315,846		398		401		3		—
Barclays Bank PLC	08/10/2017	KRW	1,802,089,050		1,578		1,612		34		—
Barclays Bank PLC	08/23/2017	EUR	3,088,141		3,468		3,484		16		—
Barclays Bank PLC	08/23/2017	PHP	173,382,779		3,459		3,467		8		—
Barclays Bank PLC	09/05/2017	CNY	9,088,379		1,305		1,327		22		—
Barclays Bank PLC	09/05/2017	JPY	142,197,527		1,285		1,289		5		(1	)
Barclays Bank PLC	09/05/2017	PHP	30,028,093		600		600		—		—
Barclays Bank PLC	09/05/2017	ZAR	8,314,726		600		624		24		—
Barclays Bank PLC	09/25/2017	EUR	952,625		1,086		1,077		—		(9	)
Barclays Bank PLC	09/25/2017	GBP	775,615		1,022		1,003		—		(19	)
Barclays Bank PLC	09/29/2017	KRW	1,203,840,000		1,056		1,078		22		—
Barclays Bank PLC	11/03/2017	EUR	1,454,910		1,654		1,648		—		(6	)
Barclays Bank PLC	12/04/2017	EUR	1,433,687		1,627		1,627		—		—
Barclays Bank PLC	12/04/2017	PHP	81,720,159		1,625		1,625		—		—
Citigroup Inc	06/07/2017	ARS	68,000,000		4,250		4,212		—		(38	)
Citigroup Inc	06/21/2017	AUD	32,220,000		24,589		23,930		—		(659	)
Citigroup Inc	06/21/2017	BRL	6,226,000		1,970		1,917		—		(53	)
Citigroup Inc	06/21/2017	CAD	30,637,392		23,038		22,691		2		(349	)
Citigroup Inc	06/21/2017	CHF	5,385,323		5,487		5,568		81		—
Citigroup Inc	06/21/2017	CLP	1,888,846,617		2,846		2,802		1		(45	)
Citigroup Inc	06/21/2017	CNY	8,361,582		1,211		1,226		15		—
Citigroup Inc	06/21/2017	COP	1,267,355,000		430		433		4		(1	)
Citigroup Inc	06/21/2017	CZK	55,000,000		2,284		2,349		65		—
Citigroup Inc	06/21/2017	EUR	52,723,132		57,389		59,284		1,895		—
Citigroup Inc	06/21/2017	GBP	20,508,998		25,989		26,438		481		(32	)
Citigroup Inc	06/21/2017	HKD	12,911,000		1,665		1,658		—		(7	)
Citigroup Inc	06/21/2017	HUF	929,399,002		3,356		3,391		37		(2	)
Citigroup Inc	06/21/2017	IDR	6,057,426,000		447		454		7		—
Citigroup Inc	06/21/2017	ILS	7,528,453		2,085		2,130		45		—
Citigroup Inc	06/21/2017	INR	337,177,000		5,149		5,219		71		(1	)
Citigroup Inc	06/21/2017	JPY	3,863,837,003		34,820		34,924		203		(99	)
Citigroup Inc	06/21/2017	KRW	8,264,933,958		7,353		7,386		44		(11	)
Citigroup Inc	06/21/2017	MXN	203,454,000		10,235		10,877		642		—
Citigroup Inc	06/21/2017	NOK	75,661,898		8,993		8,959		2		(36	)
Citigroup Inc	06/21/2017	NZD	21,173,997		15,040		14,993		62		(109	)
Citigroup Inc	06/21/2017	PHP	30,458,000		608		612		4		—
Citigroup Inc	06/21/2017	PLN	17,017,001		4,186		4,575		389		—
Citigroup Inc	06/21/2017	SEK	62,604,155		7,193		7,213		21		(1	)
Citigroup Inc	06/21/2017	SGD	4,926,730		3,548		3,562		14		—
Citigroup Inc	06/21/2017	TRY	23,143,000		6,231		6,523		292		—
Citigroup Inc	06/21/2017	TWD	69,952,000		2,308		2,325		19		(2	)
Citigroup Inc	06/21/2017	ZAR	91,413,998		6,882		6,949		67		—
Citigroup Inc	09/20/2017	AUD	6,201,441		4,626		4,600		—		(26	)
Citigroup Inc	09/20/2017	CAD	1,718,000		1,276		1,275		—		(1	)
Citigroup Inc	09/20/2017	CLP	4,000		—		—		—		—
Citigroup Inc	09/20/2017	CNY	70,000		10		10		—		—
Citigroup Inc	09/20/2017	COP	535,775,743		181		181		—		—
Citigroup Inc	09/20/2017	CZK	47,427,996		2,024		2,038		14		—
Citigroup Inc	09/20/2017	EUR	9,505,907		10,716		10,741		27		(2	)
Citigroup Inc	09/20/2017	HKD	2,944,877		379		379		—		—
Citigroup Inc	09/20/2017	HUF	264,885,000		967		970		3		—
Citigroup Inc	09/20/2017	IDR	4,787,961,516		356		356		—		—
Citigroup Inc	09/20/2017	INR	93,947,232		1,436		1,441		5		—
Citigroup Inc	09/20/2017	JPY	474,007,462		4,283		4,304		21		—
Citigroup Inc	09/20/2017	KRW	152,228,000		136		136		—		—
Citigroup Inc	09/20/2017	MXN	86,297,731		4,568		4,545		5		(28	)
Citigroup Inc	09/20/2017	NOK	8,675,000		1,031		1,029		—		(2	)
Citigroup Inc	09/20/2017	NZD	11,716,997		8,206		8,279		75		(2	)
Citigroup Inc	09/20/2017	PHP	10,473,000		209		209		—		—
Citigroup Inc	09/20/2017	PLN	6,142,599		1,642		1,651		9		—
Citigroup Inc	09/20/2017	SEK	6,580,000		762		762		—		—

See accompanying notes

74

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Foreign Currency Contracts (continued)
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For		Fair Value		Asset		Liability
Citigroup Inc	09/20/2017	SGD	73,000	$	53	$	53	$	—	$	—
Citigroup Inc	09/20/2017	TRY	6,058,657		1,644		1,664		20		—
Citigroup Inc	09/20/2017	TWD	17,803,515		594		594		—		—
Citigroup Inc	09/20/2017	ZAR	26,420,328		1,989		1,977		—		(12	)
HSBC Securities Inc	06/07/2017	ARS	54,600,000		3,473		3,382		—		(91	)
HSBC Securities Inc	06/23/2017	PEN	21,500,000		6,579		6,563		—		(16	)
HSBC Securities Inc	06/23/2017	PLN	40,700,000		10,879		10,942		63		—
HSBC Securities Inc	06/23/2017	RON	44,650,000		11,014		10,996		—		(18	)
HSBC Securities Inc	11/22/2017	CNY	70,000,000		9,829		10,163		334		—
Merrill Lynch	06/12/2017	HUF	1,229,565,000		4,319		4,484		165		—
Merrill Lynch	09/19/2017	CNY	42,100,000		5,971		6,139		168		—
Merrill Lynch	05/21/2018	PHP	420,815,000		8,260		8,300		40		—
Morgan Stanley & Co	06/01/2017	BRL	8,715,000		2,563		2,693		130		—
Morgan Stanley & Co	06/01/2017	MXN	56,350,000		2,821		3,022		201		—
Morgan Stanley & Co	06/02/2017	PLN	35,180,000		9,469		9,457		—		(12	)
Morgan Stanley & Co	06/02/2017	TRY	10,070,000		2,802		2,854		52		—
Morgan Stanley & Co	06/02/2017	ZAR	37,695,000		2,859		2,874		15		—
Morgan Stanley & Co	06/19/2017	SEK	38,250,000		4,350		4,406		56		—
Morgan Stanley & Co	06/26/2017	NOK	36,645,000		4,367		4,340		—		(27	)
Morgan Stanley & Co	06/30/2017	NOK	36,645,000		4,407		4,341		—		(66	)
Morgan Stanley & Co	07/03/2017	MXN	56,350,000		3,018		3,007		—		(11	)
Morgan Stanley & Co	07/03/2017	TRY	10,070,000		2,821		2,828		7		—
Morgan Stanley & Co	07/06/2017	BRL	1,065,000		335		327		—		(8	)
Morgan Stanley & Co	08/24/2017	TRY	10,200,000		2,772		2,822		50		—
Total								$	17,242	$	(4,018	)
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset		Liability
Bank of America NA	06/23/2017	AUD	139,755,000	$	104,112	$	103,793	$	381	$	(62	)
Bank of America NA	06/23/2017	CAD	135,867,000		101,052		100,630		576		(154	)
Bank of America NA	06/23/2017	CHF	96,128,000		96,077		99,413		—		(3,336	)
Bank of America NA	06/23/2017	EUR	110,042,000		118,117		123,749		4		(5,636	)
Bank of America NA	06/23/2017	GBP	54,541,000		67,059		70,312		—		(3,253	)
Bank of America NA	06/23/2017	JPY	15,961,774,000		141,153		144,288		135		(3,270	)
Bank of America NA	06/23/2017	MXN	64,511,000		3,283		3,448		—		(165	)
Bank of America NA	06/23/2017	NZD	57,520,000		39,877		40,726		—		(849	)
Bank of New York Mellon	06/21/2017	CHF	1,125,000		1,115		1,163		—		(48	)
Bank of New York Mellon	06/21/2017	EUR	6,000,000		6,375		6,747		—		(372	)
Bank of New York Mellon	06/21/2017	GBP	2,000,000		2,445		2,578		—		(133	)
Bank of New York Mellon	07/20/2017	EUR	11,691,424		13,106		13,166		—		(60	)
Bank of New York Mellon	07/21/2017	EUR	6,899,900		7,734		7,770		—		(36	)
Bank of New York Mellon	08/04/2017	EUR	717,235		780		808		—		(28	)
Bank of New York Mellon	08/04/2017	ZAR	11,857,530		870		895		—		(25	)
Bank of New York Mellon	08/11/2017	EUR	5,740,810		6,254		6,472		—		(218	)
Bank of New York Mellon	09/25/2017	GBP	930,815		1,225		1,203		22		—
Bank of New York Mellon	11/03/2017	EUR	4,555,610		5,052		5,160		—		(108	)
Bank of New York Mellon	12/05/2017	EUR	14,238,765		15,450		16,156		—		(706	)
Bank of New York Mellon	12/08/2017	EUR	5,273,110		5,702		5,984		—		(282	)
Bank of New York Mellon	01/19/2018	EUR	5,265,170		5,778		5,990		—		(212	)
Bank of New York Mellon	01/25/2018	EUR	1,033,785		1,133		1,176		—		(43	)
Bank of New York Mellon	01/26/2018	EUR	512,770		559		584		—		(25	)
Bank of New York Mellon	03/14/2018	EUR	5,791,440		6,290		6,609		—		(319	)
Barclays Bank PLC	06/01/2017	EUR	1,218,000		1,363		1,368		—		(5	)
Barclays Bank PLC	06/02/2017	AUD	1,156,000		862		859		3		—
Barclays Bank PLC	06/02/2017	BRL	1,297,891		398		401		—		(3	)
Barclays Bank PLC	06/02/2017	EUR	3,063,380		3,423		3,441		—		(18	)
Barclays Bank PLC	06/02/2017	GBP	2,014,146		2,612		2,594		19		(1	)
Barclays Bank PLC	06/02/2017	JPY	271,445,195		2,447		2,451		—		(4	)
Barclays Bank PLC	06/02/2017	MXN	123,689,512		6,363		6,634		—		(271	)
Barclays Bank PLC	06/02/2017	SEK	11,893,435		1,368		1,368		—		—
Barclays Bank PLC	06/08/2017	KRW	1,828,965,169		1,619		1,634		—		(15	)
Barclays Bank PLC	06/09/2017	EUR	2,436,000		2,733		2,737		—		(4	)
Barclays Bank PLC	06/09/2017	GBP	316,800		410		408		2		—
Barclays Bank PLC	06/09/2017	HUF	238,064,155		867		868		—		(1	)
Barclays Bank PLC	06/09/2017	JPY	64,954,426		578		587		—		(9	)
Barclays Bank PLC	06/09/2017	NOK	4,905,178		578		581		—		(3	)
Barclays Bank PLC	06/16/2017	AUD	1,156,000		862		859		3		—
Barclays Bank PLC	06/19/2017	AUD	3,719,000		2,774		2,763		11		—
Barclays Bank PLC	06/19/2017	CAD	5,846,988		4,322		4,331		1		(10	)
Barclays Bank PLC	06/19/2017	JPY	93,620,504		844		846		—		(2	)
Barclays Bank PLC	06/19/2017	KRW	4,394,557,120		3,930		3,928		5		(3	)
Barclays Bank PLC	06/19/2017	NOK	35,624,514		4,252		4,218		34		—
Barclays Bank PLC	06/19/2017	NZD	673,000		467		477		—		(10	)

See accompanying notes

75

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Foreign Currency Contracts (continued)
									Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset		Liability
Barclays Bank PLC	06/19/2017	SEK	8,285,229	$	946	$	955	$	—	$	(9	)
Barclays Bank PLC	06/26/2017	KRW	680,386,980		609		608		1		—
Barclays Bank PLC	07/03/2017	EUR	1,218,000		1,371		1,370		1		—
Barclays Bank PLC	07/24/2017	TRY	21,274,221		5,645		5,942		—		(297	)
Barclays Bank PLC	08/10/2017	KRW	1,802,089,049		1,601		1,612		—		(11	)
Barclays Bank PLC	08/23/2017	EUR	3,088,141		3,457		3,484		—		(27	)
Barclays Bank PLC	08/23/2017	PHP	173,343,972		3,468		3,465		7		(4	)
Barclays Bank PLC	09/05/2017	PHP	244,933,610		4,812		4,893		—		(81	)
Barclays Bank PLC	09/05/2017	ZAR	8,070,272		600		606		—		(6	)
Barclays Bank PLC	09/25/2017	EUR	952,625		1,091		1,077		14		—
Barclays Bank PLC	09/25/2017	GBP	775,615		1,202		1,003		199		—
Barclays Bank PLC	09/29/2017	KRW	1,202,256,000		1,056		1,076		—		(20	)
Barclays Bank PLC	11/03/2017	EUR	1,454,910		1,653		1,648		5		—
Barclays Bank PLC	12/04/2017	EUR	1,433,687		1,625		1,627		—		(2	)
Barclays Bank PLC	12/04/2017	PHP	81,806,180		1,626		1,626		—		—
BNP Paribas	06/21/2017	JPY	4,609,692,288		40,611		41,665		—		(1,054	)
Citigroup Inc	06/21/2017	AUD	20,699,441		15,492		15,374		120		(2	)
Citigroup Inc	06/21/2017	BRL	18,112,999		5,627		5,575		69		(17	)
Citigroup Inc	06/21/2017	CAD	39,948,099		29,566		29,586		133		(153	)
Citigroup Inc	06/21/2017	CHF	23,144,000		23,045		23,931		—		(886	)
Citigroup Inc	06/21/2017	CLP	3,191,155,000		4,792		4,735		59		(2	)
Citigroup Inc	06/21/2017	CNY	12,510,000		1,803		1,834		—		(31	)
Citigroup Inc	06/21/2017	COP	565,218,743		194		194		—		—
Citigroup Inc	06/21/2017	CZK	42,327,996		1,745		1,808		—		(63	)
Citigroup Inc	06/21/2017	EUR	64,084,082		68,488		72,059		—		(3,571	)
Citigroup Inc	06/21/2017	GBP	20,508,998		25,476		26,438		21		(983	)
Citigroup Inc	06/21/2017	HKD	8,985,877		1,156		1,154		2		—
Citigroup Inc	06/21/2017	HUF	929,399,002		3,208		3,391		—		(183	)
Citigroup Inc	06/21/2017	IDR	5,137,058,516		386		386		—		—
Citigroup Inc	06/21/2017	ILS	8,349,000		2,280		2,362		—		(82	)
Citigroup Inc	06/21/2017	INR	157,772,232		2,406		2,442		—		(36	)
Citigroup Inc	06/21/2017	JPY	3,710,217,462		32,876		33,535		1		(660	)
Citigroup Inc	06/21/2017	KRW	12,066,369,000		10,581		10,783		—		(202	)
Citigroup Inc	06/21/2017	MXN	93,043,731		4,969		4,974		23		(28	)
Citigroup Inc	06/21/2017	NOK	88,632,000		10,345		10,496		—		(151	)
Citigroup Inc	06/21/2017	NZD	21,173,997		14,761		14,993		—		(232	)
Citigroup Inc	06/21/2017	PHP	30,458,000		602		611		—		(9	)
Citigroup Inc	06/21/2017	PLN	8,525,599		2,251		2,292		—		(41	)
Citigroup Inc	06/21/2017	SEK	154,882,002		17,308		17,845		—		(537	)
Citigroup Inc	06/21/2017	SGD	10,001,000		7,111		7,231		—		(120	)
Citigroup Inc	06/21/2017	TRY	15,384,657		4,190		4,336		—		(146	)
Citigroup Inc	06/21/2017	TWD	33,993,515		1,125		1,129		1		(5	)
Citigroup Inc	06/21/2017	ZAR	73,344,328		5,490		5,576		20		(106	)
Citigroup Inc	09/20/2017	AUD	4,635,000		3,451		3,438		13		—
Citigroup Inc	09/20/2017	BRL	600,000		177		181		—		(4	)
Citigroup Inc	09/20/2017	CAD	5,612,521		4,179		4,164		15		—
Citigroup Inc	09/20/2017	CHF	5,409,323		5,586		5,628		—		(42	)
Citigroup Inc	09/20/2017	CLP	998,991,617		1,479		1,477		3		(1	)
Citigroup Inc	09/20/2017	CNY	3,656,582		528		533		—		(5	)
Citigroup Inc	09/20/2017	EUR	305,000		344		345		—		(1	)
Citigroup Inc	09/20/2017	GBP	7,873,998		10,218		10,179		45		(6	)
Citigroup Inc	09/20/2017	HKD	82,000		11		11		—		—
Citigroup Inc	09/20/2017	HUF	442,992,002		1,624		1,623		1		—
Citigroup Inc	09/20/2017	IDR	737,760,000		55		55		—		—
Citigroup Inc	09/20/2017	ILS	1,790,453		504		509		—		(5	)
Citigroup Inc	09/20/2017	INR	17,826,000		272		273		—		(1	)
Citigroup Inc	09/20/2017	KRW	2,018,138,958		1,803		1,806		1		(4	)
Citigroup Inc	09/20/2017	MXN	478,000		25		25		—		—
Citigroup Inc	09/20/2017	NOK	26,626,896		3,168		3,158		10		—
Citigroup Inc	09/20/2017	PHP	2,399,000		48		48		—		—
Citigroup Inc	09/20/2017	PLN	100,000		27		27		—		—
Citigroup Inc	09/20/2017	SEK	62,604,155		7,231		7,253		1		(23	)
Citigroup Inc	09/20/2017	SGD	3,621,730		2,616		2,622		—		(6	)
Citigroup Inc	09/20/2017	TRY	2,392,000		650		657		—		(7	)
Citigroup Inc	09/20/2017	TWD	15,424,000		515		514		1		—
Citigroup Inc	09/20/2017	ZAR	6,850,000		511		513		—		(2	)
Commonwealth Bank of Australia	06/19/2017	NZD	6,100,000		4,199		4,320		—		(121	)
Credit Suisse	06/22/2017	IDR	38,060,000,000		2,850		2,856		—		(6	)
Credit Suisse	06/30/2017	COP	3,330,000,000		1,139		1,137		2		—
Deutsche Bank AG	06/15/2017	GBP	1,046,000		1,347		1,348		—		(1	)
Deutsche Bank AG	06/19/2017	EUR	412,000		457		463		—		(6	)
Deutsche Bank AG	06/26/2017	EUR	1,075,000		1,204		1,209		—		(5	)
Goldman Sachs & Co	07/20/2017	CAD	5,840,000		4,336		4,328		8		—

See accompanying notes

76

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Foreign Currency Contracts (continued)
							Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset		Liability
HSBC Securities Inc	06/23/2017	BRL	40,100,000	$	12,115	$	12,338	$	— $		(223	)
HSBC Securities Inc	06/23/2017	MXN	192,000,000		10,259		10,262		—		(3	)
HSBC Securities Inc	06/23/2017	PEN	21,500,000		6,534		6,563		—		(29	)
HSBC Securities Inc	06/23/2017	RUB	355,500,000		6,271		6,238		33		—
HSBC Securities Inc	06/23/2017	TRY	23,000,000		6,411		6,479		—		(68	)
HSBC Securities Inc	11/22/2017	CNY	70,000,000		9,859		10,163		—		(304	)
JPMorgan Chase	06/21/2017	GBP	1,507,000		1,838		1,943		—		(105	)
Merrill Lynch	06/12/2017	EUR	3,975,000		4,357		4,468		—		(111	)
Merrill Lynch	06/16/2017	BRL	3,500,000		1,084		1,078		6		—
Merrill Lynch	06/19/2017	MXN	10,000,000		533		535		—		(2	)
Merrill Lynch	06/30/2017	EUR	8,010,000		8,992		9,011		—		(19	)
Merrill Lynch	08/11/2017	EUR	655,000		715		738		—		(23	)
Merrill Lynch	09/19/2017	CNY	42,100,000		6,132		6,139		—		(7	)
Morgan Stanley & Co	06/01/2017	BRL	8,715,000		2,778		2,693		85		—
Morgan Stanley & Co	06/01/2017	MXN	56,350,000		3,034		3,022		12		—
Morgan Stanley & Co	06/02/2017	PLN	35,180,000		9,039		9,457		—		(418	)
Morgan Stanley & Co	06/02/2017	TRY	10,070,000		2,846		2,854		—		(8	)
Morgan Stanley & Co	06/02/2017	ZAR	37,695,000		2,803		2,874		—		(71	)
Morgan Stanley & Co	06/12/2017	GBP	200,000		259		258		1		—
Morgan Stanley & Co	06/26/2017	CAD	5,585,000		4,153		4,137		16		—
Morgan Stanley & Co	07/03/2017	PLN	35,180,000		9,466		9,458		8		—
Morgan Stanley & Co	07/03/2017	ZAR	37,695,000		2,843		2,860		—		(17	)
Morgan Stanley & Co	07/06/2017	BRL	7,900,000		2,280		2,424		—		(144	)
Morgan Stanley & Co	08/24/2017	RUB	165,600,000		2,849		2,867		—		(18	)
Total							$		2,133	$	(31,272	)
Amounts in thousands except contracts
Futures Contracts
											Unrealized
Type	Long/Short		Contracts		Notional Value				Fair Value	Appreciation/(Depreciation)
3 Month Euro Swiss; December 2017		Short	7	$	1,821		$		1,821	$	—
3 Month Euro Swiss; March 2018		Short	4		1,040				1,040		—
3 Month Euro Swiss; September 2017		Short	9		2,340				2,340		—
90 Day Eurodollar; December 2017		Short	31		7,636				7,642		(6	)
90 Day Eurodollar; December 2018		Short	19		4,653				4,668		(15	)
90 Day Eurodollar; December 2018		Long	50		12,280				12,284		4
90 Day Eurodollar; December 2019		Short	10		2,449				2,451		(2	)
90 Day Eurodollar; June 2018		Short	10		2,457				2,461		(4	)
90 Day Eurodollar; June 2018		Long	3,058		752,017				752,650		633
90 Day Eurodollar; June 2018		Long	8		1,967				1,969		2
90 Day Eurodollar; March 2018		Short	32		7,866				7,883		(17	)
90 Day Eurodollar; March 2019		Short	18		4,401				4,420		(19	)
90 Day Eurodollar; March 2019		Short	565		138,353				138,736		(383	)
90 Day Eurodollar; September 2017		Short	47		11,590				11,594		(4	)
90 Day Eurodollar; September 2018		Short	14		3,436				3,443		(7	)
90 Day Short Sterling; December 2017		Long	56		8,983				8,987		4
90 Day Short Sterling; December 2018		Long	36		5,766				5,768		2
90 Day Short Sterling; December 2018		Long	37		5,928				5,929		1
90 Day Short Sterling; June 2018		Long	38		6,092				6,094		2
90 Day Short Sterling; June 2018		Long	2,293		367,353				367,749		396
90 Day Short Sterling; June 2018		Short	83		13,305				13,311		(6	)
90 Day Short Sterling; March 2018		Long	72		11,545				11,551		6
90 Day Short Sterling; March 2019		Long	35		5,605				5,606		1
90 Day Short Sterling; September 2017		Long	64		10,268				10,275		7
90 Day Short Sterling; September 2018		Long	37		5,930				5,932		2
AEX Index; June 2017		Long	2		237				235		(2	)
ASX 90 Day Bank Bill; June 2018		Long	16		11,835				11,839		4
Australia 10 Year Bond; June 2017		Long	3		294				294		—
Australia 10 Year Bond; June 2017		Short	226		21,323				22,113		(790	)
Australia 10 Year Bond; June 2017		Long	445		42,785				43,541		756
Australia 3 Year Bond; June 2017		Long	52		4,345				4,351		6
CAC40 Index; June 2017		Short	17		1,021				1,006		15

See accompanying notes

77

		Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Futures Contracts (continued)
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value			Appreciation/(Depreciation)
CAC40 Index; June 2017	Short	42	$	2,495	$		2,485	$	10
Canada 10 Year Bond; September 2017	Long	3		323			323		—
Canada 10 Year Bond; September 2017	Long	56		6,013			6,030		17
Canadian Bank Acceptance; December 2017	Long	39		7,143			7,148		5
Canadian Bank Acceptance; June 2018	Long	68		12,455			12,451		(4	)
Canadian Bank Acceptance; March 2018	Long	21		3,841			3,847		6
Canadian Bank Acceptance; September 2017	Long	36		6,600			6,601		1
CBOE VIX; August 2017	Long	51		717			690		(27	)
DAX Index; June 2017	Long	24		8,221			8,518		297
DAX Index; June 2017	Long	82		28,458			29,104		646
DJ Euro Stoxx 50; June 2017	Long	335		13,032			13,371		339
DJ Euro Stoxx 50; June 2017	Short	236		8,872			9,419		(547	)
DJ Euro Stoxx 50; June 2017	Short	84		3,352			3,353		(1	)
E-Mini DJIA Index; June 2017	Long	12		1,249			1,260		11
E-Mini DJIA Index; June 2017	Long	391		40,681			41,059		378
eMini MSCI EAFE; June 2017	Long	8		725			754		29
eMini MSCI Emerging Markets; June 2017	Long	28		1,342			1,405		63
Euribor; December 2017	Short	4		1,126			1,127		(1	)
Euribor; December 2018	Long	25		7,029			7,032		3
Euribor; December 2018	Short	35		9,836			9,845		(9	)
Euribor; June 2018	Short	17		4,782			4,786		(4	)
Euribor; June 2018	Short	61		17,170			17,174		(4	)
Euribor; June 2018	Long	1,527		429,607			429,913		306
Euribor; March 2018	Short	13		3,660			3,661		(1	)
Euribor; March 2019	Short	20		5,618			5,623		(5	)
Euribor; September 2017	Long	14		3,945			3,945		—
Euribor; September 2018	Short	29		8,153			8,161		(8	)
Euro Bund 10 Year Bund; June 2017	Long	26		4,740			4,741		1
Euro Bund 10 Year Bund; June 2017	Short	94		17,211			17,140		71
Euro Bund 10 Year Bund; June 2017	Short	47		8,496			8,570		(74	)
Euro Bund 10 Year Bund; June 2017	Short	56		10,125			10,211		(86	)
Euro Bund 10 Year Bund; September 2017	Short	1		185			185		—
FTSE China A50 Index; June 2017	Short	23		244			254		(10	)
FTSE KLCI Index; June 2017	Short	26		539			534		5
FTSE/JSE Top 40; June 2017	Short	29		1,016			1,046		(30	)
FTSE/MIB Index; June 2017	Long	4		475			466		(9	)
FTSE100 Index; June 2017	Long	548		51,695			53,012		1,317
FTSE100 Index; June 2017	Short	27		2,535			2,612		(77	)
FTSE100 Index; June 2017	Long	104		9,792			10,061		269
Hang Seng Index; June 2017	Long	2		323			327		4
Hang Seng Index; June 2017	Long	84		13,559			13,734		175
HSCEI China Index; June 2017	Long	13		849			872		23
IBEX 35 Index; June 2017	Long	17		2,085			2,073		(12	)
Japan Topix Index; June 2017	Short	203		28,294			28,777		(483	)
Japan Topix Index; June 2017	Long	60		8,389			8,506		117
Japan Topix Index; June 2017	Long	135		18,897			19,138		241
Mex Bolsa Index; June 2017	Short	6		154			157		(3	)
MSCI Singapore Index; June 2017	Long	11		286			283		(3	)
MSCI Taiwan Index; June 2017	Long	15		558			559		1
Nasdaq 100 E-Mini; June 2017	Long	312		34,702			36,150		1,448
Nasdaq 100 E-Mini; June 2017	Long	24		2,601			2,781		180
Nikkei 225 OSE; June 2017	Long	4		709			710		1
Nikkei 225 OSE; June 2017	Long	114		19,920			20,237		317
OMXS30 Index; June 2017	Long	19		360			358		(2	)
Russell 2000 Mini; June 2017	Long	285		19,446			19,510		64
Russell 2000 Mini; June 2017	Short	503		34,348			34,433		(85	)
Russell 2000 Mini; June 2017	Long	112		7,754			7,667		(87	)
S&P 500 Emini; June 2017	Short	673		79,704			81,134		(1,430	)
S&P 500 Emini; June 2017	Short	302		35,817			36,408		(591	)
S&P 500 Emini; June 2017	Long	149		17,749			17,963		214

See accompanying notes

78

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Futures Contracts (continued)
															Unrealized
Type			Long/Short		Contracts			Notional Value					Fair Value	Appreciation/(Depreciation)
S&P 500 Emini; June 2017			Short			41	$	4,825			$		4,943	$				(118	)
S&P Mid 400 Emini; June 2017			Long			2				341			344					3
S&P Mid 400 Emini; June 2017			Short			77		13,121					13,244					(123	)
S&P/TSX 60 Index; June 2017			Long			5				672			670					(2	)
SET50 Index; June 2017			Short			95				554			551					3
SGX CNX Nifty Index; June 2017			Long			28				527			540					13
SPI 200 Index; June 2017			Short			8				853			853					—
UK 10 Year Gilt; September 2017			Long			301		49,437					49,618					181
UK 10 Year Gilt; September 2017			Short			1				165			165					—
US 10 Year Note; September 2017			Long			45		5,672					5,683					11
US 10 Year Ultra Note; September 2017			Short			34		4,591					4,615					(24	)
US 5 Year Note; September 2017			Short			231		27,267					27,330					(63	)
US Long Bond; September 2017			Short			29		4,426					4,461					(35	)
US Long Bond; September 2017			Long			792		120,446					121,819			1,373
US Ultra Bond; September 2017			Short			23		3,753					3,798					(45	)
Total													$			4,726
Amounts in thousands except contracts
Interest Rate Swaps
		(Pay)/
		Receive								Upfront
		Floating	Fixed		Expiration	Notional				Premiums		Unrealized				Fair Value
Counterparty (Issuer)	Floating Rate Index	Rate	Rate		Date			Amount		Paid/(Received)			Appreciation/(Depreciation)			Asset		Liability
Bank of America NA	3 Month JIBAR	Receive	7.95	%	05/08/2025	ZAR		12,600	$	—		$	(13	)	$	— $		(13	)
Bank of America NA	CFETS China	Pay	3.98	%	03/24/2022	CNY		9,200		—			9			9		—
	Fixing Repo Rates 7
	Day
Bank of America NA	CFETS China	Pay	3.94	%	02/08/2022			11,972		—			9			9		—
	Fixing Repo Rates 7
	Day
Bank of America NA	CFETS China	Pay	3.77	%	12/28/2021			16,222		—			(5	)		—		(5	)
	Fixing Repo Rates 7
	Day
Bank of America NA	Colombia IBR	Receive	5.87	%	02/06/2019	COP 10,000,000				—			(51	)		—		(51	)
	Overnight Interbank
	Reference Rate
Bank of America NA	Colombia IBR	Receive	6.00	%	02/22/2022			4,390,000		—			(50	)		—		(50	)
	Overnight Interbank
	Reference Rate
Bank of America NA	Colombia IBR	Receive	5.85	%	02/28/2019			5,300,000		—			(28	)		—		(28	)
	Overnight Interbank
	Reference Rate
Bank of America NA	Colombia IBR	Receive	5.73	%	01/23/2019	16,544,000				—			(70	)		—		(70	)
	Overnight Interbank
	Reference Rate
Barclays Bank PLC	3 Month JIBAR	Receive	7.95	%	05/05/2025	ZAR		94,000		—			(108	)		—		(108	)
Deutsche Bank AG	MXN TIIE Banxico	Pay	6.14	%	07/06/2026	MXN		21,250		—			(114	)		—		(114	)
JP Morgan Chase	3 Month JIBAR	Receive	7.72	%	04/17/2025	ZAR		18,020		—			(2	)		—		(2	)
Merrill Lynch	MXN TIIE Banxico	Pay	6.13	%	07/06/2026	MXN		67,585		—			(365	)		—		(365	)
Total								$		—		$	(788	)	$	18	$	(806	)
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	1.41	%	07/18/2026	$		3,924	$	—		$	235		$			235
	Brazil Cetip	Receive	9.50	%	01/02/2019	BRL		18,318		6			(6	)				—
	Interbank Deposit
	Brazil Cetip	Pay	10.12	%	01/02/2025			2,602		(2	)		(17	)				(19	)
	Interbank Deposit
	Brazil Cetip	Pay	10.11	%	01/02/2025			4,990		(5	)		(32	)				(37	)
	Interbank Deposit

See accompanying notes

79

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Exchange Cleared Interest Rate Swaps (continued)
		(Pay)/
		Receive							Upfront
		Floating	Fixed		Expiration	Notional			Premiums			Unrealized
	Floating Rate Index	Rate	Rate		Date	Amount		Paid/(Received)			Appreciation/(Depreciation)				Fair Value
	Brazil Cetip	Pay	9.96	%	01/02/2025	BRL	6,258	$	(6	)	$	(51	)	$	(57	)
	Interbank Deposit
	Brazil Cetip	Receive	9.32	%	01/02/2019		18,343		5			(1	)		4
	Interbank Deposit
	Brazil Cetip	Pay	10.11	%	01/02/2025		6,431		(6	)		(42	)		(48	)
	Interbank Deposit
	3 Month LIBOR	Receive	1.19	%	08/11/2021	$	6,434		—			148			148
	3 Month LIBOR	Receive	2.02	%	02/07/2022		4,265		—			(42	)		(42	)
	3 Month LIBOR	Receive	1.89	%	01/19/2022		2,111		—			(10	)		(10	)
	3 Month LIBOR	Pay	1.70	%	03/15/2019		12,902		—			50			50
	3 Month LIBOR	Pay	1.65	%	03/08/2019		15,120		—			44			44
	3 Month LIBOR	Receive	2.55	%	05/18/2047		507		1			(16	)		(15	)
	3 Month LIBOR	Pay	1.53	%	05/17/2019		10,297		1			3			4
	3 Month LIBOR	Receive	1.86	%	05/31/2022		5,719		1			(11	)		(10	)
	3 Month LIBOR	Pay	1.76	%	04/07/2020		11,960		—			43			43
	3 Month LIBOR	Receive	2.02	%	01/23/2022		5,283		—			(54	)		(54	)
	3 Month LIBOR	Pay	1.63	%	04/03/2019		13,537		—			33			33
	3 Month LIBOR	Pay	0.92	%	09/21/2017		27,100		—			(29	)		(29	)
	3 Month LIBOR	Pay	2.30	%	09/21/2025		5,900		—			113			113
	3 Month LIBOR	Receive	2.23	%	04/03/2024		4,061		1			(72	)		(71	)
	3 Month LIBOR	Receive	2.12	%	03/08/2022		6,219		—			(91	)		(91	)
	3 Month LIBOR	Receive	1.92	%	01/11/2022		2,111		—			(12	)		(12	)
	3 Month LIBOR	Receive	1.65	%	09/21/2020		22,200		—			20			20
	3 Month LIBOR	Receive	1.93	%	01/13/2022		4,225		—			(25	)		(25	)
	3 Month LIBOR	Receive	2.09	%	03/03/2022		7,419		—			(99	)		(99	)
	3 Month LIBOR	Pay	1.74	%	04/10/2020		9,180		—			28			28
	3 Month LIBOR	Pay	1.61	%	04/11/2019		13,401		—			28			28
	3 Month LIBOR	Receive	2.21	%	03/15/2022		5,314		1			(101	)		(100	)
	3 Month LIBOR	Receive	2.00	%	04/11/2022		5,502		1			(51	)		(50	)
	3 Month LIBOR	Receive	1.94	%	01/10/2022		2,111		—			(14	)		(14	)
	3 Month LIBOR	Pay	1.64	%	03/03/2019		17,740		—			50			50
	3 Month LIBOR	Pay	1.60	%	03/30/2019		9,437		—			20			20
	3 Month LIBOR	Receive	1.96	%	05/22/2024		4,036		1			1			2
	6 Month NIBOR	Pay	1.50	%	05/05/2022	NOK	61,846		1			35			36
	6 Month WIBOR	Receive	2.37	%	04/26/2022	PLN	6,600		1			(10	)		(9	)
	6 Month WIBOR	Receive	2.55	%	03/10/2022		6,420		—			(24	)		(24	)
	6 Month WIBOR	Receive	2.52	%	03/09/2022		7,210		—			(24	)		(24	)
	Euribor 6 Month	Receive	(0.12	)%	05/10/2019	EUR	3,000		1			(4	)		(3	)
	Euribor 6 Month	Receive	(0.15	)%	09/08/2021		18,500		5			191			196
	Euribor 6 Month	Receive	(0.24	)%	09/09/2018		12,770		—			4			4
	Euribor 6 Month	Receive	(0.12	)%	05/10/2019		2,812		1			(4	)		(3	)
	ICE LIBOR GBP 6	Receive	1.11	%	04/11/2027	GBP	2,223		1			3			4
	Month
	ICE LIBOR GBP 6	Receive	1.15	%	05/03/2027		2,774		1			(11	)		(10	)
	Month
	ICE LIBOR GBP 6	Pay	0.57	%	04/04/2019		10,592		—			12			12
	Month
	ICE LIBOR GBP 6	Receive	1.10	%	04/04/2027		2,175		1			4			5
	Month
	ICE LIBOR JPY 6	Receive	0.50	%	02/01/2037	JPY	556,500		6			126			132
	Month
	Norway Interbank	Pay	1.14	%	09/09/2018	NOK	122,000		1			7			8
	Offered Rate Fixing
	6 Month
	Norway Interbank	Pay	1.14	%	09/08/2021		179,000		10			(183	)		(173	)
	Offered Rate Fixing
	6 Month
	SAFE South Africa	Receive	7.33	%	02/16/2019	ZAR	72,000		—			(19	)		(19	)
	Johannesburg
	Interbank Agreed
	Rate 3 Month
	SAFE South Africa	Receive	7.43	%	02/14/2019		49,021		—			(19	)		(19	)
	Johannesburg
	Interbank Agreed
	Rate 3 Month
	Stockholm	Pay	1.06	%	04/13/2027	SEK	25,000		1			13			14
	Interbank Offered
	Rate 3 Month
Total							$		29		$	137		$	166

Amounts in thousands
See accompanying notes	80

				Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Interest Rate Swaptions
				Pay/
				Receive						Upfront
Purchased Swaptions		Floating Rate		Floating	Exercise	Expiration		Notional		Premiums		Fair				Unrealized
Outstanding	Counterparty (Issuer)	Index		Rate	Rate	Date		Amount		Paid/(Received)			Value		Appreciation/(Depreciation)
Call - 20 Year Interest	Barclays Bank PLC	ICE LIBOR		Pay	0.50%	07/11/2017		JPY 556,500			$36		$	1	$	(35	)
Rate Swap		JPY 6 Month
Total								$			36		$	1	$	(35	)
				Pay/
			Receive									Upfront
Written Swaptions		Floating Rate		Floating	Exercise	Expiration		Notional				Premiums	Fair			Unrealized
Outstanding	Counterparty (Issuer)	Index		Rate	Rate	Date		Amount				Paid/(Received)	Value		Appreciation/(Depreciation)
Put - 20 Year Interest	Barclays Bank PLC	ICE LIBOR		Receive	1.05%	07/11/2017			JPY 556,500		$(38		) $	—	$	38
Rate Swap		JPY 6 Month
Total								$			(38		) $	—	$	38
Amounts in thousands
Options
								Upfront Premiums								Unrealized
Purchased Options Outstanding		Exercise Price		Expiration Date		Contracts		Paid/(Received)			Fair Value			Appreciation/(Depreciation)
Call - 90 Day Eurodollar Future; December 2017 $			98.75	12/19/2017		2,116	$	170		$		211		$		41
Call - 90 Day Eurodollar Future; June 2017		$	99.25	06/20/2017		4,129		350				26				(324	)
Call - 90 Day Eurodollar Future; June 2017		$	99.00	06/20/2017		1,197		66				8				(58	)
Call - 90 Day Eurodollar Future; June 2017		$	99.13	06/20/2017		2,192		99				14				(85	)
Call - 90 Day Eurodollar Future; September		$	98.88	09/19/2017		932		57				18				(39	)
2017
Call - 90 Day Eurodollar Future; September		$	98.75	09/19/2017		1,182		96				82				(14	)
2017
Call - Bristol-Myers Squibb Co		$	60.00	06/19/2017		423		86				1				(85	)
Call - EUR versus PHP		EUR	58.50	11/30/2017		5,514,538		70				84				14
Call - EUR versus TRY		EUR	4.18	07/25/2017		1,320,000		20				11				(9	)
Call - EUR versus TRY		EUR	4.18	07/25/2017		1,320,000		26				10				(16	)
Call - EUR versus USD		EUR	1.11	08/09/2017		8,144,000		129				205				76
Call - EUR versus USD		EUR	1.11	10/25/2017		7,920,000		143				278				135
Call - EUR versus USD		EUR	1.12	09/28/2017		10,830,000		178				270				92
Call - EUR versus USD		EUR	1.10	08/09/2017		5,090,000		91				167				76
Call - EUR versus USD		EUR	1.09	08/09/2017		2,036,000		37				84				47
Call - EUR versus USD		EUR	1.08	06/19/2017		3,156,000		51				144				93
Call - Eurodollar, Mid-Curve 1 Yr Future;		$	98.25	12/18/2017		642		267				289				22
December 2018
Call - Eurodollar, Mid-Curve 1 Yr Future;		$	98.50	09/18/2017		2,422		304				348				44
September 2018
Call - Eurodollar, Mid-Curve 1 Yr Future;		$	98.25	09/18/2017		651		172				284				112
September 2018
Call - SPDR S&P Oil & Gas Exploration &		$	35.00	12/18/2017		1,394		435				245				(190	)
Production ETF
Call - T-Mobile US Inc		$	65.00	08/21/2017		84		41				40				(1	)
Call - US Long Bond Future; September 2017		$	158.00	08/28/2017		52		49				51				2
Call - US Long Bond Future; September 2017		$	152.00	06/26/2017		104		108				242				134
Call - US Long Bond Future; September 2017		$	156.00	06/26/2017		26		11				13				2
Call - USD versus CAD		$	1.36	08/01/2017		9,400,000		139				56				(83	)
Call - USD versus EUR		$	1.05	07/14/2017		5,608,000		116				1				(115	)
Call - USD versus KRW		$	1,150.00	06/23/2017		2,835,000		32				7				(25	)
Call - USD versus PHP		$	51.06	05/21/2018		8,550,000		215				174				(41	)
Call - USD versus ZAR		$	13.90	07/03/2017		3,276,000		94				16				(78	)
Call - USD versus ZAR		$	13.90	07/03/2017		2,236,000		63				11				(52	)
Put - EUR versus SEK		EUR	9.45	08/08/2017		2,890,000		13				3				(10	)
Put - EUR versus SEK		EUR	9.50	10/02/2017		2,890,000		18				10				(8	)
Put - EUR versus SEK		EUR	9.50	11/10/2017		2,890,000		25				17				(8	)
Put - EUR versus USD		EUR	1.12	06/21/2017		3,045,000		18				11				(7	)
Put - EUR versus USD		EUR	1.11	06/21/2017		8,670,000		71				21				(50	)
Put - GBP versus USD		EUR	1.33	07/03/2017		8,670,000		71				55				(16	)
Put - iShares Russell 2000 ETF		$	130.00	07/03/2017		2,667		830				178				(652	)
Put - S&P 500 Index		$	2,300.00	06/19/2017		40		70				7				(63	)
Put - S&P 500 Index		$	1,975.00	12/18/2017		224		1,860				345				(1,515	)
Put - S&P 500 Index		$	2,325.00	06/19/2017		87		113				25				(88	)
Put - S&P 500 Index		$	2,175.00	03/19/2018		221		1,896				1,191				(705	)
Put - S&P 500 Index		$	2,350.00	06/19/2017		41		53				18				(35	)
Put - S&P 500 Index		$	2,025.00	09/18/2017		224		1,703				136				(1,567	)
Put - S&P 500 Index		$	2,150.00	06/18/2018		200		1,421				1,357				(64	)
Put - S&P 500 Index		$	2,100.00	06/19/2017		223		578				1				(577	)
Put - SPDR S&P500 ETF Trust		$	233.00	07/24/2017		574		115				85				(30	)
Put - US Long Bond Future; September 2017		$	146.00	08/28/2017		52		16				15				(1	)

See accompanying notes

81

			Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Options (continued)
						Upfront Premiums						Unrealized
Purchased Options Outstanding	Exercise Price    Expiration Date			Contracts		Paid/(Received)			Fair Value			Appreciation/(Depreciation)
Put - USD versus BRL	$	3.14	07/24/2017	2,707,500	$	49		$	15		$	(34	)
Put - USD versus BRL	$	3.14	07/24/2017	2,597,500		79			14			(65	)
Put - USD versus NOK	$	8.00	08/09/2017	676,475		2			1			(1	)
Total					$	12,716		$	6,895		$	(5,821	)
						Upfront Premiums						Unrealized
Written Options Outstanding	Exercise Price    Expiration Date			Contracts		Paid/(Received)			Fair Value			Appreciation/(Depreciation)
Call - Apple Inc	$	165.00	07/24/2017	21	$	(2	)	$	(1	)	$	1
Call - Bristol-Myers Squibb Co	$	70.00	06/19/2017	423		(19	)		—			19
Call - EUR versus SEK	EUR	9.92	11/10/2017	2,890,000		(26	)		(30	)		(4	)
Call - EUR versus SEK	EUR	9.99	10/02/2017	2,890,000		(19	)		(17	)		2
Call - EUR versus SEK	EUR	9.93	08/08/2017	2,890,000		(13	)		(13	)		—
Call - EUR versus USD	EUR	1.20	03/28/2018	10,830,000		(100	)		(123	)		(23	)
Call - EUR versus USD	EUR	1.19	04/25/2018	5,280,000		(54	)		(91	)		(37	)
Call - EUR versus USD	GBP	1.12	08/23/2017	2,312,000		(29	)		(19	)		10
Call - EUR versus USD	EUR	1.11	06/19/2017	3,654,000		(25	)		(81	)		(56	)
Call - Eurodollar, Mid-Curve 3 Yr Future;	$	97.75	12/18/2017	720		(372	)		(504	)		(132	)
December 2020
Call - Financial Select Sector SPDR Fund	$	25.00	07/24/2017	301		(5	)		(1	)		4
Call - GBP versus USD	GBP	1.31	07/13/2017	3,045,000		(29	)		(24	)		5
Call - GBP versus USD	GBP	1.31	08/01/2017	2,436,000		(21	)		(30	)		(9	)
Call - GBP versus USD	GBP	1.29	08/09/2017	2,036,000		(41	)		(40	)		1
Call - GBP versus USD	GBP	1.31	10/26/2017	1,320,000		(28	)		(27	)		1
Call - GBP versus USD	GBP	1.31	10/26/2017	1,320,000		(28	)		(28	)		—
Call - GBP versus USD	GBP	1.30	08/09/2017	1,221,600		(26	)		(18	)		8
Call - Oracle Corp	$	48.00	07/24/2017	69		(2	)		(2	)		—
Call - Pfizer Inc	$	36.00	07/24/2017	73		(2	)		—			2
Call - Philip Morris International Inc	$	120.00	06/19/2017	17		(1	)		(2	)		(1	)
Call - SPDR S&P Oil & Gas Exploration &	$	39.00	12/18/2017	1,394		(211	)		(100	)		111
Production ETF
Call - Straight Path Communications Inc	$	140.00	06/19/2017	11		(19	)		(43	)		(24	)
Call - T-Mobile US Inc	$	70.00	08/21/2017	84		(15	)		(8	)		7
Call - USD versus BRL	$	3.32	07/24/2017	2,707,500		(55	)		(44	)		11
Call - USD versus BRL	$	3.32	07/24/2017	1,584,000		(26	)		(26	)		—
Call - USD versus KRW	$	1,200.00	06/23/2017	4,536,000		(17	)		(2	)		15
Call - USD versus TRY	$	3.75	07/17/2017	1,125,000		(9	)		(5	)		4
Call - USD versus TRY	$	3.75	07/17/2017	1,125,000		(10	)		(5	)		5
Call - USD versus ZAR	$	14.20	07/21/2017	2,236,000		(21	)		(13	)		8
Put - Euro Bund 10 Year Bund Future;	EUR	161.00	06/26/2017	15		(13	)		—			13
September 2017
Put - Eurodollar, Mid-Curve 3 Yr Future;	$	97.75	12/18/2017	979		(475	)		(428	)		47
December 2020
Put - GBP versus USD	GBP	1.27	07/11/2017	3,654,000		(16	)		(24	)		(8	)
Put - iShares Russell 2000 ETF	$	115.00	07/03/2017	667		(33	)		(5	)		28
Put - S&P 500 Index	$	1,950.00	06/19/2017	74		(92	)		—			92
Put - S&P 500 Index	$	1,750.00	12/18/2017	224		(963	)		(145	)		818
Put - S&P 500 Index	$	1,950.00	03/19/2018	221		(972	)		(572	)		400
Put - S&P 500 Index	$	1,800.00	09/18/2017	224		(788	)		(45	)		743
Put - S&P 500 Index	$	1,925.00	06/18/2018	200		(719	)		(703	)		16
Put - US Long Bond Future; September 2017	$	151.00	08/28/2017	52		(62	)		(63	)		(1	)
Put - US Long Bond Future; September 2017	$	150.00	06/26/2017	26		(12	)		(5	)		7
Put - USD versus BRL	$	3.08	11/22/2017	1,695,000		(11	)		(15	)		(4	)
Put - USD versus BRL	$	3.08	11/22/2017	1,915,000		(15	)		(17	)		(2	)
Put - USD versus BRL	$	3.08	11/22/2017	1,695,000		(11	)		(14	)		(3	)
Put - USD versus COP	$	2,950.00	06/12/2017	2,016,000		(30	)		(29	)		1
Put - USD versus JPY	$	110.00	08/23/2017	2,890,000		(43	)		(45	)		(2	)
Put - USD versus JPY	$	110.25	07/07/2017	3,654,000		(29	)		(38	)		(9	)
Put - USD versus JPY	$	107.00	08/21/2017	4,046,000		(37	)		(27	)		10
Put - USD versus JPY	$	110.25	10/25/2017	2,890,000		(40	)		(72	)		(32	)
Put - USD versus KRW	$	1,100.00	08/09/2017	2,545,000		(37	)		(20	)		17
Put - USD versus KRW	$	1,100.00	09/28/2017	3,168,000		(40	)		(42	)		(2	)
Put - USD versus KRW	$	1,100.00	08/09/2017	2,545,000		(36	)		(20	)		16
Put - USD versus NOK	$	7.95	08/09/2017	1,527,000		(18	)		(2	)		16
Total					$	(5,717	)	$	(3,628	)	$	2,089
Amounts in thousands except contracts

See accompanying notes

82

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Synthetic Futures
								Unrealized			Fair Value
Counterparty (Issuer)	Reference Entity		Expiration Date		Notional Value			Appreciation/(Depreciation)			Asset		Liability
Bank of America NA	BIST 30 Index Future; June 2017		07/03/2017	$	103	$		7		$	7	$	—
Bank of America NA	Canada 10 Year Bond Future; September 2017		09/29/2017		(1,926	)		(11	)		—		(11	)
Bank of America NA	Euro Bund 10 Year Bund Future; September		09/11/2017		13,104			1			1		—
	2017
Bank of America NA	Euro Buxl 30 Year Bond Future; September		09/11/2017		(1,312	)		2			2		—
	2017
Bank of America NA	Euro-Bobl 5 Year Future; September 2017		09/11/2017		3,286			1			1		—
Bank of America NA	Euro-BTP Future; September 2017		09/11/2017		(454	)		—			—		—
Bank of America NA	Euro-OAT Future; September 2017		09/11/2017		1,680			(1	)		—		(1	)
Bank of America NA	Euro-Schatz 2 Year Future; September 2017		09/11/2017		7,684			1			1		—
Bank of America NA	HSCEI China Index Future; June 2017		06/30/2017		1,386			60			60		—
Bank of America NA	Japan 10 Year Bond TSE Future; June 2017		06/20/2017		(40,999	)		(136	)		—		(136	)
Bank of America NA	MSCI Taiwan Index Future; June 2017		06/29/2017		485			—			—		—
Bank of America NA	Nordic Exchange Stockholm Index Future;		06/17/2017		282			(2	)		—		(2	)
	June 2017
Bank of America NA	Taiwan TAIEX Index Future; June 2017		06/22/2017		1,525			7			7		—
Bank of America NA	Tel Aviv 25 Index Future; June 2017		06/29/2017		(713	)		1			1		—
Bank of America NA	UK 10 Year Gilt Future; September 2017		09/28/2017		(18,001	)		(75	)		—		(75	)
Bank of America NA	US 10 Year Note Future; September 2017		09/29/2017		17,987			71			71		—
Bank of America NA	US 2 Year Note Future; September 2017		10/04/2017		(4,760	)		(2	)		—		(2	)
Bank of America NA	US 5 Year Note Future; September 2017		10/04/2017		(3,541	)		(8	)		—		(8	)
Bank of America NA	US Long Bond Future; September 2017		09/29/2017		(1,830	)		(16	)		—		(16	)
Bank of America NA	US Ultra Bond Future; September 2017		09/29/2017		(1,468	)		(18	)		—		(18	)
Morgan Stanley & Co	BIST 30 Index Future; June 2017		07/03/2017		268			—			—		—
Morgan Stanley & Co	Bovespa Index Future; June 2017		06/15/2017		625			(24	)		—		(24	)
Morgan Stanley & Co	Hang Seng Index Future; June 2017		06/30/2017		812			5			5		—
Morgan Stanley & Co	HSCEI China Index Future; June 2017		06/30/2017		2,046			—			—		—
Morgan Stanley & Co	KOSPI 200 Index Future; June 2017		06/08/2017		3,775			481			481		—
Morgan Stanley & Co	MSCI Singapore Index Future; June 2017		06/30/2017		26			—			—		—
Morgan Stanley & Co	MSCI Taiwan Index Future; June 2017		06/29/2017		373			—			—		—
Morgan Stanley & Co	SGX CNX Nifty Index Future; June 2017		06/30/2017		(812	)		(17	)		—		(17	)
Morgan Stanley & Co	Swiss Market Index Future; June 2017		06/16/2017		(12,160	)		(768	)		—		(62	)
Morgan Stanley & Co	Taiwan TAIEX Index Future; June 2017		06/22/2017		199			—			—		—
Morgan Stanley & Co	WIG 20 Index Future; June 2017		06/16/2017		148			(5	)		—		(5	)
Total					$			(446	)	$	637	$	(377	)
Amounts in thousands
Total Return Equity Basket Swaps
								Notional		Fair Value
Counterparty	Fund Pays		Fund Receives		Expiration Date			Value		Asset			Liability
Bank of America NA	Floating rate based on 1 month Euribor        Total return on a custom basket of long				12/27/2018		$	415	$	38	$		—
	plus/less spread	and short securities traded in EUR
Deutsche Bank AG	Floating rate based on 1 month LIBOR         Total return on a custom basket of long				03/21/2018			222		87			—
	plus/less spread	and short securities traded in TWD
Deutsche Bank AG	Floating rate based on 1 month LIBOR        Total return on a custom basket of long				03/22/2018			(29	)	26			—
	plus/less spread	and short securities traded in MYR
Deutsche Bank AG	Floating rate based on 1 month LIBOR      Total return on a custom basket of long				03/20/2018-			137		—			(133	)
	plus/less spread	and short securities traded in KRW			04/19/2018
Deutsche Bank AG	Floating rate based on 1 week LIBOR	Total return on a custom basket of long			03/22/2018			147		43			—
	plus/less spread	and short securities traded in IDR
Deutsche Bank AG	Floating rate based on 1 month LIBOR       Total return on a custom basket of long				06/15/2017			46		—			—
	plus/less spread	and short securities traded in CLP
Deutsche Bank AG	Floating rate based on 28 day Mexico	Total return on a custom basket of long			03/22/2017			157		81			—
	Interbank TIIE Rate plus/less spread	and short securities traded in MXN
Deutsche Bank AG	Floating rate based on 1 month LIBOR       Total return on a custom basket of long				11/28/2017-			(191	)	—			(169	)
	plus/less spread	and short securities traded in USD			03/19/2021
Deutsche Bank AG	Floating rate based on the 1 month	Total return on a custom basket of long			03/24/2017			73		—			(67	)
	South Africa Johannesburg Interbank	and short securities traded in ZAR
	Agreed Rate plus/less spread
Deutsche Bank AG	Floating rate based on 1 week EUR	Total return on a custom basket of long			08/21/2017			(1,047	)	873			—
	LIBOR plus/less spread	and short securities traded in EUR
Deutsche Bank AG	Floating rate based on 1 month LIBOR       Total return on a custom basket of long				03/22/2017			273		16			—
	plus/less spread	and short securities traded in BRL
Deutsche Bank AG	Floating rate based on the Poland	Total return on a custom basket of long			01/20/2022			(30	)	16			—
	Warsaw Interbank Offer/Bid Spot	and short securities traded in PLN
	Week Rate plus/less spread
Deutsche Bank AG	Floating rate based on 1 week HIBOR	Total return on a custom basket of long			01/19/2022			436		117			—
	plus/less spread	and short securities traded in HKD
Deutsche Bank AG	Floating rate based on the Overnight	Total return on a custom basket of long			10/19/2016			150		—			(1	)
	RBA Cash Rate plus/less spread	and short securities traded in AUD

See accompanying notes

83

Schedule of Investments

Global Multi-Strategy Fund

May 31, 2017 (unaudited)

Total Return Equity Basket Swaps (continued)

Notional

Fair Value

Counterparty

Fund Pays

Fund Receives

Expiration Date

Value

Asset

Liability

Deutsche Bank AG

Floating rate based on 1 week LIBOR

Total return on a custom basket of long

05/19/2017

- $

(74

) $

725

$

—

plus/less spread

and short securities traded in GBP

01/19/2018

Morgan Stanley & Co

Floating rate based on 1 week LIBOR

Total return on a custom basket of long

12/17/2018

(375

)

135

—

plus/less spread

and short securities traded in SEK

Morgan Stanley & Co

Floating rate based on the Bank of

Total return on a custom basket of long

08/23/2018

(227

)

1,275

—

Japan Estimate Unsecured Overnight

and short securities traded in JPY

Call Rate plus/less spread

Morgan Stanley & Co

Floating rate based on 1 week LIBOR

Total return on a custom basket of long

12/17/2018

226

—

(31

)

plus/less spread

and short securities traded in NOK

Morgan Stanley & Co Floating rate based on 1 month LIBOR Total return on a custom basket of long

08/22/2017-

30,878

2,018

—

plus/less spread

and short securities traded in USD

10/11/2017

Morgan Stanley & Co Floating rate based on 1 month Euribor Total return on a custom basket of long

11/22/2017-

(822

)

—

(394

)

plus/less spread

and short securities traded in EUR

05/08/2018

Morgan Stanley & Co

Floating rate based on the Federal

Total return on a custom basket of long

09/14/2017

9,539

5,695

—

Funds Rate plus/less spread

and short securities traded in USD

Morgan Stanley & Co        Floating rate based on 1 month LIBOR                 Total return on a custom basket of long

02/21/2019

802

13

—

plus/less spread

and short securities traded in HKD

Morgan Stanley & Co

Floating rate based on 1 day RBACR

Total return on a custom basket of long

10/23/2018

136

6

—

plus/less spread

and short securities traded in AUD

Morgan Stanley & Co

Floating rate based on the Federal

Total return on a custom basket of long

02/20/2019

1,135

122

—

Funds Rate plus/less spread

and short securities traded in SEK

Morgan Stanley & Co

Floating rate based on the Federal

Total return on a custom basket of long

02/21/2019

(82,206

)

—

(474

)

Funds Rate plus/less spread

and short securities traded in USD

Morgan Stanley & Co

Floating rate based on 1 day EONIA

Total return on a custom basket of long

12/17/2018

1,918

526

—

plus/less spread

and short securities traded in EUR

Morgan Stanley & Co

Floating rate based on 1 day SONIA

Total return on a custom basket of long

10/09/2018

730

—

(129

)

plus/less spread

and short securities traded in GBP

Morgan Stanley & Co

Floating rate based on 1 day TOIS

Total return on a custom basket of long

03/05/2018

347

254

—

and short securities traded in CHF

Morgan Stanley & Co

Floating rate based on 1 week LIBOR

Total return on a custom basket of long

12/17/2018

(125

)

126

—

plus/less spread

and short securities traded in DKK

Total

$

(37,359

) $

12,192

$

(1,398

)

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

Amounts in thousands

Total Return Swaps

Pay/Receive

Expiration

Notional

Fair Value

Counterparty (Issuer)

Reference Entity

Contracts

Positive Return

Financing Rate

Date

Amount

Asset

Liability

Citigroup Inc

National Bank of Kazakhstan

1,923,963,846

Receive

3 month LIBOR plus

07/03/2017

$

5,920

$

— $

(189

)

Notes

1.50%

Citigroup Inc

National Bank of Kazakhstan

828,566,600

Receive

3 month LIBOR plus

10/09/2017

2,491

55

—

Notes

1.50%

HSBC Securities Inc

Digicel International Finance

8,000,000

Receive

3 month LIBOR plus

11/28/2017

5,214

105

—

Ltd

1.50%

HSBC Securities Inc

Egypt Treasury Bills

63,500,000

Receive

3 month LIBOR plus

07/26/2017

3,379

17

—

1.15%

HSBC Securities Inc

Egypt Treasury Bills

129,100,000

Receive

3 month LIBOR plus

06/27/2017

6,823

176

—

1.15%

Morgan Stanley & Co

MSCI Brazil Net Return

21

Receive

Brazil Cetip

06/21/2017

BRL

16

—

—

BRL Index

Interbank Deposit

minus .30%

Morgan Stanley & Co

MSCI China Net Return

1,761

Receive

1 Month HIBOR

06/21/2017

823

2

—

HKD Index

plus .40%

Morgan Stanley & Co

MSCI China Net Return

1,808

Receive

1 Month HIBOR

06/21/2017

845

3

—

HKD Index

plus .40%

Morgan Stanley & Co

MSCI Italy Net Return EUR

1,641,673

Pay

Euribor 1 Month

06/21/2017

EUR

17

34

—

Index

minus 2.55%

Morgan Stanley & Co

MSCI Mexico Net Return

5,813,139

Pay

MXN TIIE Banxico

06/21/2017

MXN

6

1

—

MXN Index

plus .25%

Morgan Stanley & Co

MSCI China Net Return

1,781

Receive

1 Month HIBOR

06/21/2017

HKD

832

2

—

HKD Index

plus .40%

Morgan Stanley & Co

MSCI Netherlands Net

234,240

Pay

Euribor 1 Month

06/21/2017

EUR

1

—

(1

)

Return EUR Index

minus 1.00%

Morgan Stanley & Co

MSCI Poland Net Return

3,408

Receive

1 Month WIBOR

06/21/2017

PLN

667

—

(1

)

PLN Index

plus .25%

Morgan Stanley & Co

MSCI Singapore Net Return

231,471

Pay

SIBOR 1 Month

06/21/2017

SGD

—

—

—

SGD Index

minus .20%

See accompanying notes

84

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Total Return Swaps (continued)
					Pay/Receive				Expiration		Notional			Fair Value
Counterparty (Issuer)	Reference Entity		Contracts		Positive Return           Financing Rate				Date		Amount			Asset         Liability
Morgan Stanley & Co	MSCI South Africa Net Return		29,360,513		Pay	SAFE South Africa			06/21/2017		ZAR	31			25		—
	ZAR Index					Johannesburg
						Interbank Agreed
						Rate 1 Month
						minus .90%
Morgan Stanley & Co	MSCI Switzerland Net Return		2,053,640		Pay	ICE LIBOR CHF 1			06/21/2017		CHF	1			—		(6	)
	CHF Index					Month minus
						2.65%
Morgan Stanley & Co	MSCI Turkey Net Return TRY		88		Receive	1 Month TRLIBOR			06/21/2017		TRY	104			1		—
	Index					minus .25%
Total												$		421		$	(197	)
Amounts in thousands except contracts
Currency Swaps
						Notional
					Notional Amount	Amount of		Upfront
					of Currency	Currency		Premiums			Unrealized				Fair Value
Counterparty (Issuer)      Fund Receives		Fund Pays	Maturity Date		Received	Delivered		Paid/(Received)			Appreciation/(Depreciation)				Asset		Liability
Bank of America NA       3 Month LIBOR		10.86%	08/08/2022		$2,500	TRY 8,906	$		—	$		(19	)	$	— $		(19	)
Total						$			—	$		(19	)	$	— $		(19	)
Amounts in thousands
Reverse Repurchase Agreements
Counterparty		Coupon Rate			Maturity Date	Principal Amount				Payable for Reverse Repurchase Agreements
Barclays Bank PLC			(1.65	%)	Open Ended	$		7,920		$					(7,925	)
Merrill Lynch			(1.00	%)	06/01/2017			12,271							(12,271	)
Merrill Lynch			(0.94	%)	06/01/2017			13,400							(13,400	)
Merrill Lynch			(0.94	%)	06/01/2017			10,372							(10,372	)
Merrill Lynch			(1.01	%)	06/01/2017			46,585							(46,586	)
Merrill Lynch			(1.00	%)	06/01/2017			18,288							(18,289	)
Merrill Lynch			(0.71	%)	06/01/2017			14,821							(14,821	)
Merrill Lynch			(0.96	%)	06/01/2017			44,521							(44,522	)
Merrill Lynch			(0.98	%)	06/01/2017				592						(592	)
Merrill Lynch			(0.98	%)	06/01/2017			5,765							(5,765	)
Merrill Lynch			(7.65	%)	Open Ended	ZAR		5,761							(452	)
Merrill Lynch			(7.60	%)	Open Ended			17,518							(1,373	)
Merrill Lynch			(7.65	%)	Open Ended			7,424							(580	)
Merrill Lynch			(7.60	%)	Open Ended			12,326							(961	)
Merrill Lynch			(7.65	%)	Open Ended			6,438							(501	)
Merrill Lynch			(8.00	%)	Open Ended			10,120							(777	)
Merrill Lynch			(7.65	%)	Open Ended			7,872							(621	)
Total										$				(179,808		)
Amounts in thousands

See accompanying notes

85

Schedule of Investments Global Multi-Strategy Fund May 31, 2017 (unaudited)

Short Sales Outstanding

COMMON STOCKS - (11.09)%		Shares			Value(000	's)	COMMON STOCKS (continued)	Shares	Value(000			's)
Advertising - (0.07)%							Biotechnology - (0.03)%
Dentsu Inc	41,400			$	2,108		Acorda Therapeutics Inc (a)	4,171		$	57
							Innoviva Inc (a)	9,636			118
							Seattle Genetics Inc (a)	10,985			703
Aerospace & Defense - (0.13)%									$		878
Arconic Inc	32,138				883
BAE Systems PLC	107,011				921		Building Materials - (0.06)%
Harris Corp	7,640				857		Asahi Glass Co Ltd	37,000			302
Rockwell Collins Inc	8,595				937		Daikin Industries Ltd	4,300			421
			$		3,598		James Hardie Industries PLC	32,866			478
							Martin Marietta Materials Inc	1,969			441
Agriculture - (0.02)%									$		1,642
Bunge Ltd	8,793				703
							Chemicals - (0.36)%
							Air Liquide SA	13,818			1,685
Airlines - (0.11)%							CF Industries Holdings Inc	18,990			511
American Airlines Group Inc	20,978				1,016		Clariant AG (a)	73,869			1,549
International Consolidated Airlines Group SA	106,724				833		Dow Chemical Co/The	13,973			866
Singapore Airlines Ltd	162,800				1,177		K+S AG	28,558			731
			$		3,026		Kansai Paint Co Ltd	39,300			852
Apparel - (0.12)%							Mosaic Co/The	27,276			617
Gildan Activewear Inc	20,500				594		Nippon Paint Holdings Co Ltd	22,900			912
Hanesbrands Inc	24,785				512		Potash Corp of Saskatchewan Inc	68,166			1,126
Under Armour Inc - Class C (a)	86,495				1,542		Praxair Inc	4,428			586
VF Corp	12,663				681		Taiyo Nippon Sanso Corp	36,400			370
			$		3,329		Toray Industries Inc	46,000			385
									$		10,190
Automobile Manufacturers - (0.19)%
Daimler AG	12,914				939		Commercial Services - (0.21)%
Fiat Chrysler Automobiles NV (a)	23,601				249		Abertis Infraestructuras SA	92,400			1,692
Ford Motor Co	139,471				1,551		Element Fleet Management Corp	91,420			579
General Motors Co	40,284				1,367		Gartner Inc (a)	2,619			313
PACCAR Inc	16,590				1,044		H&R Block Inc	20,766			551
Tesla Inc (a)			855		292		MacDonald Dettwiler & Associates Ltd	4,411			205
			$		5,442		Recruit Holdings Co Ltd	17,900			949
							Transurban Group	127,721			1,169
Automobile Parts & Equipment - (0.16)%							United Rentals Inc (a)	5,717			622
BorgWarner Inc	42,456				1,805				$		6,080
Delphi Automotive PLC	5,479				482
Goodyear Tire & Rubber Co/The	53,277				1,716		Computers - (0.23)%
Meritor Inc (a)	22,750				354		Computershare Ltd	26,732			286
Yokohama Rubber Co Ltd/The	16,900				330		Hewlett Packard Enterprise Co	17,050			321
			$		4,687		International Business Machines Corp	26,384			4,027
							NCR Corp (a)	6,349			245
Banks - (0.68)%							Seagate Technology PLC	36,646			1,597
Banco Santander SA	619,656				4,035				$		6,476
Bank of Kyoto Ltd/The	144,000				1,214
Bank of Queensland Ltd	29,386				244		Consumer Products - (0.01)%
Bendigo & Adelaide Bank Ltd	68,430				573		Clorox Co/The	3,220			437
Canadian Imperial Bank of Commerce	7,955				622
Chugoku Bank Ltd/The	40,300				566		Cosmetics & Personal Care - (0.09)%
Citizens Financial Group Inc	27,048				922		Edgewell Personal Care Co (a)	7,090			519
Columbia Banking System Inc	6,144				226		Kao Corp	10,400			656
First Horizon National Corp	16,353				277		Shiseido Co Ltd	41,200			1,386
Home BancShares Inc/AR	3,381				79				$		2,561
KeyCorp	47,390				828
M&T Bank Corp	22,050				3,450		Distribution & Wholesale - (0.19)%
PacWest Bancorp	2,605				122		Fossil Group Inc (a)	368,699			3,971
Resona Holdings Inc	89,200				455		G-III Apparel Group Ltd (a)	12,192			238
Signature Bank/New York NY (a)	12,866				1,840		Marubeni Corp	187,100			1,155
South State Corp			26		2				$		5,364
Sumitomo Mitsui Financial Group Inc	26,400				945
Sumitomo Mitsui Trust Holdings Inc	40,900				1,381		Diversified Financial Services - (0.44)%
UBS Group AG (a)	48,587				774		AEON Financial Service Co Ltd	33,200			682
United Bankshares Inc/WV	10,715				410		Affiliated Managers Group Inc	5,155			793
Yamaguchi Financial Group Inc	31,000				355		Alliance Data Systems Corp	1,324			319
			$		19,320		Ally Financial Inc	90,275			1,674
							Ameriprise Financial Inc	6,332			765
Beverages - (0.12)%							ASX Ltd	41,032			1,559
Anheuser-Busch InBev SA/NV	9,437				1,103		Japan Exchange Group Inc	48,200			779
Brown-Forman Corp - B Shares	24,340				1,264		Nasdaq Inc	28,803			1,949
Treasury Wine Estates Ltd	120,248				1,164		Navient Corp	27,352			395
			$		3,531		Provident Financial PLC	47,757			1,878

See accompanying notes

86

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares	Value(000			's)	COMMON STOCKS (continued)	Shares	Value(000			's)
Diversified Financial Services (continued)						Gas - (0.03)%
Visa Inc	16,161		$	1,539		Sempra Energy	7,750		$	903
		$		12,332
Electric - (0.51)%						Healthcare - Products - (0.14)%
AES Corp/VA	92,693			1,083		Becton Dickinson and Co	2,046			387
Black Hills Corp	9,813			682		Essilor International SA	12,896			1,715
Chugoku Electric Power Co Inc/The	88,300			1,006		Olympus Corp	51,200			1,870
Dominion Energy Inc		891		72				$		3,972
Dynegy Inc (a)	10,652			88
Electricite de France SA	127,248			1,370		Healthcare - Services - (0.32)%
						Anthem Inc	36,606			6,675
Endesa SA	98,262			2,455		Brookdale Senior Living Inc (a)		222		3
Entergy Corp	10,201			807		Laboratory Corp of America Holdings (a)	5,340			742
Exelon Corp	53,029			1,925		Sonic Healthcare Ltd	69,221			1,190
FirstEnergy Corp	23,918			699
Great Plains Energy Inc	18,536			533		UnitedHealth Group Inc	2,040			358
Hokuriku Electric Power Co	50,100			489				$		8,968
Kansai Electric Power Co Inc/The	100,300			1,404		Holding Companies - Diversified - (0.02)%
Kyushu Electric Power Co Inc	135,600			1,680		Wendel SA	3,762			574
NRG Yield Inc - A Shares	7,368			127
NRG Yield Inc - C Shares	2,005			35
		$		14,455		Home Builders - (0.06)%
						PulteGroup Inc	70,074			1,589
Electrical Components & Equipment - (0.11)%
Acuity Brands Inc	4,884			796
Casio Computer Co Ltd	54,200			841		Home Furnishings - (0.04)%
General Cable Corp	1,867			31		Sony Corp	28,200			1,030
Nidec Corp	14,900			1,475
SunPower Corp (a)	1,383			11		Insurance - (0.54)%
		$		3,154		Allianz SE	2,773			533
						Arthur J Gallagher & Co	26,420			1,499
Electronics - (0.16)%						Berkshire Hathaway Inc - Class B (a)	20,640			3,411
Alps Electric Co Ltd	22,300			625		Challenger Ltd/Australia	52,524			499
Amphenol Corp	11,618			867		Chubb Ltd	5,159			739
Hamamatsu Photonics KK	31,700			1,008		Fairfax Financial Holdings Ltd		293		129
Murata Manufacturing Co Ltd	3,100			429		Great-West Lifeco Inc	13,800			343
Nippon Electric Glass Co Ltd	45,000			313		Industrial Alliance Insurance & Financial	9,400			348
TTM Technologies Inc (a)	52,218			848
						Services Inc
Vishay Intertechnology Inc	20,174			330		Lincoln National Corp	11,772			765
		$		4,420		MetLife Inc	9,881			500
Engineering & Construction - (0.08)%						Power Corp of Canada	71,400			1,523
Aeroports de Paris	9,417			1,439		Power Financial Corp	66,600			1,590
Cheung Kong Infrastructure Holdings Ltd	25,000			215		Prudential Financial Inc	9,826			1,030
Eiffage SA	6,430			585		Torchmark Corp	18,170			1,372
		$		2,239		Voya Financial Inc	34,367			1,175
								$		15,456
Entertainment - (0.09)%
Aristocrat Leisure Ltd	31,720			514		Internet - (0.40)%
Eldorado Resorts Inc (a)	10,960			227		Alibaba Group Holding Ltd ADR(a)	19,464			2,384
Oriental Land Co Ltd/Japan	23,100			1,492		Expedia Inc	3,039			437
Paddy Power Betfair PLC	3,525			370		Iliad SA	8,926			2,316
						Liberty Ventures (a)	1,811			97
		$		2,603
						New Media Investment Group Inc	128,542			1,662
Environmental Control - (0.04)%						Palo Alto Networks Inc (a)		31		4
Republic Services Inc	7,606			484		Pandora Media Inc (a)	2,454			22
Stericycle Inc (a)	5,550			454		Twitter Inc (a)	45,464			833
		$		938		United Internet AG	23,882			1,316
						VeriSign Inc (a)	24,005			2,164
Food - (0.27)%
Ajinomoto Co Inc	17,600			377				$		11,235
Calbee Inc	21,600			837		Investment Companies - (0.18)%
Chr Hansen Holding A/S	15,171			1,062		Ares Capital Corp	3,095			52
Empire Co Ltd	42,200			640		Eurazeo SA	16,209			1,159
Hormel Foods Corp	24,123			811		Groupe Bruxelles Lambert SA	4,613			448
JM Smucker Co/The	3,750			480		Investor AB	53,364			2,465
Koninklijke Ahold Delhaize NV	26,996			596		Kinnevik AB	30,239			867
Kraft Heinz Co/The	13,193			1,216		Prospect Capital Corp	2,708			22
Kroger Co/The	17,038			507				$		5,013
Marine Harvest ASA (a)	10,700			187
Mondelez International Inc	14,170			660		Iron & Steel - (0.04)%
Post Holdings Inc (a)	1,206			97		Allegheny Technologies Inc	7,180			111
						Kobe Steel Ltd (a)	110,000			1,006
		$		7,470
								$		1,117

See accompanying notes

87

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares	Value(000			's)	COMMON STOCKS (continued)	Shares	Value(000			's)
Leisure Products & Services - (0.02)%						Oil & Gas Services (continued)
Shimano Inc	3,800		$	590		RPC Inc	19,400		$	364
						Superior Energy Services Inc (a)	19,400			201
						Weatherford International PLC (a)	293,043			1,407
Lodging - (0.01)%
Wynn Resorts Ltd	2,306			297				$		2,289
						Packaging & Containers - (0.04)%
Machinery - Diversified - (0.18)%						Amcor Ltd/Australia	29,558			337
Flowserve Corp	38,304			1,858		Ball Corp	20,500			838
MAN SE	6,615			699				$		1,175
Roper Technologies Inc	2,790			634		Pharmaceuticals - (0.32)%
Wabtec Corp/DE	22,210			1,816		Alkermes PLC (a)	4,500			260
		$		5,007		Allergan PLC	12,593			2,818
Media - (0.39)%						AmerisourceBergen Corp	4,072			374
						Amicus Therapeutics Inc (a)	14,542			117
Altice NV - A Shares (a)	42,400			1,055
Charter Communications Inc (a)	4,986			1,723		Chugai Pharmaceutical Co Ltd	25,400			966
DISH Network Corp (a)	2,554			163		McKesson Corp	2,241			365
EW Scripps Co/The (a)	107,248			1,842		Merck KGaA	8,339			1,008
Liberty Broadband Corp - C Shares (a)	5,290			471		Ono Pharmaceutical Co Ltd	15,600			324
Liberty Global PLC - A Shares (a)	28,181			862		Otsuka Holdings Co Ltd	10,000			451
Scripps Networks Interactive Inc	17,209			1,140		Santen Pharmaceutical Co Ltd	125,600			1,730
SFR Group SA (a)	44,338			1,564		Teva Pharmaceutical Industries Ltd ADR	18,564			517
TEGNA Inc	38,968			925				$		8,930
Telenet Group Holding NV (a)	7,782			516		Pipelines - (0.18)%
Viacom Inc - B Shares	31,781			1,106		Cheniere Energy Inc (a)	10,761			524
		$		11,367		Enbridge Inc		1		—
Metal Fabrication & Hardware - (0.05)%						Keyera Corp	10,300			306
MISUMI Group Inc	16,700			377		ONEOK Inc	20,271			1,007
Rexnord Corp (a)	5,044			115		Pembina Pipeline Corp	45,335			1,449
Tenaris SA	84,867			1,286		Targa Resources Corp	7,471			343
		$		1,778		TransCanada Corp	31,700			1,472
								$		5,101
Mining - (0.10)%
Cameco Corp	80,000			737		Private Equity - 0.00%
Fresnillo PLC	19,574			398		Kennedy-Wilson Holdings Inc		6		—
Goldcorp Inc	44,600			606
Mitsubishi Materials Corp	13,900			392		Real Estate - (0.11)%
Randgold Resources Ltd	5,069			481		Deutsche Wohnen AG	20,560			807
Teck Resources Ltd	22,600			402		Nomura Real Estate Holdings Inc	63,400			1,366
		$		3,016		REA Group Ltd	10,377			495
						Swiss Prime Site AG (a)	5,225			481
Miscellaneous Manufacturers - (0.05)%
Textron Inc	27,370			1,308				$		3,149
						REITS - (0.16)%
Office & Business Equipment - (0.08)%						Colony NorthStar Inc	15,374			217
Ricoh Co Ltd	131,500			1,110		Colony Starwood Homes	1,492			52
Xerox Corp	185,206			1,309		Host Hotels & Resorts Inc	49,783			896
		$		2,419		RLJ Lodging Trust	16,279			331
						Sabra Health Care REIT Inc	38,327			898
Oil & Gas - (0.40)%						SBA Communications Corp (a)	2,545			352
BP PLC	108,197			654		Spirit Realty Capital Inc	3,942			28
Cabot Oil & Gas Corp	26,150			580		Starwood Property Trust Inc	12,560			277
Chesapeake Energy Corp (a)	30,740			156		Welltower Inc	23,939			1,736
Continental Resources Inc/OK (a)	19,131			719				$		4,787
DCC PLC	2,308			219
Ensco PLC	15,687			98		Retail - (1.06)%
EOG Resources Inc	8,520			770		Advance Auto Parts Inc	13,784			1,842
Helmerich & Payne Inc	9,700			511		Aeon Co Ltd	30,400			459
						AutoNation Inc (a)	10,117			400
Lundin Petroleum AB	60,289			1,172		AutoZone Inc (a)		722		437
Noble Energy Inc	3,952			113
Patterson-UTI Energy Inc	14,550			310		Bed Bath & Beyond Inc	71,701			2,467
PrairieSky Royalty Ltd	59,500			1,284		Best Buy Co Inc	7,439			442
						Chipotle Mexican Grill Inc (a)	2,618			1,250
Statoil ASA	100,715			1,756
Suncor Energy Inc	28,800			901		Dillard's Inc	36,380			1,873
						Dollar Tree Inc (a)	10,369			806
Tesoro Corp	13,562			1,129
TOTAL SA	16,485			871		Domino's Pizza Enterprises Ltd	11,483			490
		$		11,243		Don Quijote Holdings Co Ltd	21,500			840
						Gap Inc/The	102,415			2,305
Oil & Gas Services - (0.08)%						GNC Holdings Inc	29,363			223
Keane Group Inc (a)	3,880			60		Isetan Mitsukoshi Holdings Ltd	82,200			829
ProPetro Holding Corp (a)	19,400			257		J Front Retailing Co Ltd	40,300			569

See accompanying notes

88

Schedule of Investments
Global Multi-Strategy Fund
May 31, 2017 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares	Value(000			's)	INVESTMENT COMPANIES - (0.01)%			Shares	Value(000			's)
Retail (continued)						Exchange Traded Funds - (0.01)%
JC Penney Co Inc (a)	181,776		$	854		SPDR S&P Oil & Gas Equipment & Services			19,400		$	312
Kohl's Corp	110,877			4,261		ETF
L Brands Inc	5,452			281		VanEck Vectors Oil Services ET			1,940			50
Macy's Inc	80,499			1,892						$		362
Marui Group Co Ltd	62,500			909		TOTAL INVESTMENT COMPANIES (proceeds $431)				$		362
McDonald's Holdings Co Japan Ltd	19,700			705					Principal
Nordstrom Inc	38,749			1,620		BONDS- (1.06	)%	Amount (000's)		Value(000			's)
O'Reilly Automotive Inc (a)	1,267			307
Ryohin Keikaku Co Ltd	5,800			1,510		Automobile Parts & Equipment - (0.07)%
Signet Jewelers Ltd	16,474			792		Goodyear Tire & Rubber Co/The
Staples Inc	85,008			772		5.13%, 11/15/2023		$	2,000		$	2,105
Tiffany & Co	8,986			782
Walgreens Boots Alliance Inc	7,960			645		Commercial Services - (0.14)%
		$		30,562		Hertz Corp/The
Savings & Loans - (0.09)%						6.75%, 04/15/2019			3,898			3,910
BofI Holding Inc (a)	101,114			2,245
Sterling Bancorp/DE	15,775			338		Diversified Financial Services - (0.06)%
		$		2,583
						International Lease Finance Corp
Semiconductors - (0.64)%						5.88%, 08/15/2022			1,436			1,630
Advanced Micro Devices Inc (a)	57,030			638
Analog Devices Inc		1		—		Food- (0.08	)%
Intel Corp	144,164			5,206		Flowers Foods Inc
Lam Research Corp	59,306			9,203		4.38%, 04/01/2022			2,220			2,389
Microchip Technology Inc	36,299			3,024
Veeco Instruments Inc (a)	1,567			49
						Lodging - (0.06)%
		$		18,120		Wynn Las Vegas LLC / Wynn Las Vegas
Software - (0.14)%						Capital Corp
Activision Blizzard Inc	8,374			490		5.50%, 03/01/2025			1,500			1,586
Red Hat Inc (a)	10,156			910
Splunk Inc (a)	22,281			1,364
Synopsys Inc (a)	9,904			741		Pharmaceuticals - (0.27)%
Workday Inc (a)	3,548			355		Endo Finance LLC
						5.75%, 01/15/2022			5,841			5,600
		$		3,860		Valeant Pharmaceuticals International Inc
Telecommunications - (0.40)%						6.75%, 08/15/2018			2,065			2,082
AT&T Inc	23,589			909						$		7,682
BCE Inc	12,265			556		Retail - (0.05)%
CenturyLink Inc	42,117			1,051		Macy's Retail Holdings Inc
Ciena Corp (a)	34,401			808
						4.50%, 12/15/2034			1,677			1,418
Nokia OYJ	128,112			811
SES SA	68,430			1,694
SoftBank Group Corp	16,000			1,299		Sovereign - (0.31)%
Swisscom AG		811		389		Republic of South Africa Government
T-Mobile US Inc (a)	19,414			1,309		International Bond
Verizon Communications Inc	47,381			2,210		4.88%, 04/14/2026			2,227			2,273
		$		11,036		Turkey Government International Bond
						7.38%, 02/05/2025			5,581			6,519
Toys, Games & Hobbies - (0.07)%										$		8,792
Nintendo Co Ltd	6,300			1,910
						Transportation - (0.02)%
						XPO Logistics Inc
Transportation - (0.24)%						6.50%, 06/15/2022			468			497
FedEx Corp	6,190			1,200
Keihan Holdings Co Ltd	254,000			1,679		TOTAL BONDS (proceeds $29,246)				$		30,009
Keikyu Corp	59,000			702
Knight Transportation Inc	14,555			485					Principal
MTR Corp Ltd	70,000			399		CONVERTIBLE BONDS - (0.03)%		Amount (000's)		Value(000			's)
Odakyu Electric Railway Co Ltd	33,200			665		Commercial Services - (0.01)%
Seibu Holdings Inc	76,500			1,422		Square Inc
Ship Finance International Ltd	6,090			82		0.38%, 03/01/2022			100			120
Union Pacific Corp	3,399			375
Yamato Holdings Co Ltd	9,100			198
		$		7,207		Diversified Financial Services - 0.00%
						Blackhawk Network Holdings Inc
Water - (0.03)%						1.50%, 01/15/2022			75			84
United Utilities Group PLC	69,907			928
						Internet - (0.01)%
TOTAL COMMON STOCKS (proceeds $297,792)		$		315,502		Priceline Group Inc/The
						0.90%, 09/15/2021			225			258

See accompanying notes

89

					Schedule of Investments
					Global Multi-Strategy Fund
					May 31, 2017 (unaudited)
					Short Sales Outstanding
		Principal
CONVERTIBLE BONDS (continued)	Amount (000's)		Value(000			's)
Oil & Gas - 0.00%
Nabors Industries Inc
0.75%, 01/15/2024	$	75		$	62
Pharmaceuticals - 0.00%
Neurocrine Biosciences Inc
2.25%, 05/15/2024		100			97
Software - (0.01)%
Nice Systems Inc
1.25%, 01/15/2024		25			28
Nuance Communications Inc
1.00%, 12/15/2035		275			267
			$		295
TOTAL CONVERTIBLE BONDS (proceeds $886)			$		916
U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS - (4.50)%	Amount (000's)		Value(000			's)
Federal National Mortgage Association (FNMA) - (0.46)%
3.50%, 07/01/2045	$	12,636		$	13,030
U.S. Treasury - (1.85)%
1.63%, 03/31/2019		11,622			11,697
1.88%, 01/31/2022		2,049			2,062
2.00%, 12/31/2021		2,677			2,709
2.00%, 05/31/2024		36,174			36,143
			$		52,611
U.S. Treasury Inflation-Indexed Obligations - (2.19)%
0.13%, 04/15/2022		26,765			26,912
0.13%, 07/15/2022		3,868			3,907
0.63%, 07/15/2021		19,009			19,679
1.25%, 07/15/2020		11,451			12,040
			$		62,538
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY			$		128,179
OBLIGATIONS (proceeds $127,849)
TOTAL SHORT SALES (proceeds $456,204)			$		474,968
(a) Non-Income Producing Security

See accompanying notes

90

Schedule of Investments Global Opportunities Fund May 31, 2017 (unaudited)

COMMON STOCKS - 96.90%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 1.11%					Electronics - 0.30%
L3 Technologies Inc	88,662	$	14,947		Hon Hai Precision Industry Co Ltd	1,182,000	$	4,044
Agriculture - 2.50%					Engineering & Construction - 1.08%
British American Tobacco PLC	468,651		33,528		Aena SA (b)	71,420		14,432
Airlines - 1.96%					Environmental Control - 1.09%
ANA Holdings Inc	3,674,000		12,040		Waste Management Inc	200,010		14,583
Southwest Airlines Co	237,037		14,243
		$	26,283		Food - 2.53%
Apparel - 0.58%					Campbell Soup Co	214,539		12,368
LVMH Moet Hennessy Louis Vuitton SE	30,429		7,778		Charoen Pokphand Foods PCL (c)	9,278,400		6,782
					Tate & Lyle PLC	407,814		3,876
Automobile Manufacturers - 1.31%					WH Group Ltd (b)	11,656,500		10,920
Suzuki Motor Corp	373,300		17,562				$	33,946
					Food Service - 1.03%
Banks - 8.42%					Compass Group PLC	640,638		13,822
Bank of America Corp	555,339		12,445
CaixaBank SA	2,146,847		10,158		Healthcare - Services - 5.13%
Danske Bank A/S	353,402		13,234		Anthem Inc	130,317		23,763
DBS Group Holdings Ltd	622,400		9,196		Fresenius SE & Co KGaA	160,195		13,723
JPMorgan Chase & Co	432,431		35,524		Humana Inc	57,453		13,344
Lloyds Banking Group PLC	9,159,605		8,337		UnitedHealth Group Inc	102,534		17,962
Mitsubishi UFJ Financial Group Inc	1,158,700		7,190				$	68,792
SunTrust Banks Inc	119,546		6,380		Holding Companies - Diversified - 0.77%
Swedbank AB	437,114		10,519		Wharf Holdings Ltd/The	1,221,000		10,373
		$	112,983
Biotechnology - 3.10%					Home Builders - 0.46%
Celgene Corp (a)	122,386		14,002		MRV Engenharia e Participacoes SA	1,555,200		6,224
Genmab A/S (a)	71,696		15,272
Gilead Sciences Inc	191,092		12,400		Insurance - 6.93%
		$	41,674		Everest Re Group Ltd	63,205		16,095
Building Materials - 0.63%					NN Group NV	497,331		17,911
Asahi Glass Co Ltd	1,029,000		8,395		Ping An Insurance Group Co of China Ltd	1,647,500		10,544
					Prudential Financial Inc	126,009		13,212
Chemicals - 1.27%					Reinsurance Group of America Inc	56,753		7,066
Lonza Group AG (a)	82,040		17,011		SCOR SE	295,089		11,610
					Swiss Life Holding AG (a)	49,494		16,533
Commercial Services - 2.31%							$	92,971
Ashtead Group PLC	464,167		9,365		Internet - 4.53%
Kroton Educacional SA	1,488,400		6,637		Alphabet Inc - A Shares (a)	38,227		37,734
Qualicorp SA	865,200		7,422		Amazon.com Inc (a)	13,884		13,809
Total System Services Inc	127,080		7,568		Facebook Inc (a)	61,582		9,327
		$	30,992				$	60,870
Computers - 4.29%					Machinery - Construction & Mining - 1.69%
Accenture PLC - Class A	146,410		18,223		ABB Ltd	431,114		10,848
Atos SE	106,435		15,271		Hitachi Ltd	1,964,000		11,846
DXC Technology Co	169,011		13,102				$	22,694
Leidos Holdings Inc	198,647		11,037		Machinery - Diversified - 1.07%
		$	57,633		Cummins Inc	90,805		14,320
Cosmetics & Personal Care - 2.98%
Colgate-Palmolive Co	260,878		19,920		Media - 0.86%
Unilever NV	351,809		20,041		CBS Corp	188,917		11,545
		$	39,961
Distribution & Wholesale - 1.58%					Oil & Gas - 4.32%
Mitsubishi Corp	581,800		11,643		Chevron Corp	175,020		18,111
Wolseley PLC	144,942		9,565		EOG Resources Inc	149,459		13,498
		$	21,208		LUKOIL PJSC ADR	159,556		7,647
Diversified Financial Services - 1.58%					Repsol SA	625,139		10,508
Amundi SA (b)	110,203		7,530		Royal Dutch Shell PLC - A Shares	302,954		8,234
KB Financial Group Inc	285,363		13,640				$	57,998
		$	21,170		Packaging & Containers - 1.09%
Electric - 3.70%					Packaging Corp of America	143,777		14,688
CenterPoint Energy Inc	626,101		17,913
Exelon Corp	518,357		18,821		Pharmaceuticals - 4.42%
Iberdrola SA	1,611,797		12,872		AbbVie Inc	382,543		25,256
		$	49,606		Merck & Co Inc	316,372		20,599
Electrical Components & Equipment - 1.42%					Roche Holding AG	48,928		13,433
Furukawa Electric Co Ltd	172,400		7,712				$	59,288
OSRAM Licht AG	147,724		11,319		Pipelines - 0.68%
		$	19,031		Pembina Pipeline Corp	287,100		9,175

See accompanying notes

91

Schedule of Investments Global Opportunities Fund May 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	Portfolio Summary (unaudited)
Private Equity - 0.70%					Country	Percent
3i Group PLC	818,137	$	9,445		United States	51.60	%
					United Kingdom	7.33	%
Real Estate - 1.45%					Japan	6.54	%
Sun Hung Kai Properties Ltd	566,000		8,370		Switzerland	5.02	%
Vonovia SE	280,909		11,047		France	4.34	%
		$	19,417		Spain	3.58	%
REITS - 2.86%					Germany	2.68	%
American Tower Corp	66,368		8,707		Hong Kong	2.21	%
Highwoods Properties Inc	130,859		6,595		Korea, Republic Of	2.17	%
Prologis Inc	245,542		13,637		Denmark	2.13	%
Summit Hotel Properties Inc	528,549		9,461		Netherlands	1.94	%
		$	38,400		Taiwan, Province Of China	1.52	%
Retail - 3.05%					Brazil	1.51	%
Alimentation Couche-Tard Inc	153,716		7,110		Ireland	1.36	%
CVS Health Corp	118,307		9,090		Canada	1.21	%
Wal-Mart Stores Inc	314,902		24,751		Bermuda	1.20	%
		$	40,951		China	0.79	%
Semiconductors - 2.37%					Sweden	0.78	%
Samsung Electronics Co Ltd	7,716		15,368		Singapore	0.68	%
Taiwan Semiconductor Manufacturing Co Ltd	2,422,000		16,419		Russian Federation	0.57	%
		$	31,787		Thailand	0.51	%
Software - 4.04%					Other Assets and Liabilities	0.33	%
Microsoft Corp	474,865		33,164		TOTAL NET ASSETS	100.00	%
Synopsys Inc (a)	281,924		21,108
		$	54,272
Telecommunications - 4.53%
Cisco Systems Inc	768,420		24,228
NTT DOCOMO Inc	451,600		11,098
Orange SA	911,763		16,020
Verizon Communications Inc	203,340		9,484
		$	60,830
Transportation - 1.18%
CSX Corp	134,228		7,271
Union Pacific Corp	78,154		8,620
		$	15,891
TOTAL COMMON STOCKS		$	1,300,520
INVESTMENT COMPANIES - 2.77%	Shares Held		Value(000	's)
Money Market Funds - 2.77%
Morgan Stanley Institutional Liquidity Funds -	37,241,502		37,242
Government Portfolio
TOTAL INVESTMENT COMPANIES		$	37,242
Total Investments		$	1,337,762
Other Assets and Liabilities - 0.33%		$	4,421
TOTAL NET ASSETS - 100.00%		$	1,342,183

(a)	Non-Income Producing Security
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $32,882 or 2.45% 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. Certain inputs used in the valuation may be unobservable; however, each security is evaluated individually for purposes of ASC 820 which results in not all securities being identified as Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $6,782 or 0.51% of net assets.

See accompanying notes

92

Schedule of Investments
International Equity Index Fund
May 31, 2017 (unaudited)
COMMON STOCKS - 96.54%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000		's)
Advertising - 0.43%					Automobile Parts & Equipment (continued)
Dentsu Inc	15,400	$	784		Koito Manufacturing Co Ltd	8,100	$		427
Hakuhodo DY Holdings Inc	16,600		220		Mobileye NV (a)	14,285			884
JCDecaux SA	5,325		177		NGK Insulators Ltd	18,700			375
Publicis Groupe SA	14,551		1,114		NGK Spark Plug Co Ltd	12,000			244
WPP PLC	91,687		2,063		NOK Corp	6,800			149
		$	4,358		Nokian Renkaat OYJ	8,270			338
Aerospace & Defense - 1.21%					Stanley Electric Co Ltd	10,100			304
Airbus SE	41,495		3,413		Sumitomo Electric Industries Ltd	53,900			854
BAE Systems PLC	227,429		1,958		Sumitomo Rubber Industries Ltd	13,100			223
Cobham PLC	171,156		296		Toyoda Gosei Co Ltd	4,600			111
Dassault Aviation SA	177		264		Toyota Industries Corp	11,600			583
Elbit Systems Ltd	1,676		204		Valeo SA	17,118			1,195
IHI Corp	111,000		417		Yokohama Rubber Co Ltd/The	8,500			166
Kawasaki Heavy Industries Ltd	107,000		307				$		13,968
Leonardo SpA	28,969		510		Banks - 12.91%
Meggitt PLC	55,527		359		ABN AMRO Group NV (b)	20,186			521
Rolls-Royce Holdings PLC (a)	118,466		1,326		Aozora Bank Ltd	85,000			312
Safran SA	22,389		1,980		Australia & New Zealand Banking Group Ltd	210,171			4,368
Thales SA	7,577		837		Banco Bilbao Vizcaya Argentaria SA	478,765			3,918
Zodiac Aerospace	14,639		387		Banco de Sabadell SA	381,922			788
		$	12,258		Banco Espirito Santo SA (a),(c)	131,709			—
Agriculture - 1.61%					Banco Santander SA	1,043,854			6,797
British American Tobacco PLC	133,457		9,548		Bank Hapoalim BM	76,021			506
Golden Agri-Resources Ltd	505,300		133		Bank Leumi Le-Israel BM (a)	103,219			505
Imperial Brands PLC	68,627		3,211		Bank of East Asia Ltd/The	86,800			366
Japan Tobacco Inc	78,600		2,954		Bank of Ireland (a)	1,969,173			534
Swedish Match AB	13,510		456		Bank of Kyoto Ltd/The	21,000			177
		$	16,302		Bank of Queensland Ltd	27,725			230
Airlines - 0.18%					Bankia SA	288,557			333
ANA Holdings Inc	83,000		272		Bankinter SA	48,257			445
Deutsche Lufthansa AG	16,779		327		Barclays PLC	1,214,446			3,287
easyJet PLC	11,372		207		Bendigo & Adelaide Bank Ltd	33,835			283
International Consolidated Airlines Group SA	45,537		356		BNP Paribas SA	80,337			5,672
Japan Airlines Co Ltd	8,600		252		BOC Hong Kong Holdings Ltd	264,500			1,193
Qantas Airways Ltd	32,785		122		CaixaBank SA	256,903			1,216
Singapore Airlines Ltd	38,600		279		Chiba Bank Ltd/The	49,000			321
		$	1,815		Chugoku Bank Ltd/The	11,400			160
					Commerzbank AG (a)	76,200			804
Apparel - 1.06%
Adidas AG	13,478		2,584		Commonwealth Bank of Australia	123,350			7,292
Asics Corp	11,400		191		Concordia Financial Group Ltd	88,300			406
Burberry Group PLC	31,419		736		Credit Agricole SA	81,493			1,253
					Credit Suisse Group AG (a)	142,208			1,942
Christian Dior SE	3,902		1,115		Credit Suisse Group AG - Rights (a)	141,636			66
Hermes International	1,511		747
LVMH Moet Hennessy Louis Vuitton SE	19,959		5,101		Danske Bank A/S	52,813			1,978
Yue Yuen Industrial Holdings Ltd	53,000		211		DBS Group Holdings Ltd	127,600			1,885
					Deutsche Bank AG	148,099			2,598
		$	10,685		DNB ASA	69,956			1,186
Automobile Manufacturers - 3.17%					Erste Group Bank AG (a)	21,535			782
Bayerische Motoren Werke AG	23,700		2,223		Fukuoka Financial Group Inc	55,000			247
Daimler AG	68,923		5,012		Hachijuni Bank Ltd/The	29,200			168
Ferrari NV	8,789		761		Hang Seng Bank Ltd	54,700			1,154
Fiat Chrysler Automobiles NV (a)	76,563		809
					Hiroshima Bank Ltd/The	35,000			143
Hino Motors Ltd	18,400		223		HSBC Holdings PLC	1,421,845			12,381
Honda Motor Co Ltd	123,200		3,451		ING Groep NV	277,640			4,660
Isuzu Motors Ltd	39,400		481		Intesa Sanpaolo SpA	908,238			2,605
Mazda Motor Corp	40,700		555		Intesa Sanpaolo SpA	66,750			181
Mitsubishi Motors Corp	47,900		311		Investec PLC	47,037			368
Nissan Motor Co Ltd	166,100		1,592		Japan Post Bank Co Ltd	28,900			358
Peugeot SA	34,776		688		KBC Group NV	17,956			1,352
Renault SA	12,701		1,185		Kyushu Financial Group Inc	24,800			152
Subaru Corp	43,900		1,484		Lloyds Banking Group PLC	5,115,352			4,656
Suzuki Motor Corp	24,500		1,153		Macquarie Group Ltd	23,145			1,542
Toyota Motor Corp	186,800		10,025		Mediobanca SpA	40,621			385
Volkswagen AG	2,323		365		Mitsubishi UFJ Financial Group Inc	862,100			5,350
Volvo AB - B Shares	111,247		1,817		Mizrahi Tefahot Bank Ltd	9,929			177
		$	32,135		Mizuho Financial Group Inc	1,726,300			3,000
Automobile Parts & Equipment - 1.38%					National Australia Bank Ltd	191,516			4,274
Aisin Seiki Co Ltd	12,600		622		Natixis SA	67,368			445
Bridgestone Corp	46,400		1,949		Nordea Bank AB	217,432			2,786
Cie Generale des Etablissements Michelin	12,245		1,547		Oversea-Chinese Banking Corp Ltd	225,000			1,705
Continental AG	7,873		1,754		Raiffeisen Bank International AG (a)	10,596			280
Denso Corp	34,000		1,450		Resona Holdings Inc	157,900			806
GKN PLC	122,735		554		Royal Bank of Scotland Group PLC (a)	253,904			852
JTEKT Corp	15,900		239		Seven Bank Ltd	42,500			155

See accompanying notes

93

Schedule of Investments
International Equity Index Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Banks (continued)					Chemicals (continued)
Shinsei Bank Ltd	118,000	$	190		JSR Corp	13,700	$	230
Shizuoka Bank Ltd/The	36,000		299		K+S AG	13,701		351
Skandinaviska Enskilda Banken AB	108,736		1,310		Kaneka Corp	19,000		144
Societe Generale SA	54,927		2,880		Kansai Paint Co Ltd	14,600		316
Standard Chartered PLC (a)	235,128		2,221		Koninklijke DSM NV	12,986		968
Sumitomo Mitsui Financial Group Inc	96,000		3,438		Kuraray Co Ltd	25,300		455
Sumitomo Mitsui Trust Holdings Inc	23,644		799		LANXESS AG	6,550		490
Suruga Bank Ltd	12,400		268		Linde AG	13,294		2,544
Svenska Handelsbanken AB	109,317		1,538		Lonza Group AG (a)	5,330		1,105
Swedbank AB	64,825		1,560		Mitsubishi Chemical Holdings Corp	102,300		776
UBS Group AG (a)	261,881		4,174		Mitsubishi Gas Chemical Co Inc	12,900		266
UniCredit SpA (a)	143,282		2,510		Mitsui Chemicals Inc	66,000		328
United Overseas Bank Ltd	94,200		1,564		Nippon Paint Holdings Co Ltd	11,600		462
Westpac Banking Corp	240,278		5,444		Nissan Chemical Industries Ltd	8,800		309
Yamaguchi Financial Group Inc	14,000		160		Nitto Denko Corp	11,800		948
		$	130,661		Novozymes A/S	16,508		747
Beverages - 2.19%					Shin-Etsu Chemical Co Ltd	27,800		2,497
Anheuser-Busch InBev SA/NV	54,543		6,374		Solvay SA	5,304		695
Asahi Group Holdings Ltd	27,600		1,101		Sumitomo Chemical Co Ltd	112,000		585
Carlsberg A/S	7,656		833		Symrise AG	8,827		635
Coca-Cola Amatil Ltd	40,994		285		Taiyo Nippon Sanso Corp	9,300		94
Coca-Cola Bottlers Japan Inc	8,900		287		Teijin Ltd	13,400		250
Coca-Cola European Partners PLC	15,560		641		Toray Industries Inc	105,100		878
Coca-Cola HBC AG (a)	13,005		378		Tosoh Corp	41,000		349
Diageo PLC	180,214		5,417		Umicore SA	6,814		451
Heineken Holding NV	7,215		671		Yara International ASA	12,711		474
Heineken NV	16,492		1,623				$	35,277
Kirin Holdings Co Ltd	62,100		1,310		Commercial Services - 1.97%
Pernod Ricard SA	15,199		2,062		Abertis Infraestructuras SA	49,626		909
Remy Cointreau SA	1,599		175		Adecco Group AG (a)	11,639		869
Suntory Beverage & Food Ltd	9,900		481		AerCap Holdings NV (a)	10,724		472
Treasury Wine Estates Ltd	52,838		511		Ashtead Group PLC	35,735		721
		$	22,149		Atlantia SpA	32,512		906
Biotechnology - 0.40%					Babcock International Group PLC	18,095		218
CSL Ltd	32,600		3,134		Benesse Holdings Inc	5,100		187
Genmab A/S (a)	4,103		874		Brambles Ltd	113,716		876
		$	4,008		Bureau Veritas SA	18,976		435
Building Materials - 1.42%					Capita PLC	47,755		359
Asahi Glass Co Ltd	72,000		587		Dai Nippon Printing Co Ltd	37,000		411
Boral Ltd	83,919		427		Edenred	15,891		419
Cie de Saint-Gobain	35,773		1,999		Experian PLC	67,517		1,411
CRH PLC	59,609		2,153		G4S PLC	111,067		465
Daikin Industries Ltd	17,800		1,745		Groupe Eurotunnel SE	33,464		394
Fletcher Building Ltd	49,677		266		Hutchison Port Holdings Trust	374,080		151
Geberit AG	2,651		1,242		Intertek Group PLC	11,551		640
HeidelbergCement AG	10,652		993		ISS A/S	11,961		495
Imerys SA	2,563		222		Park24 Co Ltd	7,900		221
James Hardie Industries PLC	31,556		459		Randstad Holding NV	8,525		494
LafargeHolcim Ltd (a)	32,583		1,961		Recruit Holdings Co Ltd	26,200		1,389
LIXIL Group Corp	19,000		462		RELX NV	69,147		1,435
Rinnai Corp	2,400		216		RELX PLC	77,348		1,659
Sika AG	154		993		Secom Co Ltd	15,000		1,097
Taiheiyo Cement Corp	86,000		276		Securitas AB	22,414		357
TOTO Ltd	10,100		385		SGS SA	391		932
		$	14,386		Sohgo Security Services Co Ltd	5,000		234
Chemicals - 3.48%					Toppan Printing Co Ltd	37,000		408
Air Liquide SA	27,837		3,395		Transurban Group	146,909		1,344
Air Water Inc	10,700		193				$	19,908
Akzo Nobel NV	18,051		1,509		Computers - 0.72%
Arkema SA	4,861		508		Atos SE	6,756		969
Asahi Kasei Corp	90,000		866		Cap Gemini SA	11,502		1,191
BASF SE	65,747		6,215		Check Point Software Technologies Ltd (a)	9,389		1,052
Brenntag AG	11,058		642		Computershare Ltd	33,241		356
Covestro AG (b)	6,522		489		Fujitsu Ltd	140,000		1,020
Croda International PLC	9,394		480		Gemalto NV	5,825		346
Daicel Corp	20,000		237		Ingenico Group SA	4,181		406
EMS-Chemie Holding AG	585		411		Nomura Research Institute Ltd	9,481		361
Evonik Industries AG	11,674		403		NTT Data Corp	9,000		485
Givaudan SA	660		1,356		Obic Co Ltd	4,600		267
Hitachi Chemical Co Ltd	7,500		207		Otsuka Corp	3,700		228
Incitec Pivot Ltd	120,772		307		TDK Corp	9,300		561
Israel Chemicals Ltd	36,423		155				$	7,242
Johnson Matthey PLC	13,853		557

See accompanying notes

94

Schedule of Investments
International Equity Index Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Consumer Products - 0.60%					Electric (continued)
Henkel AG & Co KGaA	7,438	$	925		Kansai Electric Power Co Inc/The	50,300	$	704
Reckitt Benckiser Group PLC	47,608		4,883		Kyushu Electric Power Co Inc	30,500		378
Societe BIC SA	2,041		249		Mercury NZ Ltd	50,108		115
		$	6,057		Meridian Energy Ltd	91,733		185
Cosmetics & Personal Care - 2.23%					Origin Energy Ltd (a)	125,629		717
Beiersdorf AG	7,214		775		Power Assets Holdings Ltd	99,000		886
Kao Corp	35,400		2,232		Red Electrica Corp SA	30,985		696
Kose Corp	2,100		227		RWE AG (a)	37,092		754
Lion Corp	16,000		339		SSE PLC	72,424		1,407
L'Oreal SA	18,031		3,857		Terna Rete Elettrica Nazionale SpA	100,717		569
Pola Orbis Holdings Inc	6,600		185		Tohoku Electric Power Co Inc	32,300		480
Shiseido Co Ltd	27,100		912		Tokyo Electric Power Co Holdings Inc (a)	103,400		424
Svenska Cellulosa AB SCA	43,557		1,536				$	23,457
Unicharm Corp	28,800		779		Electrical Components & Equipment - 0.80%
Unilever NV	116,608		6,643		Brother Industries Ltd	16,800		373
Unilever PLC	91,874		5,122		Casio Computer Co Ltd	13,900		216
		$	22,607		Gamesa Corp Tecnologica SA	17,065		387
Distribution & Wholesale - 1.06%					Legrand SA	19,135		1,313
Bunzl PLC	24,023		753		Mabuchi Motor Co Ltd	3,400		191
ITOCHU Corp	107,000		1,519		Nidec Corp	17,000		1,683
Jardine Cycle & Carriage Ltd	7,100		225		OSRAM Licht AG	5,995		459
Li & Fung Ltd	420,000		173		Prysmian SpA	14,738		410
Marubeni Corp	118,100		729		Schneider Electric SE (a)	40,292		3,105
Mitsubishi Corp	108,000		2,161				$	8,137
Mitsui & Co Ltd	122,100		1,648		Electronics - 1.51%
Rexel SA	21,675		382		Alps Electric Co Ltd	14,200		398
Sumitomo Corp	85,000		1,083		Assa Abloy AB	71,747		1,612
Toyota Tsusho Corp	15,200		466		Hamamatsu Photonics KK	10,200		324
Travis Perkins PLC	17,960		378		Hirose Electric Co Ltd	2,185		291
Wolseley PLC	18,104		1,195		Hitachi High-Technologies Corp	4,800		190
		$	10,712		Hoya Corp	27,800		1,368
Diversified Financial Services - 1.40%					Keyence Corp	6,980		3,167
Aberdeen Asset Management PLC	66,038		246		Koninklijke Philips NV	66,547		2,352
Acom Co Ltd (a)	28,500		120		Kyocera Corp	22,900		1,318
AEON Financial Service Co Ltd	8,100		166		MINEBEA MITSUMI Inc	27,500		448
ASX Ltd	13,858		527		Murata Manufacturing Co Ltd	13,700		1,896
Credit Saison Co Ltd	11,300		210		NEC Corp	186,000		482
Daiwa Securities Group Inc	119,000		723		Nippon Electric Glass Co Ltd	30,000		209
Deutsche Boerse AG	13,815		1,438		Omron Corp	13,700		572
Hargreaves Lansdown PLC	18,673		337		Yaskawa Electric Corp	18,100		360
Hong Kong Exchanges & Clearing Ltd	83,200		2,098		Yokogawa Electric Corp	16,300		283
Japan Exchange Group Inc	37,300		603				$	15,270
Julius Baer Group Ltd (a)	16,020		831		Energy - Alternate Sources - 0.18%
London Stock Exchange Group PLC	22,568		995		Innogy SE (b)	9,941		408
Mebuki Financial Group Inc	71,600		280		Vestas Wind Systems A/S	15,858		1,408
Mitsubishi UFJ Lease & Finance Co Ltd	32,000		163				$	1,816
Nomura Holdings Inc	259,900		1,552		Engineering & Construction - 1.29%
ORIX Corp	94,600		1,493		ACS Actividades de Construccion y Servicios	16,892		676
Partners Group Holding AG	1,241		761		SA
Provident Financial PLC	10,577		416		Aena SA (b)	4,830		976
Schroders PLC	8,898		362		Aeroports de Paris	2,124		324
Singapore Exchange Ltd	57,400		301		Auckland International Airport Ltd	68,198		338
Worldpay Group PLC (b)	143,167		573		Boskalis Westminster	6,517		225
		$	14,195		Bouygues SA	15,243		653
Electric - 2.32%					Cheung Kong Infrastructure Holdings Ltd	47,000		405
AGL Energy Ltd	48,106		942		CIMIC Group Ltd	6,963		209
AusNet Services	128,963		162		Eiffage SA	5,261		478
Chubu Electric Power Co Inc	46,000		625		Ferrovial SA	34,643		782
Chugoku Electric Power Co Inc/The	19,800		226		Fraport AG Frankfurt Airport Services	2,977		241
CLP Holdings Ltd	117,000		1,279		Worldwide
Contact Energy Ltd	51,219		187		HOCHTIEF AG	1,380		254
DONG Energy A/S (b)	10,531		459		Japan Airport Terminal Co Ltd	3,300		129
E.ON SE	157,562		1,380		JGC Corp	14,800		224
EDP - Energias de Portugal SA	170,135		626		Kajima Corp	64,000		492
Electric Power Development Co Ltd	10,500		279		LendLease Group	39,645		480
Electricite de France SA	39,254		423		Obayashi Corp	46,300		512
Endesa SA	22,736		568		SATS Ltd	48,100		179
Enel SpA	582,213		3,117		Shimizu Corp	39,000		393
Engie SA	122,028		1,865		Singapore Technologies Engineering Ltd	111,600		300
Fortum OYJ	31,795		506		Skanska AB	24,344		579
HK Electric Investments & HK Electric	189,500		174		Sydney Airport	78,913		436
Investments Ltd (b)					Taisei Corp	74,000		632
Iberdrola SA	416,185		3,324

See accompanying notes

95

Schedule of Investments
International Equity Index Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Engineering & Construction (continued)					Gas (continued)
Vinci SA	35,898	$	3,140		Hong Kong & China Gas Co Ltd	545,350	$	1,166
		$	13,057		National Grid PLC	246,033		3,455
Entertainment - 0.39%					Osaka Gas Co Ltd	134,000		529
Aristocrat Leisure Ltd	38,852		629		Snam SpA	162,881		747
Genting Singapore PLC	432,700		369		Toho Gas Co Ltd	26,000		201
Merlin Entertainments PLC (b)	50,900		347		Tokyo Gas Co Ltd	140,000		727
Oriental Land Co Ltd/Japan	15,600		1,008				$	8,970
Paddy Power Betfair PLC	5,714		600		Hand & Machine Tools - 0.53%
Sankyo Co Ltd	3,100		104		Disco Corp	2,000		345
Sega Sammy Holdings Inc	12,400		157		Fuji Electric Co Ltd	39,000		209
Tabcorp Holdings Ltd	59,791		204		Makita Corp	16,000		602
Tatts Group Ltd	94,609		295		Sandvik AB	80,814		1,265
Toho Co Ltd/Tokyo	8,100		240		Schindler Holding AG	2,914		626
		$	3,953		Schindler Holding AG	1,439		299
Environmental Control - 0.02%					SMC Corp/Japan	4,000		1,264
Kurita Water Industries Ltd	7,300		193		Techtronic Industries Co Ltd	98,000		463
					THK Co Ltd	8,600		240
Food - 4.54%							$	5,313
Ajinomoto Co Inc	38,800		831		Healthcare - Products - 0.93%
Associated British Foods PLC	25,501		985		Cochlear Ltd	4,110		448
Barry Callebaut AG (a)	157		225		Coloplast A/S	8,503		728
Calbee Inc	5,800		225		ConvaTec Group PLC (a),(b)	83,815		346
Carrefour SA	40,600		1,060		CYBERDYNE Inc (a)	6,900		95
Casino Guichard Perrachon SA	3,972		245		Essilor International SA	14,853		1,974
Chocoladefabriken Lindt & Spruengli AG	7		514		Getinge AB	14,326		298
Chocoladefabriken Lindt & Spruengli AG	73		444		Olympus Corp	20,800		760
Chr Hansen Holding A/S	7,077		495		QIAGEN NV (a)	15,696		529
Colruyt SA	4,293		238		Shimadzu Corp	18,000		348
Danone SA	42,255		3,141		Smith & Nephew PLC	62,630		1,094
Distribuidora Internacional de Alimentacion	44,556		275		Sonova Holding AG	3,746		620
SA					Straumann Holding AG	681		377
First Pacific Co Ltd/Hong Kong	154,000		120		Sysmex Corp	11,200		666
Frutarom Industries Ltd	2,739		178		Terumo Corp	23,000		935
ICA Gruppen AB	5,758		207		William Demant Holding A/S (a)	8,570		225
J Sainsbury PLC	117,406		425				$	9,443
Jeronimo Martins SGPS SA	18,017		359		Healthcare - Services - 0.62%
Kerry Group PLC	11,339		1,001		Eurofins Scientific SE	783		415
Kikkoman Corp	10,500		329		Fresenius Medical Care AG & Co KGaA	15,393		1,472
Koninklijke Ahold Delhaize NV	91,718		2,024		Fresenius SE & Co KGaA	29,715		2,546
Marine Harvest ASA (a)	27,520		481		Healthscope Ltd	124,203		186
MEIJI Holdings Co Ltd	8,700		712		Mediclinic International PLC	26,386		275
METRO AG	12,760		428		Miraca Holdings Inc	4,000		168
Nestle SA	222,779		19,021		Ramsay Health Care Ltd	10,125		519
NH Foods Ltd	12,000		376		Ryman Healthcare Ltd	28,633		169
Nisshin Seifun Group Inc	14,095		233		Sonic Healthcare Ltd	28,311		487
Nissin Foods Holdings Co Ltd	4,100		259				$	6,237
Orkla ASA	58,350		584		Holding Companies - Diversified - 0.67%
Seven & i Holdings Co Ltd	53,900		2,291		Bollore SA	62,412		287
Tate & Lyle PLC	33,263		316		CK Hutchison Holdings Ltd	192,632		2,509
Tesco PLC (a)	585,189		1,387		Industrivarden AB	11,749		277
Toyo Suisan Kaisha Ltd	6,400		249		Jardine Matheson Holdings Ltd	15,339		980
Wesfarmers Ltd	80,955		2,568		Jardine Strategic Holdings Ltd	15,800		663
WH Group Ltd (b)	576,500		540		Keppel Corp Ltd	104,000		484
Wilmar International Ltd	114,500		293		NWS Holdings Ltd	110,500		214
Wm Morrison Supermarkets PLC	158,826		504		Swire Pacific Ltd	35,500		349
Woolworths Ltd	92,210		1,785		Wendel SA	2,021		308
Yakult Honsha Co Ltd	6,300		445		Wharf Holdings Ltd/The	87,000		739
Yamazaki Baking Co Ltd	9,500		197				$	6,810
		$	45,990		Home Builders - 0.50%
Food Service - 0.34%					Barratt Developments PLC	72,080		569
Compass Group PLC	117,700		2,539		Berkeley Group Holdings PLC	9,408		395
Sodexo SA	6,602		901		Daiwa House Industry Co Ltd	40,400		1,320
		$	3,440		Iida Group Holdings Co Ltd	10,520		174
Forest Products & Paper - 0.25%					Persimmon PLC	22,085		700
Mondi PLC	26,288		687		Sekisui Chemical Co Ltd	29,200		513
Oji Holdings Corp	62,000		304		Sekisui House Ltd	43,100		739
Stora Enso OYJ	39,434		499		Taylor Wimpey PLC	234,156		614
UPM-Kymmene OYJ	38,206		1,076				$	5,024
		$	2,566		Home Furnishings - 0.68%
Gas - 0.89%					Electrolux AB	17,220		552
Centrica PLC	392,909		1,030		Hoshizaki Corp	3,800		335
Enagas SA	16,234		483		Panasonic Corp	157,900		2,025
Gas Natural SDG SA	25,070		632		SEB SA	1,616		284

See accompanying notes

96

Schedule of Investments
International Equity Index Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Home Furnishings (continued)					Iron & Steel - 0.50%
Sharp Corp/Japan (a)	107,000	$	393		ArcelorMittal (a)	47,548	$	1,031
Sony Corp	90,300		3,297		BlueScope Steel Ltd	40,990		350
		$	6,886		Fortescue Metals Group Ltd	111,447		401
Insurance - 5.37%					Hitachi Metals Ltd	15,300		204
Admiral Group PLC	14,247		374		JFE Holdings Inc	37,300		622
Aegon NV	126,227		630		Kobe Steel Ltd (a)	22,100		202
Ageas	13,951		564		Nippon Steel & Sumitomo Metal Corp	54,377		1,157
AIA Group Ltd	862,800		6,105		thyssenkrupp AG	26,332		699
Allianz SE	32,713		6,292		voestalpine AG	8,139		369
AMP Ltd	211,724		795				$	5,035
Assicurazioni Generali SpA	89,329		1,411		Leisure Products & Services - 0.31%
Aviva PLC	290,790		1,973		Carnival PLC	13,520		868
AXA SA	138,880		3,708		Flight Centre Travel Group Ltd	3,976		106
Baloise Holding AG	3,578		548		Shimano Inc	5,200		807
Challenger Ltd/Australia	40,922		389		TUI AG	31,516		487
CNP Assurances	12,287		270		Yamaha Corp	12,000		388
Dai-ichi Life Holdings Inc	77,100		1,284		Yamaha Motor Co Ltd	20,000		502
Direct Line Insurance Group PLC	98,427		443				$	3,158
Gjensidige Forsikring ASA	14,315		231		Lodging - 0.53%
Hannover Rueck SE	4,315		514		Accor SA	13,251		628
Insurance Australia Group Ltd	169,475		801		City Developments Ltd	29,200		224
Japan Post Holdings Co Ltd	32,100		392		Crown Resorts Ltd	28,677		276
Legal & General Group PLC	426,264		1,385		Galaxy Entertainment Group Ltd	168,000		971
Mapfre SA	77,155		275		InterContinental Hotels Group PLC	12,859		726
Medibank Pvt Ltd	197,141		403		Melco Resorts & Entertainment Ltd ADR	17,638		398
MS&AD Insurance Group Holdings Inc	33,900		1,190		MGM China Holdings Ltd	67,600		150
Muenchener Rueckversicherungs-Gesellschaft	11,528		2,276		Sands China Ltd	172,800		797
AG in Muenchen					Shangri-La Asia Ltd	88,166		135
NN Group NV	21,572		777		SJM Holdings Ltd	141,000		137
Old Mutual PLC	352,903		857		Whitbread PLC	13,114		725
Poste Italiane SpA (b)	37,398		263		Wynn Macau Ltd	111,200		247
Prudential PLC	184,768		4,146				$	5,414
QBE Insurance Group Ltd	98,182		942		Machinery - Construction & Mining - 1.19%
RSA Insurance Group PLC	72,987		589		ABB Ltd	142,685		3,591
Sampo Oyj	31,999		1,623		Atlas Copco AB - A Shares	48,068		1,778
SCOR SE	12,368		487		Atlas Copco AB - B Shares	27,932		922
Sompo Holdings Inc	25,250		974		Hitachi Construction Machinery Co Ltd	7,700		179
Sony Financial Holdings Inc	12,400		191		Hitachi Ltd	345,000		2,081
St James's Place PLC	37,760		571		Komatsu Ltd	66,000		1,602
Standard Life PLC	141,665		700		Mitsubishi Electric Corp	138,200		1,905
Suncorp Group Ltd	92,356		950				$	12,058
Swiss Life Holding AG (a)	2,296		767
					Machinery - Diversified - 1.07%
Swiss Re AG	23,197		2,115		Alstom SA (a)	11,004		386
T&D Holdings Inc	38,900		550		Amada Holdings Co Ltd	24,300		283
Tokio Marine Holdings Inc	48,800		2,071		ANDRITZ AG	5,210		313
Tryg A/S	8,089		166		CNH Industrial NV	73,104		813
UnipolSai Assicurazioni SpA	70,896		161		FANUC Corp	13,800		2,716
Zurich Insurance Group AG	10,784		3,173		GEA Group AG	13,090		538
		$	54,326		Hexagon AB	18,504		810
Internet - 0.47%					Husqvarna AB	29,825		309
Auto Trader Group PLC (b)	70,066		376		Kone OYJ	24,156		1,195
Iliad SA	1,891		491		Kubota Corp	75,400		1,193
Kakaku.com Inc	10,100		144		MAN SE	2,522		267
LINE Corp (a)	3,100		110		Metso OYJ	8,071		274
M3 Inc	15,000		432		Mitsubishi Heavy Industries Ltd	228,000		899
Mixi Inc	3,200		201		Nabtesco Corp	8,100		238
Rakuten Inc	66,600		809		Sumitomo Heavy Industries Ltd	41,000		267
SBI Holdings Inc/Japan	14,390		186		Weir Group PLC/The	15,585		365
SEEK Ltd	23,651		297				$	10,866
Start Today Co Ltd	13,800		344		Media - 0.76%
Trend Micro Inc/Japan	8,500		427		Altice NV - A Shares (a)	27,842		693
United Internet AG	8,804		485		Altice NV - B Shares (a)	6,690		167
Yahoo Japan Corp	101,800		457		Axel Springer SE	3,476		219
		$	4,759		ITV PLC	259,337		654
Investment Companies - 0.34%					Lagardere SCA	8,447		266
Eurazeo SA	3,143		225		Pearson PLC	58,882		536
EXOR NV	7,763		434		ProSiebenSat.1 Media SE	16,678		709
Groupe Bruxelles Lambert SA	5,774		561		RTL Group SA	2,769		216
Investor AB	32,604		1,506		Schibsted ASA - A Shares	5,411		129
Kinnevik AB	16,772		481		Schibsted ASA - B Shares	6,377		138
Pargesa Holding SA	2,763		215		Singapore Press Holdings Ltd	114,500		262
		$	3,422		Sky PLC	73,831		944
					Telenet Group Holding NV (a)	3,776		250

See accompanying notes

97

Schedule of Investments
International Equity Index Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Media (continued)					Packaging & Containers (continued)
Vivendi SA	73,706	$	1,599		Toyo Seikan Group Holdings Ltd	11,700	$	187
Wolters Kluwer NV	21,610		948				$	1,131
		$	7,730		Pharmaceuticals - 8.56%
Metal Fabrication & Hardware - 0.19%					Actelion Ltd (a)	6,942		1,972
Maruichi Steel Tube Ltd	4,000		117		Alfresa Holdings Corp	13,400		258
MISUMI Group Inc	19,600		442		Astellas Pharma Inc	154,100		1,948
NSK Ltd	27,600		329		AstraZeneca PLC	90,572		6,120
SKF AB	26,997		552		Bayer AG	59,195		7,865
Tenaris SA	33,801		512		Chugai Pharmaceutical Co Ltd	16,000		609
		$	1,952		Daiichi Sankyo Co Ltd	40,600		890
Mining - 2.03%					Eisai Co Ltd	19,000		1,001
Alumina Ltd	175,225		250		GlaxoSmithKline PLC	351,503		7,694
Anglo American PLC (a)	95,358		1,272		Grifols SA	21,352		605
Antofagasta PLC	28,228		292		H Lundbeck A/S	4,951		263
BHP Billiton Ltd	229,903		4,042		Hikma Pharmaceuticals PLC	10,305		224
BHP Billiton PLC	151,188		2,285		Hisamitsu Pharmaceutical Co Inc	4,400		221
Boliden AB	19,578		535		Ipsen SA	2,692		339
Fresnillo PLC	15,824		322		Kyowa Hakko Kirin Co Ltd	18,500		317
Glencore PLC (a)	875,861		3,226		Medipal Holdings Corp	12,200		224
Mitsubishi Materials Corp	8,000		226		Merck KGaA	9,251		1,118
Newcrest Mining Ltd	54,884		860		Mitsubishi Tanabe Pharma Corp	16,000		356
Norsk Hydro ASA	96,268		522		Novartis AG	159,848		13,081
Randgold Resources Ltd	6,728		638		Novo Nordisk A/S	129,659		5,505
Rio Tinto Ltd	30,364		1,414		Ono Pharmaceutical Co Ltd	29,400		612
Rio Tinto PLC	88,578		3,537		Orion Oyj	7,383		477
South32 Ltd	381,093		747		Otsuka Holdings Co Ltd	27,900		1,258
Sumitomo Metal Mining Co Ltd	35,000		425		Recordati SpA	7,484		301
		$	20,593		Roche Holding AG	50,291		13,807
Miscellaneous Manufacturers - 1.24%					Sanofi	83,237		8,245
Alfa Laval AB	21,017		423		Santen Pharmaceutical Co Ltd	26,200		361
FUJIFILM Holdings Corp	29,400		1,072		Shionogi & Co Ltd	21,100		1,128
IMI PLC	19,467		315		Shire PLC	64,754		3,729
Konica Minolta Inc	34,100		268		Sumitomo Dainippon Pharma Co Ltd	11,400		174
Nikon Corp	24,300		374		Suzuken Co Ltd/Aichi Japan	5,100		168
Orica Ltd	26,927		394		Taisho Pharmaceutical Holdings Co Ltd	2,200		172
Siemens AG	54,761		7,832		Takeda Pharmaceutical Co Ltd	50,900		2,623
Smiths Group PLC	28,306		585		Taro Pharmaceutical Industries Ltd (a)	880		94
Toshiba Corp (a)	287,000		654		Teva Pharmaceutical Industries Ltd ADR	65,349		1,821
Wartsila OYJ Abp	10,588		629		UCB SA	9,050		639
		$	12,546		Vifor Pharma AG	3,490		411
Office & Business Equipment - 0.34%							$	86,630
Canon Inc	76,300		2,623		Pipelines - 0.08%
Ricoh Co Ltd	50,600		427		APA Group	79,765		567
Seiko Epson Corp	20,000		419		Koninklijke Vopak NV	5,032		228
		$	3,469				$	795
Oil & Gas - 4.53%					Private Equity - 0.08%
BP PLC	1,400,193		8,459		3i Group PLC	69,636		804
Caltex Australia Ltd	18,668		459
DCC PLC	6,357		605		Real Estate - 1.66%
Eni SpA	182,102		2,895		Aeon Mall Co Ltd	8,150		153
Galp Energia SGPS SA	35,881		554		Azrieli Group Ltd	3,027		163
Idemitsu Kosan Co Ltd	6,300		177		CapitaLand Ltd	183,500		472
Inpex Corp	68,000		627		Cheung Kong Property Holdings Ltd	190,132		1,425
JXTG Holdings Inc	220,530		962		Daito Trust Construction Co Ltd	5,000		789
Lundin Petroleum AB	13,401		260		Deutsche Wohnen AG	25,385		996
Neste Oyj	9,176		364		Global Logistic Properties Ltd	190,600		399
Oil Search Ltd	98,099		519		Hang Lung Group Ltd	63,000		261
OMV AG	10,541		550		Hang Lung Properties Ltd	144,000		372
Repsol SA	85,694		1,440		Henderson Land Development Co Ltd	78,357		506
Royal Dutch Shell PLC - A Shares	317,036		8,617		Hongkong Land Holdings Ltd	84,202		636
Royal Dutch Shell PLC - B Shares	268,114		7,422		Hulic Co Ltd	21,300		201
Santos Ltd (a)	134,212		336		Hysan Development Co Ltd	44,000		208
Showa Shell Sekiyu KK	13,500		124		Kerry Properties Ltd	46,500		164
Statoil ASA	81,302		1,418		L E Lundbergforetagen AB	2,719		213
TOTAL SA	166,853		8,815		Mitsubishi Estate Co Ltd	89,600		1,674
Woodside Petroleum Ltd	54,273		1,297		Mitsui Fudosan Co Ltd	63,800		1,508
		$	45,900		New World Development Co Ltd	416,000		517
Oil & Gas Services - 0.03%					Nomura Real Estate Holdings Inc	8,900		192
Petrofac Ltd	18,570		91		REA Group Ltd	3,771		180
Saipem SpA (a)	43,421		177		Sino Land Co Ltd	223,073		388
		$	268		Sumitomo Realty & Development Co Ltd	25,000		753
Packaging & Containers - 0.11%					Sun Hung Kai Properties Ltd	103,000		1,523
Amcor Ltd/Australia	82,903		944		Swire Properties Ltd	83,600		279

See accompanying notes

98

Schedule of Investments
International Equity Index Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Real Estate (continued)					Retail (continued)
Swiss Prime Site AG (a)	5,115	$	471		Yamada Denki Co Ltd	44,800	$	235
Tokyo Tatemono Co Ltd	14,700		202		Zalando SE (a),(b)	7,964		381
Tokyu Fudosan Holdings Corp	36,600		220				$	22,491
UOL Group Ltd	34,500		175		Semiconductors - 1.11%
Vonovia SE	33,381		1,313		ASM Pacific Technology Ltd	18,900		271
Wheelock & Co Ltd	58,000		434		ASML Holding NV	26,722		3,528
		$	16,787		Infineon Technologies AG	81,178		1,798
REITS - 1.62%					NXP Semiconductors NV (a)	24,768		2,722
Ascendas Real Estate Investment Trust	177,850		337		Rohm Co Ltd	6,800		545
British Land Co PLC/The	70,027		572		STMicroelectronics NV	45,626		750
CapitaLand Commercial Trust	148,400		178		Tokyo Electron Ltd	11,200		1,603
CapitaLand Mall Trust	177,500		255				$	11,217
Daiwa House REIT Investment Corp	102		263		Shipbuilding - 0.03%
Dexus	69,288		534		Sembcorp Industries Ltd	70,300		161
Fonciere Des Regions	2,378		222		Yangzijiang Shipbuilding Holdings Ltd	164,700		151
Gecina SA	2,950		453				$	312
Goodman Group	128,071		808		Software - 1.17%
GPT Group/The	128,901		501		Amadeus IT Group SA	31,412		1,834
Hammerson PLC	56,778		429		Dassault Systemes SE	9,207		849
ICADE	2,387		193		DeNA Co Ltd	7,600		168
Intu Properties PLC	63,048		221		Konami Holdings Corp	6,700		329
Japan Prime Realty Investment Corp	60		229		Nexon Co Ltd	14,000		264
Japan Real Estate Investment Corp	89		468		Oracle Corp Japan	2,700		159
Japan Retail Fund Investment Corp	182		354		Sage Group PLC/The	77,328		719
Klepierre	15,751		658		SAP SE	70,351		7,560
Land Securities Group PLC	56,603		781				$	11,882
Link REIT	158,000		1,246		Telecommunications - 4.80%
Mirvac Group	265,224		449		Bezeq The Israeli Telecommunication Corp	147,970		258
Nippon Building Fund Inc	96		511		Ltd
Nippon Prologis REIT Inc	116		252		BT Group PLC	606,052		2,408
Nomura Real Estate Master Fund Inc	269		405		Deutsche Telekom AG	234,352		4,672
Scentre Group	381,131		1,204		Elisa OYJ	10,181		396
Segro PLC	71,310		463		Eutelsat Communications SA	12,496		322
Stockland	173,117		606		Hikari Tsushin Inc	1,500		152
Suntec Real Estate Investment Trust	173,200		229		HKT Trust & HKT Ltd	269,980		353
Unibail-Rodamco SE	7,114		1,837		Inmarsat PLC	32,359		334
United Urban Investment Corp	218		321		KDDI Corp	131,200		3,641
Vicinity Centres	240,867		493		Koninklijke KPN NV	244,543		833
Westfield Corp	141,318		889		Millicom International Cellular SA	4,733		277
		$	16,361		Nice Ltd	4,275		333
Retail - 2.22%					Nippon Telegraph & Telephone Corp	49,500		2,381
ABC-Mart Inc	2,300		134		Nokia OYJ	417,764		2,645
Aeon Co Ltd	43,700		660		NTT DOCOMO Inc	99,100		2,435
Cie Financiere Richemont SA	37,366		3,127		Orange SA	142,811		2,509
Dixons Carphone PLC	70,120		297		PCCW Ltd	303,000		176
Domino's Pizza Enterprises Ltd	4,452		190		Proximus SADP	10,888		392
Don Quijote Holdings Co Ltd	8,500		332		SES SA	26,075		646
Dufry AG (a)	2,506		413		Singapore Telecommunications Ltd	584,400		1,587
FamilyMart UNY Holdings Co Ltd	5,900		331		SoftBank Group Corp	59,000		4,790
Fast Retailing Co Ltd	3,700		1,239		Spark New Zealand Ltd	131,181		350
Harvey Norman Holdings Ltd	39,820		112		StarHub Ltd	43,300		85
Hennes & Mauritz AB	67,963		1,690		Swisscom AG	1,853		889
HUGO BOSS AG	4,535		342		TDC A/S	58,124		347
Industria de Diseno Textil SA	78,084		3,200		Tele2 AB	25,887		266
Isetan Mitsukoshi Holdings Ltd	23,900		241		Telecom Italia SpA/Milano (a)	816,218		766
J Front Retailing Co Ltd	17,200		243		Telecom Italia SpA/Milano	431,490		333
Kering	5,423		1,794		Telefonaktiebolaget LM Ericsson	219,717		1,602
Kingfisher PLC	160,340		671		Telefonica Deutschland Holding AG	53,231		265
Lawson Inc	3,500		239		Telefonica SA	324,561		3,619
Luxottica Group SpA	12,132		734		Telenor ASA	53,739		889
Marks & Spencer Group PLC	116,303		574		Telia Co AB	185,976		850
Marui Group Co Ltd	14,200		207		Telstra Corp Ltd	297,977		974
McDonald's Holdings Co Japan Ltd	4,700		168		TPG Telecom Ltd	26,477		116
Next PLC	10,526		592		Vodafone Group PLC	1,905,474		5,690
Nitori Holdings Co Ltd	5,600		819				$	48,581
Pandora A/S	7,959		753		Toys, Games & Hobbies - 0.29%
Ryohin Keikaku Co Ltd	1,600		417		Bandai Namco Holdings Inc	14,300		510
Shimamura Co Ltd	1,500		193		Nintendo Co Ltd	8,100		2,456
Sundrug Co Ltd	5,300		206				$	2,966
Swatch Group AG/The	2,206		855		Transportation - 1.79%
Swatch Group AG/The	3,995		305		AP Moller - Maersk A/S	467		890
Takashimaya Co Ltd	21,000		195		AP Moller - Maersk A/S	269		487
Tsuruha Holdings Inc	2,600		288		Aurizon Holdings Ltd	146,870		600
USS Co Ltd	15,600		314

See accompanying notes

99

Schedule of Investments
International Equity Index Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)		Shares Held		Value(000	's)	(c)	Fair value of these investments is determined in good faith by the Manager
Transportation (continued)							under procedures established and periodically reviewed by the Board of
Central Japan Railway Co		10,300	$	1,687			Directors. Certain inputs used in the valuation may be unobservable;
ComfortDelGro Corp Ltd		154,300		267			however, each security is evaluated individually for purposes of ASC 820
Deutsche Post AG		71,064		2,599			which results in not all securities being identified as Level 3 of the fair
DSV A/S		13,600		827			value hierarchy. At the end of the period, the fair value of these securities
East Japan Railway Co		23,600		2,262			totaled $0 or 0.00% of net assets.
Hankyu Hanshin Holdings Inc		17,200		619		(d)	Variable Rate. Rate shown is in effect at May 31, 2017.
Kamigumi Co Ltd		16,000		164
Keihan Holdings Co Ltd		34,000		225
Keikyu Corp		33,000		393
Keio Corp		41,000		341			Portfolio Summary (unaudited)
Keisei Electric Railway Co Ltd		9,900		253		Country		Percent
Kintetsu Group Holdings Co Ltd		129,000		497		Japan		22.33	%
Kuehne + Nagel International AG		3,864		624		United Kingdom		15.52	%
Kyushu Railway Co		11,400		387		France		10.08	%
Mitsui OSK Lines Ltd		82,000		235		Germany		9.26	%
MTR Corp Ltd		105,500		601		Switzerland		8.94	%
Nagoya Railroad Co Ltd		66,000		308		Australia		6.65	%
Nippon Express Co Ltd		60,000		370		Netherlands		4.23	%
Nippon Yusen KK		115,000		208		Spain		3.40	%
Odakyu Electric Railway Co Ltd		21,000		421		Hong Kong		3.24	%
Royal Mail PLC		64,425		366		United States		3.19	%
Seibu Holdings Inc		13,400		249		Sweden		2.82	%
Tobu Railway Co Ltd		69,000		368		Italy		1.98	%
Tokyu Corp		76,000		559		Denmark		1.72	%
West Japan Railway Co		11,800		819		Singapore		1.26	%
Yamato Holdings Co Ltd		25,000		543		Belgium		1.13	%
			$	18,169		Finland		0.99	%
Water - 0.24%						Israel		0.64	%
Severn Trent PLC		16,872		544		Norway		0.60	%
Suez		26,345		480		Ireland		0.57	%
United Utilities Group PLC		48,811		648		Luxembourg		0.30	%
Veolia Environnement SA		34,277		754		Austria		0.23	%
						New Zealand		0.16	%
			$	2,426		Portugal		0.15	%
TOTAL COMMON STOCKS			$	977,333		South Africa		0.14	%
INVESTMENT COMPANIES - 2.74%		Shares Held		Value(000	's)	Macao		0.12	%
Exchange Traded Funds - 1.21%						Jersey, Channel Islands		0.06	%
iShares MSCI EAFE ETF		185,729		12,270		Mexico		0.03	%
						Chile		0.03	%
Money Market Funds - 1.53%						Jordan		0.02	%
Morgan Stanley Institutional Liquidity Funds -		15,479,434		15,479		China		0.01	%
Government Portfolio						Other Assets and Liabilities		0.20	%
						TOTAL NET ASSETS		100.00	%
TOTAL INVESTMENT COMPANIES			$	27,749
PREFERRED STOCKS - 0.52%		Shares Held		Value(000	's)
Automobile Manufacturers - 0.29%
Bayerische Motoren Werke AG	3.52%(d)	3,923	$	323
Porsche Automobil Holding SE	1.01%(d)	10,961		628
Volkswagen AG 2.06%(d)		13,284		2,002
			$	2,953
Automobile Parts & Equipment - 0.02%
Schaeffler AG 0.50%(d)		11,882		197
Chemicals - 0.03%
FUCHS PETROLUB SE 0.89%(d)		4,974		278
Consumer Products - 0.18%
Henkel AG & Co KGaA 1.62%(d)		12,753		1,791
TOTAL PREFERRED STOCKS			$	5,219
Total Investments			$	1,010,301
Other Assets and Liabilities - 0.20%			$	2,045
TOTAL NET ASSETS - 100.00%			$	1,012,346

(a)	Non-Income Producing Security
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $5,853 or 0.58% of net assets.

See accompanying notes

100

Schedule of Investments
International Equity Index Fund
May 31, 2017 (unaudited)
Futures Contracts
									Unrealized
Type	Long/Short	Contracts		Notional Value		Fair Value	Appreciation/(Depreciation)
eMini MSCI EAFE; June 2017	Long	110	$	9,682	$	10,372		$	690
Total							$		690
Amounts in thousands except contracts

See accompanying notes

101

     Schedule of Investments International Small Company Fund May 31, 2017 (unaudited)

COMMON STOCKS - 96.54%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Apparel - 1.58%					Diversified Financial Services (continued)
boohoo.com plc (a)	2,400,370	$	6,508		Tokyo Century Corp	114,000	$	4,317
Moncler SpA	258,807		6,307		TP ICAP PLC	704,598		4,328
		$	12,815		Worldpay Group PLC (b)	941,317		3,769
Automobile Manufacturers - 1.26%					Zenkoku Hosho Co Ltd	96,300		3,944
New Flyer Industries Inc	177,100		7,284				$	30,399
Shinmaywa Industries Ltd	368,000		2,948		Electric - 0.98%
		$	10,232		Capital Power Corp	157,400		2,955
Automobile Parts & Equipment - 4.15%					Iren SpA	2,076,340		5,006
Cie Plastic Omnium SA	116,437		4,329				$	7,961
Daikyonishikawa Corp	143,100		1,909		Electrical Components & Equipment - 3.16%
FCC Co Ltd	184,200		3,565		Fujikura Ltd	647,100		5,542
Georg Fischer AG	6,027		5,688		Furukawa Electric Co Ltd	129,900		5,811
Rheinmetall AG	75,775		7,277		Nexans SA	83,154		4,544
Unipres Corp	224,790		5,186		NV Bekaert SA	70,444		3,659
Xinyi Glass Holdings Ltd	5,796,000		5,693		Philips Lighting NV (b)	164,456		6,098
		$	33,647				$	25,654
Banks - 3.55%					Electronics - 1.15%
77 Bank Ltd/The	1,005,000		4,392		Alps Electric Co Ltd	111,600		3,125
Aareal Bank AG	146,981		6,144		Mycronic AB	241,408		2,457
Israel Discount Bank Ltd (a)	1,838,740		4,788		Orbotech Ltd (a)	104,679		3,735
Mediobanca SpA	472,187		4,480				$	9,317
Mizrahi Tefahot Bank Ltd	264,127		4,699		Engineering & Construction - 3.60%
Virgin Money Holdings UK PLC	1,123,310		4,321		Cie d'Entreprises CFE	18,458		2,836
		$	28,824		Downer EDI Ltd	896,374		4,255
Beverages - 2.18%					KAWADA TECHNOLOGIES Inc	7,300		439
Coca-Cola Bottlers Japan Inc	143,100		4,611		Kinden Corp	260,500		3,994
Fevertree Drinks PLC	210,762		4,776		Kyudenko Corp	119,900		4,255
Royal Unibrew A/S	96,668		4,459		Maeda Corp	379,000		4,095
Treasury Wine Estates Ltd	396,499		3,838		Toda Corp	609,000		3,837
		$	17,684		Toshiba Plant Systems & Services Corp	197,100		2,933
Biotechnology - 0.60%					Yokogawa Bridge Holdings Corp	182,300		2,520
Abcam PLC	385,270		4,860				$	29,164
					Entertainment - 0.63%
Building Materials - 1.23%					GVC Holdings PLC	496,250		5,149
Buzzi Unicem SpA	210,114		5,456
Nichiha Corp	125,700		4,555		Environmental Control - 0.24%
		$	10,011		Hitachi Zosen Corp	409,700		1,934
Chemicals - 2.45%
Denka Co Ltd	832,000		4,187		Food - 3.41%
DIC Corp	125,100		4,306		Ebro Foods SA	191,119		4,516
Sanyo Chemical Industries Ltd	58,900		2,729		Ezaki Glico Co Ltd	63,500		3,583
Tosoh Corp	667,000		5,674		Greencore Group PLC	980,341		3,052
Zeon Corp	287,000		2,937		Megmilk Snow Brand Co Ltd	121,800		3,684
		$	19,833		Morinaga Milk Industry Co Ltd	444,000		3,728
Commercial Services - 4.02%					Nichirei Corp	186,500		5,339
Hays PLC	2,696,581		5,809		Sonae SGPS SA	3,605,355		3,721
Kanamoto Co Ltd	135,500		3,718				$	27,623
Loomis AB	156,731		5,907		Forest Products & Paper - 1.46%
Northgate PLC	373,599		2,549		Smurfit Kappa Group PLC	211,644		5,959
QinetiQ Group PLC	1,212,525		4,883		Sumitomo Forestry Co Ltd	369,600		5,887
Rentokil Initial PLC	1,953,973		6,691				$	11,846
Societa Iniziative Autostradali e Servizi SpA	270,983		3,028		Gas - 0.68%
		$	32,585		Rubis SCA	47,867		5,543
Computers - 2.10%
Bechtle AG	20,215		2,598		Healthcare - Products - 1.21%
DTS Corp	117,300		3,487		Carl Zeiss Meditec AG	73,333		3,794
MCJ Co Ltd	315,900		3,585		Japan Lifeline Co Ltd	83,800		3,108
Teleperformance	56,108		7,339		Ypsomed Holding AG (a)	13,578		2,935
		$	17,009				$	9,837
Consumer Products - 0.46%					Healthcare - Services - 2.07%
Ontex Group NV	104,331		3,768		BML Inc	133,400		2,725
					Eurofins Scientific SE	7,276		3,859
Cosmetics & Personal Care - 0.63%					Orpea	55,594		6,303
Lion Corp	242,600		5,137		UDG Healthcare PLC	373,877		3,936
							$	16,823
Distribution & Wholesale - 0.62%					Holding Companies - Diversified - 1.14%
Inchcape PLC	476,537		5,021		Melco International Development Ltd	2,203,000		5,790
					Seven Group Holdings Ltd	410,353		3,443
Diversified Financial Services - 3.75%							$	9,233
BOC Aviation Ltd (b)	261,900		1,347		Home Builders - 1.98%
Cembra Money Bank AG	51,187		4,824		Bellway PLC	151,287		5,513
Euronext NV (b)	62,576		3,270		Haseko Corp	498,400		6,324
Mebuki Financial Group Inc	1,177,610		4,600

See accompanying notes

102

     Schedule of Investments International Small Company Fund May 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Home Builders (continued)					Oil & Gas (continued)
Redrow PLC	583,962	$	4,214		Whitecap Resources Inc	481,719	$	3,266
		$	16,051				$	27,257
Insurance - 2.50%					Oil & Gas Services - 1.00%
Beazley PLC	811,877		4,946		Canadian Energy Services & Technology Corp	320,305		1,518
Challenger Ltd/Australia	55,524		528		Enerflex Ltd	139,900		1,776
Hastings Group Holdings PLC (b)	469,671		1,899		Subsea 7 SA	334,186		4,804
Hiscox Ltd	332,612		5,263				$	8,098
SCOR SE	131,520		5,175		Packaging & Containers - 1.29%
UNIQA Insurance Group AG	279,376		2,434		CCL Industries Inc	14,882		3,516
		$	20,245		Orora Ltd	1,443,555		3,012
Internet - 2.81%					RPC Group PLC	352,443		3,901
ASOS PLC (a)	77,109		6,393				$	10,429
Just Eat PLC (a)	669,734		5,800		Pharmaceuticals - 2.78%
Rightmove PLC	92,392		5,162		Amplifon SpA	388,059		5,530
Wix.com Ltd (a)	73,860		5,444		Dechra Pharmaceuticals PLC	89,802		2,251
		$	22,799		Ipsen SA	32,598		4,110
Investment Companies - 0.37%					Nippon Shinyaku Co Ltd	65,900		3,845
Skandiabanken ASA (b)	312,228		2,968		Recordati SpA	168,493		6,779
							$	22,515
Iron & Steel - 0.42%					Private Equity - 1.44%
BlueScope Steel Ltd	397,760		3,396		Intermediate Capital Group PLC	577,995		6,574
					Jafco Co Ltd	134,100		5,143
Leisure Products & Services - 0.41%							$	11,717
Daiichikosho Co Ltd	68,000		3,286		Real Estate - 4.82%
					ADO Properties SA (b)	62,750		2,699
Lodging - 0.54%					BUWOG AG (a)	236,338		6,706
Scandic Hotels Group AB (b)	342,741		4,394		Castellum AB	421,913		6,295
					Entra ASA (b)	203,841		2,474
Machinery - Diversified - 2.54%					Hemfosa Fastigheter AB	436,106		4,528
Deutz AG	343,983		2,795		Hysan Development Co Ltd	746,000		3,522
Ebara Corp	106,100		3,002		Nexity SA	63,527		3,826
Pfeiffer Vacuum Technology AG	30,207		4,318		Sponda OYJ	416,507		1,944
Sumitomo Heavy Industries Ltd	622,000		4,053		TLG Immobilien AG	127,390		2,595
Valmet OYJ	329,890		6,417		UOL Group Ltd	887,500		4,490
		$	20,585				$	39,079
Media - 0.77%					REITS - 4.33%
Corus Entertainment Inc	432,800		4,281		Allied Properties Real Estate Investment Trust	96,459		2,731
Sanoma OYJ	208,098		1,938		Fonciere Des Regions	39,370		3,671
		$	6,219		H&R Real Estate Investment Trust	243,400		4,130
Metal Fabrication & Hardware - 0.51%					Investa Office Fund	1,438,837		5,042
Aurubis AG	53,515		4,172		Japan Hotel REIT Investment Corp	5,354		3,883
					Mapletree Commercial Trust	4,705,658		5,255
Mining - 2.81%					MCUBS MidCity Investment Corp	822		2,614
Alamos Gold Inc	380,800		2,562		Pure Industrial Real Estate Trust	629,400		3,154
Alumina Ltd	2,942,625		4,200		Wereldhave NV	95,372		4,601
Detour Gold Corp (a)	146,190		1,892				$	35,081
Hudbay Minerals Inc	351,266		1,797		Retail - 4.52%
Kirkland Lake Gold Ltd	395,301		3,073		Conviviality PLC	470,907		2,074
Lundin Mining Corp	541,864		2,984		Dollarama Inc	33,560		3,109
Northern Star Resources Ltd	599,297		2,096		Domino's Pizza Group PLC	745,556		3,050
OceanaGold Corp	720,773		2,428		JD Sports Fashion PLC	767,239		4,464
Vedanta Resources PLC	219,114		1,732		K's Holdings Corp	234,200		4,821
		$	22,764		Matsumotokiyoshi Holdings Co Ltd	51,900		3,038
Miscellaneous Manufacturers - 2.36%					Shimamura Co Ltd	22,700		2,915
Aalberts Industries NV	158,265		6,403		Sogo Medical Co Ltd	28,100		1,235
Ansell Ltd	208,926		3,626		Toridoll Holdings Corp	79,200		2,006
Hill & Smith Holdings PLC	104,014		1,929		Tsuruha Holdings Inc	24,000		2,661
Towa Corp	224,000		3,400		Valora Holding AG	10,802		3,559
Vesuvius PLC	501,642		3,752		Yamada Denki Co Ltd	703,400		3,691
		$	19,110				$	36,623
Office Furnishings - 0.19%					Semiconductors - 2.42%
Okamura Corp	175,200		1,577		Siltronic AG (a)	61,472		5,516
					SOITEC (a)	84,697		4,666
Oil & Gas - 3.36%					Tower Semiconductor Ltd (a)	140,792		3,571
Aker BP ASA	288,394		4,718		Ulvac Inc	106,500		5,901
Birchcliff Energy Ltd	424,586		1,999				$	19,654
DCC PLC	48,070		4,572		Software - 1.90%
Enerplus Corp	399,000		3,146		Fukui Computer Holdings Inc	64,800		2,083
Parex Resources Inc (a)	286,467		3,437		Kinaxis Inc (a)	93,000		6,196
Raging River Exploration Inc (a)	463,089		2,729		Open Text Corp	114,500		3,737
Seven Generations Energy Ltd (a)	133,400		2,393		TIS Inc	117,100		3,401
Spartan Energy Corp (a)	635,158		997				$	15,417

See accompanying notes

103

			Schedule of Investments
			International Small Company Fund
			May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)
Telecommunications - 0.70%
Spark New Zealand Ltd	2,128,933	$	5,672
Transportation - 1.46%
National Express Group PLC	927,562		4,431
Seino Holdings Co Ltd	295,400		3,704
TFI International Inc	181,800		3,715
		$	11,850
TOTAL COMMON STOCKS		$	782,867
INVESTMENT COMPANIES - 1.70%	Shares Held		Value(000	's)
Money Market Funds - 1.70%
Goldman Sachs Financial Square Funds -	13,802,555		13,803
Government Fund
TOTAL INVESTMENT COMPANIES		$	13,803
PREFERRED STOCKS - 0.78%	Shares Held		Value(000	's)
Electronics - 0.78%
Sartorius AG 0.46%(c)	61,776	$	6,304
TOTAL PREFERRED STOCKS		$	6,304
Total Investments		$	802,974
Other Assets and Liabilities - 0.98%		$	7,930
TOTAL NET ASSETS - 100.00%		$	810,904

(a)	Non-Income Producing Security
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $28,918 or 3.57% of net assets.
(c)	Variable Rate. Rate shown is in effect at May 31, 2017.

Portfolio Summary (unaudited)
Country	Percent
Japan	26.51	%
United Kingdom	15.36	%
Canada	9.68	%
France	6.10	%
Germany	5.95	%
Italy	4.51	%
Australia	4.44	%
Sweden	2.91	%
Israel	2.74	%
Netherlands	2.51	%
Ireland	2.15	%
Switzerland	2.10	%
Hong Kong	1.84	%
United States	1.70	%
Singapore	1.37	%
Finland	1.27	%
Belgium	1.26	%
Norway	1.26	%
Austria	1.13	%
New Zealand	0.70	%
Bermuda	0.65	%
Isle of Man	0.63	%
Spain	0.56	%
Denmark	0.55	%
Luxembourg	0.47	%
Portugal	0.46	%
India	0.21	%
Other Assets and Liabilities	0.98	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

104

Schedule of Investments
Multi-Manager Equity Long/Short Fund
May 31, 2017 (unaudited)
COMMON STOCKS - 82.72%	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.24%				Banks (continued)
Hakuhodo DY Holdings Inc	1,900	$	25	ING Groep NV	115,428	$	1,937
Interpublic Group of Cos Inc/The (a)	10,222		255	JPMorgan Chase & Co (a)	45,619		3,748
Omnicom Group Inc (a)	5,957		499	KeyCorp (a)	28,145		492
		$	779	M&T Bank Corp (a)	1,322		207
Aerospace & Defense - 2.28%				Mizuho Financial Group Inc	143,600		250
Airbus SE	36,728		3,021	Morgan Stanley (a)	16,793		701
Arconic Inc (a)	12,139		333	Northern Trust Corp (a)	787		69
Boeing Co/The (a)	13,097		2,457	PNC Financial Services Group Inc/The (a)	1,227		146
Harris Corp (a)	3,001		337	Regions Financial Corp (a)	14,565		201
L3 Technologies Inc (a)	1,876		316	Resona Holdings Inc (a)	67,100		343
Leonardo SpA (a)	20,656		364	Shinsei Bank Ltd	53,000		86
Northrop Grumman Corp	410		106	Signature Bank/New York NY (b)	2,687		384
TransDigm Group Inc	1,159		311	State Street Corp (a)	917		75
		$	7,245	Sumitomo Mitsui Financial Group Inc	7,400		265
Agriculture - 0.91%				Sumitomo Mitsui Trust Holdings Inc	3,300		111
Altria Group Inc (a)	14,436		1,089	SunTrust Banks Inc (a)	2,238		119
Archer-Daniels-Midland Co	9,741		405	UBS Group AG (b)	80,208		1,278
Philip Morris International Inc (a)	9,473		1,135	UniCredit SpA (b)	73,854		1,294
Reynolds American Inc (a)	3,607		242	US Bancorp (a)	4,482		228
				Wells Fargo & Co (a)	11,851		606
		$	2,871	Western Alliance Bancorp (b)	8,260		378
Airlines - 1.20%				Zions Bancorporation (a)	3,123		125
Alaska Air Group Inc (a)	2,982		260
ANA Holdings Inc	4,000		13			$	21,591
Delta Air Lines Inc (a)	18,875		927	Beverages - 0.66%
Deutsche Lufthansa AG	38,561		750	Asahi Group Holdings Ltd	5,700		227
Japan Airlines Co Ltd (a)	12,000		352	Constellation Brands Inc (a)	9,824		1,795
Southwest Airlines Co (a)	14,888		895	Davide Campari-Milano SpA	1,701		12
United Continental Holdings Inc (a),(b)	8,127		648	Dr Pepper Snapple Group Inc	419		39
		$	3,845	Ito En Ltd	700		29
Apparel - 0.74%						$	2,102
Adidas AG	4,248		814	Biotechnology - 1.34%
Hanesbrands Inc (a)	9,782		202	Amgen Inc (a)	5,719		888
Michael Kors Holdings Ltd (a),(b)	4,301		143	Biogen Inc (a),(b)	5,580		1,383
Moncler SpA (a)	20,482		499	Celgene Corp (b)	4,420		506
Ralph Lauren Corp (a)	2,124		144	Genmab A/S (b)	312		66
VF Corp (a)	10,694		575	Gilead Sciences Inc	22,113		1,435
		$	2,377			$	4,278
Automobile Manufacturers - 0.79%				Building Materials - 0.97%
Ferrari NV (a)	841		73	Asahi Glass Co Ltd	9,000		73
Fiat Chrysler Automobiles NV (a),(b)	47,230		499	Daikin Industries Ltd	200		20
General Motors Co (a)	22,114		750	Johnson Controls International plc (a)	22,179		926
				LafargeHolcim Ltd (b)	32,190		1,937
Isuzu Motors Ltd	9,800		120
Mazda Motor Corp	2,400		33	Taiheiyo Cement Corp	34,000		109
PACCAR Inc (a)	824		52			$	3,065
Subaru Corp	8,400		284	Chemicals - 6.38%
Volvo AB - B Shares	41,502		678	Air Products & Chemicals Inc (a)	5,229		753
		$	2,489	Albemarle Corp	2,237		254
Automobile Parts & Equipment - 1.17%				Asahi Kasei Corp	34,000		327
Aisin Seiki Co Ltd	3,100		153	BASF SE	17,233		1,629
BorgWarner Inc (a)	5,483		233	Chemours Co/The (a)	32,373		1,295
Delphi Automotive PLC (a)	6,969		613	Dow Chemical Co/The	13,104		812
Goodyear Tire & Rubber Co/The (a)	6,509		210	EI du Pont de Nemours & Co (a)	20,613		1,627
				FMC Corp (a)	3,237		244
JTEKT Corp	6,900		104
NGK Insulators Ltd	700		14	Hitachi Chemical Co Ltd	8,200		227
NHK Spring Co Ltd	11,100		117	JSR Corp	2,300		39
Rheinmetall AG	18,208		1,749	Koninklijke DSM NV	16,206		1,208
Sumitomo Electric Industries Ltd	15,400		244	Kuraray Co Ltd	1,200		22
Toyota Boshoku Corp	15,100		291	LANXESS AG	10,962		819
				LyondellBasell Industries NV (a)	10,436		840
		$	3,728
Banks - 6.78%				Mitsubishi Gas Chemical Co Inc	17,700		365
Aozora Bank Ltd	41,000		151	Mitsui Chemicals Inc	48,000		239
Bank of America Corp (a)	180,427		4,043	Monsanto Co	1,003		118
Bank of New York Mellon Corp/The (a)	2,458		116	Nitto Denko Corp	700		56
				PPG Industries Inc (a)	10,962		1,166
Bank of the Ozarks Inc	10,283		455	Sherwin-Williams Co/The (a)	22,022		7,306
BB&T Corp	1,854		77
Citigroup Inc (a)	5,332		323	Shin-Etsu Chemical Co Ltd	2,800		251
Citizens Financial Group Inc (a)	5,476		187	Sumitomo Chemical Co Ltd	4,000		21
Comerica Inc (a)	447		31	Teijin Ltd	900		17
Danske Bank A/S	59,234		2,218	Tosoh Corp	52,000		442
Fukuoka Financial Group Inc	8,000		36	Valvoline Inc	7,236		162
Goldman Sachs Group Inc/The (a)	3,664		774			$	20,239
Gunma Bank Ltd/The	20,000		106	Commercial Services - 1.60%
				Adecco Group AG (b)	18,306		1,367
Huntington Bancshares Inc/OH	2,484		31

See accompanying notes

105

Schedule of Investments
Multi-Manager Equity Long/Short Fund
May 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)
Automatic Data Processing Inc (a)	5,813	$	595	Raymond James Financial Inc	328	$		24
H&R Block Inc	474		13	Synchrony Financial	1,853			50
ISS A/S	8,337		345	T Rowe Price Group Inc	552			39
KAR Auction Services Inc	9,271		404	Visa Inc	7,093			675
Moody's Corp (a)	4,925		583			$		7,620
Nielsen Holdings PLC	816		31	Electric - 0.98%
Quanta Services Inc (b)	1,895		58	A2A SpA (a)	238,664			395
Randstad Holding NV	11,111		644	AES Corp/VA	1,508			18
Recruit Holdings Co Ltd	900		48	American Electric Power Co Inc	1,124			81
Robert Half International Inc (a)	3,301		153	CenterPoint Energy Inc	4,021			115
S&P Global Inc	588		84	CMS Energy Corp (a)	4,809			228
Temp Holdings Co Ltd	4,300		85	Dominion Energy Inc	1,437			116
Toppan Printing Co Ltd	17,000		187	DTE Energy Co	410			45
Total System Services Inc	4,106		245	Enel SpA (a)	128,412			687
United Rentals Inc (a),(b)	2,167		236	Exelon Corp	2,097			76
		$	5,078	FirstEnergy Corp (a)	8,156			238
Computers - 5.46%				Hera SpA (a)	51,598			170
Accenture PLC - Class A	3,068		382	PG&E Corp	1,167			80
Apple Inc	26,931		4,114	PPL Corp	3,704			148
Cognizant Technology Solutions Corp (a)	36,913		2,470	Public Service Enterprise Group Inc	1,154			52
Convergys Corp	16,053		390	Southern Co/The	2,273			115
CSRA Inc (a)	27,488		829	WEC Energy Group Inc (a)	7,516			472
Fujitsu Ltd (a)	67,000		488	Xcel Energy Inc	1,160			56
Hewlett Packard Enterprise Co	3,799		71			$		3,092
HP Inc (a)	43,738		821	Electrical Components & Equipment - 0.33%
International Business Machines Corp	4,552		695	AMETEK Inc (a)	5,474			334
Itochu Techno-Solutions Corp	6,900		235	Brother Industries Ltd	6,200			138
NetApp Inc (a)	81,505		3,300	Emerson Electric Co (a)	9,899			585
Nomura Research Institute Ltd	400		15			$		1,057
Seagate Technology PLC (a)	7,620		332	Electronics - 1.16%
Western Digital Corp (a)	35,819		3,226	Allegion PLC (a)	2,460			193
		$	17,368	Amphenol Corp	728			54
Consumer Products - 0.22%				Corning Inc	2,102			61
Church & Dwight Co Inc	576		30	FLIR Systems Inc (a)	3,521			133
Kimberly-Clark Corp (a)	5,160		669	Garmin Ltd (a)	4,871			254
		$	699	Honeywell International Inc (a)	15,582			2,072
Cosmetics & Personal Care - 1.03%				Hoya Corp	1,800			89
Estee Lauder Cos Inc/The (a)	15,109		1,422	TE Connectivity Ltd (a)	8,717			687
Kao Corp	4,400		277	Waters Corp (b)	55			10
Lion Corp	2,000		42	Yokogawa Electric Corp	6,600			115
Pola Orbis Holdings Inc	7,600		213			$		3,668
Procter & Gamble Co/The	5,842		515	Energy - Alternate Sources - 0.25%
Svenska Cellulosa AB SCA	23,023		812	Vestas Wind Systems A/S	9,077			806
		$	3,281
Distribution & Wholesale - 0.45%				Engineering & Construction - 0.47%
Fastenal Co	2,622		113	Fluor Corp (a)	3,597			161
ITOCHU Corp	10,200		145	Jacobs Engineering Group Inc	480			25
LKQ Corp (a),(b)	7,393		233	Kajima Corp	47,000			361
Marubeni Corp	15,000		92	Obayashi Corp	15,200			168
Mitsubishi Corp (a)	14,600		292	Shimizu Corp	13,000			131
Sojitz Corp	68,200		164	Skanska AB	14,369			342
Sumitomo Corp	9,500		121	Taisei Corp	37,000			316
Toyota Tsusho Corp	900		28			$		1,504
WW Grainger Inc (a)	1,519		262	Entertainment - 0.12%
		$	1,450	Genting Singapore PLC	164,100			140
Diversified Financial Services - 2.39%				Sega Sammy Holdings Inc	19,700			250
Affiliated Managers Group Inc (a)	13,295		2,045			$		390
Ameriprise Financial Inc (a)	377		46	Environmental Control - 0.10%
BlackRock Inc	373		153	Republic Services Inc (a)	1,363			87
CBOE Holdings Inc	256		22	Stericycle Inc (b)	194			16
Charles Schwab Corp/The (a)	15,527		602	Waste Management Inc	2,599			189
CME Group Inc	7,936		931			$		292
Credit Saison Co Ltd	600		11	Food - 1.56%
Deutsche Boerse AG	6,863		714	Campbell Soup Co (a)	7,878			454
Discover Financial Services	482		28	Conagra Brands Inc (a)	10,957			422
E*TRADE Financial Corp (b)	629		22	Ezaki Glico Co Ltd	500			28
Intercontinental Exchange Inc	9,421		567	General Mills Inc	1,316			75
Mastercard Inc	2,512		309	Hershey Co/The (a)	5,572			642
Mebuki Financial Group Inc	8,300		32	Hormel Foods Corp	7,856			264
Nasdaq Inc (a)	4,302		291	JM Smucker Co/The	266			34
Nomura Holdings Inc	12,800		76	Kewpie Corp	1,700			44
OM Asset Management PLC	52,346		731	Kroger Co/The (a)	21,755			648
ORIX Corp	16,000		252	McCormick & Co Inc/MD	2,651			276

See accompanying notes

106

Schedule of Investments
Multi-Manager Equity Long/Short Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held		Value(000		's)
Food (continued)				Insurance (continued)
MEIJI Holdings Co Ltd	400	$	33	Chubb Ltd	1,068	$		153
NH Foods Ltd	11,000		345	Cincinnati Financial Corp	377			26
Seven & i Holdings Co Ltd	6,500		276	Hartford Financial Services Group Inc/The	388			19
Sysco Corp (a)	12,674		692	MS&AD Insurance Group Holdings Inc	5,700			200
Toyo Suisan Kaisha Ltd	4,300		168	Progressive Corp/The	6,048			257
Tyson Foods Inc (a)	9,486		544	Prudential Financial Inc (a)	4,016			421
Whole Foods Market Inc	728		26	Sompo Holdings Inc	5,700			220
		$	4,971	Tokio Marine Holdings Inc	3,400			144
Forest Products & Paper - 0.01%				Torchmark Corp (a)	299			23
Oji Holdings Corp	6,000		29	Travelers Cos Inc/The	426			53
				Unipol Gruppo Finanziario SpA (a)	14,456			60
Gas - 0.06%				Unum Group (a)	552			25
NiSource Inc (a)	7,762		202	Willis Towers Watson PLC	309			45
				XL Group Ltd	603			26
Hand & Machine Tools - 0.46%						$		5,973
Disco Corp	300		52	Internet - 1.68%
Fuji Electric Co Ltd	20,000		107	Alphabet Inc - A Shares (b)	1,026			1,013
Sandvik AB	62,744		982	Amazon.com Inc (b)	1,137			1,131
Snap-on Inc (a)	1,485		240	eBay Inc (a),(b)	27,583			946
THK Co Ltd	2,700		76	F5 Networks Inc (a),(b)	1,673			214
		$	1,457	Facebook Inc (b)	3,656			554
Healthcare - Products - 3.08%				Palo Alto Networks Inc (a),(b)	9,964			1,182
Baxter International Inc (a)	13,938		827	Start Today Co Ltd	8,300			207
Becton Dickinson and Co	20,695		3,916	Yahoo! Inc (b)	2,188			110
Boston Scientific Corp (b)	12,356		334			$		5,357
Cooper Cos Inc/The	112		24	Iron & Steel - 0.15%
CR Bard Inc	7,625		2,345	Salzgitter AG	12,875			492
DiaSorin SpA (a)	1,154		89
Getinge AB	52,674		1,095	Leisure Products & Services - 0.02%
Medtronic PLC	3,268		275	Royal Caribbean Cruises Ltd	491			54
Patterson Cos Inc	366		16
Sonova Holding AG	3,476		576	Lodging - 0.37%
Varian Medical Systems Inc (b)	2,217		219	Marriott International Inc/MD (a)	8,280			891
William Demant Holding A/S (b)	819		21	Wyndham Worldwide Corp (a)	2,728			276
Zimmer Biomet Holdings Inc	460		55			$		1,167
		$	9,792	Machinery - Construction & Mining - 1.15%
Healthcare - Services - 3.38%				ABB Ltd	71,858			1,808
Aetna Inc (a)	9,085		1,316	Atlas Copco AB - A Shares	17,973			665
Anthem Inc (a)	6,813		1,242	Caterpillar Inc	8,028			846
Centene Corp (a),(b)	4,441		323	Hitachi Ltd	16,000			96
Cigna Corp (a)	6,635		1,070	Mitsubishi Electric Corp	18,500			255
DaVita Inc (b)	4,609		306			$		3,670
Fresenius SE & Co KGaA	8,129		696	Machinery - Diversified - 1.34%
HCA Healthcare Inc (a),(b)	9,157		750	Amada Holdings Co Ltd	13,400			156
Humana Inc (a)	3,857		896	ANDRITZ AG	16,908			1,016
Laboratory Corp of America Holdings (a),(b)	2,533		352	Cummins Inc (a)	4,054			639
Miraca Holdings Inc	1,100		46	Deere & Co	448			55
Quest Diagnostics Inc (a)	1,858		202	FLSmidth & Co A/S	11,473			698
UnitedHealth Group Inc (a)	11,967		2,096	Hexagon AB	15,686			687
Universal Health Services Inc (a)	13,145		1,494	Metso OYJ	19,281			655
		$	10,789	Rockwell Automation Inc	294			47
Holding Companies - Diversified - 0.00%				Roper Technologies Inc	234			53
Leucadia National Corp	823		20	Sumitomo Heavy Industries Ltd	36,000			235
						$		4,241
Home Builders - 0.47%				Media - 3.17%
DR Horton Inc (a)	36,016		1,177	CBS Corp (a)	9,791			598
Haseko Corp	17,100		217	Charter Communications Inc (b)	649			224
Lennar Corp - A Shares	536		28	Comcast Corp - Class A (a)	37,432			1,561
PulteGroup Inc	722		16	Discovery Communications Inc - A Shares	15,153			402
Sekisui Chemical Co Ltd	3,800		67	(a),(b)
		$	1,505	DISH Network Corp (a),(b)	13,039			832
Home Furnishings - 0.06%				News Corp - A Shares (a)	15,017			201
Whirlpool Corp (a)	1,042		193	Scripps Networks Interactive Inc (a)	3,340			221
				TEGNA Inc (a)	5,541			132
Housewares - 0.21%				Time Warner Inc (a)	31,216			3,106
Newell Brands Inc (a)	12,460		660	Tokyo Broadcasting System Holdings Inc	1,500			25
				Twenty-First Century Fox Inc - A Shares (a)	44,876			1,217
Insurance - 1.88%				Viacom Inc - B Shares (a)	9,802			341
Allianz SE	10,405		2,001	Walt Disney Co/The (a)	9,673			1,044
Allstate Corp/The	834		72	World Wrestling Entertainment Inc	9,415			192
Aon PLC (a)	6,504		852			$		10,096
Assicurazioni Generali SpA (a)	10,089		159	Metal Fabrication & Hardware - 0.35%
Berkshire Hathaway Inc - Class B (a),(b)	7,358		1,217	Maruichi Steel Tube Ltd	2,000			59

See accompanying notes

107

Schedule of Investments
Multi-Manager Equity Long/Short Fund
May 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Metal Fabrication & Hardware (continued)					Pharmaceuticals (continued)
NSK Ltd	5,000	$	60		Suzuken Co Ltd/Aichi Japan	400	$	13
NTN Corp	11,000		50		Takeda Pharmaceutical Co Ltd	600		31
SKF AB	45,424		928				$	9,115
		$	1,097		Pipelines - 0.22%
Mining - 0.15%					Kinder Morgan Inc/DE	3,789		71
Freeport-McMoRan Inc (a),(b)	38,180		439		ONEOK Inc	482		24
Sumitomo Metal Mining Co Ltd	3,000		36		Williams Cos Inc/The	21,094		603
		$	475				$	698
Miscellaneous Manufacturers - 1.35%					Real Estate - 0.01%
3M Co	739		151		CBRE Group Inc (b)	771		27
Alfa Laval AB	32,963		664
FUJIFILM Holdings Corp	3,100		113		REITS - 0.76%
Illinois Tool Works Inc	790		112		Alexandria Real Estate Equities Inc	2,138		249
Ingersoll-Rand PLC (a)	6,690		599		AvalonBay Communities Inc	315		60
Konica Minolta Inc	14,000		110		Digital Realty Trust Inc	514		61
Parker-Hannifin Corp (a)	3,227		508		Essex Property Trust Inc	150		39
Siemens AG	14,307		2,046		Extra Space Storage Inc	288		22
		$	4,303		Federal Realty Investment Trust	165		20
Office & Business Equipment - 0.09%					Iron Mountain Inc (a)	6,810		238
Seiko Epson Corp	14,200		298		Mid-America Apartment Communities Inc (a)	2,932		299
					Public Storage	397		86
Oil & Gas - 2.39%					Realty Income Corp (a)	4,772		262
Apache Corp (a)	9,800		458		Regency Centers Corp (a)	4,012		244
Chesapeake Energy Corp (b)	2,045		10		UDR Inc	3,698		143
Chevron Corp	4,329		448		Ventas Inc	811		54
ConocoPhillips (a)	41,072		1,836		Weyerhaeuser Co (a)	19,320		637
Devon Energy Corp	5,359		182				$	2,414
Eni SpA (a)	5,582		89		Retail - 4.90%
Exxon Mobil Corp	6,200		499		Autogrill SpA (a)	17,476		213
Idemitsu Kosan Co Ltd	6,300		177		AutoNation Inc (b)	2,415		95
Inpex Corp (a)	48,900		451		AutoZone Inc (b)	270		164
JXTG Holdings Inc	53,000		231		Bed Bath & Beyond Inc (a)	3,883		134
Marathon Oil Corp (a)	20,172		263		Best Buy Co Inc (a)	7,570		450
Marathon Petroleum Corp (a)	10,255		534		CarMax Inc (a),(b)	16,043		1,008
Murphy Oil Corp (a)	4,117		101		Citizen Watch Co Ltd	32,100		209
Nabors Industries Ltd	100,596		885		Coach Inc (a)	7,248		335
Parsley Energy Inc (b)	8,533		253		Cosmos Pharmaceutical Corp	400		84
Precision Drilling Corp (b)	106,974		388		CVS Health Corp (a)	27,405		2,106
Transocean Ltd (a),(b)	10,057		91		Darden Restaurants Inc (a)	633		56
Valero Energy Corp (a)	11,662		717		Dollar General Corp	1,043		77
		$	7,613		Dollar Tree Inc (b)	541		42
Oil & Gas Services - 0.39%					Dunkin' Brands Group Inc (a)	13,995		819
Halliburton Co (a)	18,572		839		Foot Locker Inc	1,671		99
TechnipFMC PLC (b)	14,541		421		Gap Inc/The	911		20
		$	1,260		Home Depot Inc/The (a)	12,166		1,867
Packaging & Containers - 0.18%					Kohl's Corp	393		15
Sealed Air Corp (a)	4,901		218		L Brands Inc	353		18
Toyo Seikan Group Holdings Ltd	2,200		35		Lowe's Cos Inc	15,663		1,234
WestRock Co (a)	6,230		339		Luxottica Group SpA	11,764		712
		$	592		Macy's Inc	695		16
Pharmaceuticals - 2.85%					Matsumotokiyoshi Holdings Co Ltd	2,200		129
AbbVie Inc	16,144		1,066		McDonald's Corp	8,142		1,229
Alfresa Holdings Corp	8,900		172		Nordstrom Inc	869		36
AmerisourceBergen Corp (a)	5,335		490		O'Reilly Automotive Inc (b)	208		50
					PVH Corp (a)	2,029		215
Astellas Pharma Inc	50,700		641		Ross Stores Inc (a)	1,998		128
Bayer AG	6,149		817
Bristol-Myers Squibb Co	3,764		203		Shimamura Co Ltd	1,200		154
					Signet Jewelers Ltd (a)	1,638		79
Daiichi Sankyo Co Ltd	11,100		243		Staples Inc (a)	15,730		143
Eli Lilly & Co	2,007		160
Express Scripts Holding Co (a),(b)	15,973		954		Target Corp	1,260		69
H Lundbeck A/S	7,638		406		Tiffany & Co	2,768		241
Johnson & Johnson	4,822		618		TJX Cos Inc/The	249		19
Kobayashi Pharmaceutical Co Ltd	300		18		Tsuruha Holdings Inc	100		11
McKesson Corp (a)	5,019		819		Walgreens Boots Alliance Inc (a)	6,493		526
					Wal-Mart Stores Inc (a)	27,643		2,173
Medipal Holdings Corp	5,400		99
Merck & Co Inc	2,221		145		Welcia Holdings Co Ltd	500		18
Mitsubishi Tanabe Pharma Corp (a)	11,600		258		Yum! Brands Inc (a)	8,322		605
Mylan NV (a),(b)	13,826		539				$	15,598
Nippon Shinyaku Co Ltd	2,700		158		Savings & Loans - 0.00%
Pfizer Inc	13,634		445		People's United Financial Inc (a)	723		12
Recordati SpA (a)	5,900		237
Shionogi & Co Ltd	3,800		203		Semiconductors - 3.15%
Sumitomo Dainippon Pharma Co Ltd (a)	24,900		380		Analog Devices Inc (a)	8,131		697

See accompanying notes

108

     Schedule of Investments Multi-Manager Equity Long/Short Fund May 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	INVESTMENT COMPANIES - 21.19%			Shares Held	Value (000's)
Semiconductors (continued)					Money Market Funds - 21.19%
Applied Materials Inc (a)	27,895	$	1,280		BlackRock Liquidity Funds FedFund Portfolio			6,731,006	$	6,731
Infineon Technologies AG	81,938		1,814		Cash Account Trust - Government & Agency			10,130		10
Intel Corp	51,045		1,843		Portfolio - Government Cash Managed
KLA-Tencor Corp (a)	4,048		421		First American Government Obligations Fund			28,599,740		28,600
Lam Research Corp (a)	4,736		735		Goldman Sachs Financial Square Funds -			18,228,238		18,228
Microchip Technology Inc	495		41		Government Fund
QUALCOMM Inc	3,374		193		Wells Fargo Advantage Government Money			13,927,479		13,928
Skyworks Solutions Inc (a)	4,774		508		Market Fund (d)
STMicroelectronics NV (a)	34,502		568						$	67,497
Texas Instruments Inc (a)	23,394		1,930		TOTAL INVESTMENT COMPANIES				$	67,497
		$	10,030		U.S. GOVERNMENT & GOVERNMENT			Principal
Shipbuilding - 0.03%					AGENCY OBLIGATIONS - 3.75%		Amount (000's)		Value (000's)
Yangzijiang Shipbuilding Holdings Ltd	106,600		98		U.S. Treasury Bill - 3.75%
						0.96%, 10/26/2017(a),(e)	$	12,000	$	11,951
Software - 2.91%
Activision Blizzard Inc	965		56		TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
CA Inc	3,039		96		OBLIGATIONS				$	11,951
Citrix Systems Inc (a),(b)	2,642		218		Total Investments				$	342,860
DeNA Co Ltd	10,300		228		Other Assets and Liabilities - (7.66)%				$	(24,316	)
Electronic Arts Inc (b)	704		80
					TOTAL NET ASSETS - 100.00%				$	318,544
Fidelity National Information Services Inc	751		64
GungHo Online Entertainment Inc	58,100		145
Intuit Inc	5,395		759		(a)	Security or a portion of the security was pledged as collateral for short
Konami Holdings Corp	5,600		275			sales. At the end of the period, the value of these securities totaled
Microsoft Corp	501		35			$103,818 or 32.59% of net assets.
Nexon Co Ltd	4,800		91		(b)	Non-Income Producing Security
Nuance Communications Inc (a),(b)	111,831		2,070		(c)	Security exempt from registration under Rule 144A of the Securities Act of
Oracle Corp (a)	24,573		1,115			1933. These securities may be resold in transactions exempt from
Oracle Corp Japan	1,100		65			registration, normally to qualified institutional buyers. At the end of the
Paychex Inc (a)	9,246		548			period, the value of these securities totaled $1,439 or 0.45% of net assets.
PTC Inc (a),(b)	15,011		864		(d)	Security or a portion of the security was pledged to cover margin
Software AG	28,140		1,351			requirements for swap and/or swaption contracts. At the end of the period,
Square Enix Holdings Co Ltd	9,200		292			the value of these securities totaled $10,967 or 3.44% of net assets.
Verint Systems Inc (a),(b)	23,415		962		(e)	Rate shown is the discount rate of the original purchase.
		$	9,314
Telecommunications - 3.33%
AT&T Inc	14,044		541
Cellnex Telecom SA (c)	68,608		1,439			Portfolio Summary (unaudited)
Cisco Systems Inc	63,216		1,993		Sector					Percent
Deutsche Telekom AG	28,073		560		Investment Companies					21.19	%
GN Store Nord A/S	11,530		352		Consumer, Non-cyclical					16.80	%
Hikari Tsushin Inc	900		91		Industrial					12.39	%
Juniper Networks Inc (a)	57,043		1,673		Financial					11.82	%
KDDI Corp	2,000		56		Technology					11.44	%
Motorola Solutions Inc (a)	4,256		356		Consumer, Cyclical					10.88	%
Nippon Telegraph & Telephone Corp (a)	11,900		572		Communications					8.42	%
SoftBank Group Corp	1,400		114		Basic Materials					6.69	%
TDC A/S	66,873		399		Government					3.75	%
VEON Ltd ADR	427,830		1,660		Energy					3.26	%
Verizon Communications Inc	17,254		805		Utilities					1.02	%
		$	10,611		Diversified					0.00	%
Toys, Games & Hobbies - 0.37%					Investments Sold Short					(37.64	)%
Bandai Namco Holdings Inc (a)	10,800		385		Other Assets and Liabilities					29.98	%
Hasbro Inc (a)	3,216		338		TOTAL NET ASSETS					100.00	%
Mattel Inc (a)	8,844		203
Nintendo Co Ltd	900		273
		$	1,199
Transportation - 2.22%
CH Robinson Worldwide Inc (a)	3,413		229
CSX Corp	2,533		137
Expeditors International of Washington Inc (a)	4,360		233
FedEx Corp	19,781		3,834
JB Hunt Transport Services Inc	252		21
Kamigumi Co Ltd	22,000		225
Nippon Express Co Ltd	47,000		290
Norfolk Southern Corp (a)	611		76
Ryder System Inc (a)	1,381		92
Union Pacific Corp (a)	14,929		1,646
United Parcel Service Inc	1,982		210
West Japan Railway Co	1,200		83
		$	7,076
TOTAL COMMON STOCKS		$	263,412

See accompanying notes

109

Schedule of Investments
Multi-Manager Equity Long/Short Fund
May 31, 2017 (unaudited)
Foreign Currency Contracts
								Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Accept			In Exchange For		Fair Value		Asset			Liability
Citigroup Inc	06/21/2017	AUD	1,522,000	$	1,142	$	1,130	$	1		$	(13	)
Citigroup Inc	06/21/2017	CAD	1,999,000		1,463		1,480		17			—
Citigroup Inc	06/21/2017	CHF	1,379,000		1,391		1,426		35			—
Citigroup Inc	06/21/2017	DKK	3,077,000		455		465		10			—
Citigroup Inc	06/21/2017	EUR	4,680,000		5,121		5,262		141			—
Citigroup Inc	06/21/2017	GBP	2,157,000		2,791		2,781		—			(10	)
Citigroup Inc	06/21/2017	HKD	4,304,000		554		553		—			(1	)
Citigroup Inc	06/21/2017	ILS	385,000		107		109		2			—
Citigroup Inc	06/21/2017	JPY	407,134,000		3,641		3,680		39			—
Citigroup Inc	06/21/2017	NOK	823,000		95		97		2			—
Citigroup Inc	06/21/2017	NZD	38,000		26		27		1			—
Citigroup Inc	06/21/2017	SEK	4,080,000		463		470		7			—
Citigroup Inc	06/21/2017	SGD	292,000		209		211		2			—
Citigroup Inc	09/20/2017	AUD	505,834		377		375		—			(2	)
Citigroup Inc	09/20/2017	CAD	726,598		541		539		—			(2	)
Citigroup Inc	09/20/2017	CHF	254,788		263		265		2			—
Citigroup Inc	09/20/2017	DKK	15,000		2		2		—			—
Citigroup Inc	09/20/2017	EUR	1,974,327		2,223		2,231		8			—
Citigroup Inc	09/20/2017	GBP	2,249,000		2,920		2,907		1			(14	)
Citigroup Inc	09/20/2017	HKD	1,834,344		236		236		—			—
Citigroup Inc	09/20/2017	ILS	253,036		71		72		1			—
Citigroup Inc	09/20/2017	JPY	323,381,481		2,918		2,936		18			—
Citigroup Inc	09/20/2017	NOK	571,424		68		68		—			—
Citigroup Inc	09/20/2017	NZD	38,000		27		27		—			—
Citigroup Inc	09/20/2017	SEK	1,649,159		190		191		1			—
Citigroup Inc	09/20/2017	SGD	131,319		95		95		—			—
Morgan Stanley & Co	06/21/2017	CHF	4,922,000		4,972		5,090		119			(1	)
Morgan Stanley & Co	06/21/2017	DKK	2,117,000		316		320		4			—
Morgan Stanley & Co	06/21/2017	EUR	5,936,000		6,526		6,675		149			—
Morgan Stanley & Co	06/21/2017	GBP	562,000		726		724		—			(2	)
Morgan Stanley & Co	06/21/2017	NOK	7,489,000		887		887		—			—
Morgan Stanley & Co	06/21/2017	SEK	26,997,000		3,084		3,111		27			—
Total								$	587		$	(45	)
								Unrealized Appreciation/(Depreciation)
Counterparty	Delivery Date	Contracts to Deliver			In Exchange For		Fair Value		Asset			Liability
Citigroup Inc	06/21/2017	AUD	509,834	$	381	$	379	$	2		$	—
Citigroup Inc	06/21/2017	CAD	728,598		541		539		2			—
Citigroup Inc	06/21/2017	CHF	233,788		240		242		—			(2	)
Citigroup Inc	06/21/2017	DKK	3,077,000		452		465		—			(13	)
Citigroup Inc	06/21/2017	EUR	3,150,327		3,497		3,542		—			(45	)
Citigroup Inc	06/21/2017	GBP	2,157,000		2,793		2,780		14			(1	)
Citigroup Inc	06/21/2017	HKD	1,744,344		224		224		—			—
Citigroup Inc	06/21/2017	ILS	269,036		75		76		—			(1	)
Citigroup Inc	06/21/2017	JPY	278,859,481		2,506		2,520		—			(14	)
Citigroup Inc	06/21/2017	NOK	553,424		66		66		—			—
Citigroup Inc	06/21/2017	NZD	38,000		27		27		—			—
Citigroup Inc	06/21/2017	SEK	1,649,159		189		190		—			(1	)
Citigroup Inc	06/21/2017	SGD	124,319		90		90		—			—
Citigroup Inc	09/20/2017	AUD	35,000		26		26		—			—
Citigroup Inc	09/20/2017	DKK	1,227,000		185		187		—			(2	)
Citigroup Inc	09/20/2017	EUR	107,000		120		121		—			(1	)
Citigroup Inc	09/20/2017	JPY	47,322,000		428		430		—			(2	)
Citigroup Inc	09/20/2017	NZD	2,000		1		1		—			—
Citigroup Inc	09/20/2017	SGD	2,000		1		1		—			—
Morgan Stanley & Co	06/21/2017	CAD	567,000		421		420		2			(1	)
Morgan Stanley & Co	06/21/2017	CHF	11,657,000		11,659		12,054		—			(395	)
Morgan Stanley & Co	06/21/2017	DKK	20,995,000		3,094		3,174		—			(80	)
Morgan Stanley & Co	06/21/2017	EUR	24,694,000		26,961		27,767		1			(807	)
Morgan Stanley & Co	06/21/2017	NOK	7,489,000		871		887		—			(16	)
Morgan Stanley & Co	06/21/2017	SEK	78,727,000		8,849		9,071		—			(222	)
Total								$	21		$	(1,603	)
Amounts in thousands except contracts
Futures Contracts
												Unrealized
Type	Long/Short		Contracts		Notional Value				Fair Value			Appreciation/(Depreciation)
AEX Index; June 2017		Short	8	$	942		$		941	$		1
AEX Index; June 2017		Long	10		1,195				1,176			(19	)
CAC40 Index; June 2017		Long	31		1,861				1,834			(27	)

See accompanying notes

110

Schedule of Investments
Multi-Manager Equity Long/Short Fund
May 31, 2017 (unaudited)
Futures Contracts (continued)
													Unrealized
Type	Long/Short			Contracts	Notional Value					Fair Value			Appreciation/(Depreciation)
CAC40 Index; June 2017		Short		83	$	4,972	$			4,910	$				62
DAX Index; June 2017		Short		11		3,801				3,904					(103	)
DAX Index; June 2017		Long		4		1,410				1,420					10
DJ Euro Stoxx 50; June 2017		Short		340		12,963			13,570						(607	)
FTSE/MIB Index; June 2017		Long		3		344				350					6
FTSE100 Index; June 2017		Long		30		2,787				2,902					115
FTSE100 Index; June 2017		Short		31		2,899				2,999					(100	)
Hang Seng Index; June 2017		Long		1		162				163					1
IBEX 35 Index; June 2017		Long		1		123				122					(1	)
Japan Topix Index; June 2017		Long		27		3,785				3,827					42
MSCI Singapore Index; June 2017		Long		6		156				154					(2	)
OMXS30 Index; June 2017		Long		26		493				490					(3	)
OMXS30 Index; June 2017		Short		81		1,535				1,527					8
S&P 500 Emini; June 2017		Long		219		26,159			26,402						243
S&P/TSX 60 Index; June 2017		Long		10		1,358				1,340					(18	)
SPI 200 Index; June 2017		Long		11		1,211				1,173					(38	)
Total										$					(430	)
Amounts in thousands except contracts
Synthetic Futures
							Unrealized						Fair Value
Counterparty (Issuer)	Reference Entity			Expiration Date		Notional Value		Appreciation/(Depreciation)					Asset		Liability
Morgan Stanley & Co	Swiss Market Index Future; June 2017			06/16/2017		$	1,603	$		34		$	8	$	—
Total							$			34		$	8	$	—
Amounts in thousands
Total Return Equity Basket Swaps
									Notional				Fair Value
Counterparty	Fund Pays			Fund Receives			Expiration Date			Value			Asset		Liability
Deutsche Bank AG	Floating rate based on 1 day OBFR		Total return on a custom basket of long and				05/05/2022		$	8,320		$	278	$	—
	plus/less spread		short securities traded in USD
Morgan Stanley & Co	Floating rate based on 1 week NIBOR		Total return on a custom basket of long				05/06/2019			(29	)		29		—
	plus/less spread		and short securities traded in NOK
Morgan Stanley & Co	Floating rate based on 1 day HONIX		Total return on a custom basket of long				05/07/2019			32			—		(11	)
	plus/less spread		and short securities traded in HKD
Morgan Stanley & Co	Floating rate based on 1 week STIBO		Total return on a custom basket of long				05/06/2019			22			6		—
	plus/less spread		and short securities traded in SEK
Morgan Stanley & Co	Floating rate based on 1 day SONIA		Total return on a custom basket of long				04/06/2018			7,908			96		—
	plus/less spread		and short securities traded in GBP
Morgan Stanley & Co	Floating rate based on 1 day EONIA		Total return on a custom basket of long				04/06/2018			21,119			475		—
	plus/less spread		and short securities traded in EUR
Morgan Stanley & Co	Floating rate based on 1 day SONIA		Total return on a custom basket of long				05/07/2019			(180	)		224		—
	plus/less spread		and short securities traded in GBP
Morgan Stanley & Co	Floating rate based on 1 day RBACR		Total return on a custom basket of long				05/06/2019			13			8		—
	plus/less spread		and short securities traded in AUD
Morgan Stanley & Co	Floating rate based on 1 day MUTSC		Total return on a custom basket of long				09/06/2018			—			42		—
	plus/less spread		and short securities traded in JPY
Morgan Stanley & Co	Floating rate based on 1 day DISC		Total return on a custom basket of long				05/07/2018			4			30		—
	plus/less spread		and short securities traded in CAD
Morgan Stanley & Co	Floating rate based on 1 day EONIA		Total return on a custom basket of long				05/06/2019			1,497			—		(157	)
	plus/less spread		and short securities traded in EUR
Morgan Stanley & Co	Floating rate based on 1 day TOIS		Total return on a custom basket of long				08/04/2017			337			63		—
	plus/less spread		and short securities traded in CHF
Total									$	39,043		$	1,251	$	(168	)
The expiration dates are measured from the commencement of investment in each underlying swap position.
Amounts in thousands
Total Return Swaps
Pay/Receive
				Positive		Financing	Expiration			Notional			Fair Value
Counterparty (Issuer) Reference Entity			Contracts	Return		Rate	Date			Amount			Asset             Liability
Bank of America NA MSCI Hong Kong Net Return HKD Index			55	Receive	1 Month HIBOR plus		06/21/2017		HKD 4,135				$10	$	—
						.40%
Bank of America NA MSCI Spain Net Return EUR Index			1,591	Receive	Euribor 1 Month		06/21/2017		EUR			341	2		—
					minus 0.11%
Bank of America NA MSCI Spain Net Return EUR Index			427	Receive	Euribor 1 Month		06/21/2017					91	1		—
					minus 0.11%
Morgan Stanley & Co MSCI Singapore Net Return SGD Index			29	Receive	SIBOR 1 Month		06/21/2017		SGD			153	—		—
Total												$	13	$	—

Amounts in thousands except contracts
See accompanying notes	111

Schedule of Investments
Multi-Manager Equity Long/Short Fund
May 31, 2017 (unaudited)
Short Sales Outstanding
COMMON STOCKS - (33.01)%	Shares	Value(000			's)	COMMON STOCKS (continued)	Shares	Value(000			's)
Aerospace & Defense - (1.43)%						Building Materials (continued)
Boeing Co/The	2,389		$	448		Martin Marietta Materials Inc	1,307		$	293
General Dynamics Corp	5,816			1,182		Masco Corp	6,082			226
Kawasaki Heavy Industries Ltd	48,000			138		Rinnai Corp	1,800			162
Lockheed Martin Corp	1,538			433		Vulcan Materials Co	2,746			342
Raytheon Co	4,526			742				$		1,383
Rockwell Collins Inc	2,688			293		Chemicals - (0.84)%
United Technologies Corp	10,826			1,313		CF Industries Holdings Inc	4,836			130
		$		4,549		Eastman Chemical Co	3,040			244
Agriculture - (0.02)%						International Flavors & Fragrances Inc	1,508			208
Golden Agri-Resources Ltd	214,700			57		Kaneka Corp	6,000			45
						Kansai Paint Co Ltd	8,600			186
						Mosaic Co/The	7,266			164
Airlines - (0.16)%						Nippon Paint Holdings Co Ltd	6,100			243
American Airlines Group Inc	10,526			509		Nissan Chemical Industries Ltd	1,300			46
						Novozymes A/S	14,538			658
Apparel - (0.39)%						Praxair Inc	5,406			715
Asics Corp	13,300			223		Toray Industries Inc	8,500			71
NIKE Inc	16,338			866				$		2,710
Under Armour Inc - Class C (a)	8,441			151
						Commercial Services - (0.89)%
		$		1,240		Benesse Holdings Inc	4,200			154
Automobile Manufacturers - (0.19)%						Cintas Corp		511		64
Ford Motor Co	12,652			141		Ecolab Inc	6,236			829
Honda Motor Co Ltd	6,800			190		Equifax Inc	1,311			179
Mitsubishi Motors Corp	34,700			225		Gartner Inc (a)	1,708			204
Nissan Motor Co Ltd	4,800			46		Global Payments Inc	1,205			110
Toyota Motor Corp		300		16		Nets A/S (a)	9,314			187
		$		618		PayPal Holdings Inc (a)	9,645			504
						Sohgo Security Services Co Ltd	2,400			112
Automobile Parts & Equipment - (0.32)%						Verisk Analytics Inc (a)	3,464			280
Brembo SpA	1,465			23		Western Union Co/The	9,051			172
Koito Manufacturing Co Ltd		900		47				$		2,795
NGK Spark Plug Co Ltd	21,300			434
Toyota Industries Corp	6,200			312		Computers - (0.60)%
Yokohama Rubber Co Ltd/The	9,400			183		Accenture PLC - Class A	10,035			1,249
		$		999		DXC Technology Co	5,826			452
						Obic Co Ltd	2,700			157
Banks - (0.72)%						SCSK Corp		600		26
Banca Generali SpA	2,347			68		Teradata Corp (a)		938		26
Banco BPM SpA (a)	129,753			405
								$		1,910
Bank of Kyoto Ltd/The	37,000			312
BPER Banca	4,083			20		Consumer Products - (0.16)%
Capital One Financial Corp		489		38		Avery Dennison Corp	1,833			154
Chugoku Bank Ltd/The	1,000			14		Clorox Co/The	2,657			361
Concordia Financial Group Ltd	12,500			57				$		515
Fifth Third Bancorp	14,451			343		Cosmetics & Personal Care - (0.18)%
FinecoBank Banca Fineco SpA	38,424			289		Colgate-Palmolive Co	3,880			296
Iyo Bank Ltd/The	1,600			12		Coty Inc	15,498			294
Seven Bank Ltd	97,000			355
UniCredit SpA (a)	21,816			382				$		590
		$		2,295		Diversified Financial Services - (1.19)%
						Acom Co Ltd (a)	81,400			344
Beverages - (1.08)%						AEON Financial Service Co Ltd	14,300			294
Brown-Forman Corp - B Shares	7,978			414		Affiliated Managers Group Inc	1,177			181
Coca-Cola Co/The	22,784			1,036		Alliance Data Systems Corp	1,190			287
Constellation Brands Inc	4,130			755		American Express Co	13,360			1,028
Molson Coors Brewing Co	4,460			423
Monster Beverage Corp (a)	10,256			519		Franklin Resources Inc	11,737			490
						Hitachi Capital Corp	1,000			23
PepsiCo Inc	2,814			329		Intercontinental Exchange Inc	11,332			682
		$		3,476		Invesco Ltd	8,378			266
Biotechnology - (1.06)%						Navient Corp	6,035			87
Alexion Pharmaceuticals Inc (a)	4,647			455		Orient Corp	99,200			168
Illumina Inc (a)	3,033			538				$		3,850
Incyte Corp (a)	4,384			567
Regeneron Pharmaceuticals Inc (a)	2,513			1,154		Electric - (1.56)%
Vertex Pharmaceuticals Inc (a)	5,303			655		Alliant Energy Corp	4,337			180
						Ameren Corp	3,553			202
		$		3,369		Chugoku Electric Power Co Inc/The	33,200			378
Building Materials - (0.43)%						Consolidated Edison Inc	2,226			184
Fortune Brands Home & Security Inc	2,934			185		DONG Energy A/S	1,658			72
LIXIL Group Corp	7,200			175		Duke Energy Corp	6,390			547

See accompanying notes

112

Schedule of Investments
Multi-Manager Equity Long/Short Fund
May 31, 2017 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares	Value(000			's)	COMMON STOCKS (continued)	Shares	Value(000			's)
Electric (continued)						Healthcare - Products (continued)
Edison International	5,337		$	435		Henry Schein Inc (a)	1,509		$	278
Electric Power Development Co Ltd	16,600			441		Hologic Inc (a)	5,311			230
Entergy Corp	1,783			141		IDEXX Laboratories Inc (a)	1,825			307
Eversource Energy	3,418			212		Intuitive Surgical Inc (a)		726		664
Hokuriku Electric Power Co	33,000			322		Olympus Corp	1,100			40
Kansai Electric Power Co Inc/The	2,900			41		Stryker Corp	3,360			480
Kyushu Electric Power Co Inc	27,400			340		Sysmex Corp	2,800			166
NextEra Energy Inc	5,210			737				$		6,661
NRG Energy Inc	6,061			98
Pinnacle West Capital Corp	2,238			198		Healthcare - Services - (0.11)%
						Envision Healthcare Corp (a)	2,437			133
SCANA Corp	2,752			188
Shikoku Electric Power Co Inc	20,800			260		Universal Health Services Inc	2,004			228
		$		4,976				$		361
Electrical Components & Equipment - (0.16)%						Holding Companies - Diversified - (0.01)%
Acuity Brands Inc		909		148		Keppel Corp Ltd	9,600			45
Casio Computer Co Ltd	18,800			292
Nidec Corp		800		79		Home Furnishings - (0.22)%
		$		519		Electrolux AB	14,473			464
						Leggett & Platt Inc	2,578			134
Electronics - (0.65)%						Sony Corp	3,000			110
Agilent Technologies Inc	6,680			403
Alps Electric Co Ltd	10,900			305				$		708
Fortive Corp	2,772			173		Insurance - (1.49)%
Hamamatsu Photonics KK	9,500			302		Aflac Inc	7,558			570
Ibiden Co Ltd	1,800			32		American International Group Inc	10,947			697
Mettler-Toledo International Inc (a)		540		314		Arthur J Gallagher & Co	3,699			210
Murata Manufacturing Co Ltd	2,000			277		Assurant Inc	1,161			114
PerkinElmer Inc		813		51		Japan Post Holdings Co Ltd	5,600			68
Yaskawa Electric Corp	10,800			215		Japan Post Insurance Co Ltd	6,700			144
		$		2,072		Lincoln National Corp	4,662			303
						Loews Corp	3,428			162
Engineering & Construction - (0.15)%						Marsh & McLennan Cos Inc	9,215			715
Chiyoda Corp	27,000			152		MetLife Inc	21,714			1,098
Japan Airport Terminal Co Ltd	4,200			165		Sony Financial Holdings Inc	30,100			463
JGC Corp	10,500			159		T&D Holdings Inc	10,500			149
		$		476		UnipolSai Assicurazioni SpA	11,486			26
Entertainment - (0.08)%								$		4,719
Oriental Land Co Ltd/Japan	3,700			239		Internet - (1.44)%
						Expedia Inc	3,003			432
Food - (1.17)%						Kakaku.com Inc	22,300			318
Calbee Inc	16,100			624		MonotaRO Co Ltd	8,400			283
Chr Hansen Holding A/S	4,778			335		Netflix Inc (a)	8,922			1,455
Kellogg Co	2,451			176		Priceline Group Inc/The (a)		547		1,027
Kikkoman Corp	5,600			175		Symantec Corp	12,833			389
Kraft Heinz Co/The	11,790			1,087		TripAdvisor Inc (a)	2,989			115
Mondelez International Inc	22,573			1,052		VeriSign Inc (a)		295		27
Yakult Honsha Co Ltd	3,500			247		Yahoo Japan Corp	21,200			95
		$		3,696		Yoox Net-A-Porter Group SpA (a)	14,474			405
Forest Products & Paper - (0.14)%								$		4,546
International Paper Co	8,532			451		Iron & Steel - (0.23)%
						JFE Holdings Inc	2,700			45
						Kobe Steel Ltd (a)	33,700			308
Gas - (0.07)%						Nucor Corp	6,616			385
Sempra Energy		549		64
Snam SpA	15,088			69				$		738
Toho Gas Co Ltd	11,000			85		Leisure Products & Services - (0.60)%
		$		218		Carnival Corp	15,010			961
						Harley-Davidson Inc	3,280			174
Hand & Machine Tools - (0.13)%						Shimano Inc	4,000			621
Stanley Black & Decker Inc	2,912			401		Yamaha Corp	1,500			48
						Yamaha Motor Co Ltd	3,500			88
Healthcare - Products - (2.10)%								$		1,892
Abbott Laboratories	33,278			1,519
Asahi Intecc Co Ltd	2,500			116		Lodging - (0.08)%
Becton Dickinson and Co	4,415			835		Wynn Resorts Ltd	2,012			259
Boston Scientific Corp (a)	18,613			503
Coloplast A/S	3,330			285		Machinery - Diversified - (0.19)%
Danaher Corp	9,154			778		CNH Industrial NV	6,383			71
Edwards Lifesciences Corp (a)	3,995			460		Flowserve Corp	2,508			122

See accompanying notes

113

Schedule of Investments
Multi-Manager Equity Long/Short Fund
May 31, 2017 (unaudited)
Short Sales Outstanding
COMMON STOCKS (continued)	Shares	Value(000			's)	COMMON STOCKS (continued)	Shares	Value(000			's)
Machinery - Diversified (continued)						Pharmaceuticals (continued)
Kubota Corp	5,700		$	90		Santen Pharmaceutical Co Ltd	20,900		$	288
Mitsubishi Heavy Industries Ltd	35,000			138		Sawai Pharmaceutical Co Ltd		900		48
Xylem Inc/NY	3,457			180		Sosei Group Corp (a)	1,900			192
		$		601		Zoetis Inc	9,412			586
Media - (0.08)%								$		4,475
DISH Network Corp (a)	3,060			195		Real Estate - (0.03)%
Mediaset SpA (a)	12,524			49		CapitaLand Ltd	12,800			33
		$		244		Global Logistic Properties Ltd	31,000			65
Metal Fabrication & Hardware - (0.21)%								$		98
MISUMI Group Inc	4,700			106		REITS - (1.87)%
Tenaris SA	37,742			572		American Tower Corp	5,710			749
		$		678		Apartment Investment & Management Co	3,102			133
						Boston Properties Inc	2,962			359
Mining - (0.11)%						Crown Castle International Corp	7,480			760
Newmont Mining Corp	10,256			350		Equinix Inc	1,494			659
						Equity Residential	7,441			484
Miscellaneous Manufacturers - (0.57)%						GGP Inc	16,885			376
Dover Corp	3,263			269		HCP Inc	8,952			281
Eaton Corp PLC	9,325			722		Host Hotels & Resorts Inc	15,308			276
General Electric Co	12,816			351		Kimco Realty Corp	8,819			155
Pentair PLC	3,508			232		Macerich Co/The	2,988			172
Textron Inc	5,232			250		Prologis Inc	8,397			466
		$		1,824		Simon Property Group Inc	2,875			443
						SL Green Realty Corp	2,087			211
Office & Business Equipment - (0.25)%						Vornado Realty Trust	2,658			245
Canon Inc	5,900			203		Welltower Inc	2,155			156
Ricoh Co Ltd	53,400			450				$		5,925
Xerox Corp	19,386			137
		$		790		Retail - (1.90)%
						Advance Auto Parts Inc	1,531			205
Oil & Gas - (1.80)%						Aeon Co Ltd	17,000			257
Anadarko Petroleum Corp	11,436			578		CarMax Inc (a)	3,887			244
Cabot Oil & Gas Corp		423		9		Chipotle Mexican Grill Inc (a)		597		285
Cimarex Energy Co	1,973			212		Costco Wholesale Corp	4,928			889
Concho Resources Inc (a)	3,030			384
						Don Quijote Holdings Co Ltd	11,300			442
EOG Resources Inc	11,118			1,004		FamilyMart UNY Holdings Co Ltd	8,300			466
EQT Corp	3,585			198		Fast Retailing Co Ltd		100		34
Helmerich & Payne Inc	2,252			119		Genuine Parts Co	2,856			265
Hess Corp	6,352			291		Isetan Mitsukoshi Holdings Ltd	20,500			207
Newfield Exploration Co (a)	3,803			124
						J Front Retailing Co Ltd	11,400			161
Noble Energy Inc	8,983			258		Lawson Inc	2,400			164
Occidental Petroleum Corp	15,856			934		Marui Group Co Ltd	25,600			373
Phillips 66	9,855			750		Pandora A/S	1,950			185
Pioneer Natural Resources Co	3,450			576		Ryohin Keikaku Co Ltd	1,000			260
Range Resources Corp	5,127			118		Starbucks Corp	5,834			371
Tesoro Corp	2,425			202		Tractor Supply Co	2,482			137
		$		5,757		Ulta Beauty Inc (a)		652		199
Oil & Gas Services - (0.42)%						Wal-Mart Stores Inc	10,854			853
Baker Hughes Inc	8,817			486		Yamada Denki Co Ltd	7,700			40
National Oilwell Varco Inc	7,855			257				$		6,037
Saipem SpA (a)	50,777			207
						Semiconductors - (0.91)%
Schlumberger Ltd	1,914			133		Advanced Micro Devices Inc (a)	19,399			217
TechnipFMC PLC (a)	8,859			257
						Broadcom Ltd		493		118
		$		1,340		Micron Technology Inc (a)	25,146			774
Packaging & Containers - (0.08)%						NVIDIA Corp	8,436			1,218
						Qorvo Inc (a)	2,506			195
Ball Corp	5,944			243
						Xilinx Inc	5,592			373
								$		2,895
Pharmaceuticals - (1.41)%
Allergan PLC	6,400			1,432		Software - (1.35)%
Cardinal Health Inc	6,087			452		Adobe Systems Inc (a)	6,863			973
Chugai Pharmaceutical Co Ltd	10,300			392		Akamai Technologies Inc (a)	3,317			157
Eisai Co Ltd	2,600			137		Autodesk Inc (a)	4,570			511
Kyowa Hakko Kirin Co Ltd	4,000			68		Cerner Corp (a)	7,103			464
Mallinckrodt PLC (a)	2,172			94		Fiserv Inc (a)	2,307			289
Mead Johnson Nutrition Co	3,806			340		Red Hat Inc (a)	3,668			328
Novo Nordisk A/S		932		40		salesforce.com Inc (a)	14,678			1,316
Ono Pharmaceutical Co Ltd	14,000			291		Synopsys Inc (a)	3,121			234
Perrigo Co PLC	1,577			115				$		4,272

See accompanying notes

114

				Schedule of Investments
	Multi-Manager Equity Long/Short Fund
				May 31, 2017 (unaudited)
				Short Sales Outstanding
COMMON STOCKS (continued)	Shares	Value(000			's)
Storage & Warehousing - (0.04)%
Mitsubishi Logistics Corp	9,000		$	114
Telecommunications - (0.25)%
CenturyLink Inc	11,340			283
Level 3 Communications Inc (a)	7,470			445
Telecom Italia SpA/Milano (a)	56,503			53
		$		781
Textiles - (0.11)%
Mohawk Industries Inc (a)	1,431			342
Transportation - (1.29)%
CSX Corp	1,422			77
DSV A/S	3,341			203
FedEx Corp	5,222			1,012
Kansas City Southern	2,211			210
Keihan Holdings Co Ltd	24,000			159
Keikyu Corp	27,000			321
Keio Corp	34,000			283
Keisei Electric Railway Co Ltd	1,500			38
Kintetsu Group Holdings Co Ltd	73,000			282
Kyushu Railway Co	3,900			132
Nagoya Railroad Co Ltd	28,000			131
Nankai Electric Railway Co Ltd	25,000			132
Nippon Yusen KK	50,000			91
Odakyu Electric Railway Co Ltd	17,600			353
Seibu Holdings Inc	28,400			528
Singapore Post Ltd	36,400			33
Sotetsu Holdings Inc	7,000			33
Tokyu Corp	13,000			96
		$		4,114
Water - (0.09)%
American Water Works Co Inc	3,494			273
TOTAL COMMON STOCKS (proceeds $100,334)		$		104,995
INVESTMENT COMPANIES - (4.63)%	Shares	Value(000			's)
Exchange Traded Funds - (4.63)%
Consumer Discretionary Select Sector SPDR	15,497			1,411
Fund
Consumer Staples Select Sector SPDR Fund	27,921			1,581
Health Care Select Sector SPDR Fund	11,128			847
Industrial Select Sector SPDR Fund	15,224			1,028
SPDR S&P500 ETF Trust	24,235			5,851
Technology Select Sector SPDR Fund	71,271			4,029
		$		14,747
TOTAL INVESTMENT COMPANIES (proceeds $13,136)		$		14,747
TOTAL SHORT SALES (proceeds $113,470)		$		119,742
(a) Non-Income Producing Security

See accompanying notes

115

Schedule of Investments
Opportunistic Municipal Fund
May 31, 2017 (unaudited)
	INVESTMENT COMPANIES - 0.10%			Shares Held	Value(000			's)				Principal
	Exchange Traded Funds - 0.10%								MUNICIPAL BONDS (continued)			Amount (000's)		Value(000	's)
	SPDR Nuveen S&P High Yield Municipal			1,040	$		60		Connecticut - 2.23%
	Bond ETF								Mohegan Tribal Finance Authority
	VanEck Vectors High-Yield Municipal Index			1,000			31		7.00%, 02/01/2045(b)		$	2,500	$	2,618
	ETF
	VanEck Vectors Short High-Yield Municipal			1,000			24		Florida - 0.39%
	Index ETF								Orange County Housing Finance Authority
					$		115		7.00%, 10/01/2025			450		455
	TOTAL INVESTMENT COMPANIES				$		115
				Principal					Georgia - 0.47%
	BONDS- 0.43	%		Amount (000's)	Value(000			's)	City of Atlanta GA
	U.S. Municipals - 0.43%								7.38%, 01/01/2031			500		551
	Oglala Sioux Tribe
	5.75%, 10/01/2025(a),(b)		$	500		$	505		Illinois - 15.04%
									Chicago O'Hare International Airport
	TOTAL BONDS				$		505		5.00%, 01/01/2033			1,250		1,431
				Principal					Chicago Park District
	MUNICIPAL BONDS - 101.69%			Amount (000's)	Value(000			's)	5.00%, 01/01/2040			1,000		1,096
									City of Chicago IL
	Alabama - 2.57%								5.50%, 01/01/2042			300		302
	Lower Alabama Gas District/The								6.00%, 01/01/2038			2,000		2,086
	5.00%, 09/01/2034		$	2,500	$		3,015		7.46%, 02/15/2026			1,929		1,364
									City of Chicago IL Wastewater Transmission
	Arizona - 4.39%								Revenue
	Navajo Nation
	5.50%, 12/01/2030(b)			2,500			2,741		5.00%, 01/01/2031			760		845
									5.00%, 01/01/2039			1,200		1,306
	Salt Verde Financial Corp								Illinois Finance Authority
	5.00%, 12/01/2032			2,000			2,402		5.00%, 02/15/2036			1,000		1,087
					$		5,143		Illinois State Toll Highway Authority
	California - 13.90%								5.00%, 01/01/2040(c)			5,000		5,675
	Abag Finance Authority for Nonprofit Corps								Metropolitan Pier & Exposition
	5.00%, 08/01/2043			500			562		Authority (credit support from NATL)
	California Educational Facilities Authority								5.50%, 06/15/2029(d)			1,000		1,221
	5.00%, 12/29/2015(c)			1,730			1,842
	5.00%, 10/01/2038(c)			900			950		State of Illinois
									5.50%, 07/01/2027			1,150		1,224
	California Public Finance Authority												$	17,637
	5.00%, 07/01/2047(b)			1,700			1,831
									Indiana - 0.57%
	California Statewide Communities								Indiana Finance Authority
	Development Authority (credit support from								5.00%, 10/01/2044			300		327
	GNMA COLL)
	4.90%, 07/20/2039(d)			500			528		Town of Shoals IN
	California Statewide Financing Authority								7.25%, 11/01/2043			300		345
	6.00%, 05/01/2043			1,000			1,004						$	672
	Golden State Tobacco Securitization Corp								Louisiana - 3.45%
	5.30%, 06/01/2037			1,000			1,016		Juban Crossing Economic Development
	5.75%, 06/01/2047			60			60		District
									7.00%, 09/15/2044(b)			1,000		1,029
	5.75%, 06/01/2047			1,200			1,209		7.00%, 09/15/2044(b)			500		515
	Golden State Tobacco Securitization
	Corp (credit support from GOLDEN ST TOB								Louisiana Public Facilities Authority
	SECURITIZATION)								8.38%, 07/01/2039			400		136
	5.00%, 06/01/2033(d)			1,000			1,005		Parish of St John the Baptist LA
	La Verne Public Financing Authority								5.13%, 06/01/2037			2,350		2,356
	7.25%, 09/01/2026			640			642						$	4,036
	Morongo Band of Mission Indians/The								Maine- 0.88	%
	6.50%, 03/01/2028(b)			825			850		Finance Authority of Maine
									5.25%, 01/01/2025(b)			1,000		1,037
	Oakland Unified School District/Alameda
	County
	5.00%, 08/01/2035			1,225			1,431		Maryland - 0.92%
	Sacramento Area Flood Control								City of Westminster MD
	Agency (credit support from BAM)								6.25%, 07/01/2044			600		652
	5.00%, 10/01/2039(d)			500			570		Maryland Economic Development Corp
	San Diego Community College District								5.38%, 06/01/2025			390		421
	5.25%, 08/01/2033(c)			1,050			1,147						$	1,073
	University of California								Michigan - 1.89%
	5.25%, 05/15/2039(c)			428			464		Michigan Finance Authority
	5.25%, 05/15/2039(c)			828			897		5.00%, 07/01/2035			1,000		1,106
	5.25%, 05/15/2039(c)			243			263		Wayne County Airport Authority
					$		16,271		5.00%, 12/01/2045			1,000		1,110
	Colorado - 1.82%												$	2,216
	Centerra Metropolitan District No 1								Minnesota - 0.95%
	5.00%, 12/01/2037			1,000			1,023		Housing & Redevelopment Authority of The
	Colorado Health Facilities Authority								City of St Paul Minnesota
	5.00%, 05/15/2040			1,000			1,116		5.00%, 11/15/2030			1,000		1,115
					$		2,139

See accompanying notes

116

Schedule of Investments
Opportunistic Municipal Fund
May 31, 2017 (unaudited)
				Principal							Principal
	MUNICIPAL BONDS (continued)			Amount (000's)		Value(000	's)	MUNICIPAL BONDS (continued)			Amount (000's)		Value(000	's)
	Missouri - 1.30%							Oklahoma - 2.13%
	City of St Louis MO Airport Revenue (credit							Oklahoma Development Finance Authority
	support from NATL)							5.00%, 08/01/2047		$	1,000	$	1,092
	5.50%, 07/01/2028(d)		$	400	$	499		Tulsa Airports Improvement Trust
	Kansas City Industrial Development							5.00%, 06/01/2035(e)			300		320
	Authority							Tulsa County Industrial Authority
	5.00%, 04/01/2046(b)			1,100		1,014		5.25%, 11/15/2045			1,000		1,089
					$	1,513						$	2,501
	Montana - 1.24%							Oregon - 0.45%
	City of Kalispell MT							Warm Springs Reservation Confederated
	5.25%, 05/15/2037			1,400		1,459		Tribe
								6.38%, 11/01/2033			500		533
	Nevada - 2.34%
	Las Vegas Redevelopment Agency							Pennsylvania - 3.91%
	5.00%, 06/15/2030			1,415		1,633		Lancaster County Hospital Authority/PA
	5.00%, 06/15/2045			1,000		1,109		5.00%, 07/01/2045			1,250		1,335
					$	2,742		Pennsylvania Economic Development
	New Jersey - 6.63%							Financing Authority
	Casino Reinvestment Development Authority							5.50%, 11/01/2044			1,000		1,073
	5.25%, 11/01/2039			250		256		6.00%, 06/01/2031			500		500
	Essex County Improvement Authority							School District of Philadelphia/The (credit
	5.25%, 07/01/2045(b)			1,300		1,307		support from ST AID WITHHLDG)
	New Jersey Economic Development							5.00%, 09/01/2032(d)			1,500		1,666
	Authority											$	4,574
	5.00%, 07/15/2028			750		794		South Carolina - 0.95%
	5.63%, 11/15/2030			1,500		1,687		South Carolina Public Service Authority
	5.75%, 09/15/2027			500		550		5.25%, 12/01/2055			1,000		1,115
	New Jersey Economic Development
	Authority (credit support from ST APPROP)							Tennessee - 3.41%
	5.25%, 06/15/2040(d)			1,000		1,047		Chattanooga Health Educational & Housing
	New Jersey Transportation Trust Fund							Facility Board
	Authority							5.00%, 10/01/2028			1,050		1,185
	5.25%, 06/15/2032			2,000		2,120		5.00%, 10/01/2035			500		545
					$	7,761		Metropolitan Government Nashville &
	New York - 7.41%							Davidson County Health & Educational Facs
	Brooklyn Arena Local Development Corp							Bd
	6.25%, 07/15/2040			480		545		5.00%, 07/01/2040			2,000		2,260
	Build NYC Resource Corp											$	3,990
	5.00%, 07/01/2035			1,500		1,660		Texas- 9.23	%
	Glen Cove Local Economic Assistance Corp							Arlington Higher Education Finance Corp
	5.00%, 01/01/2056			1,000		1,009		5.00%, 12/01/2046			1,100		1,186
	Hudson Yards Infrastructure Corp							Austin Convention Enterprises Inc
	4.00%, 02/15/2044			1,500		1,580		5.00%, 01/01/2034			500		570
	New York Counties Tobacco Trust VI							5.00%, 01/01/2034			300		335
	5.00%, 06/01/2041			400		432		City of Houston TX Airport System Revenue
	New York State Thruway Authority							4.50%, 07/01/2020			1,000		1,060
	5.25%, 01/01/2056			1,000		1,156		Harris County Cultural Education Facilities
	New York Transportation Development Corp							Finance Corp
	5.00%, 08/01/2021			1,500		1,652		6.00%, 10/01/2043			1,575		1,794
	5.00%, 01/01/2023			560		647		New Hope Cultural Education Facilities
					$	8,681		Finance Corp
	North Carolina - 1.53%							5.00%, 07/01/2030			500		545
	North Carolina Eastern Municipal Power							5.00%, 07/01/2047			1,500		1,588
	Agency							North Texas Tollway Authority
	5.25%, 01/01/2020			750		769		5.00%, 01/01/2045			615		692
	North Carolina Medical Care Commission							Port Beaumont Navigation District
	5.25%, 10/01/2035			1,000		1,025		7.25%, 02/01/2036(b)			1,000		1,039
					$	1,794		Tarrant County Cultural Education Facilities
	Ohio- 6.33	%						Finance Corp
	Buckeye Tobacco Settlement Financing							6.00%, 11/15/2027(f)			1,000		1,028
	Authority							Texas Private Activity Bond Surface
	6.00%, 06/01/2042			2,500		2,471		Transportation Corp
	Buckeye Tobacco Settlement Financing							6.88%, 12/31/2039			550		620
	Authority (credit support from BUCKEYE							7.00%, 12/31/2038			300		344
	OHIO TOB SETTLEMENT)											$	10,801
	5.75%, 06/01/2034(d)			2,000		1,959		Virgin Islands - 0.73%
	County of Cuyahoga OH							Virgin Islands Public Finance Authority
	5.25%, 02/15/2047			1,000		1,093		5.00%, 10/01/2029			1,000		858
	County of Hamilton OH
	5.00%, 01/01/2036			1,400		1,489		Virginia - 0.92%
	Ohio Air Quality Development Authority							County of Botetourt VA
	3.75%, 12/01/2023			1,000		415		6.00%, 07/01/2044			1,000		1,078
					$	7,427

See accompanying notes

117

					Schedule of Investments
					Opportunistic Municipal Fund
					May 31, 2017 (unaudited)
		Principal
MUNICIPAL BONDS (continued)	Amount (000's)				Value(000	's)
Washington - 0.69%
Port of Seattle Industrial Development Corp
5.00%, 04/01/2030	$	750		$	810
Wisconsin - 3.02%
Public Finance Authority
4.00%, 08/01/2035		500			485
4.00%, 12/01/2036		750			743
5.00%, 12/01/2025		1,500			1,675
5.25%, 04/01/2030		600			642
				$	3,545
TOTAL MUNICIPAL BONDS				$	119,160
Total Investments				$	119,780
Liability for Floating Rate Notes Issued in Conjunction with
Securities Held - (4.47)%
Notes with interest rates of 0.80% - 0.86% at	$	(5,239	)	$	(5,239	)
May 31, 2017 and contractual maturity of
collateral from 2017-2024.(g)
Total Net Investments				$	114,541
Other Assets and Liabilities - 2.25%				$	2,641
TOTAL NET ASSETS - 100.00%				$	117,182

(a)	Security is Illiquid. At the end of the period, the value of these securities totaled $505 or 0.43% 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 $14,486 or 12.36% of net assets.
(c)	Security or portion of underlying security related to Inverse Floaters entered into by the Fund. See Notes to Financial Statements for additional information.
(d)	Credit support indicates investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution, or government agency.
(e)	Variable Rate. Rate shown is in effect at May 31, 2017.
(f)	Security purchased on a when-issued basis.
(g)	Floating rate securities. The interest rate(s) shown reflect the rates in effect at May 31, 2017.

Portfolio Summary (unaudited)
Sector	Percent
Revenue Bonds	80.16	%
Insured	7.25	%
General Obligation Unlimited	5.28	%
Prerefunded	3.70	%
Tax Allocation	3.21	%
Certificate Participation	1.16	%
General Obligation Limited	0.93	%
Government	0.43	%
Investment Companies	0.10	%
Liability For Floating Rate Notes Issued	(4.47	)%
Other Assets and Liabilities	2.25	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

118

     Schedule of Investments Origin Emerging Markets Fund May 31, 2017 (unaudited)

COMMON STOCKS - 95.73%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.68%					Forest Products & Paper - 1.72%
Smiles SA	204,079	$	3,964		Mondi PLC	382,954	$	10,011
Agriculture - 0.95%					Gas - 0.42%
KT&G Corp	56,106		5,557		China Resources Gas Group Ltd	795,700		2,438
Apparel - 0.46%					Healthcare - Products - 0.54%
Shenzhou International Group Holdings Ltd	395,700		2,710		China Medical System Holdings Ltd	1,769,600		3,137
Automobile Manufacturers - 3.58%					Holding Companies - Diversified - 2.17%
Geely Automobile Holdings Ltd	7,762,600		12,829		KOC Holding AS	480,300		2,185
Great Wall Motor Co Ltd	7,539,800		8,053		Siam Cement PCL/The	678,100		10,428
		$	20,882				$	12,613
Automobile Parts & Equipment - 1.00%					Insurance - 2.62%
Hankook Tire Co Ltd	51,266		2,789		Ping An Insurance Group Co of China Ltd	1,900,900		12,166
Xinyi Glass Holdings Ltd	3,118,900		3,064		Samsung Life Insurance Co Ltd	28,444		3,098
		$	5,853				$	15,264
Banks - 11.31%					Internet - 10.57%
China Construction Bank Corp	27,705,828		22,869		Alibaba Group Holding Ltd ADR(b)	210,400		25,766
China Merchants Bank Co Ltd	1,472,300		4,412		Autohome Inc ADR(b)	77,600		3,289
China Minsheng Banking Corp Ltd	3,382,200		3,466		NCSoft Corp	9,600		3,243
Industrial & Commercial Bank of China Ltd	25,959,300		17,333		Tencent Holdings Ltd	851,105		29,250
Kiatnakin Bank PCL (a)	1,388,500		2,782				$	61,548
Sberbank of Russia PJSC ADR	1,093,600		12,218		Iron & Steel - 0.90%
Thanachart Capital PCL	2,027,300		2,780		Kumba Iron Ore Ltd (b)	258,800		3,111
		$	65,860		Severstal PJSC	163,400		2,108
Building Materials - 1.43%							$	5,219
Anhui Conch Cement Co Ltd	2,511,700		8,321		Media - 0.93%
					CJ E&M Corp	76,900		5,401
Chemicals - 3.96%
Korea Petrochemical Ind Co Ltd	10,600		2,556		Metal Fabrication & Hardware - 1.53%
Lotte Chemical Corp	28,872		9,289		Catcher Technology Co Ltd	845,600		8,938
PTT Global Chemical PCL (a)	3,376,700		7,042
Sinopec Shanghai Petrochemical Co Ltd	7,069,800		4,151		Mining - 0.37%
		$	23,038		Grupo Mexico SAB de CV	786,600		2,130
Coal - 1.45%
China Shenhua Energy Co Ltd	3,463,800		8,423		Miscellaneous Manufacturers - 3.97%
					Largan Precision Co Ltd	87,145		13,749
Commercial Services - 3.82%					Sunny Optical Technology Group Co Ltd	1,202,925		9,362
Kroton Educacional SA	1,350,700		6,023				$	23,111
Localiza Rent a Car SA	219,410		2,931		Oil & Gas - 4.01%
New Oriental Education & Technology Group	149,100		10,686		Novatek PJSC	41,800		4,716
Inc ADR(b)					PTT PCL (a)	687,000		7,936
Zhejiang Expressway Co Ltd	2,211,300		2,592		SK Innovation Co Ltd	34,466		5,205
		$	22,232		Tatneft PJSC ADR	61,300		2,521
Computers - 1.45%					Tupras Turkiye Petrol Rafinerileri AS	110,300		2,972
Foxconn Technology Co Ltd	1,840,400		5,211				$	23,350
Lite-On Technology Corp	1,925,810		3,234		Pharmaceuticals - 2.79%
		$	8,445		CSPC Pharmaceutical Group Ltd	1,978,000		2,957
Diversified Financial Services - 2.75%					Richter Gedeon Nyrt	263,032		6,720
BM&FBovespa SA - Bolsa de Valores	162,856		938		Sinopharm Group Co Ltd	1,441,800		6,582
Mercadorias e Futuros							$	16,259
Fubon Financial Holding Co Ltd	2,880,200		4,392		Real Estate - 0.73%
Hana Financial Group Inc	85,400		3,123		China Vanke Co Ltd	1,595,800		4,234
KB Financial Group Inc	97,400		4,656
Taishin Financial Holding Co Ltd	6,476,001		2,894		Retail - 0.98%
		$	16,003		ANTA Sports Products Ltd	1,928,300		5,701
Electronics - 5.99%
AAC Technologies Holdings Inc (a)	1,080,518		11,710		Semiconductors - 12.12%
Hon Hai Precision Industry Co Ltd	1,832,300		6,269		Phison Electronics Corp	561,100		6,071
Hon Hai Precision Industry Co Ltd	1,916,733		13,873		Powertech Technology Inc	1,014,500		3,116
Pegatron Corp	990,900		3,050		Realtek Semiconductor Corp	911,000		3,044
		$	34,902		Samsung Electronics Co Ltd	26,977		26,869
Engineering & Construction - 0.97%					Taiwan Semiconductor Manufacturing Co Ltd	785,717		27,783
Grupo Aeroportuario del Centro Norte SAB de	651,200		3,521		ADR
CV					Win Semiconductors Corp	846,104		3,707
Promotora y Operadora de Infraestructura	207,375		2,150				$	70,590
SAB de CV					Software - 4.02%
		$	5,671		Chinasoft International Ltd	4,466,400		2,405
Food - 1.34%					NetEase Inc ADR	61,335		17,467
X5 Retail Group NV (b)	215,900		7,826		TravelSky Technology Ltd	1,200,300		3,543
							$	23,415
					Telecommunications - 2.24%
					BYD Electronic International Co Ltd	3,211,500		6,144

See accompanying notes

119

Schedule of Investments
Origin Emerging Markets Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)		Shares Held	Value (000's)
Telecommunications (continued)
China Mobile Ltd		367,043	$	4,068
Vodacom Group Ltd		226,097		2,851
			$	13,063
Water - 1.96%
Cia de Saneamento Basico do Estado de Sao		633,900		5,671
Paulo
Guangdong Investment Ltd		3,981,064		5,741
			$	11,412
TOTAL COMMON STOCKS			$	557,521
INVESTMENT COMPANIES - 4.43%		Shares Held	Value (000's)
Money Market Funds - 4.43%
First American Government Obligations Fund		25,778,870		25,779
TOTAL INVESTMENT COMPANIES			$	25,779
Total Investments			$	583,300
Other Assets and Liabilities - (0.16)%			$	(922	)
TOTAL NET ASSETS - 100.00%			$	582,378
(a)	Fair value of these investments is determined in good faith by the Manager
	under procedures established and periodically reviewed by the Board of
	Directors. Certain inputs used in the valuation may be unobservable;
	however, each security is evaluated individually for purposes of ASC 820
	which results in not all securities being identified as Level 3 of the fair
	value hierarchy. At the end of the period, the fair value of these securities
	totaled $29,470 or 5.06% of net assets.
(b)	Non-Income Producing Security
	Portfolio Summary (unaudited)
Country				Percent
China				42.85	%
Taiwan, Province Of China				18.08	%
Korea, Republic Of				12.34	%
Thailand				5.32	%
Russian Federation				5.04	%
United States				4.43	%
Brazil				3.34	%
South Africa				2.75	%
Hong Kong				2.63	%
Mexico				1.34	%
Hungary				1.15	%
Turkey				0.89	%
Other Assets and Liabilities				(0.16	)%
TOTAL NET ASSETS				100.00	%
Futures Contracts
												Unrealized
Type		Long/Short		Contracts		Notional Value			Fair Value	Appreciation/(Depreciation)
eMini MSCI Emerging Markets; June 2017		Long		541		$	27,145	$	27,153		$	8
Total										$		8
Amounts in thousands except contracts

See accompanying notes

120

Schedule of Investments Preferred Securities Fund May 31, 2017 (unaudited)

INVESTMENT COMPANIES - 5.34%				Shares Held		Value(000	's)	PREFERRED STOCKS (continued)						Shares Held		Value(000	's)
Money Market Funds - 5.34%								Electric (continued)
Goldman Sachs Financial Square Funds -				307,046,738	$	307,047		NextEra Energy Capital Holdings Inc 5.13%						662,215	$	16,463
Government Fund								NextEra Energy Capital Holdings Inc 5.63%						169,312		4,294
								NextEra Energy Capital Holdings Inc 5.70%						13,164		334
TOTAL INVESTMENT COMPANIES					$	307,047		Southern Co/The 5.25%						111,000		2,756
CONVERTIBLE PREFERRED STOCKS -															$	127,361
1.34%				Shares Held		Value(000	's)	Food - 0.45%
Banks - 1.34%								Dairy Farmers of America Inc 7.88%(a),(c)						12,000		1,266
Wells Fargo & Co 7.50%(a)				60,982	$	77,202		Dairy Farmers of America Inc 7.88%(a),(c)						232,500		24,957
															$	26,223
TOTAL CONVERTIBLE PREFERRED STOCKS					$	77,202		Hand & Machine Tools - 0.53%
PREFERRED STOCKS - 24.91%				Shares Held		Value(000	's)	Stanley Black & Decker Inc 5.75%						1,191,954		30,335
Banks - 7.04%
AgriBank FCB 6.88%(a),(b)				61,700		6,718		Insurance - 6.00%
Bank of America Corp 6.38%(a)				2,467		64		Aegon NV 4.00%(a),(b)						52,807		1,326
Bank of America Corp 6.63%(a)				201,813		5,243		Aegon NV 6.38%(a)						973,233		25,148
Bank of New York Mellon Corp/The 5.20%(a)				139,534		3,562		Aegon NV	6.50		%(a)			223,353		5,836
BB&T Corp 5.63%(a)				150,000		3,916		Aegon NV	8.00		%			60,347		1,562
Capital One Financial Corp 6.00%(a)				532,627		13,545		Aflac Inc	5.50%					1,087,462		27,556
Citigroup Inc 6.88%(a)				9,618		265		Allstate Corp/The 5.10%(b)						540,300		15,193
Citigroup Inc 6.88%(a),(b)				493,542		14,397		Allstate Corp/The 6.25%(a)						181,500		5,006
CoBank ACB 6.13%(a)				8,000		802		Allstate Corp/The 6.63%(a)						380,000		10,355
CoBank ACB 6.20%(a),(b)				65,000		6,862		American Financial Group Inc/OH 5.75%						441,277		11,120
CoBank ACB 6.25%(a),(b),(c)				296,500		31,309		American Financial Group Inc/OH 6.25%						250,786		6,729
Cullen/Frost Bankers Inc 5.38%(a)				241,889		6,151		Arch Capital Group Ltd 5.25%(a)						283,500		6,795
Goldman Sachs Group Inc/The 5.50%(a),(b)				774,944		21,427		Arch Capital Group Ltd 6.75%(a)						692,925		17,656
HSBC Holdings PLC 6.20%(a)				841,463		21,895		Aspen Insurance Holdings Ltd 5.95%(a),(b)						414,060		11,648
HSBC Holdings PLC 8.00%(a)				150,883		4,032		Aspen Insurance Holdings Ltd 7.25%(a)						40,007		1,017
Huntington Bancshares Inc/OH 5.88%(a)				326,087		8,423		Axis Capital Holdings Ltd 5.50%(a)						155,098		3,943
Huntington Bancshares Inc/OH 6.25%(a)				1,050,000		28,497		Hartford Financial Services Group Inc/The						1,040,014		32,324
ING Groep NV 6.13%(a)				52,468		1,367		7.88%(b)
ING Groep NV 6.38%(a)				791,636		20,377		Protective Life Corp				6.00	%	10,311		260
KeyCorp 6.13%(a),(b)				780,000		21,996		Protective Life Corp				6.25	%	336,151		8,481
M&T Bank Corp 6.38%(a),(b)				17,852		18,711		Prudential PLC 6.50%(a)						9,275		244
M&T Bank Corp 6.38%(a),(b)				11,380		11,928		Prudential PLC 6.75%(a)						100,263		2,672
Merrill Lynch Capital Trust I 6.45%(b)				51,569		1,322		Reinsurance Group of America Inc 6.20%(b)						577,300		16,776
Morgan Stanley 5.85%(a),(b)				347,500		9,264		RenaissanceRe Holdings Ltd 5.38%(a)						654,975		16,695
Morgan Stanley 7.13%(a),(b)				126,282		3,715		RenaissanceRe Holdings Ltd 6.08%(a)						172,247		4,415
PNC Financial Services Group Inc/The				1,730,132		51,350		Torchmark Corp		5.88			%	468,309		11,923
6.13%(a),(b)								WR Berkley Corp		5.63			%	1,262,728		31,897
Royal Bank of Scotland Group PLC 5.75%(a)				387,329		9,873		WR Berkley Corp		5.75			%	66,429		1,677
State Street Corp 5.25%(a)				1,425,192		35,844		XLIT Ltd 4.28%(a),(b)						76,419		66,867
State Street Corp 5.90%(a),(b)				241,300		6,860									$	345,121
State Street Corp 6.00%(a)				349,700		9,340		Media - 0.21%
TCF Financial Corp 7.50%(a)				229,278		5,773		Comcast Corp 5.00%						475,206		12,142
Valley National Bancorp 6.25%(a),(b)				172,200		5,002
Wells Fargo & Co 5.63%(a)				195,171		4,942		Miscellaneous Manufacturers - 0.17%
Wells Fargo & Co 5.85%(a),(b)				125,027		3,413		General Electric Co				4.88	%	299,666		7,582
Wells Fargo & Co 6.63%(a),(b)				236,676		7,081		General Electric Co				4.88	%	80,187		2,021
					$	405,266									$	9,603
Diversified Financial Services - 0.08%								REITS - 3.20%
Affiliated Managers Group Inc 6.38%				15,188		385		Boston Properties Inc 5.25%(a)						7,284		188
Charles Schwab Corp/The 6.00%(a)				12,535		320		DDR Corp	6.25		%			10,550		264
Charles Schwab Corp/The 6.00%(a)				143,663		3,920		DDR Corp 6.38%(d)						453,405		11,348
					$	4,625		Digital Realty Trust Inc 5.88%(a)						97,818		2,493
Electric - 2.21%								Digital Realty Trust Inc 6.35%(a)						205,498		5,542
Alabama Power Co 6.45%(a)				89,000		2,325		Digital Realty Trust Inc 7.38%(a)						239,911		6,713
Dominion Energy Inc	5.25		%	897,421		22,166		Kimco Realty Corp 5.50%(a)						590,922		14,844
DTE Energy Co 5.25%				313,300		7,870		Kimco Realty Corp 6.00%(a)						679,411		17,121
Duke Energy Corp 5.13%				362,408		9,249		Prologis Inc 8.54%(a)						167,700		12,242
Entergy Arkansas Inc	4.88		%	10,000		237		PS Business Parks Inc 5.70%(a)						377,419		9,602
Entergy Arkansas Inc	4.90		%	241,096		5,969		PS Business Parks Inc 5.75%(a)						520,724		13,206
Entergy Louisiana LLC		4.70	%	165,100		4,005		PS Business Parks Inc 6.00%(a)						188,128		4,773
Entergy Louisiana LLC		4.88	%	25,000		591		Public Storage 4.90%(a)						16,000		385
Entergy Louisiana LLC		5.25	%	230,055		5,733		Public Storage 4.95%(a)						4,000		98
Entergy New Orleans Inc		5.00	%	3,299		82		Public Storage 5.20%(a)						70,407		1,772
Entergy New Orleans Inc		5.50	%	20,000		512		Public Storage 5.75%(a)						222,900		5,639
Entergy Texas Inc 5.63%				15,618		408		Public Storage 5.88%(a)						237,401		6,391
Georgia Power Co 6.50%(a)				97,900		9,997		Public Storage 5.90%(a)						55,600		1,408
Gulf Power Co 6.00%(a)				60,914		6,272		Public Storage 6.00%(a)						580,214		15,486
Gulf Power Co 6.45%(a)				9,400		961		Public Storage 6.38%(a)						131,181		3,580
Integrys Holding Inc 6.00%(b)				87,600		2,339		Regency Centers Corp 6.00%(a)						441,029		11,268
Interstate Power & Light Co 5.10%(a)				485,100		12,550		Senior Housing Properties Trust 5.63%						113,931		2,822
NextEra Energy Capital Holdings Inc 5.00%				491,093		12,248		Senior Housing Properties Trust 6.25%						150,000		3,937

See accompanying notes

121

Schedule of Investments Preferred Securities Fund May 31, 2017 (unaudited)

PREFERRED STOCKS (continued)						Shares Held	Value(000			's)			Principal
REITS (continued)											BONDS (continued)		Amount (000's) Value (000's)
Ventas Realty LP / Ventas Capital Corp						198,708	$		4,978		Banks (continued)
			5.45%								Corestates Capital III
Vornado Realty Trust 5.40%(a)						190,622			4,809		1.75%, 02/15/2027(b),(c)	$	7,000	$	6,545
Vornado Realty Trust 5.70%(a)						830,577			21,271		Countrywide Capital III
Vornado Realty Trust 6.63%(a)						71,610			1,830		8.05%, 06/15/2027		6,312		8,032
							$		184,010		Credit Agricole SA
Savings & Loans - 0.05%											7.88%, 12/31/2049(a),(c)		8,000		8,795
Astoria Financial Corp 6.50%(a)						74,851			1,918		8.13%, 12/31/2049(a),(b)		5,000		5,781
People's United Financial Inc 5.63%(a),(b)						46,852			1,289		8.13%, 12/31/2049(a),(b),(c)		11,050		12,775
							$		3,207		8.38%, 12/31/2049(a),(b),(c)		42,909		47,844
Sovereign - 0.49%											Credit Suisse AG
Farm Credit Bank of Texas 6.75%(a),(b),(c)						258,000			28,122		6.50%, 08/08/2023(c)		29,754		33,432
											6.50%, 08/08/2023		6,000		6,742
Telecommunications - 4.48%											Credit Suisse Group AG
Centaur Funding Corp 0.00%(b),(c),(e)						26,500			23,295		6.25%, 12/31/2049(a),(b),(c)		4,100		4,329
Centaur Funding Corp 9.08%(c),(f)						100,666			116,489		6.25%, 12/31/2049(a)		1,475		1,557
Qwest Corp	6.13	%				885,400			21,657		7.50%, 12/31/2049(a),(b)		3,000		3,353
Qwest Corp	6.75	%				7,270			184		7.50%, 12/31/2049(a),(b),(c)		69,040		77,152
Qwest Corp	6.88	%				258,100			6,623		First Union Capital II
Qwest Corp	7.00	%				253,178			6,415		7.95%, 11/15/2029		3,700		4,950
Qwest Corp	7.00	%				520,255			13,194		Goldman Sachs Group Inc/The
Qwest Corp	7.50	%				262,065			6,730		5.70%, 12/31/2049(a),(b)		39,795		41,088
Telephone & Data Systems Inc			6.63	%		217,098			5,564		HBOS Capital Funding LP
Telephone & Data Systems Inc			7.00	%		1,198,224			30,675		6.85%, 03/29/2049(a)		7,000		7,144
United States Cellular Corp 6.95%						75,623			1,955		HSBC Capital Funding Dollar 1 LP
Verizon Communications Inc			5.90	%		942,517			25,071		10.18%, 12/29/2049(a),(b),(c)		32,900		51,159
											HSBC Holdings PLC
							$		257,852		6.87%, 12/31/2049 (a),(b)		39,600		42,917
TOTAL PREFERRED STOCKS							$		1,433,867
											ING Groep NV
						Principal					6.50%, 12/31/2049(a),(b)		26,000		27,256
BONDS- 68.53		%				Amount (000's)	Value(000			's)
Banks- 39.71		%									JPMorgan Chase & Co
											5.30%, 12/31/2049(a),(b)		8,000		8,325
Australia & New Zealand Banking Group											6.13%, 12/31/2049(a),(b)		22,000		23,705
Ltd/United Kingdom											6.75%, 12/31/2049(a),(b)		137,707		155,968
6.75%, 12/31/2049(a),(c)					$	4,000		$	4,438
											7.90%, 04/29/2049(a),(b)		56,300		58,428
Banco Bilbao Vizcaya Argentaria SA
9.00%, 12/31/2049(a)						27,800			29,121		KeyCorp
											5.00%, 12/31/2049(a),(b)		13,800		13,869
Bank of America Corp
6.30%, 12/31/2049(a),(b)						24,200			26,696		KeyCorp Capital III
6.50%, 12/31/2049(a),(b)						61,285			67,797		7.75%, 07/15/2029		3,500		4,241
Bank of New York Mellon Corp/The											Lloyds Bank PLC
											12.00%, 12/29/2049(a),(b)		11,000		14,988
4.62%, 12/31/2049(a),(b)						17,415			17,328
											12.00%, 12/29/2049(a),(c)		7,500		10,219
4.95%, 12/31/2049(a),(b)						75,100			77,916
Barclays Bank PLC											Lloyds Banking Group PLC
											6.41%, 01/29/2049(a),(c)		32,174		35,713
7.63%, 11/21/2022						8,000			9,050		6.66%, 01/29/2049(a),(c)		60,185		67,106
7.75%, 04/10/2023(b)						24,200			25,289
											7.50%, 12/31/2049(a),(b)		47,888		52,677
10.18%, 06/12/2021						3,000			3,801
10.18%, 06/12/2021(c)						3,460			4,383		M&T Bank Corp
											5.12%, 12/31/2049(a),(b)		15,500		15,888
Barclays PLC											6.45%, 12/31/2049(a),(b)		6,615		7,177
6.63%, 12/31/2049(a),(b)						14,178			14,481
8.25%, 12/31/2049(a),(b)						68,658			73,292		Morgan Stanley
											5.55%, 12/31/2049(a),(b)		10,000		10,463
BNP Paribas SA
7.20%, 06/29/2049(a),(c)						13,800			15,680		Nordea Bank AB
											5.50%, 12/31/2049(a),(b),(c)		6,000		6,113
7.37%, 12/31/2049(a),(b),(c)						100			110
											5.50%, 12/31/2049(a),(b)		1,200		1,223
7.63%, 12/31/2049(a),(b),(c)						46,600			51,042
											6.13%, 12/31/2049(a),(b)		1,800		1,881
	BPCE SA										6.13%, 12/31/2049(a),(b),(c)		32,831		34,308
5.70%, 10/22/2023(c)						6,000			6,658
Capital One Financial Corp											Northern Trust Corp
											4.60%, 12/31/2049(a),(b)		4,400		4,422
5.55%, 12/31/2049(a),(b)						9,045			9,373
Citigroup Capital III											NTC Capital I
											1.68%, 01/15/2027(b)		3,000		2,820
7.63%, 12/01/2036						2,700			3,211
											PNC Financial Services Group Inc/The
	Citigroup Inc										6.75%, 07/29/2049 (a),(b)		44,035		49,649
5.90%, 12/29/2049(a)						200			212
5.95%, 12/29/2049(a)						24,100			25,289		Royal Bank of Scotland Group PLC
5.95%, 12/31/2049(a)						5,000			5,269		4.80%, 04/05/2026		7,500		7,980
											7.50%, 12/31/2049(a),(b)		45,281		47,205
6.13%, 12/31/2049(a),(b)						47,300			50,670
											7.64%, 03/29/2049(a),(b)		1,900		1,800
6.25%, 12/31/2049(a),(b)						75,582			82,479
											7.65%, 08/29/2049(a),(b)		27,915		33,777
Citizens Financial Group Inc											8.00%, 12/31/2049(a),(b)		9,825		10,746
5.50%, 12/31/2049(a),(b)						7,500			7,800
											8.62%, 12/29/2049(a),(b)		3,000		3,285
CoBank ACB
6.25%, 12/31/2049(a),(b)						16,400			18,103		Skandinaviska Enskilda Banken AB
											5.75%, 12/31/2049(a),(b)		13,800		14,214
Cooperatieve Rabobank UA
11.00%, 12/29/2049(a),(b)						7,750			9,038		Societe Generale SA
											7.38%, 12/31/2049(a),(b),(c)		14,000		15,050
11.00%, 12/29/2049(a),(b),(c)						69,657			81,237
											7.88%, 12/31/2049(a),(b)		14,000		15,365

See accompanying notes

122

Schedule of Investments
Preferred Securities Fund
May 31, 2017 (unaudited)
				Principal					Principal
	BONDS (continued)			Amount (000's)        Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
	Banks (continued)						Insurance (continued)
	Societe Generale SA (continued)						AXA SA
	8.00%, 12/31/2049(a),(b),(c)		$	16,800	$	19,068	6.38%, 12/29/2049(a),(b),(c)	$	27,793	$	30,804
	8.25%, 12/31/2049(a),(b)			64,750		69,003	8.60%, 12/15/2030		13,565		19,059
	Standard Chartered PLC						Catlin Insurance Co Ltd
	7.01%, 07/29/2049(a),(c)			36,300		41,111	4.13%, 07/29/2049(a),(b),(c)		47,586		45,207
	7.50%, 12/31/2049(a),(b),(c)			17,700		18,784	Chubb Corp/The
	7.75%, 12/31/2049(a),(b),(c)			11,000		11,701	3.41%, 04/15/2037(b)		565		562
	SunTrust Capital I						Dai-ichi Life Insurance Co Ltd/The
	1.85%, 05/15/2027(b)			10,900		10,028	7.25%, 12/29/2049(a),(c)		13,250		15,285
	Svenska Handelsbanken AB						Demeter Investments BV for Swiss Re Ltd
	5.25%, 12/31/2049(a),(b)			42,000		42,759	5.63%, 08/15/2052		16,800		17,717
	Swedbank AB						5.75%, 08/15/2050(b)		5,000		5,350
	6.00%, 12/31/2049(a)			5,200		5,460	Everest Reinsurance Holdings Inc
	UBS AG/Stamford CT						3.57%, 05/01/2067(b)		32,820		30,194
	7.63%, 08/17/2022			10,000		11,750	Great-West Life & Annuity Insurance Capital
	UBS Group AG						LP
	6.87%, 12/31/2049(a),(b)			18,078		19,299	6.63%, 11/15/2034(c)		7,000		8,197
	6.88%, 12/31/2049(a),(b)			15,233		16,382	Great-West Life & Annuity Insurance Capital
	7.00%, 12/31/2049(a),(b)			12,000		13,395	LP II
	7.13%, 12/31/2049(a)			1,757		1,867	3.72%, 05/16/2046(b),(c)		1,750		1,732
	US Bancorp						Hartford Financial Services Group Inc/The
	5.12%, 12/31/2049(a),(b)			21,400		22,390	3.31%, 02/12/2067(b),(c)		10,885		10,123
	USB Realty Corp						8.13%, 06/15/2068(b)		5,772		6,104
	2.31%, 12/29/2049(a),(b),(c)			1,500		1,320	Legal & General Group PLC
	Wells Fargo & Co						5.25%, 03/21/2047		33,630		35,141
	5.87%, 12/31/2049(a),(b)			47,800		52,461	Liberty Mutual Group Inc
	7.98%, 12/31/2049(a),(b)			86,100		89,415	4.04%, 03/07/2067(b),(c)		12,738		12,356
				$		2,285,412	7.80%, 03/07/2087(c)		61,373		74,261
	Diversified Financial Services - 0.96%						Liberty Mutual Insurance Co
	Charles Schwab Corp/The						7.70%, 10/15/2097(c)		20,025		27,149
	7.00%, 02/28/2049(a),(b)			27,158		30,994	Lincoln National Corp
	Depository Trust & Clearing Corp/The						3.20%, 04/20/2067(b)		54,947		48,628
	4.88%, 12/31/2049(a),(b),(c)			1,850		1,906	3.54%, 05/17/2066(b)		13,109		12,126
	National Rural Utilities Cooperative Finance						Meiji Yasuda Life Insurance Co
	Corp						5.20%, 10/20/2045(b),(c)		10,000		10,803
	5.25%, 04/20/2046(b)			21,300		22,377	MetLife Capital Trust IV
				$		55,277	7.88%, 12/15/2067(c)		19,020		25,106
	Electric - 1.51%						MetLife Inc
	Emera Inc						6.40%, 12/15/2066(b)		10,770		12,287
	6.75%, 06/15/2076(b)			35,200		39,072	9.25%, 04/08/2068(b),(c)		41,075		59,867
	Enel SpA						10.75%, 08/01/2069		42,123		68,660
	8.75%, 09/24/2073(b),(c)			4,000		4,730	Mitsui Sumitomo Insurance Co Ltd
	NextEra Energy Capital Holdings Inc						7.00%, 03/15/2072(c)		10,700		12,423
	3.22%, 10/01/2066(b)			23,474		21,948	MMI Capital Trust I
	6.65%, 06/15/2067(b)			2,000		1,880	7.63%, 12/15/2027		1,073		1,370
	7.30%, 09/01/2067(b)			4,350		4,417	Nationwide Financial Services Inc
	PPL Capital Funding Inc						6.75%, 05/15/2087		79,015		84,941
	3.82%, 03/30/2067(b)			15,375		14,914	Nippon Life Insurance Co
							4.70%, 01/20/2046(b),(c)		5,000		5,269
				$		86,961	5.10%, 10/16/2044(b),(c)		27,300		29,382
	Food- 0.17	%
	Dairy Farmers of America Inc						Provident Financing Trust I
	7.13%, 12/31/2049(a),(c)			8,700		9,657	7.41%, 03/15/2038		37,750		42,658
							Prudential Financial Inc
							5.63%, 06/15/2043(b)		66,965		72,824
	Hand & Machine Tools - 0.22%						5.88%, 09/15/2042(b)		20,401		22,620
	Stanley Black & Decker Inc						8.88%, 06/15/2068(b)		800		854
	5.75%, 12/15/2053			12,250		12,893
							Reinsurance Group of America Inc
							3.80%, 12/15/2065(b)		26,423		25,036
	Insurance - 20.20%
	ACE Capital Trust II						Sompo Japan Nipponkoa Insurance Inc
							5.33%, 03/28/2073(b),(c)		60,300		66,029
	9.70%, 04/01/2030			14,970		22,530
	AIG Life Holdings Inc						Sumitomo Life Insurance Co
							6.50%, 09/20/2073(b),(c)		15,500		18,019
	8.50%, 07/01/2030			30,200		40,279
	Allstate Corp/The						Voya Financial Inc
	5.75%, 08/15/2053(b)			8,254		8,981	5.65%, 05/15/2053(b)		64,126		67,332
	6.50%, 05/15/2067			12,505		14,342	XLIT Ltd
							3.62%, 12/31/2049(a),(b)		14,350		12,664
	American International Group Inc
	8.18%, 05/15/2068			7,500		9,975			$		1,162,729
	Aon Corp						Mining - 0.49%
	8.21%, 01/01/2027			4,500		5,850	BHP Billiton Finance USA Ltd
	Aviva PLC						6.75%, 10/19/2075(b),(c)		25,042		28,389
	8.25%, 04/29/2049(a)			22,104		22,633

See accompanying notes

123

				Schedule of Investments
				Preferred Securities Fund
				May 31, 2017 (unaudited)
		Principal
BONDS (continued)		Amount (000's)		Value (000's)
Miscellaneous Manufacturers - 2.31%
General Electric Co
5.00%, 12/31/2049(a),(b)	$	125,868	$	132,828
Pipelines - 1.63%
Enterprise Products Operating LLC
7.03%, 01/15/2068(b)		55,775		57,169
TransCanada PipeLines Ltd
3.39%, 05/15/2067(b)		8,461		7,933
Transcanada Trust
5.63%, 05/20/2075(b)		3,800		3,980
5.87%, 08/15/2076(b)		22,800		24,539
		$		93,621
Telecommunications - 0.56%
Koninklijke KPN NV
7.00%, 03/28/2073(b),(c)		13,126		14,488
7.00%, 03/28/2073(b)		16,000		17,660
		$		32,148
Transportation - 0.77%
BNSF Funding Trust I
6.61%, 12/15/2055(b)		38,509		43,997
TOTAL BONDS		$		3,943,912
TOTAL PURCHASED OPTIONS - 0.14%		$		7,964
Total Investments		$		5,769,992
Other Assets and Liabilities - (0.26)%		$		(15,074	)
TOTAL NET ASSETS - 100.00%		$		5,754,918

(a)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date.
(b)	Variable Rate. Rate shown is in effect at May 31, 2017.
(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 $1,402,692 or 24.37% of net assets.
(d)	Security purchased on a when-issued basis.
(e)	Non-Income Producing Security
(f)	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				78.58	%
Investment Companies				5.34	%
Communications				5.25	%
Industrial				4.00	%
Utilities				3.72	%
Energy				1.63	%
Consumer, Non-cyclical				0.62	%
Basic Materials				0.49	%
Government				0.49	%
Purchased Options				0.14	%
Other Assets and Liabilities				(0.26	)%
TOTAL NET ASSETS			100.00		%
	August 31,		August 31,
Affiliated Securities	2016		2016	Purchases		Purchases	Sales		Sales	May 31, 2017	May 31, 2017
	Shares		Cost	Shares		Cost	Shares		Proceeds	Shares		Cost
Centaur Funding Corp 9.08%	102,566	$	121,899	—		$—	1,900	$	2,237	100,666	$	120,075
	$		121,899			$–		$	2,237		$	120,075
						Realized Gain/Loss				Realized Gain from
			Income			on Investments			Capital Gain Distributions
Centaur Funding Corp 9.08%	$		6,855	$			413	$				—
	$		6,855	$			413	$				—
Amounts in thousands except shares

See accompanying notes

124

				Schedule of Investments
Preferred Securities Fund
May 31, 2017 (unaudited)
Options
							Upfront Premiums					Unrealized
	Purchased Options Outstanding		Exercise Price           Expiration Date		Contracts		Paid/(Received)			Fair Value		Appreciation/(Depreciation)
	Call - US Long Bond 1st W Future; September	$	153.00	06/05/2017	211	$	102		$	211		$	109
	2017
	Call - US Long Bond 1st W Future; September	$	152.50	06/05/2017	1,893		1,250			2,663		1,413
	2017
	Call - US Long Bond 1st W Future; September	$	156.00	06/05/2017	211		11			7			(4	)
	2017
	Call - US Long Bond 1st W Future; September	$	155.50	06/05/2017	3,786		157			236			79
	2017
Call	- US Long Bond Future; September 2017	$	155.00	06/26/2017	3,800		1,726			2,850		1,124
Call	- US Long Bond Future; September 2017	$	160.00	06/26/2017	3,800		248			357			109
	Put - US Long Bond 1st W Future; September	$	150.00	06/05/2017	211		7			—			(7	)
	2017
	Put - US Long Bond 1st W Future; September	$	153.00	06/05/2017	211		142			39			(103	)
	2017
	Put - US Long Bond 1st W Future; September	$	149.50	06/05/2017	1,893		65			—			(65	)
	2017
	Put - US Long Bond 1st W Future; September	$	152.50	06/05/2017	1,893		985			178			(807	)
	2017
Put	- US Long Bond Future; September 2017	$	151.00	06/26/2017	3,800		2,147			1,187			(960	)
Put	- US Long Bond Future; September 2017	$	146.00	06/26/2017	3,800		246			236			(10	)
	Total					$	7,086		$	7,964		$	878
							Upfront Premiums					Unrealized
	Written Options Outstanding		Exercise Price           Expiration Date		Contracts		Paid/(Received)			Fair Value		Appreciation/(Depreciation)
	Call - US Long Bond 1st W Future; September	$	154.50	06/05/2017	5,679	$	(543	)	$	(1,242	)	$	(699	)
	2017
	Call - US Long Bond 1st W Future; September	$	155.00	06/05/2017	422		(32	)		(47	)		(15	)
	2017
Call	- US Long Bond Future; September 2017	$	158.00	06/26/2017	7,600		(929	)		(1,543	)		(614	)
	Put - US Long Bond 1st W Future; September	$	150.50	06/05/2017	3,786		(171	)		(59	)		112
	2017
	Put - US Long Bond 1st W Future; September	$	151.00	06/05/2017	422		(25	)		(7	)		18
	2017
Put	- US Long Bond Future; September 2017	$	148.00	06/26/2017	7,600		(931	)		(713	)		218
	Total					$	(2,631	)	$	(3,611	)	$	(980	)
	Amounts in thousands except contracts

See accompanying notes

125

Schedule of Investments
Real Estate Allocation Fund
May 31, 2017 (unaudited)
INVESTMENT COMPANIES - 100.43%	Shares Held				Value
Principal Funds, Inc. Institutional Class - 100.43%
Global Real Estate Securities Fund (a)		73,380		$	670,697
Real Estate Debt Income Fund (a)		84,979			822,596
			$		1,493,293
TOTAL INVESTMENT COMPANIES			$		1,493,293
Total Investments			$		1,493,293
Other Assets and Liabilities - (0.43)%			$		(6,329	)
TOTAL NET ASSETS - 100.00%			$		1,486,964
(a) Affiliated Security. Please see Affiliated Sub-Schedule for transactional
information.
Portfolio Summary (unaudited)
Fund Type					Percent
Fixed Income Funds					55.32			%
International Equity Funds					45.11			%
Other Assets and Liabilities					(0.43			)%
TOTAL NET ASSETS					100.00			%
August 31,		August 31,
Affiliated Securities	2016		2016		Purchases				Purchases	Sales			Sales	May 31, 2017	May 31, 2017
Shares			Cost		Shares				Cost	Shares			Proceeds	Shares		Cost
Global Real Estate Securities Fund	47,961	$	438,790		57,052			$	514,389	31,633		$	282,223	73,380	$	669,693
Real Estate Debt Income Fund	47,645		463,564		62,462				599,227	25,128			243,679	84,979		818,672
		$	902,354				$		1,113,616			$	525,902		$	1,488,365
									Realized Gain/Loss					Realized Gain from
					Income				on Investments				Capital Gain Distributions
Global Real Estate Securities Fund	$		15,885				$			(1,263	)		$			1,626
Real Estate Debt Income Fund			16,663							(440	)					18
	$		32,548				$			(1,703	)		$			1,644
Amounts shown are in dollars and not rounded to the thousands.

See accompanying notes

126

Schedule of Investments
Real Estate Debt Income Fund
May 31, 2017 (unaudited)
	INVESTMENT COMPANIES - 2.07%		Shares Held		Value(000			's)		Principal
	Money Market Funds - 2.07%								BONDS (continued)	Amount (000's)        Value (000's)
	First American Government Obligations Fund			4,022,716	$		4,023		Commercial Mortgage Backed Securities (continued)
									GS Mortgage Securities Trust 2010-C1
	TOTAL INVESTMENT COMPANIES				$		4,023		1.40%, 08/10/2043(a),(b),(c)	$	24,928	$	899
			Principal						GS Mortgage Securities Trust 2011-GC3
	BONDS- 98.91	%	Amount (000's)		Value(000			's)	0.68%, 03/10/2044(a),(b),(c)		23,993		493
	Commercial Mortgage Backed Securities - 91.99%								GS Mortgage Securities Trust 2013-GCJ14
									4.76%, 08/10/2046(a),(b)		4,750		4,542
	Banc of America Commercial Mortgage Trust
	2008-1								GS Mortgage Securities Trust 2014-GC22
	6.28%, 02/10/2051(a)		$	1,800		$	1,826		1.04%, 06/12/2047(a),(c)		20,200		1,048
	6.28%, 02/10/2051(a),(b)			1,000			964		4.65%, 06/10/2047(a)		3,225		3,305
	Banc of America Commercial Mortgage Trust								GS Mortgage Securities Trust 2015-GC28
	2015-UB	S7							3.14%, 02/10/2048		5,000		5,077
	4.37%, 09/15/2048(a)			1,080			1,161		GS Mortgage Securities Trust 2015-GC34
									3.51%, 10/10/2048(a)		5,000		5,192
	Banc of America Commercial Mortgage Trust
	2016-UBS10								4.47%, 10/10/2048		2,000		2,116
	2.00%, 07/15/2049(a),(c)			9,036			1,067		GS Mortgage Securities Trust 2016-GS2
	4.91%, 07/15/2049(a)			3,500			3,685		3.76%, 05/10/2049		2,500		2,572
	Banc of America Commercial Mortgage Trust								JP Morgan Chase Commercial Mortgage
	2017-BN	K3							Securities Trust 2010-C1
	1.15%, 02/15/2050(a),(c)			24,462			2,015		5.95%, 06/15/2043(b)		1,500		1,519
	3.25%, 02/15/2050(a),(b)			2,375			1,933		JP Morgan Chase Commercial Mortgage
	BANK 2017-BNK4								Securities Trust 2011-C5
	3.36%, 05/15/2050(a),(b)			2,500			2,093		5.41%, 08/15/2046(a),(b)		1,200		1,302
	CD 2017-CD3 Mortgage Trust								JP Morgan Chase Commercial Mortgage
	1.05%, 02/10/2050(a),(c)			28,965			2,275		Securities Trust 2016-JP2
	4.56%, 02/10/2050(a)			3,000			3,172		3.46%, 08/15/2049		1,000		994
	CFCRE Commercial Mortgage Trust 2011-								JPMBB Commercial Mortgage Securities
	C2								Trust 2013-C12
	1.29%, 12/15/2047(a),(b),(c)			8,106			324		4.09%, 07/15/2045(a)		460		420
	Citigroup Commercial Mortgage Trust 2013-								JPMBB Commercial Mortgage Securities
	GC15								Trust 2013-C15
	5.11%, 09/10/2046(a),(b)			2,010			1,938		5.06%, 11/15/2045(a),(b)		2,500		2,446
	Citigroup Commercial Mortgage Trust 2015-								JPMBB Commercial Mortgage Securities
	GC27								Trust 2014-C21
	3.14%, 02/10/2048(a)			2,000			2,027		1.09%, 08/15/2047(a),(c)		25,446		1,476
	Citigroup Commercial Mortgage Trust 2016-								JPMBB Commercial Mortgage Securities
	C1								Trust 2014-C24
	1.94%, 05/10/2049(a),(c)			28,738			3,737		3.92%, 11/15/2047(a),(b)		1,000		841
									4.12%, 11/15/2047(a)		2,500		2,612
	3.51%, 05/10/2049			2,500			2,527
	4.12%, 05/10/2049			2,500			2,581		JPMCC Commercial Mortgage Securities
									Trust 2017-JP6
	Citigroup Commercial Mortgage Trust 2016-								4.60%, 07/15/2050(a),(b),(d)		3,000		3,001
	GC36
	3.62%, 02/10/2049			5,000			5,229		JPMDB Commercial Mortgage Securities
	COMM 2006-C8 Mortgage Trust								Trust 2016-C4
									3.10%, 12/15/2049(a)		4,250		3,980
	5.38%, 12/10/2046			1,470			1,483
	COMM 2012-CCRE4 Mortgage Trust								JPMDB Commercial Mortgage Securities
	3.25%, 10/15/2045			3,000			3,058		Trust 2017-C5
	COMM 2013-CCRE11 Mortgage Trust								1.03%, 03/15/2050(a),(c)		24,981		1,876
	1.14%,  08/10/2050(a),(c)			25,869			1,319		4.58%, 03/15/2050(a),(b)		2,000		2,033
	COMM 2013-CCRE6 Mortgage Trust								LB Commercial Mortgage Trust 2007-C3
	1.45%, 03/10/2046(a),(c)			14,619			487		6.01%, 07/15/2044(a)		2,000		2,010
	COMM 2014-CCRE17 Mortgage Trust								Morgan Stanley Bank of America Merrill
	4.80%, 05/10/2047(a),(b)			1,000			886		Lynch Trust 2013-C13
									4.89%, 11/15/2046(a)		4,000		4,243
	Comm 2014-UBS2 Mortgage Trust
	4.20%, 03/10/2047			1,000			1,062		Morgan Stanley Bank of America Merrill
	COMM 2014-UBS3 Mortgage Trust								Lynch Trust 2013-C9
	4.78%, 06/10/2047(a)			1,000			982		3.71%, 05/15/2046(a)		1,670		1,711
									4.15%, 05/15/2046(a),(b)		4,000		3,682
	COMM 2015-LC19 Mortgage Trust
	2.87%, 02/10/2048(a),(b)			1,000			809		Morgan Stanley Bank of America Merrill
	COMM 2015-LC23 Mortgage Trust								Lynch Trust 2014-C14
	3.65%, 10/10/2048(a),(b)			2,000			1,763		1.24%, 02/15/2047(a),(c)		23,750		1,059
	4.65%, 10/10/2048(a)			1,000			1,043		Morgan Stanley Bank of America Merrill
	COMM 2016-DC2 Mortgage Trust								Lynch Trust 2014-C15
									4.89%, 04/15/2047(a)		1,000		1,054
	3.77%, 02/10/2049			6,000			6,328
	Commercial Mortgage Trust 2007-GG9								Morgan Stanley Bank of America Merrill
	5.51%, 03/10/2039			2,493			2,381		Lynch Trust 2015-C20
									4.16%, 02/15/2048(a)		1,000		1,023
	Credit Suisse Commercial Mortgage Trust
	Series 2007-C1								Morgan Stanley Bank of America Merrill
	5.42%, 02/15/2040			2,175			2,173		Lynch Trust 2015-C25
									1.14%, 10/15/2048(a),(c)		29,731		2,087
	Freddie Mac Multifamily Structured Pass
	Through Certificates								Morgan Stanley Bank of America Merrill
	1.14%, 01/25/2021(a),(c)			19,910			689		Lynch Trust 2015-C26
	3.01%, 07/25/2025			5,000			5,164		3.53%, 10/15/2048		1,000		1,039
	3.28%, 06/25/2025(a)			10,000			10,529
	See accompanying notes						127

     Schedule of Investments Real Estate Debt Income Fund May 31, 2017 (unaudited)

		Principal
BONDS (continued)		Amount (000's)			Value (000's)
Commercial Mortgage Backed Securities (continued)
Morgan Stanley Bank of America Merrill
Lynch Trust 2016-C28
3.95%, 01/15/2049		$	6,000	$	6,299
Morgan Stanley Capital I Trust 2016-UBS12
4.15%, 12/15/2049(a)			2,000		1,930
Morgan Stanley Capital I Trust 2016-UBS9
4.70%, 03/15/2049			500		521
SG Commercial Mortgage Securities Trust
2016	-C5
2.03%, 10/10/2048(a),(c)			13,896		1,754
UBS-Barclays Commercial Mortgage Trust
2012	-C3
4.96%, 08/10/2049(a),(b)			1,000		1,058
UBS-Barclays Commercial Mortgage Trust
2012	-C4
1.74%, 12/10/2045(a),(b),(c)			9,249		630
4.49%, 12/10/2045(a),(b)			1,000		983
UBS-Barclays Commercial Mortgage Trust
2013	-C5
4.08%, 03/10/2046(a),(b)			2,280		2,319
Wachovia Bank Commercial Mortgage Trust
Series 2006-C29
5.37%, 11/15/2048			681		684
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30
5.41%, 12/15/2043(a)			3,560		3,618
Wells Fargo Commercial Mortgage Trust
2015	-C31
3.70%, 11/15/2048			2,000		2,103
Wells Fargo Commercial Mortgage Trust
2015-NX	S1
4.10%, 05/15/2048(a)			3,180		2,775
Wells Fargo Commercial Mortgage Trust
2016	-C34
2.18%, 06/15/2049(a),(c)			7,934		1,040
Wells Fargo Commercial Mortgage Trust
2016-NX	S5
4.85%, 01/15/2059(a)			1,750		1,919
WFRBS Commercial Mortgage Trust 2013-
C11
1.35%, 03/15/2045(a),(b),(c)			25,803		1,205
WFRBS Commercial Mortgage Trust 2013-
C12
1.37%, 03/15/2048(a),(b),(c)			37,715		1,946
WFRBS Commercial Mortgage Trust 2013-
C17
1.50%, 12/15/2046(a),(c)			34,251		1,819
WFRBS Commercial Mortgage Trust 2014-
C20
3.99%, 05/15/2047(a),(b)			2,500		1,950
			$		178,915
Real Estate - 2.68%
American Campus Communities Operating
Partnership LP
4.13%, 07/01/2024			2,500		2,622
Prologis LP
3.35%, 02/01/2021			2,500		2,590
			$		5,212
REITS- 4.24	%
HCP Inc
2.63%, 02/01/2020			2,500		2,528
Hospitality Properties Trust
5.00%, 08/15/2022			1,000		1,075
Select Income REIT
3.60%, 02/01/2020			2,000		2,032
VEREIT Operating Partnership LP
4.13%, 06/01/2021			2,500		2,621
			$		8,256
TOTAL BONDS			$		192,383
Total Investments			$		196,406
Other Assets and Liabilities - (0.98)%			$		(1,914	)
TOTAL NET ASSETS - 100.00%			$		194,492

(a)	Variable Rate. Rate shown is in effect at May 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 $41,559 or 21.37% of net assets.
(c)	Security is an Interest Only Strip
(d)	Security purchased on a when-issued basis.

Portfolio Summary (unaudited)
Sector	Percent
Mortgage Securities	91.99	%
Financial	6.92	%
Investment Companies	2.07	%
Other Assets and Liabilities	(0.98	)%
TOTAL NET ASSETS	100.00	%

See accompanying notes

128

     Schedule of Investments Small-MidCap Dividend Income Fund May 31, 2017 (unaudited)

COMMON STOCKS - 97.59%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 1.00%					Healthcare - Products (continued)
Harris Corp	278,499	$	31,236		Teleflex Inc	201,586	$	40,321
							$	109,161
Airlines - 0.96%					Housewares - 0.91%
Alaska Air Group Inc	342,856		29,846		Tupperware Brands Corp	395,022		28,406
Automobile Manufacturers - 2.46%					Insurance - 4.91%
New Flyer Industries Inc	1,865,091		76,711		AmTrust Financial Services Inc	3,683,813		48,405
					Arthur J Gallagher & Co	532,873		30,230
Automobile Parts & Equipment - 3.04%					Beazley PLC	1,997,989		12,171
Adient PLC	416,909		28,571		Maiden Holdings Ltd	1,251,485		13,203
Autoliv Inc	596,396		66,152		Validus Holdings Ltd	913,156		48,763
		$	94,723				$	152,772
Banks - 9.96%					Investment Companies - 3.14%
Bank of the Ozarks Inc	1,464,765		64,743		Ares Capital Corp	3,062,463		50,990
BOK Financial Corp	372,025		29,959		Oaktree Capital Group LLC	1,010,574		46,840
Cullen/Frost Bankers Inc	643,577		58,990				$	97,830
East West Bancorp Inc	781,075		42,748		Leisure Products & Services - 0.36%
Hope Bancorp Inc	1,449,624		25,238		Acushnet Holdings Corp	590,412		11,218
PacWest Bancorp	1,304,353		60,874
Washington Trust Bancorp Inc	581,975		27,819		Machinery - Diversified - 3.18%
		$	310,371		Applied Industrial Technologies Inc	197,365		12,187
Chemicals - 2.69%					Flowserve Corp	516,372		25,044
Albemarle Corp	207,962		23,624		IDEX Corp	281,617		30,547
Huntsman Corp	1,416,007		33,843		Nordson Corp	269,651		31,247
RPM International Inc	484,529		26,276				$	99,025
		$	83,743		Media - 2.39%
Coal - 0.89%					Sinclair Broadcast Group Inc	2,299,547		74,505
Alliance Resource Partners LP	1,281,689		27,556
					Miscellaneous Manufacturers - 1.89%
Commercial Services - 3.14%					Crane Co	537,369		41,689
KAR Auction Services Inc	877,830		38,247		Donaldson Co Inc	355,209		17,036
Travelport Worldwide Ltd	4,401,347		59,418				$	58,725
		$	97,665		Oil & Gas - 2.73%
Computers - 1.44%					HollyFrontier Corp	1,770,020		42,303
Leidos Holdings Inc	804,280		44,686		Vermilion Energy Inc	1,366,539		42,761
							$	85,064
Consumer Products - 1.96%					Packaging & Containers - 1.17%
Avery Dennison Corp	724,030		61,007		Packaging Corp of America	356,740		36,445
Diversified Financial Services - 3.83%					Pipelines - 2.82%
BGC Partners Inc	3,820,103		45,039		EnLink Midstream Partners LP	3,261,531		55,348
FNF Group	1,740,223		74,151		Targa Resources Corp	706,815		32,464
		$	119,190				$	87,812
Electric - 5.34%					Private Equity - 0.52%
ALLETE Inc	576,904		42,339		Hercules Capital Inc	1,251,112		16,302
Alliant Energy Corp	1,069,879		44,368
Fortis Inc/Canada	486,719		16,003		REITS - 16.14%
Great Plains Energy Inc	1,403,289		40,317		Agree Realty Corp	305,899		13,928
PNM Resources Inc	604,207		23,262		Alexandria Real Estate Equities Inc	170,775		19,926
		$	166,289		Colony NorthStar Inc	4,951,682		69,967
Electrical Components & Equipment - 1.73%					EastGroup Properties Inc	278,705		22,698
Hubbell Inc	194,894		22,590		EPR Properties	780,815		55,368
Littelfuse Inc	192,987		31,254		Gramercy Property Trust	2,219,274		65,579
		$	53,844		LaSalle Hotel Properties	1,156,137		32,892
Electronics - 0.94%					Medical Properties Trust Inc	5,710,476		73,951
Garmin Ltd	564,846		29,395		Omega Healthcare Investors Inc	2,317,588		72,587
					Pebblebrook Hotel Trust	1,408,845		43,561
Environmental Control - 1.12%					Tanger Factory Outlet Centers Inc	1,232,429		32,117
MSA Safety Inc	431,026		34,956				$	502,574
					Retail - 1.15%
Food - 2.77%					Nordstrom Inc	857,931		35,862
B&G Foods Inc	1,449,891		58,793
Ingredion Inc	239,878		27,368		Semiconductors - 0.78%
		$	86,161		Maxim Integrated Products Inc	510,804		24,416
Gas - 1.00%
Vectren Corp	509,965		31,281		Software - 2.68%
					Broadridge Financial Solutions Inc	463,411		35,168
Hand & Machine Tools - 2.23%					j2 Global Inc	570,808		48,302
Lincoln Electric Holdings Inc	269,046		24,048				$	83,470
Snap-on Inc	281,351		45,483		Supranational Bank - 1.51%
		$	69,531		Banco Latinoamericano de Comercio Exterior	1,744,354		47,098
Healthcare - Products - 3.50%					SA (a)
STERIS PLC	887,564		68,840

See accompanying notes

129

Schedule of Investments
Small-MidCap Dividend Income Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)		Shares Held			Value(000				's)
Telecommunications - 0.38%
Consolidated Communications Holdings Inc		598,958				$	11,931
Toys, Games & Hobbies - 0.93%
Hasbro Inc		275,708					29,021
TOTAL COMMON STOCKS					$		3,039,828
INVESTMENT COMPANIES - 2.22%		Shares Held			Value(000				's)
Money Market Funds - 2.22%
Goldman Sachs Financial Square Funds -		69,032,421					69,032
Government Fund
TOTAL INVESTMENT COMPANIES					$		69,032
Total Investments					$		3,108,860
Other Assets and Liabilities - 0.19%					$			5,940
TOTAL NET ASSETS - 100.00%					$		3,114,800
(a) 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								38.50	%
Industrial								13.26	%
Consumer, Non-cyclical								11.37	%
Consumer, Cyclical								9.81	%
Energy								6.44	%
Utilities								6.34	%
Technology								4.90	%
Communications								2.77	%
Basic Materials								2.69	%
Investment Companies								2.22	%
Government								1.51	%
Other Assets and Liabilities								0.19	%
TOTAL NET ASSETS							100.00		%
	August 31,			August 31,
Affiliated Securities		2016		2016				Purchases		Purchases	Sales	Sales		May 31, 2017	May 31, 2017
	Shares			Cost				Shares		Cost	Shares	Proceeds		Shares		Cost
Banco Latinoamericano de Comercio	1,446,712		$	42,405				297,642	$	8,338	—	$	—	1,744,354	$	50,743
Exterior SA
		$		42,405				$		8,338		$	–		$	50,743
										Realized Gain/Loss				Realized Gain from
				Income						on Investments			Capital Gain Distributions
Banco Latinoamericano de Comercio
Exterior SA	$				1,861			$			—	$				—
	$				1,861			$			—	$				—
Amounts in thousands except shares

See accompanying notes

130

     Schedule of Investments SystematEx International Fund May 31, 2017 (unaudited)

COMMON STOCKS - 98.82%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Advertising - 0.38%					Banks (continued)
WPP PLC	12,257	$	276		Mizuho Financial Group Inc	172,500	$	300
					National Australia Bank Ltd	16,668		372
Aerospace & Defense - 0.72%					Nordea Bank AB	10,738		138
Airbus SE	2,103		173		Oversea-Chinese Banking Corp Ltd	26,800		203
BAE Systems PLC	16,685		144		Resona Holdings Inc	58,000		296
Safran SA	620		55		Royal Bank of Canada	1,300		90
Thales SA	1,450		160		Societe Generale SA	5,458		286
		$	532		Sumitomo Mitsui Financial Group Inc	10,800		387
Agriculture - 1.50%					Svenska Handelsbanken AB	311		4
British American Tobacco PLC	10,084		722		Swedbank AB	1,595		38
Imperial Brands PLC	5,278		247		Toronto-Dominion Bank/The	2,500		119
Japan Tobacco Inc	3,600		135		UBS Group AG (a)	4,009		64
					UniCredit SpA (a)	470		8
		$	1,104
Airlines - 0.23%					Westpac Banking Corp	20,308		460
Japan Airlines Co Ltd	5,800		170		Yamaguchi Financial Group Inc	14,000		160
							$	8,272
Apparel - 1.24%					Beverages - 0.77%
Adidas AG	3,059		586		Anheuser-Busch InBev SA/NV	1,859		217
Christian Dior SE	28		8		Coca-Cola HBC AG (a)	256		8
LVMH Moet Hennessy Louis Vuitton SE	1,224		313		Diageo PLC	9,322		280
		$	907		Pernod Ricard SA	457		62
Automobile Manufacturers - 5.06%							$	567
Bayerische Motoren Werke AG	1,594		149		Biotechnology - 0.18%
Daimler AG	4,163		303		CSL Ltd	1,385		133
Fiat Chrysler Automobiles NV (a)	9,129		96
Honda Motor Co Ltd	13,300		373		Building Materials - 0.83%
Isuzu Motors Ltd	12,600		154		Boral Ltd	662		3
Mazda Motor Corp	11,500		157		Cie de Saint-Gobain	872		49
Nissan Motor Co Ltd	25,700		246		CRH PLC	1,672		61
Peugeot SA	14,223		281		Daikin Industries Ltd	400		39
Renault SA	1,185		111		Geberit AG	172		81
Subaru Corp	7,700		260		LafargeHolcim Ltd (a)	1,286		77
Suzuki Motor Corp	14,800		696		Sika AG	47		303
Toyota Motor Corp	14,700		789				$	613
Volkswagen AG	653		103		Chemicals - 3.80%
		$	3,718		Air Liquide SA	1,110		135
Automobile Parts & Equipment - 3.29%					Akzo Nobel NV	1,795		150
Aisin Seiki Co Ltd	1,700		84		Arkema SA	1,933		202
Bridgestone Corp	9,300		391		BASF SE	2,439		231
Cie Generale des Etablissements Michelin	3,028		383		Covestro AG (b)	4,727		354
Continental AG	889		198		Evonik Industries AG	4,092		141
Denso Corp	3,900		166		Johnson Matthey PLC	148		6
GKN PLC	63,248		286		LANXESS AG	4,011		300
NHK Spring Co Ltd	16,300		171		Linde AG	443		85
Sumitomo Electric Industries Ltd	6,500		103		Lonza Group AG (a)	2,307		478
Sumitomo Rubber Industries Ltd	6,000		102		Mitsubishi Chemical Holdings Corp	39,900		303
Toyoda Gosei Co Ltd	7,000		168		Shin-Etsu Chemical Co Ltd	900		81
Valeo SA	5,272		368		Sumitomo Chemical Co Ltd	28,000		146
		$	2,420		Syngenta AG	402		183
Banks - 11.26%							$	2,795
Australia & New Zealand Banking Group Ltd	18,318		381		Commercial Services - 0.63%
Banco Bilbao Vizcaya Argentaria SA	18,208		149		Adecco Group AG (a)	3,753		280
Banco Santander SA	37,846		246		ISS A/S	4,150		172
Bank Hapoalim BM	31,983		213		Randstad Holding NV	134		8
Bank Leumi Le-Israel BM (a)	38,850		190				$	460
Bank of Montreal	1,700		114		Computers - 1.12%
Bank of Nova Scotia/The	1,500		85		Atos SE	2,738		393
Barclays PLC	12,949		35		Cap Gemini SA	1,091		113
BNP Paribas SA	6,083		430		Fujitsu Ltd	44,000		320
BOC Hong Kong Holdings Ltd	735		3				$	826
Commonwealth Bank of Australia	8,293		490		Consumer Products - 0.57%
Danske Bank A/S	5,575		209		Reckitt Benckiser Group PLC	4,083		419
DBS Group Holdings Ltd	17,400		257
Deutsche Bank AG	418		7		Cosmetics & Personal Care - 1.39%
Gunma Bank Ltd/The	19,000		101		Kao Corp	2,700		170
Hang Seng Bank Ltd	94		2		L'Oreal SA	860		184
Hokuhoku Financial Group Inc	3,300		48		Unilever NV	7,222		412
HSBC Holdings PLC	75,134		654		Unilever PLC	4,617		257
ING Groep NV	27,143		456				$	1,023
Lloyds Banking Group PLC	265,013		241		Distribution & Wholesale - 1.89%
Macquarie Group Ltd	3,777		252		ITOCHU Corp	23,800		338
Mitsubishi UFJ Financial Group Inc	87,500		543		Li & Fung Ltd	16,000		7
Mizrahi Tefahot Bank Ltd	13,531		241		Mitsubishi Corp	15,200		304

See accompanying notes

131

Schedule of Investments
SystematEx International Fund
May 31, 2017 (unaudited)

COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Distribution & Wholesale (continued)					Gas (continued)
Mitsui & Co Ltd	22,900	$	309		National Grid PLC	15,457	$	217
Sumitomo Corp	12,000		153		Osaka Gas Co Ltd	23,000		91
Wolseley PLC	4,233		279				$	578
		$	1,390		Healthcare - Products - 0.54%
Diversified Financial Services - 0.92%					Cochlear Ltd	800		87
Mitsubishi UFJ Lease & Finance Co Ltd	7,000		36		Essilor International SA	507		67
Nomura Holdings Inc	9,200		55		Sonova Holding AG	42		7
ORIX Corp	14,600		230		William Demant Holding A/S (a)	9,025		237
Partners Group Holding AG	575		353				$	398
		$	674		Healthcare - Services - 1.58%
Electric - 2.34%					Fresenius Medical Care AG & Co KGaA	1,763		169
Chubu Electric Power Co Inc	16,800		228		Fresenius SE & Co KGaA	5,450		467
EDP - Energias de Portugal SA	45,555		168		Ramsay Health Care Ltd	5,506		282
Enel SpA	96,016		514		Sonic Healthcare Ltd	14,266		245
Engie SA	3,017		46				$	1,163
Iberdrola SA	56,982		455		Holding Companies - Diversified - 1.27%
Kansai Electric Power Co Inc/The	13,700		192		CK Hutchison Holdings Ltd	27,000		352
Origin Energy Ltd (a)	19,338		110		Jardine Matheson Holdings Ltd	2,400		153
Tohoku Electric Power Co Inc	400		6		Swire Pacific Ltd	7,000		69
		$	1,719		Wharf Holdings Ltd/The	42,412		360
Electrical Components & Equipment - 0.40%							$	934
Schneider Electric SE (a)	3,795		292		Home Builders - 1.75%
					Barratt Developments PLC	999		8
Electronics - 0.81%					Berkeley Group Holdings PLC	5,913		248
Keyence Corp	300		136		Daiwa House Industry Co Ltd	6,100		199
Koninklijke Philips NV	9,707		343		Iida Group Holdings Co Ltd	12,600		208
Murata Manufacturing Co Ltd	700		97		Persimmon PLC	7,551		240
NEC Corp	6,000		16		Sekisui Chemical Co Ltd	6,500		114
		$	592		Taylor Wimpey PLC	102,673		269
Energy - Alternate Sources - 0.68%							$	1,286
Vestas Wind Systems A/S	5,631		500		Home Furnishings - 0.43%
					Panasonic Corp	14,900		191
Engineering & Construction - 3.19%					Sony Corp	3,400		124
ACS Actividades de Construccion y Servicios	8,182		327				$	315
SA					Insurance - 7.19%
Aena SA (b)	2,479		501		AIA Group Ltd	53,345		377
Fraport AG Frankfurt Airport Services	807		65		Allianz SE	2,827		544
Worldwide					Aviva PLC	12,471		85
HOCHTIEF AG	1,686		310		AXA SA	15,715		420
Kajima Corp	36,000		277		Baloise Holding AG	42		6
Obayashi Corp	12,000		133		CNP Assurances	11,363		250
Taisei Corp	30,000		256		Dai-ichi Life Holdings Inc	7,400		123
Vinci SA	5,438		476		Hannover Rueck SE	2,841		339
		$	2,345		Manulife Financial Corp	10,600		183
Entertainment - 0.44%					Mapfre SA	73,665		262
Aristocrat Leisure Ltd	20,037		324		MS&AD Insurance Group Holdings Inc	9,100		320
					Muenchener Rueckversicherungs-Gesellschaft	1,252		247
Food - 4.95%					AG in Muenchen
Danone SA	5,163		384		Prudential PLC	10,811		243
Koninklijke Ahold Delhaize NV	6,644		147		Sampo Oyj	3,744		190
Marine Harvest ASA (a)	13,028		228		SCOR SE	7,714		303
Nestle SA	14,752		1,259		Sompo Holdings Inc	7,300		282
NH Foods Ltd	7,000		219		Swiss Life Holding AG (a)	998		333
Seven & i Holdings Co Ltd	6,700		285		Swiss Re AG	3,210		293
Tate & Lyle PLC	25,331		241		Tokio Marine Holdings Inc	5,100		216
Tesco PLC (a)	2,585		6		Zurich Insurance Group AG	915		269
Wesfarmers Ltd	7,377		234				$	5,285
WH Group Ltd (b)	330,680		310		Internet - 0.94%
Wm Morrison Supermarkets PLC	81,138		257		Mixi Inc	6,000		376
Woolworths Ltd	3,462		67		SBI Holdings Inc/Japan	4,500		58
		$	3,637		United Internet AG	4,627		255
Food Service - 0.57%							$	689
Compass Group PLC	12,193		263		Investment Companies - 0.12%
Sodexo SA	1,131		154		EXOR NV	1,542		86
		$	417
Forest Products & Paper - 1.02%					Iron & Steel - 0.78%
Mondi PLC	4,024		105		ArcelorMittal (a)	10,541		229
Stora Enso OYJ	14,439		183		Fortescue Metals Group Ltd	96,203		346
UPM-Kymmene OYJ	16,317		460				$	575
		$	748		Leisure Products & Services - 0.01%
Gas - 0.79%					Carnival PLC	120		8
Centrica PLC	53,150		139
Gas Natural SDG SA	5,190		131

See accompanying notes

132

Schedule of Investments
SystematEx International Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)		Shares Held	Value (000's)
Machinery - Construction & Mining - 1.54%					Real Estate (continued)
ABB Ltd	20,273	$	510		New World Development Co Ltd		234,718	$	292
Atlas Copco AB - A Shares	7,436		275		Nomura Real Estate Holdings Inc		6,100		131
Hitachi Ltd	47,000		283		Sun Hung Kai Properties Ltd		9,000		133
Komatsu Ltd	2,700		66		Swiss Prime Site AG (a)		1,156		107
		$	1,134		Wheelock & Co Ltd		54,230		406
Machinery - Diversified - 0.23%								$	1,475
FANUC Corp	400		79		REITS - 0.14%
Sumitomo Heavy Industries Ltd	14,000		91		Dexus		900		7
		$	170		Unibail-Rodamco SE		368		95
Media - 0.00%								$	102
RTL Group SA	33		3		Retail - 0.57%
					Cie Financiere Richemont SA		1,905		160
Mining - 3.06%					Harvey Norman Holdings Ltd		23,837		67
Anglo American PLC (a)	15,312		204		Industria de Diseno Textil SA		4,668		191
BHP Billiton Ltd	16,773		295					$	418
BHP Billiton PLC	16,992		257		Semiconductors - 0.95%
Boliden AB	5,712		156		ASML Holding NV		1,102		146
Glencore PLC (a)	102,675		378		Infineon Technologies AG		4,753		105
Mitsubishi Materials Corp	1,000		28		NXP Semiconductors NV (a)		800		88
Norsk Hydro ASA	33,528		182		STMicroelectronics NV		21,580		355
Rio Tinto Ltd	3,700		172					$	694
Rio Tinto PLC	9,156		366		Software - 0.95%
South32 Ltd	106,924		210		Amadeus IT Group SA		3,789		221
		$	2,248		SAP SE		4,442		478
Miscellaneous Manufacturers - 1.35%								$	699
FUJIFILM Holdings Corp	4,200		153		Telecommunications - 4.09%
Siemens AG	5,850		837		BT Group PLC		43,898		174
		$	990		Deutsche Telekom AG		19,388		386
Office & Business Equipment - 0.54%					KDDI Corp		10,700		297
Canon Inc	11,500		395		Nippon Telegraph & Telephone Corp		9,600		462
					Nokia OYJ		27,715		175
Oil & Gas - 6.64%					NTT DOCOMO Inc		12,200		300
BP PLC	131,684		795		Orange SA		14,955		263
Caltex Australia Ltd	10,387		256		PCCW Ltd		209,000		122
Eni SpA	17,933		285		Proximus SADP		154		6
Galp Energia SGPS SA	11,596		179		SoftBank Group Corp		1,100		89
JXTG Holdings Inc	73,150		319		Spark New Zealand Ltd		2,112		6
Neste Oyj	8,054		320		Telefonica SA		29,962		334
OMV AG	6,134		320		Vodafone Group PLC		131,886		394
Repsol SA	15,004		252					$	3,008
Royal Dutch Shell PLC - A Shares	21,237		577		Transportation - 1.17%
Royal Dutch Shell PLC - B Shares	20,540		569		Central Japan Railway Co		1,900		311
Statoil ASA	13,842		241		Deutsche Post AG		9,509		348
TOTAL SA	14,549		769		East Japan Railway Co		2,100		201
		$	4,882					$	860
Pharmaceuticals - 9.25%					TOTAL COMMON STOCKS			$	72,615
Actelion Ltd (a)	274		78
					INVESTMENT COMPANIES - 0.33%		Shares Held	Value (000's)
Alfresa Holdings Corp	10,500		203		Money Market Funds - 0.33%
Astellas Pharma Inc	15,200		192		Morgan Stanley Institutional Liquidity Funds -		242,547		243
AstraZeneca PLC	5,549		375		Government Portfolio
Bayer AG	6,587		875
GlaxoSmithKline PLC	24,453		535		TOTAL INVESTMENT COMPANIES			$	243
Medipal Holdings Corp	16,200		298		PREFERRED STOCKS - 0.28%		Shares Held	Value (000's)
Merck KGaA	2,575		311		Consumer Products - 0.28%
Mitsubishi Tanabe Pharma Corp	5,400		120		Henkel AG & Co KGaA1.62%(c)		1,462	$	205
Novartis AG	10,566		865
Novo Nordisk A/S	7,736		328
Orion Oyj	5,656		366		TOTAL PREFERRED STOCKS			$	205
Roche Holding AG	3,979		1,092		Total Investments			$	73,063
Sanofi	6,782		672		Other Assets and Liabilities - 0.57%			$	418
Shire PLC	121		7		TOTAL NET ASSETS - 100.00%			$	73,481
Suzuken Co Ltd/Aichi Japan	7,800		256
Takeda Pharmaceutical Co Ltd	2,700		139
Teva Pharmaceutical Industries Ltd ADR	3,103		87		(a)	Non-Income Producing Security
		$	6,799		(b)	Security exempt from registration under Rule 144A of the Securities Act of
						1933. These securities may be resold in transactions exempt from
Private Equity - 0.75%						registration, normally to qualified institutional buyers. At the end of the
3i Group PLC	47,431		548			period, the value of these securities totaled $1,165 or 1.59% of net assets.
Real Estate - 2.01%					(c)	Variable Rate. Rate shown is in effect at May 31, 2017.
Cheung Kong Property Holdings Ltd	9,499		71
Daito Trust Construction Co Ltd	300		47
Kerry Properties Ltd	81,000		286
Mitsui Fudosan Co Ltd	100		2

See accompanying notes

133

	Schedule of Investments
	SystematEx International Fund
	May 31, 2017 (unaudited)
Portfolio Summary (unaudited)
Country	Percent
Japan	23.25	%
United Kingdom	13.45	%
Germany	11.43	%
France	10.73	%
Switzerland	10.65	%
Australia	6.64	%
Spain	4.16	%
Hong Kong	3.99	%
Netherlands	3.50	%
Finland	2.31	%
Denmark	1.97	%
Italy	1.10	%
Israel	1.00	%
Norway	0.89	%
Sweden	0.83	%
Canada	0.79	%
Singapore	0.63	%
Portugal	0.47	%
Austria	0.44	%
United States	0.35	%
Belgium	0.31	%
Luxembourg	0.31	%
South Africa	0.14	%
Ireland	0.08	%
New Zealand	0.01	%
Other Assets and Liabilities	0.57	%
TOTAL NET ASSETS	100.00	%

See accompanying notes

134

Schedule of Investments
SystematEx Large Value Fund
May 31, 2017 (unaudited)
COMMON STOCKS - 99.57%	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Aerospace & Defense - 2.80%					Cosmetics & Personal Care - 1.87%
General Dynamics Corp	262	$	53		Colgate-Palmolive Co	234	$	18
L3 Technologies Inc	249		42		Procter & Gamble Co/The	1,756		154
Lockheed Martin Corp	3		1				$	172
Northrop Grumman Corp	154		40		Diversified Financial Services - 1.49%
Raytheon Co	332		54		American Express Co	325		25
Spirit AeroSystems Holdings Inc	368		20		Ameriprise Financial Inc	295		36
United Technologies Corp	395		48		BlackRock Inc	44		18
		$	258		CME Group Inc	49		6
Agriculture - 1.63%					Discover Financial Services	756		44
Archer-Daniels-Midland Co	814		34		Navient Corp	557		8
Philip Morris International Inc	971		116				$	137
		$	150		Electric - 3.63%
Airlines - 0.51%					CenterPoint Energy Inc	1,722		49
Alaska Air Group Inc	193		17		Dominion Energy Inc	121		10
United Continental Holdings Inc (a)	377		30		DTE Energy Co	428		47
		$	47		Duke Energy Corp	215		18
Automobile Manufacturers - 0.71%					Edison International	518		42
Ford Motor Co	1,677		19		MDU Resources Group Inc	1,235		34
General Motors Co	1,365		46		NextEra Energy Inc	145		21
		$	65		OGE Energy Corp	1,302		46
Automobile Parts & Equipment - 0.60%					PG&E Corp	71		5
Allison Transmission Holdings Inc	557		22		Southern Co/The	217		11
Lear Corp	225		33		Xcel Energy Inc	1,061		51
		$	55				$	334
Banks - 15.09%					Electronics - 0.28%
Bank of America Corp	9,779		219		Corning Inc	8		—
Bank of Hawaii Corp	342		27		Gentex Corp	1,338		26
Bank of New York Mellon Corp/The	302		14				$	26
BB&T Corp	1,099		46		Entertainment - 0.01%
Capital One Financial Corp	129		10		Dolby Laboratories Inc	18		1
Citigroup Inc	1,966		119
Cullen/Frost Bankers Inc	349		32		Environmental Control - 0.59%
East West Bancorp Inc	626		34		Waste Management Inc	744		54
Fifth Third Bancorp	1,619		39
Goldman Sachs Group Inc/The	394		83		Food - 0.65%
JPMorgan Chase & Co	3,728		306		JM Smucker Co/The	142		18
Morgan Stanley	848		35		Kraft Heinz Co/The	146		13
PNC Financial Services Group Inc/The	770		92		Mondelez International Inc	615		29
SunTrust Banks Inc	994		53				$	60
US Bancorp	2,122		108		Forest Products & Paper - 0.01%
Wells Fargo & Co	3,344		171		International Paper Co	17		1
		$	1,388
Beverages - 0.13%					Gas - 0.80%
Coca-Cola Co/The	256		12		UGI Corp	708		36
					Vectren Corp	609		38
Building Materials - 0.53%							$	74
Lennox International Inc	115		20		Healthcare - Products - 2.03%
Owens Corning	465		29		Abbott Laboratories	596		27
		$	49		Baxter International Inc	948		56
Chemicals - 1.60%					Danaher Corp	180		15
Cabot Corp	702		37		Hill-Rom Holdings Inc	17		2
Dow Chemical Co/The	553		34		Medtronic PLC	897		76
Eastman Chemical Co	306		25		Thermo Fisher Scientific Inc	64		11
Huntsman Corp	935		22				$	187
LyondellBasell Industries NV	358		29		Healthcare - Services - 2.79%
		$	147		Aetna Inc	429		62
Commercial Services - 1.18%					Anthem Inc	339		62
Aramark	25		1		Humana Inc	129		30
Booz Allen Hamilton Holding Corp	420		16		Quest Diagnostics Inc	502		54
CoreLogic Inc/United States (a)	757		33		UnitedHealth Group Inc	280		49
ManpowerGroup Inc	247		25				$	257
United Rentals Inc (a)	313		34		Home Builders - 0.18%
		$	109		Toll Brothers Inc	456		17
Computers - 3.12%
Amdocs Ltd	544		35		Insurance - 11.19%
Apple Inc	599		92		Aflac Inc	710		53
DST Systems Inc	8		1		Allstate Corp/The	589		51
International Business Machines Corp	347		53		American Financial Group Inc/OH	497		50
Leidos Holdings Inc	661		37		American International Group Inc	418		27
NetApp Inc	649		26		Assured Guaranty Ltd	30		1
Western Digital Corp	478		43		Berkshire Hathaway Inc - Class B (a)	1,789		296
		$	287		Chubb Ltd	462		66
					Everest Re Group Ltd	161		41

See accompanying notes

135

Schedule of Investments
SystematEx Large Value Fund
May 31, 2017 (unaudited)
COMMON STOCKS (continued)	Shares Held		Value(000	's)	COMMON STOCKS (continued)	Shares Held		Value(000	's)
Insurance (continued)					Packaging & Containers (continued)
Hanover Insurance Group Inc/The	251	$	21		WestRock Co	377	$	21
Hartford Financial Services Group Inc/The	757		37				$	51
Lincoln National Corp	741		48		Pharmaceuticals - 7.02%
MetLife Inc	455		23		Express Scripts Holding Co (a)	378		23
Old Republic International Corp	1,471		29		Johnson & Johnson	2,176		279
Progressive Corp/The	1,216		52		Merck & Co Inc	2,694		175
Prudential Financial Inc	792		83		Pfizer Inc	5,182		169
Reinsurance Group of America Inc	343		43				$	646
Travelers Cos Inc/The	463		58		Pipelines - 1.33%
Unum Group	454		20		Enbridge Inc	753		29
Validus Holdings Ltd	563		30		Kinder Morgan Inc/DE	1,978		37
		$	1,029		ONEOK Inc	743		37
Iron & Steel - 1.01%					Targa Resources Corp	420		19
Nucor Corp	628		36				$	122
Reliance Steel & Aluminum Co	367		27		REITS - 2.95%
Steel Dynamics Inc	876		30		American Homes 4 Rent	1,238		28
		$	93		Camden Property Trust	323		27
Leisure Products & Services - 0.36%					Chimera Investment Corp	1,162		22
Carnival Corp	514		33		Duke Realty Corp	1,354		39
					Equity Commonwealth (a)	392		12
Lodging - 0.49%					Highwoods Properties Inc	641		32
Choice Hotels International Inc	359		23		Hospitality Properties Trust	1,202		35
Extended Stay America Inc	1,180		22		Host Hotels & Resorts Inc	51		1
		$	45		Kilroy Realty Corp	13		1
Machinery - Construction & Mining - 0.51%					Liberty Property Trust	426		17
Caterpillar Inc	190		20		Prologis Inc	1,028		57
Oshkosh Corp	422		27		Two Harbors Investment Corp	35		—
		$	47				$	271
Machinery - Diversified - 0.96%					Retail - 4.47%
Cummins Inc	265		42		Best Buy Co Inc	819		49
Rockwell Automation Inc	294		46		Burlington Stores Inc (a)	127		12
		$	88		CVS Health Corp	304		23
Media - 1.46%					Darden Restaurants Inc	377		34
Comcast Corp - Class A	1,218		51		Foot Locker Inc	290		17
Liberty Media Corp-Liberty Formula One - A	733		23		MSC Industrial Direct Co Inc	210		18
Shares (a)					Nu Skin Enterprises Inc	172		9
Time Warner Inc	603		60		PVH Corp	9		1
		$	134		Walgreens Boots Alliance Inc	1,054		85
Metal Fabrication & Hardware - 0.24%					Wal-Mart Stores Inc	1,775		140
Timken Co/The	473		22		World Fuel Services Corp	642		23
							$	411
Miscellaneous Manufacturers - 3.10%					Semiconductors - 3.75%
Crane Co	269		21		Analog Devices Inc	494		42
Dover Corp	363		30		Applied Materials Inc	1,601		73
General Electric Co	5,007		137		Intel Corp	3,119		113
Ingersoll-Rand PLC	529		47		Lam Research Corp	189		29
Parker-Hannifin Corp	316		50		Micron Technology Inc (a)	1,164		36
		$	285		NVIDIA Corp	17		3
Oil & Gas - 8.77%					QUALCOMM Inc	538		31
Anadarko Petroleum Corp	76		4		Teradyne Inc	502		18
Chevron Corp	1,815		188				$	345
ConocoPhillips	754		34		Shipbuilding - 0.33%
CVR Energy Inc	11		—		Huntington Ingalls Industries Inc	153		30
EOG Resources Inc	537		48
Exxon Mobil Corp	3,627		292		Software - 2.42%
Helmerich & Payne Inc	15		1		CA Inc	1,005		32
Marathon Petroleum Corp	1,078		56		Oracle Corp	2,681		122
Occidental Petroleum Corp	288		17		Synopsys Inc (a)	590		44
Patterson-UTI Energy Inc	42		1		VMware Inc (a)	259		25
Phillips 66	723		55				$	223
Rowan Cos PLC (a)	631		8		Telecommunications - 3.95%
Tesoro Corp	438		36		AT&T Inc	4,327		167
Transocean Ltd (a)	1,642		15		Cisco Systems Inc	4,549		143
Valero Energy Corp	848		52		Verizon Communications Inc	1,138		53
		$	807				$	363
Oil & Gas Services - 1.40%					Transportation - 1.08%
Halliburton Co	914		41		CSX Corp	192		10
Schlumberger Ltd	858		60		Norfolk Southern Corp	399		50
TechnipFMC PLC (a)	981		28		Union Pacific Corp	352		39
		$	129				$	99
Packaging & Containers - 0.55%					TOTAL COMMON STOCKS		$	9,160
Sonoco Products Co	597		30

See accompanying notes

136

			Schedule of Investments
			SystematEx Large Value Fund
			May 31, 2017 (unaudited)
INVESTMENT COMPANIES - 0.36%	Shares Held		Value(000	's)
Money Market Funds - 0.36%
Morgan Stanley Institutional Liquidity Funds -	32,883	$	33
Government Portfolio
TOTAL INVESTMENT COMPANIES		$	33
Total Investments		$	9,193
Other Assets and Liabilities - 0.06%		$	6
TOTAL NET ASSETS - 100.00%		$	9,199
(a) Non-Income Producing Security
Portfolio Summary (unaudited)
Sector			Percent
Financial			30.71	%
Consumer, Non-cyclical			17.33	%
Energy			11.51	%
Industrial			10.97	%
Technology			9.29	%
Consumer, Cyclical			7.32	%
Communications			5.41	%
Utilities			4.43	%
Basic Materials			2.61	%
Investment Companies			0.36	%
Other Assets and Liabilities			0.06	%
TOTAL NET ASSETS			100.00	%

See accompanying notes

137

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

Currency Abbreviations ARS AUD BRL CAD CHF CLP CNY COP CZK DKK EUR GBP HKD HUF IDR ILS INR JPY KRW MXN MYR NOK NZD PEN PHP PLN RON RUB SEK SGD TRY TWD USD/$ ZAR   Argentine Peso Australian Dollar Brazilian Real Canadian Dollar Swiss Franc Chilean Peso Chinese Renminbi Colombian Peso Czech Koruna Danish Krone Euro British Pound Sterling Hong Kong Dollar Hungarian Forint Indonesian Rupiah Israeli New Shekel Indian Rupee Japanese Yen South Korean Won Mexican Peso Malaysian Ringgit Norwegian Krone New Zealand Dollar Peruvian Nuevo Sol Philippine Peso Polish Zloty Romanian New Leu Russian Rouble Swedish Krona Singapore Dollar Turkish Lira New Taiwan Dollar United States Dollar South African Rand

See accompanying notes

138

At May 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
Blue Chip Fund	$	365,548	$	(25,879	)	$	339,669		$	1,385,488
Bond Market Index Fund		19,395		(10,688	)		8,707			2,049,327
Capital Securities Fund		14,377		(2,737	)		11,640			358,578
Diversified Real Asset Fund		160,111		(97,046	)		63,065			4,171,933
Dynamic High Yield Explorer Fund		237		(89	)		148			15,479
EDGE MidCap Fund		54,405		(8,899	)		45,506			248,793
Global Multi-Strategy Fund		121,355		(52,977	)		68,378			2,965,639
Global Opportunities Fund		161,556		(12,945	)		148,611			1,189,151
International Equity Index Fund		156,927		(72,906	)		84,021			926,280
International Small Company Fund		110,713		(14,224	)		96,489			706,485
Multi-Manager Equity Long/Short Fund		21,209		(4,153	)		17,056			325,804
Opportunistic Municipal Fund*		8,843		(1,634	)		7,209			107,331
Origin Emerging Markets Fund		114,876		(7,949	)		106,927			476,373
Preferred Securities Fund		385,446		(37,145	)		348,301			5,418,994
Real Estate Allocation Fund		24		(19	)		5			1,488
Real Estate Debt Income Fund		2,331		(2,481	)		(150	)		196,556
Small-MidCap Dividend Income Fund		564,256		(122,941	)		441,315			2,667,545
SystematEx International Fund		10,621		(1,067	)		9,554			63,509
SystematEx Large Value Fund		1,435		(126	)		1,309			7,884

^* 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

Real Estate Allocation Fund invests in Institutional Class shares of other series of Principal Funds, Inc. (the “Underlying Funds”). Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of valuation.

Blue Chip Fund, Bond Market Index Fund, Capital Securities Fund, Diversified Real Asset Fund, Dynamic High Yield Explorer Fund, EDGE MidCap Fund, Global Multi-Strategy Fund, Global Opportunities Fund, International Equity Index Fund, International Small Company Fund, Multi-Manager Equity Long/Short Fund, Opportunistic Municipal Fund, Origin Emerging Markets Fund, Preferred Securities Fund, Real Estate Debt Income Fund, Small-MidCap Dividend Income Fund, SystematEx International Fund, and SystematEx Large Value Fund (known as the “Funds”) value securities for which market quotations are readily available at fair value, which is determined using the last reported sale price. If no sales are reported, as is regularly the case for some securities traded over-the-counter, securities are valued using the last reported bid price or an evaluated bid price provided by a pricing service. Pricing services use modeling techniques that incorporate security characteristics, 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 Global Investors, LLC (“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.

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 techniques, 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.

The beginning of the period timing recognition has been adopted for the transfers between levels of each Fund’s assets and liabilities. During the period, there were no significant purchases, sales, or transfers into or out of Level 3, except as noted in the Level 3 roll forward.

The table below includes transfers from Level 1 to Level 2 at May 31, 2017 due to lack of exchange traded valuation data:

Diversified Real Asset Fund	$	7,498,853
Global Multi-Strategy Fund		169,791
Global Opportunities Fund		7,643,520
International Equity Index Fund		1,752,431
Origin Emerging Markets Fund		54,162,363
SystematEx International Fund		11,962

In addition, the following amount was transferred from Level 2 to Level 1 at May 31, 2017 as the valuations for certain countries reflect the exchange close price.

Diversified Real Asset Fund $ 7,167,461

Below are transfers from Level 2 to Level 1 at May 31, 2017 due to the resumption of trading for previous thinly traded securities:

Capital Securities Fund	$	1,052,600
Preferred Securities Fund		25,573,539

The following is a summary of the inputs used as of May 31, 2017 in valuing the Funds' securities carried at value (amounts shown in
thousands):
						Level 2 - Other
			Level 1 - Quoted		Significant Observable				Level 3 - Significant
Fund			Prices			Inputs			Unobservable Inputs		Totals (Level 1,2,3)
Blue Chip Fund
Common Stocks*		$	1,717,079		$	—		$	—	$	1,717,079
Investment Companies*			8,078			—			—		8,078
	Total investments in securities $		1,725,157		$	—		$	—	$	1,725,157
Bond Market Index Fund
Bonds*		$	—		$	657,391		$	—	$	657,391
Investment Companies*			126,301			—			—		126,301
Municipal Bonds*			—			14,117			—		14,117
U.S. Government & Government Agency Obligations*			—			1,260,225			—		1,260,225
	Total investments in securities $		126,301		$	1,931,733		$	—	$	2,058,034
Short Sales
U.S. Government & Government Agency Obligations		$	—		$	(845	)	$	—	$	(845	)
	Total Short Sales $		—		$	(845	)	$	—	$	(845	)
Capital Securities Fund
Bonds*		$	—		$	325,226		$	—	$	325,226
Investment Companies*			12,702			—			—		12,702
Preferred Stocks
Communications			—			8,481			—		8,481
Financial			8,013			8,862			—		16,875
Utilities			1,021			5,913			—		6,934
	Total investments in securities $		21,736		$	348,482		$	—	$	370,218
Diversified Real Asset Fund
Bonds*		$	—		$	323,332		$	—	$	323,332
Commodity Indexed Structured Notes*			—			18,441			—		18,441
Common Stocks
Basic Materials			214,823			196,874			—		411,697
Communications			—			927			—		927
Consumer, Cyclical			39,638			12,592			—		52,230
Consumer, Non-cyclical			60,340			129,620			—		189,960
Diversified			2,647			7,807			—		10,454
Energy			491,156			29,961			1		521,118
Financial			297,755			192,016			—		489,771
Industrial			119,792			128,253			—		248,045
Technology			2,556			—			—		2,556
Utilities			133,037			125,825			—		258,862
Convertible Bonds*			—			271			—		271
Investment Companies*			215,210			—			—		215,210
Preferred Stocks*			2,430			—			—		2,430
Senior Floating Rate Interests*			—			832,317			—		832,317
U.S. Government & Government Agency Obligations*			—			639,360			—		639,360
Purchased Interest Rate Swaptions			—			328			—		328
Purchased Options			278			276			—		554
	Total investments in securities $		1,579,662		$	2,638,200		$	1	$	4,217,863
Assets
Commodity Contracts**
Futures		$	7,308		$	—		$	—	$	7,308
Foreign Exchange Contracts**
Foreign Currency Contracts		$	—		$	8,737		$	—	$	8,737
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps		$	—		$	557		$	—	$	557
Futures			175			—			—		175
Interest Rate Swaps			—			606			—		606
Liabilities
Commodity Contracts**
Futures		$	(12,763	)	$	—		$	—	$	(12,763	)
Foreign Exchange Contracts**
Foreign Currency Contracts		$	—		$	(7,479	)	$	—	$	(7,479	)
Written Options			—			(25	)		—		(25	)
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps		$	—		$	(892	)	$	—	$	(892	)
Futures			(548	)		—			—		(548	)
Interest Rate Swaps			—			(682	)		—		(682	)
Interest Rate Swaptions			—			(4	)		—		(4	)
Options			(105	)		—			—		(105	)
Total Return Swaps			—			(655	)		—		(655	)

					Level 2 - Other
		Level 1 - Quoted			Significant Observable			Level 3 - Significant
Fund		Prices			Inputs			Unobservable Inputs		Totals (Level 1,2,3)
Dynamic Floating Rate High Income Fund
Bonds*	$	—		$	3,497		$	—	$	3,497
Investment Companies*		1,642			—			—		1,642
Senior Floating Rate Interests*		—			10,488			—		10,488
Total investments in securities $		1,642		$	13,985		$	—	$	15,627
EDGE MidCap Fund
Common Stocks*	$	289,667		$	—		$	—	$	289,667
Investment Companies*		4,632			—			—		4,632
Total investments in securities $		294,299		$	—		$	—	$	294,299
Global Multi-Strategy Fund
Bonds*	$	—		$	796,086		$	26,343	$	822,429
Common Stocks
Basic Materials		63,783			17,063			—		80,846
Communications		118,759			17,207			—		135,966
Consumer, Cyclical		105,215			42,377			13		147,605
Consumer, Non-cyclical		175,590			67,683			—		243,273
Diversified		2,336			1,412			—		3,748
Energy		59,242			7,959			—		67,201
Financial		117,241			49,874			2,823		169,938
Industrial		74,765			41,681			—		116,446
Technology		102,589			7,407			—		109,996
Utilities		9,750			13,513			—		23,263
Convertible Bonds*		—			67,882			—		67,882
Convertible Preferred Stocks
Communications		964			—			274		1,238
Consumer, Cyclical		—			—			34		34
Consumer, Non-cyclical		7,292			110			—		7,402
Financial		2,958			2,670			—		5,628
Industrial		385			—			—		385
Technology		78			420			—		498
Utilities		1,411			122			—		1,533
Investment Companies*		488,665			—			—		488,665
Preferred Stocks
Communications		—			107			1,939		2,046
Consumer, Cyclical		—			1,014			—		1,014
Financial		—			—			863		863
Industrial		—			—			1,239		1,239
Technology		—			—			198		198
Repurchase Agreements*		—			122,119			—		122,119
Senior Floating Rate Interests*		—			163,809			—		163,809
U.S. Government & Government Agency Obligations*		—			241,857			—		241,857
Purchased Interest Rate Swaptions		—			1			—		1
Purchased Options		5,230			1,665			—		6,895
Total investments in securities $		1,336,253		$	1,664,038		$	33,726	$	3,034,017
Short Sales
Bonds	$	—		$	(30,009	)	$	—	$	(30,009	)
Common Stocks
Basic Materials		(5,562	)		(8,761	)		—		(14,323	)
Communications		(22,678	)		(13,068	)		—		(35,746	)
Consumer, Cyclical		(43,529	)		(16,900	)		—		(60,429	)
Consumer, Non-cyclical		(23,098	)		(20,432	)		—		(43,530	)
Diversified		—			(574	)		—		(574	)
Energy		(13,961	)		(4,672	)		—		(18,633	)
Financial		(38,080	)		(24,560	)		—		(62,640	)
Industrial		(15,650	)		(16,816	)		—		(32,466	)
Technology		(29,479	)		(1,396	)		—		(30,875	)
Utilities		(6,954	)		(9,332	)		—		(16,286	)
Convertible Bonds		—			(916	)		—		(916	)
Investment Companies		(362	)		—			—		(362	)
U.S. Government & Government Agency Obligations		—			(128,179	)		—		(128,179	)
Total Short Sales$		(199,353	)	$	(275,615	)	$	—	$	(474,968	)
Assets
Credit Contracts**
Credit Default Swaps	$	—		$	1,203		$	—	$	1,203
Exchange Cleared Credit Default Swaps		—			211			—		211
Equity Contracts**
Futures	$	6,183		$	—		$	—	$	6,183
Synthetic Futures		—			561			—		561
Total Return Equity Basket Swaps		—			12,192			—		12,192
Total Return Swaps		—			68			—		68
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	19,375		$	—	$	19,375

					Level 2 - Other
		Level 1 - Quoted			Significant Observable			Level 3 - Significant
Fund		Prices			Inputs			Unobservable Inputs		Totals (Level 1,2,3)
Global Multi-Strategy Fund (Continued)
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	1,211		$	—	$	1,211
Futures		3,801			—			—		3,801
Interest Rate Swaps		—			18			—		18
Synthetic Futures		—			76			—		76
Total Return Swaps		—			353			—		353
Liabilities
Credit Contracts**
Credit Default Swaps	$	—		$	(3,078	)	$	—	$	(3,078	)
Exchange Cleared Credit Default Swaps		—			(419	)		—		(419	)
Equity Contracts**
Futures	$	(3,642	)	$	—		$	—	$	(3,642	)
Options		(1,627	)		—			—		(1,627	)
Synthetic Futures		—			(110	)		—		(110	)
Total Return Equity Basket Swaps		—			(1,398	)		—		(1,398	)
Total Return Swaps		—			(8	)		—		(8	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(35,290	)	$	—	$	(35,290	)
Written Options		—			(1,001	)		—		(1,001	)
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	(1,074	)	$	—	$	(1,074	)
Futures		(1,616	)		—			—		(1,616	)
Interest Rate Swaps		—			(806	)		—		(806	)
Options		(1,000	)		—			—		(1,000	)
Synthetic Futures		—			(267	)		—		(267	)
Total Return Swaps		—			(189	)		—		(189	)
Global Opportunities Fund
Common Stocks
Basic Materials	$	—		$	17,011		$	—	$	17,011
Communications		106,127			27,118			—		133,245
Consumer, Cyclical		61,418			72,410			—		133,828
Consumer, Non-cyclical		181,241			126,940			—		308,181
Diversified		—			10,373			—		10,373
Energy		40,784			26,389			—		67,173
Financial		129,122			165,264			—		294,386
Industrial		74,429			68,596			—		143,025
Technology		96,634			47,058			—		143,692
Utilities		36,734			12,872			—		49,606
Investment Companies*		37,242			—			—		37,242
Total investments in securities $		763,731		$	574,031		$	—	$	1,337,762
International Equity Index Fund
Common Stocks
Basic Materials	$	—		$	63,471		$	—	$	63,471
Communications		—			65,428			—		65,428
Consumer, Cyclical		1,282			121,365			—		122,647
Consumer, Non-cyclical		2,387			236,944			—		239,331
Diversified		—			6,810			—		6,810
Energy		—			48,779			—		48,779
Financial		—			236,556			—		236,556
Industrial		—			125,648			—		125,648
Technology		3,774			30,036			—		33,810
Utilities		—			34,853			—		34,853
Investment Companies*		27,749			—			—		27,749
Preferred Stocks
Basic Materials		—			278			—		278
Consumer, Cyclical		—			3,150			—		3,150
Consumer, Non-cyclical		—			1,791			—		1,791
Total investments in securities $		35,192		$	975,109		$	—	$	1,010,301
Assets
Equity Contracts**
Futures	$	690		$	—		$	—	$	690

					Level 2 - Other
		Level 1 - Quoted			Significant Observable			Level 3 - Significant
Fund		Prices			Inputs			Unobservable Inputs		Totals (Level 1,2,3)
International Small Company Fund
Common Stocks
Basic Materials	$	14,736		$	43,103		$	—	$	57,839
Communications		9,725			24,965			—		34,690
Consumer, Cyclical		10,393			118,402			—		128,795
Consumer, Non-cyclical		—			140,832			—		140,832
Diversified		—			9,233			—		9,233
Energy		21,261			14,094			—		35,355
Financial		10,015			158,298			—		168,313
Industrial		10,966			131,260			—		142,226
Technology		13,504			38,576			—		52,080
Utilities		2,955			10,549			—		13,504
Investment Companies*		13,803			—			—		13,803
Preferred Stocks
Industrial		—			6,304			—		6,304
Total investments in securities $		107,358		$	695,616		$	—	$	802,974
Multi-Manager Equity Long/Short Fund
Common Stocks
Basic Materials	$	15,016		$	6,219		$	—	$	21,235
Communications		23,003			3,840			—		26,843
Consumer, Cyclical		24,164			10,491			—		34,655
Consumer, Non-cyclical		42,077			11,447			—		53,524
Diversified		20			—			—		20
Energy		8,623			1,754			—		10,377
Financial		25,693			11,944			—		37,637
Industrial		19,932			19,433			—		39,365
Technology		30,597			5,865			—		36,462
Utilities		2,042			1,252			—		3,294
Investment Companies*		67,497			—			—		67,497
U.S. Government & Government Agency Obligations*		—			11,951			—		11,951
Total investments in securities $		258,664		$	84,196		$	—	$	342,860
Short Sales
Common Stocks
Basic Materials	$	(2,647	)	$	(1,602	)	$	—	$	(4,249	)
Communications		(4,368	)		(1,203	)		—		(5,571	)
Consumer, Cyclical		(6,985	)		(5,972	)		—		(12,957	)
Consumer, Non-cyclical		(22,041	)		(3,954	)		—		(25,995	)
Diversified		—			(45	)		—		(45	)
Energy		(6,890	)		(207	)		—		(7,097	)
Financial		(13,196	)		(3,691	)		—		(16,887	)
Industrial		(10,615	)		(6,245	)		—		(16,860	)
Technology		(9,031	)		(836	)		—		(9,867	)
Utilities		(3,459	)		(2,008	)		—		(5,467	)
Investment Companies		(14,747	)		—			—		(14,747	)
	Total Short Sales$	(93,979	)	$	(25,763	)	$	—	$	(119,742	)
Assets
Equity Contracts**
Futures	$	488		$	—			—	$	488
Synthetic Futures		—			8			—		8
Total Return Equity Basket Swaps		—			1,251			—		1,251
Total Return Swaps		—			13			—		13
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	608			—	$	608
Liabilities
Equity Contracts**
Futures	$	(918	)	$	—			—	$	(918	)
Total Return Equity Basket Swaps		—			(168	)		—		(168	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(1,648	)		—	$	(1,648	)
Opportunistic Municipal Fund
Bonds*	$	—		$	505		$	—	$	505
Investment Companies*		115			—			—		115
Municipal Bonds*		—			119,160			—		119,160
Total investments in securities $		115		$	119,665		$	—	$	119,780

					Level 2 - Other
		Level 1 - Quoted			Significant Observable		Level 3 - Significant
Fund		Prices			Inputs		Unobservable Inputs		Totals (Level 1,2,3)
Origin Emerging Markets Fund
Common Stocks
Basic Materials	$	2,130		$	38,268	$	—	$	40,398
Communications		33,019			50,957		—		83,976
Consumer, Cyclical		—			35,146		—		35,146
Consumer, Non-cyclical		19,640			35,371		—		55,011
Diversified		—			12,613		—		12,613
Energy		—			31,773		—		31,773
Financial		938			100,423		—		101,361
Industrial		5,671			75,272		—		80,943
Technology		45,250			57,200		—		102,450
Utilities		5,671			8,179		—		13,850
Investment Companies*		25,779			—		—		25,779
	Total investments in securities $	138,098		$	445,202	$	—	$	583,300
Assets
Equity Contracts**
Futures	$	8		$	—	$	—	$	8
Preferred Securities Fund
Bonds*	$	—		$	3,943,912	$	—	$	3,943,912
Convertible Preferred Stocks
Financial		77,202			—		—		77,202
Investment Companies*		307,047			—		—		307,047
Preferred Stocks
Communications		130,210			139,784		—		269,994
Consumer, Non-cyclical		—			26,223		—		26,223
Financial		786,526			155,703		—		942,229
Government		—			28,122		—		28,122
Industrial		39,938			—		—		39,938
Utilities		117,789			9,572		—		127,361
Purchased Options		7,964			—		—		7,964
	Total investments in securities $	1,466,676		$	4,303,316	$	—	$	5,769,992
Liabilities
Equity Contracts**
Options	$	(3,611	)	$	—	$	—	$	(3,611	)
Real Estate Allocation Fund
Investment Companies*	$	1,493		$	—	$	—	$	1,493
	Total investments in securities $	1,493		$	—	$	—	$	1,493
Real Estate Debt Income Fund
Bonds*	$	—		$	192,383	$	—	$	192,383
Investment Companies*		4,023			—		—		4,023
	Total investments in securities $	4,023		$	192,383	$	—	$	196,406
Small-MidCap Dividend Income Fund
Common Stocks
Basic Materials	$	83,743		$	—	$	—	$	83,743
Communications		86,436			—		—		86,436
Consumer, Cyclical		305,787			—		—		305,787
Consumer, Non-cyclical		353,994			—		—		353,994
Energy		200,432			—		—		200,432
Financial		1,186,868			12,171		—		1,199,039
Government		47,098			—		—		47,098
Industrial		413,157			—		—		413,157
Technology		152,572			—		—		152,572
Utilities		197,570			—		—		197,570
Investment Companies*		69,032			—		—		69,032
	Total investments in securities $	3,096,689		$	12,171	$	—	$	3,108,860

				Level 2 - Other
		Level 1 - Quoted		Significant Observable		Level 3 - Significant
Fund		Prices		Inputs		Unobservable Inputs		Totals (Level 1,2,3)
SystematEx International Fund
Common Stocks
Basic Materials	$	—	$	6,366	$	—	$	6,366
Communications		—		3,976		—		3,976
Consumer, Cyclical		—		11,373		—		11,373
Consumer, Non-cyclical		87		15,616		—		15,703
Diversified		—		934		—		934
Energy		—		5,382		—		5,382
Financial		591		15,851		—		16,442
Industrial		—		7,528		—		7,528
Technology		88		2,526		—		2,614
Utilities		—		2,297		—		2,297
Investment Companies*		243		—		—		243
Preferred Stocks
Consumer, Non-cyclical		—		205		—		205
	Total investments in securities $	1,009	$	72,054	$	—	$	73,063
SystematEx Large Value Fund
Common Stocks*	$	9,160	$	—	$	—	$	9,160
Investment Companies*		33		—		—		33
	Total investments in securities $	9,193	$	—	$	—	$	9,193

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

** Exchange Cleared Swaps, Futures, Foreign Currency Contracts, and Synthetic Futures are valued at the unrealized appreciation/(depreciation) of the instrument.

The Funds' Schedules of Investments as of May 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.

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
Fund	Asset Type		May 31, 2017	Valuation Technique	Unobservable Input		Input Value(s)
Global Multi-Strategy Fund	Bonds	$	69	Benchmark Pricing	Base Price	$	0.00 - 28.82
				Indicative Market
	Bonds	$	23,709	Quotations	Broker Quote	$	0.09 - 100.00
	Bonds	$	2,565	Third Party Vendor	Broker Quote	$	97.33 - 99.84
	Common Stocks	$	63	Benchmark Pricing	Base Price	$	0.00 - 51.81
				Indicative Market
	Common Stocks	$	2,773	Quotations	Broker Quote	$	9,903.01
	Convertible Preferred Stocks	$	308	Benchmark Pricing	Base Price	$	2.19 - 105.00
	Preferred Stocks	$	3,000	Benchmark Pricing	Base Price	$	1.84 - 51.81
				Indicative Market
	Preferred Stocks	$	1,239	Quotations	Broker Quote	$	101.94
		$	33,726

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 /									Appreciation/
					Premiums and Change									(Depreciation) on
	Fair Value as of			Realized	in Unrealized					Transfers into	Transfers Out		Fair Value as of	Investments held at May
Fund	August 31, 2016			Gain/(Loss)	Gain/(Loss)		Purchases	Proceeds from Sales		Level 3*	of Level 3**		May 31, 2017	31, 2017
Global Multi-Strategy Fund
Bonds		12,150		-	(38	)	18,533	(424	)	1,365	(5,243	)	26,343	(456	)
Common Stocks													-
Consumer, Cyclical		19		-	(6	)	-	-		-	-		13	(6	)
Financial		2,814		-	9		-	-		-	-		2,823	9
Convertible Preferred Stocks													-
Communications		267		-	7		-	-		-	-		274	7
Consumer, Cyclical		41		-	(7	)	-	-		-	-		34	(7	)
Technology		64		-							(64	)	-	-
Preferred Stocks													-
Communications		2,045		-	(38	)	48	-		-	(116	)	1,939	(50	)
Financial		785		-	78		-	-		-	-		863	78
Industrial		149		-	24		1,215	-		-	(149	)	1,239	(38	)
Technology		315		-	(73	)	-	-		-	(44	)	198	(73	)
Short Sales													-
Communications		(24	)	-	-		-	-		-	24		-	-
Total		18,625		-	(44	)	19,796	(424	)	1,365	(5,592	)	33,726	(536	)

*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 May 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 07/18/2017

     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 07/18/2017

By /s/ Tracy W. Bollin

Tracy W. Bollin, Chief Financial Officer

Date 07/18/2017