retailtwotwentyeight.htm - Generated by SEC Publisher for SEC Filing

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

The accession number of the previous related submissions is as follows: 0000898745-18-000340

GLOBAL INVESTMENT MANAGEMENT • ASSET ALLOCATION EXPERTISE • RETIREMENT LEADERSHIP

What happens after growth peaks? A bit of deceleration. A synchronized pickup in global growth has been happening for some time. It started in early 2016 after the commodity rout ended; then, gathered steam in 2017. Japan, the Eurozone, and the United States grew above trend. Chinese growth decelerated, but the slowdown was smooth. Commodity prices and global trade perked up nicely. Confidence and other survey measures soared, hitting record high after record high in some cases. Economic data kept surprising on the upside, especially in Europe. Investors and businesses finally realized the post-financial crisis growth slump was over.

But, when things are so good they can’t get any better, they usually don’t. So, world growth may have reached its best pace and be starting to lose just a bit of momentum. Commodity prices are likely very near a peak. J.P. Morgan’s global summary of business surveys seems to be past its top. Other country confidence surveys may also have crested. Investors have gotten used to stronger growth, so, economic surprises, i.e., when data beats expectations, are harder to find.

All major U.S. consumer confidence indices are at or near record highs. However, some key statistics including retail sales, industrial production, new-and existing-home sales, and durable goods orders did slow in January. Consumer spending growth remained vigorous at 3.8%. The United States not only has strong underlying domestic demand, but, fiscal stimulus from the tax package and a new budget should provide extra support, especially for capital spending. The Federal Reserve should still be accommodative even if the committee raises rates two or three times in 2018.

Because markets tend to fluctuate, we believe the most prudent approach for investing is to select a portfolio allocation that is broadly diversified both across and within asset classes.¹We encourage you to work closely with your financial professional to select and monitor those investments best suited to helping you work toward and realize your financial goals.

Our focus at Principal Funds has always been on consistent, long-term performance for our investors. Our investment strategies cover a wide range of asset classes to help you diversify your portfolio as you save for the future—whether you are investing for goals that are years down the road, or closer at hand.

¹Asset allocation and diversification do not ensure a profit or protect against a loss. Past performance does not guarantee future results.

*All data cited from February 2018 Principal Economic Insights by Robert Baur, Robin Anderson, and the economic committee, available at principalfunds.com/commentary.


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)
										Dynamic Floating
							Diversified Real			Rate High Income
Amounts in thousands, except per share amounts		Blue Chip Fund					Asset Fund^(a)			Fund
Investment in securities--at cost		$	2,151,664			$	3,927,862		$	10,903
Investment in affiliated Funds--at cost		$	3,975			$	63,431		$	1,067
Foreign currency--at cost		$	–			$	26,060		$	–
Assets
Investment in securities--at value		$	2,781,589			$	4,015,099		$	10,939
Investment in affiliated Funds--at value			3,975				63,431			1,067
Foreign currency--at value			–				26,091			–
Cash			1				8,922			–
Deposits with counterparty			–				12,695			–
Receivables:
Dividends and interest			2,538				7,058			59
Expense reimbursement from Manager			2				233			6
Expense reimbursement from Distributor			1				–			–
Foreign currency contracts			–				11,891			–
Fund shares sold			1,159				5,364			–
Investment securities sold			–				61,235			253
OTC swap agreements--at value (premiums paid $0, $0 and $0)			–				933			–
Variation margin on futures			–				14,853			–
Variation margin on swaps			–				55			–
Prepaid directors' expenses			1				–			–
Prepaid expenses			14				–			–
Total Assets			2,789,280				4,227,860			12,324
Liabilities
Accrued management and investment advisory fees			1,384				2,546			6
Accrued distribution fees			70				38			1
Accrued service fees			3				–			–
Accrued transfer agent fees			35				786			1
Accrued chief compliance officer fees			–				1			–
Accrued directors' expenses			–				4			1
Accrued professional fees			12				70			27
Accrued other expenses			–				45			14
Cash overdraft			–				–			22
Deposits from counterparty			–				610			–
Payables:
Foreign currency contracts			–				12,911			–
Fund shares redeemed			3,743				6,981			–
Investment securities purchased			3,906				78,118			632
Options and swaptions contracts written (premiums received $0, $1,248 and $0)			–				1,225			–
OTC swap agreements--at value (premiums received $0, $0 and $0)			–				602			–
Unrealized loss on unfunded loan commitments			–				–			–
Variation margin on futures			–				16,685			–
Variation margin on swaps			–				132			–
Total Liabilities			9,153				120,754			704
Net Assets Applicable to Outstanding Shares		$	2,780,127			$	4,107,106		$	11,620
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	2,113,350			$	4,257,455		$	12,637
Accumulated undistributed (overdistributed) net investment income (loss)			2,490				9,695			9
Accumulated undistributed (overdistributed) net realized gain (loss)			34,362				(257,345	)		(1,062	)
Net unrealized appreciation (depreciation) of investments			629,925				98,180			36
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign
currency			–				(879	)		–
Total Net Assets		$	2,780,127			$	4,107,106		$	11,620
Capital Stock (par value: $.01 per share):
Shares authorized			1,450,000				2,075,000			200,000
Net Asset Value Per Share:
Class A: Net Assets	$		107,829		$		103,868		$	4,426
Shares Issued and Outstanding			4,924				9,091			476
Net Asset Value per share	$		21.90		$		11.43		$	9.30
Maximum Offering Price	$		23.17		$		11.88		$	9.66
Class C: Net Assets	$		57,540		$		23,663			N/A
Shares Issued and Outstanding			2,714				2,109
Net Asset Value per share	$		21.20	^(b)	$		11.22	^(b)
Class J: Net Assets	$		47,523				N/A			N/A
Shares Issued and Outstanding			2,149
Net Asset Value per share	$		22.11	^(b)
Class T: Net Assets	$		17				N/A			N/A
Shares Issued and Outstanding			1
Net Asset Value per share	$		22.07
Maximum Offering Price	$		22.64
Institutional: Net Assets	$		102,857		$		2,534,972		$	7,194
Shares Issued and Outstanding			4,645				221,624			768
Net Asset Value per share	$		22.14		$		11.44		$	9.38
R-3: Net Assets	$		7,415		$		82			N/A
Shares Issued and Outstanding			337				7
Net Asset Value per share	$		21.97		$		11.42
R-4: Net Assets	$		1,443		$		11			N/A
Shares Issued and Outstanding			66				1
Net Asset Value per share	$		22.05		$		11.44
R-5: Net Assets	$		8,148		$		11			N/A
Shares Issued and Outstanding			369				1
Net Asset Value per share	$		22.09		$		11.44
R-6: Net Assets	$		2,447,355		$		1,444,499			N/A
Shares Issued and Outstanding			110,494				126,298
Net Asset Value per share	$		22.15		$		11.44


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)
		Global Multi-				Global			International Small
Amounts in thousands, except per share amounts		Strategy Fund^(a)				Opportunities Fund			Company Fund
Investment in securities--at cost		$	2,528,904		$	778,627		$	819,451
Investment in affiliated Funds--at cost		$	426,294		$	1,855		$	15,898
Foreign currency--at cost		$	11,132		$	4,152		$	243
Assets
Investment in securities--at value		$	2,603,782		$	905,599		$	992,923
Investment in affiliated Funds--at value			426,294			1,855			15,898
Foreign currency--at value			11,098			4,125			240
Cash			2,265			5,352			–
Deposits with counterparty			449,392			–			–
Receivables:
Dividends and interest			13,585			3,501			1,696
Expense reimbursement from Manager			90			13			6
Foreign currency contracts			21,690			–			–
Fund shares sold			2,690			8			256
Investment securities sold			340,213			22,020			3,865
OTC swap agreements--at value (premiums paid $1,848, $0 and $0)			10,581			–			–
Unrealized gain on unfunded loan commitments			3			–			–
Variation margin on futures			3,328			–			–
Variation margin on swaps			134			–			–
Other assets			12			–			–
Total Assets			3,885,157			942,473			1,014,884
Liabilities
Accrued management and investment advisory fees			3,257			590			812
Accrued distribution fees			50			3			1
Accrued transfer agent fees			245			6			4
Accrued directors' expenses			4			3			3
Accrued professional fees			114			23			21
Accrued other expenses			171			34			42
Cash overdraft			–			–			228
Deposits from counterparty			270			–			–
Payables:
Dividends and interest on securities sold short			1,578			–			–
Foreign currency contracts			30,754			–			–
Fund shares redeemed			1,094			4,462			1,459
Investment securities purchased			339,374			33,455			1,554
Options and swaptions contracts written (premiums received $5,069, $0 and $0)			4,325			–			–
Reverse repurchase agreements			249,984			–			–
Short sales (proceeds received $524,920, $0 and $0)			544,498			–			–
OTC swap agreements--at value (premiums received $914, $0 and $0)			4,780			–			–
Unrealized loss on unfunded loan commitments			–			–			–
Variation margin on futures			3,570			–			–
Variation margin on swaps			338			–			–
Total Liabilities			1,184,406			38,576			4,124
Net Assets Applicable to Outstanding Shares		$	2,700,751		$	903,897		$	1,010,760
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	2,623,119		$	734,503		$	817,983
Accumulated undistributed (overdistributed) net investment income (loss)			9,403			(496	)		(11,791	)
Accumulated undistributed (overdistributed) net realized gain (loss)			16,097			42,839			31,026
Net unrealized appreciation (depreciation) of investments			61,185			126,972			173,472
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign
currency			(9,053	)		79			70
Total Net Assets		$	2,700,751		$	903,897		$	1,010,760
Capital Stock (par value: $.01 per share):
Shares authorized			1,950,000			650,000			400,000
Net Asset Value Per Share:
Class A: Net Assets	$		71,092		$	4,991		$	4,947
Shares Issued and Outstanding			6,407			393			394
Net Asset Value per share	$		11.10		$	12.71		$	12.57
Maximum Offering Price	$		11.53		$	13.45		$	13.30
Class C: Net Assets	$		46,493		$	2,215			N/A
Shares Issued and Outstanding			4,306			176
Net Asset Value per share	$		10.80	^(b)	$	12.61	^(b)
Institutional: Net Assets	$		1,186,640		$	896,691		$	4,261
Shares Issued and Outstanding			105,953			69,992			338
Net Asset Value per share	$		11.20		$	12.81		$	12.62
R-6: Net Assets	$		1,396,526			N/A		$	1,001,552
Shares Issued and Outstanding			124,748						79,047
Net Asset Value per share	$		11.19					$	12.67


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)
	Multi-Manager
	Equity Long/Short				Opportunistic			Origin Emerging
Amounts in thousands, except per share amounts		Fund			Municipal Fund			Markets Fund
Investment in securities--at cost	$	284,759		$	124,476		$	488,454
Investment in affiliated Funds--at cost	$	78,983		$	–		$	18,744
Foreign currency--at cost	$	166		$	–		$	21
Assets
Investment in securities--at value	$	305,586		$	125,366		$	710,030
Investment in affiliated Funds--at value		78,983			–			18,744
Foreign currency--at value		148			–			21
Cash		127			14			–
Deposits with counterparty		103,218			–			1,706
Receivables:
Dividends and interest		980			1,393			2,113
Expense reimbursement from Manager		13			2			14
Foreign currency contracts		1,861			–			–
Fund shares sold		–			448			81
Investment securities sold		29,427			–			24,644
OTC swap agreements--at value (premiums paid $0, $0 and $0)		6,415			–			–
Variation margin on futures		137			–			–
Prepaid transfer agent fees		–			2			–
Total Assets		526,895			127,225			757,353
Liabilities
Accrued management and investment advisory fees		428			47			688
Accrued distribution fees		–			14			1
Accrued transfer agent fees		1			–			1
Accrued directors' expenses		2			1			1
Accrued professional fees		21			21			10
Accrued other expenses		28			13			51
Deposits from counterparty		200			–			–
Payables:
Dividends payable		–			355			–
Dividends and interest on securities sold short		160			–			–
Foreign currency contracts		325			–			–
Fund shares redeemed		128			356			893
Interest expense and fees payable		–			31			–
Investment securities purchased		28,124			468			8,465
Short sales (proceeds received $127,133, $0 and $0)		136,286			–			–
OTC swap agreements--at value (premiums received $0, $0 and $0)		261			–			–
Variation margin on futures		454			–			304
Floating rate notes issued		–			6,248			–
Total Liabilities		166,418			7,554			10,414
Net Assets Applicable to Outstanding Shares	$	360,477		$	119,671		$	746,939
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	333,092		$	120,442		$	641,474
Accumulated undistributed (overdistributed) net investment income (loss)		(3,297	)		547			(1,034	)
Accumulated undistributed (overdistributed) net realized gain (loss)		10,537			(2,208	)		(115,222	)
Net unrealized appreciation (depreciation) of investments		18,540			890			221,778
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign
currency		1,605			–			(57	)
Total Net Assets	$	360,477		$	119,671		$	746,939
Capital Stock (par value: $.01 per share):
Shares authorized		400,000			550,000			550,000
Net Asset Value Per Share:
Class A: Net Assets	$	415		$	45,009		$	4,758
Shares Issued and Outstanding		39			4,275			365
Net Asset Value per share	$	10.77		$	10.53		$	13.04
Maximum Offering Price	$	11.40		$	10.94		$	13.80
Class C: Net Assets		N/A		$	7,658			N/A
Shares Issued and Outstanding					728
Net Asset Value per share				$	10.52	^(a)
Institutional: Net Assets	$	103		$	67,004		$	42,926
Shares Issued and Outstanding		9			6,362			3,335
Net Asset Value per share	$	10.81		$	10.53		$	12.87
R-6: Net Assets	$	359,959			N/A		$	699,255
Shares Issued and Outstanding		33,273						54,315
Net Asset Value per share	$	10.82					$	12.87


STATEMENTS OF ASSETS AND LIABILITIES
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)
	Preferred Securities				Real Estate			Real Estate Debt
Amounts in thousands, except per share amounts and Real Estate Allocation Fund		Fund			Allocation Fund			Income Fund
Investment in securities--at cost	$	5,397,109		$	–		$	191,491
Investment in affiliated Funds--at cost	$	37,030		$	1,680,069		$	5,235
Investment in affiliated securities--at cost	$	120,075		$	–		$	–
Assets
Investment in securities--at value	$	5,659,860		$	–		$	185,754
Investment in affiliated Funds--at value		37,030			1,649,474			5,235
Investment in affiliated securities--at value		111,934			–			–
Deposits with counterparty		1,567			–			–
Receivables:
Dividends and interest		79,271			–			1,119
Expense reimbursement from Manager		2			4,852			5
Expense reimbursement from Distributor		1			–			–
Fund shares sold		8,838			–			2
Investment securities sold		13,937			–			–
Prepaid expenses		–			6,393			8
Total Assets		5,912,440			1,660,719			192,123
Liabilities
Accrued management and investment advisory fees		3,160			–			80
Accrued administrative service fees		1			–			–
Accrued distribution fees		683			228			–
Accrued service fees		2			–			–
Accrued transfer agent fees		600			958			2
Accrued directors' expenses		2			1,102			1
Accrued professional fees		28			13,946			21
Accrued other expenses		106			–			–
Cash overdraft		107			–			–
Deposits from counterparty		–			–			–
Payables:
Fund shares redeemed		8,539			–			238
Investment securities purchased		–			–			3,114
Options and swaptions contracts written (premiums received $5,439, $0 and $0)		4,068			–			–
Total Liabilities		17,296			16,234			3,456
Net Assets Applicable to Outstanding Shares	$	5,895,144		$	1,644,485		$	188,667
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	5,582,615		$	1,662,429		$	195,138
Accumulated undistributed (overdistributed) net investment income (loss)		47,918			3,889			179
Accumulated undistributed (overdistributed) net realized gain (loss)		8,630			8,762			(913	)
Net unrealized appreciation (depreciation) of investments		255,981			(30,595	)		(5,737	)
Total Net Assets	$	5,895,144		$	1,644,485		$	188,667
Capital Stock (par value: $.01 per share):
Shares authorized		2,400,000			200,000,000			500,000
Net Asset Value Per Share:
Class A: Net Assets	$	698,411		$	1,173,907		$	1,265
Shares Issued and Outstanding		67,860			119,501			134
Net Asset Value per share	$	10.29		$	9.82		$	9.47
Maximum Offering Price	$	10.69		$	10.39		$	9.84
Class C: Net Assets	$	701,895			N/A			N/A
Shares Issued and Outstanding		68,290
Net Asset Value per share	$	10.28	^(a)
Class J: Net Assets	$	49,702			N/A			N/A
Shares Issued and Outstanding		4,959
Net Asset Value per share	$	10.02	^(a)
Class T: Net Assets	$	65			N/A			N/A
Shares Issued and Outstanding		6
Net Asset Value per share	$	10.22
Maximum Offering Price	$	10.48
Institutional: Net Assets	$	3,913,193		$	470,578		$	1,840
Shares Issued and Outstanding		382,799			47,336			196
Net Asset Value per share	$	10.22		$	9.94		$	9.37
R-1: Net Assets	$	1,108			N/A			N/A
Shares Issued and Outstanding		109
Net Asset Value per share	$	10.17
R-2: Net Assets	$	1,759			N/A			N/A
Shares Issued and Outstanding		174
Net Asset Value per share	$	10.11
R-3: Net Assets	$	2,664			N/A			N/A
Shares Issued and Outstanding		262
Net Asset Value per share	$	10.15
R-4: Net Assets	$	1,343			N/A			N/A
Shares Issued and Outstanding		133
Net Asset Value per share	$	10.13
R-5: Net Assets	$	3,515			N/A			N/A
Shares Issued and Outstanding		345
Net Asset Value per share	$	10.18
R-6: Net Assets	$	521,489			N/A		$	185,562
Shares Issued and Outstanding		51,040						19,798
Net Asset Value per share	$	10.22					$	9.37

STATEMENT OF ASSETS AND LIABILITIES
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)


		Small-MidCap
		Dividend Income
Amounts in thousands, except per share amounts		Fund
Investment in securities--at cost	$	2,444,958
Investment in affiliated Funds--at cost	$	84,703
Foreign currency--at cost	$	236
Assets
Investment in securities--at value	$	2,745,122
Investment in affiliated Funds--at value		84,703
Foreign currency--at value		233
Receivables:
Dividends and interest		4,605
Fund shares sold		5,134
Investment securities sold		39,101
Total Assets		2,878,898
Liabilities
Accrued management and investment advisory fees		1,731
Accrued distribution fees		178
Accrued transfer agent fees		564
Accrued directors' expenses		5
Accrued professional fees		20
Accrued other expenses		139
Deposits from counterparty		–
Payables:
Expense reimbursement to Manager		6
Fund shares redeemed		3,238
Investment securities purchased		5,744
Total Liabilities		11,625
Net Assets Applicable to Outstanding Shares	$	2,867,273
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	2,337,667
Accumulated undistributed (overdistributed) net investment income (loss)		14,666
Accumulated undistributed (overdistributed) net realized gain (loss)		214,778
Net unrealized appreciation (depreciation) of investments		300,164
Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign
currency		(2	)
Total Net Assets	$	2,867,273
Capital Stock (par value: $.01 per share):
Shares authorized		1,900,000
Net Asset Value Per Share:
Class A: Net Assets	$	212,391
Shares Issued and Outstanding		12,844
Net Asset Value per share	$	16.54
Maximum Offering Price	$	17.50
Class C: Net Assets	$	171,984
Shares Issued and Outstanding		10,493
Net Asset Value per share	$	16.39	^(a)
Institutional: Net Assets	$	2,387,934
Shares Issued and Outstanding		143,707
Net Asset Value per share	$	16.62
R-6: Net Assets	$	94,964
Shares Issued and Outstanding		5,711
Net Asset Value per share	$	16.63


STATEMENTS OF OPERATIONS
PRINCIPAL FUNDS, INC.
Six Months Ended February 28, 2018 (unaudited)

								Dynamic Floating
					Diversified Real			Rate High Income
Amounts in thousands	Blue Chip Fund^(a)				Asset Fund^(b)			Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	15		$	253		$	2
Dividends		9,294			30,170			11
Withholding tax		(203	)		(888	)		–
Interest		–			27,039			251
Total Income		9,106			56,574			264
Expenses:
Management and investment advisory fees		7,740			16,532			34
Distribution fees - Class A		108			126			4
Distribution fees - Class C		234			119			N/A
Distribution fees - Class J		26			N/A			N/A
Distribution fees - R-3		8			–			N/A
Distribution fees - R-4		1			–			N/A
Administrative service fees - R-3		2			–			N/A
Administrative service fees - R-5		1			–			N/A
Registration fees - Class A		10			13			9
Registration fees - Class C		9			7			N/A
Registration fees - Class J		14			N/A			N/A
Registration fees - Class T		10			N/A			N/A
Registration fees - Institutional		12			21			9
Registration fees - R-6		11			14			N/A
Service fees - R-3		8			–			N/A
Service fees - R-4		1			–			N/A
Service fees - R-5		8			–			N/A
Shareholder reports - Class A		5			30			1
Shareholder reports - Class C		2			4			N/A
Shareholder reports - Class J		3			N/A			N/A
Shareholder reports - Institutional		1			157			–
Shareholder reports - R-6		–			1			N/A
Transfer agent fees - Class A		51			88			6
Transfer agent fees - Class C		31			27			N/A
Transfer agent fees - Class J		20			N/A			N/A
Transfer agent fees - Class T		4			N/A			N/A
Transfer agent fees - Institutional		11			1,483			–
Chief compliance officer fees		1			3			–
Custodian fees		2			137			1
Directors' expenses		15			35			1
Professional fees		14			67			22
Other expenses		19			29			1
Total Gross Expenses		8,382			18,893			88
Less: Reimbursement from Manager		–			512			–
Less: Reimbursement from Manager - Class A		–			37			20
Less: Reimbursement from Manager - Class C		–			18			N/A
Less: Reimbursement from Manager - Class T		14			N/A			N/A
Less: Reimbursement from Manager - Institutional		–			848			22
Less: Reimbursement from Distributor - Class J		5			N/A			N/A
Total Net Expenses		8,363			17,478			46
Net Investment Income (Loss)		743			39,096			218

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		75,574			116,035			4
Foreign currency contracts		–			(2,156	)		–
Foreign currency transactions		–			(396	)		–
Futures contracts		–			13,512			–
Options and swaptions		–			139			–
Swap agreements		–			13,961			–
Net change in unrealized appreciation/depreciation of:
Investments		212,496			(125,275	)		56
Foreign currency contracts		–			(1,824	)		–
Futures contracts		–			(4,111	)		–
Options and swaptions		–			52			–
Swap agreements		–			(4,837	)		–
Translation of assets and liabilities in foreign currencies		–			(9	)		–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		288,070			5,091			60
Net Increase (Decrease) in Net Assets Resulting from Operations	$	288,813		$	44,187		$	278


STATEMENTS OF OPERATIONS
PRINCIPAL FUNDS, INC.
Six Months Ended February 28, 2018 (unaudited)

		Global Multi-			Global Opportunities			International Small
Amounts in thousands	Strategy Fund^(a)				Fund			Company Fund^(b)
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	984		$	6		$	37
Dividends		10,653			7,912			6,338
Withholding tax		(273	)		(313	)		(580	)
Interest		31,262			–			–
Total Income		42,626			7,605			5,795
Expenses:
Management and investment advisory fees		21,681			3,916			5,314
Distribution fees - Class A		94			6			5
Distribution fees - Class C		235			10			N/A
Registration fees - Class A		9			8			8
Registration fees - Class C		9			7			N/A
Registration fees - Institutional		40			10			4
Registration fees - R-6		12			N/A			11
Shareholder reports - Class A		11			1			1
Shareholder reports - Class C		5			–			N/A
Shareholder reports - Institutional		76			–			–
Transfer agent fees - Class A		43			10			8
Transfer agent fees - Class C		31			7			N/A
Transfer agent fees - Institutional		376			1			2
Chief compliance officer fees		2			1			1
Custodian fees		170			45			73
Directors' expenses		25			11			9
Dividends and interest on securities sold short		1,307			–			–
Professional fees		105			30			18
Other expenses		139			11			9
Reverse repurchase agreement interest expense		1,275			–			–
Total Gross Expenses		25,645			4,074			5,463
Less: Reimbursement from Manager		555			–			–
Less: Reimbursement from Manager - Class A		–			9			11
Less: Reimbursement from Manager - Class C		–			11			N/A
Less: Reimbursement from Manager - Institutional		3			65			5
Less: Reimbursement from Manager - R-6		69			N/A			16
Total Net Expenses		25,018			3,989			5,431
Net Investment Income (Loss)		17,608			3,616			364

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		89,809			54,449			49,886
Foreign currency contracts		(12,547	)		–			–
Foreign currency transactions		(226	)		(161	)		(30	)
Futures contracts		55			–			–
Options and swaptions		2,318			–			–
Short sales		(14,757	)		–			–
Swap agreements		(6,257	)		–			–
Net change in unrealized appreciation/depreciation of:
Investments		(23,964	)		12,702			38,542
Foreign currency contracts		(8,091	)		–			–
Futures contracts		315			–			–
Options and swaptions		(210	)		–			–
Short sales		(4,090	)		–			–
Swap agreements		(6,116	)		–			–
Translation of assets and liabilities in foreign currencies		(388	)		65			32
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		15,851			67,055			88,430
Net Increase (Decrease) in Net Assets Resulting from Operations	$	33,459		$	70,671		$	88,794


STATEMENTS OF OPERATIONS
PRINCIPAL FUNDS, INC.
Six Months Ended February 28, 2018 (unaudited)

	Multi-Manager
	Equity Long/Short				Opportunistic			Origin Emerging
Amounts in thousands		Fund			Municipal Fund			Markets Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	195			$ –		$	38
Dividends		2,138			2			4,269
Withholding tax		(51	)		–			(656	)
Interest		161			2,901			4
Total Income		2,443			2,903			3,655
Expenses:
Management and investment advisory fees		2,665			296			4,386
Distribution fees - Class A		–			53			5
Distribution fees - Class C		N/A			55			N/A
Registration fees - Class A		8			9			8
Registration fees - Class C		N/A			8			N/A
Registration fees - Institutional		13			15			14
Registration fees - R-6		8			N/A			8
Shareholder reports - Class A		–			1			–
Shareholder reports - Institutional		–			1			–
Transfer agent fees - Class A		5			9			6
Transfer agent fees - Class C		N/A			8			N/A
Transfer agent fees - Institutional		–			10			6
Chief compliance officer fees		–			–			1
Custodian fees		58			1			96
Directors' expenses		4			2			7
Dividends and interest on securities sold short		948			–			–
Interest expense and fees		–			54			–
Professional fees		16			17			17
Other expenses		4			4			5
Total Gross Expenses		3,729			543			4,559
Less: Reimbursement from Manager - Class A		13			–			10
Less: Reimbursement from Manager - Class C		N/A			10			N/A
Less: Reimbursement from Manager - Institutional		14			–			15
Less: Reimbursement from Manager - R-6		56			N/A			59
Total Net Expenses		3,646			533			4,475
Net Investment Income (Loss)		(1,203	)		2,370			(820	)

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		21,141			160			49,343
Foreign currency contracts		(1,214	)		–			–
Foreign currency transactions		(352	)		–			(116	)
Futures contracts		2,712			–			2,168
Short sales		(7,217	)		–			–
Swap agreements		2,859			–			–
Net change in unrealized appreciation/depreciation of:
Investments		4,788			(1,708	)		32,647
Foreign currency contracts		1,752			–			–
Futures contracts		(174	)		–			(713	)
Short sales		(2,185	)		–			–
Swap agreements		1,921			–			–
Translation of assets and liabilities in foreign currencies		40			–			(59	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		24,071			(1,548	)		83,270
Net Increase (Decrease) in Net Assets Resulting from Operations	$	22,868		$	822		$	82,450


STATEMENTS OF OPERATIONS
PRINCIPAL FUNDS, INC.
Six Months Ended February 28, 2018 (unaudited)

	Preferred Securities				Real Estate			Real Estate Debt
Amounts in thousands, except Real Estate Allocation Fund		Fund			Allocation Fund			Income Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	284		$	32,192		$	12
Dividends from affiliated securities		4,570			–			–
Dividends		37,204			–			8
Interest		130,782			–			3,778
Total Income		172,840			32,192			3,798
Expenses:
Management and investment advisory fees		20,621			N/A			510
Distribution fees - Class A		889			1,503			2
Distribution fees - Class C		3,642			N/A			N/A
Distribution fees - Class J		39			N/A			N/A
Distribution fees - R-1		2			N/A			N/A
Distribution fees - R-2		3			N/A			N/A
Distribution fees - R-3		3			N/A			N/A
Distribution fees - R-4		1			N/A			N/A
Administrative service fees - R-1		2			N/A			N/A
Administrative service fees - R-2		2			N/A			N/A
Administrative service fees - R-3		1			N/A			N/A
Registration fees - Class A		22			8,386			8
Registration fees - Class C		13			N/A			N/A
Registration fees - Class J		7			N/A			N/A
Registration fees - Class T		11			N/A			N/A
Registration fees - Institutional		101			8,203			13
Registration fees - R-6		8			N/A			8
Service fees - R-1		2			N/A			N/A
Service fees - R-2		2			N/A			N/A
Service fees - R-3		3			N/A			N/A
Service fees - R-4		2			N/A			N/A
Service fees - R-5		5			N/A			N/A
Shareholder reports - Class A		39			521			–
Shareholder reports - Class C		30			N/A			N/A
Shareholder reports - Class J		7			N/A			N/A
Shareholder reports - Institutional		104			22			–
Transfer agent fees - Class A		332			6,196			6
Transfer agent fees - Class C		356			N/A			N/A
Transfer agent fees - Class J		29			N/A			N/A
Transfer agent fees - Class T		3			N/A			N/A
Transfer agent fees - Institutional		1,461			185			1
Chief compliance officer fees		4			1			–
Custodian fees		21			–			1
Directors' expenses		48			1,150			3
Professional fees		21			9,317			17
Other expenses		27			606			1
Total Gross Expenses		27,863			36,090			570
Less: Reimbursement from Manager - Class A		–			21,956			13
Less: Reimbursement from Manager - Class T		15			N/A			N/A
Less: Reimbursement from Manager - Institutional		–			10,851			13
Less: Reimbursement from Manager - R-6		–			N/A			11
Less: Reimbursement from Distributor - Class J		8			N/A			N/A
Total Net Expenses		27,840			3,283			533
Net Investment Income (Loss)		145,000			28,909			3,265

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		(58,907	)		–			(511	)
Investment transactions in affiliated Funds		–			(666	)		–
Futures contracts		38,581			–			–
Options and swaptions		37,844			–			–
Capital gain distribution received from affiliated Funds		–			12,400			–
Net change in unrealized appreciation/depreciation of:
Investments		(144,923	)		–			(6,470	)
Investments in affiliated Funds		–			(67,792	)		–
Investment in affiliated securities		(4,366	)		–			–
Options and swaptions		848			–			–
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		(130,923	)		(56,058	)		(6,981	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	14,077		$	(27,149	)	$	(3,716	)

STATEMENT OF OPERATIONS
PRINCIPAL FUNDS, INC.
Six Months Ended February 28, 2018 (unaudited)


		Small-MidCap
	Dividend Income
Amounts in thousands		Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	150
Dividends		47,983
Withholding tax		(454	)
Interest		2
Total Income		47,681
Expenses:
Management and investment advisory fees		12,217
Distribution fees - Class A		286
Distribution fees - Class C		905
Registration fees - Class A		12
Registration fees - Class C		10
Registration fees - Institutional		71
Registration fees - R-6		9
Shareholder reports - Class A		16
Shareholder reports - Class C		12
Shareholder reports - Institutional		108
Transfer agent fees - Class A		143
Transfer agent fees - Class C		108
Transfer agent fees - Institutional		955
Chief compliance officer fees		2
Custodian fees		7
Directors' expenses		29
Professional fees		15
Other expenses		16
Total Gross Expenses		14,921
Less: Reimbursement from Manager - Class A		32
Less: Reimbursement from Manager - Class C		18
Total Net Expenses		14,871
Net Investment Income (Loss)		32,810

Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements
Net realized gain (loss) from:
Investment transactions		269,477
Foreign currency transactions		(2	)
Net change in unrealized appreciation/depreciation of:
Investments		(128,121	)
Investment in affiliated securities		3,716
Translation of assets and liabilities in foreign currencies		(3	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies,
Futures, Options and Swaptions, Short sales, and Swap agreements		145,067
Net Increase (Decrease) in Net Assets Resulting from Operations	$	177,877


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in thousands																																Blue Chip Fund

																												Period Ended								Year Ended
																												February 28, 2018								August 31, 2017
Operations
Net investment income (loss)																												$				743			$	11,988
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																																75,574				64,524
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																														212,496						215,297
						Net Increase (Decrease) in Net Assets Resulting from Operations																								288,813						291,809

Dividends and Distributions to Shareholders
From net investment income																																(491	)			(6,795	)
From net realized gain on investments																																(66,381	)			(8,486	)
																	Total Dividends and Distributions															(66,872	)			(15,281	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																														799,928						148,658
													Total Increase (Decrease) in Net Assets																	1,021,869						425,186

Net Assets
Beginning of period																														1,758,258						1,333,072
End of period (including undistributed net investment income as set forth below)																												$		2,780,127					$	1,758,258
Undistributed (overdistributed) net investment income (loss)																												$				2,490			$	2,238

		Class A				Class C					Class J		Class P^(a)				Class T			Institutional		R-3						R-4				R-5			R-6
Capital Share Transactions:
Period Ended February 28, 2018^(b)
Dollars:
Sold	$	34,236		$		14,908		$	10,834				N/A		$		5		$	41,744		$		596		$		190		$		2,791				$ 904,793
Issued in acquisitions		–				–					37,751		N/A				–			432,514				6,762				1,306				6,627				–
Reinvested		2,403				1,334					1,139		N/A				–			2,130				200				38				197			59,364
Redeemed		(8,518	)			(3,171	)				(5,619	)	N/A				–		(446,190		)			(1,085	)			(231	)			(2,167	)		(294,953		)
Net Increase (Decrease)	$	28,121		$		13,071			$		44,105		N/A		$		5		$	30,198		$		6,473		$		1,303		$		7,448				$ 669,204
Shares:
Sold		1,608				719					501		N/A				–			1,934				27				9				129			42,932
Issued in acquisitions		–				–					1,855		N/A				–			21,244				334				64				326				–
Reinvested		115				66					54		N/A				–			101				10				2				10			2,805
Redeemed		(402	)			(154	)				(261	)	N/A				–			(21,781	)			(51	)			(11	)			(100	)		(13,963		)
Net Increase (Decrease)		1,321				631					2,149		N/A				–			1,498				320				64				365			31,774
Year Ended August 31, 2017^(c),(d)
Dollars:
Sold	$	37,173		$		18,709			$		N/A	$	18,679		$		10		$	381,672		$		309		$		75		$		79		$	1,630,602
Reinvested		210				143					N/A		181				–			14,736				–				–				–				–
Redeemed		(11,281	)			(5,385	)				N/A		(39,436	)			–		(1,784,271		)			–				(63	)			(13	)		(113,471		)
Net Increase (Decrease)	$	26,102		$		13,467			$		–	$	(20,576)			$	10	$	(1,387,863)				$	309		$		12		$		66		$	1,517,131
Shares:
Sold		2,063				1,069					N/A		1,048				1			21,899				16				4				4			84,553
Reinvested		12				8					N/A		10				–			858				–				–				–				–
Redeemed		(643	)			(308	)				N/A		(2,089	)			–			(93,549	)			–				(3	)			(1	)		(5,833		)
Net Increase (Decrease)		1,432				769					N/A		(1,031	)			1			(70,792	)			16				1				3			78,720

Distributions:
Period Ended February 28, 2018^(b)
From net investment income $		–		$		–			$		–		N/A		$		–		$	(17)			$	–		$		–		$		–			$	(474	)
From net realized gain on
investments		(2,425	)			(1,337	)				(1,142	)	N/A				–			(2,152	)			(200	)			(38	)			(197	)		(58,890		)
Total Dividends and Distributions $		(2,425)			$	(1,337)				$	(1,142	)	N/A		$		–		$	(2,169)			$	(200)			$	(38)			$	(197)				$ (59,364)
Year Ended August 31, 2017^(c),(d)
From net investment income $		–		$		–			$		1	$	(68)			$	–		$	(6,727)			$	–		$		–		$		–			$	–
From net realized gain on
investments		(212	)			(143	)				1	$	(114	)			–			(8,017	)			–				–				–				–
Total Dividends and Distributions $		(212)			$	(143)				$	1	$	(182)			$	–		$	(14,744)			$	–		$		–		$		–			$	–


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in thousands																						Diversified Real Asset Fund^(a)

																						Period Ended		Year Ended
																					February 28, 2018			August 31, 2017
Operations
Net investment income (loss)																					$	39,096		$	84,382
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																						141,095			56,922
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																						(136,004	)		142,396
					Net Increase (Decrease) in Net Assets Resulting from Operations																	44,187			283,700

Dividends and Distributions to Shareholders
From net investment income																						(89,016	)		(96,628	)
														Total Dividends and Distributions								(89,016	)		(96,628	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																						(151,957	)		400,632
												Total Increase (Decrease) in Net Assets										(196,786	)		587,704

Net Assets
Beginning of period																						4,303,892			3,716,188
End of period (including undistributed net investment income as set forth below)																					$	4,107,106		$	4,303,892
Undistributed (overdistributed) net investment income (loss)																					$	9,695		$	59,615
			Class A		Class C		Class P^(b)					Institutional		R-3			R-4		R-5		R-6
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold		$	16,216	$	1,915		N/A			$		381,263	$	69		$	–	$	–	$	295,098
Reinvested			1,782		241		N/A					54,147		–			–		–		31,163
Redeemed			(31,300	)	(3,275	)	N/A					(464,004	)	(3	)		–		–		(435,269		)
Net Increase (Decrease)	$	(13,302		) $	(1,119	)	N/A			$		(28,594	) $	66		$	–	$	–	$	(109,008		)
Shares:
Sold			1,380		166		N/A					32,613		6			–		–		25,191
Reinvested			154		21		N/A					4,672		–			–		–		2,689
Redeemed			(2,693	)	(287	)	N/A					(39,733	)	–			–		–		(37,216		)
Net Increase (Decrease)			(1,159	)	(100	)	N/A					(2,448	)	6			–		–		(9,336		)
Year Ended August 31, 2017
Dollars:
Sold		$	72,569	$	2,941	$	84,028		$	1,304,280			$	13		$	–	$	–	$	1,535,262
Reinvested			4,231		310		2,521					85,946		–			–		–			714
Redeemed			(175,184	)	(10,801	)	(238,865	)		(2,219,569			)	(9	)		–		–		(47,755		)
Net Increase (Decrease)	$	(98,384		) $	(7,550)		$ (152,316)					$ (829,343)		$4		$	–	$	–	$	1,488,221
Shares:
Sold			6,556		271		7,597					117,575		1			–		–		137,106
Reinvested			394		29		234					7,995		–			–		–			66
Redeemed			(15,756	)	(993	)	(21,397	)				(198,751	)	(1	)		–		–		(4,209		)
Net Increase (Decrease)			(8,806	)	(693	)	(13,566	)				(73,181	)	–			–		–		132,963

Distributions:
Period Ended February 28, 2018
From net investment income $			(1,822	) $	(272	)	N/A			$		(55,759	) $	–		$	–	$	–	$	(31,163		)
From net realized gain on
investments			–		–		N/A					–		–			–		–			–
Total Dividends and Distributions $			(1,822	) $	(272	)	N/A			$		(55,759	) $	–		$	–	$	–	$	(31,163		)
Year Ended August 31, 2017
From net investment income $			(4,313	) $	(369	) $	(3,760)				$	(87,472	) $	–		$	–	$	–		$	(714	)
From net realized gain on
investments			–		–		–					–		–			–		–			–
Total Dividends and Distributions $			(4,313	) $	(369	) $	(3,760)				$	(87,472	) $	–		$	–	$	–		$	(714	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


							Dynamic Floating Rate High Income
Amounts in thousands							Fund

							Period Ended		Year Ended
							February 28, 2018		August 31, 2017
Operations
Net investment income (loss)						$	218		$	649
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements							4			196
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies							56			10
				Net Increase (Decrease) in Net Assets Resulting from Operations			278			855

Dividends and Distributions to Shareholders
From net investment income							(214	)		(635	)
				Total Dividends and Distributions			(214	)		(635	)

Capital Share Transactions
Net increase (decrease) in capital share transactions							1,534			(4,364	)
				Total Increase (Decrease) in Net Assets			1,598			(4,144	)

Net Assets
Beginning of period							10,022			14,166
End of period (including undistributed net investment income as set forth below)						$	11,620		$	10,022
Undistributed (overdistributed) net investment income (loss)						$	9		$	5
		Class A		Institutional
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold	$	1,601	$	107
Reinvested		33		3
Redeemed		(181	)	(29	)
Net Increase (Decrease)	$	1,453	$	81
Shares:
Sold		172		12
Reinvested		4		–
Redeemed		(20	)	(3	)
Net Increase (Decrease)		156		9
Year Ended August 31, 2017
Dollars:
Sold	$	704	$	67
Reinvested		27		2
Redeemed		(5,154	)	(10	)
Net Increase (Decrease)	$	(4,423	) $	59
Shares:
Sold		76		8
Reinvested		3		–
Redeemed		(554	)	(1	)
Net Increase (Decrease)		(475	)	7

Distributions:
Period Ended February 28, 2018
From net investment income $		(72	) $	(142	)
From net realized gain on
investments		–		–
Total Dividends and Distributions $		(72	) $	(142	)
Year Ended August 31, 2017
From net investment income $		(314	) $	(321	)
From net realized gain on
investments		–		–
Total Dividends and Distributions $		(314	) $	(321	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in thousands																						Global Multi-Strategy Fund^(a)

																						Period Ended		Year Ended
																						February 28, 2018		August 31, 2017
Operations
Net investment income (loss)																					$	17,608		$	28,877
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																						58,395			66,596
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																						(42,544	)		42,754
							Net Increase (Decrease) in Net Assets Resulting from Operations															33,459			138,227

Dividends and Distributions to Shareholders
From net investment income																						(21,616	)		(3,555	)
From net realized gain on investments																						(57,008	)		–
																			Total Dividends and Distributions			(78,624	)		(3,555	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																						(103,921	)		(38,863	)
														Total Increase (Decrease) in Net Assets								(149,086	)		95,809

Net Assets
Beginning of period																						2,849,837			2,754,028
End of period (including undistributed net investment income as set forth below)																					$	2,700,751		$	2,849,837
Undistributed (overdistributed) net investment income (loss)																					$	9,403		$	13,411
			Class A				Class C		Class P^(b)					Institutional					R-6
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold		$	5,892		$		3,734			N/A		$		292,362		$	193,286
Reinvested			1,708				911			N/A				20,196					39,054
Redeemed			(48,309	)			(5,548	)		N/A				(263,233	)				(343,974	)
Net Increase (Decrease)	$	(40,709)				$	(903	)		N/A		$		49,325		$	(111,634			)
Shares:
Sold			521				340			N/A				25,571					16,783
Reinvested			152				83			N/A				1,777					3,438
Redeemed			(4,267	)			(504	)		N/A				(22,936	)				(29,936	)
Net Increase (Decrease)			(3,594	)			(81	)		N/A				4,412					(9,715	)
Year Ended August 31, 2017^(c)
Dollars:
Sold		$	38,628		$		6,347		$	91,863		$		815,966		$	1,562,901
Reinvested			–				–			70				2,864					–
Redeemed			(76,964	)			(16,739	)		(390,387	)	(2,028,854			)				(44,558	)
Net Increase (Decrease)	$	(38,336)					$ (10,392)			$ (298,454)				$(1,210,024)					$1,518,343
Shares:
Sold			3,530				594			8,351				73,220					138,394
Reinvested			–				–			6				262					–
Redeemed			(7,024	)			(1,561	)		(34,884	)			(180,477	)				(3,931	)
Net Increase (Decrease)			(3,494	)			(967	)		(26,527	)			(106,995	)				134,463

Distributions:
Period Ended February 28, 2018
From net investment income $			(341)			$	–			N/A		$		(8,872)				$	(12,403	)
From net realized gain on
investments			(1,514	)			(1,018	)		N/A				(23,503	)				(30,973	)
Total Dividends and Distributions $			(1,855)			$	(1,018	)		N/A		$		(32,375)				$	(43,376	)
Year Ended August 31, 2017^(c)
From net investment income $			–		$		–		$	(93)			$	(3,462)				$	–
From net realized gain on
investments			–				–			–				–					–
Total Dividends and Distributions $			–		$		–		$	(93)			$	(3,462)				$	–


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in thousands													Global Opportunities Fund

													Period Ended		Year Ended
													February 28, 2018		August 31, 2017
Operations
Net investment income (loss)												$	3,616		$	19,052
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements													54,288			106,380
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies													12,767			50,993
				Net Increase (Decrease) in Net Assets Resulting from Operations									70,671			176,425

Dividends and Distributions to Shareholders
From net investment income													(27,962	)		(22,466	)
From net realized gain on investments													(63,741	)		–
										Total Dividends and Distributions			(91,703	)		(22,466	)

Capital Share Transactions
Net increase (decrease) in capital share transactions													(28,481	)		(528,148	)
										Total Increase (Decrease) in Net Assets			(49,513	)		(374,189	)

Net Assets
Beginning of period													953,410			1,327,599
End of period (including undistributed net investment income as set forth below)												$	903,897		$	953,410
Undistributed (overdistributed) net investment income (loss)												$	(496	)	$	23,850
		Class A		Class C	Class P^(a)					Institutional
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold	$	604	$	366		N/A		$		10,787
Reinvested		462		181		N/A				91,053
Redeemed		(512	)	(168	)	N/A				(131,254	)
Net Increase (Decrease)	$	554	$	379		N/A		$		(29,414	)
Shares:
Sold		46		29		N/A				813
Reinvested		36		14		N/A				7,094
Redeemed		(39	)	(13	)	N/A				(10,030	)
Net Increase (Decrease)		43		30		N/A				(2,123	)
Year Ended August 31, 2017
Dollars:
Sold	$	1,113	$	669	$	42		$		62,847
Reinvested		49		3		1				22,413
Redeemed		(2,107	)	(591	)	(214	)			(612,373	)
Net Increase (Decrease)	$	(945	) $	81	$	(171)				$ (527,113)
Shares:
Sold		94		56		4				5,278
Reinvested		4		–		–				1,968
Redeemed		(179	)	(51	)	(18	)			(49,338	)
Net Increase (Decrease)		(81	)	5		(14	)			(42,092	)

Distributions:
Period Ended February 28, 2018
From net investment income $		(122	) $	(39	)	N/A		$		(27,801	)
From net realized gain on
investments		(345	)	(144	)	N/A				(63,252	)
Total Dividends and Distributions $		(467	) $	(183	)	N/A		$		(91,053	)
Year Ended August 31, 2017
From net investment income $		(49	) $	(3	) $	(1)			$	(22,413	)
From net realized gain on
investments		–		–		–				–
Total Dividends and Distributions $		(49	) $	(3	) $	(1)			$	(22,413	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in thousands															International Small Company Fund

															Period Ended			Year Ended
															February 28, 2018			August 31, 2017
Operations
Net investment income (loss)														$	364		$	7,535
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements															49,856			21,494
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies															38,574			132,015
				Net Increase (Decrease) in Net Assets Resulting from Operations											88,794			161,044

Dividends and Distributions to Shareholders
From net investment income															(20,943	)		(1,380	)
From net realized gain on investments															(29,377	)		–
												Total Dividends and Distributions			(50,320	)		(1,380	)

Capital Share Transactions
Net increase (decrease) in capital share transactions															(35,389	)		677,042
												Total Increase (Decrease) in Net Assets			3,085			836,706

Net Assets
Beginning of period															1,007,675			170,969
End of period (including undistributed net investment income as set forth below)														$	1,010,760		$	1,007,675
Undistributed (overdistributed) net investment income (loss)														$	(11,791	)	$	8,788

		Class A	Class P^(a)				Institutional					R-6
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold	$	2,840		N/A		$	2,359			$		26,884
Reinvested		169		N/A			131					50,020
Redeemed		(842	)	N/A			(269	)				(116,681	)
Net Increase (Decrease)	$	2,167		N/A		$	2,221		$	(39,777			)
Shares:
Sold		224		N/A			185					2,094
Reinvested		13		N/A			10					3,938
Redeemed		(66	)	N/A			(21	)				(9,148	)
Net Increase (Decrease)		171		N/A			174					(3,116	)
Year Ended August 31, 2017^(b)
Dollars:
Sold	$	1,332	$	–		$	607,275		$	1,000,830
Reinvested		2		–			1,378					–
Redeemed		(1,095	)	(184	)	(886,001)						(46,495	)
Net Increase (Decrease)	$	239	$	(184)			$ (277,348)					$ 954,335
Shares:
Sold		123		–			60,155					86,092
Reinvested		–		–			142					–
Redeemed		(107	)	(16	)		(77,241	)				(3,929	)
Net Increase (Decrease)		16		(16	)		(16,944	)				82,163

Distributions:
Period Ended February 28, 2018
From net investment income $		(61	)	N/A		$	(54)				$	(20,828	)
From net realized gain on
investments		(108	)	N/A			(77	)				(29,192	)
Total Dividends and Distributions $		(169	)	N/A		$	(131)				$	(50,020	)
Year Ended August 31, 2017^(b)
From net investment income $		(2	) $	–		$	(1,378)				$	–
From net realized gain on
investments		–		–			–					–
Total Dividends and Distributions $		(2	) $	–		$	(1,378)				$	–


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


																Multi-Manager Equity Long/Short
Amounts in thousands																Fund

																Period Ended			Year Ended
																February 28, 2018		August 31, 2017
Operations
Net investment income (loss)															$	(1,203	)	$	(2,052	)
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																17,929			15,611
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																6,142			9,104
				Net Increase (Decrease) in Net Assets Resulting from Operations												22,868			22,663

Dividends and Distributions to Shareholders
From net investment income																(3,232	)		(1,488	)
From net realized gain on investments																(14,336	)		(910	)
													Total Dividends and Distributions			(17,568	)		(2,398	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																31,368			(22,518	)
													Total Increase (Decrease) in Net Assets			36,668			(2,253	)

Net Assets
Beginning of period																323,809			326,062
End of period (including undistributed net investment income as set forth below)															$	360,477		$	323,809
Undistributed (overdistributed) net investment income (loss)															$	(3,297	)	$	1,138
		Class A	Class P^(a)					Institutional					R-6
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold	$	306		N/A		$		18			$		20,747
Reinvested		15		N/A				5					17,548
Redeemed		(15	)	N/A				–					(7,256	)
Net Increase (Decrease)	$	306		N/A		$		23			$		31,039
Shares:
Sold		28		N/A				2					1,894
Reinvested		1		N/A				–					1,608
Redeemed		(1	)	N/A				–					(662	)
Net Increase (Decrease)		28		N/A				2					2,840
Year Ended August 31, 2017
Dollars:
Sold	$	108	$	–		$		107			$		7,606
Reinvested		1		–				–					2,396
Redeemed		(56	)	(11	)			(41	)				(32,628	)
Net Increase (Decrease)	$	53	$	(11)			$	66		$	(22,626			)
Shares:
Sold		10		–				10					748
Reinvested		–		–				–					236
Redeemed		(5	)	(1	)			(4	)				(3,170	)
Net Increase (Decrease)		5		(1	)			6					(2,186	)

Distributions:
Period Ended February 28, 2018
From net investment income $		(2	)	N/A		$		(1)				$	(3,229	)
From net realized gain on
investments		(13	)	N/A				(4	)				(14,319	)
Total Dividends and Distributions $		(15	)	N/A		$		(5)				$	(17,548	)
Year Ended August 31, 2017
From net investment income $		(1	) $	–		$		–			$		(1,487	)
From net realized gain on
investments		–		–				–					(910	)
Total Dividends and Distributions $		(1	) $	–		$		–			$		(2,397	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in thousands													Opportunistic Municipal Fund

													Period Ended		Year Ended
													February 28, 2018		August 31, 2017
Operations
Net investment income (loss)												$	2,370		$	4,730
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements													160			(1,000	)
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies													(1,708	)		(5,547	)
				Net Increase (Decrease) in Net Assets Resulting from Operations									822			(1,817	)

Dividends and Distributions to Shareholders
From net investment income													(2,224	)		(4,463	)
										Total Dividends and Distributions			(2,224	)		(4,463	)

Capital Share Transactions
Net increase (decrease) in capital share transactions													4,217			(17,168	)
										Total Increase (Decrease) in Net Assets			2,815			(23,448	)

Net Assets
Beginning of period													116,856			140,304
End of period (including undistributed net investment income as set forth below)												$	119,671		$	116,856
Undistributed (overdistributed) net investment income (loss)												$	547		$	401
		Class A		Class C		Class P^(a)				Institutional
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold	$	12,277	$	961		N/A		$		13,662
Reinvested		747		109		N/A				1,284
Redeemed		(8,245	)	(7,639	)	N/A				(8,939	)
Net Increase (Decrease)	$	4,779	$	(6,569	)	N/A		$		6,007
Shares:
Sold		1,152		90		N/A				1,282
Reinvested		70		11		N/A				121
Redeemed		(773	)	(716	)	N/A				(840	)
Net Increase (Decrease)		449		(615	)	N/A				563
Year Ended August 31, 2017
Dollars:
Sold	$	22,606	$	2,272	$	21,394		$		62,363
Reinvested		1,393		237		1,820				480
Redeemed		(30,169	)	(4,049	)	(90,423	)			(5,092	)
Net Increase (Decrease)	$	(6,170	) $	(1,540	) $	(67,209)			$	57,751
Shares:
Sold		2,164		217		2,049				5,922
Reinvested		134		23		175				45
Redeemed		(2,933	)	(389	)	(8,655	)			(495	)
Net Increase (Decrease)		(635	)	(149	)	(6,431	)			5,472

Distributions:
Period Ended February 28, 2018
From net investment income $		(775	) $	(162	)	N/A		$		(1,287	)
From net realized gain on
investments		–		–		N/A				–
Total Dividends and Distributions $		(775	) $	(162	)	N/A		$		(1,287	)
Year Ended August 31, 2017
From net investment income $		(1,547	) $	(451	) $	(1,978)			$	(487	)
From net realized gain on
investments		–		–		–				–
Total Dividends and Distributions $		(1,547	) $	(451	) $	(1,978)			$	(487	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in thousands																Origin Emerging Markets Fund

																Period Ended		Year Ended
																February 28, 2018		August 31, 2017
Operations
Net investment income (loss)															$	(820	)	$	7,976
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																51,395			32,274
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																31,875			121,890
					Net Increase (Decrease) in Net Assets Resulting from Operations											82,450			162,140

Dividends and Distributions to Shareholders
From net investment income																(6,798	)		(5,516	)
													Total Dividends and Distributions			(6,798	)		(5,516	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																(30,108	)		(233,874	)
													Total Increase (Decrease) in Net Assets			45,544			(77,250	)

Net Assets
Beginning of period																701,395			778,645
End of period (including undistributed net investment income as set forth below)															$	746,939		$	701,395
Undistributed (overdistributed) net investment income (loss)															$	(1,034	)	$	6,584
		Class A		Class P^(a)				Institutional					R-6
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold	$	4,860			N/A		$	10,810			$		34,300
Reinvested		15			N/A			394					6,389
Redeemed		(3,363	)		N/A			(8,025	)				(75,488	)
Net Increase (Decrease)	$	1,512			N/A		$	3,179		$	(34,799			)
Shares:
Sold		370			N/A			879					2,766
Reinvested		1			N/A			33					525
Redeemed		(262	)		N/A			(642	)				(6,065	)
Net Increase (Decrease)		109			N/A			270					(2,774	)
Year Ended August 31, 2017
Dollars:
Sold	$	2,533	$		102		$	57,086		$	608,797
Reinvested		1			–			5,514					–
Redeemed		(197	)		(117	)	(884,582)						(23,011	)
Net Increase (Decrease)	$	2,337	$		(15) $			(821,982)					$ 585,786
Shares:
Sold		231			10			6,235					59,240
Reinvested		–			–			677					–
Redeemed		(19	)		(11	)		(90,587	)				(2,161	)
Net Increase (Decrease)		212			(1	)		(83,675	)				57,079

Distributions:
Period Ended February 28, 2018
From net investment income $		(15	)		N/A		$	(394)				$	(6,389	)
From net realized gain on
investments		–			N/A			–					–
Total Dividends and Distributions $		(15	)		N/A		$	(394)				$	(6,389	)
Year Ended August 31, 2017
From net investment income $		(1	) $		–		$	(5,514)				$	(1	)
From net realized gain on
investments		–			–			–					–
Total Dividends and Distributions $		(1	) $		–		$	(5,514)				$	(1	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in thousands																									Preferred Securities Fund

																									Period Ended				Year Ended
																							February 28, 2018						August 31, 2017
Operations
Net investment income (loss)																							$		145,000				$	277,561
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																									17,518							32,569
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																									(148,441			)				82,958
				Net Increase (Decrease) in Net Assets Resulting from Operations																					14,077					393,088

Dividends and Distributions to Shareholders
From net investment income																									(144,070			)		(262,117			)
From net realized gain on investments																									(9,890			)		(49,533			)
												Total Dividends and Distributions													(153,960			)		(311,650			)

Capital Share Transactions
Net increase (decrease) in capital share transactions																									151,236					(25,317			)
												Total Increase (Decrease) in Net Assets													11,353							56,121

Net Assets
Beginning of period																									5,883,791					5,827,670
End of period (including undistributed net investment income as set forth below)																							$		5,895,144				$	5,883,791
Undistributed (overdistributed) net investment income (loss)																							$		47,918				$			46,988
		Class A		Class C		Class J		Class P^(a)				Class T					Institutional				R-1		R-2		R-3		R-4		R-5			R-6
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold	$	94,874	$	34,691	$	4,526		N/A		$		61				$	674,294		$		103	$	244	$	435	$	306	$	1,518		$	27,283
Reinvested		15,752		12,119		1,334		N/A				1					67,816				29		25		62		33		104			14,070
Redeemed		(128,243	)	(79,775	)	(6,364	)	N/A				(6	)				(553,130	)			(310	)	(228	)	(447	)	(269	)	(1,517		)	(28,155	)
Net Increase (Decrease)	$	(17,617)		$ (32,965)		$(504	)	N/A		$		56				$	188,980		$		(178	) $	41	$	50	$	70	$	105		$	13,198
Shares:
Sold		9,065		3,313		444		N/A				6					64,814				10		24		42		30		146			2,628
Reinvested		1,508		1,161		131		N/A				–					6,535				3		2		6		3		10			1,357
Redeemed		(12,256	)	(7,636	)	(625	)	N/A				(1	)				(53,374	)			(30	)	(22	)	(43	)	(26	)	(147		)	(2,711	)
Net Increase (Decrease)		(1,683	)	(3,162	)	(50	)	N/A				5					17,975				(17	)	4		5		7		9			1,274
Year Ended August 31, 2017^(b),(c)
Dollars:
Sold	$	252,923	$	76,787	$	8,563	$	580,876		$		10					$ 2,706,601		$		318	$	841	$	940	$	2,471	$	891			$ 525,198
Reinvested		36,474		27,050		2,735		44,825				–					97,484				77		51		155		108		200			6,123
Redeemed		(448,696	)	(221,991	)	(10,742)		(2,224,218)				–			(1,472,413			)			(672	)	(397	)	(1,753	)	(2,756	)	(1,850		)	(11,530	)
Net Increase (Decrease)	$	(159,299)		$ (118,154)	$	556		$(1,598,517)			$	10		$	1,331,672				$		(277	) $	495	$	(658	) $	(177	) $	(759)			$ 519,791
Shares:
Sold		24,556		7,465		853		57,277				1					261,046				32		83		92		248		87			50,283
Reinvested		3,571		2,653		274		4,447				–					9,567				8		5		15		11		20			587
Redeemed		(43,819	)	(21,653	)	(1,075	)	(215,132	)			–					(143,157	)			(67	)	(39	)	(174	)	(270	)	(182		)	(1,104	)
Net Increase (Decrease)		(15,692	)	(11,535	)	52		(153,408	)			1					127,456				(27	)	49		(67	)	(11	)	(75		)	49,766

Distributions:
Period Ended February 28, 2018
From net investment
income	$	(16,711)		$ (14,375)		$(1,260	)	N/A		$		(1)				$	(98,265)			$	(27	) $	(38	) $	(58	) $	(31	) $	(97) $			(13,207	)
From net realized gain
on investments		(1,162	)	(1,199	)	(88	)	N/A				–					(6,560	)			(2	)	(3	)	(4	)	(2	)	(7)			(863	)
Total Dividends and
Distributions	$	(17,873)		$ (15,574)		$(1,348	)	N/A		$		(1)					$(104,825)			$	(29	) $	(41	) $	(62	) $	(33	) $	(104)			$ (14,070)
Year Ended August 31, 2017^(b),(c)
From net investment
income	$	(34,912)		$ (29,885)		$(2,323	) $	(55,857)			$	–		$	(132,502)					$	(62	) $	(61	) $	(128	) $	(95	) $	(169)		$	(6,123	)
From net realized gain
on investments		(7,274	)	(7,181	)	(435	)	(13,549	)			–					(20,994	)			(16	)	(11	)	(29	)	(13	)	(31)			–
Total Dividends and
Distributions	$	(42,186)		$ (37,066)		$(2,758	) $	(69,406)			$	–		$	(153,496)					$	(78	) $	(72	) $	(157	) $	(108	) $	(200)		$	(6,123	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in dollars									Real Estate Allocation Fund

									Period Ended		Year Ended
									February 28, 2018		August 31, 2017
Operations
Net investment income (loss)								$	28,909		$	35,673
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements									11,734			(41	)
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies									(67,792	)		8,873
						Net Increase (Decrease) in Net Assets Resulting from Operations			(27,149	)		44,505

Dividends and Distributions to Shareholders
From net investment income									(28,668	)		(33,767	)
From net realized gain on investments									(1,255	)		(5,295	)
						Total Dividends and Distributions			(29,923	)		(39,062	)

Capital Share Transactions
Net increase (decrease) in capital share transactions									175,535			602,317
						Total Increase (Decrease) in Net Assets			118,463			607,760

Net Assets
Beginning of period									1,526,022			918,262
End of period (including undistributed net investment income as set forth below)								$	1,644,485		$	1,526,022
Undistributed (overdistributed) net investment income (loss)								$	3,889		$	3,648
		Class A		Institutional
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold	$	317,622		$		197,006
Reinvested		23,137				6,786
Redeemed		(330,550	)			(38,466	)
Net Increase (Decrease)	$	10,209		$		165,326
Shares:
Sold		31,450				19,252
Reinvested		2,288				663
Redeemed		(32,755	)			(3,741	)
Net Increase (Decrease)		983				16,174
Year Ended August 31, 2017
Dollars:
Sold	$	657,205		$		135,371
Reinvested		31,072				7,990
Redeemed		(214,082	)			(15,239	)
Net Increase (Decrease)	$	474,195		$		128,122
Shares:
Sold		66,299				13,822
Reinvested		3,180				814
Redeemed		(21,474	)			(1,545	)
Net Increase (Decrease)		48,005				13,091

Distributions:
Period Ended February 28, 2018
From net investment
income	$	(22,182)			$	(6,486	)
From net realized gain on
investments		(955	)			(300	)
Total Dividends and Distributions$		(23,137)				$(6,786	)
Year Ended August 31, 2017
From net investment
income	$	(26,885)			$	(6,882	)
From net realized gain on
investments		(4,187	)			(1,108	)
Total Dividends and Distributions$		(31,072)				$(7,990	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in thousands													Real Estate Debt Income Fund

													Period Ended		Year Ended
													February 28, 2018		August 31, 2017
Operations
Net investment income (loss)												$	3,265		$	6,301
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements													(511	)		(402	)
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies													(6,470	)		(1,314	)
				Net Increase (Decrease) in Net Assets Resulting from Operations									(3,716	)		4,585

Dividends and Distributions to Shareholders
From net investment income													(3,514	)		(5,904	)
From net realized gain on investments													–			(5	)
										Total Dividends and Distributions			(3,514	)		(5,909	)

Capital Share Transactions
Net increase (decrease) in capital share transactions													4,332			38,106
										Total Increase (Decrease) in Net Assets			(2,898	)		36,782

Net Assets
Beginning of period													191,565			154,783
End of period (including undistributed net investment income as set forth below)												$	188,667		$	191,565
Undistributed (overdistributed) net investment income (loss)												$	179		$	428
		Class A	Class P^(a)					Institutional		R-6
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold	$	359		N/A		$		329	$	11,521
Reinvested		20		N/A				37		3,456
Redeemed		(216	)	N/A				(557	)	(10,617	)
Net Increase (Decrease)	$	163		N/A		$		(191	) $	4,360
Shares:
Sold		37		N/A				34		1,213
Reinvested		2		N/A				4		363
Redeemed		(22	)	N/A				(58	)	(1,107	)
Net Increase (Decrease)		17		N/A				(20	)	469
Year Ended August 31, 2017^(b)
Dollars:
Sold	$	820	$	37			$	49,705		$ 191,930
Reinvested		26		3				4,265		1,614
Redeemed		(521	)	(171	)			(203,973	)	(5,629	)
Net Increase (Decrease)	$	325	$	(131)				$ (150,003)		$ 187,915
Shares:
Sold		85		4				5,194		19,744
Reinvested		3		–				445		167
Redeemed		(54	)	(18	)			(21,006	)	(582	)
Net Increase (Decrease)		34		(14	)			(15,367	)	19,329

Distributions:
Period Ended February 28, 2018
From net investment income $		(21	)	N/A		$		(37	) $	(3,456	)
From net realized gain on
investments		–		N/A				–		–
Total Dividends and Distributions $		(21	)	N/A		$		(37	) $	(3,456	)
Year Ended August 31, 2017^(b)
From net investment income $		(27	) $	(3)			$	(4,260	) $	(1,614	)
From net realized gain on
investments		–		–				(5	)	–
Total Dividends and Distributions $		(27	) $	(3)			$	(4,265	) $	(1,614	)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in thousands																				Small-MidCap Dividend Income Fund

																				Period Ended			Year Ended
																				February 28, 2018		August 31, 2017
Operations
Net investment income (loss)																			$	32,810		$	69,938
Net realized gain (loss) on investments, foreign currency transactions, futures,
options and swaptions, short sales, and swap agreements																				269,475			172,411
Net change in unrealized appreciation/depreciation of investments, futures, options and swaptions, short sales,
swap agreements, and translation of assets and liabilities in foreign currencies																				(124,408	)		115,448
					Net Increase (Decrease) in Net Assets Resulting from Operations															177,877			357,797

Dividends and Distributions to Shareholders
From net investment income																				(27,874	)		(64,435	)
From net realized gain on investments																				(140,116	)		–
																	Total Dividends and Distributions			(167,990	)		(64,435	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																				(343,947	)		616,771
												Total Increase (Decrease) in Net Assets								(334,060	)		910,133

Net Assets
Beginning of period																				3,201,333			2,291,200
End of period (including undistributed net investment income as set forth below)																			$	2,867,273		$	3,201,333
Undistributed (overdistributed) net investment income (loss)																			$	14,666		$	9,730
			Class A		Class C		Class P^(a)					Institutional					R-6
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold		$	15,370	$	3,649		N/A			$		383,943			$		2,290
Reinvested			10,821		7,989		N/A					119,974					20,689
Redeemed			(47,195)		(18,142)		N/A					(281,910	)				(561,425	)
Net Increase (Decrease)	$	(21,004		) $	(6,504	)	N/A			$		222,007		$	(538,446			)
Shares:
Sold			891		213		N/A					22,119					133
Reinvested			633		471		N/A					6,976					1,204
Redeemed			(2,730	)	(1,059	)	N/A					(16,287	)				(32,252	)
Net Increase (Decrease)			(1,206	)	(375	)	N/A					12,808					(30,915	)
Year Ended August 31, 2017^(b)
Dollars:
Sold	$	119,761		$	32,660		$ 632,686		$			1,924,493					$ 625,779
Reinvested			4,949		2,497		21,467					32,841					–
Redeemed			(126,324	)	(40,754)		(1,537,447)					(1,064,115)					(11,722	)
Net Increase (Decrease)		$	(1,614	) $	(5,597)		$ (883,294)					$893,219		$	614,057
Shares:
Sold			7,634		2,119		38,789					117,122					37,323
Reinvested			313		159		1,334					2,068					–
Redeemed			(7,774	)	(2,549	)	(91,323	)				(64,393	)				(697	)
Net Increase (Decrease)			173		(271	)	(51,200	)				54,797					36,626

Distributions:
Period Ended February 28, 2018
From net investment income $			(1,685	) $	(656	)	N/A			$		(20,901)				$	(4,632	)
From net realized gain on
investments			(9,900	)	(8,056	)	N/A					(106,103	)				(16,057	)
Total Dividends and Distributions			$ (11,585)		$(8,712	)	N/A		$	(127,004)						$	(20,689	)
Year Ended August 31, 2017^(b)
From net investment income $			(5,461	) $	(2,787	) $	(23,148)				$	(33,039)				$	–
From net realized gain on
investments			–		–		–					–					–
Total Dividends and Distributions $			(5,461	) $	(2,787	) $	(23,148)				$	(33,039)				$	–

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

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

On May 1, 2017, Principal Management Corporation (formerly the “Manager”) was merged into Principal Global Investors, LLC (the “Manager”). The merger did not involve a change in actual control or actual management with respect to the investment adviser of the Funds. The personnel responsible for fulfilling the obligations to the Funds pursuant to the investment advisory agreement remain the same.

Effective January 3, 2017, the initial purchases of $10,000 of R-6 shares of Blue Chip Fund, International Small Company Fund, Preferred Securities Fund, Real Estate Debt Income Fund, and Small-MidCap Dividend Income Fund were made by the Manager.

Effective June 12, 2017, the initial purchases of $10,000 of Class T shares of Blue Chip Fund and Preferred Securities Fund were made by the Manager.

Effective June 12, 2017, the initial purchases of $10,000 of R-6 shares of Global Multi-Strategy Fund= was made by the Manager.

Effective June 23, 2017, Class P shares discontinued operations and converted to Institutional shares.

Effective September 11, 2017, the initial purchase of $10,000 of Class J shares of Blue Chip Fund was made by the Manager.

Effective September 29, 2017, Blue Chip Fund acquired all the assets and assumed all the liabilities of LargeCap Growth Fund II, a series of the Fund, pursuant to a plan of reorganization approved by shareholders September 20, 2017. The purpose of the acquisition was to combine two accounts managed by the Manager with similar investment objectives, principal policies, and risks. The acquisition was accomplished by a tax-free exchange of 68,251,000 shares from LargeCap Growth Fund II for 23,823,000 shares valued at $484,960,000 of Blue Chip Fund at an approximate exchange rate of .28, .36, .32, .30, .32, .33, .34 for Class J, Institutional, R-1, R-2, R-3, R-4 and R-5 classes of shares, respectively. LargeCap Growth Fund II R-1, R-2 and R-3 classes of shares were merged into Blue Chip Fund R-3 class of shares. The investment securities of LargeCap Growth Fund II, with a fair value of approximately $460,792,000 and a cost of $435,339,000 and $24,277,000 cash were the primary assets acquired by Blue Chip Fund on September 29, 2017. For financial reporting purposes, assets received and shares issued by Blue Chip Fund were recorded at fair value; however, the cost basis of the investments received from LargeCap Growth Fund II were carried forward to align ongoing reporting of Blue Chip Fund. The aggregate net assets of LargeCap Growth Fund II and Blue Chip Fund immediately prior to the acquisition in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) were approximately $484,962,000 ($4,594,000 of accumulated realized gain) and $1,774,803,000 ($67,323,000 of accumulated realized gain), respectively. The aggregate net assets of Blue Chip Fund immediately following the acquisition were $2,259,765,000. In accordance with Sections 381-384 of the Internal Revenue Code, a portion of accumulated realized losses may be subject to limitation.

Assuming the acquisition had been completed on September 1, 2017, the beginning of the fiscal year for Blue Chip Fund, Blue Chip Fund’s pro forma results of operations for the period ended February 28, 2018, would have been $662,000 of net investment income, $295,532,000 of net realized and unrealized gain on investments, and $296,194,000 of net increase in net assets resulting from operations. Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of LargeCap Growth Fund II that have been included in Blue Chip Fund’s statement of operations since September 29, 2017.

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

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

Security Valuation. Certain of the Funds (as listed in the table below, singly “a Fund of Funds” and collectively, “the Funds of Funds”) invest in other series of the Fund which are valued at the closing net asset value per share of each respective fund on the day of valuation. Other publicly traded investment funds are valued at the respective fund’s net asset value. The shares of the other series of the Fund and other publicly traded investment funds are referred to as the “Underlying Funds”.

The Funds (with the exception of Real Estate Allocation Fund) value securities for which market quotations are readily available at fair value, which is determined using the last reported sale price. If no sales are reported, as is regularly the case for some securities traded over-the-counter, securities are valued using the last reported bid price or an evaluated bid price provided by a pricing service. Pricing services use modeling techniques that incorporate security characteristics such as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, other yield and risk factors, and other market conditions to determine an evaluated bid price or, in the case of certain credit default swaps, a mean price provided by a pricing service. When reliable market quotations are not considered to be readily available, which may be the case, for example, with respect to restricted securities, certain debt securities, preferred stocks, and foreign securities, the investments are valued at their fair value as determined in good faith by the Manager under procedures established and periodically reviewed by the Fund’s Board of Directors.

The value of foreign securities used in computing the net asset value per share is generally determined as of the close of the foreign exchange where the security is principally traded. Events that occur after the close of the applicable foreign market or exchange but prior to the calculation of the Funds’ net asset values are reflected in the Funds’ net asset values and these securities are valued at fair value as determined in good faith by the Manager under procedures established and periodically reviewed by the Fund’s Board of Directors. Many factors, provided by independent pricing services, are reviewed in the course of making a good faith determination of a security’s fair value, including, but not limited to, price movements in ADRs, futures contracts, industry indices, general indices, and foreign currencies.

To the extent the Funds invest in foreign securities listed on foreign exchanges which trade on days on which the Funds do not determine net asset values, for example weekends and other customary national U.S. holidays, the Funds’ net asset values could be significantly affected on days when shareholders cannot purchase or redeem shares.

Certain securities issued by companies in emerging market countries may have more than one quoted valuation at any given point in time, sometimes referred to as a “local” price and a “premium” price. The premium price is often a negotiated price, which may not consistently represent a price at which a specific transaction can be effected. It is the policy of the Funds to value such securities at prices at which it is expected those shares may be sold, and the Manager or any sub-advisor is authorized to make such determinations subject to such oversight by the Fund’s Board of Directors as may occasionally be necessary.

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

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

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

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

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

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

In addition to the expenses the Funds bear directly, each of the Fund of Funds indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which they invest. Because the Underlying Funds have varied expense levels and each of the Fund of Funds may own different proportions of the Underlying Funds at different times, the amount of expense incurred indirectly by each Fund of Funds will vary. Expenses included in the statement of operations of the Fund of Funds reflect the expenses of each Fund of Funds and do not include any expenses associated with the Underlying Funds.

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

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

Management evaluates tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more likely than not” that each tax position would be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more likely than not threshold would be recorded as a tax benefit or expense in the current year. During the period ended February 28, 2018, the Funds did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the, shorter of the fiscal years from 2014-2016 or commencement of the fund’s operations to 2016. No examinations are in progress at this time.

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

Basis for Consolidation. Diversified Real Asset Fund and Global Multi-Strategy Fund (the “Consolidated Funds”) may invest up to 25% of their total assets in their respective wholly-owned subsidiaries DRA Cayman Corporation and GMS Cayman Corporation (the “Cayman Subsidiaries”) each organized under the laws of the Cayman Islands. The Consolidated Funds are the sole shareholder of their respective Cayman Subsidiaries, and shares of the Cayman Subsidiaries will not be sold or offered to other investors. To the extent that the Consolidated Funds invest in their Cayman Subsidiaries, they will be subject to the particular risks associated with the Cayman Subsidiaries investments, which are discussed in the applicable Prospectus and Statement of Additional Information. The principal purpose of investing in the Cayman Subsidiaries is to allow the Consolidated Funds to gain exposure to the commodity markets within the limitations of federal tax laws applicable to regulated investment companies. Diversified Real Asset Fund’s investment portfolio has been consolidated and includes the portfolio holdings of Diversified Real Asset Fund and its Cayman Subsidiary. Global Multi-Strategy Fund’s investment portfolio has been consolidated and includes the portfolio holdings of Global Multi-Strategy Fund and its Cayman Subsidiary. The consolidated financial statements for Diversified Real Asset Fund include the accounts of Diversified Real Asset Fund and its Cayman Subsidiary and the consolidated financial statements for Global Multi-Strategy Fund include the accounts of Global Multi-Strategy Fund and its Cayman Subsidiary. All intercompany transactions and balances have been eliminated in consolidation. At February 28, 2018, the net assets of the Cayman Subsidiaries were as follows (amounts in thousands):

Investment Company Reporting Modernization. Effective October 13, 2016, the U.S. Securities and Exchange Commission (“SEC”) approved a final rule, Investment Company Reporting Modernization. The SEC adopted new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. As of February 28, 2018, the Fund has adopted the new rules, forms and amendments.

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

Borrowings. Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds (with the exception of Real Estate Allocation Fund) and other registered investment companies managed by the Manager may participate in an interfund lending facility (“Facility”). The Facility allows the Funds to borrow money from or loan money to the other participants. Loans under the Facility are made to handle unusual and/or unanticipated short-term cash requirements. Interest paid and received on borrowings is the average of the current repurchase agreement rate and the bank loan rate (the higher of (i) the Federal Funds Rate or (ii) the One Month LIBOR rate plus 1.00%). Diversified Real Asset Fund, Global Multi-Strategy Fund, Global Opportunities Fund, International Small Company Fund, Origin Emerging Markets Fund, Preferred Securities Fund, Real Estate Debt Income Fund, and Small-MidCap Dividend Income Fund each loaned to the Facility. The interest income received is included in interest income on the statements of operations. There were no outstanding borrowings as of February 28, 2018.

During the period ended February 28, 2018, funds borrowing from the Facility were as follows (amounts in thousands):

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

In addition, the Funds (with the exception of Diversified Real Asset Fund) participate with other registered investment companies managed by the Manager in an unsecured joint line of credit with a bank which allows the participants to borrow up to $100 million, collectively. Borrowings are made solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each participant, based on its borrowings, at a rate equal to the higher of the Federal Funds Rate or the One Month LIBOR rate plus 1.00%. Additionally, a commitment fee is charged at an annual rate of .15% on the amount of the line of credit. The Funds did not borrow against the line of credit for the period ended February 28, 2018.

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

Contingent Convertible Securities. Certain Funds invest in contingent convertible securities (“CoCos”). CoCos are hybrid debt securities that may convert into equity or have their principal written down upon the occurrence of certain “triggers.” Although a CoCo’s equity conversion and principal write-down features are tailored to the particular issuing banking institution and its regulatory requirements, triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question such institution’s continued viability as a going-concern. CoCos may have no stated maturity and fully discretionary coupons, which means coupon payments can be canceled at the issuing banking institution’s discretion or at the request of the relevant regulatory authority without causing a default. To provide the appropriate regulatory capital treatment, CoCos are usually issued in the form of subordinated debt instruments that rank junior to the claims of holders of more senior obligations in the event of the issuer’s liquidation. If CoCos are converted into equity securities due to a trigger event, holders will be further subordinated. The value of CoCos is unpredictable and is influenced by many factors including, without limitation: the creditworthiness of the issuer and/or fluctuations in such issuer’s applicable capital ratios; supply and demand for CoCos; general market conditions and available liquidity; and economic, financial and political events that affect the issuer, its particular market or the financial markets in general. Due to these features, CoCos may have substantially greater risk than other securities in times of financial stress. Because of the uncertainty regarding whether a conversion event will occur, it may be difficult to predict when, if at all, a CoCo will be converted to equity, and a fund may suffer losses as a result. If the trigger level is breached, the issuer’s decision to write down, write off or convert a CoCo may result in the fund's complete loss on an investment in CoCos with no chance of recovery even if the issuer remains in existence.

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

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

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

As of February 28, 2018, financial assets and liabilities subject to Master Netting Agreements or similar agreements were as follows (amounts in thousands):

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


																					Counterparty
		ANZ		BOA			BARC			DB			GS		HSBC			JPM			M3			NAB			NOM		RBS			TDB		UBS			WP		Total
Assets*
Foreign Currency
Contracts	$	252	$	8		$	4,322		$	2,198		$	168	$	81		$	4,771		$	—		$	11		$	6	$	1		$	66	$	—		$	7	$	11,891
Interest Rate Swaps		—		—			911			22			—		—			—			—			—			—		—			—		—			—		933
Purchased Interest
Rate Swaptions		—		—			164			1,084			—		—			—			—			—			—		—			—		—			—		1,248
Purchased Options		—		—			54			—			—		—			11			—			—			—		—			—		—			—		65
Total OTC	$	252	$	8		$	5,451		$	3,304		$	168	$	81		$	4,782		$	—		$	11		$	6	$	1		$	66	$	—		$	7	$	14,137

Liabilities*
Foreign Currency
Contracts	$	—	$	—		$	(4,131	)	$	(2,907	)	$	—	$	(168	)	$	(5,482	)	$	—		$	(47	)	$	—	$	(174	)	$	—	$	(2	)	$	—	$	(12,911	)
Interest Rate Swaps		—		—			—			(2	)		—		—			—			—			—			—		—			—		—			—		(2	)
Total Return Swaps		—		(292	)		—			—			—		—			—			(308	)		—			—		—			—		—			—		(600	)
Written Interest
Rate Swaptions		—		—			—			(1,203	)		—		—			—			—			—			—		—			—		—			—		(1,203	)
Written Options		—		—			(21	)		—			—		—			(1	)		—			—			—		—			—		—			—		(22	)
Total OTC	$	—	$	(292	)	$	(4,152	)	$	(4,112	)	$	—	$	(168	)	$	(5483	)	$	(308	)	$	(47	)	$	—	$	(174	)	$	—	$	(2	)	$	—	$	(14,738	)

Net Market Value
of OTC
Derivatives	$	252	$	(284	)	$	1,299		$	(808	)	$	168	$	(87	)	$	(701	)	$	(308	)	$	(36	)	$	6	$	(173	)	$	66	$	(2	)	$	7	$	(601	)
Collateral
(Received)/Pledged		—		284	**		(457	)^		808	**		—		—			550	**		—			—			—		—			—		—			—		1,185	**
Net Exposure	$	252	$	—		$	842		$	—		$	168	$	(87	)	$	(151	)	$	(308	)	$	(36	)	$	6	$	(173	)	$	66	$	(2	)	$	7	$	584


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)


3. Operating Policies (Continued)

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

																	Counterparty
		BOA			BARC			BNYM			BNP			CITI			CS			DB			GS			HSBC			JPM			ML			MS			UBS			Total
Assets*
Credit Default Swaps	$	17		$	—		$	—		$	—		$	—		$	—		$	—		$	1,272		$	—		$	66		$	72		$	51		$	—		$	1,478
Currency Swaps		6			—			—			—			—			—			—			—			—			—			—			—			—			6
Equity Basket Swaps		63			—			—			—			—			—			2,986			—			—			—			—			5,422			—			8,471
Foreign Currency
Contracts		11,684			2,495			921			17			4,580			9			610			—			820			—			149			327			78			21,690
Interest Rate Swaps		118			—			—			—			—			—			—			—			—			—			—			—			—			118
Purchased Interest
Rate Swaptions		92			22			—			—			—			—			—			—			—			—			—			—			—			114
Purchased Options		—			1,587			—			—			—			—			86			—			—			—			261			—			—			1,934
Synthetic Futures		39			—			—			—			82			—			—			—			—			—			90			69			—			280
Total Return Swaps		—			—			—			—			27			—			—			—			135			—			—			66			—			228
Total OTC	$	12,019		$	4,104		$	921		$	17		$	4,689		$	9		$	3,682		$	1,272		$	955		$	66		$	572		$	5,935		$	78		$	34,319

Liabilities*
Credit Default Swaps	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(2,018	)	$	—		$	(23	)	$	—		$	(28	)	$	—		$	(2,069	)
Equity Basket Swaps		—			—			—			—			—			—			(127	)		—			—			—			—			(1,871	)		—			(1,998	)
Foreign Currency
Contracts		(16,592	)		(2,600	)		(2,884	)		(6	)		(5,270	)		(1,644	)		(44	)		—			(814	)		(74	)		(255	)		(446	)		(125	)		(30,754	)
Interest Rate Swaps		(73	)		—			—			—			—			—			—			—			—			—			—			—			—			(73	)
Synthetic Futures		(179	)		—			—			—			(134)	^^		—			—			—			—			—			(113)	^^		(212	)		—			(638	)
Total Return Swaps		—			—			—			—			—			—			—			—			—			—			—			(2	)		—			(2	)
Written Options		—			(931	)		—			—			—			—			—			—			—			—			—			—			—			(931	)
Total OTC	$	(16,844	)	$	(3,531)			$(2,884)		$	(6)			$(5,404)			$(1,644)		$	(171	)	$	(2,018	)	$	(814	)	$	(97	)	$	(368	)	$	(2,559	)	$	(125)			$(36,465)

Net Market Value of
OTC Derivatives	$	(4,825	)	$	573			$(1,963)		$	11		$	(715)			$(1,635)		$	3,511		$	(746	)	$	141		$	(31	)	$	204		$	3,376		$	(47	)	$	(2,146	)
Collateral
(Received)/Pledged		77	**		—			—			—			715	**		—			—			746	**		—			9	**		—			—			—			832	**
Net Exposure	$	(4,748	)	$	573			$(1,963)		$	11		$	—		$	(1,635	)	$	3,511		$	—		$	141		$	(22	)	$	204		$	3,376		$	(47	)	$	(1,314	)

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

																							Counterparty
					BOA									CITI						DB						JPM									MS						Total
Assets*
Equity Basket Swaps				$	—								$	—					$	2,977					$	—								$	3,433					$	6,410
Foreign Currency Contracts								—						618						—						6									1,237						1,861
Total Return Swaps								5						—						—						—									—						5
Total OTC							$	5					$	618					$	2,977					$	6								$	4,670					$	8,276

Liabilities*
Equity Basket Swaps				$	—								$	—					$	—					$	—								$	(249	)				$	(249	)
Foreign Currency Contracts								—						(109	)					—						(33	)								(183	)					(325	)
Synthetic Futures								—						—						—						—									(8	)					(8	)
Total Return Swaps								(1	)					—						—						—									(3	)					(4	)
Total OTC							$	(1	)				$	(109	)					—					$	(33	)							$	(443	)				$	(586	)

Net Market Value of OTC Derivatives							$	4					$	509					$	2,977					$	(27)								$	4,227					$	7,690
Collateral (Received)/Pledged								—						(200	)^					—						—									—						(200	)^
Net Exposure							$	4					$	309					$	2,977					$	(27	)							$	4,227					$	7,490

* Represents amount of offsetting derivative assets or liabilities that are subject to an enforceable master netting agreement or similar agreement that are not netted against the gross derivative assets or liabilities for presentation on the statements of assets and liabilities.

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

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

The financial instruments that are subject to Master Netting Agreements or similar agreements may include right of setoff provisions. Derivative instruments include provisions to setoff positions covered under the agreements with the same counterparties and provisions to setoff positions outside of the agreements with the same counterparties in the event of default by one of the parties. Derivative instruments also include collateral provisions. Collateral received and pledged are generally settled daily with each counterparty.

Deposits with Counterparty. Cash pledged as collateral is reflected as an asset on the statement of assets and liabilities as deposits with counterparty. There are a variety of security types which require varying levels of pledged collateral. Customer account agreements govern cleared derivatives transactions such as futures contracts and certain swap agreements. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. International Swaps and Derivatives Association (“ISDA”) accounts are maintained in a segregated account at the custodian for OTC Derivatives. Master Securities Forward Transaction Agreements (“MSFTA”) accounts are also maintained in a segregated account at the custodian for collateral related to forward currency contracts and TBA securities. Certain funds may pledge cash to a broker for securities sold short and repurchase agreements.

As of February 28, 2018, deposits with counterparty were as follows (amounts in thousands):

Deposits from Counterparty. Cash received from a counterparty as collateral is reflected as a liability on the statement of assets and liabilities as deposits from counterparty. There are a variety of security types which require varying levels of pledged collateral. The collateral posted to the fund by the broker is received in the fund’s custodian account.

As of February 28, 2018, deposits from counterparty were as follows (amounts in thousands):

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

Floating Rate Notes Issued in Conjunction with Securities Held. Opportunistic Municipal Fund has entered into transactions in which a fund transfers fixed rate bonds to trusts in exchange for cash and residual interests in the trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties. The fund enters into shortfall and forbearance agreements with the trusts, which commit the fund to pay the trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the fund (inverse floating rate securities) include the right of the fund (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the fixed rate bond from the trusts to the fund, thereby collapsing the trusts. The fund accounts for the transfer of bonds to the trusts as secured borrowings, with the securities transferred remaining in the fund’s investment assets, and the related floating rate notes reflected as fund liabilities under the caption “floating rate notes issued” in the statement of assets and liabilities. The balance of the floating rate notes issued as of February 28, 2018 was $6,248,000. The average outstanding balance for the liability during the period ended February 28, 2018 was $6,127,000 at a weighted average annual interest rate of 1.75%. The notes issued by the trusts have interest rates that reset weekly, and the floating rate note holders have the option to tender their notes to the trusts for redemption at par at each reset date.

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

Reverse Repurchase Agreements. Global Multi-Strategy Fund has entered into reverse repurchase agreements. Under a reverse repurchase agreement, a fund sells securities and agrees to repurchase them at a specified date and price. Reverse repurchase agreements are considered to be borrowings by the fund, and are subject to the fund’s restrictions on borrowing. Reverse repurchase agreements may increase the volatility of a fund and involve the risk that interest costs on money borrowed may exceed the return on securities purchased with the borrowed money. While a reverse repurchase agreement is outstanding, the Fund will maintain cash or appropriate liquid assets to cover its obligation under the agreement. The Fund will enter into reverse repurchase agreements only with parties that the Sub-Advisor deems creditworthy. The fund must segregate assets in an amount equal to the amount the fund owes pursuant to the terms of the reverse repurchase agreements. Reverse repurchase agreements are shown as a separate line item on the statements of assets and liabilities. Interest payments made are shown as reverse repurchase agreement interest expense on the statements of operations. The average amount of borrowings outstanding during the period ended February 28, 2018 was $223,290,000 at a weighted average interest rate of 1.14%. The following table shows a breakdown of the obligations owed by fund, security type sold and remaining maturity for the reverse repurchase agreements.

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

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

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

In connection with the senior floating rate interests, the Funds may also enter into unfunded loan commitments (“commitments”). All or a portion of the commitments may be unfunded. The Funds are obligated to fund these commitments at the borrower’s discretion. Therefore, the Funds must have funds sufficient to cover its contractual obligation. Unfunded loan commitments are marked to market daily and the unrealized gain or loss is shown as a separate line item called unrealized gain or loss on unfunded loan commitments on the statements of assets and liabilities. As of February 28, 2018, the unfunded loan commitments were as follows (amounts in thousands):

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

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

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

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

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

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

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

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

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

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

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

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

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

The maximum potential amount of future payments (undiscounted) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of February 28, 2018 for which a fund is the seller of protection are disclosed in the footnotes to the schedules of investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a fund for the same referenced entity or entities.

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

Currency swap agreements involve the commitment to exchange cash flows on a notional amount based on changes in the relative values of the specified currencies.

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

Certain collateral amounts relate to exchange cleared swaps which are not subject to master netting agreements with counterparties.

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

Underlying Funds. The performance and risks of each Fund of Funds directly correspond to the performance and risks of the underlying funds in which the Fund of Funds invest. By investing in many underlying funds, the Fund of Funds has partial exposure to the risks of many different areas of the market. The more a fund of funds allocates to stock funds, the greater the expected risk.

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

The Manager is the advisor to the Funds of Funds and each of the underlying funds. Principal Real Estate Investors, LLC (“Principal-REI”) is Sub-advisor to Real Estate Allocation Fund. Principal-REI also serves as Sub-Advisor to some of the underlying funds. The Manager and Principal-REI are committed to minimizing the potential impact of underlying fund risk on underlying funds to the extent consistent with pursuing the investment objectives of the fund of funds which it manages. Each may face conflicts of interest in fulfilling its responsibilities to all such funds.

As of February 28, 2018, the Funds of Funds owned the following percentages, in the aggregate, of the outstanding shares of the underlying funds listed below:

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

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

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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



Derivatives not accounted for	Asset Derivatives February 28, 2018		Fair	Liability Derivatives February 28, 2018		Fair
as hedging instruments	Statement of Assets and Liabilities Location		Value	Statement of Assets and Liabilities Location		Value
Diversified Real Asset Fund
Commodity contracts	Receivables, Net Assets Consist of Net unrealized	$	15,578^*Payables, Net Assets Consist of Net unrealized		$	5,817	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Foreign exchange contracts	Receivables	$	11,956	Payables	$	12,933
Interest rate contracts	Receivables, Net Assets Consist of Net unrealized	$	3,355^*Payables, Net Assets Consist of Net unrealized		$	2,151	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
		Total$	30,889		$	20,901
Global Multi-Strategy Fund
Commodity contracts	Receivables, Net Assets Consist of Net unrealized	$	172	Payables, Net Assets Consist of Net unrealized	$	247
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Credit contracts	Receivables, Net Assets Consist of Net unrealized	$	1,544^*Payables, Net Assets Consist of Net unrealized		$	2,146	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	12,769^*Payables, Net Assets Consist of Net unrealized		$	8,830	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Foreign exchange contracts	Receivables	$	23,630	Payables	$	31,685
Interest rate contracts	Receivables, Net Assets Consist of Net unrealized	$	11,762^*Payables, Net Assets Consist of Net unrealized		$	7,997	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
		Total$	49,877		$	50,905
Multi-Manager Equity Long/Short Fund
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	7,816^*Payables, Net Assets Consist of Net unrealized		$	899	^*
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Foreign exchange contracts	Receivables	$	1,861	Payables	$	325
		Total$	9,677		$	1,224
Origin Emerging Markets Fund
Equity contracts	Receivables, Net Assets Consist of Net unrealized	$	202^*	Payables, Net Assets Consist of Net unrealized	$	—
	appreciation (depreciation) of investments			appreciation (depreciation) of investments
Preferred Securities Fund
Interest rate contracts	Receivables, Net Assets Consist of Net unrealized	$	2,818	Payables, Net Assets Consist of Net unrealized	$	4,068
	appreciation (depreciation) of investments			appreciation (depreciation) of investments

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


						Change in Unrealized
						Appreciation/(Depreciation) of
Derivatives not accounted for	Location of Gain or (Loss) on Derivatives		Realized Gain or (Loss) on Derivatives			Derivatives Recognized in Statement
as hedging instruments	Recognized in Statement of Operations		Recognized in Statement of Operations			of Operations
Diversified Real Asset Fund
Commodity contracts	Net realized gain (loss) from Futures	$	26,155		$	(10,234	)
	contracts and Swap agreements/Net change
	in unrealized appreciation/(depreciation) of
	Futures contracts and Swap agreements
Foreign exchange contracts	Net realized gain (loss) from Investment		(2,836	)		(1,669	)
	transactions, Foreign currency contracts, and
	Options and swaptions/Net change in
	unrealized appreciation/(depreciation) of
	Investments, Foreign currency contracts, and
	Options and swaptions
Interest rate contracts	Net realized gain (loss) from Investment		956			1,186
	transactions, Futures contracts, Options and
	swaptions, and Swap agreements/Net
	change in unrealized
	appreciation/(depreciation) of Investments,
	Futures contracts, Options and swaptions,
	and Swap agreements
	Total	$	24,275		$	(10,717	)
Global Multi-Strategy Fund
Commodity contracts	Net realized gain (loss) from Swap	$	1,533		$	(497	)
	agreements/Net change in unrealized
	appreciation/(depreciation) of Swap
	agreements
Credit contracts	Net realized gain (loss) from Swap		(1,505	)		(146	)
	agreements/Net change in unrealized
	appreciation/(depreciation) of Swap
	agreements


	NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)


3. Operating Policies (Continued)

						Change in Unrealized
						Appreciation/(Depreciation) of
Derivatives not accounted for	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives				Derivatives Recognized in Statement
as hedging instruments	Recognized in Statement of Operations	Recognized in Statement of Operations				of Operations
Global Multi-Strategy Fund (continued)
Equity contracts	Net realized gain (loss) from Investment	$	(11,427	)	$	(8,075	)
	transactions, Futures contracts, Options and
	swaptions, and Swap agreements/Net
	change in unrealized
	appreciation/(depreciation) of Investments,
	Futures contracts, Options and swaptions,
	and Swap agreements
Foreign exchange contracts	Net realized gain (loss) from Investment		(11,820	)		(8,626	)
	transactions, Foreign currency contracts,
	Options and swaptions, and Swap
	agreements/Net change in unrealized
	appreciation/(depreciation) of Investments,
	Foreign currency contracts, Options and
	swaptions, and Swap agreements
Interest rate contracts	Net realized gain (loss) from Investment		(1,519	)		2,454
	transactions, Futures contracts, Options and
	swaptions, and Swap agreements/Net
	change in unrealized
	appreciation/(depreciation) of Investments,
	Futures contracts, Options and swaptions,
	and Swap agreements
	Total	$	(24,738	)	$	(14,890	)
Multi-Manager Equity Long/Short Fund
Equity contracts	Net realized gain (loss) from Futures	$	5,571		$	1,747
	contracts and Swap agreements/Net change
	in unrealized appreciation/(depreciation) of
	Futures contracts and Swap agreements
Foreign exchange contracts	Net realized gain (loss) from Foreign		(1,214	)		1,752
	currency contracts/Net change in unrealized
	appreciation/(depreciation) of Foreign
	currency contracts
	Total	$	4,357		$	3,499
Origin Emerging Markets Fund
Equity contracts	Net realized gain (loss) from Futures	$	2,168		$	(713	)
	contracts/Net change in unrealized
	appreciation/(depreciation) of Futures
	contracts
Preferred Securities Fund
Interest rate contracts	Net realized gain (loss) from Investment	$	1,245		$	101
	transactions, Futures contracts, and Options
	and swaptions/Net change in unrealized
	appreciation/(depreciation) of Investments
	and Options and swaptions

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

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

The following table includes a summary of the average quarterly outstanding notional by derivative instrument type for the period ended February 28, 2018:


Contract Type	Derivative Type		Average Notional (000's)
Diversified Real Asset Fund
Commodity Contracts	Futures - Long	$	454,273
	Futures - Short		215,234
	Total Return Swaps - Receive Floating Rate		202,937
Foreign Exchange Contracts	Foreign Currency Contracts - Contracts to Accept		553,583
	Foreign Currency Contracts - Contracts to Deliver		597,603
	Purchased Options		42,899
	Written Options		40,844
Interest Rate Contracts	Exchange Cleared Interest Rate Swaps - Pay Floating Rate		101,665
	Exchange Cleared Interest Rate Swaps - Receive Floating Rate		63,730
	Futures - Long		39,682
	Futures - Short		116,840
	Interest Rate Swaps - Pay Floating Rate		11,193
	Interest Rate Swaps - Receive Floating Rate		23,440
	Purchased Interest Rate Swaptions		31,110
	Purchased Options		411
	Written Interest Rate Swaptions		56,310
	Written Options		457

Global Multi-Strategy Fund
Commodity Contracts	Synthetic Futures - Long		16,993
	Synthetic Futures - Short		9,592
Credit Contracts	Credit Default Swaps - Buy Protection		86,644
	Credit Default Swaps - Sell Protection		1,000
	Exchange Cleared Credit Default Swaps - Buy Protection		9,607
	Exchange Cleared Credit Default Swaps - Sell Protection		13,953
Equity Contracts	Futures - Long		242,364
	Futures - Short		206,098
	Purchased Options		843
	Synthetic Futures - Long		12,747
	Synthetic Futures - Short		11,826
	Total Return Equity Basket Swaps		680,374
	Total Return Swaps - Pay Floating Rate		5,459
	Total Return Swaps - Receive Floating Rate		3,135
	Written Options		565
Foreign Exchange Contracts	Currency Swaps – Contracts to Accept		4,822
	Currency Swaps – Contracts to Deliver		4,799
	Foreign Currency Contracts - Contracts to Accept		1,291,162
	Foreign Currency Contracts - Contracts to Deliver		1,275,645
	Purchased Options		146,765
	Written Options		95,242
Interest Rate Contracts	Exchange Cleared Interest Rate Swaps - Pay Floating Rate		292,793
	Exchange Cleared Interest Rate Swaps - Receive Floating Rate		255,901
	Futures - Long		1,249,726
	Futures - Short		1,038,235
	Interest Rate Swaps - Pay Floating Rate		56,215
	Interest Rate Swaps - Receive Floating Rate		44,062
	Purchased Interest Rate Swaptions		38,848
	Purchased Options		33,238
	Synthetic Futures - Long		48,678
	Synthetic Futures - Short		99,278
	Total Return Swaps - Receive Floating Rate		26,646
	Written Interest Rate Swaptions		5,062

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 may use one or more of the following approaches: market, income and/or cost. 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.

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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 securities are dependent on economic, political and other considerations. The values of the underlying investee securities 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 (“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 at least monthly and reports directly to the Board of Directors. A pricing group (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 approaches established for each asset class. The Pricing Group will consider all appropriate information available when determining fair valuation.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those instruments.

The beginning of the period timing recognition has been adopted for the significant transfers between levels of each Fund’s assets and liabilities. There were no significant purchases, sales, or transfers into or out of Level 3. The table below includes transfers from Level 1 to Level 2 for the period-ended February 28, 2018 due to lack of exchange-traded valuation data:

Below are transfers from Level 2 to Level 1 for the period-ended February 28, 2018 due to the resumption of trading for previous thinly traded securities:

The following is a summary of the inputs used as of February 28, 2018 in valuing the Funds' securities carried at value (amounts shown in thousands):


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)


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

Diversified Real Asset Fund
Bonds*	$	—		$	337,392		$	—	$	337,392
Commodity Indexed Structured Notes*		—			22,974			—		22,974
Common Stocks
Basic Materials		219,334			256,053			—		475,387
Communications		—			2,145			—		2,145
Consumer, Cyclical		38,627			13,538			—		52,165
Consumer, Non-cyclical		40,703			60,360			—		101,063
Diversified		—			3,268			—		3,268
Energy		494,041			99,544			61		593,646
Financial		289,250			206,248			—		495,498
Industrial		100,816			116,095			—		216,911
Technology		6,144			4,646			—		10,790
Utilities		133,508			121,081			—		254,589
Convertible Bonds*		—			273			—		273
Investment Companies*		77,688			—			—		77,688
Senior Floating Rate Interests*		—			710,328			—		710,328
U.S. Government & Government Agency Obligations*		—			723,100			—		723,100
Purchased Interest Rate Swaptions		—			1,248			—		1,248
Purchased Options		—			65			—		65
Total investments in securities $		1,400,111		$	2,678,358		$	61	$	4,078,530
Assets
Commodity Contracts**
Futures	$	15,578		$	—		$	—	$	15,578
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	11,891		$	—	$	11,891
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	949		$	—	$	949
Futures		225			—			—		225
Interest Rate Swaps		—			933			—		933
Liabilities
Commodity Contracts**
Futures	$	(5,217	)	$	—		$	—	$	(5,217	)
Total Return Swaps		—			(600	)		—		(600	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(12,911	)	$	—	$	(12,911	)
Written Options		—			(22	)		—		(22	)
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	(681	)	$	—	$	(681	)
Futures		(265	)		—			—		(265	)
Interest Rate Swaps		—			(2	)		—		(2	)
Interest Rate Swaptions		—			(1,203	)		—		(1,203	)

Dynamic Floating Rate High Income Fund
Bonds*	$	—		$	2,072		$	—	$	2,072
Investment Companies*		1,541			—			—		1,541
Senior Floating Rate Interests*		—			8,393			—		8,393
Total investments in securities $		1,541		$	10,465		$	—	$	12,006

Global Multi-Strategy Fund
Bonds*	$	—		$	753,119		$	19,018	$	772,137
Common Stocks
Basic Materials		59,029			31,720			—		90,749
Communications		109,852			12,758			80		122,690
Consumer, Cyclical		89,150			46,536			16		135,702
Consumer, Non-cyclical		146,904			48,542			—		195,446
Diversified		1,002			2,256			—		3,258
Energy		50,835			12,148			—		62,983
Financial		121,386			58,837			2,792		183,015
Industrial		76,417			41,348			—		117,765
Technology		98,921			14,117			4		113,042
Utilities		15,884			10,161			—		26,045
Convertible Bonds*		—			73,121			—		73,121


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)


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

Global Multi-Strategy Fund (Continued)
Convertible Preferred Stocks
Communications	$	—		$	—		$	213	$	213
Consumer, Cyclical		—			—			40		40
Consumer, Non-cyclical		3,489			104			—		3,593
Energy		201			—			—		201
Financial		1,531			4,161			—		5,692
Industrial		174			—			—		174
Technology		—			378			—		378
Utilities		804			—			—		804
Investment Companies*		453,364			—			—		453,364
Preferred Stocks
Basic Materials		—			345			—		345
Communications		—			107			1,646		1,753
Consumer, Cyclical		—			1,666			—		1,666
Financial		868			—			722		1,590
Industrial		—			—			69		69
Technology		—			—			146		146
Repurchase Agreements*		—			190,847			—		190,847
Senior Floating Rate Interests*		—			158,119			—		158,119
U.S. Government & Government Agency Obligations*		—			308,589			—		308,589
Purchased Interest Rate Swaptions		—			114			—		114
Purchased Options		4,492			1,934			—		6,426
Total investments in securities $		1,234,303		$	1,771,027		$	24,746	$	3,030,076
Short Sales
Bonds		—			(20,632	)		—		(20,632	)
Common Stocks
Basic Materials	$	(4,586	)	$	(13,336	)	$	—	$	(17,922	)
Communications		(23,902	)		(11,239	)		—		(35,141	)
Consumer, Cyclical		(32,451	)		(19,642	)		—		(52,093	)
Consumer, Non-cyclical		(30,672	)		(25,467	)		—		(56,139	)
Diversified		—			(2,023	)		—		(2,023	)
Energy		(9,500	)		(5,713	)		—		(15,213	)
Financial		(21,765	)		(20,996	)		—		(42,761	)
Industrial		(18,068	)		(17,276	)		—		(35,344	)
Technology		(33,998	)		(1,921	)		—		(35,919	)
Utilities		(8,946	)		(7,204	)		—		(16,150	)
Convertible Bonds		—			(582	)		—		(582	)
Investment Companies		(752	)		—			—		(752	)
U.S. Government & Government Agency Obligations		—			(213,827	)		—		(213,827	)
Total Short Sales $		(184,640	)	$	(359,858	)	$	—	$	(544,498	)
Assets
Credit Contracts**
Credit Default Swaps	$	—		$	1,478		$	—	$	1,478
Exchange Cleared Credit Default Swaps		—			66			—		66
Commodity Contracts**
Synthetic Futures	$	—		$	172		$	—	$	172
Equity Contracts**
Futures	$	1,073		$	—		$	—	$	1,073
Synthetic Futures		—			93			—		93
Total Return Equity Basket Swaps		—			8,471			—		8,471
Total Return Swaps		—			66			—		66
Foreign Exchange Contracts**
Currency Swaps	$	—		$	6		$	—	$	6
Foreign Currency Contracts		—			21,690			—		21,690
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	4,786		$	—	$	4,786
Futures		5,141			—			—		5,141
Interest Rate Swaps		—			118			—		118
Synthetic Futures		—			15			—		15
Total Return Swaps		—			162			—		162
Liabilities
Credit Contracts**
Credit Default Swaps	$	—		$	(2,069	)	$	—	$	(2,069	)
Exchange Cleared Credit Default Swaps		—			(77	)		—		(77	)
Commodity Contracts**
Synthetic Futures	$	—		$	(247	)	$	—	$	(247	)


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)


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

Global Multi-Strategy Fund (Continued)
Liabilities (Continued)
Equity Contracts**
Futures	$	(5,108	)	$	—		$	—	$	(5,108	)
Written Options		(1,481	)		—			—		(1,481	)
Synthetic Futures		—			(241	)		—		(241	)
Total Return Equity Basket Swaps		—			(1,998	)		—		(1,998	)
Total Return Swaps		—			(2	)		—		(2	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(30,754	)	$	—	$	(30,754	)
Written Options		—			(931	)		—		(931	)
Interest Rate Contracts**
Exchange Cleared Interest Rate Swaps	$	—		$	(4,295	)	$	—	$	(4,295	)
Futures		(1,566	)		—			—		(1,566	)
Interest Rate Swaps		—			(73	)		—		(73	)
Interest Rate Swaption		—			—			—		—
Written Options		(1,913	)		—			—		(1,913	)
Synthetic Futures		—			(150	)		—		(150	)

Global Opportunities Fund
Common Stocks
Basic Materials	$	—		$	4,736		$	—	$	4,736
Communications		94,728			—			—		94,728
Consumer, Cyclical		50,655			78,368			—		129,023
Consumer, Non-cyclical		120,001			45,775			—		165,776
Diversified		53			—			—		53
Energy		13,015			23,760			—		36,775
Financial		125,797			104,649			—		230,446
Industrial		89,712			27,940			—		117,652
Technology		72,365			15,624			—		87,989
Utilities		12,473			20,497			—		32,970
Investment Companies*		1,855			—			—		1,855
Preferred Stocks		5,451			—			—		5,451
Total investments in securities $		586,105		$	321,349		$	—	$	907,454

International Small Company Fund
Common Stocks
Basic Materials	$	16,249		$	64,788		$	—	$	81,037
Communications		6,043			28,089			—		34,132
Consumer, Cyclical		21,061			159,352			—		180,413
Consumer, Non-cyclical		5,668			136,509			—		142,177
Diversified		—			12,470			—		12,470
Energy		17,647			26,309			—		43,956
Financial		14,616			193,330			—		207,946
Industrial		15,227			189,288			—		204,515
Technology		14,018			52,070			—		66,088
Utilities		—			17,900			—		17,900
Investment Companies*		15,898			—			—		15,898
Preferred Stocks
Industrial		—			2,289			—		2,289
Total investments in securities $		126,427		$	882,394		$	—	$	1,008,821

Multi-Manager Equity Long/Short Fund
Common Stocks
Basic Materials	$	13,281		$	8,422		$	—	$	21,703
Communications		22,531			5,633			—		28,164
Consumer, Cyclical		24,923			15,304			—		40,227
Consumer, Non-cyclical		51,473			8,147			—		59,620
Energy		11,930			4,384			—		16,314
Financial		25,815			11,336			—		37,151
Industrial		27,854			20,528			—		48,382
Technology		26,566			7,605			—		34,171
Utilities		3,481			2,107			—		5,588
Investment Companies*		78,983			—			—		78,983
Preferred Stocks
Consumer, Cyclical		—			2,295			—		2,295
U.S. Government & Government Agency Obligations*		—			11,971			—		11,971
Total investments in securities $		286,837		$	97,732		$	—	$	384,569


NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)


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

Multi-Manager Equity Long/Short Fund (Continued)
Short Sales
Common Stocks
Basic Materials	$	(3,357	)	$	(2,090	)	$	—	$	(5,447	)
Communications		(7,016	)		(1,617	)		—		(8,633	)
Consumer, Cyclical		(12,509	)		(6,324	)		—		(18,833	)
Consumer, Non-cyclical		(19,664	)		(3,528	)		—		(23,192	)
Energy		(7,331	)		(290	)		—		(7,621	)
Financial		(13,723	)		(5,525	)		—		(19,248	)
Industrial		(7,419	)		(7,820	)		—		(15,239	)
Technology		(12,914	)		(1,743	)		—		(14,657	)
Utilities		(5,136	)		(1,620	)		—		(6,756	)
Investment Companies		(16,660	)		—			—		(16,660	)
	Total Short Sales$	(105,729	)	$	(30,557	)	$	—	$	(136,286	)
Assets
Equity Contracts**
Futures	$	1,401		$	—		$	—	$	1,401
Total Return Equity Basket Swaps		—			6,410			—		6,410
Total Return Swaps		—			5			—		5
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	1,861		$	—	$	1,861
Liabilities
Equity Contracts**
Futures	$	(638	)	$	—		$	—	$	(638	)
Synthetic Futures		—			(8	)		—		(8	)
Total Return Equity Basket Swaps		—			(249	)		—		(249	)
Total Return Swaps		—			(4	)		—		(4	)
Foreign Exchange Contracts**
Foreign Currency Contracts	$	—		$	(325	)	$	—	$	(325	)

Opportunistic Municipal Fund
Investment Companies*	$	113		$	—		$	—	$	113
Municipal Bonds*		—			125,253			—		125,253
	Total investments in securities $	113		$	125,253		$	—	$	125,366

Origin Emerging Markets Fund
Common Stocks
Basic Materials	$	7,117		$	60,228		$	—	$	67,345
Communications		66,985			56,531			—		123,516
Consumer, Cyclical		8,540			40,381			—		48,921
Consumer, Non-cyclical		7,849			26,341			—		34,190
Diversified		—			13,884			—		13,884
Energy		—			69,353			—		69,353
Financial		—			186,566			—		186,566
Industrial		—			64,312			—		64,312
Technology		45,959			47,623			—		93,582
Utilities		4,726			3,635			—		8,361
Investment Companies*		18,744			—			—		18,744
	Total investments in securities $	159,920		$	568,854		$	—	$	728,774
Assets
Equity Contracts**
Futures		202			—			—		202

Preferred Securities Fund
Bonds*	$	—		$	4,393,955		$	—	$	4,393,955
Convertible Preferred Stocks
Financial		80,347			—			—		80,347
Investment Companies*		37,030			—			—		37,030
Preferred Stocks
Communications		101,532			142,114			—		243,646
Consumer, Non-cyclical		—			27,734			—		27,734
Financial		640,565			122,355			—		762,920
Government		—			67,356			—		67,356
Industrial		39,816			—			—		39,816
Utilities		151,271			1,931			—		153,202
Purchased Options		2,818			—			—		2,818
	Total investments in securities $	1,053,379		$	4,755,445		$	—	$	5,808,824
Liabilities
Interest Rate Contracts**
Written Options		(4,068	)		—			—		(4,068	)

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

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

In addition to the management fee, R-1, R-2, R-3, R-4, and R-5 classes of shares of the Funds pay the Manager a service fee and an administrative service fee computed at an annual percentage rate of each class’s average daily net assets. The annual rates for the service fee are .25%, .25%, .25%, .25%, and .25% and the annual rates for the administrative service fee are .28%, .20%, .07%, .03%, and .01% for R-1, R-2, R-3, R-4, and R-5, respectively. Class A, Class C, Class T, and Institutional shares of the Funds reimburse Principal Shareholder Services, Inc. (the “Transfer Agent”) (wholly owned by the Manager) for transfer agent services. Class J shares pays the Transfer Agent a fee for the services provided in an amount that includes a profit.

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

In addition, the Manager has contractually agreed to limit certain of the Funds’ management and investment advisory fees. The expense limit will reduce the Fund’s management and investment advisory fees by the following amounts:

In addition, the Manager has contractually agreed to limit R-6 expenses other than management and investment advisory fees and distribution fees and, if necessary, pay expenses normally payable by the Funds, excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, and other extraordinary expenses. The limits are expressed as a percentage of average daily net assets attributable to R-6 shares on an annualized basis during the reporting period. The limits are as follows:

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

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

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

The Distributor has voluntarily agreed to limit the distribution fees (expressed as a percent of average net assets on an annualized basis) attributable to Class J shares. The limit will maintain the level of distribution fees not to exceed .12% for Class J shares. The voluntary expense limit may be terminated at any time.

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

Sales Charges. The Distributor receives proceeds of any CDSC on certain Class A, Class C, and Class J share redemptions. The charge for Class A shares is 1.00% of the lesser of current market value or the cost of shares redeemed within 12 months of purchase that were originally sold without a sales charge. The charge for Class C shares is 1.00% of the lesser of current market value or the cost of shares redeemed within 12 months of purchase. The charge for Class J shares is 1.00% of the lesser of current market value or the cost of shares redeemed within 18 months of purchase. The Distributor also retains sales charges on sales of Class A shares based on declining rates which begin at 3.75% for Diversified Real Asset Fund, Dynamic Floating Rate High Income Fund, Global Multi-Strategy Fund, Opportunistic Municipal Fund, Preferred Securities Fund, and Real Estate Debt Income Fund and 5.50% for Blue Chip Fund, Global Opportunities Fund, International Small Company Fund, Multi-Manager Equity Long/Short Fund, Origin Emerging Markets Fund, Real Estate Allocation Fund, and Small-MidCap Dividend Income Fund. The Distributor also retains sales charges on sales of Class T shares based on declining rates which begin at 2.50% for Blue Chip Fund and Preferred Securities Fund. The aggregate amounts of these charges retained by the Distributor for the period ended February 28, 2018, were as follows (amounts in thousands):

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

Affiliated Ownership. At February 28, 2018, Principal Life Insurance Company (an affiliate of the Manager), the Manager, Principal Securities, Inc., Collective Investment Trusts sponsored by Principal Trust Company, benefit plans and separate accounts sponsored on behalf of Principal Life Insurance Company, and other affiliated entities owned shares of the Funds as follows (amounts in thousands):

Affiliated Brokerage Commissions. With respect to Preferred Securities Fund, $62,000 of brokerage commission was paid to Spectrum Asset Management, Inc., a member of the Principal Financial Group. The other Funds did not pay brokerage commissions to any member of the Principal Financial Group during the period ended February 28, 2018.

For the period ended February 28, 2018, the cost of investment securities purchased and proceeds from investment securities sold (not including short-term investments and U.S. government securities) by the Funds were as follows (amounts in thousands):

For the period ended February 28, 2018, the cost of U.S. government securities purchased and proceeds from U.S. government securities sold (not including short-term investments) by the Funds were as follows (amounts in thousands):

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

Distributions to Shareholders. The federal income tax character of distributions paid for the periods ended February 28, 2018, and August 31, 2017 were as follows (amounts in thousands):

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

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

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

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

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

Distributable Earnings. As of August 31, 2017, the components of distributable earnings/(deficit) on a federal tax basis were as follows (amounts in thousands):

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

Capital Loss Carryforwards. For federal income tax purposes, capital loss carryforwards are losses that can be used to offset future capital gains of the Funds. At August 31, 2017, the Funds had approximate net capital loss carryforwards as follows (amounts in thousands):

Capital losses generated in taxable years beginning after the enactment date of the Regulated Investment Company Modernization Act of 2010 on December 22, 2010, will be carried forward with no expiration and with the character of the loss retained.

As of August 31, 2017, the following funds utilized capital loss carryforwards as follows (amounts in thousands):

Late-Year Losses. A regulated investment company may elect to treat any portion of any qualified late-year loss as arising on the first day of the next taxable year. Qualified late-year losses are certain capital and ordinary losses which occur during the portion of the Fund’s taxable year subsequent to October 31 and December 31, respectively. As of August 31, 2017, the Funds do not plan to defer any late-year losses.

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

Reclassification of Capital Accounts. The Funds may record reclassifications in their capital accounts. These reclassifications have no impact on the total net assets of the Funds. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Funds’ distributions may be shown in the accompanying Statement of Changes in Net Assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended August 31, 2017, the Funds recorded reclassifications as follows (amounts in thousands):

Federal Income Tax Basis. At February 28, 2018, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the Funds were as follows (amounts in thousands):

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

Management has evaluated events and transactions that have occurred through the date the financial statements were issued that would merit recognition or disclosure in the financial statements. On March 13, 2018, the Board of Directors approved a Plan of Liquidation for the Real Estate Allocation Fund. Pursuant to the Plan of Liquidation, the Real Estate Allocation Fund will liquidate on or about April 27, 2018. There were no additional items requiring adjustment of the financial statements or additional disclosure.


Schedule of Investments
Blue Chip Fund
February 28, 2018 (unaudited)



COMMON STOCKS - 100.06%	Shares Held		Value (000's)	COMMON STOCKS (continued)		Shares Held	Value (000's)
Aerospace & Defense - 3.30%				Software (continued)
TransDigm Group Inc	318,239	$	91,752	salesforce.com Inc ^(a)		640,481	$	74,456
							$	212,905
Banks - 0.37%				TOTAL COMMON STOCKS			$	2,781,589
First Republic Bank/CA	109,455		10,157	INVESTMENT COMPANIES - 0.14%		Shares Held	Value (000's)
				Money Market Funds - 0.14%
Building Materials - 0.59%				Principal Government Money Market Fund ^(b)		3,974,952		3,975
Martin Marietta Materials Inc	80,802		16,478
				TOTAL INVESTMENT COMPANIES			$	3,975
Chemicals - 6.07%				Total Investments			$	2,785,564
Air Products & Chemicals Inc	405,474		65,196	Other Assets and Liabilities - (0.20)%			$	(5,437	)
Praxair Inc	560,906		83,996	TOTAL NET ASSETS - 100.00%			$	2,780,127
Sherwin-Williams Co/The	49,079		19,709
		$	168,901
Commercial Services - 5.17%				(a)	Non-income producing security
Ecolab Inc	84,240		10,989	(b)	Affiliated Security. Security is either an affiliate (and registered under the
Gartner Inc ^(a)	311,792		35,360		Investment Company Act of 1940) or an affiliate as defined by the
IHS Markit Ltd ^(a)	326,089		15,343		Investment Company Act of 1940 (the Fund controls 5.0% or more of the
Moody's Corp	491,219		81,975		outstanding voting shares of the security). Please see affiliated sub-
		$	143,667		schedule for transactional information.
Diversified Financial Services - 11.85%
Charles Schwab Corp/The	1,027,103		54,457
FNF Group	427,475		17,069
Mastercard Inc	713,866		125,469		Portfolio Summary (unaudited)
Visa Inc	1,077,505		132,469	Sector				Percent
		$	329,464	Financial				35.56	%
Electric - 0.55%				Communications				25.87	%
Brookfield Infrastructure Partners LP	377,977		15,248	Consumer, Cyclical				10.96	%
				Consumer, Non-cyclical				8.65	%
Healthcare - Products - 3.48%				Technology				7.66	%
Danaher Corp	797,981		78,027	Basic Materials				6.07	%
DENTSPLY SIRONA Inc	335,328		18,798	Industrial				3.89	%
		$	96,825	Energy				0.85	%
Home Builders - 0.23%				Utilities				0.55	%
Lennar Corp - A Shares	113,772		6,437	Investment Companies				0.14	%
				Other Assets and Liabilities				(0.20	)%
Insurance - 11.40%				TOTAL NET ASSETS				100.00	%
Aon PLC	563,068		79,010
Berkshire Hathaway Inc - Class B ^(a)	903,109		187,124
Markel Corp ^(a)	45,629		50,739
		$	316,873
Internet - 24.02%
Alphabet Inc - A Shares ^(a)	7,384		8,151
Alphabet Inc - C Shares ^(a)	201,152		222,219
Amazon.com Inc ^(a)	182,821		276,508
Booking Holdings Inc ^(a)	35,247		71,694
Facebook Inc ^(a)	436,408		77,820
Liberty Ventures ^(a)	211,552		11,322
		$	667,714
Media - 1.85%
Liberty Global PLC - C Shares ^(a)	1,712,640		51,431

Pipelines - 0.85%
Kinder Morgan Inc/DE	1,456,757		23,599

Private Equity - 4.79%
Brookfield Asset Management Inc	3,435,905		133,038

REITs - 7.15%
American Tower Corp	983,868		137,082
Equinix Inc	59,922		23,496
SBA Communications Corp ^(a)	242,190		38,089
		$	198,667
Retail - 10.73%
CarMax Inc ^(a)	872,724		54,039
Costco Wholesale Corp	48,579		9,274
O'Reilly Automotive Inc ^(a)	122,735		29,971
Restaurant Brands International Inc	646,487		37,878
Starbucks Corp	1,168,915		66,745
TJX Cos Inc/The	784,392		64,853
Yum! Brands Inc	438,356		35,673
		$	298,433
Software - 7.66%
Microsoft Corp	1,476,476		138,449


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2018 (unaudited)



COMMON STOCKS - 53.70%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)
Agriculture - 0.34%				Electric (continued)
Archer-Daniels-Midland Co	110,040	$	4,569	PG&E Corp	305,971	$	12,572
Bunge Ltd	65,587		4,947	Terna Rete Elettrica Nazionale SpA	873,280		4,840
Golden Agri-Resources Ltd	15,976,400		4,325			$	102,653
		$	13,841	Electronics - 0.16%
Automobile Parts & Equipment - 0.07%				Badger Meter Inc	20,266		965
Aptiv PLC	33,134		3,026	Halma PLC	263,033		4,346
				Watts Water Technologies Inc	19,360		1,462
Building Materials - 0.56%						$	6,773
Boise Cascade Co	5,822		235	Energy - Alternate Sources - 0.14%
Duratex SA	478,700		1,688	China Longyuan Power Group Corp Ltd	3,907,000		2,578
Geberit AG	16,499		7,449	Pattern Energy Group Inc	84,300		1,565
Louisiana-Pacific Corp	134,139		3,823	Vestas Wind Systems A/S	24,572		1,776
Norbord Inc	92,677		3,129			$	5,919
Pinnacle Renewable Holdings Inc ^(a)	52,715		554	Engineering & Construction - 1.53%
Reliance Worldwide Corp Ltd	328,894		1,091	Aegion Corp ^(a)	29,349		674
Vulcan Materials Co	42,924		5,053	Aena SME SA ^(b)	35,001		7,108
		$	23,022	Arcadis NV	64,499		1,545
Chemicals - 2.05%				Auckland International Airport Ltd	396,800		1,842
CF Industries Holdings Inc	117,117		4,830	Beijing Capital International Airport Co Ltd	532,400		785
Covestro AG ^(b)	34,947		3,942	Eiffage SA	20,200		2,187
DowDuPont Inc	49,115		3,453	Enav SpA ^(b)	1,947,893		9,912
FMC Corp	46,487		3,648	Ferrovial SA	406,904		8,781
Ingevity Corp ^(a)	20,958		1,570	Flughafen Zurich AG	39,438		9,364
K+S AG	508,116		14,150	Grupo Aeroportuario del Pacifico SAB de CV	78,100		754
Lenzing AG	20,038		2,474	Obrascon Huarte Lain SA ^(a)	202,300		1,135
LyondellBasell Industries NV	45,750		4,951	Promotora y Operadora de Infraestructura	134,455		1,374
Monsanto Co	37,082		4,575	SAB de CV
Mosaic Co/The	180,668		4,755	Sydney Airport	1,994,197		10,131
Nutrien Ltd	205,420		10,093	Vinci SA	73,034		7,211
Nutrien Ltd	109,400		5,387			$	62,803
OCI NV ^(a)	194,992		4,571	Environmental Control - 0.15%
Olin Corp	115,730		3,761	China Water Affairs Group Ltd	760,000		670
Yara International ASA	269,881		11,926	CT Environmental Group Ltd	2,586,000		450
		$	84,086	Kurita Water Industries Ltd	73,700		2,253
Commercial Services - 1.06%				SIIC Environment Holdings Ltd	810,800		315
Abertis Infraestructuras SA	126,300		3,014	Tetra Tech Inc	50,279		2,461
Atlantia SpA	254,887		7,829			$	6,149
Cengage Learning Holdings II Inc ^(a),(c)	11,792		74	Food - 0.21%
Corp America Airports SA ^(a)	47,900		762	Ingredion Inc	31,690		4,140
Getlink SE	484,529		6,232	Wilmar International Ltd	1,894,800		4,590
Macquarie Atlas Roads Group	354,000		1,510			$	8,730
OHL Mexico SAB de CV	4,487,365		7,970	Forest Products & Paper - 4.07%
Transurban Group	1,808,307		16,116	Acadian Timber Corp	154,100		2,327
		$	43,507	BillerudKorsnas AB	197,542		2,927
Consumer Products - 0.23%				Canfor Corp ^(a)	391,498		9,251
Avery Dennison Corp	38,454		4,544	Clearwater Paper Corp ^(a)	34,826		1,310
Kimberly-Clark Corp	44,070		4,888	Domtar Corp	74,025		3,313
		$	9,432	Empresas CMPC SA	976,900		3,764
Cosmetics & Personal Care - 0.41%				Fibria Celulose SA ADR	1,104,305		20,762
Essity AB	150,769		4,126	Holmen AB	54,940		2,842
Kao Corp	37,300		2,723	Interfor Corp ^(a)	285,769		5,423
Svenska Cellulosa AB SCA	662,539		6,566	International Paper Co	206,141		12,284
Unicharm Corp	116,600		3,255	Klabin SA	937,600		5,074
		$	16,670	Mondi PLC	587,861		15,292
Electric - 2.50%				Nine Dragons Paper Holdings Ltd	4,535,000		8,069
ACEA SpA	39,761		690	Oji Holdings Corp	1,177,000		7,671
Algonquin Power & Utilities Corp	340,000		3,362	Quintis Ltd ^(a),(d)	2,854,062		709
American Electric Power Co Inc	128,300		8,414	Sappi Ltd	750,921		4,833
CLP Holdings Ltd	349,000		3,530	Smurfit Kappa Group PLC	262,453		9,131
CMS Energy Corp	50,600		2,148	Stora Enso OYJ	770,240		13,602
Dominion Energy Inc	48,800		3,615	Sumitomo Forestry Co Ltd	307,200		5,122
Edison International	104,555		6,335	Suzano Papel e Celulose SA	859,900		5,636
Enel SpA	1,454,413		8,442	UPM-Kymmene OYJ	396,644		13,571
Entergy Corp	38,600		2,927	West Fraser Timber Co Ltd	132,357		9,219
FirstEnergy Corp	53,500		1,730	Western Forest Products Inc	2,381,813		5,067
Hera SpA	648,903		2,207			$	167,199
Huadian Fuxin Energy Corp Ltd	14,110,000		3,407	Gas - 1.47%
Iberdrola SA	1,418,750		10,441	Atmos Energy Corp	38,100		3,067
Infraestructura Energetica Nova SAB de CV	1,474,587		6,962	ENN Energy Holdings Ltd	272,700		2,074
Innogy SE ^(b)	89,537		3,571	Italgas SpA	189,735		1,017
NextEra Energy Inc	88,900		13,526	National Grid PLC	1,884,300		19,070
NRG Energy Inc	29,100		753	Sempra Energy	196,511		21,416
Orsted A/S ^(b)	51,100		3,181

Consolidated Schedule of Investments Diversified Real Asset Fund February 28, 2018 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)
Gas (continued)				Mining (continued)
Snam SpA	778,570	$	3,485	Glencore PLC ^(a)	4,124,281	$	21,688
Southcross Holdings Borrower LP ^(a),(c)	37		12	Goldcorp Inc	346,700		4,339
Southwest Gas Holdings Inc	122,500		8,070	MMC Norilsk Nickel PJSC ADR	252,716		4,991
Tokyo Gas Co Ltd	35,000		874	Newcrest Mining Ltd	539,207		8,849
Western Gas Equity Partners LP	33,823		1,231	Newmont Mining Corp	287,580		10,986
		$	60,316	Norsk Hydro ASA	643,302		4,322
Hand & Machine Tools - 0.03%				Orocobre Ltd ^(a)	254,788		1,269
Franklin Electric Co Inc	26,862		1,052	Rio Tinto Ltd	270,955		16,798
				South32 Ltd	1,773,211		4,478
Healthcare - Products - 0.22%				Southern Copper Corp	104,361		5,503
Danaher Corp	90,834		8,882	Sumitomo Metal Mining Co Ltd	112,800		5,238
				Wheaton Precious Metals Corp	209,500		3,998
Healthcare - Services - 0.00%						$	140,755
Millennium Health LLC ^(a),(c)	22,091		1	Miscellaneous Manufacturers - 0.42%
Millennium Health LLC ^{(a),(c),(d),(e)}	20,580		—	Aalberts Industries NV	66,968		3,350
Millennium Health LLC ^{(a),(c),(d),(e)}	19,318		—	Alfa Laval AB	208,577		5,010
		$	1	Pentair PLC	112,921		7,757
Holding Companies - Diversified - 0.08%				Sulzer AG	8,826		1,172
Empresas COPEC SA	202,543		3,268			$	17,289
				Oil & Gas - 4.94%
Home Builders - 0.22%				Aker BP ASA	144,614		3,548
DR Horton Inc	74,574		3,125	Anadarko Petroleum Corp	91,253		5,205
Toll Brothers Inc	72,198		3,164	Andeavor	51,315		4,599
TRI Pointe Group Inc ^(a)	191,457		2,935	Antero Midstream Partners LP	255,759		6,678
		$	9,224	BP PLC	662,830		4,308
Iron & Steel - 2.03%				Cabot Oil & Gas Corp	90,525		2,187
ArcelorMittal ^(a)	336,083		11,412	Canadian Natural Resources Ltd	129,200		4,002
Fortescue Metals Group Ltd	1,256,668		4,833	Chevron Corp	36,880		4,128
JFE Holdings Inc	185,900		4,274	CNOOC Ltd	6,168,000		8,803
Nippon Steel & Sumitomo Metal Corp	180,500		4,267	ConocoPhillips	86,249		4,684
Novolipetsk Steel PJSC	194,177		5,048	Continental Resources Inc/OK ^(a)	95,752		4,549
Nucor Corp	148,134		9,688	Devon Energy Corp	205,659		6,307
POSCO	19,764		6,539	Ecopetrol SA ADR	378,311		6,624
Severstal PJSC	282,395		4,574	Eni SpA	266,508		4,425
Steel Dynamics Inc	94,652		4,378	EOG Resources Inc	108,788		11,034
thyssenkrupp AG	160,091		4,335	EQT GP Holdings LP	48,519		1,144
Vale SA ADR	1,431,132		19,649	Exxon Mobil Corp	52,688		3,991
voestalpine AG	75,404		4,350	Galp Energia SGPS SA	278,124		5,009
		$	83,347	Gazprom PJSC ADR	981,854		4,850
Lodging - 0.70%				Hess Corp	99,466		4,518
City Developments Ltd	1,094,400		10,464	Imperial Oil Ltd	142,100		3,848
Hilton Grand Vacations Inc ^(a)	151,009		6,518	Kunlun Energy Co Ltd	815,500		764
Hilton Worldwide Holdings Inc	148,261		11,978	LUKOIL PJSC ADR	78,999		5,235
		$	28,960	Novatek PJSC	38,731		5,259
Machinery - Diversified - 0.75%				Occidental Petroleum Corp	186,065		12,206
				Ocean Rig UDW Inc ^(a)	49,483		1,280
ANDRITZ AG	97,627		5,664
Ebara Corp	65,900		2,432	OMV AG	41,235		2,345
				Petroleo Brasileiro SA ADR^(a)	429,094		5,617
Gorman-Rupp Co/The	13,261		354	Petroleo Brasileiro SA ADR^(a)	451,482		6,339
IDEX Corp	53,202		7,278
Interpump Group SpA	59,875		1,979	Phillips 66	44,981		4,065
Kadant Inc	13,164		1,256	Pioneer Natural Resources Co	28,122		4,787
Lindsay Corp	7,402		655	Repsol SA	238,681		4,241
Valmet OYJ	84,709		1,811	Rosneft Oil Co PJSC	889,599		5,155
Xylem Inc/NY	124,995		9,322	Royal Dutch Shell PLC - A Shares	137,514		4,343
		$	30,751	Showa Shell Sekiyu KK	240,800		3,092
Metal Fabrication & Hardware - 0.19%				Statoil ASA	218,098		4,964
Advanced Drainage Systems Inc	27,687		707	Suncor Energy Inc	126,300		4,158
Mueller Industries Inc	40,115		1,063	TOTAL SA	168,311		9,573
Mueller Water Products Inc - Class A	110,388		1,214	Valero Energy Corp	119,904		10,841
				Vantage Drilling International ^(a),(d),(e)	1,554		61
Rexnord Corp ^(a)	72,155		2,091
Tenaris SA	155,107		2,677	Woodside Petroleum Ltd	188,571		4,209
				Woodside Petroleum Ltd - Rights ^(a)	19,343		32
		$	7,752
Mining - 3.43%						$	203,007
Alcoa Corp ^(a)	124,919		5,618	Oil & Gas Services - 0.68%
Anglo American PLC	238,550		5,777	Baker Hughes a GE Co	147,609		3,897
Antofagasta PLC	356,450		4,238	Halliburton Co	221,423		10,278
				Newpark Resources Inc ^(a)	355,770		2,935
Barrick Gold Corp	318,463		3,669
				Schlumberger Ltd	138,349		9,081
BHP Billiton Ltd	211,746		4,972	Select Energy Services Inc ^(a)	134,106		1,926
Franco-Nevada Corp	53,800		3,770
Freeport-McMoRan Inc ^(a)	863,220		16,056			$	28,117
Fresnillo PLC	251,115		4,196	Packaging & Containers - 1.39%
				Amcor Ltd/Australia	374,882		4,019
				Ball Corp	120,516		4,815

Consolidated Schedule of Investments Diversified Real Asset Fund February 28, 2018 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)
Packaging & Containers (continued)				REITs (continued)
DS Smith PLC	1,202,697	$	7,888	Equinix Inc	27,247	$	10,684
Greif Inc - Class A	38,188		2,198	Essex Property Trust Inc	44,427		9,944
KapStone Paper and Packaging Corp	15,099		527	Frasers Logistics & Industrial Trust	6,297,056		5,191
Packaging Corp of America	158,433		18,885	Gecina SA	64,659		11,324
Sealed Air Corp	91,329		3,870	Goodman Group	2,258,333		14,280
Sonoco Products Co	52,376		2,512	Hoshino Resorts REIT Inc	442		2,379
WestRock Co	186,594		12,270	Hudson Pacific Properties Inc	158,271		4,997
		$	56,984	Inmobiliaria Colonial Socimi SA	926,811		9,784
Pipelines - 8.68%				Invitation Homes Inc	593,950		12,918
Andeavor Logistics LP	235,182		10,931	Japan Hotel REIT Investment Corp	6,837		5,016
Antero Midstream GP LP	94,549		1,749	Japan Retail Fund Investment Corp	1,766		3,393
APA Group	1,404,357		8,664	Link REIT	1,140,500		9,695
APA Group - Rights ^(a)	82,608		15	MCUBS MidCity Investment Corp	8,107		6,097
BP Midstream Partners LP	133,672		2,548	Merlin Properties Socimi SA	607,088		8,679
Buckeye Partners LP	182,595		8,180	Nomura Real Estate Master Fund Inc	1,405		1,924
Cheniere Energy Inc ^(a)	402,831		21,157	Park Hotels & Resorts Inc	86,745		2,254
Enbridge Energy Management LLC ^(a)	392,821		4,627	Physicians Realty Trust	438,859		6,306
Enbridge Inc	91,277		2,904	PotlatchDeltic Corp	274,368		14,034
Enbridge Inc	741,929		23,595	Prologis Inc	264,284		16,037
Energy Transfer Equity LP	827,335		12,824	Rayonier Inc	569,792		19,367
Energy Transfer Partners LP	525,979		9,578	Regency Centers Corp	211,708		12,302
Enterprise Products Partners LP	886,308		22,530	Rexford Industrial Realty Inc	463,368		12,511
EQT Midstream Partners LP	173,804		10,692	SBA Communications Corp ^(a)	42,487		6,682
Inter Pipeline Ltd	75,700		1,316	Segro PLC	1,057,045		8,297
Kinder Morgan Inc/DE	1,226,300		19,867	Simon Property Group Inc	108,183		16,607
Koninklijke Vopak NV	135,122		6,356	STORE Capital Corp	211,236		5,036
Magellan Midstream Partners LP	308,904		19,294	Sun Communities Inc	76,209		6,673
MPLX LP	523,357		18,072	Sunstone Hotel Investors Inc	412,836		5,957
Noble Midstream Partners LP	36,048		1,738	Unibail-Rodamco SE	47,737		11,107
ONEOK Inc	244,419		13,768	UNITE Group PLC/The	669,280		7,005
Pembina Pipeline Corp	253,827		8,161	Weyerhaeuser Co	646,485		22,646
Phillips 66 Partners LP	202,721		9,962			$	402,832
Plains All American Pipeline LP	692,057		14,602	Retail - 0.11%
Shell Midstream Partners LP	342,768		8,244	Gymboree Corp/The ^(a),(c)	17,842		348
Spectra Energy Partners LP	98,312		3,863	Gymboree Corp/The ^(a)	48,577		947
Tallgrass Energy GP LP	50,409		1,016	Lowe's Cos Inc	35,046		3,140
Tallgrass Energy Partners LP	162,295		6,224			$	4,435
Targa Resources Corp	208,423		9,306	Software - 0.26%
TransCanada Corp	528,414		22,854	Avaya Holdings Corp ^(a)	221,362		4,646
Valero Energy Partners LP	164,723		6,347	InterXion Holding NV ^(a)	109,124		6,144
Western Gas Partners LP	279,065		12,990			$	10,790
Williams Cos Inc/The	653,910		18,153	Storage & Warehousing - 0.11%
Williams Partners LP	399,448		14,476	Americold Realty Trust ^(a)	76,839		1,383
		$	356,603	Safestore Holdings PLC	454,104		3,074
Real Estate - 2.26%						$	4,457
ADO Properties SA ^(b)	179,573		9,330	Telecommunications - 0.05%
Aroundtown SA	910,843		6,945	Cellnex Telecom SA ^(b)	32,800		844
Deutsche Wohnen SE	341,456		14,081	Eutelsat Communications SA	55,700		1,301
Entra ASA ^(b)	321,352		4,445
						$	2,145
Fabege AB	416,104		9,011	Textiles - 0.05%
Hongkong Land Holdings Ltd	1,371,916		9,420	Mohawk Industries Inc ^(a)	8,600		2,063
Mitsui Fudosan Co Ltd	683,900		16,361
New World Development Co Ltd	10,061,000		15,216	Transportation - 0.11%
Pope Resources a Delaware LP	73,271		5,089	East Japan Railway Co	37,500		3,518
SOHO China Ltd	4,838,500		2,768	Prumo Logistica SA ^(a)	234,020		818
		$	92,666			$	4,336
REITs - 9.81%				Water - 2.23%
Agree Realty Corp	67,782		3,193	American States Water Co	32,584		1,731
Alexandria Real Estate Equities Inc	124,275		15,076	American Water Works Co Inc	158,506		12,579
American Homes 4 Rent	552,829		10,609	Aqua America Inc	157,946		5,400
American Tower Corp	120,669		16,813	Beijing Enterprises Water Group Ltd ^(a)	4,368,000		2,828
Apartment Investment & Management Co	89,642		3,466	California Water Service Group	42,653		1,619
AvalonBay Communities Inc	73,375		11,448	Cia de Saneamento Basico do Estado de Sao	451,041		5,196
CapitaLand Commercial Trust	3,006,000		3,904	Paulo ADR
CatchMark Timber Trust Inc	406,414		5,316	Cia de Saneamento do Parana	530,140		8,712
CFE Capital S de RL de CV ^(a)	1,188,600		1,243
				Connecticut Water Service Inc	10,294		532
Crown Castle International Corp	138,577		15,252	Guangdong Investment Ltd	3,111,600		4,744
CubeSmart	205,698		5,515	Middlesex Water Co	14,528		515
Daiwa Office Investment Corp	491		2,840	Pennon Group PLC	1,080,017		9,029
Dexus	1,080,658		7,756	Severn Trent PLC	804,938		18,851
Digital Realty Trust Inc	70,194		7,064	SJW Group	14,405		763
EPR Properties	73,065		4,211	Suez	370,829		5,093
				United Utilities Group PLC	606,238		5,551

Consolidated Schedule of Investments Diversified Real Asset Fund February 28, 2018 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value (000's)					Principal
Water (continued)						BONDS (continued)		Amount (000's)		Value (000's)
Veolia Environnement SA		335,814	$		8,156	Media - 0.01%
York Water Co/The		11,423			321	iHeartCommunications Inc
			$		91,620	0.00%, 12/15/2019 ^(a)		$	523		$	413
TOTAL COMMON STOCKS			$		2,205,462
INVESTMENT COMPANIES - 1.89%	Shares Held		Value (000's)			Sovereign - 0.65%
Exchange Traded Funds - 0.35%						Canadian Government Real Return Bond
Guggenheim S&P Global Water Index ETF		146,255			4,914	4.25%, 12/01/2026		CAD	1,416			1,466
SPDR S&P Global Natural Resources ETF		192,154			9,343	Italy Buoni Poliennali Del Tesoro
			$		14,257	1.25%, 10/27/2020		EUR	1,004			1,295
Money Market Funds - 1.54%						1.65%, 04/23/2020			1,875			2,414
Principal Government Money Market Fund ^(f)	63,430,952				63,431	2.55%, 09/15/2041			206			309
						Japanese Government CPI Linked Bond
						0.10%, 09/10/2024		JPY	1,257,155			12,390
TOTAL INVESTMENT COMPANIES			$		77,688	Mexican Udibonos
	Principal					2.00%, 06/09/2022		MXN	23,562			1,168
BONDS - 8.21%	Amount (000's)		Value (000's)			4.50%, 12/04/2025			11,781			662
Federal & Federally Sponsored Credit - 2.49%						New Zealand Government Bond
Federal Farm Credit Banks						2.50%, 09/20/2040		NZD	1,099			854
1.43%, 12/18/2019 ^(g)	$	11,000		$	10,994
						2.58%, 09/20/2035			2,831			2,265
Federal Reserve Prime Loan Rate + (6.14)%						3.15%, 09/20/2030			4,394			3,767
1.52%, 09/25/2019 ^(g)		22,400			22,382
1 Month LIBOR + (0.21)%										$		26,590

1.55%, 01/23/2019 (g)		8,500			8,503	TOTAL BONDS				$		337,392
1 Month LIBOR + (0.05)%						COMMODITY INDEXED STRUCTURED		Principal
1.70%, 11/04/2019 ^(g)		25,000			24,990	NOTES - 0.56%		Amount (000's)		Value (000's)
3 Month Treasury Bill Index + 0.05%						Banks - 0.56%
1.71%, 08/01/2018 ^(g)		8,500			8,509	Royal Bank of Canada; Dow Jones - UBS
1 Month LIBOR + 0.14%						Commodity Index Linked Note
						1.38%, 03/12/2018 ^(b),(i)		$	4,200			4,577
1.74%, 06/19/2019 ^(g)		11,000			11,006
						1.38%, 03/12/2018 ^(b),(i)			17,000			18,397
3 Month Treasury Bill Index + 0.09%
1.75%, 01/25/2019 ^(g)		16,000			16,012					$		22,974
3 Month Treasury Bill Index + 0.10%						TOTAL COMMODITY INDEXED STRUCTURED NOTES				$		22,974
			$		102,396			Principal
Finance - Mortgage Loan/Banker - 5.06%						CONVERTIBLE BONDS - 0.01%		Amount (000's)		Value (000's)
Fannie Mae						Oil & Gas - 0.01%
1.58%, 03/08/2019 ^(g)		4,200			4,203	Vantage Drilling International
						1.00%, PIK 1.00%, 12/31/2030 ^(d),(i),(j)			273			273
1 Month LIBOR + 0.00%
1.65%, 02/28/2019 ^(g)		4,000			4,002
1 Month LIBOR + 0.00%						TOTAL CONVERTIBLE BONDS				$		273
Fannie Mae Discount Notes						SENIOR FLOATING RATE INTERESTS - Principal
1.23%, 04/04/2018 ^(g),(h)		22,500			22,472	17.30	%	Amount (000's)		Value (000's)
Federal Home Loan Banks						Advertising - 0.27%
1.50%, 06/21/2019 ^(g)		21,000			21,000	Advantage Sales & Marketing Inc
1 Month LIBOR + (0.18)%						5.02%, 07/23/2021 ^(k)		$	1,985	$		1,953
1.50%, 11/13/2019 ^(g)		10,000			9,994	US LIBOR + 3.25%
1 Month LIBOR + (0.08)%						Affinion Group Inc
1.51%, 09/20/2018 ^(g)		10,000			10,006	9.56%, 03/31/2022 ^(k)			2,729			2,827
3 Month LIBOR + (0.12)%						US LIBOR + 7.75%
1.52%, 07/19/2019 ^(g)		9,000			9,000	Checkout Holding Corp
1 Month LIBOR + (0.14)%						5.15%, 04/03/2021 ^(k)			1,671			1,313
1.53%, 12/16/2019 ^(g)		7,500			7,498	US LIBOR + 3.50%
1 Month LIBOR + (0.06)%						Getty Images Inc
1.54%, 06/27/2019 ^(g)		9,300			9,296	5.19%, 10/03/2019 ^(k)			3,491			3,336
1 Month LIBOR + (0.19)%						US LIBOR + 3.50%
1.54%, 01/23/2020 ^(g)		5,800			5,798	Red Ventures LLC
1 Month LIBOR + (0.07)%						5.65%, 10/18/2024 ^(k)			1,746			1,756
1.55%, 08/28/2019 ^(g)		12,000			11,861	US LIBOR + 4.00%
1.74%, 01/30/2020 ^(g)		11,000			10,999					$		11,185
3 Month Treasury Bill + 0.14%						Aerospace & Defense - 0.27%
Freddie Mac						Sequa Mezzanine Holdings LLC
1.48%, 08/08/2019 ^(g)		39,800			39,783	6.55%, 10/28/2021 ^(k)			4,686			4,740
1 Month LIBOR + (0.20)%						US LIBOR + 5.00%
1.48%, 08/12/2019 ^(g)		30,400			30,387	10.75%, 04/28/2022 ^(k)			1,621			1,643
1 Month LIBOR + (0.20)%						US LIBOR + 9.00%
1.53%, 07/05/2019 ^(g)		5,400			5,399	TransDigm Inc
3 Month LIBOR + (0.17)%						4.41%, 06/09/2023 ^(k)			4,794			4,821
1.55%, 06/28/2019 ^(g)		3,300			3,299	US LIBOR + 2.75%
1 Month LIBOR + (0.10)%										$		11,204
Freddie Mac Discount Notes						Airlines - 0.36%
1.33%, 04/04/2018 ^(h)		3,000			2,996	American Airlines Inc
			$		207,993	3.58%, 10/10/2021 ^(k)			3,112			3,118
						US LIBOR + 2.00%

Consolidated Schedule of Investments Diversified Real Asset Fund February 28, 2018 (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)
Airlines (continued)					Commercial Services (continued)
American Airlines Inc (continued)					Gartner Inc
3.59%, 12/14/2023 ^(k)	$	2,163	$	2,163	3.57%, 03/21/2022 ^(k)	$	1,222	$	1,226
US LIBOR + 2.00%					US LIBOR + 2.00%
3.63%, 06/26/2020 ^(k)		3,865		3,872	3.57%, 03/15/2024 ^(k)		744		748
US LIBOR + 2.00%					US LIBOR + 2.00%
3.65%, 04/28/2023 ^(k)		2,475		2,475	KAR Auction Services Inc
US LIBOR + 2.00%					4.25%, 03/09/2023 ^(k)		772		775
Delta Air Lines Inc					US LIBOR + 2.50%
4.09%, 10/18/2018 ^(k)		3,013		3,024	Laureate Education Inc
US LIBOR + 2.50%					5.15%, 04/26/2024 ^(k)		2,321		2,334
		$		14,652	US LIBOR + 3.50%
Automobile Manufacturers - 0.07%					Monitronics International Inc
FCA US LLC					7.19%, 09/30/2022 ^(k)		2,271		2,264
3.60%, 12/05/2018 ^(k)		2,897		2,902	US LIBOR + 5.50%
US LIBOR + 2.00%					PAREXEL International Corp
					4.40%, 08/09/2024 ^(k)		748		748
Automobile Parts & Equipment - 0.03%					US LIBOR + 2.75%
Allison Transmission Inc					Prime Security Services Borrower LLC
3.65%, 09/23/2022 ^(k)		1,109		1,118	4.40%, 05/02/2022 ^(k)		2,441		2,461
US LIBOR + 2.50%					US LIBOR + 2.75%
					Syniverse Holdings Inc
Beverages - 0.07%					0.00%, 02/09/2023 ^(k),(l)		5,650		5,694
Jacobs Douwe Egberts International BV					US LIBOR + 5.00%
4.06%, 07/02/2022 ^(k)		3,018		3,027	0.00%, 02/09/2024 ^(k),(l)		2,000		2,028
US LIBOR + 2.25%					US LIBOR + 9.00%
					WEX Inc
Biotechnology - 0.16%					3.90%, 06/30/2023 ^(k)		1,182		1,190
Concordia International Corp					US LIBOR + 2.25%
5.90%, 10/21/2021 ^(k)		7,478		6,680			$		29,256
US LIBOR + 4.25%					Computers - 1.05%
					Conduent Business Services LLC
Building Materials - 0.11%					4.65%, 12/07/2023 ^(k)		2,240		2,257
Quikrete Holdings Inc					US LIBOR + 3.00%
4.39%, 11/03/2023 ^(k)		4,583		4,600	CSRA Inc
US LIBOR + 2.75%					3.69%, 11/30/2023 ^(k)		1,241		1,243
					US LIBOR + 3.00%
Chemicals - 0.10%					Dell International LLC
Duke Finance LLC					3.15%, 12/31/2018 ^(k)		2,358		2,358
5.94%, 02/21/2024 ^(k)		1,470		1,471	US LIBOR + 1.50%
US LIBOR + 4.25%					3.39%, 09/07/2021 ^(k)		4,942		4,936
INEOS US Finance LLC					US LIBOR + 1.75%
3.65%, 03/31/2024 ^(k)		240		241	3.65%, 09/07/2023 ^(k)		12,600		12,597
US LIBOR + 2.00%					US LIBOR + 2.00%
Minerals Technologies Inc					iQor US Inc
4.75%, 05/09/2021 ^(k)		1,305		1,318	6.69%, 04/01/2021 ^(k)		2,685		2,686
Tronox Blocked Borrower LLC					US LIBOR + 5.00%
4.69%, 09/13/2024 ^(k)		302		304	McAfee LLC
US LIBOR + 3.00%					6.13%, 09/30/2024 ^(k)		4,069		4,088
Tronox Finance LLC					US LIBOR + 4.50%
4.69%, 09/13/2024 ^(k)		698		702	10.15%, 09/26/2025 ^(k)		750		752
US LIBOR + 3.00%					US LIBOR + 8.50%
		$		4,036	NeuStar Inc
Coal - 0.04%					5.42%, 03/01/2024 ^(k)		1,746		1,746
Peabody Energy Corp					US LIBOR + 3.75%
5.15%, 03/31/2022 ^(k)		1,440		1,458	Optiv Security Inc
US LIBOR + 3.50%					4.81%, 02/01/2024 ^(k)		1,923		1,829
					US LIBOR + 3.25%
Commercial Services - 0.71%					Peak 10 Holding Corp
Allied Universal Holdco LLC					5.19%, 07/24/2024 (k)		1,169		1,171
5.44%, 07/27/2022 ^(k)		1,672		1,652	US LIBOR + 3.50%
US LIBOR + 3.75%					Tempo Acquisition LLC
Camelot Finance LP					4.65%, 05/01/2024 ^(k)		1,990		1,994
4.89%, 10/03/2023 ^(k)		2,963		2,982	US LIBOR + 3.00%
US LIBOR + 3.25%					TierPoint LLC
Ceridian HCM Holding Inc					5.40%, 04/26/2024 ^(k)		1,174		1,175
5.15%, 09/15/2020 ^(k)		1,207		1,211	US LIBOR + 3.75%
US LIBOR + 3.50%					Western Digital Corp
Concentra Inc					2.87%, 04/29/2023 ^(k)		4,428		4,448
4.53%, 06/01/2022 ^(k)		3,918		3,943	US LIBOR + 2.00%
US LIBOR + 2.75%							$		43,280

Consolidated Schedule of Investments Diversified Real Asset Fund February 28, 2018 (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)
Consumer Products - 0.04%					Entertainment (continued)
Spectrum Brands Inc					CEOC LLC
3.74%, 06/23/2022 ^(k)	$	1,567	$	1,572	4.15%, 04/04/2024 ^(k)	$	2,260	$	2,274
US LIBOR + 2.00%					US LIBOR + 2.50%
					Cineworld Group PLC
Cosmetics & Personal Care - 0.11%					0.00%, 02/07/2025 ^(k),(l)		2,500		2,496
Coty Inc					Delta 2 Lux Sarl
3.58%, 10/27/2020 ^(k)		1,792		1,783	4.15%, 02/01/2024 ^(k)		8,202		8,178
US LIBOR + 1.75%					US LIBOR + 2.50%
Revlon Consumer Products Corp					Lions Gate Entertainment Corp
5.15%, 07/21/2023 ^(k)		3,498		2,812	3.90%, 12/08/2023 ^(k)		848		852
US LIBOR + 3.50%					US LIBOR + 2.25%
		$		4,595	Scientific Games International Inc
Distribution & Wholesale - 0.13%					4.45%, 08/14/2024 ^(k)		8,636		8,674
Univar USA Inc					US LIBOR + 2.75%
4.15%, 07/01/2024 ^(k)		5,248		5,273	William Morris Endeavor Entertainment LLC
US LIBOR + 2.50%					4.90%, 05/06/2021 ^(k)		2,569		2,585
					US LIBOR + 3.25%
Diversified Financial Services - 0.38%							$		26,266
Capital Automotive LP					Environmental Control - 0.19%
4.15%, 03/21/2024 ^(k)		4,599		4,619	Advanced Disposal Services Inc
US LIBOR + 2.50%					3.72%, 11/10/2023 ^(k)		5,992		6,011
7.65%, 03/21/2025 ^(k)		2,669		2,711	US LIBOR + 2.25%
US LIBOR + 6.00%					Core & Main LP
Ditech Holding Corp					4.57%, 07/19/2024 ^(k)		1,746		1,748
7.65%, 12/11/2020 ^(k)		7,059		6,968	US LIBOR + 3.00%
US LIBOR + 3.75%							$		7,759
Vantiv LLC					Food - 0.65%
3.59%, 08/07/2024 ^(k)		1,500		1,508	Albertson's LLC
US LIBOR + 2.00%					4.40%, 08/25/2021 ^(k)		13,196		13,012
		$		15,806	US LIBOR + 2.75%
Electric - 0.65%					Chobani LLC
Calpine Corp					5.15%, 10/07/2023 ^(k)		2,400		2,416
4.20%, 05/05/2023 ^(k)		2,857		2,866	US LIBOR + 3.50%
US LIBOR + 2.50%					Moran Foods LLC
4.20%, 01/15/2024 ^(k)		1,605		1,608	7.65%, 12/01/2023 ^(k)		812		719
US LIBOR + 2.50%					US LIBOR + 6.00%
Dayton Power & Light Co/The					Pinnacle Foods Finance LLC
3.65%, 08/19/2022 ^(k)		2,624		2,635	3.58%, 01/30/2024 ^(k)		3,048		3,065
US LIBOR + 2.00%					US LIBOR + 2.00%
Dynegy Inc					US Foods Inc
4.35%, 02/07/2024 ^(k)		620		624	4.15%, 06/27/2023 ^(k)		7,608		7,664
US LIBOR + 2.75%					US LIBOR + 2.50%
Energy Future Intermediate Holding Co LLC							$		26,876
4.47%, 06/28/2018 ^(k)		3,726		3,726	Gas - 0.00%
US LIBOR + 3.00%					Southcross Holdings Borrower LP
Vistra Operations Co LLC					4.50%, PIK 5.50%, 04/13/2023 ^(c),(j),(k)		36		35
3.85%, 12/14/2023 ^(k)		2,970		2,984
US LIBOR + 2.75%					Healthcare - Products - 0.26%
4.15%, 08/04/2023 ^(k)		1,814		1,824	ConvaTec Inc
US LIBOR + 2.50%					3.94%, 10/13/2023 ^(k)		3,122		3,134
4.15%, 08/04/2023 ^(k)		10,238		10,291	US LIBOR + 2.25%
US LIBOR + 2.50%					DJO Finance LLC
		$		26,558	4.92%, 06/24/2020 ^(k)		1,706		1,689
Electronics - 0.04%					US LIBOR + 3.25%
TTM Technologies Inc					Kinetic Concepts Inc
4.15%, 09/13/2024 ^(k)		1,791		1,794	4.94%, 02/02/2024 ^(k)		2,884		2,891
US LIBOR + 2.50%					US LIBOR + 3.25%
					Onex Carestream Finance LP
Engineering & Construction - 0.10%					5.69%, 06/05/2019 ^(k)		2,445		2,455
Brand Industrial Services Inc					US LIBOR + 4.00%
6.00%, 06/14/2024 ^(k)		2,772		2,791	10.19%, 12/15/2019 ^(k)		565		562
US LIBOR + 4.25%					US LIBOR + 8.50%
Engility Corp							$		10,731
4.93%, 08/12/2023 ^(k)		1,355		1,365	Healthcare - Services - 0.86%
US LIBOR + 3.25%					Air Medical Group Holdings Inc
		$		4,156	0.00%, 09/26/2024 ^(k),(l)		2,500		2,526
Entertainment - 0.64%					US LIBOR + 4.25%
CCM Merger Inc					Ardent Legacy Acquisitions Inc
4.40%, 08/08/2021 ^(k)		1,199		1,207	7.15%, 08/04/2021 ^(k)		238		238
US LIBOR + 2.75%					US LIBOR + 5.50%


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2018 (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)					Leisure Products & Services - 0.14%
CHS/Community Health Systems Inc					Equinox Holdings Inc
4.73%, 12/13/2019 ^(k)	$	1,934	$	1,916	4.57%, 03/08/2024 ^(k)	$	1,043	$	1,049
US LIBOR + 2.75%					US LIBOR + 3.00%
4.98%, 01/14/2021 ^(k)		2,497		2,438	Life Time Fitness Inc
US LIBOR + 3.00%					4.73%, 06/10/2022 ^(k)		2,247		2,257
HCA Inc					US LIBOR + 2.75%
3.65%, 03/17/2023 ^(k)		4,673		4,697	Planet Fitness Holdings LLC
US LIBOR + 2.00%					4.66%, 03/31/2021 ^(k)		2,217		2,240
3.90%, 02/15/2024 ^(k)		4,954		4,989	US LIBOR + 3.50%
US LIBOR + 2.25%							$		5,546
Heartland Dental LLC					Leisure Time - 0.07%
6.45%, 07/26/2023 ^(k)		3,045		3,099	Intrawest Resorts Holdings Inc
US LIBOR + 4.75%					4.90%, 06/28/2024 ^(k)		1,763		1,768
Jaguar Holding Co II					US LIBOR + 3.25%
4.42%, 08/18/2022 ^(k)		6,272		6,288	Sabre GLBL Inc
US LIBOR + 2.75%					0.00%, 02/22/2024 ^(k),(l)		977		979
MPH Acquisition Holdings LLC							$		2,747
4.69%, 05/25/2023 ^(k)		1,817		1,825	Lodging - 0.36%
US LIBOR + 3.00%					Boyd Gaming Corp
New Millennium Holdco Inc					3.97%, 09/15/2023 ^(k)		2,578		2,591
8.15%, 12/21/2020 ^(k)		1,103		375	US LIBOR + 2.50%
US LIBOR + 6.50%					Caesars Resort Collection LLC
Quorum Health Corp					4.40%, 10/02/2024 ^(k)		5,000		5,031
8.40%, 04/29/2022 ^(k)		649		662	US LIBOR + 2.75%
US LIBOR + 6.75%					CityCenter Holdings LLC
Select Medical Corp					4.15%, 04/18/2024 ^(k)		3,810		3,825
5.21%, 02/13/2024 ^(k)		1,944		1,951	US LIBOR + 2.50%
US LIBOR + 3.50%					Hilton Worldwide Finance LLC
Syneos Health Inc					3.62%, 10/25/2023 ^(k)		3,304		3,321
3.85%, 06/28/2024 ^(k)		3,209		3,219	US LIBOR + 2.00%
US LIBOR + 2.25%							$		14,768
Tennessee Merger Sub Inc					Machinery - Construction & Mining - 0.05%
4.35%, 02/06/2024 ^(k)		937		911	North American Lifting Holdings Inc
US LIBOR + 2.75%					6.19%, 11/26/2020 ^(k)		1,018		956
		$		35,134	US LIBOR + 4.50%
Holding Companies - Diversified - 0.02%					Vertiv Group Corp
Travelport Finance Luxembourg Sarl					5.58%, 11/30/2023 ^(k)		903		907
4.59%, 09/02/2021 ^(k)		925		927	US LIBOR + 4.00%
US LIBOR + 2.75%							$		1,863
					Machinery - Diversified - 0.45%
Household Products/Wares - 0.02%					Columbus McKinnon Corp/NY
Prestige Brands Inc					4.62%, 01/31/2024 ^(k)		1,755		1,760
4.40%, 01/20/2024 ^(k)		947		953	US LIBOR + 2.50%
US LIBOR + 2.75%					Gardner Denver Inc
					4.44%, 07/30/2024 ^(k)		7,289		7,310
Insurance - 0.21%					US LIBOR + 2.75%
Acrisure LLC					NN Inc
5.99%, 11/22/2023 ^(k)		1,489		1,512	4.90%, 03/26/2021 ^(k)		2,728		2,740
US LIBOR + 4.25%					US LIBOR + 3.25%
Alliant Holdings Intermediate LLC					5.40%, 10/19/2022 ^(k)		1,384		1,395
4.90%, 08/14/2022 ^(k)		2,803		2,814	US LIBOR + 3.75%
US LIBOR + 3.25%					RBS Global Inc
HUB International Ltd					3.85%, 08/21/2024 ^(k)		1,229		1,236
4.84%, 10/02/2020 ^(k)		4,136		4,151	US LIBOR + 2.25%
US LIBOR + 3.00%					Zebra Technologies Corp
		$		8,477	3.75%, 10/27/2021 ^(k)		2,468		2,479
Internet - 0.22%					US LIBOR + 2.00%
Ancestry.com Operations Inc					Zodiac Pool Solutions LLC
4.90%, 10/19/2023 ^(k)		2,358		2,368	5.69%, 12/20/2023 ^(k)		1,733		1,733
US LIBOR + 3.25%					US LIBOR + 4.00%
TIBCO Software Inc							$		18,653
5.07%, 12/04/2020 ^(k)		6,467		6,480	Media - 1.95%
US LIBOR + 3.50%					Altice Financing SA
		$		8,848	4.47%, 07/15/2025 ^(k)		2,978		2,936
Investment Companies - 0.07%					US LIBOR + 2.75%
RPI Finance Trust					CBS Radio Inc
3.69%, 03/27/2023 ^(k)		2,952		2,967	4.62%, 03/02/2024 ^(k)		3,170		3,185
US LIBOR + 2.00%					US LIBOR + 2.75%
					Charter Communications Operating LLC
					3.65%, 04/13/2025 ^(k)		7,651		7,665
					US LIBOR + 2.00%


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2018 (unaudited)



SENIOR FLOATING RATE INTERESTS		Principal			SENIOR FLOATING RATE INTERESTS		Principal
(continued)		Amount (000's) Value (000's)			(continued)		Amount (000's) Value (000's)
Media (continued)					Oil & Gas (continued)
CSC Holdings LLC					Seadrill Operating LP
4.14%, 01/12/2026 ^(k)	$	1,750	$	1,751	4.69%, 02/12/2021 ^(k)	$	3,612	$	3,126
US LIBOR + 2.50%					US LIBOR + 6.00%
Cumulus Media Holdings Inc							$		17,909
4.90%, 12/18/2020 ^(k)		8,056		6,918	Packaging & Containers - 0.32%
US LIBOR + 3.25%					Berry Global Inc
Gray Television Inc					3.58%, 01/19/2024 ^(k)		2,481		2,488
3.83%, 02/02/2024 ^(k)		591		594	US LIBOR + 2.00%
US LIBOR + 2.50%					CROWN Americas LLC
Houghton Mifflin Harcourt Publishers Inc					0.00%, 01/17/2025 ^(k),(l)		1,833		1,848
4.65%, 05/11/2021 ^(k)		3,145		2,955	Reynolds Group Holdings Inc
US LIBOR + 3.00%					4.39%, 02/05/2023 ^(k)		8,455		8,492
iHeartCommunications Inc					US LIBOR + 2.75%
0.00%, 01/22/2019 ^(a),(k)		24,305		19,292	SIG Combibloc PurchaseCo Sarl
US LIBOR + 6.75%					4.47%, 02/03/2022 ^(k)		225		225
0.00%, 07/30/2019 ^(a),(k)		3,386		2,687	US LIBOR + 3.00%
US LIBOR + 7.50%							$		13,053
McGraw-Hill Global Education Holdings					Pharmaceuticals - 0.55%
LLC					Catalent Pharma Solutions Inc
5.65%, 05/02/2022 ^(k)		4,099		4,032	3.90%, 05/20/2021 ^(k)		4,883		4,900
US LIBOR + 4.00%					US LIBOR + 2.25%
Mediacom Illinois LLC					Change Healthcare Holdings LLC
3.73%, 02/15/2024 ^(k)		485		486	4.39%, 03/01/2024 ^(k)		9,395		9,411
US LIBOR + 2.25%					US LIBOR + 2.75%
Meredith Corp					Grifols Worldwide Operations USA Inc
4.66%, 01/17/2025 ^(k)		5,000		5,027	3.72%, 01/31/2025 ^(k)		5,955		5,976
US LIBOR + 3.00%					US LIBOR + 2.25%
Mission Broadcasting Inc					PharMerica Corp
4.07%, 01/17/2024 ^(k)		477		478	5.08%, 09/26/2024 ^(k)		2,000		2,012
US LIBOR + 2.50%					US LIBOR + 3.50%
Nexstar Broadcasting Inc					Valeant Pharmaceuticals International Inc
4.07%, 01/17/2024 ^(k)		3,748		3,758	5.08%, 03/11/2022 ^(k)		224		226
US LIBOR + 2.50%					US LIBOR + 3.50%
Nielsen Finance LLC					Vizient Inc
3.58%, 10/04/2023 ^(k)		2,978		2,984	4.40%, 02/13/2023 ^(k)		235		237
US LIBOR + 2.00%					US LIBOR + 2.75%
Tribune Media Co							$		22,762
4.65%, 01/26/2024 ^(k)		4,553		4,554
					Pipelines - 0.07%
US LIBOR + 3.00%					BCP Renaissance Parent LLC
UPC Financing Partnership					5.77%, 09/19/2024 ^(k)		1,455		1,466
4.09%, 01/15/2026 ^(k)		5,522		5,518
					US LIBOR + 4.00%
US LIBOR + 2.50%					Traverse Midstream Partners LLC
Ziggo Secured Finance Partnership					5.85%, 09/21/2024 ^(k)		1,594		1,605
4.09%, 04/15/2025 ^(k)		5,150		5,101
US LIBOR + 2.50%					US LIBOR + 4.00%
							$		3,071
		$		79,921	Real Estate - 0.04%
Miscellaneous Manufacturers - 0.10%					Realogy Group LLC
Gates Global LLC					3.83%, 01/26/2025 ^(k)		1,492		1,499
4.44%, 04/01/2024 ^(k)		4,182		4,208
					US LIBOR + 2.25%
US LIBOR + 3.00%
					REITs - 0.16%
Oil & Gas - 0.44%					Uniti Group LP
BCP Raptor LLC					4.65%, 10/24/2022 ^(k)		6,832		6,562
5.99%, 06/22/2024 ^(k)		1,990		2,004
					US LIBOR + 3.00%
US LIBOR + 4.25%
California Resources Corp					Retail - 1.20%
6.34%, 11/14/2022 ^(k)		4,500		4,551
					1011778 BC ULC
US LIBOR + 4.75%					3.91%, 02/16/2024 ^(k)		9,961		9,974
11.97%, 12/31/2021 ^(k)		1,750		1,973
					US LIBOR + 2.25%
US LIBOR + 10.37%					Academy Ltd
Fieldwood Energy LLC					5.49%, 07/01/2022 ^(k)		404		322
0.00%, 09/20/2020 ^(a),(k)		802		152
					US LIBOR + 4.00%
US LIBOR + 7.13%					Belk Inc
4.57%, 09/28/2018 ^(k)		511		509	6.46%, 12/12/2022 ^(k)		1,187		1,026
US LIBOR + 2.88%					US LIBOR + 4.75%
8.69%, 08/31/2020 ^(k)		2,918		2,895
					BJ's Wholesale Club Inc
US LIBOR + 7.00%					5.08%, 01/26/2024 ^(k)		1,369		1,365
8.86%, 09/17/2020 ^(k)		3,011		2,699
					US LIBOR + 3.75%
US LIBOR + 7.13%					Dollar Tree Inc
					4.19%, 05/26/2022 ^(k)		4,800		4,812

Consolidated Schedule of Investments Diversified Real Asset Fund February 28, 2018 (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)
Retail (continued)					Software (continued)
Hudson's Bay Co					Infor US Inc
4.90%, 09/30/2022 ^(k)	$	1,352	$	1,301	4.44%, 02/01/2022 ^(k)	$	4,943	$	4,947
US LIBOR + 3.25%					US LIBOR + 2.75%
IRB Holding Corp					Informatica LLC
4.83%, 01/17/2025 ^(k)		1,500		1,514	4.94%, 08/05/2022 ^(k)		1,005		1,010
US LIBOR + 3.25%					US LIBOR + 3.25%
Neiman Marcus Group Ltd LLC					Kronos Inc/MA
0.00%, 10/25/2020 ^(k),(l)		1,802		1,525	5.30%, 11/01/2023 ^(k)		1,782		1,793
US LIBOR + 3.25%					US LIBOR + 3.50%
Petco Animal Supplies Inc					LANDesk Software Group Inc
4.77%, 01/26/2023 ^(k)		5,475		3,799	5.90%, 01/20/2024 ^(k)		2,482		2,437
US LIBOR + 3.00%					US LIBOR + 4.25%
PetSmart Inc					MA FinanceCo LLC
4.57%, 03/11/2022 ^(k)		4,608		3,754	4.15%, 11/19/2021 ^(k)		841		840
US LIBOR + 3.00%					US LIBOR + 2.50%
Serta Simmons Bedding LLC					4.40%, 04/19/2024 ^(k)		1,032		1,034
5.22%, 10/20/2023 ^(k)		2,712		2,614	US LIBOR + 2.75%
US LIBOR + 3.50%					Rackspace Hosting Inc
Toys R Us - Delaware Inc					4.76%, 11/03/2023 ^(k)		2,799		2,805
3.87%, 04/26/2024 ^(k)		17,889		17,464	US LIBOR + 3.00%
US LIBOR + 6.75%					RP Crown Parent LLC
		$		49,470	4.65%, 10/12/2023 ^(k)		2,970		2,990
Semiconductors - 0.19%					US LIBOR + 3.00%
Bright Bidco BV					Seattle SpinCo Inc
5.07%, 06/30/2024 ^(k)		1,712		1,738	4.40%, 04/19/2024 ^(k)		6,968		6,981
US LIBOR + 3.50%					US LIBOR + 2.75%
Cavium Inc					Sophia LP
3.82%, 08/16/2022 ^(k)		3,047		3,051	4.94%, 09/30/2022 ^(k)		4,886		4,891
US LIBOR + 2.25%					US LIBOR + 3.25%
Microsemi Corp					SS&C Technologies Inc
3.74%, 01/13/2023 ^(k)		1,215		1,217	0.00%, 02/28/2025 ^(k),(l)		1,536		1,544
US LIBOR + 2.00%					0.00%, 02/28/2025 ^(k),(l)		5,843		5,872
ON Semiconductor Corp					Veritas US Inc
3.65%, 03/31/2023 ^(k)		1,591		1,598	6.19%, 01/27/2023 ^(k)		5,353		5,322
US LIBOR + 2.00%					US LIBOR + 4.50%
		$		7,604			$		76,196
Shipbuilding - 0.01%					Telecommunications - 1.21%
Drillship Kithira Owners Inc					Avaya Inc
8.00%, 09/24/2020 ^(k)		283		294	6.34%, 11/08/2024 ^(k)		5,600		5,628
					US LIBOR + 4.75%
Software - 1.86%					CenturyLink Inc
Almonde Inc					4.32%, 06/20/2022 ^(k)		1,500		1,495
9.23%, 04/28/2025 ^(k)		200		198	US LIBOR + 2.75%
US LIBOR + 7.25%					4.32%, 01/31/2025 ^(k)		5,898		5,793
Blackboard Inc					US LIBOR + 2.75%
6.73%, 06/30/2021 ^(k)		2,302		2,229	CommScope Inc
US LIBOR + 5.00%					3.65%, 12/29/2022 ^(k)		440		442
BMC Software Finance Inc					US LIBOR + 2.00%
4.90%, 09/10/2022 ^(k)		6,411		6,427	Cyxtera DC Holdings Inc
US LIBOR + 3.25%					4.78%, 03/15/2024 ^(k)		1,919		1,928
Cengage Learning Inc					US LIBOR + 3.00%
5.84%, 06/07/2023 ^(k)		6,832		6,270	9.03%, 03/14/2025 ^(k)		691		695
US LIBOR + 4.25%					US LIBOR + 7.25%
Compuware Corp					Frontier Communications Corp
5.15%, 12/15/2021 ^(k)		6,478		6,556	5.40%, 05/31/2024 ^(k)		3,087		3,036
US LIBOR + 3.50%					US LIBOR + 3.75%
Digicert Holdings Inc					Intelsat Jackson Holdings SA
6.52%, 09/20/2024 ^(k)		1,500		1,516	5.71%, 11/30/2023 ^(k)		9,926		9,850
US LIBOR + 4.75%					US LIBOR + 3.75%
DTI Holdco Inc					6.46%, 01/15/2024 ^(k)		1,828		1,861
7.02%, 09/30/2023 ^(k)		1,679		1,690	US LIBOR + 4.50%
US LIBOR + 5.25%					6.63%, 01/15/2024 ^(k)		2,925		2,934
Evergreen Skills Lux Sarl					Maxar Technologies Ltd
6.33%, 04/23/2021 ^(k)		5,569		5,389	4.33%, 07/05/2024 ^(k)		3,250		3,261
US LIBOR + 4.75%					US LIBOR + 2.75%
9.83%, 04/28/2022 ^(k)		804		710	Sprint Communications Inc
US LIBOR + 8.25%					4.18%, 01/31/2024 ^(k)		9,925		9,928
First Data Corp					US LIBOR + 2.50%
3.87%, 07/08/2022 ^(k)		2,741		2,745	West Corp
US LIBOR + 2.25%					5.65%, 10/10/2024 ^(k)		1,514		1,526
					US LIBOR + 4.00%

Consolidated Schedule of Investments Diversified Real Asset Fund February 28, 2018 (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 (continued)					U.S. Treasury Inflation-Indexed Obligations (continued)
Windstream Services LLC						0.63%, 01/15/2024		$	18,564	$	18,611
5.59%, 03/29/2021 ^(k)	$	1,327	$	1,251		0.63%, 01/15/2026			13,193		13,119
US LIBOR + 4.00%						0.75%, 02/15/2042			15,646		14,959
			$	49,628		0.75%, 02/15/2045			15,062		14,225
Transportation - 0.13%						0.88%, 02/15/2047			7,174		6,968
CEVA Group PLC						1.00%, 02/15/2046			5,115		5,132
6.50%, 03/19/2021 ^(k)		371		365		1.00%, 02/15/2048			7,225		7,250
US LIBOR + 5.50%						1.13%, 01/15/2021			12,876		13,177
7.27%, 03/12/2021 ^(k)		520		510		1.25%, 07/15/2020			9,688		9,962
US LIBOR + 5.50%						1.38%, 02/15/2044			7,822		8,534
7.27%, 03/19/2021 ^(k)		65		64		1.75%, 01/15/2028			6,377		6,980
US LIBOR + 5.50%						2.00%, 01/15/2026			7,509		8,257
CEVA Intercompany BV						2.13%, 02/15/2040			5,625		6,995
7.27%, 03/19/2021 ^(k)		377		370		2.13%, 02/15/2041			3,874		4,843
US LIBOR + 5.50%						2.38%, 01/15/2025			5,464		6,101
Commercial Barge Line Co						2.38%, 01/15/2027			6,591		7,521
10.40%, 11/12/2020 ^(k)		913		533		2.50%, 01/15/2029			6,686		7,891
US LIBOR + 8.75%						3.38%, 04/15/2032			4,918		6,586
HGIM Corp						3.63%, 04/15/2028			6,232		7,965
0.00%, 06/18/2018 ^(k),(l)		256		112		3.88%, 04/15/2029			6,131		8,134
US LIBOR + 4.25%										$	461,067
0.00%, 06/18/2018 ^(k),(l)		1,852		820	TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
US LIBOR + 3.00%					OBLIGATIONS					$	723,100
0.00%, 06/18/2020 ^(a),(k)		2,396		982	TOTAL PURCHASED OPTIONS - 0.00%					$	65
US LIBOR + 4.50%					TOTAL PURCHASED INTEREST RATE SWAPTIONS -
XPO Logistics Inc					0.03		%			$	1,248
3.96%, 02/14/2025 ^(k)		1,644		1,648	Total Investments					$	4,078,530
US LIBOR + 2.00%					Other Assets and Liabilities - 0.70%					$	28,576
			$	5,404	TOTAL NET ASSETS - 100.00%					$	4,107,106
Trucking & Leasing - 0.17%
Avolon TLB Borrower 1 US LLC
3.84%, 04/03/2022 ^(k)		7,056		7,045	(a)	Non-income producing security
US LIBOR + 2.25%					(b)	Security exempt from registration under Rule 144A of the Securities Act of
						1933. These securities may be resold in transactions exempt from
TOTAL SENIOR FLOATING RATE INTERESTS			$	710,328		registration, normally to qualified institutional buyers. At the end of the
U.S. GOVERNMENT & GOVERNMENT		Principal				period, the value of these securities totaled $65,307 or 1.59% of net assets.
AGENCY OBLIGATIONS - 17.60%		Amount (000's)		Value (000's)	(c)	Restricted Security. Please see Restricted Security Sub-Schedule for more
U.S. Treasury - 3.15%						information.
1.65%, 01/31/2020 ^(g)	$	15,000	$	14,995	(d)	Fair value of these investments is determined in good faith by the Manager
3 Month Treasury Bill Index + 0.00%						under procedures established and periodically reviewed by the Board of
1.70%, 10/31/2019 ^(g)		28,400		28,420		Directors. Certain inputs used in the valuation may be unobservable;
3 Month Treasury Bill Index + 0.10%						however, each security is evaluated individually for purposes of ASC 820
1.71%, 07/31/2019 ^(g),(m)		35,000		35,042		which results in not all securities being identified as Level 3 of the fair
3 Month Treasury Bill Index + 0.06%						value hierarchy. At the end of the period, the fair value of these securities
1.72%, 04/30/2019 ^(g),(n)		13,000		13,014		totaled $1,043 or 0.00% of net assets.
3 Month Treasury Bill Index + 0.14%					(e)	The value of these investments was determined using significant
1.79%, 01/31/2019 ^(g)		38,000		38,062		unobservable inputs.
3 Month Treasury Bill Index + 0.14%					(f)	Affiliated Security. Security is either an affiliate (and registered under the
			$	129,533		Investment Company Act of 1940) or an affiliate as defined by the
U.S. Treasury Bill - 3.23%						Investment Company Act of 1940 (the Fund controls 5.0% or more of the
1.27%, 03/15/2018 ^(g),(h)		64,000		63,968		outstanding voting shares of the security). Please see affiliated sub-
1.29%, 04/12/2018 ^(h)		42,500		42,424		schedule for transactional information.
1.41%, 03/01/2018 ^(h)		3,200		3,200	(g)	All or a portion of this security is owned by the DRA Cayman Corporation,
1.57%, 05/17/2018 ^(h)		20,000		19,933		which is a 100% owned subsidiary of the fund.
1.76%, 08/16/2018 ^(h)		3,000		2,975	(h)	Rate shown is the discount rate of the original purchase.
			$	132,500	(i)	Certain variable rate securities are not based on a published reference
U.S. Treasury Inflation-Indexed Obligations - 11.23%						rate and spread but are determined by the issuer or agent and are based
0.13%, 04/15/2020		12,026		11,987		on current market conditions. These securities do not indicate a reference
0.13%, 04/15/2021		13,277		13,154		rate and spread in their description.
0.13%, 01/15/2022		24,728		24,427	(j)	Payment in kind; the issuer has the option of paying additional securities
0.13%, 04/15/2022		23,583		23,211		in lieu of cash.
0.13%, 07/15/2022		13,597		13,441	(k)	Rate information disclosed is based on an average weighted rate as of
0.13%, 01/15/2023		23,437		22,998		February 28, 2018.
0.13%, 07/15/2024		24,496		23,835	(l)	This Senior Floating Rate Note will settle after February 28, 2018, at
0.13%, 07/15/2026		19,969		19,068		which time the interest rate will be determined.
0.25%, 01/15/2025		21,707		21,124	(m)	Security or a portion of the security was pledged to cover margin
0.38%, 07/15/2023		15,902		15,817		requirements for futures contracts. At the end of the period, the value of
0.38%, 07/15/2025		18,622		18,283		these securities totaled $23,028 or 0.56% of net assets.
0.38%, 01/15/2027		18,640		18,054	(n)	Security or a portion of the security was pledged to cover margin
0.38%, 07/15/2027		5,734		5,558		requirements for swap and/or swaption contracts. At the end of the period,
0.50%, 01/15/2028		24,246		23,672		the value of these securities totaled $5,303 or 0.13% of net assets.
0.63%, 07/15/2021		22,966		23,228


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2018 (unaudited)



	Portfolio Summary (unaudited)
Sector						Percent
Government						25.80	%
Energy						15.00	%
Financial						13.49	%
Basic Materials						11.68	%
Industrial						7.23	%
Utilities						6.85	%
Consumer, Non-cyclical						5.90	%
Consumer, Cyclical						4.26	%
Communications						3.71	%
Technology						3.36	%
Investment Companies						1.89	%
Diversified						0.10	%
Purchased Interest Rate Swaptions						0.03	%
Purchased Options						0.00	%
Other Assets and Liabilities						0.70	%
TOTAL NET ASSETS						100.00	%

Affiliated Securities			August 31, 2017						Purchases			Sales			February 28, 2018
						Value				Cost		Proceeds						Value
Principal Government Money Market Fund		$				—		$		600,930	$	537,499			$			63,431
		$				—		$		600,930	$	537,499			$			63,431


						Realized Gain/Loss				Realized Gain from								Change in Unrealized
			Income			on Investments				Capital Gain Distributions								Gain/Loss
Principal Government Money Market Fund		$		253	$				—	$					—		$	—
		$		253	$				—	$					—		$	—
Amounts in thousands


Restricted Securities

Security Name					Acquisition Date							Cost			Value			Percent of Net Assets
Cengage Learning Holdings II Inc					03/31/2014					$		376	$		74			0.00	%
Gymboree Corp/The					08/18/2017							223			348			0.01	%
Millennium Health LLC					03/15/2016							—			—			0.00	%
Millennium Health LLC					03/15/2016							—			—			0.00	%
Millennium Health LLC					12/21/2015							206			1			0.00	%
Southcross Holdings Borrower LP				04/29/2016-12/29/2017								34			35			0.00	%
Southcross Holdings Borrower LP					04/29/2016							6			12			0.00	%
Total												$			470			0.01	%

Amounts in thousands.


Options

Purchased Options			Contracts/	Notional								Upfront						Unrealized
Outstanding	Counterparty		Shares	Amount			Exercise Price			Expiration Date		Payments/(Receipts)			Fair Value			Appreciation/(Depreciation)
Put - EUR versus SEK	JP Morgan Chase		1	EUR	40,300		EUR		9.90	03/16/2018	$	629	$		11		$	(618	)
Put - GBP versus USD	Barclays Bank PLC		1	GBP	3,480		GBP		1.35	07/24/2018		33			54			21
Total										$		662	$		65		$	(597	)

Written Options			Contracts/	Notional								Upfront						Unrealized
Outstanding	Counterparty		Shares	Amount			Exercise Price			Expiration Date		Payments/(Receipts)			Fair Value			Appreciation/(Depreciation)
Call - GBP versus USD	Barclays Bank PLC		1	GBP	3,480		GBP		1.47	07/24/2018	$	(37	) $		(21	)	$	16
Put - EUR versus SEK	JP Morgan Chase		1	EUR	60,700		EUR		9.70	03/16/2018		(376	)		(1	)		375
Total										$		(413	) $		(22	)	$	391

Amounts in thousands except contracts/shares.


Interest Rate Swaptions

				Pay/
				Receive
Purchased Swaptions		Floating Rate		Floating		Notional			Exercise	Expiration		Upfront			Fair			Unrealized
Outstanding	Counterparty		Index	Rate		Amount			Rate	Date		Payments/(Receipts)			Value			Appreciation/(Depreciation)
Put - 10 Year	Barclays Bank PLC		6 Month	Receive		JPY 1,517,095			1.10% 06/30/2022 $			206		$	124		$	(82	)
Interest Rate Swap			LIBOR
Put - 10 Year	Deutsche Bank AG		3 Month	Receive $		13,810			2.95% 08/23/2022			631			713			82
Interest Rate Swap			LIBOR
Put - 30 Year	Barclays Bank PLC		3 Month	Receive		335			2.68% 01/13/2021			31			40			9
Interest Rate Swap			LIBOR


			Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2018 (unaudited)

Interest Rate Swaptions (continued)

			Pay/
			Receive
Purchased Swaptions		Floating Rate	Floating		Notional	Exercise	Expiration	Upfront			Fair			Unrealized
Outstanding	Counterparty	Index	Rate		Amount	Rate	Date	Payments/(Receipts)			Value			Appreciation/(Depreciation)
Put - 30 Year	Deutsche Bank AG	3 Month	Receive		$3,265	3.54%	06/18/2019	$63		$	72		$	9
Interest Rate Swap		LIBOR
Put - 30 Year	Deutsche Bank AG	3 Month	Receive		1,020	2.68%	01/13/2021	136			120			(16	)
Interest Rate Swap		LIBOR
Put - 30 Year	Deutsche Bank AG	3 Month	Receive		3,285	3.04%	06/18/2019	137			179			42
Interest Rate Swap		LIBOR
Total							$	1,204		$	1,248		$	44

			Pay/
			Receive
Written Swaptions		Floating Rate	Floating		Notional	Exercise	Expiration	Upfront			Fair			Unrealized
Outstanding	Counterparty	Index	Rate		Amount	Rate	Date	Payments/(Receipts)			Value			Appreciation/(Depreciation)
Call - 2 Year Interest	Deutsche Bank AG	3 Month	Receive		$71,800	2.40% 02/25/2020 $		(219	)	$	(247	)	$	(28	)
Rate Swap		LIBOR
Put - 10 Year	Deutsche Bank AG	3 Month	Pay		19,390	2.65% 08/23/2018		(247	)		(607	)		(360	)
Interest Rate Swap		LIBOR
Put - 10 Year	Deutsche Bank AG	Euribor 6	Pay	EUR 8,390		1.65% 02/22/2019		(96	)		(82	)		14
Interest Rate Swap		Month
Put - 2 Year Interest	Deutsche Bank AG	3 Month	Pay	$	71,800	3.40% 02/25/2020		(273	)		(267	)		6
Rate Swap		LIBOR
Total							$	(835	)	$	(1,203	)	$	(368	)

Amounts in thousands.

Futures Contracts

Description and Expiration Date			Type		Contracts	Notional Amount		Value and Unrealized Appreciation/(Depreciation)
90 Day Eurodollar; December 2018			Long		195	$	47,517	$						(111	)
90 Day Eurodollar; December 2019			Short		195		47,361							131
90 Day Short Sterling; December 2019			Short		138		23,432							27
Brent Crude; December 2018^(a)			Long		425		26,490							1,504
Brent Crude; May 2018^(a)			Short		759		49,130							1,976
Canada 10 Year Bond; June 2018			Short		44		4,515							—
Cocoa; May 2018 ^(a)			Long		627		13,907							584
Coffee 'C'; May 2018^(a)			Long		26		1,190							(4	)
Copper; May 2018^(a)			Long		181		14,175							(130	)
Corn; May 2018^(a)			Long		1,440		27,504							686
Cotton No.2; May 2018^(a)			Long		215		8,915							8
Euro Bund 10 Year Bund; March 2018			Short		49		9,531							(49	)
Euro-Bobl 5 Year; March 2018			Long		98		15,667							29
Euro-BTP; March 2018			Long		26		4,341							38
Feeder Cattle; March 2018^(a)			Long		190		13,751							(60	)
Feeder Cattle; May 2018^(a)			Long		99		7,353							(22	)
Gasoline RBOB; May 2018 ^(a)			Long		318		25,901							3
Gold 100 oz; April 2018^(a)			Long		57		7,512							(193	)
Japan 10 Year Bond TSE; March 2018			Short		9		12,731							(1	)
KC HRW Wheat; May 2018 ^(a)			Short		588		15,354							(1,103	)
Lean Hogs; April 2018^(a)			Short		321		8,632							577
Live Cattle; April 2018^(a)			Long		366		18,048							96
Live Cattle; June 2018^(a)			Long		149		6,890							(83	)
LME Lead; March 2018^(a)			Short		—		—							427
LME Lead; May 2018^(a)			Short		272		17,000							490
LME Nickel; December 2018^(a)			Long		55		4,589							325
LME Nickel; June 2018^(a)			Long		102		8,449							831
LME Nickel; March 2018 ^(a)			Short		—		—							(914	)
LME PRI Alum; December 2018^(a)			Long		295		15,860							(169	)
LME PRI Alum; June 2018^(a)			Long		161		8,591							(160	)
LME PRI Alum; March 2018^(a)			Short		—		—							603
LME Zinc; December 2018^(a)			Long		225		19,184							(241	)
LME Zinc; June 2018^(a)			Short		—		—							791
LME Zinc; March 2018^(a)			Short		—		—							(209	)
Low Sulphur Gasoline; May 2018 ^(a)			Long		461		26,657							(342	)


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2018 (unaudited)


Futures Contracts (continued)

Description and Expiration Date		Type	Contracts		Notional Amount			Value and Unrealized Appreciation/(Depreciation)

Natural Gas; May 2018^(a)		Long	5	$		135		$				—
NY Harb ULSD; May 2018^(a)		Long	363			29,044						(7	)
Palladium; June 2018^(a)		Short	44			4,565						(22	)
Platinum; April 2018 ^(a)		Long	168			8,300						617
Short Term Euro-BTP; March 2018		Short	22			3,042						—
Silver; July 2018^(a)		Short	24			1,980						8
Soybean Meal; May 2018^(a)		Long	549			21,669						2,138
Soybean Oil; May 2018^(a)		Long	1,510			29,200						(371	)
Soybean; May 2018^(a)		Short	28			1,478						(10	)
Sugar #11; May 2018^(a)		Short	516			7,733						15
UK 10 Year Gilt; June 2018		Long	70			11,668						(2	)
US 10 Year Ultra Note; June 2018		Short	10			1,281						(1	)
US 5 Year Note; June 2018		Long	150			17,089						(33	)
US Ultra Bond; June 2018		Short	104			16,211						(68	)
Wheat; May 2018 ^(a)		Long	313			7,747						414
WTI Crude; April 2018 ^(a)		Long	591			36,429						(1,177	)
WTI Crude; December 2018^(a)		Long	1,164			67,687						3,066
WTI Crude; May 2018^(a)		Short	1,127			69,277						419
Total								$				10,321

Amounts in thousands except contracts.

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

								Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Contracts to Accept		In Exchange For			Fair Value		Asset		Liability
Barclays Bank PLC	04/26/2018	AUD	40,870,000		$	32,735	$	31,737	$	—	$	(998	)
Barclays Bank PLC	04/26/2018	CAD	9,538,338			7,612		7,442		—		(170	)
Barclays Bank PLC	04/26/2018	CHF	12,746,395			13,671		13,568		53		(156	)
Barclays Bank PLC	04/26/2018	EUR	28,243,000			35,050		34,597		—		(453	)
Barclays Bank PLC	04/26/2018	GBP	6,592,515			9,158		9,098		30		(90	)
Barclays Bank PLC	04/26/2018	JPY	6,272,764,653			57,564		59,032		1,468		—
Barclays Bank PLC	04/26/2018	KRW	3,390,812,100			3,177		3,130		—		(47	)
Barclays Bank PLC	04/26/2018	MXN	92,421,242			4,766		4,860		102		(8	)
Barclays Bank PLC	04/26/2018	NOK	25,052,755			3,157		3,179		27		(5	)
Barclays Bank PLC	04/26/2018	NZD	18,456,720			13,537		13,302		—		(235	)
Barclays Bank PLC	04/26/2018	SEK	155,647,998			19,506		18,871		—		(635	)
Barclays Bank PLC	04/26/2018	TWD	144,700,000			5,000		4,960		—		(40	)
Deutsche Bank AG	04/26/2018	AUD	1,593,000			1,249		1,237		—		(12	)
Deutsche Bank AG	04/26/2018	BRL	5,176,323			1,583		1,585		2		—
Deutsche Bank AG	04/26/2018	CAD	10,107,401			8,076		7,887		—		(189	)
Deutsche Bank AG	04/26/2018	CHF	16,848,244			18,113		17,934		—		(179	)
Deutsche Bank AG	04/26/2018	CLP	959,390,800			1,573		1,612		39		—
Deutsche Bank AG	04/26/2018	COP	4,648,790,000			1,609		1,620		11		—
Deutsche Bank AG	04/26/2018	EUR	4,233,000			5,225		5,185		—		(40	)
Deutsche Bank AG	04/26/2018	IDR	21,593,360,000			1,607		1,560		—		(47	)
Deutsche Bank AG	04/26/2018	INR	102,484,816			1,592		1,559		—		(33	)
Deutsche Bank AG	04/26/2018	JPY	3,203,423,505			29,391		30,147		756		—
Deutsche Bank AG	04/26/2018	NZD	14,359,000			10,401		10,348		—		(53	)
Deutsche Bank AG	04/26/2018	PLN	13,468,059			3,972		3,942		—		(30	)
Deutsche Bank AG	04/26/2018	RUB	403,794,865			7,015		7,132		117		—
Deutsche Bank AG	04/26/2018	TRY	26,975,918			6,876		6,981		105		—
Deutsche Bank AG	04/26/2018	ZAR	93,100,656			7,347		7,836		489		—
Goldman Sachs & Co	04/04/2018	MXN	47,980,165			2,426		2,532		106		—
JPMorgan Chase	04/26/2018	AUD	12,655,000			10,040		9,827		—		(213	)
JPMorgan Chase	04/26/2018	BRL	18,069,090			5,564		5,534		—		(30	)
JPMorgan Chase	04/26/2018	CAD	27,822,299			22,434		21,709		—		(725	)
JPMorgan Chase	04/26/2018	CHF	13,863,714			14,774		14,758		54		(70	)
JPMorgan Chase	04/26/2018	EUR	63,622,000			78,828		77,936		82		(974	)
JPMorgan Chase	04/26/2018	GBP	6,115,000			8,539		8,439		—		(100	)
JPMorgan Chase	04/26/2018	INR	359,139,840			5,556		5,462		—		(94	)
JPMorgan Chase	04/26/2018	JPY	9,309,786,194			85,234		87,613		2,388		(9	)
JPMorgan Chase	04/26/2018	KRW	1,701,684,920			1,588		1,571		—		(17	)
JPMorgan Chase	04/26/2018	MXN	298,427,510			15,707		15,693		104		(118	)
JPMorgan Chase	04/26/2018	NOK	83,642,578			10,436		10,615		179		—
JPMorgan Chase	04/26/2018	NZD	7,640,000			5,593		5,506		—		(87	)
JPMorgan Chase	04/26/2018	SEK	120,601,869			14,938		14,622		—		(316	)
JPMorgan Chase	04/26/2018	SGD	3,781,430			2,851		2,859		12		(4	)
JPMorgan Chase	04/26/2018	TRY	21,517,931			5,552		5,569		17		—


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2018 (unaudited)


Foreign Currency Contracts (continued)

									Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Contracts to Accept		In Exchange For		Fair Value		Asset		Liability
JPMorgan Chase	04/26/2018	TWD	91,882,017	$	3,177	$	3,149	$	—	$	(28	)
National Australia Bank	03/05/2018	GBP	1,439,470		2,029		1,982		—		(47	)
Royal Bank of Scotland PLC	03/05/2018	EUR	48,000		60		59		—		(1	)
Royal Bank of Scotland PLC	03/05/2018	NZD	3,236,480		2,366		2,334		—		(32	)
Royal Bank of Scotland PLC	04/04/2018	CAD	3,030,000		2,418		2,363		—		(55	)
UBS AG	03/05/2018	EUR	80,000		99		97		—		(2	)
Total								$	6,141	$	(6,342	)
									Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Contracts to Deliver		In Exchange For		Fair Value		Asset		Liability
Australia and New Zealand Banking	03/05/2018	GBP	1,084,000	$	1,515	$	1,493	$	22	$	—
Group
Australia and New Zealand Banking	03/05/2018	NZD	11,749,000		8,703		8,473		230		—
Group
Bank of America NA	03/05/2018	EUR	10,000		12		12		—		—
Bank of America NA	04/04/2018	EUR	3,103,000		3,803		3,795		8		—
Barclays Bank PLC	03/05/2018	GBP	91,000		129		125		4		—
Barclays Bank PLC	03/05/2018	JPY	671,522,000		6,155		6,295		—		(140	)
Barclays Bank PLC	04/26/2018	AUD	34,204,000		27,277		26,562		715		—
Barclays Bank PLC	04/26/2018	BRL	18,172,456		5,686		5,566		120		—
Barclays Bank PLC	04/26/2018	CAD	22,530,866		18,060		17,580		480		—
Barclays Bank PLC	04/26/2018	CHF	5,957,099		6,309		6,342		39		(72	)
Barclays Bank PLC	04/26/2018	EUR	17,831,000		22,019		21,843		228		(52	)
Barclays Bank PLC	04/26/2018	GBP	4,023,000		5,703		5,552		151		—
Barclays Bank PLC	04/26/2018	HKD	28,363,014		3,632		3,630		2		—
Barclays Bank PLC	04/26/2018	IDR	21,290,336,000		1,552		1,538		14		—
Barclays Bank PLC	04/26/2018	JPY	4,000,311,221		36,763		37,645		22		(904	)
Barclays Bank PLC	04/26/2018	KRW	4,789,037,500		4,375		4,420		—		(45	)
Barclays Bank PLC	04/26/2018	MXN	194,636,890		10,164		10,236		—		(72	)
Barclays Bank PLC	04/26/2018	NOK	9,843,064		1,257		1,249		8		—
Barclays Bank PLC	04/26/2018	NZD	24,899,052		18,143		17,944		207		(8	)
Barclays Bank PLC	04/26/2018	SEK	144,370,398		18,156		17,504		652		—
Barclays Bank PLC	04/26/2018	TWD	36,512,500		1,251		1,252		—		(1	)
Deutsche Bank AG	04/26/2018	AUD	6,028,768		4,726		4,682		44		—
Deutsche Bank AG	04/26/2018	CAD	4,887,546		3,972		3,814		158		—
Deutsche Bank AG	04/26/2018	CHF	930,487		1,000		990		10		—
Deutsche Bank AG	04/26/2018	EUR	48,187,426		58,703		59,028		274		(599	)
Deutsche Bank AG	04/26/2018	GBP	8,153,273		11,118		11,252		3		(137	)
Deutsche Bank AG	04/26/2018	HKD	69,215,234		8,869		8,859		10		—
Deutsche Bank AG	04/26/2018	INR	454,198,020		6,978		6,907		71		—
Deutsche Bank AG	04/26/2018	JPY	2,907,966,565		26,290		27,366		—		(1,076	)
Deutsche Bank AG	04/26/2018	KRW	3,474,766,680		3,266		3,207		59		—
Deutsche Bank AG	04/26/2018	NZD	1,703,049		1,249		1,227		22		—
Deutsche Bank AG	04/26/2018	RUB	426,527,240		7,312		7,533		—		(221	)
Deutsche Bank AG	04/26/2018	SEK	10,026,742		1,244		1,216		28		—
Deutsche Bank AG	04/26/2018	TRY	27,911,785		7,169		7,224		—		(55	)
Deutsche Bank AG	04/26/2018	TWD	134,102,720		4,560		4,597		—		(37	)
Deutsche Bank AG	04/26/2018	ZAR	93,061,536		7,633		7,832		—		(199	)
Goldman Sachs & Co	04/04/2018	CAD	3,030,000		2,425		2,363		62		—
HSBC Securities Inc	03/05/2018	EUR	3,235,000		4,029		3,948		81		—
HSBC Securities Inc	03/05/2018	JPY	671,522,000		6,189		6,295		—		(106	)
HSBC Securities Inc	04/04/2018	JPY	1,345,050,000		12,578		12,640		—		(62	)
JPMorgan Chase	04/26/2018	AUD	21,427,000		16,885		16,640		256		(11	)
JPMorgan Chase	04/26/2018	BRL	5,094,320		1,540		1,560		—		(20	)
JPMorgan Chase	04/26/2018	CAD	9,744,270		7,807		7,603		204		—
JPMorgan Chase	04/26/2018	CHF	25,847,756		27,398		27,514		172		(288	)
JPMorgan Chase	04/26/2018	CLP	958,834,250		1,595		1,611		—		(16	)
JPMorgan Chase	04/26/2018	COP	4,685,384,000		1,629		1,633		—		(4	)
JPMorgan Chase	04/26/2018	EUR	36,225,000		44,785		44,375		410		—
JPMorgan Chase	04/26/2018	GBP	3,640,000		5,064		5,023		41		—
JPMorgan Chase	04/26/2018	JPY	7,632,546,637		69,818		71,828		—		(2,010	)
JPMorgan Chase	04/26/2018	KRW	1,717,179,600		1,578		1,585		—		(7	)
JPMorgan Chase	04/26/2018	MXN	228,692,113		11,864		12,027		22		(185	)
JPMorgan Chase	04/26/2018	NOK	79,046,920		10,070		10,032		59		(21	)
JPMorgan Chase	04/26/2018	NZD	38,822,878		28,279		27,979		337		(37	)
JPMorgan Chase	04/26/2018	PLN	13,410,742		4,006		3,926		80		—
JPMorgan Chase	04/26/2018	SEK	93,243,560		11,659		11,305		354		—
JPMorgan Chase	04/26/2018	SGD	2,141,696		1,618		1,619		—		(1	)
JPMorgan Chase	04/26/2018	TRY	20,769,913		5,306		5,375		—		(69	)
JPMorgan Chase	04/26/2018	TWD	93,544,430		3,178		3,206		—		(28	)
National Australia Bank	03/05/2018	NZD	1,202,810		878		867		11		—
Nomura Securities	03/05/2018	GBP	63,000		88		87		1		—
Nomura Securities	03/05/2018	JPY	2,000,000		19		19		—		—


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2018 (unaudited)


Foreign Currency Contracts (continued)

														Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Date			Contracts to Deliver			In Exchange For				Fair Value			Asset			Liability
Nomura Securities		04/04/2018			CAD	1,863,000		$		1,458	$	1,453		$	5		$			—
Royal Bank of Scotland PLC		03/05/2018			GBP	42,552				60		59			1					—
Royal Bank of Scotland PLC		04/04/2018			MXN	47,453,436				2,418		2,504			—					(86	)
Toronton Dominion Bank		03/05/2018			CAD	1,888,000				1,537		1,471			66					—
Westpac Banking Corp		04/04/2018			NZD	9,716,000				7,010		7,003			7					—
Total														$	5,750		$	(6,569			)

Amounts in thousands except contracts.


Interest Rate Swaps

		(Pay)/
		Receive
		Floating	Fixed		Payment		Notional			Unrealized					Upfront			Fair Value
Counterparty	Floating Rate Index	Rate	Rate		Frequency	Maturity Date	Amount				Appreciation/(Depreciation)				Payments/(Receipts)			Asset		Liability
Barclays Bank	US CPI Urban	Receive	1.59	%	Annual	09/13/2018	$	12,807	$			451		$	—		$	451	$	—
PLC	Consumers
	NAS(CPURNSA)
Barclays Bank	US CPI Urban	Receive	2.07	%	Annual	03/10/2018		7,960				460			—			460		—
PLC	Consumers
	NAS(CPURNSA)
Deutsche Bank	Eurostat Eurozone	Pay	1.97	%	Annual	03/15/2047	EUR	995				(2	)		—			—		(2	)
AG	HICP Ex Tobacco
	Unrevised Series
	NSA
Deutsche Bank	Eurostat Eurozone	Receive	1.47	%	Annual	03/15/2027		995				22			—			22		—
AG	HICP Ex Tobacco
	Unrevised Series
	NSA
Total								$				931		$	—		$	933	$	(2	)

Amounts in thousands.

Exchange Cleared Interest Rate Swaps

		(Pay)/
		Receive
		Floating	Fixed		Payment		Notional			Unrealized					Upfront
Floating Rate Index		Rate	Rate		Frequency	Maturity Date	Amount			Appreciation/(Depreciation)					Payments/(Receipts)			Fair Value
3 Month LIBOR		Pay	1.88% Semiannual			11/15/2019	$	13,435	$			(131	)	$	1		$			(130	)
3 Month LIBOR		Receive	2.17% Quarterly			08/24/2027		700				43			—					43
3 Month LIBOR		Pay	1.94% Semiannual			11/24/2019		13,435				(123	)		—					(123	)
3 Month LIBOR		Pay	1.73% Semiannual			08/31/2046		910				(77	)		(154	)				(231	)
6 Month GBP LIBOR		Receive	1.45% Semiannual			01/24/2028	GBP	3,915				73			(4	)				69
6 Month GBP LIBOR		Receive	1.57% Semiannual			01/23/2048		2,895				88			(1	)				87
6 Month GBP LIBOR		Receive	1.52% Semiannual			01/10/2048		1,465				71			(2	)				69
6 Month JPY LIBOR		Receive	0.27% Semiannual			11/08/2027	JPY	298,780				11			1					12
6 Month JPY LIBOR		Pay	0.09% Semiannual			11/08/2022		624,725				(7	)		(1	)				(8	)
6 Month JPY LIBOR		Receive	0.35% Semiannual			01/11/2028		289,555				(7	)		1					(6	)
6 Month JPY LIBOR		Pay	0.09% Semiannual			11/08/2022		624,725				(8	)		—					(8	)
6 Month JPY LIBOR		Pay	0.15% Semiannual			01/30/2023		1,183,300				8			—					8
6 Month JPY LIBOR		Receive	1.01% Semiannual			01/30/2048		204,610				(55	)		(1	)				(56	)
Euribor 6 Month		Receive	1.52% Semiannual			01/05/2048	EUR	840				23			—					23
Euribor 6 Month		Receive	0.95% Semiannual			01/15/2028		2,220				32			—					32
Euribor 6 Month		Receive	1.49% Semiannual			01/08/2048		840				29			1					30
Euribor 6 Month		Receive	0.95% Semiannual			01/15/2028		2,220				32			(1	)				31
Eurostat Eurozone HICP Ex Tobacco		Pay	1.83	%	Annual	05/15/2047		1,370				(50	)		(2	)				(52	)
Unrevised Series NSA
Eurostat Eurozone HICP Ex Tobacco		Receive	1.30	%	Annual	09/29/2022		4,075				26			2					28
Unrevised Series NSA
HICP Ex Food and Energy		Pay	1.59	%	Annual	01/15/2028		3,770				7			—					7
HICP Ex Food and Energy		Pay	2.00	%	Annual	02/15/2048		1,610				33			—					33
HICP Ex Food and Energy		Pay	1.57	%	Annual	02/15/2028		2,795				3			—					3
HICP Ex Food and Energy		Pay	1.97	%	Annual	01/15/2048		590				5			—					5
HICP Ex Food and Energy		Receive	1.26	%	Annual	08/15/2022		4,095				34			2					36
HICP Ex Food and Energy		Pay	1.99	%	Annual	01/15/2048		590				9			—					9
NZFM New Zealand Bank Bill 3		Receive	3.06% Quarterly			09/08/2027	NZD	4,239				39			(1	)				38
Month FRA
NZFM New Zealand Bank Bill 3		Receive	3.07% Quarterly			09/08/2027		2,088				18			(1	)				17
Month FRA
NZFM New Zealand Bank Bill 3		Receive	3.07% Quarterly			09/08/2027		2,109				18			(1	)				17
Month FRA
UK RPI All Items NSA		Pay	3.51	%	Annual	01/15/2048	GBP	625				8			—					8


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2018 (unaudited)


Exchange Cleared Interest Rate Swaps (continued)

		(Pay)/
		Receive
		Floating	Fixed		Payment			Notional		Unrealized			Upfront
Floating Rate Index		Rate	Rate		Frequency	Maturity Date		Amount		Appreciation/(Depreciation)				Payments/(Receipts)			Fair Value
UK RPI All Items NSA		Pay	3.60	%	Annual	11/15/2042	GBP 2,795 $			98		$		3		$		101
UK RPI All Items NSA		Pay	3.41	%	Annual	02/15/2028		2,840		(7	)			29				22
UK RPI All Items NSA		Pay	3.52	%	Annual	02/15/2027		3,130		50				3				53
UK RPI All Items NSA		Pay	3.62	%	Annual	02/15/2047		330		27				2				29
UK RPI All Items NSA		Receive	3.55	%	Annual	11/15/2047		2,795		(110	)			(4	)			(114	)
UK RPI All Items NSA		Pay	3.21	%	Annual	02/15/2023		18,910		(39	)			(5	)			(44	)
UK RPI All Items NSA		Pay	3.41	%	Annual	01/15/2028		5,135		(4	)			1				(3	)
UK RPI All Items NSA		Pay	3.55	%	Annual	11/15/2032		4,640		76				2				78
UK RPI All Items NSA		Receive	3.33	%	Annual	01/15/2023		5,135		1				—				1
UK RPI All Items NSA		Pay	3.51	%	Annual	02/15/2048		10		(4	)			4				—
UK RPI All Items NSA		Receive	3.46	%	Annual	11/15/2027		4,640		(40	)			(1	)			(41	)
US CPI Urban Consumers		Receive	2.11	%	Annual	11/09/2019	$	24,530		87				—				87
NAS(CPURNSA)
US CPI Urban Consumers		Pay	1.92	%	Annual	04/01/2018		11,915		(19	)			—				(19	)
NAS(CPURNSA)
Total								$		268		$		(127	)	$		141

Amounts in thousands.


Total Return Swaps

			Pay/Receive											Value and Unrealized
			Positive				Payment	Expiration		Notional		Upfront		Appreciation/(Depreciation)
Counterparty	Reference Entity	Contracts	Return			Financing Rate	Frequency	Date		Amount	Payments/(Receipts)					Asset		Liability
Bank of America	Bloomberg	536,743	Receive		3 Month US		Monthly	03/22/2018	$	96,921	$		—	$		—	$	(136	)
NA	Commodity				Treasury Rate
	Index Total					plus .10%
	Return ^(a)
Bank of America	BofA Merrill	299,021	Receive			.26%	Annual	03/05/2018		32,530			—			—		(156	)
NA	Lynch
	Commodity
	MLBXCS3E
	Excess Return
	Strategy^(a)
M3 Capital	Bloomberg	75,226	Receive		3 Month US		Monthly	03/22/2018		31,039			—			—		(21	)
Partners	Commodity				Treasury Rate
	Index 2 Month					plus .17%
	Forward Total
	Return ^(a)
M3 Capital	Bloomberg	419,698	Receive		3 Month US		Monthly	03/22/2018		75,786			—			—		(105	)
Partners	Commodity				Treasury Rate
	Index Total					plus .09%
	Return ^(a)
M3 Capital	Macquarie	231,671	Receive			.30%	Annual	03/05/2018		23,366			—			—		(182	)
Partners	Commodity
	Product 251E^(a)
Total										$			—	$		—	$	(600	)

Amounts in thousands except contracts


Schedule of Investments
Dynamic Floating Rate High Income Fund
February 28, 2018 (unaudited)



INVESTMENT COMPANIES - 13.26%		Shares Held	Value (000's)						Principal
Exchange Traded Funds - 4.08%						BONDS (continued)			Amount (000's) Value (000's)
PowerShares Senior Loan Portfolio		20,500	$		474	Real Estate - 0.77%
						Crescent Communities LLC/Crescent
Money Market Funds - 9.18%						Ventures Inc
Principal Government Money Market Fund ^(a)		1,067,248			1,067	8.88%, 10/15/2021 ^(b)		$	84	$	89

TOTAL INVESTMENT COMPANIES			$		1,541	Software - 0.26%
		Principal				Epicor SoftwareCorp
BONDS - 17.83%		Amount (000's) Value (000's)				9.94%, 06/30/2023 (b)			29		30
Chemicals - 2.14%						3 Month LIBOR + 8.25%
Consolidated Energy Finance SA
5.34%, 06/15/2022 ^(b)	$	250		$	249	Telecommunications - 2.21%
3 Month LIBOR + 3.75%						Frontier Communications Corp
						11.00%, 09/15/2025			50		39
Diversified Financial Services - 3.88%						GTT Communications Inc
						7.88%, 12/31/2024 ^(b)			90		93
Ally Financial Inc
5.75%, 11/20/2025		110			115	Intelsat Jackson Holdings SA
						8.00%, 02/15/2024 ^(b)			40		42
Credit Acceptance Corp
7.38%, 03/15/2023		110			115	Sprint Corp
E*TRADE Financial Corp						7.88%, 09/15/2023			80		83
5.30%, 12/31/2049 ^(c),(d)		125			123				$		257
3 Month LIBOR + 3.16%						TOTAL BONDS			$		2,072
ILFC E-Capital Trust II						SENIOR FLOATING RATE INTERESTS -			Principal
4.62%, 12/21/2065 ^(b),(e)		100			98	72.23	%		Amount (000's) Value (000's)
			$		451	Aerospace & Defense - 1.83%
Gas - 0.86%						Sequa Mezzanine Holdings LLC
NGL Energy Partners LP / NGL Energy						6.55%, 11/28/2021 ^(f)		$	105	$	106
Finance Corp						US LIBOR + 5.50%
7.50%, 11/01/2023		100			100	TransDigm Inc
						4.41%, 06/09/2023 ^(f)			105		106
Healthcare - Products - 0.61%						US LIBOR + 2.75%
Universal Hospital Services Inc									$		212
7.63%, 08/15/2020		70			71	Automobile Manufacturers - 2.46%
						Navistar Inc
Insurance - 2.16%						5.08%, 11/06/2024 ^(f)			285		286
Catlin Insurance Co Ltd						US LIBOR + 3.50%
4.71%, 07/29/2049 ^(b),(c)		160			157
3 Month LIBOR + 2.98%						Automobile Parts & Equipment - 1.39%
Liberty Mutual Group Inc						American Axle & Manufacturing Inc
4.49%, 03/07/2067 ^(b)		95			94	3.88%, 04/06/2024 ^(f)			161		162
3 Month LIBOR + 2.91%						US LIBOR + 2.25%
			$		251
Machinery - Diversified - 0.82%						Chemicals - 2.92%
Cloud Crane LLC						A Schulman Inc
10.13%, 08/01/2024 ^(b)		85			95	4.84%, 06/01/2022 ^(f)			71		71
						US LIBOR + 3.25%
Media - 0.72%						Aruba Investments Inc
DISH DBS Corp						4.94%, 02/02/2022 ^(f)			98		98
5.88%, 11/15/2024		90			84	US LIBOR + 3.50%
						Emerald Performance Materials LLC
Mining - 0.27%						9.40%, 08/01/2022 ^(f)			170		170
Northwest Acquisitions ULC / Dominion						US LIBOR + 6.75%
Finco Inc									$		339
7.13%, 11/01/2022 ^(b)		30			31	Commercial Services - 4.97%
						Garda World Security Corp
Miscellaneous Manufacturers - 0.93%						6.90%, 05/24/2024 ^(f)			96		96
Bombardier Inc						US LIBOR + 4.00%
7.50%, 03/15/2025 ^(b)		105			108	Prime Security Services Borrower LLC
						4.40%, 05/02/2022 ^(f)			109		110
Oil & Gas - 2.20%						US LIBOR + 2.75%
Continental Resources Inc/OK						Team Health Holdings Inc
4.50%, 04/15/2023		100			101	4.40%, 02/06/2024 ^(f)			169		165
MEG Energy Corp						US LIBOR + 2.75%
6.50%, 01/15/2025 ^(b)		50			49	TMS International Corp
Sunoco LP / Sunoco Finance Corp						4.63%, 08/14/2024 ^(f)			204		206
4.88%, 01/15/2023 ^(b)		35			35	US LIBOR + 3.00%
5.50%, 02/15/2026 ^(b)		20			20				$		577
Whiting Petroleum Corp						Computers - 3.24%
5.75%, 03/15/2021		50			51	Dell International LLC
			$		256	3.65%, 09/07/2023 ^(f)			242		242
						US LIBOR + 2.00%


Schedule of Investments
Dynamic Floating Rate High Income Fund
February 28, 2018 (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)
Computers (continued)					Leisure Products & Services (continued)
McAfee LLC					Intrawest Resorts Holdings Inc
6.08%, 09/30/2024 ^(f)	$	135	$	135	4.90%, 07/31/2024 ^(f)	$	161	$	162
US LIBOR + 4.50%					US LIBOR + 3.25%
		$		377			$		344
Consumer Products - 1.54%					Lodging - 2.60%
Prestige Brands Inc					Caesars Resort Collection LLC
4.40%, 01/26/2024 ^(f)		178		179	4.40%, 12/22/2024 ^(f)		205		206
US LIBOR + 2.75%					US LIBOR + 2.75%
					Hilton Worldwide Finance LLC
Diversified Financial Services - 1.53%					3.62%, 10/25/2023 ^(f)		96		96
Russell Investments US Institutional Holdco					US LIBOR + 2.00%
Inc							$		302
5.94%, 06/01/2023 ^(f)		177		178	Media - 3.50%
US LIBOR + 5.75%					CSC Holdings LLC
					4.14%, 01/12/2026 ^(f)		35		35
Electric - 0.75%					US LIBOR + 2.50%
Dynegy Inc					Meredith Corp
4.35%, 02/07/2024 ^(f)		86		87	4.66%, 01/17/2025 ^(f)		70		70
US LIBOR + 2.75%					US LIBOR + 3.00%
					Unitymedia Finance LLC
Entertainment - 3.51%					3.84%, 09/30/2025 ^(f)		95		95
CCM Merger Inc					US LIBOR + 2.25%
4.40%, 08/06/2021 ^(f)		86		87	Univision Communications Inc
US LIBOR + 2.75%					4.40%, 03/15/2024 ^(f)		209		207
Lions Gate Entertainment Corp					US LIBOR + 2.75%
3.90%, 12/08/2023 ^(f)		121		122			$		407
US LIBOR + 2.25%					Oil & Gas - 4.40%
WMG Acquisition Corp					California Resources Corp
3.83%, 11/01/2023 ^(f)		199		199	6.34%, 11/14/2022 ^(f)		205		207
US LIBOR + 2.25%					US LIBOR + 4.75%
		$		408	11.97%, 12/31/2021 ^(f)		95		107
Food - 2.86%					US LIBOR + 10.37%
B&G Foods Inc					Chesapeake Energy Corp
3.65%, 11/02/2022 ^(f)		137		138	9.44%, 08/23/2021 ^(f)		185		197
US LIBOR + 2.00%					US LIBOR + 7.50%
Post Holdings Inc							$		511
3.90%, 05/24/2024 ^(f)		194		194	Packaging & Containers - 4.19%
US LIBOR + 2.25%					Berry Global Inc
		$		332	3.62%, 10/01/2022 ^(f)		94		94
Forest Products & Paper - 0.64%					US LIBOR + 2.00%
Caraustar Industries Inc					Coveris Holdings SA
7.19%, 03/14/2022 ^(f)		74		74	5.94%, 06/29/2022 ^(f)		142		143
US LIBOR + 5.50%					US LIBOR + 4.25%
					CROWN Americas LLC
Healthcare - Products - 2.26%					0.00%, 01/17/2025 ^(f),(g)		60		60
DJO Finance LLC					US LIBOR + 2.00%
4.92%, 06/08/2020 ^(f)		94		93	Flex Acquisition Co Inc
US LIBOR + 3.25%					4.69%, 12/29/2023 ^(f)		94		95
Kinetic Concepts Inc					US LIBOR + 3.00%
4.94%, 02/02/2024 ^(f)		169		169	Reynolds Group Holdings Inc
US LIBOR + 3.25%					4.40%, 02/05/2023 ^(f)		94		95
		$		262	US LIBOR + 2.75%
Healthcare - Services - 2.44%							$		487
Acadia Healthcare Co Inc					REITs - 2.05%
4.40%, 02/16/2023 ^(f)		119		119	GEO Group Inc/The
US LIBOR + 2.75%					3.95%, 03/22/2024 ^(f)		94		94
MPH Acquisition Holdings LLC					US LIBOR + 2.25%
4.69%, 06/07/2023 ^(f)		164		165	iStar Inc
US LIBOR + 3.00%					4.59%, 10/01/2021 ^(f)		50		50
		$		284	US LIBOR + 3.75%
Insurance - 2.11%					MGM Growth Properties Operating
Asurion LLC					Partnership LP
7.65%, 08/04/2025 ^(f)		195		200	3.90%, 04/25/2023 ^(f)		93		94
US LIBOR + 6.00%					US LIBOR + 2.25%
Genworth Holdings Inc							$		238
0.00%, 02/28/2023 ^(f),(g)		45		45
US LIBOR + 4.50%
		$		245
Leisure Products & Services - 2.96%
ClubCorp Holdings Inc
4.94%, 09/18/2024 ^(f)		181		182
US LIBOR + 3.25%

Schedule of Investments Dynamic Floating Rate High Income Fund February 28, 2018 (unaudited)


SENIOR FLOATING RATE INTERESTS	Principal					(d)	Rate shown is the rate in effect as of period end. The rate may be based on
(continued)	Amount (000's)			Value (000's)			a fixed rate and may convert to a variable rate or floating rate in the
Retail - 6.70%							future.
Academy Ltd						(e)	Certain variable rate securities are not based on a published reference
5.55%, 07/01/2022 ^(f)	$	123	$	98			rate and spread but are determined by the issuer or agent and are based
US LIBOR + 4.00%							on current market conditions. These securities do not indicate a reference
Beacon Roofing Supply Inc							rate and spread in their description.
3.83%, 10/11/2024 ^(f)		100		100		(f)	Rate information disclosed is based on an average weighted rate as of
US LIBOR + 2.25%							February 28, 2018.
IRB Holding Corp						(g)	This Senior Floating Rate Note will settle after February 28, 2018, at
4.83%, 01/17/2025 ^(f)		200		202			which time the interest rate will be determined.
US LIBOR + 3.25%
JC Penney Corp Inc							Portfolio Summary (unaudited)
6.23%, 06/23/2023 ^(f)		95		91		Sector		Percent
US LIBOR + 4.25%						Consumer, Cyclical		19.62	%
KFC Holding Co						Consumer, Non-cyclical		14.68	%
3.59%, 06/16/2023 ^(f)		118		118		Communications		13.79	%
US LIBOR + 2.00%						Investment Companies		13.26	%
Michaels Stores Inc						Financial		12.49	%
4.38%, 01/30/2023 ^(f)		145		146		Industrial		9.65	%
US LIBOR + 2.75%						Energy		6.60	%
PetSmart Inc						Basic Materials		5.98	%
4.57%, 03/11/2022 ^(f)		30		24		Technology		5.64	%
US LIBOR + 3.00%						Utilities		1.61	%
			$	779		Other Assets and Liabilities		(3.32	)%
Semiconductors - 0.88%						TOTAL NET ASSETS		100.00	%
Micron Technology Inc
3.65%, 04/26/2022 ^(f)		102		102
US LIBOR + 2.00%

Software - 1.27%
Signode Industrial Group US Inc
4.42%, 05/01/2021 ^(f)		148		148
US LIBOR + 4.75%

Telecommunications - 7.34%
Avaya Inc
6.34%, 11/08/2024 ^(f)		295		297
US LIBOR + 4.75%
GTT Communications Inc
4.94%, 01/09/2024 ^(f)		69		69
US LIBOR + 3.25%
Level 3 Parent LLC
3.79%, 02/22/2024 ^(f)		95		95
US LIBOR + 2.25%
Maxar Technologies Ltd
4.33%, 10/04/2024 ^(f)		280		281
US LIBOR + 2.75%
West Corp
5.65%, 10/10/2024 ^(f)		110		111
US LIBOR + 4.00%
			$	853
Trucking & Leasing - 1.89%
Avolon TLB Borrower 1 US LLC
0.00%, 03/21/2022 ^(f),(g)		220		220
US LIBOR + 2.25%

TOTAL SENIOR FLOATING RATE INTERESTS			$	8,393
Total Investments			$	12,006
Other Assets and Liabilities - (3.32)%			$	(386	)
TOTAL NET ASSETS - 100.00%			$	11,620


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



COMMON STOCKS - 38.90%	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held	Value (000's)
Advertising - 0.02%				Automobile Parts & Equipment (continued)
Dentsu Inc	9,500	$	436	Nissin Kogyo Co Ltd	14,200	$	251
Gendai Agency Inc	3,900		21	NOK Corp	15,400		328
Omnicom Group Inc ^(a)	3,787		289	Nokian Renkaat OYJ	30,647		1,405
Relia Inc	11,600		147	Pacific Industrial Co Ltd	6,914		97
		$	893	Rheinmetall AG	2,349		310
Aerospace & Defense - 0.69%				Showa Corp	14,420		227
Boeing Co/The	553		200	Sumitomo Electric Industries Ltd	47,561		750
Cobham PLC ^(b)	199,592		310	Sumitomo Riko Co Ltd	14,900		152
IHI Corp	4,180		142	Tokai Rika Co Ltd	18,400		398
Jamco Corp	5,850		131	Toyo Tire & Rubber Co Ltd	45,214		837
Kawasaki Heavy Industries Ltd	27,149		984	Toyoda Gosei Co Ltd	13,500		327
Leonardo SpA	31,393		336	Toyota Industries Corp	3,102		195
Lockheed Martin Corp	1,870		659			$	16,600
Orbital ATK Inc	12,490		1,649	Banks - 1.98%
Raytheon Co	421		92	Banco Bilbao Vizcaya Argentaria SA	63,543		529
Rockwell Collins Inc ^(a)	92,918		12,796	Banco Santander SA	291,777		2,000
Ste Industrielle d'Aviation Latecoere SA ^(b)	82,155		488	Bank of America Corp	119,627		3,840
Ultra Electronics Holdings PLC	25,448		556	Bank of Ireland Group PLC ^(b)	68,005		635
United Technologies Corp	1,461		197	Bank of Kyoto Ltd/The	2,075		115
		$	18,540	Bank of New York Mellon Corp/The ^(a)	44,180		2,520
Agriculture - 0.21%				Bank of the Ozarks	7,054		352
Altria Group Inc ^(a)	36,521		2,299	Bankinter SA	69,468		763
Bunge Ltd	22,640		1,708	BB&T Corp	3,329		181
Philip Morris International Inc ^(a)	7,204		746	BNP Paribas SA	8,381		663
Swedish Match AB	18,646		792	Capital One Financial Corp ^(a)	32,748		3,207
		$	5,545	China Construction Bank Corp	438,000		449
Airlines - 0.24%				CIT Group Inc ^(a)	8,300		440
American Airlines Group Inc	5,828		316	Citigroup Inc	37,777		2,852
Delta Air Lines Inc ^(a)	34,655		1,868	Citizens Financial Group Inc	10,971		477
Deutsche Lufthansa AG	36,254		1,210	Comerica Inc ^(a)	7,689		747
International Consolidated Airlines Group	53,790		453	Danske Bank A/S	21,040		844
JetBlue Airways Corp ^(b)	76,607		1,613	DBS Group Holdings Ltd	31,500		677
Southwest Airlines Co ^(a)	19,631		1,135	Erste Group Bank AG	11,618		591
				Fifth Third Bancorp ^(a)	26,600		879
		$	6,595
Apparel - 0.46%				First Citizens BancShares Inc/NC	1,195		486
Adidas AG	8,673		1,922	First Republic Bank/CA	9,300		863
Asics Corp	4,710		74	Fukuoka Financial Group Inc	101,000		515
Hermes International	1,846		993	Goldman Sachs Group Inc/The	2,066		543
LVMH Moet Hennessy Louis Vuitton SE	6,566		1,964	Hachijuni Bank Ltd/The	79,000		474
Michael Kors Holdings Ltd ^(a),(b)	10,400		654	IBERIABANK Corp	29,489		2,383
NIKE Inc	69,154		4,635	ICICI Bank Ltd ADR	39,604		376
				JPMorgan Chase & Co ^(a)	14,231		1,644
Sanyo Shokai Ltd	7,000		162
Under Armour Inc - Class A ^(b)	72		1	KeyCorp	17,700		374
Under Armour Inc - Class C ^(b)	128,478		1,934	Kyushu Financial Group Inc	69,500		386
		$	12,339	M&T Bank Corp	16,583		3,148
Automobile Manufacturers - 0.32%				Macquarie Group Ltd	2,872		229
General Motors Co	51,963		2,045	MainSource Financial Group Inc	463		17
Hino Motors Ltd	12,614		166	Mediobanca Banca di Credito Finanziario	30,705		366
Honda Motor Co Ltd	30,320		1,096	SpA
Hyundai Motor Co	1,156		172	Mitsubishi UFJ Financial Group Inc	255,693		1,801
Mitsubishi Motors Corp	35,040		275	Mizuho Financial Group Inc	721,900		1,333
PACCAR Inc	16,536		1,184	Oversea-Chinese Banking Corp Ltd	76,100		745
Peugeot SA	39,732		896	PacWest Bancorp	2,047		107
				PNC Financial Services Group Inc/The ^(a)	17,189		2,710
Suzuki Motor Corp	21,000		1,198	Regions Financial Corp ^(a)	65,584		1,273
Volkswagen AG	7,537		1,497
		$	8,529	Resona Holdings Inc	64,800		367
				San-In Godo Bank Ltd/The	10,700		101
Automobile Parts & Equipment - 0.61%				Sberbank of Russia PJSC	135,517		649
Aisan Industry Co Ltd	10,400		119	Standard Chartered PLC	56,539		627
Aisin Seiki Co Ltd	19,200		1,117	State Bank of India Ltd	3,797		156
Allison Transmission Holdings Inc	14,073		558	State Street Corp ^(a)	21,423		2,274
Aptiv PLC	10,538		962	Sumitomo Mitsui Financial Group Inc	33,600		1,453
Daikyonishikawa Corp	11,280		192	Sumitomo Mitsui Trust Holdings Inc	12,620		507
Denso Corp	8,400		490	SunTrust Banks Inc ^(a)	25,707		1,795
Exedy Corp	8,900		289	Tochigi Bank Ltd/The	23,600		96
GKN PLC	62,533		377	Tokyo TY Financial Group Inc	4,623		114
IJT Technology Holdings Co Ltd	6,900		60	UBS Group AG ^(b)	27,617		523
Keihin Corp	16,500		343	United Overseas Bank Ltd	23,100		484
Koito Manufacturing Co Ltd	13,100		904	US Bancorp	17,500		951
Lear Corp ^(a)	12,765		2,382
				Wells Fargo & Co ^(a)	16,304		953
Linamar Corp	27,200		1,489
Magna International Inc	17,500		963			$	53,584
NGK Insulators Ltd	30,390		564	Beverages - 0.30%
NGK Spark Plug Co Ltd	20,359		514	Asahi Group Holdings Ltd	11,100		568

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2018 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)
Beverages (continued)				Chemicals (continued)
Coca-Cola Co/The ^(a)	43,412	$	1,876	Nippon Shokubai Co Ltd	2,960	$	209
Coca-Cola Amatil Ltd	137,904		933	Nitto Denko Corp	12,900		1,059
Diageo PLC	38,430		1,304	Nutrien Ltd	67,212		3,310
Dr Pepper Snapple Group Inc	1,160		135	Praxair Inc ^(a)	25,648		3,841
Heineken NV	3,891		404	Sherwin-Williams Co/The	11,248		4,517
Molson Coors Brewing Co	7,600		580	Shin-Etsu Chemical Co Ltd	21,633		2,273
Monster Beverage Corp ^(b)	8,499		539	Tokai Carbon Co Ltd	7,300		126
PepsiCo Inc	7,681		842	Tokyo Ohka Kogyo Co Ltd	4,850		189
Refresco Group NV ^(c)	12,660		308	Westlake Chemical Corp	5,226		566
Suntory Beverage & Food Ltd	13,000		603	WR Grace & Co	88,010		5,825
		$	8,092			$	67,180
Biotechnology - 0.77%				Coal - 0.01%
Alexion Pharmaceuticals Inc ^(a),(b)	2,803		329	China Shenhua Energy Co Ltd	85,750		243
Biogen Inc ^(a),(b)	6,325		1,828
Bioverativ Inc ^(b)	90,818		9,507	Commercial Services - 1.10%
Cascadian Therapeutics Inc ^(b)	2,878		29	Adecco Group AG	11,746		944
Celgene Corp ^(a),(b)	3,241		282	Altech Corp	3,326		70
Exact Sciences Corp ^(b)	24,339		1,086	AMERCO	3,930		1,352
Genmab A/S ^(b)	3,867		786	Automatic Data Processing Inc	1,756		203
				Babcock International Group PLC	27,243		243
Gilead Sciences Inc	33,879		2,667	Benesse Holdings Inc	4,520		162
H Lundbeck A/S	12,853		673
Hugel Inc ^(b)	323		165	Bureau Veritas SA	13,458		353
Illumina Inc ^(a),(b)	1,156		264	Capella Education Co	1,008		78
				Cimpress NV ^(b)	2,535		413
Incyte Corp ^(a),(b)	3,100		264
Juno Therapeutics Inc ^(b)	18,230		1,582	Cintas Corp	9,666		1,650
				CoStar Group Inc ^(b)	3,883		1,329
Regeneron Pharmaceuticals Inc ^(a),(b)	2,785		892
United Therapeutics Corp ^(a),(b)	4,728		548	Element Fleet Management Corp	64,300		244
				Everi Holdings Inc ^(a),(b)	527,310		3,928
		$	20,902	FleetCor Technologies Inc ^(b)	5,386		1,077
Building Materials - 0.49%				Getlink SE	74,074		953
CEMEX Holdings Philippines Inc ^(b),(c)	1,255,912		88
Cemex SAB de CV ADR^(b)	648,537		4,248	JAC Recruitment Co Ltd	5,600		118
				Kroton Educacional SA	63,100		298
China Resources Cement Holdings Ltd	690,000		528	Localiza Rent a Car SA	38,600		306
Cie de Saint-Gobain	11,751		665	Macquarie Infrastructure Corp ^(a)	130,291		5,276
CRH PLC	16,548		544	ManpowerGroup Inc ^(a)	7,308		866
Geberit AG	1,056		477	Moody's Corp ^(a)	6,273		1,046
LafargeHolcim Ltd ^(b)	5,889		343
				New Oriental Education & Technology	1,906		174
Lennox International Inc	10,136		2,074	Group Inc ADR
Masco Corp ^(a)	42,658		1,754
Ply Gem Holdings Inc ^(b)	855		19	Outsourcing Inc	2,765		53
				PayPal Holdings Inc ^(b)	18,776		1,491
Sanwa Holdings Corp	17,900		248	Persol Holdings Co Ltd	3,358		86
Sika AG	100		820	Prestige International Inc	11,700		150
Taiheiyo Cement Corp	5,975		221	QinetiQ Group PLC	91,016		256
Vulcan Materials Co	6,300		742	Randstad Holding NV	20,125		1,434
Wienerberger AG	15,984		432	Recruit Holdings Co Ltd	42,300		1,023
		$	13,203	Rent-A-Center Inc/TX	5,032		38
Chemicals - 2.49%				ServiceMaster Global Holdings Inc ^(b)	10,673		548
A Schulman Inc	1,879		82	SGS SA	276		700
Air Products & Chemicals Inc	14,548		2,339	Strike Co Ltd	2,670		163
Akzo Nobel NV	95,793		9,332	TechnoPro Holdings Inc	5,886		350
Albemarle Corp ^(a)	22,800		2,290
				Toppan Forms Co Ltd	16,500		186
Arkema SA	7,214		941	Transurban Group	41,004		365
Axalta Coating Systems Ltd ^(a),(b)	31,851		981	United Rentals Inc ^(b)	3,385		593
BASF SE	8,747		914	Worldpay Inc ^(b)	12,925		1,051
Brenntag AG	14,396		897			$	29,570
Calgon Carbon Corp	12,430		264	Computers - 1.24%
Celanese Corp	609		61	Accenture PLC - Class A ^(a)	13,003		2,094
CF Industries Holdings Inc	12,044		497	Apple Inc ^(a)	46,435		8,271
Denka Co Ltd	5,340		195	Atos SE	8,433		1,109
DIC Corp	2,794		100	Cognizant Technology Solutions Corp ^(a)	8,298		680
DowDuPont Inc	1,139		80	Computershare Ltd	31,494		433
EMS-Chemie Holding AG	1,070		682	CSRA Inc	30,148		1,222
FMC Corp ^(a)	12,355		970
				Dell Technologies Inc Class V ^(b)	69,755		5,182
GCP Applied Technologies Inc ^(b)	34,117		1,049
				DST Systems Inc	76,438		6,357
Hitachi Chemical Co Ltd	41,700		926	Ferrotec Holdings Corp	14,700		366
Huntsman Corp	2,403		78	ForeScout Technologies Inc ^(b)	300		9
JSR Corp	19,900		479	ForeScout Technologies Inc ^(b),(d)	5,374		160
Kanto Denka Kogyo Co Ltd	15,363		176	Fortinet Inc ^(a),(b)	23,798		1,201
KH Neochem Co Ltd	8,225		257	Fujitsu Ltd	176,178		1,051
Kuraray Co Ltd	18,600		323	Gemalto NV	11,154		670
Linde AG	2,737		607	HP Inc ^(a)	29,070		680
LyondellBasell Industries NV ^(a)	9,421		1,020
				Inventec Corp	382,000		301
Mitsubishi Gas Chemical Co Inc	21,600		534	Melco Holdings Inc	2,710		92
Monsanto Co	155,557		19,191


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



COMMON STOCKS (continued)	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held		Value (000's)
Computers (continued)				Electric (continued)
NetApp Inc ^(a)	24,996	$	1,514	American Electric Power Co Inc	408	$	27
SCSK Corp	9,404		385	Avista Corp	25,155		1,203
Western Digital Corp ^(a)	19,629		1,708	Calpine Corp ^(b)	91,004		1,385
		$	33,485	Dynegy Inc ^(b)	44,314		542
Consumer Products - 0.09%				E.ON SE	51,848		526
Avery Dennison Corp ^(a)	4,085		483	Edison International	5,272		319
Church & Dwight Co Inc ^(a)	12,738		626	Electric Power Development Co Ltd	41,000		1,040
Kimberly-Clark Corp ^(a)	11,717		1,300	Endesa SA	91,178		1,914
		$	2,409	Exelon Corp	3,695		137
Cosmetics & Personal Care - 0.35%				FirstEnergy Corp ^(a)	30,300		980
Beiersdorf AG	3,326		364	Fortum OYJ	54,204		1,190
Ci:z Holdings Co Ltd	2,000		115	Kansai Electric Power Co Inc/The	81,400		989
Colgate-Palmolive Co	16,851		1,162	NextEra Energy Inc	1,064		162
Coty Inc ^(a)	150,292		2,904	NRG Energy Inc	152,032		3,931
Estee Lauder Cos Inc/The	506		70	Origin Energy Ltd ^(b)	161,745		1,122
Kao Corp	10,600		774	PG&E Corp	37,136		1,526
Lion Corp	26,600		497	SCANA Corp	24,447		970
Pola Orbis Holdings Inc	8,700		365	Vistra Energy Corp ^(b)	15,982		303
Procter & Gamble Co/The ^(a)	13,943		1,095	Westar Energy Inc	26,335		1,283
Shiseido Co Ltd	7,400		444			$	20,624
Unicharm Corp	42,200		1,178	Electrical Components & Equipment - 0.10%
Unilever NV	10,404		544	Funai Electric Co Ltd	17,900		128
		$	9,512	Furukawa Electric Co Ltd	1,700		93
Distribution & Wholesale - 0.20%				General Cable Corp	16,471		487
Bunzl PLC	15,377		413	Legrand SA	4,188		328
Fastenal Co	13,389		733	Schneider Electric SE ^(b)	15,160		1,314
Fourlis Holdings SA ^(b)	23,177		162	Ushio Inc	18,000		248
HD Supply Holdings Inc ^(a),(b)	22,700		823			$	2,598
Marubeni Corp	156,400		1,192	Electronics - 0.46%
Mitsubishi Corp	41,000		1,148	ADT Inc ^(b)	23,262		246
Nippon Gas Co Ltd	4,700		201	Alps Electric Co Ltd	32,147		876
Trusco Nakayama Corp	6,260		163	Avigilon Corp ^(b)	2,139		45
WW Grainger Inc ^(a)	2,000		523	Fortive Corp ^(a)	29,744		2,284
		$	5,358	Fujitsu General Ltd	11,150		213
Diversified Financial Services - 1.20%				Hirose Electric Co Ltd	6,300		936
Acom Co Ltd ^(b)	129,006		581	Hitachi High-Technologies Corp	22,267		1,080
Alliance Data Systems Corp	3,132		755	Honeywell International Inc	1,085		164
American Express Co	27,995		2,730	Hosiden Corp	9,700		142
Blackhawk Network Holdings Inc ^(b)	11,619		520	Jabil Inc	12,006		325
BlackRock Inc	1,843		1,013	Keyence Corp	2,700		1,635
CI Financial Corp	33,000		734	Keysight Technologies Inc ^(b)	11,969		563
Credit Acceptance Corp ^(b)	3,506		1,103	Kyocera Corp	6,635		391
Credit Saison Co Ltd	42,539		730	Mettler-Toledo International Inc ^(a),(b)	571		352
Daiwa Securities Group Inc	90,000		598	MINEBEA MITSUMI Inc	38,915		881
Ditech Holding Corp ^(b)	7,629		78	Nichicon Corp	19,700		243
Ditech Holding Corp - Warrants ^(b)	12,997		—	Nippon Ceramic Co Ltd	7,300		204
Ditech Holding Corp - Warrants ^(b)	10,313		—	Shibaura Electronics Co Ltd	400		23
E*TRADE Financial Corp ^(b)	20,654		1,079	Siix Corp	4,640		224
Element Comm Aviation ^{(b),(d),(e),(f)}	280		2,773	SMK Corp	17,870		78
FNF Group	22,550		900	Sodick Co Ltd	5,700		79
Franklin Resources Inc ^(a)	42,543		1,645	Tokyo Seimitsu Co Ltd	10,793		444
Ichigo Inc	69,700		286	Waters Corp ^(a),(b)	4,342		889
Ichiyoshi Securities Co Ltd	11,800		139	Yamaichi Electronics Co Ltd	4,150		73
IGM Financial Inc	13,000		397			$	12,390
Intercontinental Exchange Inc ^(a)	13,660		998	Energy - Alternate Sources - 0.01%
Invesco Ltd	16,900		550	China Longyuan Power Group Corp Ltd	564,000		372
Japan Exchange Group Inc	80,800		1,390
Kenedix Inc	28,100		178	Engineering & Construction - 0.23%
London Stock Exchange Group PLC	14,136		780	Aecon Group Inc	13,740		204
Mastercard Inc ^(a)	6,982		1,227	Boskalis Westminster	7,320		276
Nasdaq Inc	12,717		1,027	Chicago Bridge & Iron Co NV ADR	33,912		592
Nomura Holdings Inc	219,500		1,336	China State Construction International	114,000		155
Ocwen Financial Corp ^(b)	94,718		345	Holdings Ltd
OneMain Holdings Inc ^(b)	62,195		1,907	Chiyoda Corp	33,900		333
Partners Group Holding AG	2,227		1,614	CIMIC Group Ltd	13,721		495
Synchrony Financial ^(a)	40,603		1,478	Hazama Ando Corp	26,633		192
T Rowe Price Group Inc ^(a)	10,467		1,171	HOCHTIEF AG	9,531		1,601
TD Ameritrade Holding Corp	18,693		1,075	Hyundai Engineering & Construction Co Ltd	4,624		164
Visa Inc	8,986		1,104	Japan Airport Terminal Co Ltd	7,400		279
Zenkoku Hosho Co Ltd	5,740		253	JGC Corp	16,400		374
		$	32,494	Kyudenko Corp	6,417		297
Electric - 0.76%
AGL Energy Ltd	63,884		1,075


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



COMMON STOCKS (continued)	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held		Value (000's)
Engineering & Construction (continued)				Healthcare - Products (continued)
Obayashi Corp	40,400	$	456	IDEXX Laboratories Inc ^(a),(b)	1,473	$	276
SHO-BOND Holdings Co Ltd	2,040		146	Masimo Corp ^(b)	4,200		368
Toyo Engineering Corp	13,900		130	Medtronic PLC	44,012		3,516
Vinci SA	4,869		481	Nipro Corp	34,178		503
		$	6,175	NxStage Medical Inc ^(b)	28,171		656
Entertainment - 0.16%				Olympus Corp	14,500		580
Avex Inc	14,700		223			$	12,770
Churchill Downs Inc	1,587		410	Healthcare - Services - 1.26%
Genting Singapore PLC	1,664,200		1,446	Aetna Inc	100,702		17,830
IMAX China Holding Inc ^(b),(c)	81,100		229	Ain Holdings Inc	682		46
OPAP SA	33,892		412	Almost Family Inc ^(b)	156		9
Pinnacle Entertainment Inc ^(b)	7,715		233	Centene Corp ^(a),(b)	5,399		548
Regal Entertainment Group	47,163		1,084	Cigna Corp	4,855		951
Sankyo Co Ltd	8,950		321	CMIC Holdings Co Ltd	3,900		96
		$	4,358	DaVita Inc ^(a),(b)	19,400		1,397
Environmental Control - 0.16%				Envision Healthcare Corp ^(b)	53,587		2,063
Daiseki Co Ltd	5,150		150	EPS Holdings Inc	6,200		129
Kurita Water Industries Ltd	7,200		220	Fresenius Medical Care AG & Co KGaA	12,660		1,336
Waste Connections Inc	37,210		2,634	Humana Inc	6,764		1,839
Waste Management Inc ^(a)	14,424		1,245	Kindred Healthcare Inc	1,687		15
		$	4,249	Laboratory Corp of America Holdings ^(b)	7,577		1,308
Food - 0.62%				PeptiDream Inc ^(b)	2,048		93
Ajinomoto Co Inc	19,739		360	Quest Diagnostics Inc	18,659		1,923
Belc Co Ltd	1,800		101	Ryman Healthcare Ltd	114,132		877
Blue Buffalo Pet Products Inc ^(b)	6,375		255	UnitedHealth Group Inc ^(a)	16,014		3,622
CJ CheilJedang Corp	2,008		625			$	34,082
Conagra Brands Inc	50,721		1,833	Holding Companies - Diversified - 0.12%
Empire Co Ltd	63,500		1,176	HRG Group Inc ^(b)	4,535		72
Ezaki Glico Co Ltd	11,393		556	J2 Acquisition Ltd ^(b),(c)	38,500		368
Hershey Co/The ^(a)	18,335		1,801	J2 Acquisition Ltd - Warrants ^(b)	38,500		19
Itoham Yonekyu Holdings Inc	20,500		173	Jardine Matheson Holdings Ltd	9,600		625
Mondelez International Inc	3,090		136	Matlin and Partners Acquisition Corp -	103,668		52
Nestle SA	17,420		1,384	Warrants ^(b)
Orion Holdings Corp	6,095		144	Mudrick Capital Acquisition Corp ^(b)	83,975		850
Pinnacle Foods Inc	38,843		2,096	Ocelot Partners Ltd ^(b),(c)	15,246		147
Safeway, Inc. - CVR - Casa Ley ^(b),(e),(f)	11,050		—	Ocelot Partners Ltd - Warrants ^(b)	15,246		9
Saputo Inc	45,800		1,464	Swire Pacific Ltd	111,000		1,116
Seven & i Holdings Co Ltd	9,700		405			$	3,258
Snyder's-Lance Inc	2,918		146	Home Builders - 0.22%
Tesco PLC	702,944		2,034	Cairn Homes PLC ^(b)	172,443		370
Warabeya Nichiyo Holdings Co Ltd	2,500		59	Glenveagh Properties PLC ^(b),(c)	178,019		250
Woolworths Group Ltd	65,125		1,392	Land & Houses PCL	986,600		346
Yakult Honsha Co Ltd	9,700		694	Lennar Corp - A Shares	44,538		2,520
		$	16,834	Lennar Corp - B Shares	557		25
Forest Products & Paper - 0.15%				NVR Inc ^(b)	742		2,110
Domtar Corp	10,314		462	Sekisui House Ltd	8,250		144
International Paper Co	13,127		782	Taylor Wimpey PLC	98,223		250
Smurfit Kappa Group PLC	15,708		546			$	6,015
UPM-Kymmene OYJ	68,742		2,352	Home Furnishings - 0.06%
		$	4,142	Electrolux AB	33,209		1,090
Gas - 0.19%				Pioneer Corp ^(b)	217,282		392
China Resources Gas Group Ltd	103,800		348			$	1,482
Snam SpA	294,960		1,320	Insurance - 2.07%
Toho Gas Co Ltd	11,000		321	Aflac Inc ^(a)	14,103		1,253
UGI Corp ^(a)	36,402		1,569	AIA Group Ltd	144,800		1,202
WGL Holdings Inc	18,580		1,547	Alleghany Corp ^(b),(g)	985		597
		$	5,105	American International Group Inc ^(g)	13,254		760
Hand & Machine Tools - 0.15%				AMP Ltd	521,962		2,129
DMG Mori Co Ltd	13,600		272	Assurant Inc ^(a)	10,618		907
Finning International Inc	42,400		1,129	Athene Holding Ltd ^(a),(b)	32,420		1,531
Fuji Electric Co Ltd	58,000		439	AXA SA	51,382		1,609
SMC Corp/Japan	1,700		709	Berkshire Hathaway Inc - Class B ^(b)	6,992		1,449
Stanley Black & Decker Inc ^(a)	8,776		1,397	Brighthouse Financial Inc ^(b)	1,535		83
		$	3,946	Chubb Ltd	12,710		1,804
Healthcare - Products - 0.47%				Dai-ichi Life Holdings Inc	25,600		501
Abbott Laboratories	8,617		520	Everest Re Group Ltd ^(a)	6,384		1,534
Align Technology Inc ^(b)	3,834		1,006	Fairfax Financial Holdings Ltd	1,870		914
Asahi Intecc Co Ltd	7,620		268	Genworth Financial Inc ^(b)	76,959		209
Baxter International Inc ^(a)	24,364		1,652	Hartford Financial Services Group Inc/The	53,793		2,843
Edwards Lifesciences Corp ^(a),(b)	17,177		2,296	Infinity Property & Casualty Corp	1,369		161
Entellus Medical Inc ^(b)	2,973		71	Insurance Australia Group Ltd	89,737		567
Henry Schein Inc ^(b)	5,058		335	Japan Post Holdings Co Ltd	73,200		882
Hologic Inc ^(b)	18,623		723

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2018 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)
Insurance (continued)				Iron & Steel (continued)
Markel Corp ^(b)	2,541	$	2,826	Kyoei Steel Ltd	11,800	$	188
Marsh & McLennan Cos Inc	12,103		1,005	Nakayama Steel Works Ltd	16,400		109
MetLife Inc	181,947		8,404	Steel Dynamics Inc	17,403		805
MGIC Investment Corp ^(b)	46,986		648	Tokyo Steel Manufacturing Co Ltd	48,800		394
Muenchener Rueckversicherungs-	8,577		1,918	Vale SA ADR	30,297		416
Gesellschaft AG in Muenchen				voestalpine AG	12,940		746
NN Group NV	16,887		753	Yamato Kogyo Co Ltd	10,960		319
Progressive Corp/The ^(a)	26,849		1,546			$	4,987
Prudential Financial Inc	57,331		6,095	Leisure Products & Services - 0.06%
RenaissanceRe Holdings Ltd ^(a)	5,086		652	Hana Tour Service Inc	3,749		353
Swiss Re AG	8,824		898	Harley-Davidson Inc	16,226		736
T&D Holdings Inc	38,700		635	Yamaha Corp	9,900		438
Tokio Marine Holdings Inc	9,377		430			$	1,527
Travelers Cos Inc/The ^(a)	6,100		848	Lodging - 0.97%
UnipolSai Assicurazioni SpA	189,193		454	Boyd Gaming Corp	89,245		3,157
Validus Holdings Ltd	25,336		1,714	Caesars Entertainment Corp ^(b)	206,326		2,620
Voya Financial Inc	26,132		1,333	Choice Hotels International Inc	19,647		1,555
White Mountains Insurance Group Ltd	875		706	Galaxy Entertainment Group Ltd	119,000		1,032
Willis Towers Watson PLC	4,899		774	Hilton Worldwide Holdings Inc ^(a)	47,104		3,805
XL Group Ltd ^(a)	77,696		3,287	Hyatt Hotels Corp	41,619		3,216
		$	55,861	ILG Inc	38,411		1,166
Internet - 1.75%				InterContinental Hotels Group PLC	14,583		940
Alibaba Group Holding Ltd ADR^(b)	18,741		3,488	Kingston Financial Group Ltd	198,000		119
Alphabet Inc - A Shares ^(a),(b)	5,318		5,871	Kyoritsu Maintenance Co Ltd	13,373		573
Alphabet Inc - C Shares ^(b)	3,091		3,414	La Quinta Holdings Inc ^(b)	6,249		118
Amazon.com Inc ^(a),(b)	3,125		4,726	Las Vegas Sands Corp ^(a)	39,266		2,859
Booking Holdings Inc ^(b)	76		155	Marriott International Inc/MD	11,859		1,675
Com Hem Holding AB	37,880		626	Tropicana Entertainment Inc ^(b)	53,176		2,949
Dip Corp	5,250		162	Wynn Macau Ltd	107,200		374
DraftKings Inc ^{(b),(d),(e),(f)}	54,277		80			$	26,158
eBay Inc ^(a),(b)	14,342		615	Machinery - Construction & Mining - 0.14%
Expedia Inc	25,209		2,652	ABB Ltd	43,842		1,061
F5 Networks Inc ^(b)	10,658		1,583	Atlas Copco AB - A Shares	45,373		1,930
Facebook Inc ^(a),(b)	66,615		11,879	Caterpillar Inc	3,389		524
GoDaddy Inc ^(b)	19,280		1,153	Tadano Ltd	9,750		152
Klarna Holding AB ^(b),(d),(f)	808		94
						$	3,667
LAC Co Ltd	8,200		108	Machinery - Diversified - 0.31%
Mail.Ru Group Ltd ^(b)	4,558		163	AGCO Corp ^(a)	14,172		944
Match Group Inc ^(b)	7,162		287	Cummins Inc ^(a)	12,419		2,088
NCSoft Corp	549		190	Deere & Co	7,959		1,280
Netflix Inc ^(a),(b)	3,400		991
NHN Entertainment Corp ^(b)	3,452		250	FANUC Corp	2,100		531
				Hisaka Works Ltd	5,700		59
PChome Online Inc	72,000		393	IDEX Corp	13,349		1,826
Proofpoint Inc ^(b)	492		53
				Kubota Corp	23,400		423
Proto Corp	2,700		46	Mitsubishi Heavy Industries Ltd	15,180		618
Rakuten Inc	87,400		795	Rockwell Automation Inc ^(a)	2,008		363
Shopify Inc ^(b)	7,770		1,074
				Toshiba Machine Co Ltd	28,900		207
SMS Co Ltd	2,218		91			$	8,339
Start Today Co Ltd	13,400		346	Media - 2.22%
Trade Desk Inc/The ^(b)	17,269		972
				Altice NV - A Shares ^(b)	25,679		245
Trend Micro Inc/Japan	3,300		186	CJ E&M Corp	3,784		301
Twitter Inc ^(a),(b)	36,400		1,160
				Comcast Corp - Class A ^(a)	118,950		4,307
United Internet AG	6,939		470	DISH Network Corp ^(a),(b)	138,749		5,785
Wayfair Inc ^(b)	10,786		835
				FactSet Research Systems Inc	5,853		1,189
Yahoo Japan Corp	31,313		145
Yandex NV ^(b)	29,308		1,204	Fuji Media Holdings Inc	13,720		234
				Global Eagle Entertainment Inc ^(b)	480,025		648
Yoox Net-A-Porter Group SpA ^(b)	1,561		72
				Gray Television Inc ^(a),(b)	241,288		3,330
Yume No Machi Souzou Iinkai Co Ltd	7,500		122	Liberty Global PLC - A Shares ^(b)	3,200		100
Zillow Group Inc - C Shares ^(b)	16,278		776
				Media Nusantara Citra Tbk PT	1,658,104		184
		$	47,227	Nexstar Media Group Inc	33,411		2,387
Investment Companies - 0.37%				Nippon Television Holdings Inc	29,515		558
Altaba Inc ^(b)	91,581		6,855
				Scripps Networks Interactive Inc	87,141		7,831
Investor AB	12,257		551	Sinclair Broadcast Group Inc ^(a)	105,289		3,559
Kinnevik AB	57,187		2,087	Telenet Group Holding NV ^(b)	6,357		436
Leucadia National Corp ^(a)	17,435		418
				Time Warner Inc	87,657		8,149
		$	9,911	Tribune Media Co	114,157		4,757
Iron & Steel - 0.19%				TV Asahi Holdings Corp	6,180		125
ArcelorMittal ^(b)	32,000		1,087	Twenty-First Century Fox Inc - A Shares	250,961		9,240
Chubu Steel Plate Co Ltd	5,800		46	Viacom Inc - B Shares ^(a)	10,000		333
Hitachi Metals Ltd	10,317		131	Walt Disney Co/The	1,244		128
Japan Steel Works Ltd/The	6,400		197	Wolters Kluwer NV	10,173		515
JFE Holdings Inc	15,456		355
Kobe Steel Ltd	17,682		194

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2018 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)
Media (continued)				Oil & Gas (continued)
World Wrestling Entertainment Inc	149,077	$	5,687	Rowan Cos PLC ^(b)	52,235	$	635
		$	60,028	SandRidge Energy Inc ^(b)	52,101		733
Metal Fabrication & Hardware - 0.02%				Seven Generations Energy Ltd ^(b)	61,500		719
Neturen Co Ltd	8,200		82	Showa Shell Sekiyu KK	93,800		1,204
Tocalo Co Ltd	12,400		168	SM Energy Co	54,169		993
Tsubaki Nakashima Co Ltd	8,452		246	Statoil ASA	68,066		1,549
UACJ Corp	3,300		80	Suncor Energy Inc	12,700		418
		$	576	Suncor Energy Inc	8,866		292
Mining - 0.54%				TOTAL SA	74,249		4,223
Agnico Eagle Mines Ltd	24,900		949	Tourmaline Oil Corp	18,700		272
Alcoa Corp ^(b)	24,758		1,113	Transocean Ltd ^(b)	229,626		2,092
Alumina Ltd	181,324		310	Ultra Petroleum Corp ^(b)	312,359		1,153
Barrick Gold Corp	43,900		506	Valero Energy Corp	589		53
BHP Billiton Ltd	32,018		752	Whiting Petroleum Corp ^(b)	75,449		2,053
Boliden AB	31,311		1,107	YPF SA ADR	21,404		495
Constellium NV ^(b)	254,955		2,957			$	49,807
Freeport-McMoRan Inc ^(a),(b)	50,302		935	Oil & Gas Services - 0.46%
Glencore PLC ^(b)	151,901		799	Baker Hughes a GE Co ^(a)	96,868		2,557
Goldcorp Inc	44,800		561	C&J Energy Services Inc ^(b)	104,798		2,515
Kinross Gold Corp ^(b)	113,200		407	Halliburton Co ^(a)	153,788		7,139
Mitsubishi Materials Corp	13,945		435	RPC Inc	15,274		300
Newcrest Mining Ltd	27,843		457			$	12,511
Newmont Mining Corp ^(a)	10,009		382	Packaging & Containers - 0.23%
Norsk Hydro ASA	115,765		778	Ball Corp	18,340		733
Pacific Metals Co Ltd ^(b)	6,450		199	Berry Global Group Inc ^(b)	7,322		398
Pretium Resources Inc ^(b)	280,569		1,793	KapStone Paper and Packaging Corp	60,293		2,103
		$	14,440	Packaging Corp of America	9,541		1,137
Miscellaneous Manufacturers - 0.31%				RPC Group PLC	34,492		380
Alstom SA	78,727		3,314	Sealed Air Corp	19,392		822
AO Smith Corp ^(a)	9,408		604	Silgan Holdings Inc ^(g)	20,908		595
FUJIFILM Holdings Corp	6,524		272	WestRock Co	631		42
Illinois Tool Works Inc ^(a)	15,348		2,478			$	6,210
Nikon Corp	49,200		999	Pharmaceuticals - 2.06%
Parker-Hannifin Corp	4,243		757	Akorn Inc ^(b)	32,218		546
		$	8,424	Allergan PLC	9,993		1,541
Office & Business Equipment - 0.04%				AmerisourceBergen Corp ^(a)	21,786		2,073
Canon Inc	15,000		572	AstraZeneca PLC	7,302		478
Ricoh Co Ltd	46,300		497	Bayer AG	40,414		4,716
		$	1,069	Bristol-Myers Squibb Co ^(a)	146,531		9,700
Oil & Gas - 1.84%				Cardinal Health Inc	12,131		840
Anadarko Petroleum Corp	11,498		656	China Biologic Products Holdings Inc ^(b)	8,703		704
Andeavor	25,768		2,309	China Traditional Chinese Medicine	678,000		407
Bonanza Creek Energy Inc ^(b)	3,210		90	Holdings Co Ltd
Cabot Oil & Gas Corp	34,700		838	CVS Health Corp ^(a)	137,735		9,329
Calumet Specialty Products Partners LP ^(b)	139,175		919	Eisai Co Ltd	33,710		1,784
Canadian Natural Resources Ltd	3,186		100	Eli Lilly & Co	1,410		109
Canadian Natural Resources Ltd	2,300		71	Express Scripts Holding Co ^(a),(b)	22,000		1,660
Chevron Corp ^(a)	23,146		2,590	Johnson & Johnson	1,487		193
Cimarex Energy Co ^(a)	11,319		1,088	McKesson Corp	6,138		916
ConocoPhillips ^(a)	54,620		2,967	Mylan NV ^(a),(b)	143,122		5,770
Crescent Point Energy Corp	55,400		398	Nippon Shinyaku Co Ltd	4,990		278
Devon Energy Corp ^(a)	16,760		514	Novartis AG	26,121		2,179
Diamondback Energy Inc ^(b)	22,450		2,798	Novo Nordisk A/S	13,522		699
Dommo Energia SA ADR^(b)	269		9	Orion Oyj	30,591		996
Encana Corp	23,886		251	Perrigo Co PLC ^(a)	8,400		684
EQT Corp	25,934		1,305	Pfizer Inc	67,775		2,461
Exxon Mobil Corp ^(a)	16,538		1,253	Recordati SpA	18,018		644
Galp Energia SGPS SA	13,299		239	Shionogi & Co Ltd	34,000		1,770
Halcon Resources Corp ^(b)	372,485		2,254	Sinopharm Group Co Ltd	55,940		245
Hess Corp	26,443		1,201	Suzuken Co Ltd/Aichi Japan	15,895		647
Husky Energy Inc	25,300		334	Takeda Pharmaceutical Co Ltd	23,100		1,310
Inpex Corp	28,600		342	TESARO Inc ^(b)	3,758		208
Jagged Peak Energy Inc ^(b)	42,513		523	UCB SA	24,658		2,037
Japan Petroleum Exploration Co Ltd	12,100		280	Zoetis Inc ^(a)	9,962		806
Marathon Petroleum Corp ^(a)	9,926		636			$	55,730
Midstates Petroleum Co Inc ^(b)	149,112		2,010	Pipelines - 0.00%
Newfield Exploration Co ^(a),(b)	89,131		2,080	Williams Cos Inc/The	1,815		50
Oil Search Ltd	113,510		656
OMV AG	24,613		1,399	Private Equity - 0.08%
Parsley Energy Inc ^(b)	19,372		490	3i Group PLC	127,305		1,637
Patterson-UTI Energy Inc	3,046		55	Kennedy-Wilson Holdings Inc	39,549		647
PDC Energy Inc ^(b)	11,934		627			$	2,284
Repsol SA	92,380		1,641


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



COMMON STOCKS (continued)	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held		Value (000's)
Real Estate - 0.49%				Retail (continued)
BR Malls Participacoes SA	75,000	$	274	Walmart Inc ^(a)	16,848	$	1,516
BUWOG AG ^(b)	18,582		654	Xebio Holdings Co Ltd	11,900		241
Hang Lung Group Ltd	406,000		1,371	Yum! Brands Inc ^(a)	9,151		745
Katitas Co Ltd ^(b)	2,700		78			$	42,325
LEG Immobilien AG	3,006		312	Semiconductors - 1.20%
Metrovacesa SA ^(b),(c)	15,849		288	Applied Materials Inc ^(a)	44,667		2,572
Mitsubishi Estate Co Ltd	36,500		636	ASML Holding NV	8,225		1,604
Neinor Homes SA ^(b),(c)	15,189		285	Broadcom Ltd ^(a)	24,675		6,082
Swiss Prime Site AG ^(b)	7,573		706	Cavium Inc ^(b)	22,415		1,996
Takara Leben Co Ltd	36,900		163	Cypress Semiconductor Corp	8,402		147
VICI Properties Inc ^(b)	431,223		8,430	Enplas Corp	1,550		56
WeWork Cos Inc ^{(b),(d),(e),(f)}	356		19	Intel Corp ^(a)	43,543		2,146
		$	13,216	King Yuan Electronics Co Ltd	243,500		259
REITs - 0.58%				KLA-Tencor Corp ^(a)	10,790		1,223
American Tower Corp	11,760		1,639	Microchip Technology Inc	10,334		919
CyrusOne Inc	18,624		929	Micron Technology Inc ^(b)	59,220		2,890
Forest City Realty Trust Inc	81,902		1,742	Micronics Japan Co Ltd	3,500		35
Grivalia Properties REIC AE	35,996		415	Miraial Co Ltd	4,000		79
Hibernia REIT plc	188,859		326	NVIDIA Corp	5,335		1,291
Hoshino Resorts REIT Inc	10		54	NXP Semiconductors NV ^(b)	20,049		2,499
Klepierre SA	26,226		1,080	QUALCOMM Inc	65,420		4,253
Macerich Co/The	22,464		1,324	Samsung Electronics Co Ltd	451		980
New York REIT Inc ^(a),(b)	442,563		960	Shinko Electric Industries Co Ltd	31,100		249
PotlatchDeltic Corp	1,368		70	Skyworks Solutions Inc ^(a)	4,193		458
Public Storage	16,076		3,126	SUMCO Corp	11,900		315
Pure Industrial Real Estate Trust	82,469		516	Teradyne Inc	3,165		144
Unibail-Rodamco SE	10,133		2,358	Tokyo Electron Ltd	1,900		371
Ventas Inc	23,300		1,126	UT Group Co Ltd ^(b)	2,100		74
		$	15,665	Xcerra Corp ^(b)	18,646		186
Retail - 1.57%				Xilinx Inc ^(a)	22,325		1,591
Adastria Co Ltd	2,500		54			$	32,419
Aeon Co Ltd	41,700		703	Software - 1.71%
ASKUL Corp	14,266		518	Activision Blizzard Inc	55,620		4,068
Best Buy Co Inc ^(a)	4,260		309	Adobe Systems Inc ^(a),(b)	11,632		2,432
CarMax Inc ^(b)	14,149		876	Alpha Systems Inc	1,300		28
Cawachi Ltd	3,800		93	Amadeus IT Group SA	10,446		767
Chipotle Mexican Grill Inc ^(a),(b)	3,603		1,148	ANSYS Inc ^(b)	5,245		839
Cie Financiere Richemont SA	8,755		768	Aspen Technology Inc ^(b)	4,091		316
Citizen Watch Co Ltd	36,500		278	Autodesk Inc ^(b)	29,631		3,481
cocokara fine Inc	1,849		119	Birst Inc ^{(b),(d),(e),(f)}	21,065		4
Costco Wholesale Corp ^(a)	14,261		2,723	Black Knight Inc ^(b)	21,639		1,031
Dollar Tree Inc ^(b)	10,257		1,053	Callidus Software Inc ^(b)	6,193		222
Dollarama Inc	5,900		687	Capcom Co Ltd	5,518		220
Domino's Pizza Inc ^(a)	6,163		1,371	Citrix Systems Inc ^(b)	13,546		1,246
Fast Retailing Co Ltd	4,200		1,656	Constellation Software Inc/Canada	1,700		1,100
Floor & Decor Holdings Inc ^(b)	8,100		365	Cresco Ltd	4,263		152
H2O Retailing Corp	9,050		177	DeNA Co Ltd	35,930		654
Home Depot Inc/The ^(a)	10,998		2,004	Electronic Arts Inc ^(a),(b)	6,156		762
Honeys Holdings Co Ltd	6,580		65	First Data Corp ^(a),(b)	103,200		1,612
Hyundai Department Store Co Ltd	3,028		255	Gree Inc	43,400		273
IDOM Inc	16,000		106	Guidewire Software Inc ^(b)	14,205		1,141
Jack in the Box Inc	79,429		7,155	Konami Holdings Corp	23,300		1,227
Jand Inc ^{(b),(d),(e),(f)}	1,693		16	Microsoft Corp ^(a),(g)	79,700		7,474
Jean Coutu Group PJC Inc/The	21,052		398	Nuance Communications Inc ^(b)	59,245		951
Liberty Interactive Corp QVC Group ^(a),(b)	23,400		676	Oracle Corp ^(a)	47,341		2,399
Lululemon Athletica Inc ^(a),(b)	3,458		280	Oracle Corp Japan	2,400		185
Luxottica Group SpA	34,733		2,083	Paychex Inc ^(a)	35,837		2,334
Matahari Department Store Tbk PT	215,200		166	PTC Inc ^(b)	36,281		2,676
McDonald's Corp ^(a)	15,764		2,487	salesforce.com Inc ^(b)	12,230		1,422
Nishimatsuya Chain Co Ltd	10,200		121	SAP SE	8,633		901
PAL GROUP Holdings Co Ltd	4,800		135	ServiceNow Inc ^(b)	7,959		1,282
Panera Bread Co ^(b),(d),(f)	1,664		524	SS&C Technologies Holdings Inc	22,191		1,099
Raia Drogasil SA	12,800		307	Systena Corp	2,400		103
Restaurant Brands International Inc	19,100		1,119	Take-Two Interactive Software Inc ^(b)	11,863		1,327
Rite Aid Corp ^(b)	57,905		114	TechMatrix Corp	6,600		109
Ross Stores Inc ^(a)	33,476		2,614	Veeva Systems Inc ^(a),(b)	8,742		609
Shanghai Pharmaceuticals Holding Co Ltd	96,000		240	Verint Systems Inc ^(b)	7,604		296
Starbucks Corp ^(a)	17,602		1,005	Workday Inc ^(b)	10,478		1,327
Sundrug Co Ltd	6,700		309			$	46,069
Swatch Group AG/The	5,005		400	Telecommunications - 0.54%
TJX Cos Inc/The ^(a)	28,066		2,320	Acacia Communications Inc ^(b)	21,590		836
Ulta Beauty Inc ^(a),(b)	4,665		949	AT&T Inc	1,481		54
United Arrows Ltd	3,700		151	CenturyLink Inc	20,775		367
USS Co Ltd	45,100		926


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



COMMON STOCKS (continued)	Shares Held		Value(000		's)	CONVERTIBLE PREFERRED STOCKS
Telecommunications (continued)						- 0.41	%		Shares Held		Value (000's)
China Telecom Corp Ltd	1,292,000		$	563		Agriculture - 0.03%
GCI Liberty Inc ^(b)	2,875			111		Bunge Ltd 4.88% ^(k)			6,930	$	759
Globalstar Inc ^(b)	224,368			213
Goodman Networks Inc ^{(b),(d),(e),(f)}	142,878			—		Computers - 0.01%
Hellenic Telecommunications Organization	34,695			492		NCR Corp 0.00% PIK 1.38%, ^(b),(k),(l)			288		378
SA
Koninklijke KPN NV	249,545			781		Diversified Financial Services - 0.01%
LogMeIn Inc	12,563			1,452		2017 Mandatory Exchangeable Trust			2,150		269
Loral Space & Communications Inc ^(b)	19,097			846		5.19%, 12/01/2020 ^(c)
Motorola Solutions Inc ^(a)	16,613			1,763
Nippon Telegraph & Telephone Corp	33,738			1,567		Electric - 0.02%
Nokia OYJ	86,869			506		Black Hills Corp 7.75%, 11/01/2018			10,000		578
NTT DOCOMO Inc	9,100			233
SoftBank Group Corp	3,400			280		Food - 0.00%
Tele2 AB	40,659			481		Post Holdings Inc 2.50% ^(k)			725		104
Telenor ASA	17,565			394
Verizon Communications Inc ^(a)	75,470			3,603		Gas - 0.01%
			$	14,542		Sempra Energy 6.00%, 01/15/2021			2,225		226
Textiles - 0.11%
Mohawk Industries Inc ^(a),(b)	8,955			2,148		Healthcare - Services - 0.09%
Seiren Co Ltd	6,079			118		Anthem Inc 5.25%, 05/01/2018			43,075		2,472
UniFirst Corp/MA	4,667			725
			$	2,991		Internet - 0.01%
Toys, Games & Hobbies - 0.05%						Airbnb, Inc 0.00% ^{(b),(d),(e),(f)}			1,685		177
Bandai Namco Holdings Inc	27,200			878		Dropbox Inc 0.00% ^{(b),(d),(e),(f)}			2,671		36
Nintendo Co Ltd	1,200			547						$	213
			$	1,425		Investment Companies - 0.14%
Transportation - 1.09%						Mandatory Exchangeable Trust 5.75%,			18,658		3,892
Canadian National Railway Co	50,942			3,941		06/03/2019	^(c)
CJ Logistics Corp ^(b)	2,182			267
CSX Corp	49,602			2,664		Metal Fabrication & Hardware - 0.01%
Deutsche Post AG	39,965			1,823		Rexnord Corp 5.75%, 11/15/2019			2,750		174
Expeditors International of Washington Inc	10,341			672
(a)						Oil & Gas - 0.01%
FedEx Corp	303			75		Chesapeake Energy Corp 5.75% ^(k)			355		201
Genesee & Wyoming Inc ^(b)	34,597			2,405
Golar LNG Ltd	259,906			7,023		Pharmaceuticals - 0.01%
Hornbeck Offshore Services Inc ^(b)	70,805			229		Teva Pharmaceutical Industries Ltd 7.00%,			725		258
Kamigumi Co Ltd	34,000			743		12/15/2018
Kansas City Southern ^(a)	6,995			721
Keikyu Corp	24,700			441		REITs - 0.06%
Kintetsu Group Holdings Co Ltd	8,600			330		Welltower Inc 6.50% ^(a),(k)			28,100		1,531
Knight-Swift Transportation Holdings Inc	17,020			820
Mitsui OSK Lines Ltd	43,400			1,352		Retail - 0.00%
Nippon Yusen KK	81,226			1,755		Jand Inc 0.00% ^{(b),(d),(e),(f)}			3,781		40
Student Transportation Inc	7,034			53
Union Pacific Corp	9,450			1,231		TOTAL CONVERTIBLE PREFERRED STOCKS				$	11,095
United Parcel Service Inc ^(g)	13,553			1,415		PREFERRED STOCKS - 0.21%			Shares Held		Value (000's)
XPO Logistics Inc ^(b)	8,072			794		Automobile Manufacturers - 0.06%
ZTO Express Cayman Inc ADR^(b)	43,740			694		Porsche Automobil Holding SE 1.01%			14,048		1,170
			$	29,448		Volkswagen AG 3.96%			2,548		496
Water - 0.01%										$	1,666
Veolia Environnement SA	13,004			316		Banks - 0.03%
						Itau Unibanco Holding SA		0.18%	55,300		868
TOTAL COMMON STOCKS		$	1,050,695
INVESTMENT COMPANIES - 16.79%	Shares Held		Value(000		's)	Chemicals - 0.01%
Exchange Traded Funds - 0.08%						FUCHS PETROLUB SE		0.91%	6,105		345
Financial Select Sector SPDR Fund	30,168			871		Electrical Components & Equipment - 0.00%
PowerShares QQQ Trust Series 1	7,273			1,216		Lithium Technology Corp 0.00 % ^{(b),(d),(e),(f)}			59,552		18
			$	2,087
Money Market Funds - 16.71%						Internet - 0.06%
Morgan Stanley Institutional Liquidity Funds	24,982,722			24,983		General Assembly Space, Inc 0.00% ^(b),(d),(f)			2,184		107
- Government Portfolio ^(a),(h)						Pinterest Inc 0.00% ^{(b),(d),(e),(f)}			87,425		608
Principal Government Money Market Fund	426,294,431			426,294		Uber Technologies Inc 0.00% ^{(b),(d),(e),(f)}			15,196		534
(i),(j)						Veracode Inc 0.00% ^{(b),(d),(e),(f)}			6,031		24
			$	451,277		Zuora Inc 0.00 % ^{(b),(d),(e),(f)}			40,988		267
TOTAL INVESTMENT COMPANIES			$	453,364						$	1,540
						Private Equity - 0.01%
						Forward Venture Services LLC 0.00%			54,650		272
						(b),(d),(e),(f)

						Real Estate - 0.02%
						WeWork Cos Inc Series D-1 0.00% ^{(b),(d),(e),(f)}			4,867		252


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



PREFERRED STOCKS (continued)	Shares Held		Value (000's)				Principal
Real Estate (continued)						BONDS (continued)	Amount (000's) Value (000's)
WeWork Cos Inc Series D-2 0.00% ^{(b),(d),(e),(f)}		3,824	$		198	Automobile Asset Backed Securities (continued)
			$		450	First Investors Auto Owner Trust 2016-2
Software - 0.01%						3.35%, 11/15/2022 ^(c)	$	70	$	69
Marklogic Corp 0.00% ^{(b),(d),(e),(f)}		14,832			146	Flagship Credit Auto Trust 2015-1
						3.76%, 06/15/2021 ^(c)		165		166
Telecommunications - 0.01%						Ford Credit Auto Owner Trust 2015-B
Goodman Networks Inc 0.00% ^{(b),(d),(e),(f)}		169,992			213
						1.16%, 11/15/2019		128		128
Trucking & Leasing - 0.00%						Ford Credit Auto Owner Trust 2016-C
AerGen Aviation Finance Ltd 0.00%		12,150			51	1.73%, 09/15/2019		760		760
(b),(d),(e),(f)						1 Month LIBOR + 0.14%
TOTAL PREFERRED STOCKS			$		5,569	Ford Credit Auto Owner Trust 2017-A
	Principal Amount					1.71%, 12/15/2019		487		487
BONDS - 28.59%		(000's)	Value (000's)			1 Month LIBOR + 0.12%
Aerospace & Defense - 0.19%						Hertz Vehicle Financing II LP
						3.29%, 10/25/2023 ^(c)		315		312
Embraer Netherlands Finance BV
5.05%, 06/15/2025	$	310		$	321	Honda Auto Receivables 2016-4 Owner
5.40%, 02/01/2027		280			297	Trust
Embraer Overseas Ltd						1.21%, 12/18/2020		1,145		1,130
5.70%, 09/16/2023 ^(c)		320			342	Honda Auto Receivables 2017-1 Owner
Leonardo US Holdings Inc						Trust
6.25%, 01/15/2040 ^(c)		716			795	1.72%, 07/21/2021		310		307
StandardAero Aviation Holdings Inc						Honda Auto Receivables 2017-3 Owner
10.00%, 07/15/2023 ^(c)		2,000			2,170	Trust
Triumph Group Inc						1.79%, 09/20/2021		380		374
7.75%, 08/15/2025		1,260			1,304	Honda Auto Receivables 2018-1 Owner
			$		5,229	Trust
						2.64%, 02/15/2022 ^(e),(f)		1,175		1,175
Airlines - 0.13%
Latam Airlines 2015-1 Pass Through Trust						Motor 2017-1 PLC
						2.15%, 09/25/2024 ^(c)		715		716
4.50%, 08/15/2025		1,001			993
VistaJet Malta Finance PLC / VistaJet Co						1 Month LIBOR + 0.53%
Finance LLC						Nissan Auto Receivables 2016-B Owner
7.75%, 06/01/2020 ^(c)		2,737			2,655	Trust
			$		3,648	1.89%, 04/15/2019		97		97
Automobile Asset Backed Securities - 0.68%						1 Month LIBOR + 0.30%
AmeriCredit Automobile Receivables 2015-						Nissan Auto Receivables 2016-C Owner
4						Trust
3.72%, 12/08/2021		189			192	1.18%, 01/15/2021		200		197
AmeriCredit Automobile Receivables Trust						Nissan Auto Receivables 2017-A Owner
2016-2						Trust
3.65%, 05/09/2022		80			81	1.65%, 01/15/2020		175		175
CarMax Auto Owner Trust 2017-4						1 Month LIBOR + 0.06%
1.72%, 04/15/2021		805			805	1.74%, 08/16/2021		375		370
1 Month LIBOR + 0.13%						Nissan Auto Receivables 2018-A Owner
						Trust
CIG AUTO RECEIVABLES TRUST 2017-						2.65%, 05/16/2022 ^(e),(f)		745		745
1
2.71%, 05/15/2023 ^(c)		124			123	Prestige Auto Receivables Trust 2016-1
						5.15%, 11/15/2021 ^(c)		815		829
CPS Auto Receivables Trust 2016-B
8.14%, 05/15/2023 ^(c)		855			906	Toyota Auto Receivables 2016-C
CPS Auto Receivables Trust 2017-D						1.14%, 08/17/2020		165		163
3.73%, 09/15/2023 ^(c)		190			188	Toyota Auto Receivables 2016-D Owner
CPS Auto Receivables Trust 2018-A						Trust
3.05%, 12/15/2023 ^(c)		105			105	1.72%, 05/15/2019		125		125
Drive Auto Receivables Trust 2018-1						1 Month LIBOR + 0.13%
3.81%, 05/15/2024		685			684	Toyota Auto Receivables 2017-A Owner
DT Auto Owner Trust 2014-3						Trust
4.47%, 11/15/2021 ^(c)		158			160	1.66%, 09/16/2019		354		354
DT Auto Owner Trust 2015-2						1 Month LIBOR + 0.07%
4.25%, 02/15/2022 ^(c)		260			263	1.73%, 02/16/2021		460		456
DT Auto Owner Trust 2016-1						Toyota Auto Receivables 2017-C Owner
4.66%, 12/15/2022 ^(c)		1,335			1,356	Trust
DT Auto Owner Trust 2016-2						1.67%, 07/15/2020		1,315		1,315
5.43%, 11/15/2022 ^(c)		820			841	1 Month LIBOR + 0.08%
Fifth Third Auto Trust 2017-1						USAA Auto Owner Trust 2016-1
1.74%, 04/15/2020		405			405	1.20%, 06/15/2020		251		250
1 Month LIBOR + 0.15%						Veros Automobile Receivables Trust 2017-
						1
First Investors Auto Owner Trust 2014-1						2.84%, 04/17/2023 ^(c)		260		259
3.28%, 04/15/2021 ^(c)		70			70
First Investors Auto Owner Trust 2014-2						Westlake Automobile Receivables Trust
3.47%, 02/15/2021 ^(c)		120			120	2017-1
						3.46%, 10/17/2022 ^(c)		145		146
First Investors Auto Owner Trust 2015-1
3.59%, 01/18/2022 ^(c)		100			100	Westlake Automobile Receivables Trust
						2018-1
First Investors Auto Owner Trust 2015-2						3.41%, 05/15/2023 ^(c)		175		175
4.22%, 12/15/2021 ^(c)		565			570
								$		18,249


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



	Principal					Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Automobile Floor Plan Asset Backed Securities – 0.03%					Banks (continued)
NextGear Floorplan Master Owner Trust					RESPARCS Funding II LP
2.27%, 10/17/2022 ^(c)	$	190	$	191	7.50%, 12/31/2049 ^(k)	$	767	$	425
1 Month LIBOR + 0.68%					Sumitomo Mitsui Banking Corp
2.44%, 04/18/2022 ^(c)		715		723	2.24%, 01/11/2019		1,225		1,229
1 Month LIBOR + 0.85%					3 Month LIBOR + 0.54%
		$		914	2.48%, 07/23/2018		600		601
Automobile Manufacturers - 0.17%					3 Month LIBOR + 0.74%
BMW US Capital LLC					Toronto-Dominion Bank/The
2.00%, 09/13/2019 ^(c)		1,205		1,211	2.15%, 01/18/2019		630		632
3 Month LIBOR + 0.41%					3 Month LIBOR + 0.42%
General Motors Financial Co Inc					US Bank NA/Cincinnati OH
2.65%, 04/13/2020		1,500		1,517	2.06%, 01/24/2020		1,255		1,256
3 Month LIBOR + 0.93%					3 Month LIBOR + 0.32%
Nissan Motor Acceptance Corp					Wells Fargo & Co
2.30%, 01/13/2020 ^(c)		1,215		1,221	2.37%, 04/23/2018		615		616
3 Month LIBOR + 0.58%					3 Month LIBOR + 0.63%
Toyota Motor Credit Corp							$		36,870
2.17%, 10/18/2019		605		608	Beverages - 0.25%
3 Month LIBOR + 0.44%					CEDC Finance Corp International Inc
		$		4,557	10.00%, 12/31/2022 ^(c)		5,338		4,737
Banks - 1.36%					PepsiCo Inc
ABQ Finance Ltd					1.82%, 05/02/2019		1,430		1,430
3.50%, 02/22/2022		5,875		5,720	3 Month LIBOR + 0.04%
Banco Hipotecario SA					1.97%, 10/04/2019		610		612
26.77%, 11/07/2022 ^(c)	ARS	10,245		510	3 Month LIBOR + 0.27%
Argentina Deposit Rates Badlar + 4.00%							$		6,779
23.71%, 01/12/2020 ^(c)		9,230		447	Biotechnology - 0.10%
Argentina Deposit Rates Badlar + 2.50%					Gilead Sciences Inc
Banco Macro SA					1.85%, 03/20/2019		1,415		1,416
17.50%, 05/08/2022 ^(c)		5,115		240	3 Month LIBOR + 0.22%
Banco Supervielle SA					1.88%, 09/20/2019		1,415		1,417
27.27%, 08/09/2020 ^(c)		11,000		546	3 Month LIBOR + 0.25%
Argentina Deposit Rates Badlar + 4.50%							$		2,833
Bank of America Corp					Building Materials - 0.02%
2.73%, 03/22/2018	$	605		605	Cemex SAB de CV
3 Month LIBOR + 1.07%					6.13%, 05/05/2025 ^(c)		650		686
Capital One NA
3.03%, 08/17/2018		550		552	Chemicals - 0.30%
3 Month LIBOR + 1.15%					Braskem Netherlands Finance BV
Citibank NA					3.50%, 01/10/2023 ^(c)		3,675		3,556
2.19%, 02/12/2021		1,385		1,384	Mexichem SAB de CV
3 Month LIBOR + 0.35%					4.00%, 10/04/2027 ^(c)		345		330
Financiera de Desarrollo Territorial SA					Petkim Petrokimya Holding AS
Findeter					5.88%, 01/26/2023 ^(c)		4,300		4,309
7.88%, 08/12/2024 ^(c)	COP	3,380,000		1,200			$		8,195
HSH N Funding I Via Banque de					Commercial Mortgage Backed Securities - 1.15%
Luxembourg					Banc of America Commercial Mortgage
1.99%, 12/31/2049 ^(k)	EUR	3,630		1,926	Trust 2007-4
Euribor 12 Month + 2.15%					5.87%, 02/10/2051 ^(c),(o)		1,740		1,757
Itau Unibanco Holding SA/Cayman Island					BXMT 2017-FL1 Ltd
6.13%, 12/31/2049 ^(c),(k),(m)	$	5,700		5,755	3.54%, 06/15/2035 ^(c)		365		366
U.S. Treasury 5-Year Note + 3.98%					1 Month LIBOR + 1.95%
JPMorgan Chase & Co					CCRESG Commercial Mortgage Trust 2016-
2.16%, 06/01/2021		1,425		1,436	HEAT
3 Month LIBOR + 0.68%					5.49%, 04/10/2029 ^(c),(o)		255		253
JPMorgan Chase Bank NA					CFCRE Commercial Mortgage Trust 2017-
2.07%, 02/13/2020		1,385		1,384	C8
3 Month LIBOR + 0.25%					4.95%, 06/15/2050 ^(o)		710		718
2.26%, 09/23/2019		1,215		1,223	Citigroup Commercial Mortgage Trust 2014-
3 Month LIBOR + 0.59%					GC19
Kreditanstalt fuer Wiederaufbau					4.40%, 03/10/2047 ^(c),(o)		1,795		1,345
2.38%, 12/29/2022 ⁽ⁿ⁾		2,325		2,277	4.90%, 03/10/2047 ^(c),(o)		3,229		2,986
2.88%, 04/03/2028		465		459	Citigroup Commercial Mortgage Trust 2017-
Morgan Stanley					C4
3.03%, 04/25/2018		605		606	3.00%, 10/12/2050 ^(c)		757		614
3 Month LIBOR + 1.28%					COBALT CMBS Commercial Mortgage
QNB Finansbank AS/Turkey					Trust 2007-C2
4.88%, 05/19/2022 ^(c)		6,000		5,841	5.62%, 04/15/2047 ^(o)		5,060		5,016
					COMM 2015-CCRE25 Mortgage Trust
					3.80%, 08/10/2048 ^(o)		2,280		1,859
					COMM 2015-LC21 Mortgage Trust
					1.06%, 07/10/2048 ^(c),(o),(p)		3,125		202


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (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 Services (continued)
COMM 2016-SAVA Mortgage Trust						Corporate Risk Holdings LLC
4.58%, 10/15/2034 ^(c)		$	370	$	371	9.50%, 07/01/2019 ^(c)		$	10,489	$	10,856
1 Month LIBOR + 3.00%						KAR Auction Services Inc
Commercial Mortgage Trust 2005-GG5						5.13%, 06/01/2025 ^(c)			221		223
5.57%, 04/10/2037 ^(o)			1,998		1,963	Monitronics International Inc
CSMC 2014-USA OA LLC						9.13%, 04/01/2020			2,500		2,175
4.37%, 09/15/2037 ^(c)			825		733	Sotheby's
Ginnie Mae						4.88%, 12/15/2025 ^(c)			1,041		1,010
0.60%, 01/16/2053 ^(o),(p)			6,932		236				$		26,753
GS Mortgage Securities Trust 2007-GG10						Computers - 0.27%
5.79%, 08/10/2045 ^(o)			307		312	Apple Inc
GS Mortgage Securities Trust 2015-GC32						1.99%, 02/07/2020			720		722
4.41%, 07/10/2048 ^(c),(o)			2,476		1,667	3 Month LIBOR + 0.20%
JP Morgan Chase Commercial Mortgage						IBM Credit LLC
Securities Trust 2007-CIBC20						1.95%, 02/05/2021			1,370		1,369
6.28%, 02/12/2051 ^(c),(o)			197		201	3 Month LIBOR + 0.16%
JP Morgan Chase Commercial Mortgage						International Business Machines Corp
Securities Trust 2007-LDP10						1.99%, 01/27/2020			1,255		1,259
5.46%, 01/15/2049 ^(o)			52		52	3 Month LIBOR + 0.23%
JP Morgan Chase Commercial Mortgage						West Corp
Securities Trust 2013-C13						8.50%, 10/15/2025 ^(c)			4,000		3,880
3.99%, 01/15/2046 ^(c),(o)			268		223				$		7,230
JP Morgan Chase Commercial Mortgage						Credit Card Asset Backed Securities - 0.49%
Securities Trust 2015-SGP						American Express Credit Account Master
6.09%, 07/15/2036 ^(c)			785		789	Trust
1 Month LIBOR + 4.50%						2.04%, 05/15/2023			1,260		1,238
Morgan Stanley Bank of America Merrill						American Express Issuance Trust II
Lynch Trust 2017-C34						2.02%, 08/15/2019			570		571
0.89%, 11/15/2052 ^(c),(o),(p)			3,150		212	1 Month LIBOR + 0.43%
Morgan Stanley Capital I Trust 2011-C2						BA Credit Card Trust
5.48%, 06/15/2044 ^(c),(o)			475		468	1.95%, 08/15/2022			1,030		1,016
Motel 6 Trust 2017-M6MZ						2.70%, 07/17/2023 ^(e),(f)			1,365		1,365
8.51%, 08/15/2019 ^(c)			1,395		1,404	Capital One Multi-Asset Execution Trust
1 Month LIBOR + 6.93%						2.00%, 01/17/2023			620		612
SCG Trust 2013-SRP1						Chase Issuance Trust
4.34%, 11/15/2026 ^(c)			365		362	1.89%, 01/18/2022			1,260		1,264
1 Month LIBOR + 2.50%						1 Month LIBOR + 0.30%
5.09%, 11/15/2026 ^(c)			400		395	Citibank Credit Card Issuance Trust
1 Month LIBOR + 3.25%						1.75%, 11/19/2021			1,210		1,194
5.18%, 11/15/2026 ^(c)			850		832	1.80%, 04/07/2022			1,330		1,332
1 Month LIBOR + 3.34%						1 Month LIBOR + 0.22%
Tharaldson Hotel Portfolio Trust 2018-						1.84%, 01/19/2021			1,260		1,262
THPT						1 Month LIBOR + 0.25%
3.58%, 11/11/2034 ^(c)			977		979	1.92%, 04/07/2022			1,330		1,309
1 Month LIBOR + 2.00%						2.49%, 01/20/2023			1,370		1,360
Wachovia Bank Commercial Mortgage Trust						Tidewater Sales Finance Master Trust Series
Series 2006-C25						2017	-A
5.19%, 05/15/2043 ^(c),(o)			809		751	4.55%, 04/15/2021 ^(c)			435		432
Wachovia Bank Commercial Mortgage Trust						World Financial Network Credit Card Master
Series 2007-C30						Trust
5.48%, 12/15/2043 ^(o)			368		370	2.07%, 02/15/2022			165		165
Wells Fargo Commercial Mortgage Trust						1 Month LIBOR + 0.48%
2016-NX	S6								$		13,120
2.00%, 11/15/2049 ^(c),(o),(p)			7,575		1,033
2.31%, 11/15/2049 ^(c),(o)			2,570		1,293	Distribution & Wholesale - 0.04%
						H&E Equipment Services Inc
WFRBS Commercial Mortgage Trust 2011-						5.63%, 09/01/2025 ^(c)			1,000		1,023
C4
5.23%, 06/15/2044 ^(c),(o)			845		820
						Diversified Financial Services - 0.90%
WFRBS Commercial Mortgage Trust 2012-						Ally Financial Inc
C6						4.75%, 09/10/2018			1,300		1,312
5.58%, 04/15/2045 ^(c),(o)			500		486
						American Express Credit Corp
WFRBS Commercial Mortgage Trust 2012-						2.57%, 11/05/2018			605		607
C7						3 Month LIBOR + 0.78%
4.83%, 06/15/2045 ^(c),(o)			160		129
						ASP AMC Merger Sub Inc
			$		31,197	8.00%, 05/15/2025 ^(c)			4,422		4,201
Commercial Services - 0.99%						CPPIB Capital Inc
APX Group Inc						2.75%, 11/02/2027 ^(c),(n)			332		319
7.63%, 09/01/2023			1,300		1,383	Ocwen Loan Servicing LLC
Atento Luxco 1 SA						8.38%, 11/15/2022 ^(c)			1,986		2,016
6.13%, 08/10/2022			6,685		6,863	Turkiye Sinai Kalkinma Bankasi AS
Cenveo Corp						4.88%, 05/18/2021			6,616		6,535
0.00%, 08/01/2019 ^(b),(c)			8,934		4,243


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



	Principal					Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Diversified Financial Services (continued)					Gas – 0.08%
Unifin Financiera SAB de CV SOFOM					NGL Energy Partners LP / NGL Energy
ENR					Finance Corp
7.25%, 09/27/2023	$	7,815	$	7,971	5.13%, 07/15/2019	$	725	$	727
USAA Capital Corp					6.13%, 03/01/2025		360		346
2.00%, 02/01/2019 ^(c)		1,430		1,431	6.88%, 10/15/2021		45		45
3 Month LIBOR + 0.23%					7.50%, 11/01/2023		920		924
		$		24,392			$		2,042
Electric - 0.51%					Hand & Machine Tools - 0.12%
Empresas Publicas de Medellin ESP					Apex Tool Group LLC
8.38%, 11/08/2027 ^(c)	COP	2,150,000		777	7.00%, 02/01/2021 ^(c)		1,084		1,104
Enel SpA					Apex Tool Group LLC / BC Mountain
8.75%, 09/24/2073 ^(c),(m)	$	1,700		2,045	Finance Inc
USSW5 Index Spread + 5.88%					9.00%, 02/15/2023 ^(c)		2,114		2,108
GenOn Energy Inc							$		3,212
0.00%, 10/15/2018 ^(b)		5,581		4,646	Healthcare - Services - 0.02%
0.00%, 10/15/2020 ^(b)		6,661		5,545	Polaris Intermediate Corp
Infraestructura Energetica Nova SAB de CV					8.50%, PIK 9.25%, 12/01/2022 ^(c),(l),(o)		560		571
3.75%, 01/14/2028 ^(c)		430		409
4.88%, 01/14/2048 ^(c)		270		248	Insurance - 0.31%
		$		13,670	Acrisure LLC / Acrisure Finance Inc
Electronics - 0.04%					7.00%, 11/15/2025 ^(c)		2,000		1,955
TTM Technologies Inc					Alliant Holdings Intermediate LLC / Alliant
5.63%, 10/01/2025 ^(c)		1,000		995	Holdings Co-Issuer
					8.25%, 08/01/2023 ^(c)		2,265		2,356
Engineering & Construction - 0.17%					Ardonagh Midco 3 PLC
ABG Orphan Holdco Sarl					8.38%, 07/15/2023 ^(c)	GBP	655		922
14.00%, PIK 14.00%, 02/28/2021^(l),(o)		3,103		3,297	Berkshire Hathaway Finance Corp
AECOM					2.03%, 01/10/2020	$	1,225		1,231
5.13%, 03/15/2027		1,240		1,201	3 Month LIBOR + 0.32%
		$		4,498	2.07%, 03/07/2018		605		605
Entertainment - 0.09%					3 Month LIBOR + 0.55%
Eldorado Resorts Inc					Metropolitan Life Global Funding I
6.00%, 04/01/2025		2,298		2,367	1.91%, 09/14/2018 ^(c)		1,205		1,207
WMG Acquisition Corp					3 Month LIBOR + 0.34%
5.50%, 04/15/2026 ^(c),(f),(q)		104		104			$		8,276
		$		2,471	Internet - 0.17%
Environmental Control - 0.12%					Netflix Inc
GFL Environmental Inc					4.38%, 11/15/2026		4,524		4,343
5.38%, 03/01/2023 ^(c)		362		362	4.88%, 04/15/2028 ^(c)		189		186
Waste Pro USA Inc							$		4,529
5.50%, 02/15/2026 ^(c)		2,933		2,948	Iron & Steel - 0.05%
		$		3,310	Gerdau Trade Inc
Food - 0.54%					4.88%, 10/24/2027 ^(c)		715		713
BRF GmbH					Vale Overseas Ltd
4.35%, 09/29/2026 ^(c)		840		780	6.25%, 08/10/2026		460		519
BRF SA							$		1,232
7.75%, 05/22/2018 ^(c)	BRL	1,500		458	Leisure Products & Services - 0.41%
ESAL GmbH					Constellation Merger Sub Inc
6.25%, 02/05/2023	$	6,025		5,726	8.50%, 09/15/2025 ^(c)		4,365		4,275
Fresh Market Inc/The					LTF Merger Sub Inc
9.75%, 05/01/2023 ^(c)		762		516	8.50%, 06/15/2023 ^(c)		3,168		3,319
Grupo Bimbo SAB de CV					Silversea Cruise Finance Ltd
4.70%, 11/10/2047 ^(c)		1,430		1,369	7.25%, 02/01/2025 ^(c)		1,322		1,411
JBS USA LUX SA / JBS USA Finance Inc					Viking Cruises Ltd
5.75%, 06/15/2025 ^(c)		540		516	5.88%, 09/15/2027 ^(c)		1,805		1,760
7.25%, 06/01/2021 ^(c)		625		633	VOC Escrow Ltd
MARB BondCo PLC					5.00%, 02/15/2028 ^(c)		366		356
6.88%, 01/19/2025 ^(c)		735		702			$		11,121
Nova Austral SA					Lodging - 0.19%
8.25%, 05/26/2021 ^(c)		3,900		3,897	Diamond Resorts International Inc
		$		14,597	7.75%, 09/01/2023 ^(c)		2,778		2,997
Forest Products & Paper - 0.06%					10.75%, 09/01/2024 ^(c)		2,074		2,247
Celulosa Arauco y Constitucion SA							$		5,244
5.50%, 11/02/2047 ^(c)		525		534	Machinery - Construction & Mining - 0.05%
Fibria Overseas Finance Ltd					Caterpillar Financial Services Corp
4.00%, 01/14/2025		605		594	2.22%, 01/10/2020		1,225		1,233
Suzano Austria GmbH					3 Month LIBOR + 0.51%
5.75%, 07/14/2026 ^(c)		480		511
		$		1,639


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



	Principal					Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)	Amount (000's) Value (000's)
Machinery - Diversified - 0.17%					Mortgage Backed Securities (continued)
Cloud Crane LLC					Banc of America Alternative Loan Trust
10.13%, 08/01/2024 ^(c)	$	4,075	$	4,564	2003-8
					5.50%, 10/25/2033	$	102	$	104
Media - 0.53%					Banc of America Funding 2004-B Trust
Altice Financing SA					3.48%, 11/20/2034 ^(o)		172		170
7.50%, 05/15/2026 ^(c)		3,725		3,753	Banc of America Funding 2005-5 Trust
7.50%, 05/15/2026		1,300		1,310	5.50%, 09/25/2035		53		56
AMC Networks Inc					Banc of America Funding 2005-7 Trust
4.75%, 08/01/2025		1,111		1,076	5.75%, 11/25/2035		105		111
CBS Radio Inc					Banc of America Funding 2007-4 Trust
7.25%, 11/01/2024 ^(c)		430		443	5.50%, 11/25/2034		166		170
Clear Channel Worldwide Holdings Inc					Banc of America Mortgage 2005-A Trust
7.63%, 03/15/2020		1,145		1,144	3.70%, 02/25/2035 ^(o)		44		44
DISH DBS Corp					Banc of America Mortgage 2005-I Trust
5.88%, 11/15/2024		615		576	3.39%, 10/25/2035 ^(o)		352		346
7.75%, 07/01/2026		255		251	BCAP LLC Trust 2007-AA2
Grupo Televisa SAB					6.00%, 03/25/2022		185		184
7.25%, 05/14/2043	MXN	4,370		171	CHL Mortgage Pass-Through Trust 2004-
Lee Enterprises Inc					12
9.50%, 03/15/2022 ^(c)	$	2,209		2,314	3.74%, 08/25/2034 ^(o)		94		92
NBCUniversal Enterprise Inc					CHL Mortgage Pass-Through Trust 2004-
5.25%, 12/19/2049 ^(c),(k)		1,205		1,241	HYB4
Telenet Finance Luxembourg Notes Sarl					3.57%, 09/20/2034 ^(o)		46		45
5.50%, 03/01/2028 ^(c)		1,400		1,351	CHL Mortgage Pass-Through Trust 2004-
Time Warner Cable LLC					HYB8
4.50%, 09/15/2042		645		583	3.10%, 01/20/2035 ^(o)		91		90
		$		14,213	Citigroup Mortgage Loan Trust 2005-3
Metal Fabrication & Hardware - 0.03%					3.51%, 08/25/2035 ^(o)		565		564
Zekelman Industries Inc					Credit Suisse First Boston Mortgage
9.88%, 06/15/2023 ^(c)		655		721	Securities Corp
					3.53%, 11/25/2033 ^(o)		77		77
Mining - 0.15%					3.66%, 12/25/2033 ^(o)		53		53
Constellium NV					CSFB Mortgage-Backed Pass-Through
6.63%, 03/01/2025 ^(c)		3,467		3,588	Certificates Series 2003-27
First Quantum Minerals Ltd					5.75%, 11/25/2033		51		52
6.50%, 03/01/2024 ^(c)		205		204	Deutsche Mortgage Securities Inc Mortgage
6.88%, 03/01/2026 ^(c)		205		204	Loan Trust 2004-4
		$		3,996	1.97%, 06/25/2034		177		171
Miscellaneous Manufacturers - 0.17%					1 Month LIBOR + 0.35%
FXI Holdings Inc					DSLA Mortgage Loan Trust 2005-AR5
7.88%, 11/01/2024 ^(c)		1,391		1,372	1.92%, 09/19/2045		178		145
General Electric Co					1 Month LIBOR + 0.33%
2.40%, 04/02/2018		354		354	Dukinfield 2 Plc
3 Month LIBOR + 0.71%					1.76%, 12/20/2052	GBP	374		521
Siemens Financieringsmaatschappij NV					LIBOR GBP 3M + 1.25%
2.22%, 05/25/2018 ^(c)		400		400	Eurosail-UK 2007-2np PLC
3 Month LIBOR + 0.28%					0.67%, 03/13/2045		138		186
Working Capital Solutions Funding LCC					LIBOR GBP 3M + 0.15%
8.33%, 08/30/2018 ^(e),(f)		2,400		2,400	Fannie Mae Connecticut Avenue Securities
		$		4,526	3.82%, 01/25/2030	$	40		41
Mortgage Backed Securities - 1.38%					1 Month LIBOR + 2.20%
Adjustable Rate Mortgage Trust 2004-4					5.17%, 07/25/2030		2,947		2,998
3.54%, 03/25/2035 ^(o)		79		77	1 Month LIBOR + 3.55%
Adjustable Rate Mortgage Trust 2005-1					6.47%, 10/25/2029		220		246
3.46%, 05/25/2035 ^(o)		237		240	1 Month LIBOR + 4.85%
Alternative Loan Trust 2003-22CB					7.37%, 07/25/2029		2,625		3,118
5.75%, 12/25/2033		141		145	1 Month LIBOR + 5.75%
Alternative Loan Trust 2003-9T1					Fannie Mae Interest Strip
5.50%, 07/25/2033		65		66	4.00%, 11/25/2040 ^(p)		14,193		2,989
Alternative Loan Trust 2004-14T2					Fannie Mae REMICS
5.50%, 08/25/2034		76		79	4.48%, 05/25/2047 ^(p)		2,460		493
Alternative Loan Trust 2004-16CB					1 Month LIBOR + 6.10%
5.50%, 07/25/2034		117		120	Freddie Mac Structured Agency Credit Risk
5.50%, 08/25/2034		127		130	Debt Notes
Alternative Loan Trust 2004-28CB					3.27%, 04/25/2024		280		284
5.75%, 01/25/2035		59		59	1 Month LIBOR + 1.65%
Alternative Loan Trust 2004-J10					3.47%, 10/25/2027		550		562
6.00%, 09/25/2034		232		241	1 Month LIBOR + 1.85%
Alternative Loan Trust 2004-J3					3.82%, 02/25/2024		402		414
5.50%, 04/25/2034		79		80	1 Month LIBOR + 2.20%
Alternative Loan Trust 2005-J1					6.07%, 03/25/2030		400		435
5.50%, 02/25/2025		144		146	1 Month LIBOR + 4.45%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (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)
Freddie Mac Structured Agency Credit Risk					Residential Asset Securitization Trust 2003-
Debt Notes (continued)					A9
6.57%, 07/25/2029		$	1,619	$ 1,824	4.00%, 08/25/2033		$	385	$	385
1 Month LIBOR + 4.95%					Residential Asset Securitization Trust 2005-
10.42%, 03/25/2028			6,989	8,884	A8	CB
1 Month LIBOR + 8.80%					5.38%, 07/25/2035			298		269
GMACM Mortgage Loan Trust 2005-AR1					RFMSI Series 2006-S1 Trust
3.97%, 03/18/2035 ^(o)			333	336	5.75%, 01/25/2036			94		94
GMACM Mortgage Loan Trust 2005-AR4					RFMSI Series 2006-SA2 Trust
3.97%, 07/19/2035 ^(o)			80	78	4.62%, 08/25/2036 ^(o)			493		460
GSR Mortgage Loan Trust 2005-4F					Rmac 2005-Ns3 PLC
6.50%, 02/25/2035			50	50	0.03%, 06/12/2043		EUR	50		61
HarborView Mortgage Loan Trust 2003-2					Euribor 3 Month + 0.36%
2.33%, 10/19/2033			645	627	RMAC Securities No 1 PLC
1 Month LIBOR + 0.74%					0.00%, 06/12/2044 ^(b)			96		116
IndyMac INDX Mortgage Loan Trust 2004-					Euribor 3 Month + 0.15%
AR12					Structured Adjustable Rate Mortgage Loan
2.40%, 12/25/2034			616	566	Trust
1 Month LIBOR + 0.78%					1.93%, 07/25/2035		$	744		595
IndyMac INDX Mortgage Loan Trust 2004-					1 Month LIBOR + 0.31%
AR6					3.71%, 09/25/2034 ^(o)			217		220
3.72%, 10/25/2034 ^(o)			752	766	Structured Adjustable Rate Mortgage Loan
IndyMac INDX Mortgage Loan Trust 2004-					Trust Series 2004-6
AR7					3.36%, 06/25/2034 ^(o)			121		120
2.84%, 09/25/2034			173	157	Structured Asset Securities Corp Mortgage
1 Month LIBOR + 1.22%					Pass-Through Certificates Series 2004-20
IndyMac INDX Mortgage Loan Trust 2005-					5.75%, 11/25/2034			86		87
AR11					Structured Asset Securities Corp Trust 2005-
3.45%, 08/25/2035 ^(o)			730	660	1
IndyMac INDX Mortgage Loan Trust 2005-					5.50%, 02/25/2035			130		132
AR16	IP				Towd Point Mortgage Funding 2016-
2.26%, 07/25/2045			197	190	Granite1 PLC
1 Month LIBOR + 0.64%					1.92%, 07/20/2046		GBP	200		278
JP Morgan Mortgage Trust 2005-A2					LIBOR GBP 3M + 1.40%
3.55%, 04/25/2035 ^(o)			164	163	Wells Fargo Mortgage Backed Securities
JP Morgan Mortgage Trust 2006-A1					2003-M Trust
3.64%, 02/25/2036 ^(o)			240	222	3.73%, 12/25/2033 ^(o)		$	202		204
Lehman XS Trust Series 2005-7N					Wells Fargo Mortgage Backed Securities
1.90%, 12/25/2035			71	61	2004-I Trust
1 Month LIBOR + 0.28%					3.53%, 07/25/2034 ^(o)			434		441
Lehman XS Trust Series 2006-2N					Wells Fargo Mortgage Backed Securities
1.88%, 02/25/2046			139	123	2004-O Trust
1 Month LIBOR + 0.26%					3.55%, 08/25/2034 ^(o)			91		93
Ludgate Funding PLC					Wells Fargo Mortgage Backed Securities
0.00%, 01/01/2061 ^(b)		EUR	104	124	2005-11 Trust
Euribor 3 Month + 0.16%					5.50%, 11/25/2035			24		24
1.12%, 01/01/2061		GBP	410	554	Wells Fargo Mortgage Backed Securities
LIBOR GBP 3M + 0.60%					2005-16 Trust
MASTR Adjustable Rate Mortgages Trust					6.00%, 01/25/2036			106		107
2004-7					Wells Fargo Mortgage Backed Securities
3.35%, 07/25/2034 ^(o)		$	199	195	2005-AR10 Trust
MASTR Adjustable Rate Mortgages Trust					3.62%, 05/01/2035 ^(o)			62		63
2005-2					Wells Fargo Mortgage Backed Securities
3.40%, 03/25/2035 ^(o)			558	522	2005-AR12 Trust
MASTR Adjustable Rate Mortgages Trust					3.66%, 06/25/2035 ^(o)			116		119
2006-2								$		37,246
3.75%, 04/25/2036 ^(o)			113	112	Oil & Gas - 1.36%
MASTR Alternative Loan Trust 2003-9					Bellatrix Exploration Ltd
5.25%, 11/25/2033			56	58	8.50%, 05/15/2020 ^(c)			1,040		852
MASTR Alternative Loan Trust 2004-5					California Resources Corp
5.50%, 06/25/2034			68	70	8.00%, 12/15/2022 ^(c)			745		590
6.00%, 06/25/2034			80	83	Cobalt International Energy Inc
MASTR Alternative Loan Trust 2004-8					0.00%, 12/01/2021 ^(b)			4,214		4,551
6.00%, 09/25/2034			380	404	0.00%, 12/01/2023 ^(b)			5,412		5,331
Merrill Lynch Mortgage Investors Trust					Cosan Luxembourg SA
Series MLCC 2006-2					7.00%, 01/20/2027 ^(c)			390		416
3.28%, 05/25/2036 ^(o)			37	37	Denbury Resources Inc
Newgate Funding PLC					9.00%, 05/15/2021 ^(c)			653		668
0.27%, 12/15/2050		EUR	148	178	9.25%, 03/31/2022 ^(c)			1,727		1,770
Euribor 3 Month + 0.60%
RALI Series 2006-QO4 Trust
1.81%, 04/25/2046		$	202	190
1 Month LIBOR + 0.19%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (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)
Ensco PLC					AMMC CLO 18 Ltd
7.75%, 02/01/2026	$	180	$	170	8.61%, 05/26/2028 ^(c)		$	1,750	$	1,754
Geopark Ltd					3 Month LIBOR + 6.67%
6.50%, 09/21/2024 ^(c)		220		221	Apidos CLO XXII
Gulfport Energy Corp					7.74%, 10/20/2027 ^(c)			750		758
6.38%, 05/15/2025		705		695	3 Month LIBOR + 6.00%
Halcon Resources Corp					Apollo Aviation Securitization Equity Trust
6.75%, 02/15/2025		693		700	5.44%, 01/16/2038 ^(c),(e),(f)			248		248
MEG Energy Corp					Ascentium Equipment Receivables 2017-2
6.38%, 01/30/2023 ^(c)		295		253	Trust
7.00%, 03/31/2024 ^(c)		940		801	2.87%, 08/10/2022 ^(c)			80		79
Midstates Petroleum Co Inc					Avery Point VII CLO Ltd
0.00%, 06/01/2020 ^(b),(e),(f)		1,471		—	8.32%, 01/15/2028 ^(c)			1,400		1,433
OGX Austria GmbH					3 Month LIBOR + 6.60%
0.00%, 06/01/2018 ^(b),(c)		600		—	Bayview Opportunity Master Fund IIIa Trust
0.00%, 04/01/2022 ^(b),(c)		1,100		—	2017	-RN7
Petrobras Global Finance BV					3.10%, 09/28/2032 ^(c),(o)			246		245
5.30%, 01/27/2025 ^(c)		589		577	Bayview Opportunity Master Fund IIIa Trust
5.63%, 05/20/2043		645		552	2017	-RN8
5.75%, 02/01/2029		4,000		3,850	3.35%, 11/28/2032 ^(c),(o)			504		500
6.00%, 01/27/2028 ^(c)		3,925		3,866	Bayview Opportunity Master Fund IIIb Trust
6.25%, 12/14/2026	GBP	1,000		1,480	2017	-RN2
7.25%, 03/17/2044	$	245		249	3.47%, 04/28/2032 ^(c),(o)			40		40
Petroleos Mexicanos					Bayview Opportunity Master Fund IIIb Trust
5.35%, 02/12/2028 ^(c)		3,300		3,244	2017	-RN3
6.35%, 02/12/2048 ^(c)		2,900		2,827	3.23%, 05/28/2032 ^(c),(o)			64		64
7.65%, 11/24/2021 ^(c)	MXN	6,500		328	Bayview Opportunity Master Fund IV Trust
Sanchez Energy Corp					2018	-RN2
7.25%, 02/15/2023 ^(c)	$	570		577	3.60%, 02/25/2033 ^(c),(o)			375		375
Shelf Drilling Holdings Ltd					Bayview Opportunity Master Fund IVa Trust
8.25%, 02/15/2025 ^(c)		165		166	2018	-RN1
SRC Energy Inc					3.28%, 01/28/2033 ^{(c),(e),(f),(o)}			700		700
6.25%, 12/01/2025 ^(c)		155		157	Bayview Opportunity Master Fund IVb Trust
Vine Oil & Gas LP / Vine Oil & Gas Finance					2017-NP	L1
Corp					3.60%, 01/28/2032 ^(c),(o)			109		109
8.75%, 04/15/2023 ^(c)		715		690	Bayview Opportunity Master Fund IVb Trust
YPF SA					2017-NP	L2
6.95%, 07/21/2027 ^(c)		860		866	2.98%, 10/28/2032 ^(c),(o)			366		365
27.13%, 07/07/2020 ^(c)		410		343	BCC Funding XIV LLC
Argentina Deposit Rates Badlar + 4.00%					6.00%, 04/21/2025 ^(c)			250		249
		$		36,790	Blackbird Capital Aircraft Lease
					Securitization Ltd 2016-1
Other Asset Backed Securities - 1.94%					4.21%, 12/16/2041 ^(c),(o)			238		242
AASET 2017-1 Trust					5.68%, 12/16/2041 ^(c),(o)			657		660
3.97%, 05/16/2042 ^(c)		235		234	BlueMountain CLO 2013-4 Ltd
AIM Aviation Finance Ltd					7.37%, 04/15/2025 ^(c)			3,000		2,970
5.07%, 02/15/2040 ^(c),(o)		1,083		1,046	3 Month LIBOR + 5.65%
AJAX Mortgage Loan Trust					Bowman Park CLO Ltd
3.47%, 04/25/2057 ^(c),(o)		92		92	7.32%, 11/23/2025 ^(c)			1,000		999
Ajax Mortgage Loan Trust 2016-B					3 Month LIBOR + 5.40%
4.00%, 09/25/2065 ^(c),(o)		438		438	CAM Mortgage Trust
Ajax Mortgage Loan Trust 2016-C					5.00%, 01/15/2056 ^(c),(o)			402		397
4.00%, 10/25/2057 ^(c),(o)		261		261	CCG Receivables Trust 2018-1
Ajax Mortgage Loan Trust 2017-B					3.42%, 06/16/2025 ^(c)			100		99
3.16%, 09/25/2056 ^(c),(o)		382		377	CLI Funding V LLC
ALM VII R Ltd					3.38%, 10/18/2029 ^(c)			457		452
8.86%, 10/15/2028 ^(c)		2,000		2,095	CLUB Credit Trust 2017-P1
3 Month LIBOR + 7.14%					2.42%, 09/15/2023 ^(c)			242		242
American Homes 4 Rent 2014-SFR2 Trust					Coinstar Funding LLC Series 2017-1
5.15%, 10/17/2036 ^(c)		280		299	5.22%, 04/25/2047 ^(c)			720		741
6.23%, 10/17/2036 ^(c)		695		772	Colony American Finance 2015-1 Ltd
American Homes 4 Rent 2014-SFR3 Trust					5.65%, 10/15/2047 ^(c)			550		570
6.42%, 12/17/2036 ^(c)		900		1,012	Colony American Finance 2016-1 Ltd
American Homes 4 Rent 2015-SFR1					4.64%, 06/15/2048 ^(c),(o)			260		259
5.64%, 04/17/2052 ^(c)		1,045		1,127	Colony American Homes 2015-1
AMMC CLO 17 Ltd					3.73%, 07/17/2032 ^(c)			730		730
8.59%, 11/15/2027 ^(c)		2,500		2,505	1 Month LIBOR + 2.15%
3 Month LIBOR + 6.75%					4.58%, 07/17/2032 ^(c)			170		171
					1 Month LIBOR + 3.00%
					5.23%, 07/17/2032 ^(c)			580		582
					1 Month LIBOR + 3.65%
					Diamond Resorts Owner Trust
					6.07%, 10/22/2029 ^(c)			210		206


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



			Principal				Principal
BONDS (continued)			Amount (000's)	Value (000's)	BONDS (continued)		Amount (000's) Value (000's)
Other Asset Backed Securities (continued)					Other Asset Backed Securities (continued)
Five Guys Funding LLC					Sound Point Clo XV Ltd
4.60%, 07/25/2047 ^(c)		$	219	$ 222	7.70%, 01/23/2029 ^(c)	$	1,500	$	1,517
GCA2014 Holdings Ltd - Class C					3 Month LIBOR + 5.96%
6.00%, 01/05/2030 ^(c),(e),(f)			634	466	SpringCastle America Funding LLC
GCA2014 Holdings Ltd - Class D					3.05%, 04/25/2029 ^(c)		191		192
7.50%, 01/05/2030 ^(c),(e),(f)			254	101	Sprite 2017-1 Ltd
GCA2014 Holdings Ltd - Class E					5.75%, 12/15/2037 ^(c)		740		739
0.00%, 01/05/2030 ^{(b),(c),(e),(f)}			1,030	—	TAL Advantage V LLC
GCAT 2017-2 LLC					3.55%, 11/20/2038 ^(c)		302		297
3.50%, 04/25/2047 ^(c),(o)			307	305	THL Credit Wind River 2014-3 CLO Ltd
GCAT 2017-3 LLC					7.34%, 01/22/2027 ^(c)		3,000		3,000
3.35%, 04/25/2047 ^(c),(o)			192	192	3 Month LIBOR + 5.60%
GCAT 2017-4 LLC					Thunderbolt Aircraft Lease Ltd
3.23%, 05/25/2022 ^(c),(o)			42	42	5.75%, 05/17/2032 ^(c),(o)		237		239
GCAT 2017-5 LLC					Verizon Owner Trust 2017-3
3.23%, 07/25/2047 ^(c),(o)			132	131	1.86%, 04/20/2022 ^(c)		535		536
Global Container Assets Ltd					1 Month LIBOR + 0.27%
4.50%, 02/05/2030 ^(c)			345	328	VOLT LIV LLC
Harbour Aircraft Investments Ltd					3.50%, 02/25/2047 ^(c),(o)		111		111
8.00%, 11/15/2037 ^(e),(f)			1,432	1,428	5.87%, 02/25/2047 ^(c),(o)		545		546
Invitation Homes 2015-SFR1 Trust					VOLT LV LLC
5.78%, 03/17/2032 ^(c)			690	693	3.50%, 03/25/2047 ^(c),(o)		295		294
1 Month LIBOR + 4.20%					VOLT LVI LLC
Invitation Homes 2015-SFR3 Trust					3.50%, 03/25/2047 ^(c),(o)		468		468
5.33%, 08/17/2032 ^(c)			430	433	5.88%, 03/25/2047 ^(c),(o)		650		651
1 Month LIBOR + 3.75%					VOLT LVII LLC
Invitation Homes 2018-SFR1 Trust					3.38%, 04/25/2047 ^(c),(o)		110		110
3.57%, 03/17/2037 ^(c)			105	106	VOLT LXI LLC
1 Month LIBOR + 2.00%					3.13%, 06/25/2047 ^(c),(o)		308		307
Kabbage Asset Securitization LLC					VOLT LXIII LLC
8.00%, 03/15/2022 ^(c)			253	265	3.00%, 10/25/2047 ^(c),(o)		270		268
Magnetite IX Ltd					VOLT XL LLC
7.50%, 07/25/2026 ^(c)			1,750	1,739	4.88%, 11/27/2045 ^(c),(o)		215		214
3 Month LIBOR + 5.75%					WAVE 2017-1 Trust
NYMT Residential 2016-RP1					5.68%, 11/15/2042 ^(c),(e),(f)		299		300
4.00%, 03/25/2021 ^(c),(o)			75	75			$		52,461
Oak Hill Advisors Residential Loan Trust					Packaging & Containers - 0.09%
2017-NP	L2				BWAY Holding Co
3.00%, 07/25/2057 ^(c),(o)			508	505	5.50%, 04/15/2024 ^(c)		2,416		2,470
4.88%, 07/25/2057 ^(c),(o)			705	699
Oak Hill Advisors Residential Loan Trust					Pharmaceuticals - 0.11%
2017-NPLA					Endo Dac / Endo Finance LLC / Endo Finco
3.00%, 06/25/2057 ^(c),(o)			226	224	Inc
OneMain Financial Issuance Trust 2014-2					6.00%, 02/01/2025 ^(c)		2,920		2,095
3.02%, 09/18/2024 ^(c)			77	77	Merck & Co Inc
5.31%, 09/18/2024 ^(c)			1,210	1,216	2.23%, 05/18/2018		605		605
OneMain Financial Issuance Trust 2015-1					3 Month LIBOR + 0.36%
3.19%, 03/18/2026 ^(c)			194	194	Teva Pharmaceutical Finance Netherlands III
OneMain Financial Issuance Trust 2015-2					BV
5.64%, 07/18/2025 ^(c)			625	630	4.10%, 10/01/2046		340		251
OneMain Financial Issuance Trust 2015-3							$		2,951
4.16%, 11/20/2028 ^(c)			790	799	Pipelines - 0.11%
OneMain Financial Issuance Trust 2016-2					EnLink Midstream Partners LP
5.94%, 03/20/2028 ^(c)			1,295	1,310	6.00%, 12/31/2049 ^(k),(m)		1,265		1,202
OSAT 2016-NPL1 Trust					3 Month LIBOR + 4.11%
3.75%, 07/25/2056 ^(c),(o)			149	149	NGPL PipeCo LLC
PRPM 2017-2 LLC					7.77%, 12/15/2037 ^(c)		265		324
3.47%, 09/25/2022 ^(c),(o)			892	884	Transcanada Trust
5.00%, 09/25/2022 ^(c),(o)			270	260	5.30%, 03/15/2077 ^(m)		1,435		1,446
PRPM 2017-3 LLC					3 Month LIBOR + 3.21%
3.47%, 11/25/2022 ^(c),(o)			332	328
5.00%, 11/25/2022 ^(c),(o)			105	105			$		2,972
					Real Estate - 0.42%
RCO Mortgage LLC 2017-1					China Evergrande Group
3.38%, 08/25/2022 ^(c),(o)			891	887
					8.25%, 03/23/2022		8,675		8,926
Rise Ltd					Hunt Cos Inc
4.75%, 02/15/2039 ^(o)			297	298	6.25%, 02/15/2026 ^(c)		735		720
Shenton Aircraft Investment I Ltd					Rialto Holdings LLC / Rialto Corp
4.75%, 10/15/2042 ^(c)			951	978	7.00%, 12/01/2018 ^(c)		1,599		1,599
Sierra Timeshare 2013-3 Receivables							$		11,245
Funding LLC					Regional Authority - 0.16%
2.20%, 10/20/2030 ^(c)			106	106
					Provincia de Buenos Aires/Argentina
					5.75%, 06/15/2019 ^(c)		735		750


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



	Principal						Principal
BONDS (continued)	Amount (000's) Value (000's)				BONDS (continued)		Amount (000's) Value (000's)
Regional Authority (continued)					Sovereign (continued)
Provincia de Buenos					Montenegro Government International
Aires/Argentina (continued)					Bond (continued)
6.50%, 02/15/2023 ^(c)	$	545	$	556	5.75%, 03/10/2021		EUR	426	$	571
7.88%, 06/15/2027 ^(c)		450		468	Nigeria Government International Bond
26.64%, 05/31/2022	ARS	51,665		2,446	6.50%, 11/28/2027 ^(c)		$	2,800		2,831
Argentina Deposit Rates Badlar + 3.83%					7.14%, 02/23/2030 ^(c)			2,500		2,566
		$		4,220	7.70%, 02/23/2038 ^(c)			2,700		2,801
REITs - 0.03%					Oman Government International Bond
VICI Properties 1 LLC / VICI FC Inc					5.63%, 01/17/2028 ^(c)			5,300		5,274
8.00%, 10/15/2023	$	864		957	Peru Government Bond
					6.15%, 08/12/2032 ^(c)		PEN	22,100		7,411
Retail - 0.19%					Peruvian Government International Bond
Alimentation Couche-Tard Inc					6.35%, 08/12/2028 ^(c)			9,300		3,179
2.07%, 12/13/2019 ^(c)		690		691	6.35%, 08/12/2028			17,750		6,067
3 Month LIBOR + 0.50%					Qatar Government International Bond
Golden Nugget Inc					6.55%, 04/09/2019 ^(c),(n)		$	2,790		2,901
6.75%, 10/15/2024 ^(c)		520		533	6.55%, 04/09/2019 ⁽ⁿ⁾			3,988		4,147
PF Chang's China Bistro Inc					Republic of Poland Government Bond
10.25%, 06/30/2020 ^(c)		2,062		1,794	2.50%, 07/25/2027		PLN	63,341		17,371
Staples Inc					Republic of South Africa Government Bond
8.50%, 09/15/2025 ^(c)		2,270		2,179	8.75%, 01/31/2044		ZAR	68,825		5,637
		$		5,197	8.75%, 02/28/2048			22,820		1,873
Savings & Loans - 0.03%					10.50%, 12/21/2026 ⁽ⁿ⁾			13,169		1,280
Flagstar Bancorp Inc					Republic of South Africa Government
6.13%, 07/15/2021		717		756	International Bond
					6.88%, 05/27/2019		$	22,930		23,909
Software - 0.01%					Russian Federal Bond - OFZ
Veritas US Inc / Veritas Bermuda Ltd					7.70%, 03/23/2033		RUB	359,000		6,674
10.50%, 02/01/2024 ^(c)		200		191	Russian Foreign Bond - Eurobond
					5.25%, 06/23/2047		$	7,800		8,108
Sovereign - 9.95%					Serbia International Bond
1MDB Global Investments Ltd					4.88%, 02/25/2020			4,000		4,092
4.40%, 03/09/2023		12,100		11,689	5.88%, 12/03/2018 ^(c)			1,063		1,085
Abu Dhabi Government International Bond					5.88%, 12/03/2018			11,400		11,639
2.50%, 10/11/2022 ^(c)		3,900		3,756	6.75%, 11/01/2024 ^(o)			2,225		2,238
Argentina POM Politica Monetaria					Sri Lanka Government International Bond
27.85%, 06/21/2020	ARS	6,725		363	5.88%, 07/25/2022			5,420		5,523
Argentina Central Bank 7D Repo Rate + 0.00%					6.25%, 07/27/2021			2,400		2,488
Argentine Republic Government					Turkey Government International Bond
International Bond					4.88%, 10/09/2026			5,875		5,610
3.38%, 10/12/2020	CHF	5,162		5,632	6.75%, 04/03/2018 ⁽ⁿ⁾			15,400		15,445
3.38%, 01/15/2023	EUR	1,527		1,844	7.50%, 11/07/2019			1,334		1,415
3.88%, 01/15/2022		66		83	Ukraine Government International Bond
5.00%, 01/15/2027		3,580		4,237	0.00%, 05/31/2040 ^(b),(c),(o)			6,015		4,060
5.25%, 01/15/2028		2,624		3,114	0.00%, 05/31/2040 ^(b),(o)			4,400		2,970
Costa Rica Government International Bond					7.38%, 09/25/2032			3,800		3,687
4.37%, 05/22/2019 ^(e),(f)	$	10,075		10,090	7.75%, 09/01/2022			2,100		2,215
7.00%, 04/04/2044 ⁽ⁿ⁾		3,873		4,019	7.75%, 09/01/2025			3,200		3,296
7.16%, 03/12/2045 ⁽ⁿ⁾		236		247				$		268,793
Egypt Government International Bond					Student Loan Asset Backed Securities - 0.08%
5.88%, 06/11/2025		6,450		6,488	SLM Private Credit Student Loan Trust
7.90%, 02/21/2048 ^(c)		2,700		2,834	2003	-A
El Salvador Government International Bond					4.01%, 06/15/2032			240		241
7.38%, 12/01/2019		3,451		3,572	Mexico Treasuruies Auction Rate + 0.00%
Hellenic Republic Treasury Bill					SLM Private Credit Student Loan Trust
0.00%, 04/10/2018 ^(b)	EUR	104		127	2003	-B
0.00%, 04/13/2018 ^(b)		696		847	4.04%, 03/15/2033			850		854
0.00%, 05/04/2018 ^(b)		4,624		5,630	Mexico Treasuruies Auction Rate + 0.00%
0.00%, 08/03/2018 ^(b)		6,508		7,893	SMB Private Education Loan Trust 2017-B
Iraq International Bond					2.34%, 10/15/2035 ^(c)			310		312
5.80%, 01/15/2028	$	4,675		4,509	1 Month LIBOR + 0.75%
Malaysia Government Bond					SoFi Professional Loan Program 2014-B
4.18%, 07/15/2024	MYR	45,300		11,721	LLC
Mexican Bonos					2.87%, 08/25/2032 ^(c)			40		40
5.75%, 03/05/2026	MXN	23,500		1,108	1 Month LIBOR + 1.25%
Montenegro Government International					SoFi Professional Loan Program 2015-A
Bond					LLC
3.88%, 03/18/2020 ^(c)	EUR	5,812		7,368	2.82%, 03/25/2033 ^(c)			247		249
3.88%, 03/18/2020		507		643	1 Month LIBOR + 1.20%
5.38%, 05/20/2019		2,045		2,616	SoFi Professional Loan Program 2015-C
					LLC
					3.58%, 08/25/2036 ^(c)			101		99


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



	Principal						Principal
BONDS (continued)	Amount (000's) Value (000's)					CONVERTIBLE BONDS (continued)	Amount (000's) Value (000's)
Student Loan Asset Backed Securities (continued)						Commercial Services (continued)
Sofi Professional Loan Program 2016-A						Macquarie Infrastructure Corp
LLC						2.00%, 10/01/2023	$	710	$	639
3.57%, 01/26/2038 ^(c)	$		501	$	493			$		1,181
			$		2,288	Diversified Financial Services - 0.00%
Supranational Bank - 0.45%						PRA Group Inc
Asian Development Bank						3.50%, 06/01/2023 ^(c)		50		54
2.75%, 01/19/2028 ⁽ⁿ⁾			387		378
Banque Ouest Africaine de Developpement						Electric - 0.02%
5.00%, 07/27/2027 ^(c)			5,900		5,949	NRG Yield Inc
European Investment Bank						3.25%, 06/01/2020 ^(c)		25		25
2.38%, 05/13/2021 ⁽ⁿ⁾			1,135		1,125	3.50%, 02/01/2019 ^(c)		425		423
2.38%, 06/15/2022 ⁽ⁿ⁾			2,117		2,082			$		448
Inter-American Development Bank						Electrical Components & Equipment - 0.02%
2.38%, 07/07/2027 ⁽ⁿ⁾			712		673	SunPower Corp
2.50%, 01/18/2023 ⁽ⁿ⁾			1,550		1,529	0.75%, 06/01/2018		575		568
International Bank for Reconstruction &
Development						Electronics - 0.05%
2.50%, 11/22/2027 ⁽ⁿ⁾			320		306	TTM Technologies Inc
			$		12,042	1.75%, 12/15/2020		550		959
Telecommunications - 0.92%						Vishay Intertechnology Inc
Avanti Communications Group PLC						2.25%, 11/15/2040		300		440
15.00%, PIK 15.00%, 10/01/2021^(c),(l),(o)			1,208		967			$		1,399
Axtel SAB de CV						Energy - Alternate Sources - 0.00%
6.38%, 11/14/2024 ^(c)			6,000		6,112	SunEdison Inc
Cisco Systems Inc						0.00%, 10/01/2018 ^(b),(f)		400		8
1.97%, 09/20/2019			1,420		1,425	0.00%, 01/15/2020 ^(b),(f)		1,425		30
3 Month LIBOR + 0.34%						0.00%, 01/01/2021 ^(b),(f)		725		15
Goodman Networks Inc								$		53
8.00%, 05/11/2022			2,425		1,661	Engineering & Construction - 0.01%
Intelsat Jackson Holdings SA						Tutor Perini Corp
9.75%, 07/15/2025 ^(c)			5,621		5,333	2.88%, 06/15/2021		245		266
MTN Mauritius Investment Ltd
4.76%, 11/11/2024			8,900		8,670	Healthcare - Products - 0.00%
T-Mobile USA Inc						Insulet Corp
4.75%, 02/01/2028			706		689	1.38%, 11/15/2024 ^(c)		55		58
			$		24,857
Transportation - 0.31%						Healthcare - Services - 0.30%
Hidrovias International Finance SARL						Anthem Inc
5.95%, 01/24/2025 ^(c)			5,000		5,015	2.75%, 10/15/2042 ^(a)		2,450		7,875
Hornbeck Offshore Services Inc						Brookdale Senior Living Inc
5.88%, 04/01/2020			4,857		3,351	2.75%, 06/15/2018		100		99
			$		8,366			$		7,974
TOTAL BONDS			$		772,137	Holding Companies - Diversified - 0.01%
	Principal Amount					RWT Holdings Inc
CONVERTIBLE BONDS - 2.71%	(000	's)	Value (000's)			5.63%, 11/15/2019		185		186
Automobile Manufacturers - 0.02%
Tesla Inc						Internet - 0.22%
2.38%, 03/15/2022			350		428	Twitter Inc
						0.25%, 09/15/2019		3,374		3,255
Biotechnology - 0.06%						VeriSign Inc
Acorda Therapeutics Inc						4.86%, 08/15/2037		825		2,786
1.75%, 06/15/2021			275		252			$		6,041
AMAG Pharmaceuticals Inc						Investment Companies - 0.57%
3.25%, 06/01/2022			200		209	Aabar Investments PJSC
BioMarin Pharmaceutical Inc						0.50%, 03/27/2020	EUR	5,500		6,296
0.60%, 08/01/2024			430		404	1.00%, 03/27/2022		8,100		8,846
1.50%, 10/15/2020			180		199	Prospect Capital Corp
Innoviva Inc						4.95%, 07/15/2022	$	175		175
2.13%, 01/15/2023			200		207			$		15,317
Intercept Pharmaceuticals Inc						Iron & Steel - 0.01%
3.25%, 07/01/2023			460		367	Allegheny Technologies Inc
			$		1,638	4.75%, 07/01/2022		125		245
Coal - 0.00%						Cleveland-Cliffs Inc
Alpha Natural Resources Inc						1.50%, 01/15/2025		100		109
0.00%, 12/15/2020 ^(b),(e),(f)			100		—			$		354
						Media - 0.27%
Commercial Services - 0.04%						DISH Network Corp
Element Fleet Management Corp						2.38%, 03/15/2024 ^(c)		470		424
5.13%, 06/30/2019 ^(c)	CAD		725		542	3.38%, 08/15/2026		6,800		6,841
						Liberty Media Corp
						2.25%, 09/30/2046		115		120
								$		7,385


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



		Principal					Principal
CONVERTIBLE BONDS (continued)		Amount (000's) Value (000's)			CONVERTIBLE BONDS (continued)		Amount (000's)			Value (000's)
Mining - 0.00%					Transportation (continued)
Endeavour Mining Corp					Ship Finance International Ltd
3.00%, 02/15/2023 ^(c)	$	50	$	52	5.75%, 10/15/2021		$	275			$	286
										$		492
Oil & Gas - 0.15%					Trucking & Leasing - 0.01%
Chesapeake Energy Corp					Greenbrier Cos Inc/The
5.50%, 09/15/2026		745		640	2.88%, 02/01/2024			320				370
Cobalt International Energy Inc
0.00%, 05/15/2024 ^(b)		3,624		1,178
					TOTAL CONVERTIBLE BONDS					$		73,121
Denbury Resources Inc
3.50%, 03/31/2024 ^(c)		593		625	SENIOR FLOATING RATE INTERESTS		Principal Amount
					- 5.85	%		(000	's)	Value (000's)
Nabors Industries Inc					Advertising - 0.00%
0.75%, 01/15/2024 ^(c)		395		301
					Lamar Media Corp
SM Energy Co					0.00%, 02/14/2025 ^(r),(s)		$	125		$		126
1.50%, 07/01/2021		90		87	US LIBOR + 1.75%
Transocean Inc
0.50%, 01/30/2023		854		936	Aerospace & Defense - 0.03%
Whiting Petroleum Corp					TransDigm Inc
1.25%, 04/01/2020		200		188	4.10%, 08/22/2024 ^(s)			189				190
		$		3,955	US LIBOR + 2.75%
Oil & Gas Services - 0.01%					4.32%, 08/14/2022 ^(s)			64				64
Weatherford International Ltd					US LIBOR + 2.75%
5.88%, 07/01/2021		300		285	4.41%, 06/09/2023 ^(s)			485				488
					US LIBOR + 2.75%
Pharmaceuticals - 0.02%										$		742
Flexion Therapeutics Inc					Apparel - 0.01%
3.38%, 05/01/2024 ^(c)		165		199
					Hanesbrands Inc
Horizon Pharma Investment Ltd					3.34%, 12/05/2024 ^(s)			255				256
2.50%, 03/15/2022		325		300	US LIBOR + 1.75%
		$		499
Private Equity - 0.01%					Automobile Manufacturers - 0.01%
Hercules Capital Inc					UOS LLC
4.38%, 02/01/2022		165		166	7.15%, 04/07/2023 ^(s)			186				192
					US LIBOR + 5.50%
REITs - 0.07%
Apollo Commercial Real Estate Finance Inc					Automobile Parts & Equipment - 0.15%
4.75%, 08/23/2022		125		125	Commercial Vehicle Group Inc
Blackstone Mortgage Trust Inc					7.57%, 04/12/2023 ^(s)			1,361				1,364
4.38%, 05/05/2022		175		171	US LIBOR + 6.00%
iStar Inc					Horizon Global Corp
3.13%, 09/15/2022 ^(c)		805		770	0.00%, 02/09/2024 ^(r),(s)			306				305
Redwood Trust Inc					US LIBOR + 5.00%
4.75%, 08/15/2023		125		120	Superior Industries International Inc
Spirit Realty Capital Inc					6.07%, 03/22/2024 ^(s)			1,492				1,509
2.88%, 05/15/2019		725		722	US LIBOR + 4.50%
		$		1,908	Trico Group LLC
Semiconductors - 0.77%					8.48%, 01/31/2025 ^(s)			357				357
Intel Corp					US LIBOR + 6.50%
3.25%, 08/01/2039		3,501		8,332	Truck Hero Inc
Microchip Technology Inc					5.64%, 05/16/2024 ^(s)			642				645
2.25%, 02/15/2037 ^(c)		708		833	US LIBOR + 4.00%
Novellus Systems Inc										$		4,180
2.63%, 05/15/2041		2,000		11,465	Building Materials - 0.17%
Rovi Corp					American Bath Group LLC
0.50%, 03/01/2020		150		145	6.94%, 09/30/2023 ^(s)			3,385				3,418
Synaptics Inc					US LIBOR + 5.25%
0.50%, 06/15/2022 ^(c)		125		120
					Janus International Group LLC
		$		20,895	0.00%, 02/07/2025 ^(r),(s)			241				240
Software - 0.02%					US LIBOR + 3.00%
Evolent Health Inc					NCI Building Systems Inc
2.00%, 12/01/2021		130		133	3.58%, 01/26/2025 ^(s)			125				125
Verint Systems Inc					US LIBOR + 2.00%
1.50%, 06/01/2021		345		332	Quikrete Holdings Inc
		$		465	4.39%, 11/03/2023 ^(s)			809				812
Telecommunications - 0.03%					US LIBOR + 2.75%
Finisar Corp										$		4,595
0.50%, 12/15/2036		745		684	Chemicals - 0.19%
					Axalta Coating Systems US Holdings Inc
Transportation - 0.02%					3.69%, 06/21/2024 ^(s)			172				173
Atlas Air Worldwide Holdings Inc					US LIBOR + 2.00%
1.88%, 06/01/2024		150		181	GrafTech Finance Inc
Echo Global Logistics Inc					5.08%, 01/31/2025 ^(s)			2,132				2,129
2.50%, 05/01/2020		25		25	5.08%, 01/31/2025 ^(s)			418				418


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



SENIOR FLOATING RATE INTERESTS		Principal			SENIOR FLOATING RATE INTERESTS		Principal
(continued)		Amount (000's) Value (000's)			(continued)		Amount (000's) Value (000's)
Chemicals (continued)					Computers (continued)
HVSC Merger Sub Corp					McAfee LLC (continued)
10.02%, 10/20/2025 ^(s)	$	760	$	764	10.15%, 09/26/2025 ^(s)	$	1,178	$	1,181
US LIBOR + 8.25%					US LIBOR + 8.50%
LUX HOLDCO III					NeuStar Inc
0.00%, 02/14/2025 ^(r),(s)		416		419	5.42%, 03/01/2024 ^(s)		324		325
0.00%, 02/13/2026 ^(r),(s)		297		299	US LIBOR + 3.75%
New Arclin US Holding Corp							$		5,875
10.44%, 02/14/2025 ^(s)		478		482	Distribution & Wholesale - 0.01%
US LIBOR + 8.75%					HD Supply Inc
WR Grace & Co-Conn					4.19%, 10/17/2023 ^(s)		332		334
0.00%, 02/21/2025 ^(r),(s)		163		163	US LIBOR + 2.50%
0.00%, 02/21/2025 ^(r),(s)		280		280
		$		5,127	Diversified Financial Services - 0.32%
Commercial Services - 0.45%					Ditech Holding Corp
AVSC Holding Corp					7.65%, 12/11/2020 ^(s)		4,967		4,902
0.00%, 02/21/2025 ^(r),(s)		536		537	US LIBOR + 3.75%
0.00%, 08/22/2025 ^(r),(s)		961		963	Kestra Financial Inc
Belron SA					6.19%, 06/24/2022 ^(s)		766		758
4.29%, 10/25/2024 ^(s)		170		171	US LIBOR + 5.25%
US LIBOR + 2.50%					Ocwen Loan Servicing LLC
Camelot Finance LP					6.59%, 12/07/2020 ^(s)		2,901		2,907
4.89%, 10/03/2023 ^(s)		302		304	US LIBOR + 5.00%
US LIBOR + 3.25%							$		8,567
Cenveo Corp					Electric - 0.31%
8.00%, 11/02/2018 ^(f),(s)		1,632		1,632	AES Corp/VA
Imagine! Print Solutions Inc					3.94%, 05/19/2022 ^(s)		969		969
10.45%, 06/21/2023 ^(s)		427		393	US LIBOR + 2.00%
US LIBOR + 8.75%					Chief Power Finance LLC
Kingpin Intermediate Holdings LLC					6.40%, 12/31/2020 ^(s)		862		728
5.73%, 06/29/2024 ^(s)		995		1,011	US LIBOR + 4.75%
US LIBOR + 4.25%					Star West Generation LLC
KUEHG Corp					6.45%, 03/13/2020 ^(s)		7,254		6,565
9.94%, 08/22/2025 ^(s)		977		987	US LIBOR + 4.75%
Lighthouse Network LLC							$		8,262
10.15%, 11/20/2025 ^(s)		558		556
					Electronics - 0.02%
US LIBOR + 8.50%					EPV Merger Sub Inc
On Assignment Inc					0.00%, 02/23/2026 ^(r),(s)		527		526
0.00%, 02/21/2025 ^(r),(s)		135		136
US LIBOR + 2.00%					Engineering & Construction - 0.07%
Paradigm Acquisition Corp					ATS Consolidated Inc
5.94%, 10/04/2024 ^(s)		1,273		1,286	0.00%, 02/21/2025 ^(r),(s)		715		718
US LIBOR + 4.25%					Engility Corp
10.02%, 10/06/2025 ^(s)		578		577	4.93%, 08/12/2023 ^(s)		204		206
US LIBOR + 8.50%					US LIBOR + 3.25%
PSC Industrial Outsourcing LP					Gopher Sub Inc
10.09%, 10/03/2025 ^(s)		980		962	4.66%, 02/01/2025 ^(s)		985		983
US LIBOR + 8.50%					US LIBOR + 3.00%
Sedgwick Claims Management Services Inc							$		1,907
0.00%, 02/28/2021 ^(r),(s)		679		679
					Entertainment - 0.03%
Syniverse Holdings Inc
0.00%, 02/09/2023 (r),(s)		664		669	AMC Entertainment Holdings Inc
					3.84%, 10/31/2023 ^(s)		64		64
US LIBOR + 5.00%					US LIBOR + 2.25%
USS Ultimate Holdings Inc					Cineworld Group PLC
5.33%, 08/09/2024 ^(s)		50		50
					0.00%, 02/07/2025 ^(r),(s)		853		852
US LIBOR + 3.75%
Weight Watchers International Inc							$		916
6.43%, 11/20/2024 ^(s)		1,330		1,345	Environmental Control - 0.01%
US LIBOR + 4.75%					GFL Environmental Inc
					4.45%, 09/27/2023 ^(s)		158		159
		$		12,258	US LIBOR + 2.75%
Computers - 0.22%
Access CIG LLC					Food - 0.12%
0.00%, 02/14/2025 ^(r),(s)		836		842
					Del Monte Foods Inc
Dell International LLC					5.15%, 01/26/2021 ^(s)		464		393
3.39%, 09/07/2021 ^(s)		701		700
					US LIBOR + 3.25%
US LIBOR + 1.75%					Give & Go Prepared Foods Corp
McAfee LLC					6.19%, 07/29/2023 ^(s)		1,611		1,615
6.13%, 09/30/2024 ^(s)		818		822
US LIBOR + 4.50%					US LIBOR + 4.25%

10.15%, 09/26/2025 (s)		2,000		2,005	JBS USA LUX SA
					4.10%, 10/30/2022 ^(s)		690		686
US LIBOR + 8.50%					US LIBOR + 2.50%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (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)
Food (continued)					Internet (continued)
Post Holdings Inc					Zayo Group LLC
3.83%, 05/17/2024 ^(s)	$	333	$	334	3.82%, 01/19/2024 ^(s)	$	293	$	294
US LIBOR + 2.25%					US LIBOR + 2.25%
Utz Quality Foods LLC							$		2,123
5.10%, 11/13/2024 ^(s)		315		318	Investment Companies - 0.21%
US LIBOR + 3.50%					Pipeline Cynergy Holdings LLC
		$		3,346	6.65%, 01/03/2023 ^(s)		224		226
Food Service - 0.02%					TKC Holdings Inc
Aramark Services Inc					6.03%, 02/01/2023 ^(s)		1,055		1,066
3.57%, 03/07/2025 ^(s)		465		468	US LIBOR + 4.25%
US LIBOR + 2.00%					9.78%, 01/31/2024 ^(s)		3,337		3,357
					US LIBOR + 8.00%
Healthcare - Services - 0.34%					UFC Holdings LLC
21st Century Oncology Inc					4.82%, 08/18/2023 ^(s)		992		997
7.85%, 01/16/2023 ^(s)		3,378		3,258	US LIBOR + 3.25%
US LIBOR + 6.13%							$		5,646
CVS Holdings I LP					Iron & Steel - 0.07%
4.79%, 01/31/2025 ^(s)		357		356	Can Am Construction Inc/Canada
US LIBOR + 3.00%					7.07%, 07/01/2024 ^(s)		1,990		2,020
6.99%, 02/01/2026 ^(s)		396		395	US LIBOR + 5.50%
US LIBOR + 6.75%
Envision Healthcare Corp					Leisure Products & Services - 0.04%
4.58%, 12/01/2023 ^(s)		188		188	Recess Holdings Inc
US LIBOR + 3.00%					9.25%, 09/18/2025 ^(s)		1,077		1,061
Heartland Dental LLC					US LIBOR + 7.75%
6.45%, 07/26/2023 ^(s)		2,042		2,078
US LIBOR + 4.75%					Leisure Time - 0.01%
10.08%, 07/26/2024 ^(s)		1,100		1,116	ClubCorp Holdings Inc
US LIBOR + 8.50%					4.94%, 08/16/2024 ^(s)		279		281
Surgery Center Holdings Inc					US LIBOR + 3.25%
4.83%, 06/20/2024 ^(s)		823		823
US LIBOR + 3.25%					Lodging - 0.01%
Tennessee Merger Sub Inc					Boyd Gaming Corp
4.35%, 02/06/2024 ^(s)		1,118		1,087	0.00%, 05/16/2024 ^(r),(s)		206		207
US LIBOR + 2.75%
		$		9,301	Machinery - Diversified - 0.02%
Home Furnishings - 0.03%					Engineered Machinery Holdings Inc
TGP Holdings III LLC					4.94%, 07/25/2024 ^(s)		249		250
6.69%, 09/25/2024 ^(s)		268		271	US LIBOR + 3.25%
US LIBOR + 5.00%					PM Merger Sub Inc
10.19%, 09/25/2025 ^(s)		516		521	0.00%, 03/07/2025 ^(r),(s)		419		420
US LIBOR + 8.50%							$		670
		$		792	Media - 0.20%
Insurance - 0.30%					Altice US Finance I Corp
Confie Seguros Holding II Co					3.82%, 07/28/2025 ^(s)		439		438
7.23%, 04/19/2022 ^(s)		2,906		2,906	US LIBOR + 2.25%
US LIBOR + 4.75%					CBS Radio Inc
11.48%, 05/08/2019 ^(s)		1,720		1,667	4.62%, 03/02/2024 ^(s)		242		243
US LIBOR + 9.00%					US LIBOR + 2.75%
Genworth Holdings Inc					CSC Holdings LLC
0.00%, 02/28/2023 ^(r),(s)		709		719	3.84%, 07/15/2025 ^(s)		683		681
Hyperion Insurance Group Ltd					US LIBOR + 2.25%
5.13%, 12/13/2024 ^(s)		240		242	Meredith Corp
US LIBOR + 3.50%					4.66%, 01/17/2025 ^(s)		192		193
Mayfield Agency Borrower inc					US LIBOR + 3.00%
0.00%, 01/30/2026 ^(r),(s)		1,213		1,207	4.66%, 01/17/2025 ^(s)		240		241
Mayfield Agency Borrower Inc					US LIBOR + 3.00%
0.00%, 01/31/2025 ^(r),(s)		716		718	Radiate Holdco LLC
USI Inc/NY					4.57%, 12/09/2023 ^(s)		824		823
4.69%, 05/16/2024 ^(s)		758		756	US LIBOR + 3.00%
US LIBOR + 3.00%					Unitymedia Finance LLC
		$		8,215	3.84%, 09/08/2025 ^(s)		999		997
Internet - 0.08%					US LIBOR + 2.25%
Ancestry.com Operations Inc					UPC Financing Partnership
4.90%, 10/19/2023 ^(s)		595		598	4.09%, 01/15/2026 ^(s)		376		376
US LIBOR + 3.25%					US LIBOR + 2.50%
Shutterfly Inc					Virgin Media Bristol LLC
0.00%, 08/17/2024 ^(r),(s)		239		240	4.09%, 01/15/2026 ^(s)		530		532
US LIBOR + 2.75%					US LIBOR + 2.50%
Uber Technologies Inc
5.57%, 07/13/2023 ^(s)		986		991
US LIBOR + 4.00%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



SENIOR FLOATING RATE INTERESTS		Principal			SENIOR FLOATING RATE INTERESTS		Principal
(continued)	Amount (000's) Value (000's)				(continued)		Amount (000's) Value (000's)
Media (continued)					Retail (continued)
Ziggo Secured Finance Partnership					Harbor Freight Tools USA Inc
4.09%, 04/15/2025 ^(s)	$	963	$	953	4.07%, 08/18/2023 ^(s)	$	275	$	275
US LIBOR + 2.50%					US LIBOR + 2.50%
		$		5,477	IRB Holding Corp
Metal Fabrication & Hardware - 0.09%					4.83%, 01/17/2025 ^(s)		235		237
Atkore International Inc					US LIBOR + 3.25%
4.45%, 12/22/2023 ^(s)		94		94	JC Penney Corp Inc
US LIBOR + 2.75%					6.23%, 06/09/2023 ^(s)		6,440		6,157
Eco-Bat Technologies Ltd					US LIBOR + 4.25%
12.00%, PIK 12.00%, 03/29/2018^(l),(o),(s)	EUR	5,644		2,310	PF Chang's China Bistro Inc
		$		2,404	6.51%, 08/18/2022 ^(s)		965		949
Oil & Gas - 0.36%					US LIBOR + 5.00%
BCP Raptor LLC					Serta Simmons Bedding LLC
5.99%, 06/22/2024 ^(s)	$	388		391	5.22%, 10/20/2023 ^(s)		855		824
US LIBOR + 4.25%					US LIBOR + 3.50%
California Resources Corp					Tacala Investment Corp
6.34%, 11/14/2022 ^(s)		691		699	4.82%, 01/26/2025 ^(s)		111		112
US LIBOR + 4.75%							$		10,099
6.34%, 11/14/2022 ^(s)		184		186	Semiconductors - 0.01%
US LIBOR + 4.75%					Cavium Inc
PowerTeam Services LLC					3.82%, 08/16/2022 ^(s)		152		153
0.00%, 03/06/2025 ^(r),(s)		1,202		1,202	US LIBOR + 2.25%
Seadrill Operating LP
4.69%, 02/12/2021 ^(s)		8,363		7,237	Software - 0.50%
US LIBOR + 6.00%					Almonde Inc
		$		9,715	4.98%, 06/13/2024 ^(s)		438		438
Oil & Gas Services - 0.02%					US LIBOR + 3.50%
Lucid Energy Group II Borrower LLC					9.23%, 04/28/2025 ^(s)		1,000		992
4.59%, 01/31/2025 ^(s)		623		623	US LIBOR + 7.25%
US LIBOR + 3.00%					Canyon Buyer Inc
					6.09%, 02/07/2025 ^(s)		307		308
Packaging & Containers - 0.07%					US LIBOR + 4.25%
BWAY Corp					Cvent Inc
4.96%, 04/03/2024 ^(s)		711		714	5.32%, 06/16/2023 ^(s)		982		989
US LIBOR + 3.25%					US LIBOR + 3.75%
CROWN Americas LLC					Digicert Holdings Inc
0.00%, 01/17/2025 ^(r),(s)		55		56	9.77%, 09/19/2025 ^(s)		619		625
Kloeckner Pentaplast of America Inc					US LIBOR + 8.00%
5.94%, 06/29/2022 ^(s)		698		686	Donnelley Financial Solutions Inc
US LIBOR + 4.25%					4.57%, 09/29/2023 ^(s)		129		129
KPEX Holdings Inc					US LIBOR + 3.00%
4.90%, 01/24/2025 ^(s)		216		216	DTI Holdco Inc
US LIBOR + 3.25%					7.02%, 09/30/2023 ^(s)		1,487		1,497
Plastipak Holdings Inc					US LIBOR + 5.25%
4.45%, 10/10/2024 ^(s)		115		115	Evergreen Skills Lux Sarl
US LIBOR + 2.75%					9.90%, 04/28/2022 ^(s)		2,000		1,767
		$		1,787	US LIBOR + 8.25%
Pharmaceuticals - 0.14%					First Data Corp
					3.87%, 07/08/2022 ^(s)		107		107
Alphabet Holding Co Inc
5.15%, 09/15/2024 ^(s)		1,990		1,915	US LIBOR + 2.25%
US LIBOR + 3.50%					MA FinanceCo LLC
9.40%, 09/15/2025 ^(s)		1,252		1,177	4.40%, 04/19/2024 ^(s)		23		23
US LIBOR + 7.75%					US LIBOR + 2.75%
Change Healthcare Holdings LLC					Navicure Inc
4.39%, 03/01/2024 ^(s)		473		473	5.33%, 10/23/2024 ^(s)		1,413		1,418
US LIBOR + 2.75%					US LIBOR + 3.75%
Romulus Merger Sub LLC					Project Deep Blue Holdings LLC
4.34%, 01/31/2025 ^(s)		125		124	5.06%, 01/10/2025 ^(s)		803		807
		$		3,689	US LIBOR + 3.25%
Pipelines - 0.14%					Quintiles IMS Inc
					3.69%, 01/14/2025 ^(s)		264		266
Southcross Energy Partners LP
5.94%, 08/04/2021 ^(s)		3,753		3,705	US LIBOR + 2.00%
US LIBOR + 4.25%					Rackspace Hosting Inc
					4.76%, 11/03/2023 ^(s)		203		204
Retail - 0.37%					US LIBOR + 3.00%
1011778 BC ULC					Seattle SpinCo Inc
					4.40%, 04/19/2024 ^(s)		157		158
3.91%, 02/16/2024 ^(s)		824		825
US LIBOR + 2.25%					US LIBOR + 2.75%
					SS&C Technologies Inc
Bass Pro Group LLC					0.00%, 02/28/2025 ^(r),(s)		1,002		1,007
6.57%, 09/25/2024 ^(s)		723		720
					0.00%, 02/28/2025 ^(r),(s)		166		167
US LIBOR + 5.00%					0.00%, 02/28/2025 ^(r),(s)		357		359
					0.00%, 02/28/2025 ^(r),(s)		59		60

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2018 (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)
Software (continued)						U.S. Treasury Bill - 1.73%
Veritas US Inc						1.37%, 03/22/2018 ^(a),(v)		$	45,800	$	45,764
6.19%, 01/27/2023 ^(s)	$	1,187		$	1,180	1.72%, 12/06/2018 ^(u),(v)			850		838
US LIBOR + 4.50%										$	46,602
Vero Parent Inc						U.S. Treasury Strip - 0.15%
6.69%, 08/09/2024 ^(s)		959			959	0.00%, 11/15/2046 ^(b),(w)			7,007		2,834
US LIBOR + 5.00%						0.00%, 05/15/2047 ^(b),(w)			3,298		1,309
				$	13,460					$	4,143
Telecommunications - 0.62%						TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
Consolidated Communications Inc						OBLIGATIONS				$	308,589
4.57%, 10/05/2023 ^(s)		239			235			Maturity Amount
US LIBOR + 3.00%						REPURCHASE AGREEMENTS - 7.07%			(000's)		Value (000's)
Cyxtera DC Holdings Inc						Banks - 7.07%
4.78%, 03/15/2024 ^(s)		995			1,000	Barclays Bank PLC Repurchase Agreement;		$	4,757	$	4,758
US LIBOR + 3.00%						1.00% dated 02/27/2018 (collateralized
Global Tel*Link Corp						by Digicel Group Ltd; $4,848,021;
5.69%, 05/23/2020 ^(s)		2,194			2,203	8.25%; dated 09/30/20)^(x)
US LIBOR + 4.00%						Merrill Lynch Repurchase Agreement on			650		650
9.94%, 11/23/2020 ^(s)		2,933			2,929	securities sold short; 0.00% dated
US LIBOR + 7.75%						02/15/2018 (collateralized by Colombia
GTT Communications Inc						Government International Bond;
4.88%, 01/09/2024 ^(s)		129			129	$617,659; 4.50%; dated 01/28/26)^(b),(x)
US LIBOR + 3.25%						Merrill Lynch Repurchase Agreement on			5,291		5,286
Intelsat Jackson Holdings SA						securities sold short; 0.50% dated
5.71%, 11/30/2023 ^(s)		3,782			3,753	10/23/2017 (collateralized by Turkey
US LIBOR + 3.75%						Government International Bond;
6.46%, 01/15/2024 ^(s)		715			728	$5,065,499; 7.38%; dated 02/05/25) ^(x)
US LIBOR + 0.00%						Merrill Lynch Repurchase Agreement on			1,407		1,405
Securus Technologies Holdings Inc						securities sold short; 0.50% dated
6.15%, 06/20/2024 ^(s)		1,494			1,510	10/23/2017 (collateralized by Turkey
9.90%, 06/20/2025 ^(s)		1,866			1,888	Government International Bond;
Sprint Communications Inc						$1,346,596; 7.38%; dated 02/05/25) ^(x)
4.18%, 01/31/2024 ^(s)		670			670	Merrill Lynch Repurchase Agreement on			1,024		1,023
US LIBOR + 2.50%						securities sold short; 0.85% dated
US TelePacific Corp						01/24/2018 (collateralized by Mexico
0.00%, 05/02/2023 ^(r),(s)		1,797			1,738	Government International Bond;
US LIBOR + 5.00%						$1,000,668; 4.15%; dated 03/28/27) ^(x)
				$	16,783	Merrill Lynch Repurchase Agreement; 0.85%			3,110		3,109
Transportation - 0.08%						dated 02/15/2018 (collateralized by El
Gruden Acquisition Inc						Salvador Government International Bond;
7.19%, 08/18/2022 ^(s)		822			830	$3,180,657; 7.65%; dated 06/15/35) ^(x)
US LIBOR + 5.50%						Merrill Lynch Repurchase Agreement on			2,113		2,112
Navios Maritime Partners LP						securities sold short; 0.85% dated
6.54%, 09/14/2020 ^(s)		1,238			1,242	02/15/2018 (collateralized by Colombia
				$	2,072	Government International Bond;
TOTAL SENIOR FLOATING RATE INTERESTS				$	158,119	$2,122,797; 3.88%; dated 04/25/27) ^(x)
U.S. GOVERNMENT & GOVERNMENT	Principal Amount					Merrill Lynch Repurchase Agreement on			7,677		7,677
AGENCY OBLIGATIONS - 11.42%		(000	's)		Value (000's)	securities sold short; 1.05% dated
Federal National Mortgage Association (FNMA) - 2.61%						02/28/2018 maturing 03/01/2018
4.00%, 04/01/2048 ^(t)	$	69,020		$	70,577	(collateralized by United States Treasury
						Note/Bond; $7,671,955; 2.00%; dated
U.S. Treasury - 6.93%						01/31/20	)
0.75%, 04/30/2018 ^(u)		1,000			999	Merrill Lynch Repurchase Agreement on			961		960
1.13%, 02/28/2021 ⁽ⁿ⁾		9,930			9,553	securities sold short; 1.25% dated
1.13%, 08/31/2021 ⁽ⁿ⁾		15,700			14,968	02/15/2018 (collateralized by Mexico
1.38%, 02/29/2020 ⁽ⁿ⁾		7,146			7,020	Government International Bond;
1.38%, 05/31/2020 ⁽ⁿ⁾		27,425			26,848	$966,098; 3.75%; dated 01/11/28) ^(x)
1.38%, 01/31/2021 ⁽ⁿ⁾		6,620			6,424	Merrill Lynch Repurchase Agreement on			3,806		3,806
1.63%, 03/31/2019 ⁽ⁿ⁾		14,385			14,307	securities sold short; 1.35% dated
1.63%, 02/15/2026 ⁽ⁿ⁾		14,156			12,921	02/28/2018 maturing 03/01/2018
1.63%, 05/15/2026 ⁽ⁿ⁾		4,710			4,285	(collateralized by United States Treasury
1.75%, 09/30/2022 ⁽ⁿ⁾		6,000			5,772	Note/Bond; $3,763,720; 1.88%; dated
1.88%, 02/28/2022 ⁽ⁿ⁾		4,138			4,028	08/31/24	)
2.00%, 01/15/2021 ⁽ⁿ⁾		3,957			3,912	Merrill Lynch Repurchase Agreement on			10,784		10,784
2.13%, 12/31/2022 ⁽ⁿ⁾		4,137			4,039	securities sold short; 1.36% dated
2.13%, 02/29/2024 ⁽ⁿ⁾		14,431			13,933	02/28/2018 maturing 03/01/2018
2.13%, 03/31/2024 ⁽ⁿ⁾		14,325			13,821	(collateralized by United States Treasury
2.38%, 08/15/2024 ⁽ⁿ⁾		3,346			3,266	Note/Bond; $10,774,429; 1.50%; dated
2.75%, 02/28/2025 ⁽ⁿ⁾		18,742			18,679	08/15/20	)
3.00%, 02/15/2047		773			754
3.75%, 11/15/2043 ⁽ⁿ⁾		19,556			21,738
				$	187,267

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2018 (unaudited)

REPURCHASE AGREEMENTS

Maturity

REPURCHASE AGREEMENTS

Maturity

(continued)

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

(continued)

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

Banks (continued)

Merrill Lynch Repurchase Agreement on

11,383

11,382

Merrill Lynch Repurchase Agreement on $

3,980

securities sold short; 1.37% dated

securities sold short; 1.43% dated

02/28/2018 maturing 03/01/2018

(collateralized by United States Treasury

Note/Bond; $11,379,270; 1.38%; dated

Inflation Indexed Bonds; $3,995,390;

09/15/20

)

1.00%; dated 02/15/48)

Merrill Lynch Repurchase Agreement on

12,091

190,847

securities sold short; 1.37% dated

TOTAL REPURCHASE AGREEMENTS

190,847

02/28/2018 maturing 03/01/2018

TOTAL PURCHASED OPTIONS - 0.24%

6,426

(collateralized by United States Treasury

TOTAL PURCHASED INTEREST RATE SWAPTIONS - 0.00% $

114

Note/Bond; $12,066,968; 1.88%; dated

Total Investments

3,030,076

10/31/22

)

Other Assets and Liabilities - (12.19)%

(329,325

)

Merrill Lynch Repurchase Agreement on

15,750

TOTAL NET ASSETS - 100.00%

2,700,751

securities sold short; 1.38% dated

02/28/2018 maturing 03/01/2018

(a)

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

(collateralized by United States Treasury

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

Note/Bond; $15,746,712; 2.38%; dated

$118,285 or 4.38% of net assets.

05/15/27

)

(b)

Non-income producing security

Merrill Lynch Repurchase Agreement on

8,454

(c)

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

securities sold short; 1.40% dated

1933. These securities may be resold in transactions exempt from

02/28/2018 maturing 03/01/2018

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

(collateralized by United States Treasury

period, the value of these securities totaled $326,192 or 12.08% of net

Note/Bond; $8,441,128; 1.88%; dated

assets.

12/15/20

)

(d)

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

Merrill Lynch Repurchase Agreement on

3,998

information.

securities sold short; 1.43% dated

(e)

The value of these investments was determined using significant

02/28/2018 maturing 03/01/2018

unobservable inputs.

(collateralized by United States Treasury

(f)

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

Note/Bond; $3,989,525; 1.75%; dated

under procedures established and periodically reviewed by the Board of

06/30/22

)

Directors. Certain inputs used in the valuation may be unobservable;

Merrill Lynch Repurchase Agreement on

24,189

24,188

however, each security is evaluated individually for purposes of ASC 820

securities sold short; 1.43% dated

which results in not all securities being identified as Level 3 of the fair

02/28/2018 maturing 03/01/2018

value hierarchy. At the end of the period, the fair value of these securities

(collateralized by United States Treasury

totaled $27,260 or 1.01% of net assets.

Note/Bond; $24,171,400; 1.00%; dated

(g)

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

09/30/19

)

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

Merrill Lynch Repurchase Agreement on

315

these securities totaled $3,680 or 0.14% of net assets.

securities sold short; 1.43% dated

(h)

All or a portion of this security is owned by the GMS Cayman

02/28/2018 maturing 03/01/2018

Corporation, which is a 100% owned subsidiary of the fund.

(collateralized by United States Treasury

(i)

Affiliated Security. Security is either an affiliate (and registered under the

Note/Bond; $314,794; 2.25%; dated

Investment Company Act of 1940) or an affiliate as defined by the

08/15/27

)

Investment Company Act of 1940 (the Fund controls 5.0% or more of the

Merrill Lynch Repurchase Agreement on

11,487

outstanding voting shares of the security). Please see affiliated sub-

securities sold short; 1.43% dated

schedule for transactional information.

02/28/2018 maturing 03/01/2018

(j)

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

(collateralized by United States Treasury

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

Note/Bond; $11,478,123; 3.63%; dated

the value of these securities totaled $24,784 or 0.92% of net assets.

02/15/21

)

(k)

Perpetual security. Perpetual securities pay an indefinite stream of

Merrill Lynch Repurchase Agreement on

13,980

13,979

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

securities sold short; 1.43% dated

(l)

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

02/28/2018 maturing 03/01/2018

in lieu of cash.

(collateralized by United States Treasury

(m)

Rate shown is the rate in effect as of period end. The rate may be based on

Note/Bond; $13,958,011; 1.63%; dated

a fixed rate and may convert to a variable rate or floating rate in the

10/31/23

)

future.

Merrill Lynch Repurchase Agreement on

11,513

11,512

(n)

Security or portion of the security was pledged as collateral for reverse

securities sold short; 1.43% dated

repurchase agreements. At the end of the period, the value of these

02/28/2018 maturing 03/01/2018

securities totaled $207,891 or 7.70% of net assets.

(collateralized by United States Treasury

(o)

Certain variable rate securities are not based on a published reference

Note/Bond; $11,490,777; 2.63%; dated

rate and spread but are determined by the issuer or agent and are based

02/28/23

)

on current market conditions. These securities do not indicate a reference

Merrill Lynch Repurchase Agreement on

4,661

rate and spread in their description.

securities sold short; 1.43% dated

(p)

Security is an Interest Only Strip.

02/28/2018 maturing 03/01/2018

(q)

Security purchased on a when-issued basis.

(collateralized by United States Treasury

(r)

This Senior Floating Rate Note will settle after February 28, 2018, at

Inflation Indexed Bonds; $4,679,023;

which time the interest rate will be determined.

1.00%; dated 02/15/48)

(s)

Rate information disclosed is based on an average weighted rate as of

Merrill Lynch Repurchase Agreement; 1.43%

27,481

27,480

February 28, 2018.

dated 02/28/2018 maturing 03/01/2018

(t)

Security was purchased in a "to-be-announced" ("TBA") transaction. See

(collateralized by United States Treasury

Notes to Financial Statements for additional information.

Note/Bond; $27,476,321; 2.25%; dated

(u)

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

02/29/20

)

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

these securities totaled $1,587 or 0.06% of net assets.

(v)

Rate shown is the discount rate of the original purchase.

Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Portfolio Summary (unaudited)
Sector			Percent
Government			19.37	%
Financial			18.64	%
Investment Companies			16.79	%
Consumer, Non-cyclical			10.84	%
Communications			7.66	%
Consumer, Cyclical			7.02	%
Industrial			6.54	%
Technology			6.01	%
Mortgage Securities			5.14	%
Energy			4.48	%
Basic Materials			4.21	%
Asset Backed Securities			3.22	%
Utilities			1.91	%
Purchased Options			0.24	%
Diversified			0.12	%
Purchased Interest Rate Swaptions			0.00	%
Investments Sold Short			(20.16	)%
Other Assets and Liabilities			7.97	%
TOTAL NET ASSETS			100.00	%



Affiliated Securities		August 31, 2017				Purchases			Sales			February 28, 2018
		Value					Cost	Proceeds				Value
Principal Government Money Market Fund	$		—		$		957,901	$	531,607	$		426,294
	$		—		$		957,901	$	531,607	$		426,294


			Realized Gain/Loss					Realized Gain from				Change in Unrealized
		Income	on Investments					Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund	$	984	$			—	$			—	$	—
	$	984	$			—	$			—	$	—
Amounts in thousands

Restricted Securities

Security Name			Acquisition Date					Cost		Value		Percent of Net Assets
AerGen Aviation Finance Ltd			03/01/2017				$	1,215	$	51		0.00	%
Airbnb, Inc			06/24/2015					157		177		0.01	%
Birst Inc			06/15/2017					23		4		0.00	%
DraftKings Inc			12/04/2014					89		80		0.00	%
Dropbox Inc			01/28/2014					51		36		0.00	%
Element Comm Aviation			06/15/2015					2,800		2,773		0.10	%
ForeScout Technologies Inc			11/24/2015					109		160		0.01	%
Forward Venture Services LLC			11/20/2014					170		272		0.01	%
General Assembly Space, Inc			07/31/2015					107		107		0.00	%
Goodman Networks Inc			06/01/2017					—		—		0.00	%
Goodman Networks Inc			06/01/2017					—		213		0.01	%
Jand Inc			04/23/2015					43		40		0.00	%
Jand Inc			04/23/2015					19		16		0.00	%
Klarna Holding AB			08/07/2015					89		94		0.00	%
Lithium Technology Corp			04/16/2015					21		18		0.00	%
Marklogic Corp			04/27/2015					172		146		0.01	%
Panera Bread Co		01/26/2012-07/19/2017						521		524		0.02	%
Pinterest Inc			03/16/2015					627		608		0.02	%
Uber Technologies Inc			06/05/2014					236		534		0.02	%
Veracode Inc			04/18/2017					24		24		0.00	%
WeWork Cos Inc			12/08/2014					6		19		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	%
Zuora Inc			01/15/2015					156		267		0.01	%
Total									$	6,613		0.24	%
Amounts in thousands.


					Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Options

Purchased Options		Contracts/	Notional						Expiration		Upfront				Unrealized
Outstanding	Counterparty	Shares	Amount			Exercise Price			Date		Payments/(Receipts)		Fair Value		Appreciation/(Depreciation)
Call - 90 Day Eurodollar	N/A	378	$		945	$		97.75	06/19/2018	$	79	$	48	$	(31	)
Future; June 2018
Call - 90 Day Eurodollar	N/A	920	$		2,300	$		98.13	04/16/2018		47		5		(42	)
Future; June 2018
Call - 90 Day Eurodollar	N/A	1,965	$		4,913	$		98.25	06/19/2018		130		12		(118	)
Future; June 2018
Call - 90 Day Eurodollar	N/A	1,853	$		4,633	$		98.63	03/20/2018		204		12		(192	)
Future; March 2018
Call - 90 Day Eurodollar	N/A	264	$		660	$		98.25	09/18/2018		33		3		(30	)
Future; September 2018
Call - EUR versus HUF	Barclays Bank	1		EUR	8,370		EUR	315.00	03/23/2018		112		31		(81	)
	PLC
Call - EUR versus HUF	Barclays Bank	1		EUR	4,185		EUR	315.00	03/29/2018		58		19		(39	)
	PLC
Call - EUR versus HUF	Barclays Bank	1		EUR	4,185		EUR	315.00	03/23/2018		56		16		(40	)
	PLC
Call - EUR versus USD	Barclays Bank	1		EUR	250		EUR	1.20	03/28/2018		3		6		3
	PLC
Call - Eurodollar, Mid-	N/A	246	$		615	$		97.63	06/18/2018		31		20		(11	)
Curve 1 Yr Future; June
2019
Call - Eurodollar, Mid-	N/A	1,185	$		2,963	$		98.00	06/18/2018		188		30		(158	)
Curve 1 Yr Future; June
2019
Call - Eurodollar, Mid-	N/A	247	$		618	$		97.88	06/18/2018		16		8		(8	)
Curve 1 Yr Future; June
2019
Call - Eurodollar, Mid-	N/A	246	$		615	$		97.75	06/18/2018		19		12		(7	)
Curve 1 Yr Future; June
2019
Call - Eurodollar, Mid-	N/A	274	$		685	$		98.25	06/18/2018		51		4		(47	)
Curve 1 Yr Future; June
2019
Call - Eurodollar, Mid-	N/A	697	$		1,743	$		98.00	03/19/2018		66		5		(61	)
Curve 1 Yr Future; March
2019
Call - Eurodollar, Mid-	N/A	722	$		1,805	$		98.25	03/19/2018		53		5		(48	)
Curve 1 Yr Future; March
2019
Call - Eurodollar, Mid-	N/A	702	$		1,755	$		98.13	03/19/2018		53		4		(49	)
Curve 1 Yr Future; March
2019
Call - Eurodollar, Mid-	N/A	652	$		1,630	$		98.13	12/17/2018		97		29		(68	)
Curve 3 Yr Future;
December 2021
Call - Home Depot	N/A	64	$		6	$		195.00	05/21/2018		56		18		(38	)
Inc/The
Call - US 10 Year Note 1st	N/A	40	$		40	$		121.50	03/05/2018		9		—		(9	)
W Future; June 2018
Call - US 10 Year Note	N/A	30	$		30	$		121.00	03/19/2018		6		5		(1	)
3rd W Future; June 2018
Call - USD versus MXN	Barclays Bank	1		$	2,085	$		20.00	04/16/2018		14		7		(7	)
	PLC
Call - USD versus MXN	Barclays Bank	1		$	3,028	$		20.00	04/16/2018		17		11		(6	)
	PLC
Call - USD versus MXN	Barclays Bank	1		$	1,882	$		20.00	04/16/2018		13		6		(7	)
	PLC
Call - USD versus MXN	Barclays Bank	1		$	3,392	$		20.00	04/16/2018		99		12		(87	)
	PLC
Call - USD versus PHP	Barclays Bank	1		$	4,195	$		52.00	10/22/2018		72		126		54
	PLC
Call - USD versus PHP	Barclays Bank	1		$	4,195	$		52.00	10/22/2018		78		126		48
	PLC
Call - USD versus PHP	Barclays Bank	1		$	5,033	$		52.00	10/22/2018		122		151		29
	PLC
Call - USD versus PHP	Merrill Lynch	1		$	8,550	$		51.06	05/21/2018		215		261		46
Call - USD versus TRY	Barclays Bank	1		$	2,250	$		3.92	04/24/2018		49		26		(23	)
	PLC
Call - Utilities Select	N/A	406	$		41	$		52.00	03/19/2018		29		2		(27	)
Sector SPDR Fund
Put - 90 Day Eurodollar	N/A	652	$		1,630	$		97.38	12/18/2018		29		143		114
Future; December 2018


					Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Options (continued)

Purchased Options		Contracts/ Notional							Expiration		Upfront				Unrealized
Outstanding	Counterparty	Shares	Amount			Exercise Price			Date		Payments/(Receipts)		Fair Value		Appreciation/(Depreciation)
Put - 90 Day Eurodollar	N/A	412	$		1,030	$		97.88	04/16/2018	$	21	$	165	$	144
Future; June 2018
Put - 90 Day Eurodollar	N/A	378	$		945	$		97.75	06/19/2018		45		70		25
Future; June 2018
Put - 90 Day Eurodollar	N/A	533	$		1,333	$		98.00	04/16/2018		31		373		342
Future; June 2018
Put - CAD versus JPY	Barclays Bank	1		CAD	4,185		CAD	91.00	03/12/2018		43		310		267
	PLC
Put - EUR versus GBP	Deutsche Bank AG	1		EUR	2,339		EUR	0.90	01/15/2019		82		86		4
Put - EUR versus JPY	Barclays Bank	1		EUR	3,931		EUR	133.00	07/06/2018		69		153		84
	PLC
Put - EUR versus JPY	Barclays Bank	1		EUR	3,931		EUR	133.00	07/06/2018		67		154		87
	PLC
Put - EUR versus SEK	Barclays Bank	1		EUR	2,930		EUR	9.75	03/27/2018		29		—		(29	)
	PLC
Put - EUR versus SEK	Barclays Bank	1		EUR	4,185		EUR	9.80	03/29/2018		53		1		(52	)
	PLC
Put - EUR versus SEK	Barclays Bank	1		EUR	2,271		EUR	9.90	04/27/2018		17		8		(9	)
	PLC
Put - EUR versus USD	Barclays Bank	1		EUR	3,111		EUR	1.23	06/06/2018		39		58		19
	PLC
Put - EUR versus USD	Barclays Bank	1		EUR	10,369		EUR	1.23	06/06/2018		130		193		63
	PLC
Put - Eurodollar, Mid-	N/A	150	$		375	$		97.25	06/18/2018		19		39		20
Curve 1 Yr Future; June
2019
Put - Eurodollar, Mid-	N/A	360	$		900	$		97.00	06/18/2018		118		97		(21	)
Curve 2 Yr Future; June
2020
Put - Eurodollar, Mid-	N/A	849	$		2,123	$		96.75	12/17/2018		299		324		25
Curve 3 Yr Future;
December 2021
Put - Fossil Group Inc	N/A	1,294	$		129	$		5.00	03/19/2018		57		—		(57	)
Put - Fossil Group Inc	N/A	428	$		43	$		7.00	03/19/2018		15		—		(15	)
Put - GBP versus USD	Barclays Bank	1		GBP	1,893	GBP		1.38	04/13/2018		19		27		8
	PLC
Put - iShares Russell 2000	N/A	2,730	$		273	$		138.00	04/02/2018		848		225		(623	)
ETF
Put - iShares Russell 2000	N/A	70	$		7	$		157.00	03/19/2018		22		47		25
ETF
Put - PowerShares QQQ	N/A	72	$		7	$		168.00	05/21/2018		35		46		11
Trust Series 1
Put - S&P 500 Index	N/A	182	$		18	$		2,325.00	09/24/2018		1,515		769		(746	)
Put - S&P 500 Index	N/A	221	$		22	$		2,175.00	03/19/2018		1,895		15		(1,880	)
Put - S&P 500 Index	N/A	153	$		15	$		2,525.00	06/18/2018		729		661		(68	)
Put - S&P 500 Index	N/A	68	$		7	$		2,550.00	04/23/2018		347		162		(185	)
Put - S&P 500 Index	N/A	158	$		16	$		2,400.00	12/24/2018		1,365		1,061		(304	)
Put - SPDR S&P500 ETF	N/A	230	$		23	$		265.00	03/19/2018		67		49		(18	)
Trust
Put - US 5 Year Note	N/A	119	$		119	$		113.25	03/26/2018		17		13		(4	)
Future; June 2018
Put - USD versus JPY	Barclays Bank	1		$	3,950	$		110.00	04/23/2018		50		146		96
	PLC
Put - Western Digital	N/A	90	$		9	$		75.00	04/23/2018		29		6		(23	)
Corporation
Put - Western Digital	N/A	57	$		6	$		77.50	04/23/2018		20		5		(15	)
Corporation
Total										$	10,196	$	6,426	$	(3,770	)

Written Options		Contracts/	Notional						Expiration		Upfront				Unrealized
Outstanding	Counterparty	Shares	Amount			Exercise Price			Date		Payments/(Receipts)		Fair Value		Appreciation/(Depreciation)
Call - 90 Day Eurodollar	N/A	189	$		473	$		98.00	03/20/2018	$	(17	) $	(1	) $	16
Future; March 2018
Call - Allergan PLC	N/A	27	$		3	$		170.00	03/19/2018		(3	)	(2	)	1
Call - Apple Inc	N/A	18	$		2	$		185.00	04/23/2018		(8	)	(6	)	2
Call - CAD versus JPY	Barclays Bank	1		CAD	1,674		CAD	91.00	03/12/2018		(25	)	—		25
	PLC
Call - CenturyLink Inc	N/A	122	$		12	$		21.00	04/23/2018		(5	)	—		5
Call - EUR versus JPY	Barclays Bank	1		EUR	2,751		EUR	140.00	07/06/2018		(40	)	(5	)	35
	PLC
Call - EUR versus JPY	Barclays Bank	1		EUR	2,751		EUR	140.00	07/06/2018		(39	)	(6	)	33
	PLC


					Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Options (continued)

Written Options		Contracts/ Notional							Expiration		Upfront				Unrealized
Outstanding	Counterparty	Shares	Amount			Exercise Price			Date		Payments/(Receipts)		Fair Value		Appreciation/(Depreciation)
Call - EUR versus USD	Barclays Bank		1	EUR	5,540		EUR	1.23	06/06/2018	$	(62	) $	(98	) $	(36	)
	PLC
Call - EUR versus SEK	Barclays Bank		1	EUR	2,930		EUR	9.75	03/27/2018		(36	)	(127	)	(91	)
	PLC
Call - EUR versus SEK	Barclays Bank		1	EUR	4,185		EUR	9.80	03/29/2018		(48	)	(156	)	(108	)
	PLC
Call - EUR versus USD	Barclays Bank		1	EUR	5,540		EUR	1.23	06/06/2018		(51	)	(98	)	(47	)
	PLC
Call - EUR versus USD	Barclays Bank		1	EUR	5,280		EUR	1.19	04/25/2018		(54	)	(226	)	(172	)
	PLC
Call - EUR versus USD	Barclays Bank		1	EUR	2,400		EUR	1.23	06/06/2018		(27	)	(42	)	(15	)
	PLC
Call - Eurodollar, Mid-	N/A	652	$		1,630	$		97.50	12/17/2018		(215	)	(155	)	60
Curve 3 Yr Future;
December 2021
Call - Eurodollar, Mid-	N/A	138	$		345	$		97.13	06/18/2018		(47	)	(44	)	3
Curve 3 Yr Future; June
2021
Call - Eurodollar, Mid-	N/A	120	$		300	$		97.25	06/18/2018		(33	)	(26	)	7
Curve 3 Yr Future; June
2021
Call - Home Depot	N/A	32	$		3	$		210.00	05/21/2018		(10	)	(2	)	8
Inc/The
Call - NZD versus USD	Barclays Bank		1	NZD	1,136		NZD	0.74	05/04/2018		(12	)	(4	)	8
	PLC
Call - NZD versus USD	Barclays Bank		1	NZD	1,136		NZD	0.75	04/06/2018		(5	)	(1	)	4
	PLC
Call - QUALCOMM Inc	N/A	140	$		14	$		70.00	03/19/2018		(28	)	(13	)	15
Call - US 10 Year Note	N/A	19	$		19	$		120.75	03/26/2018		(5	)	(5	)	—
Future; June 2018
Call - US 5 Year Note	N/A	40	$		40	$		114.50	03/26/2018		(6	)	(6	)	—
Future; June 2018
Call - US Long Bond	N/A	33	$		33	$		144.00	05/28/2018		(64	)	(67	)	(3	)
Future; June 2018
Call - USD versus JPY	Barclays Bank		1	$	1,893	$		111.00	05/04/2018		(17	)	(3	)	14
	PLC
Call - Utilities Select	N/A	406	$		41	$		54.00	03/19/2018		(8	)	—		8
Sector SPDR Fund
Put - 90 Day Eurodollar	N/A	652	$		1,630	$		97.75	12/18/2018		(174	)	(526	)	(352	)
Future; December 2018
Put - 90 Day Eurodollar	N/A	189	$		473	$		98.00	03/20/2018		(17	)	(55	)	(38	)
Future; March 2018
Put - EUR versus GBP	Barclays Bank		1	EUR	2,271		EUR	0.87	05/04/2018		(28	)	(11	)	17
	PLC
Put - EUR versus GBP	Barclays Bank		1	EUR	2,271		EUR	0.87	05/11/2018		(29	)	(13	)	16
	PLC
Put - EUR versus HUF	Barclays Bank		1	EUR	3,875		EUR	307.00	04/03/2018		(23	)	(1	)	22
	PLC
Put - EUR versus SEK	Barclays Bank		1	EUR	1,938		EUR	9.60	04/03/2018		(10	)	—		10
	PLC
Put - Eurodollar, Mid-	N/A	849	$		2,123	$		97.38	12/17/2018		(445	)	(998	)	(553	)
Curve 3 Yr Future;
December 2021
Put - Eurodollar, Mid-	N/A	189	$		473	$		96.75	06/18/2018		(32	)	(27	)	5
Curve 3 Yr Future; June
2021
Put - iShares Russell 2000	N/A	2,730	$		273	$		118.00	04/02/2018		(203	)	(33	)	170
ETF
Put - NZD versus USD	Barclays Bank		1	NZD	1,136		NZD	0.71	04/06/2018		(5	)	(5	)	—
	PLC
Put - NZD versus USD	Barclays Bank		1	NZD	3,028		NZD	0.70	05/04/2018		(16	)	(11	)	5
	PLC
Put - S&P 500 Index	N/A	153	$		15	$		2,325.00	06/18/2018		(364	)	(339	)	25
Put - S&P 500 Index	N/A	182	$		18	$		2,075.00	09/24/2018		(750	)	(401	)	349
Put - S&P 500 Index	N/A	221	$		22	$		1,950.00	03/19/2018		(972	)	(4	)	968
Put - S&P 500 Index	N/A	158	$		16	$		2,150.00	12/24/2018		(727	)	(584	)	143
Put - S&P 500 Index	N/A	68	$		7	$		2,350.00	04/23/2018		(163	)	(68	)	95
Put - SPDR S&P500 ETF	N/A	230	$		23	$		259.00	03/19/2018		(42	)	(29	)	13
Trust
Put - US 10 Year Note 1st	N/A	20	$		20	$		120.00	03/05/2018		(5	)	(3	)	2
W Future; June 2018
Put - USD versus BRL	Barclays Bank		1	$	763	$		3.20	04/10/2018		(8	)	(5	)	3
	PLC


					Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Options (continued)

Written Options			Contracts/		Notional					Expiration				Upfront					Unrealized
Outstanding		Counterparty	Shares		Amount		Exercise Price				Date	Payments/(Receipts)					Fair Value		Appreciation/(Depreciation)
Put - USD versus KRW		Barclays Bank	1	$	1,580		$	1,060.00		04/30/2018		$		(16	) $		(9	) $	7
		PLC
Put - USD versus CNH		Barclays Bank	1	$	4,542		$	6.28		05/11/2018				(37	)		(23	)	14
		PLC
Put - USD versus CNH		Barclays Bank	1	$	3,356		$	6.28		05/14/2018				(24	)		(17	)	7
		PLC
Put - USD versus JPY		Barclays Bank	1	$	2,271		$	105.75		04/23/2018				(19	)		(23	)	(4	)
		PLC
Put - USD versus ZAR		Barclays Bank	1	$	1,136		$	11.70		04/30/2018				(16	)		(15	)	1
		PLC
Put - USD versus ZAR		Barclays Bank	1	$	1,136		$	11.70		04/30/2018				(26	)		(16	)	10
		PLC
Put - USD versus ZAR		Barclays Bank	1	$	1,163		$	11.70		04/30/2018				(17	)		(16	)	1
		PLC
Total												$		(5,033	) $		(4,325	) $	708

Amounts in thousands except contracts/shares.

Interest Rate Swaptions

					Pay/
Purchased					Receive
Swaptions			Floating Rate		Floating		Notional		Exercise		Expiration			Upfront			Fair		Unrealized
Outstanding		Counterparty	Index		Rate		Amount		Rate		Date		Payments/(Receipts)				Value		Appreciation/(Depreciation)
Call - 2 Year Interest		Bank of America NA	SAFE South		Pay	ZAR		132,866	7.20% 06/05/2020				$	31		$	73	$	42
Rate Swap			Africa
			Johannesburg
			Interbank
			Agreed Rate 3
			Month
Call - 2 Year Interest		Barclays Bank PLC	MXN TIIE		Pay	MXN		296,117	6.60% 08/13/2018					81			12		(69	)
Rate Swap			Banxico
Call - 2 Year Interest	Barclays Bank PLC		MXN TIIE		Pay			269,195	6.60% 08/13/2018					67			10		(57	)
Rate Swap			Banxico
Call - 20 Year	Barclays Bank PLC		ICE LIBOR		Pay	JPY		556,500	0.50% 03/08/2018					13			—		(13	)
Interest Rate Swap			JPY 6 Month
Call - 3 Year Interest		Bank of America NA	MXN TIIE		Pay	MXN		251,104	6.60% 08/13/2018					66			19		(47	)
Rate Swap			Banxico
Total													$	258		$	114	$	(144	)

					Pay/
					Receive
Written Swaptions			Floating Rate		Floating		Notional		Exercise		Expiration			Upfront			Fair		Unrealized
Outstanding		Counterparty	Index		Rate		Amount		Rate		Date		Payments/(Receipts)				Value		Appreciation/(Depreciation)
Put - 20 Year	Barclays Bank PLC		ICE LIBOR		Receive		JPY	556,500	0.80% 03/08/2018				$	(36	)	$	—$		36
Interest Rate Swap			JPY 6 Month
Total													$	(36	)	$	—$		36

Amounts in thousands.

Futures Contracts

Description and Expiration Date					Type		Contracts			Notional Amount				Value and Unrealized Appreciation/(Depreciation)
3 Month Euro Swiss; March 2018					Short			2	$		533			$					—
90 Day Eurodollar; December 2018					Short			201			48,979								151
90 Day Eurodollar; December 2019					Short			29			7,043								41
90 Day Eurodollar; December 2020					Short			132			32,035								28
90 Day Eurodollar; June 2018					Short			152			37,136								158
90 Day Eurodollar; June 2018					Long			533			130,219								(370	)
90 Day Eurodollar; June 2019					Short			33			8,026								53
90 Day Eurodollar; June 2019					Short			2,835			689,543								3,281
90 Day Eurodollar; June 2020					Long			75			18,209								9
90 Day Eurodollar; March 2018					Short			1			245								1
90 Day Eurodollar; March 2019					Short			108			26,294								73
90 Day Eurodollar; March 2019					Short			23			5,600								10
90 Day Eurodollar; September 2018					Short			204			49,779								171
90 Day Eurodollar; September 2019					Short			30			7,292								49
90 Day Short Sterling; December 2018					Long			211			35,940								(49	)
90 Day Short Sterling; December 2019					Short			25			4,245								5
90 Day Short Sterling; June 2018					Long			133			22,700								(28	)
90 Day Short Sterling; June 2019					Short			2,125			361,373								64
See accompanying notes.								106


	Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)

Futures Contracts (continued)

Description and Expiration Date	Type	Contracts		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
90 Day Short Sterling; March 2019	Long	73	$	12,424	$	(2	)
90 Day Short Sterling; June 2019	Short	25		4,251		5
90 Day Short Sterling; March 2018	Short	1		171		—
90 Day Short Sterling; March 2019	Long	31		5,276		(5	)
90 Day Short Sterling; September 2018	Long	212		36,147		(38	)
90 Day Short Sterling; September 2019	Short	26		4,418		6
AEX Index; March 2018	Short	4		523		(3	)
ASX 90 Day Bank Bill; March 2019	Long	19		14,682		—
Australia 10 Year Bond; March 2018	Short	134		13,300		59
Australia 10 Year Bond; March 2018	Long	2		199		—
Australia 10 Year Bond; March 2018	Short	289		28,685		(86	)
Australia 3 Year Bond; March 2018	Short	25		2,160		(10	)
CAC40 Index; March 2018	Short	19		1,233		(42	)
CAC40 Index; March 2018	Long	140		9,085		142
Canada 10 Year Bond; June 2018	Short	208		21,345		(100	)
Canadian Bank Acceptance; December 2018	Short	23		4,383		5
Canadian Bank Acceptance; June 2018	Short	17		3,250		2
Canadian Bank Acceptance; March 2018	Short	1		191		—
Canadian Bank Acceptance; March 2019	Long	48		9,137		7
Canadian Bank Acceptance; March 2019	Short	7		1,332		—
Canadian Bank Acceptance; September 2018	Short	21		4,007		5
DAX Index; March 2018	Short	5		1,896		(7	)
DAX Index; March 2018	Long	28		10,617		(17	)
DJ Euro Stoxx 50; March 2018	Long	51		2,139		(77	)
DJ Euro Stoxx 50; March 2018	Long	125		5,243		(229	)
DJ Euro Stoxx 50; March 2018	Short	7		294		13
E-Mini DJIA Index; March 2018	Short	62		7,762		(193	)
E-Mini DJIA Index; March 2018	Long	7		876		22
eMini MSCI EAFE; March 2018	Long	2		204		2
eMini MSCI Emerging Markets; March 2018	Long	9		532		25
eMini MSCI Emerging Markets; March 2018	Short	266		15,734		(802	)
Euribor; December 2018	Short	30		9,174		(1	)
Euribor; December 2019	Short	13		3,959		1
Euribor; June 2018	Short	21		6,425		(3	)
Euribor; June 2019	Short	1,415		432,008		(90	)
Euribor; June 2019	Short	8		2,442		(1	)
Euribor; March 2018	Short	1		306		—
Euribor; March 2019	Short	17		5,195		(1	)
Euribor; March 2019	Long	74		22,614		6
Euribor; September 2018	Short	32		9,789		(1	)
Euribor; September 2019	Short	16		4,879		—
Euro Bund 10 Year Bund; June 2018	Short	70		13,388		(17	)
Euro Bund 10 Year Bund; March 2018	Short	187		36,375		(217	)
Euro Bund 10 Year Bund; March 2018	Short	72		14,005		(19	)
FTSE China A50 Index; March 2018	Long	1		13		—
FTSE KLCI Index; March 2018	Short	23		544		1
FTSE/JSE Top 40; March 2018	Long	10		435		(7	)
FTSE/MIB Index; March 2018	Long	32		4,412		(19	)
FTSE100 Index; March 2018	Short	8		796		24
FTSE100 Index; March 2018	Long	98		9,749		(245	)
FTSE100 Index; March 2018	Short	61		6,068		99
Hang Seng Index; March 2018	Long	40		7,854		(138	)
HSCEI China Index; March 2018	Short	13		1,026		32
IBEX 35 Index; March 2018	Long	17		2,040		33
Japan Topix Index; March 2018	Long	62		10,274		(222	)
Japan Topix Index; March 2018	Long	41		6,794		(91	)
Japan Topix Index; March 2018	Short	185		30,656		319
KOSPI 200 Index; March 2018	Long	5		361		(1	)
Mex Bolsa Index; March 2018	Short	8		201		4
MSCI Singapore Index; March 2018	Long	38		1,149		(10	)
Nasdaq 100 E-Mini; March 2018	Short	57		7,826		(409	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)

Futures Contracts (continued)

Description and Expiration Date		Type	Contracts		Notional Amount			Value and Unrealized Appreciation/(Depreciation)
Nasdaq 100 E-Mini; March 2018		Long	9	$		1,236		$				83
Nikkei 225 OSE; March 2018		Long	2			414						(13	)
Nikkei 225 OSE; March 2018		Short	38			7,871						(194	)
OMXS30 Index; March 2018		Long	1			19						1
Russell 2000 Emini; March 2018		Long	153			11,561						(139	)
Russell 2000 Emini; March 2018		Short	356			26,899						191
Russell 2000 Emini; March 2018		Long	308			23,272						(494	)
S&P 500 Emini; March 2018		Short	383			51,981						(895	)
S&P 500 Emini; March 2018		Short	46			6,243						(2	)
S&P 500 Emini; March 2018		Short	138			18,729						(487	)
S&P 500 Emini; March 2018		Short	72			9,772						(154	)
S&P 500 Emini; March 2018		Short	50			6,786						(174	)
S&P Mid 400 Emini; March 2018		Short	32			5,966						74
S&P Mid 400 Emini; March 2018		Long	3			559						(9	)
S&P/TSX 60 Index; March 2018		Long	1			142						(7	)
SGX CNX Nifty Index; March 2018		Long	23			484						8
SPI 200 Index; March 2018		Short	39			4,544						(28	)
UK 10 Year Gilt; June 2018		Short	2			333						—
US 10 Year Note; June 2018		Short	49			5,882						(5	)
US 10 Year Note; June 2018		Short	184			22,089						63
US 10 Year Note; June 2018		Long	38			4,562						(9	)
US 10 Year Note; June 2018		Short	165			19,808						(32	)
US 10 Year Ultra Note; June 2018		Short	2			256						—
US 10 Year Ultra Note; March 2018		Long	65			8,354						(187	)
US 2 Year Note; June 2018		Long	1,134			240,940						(40	)
US 2 Year Note; March 2018		Long	4			852						—
US 5 Year Note; June 2018		Long	275			31,331						20
US 5 Year Note; March 2018		Short	122			13,936						(16	)
US Long Bond; June 2018		Short	716			102,701						(197	)
US Long Bond; June 2018		Long	14			2,008						5
US Long Bond; June 2018		Short	104			14,918						(8	)
US Ultra Bond; June 2018		Short	49			7,638						(10	)
US Ultra Bond; June 2018		Short	33			5,144						(24	)
US Ultra Bond; March 2018		Short	127			19,903						863
Total								$				(460	)
Amounts in thousands except contracts.
Foreign Currency Contracts

									Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Contracts to Accept			In Exchange For		Fair Value	Asset			Liability
Bank of America NA	03/23/2018	AUD	128,584,000		$	101,896	$	99,855	$	17	$	(2,058	)
Bank of America NA	03/23/2018	CAD	173,406,000			138,327		135,216		—		(3,111	)
Bank of America NA	03/23/2018	CHF	61,168,000			65,570		64,917		79		(732	)
Bank of America NA	03/23/2018	EUR	83,017,000			99,528		101,444		2,173		(257	)
Bank of America NA	03/23/2018	GBP	53,804,000			72,984		74,144		1,329		(169	)
Bank of America NA	03/23/2018	JPY	16,721,667,000			151,798		156,992		5,200		(6	)
Bank of America NA	03/23/2018	MXN	175,141,000			9,104		9,259		167		(12	)
Bank of America NA	03/23/2018	NZD	50,556,000			36,834		36,447		18		(405	)
Bank of New York Mellon	03/14/2018	EUR	5,791,440			6,809		7,072		263		—
Bank of New York Mellon	07/20/2018	ZAR	45,121,185			3,201		3,753		552		—
Bank of New York Mellon	09/20/2018	EUR	167,875			202		208		6		—
Bank of New York Mellon	09/21/2018	EUR	10,029,485			12,535		12,434		—		(101	)
Barclays Bank PLC	03/01/2018	EUR	757,000			925		924		—		(1	)
Barclays Bank PLC	03/01/2018	HUF	118,886,546			463		462		—		(1	)
Barclays Bank PLC	03/01/2018	SEK	3,817,173			463		460		—		(3	)
Barclays Bank PLC	03/02/2018	BRL	22,397,969			6,703		6,899		196		—
Barclays Bank PLC	03/02/2018	CAD	2,292,669			1,819		1,786		—		(33	)
Barclays Bank PLC	03/02/2018	EUR	757,000			929		924		—		(5	)
Barclays Bank PLC	03/02/2018	GBP	2,081,750			2,884		2,866		—		(18	)
Barclays Bank PLC	03/02/2018	HUF	828,233,950			3,281		3,219		—		(62	)
Barclays Bank PLC	03/02/2018	JPY	44,857,549			419		420		1		—
Barclays Bank PLC	03/02/2018	NOK	1,480,506			189		187		—		(2	)
Barclays Bank PLC	03/02/2018	SEK	3,817,148			464		461		—		(3	)
Barclays Bank PLC	03/05/2018	AUD	1,685,000			1,319		1,309		—		(10	)
Barclays Bank PLC	03/05/2018	CAD	903,950			738		705		—		(33	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Foreign Currency Contracts (continued)

								Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Contracts to Accept		In Exchange For		Fair Value	Asset			Liability
Barclays Bank PLC	03/05/2018	NOK	13,750,661	$	1,746	$	1,741	$	—	$	(5	)
Barclays Bank PLC	03/05/2018	EUR	27,491,065		34,188		33,547		—		(641	)
Barclays Bank PLC	03/05/2018	HUF	1,479,549,067		5,933		5,753		—		(180	)
Barclays Bank PLC	03/05/2018	JPY	669,015,622		6,148		6,272		124		—
Barclays Bank PLC	03/05/2018	NZD	4,350,000		3,187		3,137		—		(50	)
Barclays Bank PLC	03/05/2018	SEK	50,453,421		6,215		6,090		—		(125	)
Barclays Bank PLC	03/06/2018	JPY	109,451,091		1,023		1,026		3		—
Barclays Bank PLC	03/09/2018	JPY	69,155,128		632		649		17		—
Barclays Bank PLC	03/12/2018	PHP	178,593,827		3,523		3,424		—		(99	)
Barclays Bank PLC	03/22/2018	MYR	66,457,036		16,879		16,933		60		(6	)
Barclays Bank PLC	03/28/2018	EUR	837,000		997		1,023		26		—
Barclays Bank PLC	03/28/2018	SEK	8,021,808		999		970		—		(29	)
Barclays Bank PLC	04/11/2018	CNH	21,860,618		3,368		3,446		79		(1	)
Barclays Bank PLC	04/11/2018	EUR	2,154,877		2,668		2,636		6		(38	)
Barclays Bank PLC	04/11/2018	JPY	371,055,857		3,420		3,489		78		(9	)
Barclays Bank PLC	04/13/2018	MXN	35,314,403		1,882		1,861		—		(21	)
Barclays Bank PLC	04/30/2018	MYR	1,501,131		379		382		3		—
Barclays Bank PLC	05/02/2018	KRW	652,651,153		608		602		—		(6	)
Barclays Bank PLC	05/15/2018	CNH	7,977,310		1,258		1,255		—		(3	)
Barclays Bank PLC	07/03/2018	PHP	767,223,115		14,799		14,566		1		(234	)
Barclays Bank PLC	07/03/2018	ZAR	17,588,543		1,258		1,466		208		—
Barclays Bank PLC	10/22/2018	PHP	744,859,383		14,160		14,048		9		(121	)
Barclays Bank PLC	12/21/2018	IDR	5,834,563,410		420		413		—		(7	)
Barclays Bank PLC	12/27/2018	IDR	54,950,086,206		3,949		3,883		—		(66	)
Barclays Bank PLC	02/06/2019	BRL	22,068,443		6,556		6,578		33		(11	)
BNP Paribas	03/05/2018	JPY	51,115,000		467		479		12		—
BNP Paribas	03/14/2018	NOK	860,000		109		109		—		—
BNP Paribas	03/20/2018	TRY	415,000		110		109		—		(1	)
Citigroup Inc	03/07/2018	AUD	105,000		83		82		—		(1	)
Citigroup Inc	03/16/2018	ZAR	1,275,000		109		108		—		(1	)
Citigroup Inc	03/21/2018	AUD	41,098,000		31,343		31,916		618		(45	)
Citigroup Inc	03/21/2018	BRL	18,240,999		5,601		5,608		14		(7	)
Citigroup Inc	03/21/2018	CAD	25,129,124		19,809		19,593		6		(222	)
Citigroup Inc	03/21/2018	CHF	17,557,771		18,590		18,630		165		(125	)
Citigroup Inc	03/21/2018	CLP	2,628,436,000		4,351		4,417		66		—
Citigroup Inc	03/21/2018	CNY	9,891,000		1,522		1,561		40		(1	)
Citigroup Inc	03/21/2018	COP	838,885,000		285		292		8		(1	)
Citigroup Inc	03/21/2018	CZK	89,100,000		4,170		4,286		116		—
Citigroup Inc	03/21/2018	DKK	6,694,380		1,124		1,099		—		(25	)
Citigroup Inc	03/21/2018	EUR	18,989,115		22,901		23,201		358		(58	)
Citigroup Inc	03/21/2018	GBP	9,749,002		13,373		13,433		150		(90	)
Citigroup Inc	03/21/2018	HKD	12,551,000		1,606		1,605		—		(1	)
Citigroup Inc	03/21/2018	HUF	410,725,000		1,627		1,600		1		(28	)
Citigroup Inc	03/21/2018	IDR	8,481,650,000		620		615		—		(5	)
Citigroup Inc	03/21/2018	ILS	7,368,307		2,114		2,122		8		—
Citigroup Inc	03/21/2018	INR	78,245,000		1,215		1,197		—		(18	)
Citigroup Inc	03/21/2018	KRW	8,309,433,875		7,696		7,668		15		(43	)
Citigroup Inc	03/21/2018	MXN	239,894,000		12,591		12,687		101		(5	)
Citigroup Inc	03/21/2018	NOK	41,808,997		5,343		5,299		1		(45	)
Citigroup Inc	03/21/2018	NZD	19,743,000		14,241		14,234		108		(115	)
Citigroup Inc	03/21/2018	PHP	33,184,000		651		636		—		(15	)
Citigroup Inc	03/21/2018	PLN	14,731,001		4,145		4,308		163		—
Citigroup Inc	03/21/2018	SEK	64,488,551		7,948		7,796		—		(152	)
Citigroup Inc	03/21/2018	SGD	3,679,000		2,753		2,779		31		(5	)
Citigroup Inc	03/21/2018	THB	3,722,000		119		119		—		—
Citigroup Inc	03/21/2018	TRY	31,657,000		8,023		8,280		262		(5	)
Citigroup Inc	03/21/2018	TWD	27,089,000		911		927		16		—
Citigroup Inc	03/22/2018	CAD	140,000		110		109		—		(1	)
Citigroup Inc	03/22/2018	JPY	2,309,837,000		21,027		21,684		658		(1	)
Citigroup Inc	03/22/2018	ZAR	44,286,000		3,356		3,745		389		—
Citigroup Inc	06/20/2018	AUD	9,702,000		7,610		7,536		—		(74	)
Citigroup Inc	06/20/2018	BRL	3,922,000		1,194		1,194		1		(1	)
Citigroup Inc	06/20/2018	CAD	3,306,621		2,611		2,583		—		(28	)
Citigroup Inc	06/20/2018	CLP	323,499,000		547		543		—		(4	)
Citigroup Inc	06/20/2018	CNY	7,547,000		1,188		1,185		—		(3	)
Citigroup Inc	06/20/2018	COP	618,244,500		214		214		1		(1	)
Citigroup Inc	06/20/2018	CZK	18,550,000		905		898		—		(7	)
Citigroup Inc	06/20/2018	EUR	1,742,624		2,161		2,144		—		(17	)
Citigroup Inc	06/20/2018	GBP	1,832,687		2,567		2,535		—		(32	)
Citigroup Inc	06/20/2018	HKD	200,000		26		26		—		—
Citigroup Inc	06/20/2018	HUF	968,000		4		4		—		—
Citigroup Inc	06/20/2018	IDR	3,186,952,984		231		229		—		(2	)
Citigroup Inc	06/20/2018	ILS	10,000		3		3		—		—
See accompanying notes.			109


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Foreign Currency Contracts (continued)

									Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Contracts to Accept		In Exchange For		Fair Value		Asset		Liability
Citigroup Inc	06/20/2018	MXN	99,554,062	$	5,231	$	5,189	$	—	$	(42	)
Citigroup Inc	06/20/2018	INR	6,945,750		105		105		—		—
Citigroup Inc	06/20/2018	JPY	1,169,872,877		11,022		11,054		35		(3	)
Citigroup Inc	06/20/2018	KRW	214,972,000		201		199		—		(2	)
Citigroup Inc	06/20/2018	NOK	11,907,000		1,527		1,514		—		(13	)
Citigroup Inc	06/20/2018	NZD	11,525,997		8,400		8,305		—		(95	)
Citigroup Inc	06/20/2018	PHP	12,753,000		244		243		—		(1	)
Citigroup Inc	06/20/2018	PLN	7,357,501		2,177		2,157		—		(20	)
Citigroup Inc	06/20/2018	SEK	70,000		9		9		—		—
Citigroup Inc	06/20/2018	TRY	12,203,998		3,117		3,109		1		(9	)
Citigroup Inc	06/20/2018	TWD	3,889,000		134		134		—		—
Citigroup Inc	06/20/2018	ZAR	12,195,426		1,030		1,018		—		(12	)
Deutsche Bank AG	03/07/2018	COP	338,970,000		116		118		2		—
Deutsche Bank AG	03/07/2018	PEN	965,000		298		295		—		(3	)
Deutsche Bank AG	03/08/2018	MXN	58,836,921		3,151		3,118		—		(33	)
Deutsche Bank AG	03/14/2018	CLP	57,650,000		97		97		—		—
Deutsche Bank AG	03/16/2018	COP	313,255,000		108		109		1		—
Deutsche Bank AG	03/16/2018	PEN	535,000		165		164		—		(1	)
Deutsche Bank AG	03/20/2018	JPY	958,600,000		8,486		8,998		512		—
Deutsche Bank AG	03/20/2018	PLN	275,000		82		80		—		(2	)
Deutsche Bank AG	03/22/2018	BRL	265,000		81		81		—		—
Deutsche Bank AG	03/22/2018	CNY	2,245,000		353		354		1		—
Deutsche Bank AG	03/22/2018	MXN	1,515,000		81		80		—		(1	)
Deutsche Bank AG	03/22/2018	PHP	7,090,000		137		136		—		(1	)
Deutsche Bank AG	03/29/2018	CLP	64,250,000		109		108		—		(1	)
HSBC Securities Inc	03/14/2018	CAD	170,000		135		133		—		(2	)
HSBC Securities Inc	03/14/2018	MXN	2,360,000		126		125		—		(1	)
HSBC Securities Inc	03/22/2018	BRL	21,300,000		6,637		6,547		—		(90	)
HSBC Securities Inc	03/22/2018	CNH	64,000,000		10,001		10,103		102		—
HSBC Securities Inc	03/22/2018	CZK	218,300,000		10,547		10,501		—		(46	)
HSBC Securities Inc	03/22/2018	EUR	8,000,000		9,907		9,775		—		(132	)
HSBC Securities Inc	03/22/2018	KRW	21,560,000,000		20,186		19,893		—		(293	)
HSBC Securities Inc	03/22/2018	MXN	125,000,000		6,683		6,610		—		(73	)
HSBC Securities Inc	03/22/2018	RUB	661,000,000		11,686		11,714		28		—
JPMorgan Chase	03/26/2018	EUR	2,218,986		2,738		2,712		—		(26	)
Merrill Lynch	03/02/2018	BRL	1,495,000		461		460		—		(1	)
Merrill Lynch	03/20/2018	ARS	2,175,000		109		107		—		(2	)
Merrill Lynch	03/22/2018	EUR	65,000		80		79		—		(1	)
Merrill Lynch	03/22/2018	SGD	105,000		79		79		—		—
Merrill Lynch	03/23/2018	SGD	320,000		243		242		—		(1	)
Merrill Lynch	03/29/2018	NZD	110,000		80		79		—		(1	)
Merrill Lynch	05/21/2018	PHP	420,815,000		8,259		8,010		—		(249	)
Morgan Stanley & Co	03/02/2018	BRL	9,320,000		2,875		2,870		—		(5	)
Morgan Stanley & Co	03/07/2018	RUB	6,165,000		111		110		—		(1	)
Morgan Stanley & Co	03/07/2018	TWD	4,175,000		143		143		—		—
Morgan Stanley & Co	03/08/2018	MXN	56,350,000		2,990		2,986		—		(4	)
Morgan Stanley & Co	03/14/2018	BRL	350,000		108		108		—		—
Morgan Stanley & Co	03/14/2018	IDR	2,979,245,000		218		216		—		(2	)
Morgan Stanley & Co	03/14/2018	PLN	310,000		92		91		—		(1	)
Morgan Stanley & Co	03/16/2018	CHF	330,000		358		350		—		(8	)
Morgan Stanley & Co	03/16/2018	ILS	385,000		110		111		1		—
Morgan Stanley & Co	03/16/2018	NOK	1,075,000		137		136		—		(1	)
Morgan Stanley & Co	03/20/2018	KRW	179,130,000		167		165		—		(2	)
Morgan Stanley & Co	03/22/2018	KRW	116,300,000		108		107		—		(1	)
Morgan Stanley & Co	03/22/2018	TRY	305,000		80		80		—		—
Morgan Stanley & Co	03/23/2018	TRY	100,000		26		26		—		—
Morgan Stanley & Co	03/26/2018	JPY	11,765,000		110		110		—		—
Morgan Stanley & Co	04/03/2018	TWD	2,395,000		82		82		—		—
UBS AG	03/05/2018	GBP	2,216,761		3,166		3,052		—		(114	)
UBS AG	03/07/2018	CNY	1,885,000		299		298		—		(1	)
UBS AG	03/07/2018	TRY	410,000		108		108		—		—
UBS AG	03/16/2018	INR	22,700,000		352		347		—		(5	)
UBS AG	03/20/2018	INR	14,390,000		223		220		—		(3	)
UBS AG	03/22/2018	MYR	315,000		80		80		—		—
UBS AG	03/29/2018	ZAR	945,000		81		80		—		(1	)
Total								$	14,639	$	(11,165	)
									Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Contracts to Deliver		In Exchange For		Fair Value		Asset		Liability
Bank of America NA	03/23/2018	AUD	101,702,000	$	78,776	$	78,979	$	378	$	(581	)
Bank of America NA	03/23/2018	CAD	220,810,000		173,765		172,180		1,646		(61	)
Bank of America NA	03/23/2018	CHF	43,502,000		44,802		46,169		70		(1,437	)
Bank of America NA	03/23/2018	EUR	32,545,000		39,525		39,768		143		(386	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Foreign Currency Contracts (continued)

								Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Contracts to Deliver		In Exchange For		Fair Value	Asset			Liability
Bank of America NA	03/23/2018	MXN	456,442,000	$	23,174	$	24,132	$	12	$	(970	)
Bank of America NA	03/23/2018	GBP	23,284,000		32,298		32,086		425		(213	)
Bank of America NA	03/23/2018	JPY	14,897,295,000		134,378		139,864		—		(5,486	)
Bank of America NA	03/23/2018	NZD	38,082,000		26,773		27,454		27		(708	)
Bank of New York Mellon	03/14/2018	EUR	5,791,440		6,289		7,072		—		(783	)
Bank of New York Mellon	03/21/2018	EUR	12,990,000		15,653		15,871		39		(257	)
Bank of New York Mellon	03/21/2018	GBP	200,000		269		276		—		(7	)
Bank of New York Mellon	03/22/2018	JPY	40,670,000		370		382		—		(12	)
Bank of New York Mellon	04/13/2018	EUR	812,425		991		994		—		(3	)
Bank of New York Mellon	05/04/2018	EUR	4,570,835		5,382		5,603		—		(221	)
Bank of New York Mellon	06/22/2018	ZAR	1,514,330		122		126		—		(4	)
Bank of New York Mellon	07/20/2018	ZAR	45,121,185		3,188		3,753		—		(565	)
Bank of New York Mellon	08/14/2018	EUR	1,596,060		1,921		1,972		—		(51	)
Bank of New York Mellon	09/20/2018	CHF	5,360,237		5,521		5,785		—		(264	)
Bank of New York Mellon	09/20/2018	EUR	8,286,625		9,906		10,272		—		(366	)
Bank of New York Mellon	09/21/2018	EUR	10,029,485		12,489		12,434		55		—
Bank of New York Mellon	09/26/2018	GBP	1,110,000		1,515		1,542		—		(27	)
Bank of New York Mellon	10/05/2018	EUR	1,015,575		1,217		1,261		—		(44	)
Bank of New York Mellon	12/05/2018	EUR	6,104,925		7,445		7,618		6		(179	)
Barclays Bank PLC	03/01/2018	EUR	757,000		927		924		3		—
Barclays Bank PLC	03/01/2018	HUF	118,886,547		462		462		—		—
Barclays Bank PLC	03/01/2018	SEK	3,817,173		463		461		2		—
Barclays Bank PLC	03/02/2018	BRL	22,245,694		6,703		6,852		5		(154	)
Barclays Bank PLC	03/02/2018	CAD	4,560,422		3,647		3,554		93		—
Barclays Bank PLC	03/02/2018	EUR	3,028,000		3,745		3,694		51		—
Barclays Bank PLC	03/02/2018	GBP	1,483,450		2,064		2,043		21		—
Barclays Bank PLC	03/02/2018	HUF	118,782,763		463		462		1		—
Barclays Bank PLC	03/02/2018	JPY	44,948,551		419		421		—		(2	)
Barclays Bank PLC	03/02/2018	NOK	7,428,132		946		941		5		—
Barclays Bank PLC	03/02/2018	SEK	3,801,273		466		459		7		—
Barclays Bank PLC	03/05/2018	AUD	988,000		784		767		17		—
Barclays Bank PLC	03/05/2018	CAD	604,551		493		471		22		—
Barclays Bank PLC	03/05/2018	EUR	11,113,400		13,752		13,562		194		(4	)
Barclays Bank PLC	03/05/2018	HUF	1,478,830,309		5,869		5,749		120		—
Barclays Bank PLC	03/05/2018	JPY	789,629,195		7,257		7,403		—		(146	)
Barclays Bank PLC	03/05/2018	NOK	6,935,930		882		879		3		—
Barclays Bank PLC	03/05/2018	NZD	3,888,000		2,838		2,804		34		—
Barclays Bank PLC	03/05/2018	SEK	52,063,605		6,639		6,284		355		—
Barclays Bank PLC	03/06/2018	JPY	40,347,536		378		378		—		—
Barclays Bank PLC	03/09/2018	JPY	69,236,042		632		649		—		(17	)
Barclays Bank PLC	03/12/2018	PHP	179,047,043		3,523		3,433		90		—
Barclays Bank PLC	03/22/2018	MYR	66,457,036		16,830		16,933		—		(103	)
Barclays Bank PLC	03/28/2018	EUR	837,000		999		1,023		—		(24	)
Barclays Bank PLC	03/28/2018	SEK	8,018,460		997		970		27		—
Barclays Bank PLC	04/11/2018	CNH	21,523,585		3,367		3,393		6		(32	)
Barclays Bank PLC	04/11/2018	EUR	351,540		433		430		3		—
Barclays Bank PLC	04/11/2018	JPY	154,411,306		1,436		1,452		—		(16	)
Barclays Bank PLC	04/11/2018	ZAR	23,551,133		1,994		1,986		8		—
Barclays Bank PLC	04/13/2018	MXN	35,938,391		1,882		1,894		—		(12	)
Barclays Bank PLC	04/30/2018	MYR	25,471,067		6,539		6,481		58		—
Barclays Bank PLC	05/02/2018	KRW	649,116,930		608		599		9		—
Barclays Bank PLC	05/15/2018	CNH	7,977,310		1,258		1,255		3		—
Barclays Bank PLC	07/03/2018	PHP	765,031,993		14,799		14,524		275		—
Barclays Bank PLC	07/03/2018	ZAR	18,113,108		1,258		1,510		—		(252	)
Barclays Bank PLC	07/23/2018	TRY	8,979,188		2,250		2,265		—		(15	)
Barclays Bank PLC	08/03/2018	EUR	6,470,905		8,136		7,989		147		—
Barclays Bank PLC	10/22/2018	PHP	387,310,901		7,390		7,305		85		—
Barclays Bank PLC	12/21/2018	IDR	5,830,368,900		419		412		7		—
BNP Paribas	03/05/2018	JPY	25,010,000		229		234		—		(5	)
BNP Paribas	03/13/2018	SEK	1,480,000		183		179		4		—
BNP Paribas	03/14/2018	NOK	860,000		110		109		1		—
Citigroup Inc	03/07/2018	AUD	105,000		84		82		2		—
Citigroup Inc	03/07/2018	EUR	180,000		222		220		2		—
Citigroup Inc	03/13/2018	HUF	36,750,000		145		143		2		—
Citigroup Inc	03/21/2018	AUD	31,396,000		24,323		24,381		165		(223	)
Citigroup Inc	03/21/2018	BRL	35,763,999		10,887		10,994		—		(107	)
Citigroup Inc	03/21/2018	CAD	20,877,742		16,444		16,279		176		(11	)
Citigroup Inc	03/21/2018	CHF	26,005,343		26,631		27,593		11		(973	)
Citigroup Inc	03/21/2018	CLP	2,628,436,000		4,177		4,418		—		(241	)
Citigroup Inc	03/21/2018	CNY	9,891,000		1,547		1,562		3		(18	)
Citigroup Inc	03/21/2018	COP	632,803,500		221		221		1		(1	)
Citigroup Inc	03/21/2018	CZK	70,550,000		3,379		3,393		24		(38	)
Citigroup Inc	03/21/2018	DKK	6,694,380		1,080		1,099		—		(19	)
See accompanying notes.			111


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Foreign Currency Contracts (continued)

									Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Contracts to Deliver		In Exchange For		Fair Value		Asset		Liability
Citigroup Inc	03/21/2018	HKD	12,551,000	$	1,608	$	1,605	$	3	$	—
Citigroup Inc	03/21/2018	EUR	17,246,476		21,036		21,071		185		(220	)
Citigroup Inc	03/21/2018	GBP	7,410,687		10,191		10,211		78		(98	)
Citigroup Inc	03/21/2018	HUF	424,601,000		1,619		1,653		1		(35	)
Citigroup Inc	03/21/2018	IDR	6,098,260,016		447		442		5		—
Citigroup Inc	03/21/2018	ILS	13,510,000		3,873		3,890		3		(20	)
Citigroup Inc	03/21/2018	INR	75,929,750		1,170		1,161		12		(3	)
Citigroup Inc	03/21/2018	KRW	10,483,703,000		9,649		9,674		15		(40	)
Citigroup Inc	03/21/2018	MXN	113,539,062		6,057		6,005		52		—
Citigroup Inc	03/21/2018	NOK	75,430,998		9,161		9,560		—		(399	)
Citigroup Inc	03/21/2018	NZD	19,743,000		13,926		14,233		69		(376	)
Citigroup Inc	03/21/2018	PHP	33,184,000		640		635		5		—
Citigroup Inc	03/21/2018	PLN	7,373,501		2,177		2,156		21		—
Citigroup Inc	03/21/2018	SEK	123,702,097		14,923		14,956		55		(88	)
Citigroup Inc	03/21/2018	SGD	3,679,000		2,734		2,779		1		(46	)
Citigroup Inc	03/21/2018	THB	3,722,000		119		119		—		—
Citigroup Inc	03/21/2018	TRY	21,109,998		5,407		5,521		7		(121	)
Citigroup Inc	03/21/2018	TWD	23,200,000		793		793		3		(3	)
Citigroup Inc	03/22/2018	CAD	140,000		111		109		2		—
Citigroup Inc	03/22/2018	JPY	1,958,493,874		17,763		18,386		—		(623	)
Citigroup Inc	03/22/2018	ZAR	28,357,428		2,247		2,398		12		(163	)
Citigroup Inc	06/20/2018	AUD	1,553,000		1,219		1,206		13		—
Citigroup Inc	06/20/2018	BRL	18,139,999		5,522		5,525		7		(10	)
Citigroup Inc	06/20/2018	CAD	1,649,677		1,300		1,288		12		—
Citigroup Inc	06/20/2018	CHF	6,666,338		7,185		7,132		53		—
Citigroup Inc	06/20/2018	CLP	702,289,000		1,178		1,179		—		(1	)
Citigroup Inc	06/20/2018	CNY	156,000		24		24		—		—
Citigroup Inc	06/20/2018	COP	10,611,000		4		4		—		—
Citigroup Inc	06/20/2018	CZK	3,000,000		148		145		3		—
Citigroup Inc	06/20/2018	EUR	5,468,329		6,782		6,728		54		—
Citigroup Inc	06/20/2018	GBP	291,000		408		403		5		—
Citigroup Inc	06/20/2018	HKD	11,175,000		1,432		1,432		—		—
Citigroup Inc	06/20/2018	HUF	39,262,000		155		154		1		—
Citigroup Inc	06/20/2018	IDR	2,196,653,984		159		158		1		—
Citigroup Inc	06/20/2018	ILS	7,401,307		2,133		2,143		—		(10	)
Citigroup Inc	06/20/2018	INR	10,145,000		154		153		1		—
Citigroup Inc	06/20/2018	JPY	4,436,000		42		42		—		—
Citigroup Inc	06/20/2018	KRW	4,382,382,883		4,077		4,051		26		—
Citigroup Inc	06/20/2018	MXN	7,345,000		388		383		5		—
Citigroup Inc	06/20/2018	NOK	33,621,997		4,297		4,276		22		(1	)
Citigroup Inc	06/20/2018	PHP	9,845,000		187		187		—		—
Citigroup Inc	06/20/2018	PLN	30,000		9		9		—		—
Citigroup Inc	06/20/2018	SEK	63,888,789		7,905		7,780		125		—
Citigroup Inc	06/20/2018	SGD	543,000		412		411		1		—
Citigroup Inc	06/20/2018	THB	8,559,000		273		274		—		(1	)
Citigroup Inc	06/20/2018	TRY	1,501,000		385		382		3		—
Citigroup Inc	06/20/2018	TWD	5,823,000		202		201		1		—
Citigroup Inc	06/20/2018	ZAR	255,000		21		21		—		—
Credit Suisse	03/20/2018	JPY	3,629,892,288		32,427		34,071		—		(1,644	)
Credit Suisse	03/28/2018	COP	3,330,000,000		1,170		1,162		8		—
Credit Suisse	03/29/2018	EUR	70,000		87		86		1		—
Deutsche Bank AG	03/07/2018	COP	338,970,000		119		118		1		—
Deutsche Bank AG	03/07/2018	PEN	965,000		295		295		—		—
Deutsche Bank AG	03/08/2018	EUR	2,530,000		3,152		3,088		64		—
Deutsche Bank AG	03/14/2018	CLP	57,650,000		96		97		—		(1	)
Deutsche Bank AG	03/16/2018	PEN	535,000		164		164		—		—
Deutsche Bank AG	03/22/2018	BRL	265,000		81		81		—		—
Deutsche Bank AG	03/22/2018	CNY	2,245,000		354		354		—		—
Deutsche Bank AG	03/22/2018	GBP	1,046,000		1,465		1,441		24		—
Deutsche Bank AG	03/22/2018	PHP	11,410,000		217		218		—		(1	)
Deutsche Bank AG	03/28/2018	EUR	412,000		509		504		5		—
HSBC Securities Inc	03/14/2018	CAD	170,000		135		133		2		—
HSBC Securities Inc	03/14/2018	MXN	2,360,000		126		125		1		—
HSBC Securities Inc	03/22/2018	BRL	21,300,000		6,567		6,547		20		—
HSBC Securities Inc	03/22/2018	CNH	64,000,000		10,060		10,101		—		(41	)
HSBC Securities Inc	03/22/2018	CZK	218,300,000		10,796		10,501		295		—
HSBC Securities Inc	03/22/2018	EUR	8,000,000		9,922		9,775		147		—
HSBC Securities Inc	03/22/2018	KRW	21,560,000,000		19,944		19,895		103		(54	)
HSBC Securities Inc	03/22/2018	MXN	125,000,000		6,572		6,610		—		(38	)
HSBC Securities Inc	03/22/2018	RUB	661,000,000		11,670		11,714		—		(44	)
HSBC Securities Inc	03/26/2018	EUR	14,625,010		17,997		17,875		122		—
HSBC Securities Inc	03/29/2018	ILS	385,000		111		111		—		—
JPMorgan Chase	03/21/2018	GBP	1,507,000		2,029		2,077		—		(48	)
See accompanying notes.			112


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Foreign Currency Contracts (continued)

											Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Date			Contracts to Deliver			In Exchange For			Fair Value		Asset		Liability
Merrill Lynch		03/12/2018			GBP	625,000	$	879		$	861	$	18	$		—
Merrill Lynch		03/02/2018			BRL	1,495,000		471			460		11			—
Merrill Lynch		03/20/2018			ARS	2,175,000		107			107		—			—
Merrill Lynch		03/28/2018			EUR	10,860,000		13,389			13,276		113			—
Merrill Lynch		03/28/2018			MXN	10,000,000		534			528		6			—
Merrill Lynch		04/03/2018			BRL	1,495,000		460			459		1			—
Morgan Stanley & Co		03/02/2018			BRL	9,320,000		2,936			2,870		66			—
Morgan Stanley & Co		03/07/2018			RUB	6,165,000		108			109		—			(1	)
Morgan Stanley & Co		03/07/2018			TWD	4,175,000		143			143		—			—
Morgan Stanley & Co		03/08/2018			PLN	28,925,000		8,560			8,453		107			—
Morgan Stanley & Co		03/12/2018			EUR	2,330,000		2,868			2,845		23			—
Morgan Stanley & Co		03/14/2018			BRL	350,000		108			108		—			—
Morgan Stanley & Co		03/14/2018			PLN	310,000		93			91		2			—
Morgan Stanley & Co		03/16/2018			CHF	330,000		354			350		4			—
Morgan Stanley & Co		03/16/2018			ILS	385,000		109			111		—			(2	)
Morgan Stanley & Co		03/16/2018			NOK	2,560,000		328			324		4			—
Morgan Stanley & Co		03/20/2018			GBP	200,000		282			276		6			—
Morgan Stanley & Co		03/20/2018			KRW	382,655,000		353			353		—			—
Morgan Stanley & Co		03/21/2018			EUR	10,672,000		12,621			13,039		—			(418	)
Morgan Stanley & Co		03/22/2018			KRW	116,300,000		108			107		1			—
Morgan Stanley & Co		03/22/2018			TRY	205,000		54			54		—			—
Morgan Stanley & Co		03/23/2018			TRY	100,000		26			26		—			—
Morgan Stanley & Co		03/28/2018			PEN	710,000		218			217		1			—
Morgan Stanley & Co		03/28/2018			ZAR	86,950,000		7,454			7,346		108			—
Morgan Stanley & Co		04/03/2018			BRL	9,320,000		2,865			2,861		4			—
UBS AG		03/05/2018			EUR	2,530,000		3,165			3,087		78			—
UBS AG		03/07/2018			CNY	1,885,000		298			298		—			—
UBS AG		03/07/2018			TRY	410,000		107			108		—			(1	)
UBS AG		03/16/2018			INR	5,225,000		80			80		—			—
Total											$		7,051	$		(19,589	)

Amounts in thousands except contracts.

Credit Default Swaps

Buy Protection
		Implied
		Credit
		Spread as of			(Pay)/								Unrealized
		February 28,			Receive Payment						Upfront		Appreciation/		Fair Value
Counterparty	Reference Entity	2018 (a)		Fixed Rate Frequency		Maturity Date		Notional Amount			Payments/(Receipts)		(Depreciation)		Asset	Liability
Barclays Capital	Mexico	1.05	%	(1.00)% Quarterly		12/20/2022	$	8,000	$		(4	) $	21	$	17	$ —
	Government
	International Bond,
	4.15%, 03/28/2027
Goldman Sachs &	Assured Guaranty	0.85	%	(5.00)% Quarterly		12/20/2021		6,000			(691	)	(206	)	—	(897	)
Co	Municipal Corp,
	5.00%, 06/20/2022
Goldman Sachs &	Gap Inc/The,	0.81	%	(1.00)% Quarterly		12/20/2021		3,000			239		(259	)	—	(20	)
Co	5.95%, 04/12/2021
Goldman Sachs &	Hertz Corp/The,	6.88	%	(5.00)% Quarterly		06/20/2022		3,000			415		(220	)	195	—
Co	5.88%, 10/15/2020
Goldman Sachs &	Hertz Corp/The,	4.36	%	(5.00)% Quarterly		06/20/2020		3,000			161		(202	)	—	(41	)
Co	5.88%, 10/15/2020
Goldman Sachs &	Hertz Corp/The,	4.94	%	(5.00)% Quarterly		12/20/2020		2,000			73		(76	)	—	(3	)
Co	5.88%, 10/15/2020
Goldman Sachs &	Hertz Corp/The,	2.96	%	(5.00)% Quarterly		06/20/2019		3,000			—		(78	)	—	(78	)
Co	5.88%, 10/15/2020
Goldman Sachs &	International Lease	0.64	%	(5.00)% Quarterly		12/20/2021		6,000			(804	)	(142	)	—	(946	)
Co	Finance Corp,
	8.25%, 12/15/2020
Goldman Sachs &	JC Penney Corp	6.84	%	(5.00)% Quarterly		12/20/2021		2,000			41		74		115	—
Co	Inc, 6.38%,
	10/15/2036
Goldman Sachs &	JC Penney Corp	7.80	%	(5.00)% Quarterly		12/20/2022		3,000			574		(270	)	304	—
Co	Inc, 6.38%,
	10/15/2036
Goldman Sachs &	Kohl's Corp, 4.00%,	0.70	%	(1.00)% Quarterly		12/20/2021		3,000			143		(176	)	—	(33	)
Co	11/01/2021
Goldman Sachs &	Macys, 3.45%,	1.76	%	(1.00)% Quarterly		12/20/2022		3,000			301		(201	)	100	—
Co	01/15/2021
Goldman Sachs &	Nordstrom Inc,	2.45	%	(1.00)% Quarterly		12/20/2021		3,000			61		91		152	—
Co	6.95%, 03/15/2028


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Credit Default Swaps (continued)

Buy Protection (continued)
		Implied
		Credit
		Spread as of		(Pay)/								Unrealized
		February 28,		Receive Payment					Upfront			Appreciation/			Fair Value
Counterparty	Reference Entity	2018	(a)	Fixed Rate Frequency	Maturity Date	Notional Amount			Payments/(Receipts)			(Depreciation)			Asset Liability
Goldman Sachs &	Staples Inc, 3.75%,	3.98	%	(1.00)% Quarterly	12/20/2021	$	4,000	$	199		$	207		$	406		$ —
Co	01/12/2018
JPMorgan Chase	Korea International	0.59	%	(1.00)% Quarterly	12/20/2022	EUR	950		(16	)		(7	)		—	(23	)
	Bond, 7.13%,
	04/16/2019
JPMorgan Chase	Mexico	1.05	%	(1.00)% Quarterly	12/20/2022	$	24,000		(32	)		84			52	—
	Government
	International Bond,
	4.15%, 03/28/2027
JPMorgan Chase	Teva	2.21	%	(1.00)% Quarterly	12/20/2022		100		11			(6	)		5	—
	Pharmaceutical
	Finance Co BV,
	3.65%, 11/10/2021
JPMorgan Chase	Teva	2.21	%	(1.00)% Quarterly	12/20/2022		170		18			(9	)		9	—
	Pharmaceutical
	Finance Co BV,
	3.65%, 11/10/2021
Merrill Lynch	CDX.EM.28	N/A		(1.00)% Quarterly	12/20/2022		3,419		138			(107	)		31	—
Merrill Lynch	Turkey Government	1.67	%	(1.00)% Quarterly	12/20/2022		1,400		66			(25	)		41	—
	International Bond,
	11.88%, 01/15/2030
Morgan Stanley &	ITX.ASIA.28.1	N/A		(1.00)% Quarterly	12/20/2022		1,995		(19	)		(9	)		—	(28	)
Co
Morgan Stanley &	Turkey Government	1.67	%	(1.00)% Quarterly	12/20/2022		1,525		53			(8	)		45	—
Co	International Bond,
	11.88%, 01/15/2030
Morgan Stanly & Co	Mexico	1.05	%	(1.00)% Quarterly	12/20/2022		2,750		7			(1	)		6	—
	Government
	International Bond,
	4.15%, 03/28/2027
Total							$		934		$	(1,525	)	$	1,478	$ (2,069)

Amounts in thousands.
Exchange Cleared Credit Default Swaps

Buy Protection
		Implied
		Credit
		Spread as of		(Pay)/								Unrealized
		February 28,		Receive Payment					Upfront			Appreciation/
Reference Entity		2018	(a)	Fixed Rate Frequency	Maturity Date	Notional Amount			Payments/(Receipts)			(Depreciation)			Fair Value
ITX.EX.28.5		N/A		(5.00)% Quarterly	12/20/2022	EUR	8,000	$	(1,071	)	$	66			$	(1,005	)
Total							$		(1,071	)	$	66			$	(1,005	)

Sell Protection
		Implied
		Credit
		Spread as of		(Pay)/								Unrealized
		February 28,		Receive Payment		Notional Amount			Upfront			Appreciation/
Reference Entity		2018	(a)	Fixed Rate Frequency	Maturity Date		(b)		Payments/(Receipts)			(Depreciation)			Fair Value (c)
ITX.28.15		N/A		5.00% Quarterly	12/20/2022	EUR	4,103	$	574		$	(58	)		$	516
ITX.29.15		N/A		5.00% Quarterly	12/20/2022	$	2,725		203			(19	)			184
Total							$		777		$	(77	)		$	700

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 $2,725 and 4,103 EUR.

Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)

Exchange Cleared Credit Default Swaps (continued)

(c) The market price and resulting market value for credit default swap agreements on an issuer 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.

Currency Swaps

Notional

Amount of

Fund

Payment

Currency

Upfront

Unrealized

Fair Value

Counterparty

Receives

Fund Pays

Frequency

Maturity Date

Received

Delivered

Payments/(Receipts)

Appreciation/(Depreciation)

Asset

Liability

Bank of America

3 Month

12.15%

Quarterly

05/08/2023

901

TRY 3,390

$—

—

LIBOR

Bank of America

3 Month

12.16%

Quarterly

05/02/2023

2,049

7,691

—

LIBOR

Bank of America

3 Month

12.15%

Quarterly

05/26/2023

1,596

6,066

—

LIBOR

Total

—

Amounts in thousands.

Interest Rate Swaps

(Pay)/

Receive

Floating Rate

Floating

Fixed

Payment

Maturity

Notional

Unrealized

Upfront

Fair Value

Counterparty

Index

Rate

Frequency

Date

Amount

Appreciation/(Depreciation)

Payments/(Receipts)

Asset

Liability

Bank of

CFETS China

Pay

3.97% Quarterly

02/23/2023

CNY

11,797

—

America NA

Fixing Repo

Rates 7 Day

Bank of

CFETS China

Pay

3.72% Quarterly

06/22/2022

11,886

)

—

)

America NA

Fixing Repo

Rates 7 Day

Bank of

CFETS China

Pay

3.98% Quarterly

03/24/2022

9,200

—

America NA

Fixing Repo

Rates 7 Day

Bank of

CFETS China

Pay

4.01% Quarterly

01/31/2023

8,690

—

America NA

Fixing Repo

Rates 7 Day

Bank of

CFETS China

Pay

3.77% Quarterly

09/18/2022

5,859

)

—

)

America NA

Fixing Repo

Rates 7 Day

Bank of

CFETS China

Pay

3.77% Quarterly

12/28/2021

16,222

)

—

)

America NA

Fixing Repo

Rates 7 Day

Bank of

CFETS China

Pay

4.01% Quarterly

11/01/2022

5,889

—

America NA

Fixing Repo

Rates 7 Day

Bank of

CFETS China

Pay

3.94% Quarterly

02/08/2022

11,972

—

America NA

Fixing Repo

Rates 7 Day

Bank of

CFETS China

Pay

4.00% Quarterly

11/16/2022

11,500

—

America NA

Fixing Repo

Rates 7 Day

Bank of

CFETS China

Pay

3.85% Quarterly

09/08/2022

8,370

)

—

)

America NA

Fixing Repo

Rates 7 Day

Bank of

FBIL -

Pay

6.05% Semiannual

06/29/2019

INR

587,016

(45

)

—

(45

)

America NA

Overnight

MIBOR

Bank of

FBIL -

Receive

6.19% Semiannual

06/29/2022

251,100

—

America NA

Overnight

MIBOR

Bank of

Sinacofi Chile

Receive

3.58% Semiannual

01/22/2023

CLP 1,481,440

)

—

)

America NA

Interbank Rate

Avg

Bank of

Sinacofi Chile

Receive

2.96% Semiannual

02/20/2020

3,019,500

)

—

)

America NA

Interbank Rate

Avg


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Interest Rate Swaps (continued)

	(Pay)/
	Receive
Floating Rate	Floating	Fixed		Payment		Maturity		Notional		Unrealized		Upfront			Fair Value
Counterparty Index	Rate	Rate		Frequency		Date		Amount		Appreciation/(Depreciation)		Payments/(Receipts)			Asset		Liability
Total								$		45	$	—		$	118	$	(73	)

Amounts in thousands.

Exchange Cleared Interest Rate Swaps

	(Pay)/
	Receive
	Floating	Fixed		Payment	Maturity		Notional			Unrealized		Upfront
Floating Rate Index	Rate	Rate		Frequency		Date		Amount		Appreciation/(Depreciation)		Payments/(Receipts)			Fair Value
3 Month LIBOR	Receive	2.23% Quarterly			04/03/2024		$	4,061	$	127	$	1		$			128
3 Month LIBOR	Pay	1.63%Semiannual			04/03/2019			13,537		(102	)	—					(102	)
3 Month LIBOR	Receive	2.02% Quarterly			01/23/2022			5,283		134		1					135
3 Month LIBOR	Receive	1.82% Quarterly			06/09/2022			5,524		203		1					204
3 Month LIBOR	Receive	2.45% Quarterly			02/08/2021			1,210		6		1					7
3 Month LIBOR	Receive	2.66% Quarterly			01/26/2028			463		8		1					9
3 Month LIBOR	Pay	2.00%Semiannual			01/31/2024			5,083		(218	)	1					(217	)
3 Month LIBOR	Pay	1.65%Semiannual			03/08/2019			15,120		(103	)	1					(102	)
3 Month LIBOR	Receive	2.02% Quarterly			02/07/2022			4,265		110		1					111
3 Month LIBOR	Receive	1.19% Quarterly			08/11/2021			6,434		318		1					319
3 Month LIBOR	Receive	2.12% Quarterly			03/08/2022			6,219		141		—					141
3 Month LIBOR	Pay	3.72%Semiannual			06/09/2047			519		(61	)	—					(61	)
3 Month LIBOR	Receive	2.19% Quarterly			06/30/2027			694		39		—					39
3 Month LIBOR	Receive	1.86% Quarterly			05/31/2022			5,719		179		—					179
3 Month LIBOR	Pay	1.53%Semiannual			05/17/2019			10,297		(102	)	—					(102	)
3 Month LIBOR	Pay	1.74%Semiannual			04/10/2020			9,180		(154	)	1					(153	)
3 Month LIBOR	Pay	1.60%Semiannual			03/30/2019			9,437		(72	)	—					(72	)
3 Month LIBOR	Pay	1.64%Semiannual			03/03/2019			17,740		(121	)	—					(121	)
3 Month LIBOR	Receive	2.00% Quarterly			04/11/2022			5,502		153		—					153
3 Month LIBOR	Pay	1.61%Semiannual			04/11/2019			13,401		(106	)	1					(105	)
3 Month LIBOR	Receive	2.09% Quarterly			03/03/2022			7,419		176		1					177
3 Month LIBOR	Receive	2.54% Quarterly			01/16/2028			385		11		—					11
3 Month LIBOR	Receive	2.57% Quarterly			02/01/2023			3,785		30		1					31
3 Month LIBOR	Pay	2.43%Semiannual			12/21/2027			6,250		(240	)	—					(240	)
3 Month LIBOR	Receive	2.71% Quarterly			02/09/2025			7,061		45		—					45
3 Month LIBOR	Receive	1.94% Quarterly			01/10/2022			2,111		60		—					60
3 Month LIBOR	Pay	1.74%Semiannual			07/05/2020			11,160		(216	)	1					(215	)
3 Month LIBOR	Pay	1.58%Semiannual			08/24/2019			15,366		(192	)	—					(192	)
3 Month LIBOR	Receive	2.55% Quarterly			05/18/2047			507		41		1					42
3 Month LIBOR	Receive	2.43% Quarterly			01/05/2028			32,190		1,247		—					1,247
3 Month LIBOR	Receive	1.92% Quarterly			01/11/2022			2,111		61		—					61
3 Month LIBOR	Pay	2.11%Semiannual			01/05/2020			162,480		(1,169	)	—					(1,169	)
3 Month LIBOR	Receive	2.04% Quarterly			01/31/2024			5,065		206		1					207
3 Month LIBOR	Receive	1.89% Quarterly			01/19/2022			2,111		63		—					63
3 Month LIBOR	Pay	1.76%Semiannual			04/07/2020			11,960		(193	)	—					(193	)
3 Month LIBOR	Receive	1.93% Quarterly			01/13/2022			4,225		122		—					122
3 Month LIBOR	Receive	2.21% Quarterly			03/15/2022			5,314		102		—					102
3 Month LIBOR	Pay	1.70%Semiannual			03/15/2019			12,902		(82	)	—					(82	)
3 Month SAFE South Africa	Pay	6.99% Quarterly			05/29/2020		ZAR	139,951		21		—					21
Johannesburg Interbank Agreed
Rate
6 Month BUBOR	Receive	0.43%Semiannual			08/10/2019		HUF	832,200		(14	)	1					(13	)
6 Month BUBOR	Receive	0.37%Semiannual			02/12/2020			986,421		(6	)	1					(5	)
6 Month BUBOR	Receive	1.12%Semiannual			07/17/2022			688,840		(11	)	(1	)				(12	)
6 Month BUBOR	Receive	0.29%Semiannual			10/10/2019			853,000		(5	)	—					(5	)
6 Month BUBOR	Receive	0.40%Semiannual			07/20/2019			1,357,420		(20	)	—					(20	)
6 Month PRIBOR	Receive	1.73%Semiannual			02/21/2023		CZK	31,718		(3	)	1					(2	)
6 Month PRIBOR	Receive	1.76%Semiannual			01/26/2023			33,575		(6	)	—					(6	)
6 Month WIBOR	Receive	2.55%Semiannual			03/10/2022		PLN	6,420		(8	)	(2	)				(10	)
6 Month WIBOR	Receive	2.37%Semiannual			04/26/2022			6,600		4		—					4
6 Month WIBOR	Receive	2.52%Semiannual			03/09/2022			7,210		(7	)	(2	)				(9	)
Brazil Cetip Interbank Deposit	Receive	6.95	%	Annual	07/02/2018		BRL	52,489		(21	)	—					(21	)
Brazil Cetip Interbank Deposit	Receive	8.30	%	Annual	07/02/2018			35,405		(92	)	3					(89	)
Brazil Cetip Interbank Deposit	Pay	9.35	%	Annual	01/04/2021			11,853		103		(3	)				100
Brazil Cetip Interbank Deposit	Receive	7.15	%	Annual	07/02/2018			29,295		(13	)	—					(13	)
Brazil Cetip Interbank Deposit	Pay	9.44	%	Annual	01/04/2021			9,927		84		(1	)				83
Brazil Cetip Interbank Deposit	Pay	8.74	%	Annual	01/04/2021			8,530		33		(1	)				32
Brazil Cetip Interbank Deposit	Receive	7.79	%	Annual	07/02/2018			29,377		(48	)	1					(47	)
Brazil Cetip Interbank Deposit	Receive	6.82	%	Annual	07/02/2018			33,693		(8	)	—					(8	)
Brazil Cetip Interbank Deposit	Receive	8.56	%	Annual	07/02/2018			21,780		(68	)	1					(67	)
Brazil Cetip Interbank Deposit	Pay	8.89	%	Annual	01/04/2021			9,553		49		(2	)				47


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Exchange Cleared Interest Rate Swaps (continued)

			(Pay)/
			Receive
			Floating		Fixed		Payment				Notional				Unrealized				Upfront
Floating Rate Index			Rate		Rate		Frequency		Maturity Date		Amount		Appreciation/(Depreciation)						Payments/(Receipts)				Fair Value
Brazil Cetip Interbank Deposit			Receive	6.84		%	Annual		07/02/2018	BRL	29,407	$			(7	)	$		(1	) $				(8	)
Brazil Cetip Interbank Deposit		Receive		7.85		%	Annual		07/02/2018		29,652				(51	)			1					(50	)
Brazil Cetip Interbank Deposit			Pay	9.25		%	Annual		01/04/2021		9,373				74				(2	)				72
Brazil Cetip Interbank Deposit		Receive		9.32		%	Annual		01/02/2019		18,343				(151	)			8			(143			)
Canada Bankers Acceptances 3		Receive		2.37% Quarterly					09/15/2027	CAD	9,200				140				(6	)				134
Month
Canada Bankers Acceptances 3		Receive		2.36% Quarterly					09/15/2027		9,200				143				(6	)				137
Month
Canada Bankers Acceptances 3			Pay	2.12%Semiannual					09/15/2021		22,700				(137	)			4			(133			)
Month
Canada Bankers Acceptances 3			Pay	2.10%Semiannual					09/14/2021		9,500				(63	)			2					(61	)
Month
Canada Bankers Acceptances 3		Receive		2.35% Quarterly					09/14/2027		3,900				63				(3	)				60
Month
Canada Bankers Acceptances 3			Pay	2.07%Semiannual					09/19/2021		17,570				(129	)			4			(125			)
Month
Canada Bankers Acceptances 3		Receive		2.36% Quarterly					09/19/2027		7,180				111				(5	)				106
Month
Canada Bankers Acceptances 3			Pay	2.12%Semiannual					09/18/2021		22,700				(135	)			4			(131			)
Month
Canada Bankers Acceptances 3			Pay	2.11%Semiannual					09/15/2021		22,700				(140	)			4			(136			)
Month
Canada Bankers Acceptances 3		Receive		2.39% Quarterly					09/18/2027		9,200				127				(6	)				121
Month
Euribor 6 Month		Receive		0.05%Semiannual					01/05/2021	EUR	10,700				3				—					3
Euribor 6 Month		Receive		(0.12)%Semiannual					05/10/2019		3,000				(5	)			—					(5	)
Euribor 6 Month		Receive		(0.12)%Semiannual					05/10/2019		2,812				(4	)			(1	)				(5	)
Euribor 6 Month		Receive		0.00%Semiannual					01/05/2021		1,702				3				—					3
ICE LIBOR JPY 6 Month		Receive		0.50%Semiannual					02/01/2037	JPY	556,500				174				19					193
MXN TIIE Banxico			Pay	7.85		%	28 days		01/07/2028	MXN	16,985				(5	)			—					(5	)
MXN TIIE Banxico			Pay	7.83		%	28 days		12/27/2027		20,935				(7	)			—					(7	)
US Federal Funds Effective		Receive		2.22		%	Annual		03/31/2020	$	11,279				8				1					9
Rate (continuous series)
US Federal Funds Effective		Receive		2.22		%	Annual		03/31/2020		11,771				10				1					11
Rate (continuous series)
US Federal Funds Effective		Receive		1.68		%	Annual		03/31/2019		14,206				32				—					32
Rate (continuous series)
US Federal Funds Effective		Receive		2.21		%	Annual		03/31/2020		23,095				22				—					22
Rate (continuous series)
Total											$				491		$		30	$				521

Amounts in thousands.

Total Return Swaps

																						Value and
																						Unrealized
								Pay/Receive														Appreciation/
	Reference							Positive			Payment		Expiration		Notional				Upfront			(Depreciation)
Counterparty	Entity		Contracts					Return	Financing Rate		Frequency		Date		Amount				Payments/(Receipts)			Asset		Liability
Citigroup Inc	ishares JPM			145,600				Receive	1.50%		Quarterly		05/21/2018	$			16,125	$	—		$	27	$	—
	USD EM Bond
	UCITS ETF
HSBC Securities	Egypt Treasury			54,500,000				Receive	3 month LIBOR		Quarterly		04/17/2018				2,823		—			73		—
Inc	Bills, 0.00%,								plus 1.10%
	07/10/2018
HSBC Securities	Egypt Treasury		250,075,000					Receive	3 month LIBOR		Quarterly		05/29/2018				13,052		—			32		—
Inc	Bills, 0.00%,								plus 1.10%
	08/21/2018
HSBC Securities	Nigerian OMO		2,518,000,000					Receive	3 month LIBOR		Quarterly		05/03/2018				6,666		—			30		—
Inc	Bill, 0.00%,								plus 1.10%
	06/07/2018
Morgan Stanley &	MSCI Emerging				98			Receive	1 month US		Monthly		03/21/2018				144		—			4		—
Co	Markets								Libor plus .70%
	Thailand Net
	Total Return
	USD Index
Morgan Stanley &	MSCI Emerging				83			Receive	1 month US		Monthly		03/21/2018				121		—			4		—
Co	Markets								Libor plus .70%
	Thailand Net
	Total Return
	USD Index

Consolidated Schedule of Investments

Global Multi-Strategy Fund

February 28, 2018 (unaudited)

Total Return Swaps (continued)

Value and

Unrealized

Pay/Receive

Appreciation/

Reference

Positive

Payment

Expiration

Notional

Upfront

(Depreciation)

Counterparty

Entity

Contracts

Return

Financing Rate

Frequency

Date

Amount

Payments/(Receipts)

Asset

Liability

Morgan Stanley &

MSCI Japan Net

195,197

Receive

ICE LIBOR JPY

Monthly

03/21/2018

388,313

—

Return JPY

1 Month plus

Index

.20

Morgan Stanley &

MSCI Japan Net

31,620

Receive

ICE LIBOR JPY

Monthly

03/21/2018

62,903

—

Return JPY

1 Month minus

Index

.05

Morgan Stanley &

MSCI Mexico

247

Pay

MXN TIIE

Monthly

03/21/2018

MXN

252

—

Net Return

Banxico plus

MXN Index

.25

Morgan Stanley &

MSCI

1,053

Pay

Euribor 1 Month

Monthly

03/21/2018

EUR

237

—

Netherlands Net

plus .02%

Return EUR

Index

Morgan Stanley &

MSCI

Receive

SIBOR 1 Month

Monthly

03/21/2018

SGD

132

—

Singapore Net

plus .10%

Return SGD

Index

Morgan Stanley &

MSCI

Receive

SIBOR 1 Month

Monthly

03/21/2018

163

—

)

Singapore Net

plus .10%

Return SGD

Index

Morgan Stanley &

MSCI

Receive

SIBOR 1 Month

Monthly

03/21/2018

217

—

)

Singapore Net

plus .10%

Return SGD

Index

Morgan Stanley &

MSCI South

27,671

Pay

SAFE South

Monthly

03/21/2018

ZAR

28,811

—

Africa Net

Africa

Return ZAR

Johannesburg

Index

Interbank Agreed

Rate 1 Month

plus .18%

Morgan Stanley &

MSCI

796

Pay

ICE LIBOR CHF

Monthly

03/21/2018

CHF

2,051

—

Switzerland Net

1 Month minus

Return CHF

.75

Index

Morgan Stanley & MSCI Turkey

Receive

1 Month

Monthly

03/21/2018

TRY

125

—

Net Return TRY

TRLIBOR plus

Index

.30

Total

—

228

)

Amounts in thousands except contracts

Total Return Equity Basket Swaps

Value and Unrealized

Payment

Expiration

Notional

Upfront

Appreciation/(Depreciation)

Counterparty

Fund Pays

Fund Receives

Frequency

Date

Amount

Payments/(Receipts)

Asset

Liability

Bank of America

Floating rate based

Total return on a

Monthly

12/27/2018

3,384

—

on 1 month Euribor

custom basket of

plus/less spread

long and short

securities traded in

EUR

Deutsche Bank AG

Floating rate based

Total return on a

Monthly

03/20/2018-

8,462

—

779

—

on 1 month LIBOR

custom basket of

04/19/2018

plus/less spread

long and short

securities traded in

KRW

Deutsche Bank AG

Floating rate based

Total return on a

Monthly

03/24/2018

1,933

—

104

—

on the 1 month South

custom basket of

Africa Johannesburg

long and short

Interbank Agreed

securities traded in

Rate plus/less spread

ZAR

Deutsche Bank AG

Floating rate based

Total return on a

Monthly

01/20/2022

822

—

(41

)

on the Poland

custom basket of

Warsaw Interbank

long and short

Offer/Bid Spot Week

securities traded in

Rate plus/less spread

PLN

Consolidated Schedule of Investments

Global Multi-Strategy Fund

February 28, 2018 (unaudited)

Total Return Equity Basket Swaps (continued)

Value and Unrealized

Payment

Expiration

Notional

Upfront

Appreciation/(Depreciation)

Counterparty

Fund Pays

Fund Receives

Frequency

Date

Amount

Payments/(Receipts)

Asset

Liability

Deutsche Bank AG Floating rate based

Total return on a

Monthly

03/22/2018

283

—

on 1 month LIBOR

custom basket of

plus/less spread

long and short

securities traded in

MYR

Deutsche Bank AG Floating rate based

Total return on a

Monthly

03/22/2018

365

—

on 1 week LIBOR

custom basket of

plus/less spread

long and short

securities traded in

IDR

Deutsche Bank AG Floating rate based

Total return on a

Monthly

03/21/2018

1,877

—

(48

)

on 1 month LIBOR

custom basket of

plus/less spread

long and short

securities traded in

TWD

Deutsche Bank AG Floating rate based

Total return on a

Monthly

03/18/2021

1,842

—

on 1 month LIBOR

custom basket of

plus/less spread

long and short

securities traded in

USD

Deutsche Bank AG Floating rate based

Total return on a

Monthly

06/15/2022

—

on 1 month LIBOR

custom basket of

plus/less spread

long and short

securities traded in

CLP

Deutsche Bank AG Floating rate based

Total return on a

Monthly

03/20/2018

881

—

on 28 day Mexico

custom basket of

Interbank TIIE Rate

long and short

plus/less spread

securities traded in

MXN

Deutsche Bank AG Floating rate based

Total return on a

Monthly

03/22/2018

2,115

—

273

—

on 1 month LIBOR

custom basket of

plus/less spread

long and short

securities traded in

BRL

Deutsche Bank AG Floating rate based

Total return on a

Monthly

05/21/2018-

24,505

—

921

—

on 1 week LIBOR

custom basket of

01/21/2019

plus/less spread

long and short

securities traded in

GBP

Deutsche Bank AG Floating rate based

Total return on a

Monthly

01/19/2022

9,546

—

565

—

on 1 week HIBOR

custom basket of

plus/less spread

long and short

securities traded in

HKD

Deutsche Bank AG Floating rate based

Total return on a

Monthly

05/23/2022

1,284

—

(38

)

on the Overnight

custom basket of

RBA Cash Rate

long and short

plus/less spread

securities traded in

AUD

Deutsche Bank AG Floating rate based

Total return on a

Monthly

08/19/2022

9,868

—

161

—

on 1 week EUR

custom basket of

LIBOR plus/less

long and short

spread

securities traded in

EUR

Morgan Stanley Floating rate based

Total return on a

Monthly

11/28/2019

5,697

—

on 1 month LIBOR

custom basket of

plus/less spread

long and short

securities traded in

JPY

Morgan Stanley & Floating rate based

Total return on a

Monthly

02/21/2019

595

—

on 1 month LIBOR

custom basket of

plus/less spread

long and short

securities traded in

HKD

Morgan Stanley & Floating rate based

Total return on a

Monthly

09/16/2019

298,396

—

420

—

Co^(a)

on the Federal Funds

custom basket of

Rate plus/less spread

long and short

securities traded in

USD

Consolidated Schedule of Investments

Global Multi-Strategy Fund

February 28, 2018 (unaudited)

Total Return Equity Basket Swaps (continued)

Value and Unrealized

Payment

Expiration

Notional

Upfront

Appreciation/(Depreciation)

Counterparty

Fund Pays

Fund Receives

Frequency

Date

Amount

Payments/(Receipts)

Asset

Liability

Morgan Stanley & Floating rate based

Total return on a

Monthly

10/09/2018

5,203

—

806

—

on 1 day SONIA

custom basket of

plus/less spread

long and short

securities traded in

GBP

Morgan Stanley & Floating rate based

Total return on a

Monthly

12/17/2018

2,962

—

315

—

on 1 week LIBOR

custom basket of

plus/less spread

long and short

securities traded in

SEK

Morgan Stanley & Floating rate based

Total return on a

Monthly

02/21/2019

2,519

—

on the Federal Funds

custom basket of

Rate plus/less spread

long and short

securities traded in

GBP

Morgan Stanley & Floating rate based

Total return on a

Monthly

02/21/2019

—

(366

)

on the Federal Funds

custom basket of

Rate plus/less spread

long and short

securities traded in

CAD

Morgan Stanley & Floating rate based

Total return on a

Monthly

10/09/2019

2,663

—

190

—

on 1 month Euribor

custom basket of

plus/less spread

long and short

securities traded in

EUR

Morgan Stanley & Floating rate based

Total return on a

Monthly

08/22/2018-

79,283

—

1,894

—

Co^(b)

on 1 month LIBOR

custom basket of

10/11/2018

plus/less spread

long and short

securities traded in

USD

Morgan Stanley & Floating rate based

Total return on a

Monthly

12/17/2018

1,350

—

(17

)

on 1 week LIBOR

custom basket of

plus/less spread

long and short

securities traded in

NOK

Morgan Stanley & Floating rate based

Total return on a

Monthly

03/05/2018

5,708

—

342

—

on 1 day TOIS

custom basket of

long and short

securities traded in

CHF

Morgan Stanley & Floating rate based

Total return on a

Monthly

10/23/2018

513

—

(20

)

on 1 day RBACR

custom basket of

plus/less spread

long and short

securities traded in

AUD

Morgan Stanley & Floating rate based

Total return on a

Monthly

02/21/2019

119,305

—

(1,468

)

Co^(c)

on the Federal Funds

custom basket of

Rate plus/less spread

long and short

securities traded in

USD

Morgan Stanley & Floating rate based

Total return on a

Monthly

12/17/2018

3,483

—

on 1 week LIBOR

custom basket of

plus/less spread

long and short

securities traded in

DKK

Morgan Stanley & Floating rate based

Total return on a

Monthly

08/23/2018

52,644

—

303

—

Co^(d)

on the Bank of Japan

custom basket of

Estimate Unsecured

long and short

Overnight Call Rate

securities traded in

plus/less spread

JPY

Morgan Stanley & Floating rate based

Total return on a

Monthly

12/17/2018

24,916

—

939

—

on 1 day EONIA

custom basket of

plus/less spread

long and short

securities traded in

EUR

Total

672,406

—

8,471

(1,998

)

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

The Fund pays a floating rate based on the reference rate plus/less a spread. The spread is negotiated at the security level and is usually similar within a region but may vary depending on how difficult it is to borrow the security.

Notional Amount represents the total absolute value of the underlying securities.


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)



(a)

Top Underlying Securities
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Exelon Corp	73,316	$	2,716		0.91	%
TransDigm Group Inc	(8,614	)	(2,484	)	(0.83	)%
Fastenal Co	(29,985	)	(1,641	)	(0.55	)%
Wabtec Corp/DE	(19,382	)	(1,577	)	(0.53	)%
Humana Inc	5,724		1,556		0.52	%
Copart Inc	(32,547	)	(1,524	)	(0.51	)%
American Electric Power Co Inc	23,204		1,522		0.51	%
Square Inc	(33,018	)	(1,520	)	(0.51	)%
Gilead Sciences Inc	18,917		1,489		0.50	%
LyondellBasell Industries NV	13,418		1,452		0.49	%
Alcoa Corp	31,219		1,404		0.47	%
Cigna Corp	7,143		1,399		0.47	%
Hess Corp	(30,697	)	(1,394	)	(0.47	)%
WellCare Health Plans Inc	7,018		1,361		0.46	%
Envision Healthcare Corp	(34,994	)	(1,347	)	(0.45	)%
Anthem Inc	5,560		1,309		0.44	%
Huntington Ingalls Industries Inc	4,934		1,293		0.43	%
Cheniere Energy Inc	(24,599	)	(1,292	)	(0.43	)%
Zillow Group Inc - C Shares	(26,442	)	(1,260	)	(0.42	)%
Sensata Technologies Holding NV	(23,755	)	(1,256	)	(0.42	)%
Centene Corp	12,168		1,234		0.41	%
Lockheed Martin Corp	3,421		1,206		0.40	%
Coty Inc	(61,833	)	(1,195	)	(0.40	)%
Aflac Inc	13,296		1,182		0.40	%
Western Digital Corp	13,563		1,181		0.40	%
Raytheon Co	5,335		1,160		0.39	%
Henry Schein Inc	(17,105	)	(1,132	)	(0.38	)%
HEICO Corp	(13,088	)	(1,120	)	(0.38	)%
Atlassian Corp PLC	(20,571	)	(1,117	)	(0.37	)%
Ultimate Software Group Inc/The	(4,654	)	(1,110	)	(0.37	)%
Workday Inc	(8,607	)	(1,090	)	(0.37	)%
Spirit AeroSystems Holdings Inc	11,352		1,036		0.35	%
First Solar Inc	16,441		1,033		0.35	%
Guidewire Software Inc	(12,773	)	(1,026	)	(0.34	)%
Norfolk Southern Corp	7,361		1,024		0.34	%
Walmart Inc	11,372		1,024		0.34	%
BioMarin Pharmaceutical Inc	(12,509	)	(1,015	)	(0.34	)%
Best Buy Co Inc	13,981		1,013		0.34	%
Aon PLC	(7,184	)	(1,008	)	(0.34	)%
MarketAxess Holdings Inc	(4,976	)	(1,007	)	(0.34	)%
Microchip Technology Inc	(11,297	)	(1,005	)	(0.34	)%
Huntsman Corp	30,248		976		0.33	%
Primerica Inc	(9,583	)	(934	)	(0.31	)%
Allergan PLC	(6,049	)	(933	)	(0.31	)%
Ball Corp	(22,938	)	(916	)	(0.31	)%
Southern Co/The	(21,279	)	(916	)	(0.31	)%
Entergy Corp	11,896		902		0.30	%
Domino's Pizza Inc	(4,015	)	(893	)	(0.30	)%
PPL Corp	(31,066	)	(890	)	(0.30	)%
Reinsurance Group of America Inc	5,785		890		0.30	%
(b)

Top Underlying Securities
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
NXP Semiconductors NV	129,554	$	16,150		20.37	%
Alibaba Group Holding Ltd	(45,614	)	(8,491	)	(10.71	)%
Walt Disney Co/The	(65,333	)	(6,740	)	(8.50	)%
Time Warner Inc	71,746		6,670		8.41	%
Altaba Inc	88,063		6,592		8.31	%
iShares iBoxx $ High Yield Corporate Bond ETF	(45,758	)	(3,943	)	(4.97	)%
CVS Health Corp	(52,965	)	(3,587	)	(4.52	)%
KKR & Co LP	153,311		3,290		4.15	%
United Technologies Corp	(21,525	)	(2,900	)	(3.66	)%
Ashland Global Holdings Inc	39,679		2,810		3.54	%
Transocean Ltd	(296,158	)	(2,698	)	(3.40	)%
VanEck Vectors Semiconductor ETF	(21,367	)	(2,276	)	(2.87	)%
iShares U.S. Real Estate ETF	(29,601	)	(2,171	)	(2.74	)%
VMware Inc	(12,476	)	(1,644	)	(2.07	)%
Blackstone Group LP/The	44,456		1,512		1.91	%
Simon Property Group Inc	(9,021	)	(1,385	)	(1.75	)%
AT&T Inc	(35,873	)	(1,302	)	(1.64	)%
Worldpay Inc	13,190		1,072		1.35	%
Discovery Communications Inc - C Shares	(46,400	)	(1,066	)	(1.34	)%
Sinclair Broadcast Group Inc	(26,256	)	(887	)	(1.12	)%
VanEck Vectors Oil Services ETF	(27,260	)	(647	)	(0.82	)%
Marriott Vacations Worldwide Corp	(4,002	)	(562	)	(0.71	)%
Ares Management LP	11,794		288		0.36	%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)




(c)

Top Underlying Securities
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Antero Resources Corp	(11,642	) $	(219	)	(0.28	)%
Cabot Oil & Gas Corp	(8,215	)	(198	)	(0.25	)%
Range Resources Corp	(13,723	)	(182	)	(0.23	)%
Blackstone Group LP/The	57,237		1,946		1.63	%
West Pharmaceutical Services Inc	(14,943	)	(1,303	)	(1.09	)%
CBOE Holdings Inc	(11,629	)	(1,303	)	(1.09	)%
VelocityShares 3x Long Natural Gas ETN	(23,000	)	(1,293	)	(1.08	)%
Starwood Property Trust Inc	(63,372	)	(1,283	)	(1.08	)%
MercadoLibre Inc	(3,305	)	(1,282	)	(1.07	)%
Tyler Technologies Inc	(6,286	)	(1,277	)	(1.07	)%
Kilroy Realty Corp	(18,742	)	(1,276	)	(1.07	)%
FactSet Research Systems Inc	(6,260	)	(1,272	)	(1.07	)%
Cognex Corp	(23,637	)	(1,270	)	(1.06	)%
Alexandria Real Estate Equities Inc	(10,457	)	(1,269	)	(1.06	)%
Digital Realty Trust Inc	(12,598	)	(1,268	)	(1.06	)%
Macerich Co/The	(21,503	)	(1,267	)	(1.06	)%
KKR & Co LP	(59,056	)	(1,267	)	(1.06	)%
Vulcan Materials Co	(10,727	)	(1,263	)	(1.06	)%
Visa Inc	(10,271	)	(1,263	)	(1.06	)%
Genuine Parts Co	(13,725	)	(1,260	)	(1.06	)%
Phillips 66 Partners LP	(25,645	)	(1,260	)	(1.06	)%
Agios Pharmaceuticals Inc	(15,671	)	(1,260	)	(1.06	)%
PerkinElmer Inc	(16,495	)	(1,259	)	(1.06	)%
AvalonBay Communities Inc	(8,070	)	(1,259	)	(1.05	)%
Workday Inc	(9,935	)	(1,258	)	(1.05	)%
CH Robinson Worldwide Inc	(13,477	)	(1,258	)	(1.05	)%
Harley-Davidson Inc	(27,723	)	(1,258	)	(1.05	)%
IAC/InterActiveCorp	(8,443	)	(1,257	)	(1.05	)%
Medical Properties Trust Inc	(102,457	)	(1,256	)	(1.05	)%
Blackbaud Inc	(12,247	)	(1,256	)	(1.05	)%
NiSource Inc	(54,284	)	(1,256	)	(1.05	)%
Martin Marietta Materials Inc	(6,145	)	(1,253	)	(1.05	)%
Symantec Corp	(47,652	)	(1,253	)	(1.05	)%
TransDigm Group Inc	(4,342	)	(1,252	)	(1.05	)%
Kirby Corp	(16,666	)	(1,250	)	(1.05	)%
Microchip Technology Inc	(14,053	)	(1,250	)	(1.05	)%
Wabtec Corp/DE	(15,358	)	(1,249	)	(1.05	)%
Franklin Resources Inc	(32,284	)	(1,248	)	(1.05	)%
TripAdvisor Inc	(31,132	)	(1,248	)	(1.05	)%
Dunkin' Brands Group Inc	(20,822	)	(1,247	)	(1.04	)%
Monolithic Power Systems Inc	(10,648	)	(1,246	)	(1.04	)%
Hologic Inc	(32,098	)	(1,246	)	(1.04	)%
Aqua America Inc	(36,426	)	(1,245	)	(1.04	)%
United Parcel Service Inc	(11,925	)	(1,245	)	(1.04	)%
Incyte Corp	(14,614	)	(1,245	)	(1.04	)%
Leggett & Platt Inc	(28,632	)	(1,244	)	(1.04	)%
AO Smith Corp	(19,382	)	(1,244	)	(1.04	)%
Trinity Industries Inc	(38,079	)	(1,243	)	(1.04	)%
Goldman Sachs Group Inc/The	(4,723	)	(1,242	)	(1.04	)%
BOK Financial Corp	(13,145	)	(1,242	)	(1.04	)%
Pinnacle Financial Partners Inc	(19,225	)	(1,241	)	(1.04	)%
Invesco Ltd	(38,125	)	(1,241	)	(1.04	)%
National Oilwell Varco Inc	(35,352	)	(1,241	)	(1.04	)%
Guidewire Software Inc	(15,443	)	(1,240	)	(1.04	)%
Charles Schwab Corp/The	(23,379	)	(1,240	)	(1.04	)%
MasTec Inc	(24,328	)	(1,239	)	(1.04	)%
Analog Devices Inc	(13,731	)	(1,238	)	(1.04	)%
WPX Energy Inc	(87,476	)	(1,236	)	(1.04	)%
Hanesbrands Inc	(63,655	)	(1,235	)	(1.03	)%
Prosperity Bancshares Inc	(16,454	)	(1,234	)	(1.03	)%
CenturyLink Inc	(69,686	)	(1,231	)	(1.03	)%
Sterling Bancorp/DE	(52,755	)	(1,227	)	(1.03	)%
FNB Corp/PA	(87,357	)	(1,225	)	(1.03	)%
CBS Corp	(23,068	)	(1,222	)	(1.02	)%
Hess Corp	(26,886	)	(1,221	)	(1.02	)%
Flowserve Corp	(28,767	)	(1,218	)	(1.02	)%
Advanced Micro Devices Inc	(99,944	)	(1,210	)	(1.01	)%
Eaton Vance Corp	(22,846	)	(1,209	)	(1.01	)%
FMC Corp	(15,291	)	(1,200	)	(1.01	)%
Discovery Communications Inc	(48,961	)	(1,191	)	(1.00	)%


(d)

Top Underlying Securities
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Hitachi Ltd	155,000	$	1,188		2.26	%
Murata Manufacturing Co Ltd	(6,300	)	(885	)	(1.68	)%
Alps Electric Co Ltd	(31,500	)	(872	)	(1.66	)%
Calbee Inc	(25,400	)	(852	)	(1.62	)%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)





Top Underlying Securities (continued)
Description				Shares		Notional Amount		% of Total Absolute Notional Amount
Taisei Corp				16,300		833						1.58	%
Ricoh Co Ltd				(74,700	)	(809	)					(1.54	)%
FamilyMart UNY Holdings Co Ltd				(10,500	)	(796	)					(1.51	)%
Kajima Corp				81,000		776						1.47	%
NGK Spark Plug Co Ltd				(30,200	)	(773	)					(1.47	)%
Nexon Co Ltd				17,900		651						1.24	%
Nidec Corp				(3,600	)	(582	)					(1.11	)%
Shimano Inc				(4,000	)	(580	)					(1.10	)%
Sony Financial Holdings Inc				(30,500	)	(572	)					(1.09	)%
Nippon Paint Holdings Co Ltd				(15,500	)	(568	)					(1.08	)%
DeNA Co Ltd				(31,000	)	(568	)					(1.08	)%
Square Enix Holdings Co Ltd				12,500		537						1.02	%
Kansai Paint Co Ltd				(21,200	)	(536	)					(1.02	)%
Kirin Holdings Co Ltd				20,500		534						1.01	%
Haseko Corp				35,800		529						1.01	%
Konami Holdings Corp				9,900		524						1.00	%
Kakaku.com Inc				(30,536	)	(521	)					(0.99	)%
Casio Computer Co Ltd				(34,600	)	(515	)					(0.98	)%
Nintendo Co Ltd				(1,100	)	(506	)					(0.96	)%
Obayashi Corp				44,000		501						0.95	%
Yamato Holdings Co Ltd				(18,200	)	(457	)					(0.87	)%
Aozora Bank Ltd				11,000		453						0.86	%
Chugoku Electric Power Co Inc/The				(37,100	)	(435	)					(0.83	)%
Kamigumi Co Ltd				19,500		429						0.81	%
Hitachi High-Technologies Corp				8,300		408						0.78	%
Asics Corp				(25,319	)	(406	)					(0.77	)%
CyberAgent Inc				(9,300	)	(403	)					(0.77	)%
Lion Corp				20,900		395						0.75	%
Kikkoman Corp				(9,600	)	(383	)					(0.73	)%
Yamada Denki Co Ltd				(59,930	)	(380	)					(0.72	)%
Hokuriku Electric Power Co				(48,300	)	(377	)					(0.72	)%
M3 Inc				(9,600	)	(376	)					(0.71	)%
Bank of Kyoto Ltd/The				(6,700	)	(375	)					(0.71	)%
Marui Group Co Ltd				(19,200	)	(371	)					(0.70	)%
Acom Co Ltd				(80,650	)	(367	)					(0.70	)%
Sumitomo Metal Mining Co Ltd				(7,700	)	(363	)					(0.69	)%
Japan Airlines Co Ltd				9,200		353						0.67	%
Resona Holdings Inc				61,400		352						0.67	%
Tosoh Corp				16,500		348						0.66	%
Kyocera Corp				5,800		345						0.66	%
Mitsubishi Gas Chemical Co Inc				13,600		342						0.65	%
Pola Orbis Holdings Inc				7,800		330						0.63	%
AEON Financial Service Co Ltd				(13,800	)	(324	)					(0.61	)%
Idemitsu Kosan Co Ltd				8,200		317						0.60	%
Kyowa Hakko Kirin Co Ltd				14,800		315						0.60	%
Yaskawa Electric Corp				(6,700	)	(315	)					(0.60	)%


Synthetic Futures

				Notional		Upfront		Unrealized		Fair Value
Counterparty	Reference Entity	Expiration Date		Amount		Payments/(Receipts)		Appreciation/(Depreciation)		Asset		Liability
Bank of America NA BIST 30 Index Future; April 2018		05/01/2018	$	119	$	— $		2	$	2	$	—
Bank of America NA	Canada 10 Year Bond Future; June	06/21/2018		(5,439	)	—		(43	)	—		(43	)
	2018
Bank of America NA	Euro Bund 10 Year Bund Future;	06/08/2018		9,372		—		(2	)	—		(2	)
	June 2018
Bank of America NA	Euro Buxl 30 Year Bond Future; June	06/08/2018		(586	)	—		—		—		—
	2018
Bank of America NA	Euro-Bobl 5 Year Future; June 2018	06/08/2018		(8,263	)	—		(3	)	—		(3	)
Bank of America NA Euro-OAT Future; June 2018		06/08/2018		(370	)	—		—		—		—
Bank of America NA	Euro-Schatz 2 Year Future; June	06/08/2018		(1,773	)	—		(1	)	—		(1	)
	2018
Bank of America NA	HSCEI China Index Future; March	03/29/2018		1,026		—		(27	)	—		(27	)
	2018
Bank of America NA	Japan 10 Year Bond TSE Future;	03/14/2018		(31,121	)	—		6		6		—
	March 2018
Bank of America NA	MSCI Taiwan Index Future; March	03/30/2018		279		—		1		1		—
	2018
Bank of America NA Nordic Exchange Stockholm Index		03/19/2018		19		—		1		1		—
	Future; March 2018
Bank of America NA	Taiwan TAIEX Index Future; March	03/22/2018		1,330		—		20		20		—
	2018
Bank of America NA	Tel Aviv 25 Index Future; March	03/29/2018		302		—		(2	)	—		(2	)
	2018
Bank of America NA	UK 10 Year Gilt Future; June 2018	06/28/2018		(25,671	)	—		(80	)	—		(80	)
Bank of America NA	US 10 Year Note Future; June 2018	06/21/2018		6,843		—		9		9		—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Synthetic Futures (continued)

				Notional		Upfront		Unrealized			Fair Value
Counterparty	Reference Entity	Expiration Date		Amount		Payments/(Receipts)		Appreciation/(Depreciation)			Asset		Liability
Bank of America NA	US 2 Year Note Future; June 2018	07/02/2018	$	(26,984	) $	—	$	(2	)	$	— $		(2	)
Bank of America NA	US 5 Year Note Future; June 2018	07/02/2018		(9,342	)	—		(1	)		—		(1	)
Bank of America NA	US Long Bond Future; June 2018	06/21/2018		(1,865	)	—		(8	)		—		(8	)
Bank of America NA	US Ultra Bond Future; June 2018	06/21/2018		(935	)	—		(10	)		—		(10	)
Citigroup Inc^(a)	Brent Crude Future; May 2018	03/30/2018		4,272		—		(31	)		—		(31	)
Citigroup Inc^(a)	Cocoa Future; May 2018	05/16/2018		(109	)	—		(13	)		—		(13	)
Citigroup Inc^(a)	Cocoa Future;May 2018	05/16/2018		(22	)	—		(2	)		—		(2	)
Citigroup Inc^(a)	Coffee 'C' Future; May 2018	05/21/2018		(366	)	—		9			9		—
Citigroup Inc^(a)	Copper Future; May 2018	05/30/2018		548		—		(22	)		—		(22	)
Citigroup Inc^(a)	Corn Future; May 2018	05/15/2018		(554	)	—		(11	)		—		(11	)
Citigroup Inc^(a)	Cotton No.2 Future; May 2018	05/09/2018		249		—		16			16		—
Citigroup Inc^(a)	Gasoline RBOB Future; April 2018	03/30/2018		566		—		(9	)		—		(9	)
Citigroup Inc^(a)	LME Copper Future; June 2018	06/19/2018		(868	)	—		14			14		—
Citigroup Inc^(a)	LME Nickel Future; June 2018	06/19/2018		166		—		4			4		—
Citigroup Inc^(a)	LME PRI Alum Future; June 2018	06/19/2018		213		—		(5	)		—		(5	)
Citigroup Inc^(a)	LME Zinc Future; June 2018	06/19/2018		345		—		(2	)		—		(2	)
Citigroup Inc^(a)	Low Sulphur Gasoline Future; April	04/13/2018		1,563		—		(3	)		—		(3	)
	2018
Citigroup Inc^(a)	Natural Gas Future; April 2018	03/28/2018		(267	)	—		(2	)		—		(2	)
Citigroup Inc^(a)	NY Harb ULSD Future; April 2018	03/30/2018		320		—		(4	)		—		(4	)
Citigroup Inc^(a)	Platinum Future; April 2018	04/27/2018		198		—		(5	)		—		(5	)
Citigroup Inc^(a)	Silver Future; May 2018	05/30/2018		(738	)	—		17			17		—
Citigroup Inc^(a)	Soybean Future; May 2018	05/15/2018		(633	)	—		(20	)		—		(20	)
Citigroup Inc^(a)	Soybean Oil Future; May 2018	05/15/2018		(213	)	—		2			2		—
Citigroup Inc^(a)	Sugar #11 Future; May 2018	05/01/2018		(570	)	—		19			19		—
Citigroup Inc^(a)	Wheat Future; May 2018	05/15/2018		(74	)	—		(5	)		—		(5	)
Citigroup Inc^(a)	WTI Crude Future; April 2018	03/21/2018		2,712		—		1			1		—
Merrill Lynch^(a)	Brent Crude Future; May 2018	03/30/2018		841		—		(6	)		—		(6	)
Merrill Lynch^(a)	Cocoa Future; May 2018	05/16/2018		(174	)	—		(20	)		—		(20	)
Merrill Lynch^(a)	Coffee 'C' Future; May 2018	05/21/2018		(503	)	—		12			12		—
Merrill Lynch^(a)	Copper Future; May 2018	05/30/2018		157		—		(6	)		—		(6	)
Merrill Lynch^(a)	Gold 100 oz Future; April 2018	04/27/2018		2,768		—		(54	)		—		(54	)
Merrill Lynch^(a)	KC HRW Wheat Future; May 2018	05/15/2018		52		—		2			2		—
Merrill Lynch^(a)	Lean Hogs Future; April 2018	04/16/2018		(108	)	—		3			3		—
Merrill Lynch^(a)	Live Cattle Future; April 2018	05/01/2018		444		—		9			9		—
Merrill Lynch^(a)	Natural Gas Future; April 2018	03/28/2018		(1,627	)	—		(13	)		—		(13	)
Merrill Lynch^(a)	NY Harb ULSD Future; April 2018	03/30/2018		639		—		(9	)		—		(9	)
Merrill Lynch^(a)	Palladium Future; June 2018	06/28/2018		415		—		4			4		—
Merrill Lynch^(a)	Silver Future; May 2018	05/30/2018		(574	)	—		13			13		—
Merrill Lynch^(a)	Soybean Future; May 2018	05/15/2018		(158	)	—		(5	)		—		(5	)
Merrill Lynch^(a)	Soybean Meal Future; May 2018	05/15/2018		395		—		38			38		—
Merrill Lynch^(a)	Soybean Oil Future; May 2018	05/15/2018		(135	)	—		1			1		—
Merrill Lynch^(a)	Sugar #11 Future; May 2018	05/01/2018		(225	)	—		7			7		—
Merrill Lynch^(a)	WTI Crude Future; April 2018	03/21/2018		2,096		—		1			1		—
Morgan Stanley & Co BIST 30 Index Future; April 2018		05/01/2018		311		—		5			5		—
Morgan Stanley & Co Bovespa Index Future; April 2018		04/19/2018		398		—		18			18		—
Morgan Stanley & Co FTSE China A50 Index Future;		03/30/2018		187		—		(5	)		—		(5	)
	March 2018
Morgan Stanley & Co Hang Seng Index Future; March 2018		03/29/2018		982		—		(16	)		—		(16	)
Morgan Stanley & Co HSCEI China Index Future; March		03/29/2018		1,499		—		(40	)		—		(40	)
	2018
Morgan Stanley & Co KOSPI 200 Index Future; March		03/09/2018		4,624		—		(126	)		—		(126	)
	2018
Morgan Stanley & Co MSCI Singapore Index Future; March		03/29/2018		30		—		—			—		—
	2018
Morgan Stanley & Co SGX CNX Nifty Index Future; March		03/29/2018		(1,073	)	—		(10	)		—		(10	)
	2018
Morgan Stanley & Co Swiss Market Index Future; March		03/19/2018		(7,381	)	—		297			46		—
	2018
Morgan Stanley & Co WIG 20 Index Future; March 2018		03/19/2018		496		—		(15	)		—		(15	)
Total				$		—	$	(107	)	$	280	$	(638	)


	Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Reverse Repurchase Agreements

Counterparty	Coupon Rate		Maturity Date	Principal Amount			Payable for Reverse Repurchase Agreements
Barclays Bank PLC	(1.50	%)	Open ended	$	4,896	$	(4,896	)
Merrill Lynch	(1.50	%)	Open ended		2,531		(2,543	)
Merrill Lynch	(1.50	%)	Open ended		3,544		(3,561	)
Merrill Lynch	(1.30	%)	Open ended		2,072		(2,076	)
Merrill Lynch	(1.65	%)	Open ended		380		(381	)
Merrill Lynch	(1.65	%)	Open ended		2,264		(2,268	)
Merrill Lynch	(7.75	%)	Open ended	ZAR	13,416		(1,146	)
Merrill Lynch	(1.65	%)	Open ended	$	675		(676	)
Merrill Lynch	(1.65	%)	Open ended		320		(321	)
Merrill Lynch	(1.65	%)	Open ended		306		(306	)
Merrill Lynch	(1.95	%)	Open ended		2,625		(2,630	)
Merrill Lynch	(1.50	%)	Open ended		1,002		(1,003	)
Merrill Lynch	(1.65	%)	Open ended		1,507		(1,509	)
Merrill Lynch	(1.65	%)	Open ended		1,107		(1,108	)
Merrill Lynch	(1.95	%)	Open ended		2,625		(2,627	)
Merrill Lynch	(1.50	%)	Open ended		192		(192	)
Merrill Lynch	(1.85	%)	Open ended		503		(503	)
Merrill Lynch	(1.53	%)	03/01/2018		26,945		(26,946	)
Merrill Lynch	(1.53	%)	03/01/2018		16,844		(16,845	)
Merrill Lynch	(1.53	%)	03/01/2018		11,399		(11,399	)
Merrill Lynch	(1.53	%)	03/01/2018		3,275		(3,275	)
Merrill Lynch	(1.48	%)	03/01/2018		7,075		(7,074	)
Merrill Lynch	(1.40	%)	03/01/2018		4,059		(4,059	)
Merrill Lynch	(1.40	%)	03/01/2018		6,198		(6,198	)
Merrill Lynch	(1.53	%)	03/01/2018		6,438		(6,438	)
Merrill Lynch	(1.53	%)	03/01/2018		12,953		(12,954	)
Merrill Lynch	(1.53	%)	03/01/2018		4,310		(4,310	)
Merrill Lynch	(1.53	%)	03/01/2018		15,072		(15,073	)
Merrill Lynch	(1.53	%)	03/01/2018		9,620		(9,620	)
Merrill Lynch	(1.53	%)	03/01/2018		4,071		(4,071	)
Merrill Lynch	(1.53	%)	03/01/2018		14,106		(14,107	)
Merrill Lynch	(1.53	%)	03/01/2018		13,967		(13,968	)
Merrill Lynch	(1.53	%)	03/01/2018		5,828		(5,827	)
Merrill Lynch	(1.48	%)	03/01/2018		3,927		(3,927	)
Merrill Lynch	(1.53	%)	03/01/2018		37,426		(37,428	)
Merrill Lynch	(1.53	%)	03/01/2018		18,719		(18,719	)
Total						$	(249,984	)

Amounts in thousands.


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Short Sales Outstanding



COMMON STOCKS - (11.43)%	Shares	Value (000's)			COMMON STOCKS (continued)	Shares	Value (000's)

Advertising - (0.04)%					Building Materials (continued)
JCDecaux SA	30,928		$	1,199	Johnson Controls International plc	33,800		$	1,246
					Martin Marietta Materials Inc	1,527			311

Aerospace & Defense - (0.20)%							$		1,838
Airbus SE	7,043			843	Chemicals - (0.53)%
BAE Systems PLC	98,846			784	Air Liquide SA	14,435			1,803
Harris Corp	13,657			2,133	Clariant AG	72,100			1,800
TransDigm Group Inc	2,968			856	Daicel Corp	47,400			540
United Technologies Corp	5,716			770	DowDuPont Inc	22,853			1,607
		$		5,386	K+S AG	28,558			795
					Kansai Paint Co Ltd	35,700			896
Agriculture - (0.11)%					LANXESS AG	15,228			1,264
Bunge Ltd	19,000			1,433	Mitsubishi Chemical Holdings Corp	46,100			465
Japan Tobacco Inc	53,800			1,527	Nippon Paint Holdings Co Ltd	8,300			301
		$		2,960	Praxair Inc	4,428			663
Airlines - (0.06)%					Solvay SA	4,440			608
ANA Holdings Inc	6,400			256	Symrise AG	13,204			1,071
Japan Airlines Co Ltd	26,600			1,014	Taiyo Nippon Sanso Corp	41,400			602
United Continental Holdings Inc	6,200			420	Teijin Ltd	19,800			389
		$		1,690	Toray Industries Inc	102,700			1,037
					Umicore SA	9,762			550
Apparel - (0.07)%							$		14,391
Hanesbrands Inc	83,299			1,616
Under Armour Inc - Class C	24,855			374	Commercial Services - (0.39)%
		$		1,990	AerCap Holdings NV	23,663			1,174
					Ecolab Inc	20,700			2,700
Automobile Manufacturers - (0.20)%					Element Fleet Management Corp		667		3
Daimler AG	17,895			1,528	Hertz Global Holdings Inc	42,014			764
Ford Motor Co	159,573			1,693	IHS Markit Ltd	6,400			301
Nissan Motor Co Ltd	100,500			1,053	Macquarie Infrastructure Corp	26,992			1,093
Tesla Inc		844		290	Park24 Co Ltd	39,500			950
Toyota Motor Corp	13,400			903	Sabre Corp	48,419			1,112
		$		5,467	Securitas AB	73,631			1,265
Automobile Parts & Equipment - (0.10)%					Strayer Education Inc		888		80
Aptiv PLC	11,400			1,041	Toppan Printing Co Ltd	65,000			555
Faurecia SA	4,914			411	Worldpay Inc	6,732			547
Goodyear Tire & Rubber Co/The	42,335			1,225			$		10,544
		$		2,677	Computers - (0.26)%
Banks - (0.40)%					CGI Group Inc	10,000			584
Bank of Kyoto Ltd/The	5,500			304	DXC Technology Co	11,527			1,182
Bank of Queensland Ltd	37,474			365	Hewlett Packard Enterprise Co	129,336			2,404
Bendigo & Adelaide Bank Ltd	56,370			493	International Business Machines Corp	7,300			1,137
Canadian Imperial Bank of Commerce	29,800			2,722	Leidos Holdings Inc	16,232			1,028
Commonwealth Bank of Australia	4,661			274	NCR Corp	5,905			195
First Financial Bancorp		641		17	NEC Corp	13,400			407
National Australia Bank Ltd	56,673			1,317			$		6,937
Natixis SA	125,101			1,072	Consumer Products - (0.04)%
Nordea Bank AB	147,335			1,672	Spectrum Brands Holdings Inc	10,282			1,015
Suruga Bank Ltd	19,000			310
Swedbank AB	24,768			622
UBS Group AG	39,215			743	Cosmetics & Personal Care - (0.02)%
Westpac Banking Corp	23,101			548	Essity AB	18,941			518
Yamaguchi Financial Group Inc	18,000			217
		$		10,676	Distribution & Wholesale - (0.25)%
Beverages - (0.09)%					Fossil Group Inc	434,837			5,818
Coca-Cola Bottlers Japan Holdings Inc	31,700			1,200	Jardine Cycle & Carriage Ltd	31,200			870
Remy Cointreau SA	2,568			349			$		6,688
Treasury Wine Estates Ltd	76,743			1,037	Diversified Financial Services - (0.16)%
		$		2,586	AEON Financial Service Co Ltd	35,000			813
Biotechnology - (0.06)%					Cboe Global Markets Inc	6,794			761
Acorda Therapeutics Inc	2,972			71	Charles Schwab Corp/The	8,100			429
AMAG Pharmaceuticals Inc	5,263			111	Deutsche Boerse AG	9,649			1,283
Gilead Sciences Inc	13,406			1,055	Hargreaves Lansdown PLC	20,696			490
Innoviva Inc	7,183			111	Mitsubishi UFJ Lease & Finance Co Ltd	60,300			382
Seattle Genetics Inc	4,548			246	PRA Group Inc		833		32
		$		1,594			$		4,190

Building Materials - (0.07)%					Electric - (0.47)%
HeidelbergCement AG	2,798			281	AES Corp/VA	63,900			695
					Black Hills Corp	8,199			416

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2018 (unaudited)


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

Electric (continued)					Healthcare - Services (continued)
Chugoku Electric Power Co Inc/The	87,100		$	1,016	IQVIA Holdings Inc	7,988		$	785
Consolidated Edison Inc	13,302			996	LHC Group Inc		143		9
Dominion Energy Inc	16,349			1,211	Sonic Healthcare Ltd	54,398			1,026
E.ON SE	125,469			1,272			$		11,844
Emera Inc	42,300			1,365
Engie SA	36,275			566	Holding Companies - Diversified - (0.08)%
Exelon Corp	33,464			1,240	Bollore SA	280,782			1,587
Fortis Inc/Canada	31,800			1,039	Keppel Corp Ltd	72,900			436
Great Plains Energy Inc	44,033			1,284			$		2,023
NRG Yield Inc - A Shares		722		11	Home Builders - (0.12)%
Power Assets Holdings Ltd	95,000			806	Iida Group Holdings Co Ltd	65,800			1,238
RWE AG	8,522			169	Lennar Corp - A Shares	28,419			1,608
Vistra Energy Corp	28,890			548	Sekisui House Ltd	22,900			399
		$		12,634			$		3,245

Electrical Components & Equipment - (0.05)%					Home Furnishings - (0.03)%
Acuity Brands Inc	3,444			491	SEB SA	2,259			461
Casio Computer Co Ltd	54,200			797	Whirlpool Corp	1,709			278
		$		1,288			$		739

Electronics - (0.08)%					Insurance - (0.50)%
Corning Inc	16,900			492	Berkshire Hathaway Inc - Class B	4,434			919
Murata Manufacturing Co Ltd	3,700			515	Challenger Ltd/Australia	47,613			464
TTM Technologies Inc	51,933			839	Great-West Lifeco Inc	60,900			1,607
Vishay Intertechnology Inc	21,078			388	Industrial Alliance Insurance & Financial	7,500			318
		$		2,234	Services Inc
Engineering & Construction - (0.13)%					Intact Financial Corp	6,200			479
Ferrovial SA	44,853			968	Kemper Corp	1,508			85
JGC Corp	101,000			2,306	MetLife Inc	44,063			2,035
		$		3,274	MS&AD Insurance Group Holdings Inc	15,800			488
					Power Corp of Canada	9,000			213
Entertainment - (0.07)%					Power Financial Corp	66,600			1,739
Oriental Land Co Ltd/Japan	6,500			632	Sony Financial Holdings Inc	19,400			357
Paddy Power Betfair PLC	4,010			469	T&D Holdings Inc	116,600			1,912
Penn National Gaming Inc	3,239			86	Voya Financial Inc	43,500			2,220
Sega Sammy Holdings Inc	25,500			370	Willis Towers Watson PLC	5,100			805
Vail Resorts Inc	1,506			310			$		13,641

		$		1,867	Internet - (0.54)%
Food - (0.28)%					Alibaba Group Holding Ltd ADR	20,681			3,850
Calbee Inc	35,900			1,196	Iliad SA	7,530			1,765
Carrefour SA	25,414			582	Kakaku.com Inc	43,800			741
Casino Guichard Perrachon SA	24,878			1,348	Liberty Ventures	1,811			97
Chr Hansen Holding A/S	7,270			604	MercadoLibre Inc	1,200			466
Hormel Foods Corp	30,893			1,003	New Media Investment Group Inc	114,815			1,981
ICA Gruppen AB	36,366			1,297	Symantec Corp	17,200			452
Kraft Heinz Co/The	13,220			886	TripAdvisor Inc	10,500			421
Metro Inc	2,336			74	VeriSign Inc	33,159			3,847
Mondelez International Inc	14,170			622	Zillow Group Inc - C Shares	19,119			911
Post Holdings Inc	1,172			89			$		14,531

		$		7,701	Investment Companies - (0.11)%
Forest Products & Paper - (0.04)%					Eurazeo SA	13,632			1,301
International Paper Co	18,404			1,097	Groupe Bruxelles Lambert SA	14,910			1,702
					Prospect Capital Corp	1,929			13

Gas - (0.07)%							$		3,016
Enagas SA	27,123			705	Iron & Steel - (0.02)%
Osaka Gas Co Ltd	49,200			970	Allegheny Technologies Inc	8,045			208
Sempra Energy	1,289			141	Cleveland-Cliffs Inc	9,979			70
		$		1,816	Hitachi Metals Ltd	29,200			372

Healthcare - Products - (0.22)%							$		650
Abbott Laboratories	26,270			1,585	Leisure Products & Services - (0.02)%
Coloplast A/S	18,669			1,578	Harley-Davidson Inc	13,242			601
Essilor International Cie Generale d'Optique	15,995			2,095
SA
Getinge AB	38,688			487	Lodging - (0.33)%
		$		5,745	Accor SA	86,300			4,974
					Marriott International Inc/MD	3,100			438
Healthcare - Services - (0.44)%					MGM Resorts International	87,476			2,994
Anthem Inc	42,589			10,024	Wyndham Worldwide Corp	5,022			581
							$		8,987

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2018 (unaudited)


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

Machinery - Diversified - (0.27)%					Pharmaceuticals (continued)
Flowserve Corp	40,122		$	1,699	Bayer AG	13,274		$	1,549
GEA Group AG	15,573			736	Chugai Pharmaceutical Co Ltd	20,500			1,056
KION Group AG	15,236			1,299	CVS Health Corp	5,593			379
Kone OYJ	9,292			481	Daiichi Sankyo Co Ltd	25,600			907
MAN SE	4,755			542	Grifols SA	65,132			1,781
Wabtec Corp/DE	22,210			1,807	Medipal Holdings Corp	11,300			230
Yaskawa Electric Corp	15,200			699	Merck & Co Inc	10,600			575
		$		7,263	Sumitomo Dainippon Pharma Co Ltd	13,200			201
Media - (0.30)%					Teva Pharmaceutical Industries Ltd ADR	11,484			215
Axel Springer SE	6,024			542	Vifor Pharma AG	15,156			2,129
Discovery Communications Inc - C Shares	14,701			338			$		11,632
EW Scripps Co/The	124,218			1,710	Pipelines - (0.22)%
MSG Networks Inc	132,642			3,236	AltaGas Ltd	34,900			719
New York Times Co/The	9,084			219	Cheniere Energy Inc	22,400			1,176
ProSiebenSat.1 Media SE	7,252			287	Enbridge Inc	27,700			881
Thomson Reuters Corp	37,900			1,493	Koninklijke Vopak NV	34,344			1,616
Walt Disney Co/The	3,554			367	Targa Resources Corp	6,100			272
		$		8,192	TransCanada Corp	31,200			1,349
Metal Fabrication & Hardware - (0.07)%							$		6,013
Maruichi Steel Tube Ltd	9,600			301	Real Estate - (0.22)%
Rexnord Corp	4,848			141	CBRE Group Inc	20,800			972
Tenaris SA	73,975			1,277	Deutsche Wohnen SE	19,632			810
		$		1,719	First Capital Realty Inc	25,000			389
Mining - (0.07)%					Henderson Land Development Co Ltd	48,000			310
Anglo American PLC	19,664			476	Hysan Development Co Ltd	101,000			584
Cameco Corp	58,100			512	Jones Lang LaSalle Inc	3,800			610
First Quantum Minerals Ltd	26,300			429	Nomura Real Estate Holdings Inc	24,400			586
Sumitomo Metal Mining Co Ltd	7,900			367	REA Group Ltd	7,336			437
					Sumitomo Realty & Development Co Ltd	18,000			652
		$		1,784	Vonovia SE	10,707			488
Miscellaneous Manufacturers - (0.08)%							$		5,838
Siemens AG	4,690			615
Textron Inc	27,370			1,638	REITs - (0.05)%
					Apollo Commercial Real Estate Finance Inc	1,758			32
		$		2,253	Blackstone Mortgage Trust Inc	1,226			38
Office & Business Equipment - (0.07)%					Host Hotels & Resorts Inc	49,783			924
Konica Minolta Inc	108,700			998	iStar Inc	2,734			28
Xerox Corp	31,498			955	PotlatchDeltic Corp	1,368			70
		$		1,953	Redwood Trust Inc	1,748			25
					Spirit Realty Capital Inc	1,121			9
Oil & Gas - (0.20)%					Welltower Inc	9,788			514
Chesapeake Energy Corp	24,399			69			$		1,640
Helmerich & Payne Inc	4,325			279
Hess Corp	16,500			750	Retail - (0.68)%
Idemitsu Kosan Co Ltd	10,400			395	Ascena Retail Group Inc	379,681			862
Inpex Corp	92,600			1,108	AutoZone Inc		452		301
JXTG Holdings Inc	115,500			693	Bed Bath & Beyond Inc	65,412			1,402
Neste Oyj	17,235			1,262	Domino's Pizza Enterprises Ltd	18,950			578
Patterson-UTI Energy Inc	11,002			199	Dufry AG	14,420			2,069
Woodside Petroleum Ltd	28,396			634	Gap Inc/The	38,227			1,207
Woodside Petroleum Ltd - Rights	3,155			5	JC Penney Co Inc	204,342			885
		$		5,394	L Brands Inc	9,269			457
					Macy's Inc	33,572			987
Oil & Gas Services - (0.14)%					Michaels Cos Inc/The	24,266			558
Keane Group Inc	29,700			462	Nordstrom Inc	27,666			1,419
McDermott International Inc	83,827			612	Papa John's International Inc	27,058			1,562
National Oilwell Varco Inc	39,520			1,387	Sally Beauty Holdings Inc	55,280			931
ProPetro Holding Corp	33,180			535	Signet Jewelers Ltd	42,916			2,158
RPC Inc	29,965			588	Tailored Brands Inc	14,912			349
Superior Energy Services Inc	22,014			188	Yamada Denki Co Ltd	382,900			2,417
Weatherford International PLC	12,787			34			$		18,142
		$		3,806
					Savings & Loans - (0.14)%
Packaging & Containers - (0.11)%					BofI Holding Inc	101,114			3,760
Ball Corp	77,778			3,107
WestRock Co		794		52
		$		3,159	Semiconductors - (0.91)%
					Analog Devices Inc	3,200			289
Pharmaceuticals - (0.43)%					Intel Corp	164,842			8,125
AbbVie Inc	3,698			428	Lam Research Corp	59,797			11,473
Allergan PLC	14,149			2,182	Marvell Technology Group Ltd	48,758			1,145


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)


Short Sales Outstanding



COMMON STOCKS (continued)		Shares	Value (000's)
								Principal
Semiconductors (continued)						BONDS (continued)	Amount (000's)		Value (000's)
Microchip Technology Inc		31,860		$	2,833	Oil & Gas (continued)
NXP Semiconductors NV		1,000			125	SM Energy Co (continued)
Qorvo Inc		7,800			630	6.75%, 09/15/2026	$	461		$	463
Synaptics Inc		957			44				$		991
			$		24,664
						Pharmaceuticals - (0.09)%
Software - (0.09)%						Endo Finance LLC
Broadridge Financial Solutions Inc		7,900			793	5.75%, 01/15/2022		2,920			2,387
Fidelity National Information Services Inc		10,861			1,056
Mixi Inc		12,800			516
			$		2,365	Retail - (0.05)%
						Macy's Retail Holdings Inc
Telecommunications - (0.42)%						4.50%, 12/15/2034		1,677			1,459
AT&T Inc		25,893			940
BCE Inc		6,900			301
CommScope Holding Co Inc		47,779			1,849	Sovereign - (0.52)%
Deutsche Telekom AG		46,588			748	Colombia Government International Bond
Hikari Tsushin Inc		3,700			532	3.88%, 04/25/2027		2,150			2,094
Nokia OYJ		66,583			388	4.50%, 01/28/2026		598			615
SES SA		68,430			1,091	El Salvador Government International Bond
SoftBank Group Corp		18,200			1,500	7.65%, 06/15/2035		2,968			3,130
Swisscom AG		818			442	Mexico Government International Bond
Tele2 AB		39,291			465	3.75%, 01/11/2028		1,003			961
Telefonaktiebolaget LM Ericsson		175,170			1,172	4.15%, 03/28/2027		985			984
TPG Telecom Ltd		77,778			367	Turkey Government International Bond
Verizon Communications Inc		9,917			473	7.38%, 02/05/2025		5,695			6,384
Zayo Group Holdings Inc		26,530			951				$		14,168
			$		11,219	TOTAL BONDS (proceeds $21,502)			$		20,632
								Principal
Transportation - (0.25)%						CONVERTIBLE BONDS - (0.02)%	Amount (000's)		Value (000's)
AP Moller - Maersk A/S		303			492
Atlas Air Worldwide Holdings Inc		1,960			119	Commercial Services - 0.00%
Central Japan Railway Co		4,100			761	Macquarie Infrastructure Corp
CH Robinson Worldwide Inc		5,710			533	2.88%, 07/15/2019		25			25
FedEx Corp		2,290			564
Keihan Holdings Co Ltd		20,100			628	Internet - (0.01)%
Knight-Swift Transportation Holdings Inc		15,900			766	Booking Holdings Inc
MTR Corp Ltd		216,092			1,140	0.90%, 09/15/2021		225			278
Odakyu Electric Railway Co Ltd		31,300			636	Liberty Expedia Holdings Inc
Seibu Holdings Inc		69,100			1,175	1.00%, 06/30/2047		100			96
Ship Finance International Ltd		8,008			116	Proofpoint Inc
			$		6,930	0.75%, 06/15/2020		50			70
Water - (0.06)%									$		444
United Utilities Group PLC		69,907			640	Media - (0.01)%
Veolia Environnement SA		43,620			1,060	DISH Network Corp
			$		1,700	2.38%, 03/15/2024		125			113
TOTAL COMMON STOCKS (proceeds $286,607)			$		308,705
INVESTMENT COMPANIES - (0.03)%		Shares	Value (000's)			TOTAL CONVERTIBLE BONDS (proceeds $548)			$		582

Exchange Traded Funds - (0.03)%						U.S. GOVERNMENT & GOVERNMENT		Principal
SPDR S&P Oil & Gas Equipment & Services		37,240			546	AGENCY OBLIGATIONS - (7.92)%	Amount (000's)		Value (000's)
ETF						Federal National Mortgage Association (FNMA) - (2.99)%
VanEck Vectors Oil Services ETF		8,667			206	3.50%, 04/01/2048	$	80,883		$	80,610
			$		752

TOTAL INVESTMENT COMPANIES (proceeds $887)			$		752	U.S. Treasury - (4.61)%
		Principal				1.00%, 09/30/2019		24,525			24,069
BONDS - (0.76)%	Amount (000's)		Value (000's)			1.38%, 09/15/2020		11,585			11,306
Commercial Services - 0.00%						1.50%, 08/15/2020		10,990			10,768
Cenveo Corp						1.63%, 10/31/2023		14,715			13,878
0.00%, 09/15/2022	$	642		$	61	1.75%, 06/30/2022		4,122			3,978
						1.88%, 12/15/2020		8,528			8,408
						1.88%, 10/31/2022		12,401			11,989
Diversified Financial Services - (0.06)%						1.88%, 08/31/2024		3,975			3,763
International Lease Finance Corp						2.00%, 01/31/2020		7,696			7,660
5.88%, 08/15/2022		1,436			1,566	2.25%, 08/15/2027		332			314
						2.38%, 05/15/2027		16,300			15,633
Oil & Gas - (0.04)%						2.63%, 02/28/2023		1,319			1,317
SM Energy Co						3.63%, 02/15/2021		11,085			11,463
6.50%, 01/01/2023		528			528				$		124,546

Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2018 (unaudited)

Short Sales Outstanding

Schedule of Investments Global Opportunities Fund February 28, 2018 (unaudited)


COMMON STOCKS - 99.58%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)
Aerospace & Defense - 4.83%				Electronics (continued)
Boeing Co/The	37,099	$	13,437	Keyence Corp	12,300	$	7,449
L3 Technologies Inc	77,630		16,112			$	11,429
Lockheed Martin Corp	40,128		14,143	Engineering & Construction - 1.18%
		$	43,692	Vinci SA	108,189		10,683
Agriculture - 2.08%
British American Tobacco PLC	95,448		5,634	Environmental Control - 1.51%
Philip Morris International Inc	127,321		13,184	Waste Management Inc	158,508		13,682
		$	18,818
Airlines - 0.66%				Food - 1.74%
ANA Holdings Inc	149,900		6,003	Uni-President Enterprises Corp	1,927,000		4,512
				WH Group Ltd ^(b)	9,126,500		11,240
Apparel - 1.86%						$	15,752
Kering SA	13,370		6,274	Healthcare - Products - 0.73%
LVMH Moet Hennessy Louis Vuitton SE	35,069		10,489	Lonza Group AG ^(a)	25,967		6,579
		$	16,763
Automobile Manufacturers - 2.60%				Healthcare - Services - 4.83%
Fiat Chrysler Automobiles NV ^(a)	198,565		4,191	Anthem Inc	45,877		10,798
Suzuki Motor Corp	174,500		9,955	Cigna Corp	50,087		9,811
Volvo AB - B Shares	498,730		9,377	ICON PLC ^(a)	60,010		6,800
		$	23,523	UnitedHealth Group Inc	71,824		16,244
Banks - 12.50%						$	43,653
Agricultural Bank of China Ltd	15,463,000		8,496	Holding Companies - Diversified - 0.01%
Bank of America Corp	564,261		18,113	Itausa - Investimentos Itau SA - Rights ^(a)	31,318		53
China Construction Bank Corp	9,764,000		10,011
Comerica Inc	114,258		11,108	Insurance - 7.44%
Danske Bank A/S	233,868		9,386	Allstate Corp/The	112,347		10,365
Grupo Financiero Banorte SAB de CV	1,260,300		7,556	Legal & General Group PLC	2,136,622		7,697
JPMorgan Chase & Co	166,226		19,199	NN Group NV	203,551		9,074
Lloyds Banking Group PLC	14,938,611		14,115	Prudential Financial Inc	78,984		8,398
Mitsubishi UFJ Financial Group Inc	1,170,400		8,244	Reinsurance Group of America Inc	79,050		12,157
Toronto-Dominion Bank/The	116,700		6,730	Swiss Life Holding AG ^(a)	30,607		11,053
		$	112,958	Unum Group	167,004		8,511
Beverages - 1.34%						$	67,255
Diageo PLC	357,257		12,122	Internet - 7.48%
				Alibaba Group Holding Ltd ADR^(a)	46,368		8,631
Biotechnology - 1.70%				Alphabet Inc - A Shares ^(a)	24,591		27,147
Gilead Sciences Inc	195,550		15,396	Amazon.com Inc ^(a)	6,779		10,253
				Facebook Inc ^(a)	50,113		8,936
Chemicals - 0.52%				VeriSign Inc ^(a)	108,715		12,613
Covestro AG ^(b)	41,982		4,736			$	67,580
				Lodging - 2.08%
Coal - 0.91%				Extended Stay America Inc	496,835		9,951
China Shenhua Energy Co Ltd	1,905,500		5,393	Las Vegas Sands Corp	121,505		8,847
Yanzhou Coal Mining Co Ltd	1,940,000		2,871			$	18,798
		$	8,264	Machinery - Construction & Mining - 1.09%
Commercial Services - 1.93%				Hitachi Ltd	1,297,000		9,808
Adani Ports & Special Economic Zone Ltd	915,634		5,688
Aramark	282,661		11,790	Machinery - Diversified - 1.41%
		$	17,478	Cummins Inc	75,850		12,756
Computers - 4.15%
Apple Inc	84,628		15,074	Media - 0.98%
Atos SE	12,059		1,586	Comcast Corp - Class A	243,257		8,808
DXC Technology Co	134,102		13,751
Leidos Holdings Inc	112,489		7,122	Oil & Gas - 3.15%
		$	37,533	BP PLC	1,004,814		6,531
Cosmetics & Personal Care - 0.91%				Chevron Corp	116,284		13,015
Colgate-Palmolive Co	118,876		8,199	Royal Dutch Shell PLC - A Shares	283,886		8,965
						$	28,511
Distribution & Wholesale - 1.65%				Pharmaceuticals - 3.07%
Mitsubishi Corp	531,600		14,893	AbbVie Inc	183,791		21,289
				Pfizer Inc	178,751		6,490
Diversified Financial Services - 1.50%						$	27,779
Amundi SA ^(b)	48,093		3,920	Real Estate - 1.92%
Mastercard Inc	54,558		9,589	Sun Hung Kai Properties Ltd	612,000		10,153
		$	13,509	Vonovia SE	158,199		7,212
Electric - 3.65%						$	17,365
American Electric Power Co Inc	69,398		4,551	REITs - 2.14%
Enel SpA	2,199,729		12,769	American Tower Corp	68,130		9,493
Exelon Corp	213,872		7,922	Mirvac Group	3,229,692		5,288
Power Grid Corp of India Ltd	2,560,130		7,728	Prologis Inc	75,447		4,578
		$	32,970			$	19,359
Electronics - 1.27%
ADT Inc ^(a)	376,865		3,980

Schedule of Investments Global Opportunities Fund February 28, 2018 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value (000's)		Portfolio Summary (unaudited)
Retail - 3.52%					Country	Percent
Alimentation Couche-Tard Inc	164,600	$	8,003		United States	60.08	%
Best Buy Co Inc	71,963		5,213		Japan	8.13	%
Liberty Interactive Corp QVC Group ^(a)	296,063		8,547		United Kingdom	5.55	%
Lowe's Cos Inc	112,671		10,094		France	4.41	%
		$	31,857		China	3.92	%
Semiconductors - 1.53%					Hong Kong	2.36	%
Intel Corp	134,824		6,645		Netherlands	1.99	%
Samsung Electronics Co Ltd	3,303		7,178		Switzerland	1.95	%
		$	13,823		Canada	1.63	%
Software - 4.05%					India	1.49	%
Microsoft Corp	212,641		19,939		Italy	1.41	%
Synopsys Inc ^(a)	116,138		9,834		Germany	1.32	%
Ubisoft Entertainment SA ^(a)	83,421		6,860		Sweden	1.04	%
		$	36,633		Denmark	1.04	%
Telecommunications - 2.03%					Mexico	0.84	%
Cisco Systems Inc	409,559		18,340		Korea, Republic Of	0.79	%
					Ireland	0.75	%
Toys, Games & Hobbies - 1.90%					Brazil	0.61	%
Nintendo Co Ltd	37,700		17,186		Australia	0.58	%
					Taiwan, Province Of China	0.50	%
Transportation - 1.73%					Other Assets and Liabilities	(0.39	)%
Norfolk Southern Corp	112,184		15,602		TOTAL NET ASSETS	100.00	%

TOTAL COMMON STOCKS		$	900,148
INVESTMENT COMPANIES - 0.21%	Shares Held		Value (000's)
Money Market Funds - 0.21%
Principal Government Money Market Fund ^(c)	1,855,216		1,855

TOTAL INVESTMENT COMPANIES		$	1,855
PREFERRED STOCKS - 0.60%	Shares Held		Value (000's)
Holding Companies - Diversified - 0.60%
Itausa - Investimentos Itau SA 0.06%	1,332,600	$	5,451

TOTAL PREFERRED STOCKS		$	5,451
Total Investments		$	907,454
Other Assets and Liabilities - (0.39)%		$	(3,557	)
TOTAL NET ASSETS - 100.00%		$	903,897


Schedule of Investments
International Small Company Fund
February 28, 2018 (unaudited)



COMMON STOCKS - 98.01%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)
Advertising - 0.43%				Diversified Financial Services (continued)
Stroeer SE & Co KGaA	61,044	$	4,328	Euronext NV ^(b)	59,529	$	4,141
				Fuyo General Lease Co Ltd	54,500		3,633
Airlines - 0.73%				Mebuki Financial Group Inc	1,514,510		6,071
Air Canada ^(a)	182,400		3,847	Paragon Banking Group PLC	208,380		1,391
Wizz Air Holdings Plc ^(a),(b)	70,687		3,509	TP ICAP PLC	767,225		5,652
		$	7,356	Zenkoku Hosho Co Ltd	104,900		4,624
Apparel - 1.89%						$	35,846
boohoo.com plc ^(a)	1,931,969		4,913	Electric - 1.07%
Moncler SpA	256,891		8,915	Hera SpA	1,178,260		4,008
Puma SE	12,061		5,284	Iren SpA	2,288,629		6,783
		$	19,112			$	10,791
Automobile Manufacturers - 0.91%				Electrical Components & Equipment - 1.74%
New Flyer Industries Inc	193,000		8,570	Fujikura Ltd	658,300		4,803
Shinmaywa Industries Ltd	73,200		635	Furukawa Electric Co Ltd	100,000		5,449
		$	9,205	Philips Lighting NV ^(b)	185,229		7,338
Automobile Parts & Equipment - 4.53%						$	17,590
Cie Plastic Omnium SA	143,791		6,735	Electronics - 3.07%
Daikyonishikawa Corp	263,300		4,491	Alps Electric Co Ltd	167,800		4,574
FCC Co Ltd	185,700		5,238	CMK Corp	391,400		3,382
Georg Fischer AG	6,400		9,368	Eizo Corp	74,100		3,544
Rheinmetall AG	70,082		9,253	Maxell Holdings Ltd	212,100		4,287
Toyo Tire & Rubber Co Ltd	271,900		5,034	Mycronic AB	268,094		3,370
Toyota Boshoku Corp	267,700		5,708	Orbotech Ltd ^(a)	115,332		6,339
		$	45,827	SCREEN Holdings Co Ltd	37,500		3,477
Banks - 3.03%				Sumida Corp	128,400		2,066
77 Bank Ltd/The	218,100		5,431			$	31,039
Aareal Bank AG	150,495		7,320	Engineering & Construction - 3.03%
Israel Discount Bank Ltd ^(a)	2,004,274		5,747	Cie d'Entreprises CFE	3,113		421
Mediobanca Banca di Credito Finanziario SpA	574,169		6,852	Downer EDI Ltd	1,072,774		5,723
Mizrahi Tefahot Bank Ltd	287,916		5,307	KAWADA TECHNOLOGIES Inc	35,200		1,932
		$	30,657	Kyowa Exeo Corp	193,400		5,138
Beverages - 1.26%				Kyudenko Corp	105,800		4,894
Coca-Cola Bottlers Japan Holdings Inc	166,800		6,315	Maeda Corp	372,800		4,464
Royal Unibrew A/S	105,299		6,461	Toda Corp	664,000		5,059
		$	12,776	Yokogawa Bridge Holdings Corp	122,500		2,957
Biotechnology - 0.58%						$	30,588
Abcam PLC	335,323		5,858	Entertainment - 2.23%
				GVC Holdings PLC	540,325		6,612
Building Materials - 2.09%				Stars Group Inc/The ^(a)	314,200		8,644
Buzzi Unicem SpA	251,855		6,189	William Hill PLC	1,624,355		7,304
Ibstock PLC ^(b)	742,531		2,671			$	22,560
Nichiha Corp	72,900		2,863	Food - 3.22%
Xinyi Glass Holdings Ltd	6,046,000		9,346	Ebro Foods SA	194,431		4,885
		$	21,069	Empire Co Ltd	306,100		5,668
Chemicals - 3.28%				Greencore Group PLC	1,092,019		2,659
Denka Co Ltd	135,900		4,971	Greenyard NV	91,432		2,091
DIC Corp	131,300		4,685	Morinaga Milk Industry Co Ltd	107,100		4,314
Showa Denko KK	179,700		8,769	Nichirei Corp	189,500		4,819
Tosoh Corp	181,700		3,756	Sonae SGPS SA	1,527,772		2,235
Wacker Chemie AG	35,397		6,004	SSP Group Plc	714,293		5,905
Zeon Corp	332,400		4,967			$	32,576
		$	33,152	Forest Products & Paper - 1.86%
Commercial Services - 3.10%				Cascades Inc	262,900		3,255
Hays PLC	2,936,372		7,812	Smurfit Kappa Group PLC	243,700		8,479
Kanamoto Co Ltd	155,600		4,892	Sumitomo Forestry Co Ltd	426,500		7,111
Loomis AB	172,862		6,282			$	18,845
Rentokil Initial PLC	1,897,212		7,546	Gas - 0.70%
Societa Iniziative Autostradali e Servizi SpA	278,752		4,795	Rubis SCA	99,357		7,109
		$	31,327
Computers - 2.73%				Healthcare - Products - 1.18%
Bechtle AG	45,072		3,828	Carl Zeiss Meditec AG	80,679		4,972
DTS Corp	129,800		4,665	Japan Lifeline Co Ltd	141,200		4,544
MCJ Co Ltd	350,700		4,704	Paramount Bed Holdings Co Ltd	47,200		2,432
S&T AG	225,400		5,644			$	11,948
Sopra Steria Group	24,768		4,810	Healthcare - Services - 1.79%
Teleperformance	27,932		3,978	NMC Health PLC	126,461		5,952
		$	27,629	Orpea	57,313		6,879
Distribution & Wholesale - 0.52%				UDG Healthcare PLC	461,207		5,280
Inchcape PLC	562,237		5,238			$	18,111
				Holding Companies - Diversified - 1.23%
Diversified Financial Services - 3.55%				Melco International Development Ltd	1,742,000		4,832
Anima Holding SpA ^(b)	794,513		6,003
Burford Capital Ltd	303,037		4,331

Schedule of Investments International Small Company Fund February 28, 2018 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)
Holding Companies - Diversified (continued)				Pharmaceuticals (continued)
Seven Group Holdings Ltd	540,413	$	7,638	Clinigen Group Plc	261,691	$	3,315
		$	12,470	Dechra Pharmaceuticals PLC	100,029		3,447
Home Builders - 1.94%				Nippon Shinyaku Co Ltd	72,000		4,014
Bellway PLC	148,198		6,317	Recordati SpA	119,153		4,260
Haseko Corp	543,200		7,956	Sawai Pharmaceutical Co Ltd	100,100		4,629
Redrow PLC	656,002		5,295	Tsumura & Co	111,200		3,708
		$	19,568			$	29,581
Insurance - 1.70%				Private Equity - 1.50%
ASR Nederland NV	229,979		10,344	Intermediate Capital Group PLC	629,363		9,104
Beazley PLC	640,671		4,555	Jafco Co Ltd	121,000		6,047
Hastings Group Holdings PLC ^(b)	521,588		2,230			$	15,151
		$	17,129	Real Estate - 5.80%
Internet - 2.39%				ADO Properties SA ^(b)	64,546		3,354
ASOS PLC ^(a)	43,428		4,410	BUWOG AG ^(a)	151,025		5,313
Just Eat PLC ^(a)	573,157		6,887	CA Immobilien Anlagen AG	100,178		2,934
Rightmove PLC	115,754		6,794	Castellum AB	465,365		7,326
Wix.com Ltd ^(a)	80,518		6,043	Entra ASA ^(b)	178,437		2,468
		$	24,134	Hemfosa Fastigheter AB	430,972		5,068
Leisure Products & Services - 0.63%				Hysan Development Co Ltd	944,000		5,455
Koshidaka Holdings Co Ltd	96,000		6,385	LEG Immobilien AG	62,659		6,505
				Nexity SA ^(a)	62,816		3,924
Machinery - Diversified - 5.05%				Open House Co Ltd	104,600		6,273
Bucher Industries AG	13,460		5,652	TLG Immobilien AG	141,834		3,780
Deutz AG	503,668		4,681	UOL Group Ltd	967,900		6,175
Duerr AG	48,217		5,897			$	58,575
Ebara Corp	115,500		4,263	REITs - 5.01%
Juki Corp	215,900		3,404	Allied Properties Real Estate Investment Trust	107,259		3,466
Makino Milling Machine Co Ltd	561,000		5,645	Canadian Apartment Properties REIT	141,100		3,865
Pfeiffer Vacuum Technology AG	29,087		5,176	Dream Global Real Estate Investment Trust	282,200		2,714
Sumitomo Heavy Industries Ltd	123,000		4,792	Fonciere Des Regions	61,806		6,448
Toromont Industries Ltd	85,804		3,852	GPT Group/The	1,452,682		5,331
Valmet OYJ	359,232		7,680	H&R Real Estate Investment Trust	293,600		4,571
		$	51,042	ICADE	51,166		4,948
Metal Fabrication & Hardware - 0.30%				Investa Office Fund	1,395,456		4,560
Aurubis AG	36,122		3,026	Kenedix Office Investment Corp	789		4,989
				Mapletree Commercial Trust	5,124,258		6,069
Mining - 2.87%				MCUBS MidCity Investment Corp	4,823		3,627
Alumina Ltd	1,445,770		2,470			$	50,588
Detour Gold Corp ^(a)	360,090		3,283	Retail - 4.47%
KAZ Minerals PLC ^(a)	304,094		3,549	Autogrill SpA	367,138		4,574
Kirkland Lake Gold Ltd	404,901		6,355	B&M European Value Retail SA	1,384,985		7,836
Mitsui Mining & Smelting Co Ltd	109,700		5,456	Conviviality PLC	473,408		1,868
Northern Star Resources Ltd	941,553		4,571	JD Sports Fashion PLC	1,065,655		5,595
OceanaGold Corp	1,259,073		3,356	K's Holdings Corp	275,000		7,645
		$	29,040	Matsumotokiyoshi Holdings Co Ltd	152,600		6,419
Miscellaneous Manufacturers - 2.31%				Sogo Medical Co Ltd	31,300		1,835
Aalberts Industries NV	183,705		9,190	Tsuruha Holdings Inc	27,000		3,909
Fenner PLC	467,058		3,049	Valora Holding AG	15,120		5,481
Hill & Smith Holdings PLC	94,745		1,571			$	45,162
Towa Corp	245,000		3,834	Semiconductors - 2.77%
Trelleborg AB	51,898		1,326	IQE PLC ^(a)	3,807,028		6,656
Vesuvius PLC	546,238		4,415	Siltronic AG ^(a)	47,669		6,955
		$	23,385	SOITEC ^(a)	70,789		5,543
Oil & Gas - 3.50%				Tower Semiconductor Ltd ^(a)	122,777		3,563
Aker BP ASA	254,383		6,242	Ulvac Inc	86,700		5,287
Cairn Energy PLC ^(a)	1,132,403		2,890			$	28,004
Cosmo Energy Holdings Co Ltd	99,900		3,463	Software - 1.03%
DCC PLC	57,912		5,271	Kinaxis Inc ^(a)	89,500		6,063
Enerplus Corp	608,400		6,728	Open Text Corp	125,100		4,392
Parex Resources Inc ^(a)	333,067		4,644			$	10,455
Premier Oil PLC ^(a)	1,993,535		1,949	Telecommunications - 0.56%
Whitecap Resources Inc	711,119		4,184	Spark New Zealand Ltd	2,346,546		5,670
		$	35,371
Oil & Gas Services - 0.85%				Transportation - 1.50%
CES Energy Solutions Corp	483,605		2,091	National Express Group PLC	966,252		4,643
Subsea 7 SA	437,307		6,494	Seino Holdings Co Ltd	325,000		5,523
		$	8,585	TFI International Inc	198,100		5,036
Packaging & Containers - 1.15%						$	15,202
DS Smith PLC	1,066,921		6,997	TOTAL COMMON STOCKS		$	990,634
RPC Group PLC	415,420		4,577
		$	11,574
Pharmaceuticals - 2.93%
Amplifon SpA	390,683		6,208


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)



COMMON STOCKS - 80.81%	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held		Value (000's)
Advertising - 0.18%				Banks (continued)
Hakuhodo DY Holdings Inc	1,300	$	19	Danske Bank A/S	61,410	$	2,465
Interpublic Group of Cos Inc/The ^(a)	8,996		210	DNB ASA	60,240		1,182
Omnicom Group Inc ^(a)	5,428		414	Erste Group Bank AG	13,916		708
		$	643	Gunma Bank Ltd/The	10,700		65
Aerospace & Defense - 2.77%				Hiroshima Bank Ltd/The	2,400		19
Airbus SE	32,326		3,869	Intesa Sanpaolo SpA	132,774		498
Arconic Inc	10,711		261	JPMorgan Chase & Co ^(a)	19,155		2,213
Boeing Co/The	4,764		1,726	Jyske Bank A/S	350		21
General Dynamics Corp ^(a)	6,950		1,546	KeyCorp ^(a)	5,910		125
Harris Corp ^(a)	275		43	M&T Bank Corp ^(a)	274		52
L3 Technologies Inc	178		37	Mediobanca Banca di Credito Finanziario SpA	86,560		1,033
Northrop Grumman Corp	398		139	Morgan Stanley ^(a)	4,270		239
Raytheon Co ^(a)	6,741		1,466	Northern Trust Corp ^(a)	1,550		164
Rockwell Collins Inc	373		51	PNC Financial Services Group Inc/The	1,082		171
TransDigm Group Inc ^(a)	1,206		348	Raiffeisen Bank International AG ^(b)	20,750		804
United Technologies Corp	3,682		496	Regions Financial Corp	41,670		809
		$	9,982	Resona Holdings Inc	2,800		16
Agriculture - 0.76%				State Street Corp	841		89
Altria Group Inc ^(a)	22,033		1,387	SunTrust Banks Inc ^(a)	1,063		74
Japan Tobacco Inc	3,700		105	UBS Group AG ^(b)	57,309		1,086
Philip Morris International Inc	5,901		611	Wells Fargo & Co	7,276		425
Swedish Match AB	15,126		643	Western Alliance Bancorp ^(b)	4,372		256
		$	2,746	Yamaguchi Financial Group Inc	2,000		24
Airlines - 0.43%						$	16,430
Alaska Air Group Inc ^(a)	2,879		186	Beverages - 1.07%
ANA Holdings Inc	5,800		232	Asahi Group Holdings Ltd	2,900		148
Delta Air Lines Inc ^(a)	5,223		282	Carlsberg A/S	1,536		188
Japan Airlines Co Ltd ^(a)	23,000		877	Coca-Cola Co/The	10,073		435
				Constellation Brands Inc ^(a)	8,744		1,884
		$	1,577	Dr Pepper Snapple Group Inc ^(a)	4,164		484
Apparel - 0.99%
Adidas AG	5,748		1,274	Molson Coors Brewing Co	492		38
Canada Goose Holdings Inc ^(b)	5,533		175	PepsiCo Inc ^(a)	6,310		692
Hanesbrands Inc ^(a)	8,427		163			$	3,869
Michael Kors Holdings Ltd ^(a),(b)	4,301		271	Biotechnology - 1.92%
Moncler SpA ^(a)	22,947		796	Amgen Inc ^(a)	9,394		1,726
Ralph Lauren Corp ^(a)	2,124		225	Biogen Inc ^(a),(b)	4,947		1,430
Under Armour Inc - Class C ^(b)	1,011		15	Celgene Corp ^(b)	16,364		1,426
VF Corp	9,181		685	Gilead Sciences Inc ^(a)	23,613		1,859
		$	3,604	H Lundbeck A/S	8,425		441
Automobile Manufacturers - 1.16%						$	6,882
Daimler AG	11,495		982	Building Materials - 0.24%
Fiat Chrysler Automobiles NV ^(b)	60,718		1,281	Asahi Glass Co Ltd	900		37
General Motors Co	9,547		376	Fortune Brands Home & Security Inc ^(a)	3,553		215
Hino Motors Ltd	2,800		37	Johnson Controls International plc	7,569		279
Isuzu Motors Ltd	5,500		86	Masco Corp ^(a)	7,283		299
PACCAR Inc	716		51	Taiheiyo Cement Corp	1,000		37
Suzuki Motor Corp	1,700		97			$	867
Volvo AB - B Shares	68,368		1,285	Chemicals - 4.91%
		$	4,195	Air Products & Chemicals Inc ^(a)	3,460		556
Automobile Parts & Equipment - 1.15%				Asahi Kasei Corp	7,400		95
Aisin Seiki Co Ltd	1,900		111	BASF SE	14,521		1,517
Aptiv PLC ^(a)	6,249		571	Brenntag AG	5,173		322
Autoliv Inc	6,345		912	Daicel Corp	8,400		96
BorgWarner Inc ^(a)	4,933		242	Eastman Chemical Co ^(a)	1,803		182
Bridgestone Corp	600		27	Hitachi Chemical Co Ltd	1,700		38
Goodyear Tire & Rubber Co/The ^(a)	5,620		163	JSR Corp	3,000		72
JTEKT Corp	9,800		151	Koninklijke DSM NV	12,705		1,312
Koito Manufacturing Co Ltd	800		55	Kuraray Co Ltd	800		14
NHK Spring Co Ltd	20,800		218	LyondellBasell Industries NV ^(a)	10,409		1,126
NOK Corp	4,200		89	Mitsubishi Gas Chemical Co Inc	15,100		374
Rheinmetall AG	9,861		1,302	Mitsui Chemicals Inc	5,700		173
Stanley Electric Co Ltd	700		27	Monsanto Co	9,476		1,169
Toyota Boshoku Corp	12,400		264	Nitto Denko Corp	400		33
				PPG Industries Inc ^(a)	13,262		1,492
		$	4,132
Banks - 4.57%				Praxair Inc	656		98
Aozora Bank Ltd	500		20	Sherwin-Williams Co/The	18,505		7,431
Bank of America Corp ^(a)	91,493		2,937	Sumitomo Chemical Co Ltd	12,000		74
				Tosoh Corp ^(a)	30,300		626
Bank of New York Mellon Corp/The	2,319		132
BB&T Corp	1,789		97	Umicore SA	15,126		853
Capital One Financial Corp ^(a)	1,097		107			$	17,653
Citigroup Inc ^(a)	5,915		446	Commercial Services - 1.33%
Citizens Financial Group Inc ^(a)	3,386		147	Cintas Corp	2,388		407
Comerica Inc	57		6	Ecolab Inc	662		86


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)



COMMON STOCKS (continued)	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held		Value (000's)
Commercial Services (continued)				Diversified Financial Services (continued)
Equifax Inc	274	$	31	Nasdaq Inc ^(a)	3,876	$	313
H&R Block Inc	478		12	OM Asset Management PLC	32,448		497
ISS A/S	2,123		77	ORIX Corp	2,400		42
KAR Auction Services Inc ^(a)	17,022		921	Raymond James Financial Inc	334		31
Moody's Corp	2,376		396	Synchrony Financial ^(a)	4,202		153
Nielsen Holdings PLC ^(a)	8,330		272	T Rowe Price Group Inc ^(a)	5,737		642
Persol Holdings Co Ltd	10,900		279	Visa Inc ^(a)	8,939		1,099
Randstad Holding NV	9,378		668			$	9,666
Robert Half International Inc	2,404		137	Electric - 1.54%
S&P Global Inc	1,935		371	A2A SpA ^(a)	291,241		515
SGS SA	333		845	AES Corp/VA	1,511		16
Toppan Printing Co Ltd	2,000		17	CenterPoint Energy Inc	342		9
Total System Services Inc ^(a)	3,146		277	Consolidated Edison Inc	709		53
		$	4,796	Duke Energy Corp	9,838		741
Computers - 4.18%				Enel SpA ^(a)	183,839		1,067
Accenture PLC - Class A ^(a)	6,281		1,011	Exelon Corp	2,195		81
Apple Inc ^(a)	23,651		4,213	FirstEnergy Corp ^(a)	10,423		337
Cognizant Technology Solutions Corp	1,345		110	Hera SpA ^(a)	70,992		242
CSRA Inc	212		9	NextEra Energy Inc	8,244		1,254
DXC Technology Co ^(a)	6,682		685	NRG Energy Inc ^(a)	7,410		192
Fujitsu Ltd	22,000		131	Orsted A/S ^(c)	1,046		65
Hewlett Packard Enterprise Co ^(a)	25,396		472	Pinnacle West Capital Corp	256		20
HP Inc ^(a)	43,738		1,023	SCANA Corp	1,594		63
International Business Machines Corp ^(a)	26,643		4,152	Southern Co/The	15,442		665
Itochu Techno-Solutions Corp	7,200		294	Terna Rete Elettrica Nazionale SpA	26,405		146
Logitech International SA	12,005		471	Xcel Energy Inc	1,162		50
NetApp Inc ^(a)	27,725		1,679			$	5,516
Nomura Research Institute Ltd	900		40	Electrical Components & Equipment - 0.49%
Obic Co Ltd	300		25	Acuity Brands Inc	742		106
Otsuka Corp	2,700		250	AMETEK Inc ^(a)	5,410		410
Seagate Technology PLC ^(a)	6,669		356	Brother Industries Ltd	6,300		157
Western Digital Corp	2,113		184	Emerson Electric Co ^(a)	14,842		1,055
		$	15,105	Mabuchi Motor Co Ltd	1,100		56
Consumer Products - 0.12%						$	1,784
Avery Dennison Corp ^(a)	2,062		244	Electronics - 0.60%
Church & Dwight Co Inc	1,958		96	Allegion PLC	796		67
Kimberly-Clark Corp	803		89	Amphenol Corp	732		67
		$	429	FLIR Systems Inc	319		16
Cosmetics & Personal Care - 1.35%				Garmin Ltd	431		25
Beiersdorf AG	5,875		643	Honeywell International Inc ^(a)	8,555		1,293
Colgate-Palmolive Co	2,001		138	Hoya Corp	1,900		100
Estee Lauder Cos Inc/The ^(a)	11,708		1,621	Keyence Corp	100		60
Kao Corp	3,200		234	Kyocera Corp	1,200		71
Kose Corp	600		112	MINEBEA MITSUMI Inc	5,400		122
Lion Corp	5,800		108	Nippon Electric Glass Co Ltd	3,600		109
Pigeon Corp	500		20	Omron Corp	2,900		171
Pola Orbis Holdings Inc	9,500		398	Waters Corp ^(b)	181		37
Procter & Gamble Co/The ^(a)	18,931		1,486			$	2,138
Shiseido Co Ltd	2,100		126	Energy - Alternate Sources - 0.05%
		$	4,886	Vestas Wind Systems A/S	2,684		194
Distribution & Wholesale - 0.38%
ITOCHU Corp	2,800		54	Engineering & Construction - 0.92%
Marubeni Corp	49,300		375	Fraport AG Frankfurt Airport Services	7,865		803
Mitsubishi Corp ^(a)	10,700		300	Worldwide
Mitsui & Co Ltd	8,600		156	Jacobs Engineering Group Inc ^(a)	2,736		167
Sumitomo Corp	4,500		79	Kajima Corp ^(a)	70,000		666
Toyota Tsusho Corp	1,700		63	Obayashi Corp	52,100		588
WW Grainger Inc ^(a)	1,318		344	Shimizu Corp	18,700		174
		$	1,371	Taisei Corp ^(a)	18,400		933
Diversified Financial Services - 2.68%						$	3,331
Affiliated Managers Group Inc ^(a)	6,216		1,177	Entertainment - 0.16%
American Express Co	4,217		411	Genting Singapore PLC	155,100		135
BlackRock Inc ^(a)	3,768		2,070	Oriental Land Co Ltd/Japan	1,300		126
Cboe Global Markets Inc	258		29	Sega Sammy Holdings Inc	19,700		286
Charles Schwab Corp/The ^(a)	3,084		164	Toho Co Ltd/Tokyo	1,100		35
Discover Financial Services ^(a)	16,025		1,263			$	582
E*TRADE Financial Corp ^(a),(b)	2,148		112	Environmental Control - 0.10%
Franklin Resources Inc ^(a)	12,927		500	Republic Services Inc	759		51
Intercontinental Exchange Inc	4,624		338	Waste Management Inc ^(a)	3,639		314
Invesco Ltd ^(a)	9,524		310			$	365
Mastercard Inc ^(a)	2,479		436	Food - 0.88%
Mebuki Financial Group Inc	19,700		79	Campbell Soup Co ^(a)	7,044		303
				Conagra Brands Inc	2,254		82


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)



COMMON STOCKS (continued)	Shares Held	Value (000's)		COMMON STOCKS (continued)	Shares Held		Value (000's)
Food (continued)				Insurance (continued)
Ezaki Glico Co Ltd	400	$	20	Assicurazioni Generali SpA	1,902	$	36
General Mills Inc	1,302		66	Berkshire Hathaway Inc - Class B ^(a),(b)	18,111		3,753
Hershey Co/The ^(a)	4,719		464	Brighthouse Financial Inc ^(b)	274		15
Hormel Foods Corp	2,033		66	Hartford Financial Services Group Inc/The ^(a)	1,184		63
JM Smucker Co/The	616		78	Loews Corp	760		38
Kellogg Co	790		52	Marsh & McLennan Cos Inc ^(a)	11,913		989
Kraft Heinz Co/The	3,705		248	Poste Italiane SpA ^(c)	3,136		27
Kroger Co/The	14,865		403	Progressive Corp/The ^(a)	10,062		579
McCormick & Co Inc/MD ^(a)	3,065		327	Swiss Life Holding AG ^(b)	1,885		681
MEIJI Holdings Co Ltd	1,000		73	Torchmark Corp	1,105		94
NH Foods Ltd	6,000		134	Travelers Cos Inc/The	622		86
Sysco Corp	1,193		71			$	9,865
Toyo Suisan Kaisha Ltd	3,200		125	Internet - 2.16%
Tyson Foods Inc ^(a)	8,613		641	Alphabet Inc - A Shares ^(a),(b)	2,235		2,467
		$	3,153	Amazon.com Inc ^(b)	32		48
Forest Products & Paper - 0.17%				Booking Holdings Inc ^(b)	1,159		2,358
International Paper Co ^(a)	9,608		573	eBay Inc ^(b)	2,355		101
Oji Holdings Corp	6,000		39	F5 Networks Inc ^(a),(b)	8,911		1,323
		$	612	Facebook Inc ^(b)	5,299		945
Gas - 0.02%				Start Today Co Ltd ^(a)	21,200		548
Italgas SpA	8,601		46			$	7,790
Osaka Gas Co Ltd	700		14	Iron & Steel - 0.45%
Tokyo Gas Co Ltd	500		12	ArcelorMittal ^(b)	18,756		637
		$	72	JFE Holdings Inc ^(a)	20,600		474
Hand & Machine Tools - 0.90%				voestalpine AG	8,596		496
Fuji Electric Co Ltd	26,000		197			$	1,607
Sandvik AB	70,485		1,305	Leisure Products & Services - 0.49%
SMC Corp/Japan ^(a)	1,700		709	Carnival Corp ^(a)	16,803		1,124
Snap-on Inc ^(a)	1,326		211	Royal Caribbean Cruises Ltd ^(a)	4,915		622
Stanley Black & Decker Inc ^(a)	3,513		559	Yamaha Motor Co Ltd	1,100		35
THK Co Ltd	5,800		250			$	1,781
		$	3,231	Lodging - 0.59%
Healthcare - Products - 3.27%				Hilton Worldwide Holdings Inc ^(a)	7,361		595
Abbott Laboratories ^(a)	14,845		896	Marriott International Inc/MD ^(a)	8,670		1,224
Baxter International Inc ^(a)	11,051		749	Wyndham Worldwide Corp ^(a)	2,332		270
Becton Dickinson and Co	30,809		6,840			$	2,089
Boston Scientific Corp ^(a),(b)	96,456		2,629	Machinery - Construction & Mining - 0.78%
Danaher Corp	1,594		156	Caterpillar Inc ^(a)	13,648		2,111
DiaSorin SpA ^(a)	2,083		170	Hitachi Ltd ^(a)	93,000		703
Shimadzu Corp	3,200		82	Mitsubishi Electric Corp	900		15
Varian Medical Systems Inc ^(a),(b)	2,217		264			$	2,829
William Demant Holding A/S ^(b)	423		15	Machinery - Diversified - 1.19%
		$	11,801	Amada Holdings Co Ltd	16,300		217
Healthcare - Services - 2.32%				CNH Industrial NV	93,476		1,258
Aetna Inc ^(a)	7,083		1,254	Cummins Inc ^(a)	3,869		651
Anthem Inc ^(a)	444		105	Daifuku Co Ltd	1,700		111
Centene Corp ^(a),(b)	390		40	Deere & Co	3,468		558
Cigna Corp ^(a)	5,760		1,128	Flowserve Corp	1,662		70
DaVita Inc ^(b)	208		15	Hexagon AB	13,626		797
Envision Healthcare Corp ^(a),(b)	2,818		108	Nabtesco Corp	2,400		103
Humana Inc	2,410		655	Roper Technologies Inc ^(a)	274		75
Laboratory Corp of America Holdings ^(a),(b)	2,433		420	Sumitomo Heavy Industries Ltd	4,100		160
Quest Diagnostics Inc ^(a)	3,159		326	Xylem Inc/NY ^(a)	4,210		314
UnitedHealth Group Inc ^(a)	5,686		1,286			$	4,314
Universal Health Services Inc	26,573		3,035	Media - 2.62%
		$	8,372	CBS Corp ^(a)	9,394		498
Home Builders - 0.92%				Discovery Communications Inc - A Shares	13,363		325
DR Horton Inc ^(a)	61,553		2,579	(a),(b)
Haseko Corp ^(a)	39,600		580	DISH Network Corp ^(a),(b)	21,514		897
Lennar Corp - A Shares	549		31	News Corp - A Shares ^(a)	13,637		220
PulteGroup Inc ^(a)	664		19	ProSiebenSat.1 Media SE	32,671		1,292
Sekisui Chemical Co Ltd	4,000		75	Scripps Networks Interactive Inc ^(a)	3,041		273
		$	3,284	Time Warner Inc ^(a)	39,910		3,710
Home Furnishings - 0.01%				Tokyo Broadcasting System Holdings Inc	5,200		117
Leggett & Platt Inc	1,191		52	Viacom Inc - B Shares	9,615		321
Sony Corp	400		20	Wolters Kluwer NV	24,503		1,241
		$	72	World Wrestling Entertainment Inc	13,197		503
Insurance - 2.73%						$	9,397
Aflac Inc	893		79	Metal Fabrication & Hardware - 0.42%
Allianz SE	10,890		2,530	Maruichi Steel Tube Ltd	600		19
Allstate Corp/The	812		75	MISUMI Group Inc	3,300		95
Aon PLC ^(a)	5,846		820	SKF AB	67,158		1,403
						$	1,517

Schedule of Investments Multi-Manager Equity Long/Short Fund February 28, 2018 (unaudited)


COMMON STOCKS (continued)	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)
Mining - 0.51%				Pharmaceuticals (continued)
Boliden AB	33,276	$	1,177	Zoetis Inc	11,311	$	915
Freeport-McMoRan Inc ^(a),(b)	35,180		654			$	12,686
		$	1,831	Real Estate - 0.09%
Miscellaneous Manufacturers - 1.72%				CBRE Group Inc ^(a),(b)	7,212		337
3M Co ^(a)	1,369		323
Alfa Laval AB	52,335		1,257	REITs - 0.24%
AO Smith Corp	392		25	Alexandria Real Estate Equities Inc	710		86
Dover Corp ^(a)	3,708		371	AvalonBay Communities Inc	316		49
Eaton Corp PLC	1,007		81	Equity Residential	842		47
General Electric Co	19,856		280	Mid-America Apartment Communities Inc	406		35
Illinois Tool Works Inc ^(a)	3,799		613	Realty Income Corp	333		17
Ingersoll-Rand PLC ^(a)	6,690		594	Weyerhaeuser Co ^(a)	17,674		619
Pentair PLC ^(a)	4,245		292			$	853
Siemens AG	18,184		2,383	Retail - 4.69%
		$	6,219	Advance Auto Parts Inc ^(a)	1,730		198
Office & Business Equipment - 0.32%				Autogrill SpA ^(a)	18,367		229
Canon Inc	1,100		42	AutoZone Inc ^(b)	588		391
Pitney Bowes Inc ^(a)	89,147		1,105	Best Buy Co Inc	677		49
		$	1,147	CarMax Inc ^(b)	40,646		2,517
Oil & Gas - 3.75%				Cie Financiere Richemont SA	14,521		1,273
Andeavor ^(a)	3,588		322	Citizen Watch Co Ltd	16,000		122
Apache Corp ^(a)	8,916		304	Cosmos Pharmaceutical Corp	500		95
BP PLC ADR	10,930		425	Dollar General Corp ^(a)	883		84
ConocoPhillips ^(a)	44,495		2,416	Dollar Tree Inc ^(a),(b)	424		44
Eni SpA	128,578		2,135	Foot Locker Inc ^(a)	1,019		47
Exxon Mobil Corp ^(a)	24,956		1,890	Gap Inc/The ^(a)	895		28
Hess Corp ^(a)	7,375		335	Home Depot Inc/The ^(a)	8,162		1,488
Idemitsu Kosan Co Ltd	13,600		516	Izumi Co Ltd	600		39
Inpex Corp	38,400		460	Kohl's Corp ^(a)	3,931		260
JXTG Holdings Inc ^(a)	179,800		1,079	Lowe's Cos Inc ^(a)	36,039		3,228
Marathon Oil Corp	1,945		28	Macy's Inc	1,265		37
Marathon Petroleum Corp ^(a)	11,373		729	Matsumotokiyoshi Holdings Co Ltd	9,600		404
Noble Energy Inc ^(a)	11,035		329	McDonald's Corp ^(a)	8,559		1,350
Phillips 66 ^(a)	11,865		1,072	Nitori Holdings Co Ltd	300		50
Pioneer Natural Resources Co	968		165	O'Reilly Automotive Inc ^(a),(b)	1,945		475
Royal Dutch Shell PLC ADR	6,285		398	PVH Corp	96		14
Valero Energy Corp ^(a)	10,203		923	Ross Stores Inc ^(a)	6,745		527
		$	13,526	Ryohin Keikaku Co Ltd	100		34
Oil & Gas Services - 0.73%				Shimamura Co Ltd	600		71
Halliburton Co	9,154		425	Signet Jewelers Ltd ^(a)	1,413		71
National Oilwell Varco Inc	869		30	Sugi Holdings Co Ltd	500		27
Schlumberger Ltd ^(a)	15,873		1,042	Sundrug Co Ltd	500		23
TechnipFMC PLC ^(a)	38,049		1,097	Target Corp ^(a)	3,207		242
		$	2,594	TJX Cos Inc/The	2,168		179
Packaging & Containers - 0.13%				Tractor Supply Co ^(a)	2,944		191
Ball Corp	800		32	Walgreens Boots Alliance Inc	14,246		981
Packaging Corp of America ^(a)	2,195		262	Walmart Inc ^(a)	16,956		1,526
Sealed Air Corp	3,922		166	Welcia Holdings Co Ltd	1,500		66
		$	460	Yum! Brands Inc	7,435		605
Pharmaceuticals - 3.52%						$	16,965
AbbVie Inc	16,028		1,856	Semiconductors - 3.67%
Alfresa Holdings Corp	12,700		284	Advanced Micro Devices Inc ^(b)	2,438		30
AmerisourceBergen Corp ^(a)	5,335		508	Analog Devices Inc ^(a)	22,028		1,986
Astellas Pharma Inc ^(a)	37,700		554	Applied Materials Inc	11,605		668
Bristol-Myers Squibb Co ^(a)	4,659		308	ASML Holding NV	6,716		1,310
CVS Health Corp	2,320		157	BE Semiconductor Industries NV	4,912		482
Daiichi Sankyo Co Ltd	4,800		170	Intel Corp ^(a)	28,682		1,414
Eli Lilly & Co	2,519		194	KLA-Tencor Corp	358		41
Express Scripts Holding Co ^(b)	11,323		854	Lam Research Corp ^(a)	4,736		909
Johnson & Johnson ^(a)	20,632		2,680	Micron Technology Inc ^(a),(b)	30,283		1,478
Kobayashi Pharmaceutical Co Ltd	800		52	Qorvo Inc ^(b)	289		23
Kyowa Hakko Kirin Co Ltd	1,100		23	QUALCOMM Inc	3,387		220
Medipal Holdings Corp	7,600		155	Rohm Co Ltd	200		21
Merck & Co Inc ^(a)	28,593		1,550	Skyworks Solutions Inc	1,355		148
Mitsubishi Tanabe Pharma Corp ^(a)	5,900		126	STMicroelectronics NV ^(a)	100,482		2,288
Nippon Shinyaku Co Ltd	3,200		178	Texas Instruments Inc	16,654		1,804
Novo Nordisk A/S	10,554		546	Tokyo Electron Ltd	2,100		410
Pfizer Inc	32,720		1,188			$	13,232
Recordati SpA ^(a)	6,689		239	Shipbuilding - 0.03%
Shionogi & Co Ltd	800		42	Huntington Ingalls Industries Inc	103		27
Sumitomo Dainippon Pharma Co Ltd ^(a)	4,600		70	Yangzijiang Shipbuilding Holdings Ltd	71,100		80
Suzuken Co Ltd/Aichi Japan	900		37			$	107

Schedule of Investments Multi-Manager Equity Long/Short Fund February 28, 2018 (unaudited)


COMMON STOCKS (continued)		Shares Held		Value (000's)
Software - 1.29%
CA Inc		5,368	$	188		(a)	Security or a portion of the security was pledged as collateral for short
Citrix Systems Inc ^(b)		328		30			sales. At the end of the period, the value of these securities totaled
Fidelity National Information Services Inc		762		74			$116,784 or 32.40% of net assets.
GungHo Online Entertainment Inc		59,600		208		(b)	Non-income producing security
Konami Holdings Corp		300		16		(c)	Security exempt from registration under Rule 144A of the Securities Act of
Microsoft Corp ^(a)		17,736		1,663			1933. These securities may be resold in transactions exempt from
Nexon Co Ltd ^(b)		11,200		404			registration, normally to qualified institutional buyers. At the end of the
Nuance Communications Inc ^(b)		20,464		329			period, the value of these securities totaled $691 or 0.75% of net assets.
Oracle Corp		10,026		508		(d)	Affiliated Security. Security is either an affiliate (and registered under the
Oracle Corp Japan		3,100		239			Investment Company Act of 1940) or an affiliate as defined by the
Paychex Inc		822		54			Investment Company Act of 1940 (the Fund controls 5.0% or more of the
Square Enix Holdings Co Ltd		13,600		579			outstanding voting shares of the security). Please see affiliated sub-
Temenos Group AG ^(b)		3,395		395			schedule for transactional information.
			$	4,687		(e)	Security or a portion of the security was pledged to cover margin
Telecommunications - 2.87%							requirements for swap and/or swaption contracts. At the end of the period,
ARRIS International PLC ^(b)		24,701		630			the value of these securities totaled $13,572 or 3.76% of net assets.
AT&T Inc ^(a)		34,296		1,245		(f)	Rate shown is the discount rate of the original purchase.
Cisco Systems Inc ^(a)		37,853		1,695
Consolidated Communications Holdings Inc		16,122		186
GN Store Nord A/S		16,012		552			Portfolio Summary (unaudited)
Hikari Tsushin Inc		500		72		Sector		Percent
Juniper Networks Inc		24,004		616		Investment Companies		21.91	%
KDDI Corp		500		12		Consumer, Non-cyclical		16.53	%
Motorola Solutions Inc ^(a)		3,773		400
Nippon Telegraph & Telephone Corp ^(a)		17,300		804		Industrial		13.40	%
PLAY Communications SA ^(b),(c)		60,934		599		Consumer, Cyclical		11.77	%
						Financial		10.31	%
TDC A/S		46,258		377		Technology		9.47	%
VEON Ltd ADR		414,550		1,198		Communications		7.83	%
Verizon Communications Inc ^(a)		40,815		1,948
						Basic Materials		6.04	%
			$	10,334		Energy		4.54	%
Toys, Games & Hobbies - 0.16%						Government		3.32	%
Bandai Namco Holdings Inc ^(a)		13,900		449		Utilities		1.56	%
Mattel Inc ^(a)		7,940		126		Investments Sold Short		(37.81	)%
			$	575		Other Assets and Liabilities		31.13	%
Transportation - 3.12%						TOTAL NET ASSETS		100.00	%
Central Japan Railway Co		200		37
CH Robinson Worldwide Inc		264		25
CSX Corp ^(a)		59,841		3,216
DSV A/S		11,160		874
Expeditors International of Washington Inc		3,563		231
FedEx Corp		14,824		3,654
JB Hunt Transport Services Inc ^(a)		2,528		300
Kamigumi Co Ltd		13,000		284
Kansas City Southern		1,580		163
Kyushu Railway Co		2,900		89
Nippon Express Co Ltd ^(a)		3,000		201
Norfolk Southern Corp ^(a)		5,121		712
Old Dominion Freight Line Inc		3,757		522
Union Pacific Corp ^(a)		6,925		902
West Japan Railway Co		400		28
			$	11,238
TOTAL COMMON STOCKS			$	291,320
INVESTMENT COMPANIES - 21.91%		Shares Held		Value (000's)
Money Market Funds - 21.91%
Principal Government Money Market Fund		78,982,813		78,983
(d),(e)

TOTAL INVESTMENT COMPANIES			$	78,983
PREFERRED STOCKS - 0.64%		Shares Held		Value (000's)
Automobile Manufacturers - 0.64%
Volkswagen AG 3.96%		11,798	$	2,295

TOTAL PREFERRED STOCKS			$	2,295
U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS - 3.32%		Amount (000's)		Value (000's)
U.S. Treasury Bill - 3.32%
1.26%, 04/26/2018 ^(a),(f)	$	12,000	$	11,971

TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS			$	11,971
Total Investments			$	384,569
Other Assets and Liabilities - (6.68)%			$	(24,092	)
TOTAL NET ASSETS - 100.00%			$	360,477


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)


Affiliated Securities	August 31, 2017			Purchases						Sales		February 28, 2018
		Value					Cost			Proceeds				Value
Principal Government Money Market Fund	$	—		$		149,349		$		70,366	$			78,983
	$	—		$		149,349		$		70,366	$			78,983


		Realized Gain/Loss					Realized Gain from					Change in Unrealized
	Income		on Investments				Capital Gain Distributions						Gain/Loss
Principal Government Money Market Fund	$ 195	$		—		$					—	$		—
	$ 195	$		—		$					—	$		—
Amounts in thousands


Futures Contracts

Description and Expiration Date		Type	Contracts			Notional Amount				Value and Unrealized Appreciation/(Depreciation)
AEX Index; March 2018		Long		7	$		914			$				24
AEX Index; March 2018		Short		10			1,306							(4	)
CAC40 Index; March 2018		Short		96			6,230							(161	)
CAC40 Index; March 2018		Long		30			1,947							71
DAX Index; March 2018		Long		5			1,896							(59	)
DAX Index; March 2018		Short		9			3,413							31
DJ Euro Stoxx 50; March 2018		Short		385			16,148							529
FTSE/MIB Index; March 2018		Long		1			138							1
FTSE/MIB Index; March 2018		Short		9			1,241							(2	)
FTSE100 Index; March 2018		Long		28			2,785							(68	)
FTSE100 Index; March 2018		Short		29			2,885							106
IBEX 35 Index; March 2018		Long		4			480							8
Japan Topix Index; March 2018		Long		21			3,480							(213	)
MSCI Singapore Index; March 2018		Short		1			30							—
OMXS30 Index; March 2018		Short		110			2,087							(83	)
OMXS30 Index; March 2018		Long		39			740							31
S&P 500 Emini; March 2018		Long		201			27,280							595
S&P/TSX 60 Index; March 2018		Long		10			1,423							(48	)
SPI 200 Index; March 2018		Long		12			1,398							5
Total										$				763

Amounts in thousands except contracts.


Foreign Currency Contracts

											Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date	Contracts to Accept				In Exchange For				Fair Value		Asset		Liability
Citigroup Inc	03/21/2018	AUD		1,548,000		$	1,171		$	1,202	$	31	$	—
Citigroup Inc	03/21/2018	CAD		2,117,000			1,658			1,650		1		(9	)
Citigroup Inc	03/21/2018	CHF		1,383,000			1,412			1,467		55		—
Citigroup Inc	03/21/2018	DKK		2,757,000			454			452		3		(5	)
Citigroup Inc	03/21/2018	EUR		3,914,000			4,695			4,782		95		(8	)
Citigroup Inc	03/21/2018	GBP		2,318,000			3,112			3,194		82		—
Citigroup Inc	03/21/2018	HKD		4,872,000			625			623		—		(2	)
Citigroup Inc	03/21/2018	ILS		289,000			83			83		—		—
Citigroup Inc	03/21/2018	NOK		1,010,000			123			128		5		—
Citigroup Inc	03/21/2018	NZD		40,000			28			29		1		—
Citigroup Inc	03/21/2018	SEK		4,193,000			505			507		3		(1	)
Citigroup Inc	03/21/2018	SGD		506,000			380			383		5		(2	)
Citigroup Inc	03/22/2018	JPY	643,573,000				5,785			6,043		258		—
Citigroup Inc	06/20/2018	AUD		305,998			240			238		—		(2	)
Citigroup Inc	06/20/2018	CAD		346,325			274			271		—		(3	)
Citigroup Inc	06/20/2018	CHF		227,500			245			243		—		(2	)
Citigroup Inc	06/20/2018	DKK		506,400			84			83		—		(1	)
Citigroup Inc	06/20/2018	EUR		631,400			783			777		—		(6	)
Citigroup Inc	06/20/2018	GBP		376,075			527			520		—		(7	)
Citigroup Inc	06/20/2018	HKD		1,948,800			250			250		—		—
Citigroup Inc	06/20/2018	ILS		62,244			18			18		—		—
Citigroup Inc	06/20/2018	JPY	118,894,100				1,120			1,123		3		—
Citigroup Inc	06/20/2018	NOK		182,000			23			23		—		—
Citigroup Inc	06/20/2018	NZD		16,000			12			12		—		—
Citigroup Inc	06/20/2018	SEK		746,998			92			91		—		(1	)
Citigroup Inc	06/20/2018	SGD		190,000			145			144		—		(1	)
JPMorgan Chase	06/20/2018	AUD		459,004			360			357		—		(3	)
JPMorgan Chase	06/20/2018	CAD		519,487			410			406		—		(4	)
JPMorgan Chase	06/20/2018	CHF		341,250			368			365		—		(3	)
JPMorgan Chase	06/20/2018	DKK		759,600			126			125		—		(1	)


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)


Foreign Currency Contracts (continued)

										Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Date		Contracts to Accept		In Exchange For		Fair Value			Asset			Liability
JPMorgan Chase		06/20/2018		EUR	947,100	$	1,174	$	1,165	$	—	$		(9	)
JPMorgan Chase		06/20/2018		GBP	564,112		790		780		—			(10	)
JPMorgan Chase		06/20/2018		HKD	2,923,200		375		375		—			—
JPMorgan Chase		06/20/2018		ILS	93,373		27		27		—			—
JPMorgan Chase		06/20/2018		JPY	178,341,150		1,680		1,685		5			—
JPMorgan Chase		06/20/2018		NOK	273,000		35		35		—			—
JPMorgan Chase		06/20/2018		NZD	24,000		17		17		—			—
JPMorgan Chase		06/20/2018		SEK	1,120,504		138		136		—			(2	)
JPMorgan Chase		06/20/2018		SGD	285,000		217		216		—			(1	)
Morgan Stanley & Co		03/21/2018		CHF	2,057,000		2,196		2,183		—			(13	)
Morgan Stanley & Co		03/21/2018		EUR	4,379,000		5,412		5,350		—			(62	)
Morgan Stanley & Co		03/21/2018		GBP	660,000		928		909		—			(19	)
Morgan Stanley & Co		03/21/2018		PLN	229,000		68		67		—			(1	)
Morgan Stanley & Co		03/21/2018		SEK	15,394,000		1,861		1,861		—			—
Total										$	547	$		(178	)
										Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Date		Contracts to Deliver		In Exchange For		Fair Value			Asset			Liability
Citigroup Inc		03/21/2018		AUD	783,002	$	614	$	608	$	6	$		—
Citigroup Inc		03/21/2018		CAD	1,003,812		792		783		9			—
Citigroup Inc		03/21/2018		CHF	651,750		695		691		5			(1	)
Citigroup Inc		03/21/2018		DKK	2,757,000		454		452		4			(2	)
Citigroup Inc		03/21/2018		EUR	2,335,500		2,875		2,854		26			(5	)
Citigroup Inc		03/21/2018		GBP	1,109,187		1,542		1,528		18			(4	)
Citigroup Inc		03/21/2018		HKD	4,872,000		623		623		—			—
Citigroup Inc		03/21/2018		ILS	155,617		45		45		—			—
Citigroup Inc		03/21/2018		NOK	555,000		70		70		—			—
Citigroup Inc		03/21/2018		NZD	40,000		29		29		—			—
Citigroup Inc		03/21/2018		SEK	2,325,502		286		281		5			—
Citigroup Inc		03/21/2018		SGD	506,000		385		383		2			—
Citigroup Inc		03/22/2018		JPY	471,387,250		4,378		4,425		—			(47	)
Citigroup Inc		06/20/2018		DKK	205,600		34		34		—			—
Citigroup Inc		06/20/2018		EUR	97,600		121		120		1			—
Citigroup Inc		06/20/2018		SGD	2,400		2		2		—			—
JPMorgan Chase		06/20/2018		DKK	308,400		51		51		—			—
JPMorgan Chase		06/20/2018		EUR	146,400		181		180		1			—
JPMorgan Chase		06/20/2018		SGD	3,600		3		3		—			—
Morgan Stanley & Co		03/21/2018		CHF	6,575,000		7,122		6,976		146			—
Morgan Stanley & Co		03/21/2018		DKK	20,351,000		3,410		3,340		70			—
Morgan Stanley & Co		03/21/2018		EUR	26,030,000		32,294		31,804		567			(77	)
Morgan Stanley & Co		03/21/2018		GBP	215,000		296		296		—			—
Morgan Stanley & Co		03/21/2018		NOK	9,289,000		1,193		1,177		16			—
Morgan Stanley & Co		03/21/2018		PLN	2,281,000		656		667		—			(11	)
Morgan Stanley & Co		03/21/2018		SEK	84,770,000		10,685		10,247		438			—
Total										$	1,314	$		(147	)

Amounts in thousands except contracts.


Total Return Swaps

			Pay/Receive								Value and Unrealized
	Reference		Positive		Payment	Expiration			Notional		Upfront	Appreciation/(Depreciation)
Counterparty	Entity	Contracts	Return	Financing Rate	Frequency	Date			Amount		Payments/(Receipts)	Asset		Liability
Bank of America	MSCI Hong	45	Receive	1 month HIBOR	Monthly	03/21/2018		HKD 3,916			$ —	$ 5	$	—
NA	Kong Net			plus .45%
	Return HKD
	Index
Bank of America	MSCI Italy Net	2,569	Receive	Euribor 1	Monthly	03/21/2018		EUR 272			—	—		(1	)
NA	Return EUR			Month plus
	Index			.02%
Bank of America	MSCI Japan Net	5,770	Receive	ICE LIBOR	Monthly	03/21/2018			JPY 11,478		—	—		—
NA	Return JPY			JPY 1 Month
	Index			plus .20%
Morgan Stanley &	MSCI	36	Receive	SIBOR 1 Month	Monthly	03/21/2018		SGD 217			—	—		(1	)
Co	Singapore Net			plus .10%
	Return SGD
	Index
Morgan Stanley &	MSCI	23	Receive	SIBOR 1 Month	Monthly	03/21/2018		139			—	—		(1	)
Co	Singapore Net			plus .10%
	Return SGD
	Index

Schedule of Investments

Multi-Manager Equity Long/Short Fund

February 28, 2018 (unaudited)

Total Return Swaps (continued)

Pay/Receive

Value and Unrealized

Reference

Positive

Payment

Expiration

Notional

Upfront

Appreciation/(Depreciation)

Counterparty

Entity

Contracts

Return Financing Rate

Frequency

Date

Amount

Payments/(Receipts)

Asset

Liability

Morgan Stanley &

MSCI

Receive SIBOR 1 Month

Monthly

03/21/2018

SGD 139

$ —

— $

)

Singapore Net

plus .10%

Return SGD

Index

Total

—

)

Amounts in thousands except contracts

Total Return Equity Basket Swaps

Value and Unrealized

Payment

Notional

Upfront

Appreciation/(Depreciation)

Counterparty

Fund Pays

Fund Receives

Frequency

Expiration Date

Amount

Payments/(Receipts)

Asset

Liability

Deutsche Bank AG^(a)

Floating rate based on 1

Total return on a custom

Monthly

05/05/2022

143,675

—

2,977

—

day OBFR plus/less

basket of long and short

spread

securities traded in USD

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom

Monthly

05/06/2019

1,786

—

week NIBOR plus/less

basket of long and short

spread

securities traded in NOK

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom

Monthly

05/07/2019

1,175

—

day HONIX plus/less

basket of long and short

spread

securities traded in HKD

Morgan Stanley & Co^(b)

Floating rate based on 1

Total return on a custom

Monthly

05/06/2019

3,867

—

122

—

week STIBO plus/less

basket of long and short

spread

securities traded in SEK

Morgan Stanley & Co^(c)

Floating rate based on 1

Total return on a custom

Monthly

04/06/2018

7,367

—

101

—

day SONIA plus/less

basket of long and short

spread

securities traded in GBP

Morgan Stanley & Co^(d)

Floating rate based on 1

Total return on a custom

Monthly

04/06/2018

28,938

—

153

—

day EONIA plus/less

basket of long and short

spread

securities traded in EUR

Morgan Stanley & Co^(e)

Floating rate based on 1

Total return on a custom

Monthly

05/07/2018

7,942

—

730

—

day DISC plus/less

basket of long and short

spread

securities traded in CAD

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom

Monthly

05/06/2019

1,930

—

(48

)

day RBACR plus/less

basket of long and short

spread

securities traded in AUD

Morgan Stanley & Co^(f)

Floating rate based on 1

Total return on a custom

Monthly

08/06/2019

5,209

—

(201

)

day TOIS plus/less

basket of long and short

spread

securities traded in CHF

Morgan Stanley & Co^(g)

Floating rate based on 1

Total return on a custom

Monthly

05/07/2019

11,870

—

810

—

day SONIA plus/less

basket of long and short

spread

securities traded in GBP

Morgan Stanley & Co^(h)

Floating rate based on 1

Total return on a custom

Monthly

05/06/2019

31,282

—

1,444

—

day EONIA plus/less

basket of long and short

spread

securities traded in EUR

Total

245,041

—

6,410

(249

)

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

Notional Amount represents the total absolute value of the underlying securities.


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)





Top Underlying Securities (continued)
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Ball Corp	(25,786	) $	(1,030	)	(0.72	)%
Wabtec Corp/DE	(12,629	)	(1,027	)	(0.71	)%
Exelon Corp	27,569		1,021		0.71	%
Facebook Inc	5,671		1,011		0.70	%
Merck & Co Inc	18,501		1,003		0.70	%
Boeing Co/The	2,755		998		0.69	%
VEREIT Inc	(143,385	)	(982	)	(0.68	)%
Western Digital Corp	11,162		972		0.68	%
Gilead Sciences Inc	12,257		965		0.67	%
McKesson Corp	6,440		961		0.67	%
Workday Inc	(7,528	)	(954	)	(0.66	)%
Microsoft Corp	9,360		878		0.61	%
Uniti Group Inc	(56,974	)	(875	)	(0.61	)%
Spirit AeroSystems Holdings Inc	9,521		869		0.61	%
Alkermes PLC	(14,971	)	(855	)	(0.60	)%
Advanced Micro Devices Inc	(69,074	)	(836	)	(0.58	)%
Amazon.com Inc	553		836		0.58	%
Apple Inc	4,667		831		0.58	%
Biogen Inc	2,869		829		0.58	%
Albemarle Corp	(7,911	)	(795	)	(0.55	)%
Post Holdings Inc	(10,304	)	(781	)	(0.54	)%
Ultimate Software Group Inc/The	(3,273	)	(780	)	(0.54	)%
ServiceNow Inc	(4,835	)	(778	)	(0.54	)%
Atlassian Corp PLC	(14,109	)	(766	)	(0.53	)%
Conduent Inc	(40,077	)	(757	)	(0.53	)%
Targa Resources Corp	(16,899	)	(755	)	(0.53	)%
Adobe Systems Inc	3,598		752		0.52	%
Allstate Corp/The	8,093		747		0.52	%
Macquarie Infrastructure Corp	(18,322	)	(742	)	(0.52	)%
eBay Inc	17,125		734		0.51	%
Zayo Group Holdings Inc	(20,176	)	(723	)	(0.50	)%
Walt Disney Co/The	6,957		718		0.50	%
Applied Materials Inc	12,336		710		0.49	%
Huntington Ingalls Industries Inc	2,700		707		0.49	%
Blue Buffalo Pet Products Inc	(17,557	)	(703	)	(0.49	)%
Walmart Inc	7,811		703		0.49	%


(b)

Top Underlying Securities
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Telefonaktiebolaget LM Ericsson	(156,529	) $	(1,053	)	(27.24	)%
Boliden AB	20,690		736		19.04	%
Svenska Handelsbanken AB	(30,940	)	(426	)	(11.03	)%
Essity AB	12,528		345		8.91	%
Kindred Group PLC	19,674		319		8.26	%
Millicom International Cellular SA	(4,664	)	(312	)	(8.07	)%
Svenska Cellulosa AB SCA	13,189		131		3.40	%
Electrolux AB	3,919		129		3.34	%
Modern Times Group MTG AB	1,797		81		2.10	%
Volvo AB - B Shares	3,862		73		1.89	%
Hexpol AB	(5,250	)	(48	)	(1.25	)%
Swedish Orphan Biovitrum AB	(2,652	)	(44	)	(1.13	)%
Getinge AB	(3,313	)	(42	)	(1.08	)%
Holmen AB	777		40		1.04	%
BillerudKorsnas AB	1,859		28		0.72	%
NCC AB	1,213		23		0.60	%
Axfood AB	1,038		19		0.50	%
SSAB AB	2,583		15		0.40	%


(c)

Top Underlying Securities
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Rio Tinto PLC	34,789	$	1,880		25.52	%
Smith & Nephew PLC	73,567		1,285		17.44	%
Ocado Group PLC	123,425		940		12.76	%
Carnival PLC	12,073		798		10.83	%
Experian PLC	34,853		747		10.13	%
Royal Dutch Shell PLC - A Shares	21,176		671		9.11	%
3i Group PLC	38,069		492		6.69	%
TUI AG	22,923		487		6.61	%
Electrocomponents PLC	7,747		67		0.91	%
Tullow Oil PLC	63		—		0.00	%


(d)

Top Underlying Securities
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Airbus SE	21,781	$	2,613		9.03	%
AXA SA	81,282		2,564		8.86	%
Vinci SA	25,294		2,509		8.67	%


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)





Top Underlying Securities (continued)
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
LVMH Moet Hennessy Louis Vuitton SE	8,222	$	2,473		8.55	%
Schneider Electric SE	27,863		2,433		8.41	%
Renault SA	21,478		2,345		8.10	%
Pernod Ricard SA	9,680		1,594		5.51	%
BNP Paribas SA	18,151		1,448		5.00	%
Bouygues SA	26,924		1,368		4.73	%
Kering SA	2,723		1,289		4.45	%
TechnipFMC PLC	42,957		1,257		4.34	%
Arkema SA	8,561		1,122		3.88	%
Safran SA	8,954		993		3.43	%
Bankinter SA	87,426		967		3.34	%
Euronext NV	12,403		867		3.00	%
Aeroports de Paris	3,933		797		2.75	%
Natixis SA	91,182		790		2.73	%
Repsol SA	39,327		706		2.44	%
Ubisoft Entertainment SA	6,140		509		1.76	%
Eurofins Scientific SE	519		294		1.02	%


(e)

Top Underlying Securities
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Air Canada	43,834	$	924		11.64	%
Enbridge Inc	(23,291	)	(741	)	(9.33	)%
Dollarama Inc	4,775		556		7.00	%
TransCanada Corp	(10,949	)	(474	)	(5.96	)%
First Quantum Minerals Ltd	(28,638	)	(467	)	(5.88	)%
Methanex Corp	7,059		390		4.91	%
Canadian Imperial Bank of Commerce	3,277		299		3.77	%
Fairfax Financial Holdings Ltd	(596	)	(291	)	(3.67	)%
Cameco Corp	(29,173	)	(257	)	(3.24	)%
West Fraser Timber Co Ltd	3,574		249		3.13	%
Wheaton Precious Metals Corp	(12,896	)	(246	)	(3.10	)%
Canadian Tire Corp Ltd	1,754		238		3.00	%
National Bank of Canada	4,841		235		2.96	%
AltaGas Ltd	(11,176	)	(230	)	(2.90	)%
Magna International Inc	3,869		213		2.68	%
Linamar Corp	3,544		194		2.44	%
Keyera Corp	(7,451	)	(190	)	(2.39	)%
Franco-Nevada Corp	(2,364	)	(166	)	(2.08	)%
Ritchie Bros Auctioneers Inc	(4,245	)	(138	)	(1.73	)%
Stantec Inc	(5,268	)	(132	)	(1.66	)%
Goldcorp Inc	(10,422	)	(130	)	(1.64	)%
Maple Leaf Foods Inc	3,913		98		1.24	%
Atco Ltd/Canada	2,651		87		1.10	%
Encana Corp	7,959		83		1.05	%
Yamana Gold Inc	(27,910	)	(81	)	(1.02	)%
Agnico Eagle Mines Ltd	(1,993	)	(76	)	(0.96	)%
Lundin Mining Corp	11,388		74		0.93	%
Constellation Software Inc/Canada	103		67		0.84	%
WestJet Airlines Ltd	2,739		55		0.69	%
Genworth MI Canada Inc	1,752		53		0.67	%
Teck Resources Ltd	1,835		52		0.66	%
Peyto Exploration & Development Corp	(6,608	)	(52	)	(0.66	)%
Valeant Pharmaceuticals International Inc	(3,069	)	(50	)	(0.63	)%
Imperial Oil Ltd	(1,667	)	(45	)	(0.57	)%
CGI Group Inc	757		44		0.56	%
Eldorado Gold Corp	(34,852	)	(37	)	(0.47	)%
SNC-Lavalin Group Inc	(745	)	(32	)	(0.41	)%
Bombardier Inc	(9,972	)	(32	)	(0.40	)%
BlackBerry Ltd	2,527		31		0.38	%
Finning International Inc	1,109		30		0.37	%
Inter Pipeline Ltd	(1,428	)	(25	)	(0.31	)%
Pembina Pipeline Corp	(528	)	(17	)	(0.22	)%
Barrick Gold Corp	(1,312	)	(15	)	(0.19	)%
Quebecor Inc	800		15		0.19	%
Onex Corp	(196	)	(14	)	(0.18	)%
Industrial Alliance Insurance & Financial Services Inc	326		14		0.18	%


(f)

Top Underlying Securities
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Credit Suisse Group AG	(57,649	) $	(1,072	)	(20.58	)%
Vifor Pharma AG	(6,005	)	(847	)	(16.26	)%
Temenos Group AG	6,368		748		14.36	%
Adecco Group AG	7,949		642		12.32	%
Roche Holding AG	1,496		347		6.67	%
Sika AG	36		297		5.69	%
Lonza Group AG	1,045		266		5.12	%
ams AG	(1,696	)	(201	)	(3.86	)%
dormakaba Holding AG	173		159		3.05	%


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)





Top Underlying Securities (continued)
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Georg Fischer AG	63	$	92		1.77	%
GAM Holding AG	(5,088	)	(92	)	(1.77	)%
Aryzta AG	(3,652	)	(91	)	(1.75	)%
Dufry AG	(553	)	(80	)	(1.53	)%
Sonova Holding AG	342		54		1.03	%
Barry Callebaut AG	23		45		0.87	%
Panalpina Welttransport Holding AG	(260	)	(41	)	(0.79	)%
Bucher Industries AG	93		39		0.76	%
Swiss Life Holding AG	67		24		0.47	%
Chocoladefabriken Lindt & Spruengli AG	(3	)	(18	)	(0.34	)%
Nestle SA	225		18		0.34	%
Sulzer AG	(129	)	(17	)	(0.33	)%
DKSH Holding AG	200		17		0.33	%


(g)

Top Underlying Securities
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Tesco PLC	(315,246	) $	(915	)	(7.71	)%
BT Group PLC	181,074		598		5.03	%
John Wood Group PLC	(55,849	)	(471	)	(3.97	)%
Cobham PLC	(267,179	)	(417	)	(3.52	)%
ConvaTec Group PLC	(135,865	)	(386	)	(3.25	)%
Standard Life Aberdeen PLC	71,890		364		3.07	%
Indivior PLC	68,722		361		3.04	%
GKN PLC	50,586		305		2.57	%
BHP Billiton PLC	14,778		302		2.55	%
Taylor Wimpey PLC	115,598		296		2.49	%
Glencore PLC	(52,165	)	(277	)	(2.34	)%
Inmarsat PLC	(39,863	)	(258	)	(2.17	)%
Just Eat PLC	(20,643	)	(249	)	(2.10	)%
Hargreaves Lansdown PLC	(10,137	)	(241	)	(2.03	)%
Lloyds Banking Group PLC	228,532		216		1.82	%
Associated British Foods PLC	5,669		205		1.73	%
Mediclinic International PLC	(24,861	)	(203	)	(1.71	)%
Close Brothers Group PLC	9,250		200		1.69	%
Barratt Developments PLC	26,257		195		1.64	%
Hikma Pharmaceuticals PLC	(16,341	)	(194	)	(1.64	)%
BBA Aviation PLC	40,663		193		1.62	%
Ashtead Group PLC	6,560		191		1.61	%
Legal & General Group PLC	45,434		164		1.39	%
Balfour Beatty PLC	(43,315	)	(158	)	(1.33	)%
Investec PLC	17,671		154		1.30	%
Shire PLC	3,529		151		1.27	%
Moneysupermarket.com Group PLC	42,072		151		1.27	%
Capita PLC	(61,908	)	(150	)	(1.26	)%
Wm Morrison Supermarkets PLC	(47,741	)	(148	)	(1.25	)%
Experian PLC	(6,854	)	(147	)	(1.24	)%
BTG PLC	(16,054	)	(145	)	(1.22	)%
J Sainsbury PLC	(38,666	)	(138	)	(1.16	)%
Hays PLC	50,480		135		1.13	%
WH Smith PLC	4,499		126		1.06	%
JD Sports Fashion PLC	23,035		122		1.03	%
Halma PLC	(7,049	)	(117	)	(0.99	)%
SSE PLC	6,615		112		0.94	%
easyJet PLC	4,507		104		0.88	%
RPC Group PLC	(9,002	)	(100	)	(0.84	)%
Auto Trader Group PLC	(19,629	)	(99	)	(0.83	)%
Burberry Group PLC	4,649		98		0.83	%
Rightmove PLC	(1,637	)	(96	)	(0.81	)%
Micro Focus International PLC	(3,292	)	(93	)	(0.79	)%
Old Mutual PLC	25,907		91		0.77	%
AA PLC	(82,204	)	(90	)	(0.76	)%
Petrofac Ltd	(13,886	)	(86	)	(0.73	)%
Aggreko PLC	(7,952	)	(82	)	(0.69	)%
Aviva PLC	10,911		76		0.64	%
Weir Group PLC/The	(2,703	)	(76	)	(0.64	)%
Thomas Cook Group PLC	(44,561	)	(75	)	(0.63	)%


(h)

Top Underlying Securities
Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Deutsche Lufthansa AG	43,678	$	1,472		4.71	%
Covestro AG	11,767		1,340		4.28	%
Anheuser-Busch InBev SA/NV	(9,661	)	(1,031	)	(3.30	)%
Cellnex Telecom SA	(31,869	)	(823	)	(2.63	)%
Repsol SA	45,373		814		2.60	%
Deutsche Bank AG	(50,379	)	(811	)	(2.59	)%
Neste Oyj	10,692		786		2.51	%
Zalando SE	(12,426	)	(711	)	(2.27	)%
GEA Group AG	(14,567	)	(692	)	(2.21	)%


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)





Top Underlying Securities (continued)
Description				Shares		Notional Amount			% of Total Absolute Notional Amount
Edenred				(19,067	) $		(673	)						(2.15	)%
Electricite de France SA				(51,013	)		(666	)						(2.13	)%
Uniper SE				20,459			622							1.99	%
Rheinmetall AG				4,659			620							1.98	%
Atos SE				4,626			612							1.96	%
Deutsche Telekom AG				(36,040	)		(583	)						(1.86	)%
Philips Lighting NV				14,593			580							1.85	%
Altice NV - A Shares				(59,728	)		(575	)						(1.84	)%
Renault SA				5,227			571							1.83	%
Peugeot SA				24,957			567							1.81	%
Industria de Diseno Textil SA				(18,574	)		(566	)						(1.81	)%
Engie SA				35,253			554							1.77	%
Accor SA				(8,502	)		(493	)						(1.57	)%
Bankia SA				(99,867	)		(479	)						(1.53	)%
Amer Sports Oyj				(15,113	)		(457	)						(1.46	)%
Cie Generale des Etablissements Michelin SCA				2,891			447							1.43	%
Getlink SE				(34,223	)		(441	)						(1.41	)%
Solvay SA				3,196			441							1.41	%
Endesa SA				20,838			440							1.41	%
ASR Nederland NV				9,181			414							1.32	%
QIAGEN NV				(11,377	)		(384	)						(1.23	)%
Salzgitter AG				6,411			369							1.18	%
bpost SA				10,776			367							1.17	%
Sartorius AG				(2,696	)		(365	)						(1.16	)%
UPM-Kymmene OYJ				10,217			352							1.13	%
Amadeus IT Group SA				4,746			351							1.12	%
Software AG				6,629			350							1.12	%
UCB SA				4,048			336							1.07	%
Air France-KLM				25,257			301							0.96	%
Bollore SA				(47,161	)		(267	)						(0.85	)%
Symrise AG				(3,241	)		(264	)						(0.85	)%
Koninklijke Vopak NV				(5,386	)		(255	)						(0.82	)%
Huhtamaki OYJ				(6,005	)		(255	)						(0.81	)%
Carrefour SA				(10,992	)		(254	)						(0.81	)%
NN Group NV				5,445			244							0.78	%
ASM International NV				3,394			244							0.78	%
Imerys SA				2,276			233							0.74	%
Suedzucker AG				12,766			230							0.73	%
Koninklijke Philips NV				5,875			226							0.72	%
Banco Comercial Portugues SA				(621,440	)		(224	)						(0.72	)%
Ingenico Group SA				(2,491	)		(217	)						(0.70	)%

Amounts in thousands.
Synthetic Futures

				Notional		Upfront			Unrealized			Fair Value
Counterparty	Reference Entity	Expiration Date		Amount		Payments/(Receipts)			Appreciation/(Depreciation)			Asset	Liability
Morgan Stanley & Co	Swiss Market Index Future; March	03/19/2018	$	1,495	$	—	$		(59	)	$	—	$	(8	)
	2018
Total				$		—	$		(59	)	$	—	$	(8	)

Amounts in thousands.


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)


Short Sales Outstanding



COMMON STOCKS - (33.19)%	Shares	Value (000's)			COMMON STOCKS (continued)	Shares	Value (000's)

Advertising - (0.01)%					Biotechnology (continued)
Dentsu Inc		700	$	32	Regeneron Pharmaceuticals Inc	1,579		$	506
					Vertex Pharmaceuticals Inc	5,303			880

Aerospace & Defense - (0.13)%							$		3,619
IHI Corp	2,600			88	Building Materials - (0.24)%
Kawasaki Heavy Industries Ltd	3,400			123	Buzzi Unicem SpA	6,775			167
Leonardo SpA	5,731			62	Daikin Industries Ltd		300		35
Lockheed Martin Corp		545		192	LIXIL Group Corp	1,400			34
		$		465	Martin Marietta Materials Inc	1,182			241
					Rinnai Corp		400		36
Agriculture - (0.13)%					TOTO Ltd		300		16
Archer-Daniels-Midland Co	10,471			435	Vulcan Materials Co	2,746			323
Golden Agri-Resources Ltd	136,800			37
		$		472			$		852
					Chemicals - (1.20)%
Airlines - (0.41)%					Albemarle Corp	2,077			209
American Airlines Group Inc	8,970			487	CF Industries Holdings Inc	4,389			181
Southwest Airlines Co	11,064			640	DowDuPont Inc	24,201			1,701
United Continental Holdings Inc	5,451			369	FMC Corp	2,528			198
		$		1,496	International Flavors & Fragrances Inc		749		106
Apparel - (0.59)%					Kaneka Corp	2,000			20
Asics Corp	20,600			326	Kansai Paint Co Ltd	15,500			389
NIKE Inc	27,177			1,822	Mosaic Co/The	7,266			191
		$		2,148	Nippon Paint Holdings Co Ltd	13,800			500
					Novozymes A/S	9,295			478
Automobile Manufacturers - (0.31)%					Toray Industries Inc	35,200			355
Ferrari NV		111		14			$		4,328
Ford Motor Co	74,675			792
Honda Motor Co Ltd		600		22	Commercial Services - (1.03)%
Mazda Motor Corp	15,800			219	Automatic Data Processing Inc	8,323			960
Nissan Motor Co Ltd	2,300			24	Global Payments Inc	2,992			339
Toyota Motor Corp		600		41	IHS Markit Ltd	7,504			353
		$		1,112	Park24 Co Ltd	4,100			98
					PayPal Holdings Inc	13,891			1,103
Automobile Parts & Equipment - (0.32)%					Quanta Services Inc	2,960			102
NGK Spark Plug Co Ltd	18,600			470	United Rentals Inc	1,587			278
Sumitomo Rubber Industries Ltd	4,200			80	Verisk Analytics Inc	2,324			238
Toyota Industries Corp	5,000			313	Western Union Co/The	8,628			171
Yokohama Rubber Co Ltd/The	11,000			270			$		3,642
		$		1,133
					Computers - (0.46)%
Banks - (1.34)%					Accenture PLC - Class A	10,042			1,617
Banco BPM SpA	69,777			261	TDK Corp		300		27
Bank of Kyoto Ltd/The	6,700			370			$		1,644
BPER Banca	62,435			368
Chugoku Bank Ltd/The	1,400			17	Consumer Products - (0.09)%
Fifth Third Bancorp	13,043			431	Clorox Co/The	2,431			314
FinecoBank Banca Fineco SpA	9,953			122
Goldman Sachs Group Inc/The	3,978			1,046	Cosmetics & Personal Care - (0.07)%
Huntington Bancshares Inc/OH	20,036			315	Coty Inc	14,095			272
Mitsubishi UFJ Financial Group Inc	2,100			15
Regions Financial Corp	21,967			426
Seven Bank Ltd	42,400			146	Distribution & Wholesale - (0.15)%
Shinsei Bank Ltd	2,400			38	Fastenal Co	5,375			294
Shizuoka Bank Ltd/The	4,000			40	LKQ Corp	5,811			230
Sumitomo Mitsui Trust Holdings Inc		700		28			$		524
Suruga Bank Ltd	8,200			134	Diversified Financial Services - (0.55)%
UniCredit SpA	18,957			400	Acom Co Ltd	70,600			318
Unione di Banche Italiane SpA	85,172			408	AEON Financial Service Co Ltd	13,000			302
US Bancorp	1,334			72	Affiliated Managers Group Inc	1,046			198
Zions Bancorporation	3,692			203	Alliance Data Systems Corp	1,039			251
		$		4,840	Ameriprise Financial Inc	1,665			260
Beverages - (0.34)%					CME Group Inc		152		25
Brown-Forman Corp - B Shares	7,221			504	Daiwa Securities Group Inc	21,000			140
Constellation Brands Inc	3,324			716	Hitachi Capital Corp		800		21
		$		1,220	Navient Corp	4,944			64
					Nomura Holdings Inc	39,600			241
Biotechnology - (1.00)%					Orient Corp	79,100			126
Alexion Pharmaceuticals Inc	4,578			538			$		1,946
Genmab A/S	3,096			630
Illumina Inc	3,033			692	Electric - (1.60)%
Incyte Corp	4,384			373	Alliant Energy Corp	4,349			168


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)


Short Sales Outstanding



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

Electric (continued)					Healthcare - Products (continued)
Ameren Corp	2,408		$	131	Edwards Lifesciences Corp	1,757		$	235
American Electric Power Co Inc	9,246			606	Henry Schein Inc	2,890			191
Chubu Electric Power Co Inc	4,100			56	Hologic Inc	5,192			202
Chugoku Electric Power Co Inc/The	32,800			383	IDEXX Laboratories Inc	1,825			342
CMS Energy Corp	5,293			225	Intuitive Surgical Inc	1,148			490
Dominion Energy Inc	10,781			798	Medtronic PLC	10,627			849
Edison International	5,112			310	Patterson Cos Inc	1,783			56
Electric Power Development Co Ltd	8,100			205	ResMed Inc	2,686			256
Entergy Corp	3,374			256	Stryker Corp	3,531			573
Eversource Energy	5,959			340	Sysmex Corp	5,500			455
Hokuriku Electric Power Co	50,900			396	Terumo Corp		600		32
Kyushu Electric Power Co Inc	35,900			402	Thermo Fisher Scientific Inc	5,855			1,221
PG&E Corp	8,433			346	Zimmer Biomet Holdings Inc	3,785			440
PPL Corp	12,960			371			$		8,042
Public Service Enterprise Group Inc	6,127			297
Shikoku Electric Power Co Inc	9,100			102	Healthcare - Services - (0.30)%
WEC Energy Group Inc	5,932			355	HCA Healthcare Inc	6,581			653
		$		5,747	IQVIA Holdings Inc	4,363			429
							$		1,082
Electrical Components & Equipment - (0.08)%
Casio Computer Co Ltd	19,200			282	Home Furnishings - (0.06)%
					Whirlpool Corp	1,334			217

Electronics - (0.94)%
Agilent Technologies Inc	4,454			306	Housewares - (0.07)%
Alps Electric Co Ltd	13,700			373	Newell Brands Inc	9,176			236
Corning Inc	16,733			486
Fortive Corp	4,311			331	Insurance - (1.41)%
Hamamatsu Photonics KK	5,300			211	American International Group Inc	12,331			707
Ibiden Co Ltd	1,700			27	Arthur J Gallagher & Co	1,488			103
Mettler-Toledo International Inc		540		333	Assurant Inc		986		84
Murata Manufacturing Co Ltd	1,900			265	Chubb Ltd	2,125			302
Nidec Corp	1,200			192	Cincinnati Financial Corp	2,759			206
PerkinElmer Inc	2,069			158	Dai-ichi Life Holdings Inc	10,400			204
TE Connectivity Ltd	6,605			681	Everest Re Group Ltd		272		65
Yokogawa Electric Corp	2,000			40	Japan Post Insurance Co Ltd	4,000			101
		$		3,403	Lincoln National Corp	2,945			225
					MetLife Inc		170		8
Engineering & Construction - (0.14)%					Prudential Financial Inc	5,364			570
Fluor Corp	1,716			98	Sompo Holdings Inc		600		23
Japan Airport Terminal Co Ltd	4,700			177
JGC Corp	9,500			217	Sony Financial Holdings Inc	26,000			479
					T&D Holdings Inc	33,000			541
		$		492	Tokio Marine Holdings Inc	13,000			595
Environmental Control - (0.02)%					Unipol Gruppo SpA	5,463			27
Stericycle Inc		880		55	Unum Group	4,184			213
					Willis Towers Watson PLC	2,484			392
					XL Group Ltd	4,813			204
Food - (0.48)%							$		5,049
Ajinomoto Co Inc		700		13
Calbee Inc	15,900			529	Internet - (1.02)%
Chr Hansen Holding A/S	3,878			322	Expedia Inc	2,946			310
Kikkoman Corp	9,000			356	Kakaku.com Inc	20,400			345
Mondelez International Inc	11,141			489	M3 Inc	1,300			50
Yakult Honsha Co Ltd		200		14	MonotaRO Co Ltd	6,100			195
		$		1,723	Netflix Inc	6,524			1,901
					Rakuten Inc	1,500			14
Gas - (0.20)%					Symantec Corp	11,137			293
NiSource Inc	6,335			147	TripAdvisor Inc	2,989			120
Sempra Energy	4,718			514	VeriSign Inc	1,932			224
Toho Gas Co Ltd	2,600			76	Yoox Net-A-Porter Group SpA	5,609			257
		$		737			$		3,709

Healthcare - Products - (2.24)%					Investment Companies - (0.02)%
Align Technology Inc	1,507			396	Leucadia National Corp	3,397			82
Asahi Intecc Co Ltd		600		21
Becton Dickinson and Co	5,005			1,111
Boston Scientific Corp	25,820			704	Iron & Steel - (0.21)%
Coloplast A/S		181		16	Hitachi Metals Ltd	1,500			19
Cooper Cos Inc/The		912		210	Kobe Steel Ltd	30,200			332
DENTSPLY SIRONA Inc	4,316			242	Nucor Corp	5,966			390
							$		741


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)


Short Sales Outstanding



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

Leisure Products & Services - (0.39)%					Pharmaceuticals (continued)
Harley-Davidson Inc	3,163		$	143	Cardinal Health Inc	5,921		$	410
Norwegian Cruise Line Holdings Ltd	4,297			244	Chugai Pharmaceutical Co Ltd	3,600			186
Shimano Inc	5,500			794	McKesson Corp	3,910			583
Yamaha Corp	4,800			212	Mylan NV	10,083			407
		$		1,393	Ono Pharmaceutical Co Ltd	9,600			280
Lodging - (0.19)%					Perrigo Co PLC	2,646			215
City Developments Ltd	2,000			19	Santen Pharmaceutical Co Ltd	16,700			266
MGM Resorts International	10,667			365	Sawai Pharmaceutical Co Ltd		500		23
Wynn Resorts Ltd	1,925			322	Sosei Group Corp	2,800			250
		$		706			$		2,806

Machinery - Diversified - (0.33)%					Pipelines - (0.42)%
Kubota Corp	1,200			22	Kinder Morgan Inc/DE	42,770			693
Mitsubishi Heavy Industries Ltd	7,100			289	ONEOK Inc	7,265			409
Rockwell Automation Inc	2,403			434	Williams Cos Inc/The	15,543			431
Yaskawa Electric Corp	9,100			419			$		1,533
		$		1,164	Real Estate - (0.02)%
Media - (1.05)%					CapitaLand Ltd	22,000			60
Charter Communications Inc	3,196			1,093
Comcast Corp - Class A	10,090			365	REITs - (1.99)%
DISH Network Corp	8,718			363	American Tower Corp	8,069			1,124
Singapore Press Holdings Ltd	9,700			19	Apartment Investment & Management Co	2,956			114
Twenty-First Century Fox Inc - A Shares	34,825			1,282	Boston Properties Inc	2,884			343
Walt Disney Co/The	6,915			714	Crown Castle International Corp	7,637			841
		$		3,836	Digital Realty Trust Inc	1,026			103
					Duke Realty Corp	4,277			106
Metal Fabrication & Hardware - (0.32)%					Equinix Inc	1,494			586
Tenaris SA	65,831			1,136	Essex Property Trust Inc		86		19
					Extra Space Storage Inc	2,368			201
Mining - (0.10)%					Federal Realty Investment Trust		364		42
Newmont Mining Corp	9,963			381	GGP Inc	17,990			381
					HCP Inc	8,827			191
					Host Hotels & Resorts Inc	13,894			258
Miscellaneous Manufacturers - (0.15)%					Iron Mountain Inc	5,322			168
Parker-Hannifin Corp	2,495			445	Kimco Realty Corp	8,002			120
Textron Inc	1,978			118	Macerich Co/The	2,650			156
		$		563	Prologis Inc		895		54
Office & Business Equipment - (0.36)%					Public Storage	2,835			551
Konica Minolta Inc	22,200			204	Regency Centers Corp		656		38
Ricoh Co Ltd	88,300			948	SBA Communications Corp	2,226			350
Xerox Corp	4,925			149	Simon Property Group Inc	5,815			893
		$		1,301	SL Green Realty Corp	1,744			169
					UDR Inc	5,035			169
Oil & Gas - (1.46)%					Vornado Realty Trust	3,572			237
Anadarko Petroleum Corp	9,978			569	Welltower Inc	1,041			55
Cabot Oil & Gas Corp	8,657			209			$		7,269
Chesapeake Energy Corp	17,088			48
Chevron Corp	2,527			283	Retail - (2.53)%
Cimarex Energy Co	1,973			190	Aeon Co Ltd	29,200			492
Concho Resources Inc	3,030			457	CarMax Inc	3,411			211
Devon Energy Corp	9,869			303	Chipotle Mexican Grill Inc		526		167
EOG Resources Inc	10,868			1,102	Costco Wholesale Corp	6,685			1,276
EQT Corp	4,968			250	Darden Restaurants Inc	2,322			214
Helmerich & Payne Inc	2,252			146	Don Quijote Holdings Co Ltd	5,300			297
Newfield Exploration Co	3,803			89	FamilyMart UNY Holdings Co Ltd	11,000			829
Occidental Petroleum Corp	14,390			944	Fast Retailing Co Ltd		200		79
Pioneer Natural Resources Co	3,450			587	Genuine Parts Co	2,740			252
Range Resources Corp	4,664			62	Isetan Mitsukoshi Holdings Ltd	38,500			452
		$		5,239	J Front Retailing Co Ltd	2,000			36
					L Brands Inc	5,301			261
Oil & Gas Services - (0.24)%					Lawson Inc		500		33
Halliburton Co	12,049			559	Marui Group Co Ltd	37,000			708
Saipem SpA	71,302			290	Nordstrom Inc	3,114			160
		$		849	Pandora A/S	3,951			412
Packaging & Containers - (0.05)%					Starbucks Corp	26,461			1,511
WestRock Co	2,613			171	Tapestry Inc	5,353			273
					Tiffany & Co		677		68
					Ulta Beauty Inc	1,148			233
Pharmaceuticals - (0.77)%					Walmart Inc	12,843			1,156
Allergan PLC	1,205			186			$		9,120


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2018 (unaudited)


Short Sales Outstanding



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

Savings & Loans - 0.00%					Exchange Traded Funds (continued)
People's United Financial Inc		105	$	2	Health Care Select Sector SPDR Fund	11,135		$	937
					Industrial Select Sector SPDR Fund	15,234			1,167
Semiconductors - (1.22)%					SPDR S&P 500 ETF Trust	24,251			6,588
Advantest Corp	8,300			173	Technology Select Sector SPDR Fund	71,318			4,862
Broadcom Ltd	6,397			1,577			$		16,660
Microchip Technology Inc	4,914			437	TOTAL INVESTMENT COMPANIES (proceeds $13,310)		$		16,660
NVIDIA Corp	6,648			1,609	TOTAL SHORT SALES (proceeds $127,133)		$		136,286
Renesas Electronics Corp	15,600			178
SUMCO Corp	3,200			85
Xilinx Inc	4,790			341
		$		4,400

Software - (2.03)%
Activision Blizzard Inc	14,212			1,039
Adobe Systems Inc	2,837			593
Akamai Technologies Inc	3,317			224
ANSYS Inc	1,590			254
Autodesk Inc	4,570			537
Cadence Design Systems Inc	5,308			206
Cerner Corp	7,103			456
DeNA Co Ltd	7,000			128
Electronic Arts Inc	5,771			714
Intuit Inc	4,812			803
Red Hat Inc	3,668			541
salesforce.com Inc	13,578			1,578
Synopsys Inc	2,817			239
		$		7,312

Telecommunications - (0.30)%
CenturyLink Inc	19,851			351
Singapore Telecommunications Ltd	24,500			62
SoftBank Group Corp	7,800			643
		$		1,056

Textiles - (0.10)%
Mohawk Industries Inc	1,431			342

Toys, Games & Hobbies - (0.11)%
Hasbro Inc	2,328			223
Nintendo Co Ltd		400		182
		$		405

Transportation - (1.83)%
AP Moller - Maersk A/S		159		258
ComfortDelGro Corp Ltd	12,300			19
CSX Corp	16,728			899
FedEx Corp	5,036			1,241
Keihan Holdings Co Ltd	6,900			216
Keikyu Corp	20,300			362
Keio Corp	7,700			336
Kintetsu Group Holdings Co Ltd	10,300			395
Mitsubishi Logistics Corp	3,900			91
Nagoya Railroad Co Ltd	10,400			265
Nankai Electric Railway Co Ltd	7,400			188
Nippon Yusen KK	5,100			110
Odakyu Electric Railway Co Ltd	20,300			412
Seibu Holdings Inc	22,100			376
Tokyu Corp	1,200			19
United Parcel Service Inc	8,675			906
Yamato Holdings Co Ltd	22,600			562
		$		6,655

Water - (0.07)%
American Water Works Co Inc	3,422			271

TOTAL COMMON STOCKS (proceeds $113,823)		$		119,626
INVESTMENT COMPANIES - (4.62)%	Shares	Value (000's)

Exchange Traded Funds - (4.62)%
Consumer Discretionary Select Sector SPDR	15,507			1,614
Fund
Consumer Staples Select Sector SPDR Fund	27,940			1,492


Schedule of Investments
Opportunistic Municipal Fund
February 28, 2018 (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	$	58	Florida (continued)
Bond ETF					Northern Palm Beach County Improvement
VanEck Vectors High-Yield Municipal Index		1,000		31	District
ETF					5.00%, 08/01/2046	$	500	$	522
VanEck Vectors Short High-Yield Municipal		1,000		24	Orange County Housing Finance Authority
Index ETF					7.00%, 10/01/2025		435		441
			$	113				$	5,314
TOTAL INVESTMENT COMPANIES			$	113	Georgia - 2.15%
		Principal			Atlanta Development Authority
MUNICIPAL BONDS - 104.66%		Amount (000's)		Value (000's)	7.00%, 01/01/2040		2,000		2,050
Alabama - 2.45%					City of Atlanta GA
Lower Alabama Gas District/The					7.38%, 01/01/2031		500		524
5.00%, 09/01/2034	$	2,500	$	2,929				$	2,574
					Illinois - 16.27%
Arizona - 4.25%					Chicago O'Hare International Airport
Navajo Nation					5.00%, 01/01/2033		1,250		1,401
5.50%, 12/01/2030 ^(a)		2,500		2,767	Chicago Park District
Salt Verde Financial Corp					5.00%, 01/01/2040		1,000		1,079
5.00%, 12/01/2032		2,000		2,326	City of Chicago IL
			$	5,093	5.50%, 01/01/2042		300		316
California - 9.82%					6.00%, 01/01/2038		2,000		2,266
Abag Finance Authority for Nonprofit Corps					7.46%, 02/15/2026		1,884		1,361
5.00%, 08/01/2043		500		548	City of Chicago IL Wastewater Transmission
California Educational Facilities Authority					Revenue
5.00%, 10/01/2038 ^(b)		900		920	5.00%, 01/01/2031		760		829
5.00%, 01/01/2039 ^(b)		1,724		1,777	5.00%, 01/01/2039		1,200		1,288
California Statewide Communities					Illinois Finance Authority
Development Authority					4.38%, 12/01/2042		500		466
5.00%, 11/01/2041 ^(a)		375		404	Illinois State Toll Highway Authority
California Statewide Communities					5.00%, 01/01/2040 ^(b)		5,000		5,593
Development Authority (credit support from					Metropolitan Pier & Exposition Authority
GNMA COLL)					5.00%, 06/15/2057		500		531
4.90%, 07/20/2039 ^(c)		500		521	Metropolitan Pier & Exposition
California Statewide Financing Authority					Authority (credit support from NATL)
6.00%, 05/01/2043		1,000		1,000	5.50%, 06/15/2029 ^(c)		1,000		1,131
Golden State Tobacco Securitization Corp					Sales Tax Securitization Corp
5.30%, 06/01/2037		1,000		1,019	4.00%, 01/01/2048		2,000		2,006
5.75%, 06/01/2047		1,200		1,209	State of Illinois
Golden State Tobacco Securitization					5.50%, 07/01/2027		1,150		1,213
Corp (credit support from GOLDEN ST TOB								$	19,480
SECURITIZATION)					Indiana - 0.54%
5.00%, 06/01/2033 ^(c)		970		971	Indiana Finance Authority
La Verne Public Financing Authority					5.00%, 10/01/2044		300		312
7.25%, 09/01/2026		595		596	Town of Shoals IN
Morongo Band of Mission Indians/The					7.25%, 11/01/2043		300		338
6.50%, 03/01/2028 ^(a)		825		825				$	650
Oakland Unified School District/Alameda					Louisiana - 1.64%
County					Louisiana Local Government Environmental
5.00%, 08/01/2035		1,225		1,395	Facilities & Community Development
Sacramento Area Flood Control					Authority
Agency (credit support from BAM)					3.50%, 11/01/2032		2,000		1,958
5.00%, 10/01/2039 ^(c)		500		555	Louisiana Public Facilities Authority
			$	11,740	0.00%, 07/01/2039 ^(e)		278		3
Colorado - 3.57%								$	1,961
Centerra Metropolitan District No 1					Maine - 0.90%
5.00%, 12/01/2037 ^(a)		1,000		1,030	Finance Authority of Maine
Colorado Health Facilities Authority					5.25%, 01/01/2025 ^(a)		1,000		1,083
5.00%, 05/15/2040		1,000		1,091
Eagle County Airport Terminal Corp					Maryland - 0.89%
5.00%, 05/01/2037		1,000		1,101	City of Westminster MD
Southlands Metropolitan District No 1					6.25%, 07/01/2044		600		643
5.00%, 12/01/2047		1,000		1,059	Maryland Economic Development Corp
			$	4,281	5.38%, 06/01/2025		390		422
Connecticut - 2.11%								$	1,065
Mohegan Tribal Finance Authority					Michigan - 0.91%
7.00%, 02/01/2045 ^(a)		2,400		2,528	Michigan Finance Authority
					5.00%, 07/01/2035		1,000		1,093
Florida - 4.45%
Florida Development Finance Corp					Minnesota - 0.99%
5.63%, 01/01/2047 ^(a),(d)		1,000		1,030	Housing & Redevelopment Authority of The
Greater Orlando Aviation Authority					City of St Paul Minnesota
5.00%, 10/01/2047 ^(b)		2,999		3,321	5.00%, 11/15/2030		1,000		1,183


Schedule of Investments
Opportunistic Municipal Fund
February 28, 2018 (unaudited)



		Principal					Principal
MUNICIPAL BONDS (continued)		Amount (000's)		Value (000's)	MUNICIPAL BONDS (continued)		Amount (000's)	Value (000's)
Missouri - 1.34%					Ohio (continued)
City of St Louis MO Airport Revenue (credit					Buckeye Tobacco Settlement Financing
support from NATL)					Authority (credit support from BUCKEYE
5.50%, 07/01/2028 ^(c)	$	400	$	493	OHIO TOB SETTLEMENT)
Kansas City Industrial Development					5.75%, 06/01/2034 ^(c)	$	2,000	$	1,901
Authority					County of Hamilton OH
5.00%, 04/01/2046 ^(a)		1,100		1,113	5.00%, 01/01/2036		1,400		1,513
			$	1,606	Ohio Air Quality Development Authority
Montana - 1.23%					3.75%, 12/01/2023 ^(d)		1,000		340
City of Kalispell MT					4.50%, 01/15/2048 ^(a)		1,000		1,024
5.25%, 05/15/2037		1,400		1,469				$	7,185
					Oklahoma - 2.10%
Nevada - 1.76%					Oklahoma Development Finance Authority
Las Vegas Redevelopment Agency					5.00%, 08/01/2047		1,000		1,065
5.00%, 06/15/2045		1,000		1,099	Tulsa Airports Improvement Trust
State of Nevada Department of Business &					5.00%, 06/01/2035 ^(d)		300		324
Industry					Tulsa County Industrial Authority
5.13%, 12/15/2037 ^(a)		1,000		1,003	5.25%, 11/15/2045		1,000		1,127
			$	2,102				$	2,516
New Jersey - 8.54%					Oregon - 0.44%
Casino Reinvestment Development Authority					Warm Springs Reservation Confederated
5.25%, 11/01/2039		250		266	Tribe
Essex County Improvement Authority					6.38%, 11/01/2033		500		525
5.25%, 07/01/2045 ^(a)		1,300		1,304
New Jersey Economic Development					Pennsylvania - 5.15%
Authority					Blythe Township Solid Waste Authority
5.00%, 07/15/2028		500		543	7.75%, 12/01/2037		1,000		1,049
5.00%, 06/15/2047		500		526	Commonwealth Financing Authority
5.00%, 10/01/2047		1,000		1,073	5.00%, 06/01/2028		1,000		1,137
5.63%, 11/15/2030		1,500		1,697	5.00%, 06/01/2035		1,000		1,101
5.75%, 09/15/2027		500		554	Lancaster County Hospital Authority/PA
New Jersey Economic Development					5.00%, 07/01/2045		1,250		1,322
Authority (credit support from ST APPROP)					Pennsylvania Economic Development
5.25%, 06/15/2040 ^(c)		1,000		1,058	Financing Authority
New Jersey Transportation Trust Fund					5.50%, 11/01/2044		1,000		1,053
Authority					6.00%, 06/01/2031		500		501
5.25%, 06/15/2032		2,000		2,153				$	6,163
South Jersey Port Corp					South Carolina - 0.44%
5.00%, 01/01/2048		1,000		1,055	South Carolina Jobs-Economic Development
			$	10,229	Authority
New York - 7.13%					5.25%, 11/15/2047		500		531
Brooklyn Arena Local Development Corp
6.25%, 07/15/2040		480		521	South Dakota - 0.42%
Build NYC Resource Corp					Oglala Sioux Tribe
5.00%, 07/01/2035		1,500		1,616	5.75%, 10/01/2025 ^(a)		500		503
City of New York NY
1.12%, 10/01/2046 ^(d)		1,000		1,000	Tennessee - 3.28%
Glen Cove Local Economic Assistance Corp					Chattanooga Health Educational & Housing
5.00%, 01/01/2056		1,000		1,034	Facility Board
New York Counties Tobacco Trust VI					5.00%, 10/01/2028		1,050		1,185
5.00%, 06/01/2041		400		432	5.00%, 10/01/2035		500		543
New York State Thruway Authority					Metropolitan Government Nashville &
5.25%, 01/01/2056		1,000		1,125	Davidson County Health & Educational Facs
New York Transportation Development Corp					Bd
5.00%, 08/01/2021		1,500		1,630	5.00%, 07/01/2040		2,000		2,206
5.00%, 01/01/2023		560		618				$	3,934
Westchester County Local Development					Texas - 8.35%
Corp					Arlington Higher Education Finance Corp
5.00%, 06/01/2047		500		556	5.00%, 12/01/2046		1,100		1,169
			$	8,532	Austin Convention Enterprises Inc
North Carolina - 0.89%					5.00%, 01/01/2034		500		563
North Carolina Medical Care Commission					City of Houston TX Airport System Revenue
5.25%, 10/01/2035		1,000		1,060	4.50%, 07/01/2020		1,000		1,045
					5.00%, 07/15/2028		1,500		1,683
Ohio - 6.00%					Harris County Cultural Education Facilities
Buckeye Tobacco Settlement Financing					Finance Corp
Authority					6.00%, 10/01/2043		1,075		1,228
6.00%, 06/01/2042		2,500		2,407	North Texas Tollway Authority
					5.00%, 01/01/2045		615		679
					5.00%, 01/01/2048		500		549
					Port Beaumont Navigation District
					7.25%, 02/01/2036 ^(a),(d)		1,000		1,039

Schedule of Investments Opportunistic Municipal Fund February 28, 2018 (unaudited)


		Principal					Portfolio Summary (unaudited)
MUNICIPAL BONDS (continued)		Amount (000's)			Value (000's)		Sector	Percent
Texas (continued)							Revenue Bonds	81.62	%
Tarrant County Cultural Education Facilities							Insured	6.37	%
Finance Corp							General Obligation Unlimited	6.06	%
6.00%, 11/15/2027	$	1,000		$	1,081		Prerefunded	5.93	%
Texas Private Activity Bond Surface							Tax Allocation	1.78	%
Transportation Corp							Certificate Participation	1.14	%
6.88%, 12/31/2039		550			596		General Obligation Limited	0.90	%
7.00%, 12/31/2038		300			352		Special Assessment	0.44	%
				$	9,984		Special Tax	0.42	%
Utah - 0.84%							Investment Companies	0.10	%
Utah Charter School Finance Authority (credit							Liability For Floating Rate Notes Issued	(5.22	)%
support from UT CSCE)							Other Assets and Liabilities	0.46	%
5.38%, 06/15/2048 ^(a),(c)		1,000			1,005		TOTAL NET ASSETS	100.00	%

Virginia - 0.91%
County of Botetourt VA
6.00%, 07/01/2044		1,000			1,090

Washington - 1.45%
Port of Seattle Industrial Development Corp
5.00%, 04/01/2030		500			546
Washington Economic Development Finance
Authority
7.50%, 01/01/2032 ^(a)		1,000			1,179
				$	1,725
West Virginia - 0.43%
Monongalia County Commission Special
District
5.75%, 06/01/2043 ^(a)		500			519

Wisconsin - 3.02%
Public Finance Authority
4.00%, 08/01/2035		500			485
5.00%, 12/01/2025 ^(a)		2,200			2,473
5.25%, 04/01/2030		600			643
				$	3,601
TOTAL MUNICIPAL BONDS				$	125,253
Total Investments				$	125,366
Liability for Floating Rate Notes Issued in Conjunction with
Securities Held - (5.22)%
Notes with interest rates of 1.11% - 1.29% at	$	(6,248	)	$	(6,248	)
February 28, 2018 and contractual maturity of
collateral from 2018-2025.^(f)
Total Net Investments				$	119,118
Other Assets and Liabilities - 0.46%				$	553
TOTAL NET ASSETS - 100.00%				$	119,671

Schedule of Investments Origin Emerging Markets Fund February 28, 2018 (unaudited)


COMMON STOCKS - 95.06%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held	Value (000's)
Advertising - 0.48%				Holding Companies - Diversified (continued)
Smiles Fidelidade SA	139,079	$	3,597	Tekfen Holding AS	813,000	$	3,865
						$	13,884
Agriculture - 0.47%				Home Furnishings - 0.53%
KT&G Corp	38,106		3,514	Haier Electronics Group Co Ltd ^(a)	1,155,000		3,934

Automobile Manufacturers - 2.00%				Insurance - 6.05%
Geely Automobile Holdings Ltd	4,660,600		14,954	People's Insurance Co Group of China Ltd/The	7,000,000		3,748
				PICC Property & Casualty Co Ltd	3,783,000		7,420
Automobile Parts & Equipment - 0.54%				Ping An Insurance Group Co of China Ltd	2,630,400		27,707
Minth Group Ltd	693,000		4,067	Powszechny Zaklad Ubezpieczen SA	250,000		3,101
				Samsung Life Insurance Co Ltd	28,444		3,196
Banks - 14.15%						$	45,172
China Construction Bank Corp	25,960,828		26,618	Internet - 15.24%
China Merchants Bank Co Ltd	4,222,300		17,603	Alibaba Group Holding Ltd ADR^(a)	181,200		33,729
Industrial & Commercial Bank of China Ltd	25,959,300		22,131	Autohome Inc ADR	77,600		6,069
Kiatnakin Bank PCL	1,388,500		3,438	NCSoft Corp	42,200		14,583
OTP Bank PLC	92,000		4,099	Tencent Holdings Ltd	655,105		35,840
Sberbank of Russia PJSC ADR	1,227,600		24,859	Weibo Corp ADR^(a)	95,000		12,209
Thanachart Capital PCL	2,027,300		3,589	YY Inc ADR^(a)	88,000		11,381
Turkiye Garanti Bankasi AS	1,100,000		3,380			$	113,811
		$	105,717	Iron & Steel - 0.97%
Building Materials - 2.97%				Kumba Iron Ore Ltd	155,800		4,581
Anhui Conch Cement Co Ltd	2,511,700		13,345	Severstal PJSC	163,400		2,647
China Resources Cement Holdings Ltd	5,263,000		4,031			$	7,228
Xinyi Glass Holdings Ltd	3,118,900		4,821	Leisure Products & Services - 0.56%
		$	22,197	CVC Brasil Operadora e Agencia de Viagens	241,000		4,163
Chemicals - 5.75%				SA
Indorama Ventures PCL	4,700,000		8,048
Kingboard Laminates Holdings Ltd	2,200,000		3,821	Media - 0.82%
LG Chem Ltd	33,000		11,653	CJ E&M Corp	76,900		6,108
Lotte Chemical Corp	25,820		10,862
PTT Global Chemical PCL	2,718,700		8,546	Metal Fabrication & Hardware - 1.43%
		$	42,930	Catcher Technology Co Ltd	898,600		10,662
Coal - 2.53%
China Shenhua Energy Co Ltd	5,420,800		15,342	Mining - 1.46%
Exxaro Resources Ltd	320,000		3,555	Grupo Mexico SAB de CV	2,101,600		7,117
		$	18,897	Korea Zinc Co Ltd	8,000		3,776
Commercial Services - 1.05%						$	10,893
Localiza Rent a Car SA	548,230		4,339	Miscellaneous Manufacturers - 1.28%
New Oriental Education & Technology Group	38,400		3,510	Sunny Optical Technology Group Co Ltd	582,925		9,534
Inc ADR
		$	7,849	Oil & Gas - 6.75%
Computers - 1.02%				Polski Koncern Naftowy ORLEN SA	118,139		3,303
Infosys Ltd ADR	430,000		7,594	PTT PCL	787,000		14,168
				SK Innovation Co Ltd	34,466		6,488
Distribution & Wholesale - 0.46%				Star Petroleum Refining PCL	14,030,000		7,875
LG Corp	43,000		3,427	Tatneft PJSC ADR	64,000		4,004
				Thai Oil PCL	2,478,000		8,102
Diversified Financial Services - 3.06%				Tupras Turkiye Petrol Rafinerileri AS	212,300		6,516
Hana Financial Group Inc	85,400		3,869			$	50,456
KB Financial Group Inc	161,400		9,524	Pharmaceuticals - 1.71%
Meritz Securities Co Ltd	749,000		3,364	CSPC Pharmaceutical Group Ltd	1,978,000		4,514
Shinhan Financial Group Co Ltd	65,000		2,825	Richter Gedeon Nyrt	87,137		1,917
Taishin Financial Holding Co Ltd	6,754,253		3,249	Sino Biopharmaceutical Ltd	3,400,000		6,371
		$	22,831			$	12,802
Electronics - 2.46%				Real Estate - 1.72%
AAC Technologies Holdings Inc	730,518		14,258	China Vanke Co Ltd	2,895,400		12,846
BYD Electronic International Co Ltd	1,677,500		4,121
		$	18,379	Retail - 2.46%
Food - 1.34%				ANTA Sports Products Ltd	1,971,300		9,699
BIM Birlesik Magazalar AS	160,000		3,151	Via Varejo SA	514,000		4,377
X5 Retail Group NV ^(a)	193,305		6,874	Zhongsheng Group Holdings Ltd	1,706,000		4,300
		$	10,025			$	18,376
Forest Products & Paper - 0.84%				Semiconductors - 10.12%
Mondi PLC	241,954		6,294	Nanya Technology Corp	1,642,000		4,479
				Parade Technologies Ltd	194,000		3,618
Gas - 0.49%				Samsung Electronics Co Ltd	27,277		29,288
ENN Energy Holdings Ltd	478,000		3,635	Taiwan Semiconductor Manufacturing Co Ltd	808,317		35,040
				ADR
Holding Companies - Diversified - 1.86%				Win Semiconductors Corp	352,104		3,186
KOC Holding AS	480,300		2,271			$	75,611
Siam Cement PCL/The	496,100		7,748


Schedule of Investments
Origin Emerging Markets Fund
February 28, 2018 (unaudited)



COMMON STOCKS (continued)			Shares Held	Value (000's)
Shipbuilding - 0.47%
Yangzijiang Shipbuilding Holdings Ltd			3,137,000	$	3,540

Software - 1.39%
Chinasoft International Ltd			4,466,400		3,257
NetEase Inc ADR			11,335		3,325
TravelSky Technology Ltd			1,200,300		3,795
				$	10,377
Water - 0.63%
Cia de Saneamento Basico do Estado de Sao			407,900		4,726
Paulo

TOTAL COMMON STOCKS				$	710,030
INVESTMENT COMPANIES - 2.51%			Shares Held	Value (000's)
Money Market Funds - 2.51%
Principal Government Money Market Fund ^(b)			18,743,500		18,744

TOTAL INVESTMENT COMPANIES				$	18,744
Total Investments				$	728,774
Other Assets and Liabilities - 2.43%				$	18,165
TOTAL NET ASSETS - 100.00%				$	746,939


(a)	Non-income producing security
(b)	Affiliated Security. Security is either an affiliate (and registered under the
	Investment Company Act of 1940) or an affiliate 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)
Country					Percent
China					44.50	%
Korea, Republic Of					15.08	%
Thailand					8.23	%
Taiwan, Province Of China					8.06	%
Russian Federation					5.15	%
Hong Kong					3.07	%
Brazil					2.84	%
Turkey					2.56	%
United States					2.51	%
South Africa					1.93	%
India					1.02	%
Mexico					0.95	%
Poland					0.86	%
Hungary					0.81	%
Other Assets and Liabilities					2.43	%
TOTAL NET ASSETS					100.00	%



Affiliated Securities			August 31, 2017				Purchases				Sales		February 28, 2018
					Value				Cost		Proceeds			Value
Principal Government Money Market Fund		$			—		$		99,536	$	80,792	$		18,744
		$			—		$		99,536	$	80,792	$		18,744


					Realized Gain/Loss				Realized Gain from					Change in Unrealized
			Income		on Investments				Capital Gain Distributions					Gain/Loss
Principal Government Money Market Fund		$	38	$			—		$			—	$	—
		$	38	$			—		$			—	$	—
Amounts in thousands


Futures Contracts

Description and Expiration Date			Type		Contracts				Notional Amount		Value and Unrealized Appreciation/(Depreciation)
eMini MSCI Emerging Markets; March 2018			Long				420	$	24,843		$			202
Total											$			202

Amounts in thousands except contracts.

Schedule of Investments Preferred Securities Fund February 28, 2018 (unaudited)


INVESTMENT COMPANIES - 0.63%				Shares Held		Value(000	's)	PREFERRED STOCKS (continued)								Shares Held		Value (000's)
Money Market Funds - 0.63%								Electric (continued)
Principal Government Money Market Fund ^(a)				37,029,918	$	37,030		Entergy Utility Group Inc				5.50%, 04/01/2066				46,851	$	1,202
								Georgia Power Co		5.00%, 10/01/2077						275,000		6,630
TOTAL INVESTMENT COMPANIES					$	37,030		Integrys Holding Inc 6.00%, 08/01/2073								57,600		1,526
CONVERTIBLE PREFERRED STOCKS -								3 Month LIBOR + 3.22%
1.36%				Shares Held		Value(000	's)	Interstate Power & Light Co 5.10% ^(b)								501,100		12,362
Banks - 1.36%								NextEra Energy Capital Holdings Inc						5.00	%,	491,093		11,904
Wells Fargo & Co 7.50% ^(b)				63,017	$	80,347		01/15/2073
								NextEra Energy Capital Holdings Inc						5.13	%,	662,215		15,979
TOTAL CONVERTIBLE PREFERRED STOCKS					$	80,347		11/15/2072
								SCE Trust V 5.45% ^(b)								6,801		176
PREFERRED STOCKS - 21.96%				Shares Held		Value(000	's)
Banks - 5.78%								3 Month LIBOR + 3.79%
AgriBank FCB 6.88% ^(b)				61,700		6,664		SCE Trust VI 5.00% ^(b)								421,622		9,588
3 Month LIBOR + 4.23%								Southern Co/The	5.25%, 10/01/2076							111,000		2,727
Bank of America Corp 6.63% ^(b)				196,493		5,089		Southern Co/The	5.25%, 12/01/2077							555,000		13,298
Bank of New York Mellon Corp/The 5.20%				139,534		3,479											$	153,202
(b)								Food - 0.47%
BB&T Corp 5.63% ^(b)				144,300		3,704		Dairy Farmers of America Inc					7.88% ^(b),(d)			12,000		1,186
Capital One Financial Corp 6.00% ^(b)				532,229		13,449		Dairy Farmers of America Inc					7.88% ^(b),(d)			232,500		26,548
Citigroup Inc 6.88% ^(b)				9,618		252											$	27,734
Citigroup Inc 6.88% ^(b)				493,542		13,790		Hand & Machine Tools - 0.51%
3 Month LIBOR + 4.13%								Stanley Black & Decker Inc 5.75%,								1,179,669		30,282
Cullen/Frost Bankers Inc 5.38% ^(b)				241,889		5,987		07/25/2052
Goldman Sachs Group Inc/The 5.50% ^(b)				774,944		20,513
3 Month LIBOR + 3.64%								Insurance - 4.11%
HSBC Holdings PLC 6.20% ^(b)				589,601		15,200		Aegon NV 4.00% ^(b)								9,977		245
HSBC Holdings PLC		8.00% ^(b)		82,100		2,167		3 Month LIBOR + 0.88%
Huntington Bancshares Inc/OH 5.88% ^(b)				326,087		8,446		Aegon NV 6.38% ^(b)								541,280		13,954
Huntington Bancshares Inc/OH 6.25% ^(b)				1,050,000		28,245		Allstate Corp/The	5.10%, 01/15/2053							540,300		14,226
ING Groep NV	6.13% ^(b)			52,468		1,354		3 Month LIBOR + 3.17%
ING Groep NV 6.38% ^(b)				761,792		19,692		Allstate Corp/The 6.25% ^(b)								181,500		4,822
KeyCorp 6.13% ^(b)				780,000		21,528		Allstate Corp/The 6.63% ^(b)								380,000		9,967
3 Month LIBOR + 3.89%								American Financial Group Inc/OH 6.25%,								250,786		6,458
M&T Bank Corp 6.38% ^(b)				17,852		18,298		09/30/2054
M&T Bank Corp	6.38% ^(b)			11,380		11,664		Arch Capital Group Ltd			5.25% ^(b)					283,500		6,611
Morgan Stanley 5.85% ^(b)				347,500		9,240		Arch Capital Group Ltd 5.45% ^(b)								54,104		1,309
3 Month LIBOR + 3.49%								Aspen Insurance Holdings Ltd					5.95		% ^(b)	129,578		3,434
Morgan Stanley	7.13% ^(b)			126,282		3,620		3 Month LIBOR + 4.06%
3 Month LIBOR + 4.32%								Axis Capital Holdings Ltd				5.50% ^(b)				10,287		250
PNC Financial Services Group Inc/The				1,730,132		47,959		Axis Capital Holdings Ltd				5.50% ^(b)				154,159		3,831
6.13% ^(b)								Hartford Financial Services Group Inc/The								1,044,739		30,851
3 Month LIBOR + 4.07%								7.88%, 04/15/2042
State Street Corp	5.25% ^(b)			1,421,238		35,176		3 Month LIBOR + 5.60%
State Street Corp 5.90% ^(b)				241,300		6,503		Prudential PLC 6.75% ^(b)								78,165		2,054
3 Month LIBOR + 3.11%								Reinsurance Group of America Inc 6.20%,								577,300		16,084
State Street Corp 6.00% ^(b)				349,700		9,127		09/15/2042
US Bancorp 6.50% ^(b)				197,845		5,524		3 Month LIBOR + 4.37%
3 Month LIBOR + 4.47%								RenaissanceRe Holdings Ltd 5.38% ^(b)								654,975		15,896
Valley National Bancorp 6.25% ^(b)				174,760		4,830		RenaissanceRe Holdings Ltd 6.08% ^(b)								172,247		4,349
3 Month LIBOR + 3.85%								WR Berkley Corp	5.63%, 04/30/2053							1,262,728		32,061
Webster Financial Corp 5.25% ^(b)				194,856		4,716		WR Berkley Corp	5.75%, 06/01/2056							66,429		1,689
Wells Fargo & Co 5.63% ^(b)				195,171		4,873		XLIT Ltd 4.84% ^(b)								76,419		74,126
Wells Fargo & Co 5.85% ^(b)				125,027		3,319		3 Month LIBOR + 3.12%
3 Month LIBOR + 3.09%																	$	242,217
Wells Fargo & Co 6.63% ^(b)				236,676		6,549		Miscellaneous Manufacturers - 0.16%
3 Month LIBOR + 3.69%								General Electric Co		4.88%, 01/29/2053						299,666		7,519
					$	340,957		General Electric Co		4.88%, 10/15/2052						80,187		2,015
Diversified Financial Services - 0.07%																	$	9,534
Charles Schwab Corp/The 6.00% ^(b)				143,663		3,770		REITs - 2.94%
								Boston Properties Inc 5.25% ^(b)								7,284		181
Electric - 2.60%								DDR Corp 6.25% ^(b)								12,487		285
Alabama Power Co 5.00% ^(b)				572,000		14,620		DDR Corp 6.38% ^(b)								460,752		10,947
Dominion Energy Inc			5.25%, 07/30/2076	897,421		21,646		Digital Realty Trust Inc			5.88% ^(b)					97,818		2,445
DTE Energy Co	5.25%, 12/01/2077			320,602		7,659		Digital Realty Trust Inc			6.35% ^(b)					205,498		5,376
DTE Energy Co	5.25%, 12/01/2062			312,400		7,579		Digital Realty Trust Inc			7.38% ^(b)					239,911		6,358
DTE Energy Co	5.38%, 06/01/2076			13,111		320		Federal Realty Investment Trust 5.00% ^(b)								49,250		1,111
Duke Energy Corp 5.13%, 01/15/2073				362,408		9,086		Kimco Realty Corp 5.25% ^(b)								397,387		9,017
Entergy Arkansas Inc		4.88%, 09/01/2066		10,000		244		Kimco Realty Corp 5.50% ^(b)								591,922		14,165
Entergy Arkansas Inc		4.90%, 12/01/2052		241,096		5,873		Kimco Realty Corp 5.63% ^(b)								6,000		145
Entergy Louisiana LLC			4.70%, 06/01/2063	165,100		3,908		Kimco Realty Corp 6.00% ^(b)								271,990		6,870
Entergy Louisiana LLC			4.88%, 09/01/2066	25,000		608		National Retail Properties Inc					5.20		% ^(b)	121,500		2,805
Entergy Louisiana LLC			5.25%, 07/01/2052	230,991		5,782		National Retail Properties Inc					5.70		% ^(b)	2,000		49
Entergy Texas Inc 5.63%, 06/01/2064				15,618		405		Prologis Inc 8.54% ^(b)								167,700		11,603
Entergy Utility Group Inc 5.00%, 12/01/2052				3,299		80		PS Business Parks Inc			5.20% ^(b)					3,332		78


Schedule of Investments
Preferred Securities Fund
February 28, 2018 (unaudited)



PREFERRED STOCKS (continued)								Shares Held	Value (000's)					Principal
REITs (continued)												BONDS (continued)		Amount (000's) Value (000's)
PS Business Parks Inc			5.25			% ^(b)		57,755	$		1,352	Banks (continued)
PS Business Parks Inc			5.70			% ^(b)		377,419			9,273	Bank of America Corp
PS Business Parks Inc			5.75			% ^(b)		534,494			13,250	6.25%, 12/31/2049 ^(b),(e)	$	1,004	$	1,080
Public Storage		4.90% ^(b)						16,000			376	3 Month LIBOR + 3.71%
Public Storage 4.95% ^(b)								4,000			95	6.30%, 12/31/2049 ^(b),(e)		40,055		43,960
Public Storage		5.05% ^(b)						186,105			4,457	3 Month LIBOR + 4.55%
Public Storage 5.15% ^(b)								2,000			48	6.50%, 12/31/2049 ^(b),(e)		71,285		78,160
Public Storage		5.20% ^(b)						70,407			1,714	3 Month LIBOR + 4.17%
Public Storage		5.88% ^(b)						237,401			6,201	Bank of New York Mellon Corp/The
Public Storage 6.00% ^(b)								580,214			15,318	4.62%, 12/31/2049 ^(b),(e)		36,577		36,275
Public Storage		6.38% ^(b)						131,181			3,495	3 Month LIBOR + 3.13%
Senior Housing Properties Trust					5.63	%,		113,931			2,713	4.95%, 12/31/2049 ^(b),(e)		75,100		76,884
08/01/2042												3 Month LIBOR + 3.42%
Senior Housing Properties Trust					6.25	%,		150,000			3,787	Bank of Nova Scotia/The
02/01/2046												4.65%, 12/31/2049 ^(b),(e)		17,000		16,490
Ventas Realty LP / Ventas Capital Corp								198,708			4,928	3 Month LIBOR + 2.65%
5.45%, 03/15/2043												Barclays Bank PLC
Vornado Realty Trust 5.25% ^(b)								390,261			9,269	7.63%, 11/21/2022		8,000		8,905
Vornado Realty Trust 5.40% ^(b)								192,362			4,659	7.75%, 04/10/2023 ^(e)		14,200		14,271
Vornado Realty Trust			5.70			% ^(b)		830,177			20,821	USSW5 Index Spread + 6.83%
									$		173,191	10.18%, 06/12/2021		3,000		3,574
Savings & Loans - 0.05%												10.18%, 06/12/2021 ^(d)		3,460		4,122
People's United Financial Inc				5.63		% ^(b)		46,852			1,248	Barclays PLC
3 Month LIBOR + 4.02%												6.63%, 12/31/2049 ^(b),(e)		14,178		14,587
Sterling Bancorp/DE 6.50% ^(b)								59,241			1,537	USSW5 Index Spread + 5.02%
									$		2,785	8.25%, 12/31/2049 ^(b),(e)		68,658		71,233
Sovereign - 1.14%												USSW5 Index Spread + 6.71%
CoBank ACB		6.13% ^(b)						8,000			808	BNP Paribas SA
CoBank ACB 6.20% ^(b)								65,000			6,958	7.19%, 06/29/2049 ^(b),(e)		13,400		15,176
3 Month LIBOR + 3.74%												3 Month LIBOR + 1.29%
CoBank ACB 6.25% ^(b),(d)								296,500			31,726	7.20%, 06/29/2049 ^(b),(d),(e)		13,800		15,628
3 Month LIBOR + 4.56%												3 Month LIBOR + 1.29%
Farm Credit Bank of Texas 6.75% ^(b),(d)								258,000			27,864	7.37%, 12/31/2049 ^(b),(d),(e)		100		111
3 Month LIBOR + 4.01%												USSW5 Index Spread + 5.15%
												7.63%, 12/31/2049 ^(b),(d),(e)		26,600		28,927
									$		67,356
Telecommunications - 4.13%												USSW5 Index Spread + 6.31%
												7.63%, 12/31/2049 ^(b),(e)		20,000		21,750
Centaur Funding Corp			0.00%, 04/21/2020					26,500			24,910
(c),(d)												USSW5 Index Spread + 6.31%
Centaur Funding Corp			9.08%, 04/21/2020					100,666			111,934	BPCE SA
(a),(d)												5.70%, 10/22/2023 ^(d)		6,000		6,484
Qwest Corp	6.13%, 06/01/2053							877,752			17,994	Capital One Financial Corp
												5.55%, 12/31/2049 ^(b),(e)		19,625		20,220
Qwest Corp	6.88%, 10/01/2054							245,198			5,610
Qwest Corp	7.00%, 04/01/2052							239,554			5,630	3 Month LIBOR + 3.80%
Qwest Corp	7.00%, 07/01/2052							500,017			11,745	Citigroup Capital III
Qwest Corp	7.50%, 09/15/2051							168,294			4,246	7.63%, 12/01/2036		2,700		3,504
Telephone & Data Systems Inc					6.63	%,		207,988			5,270	Citigroup Inc
03/31/2045												5.95%, 12/29/2049 ^(b),(e)		24,100		25,004

Telephone & Data Systems Inc					7.00	%,		1,176,514			30,083	3 Month LIBOR + 4.07%
03/15/2060												5.95%, 12/31/2049 ^(b),(e)		9,000		9,322

United States Cellular Corp				6.95		%,		75,540			1,923	3 Month LIBOR + 4.10%
05/15/2060												5.95%, 12/31/2049 ^(b),(e)		12,457		12,949

Verizon Communications Inc				5.90		%,		940,059			24,301	3 Month LIBOR + 3.91%
02/15/2054												6.13%, 12/31/2049 ^(b),(e)		47,300		49,990

									$		243,646	3 Month LIBOR + 4.48%
												6.25%, 12/31/2049 ^(b),(e)		86,582		93,076
TOTAL PREFERRED STOCKS									$		1,294,674
												3 Month LIBOR + 4.52%
								Principal				Citizens Financial Group Inc
BONDS - 74.54%								Amount (000's)	Value (000's)			5.50%, 12/31/2049 ^(b),(e)		7,500		7,699
Automobile Manufacturers - 0.22%												3 Month LIBOR + 3.96%
General Motors Financial Co Inc												Cooperatieve Rabobank UA
5.75%, 12/31/2049 ^(b),(e)							$	12,700		$	12,876
												11.00%, 12/29/2049 ^(b),(e)		7,750		8,467
3 Month LIBOR + 3.60%												3 Month LIBOR + 10.87%
												11.00%, 12/29/2049 ^(b),(d),(e)		91,447		99,906
Banks - 43.75%												3 Month LIBOR + 10.87%
Australia & New Zealand Banking Group												Corestates Capital III
Ltd/United Kingdom												2.41%, 02/15/2027 ^(d)		9,721		9,211
6.75%, 12/31/2049 ^(b),(d),(e)								4,000			4,375
												3 Month LIBOR + 0.57%

USD ICE SWAP Rate NY 5 + 5.17%								2,700			2,953	Countrywide Capital III
6.75%, 12/31/2049	(b),(e)											8.05%, 06/15/2027		6,312		7,905
USD ICE SWAP Rate NY 5 + 5.17%												Credit Agricole SA
Banco Bilbao Vizcaya Argentaria SA												7.88%, 12/31/2049 ^(b),(d),(e)		8,000		8,930
9.00%, 12/31/2049 ^(b),(e)								28,000			28,315
												USSW5 Index Spread + 4.90%
USSW5 Index Spread + 8.26%												8.38%, 12/31/2049 ^(b),(d),(e)		42,909		46,181
												3 Month LIBOR + 6.98%


Schedule of Investments
Preferred Securities Fund
February 28, 2018 (unaudited)



		Principal						Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)			Amount (000's) Value (000's)
Banks (continued)					Banks (continued)
Credit Agricole SA (continued)					Lloyds Banking Group PLC	(continued)
8.38%, 12/31/2049 ^(b),(e)	$	4,200	$	4,520	7.50%, 12/31/2049 ^(b),(e)		$	47,888	$	52,497
3 Month LIBOR + 6.98%					USSW5 Index Spread + 4.76%
Credit Suisse AG					M&T Bank Corp
6.50%, 08/08/2023 ^(d)		29,754		32,804	5.12%, 12/31/2049 ^(b),(e)			15,500		15,794
6.50%, 08/08/2023		6,000		6,615	3 Month LIBOR + 3.52%
Credit Suisse Group AG					6.45%, 12/31/2049 ^(b),(e)			6,615		7,335
6.25%, 12/31/2049 ^(b),(d),(e)		9,100		9,575	3 Month LIBOR + 3.61%
USSW5 Index Spread + 3.46%					Morgan Stanley
6.25%, 12/31/2049 ^(b),(e)		1,475		1,552	5.55%, 12/31/2049 ^(b),(e)			8,500		8,809
USSW5 Index Spread + 3.46%					3 Month LIBOR + 3.81%
7.50%, 12/31/2049 ^(b),(e)		3,000		3,329	NB Capital Trust III
USSW5 Index Spread + 4.60%					2.27%, 01/15/2027			3,000		2,861
7.50%, 12/31/2049 ^(b),(d),(e)		69,040		76,621	3 Month LIBOR + 0.55%
USSW5 Index Spread + 4.60%					Nordea Bank AB
Dresdner Funding Trust I					5.50%, 12/31/2049 ^(b),(e)			1,200		1,221
8.15%, 06/30/2031 ^(d)		2,000		2,619	USD ICE SWAP Rate NY 5 + 3.56%
8.15%, 06/30/2031		17,082		22,369	6.13%, 12/31/2049 ^(b),(e)			1,800		1,891
First Maryland Capital I					USSW5 Index Spread + 3.39%
2.72%, 01/15/2027		2,000		1,905	6.13%, 12/31/2049 ^(b),(d),(e)			42,131		44,259
3 Month LIBOR + 1.00%					USSW5 Index Spread + 3.39%
First Union Capital II					Northern Trust Corp
7.95%, 11/15/2029		3,700		4,807	4.60%, 12/31/2049 ^(b),(e)			4,400		4,400
Goldman Sachs Group Inc/The					3 Month LIBOR + 3.20%
5.70%, 12/31/2049 ^(b),(e)		39,795		40,846	NTC Capital I
3 Month LIBOR + 3.88%					2.24%, 01/15/2027			3,000		2,835
HBOS Capital Funding LP					3 Month LIBOR + 0.52%
6.85%, 03/29/2049 ^(b)		7,000		7,141	PNC Financial Services Group Inc/The
HSBC Capital Funding Dollar 1 LP					6.75%, 07/29/2049 ^(b),(e)			44,035		47,594
10.18%, 12/29/2049 ^(b),(e)		15,200		24,311	3 Month LIBOR + 3.68%
3 Month LIBOR + 4.98%					Royal Bank of Scotland Group PLC
10.18%, 12/29/2049 ^(b),(d),(e)		32,900		52,620	4.01%, 03/29/2049 ^(b)			1,900		1,926
3 Month LIBOR + 4.98%					3 Month LIBOR + 2.32%
HSBC Holdings PLC					4.80%, 04/05/2026			7,500		7,768
6.00%, 12/31/2049 ^(b),(e)		20,100		20,532	7.50%, 12/31/2049 ^(b),(e)			45,281		47,473
USD ICE SWAP Rate NY 5 + 3.75%					USSW5 Index Spread + 5.80%
6.87%, 12/31/2049 ^(b),(e)		39,600		42,372	7.65%, 08/29/2049 ^(b),(e)			28,946		37,123
USD ICE SWAP Rate NY 5 + 5.51%					3 Month LIBOR + 2.50%
ING Groep NV					8.00%, 12/31/2049 ^(b),(e)			9,825		10,973
6.50%, 12/31/2049 ^(b),(e)		26,000		27,261	USSW5 Index Spread + 5.72%
USSW5 Index Spread + 4.45%					8.62%, 12/29/2049 ^(b),(e)			8,000		8,840
JPMorgan Chase & Co					USSW5 Index Spread + 7.60%
5.30%, 12/31/2049 ^(b),(e)		14,800		15,244	Skandinaviska Enskilda Banken AB
3 Month LIBOR + 3.80%					5.75%, 12/31/2049 ^(b),(e)			18,100		18,507
6.00%, 12/31/2049 ^(b),(e)		4,609		4,819	USSW5 Index Spread + 3.85%
3 Month LIBOR + 3.30%					Societe Generale SA
6.10%, 12/31/2049 ^(b),(e)		20,700		21,973	7.38%, 12/31/2049 ^(b),(d),(e)			14,000		15,085
3 Month LIBOR + 3.33%					USSW5 Index Spread + 6.24%
6.13%, 12/31/2049 ^(b),(e)		22,000		23,254	7.88%, 12/31/2049 ^(b),(e)			14,000		15,575
3 Month LIBOR + 3.33%					USSW5 Index Spread + 4.98%
6.75%, 12/31/2049 ^(b),(e)		137,707		152,166	8.00%, 12/31/2049 ^(b),(d),(e)			16,800		19,362
3 Month LIBOR + 3.78%					USD ICE SWAP Rate NY 5 + 5.87%
7.90%, 04/29/2049 ^(b),(e)		65,637		66,211	8.25%, 12/31/2049 ^(b),(e)			64,750		67,178
3 Month LIBOR + 3.47%					USSW5 Index Spread + 6.39%
KeyCorp					Standard Chartered PLC
5.00%, 12/31/2049 ^(b),(e)		20,101		20,068	7.01%, 07/29/2049 ^(b),(d),(e)			26,800		32,026
3 Month LIBOR + 3.61%					3 Month LIBOR + 1.46%
KeyCorp Capital III					7.50%, 12/31/2049 ^(b),(d),(e)			17,700		19,152
7.75%, 07/15/2029		3,500		4,347	USSW5 Index Spread + 6.30%
Lloyds Bank PLC					7.75%, 12/31/2049 ^(b),(d),(e)			11,000		11,949
12.00%, 12/29/2049 ^(b),(e)		51,489		66,942	USSW5 Index Spread + 5.72%
3 Month LIBOR + 11.76%					SunTrust Banks Inc
12.00%, 12/29/2049 ^(b),(d),(e)		24,750		32,178	5.63%, 12/31/2049 ^(b),(e)			4,400		4,545
3 Month LIBOR + 11.76%					3 Month LIBOR + 3.86%
Lloyds Banking Group PLC					SunTrust Capital I
6.41%, 01/29/2049 ^(b),(d),(e)		32,174		36,839	2.51%, 05/15/2027			10,900		10,219
3 Month LIBOR + 1.50%					3 Month LIBOR + 0.67%
6.66%, 01/29/2049 ^(b),(d),(e)		60,185		69,815	Svenska Handelsbanken AB
3 Month LIBOR + 1.27%					5.25%, 12/31/2049 ^(b),(e)			42,000		42,472
					USSW5 Index Spread + 3.34%
					Swedbank AB
					6.00%, 12/31/2049 ^(b),(e)			5,200		5,369
					USSW5 Index Spread + 4.11%

Schedule of Investments Preferred Securities Fund February 28, 2018 (unaudited)


		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Banks (continued)					Insurance (continued)
UBS Group AG					AG Insurance SA
6.87%, 12/31/2049 ^(b),(e)	$	18,078	$	19,140	6.75%, 03/29/2049 ^(b),(e)	$	28,200	$	29,085
USD ICE SWAP Rate NY 5 + 5.50%					USSW6 Index Spread + 5.43%
6.88%, 12/31/2049 ^(b),(e)		15,233		16,490	AIG Life Holdings Inc
USSW5 Index Spread + 4.59%					8.50%, 07/01/2030		30,200		39,562
7.00%, 12/31/2049 ^(b),(e)		12,000		13,226	Allstate Corp/The
USSW5 Index Spread + 4.87%					5.75%, 08/15/2053 ^(e)		8,254		8,811
7.13%, 12/31/2049 ^(b),(e)		1,757		1,848	3 Month LIBOR + 2.94%
USSW5 Index Spread + 5.46%					6.50%, 05/15/2067 ^(e)		12,505		14,881
US Bancorp					3 Month LIBOR + 2.12%
5.12%, 12/31/2049 ^(b),(e)		21,400		22,179	American International Group Inc
3 Month LIBOR + 3.49%					8.18%, 05/15/2068 ^(e)		7,500		10,125
USB Realty Corp					3 Month LIBOR + 4.20%
2.87%, 12/29/2049 ^(b),(d)		1,500		1,342	Aon Corp
3 Month LIBOR + 1.15%					8.21%, 01/01/2027		4,500		5,805
Wells Fargo & Co					Aquarius & Investments Plc for Swiss
5.87%, 12/31/2049 ^(b),(e)		50,300		53,475	Reinsurance Co Ltd
3 Month LIBOR + 3.99%					6.37%, 09/01/2024 ^(e)		14,600		15,122
7.98%, 12/31/2049 ^(b),(e)		86,100		87,499	USSW5 Index Spread + 5.21%
3 Month LIBOR + 3.77%					AXA SA
Westpac Banking Corp/New Zealand					6.38%, 12/29/2049 ^(b),(d),(e)		27,793		32,240
5.00%, 12/31/2049 ^(b),(e)		7,800		7,457	3 Month LIBOR + 2.26%
USD ICE SWAP Rate NY 5 + 2.89%					8.60%, 12/15/2030		13,565		18,923
		$		2,578,973	Catlin Insurance Co Ltd
Diversified Financial Services - 0.96%					4.71%, 07/29/2049 ^(b),(d)		46,336		45,525
Charles Schwab Corp/The					3 Month LIBOR + 2.98%
7.00%, 02/28/2049 ^(b),(e)		28,358		31,619	Chubb Corp/The
3 Month LIBOR + 4.82%					3.97%, 04/15/2037		565		565
Depository Trust & Clearing Corp/The					3 Month LIBOR + 2.25%
4.88%, 12/31/2049 ^(b),(d),(e)		1,850		1,892	Dai-ichi Life Insurance Co Ltd/The
3 Month LIBOR + 3.17%					7.25%, 12/29/2049 ^(b),(d),(e)		13,250		14,707
National Rural Utilities Cooperative Finance					3 Month LIBOR + 4.56%
Corp					Demeter Investments BV for Swiss Re Ltd
5.25%, 04/20/2046 ^(e)		21,300		22,730	5.63%, 08/15/2052 ^(e)		16,800		17,449
3 Month LIBOR + 3.63%					3 Month LIBOR + 3.78%
		$		56,241	5.75%, 08/15/2050 ^(e)		10,000		10,513
Electric - 2.91%					3 Month LIBOR + 3.59%
Emera Inc					Everest Reinsurance Holdings Inc
6.75%, 06/15/2076 ^(e)		56,495		62,709	4.22%, 05/01/2067		32,820		32,196
3 Month LIBOR + 5.44%					3 Month LIBOR + 2.39%
Enel SpA					Great-West Life & Annuity Insurance Capital
8.75%, 09/24/2073 ^(d),(e)		43,300		52,090	LP
USSW5 Index Spread + 5.88%					6.63%, 11/15/2034 ^(d)		7,000		8,383
NextEra Energy Capital Holdings Inc					Great-West Life & Annuity Insurance Capital
3.71%, 06/15/2067		8,920		8,658	LP II
3 Month LIBOR + 2.13%					4.39%, 05/16/2046 ^(d)		1,750		1,746
3.76%, 10/01/2066		23,474		22,917	3 Month LIBOR + 2.54%
3 Month LIBOR + 2.07%					Hartford Financial Services Group Inc/The
4.80%, 12/01/2077 ^(e)		3,100		3,074	3.96%, 02/12/2067 ^(d)		10,885		10,640
3 Month LIBOR + 2.41%					3 Month LIBOR + 2.13%
PPL Capital Funding Inc					8.13%, 06/15/2068 ^(e)		5,772		5,830
4.36%, 03/30/2067		15,375		15,260	3 Month LIBOR + 4.60%
3 Month LIBOR + 2.67%					Legal & General Group PLC
Southern Co/The					5.25%, 03/21/2047 ^(e)		34,903		35,252
5.50%, 03/15/2057 ^(e)		6,500		6,767	USSW5 Index Spread + 3.69%
3 Month LIBOR + 3.63%					Liberty Mutual Group Inc
		$		171,475	4.49%, 03/07/2067 ^(d)		12,738		12,515
Food - 0.16%					3 Month LIBOR + 2.91%
					7.80%, 03/07/2087 ^(d)		71,940		89,385
Dairy Farmers of America Inc
7.13%, 12/31/2049 ^(b),(d)		8,700		9,592	Liberty Mutual Insurance Co
					7.70%, 10/15/2097 ^(d)		20,025		27,421
Hand & Machine Tools - 0.21%					Lincoln National Corp
Stanley Black & Decker Inc					3.78%, 04/20/2067		54,947		51,925
5.75%, 12/15/2053 ^(e)		12,250		12,599	3 Month LIBOR + 2.04%
3 Month LIBOR + 4.30%					4.24%, 05/17/2066		13,109		12,798
					3 Month LIBOR + 2.36%
Insurance - 20.78%					Meiji Yasuda Life Insurance Co
					5.20%, 10/20/2045 ^(d),(e)		10,000		10,487
ACE Capital Trust II
9.70%, 04/01/2030		14,970		22,305	USSW5 Index Spread + 4.23%
					MetLife Capital Trust IV
					7.88%, 12/15/2067 ^(d)		19,020		24,346
					MetLife Inc
					6.40%, 12/15/2066		10,770		12,143

Schedule of Investments Preferred Securities Fund February 28, 2018 (unaudited)


		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Insurance (continued)					Telecommunications - 0.55%
MetLife Inc (continued)					Koninklijke KPN NV
9.25%, 04/08/2068 ^(d)	$	48,075	$	67,185		7.00%, 03/28/2073 ^(d),(e)	$	13,126	$	14,455
10.75%, 08/01/2069		50,223		80,357		USSW10 Index Spread + 5.33%
Mitsui Sumitomo Insurance Co Ltd						7.00%, 03/28/2073 ^(e)		16,000		17,620
7.00%, 03/15/2072 ^(d),(e)		10,700		11,929		USSW10 Index Spread + 5.33%
3 Month LIBOR + 5.90%								$		32,075
MMI Capital Trust I					Transportation - 0.74%
7.63%, 12/15/2027		1,073		1,277	BNSF Funding Trust I
Nationwide Financial Services Inc						6.61%, 12/15/2055 ^(e)		38,509		43,778
6.75%, 05/15/2087		79,015		86,916		3 Month LIBOR + 2.35%
Nippon Life Insurance Co
4.70%, 01/20/2046 ^(d),(e)		5,000		5,100	TOTAL BONDS			$		4,393,955
USD ICE SWAP Rate NY 5 + 3.75%					TOTAL PURCHASED OPTIONS - 0.02%			$		2,818
5.10%, 10/16/2044 ^(d),(e)		27,300		28,763	Total Investments			$		5,808,824
USD ICE SWAP Rate NY 5 + 3.65%					Other Assets and Liabilities - 1.49%			$		86,320
Provident Financing Trust I					TOTAL NET ASSETS - 100.00%			$		5,895,144
7.41%, 03/15/2038		37,750		42,846
Prudential Financial Inc
5.63%, 06/15/2043 ^(e)		66,965		70,648	(a)	Affiliated Security. Security is either an affiliate (and registered under the
3 Month LIBOR + 3.92%						Investment Company Act of 1940) or an affiliate as defined by the
5.88%, 09/15/2042 ^(e)		20,401		21,906		Investment Company Act of 1940 (the Fund controls 5.0% or more of the
3 Month LIBOR + 4.18%						outstanding voting shares of the security). Please see affiliated sub-
8.88%, 06/15/2068 ^(e)		800		808		schedule for transactional information.
3 Month LIBOR + 5.00%					(b)	Perpetual security. Perpetual securities pay an indefinite stream of
Reinsurance Group of America Inc						interest, but they may be called by the issuer at an earlier date.
4.25%, 12/15/2065		26,423		26,278	(c)	Non-income producing security
3 Month LIBOR + 2.67%					(d)	Security exempt from registration under Rule 144A of the Securities Act of
Sompo Japan Nipponkoa Insurance Inc						1933. These securities may be resold in transactions exempt from
5.33%, 03/28/2073 ^(d),(e)		60,300		63,647		registration, normally to qualified institutional buyers. At the end of the
3 Month LIBOR + 4.27%						period, the value of these securities totaled $1,481,918 or 25.14% of net
Sumitomo Life Insurance Co						assets.
6.50%, 09/20/2073 ^(d),(e)		15,500		17,158	(e)	Rate shown is the rate in effect as of period end. The rate may be based on
3 Month LIBOR + 4.44%						a fixed rate and may convert to a variable rate or floating rate in the
Voya Financial Inc						future.
5.65%, 05/15/2053 ^(e)		64,126		66,050
3 Month LIBOR + 3.58%
XLIT Ltd
4.18%, 12/31/2049 ^(b)		14,350		13,686		Portfolio Summary (unaudited)
3 Month LIBOR + 2.46%					Sector					Percent
		$		1,225,239	Financial					79.80	%
Mining - 0.48%					Utilities					5.51	%
BHP Billiton Finance USA Ltd					Communications					4.68	%
6.75%, 10/19/2075 ^(d),(e)		25,042		28,423	Industrial					2.65	%
USSW5 Index Spread + 5.09%					Energy					2.45	%
					Government					1.44	%
Miscellaneous Manufacturers - 1.03%					Consumer, Non-cyclical					0.63	%
General Electric Co					Investment Companies					0.63	%
5.00%, 12/31/2049 ^(b),(e)		61,478		60,709	Basic Materials					0.48	%
3 Month LIBOR + 3.33%					Consumer, Cyclical					0.22	%
					Purchased Options					0.02	%
Pipelines - 2.45%					Other Assets and Liabilities					1.49	%
Enterprise Products Operating LLC					TOTAL NET ASSETS					100.00	%
5.25%, 08/16/2077 ^(e)		40,800		39,372
3 Month LIBOR + 3.03%
7.03%, 01/15/2068		62,775		62,775
3 Month LIBOR + 2.68%
TransCanada PipeLines Ltd
4.05%, 05/15/2067		8,461		8,123
3 Month LIBOR + 2.21%
Transcanada Trust
5.63%, 05/20/2075 ^(e)		3,800		3,971
3 Month LIBOR + 3.53%
5.87%, 08/15/2076 ^(e)		27,800		29,885
3 Month LIBOR + 4.64%
		$		144,126
Sovereign - 0.30%
CoBank ACB
6.25%, 12/31/2049 ^(b),(e)		16,400		17,849
3 Month LIBOR + 4.66%


				Realized Gain/Loss				Realized Gain from						Change in Unrealized
		Income			on Investments			Capital Gain Distributions						Gain/Loss
Centaur Funding Corp 9.08%	$		4,570	$		—	$				—		$	(4,366	)
Principal Government Money Market Fund			284			—					—			—
	$		4,854	$		—	$				—		$	(4,366	)
Amounts in thousands


Options

Purchased Options		Contracts/	Notional						Upfront					Unrealized
Outstanding	Counterparty	Shares	Amount		Exercise Price		Expiration Date		Payments/(Receipts)		Fair Value			Appreciation/(Depreciation)
Call - US Long Bond 2nd	N/A	2,050	$	2,050	$	145.50	03/12/2018	$	617	$	352		$	(265	)
W Future; June 2018
Call - US Long Bond	N/A	4,100	$	4,100	$	146.00	03/26/2018		1,548		1,409			(139	)
Future; June 2018
Put - US Long Bond 2nd	N/A	2,050	$	2,050	$	140.50	03/12/2018		516		160			(356	)
W Future; June 2018
Put - US Long Bond	N/A	4,100	$	4,100	$	140.00	03/26/2018		1,548		897			(651	)
Future; June 2018
Total								$	4,229	$	2,818		$	(1,411	)

Written Options		Contracts/	Notional						Upfront					Unrealized
Outstanding	Counterparty	Shares	Amount		Exercise Price		Expiration Date		Payments/(Receipts)		Fair Value			Appreciation/(Depreciation)
Call - US Long Bond 2nd	N/A	2,050	$	2,050	$	146.50	03/12/2018	$	(338	) $	(160	)	$	178
W Future; June 2018
Call - US Long Bond	N/A	4,100	$	4,100	$	145.00	03/26/2018		(2,424	)	(2,306	)		118
Future; June 2018
Put - US Long Bond 2nd	N/A	2,050	$	2,050	$	139.50	03/12/2018		(253	)	(64	)		189
W Future; June 2018
Put - US Long Bond	N/A	4,100	$	4,100	$	141.00	03/26/2018		(2,424	)	(1,538	)		886
Future; June 2018
Total								$	(5,439	) $	(4,068	)	$	1,371

Amounts in thousands except contracts/shares.


Schedule of Investments
Real Estate Debt Income Fund
February 28, 2018 (unaudited)



INVESTMENT COMPANIES - 2.77%		Shares Held		Value (000's)				Principal
Money Market Funds - 2.77%							BONDS (continued)	Amount (000's) Value (000's)
Principal Government Money Market Fund ^(a)			5,234,683	$		5,235	Commercial Mortgage Backed Securities (continued)
							Commercial Mortgage Trust 2007-GG9
TOTAL INVESTMENT COMPANIES				$		5,235	5.51%, 03/10/2039 ^(b)	$	671	$	510
		Principal					Credit Suisse Commercial Mortgage Trust
BONDS - 98.46%		Amount (000's)		Value (000's)			Series 2007-C1
Commercial Mortgage Backed Securities - 92.82%							5.42%, 02/15/2040		1,132		1,158
Banc of America Commercial Mortgage Trust							CSAIL 2017-CX10 Commercial Mortgage
2008-1							Trust
6.04%, 02/10/2051 ^(b)		$	1,800		$	1,797	0.73%, 11/15/2050 ^(b),(d)		17,686		962
6.04%, 02/10/2051 ^(b),(c)			821			59	Freddie Mac Multifamily Structured Pass
Banc of America Commercial Mortgage Trust							Through Certificates
2015-UB	S7						0.30%, 01/25/2028 ^(b),(d)		50,000		1,404
4.37%, 09/15/2048 ^(b)			1,080			1,104	0.96%, 08/25/2023 ^(b),(d)		71,884		3,097
Banc of America Commercial Mortgage Trust							1.13%, 01/25/2021 ^(b),(d)		19,647		532
2016-UBS10							3.01%, 07/25/2025		5,000		4,958
1.99%, 07/15/2049 ^(b),(d)			8,976			933	GS Mortgage Securities Trust 2010-C1
4.91%, 07/15/2049 ^(b)			3,500			3,596	1.38%, 08/10/2043 ^(b),(c),(d)		24,421		644
Banc of America Commercial Mortgage Trust							GS Mortgage Securities Trust 2011-GC3
2017-BN	K3						0.67%, 03/10/2044 ^(b),(c),(d)		22,191		373
1.14%, 02/15/2050 ^(b),(d)			24,354			1,809	GS Mortgage Securities Trust 2013-GCJ14
3.25%, 02/15/2050 ^(c)			2,375			1,877	4.76%, 08/10/2046 ^(b),(c)		4,750		4,548
BANK 2017-BNK4							GS Mortgage Securities Trust 2014-GC22
3.36%, 05/15/2050 ^(c)			2,500			2,001	1.02%, 06/12/2047 ^(b),(d)		20,016		903
BENCHMARK 2018-B1 Mortgage Trust							4.65%, 06/10/2047 ^(b)		3,225		3,174
2.75%, 01/15/2051 ^(c)			1,000			767	GS Mortgage Securities Trust 2015-GC28
BENCHMARK 2018-B2 Mortgage Trust							3.14%, 02/10/2048		5,000		4,918
0.43%, 02/15/2051 ^(b),(d)			47,000			1,495	GS Mortgage Securities Trust 2015-GC34
1.50%, 02/15/2051 ^(b),(d)			5,181			605	3.51%, 10/10/2048		5,000		5,018
CD 2017-CD3 Mortgage Trust							4.47%, 10/10/2048 ^(b)		2,000		2,030
1.04%, 02/10/2050 ^(b),(d)			28,864			2,065	GS Mortgage Securities Trust 2016-GS2
4.56%, 02/10/2050 ^(b)			3,000			3,045	3.76%, 05/10/2049 ^(b)		2,500		2,495
CD 2017-CD4 Mortgage Trust							JP Morgan Chase Commercial Mortgage
3.30%, 05/10/2050 ^(c)			3,000			2,422	Securities Trust 2010-C1
CFCRE Commercial Mortgage Trust 2011-							5.95%, 06/15/2043 ^(c)		1,500		1,482
C2							JP Morgan Chase Commercial Mortgage
1.26%, 12/15/2047 ^(b),(c),(d)			7,916			254	Securities Trust 2011-C5
Citigroup Commercial Mortgage Trust 2013-							5.41%, 08/15/2046 ^(b),(c)		1,200		1,243
GC15							JP Morgan Chase Commercial Mortgage
5.10%, 09/10/2046 ^(b),(c)			2,010			1,905	Securities Trust 2016-JP2
Citigroup Commercial Mortgage Trust 2015-							3.46%, 08/15/2049		1,000		966
GC27							JPMBB Commercial Mortgage Securities
3.14%, 02/10/2048			2,000			1,966	Trust 2013-C12
Citigroup Commercial Mortgage Trust 2016-							4.09%, 07/15/2045 ^(b)		460		415
C1							JPMBB Commercial Mortgage Securities
1.93%, 05/10/2049 ^(b),(d)			28,491			3,331	Trust 2013-C15
3.51%, 05/10/2049			2,500			2,453	5.08%, 11/15/2045 ^(b),(c)		2,500		2,415
4.12%, 05/10/2049			2,500			2,519	JPMBB Commercial Mortgage Securities
Citigroup Commercial Mortgage Trust 2016-							Trust 2014-C21
GC36							1.06%, 08/15/2047 ^(b),(d)		25,188		1,278
3.62%, 02/10/2049			5,000			5,034	JPMBB Commercial Mortgage Securities
Citigroup Commercial Mortgage Trust 2017-							Trust 2014-C24
C4							3.92%, 11/15/2047 ^(b),(c)		1,000		832
4.10%, 10/12/2050 ^(b)			3,000			3,006	4.12%, 11/15/2047 ^(b)		2,500		2,529
COMM 2006-C8 Mortgage Trust							JPMCC Commercial Mortgage Securities
5.38%, 12/10/2046			751			756	Trust 2017-JP6
COMM 2013-CCRE11 Mortgage Trust							4.60%, 07/15/2050 ^(b),(c)		4,000		3,843
1.12%, 08/10/2050 ^(b),(d)			25,676			1,086	JPMDB Commercial Mortgage Securities
COMM 2013-CCRE6 Mortgage Trust							Trust 2016-C4
1.10%, 03/10/2046 ^(b),(d)			10,518			365	3.10%, 12/15/2049 ^(b)		4,250		3,878
COMM 2014-CCRE17 Mortgage Trust							JPMDB Commercial Mortgage Securities
4.80%, 05/10/2047 ^(b),(c)			1,600			1,360	Trust 2017-C5
Comm 2014-UBS2 Mortgage Trust							1.02%, 03/15/2050 ^(b),(d)		24,893		1,686
4.20%, 03/10/2047			1,000			1,025	LB Commercial Mortgage Trust 2007-C3
COMM 2014-UBS3 Mortgage Trust							6.09%, 07/15/2044 ^(b)		437		438
4.78%, 06/10/2047 ^(b)			1,000			1,000	Morgan Stanley Bank of America Merrill
COMM 2014-UBS5 Mortgage Trust							Lynch Trust 2013-C13
3.50%, 09/10/2047 ^(c)			2,500			1,964	4.89%, 11/15/2046 ^(b)		4,000		4,126
COMM 2015-LC19 Mortgage Trust							Morgan Stanley Bank of America Merrill
2.87%, 02/10/2048 ^(c)			1,000			828	Lynch Trust 2013-C9
COMM 2015-LC23 Mortgage Trust							3.71%, 05/15/2046 ^(b)		1,670		1,633
3.65%, 10/10/2048 ^(b),(c)			2,000			1,751	4.13%, 05/15/2046 ^(b),(c)		4,000		3,637
4.65%, 10/10/2048 ^(b)			1,000			979	Morgan Stanley Bank of America Merrill
COMM 2016-DC2 Mortgage Trust							Lynch Trust 2014-C14
3.77%, 02/10/2049			6,000			6,101	1.16%, 02/15/2047 ^(b),(d)		22,545		805
See accompanying notes.							164

Schedule of Investments Real Estate Debt Income Fund February 28, 2018 (unaudited)


		Principal						Principal
BONDS (continued)		Amount (000's)			Value (000's)	BONDS (continued)		Amount (000's)			Value (000's)
Commercial Mortgage Backed Securities (continued)						REITs - 5.64%
Morgan Stanley Bank of America Merrill						American Campus Communities Operating
Lynch Trust 2014-C15						Partnership LP
4.89%, 04/15/2047 ^(b)		$	1,000	$	1,028		4.13%, 07/01/2024	$	2,500	$	2,539
Morgan Stanley Bank of America Merrill						HCP Inc
Lynch Trust 2014-C16							2.63%, 02/01/2020		2,500		2,485
4.75%, 06/15/2047 ^(b),(c)			1,250		1,102	Hospitality Properties Trust
Morgan Stanley Bank of America Merrill							5.00%, 08/15/2022		1,000		1,045
Lynch Trust 2015-C20						Select Income REIT
4.16%, 02/15/2048			1,000		1,005		3.60%, 02/01/2020		2,000		2,010
Morgan Stanley Bank of America Merrill						VEREIT Operating Partnership LP
Lynch Trust 2015-C25							4.13%, 06/01/2021		2,500		2,561
1.13%, 10/15/2048 ^(b),(d)			29,579		1,848				$		10,640
Morgan Stanley Bank of America Merrill						TOTAL BONDS			$		185,754
Lynch Trust 2015-C26						Total Investments			$		190,989
3.53%, 10/15/2048			1,000		1,002	Other Assets and Liabilities - (1.23)%			$		(2,322	)
Morgan Stanley Bank of America Merrill						TOTAL NET ASSETS - 100.00%			$		188,667
Lynch Trust 2016-C28
3.95%, 01/15/2049			6,000		6,008
Morgan Stanley Bank of America Merrill						(a)	Affiliated Security. Security is either an affiliate (and registered under the
Lynch Trust 2017-C33							Investment Company Act of 1940) or an affiliate as defined by the
1.45%, 05/15/2050 ^(b),(d)			24,061		2,088		Investment Company Act of 1940 (the Fund controls 5.0% or more of the
Morgan Stanley Capital I 2017-HR2							outstanding voting shares of the security). Please see affiliated sub-
2.73%, 12/15/2050			1,900		1,496		schedule for transactional information.
Morgan Stanley Capital I Trust 2016-UB11						(b)	Certain variable rate securities are not based on a published reference
3.50%, 08/15/2049 ^(b),(c)			5,000		4,119		rate and spread but are determined by the issuer or agent and are based
Morgan Stanley Capital I Trust 2016-UBS12							on current market conditions. These securities do not indicate a reference
4.15%, 12/15/2049 ^(b)			2,000		1,939		rate and spread in their description.
Morgan Stanley Capital I Trust 2016-UBS9						(c)	Security exempt from registration under Rule 144A of the Securities Act of
4.70%, 03/15/2049 ^(b)			500		505		1933. These securities may be resold in transactions exempt from
SG Commercial Mortgage Securities Trust							registration, normally to qualified institutional buyers. At the end of the
2016	-C5						period, the value of these securities totaled $48,586 or 25.75% of net
2.01%, 10/10/2048 ^(b),(d)			13,801		1,572		assets.
UBS-Barclays Commercial Mortgage Trust						(d)	Security is an Interest Only Strip.
2012	-C3
5.04%, 08/10/2049 ^(b),(c)			1,000		1,026
UBS-Barclays Commercial Mortgage Trust
2012	-C4						Portfolio Summary (unaudited)
1.65%, 12/10/2045 ^(b),(c),(d)			8,521		512	Sector					Percent
4.49%, 12/10/2045 ^(b),(c)			1,000		861	Mortgage Securities					92.82	%
UBS-Barclays Commercial Mortgage Trust						Financial					5.64	%
2013	-C5					Investment Companies					2.77	%
4.08%, 03/10/2046 ^(b),(c)			2,280		2,258	Other Assets and Liabilities					(1.23	)%
Wells Fargo Commercial Mortgage Trust						TOTAL NET ASSETS					100.00	%
2015	-C31
3.70%, 11/15/2048			2,000		2,029
Wells Fargo Commercial Mortgage Trust
2015-L	C22
0.89%, 09/15/2058 ^(b),(d)			21,416		1,052
Wells Fargo Commercial Mortgage Trust
2015-NX	S1
4.10%, 05/15/2048 ^(b)			3,180		2,822
Wells Fargo Commercial Mortgage Trust
2015-NX	S3
4.64%, 09/15/2057 ^(b)			3,000		2,916
Wells Fargo Commercial Mortgage Trust
2016	-C34
2.17%, 06/15/2049 ^(b),(d)			7,882		934
Wells Fargo Commercial Mortgage Trust
2016-NX	S5
4.85%, 01/15/2059 ^(b)			1,750		1,861
WFRBS Commercial Mortgage Trust 2013-
C11
1.23%, 03/15/2045 ^(b),(c),(d)			20,411		969
WFRBS Commercial Mortgage Trust 2013-
C12
1.28%, 03/15/2048 ^(b),(c),(d)			31,716		1,604
WFRBS Commercial Mortgage Trust 2013-
C17
1.47%, 12/15/2046 ^(b),(d)			33,807		1,440
WFRBS Commercial Mortgage Trust 2014-
C20
3.99%, 05/15/2047 ^(c)			2,500		1,930
			$		175,114

Schedule of Investments Small-MidCap Dividend Income Fund February 28, 2018 (unaudited)


COMMON STOCKS - 95.74%	Shares Held		Value (000's)	COMMON STOCKS (continued)	Shares Held		Value (000's)
Airlines - 2.89%				Healthcare - Products (continued)
Alaska Air Group Inc	801,008	$	51,665	Teleflex Inc	141,811	$	35,429
Hawaiian Holdings Inc	864,088		31,107			$	94,882
		$	82,772	Insurance - 4.01%
Automobile Manufacturers - 2.50%				Arthur J Gallagher & Co	474,389		32,785
New Flyer Industries Inc	1,611,875		71,575	Assured Guaranty Ltd	791,203		27,360
				Beazley PLC	2,574,929		18,307
Automobile Parts & Equipment - 3.44%				James River Group Holdings Ltd	1,117,705		36,560
Adient PLC	860,609		53,409			$	115,012
Autoliv Inc	209,160		30,002	Investment Companies - 2.01%
Linamar Corp	280,623		15,365	Ares Capital Corp	1,224,201		19,330
		$	98,776	Oaktree Capital Group LLC	916,521		38,219
Banks - 11.19%						$	57,549
Bank of the Ozarks	1,438,546		71,769	Leisure Products & Services - 1.27%
BOK Financial Corp	311,074		29,381	Acushnet Holdings Corp	1,721,941		36,488
Cullen/Frost Bankers Inc	530,162		55,132
East West Bancorp Inc	604,947		39,654	Machinery - Diversified - 2.15%
Hope Bancorp Inc	1,717,950		31,026	Albany International Corp	219,247		13,955
PacWest Bancorp	1,276,764		66,570	IDEX Corp	100,141		13,699
Washington Trust Bancorp Inc	525,279		27,236	Nordson Corp	253,646		34,007
		$	320,768			$	61,661
Chemicals - 3.66%				Media - 2.77%
HB Fuller Co	760,084		38,301	Entercom Communications Corp	3,156,577		31,250
Huntsman Corp	1,214,765		39,200	Sinclair Broadcast Group Inc	1,424,181		48,137
RPM International Inc	552,478		27,497			$	79,387
		$	104,998	Miscellaneous Manufacturers - 1.73%
Coal - 0.83%				Crane Co	429,062		39,607
Alliance Resource Partners LP	1,338,343		23,822	Donaldson Co Inc	209,573		9,946
						$	49,553
Commercial Services - 3.76%				Oil & Gas - 2.50%
KAR Auction Services Inc	803,729		43,465	HollyFrontier Corp	462,091		19,791
Travelport Worldwide Ltd	4,505,382		64,202	Vermilion Energy Inc	1,578,267		51,990
		$	107,667			$	71,781
Computers - 1.66%				Packaging & Containers - 0.98%
Leidos Holdings Inc	752,528		47,642	Packaging Corp of America	235,100		28,024

Consumer Products - 0.98%				Pipelines - 3.74%
Avery Dennison Corp	238,141		28,136	EnLink Midstream Partners LP	3,374,520		49,268
				Phillips 66 Partners LP	285,433		14,026
Diversified Financial Services - 3.04%				Targa Resources Corp	985,154		43,987
BGC Partners Inc	3,786,275		50,055			$	107,281
FNF Group	929,965		37,133	Private Equity - 0.37%
		$	87,188	Hercules Capital Inc	879,930		10,603
Electric - 5.08%
ALLETE Inc	495,449		33,765	REITs - 12.89%
Alliant Energy Corp	935,406		36,153	Agree Realty Corp	275,445		12,974
Fortis Inc/Canada	456,723		14,917	Colony NorthStar Inc	5,346,741		41,598
Great Plains Energy Inc	1,455,248		42,420	EastGroup Properties Inc	160,457		13,002
PNM Resources Inc	519,532		18,288	EPR Properties	906,159		52,222
		$	145,543	Gramercy Property Trust	2,474,890		53,581
Electrical Components & Equipment - 2.10%				Medical Properties Trust Inc	5,167,490		63,354
Energizer Holdings Inc	179,298		9,768	Omega Healthcare Investors Inc	2,829,244		72,089
Hubbell Inc	111,228		14,577	Pebblebrook Hotel Trust	393,658		13,388
Littelfuse Inc	173,105		35,919	Ramco-Gershenson Properties Trust	1,624,143		19,132
		$	60,264	Tanger Factory Outlet Centers Inc	1,266,184		28,261
Electronics - 0.42%						$	369,601
Garmin Ltd	202,257		11,982	Retail - 1.36%
				MSC Industrial Direct Co Inc	112,540		9,845
Environmental Control - 0.89%				Nordstrom Inc	568,071		29,148
MSA Safety Inc	315,948		25,475			$	38,993
				Semiconductors - 1.62%
Food - 3.43%				Maxim Integrated Products Inc	190,726		11,623
B&G Foods Inc	2,424,955		67,171	MKS Instruments Inc	312,958		34,848
Ingredion Inc	239,487		31,287			$	46,471
		$	98,458	Software - 2.20%
Gas - 0.87%				Broadridge Financial Solutions Inc	299,102		30,024
Vectren Corp	415,009		25,004	j2 Global Inc	448,429		33,193
						$	63,217
Hand & Machine Tools - 2.93%				Supranational Bank - 1.44%
Lincoln Electric Holdings Inc	221,444		19,385	Banco Latinoamericano de Comercio Exterior	1,478,693		41,182
Snap-on Inc	405,218		64,519	SA
		$	83,904
Healthcare - Products - 3.31%
STERIS PLC	651,182		59,453

Currency Abbreviations

ARS

AUD

BRL

CAD

CHF

CLP

CNH

CNY

COP

CZK

DKK

EUR

GBP

HKD

HUF

IDR

ILS

INR

JPY

KRW

MXN

MYR

NOK

NZD

PEN

PHP

PLN

RUB

SEK

SGD

THB

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

Russian Rouble

Swedish Krona

Singapore Dollar

Thai Baht

Turkish Lira

New Taiwan Dollar

United States Dollar

South African Rand


							FINANCIAL HIGHLIGHTS
							PRINCIPAL FUNDS, INC.
							(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended August 31 (except as noted):

			Net Asset	Net			Net Realized					Dividends		Distributions		Total
			Value,	Investment			and Unrealized			Total From		from Net		from		Dividends			Net Asset
			Beginning	Income			Gain (Loss) on			Investment		Investment		Realized		and			Value, End
			of Period	(Loss)(a)			Investments			Operations		Income		Gains		Distributions			of Period
BLUE CHIP FUND
Class A shares
2018	(c)	$	19.91	($0.03	)	$	2.61		$	2.58		$–		($0.59	)	($0.59	)	$	21.90
2017			16.85	0.07			3.08			3.15		–		(0.09	)	(0.09	)		19.91
2016			15.52	(0.04	)		1.69			1.65		(0.01	)	(0.31	)	(0.32	)		16.85
2015			15.07	(0.01	)		0.86			0.85		(0.02	)	(0.38	)	(0.40	)		15.52
2014	(g)		12.93	0.03			2.14			2.17		(0.03	)	–		(0.03	)		15.07
Class C shares
2018	(c)		19.37	(0.11	)		2.53			2.42		–		(0.59	)	(0.59	)		21.20
2017			16.52	(0.07	)		3.01			2.94		–		(0.09	)	(0.09	)		19.37
2016			15.33	(0.16	)		1.66			1.50		–		(0.31	)	(0.31	)		16.52
2015			14.97	(0.12	)		0.86			0.74		–		(0.38	)	(0.38	)		15.33
2014	(g)		12.93	(0.07	)		2.13			2.06		(0.02	)	–		(0.02	)		14.97
Class T shares
2018	(c)		20.08	(0.05	)		2.63			2.58		–		(0.59	)	(0.59	)		22.07
2017	(h)		19.11	0.04			0.93			0.97		–		–		–			20.08
DIVERSIFIED REAL ASSET FUND
Class A shares
2018	(c)		11.53	0.09			0.03			0.12		(0.22	)	–		(0.22	)		11.43
2017			11.07	0.17			0.55			0.72		(0.26	)	–		(0.26	)		11.53
2016			11.22	0.17			(0.27	)		(0.10	)	(0.05	)	–		(0.05	)		11.07
2015			13.18	0.13			(1.88	)		(1.75	)	(0.08	)	(0.13	)	(0.21	)		11.22
2014			11.72	0.16			1.45			1.61		(0.04	)	(0.11	)	(0.15	)		13.18
2013			11.91	0.15			0.07			0.22		(0.11	)	(0.30	)	(0.41	)		11.72
Class C shares
2018	(c)		11.29	0.04			0.02			0.06		(0.13	)	–		(0.13	)		11.22
2017			10.80	0.10			0.53			0.63		(0.14	)	–		(0.14	)		11.29
2016			10.98	0.09			(0.27	)		(0.18	)	–		–		–			10.80
2015			12.91	0.04			(1.84	)		(1.80	)	–		(0.13	)	(0.13	)		10.98
2014			11.55	0.07			1.42			1.49		(0.02	)	(0.11	)	(0.13	)		12.91
2013			11.75	0.06			0.07			0.13		(0.03	)	(0.30	)	(0.33	)		11.55


						FINANCIAL HIGHLIGHTS (Continued)
						PRINCIPAL FUNDS, INC.
						(unaudited)


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


13.08	%(d)	$	107,829	1.07	%(e)	1.07%(e),(f)		(0.29	)%(e)	29.9	%(e)
18.81			71,738	1.15		1.15	(f)	0.41		27.1
10.77			36,575	1.28		1.28	(f)	(0.26	)	36.4
5.78			20,629	1.35		1.39	(f)	(0.04	)	26.2
16.83	(d)		8,637	1.35	(e)	1.95 (e)	,(f)	0.25	(e)	34.4	(e)

12.61	(d)		57,540	1.85	(e)	1.85 (e)	,(f)	(1.07	) (e)	29.9	(e)
17.91			40,344	1.94		1.94	(f)	(0.41	)	27.1
9.93			21,705	2.08		2.08	(f)	(1.06	)	36.4
5.04			11,985	2.10		2.33	(f)	(0.77	)	26.2
15.99	(d)		3,321	2.10	(e)	4.22 (e)	,(f)	(0.51	) (e)	34.4	(e)

12.97	(d)		17	1.22	(e)	207.50 (e)	,(f)	(0.44	) (e)	29.9	(e)
5.08	(d)		11	1.22	(e)	857.12 (e)	,(f)	1.00	(e)	27.1	(e)


0.89 (d)	,(i)		103,868	1.23	(e)	1.32 (e)	,(f)	1.50	(e)	95.3	(e)
6.63			118,212	1.25		1.53	(f)	1.58		65.1
(0.85	)		210,864	1.25		1.28	(f)	1.59		77.6
(13.33	)		109,677	1.25		1.25	(f)	1.06		66.4
13.91			127,019	1.25		1.27	(f)	1.31		67.3
1.89			281,607	1.25		1.47	(f)	1.25		78.7

0.55	(d)		23,663	1.98	(e)	2.15 (e)	,(f)	0.70	(e)	95.3	(e)
5.83	(i)		24,940	2.00		2.10	(f)	0.88		65.1
(1.55	) (i)		31,350	2.00		2.12	(f)	0.86		77.6
(13.98	)		45,514	2.00		2.04	(f)	0.30		66.4
13.07			55,741	2.00		2.04	(f)	0.57		67.3
1.10			49,372	2.00		2.04	(f)	0.51		78.7

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


								FINANCIAL HIGHLIGHTS
								PRINCIPAL FUNDS, INC.
								(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended August 31 (except as noted):

			Net Asset		Net			Net Realized					Dividends		Distributions		Total
			Value,		Investment			and Unrealized			Total From		from Net		from		Dividends			Net Asset
			Beginning		Income			Gain (Loss) on			Investment		Investment		Realized		and			Value, End
			of Period		(Loss)(a)			Investments			Operations		Income		Gains		Distributions			of Period
GLOBAL OPPORTUNITIES FUND
Class A shares
2018	(c)	$	13.01	$	0.01		$	0.93		$	0.94		($0.31	)	($0.93	)	($1.24	)	$	12.71
2017			11.45		0.10			1.58			1.68		(0.12	)	–		(0.12	)		13.01
2016			11.36		0.10			0.18			0.28		(0.09	)	(0.10	)	(0.19	)		11.45
2015			13.20		0.10			(0.67	)		(0.57	)	(0.06	)	(1.21	)	(1.27	)		11.36
2014	(g)		11.45		0.07			1.74			1.81		(0.06	)	–		(0.06	)		13.20
Class C shares
2018	(c)		12.89		(0.04	)		0.93			0.89		(0.24	)	(0.93	)	(1.17	)		12.61
2017			11.34		0.01			1.56			1.57		(0.02	)	–		(0.02	)		12.89
2016			11.25		0.02			0.18			0.20		(0.01	)	(0.10	)	(0.11	)		11.34
2015			13.12		–			(0.66	)		(0.66	)	–		(1.21	)	(1.21	)		11.25
2014	(g)		11.45		(0.01	)		1.74			1.73		(0.06	)	–		(0.06	)		13.12
INTERNATIONAL SMALL COMPANY FUND
Class A shares
2018	(c)		12.09		(0.03	)		1.07			1.04		(0.19	)	(0.37	)	(0.56	)		12.57
2017			9.80		0.06			2.24			2.30		(0.01	)	–		(0.01	)		12.09
2016			9.59		0.06			0.27			0.33		(0.12	)	–		(0.12	)		9.80
2015			9.86		0.06			(0.28	)		(0.22	)	(0.05	)	–		(0.05	)		9.59
2014	(h)		10.00		(0.01	)		(0.13	)		(0.14	)	–		–		–			9.86


							FINANCIAL HIGHLIGHTS
							PRINCIPAL FUNDS, INC.
							(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended August 31 (except as noted):




			Net Asset	Net			Net Realized					Dividends		Distributions		Total
			Value,	Investment			and Unrealized			Total From		from Net		from		Dividends			Net Asset
			Beginning	Income			Gain (Loss) on			Investment		Investment		Realized		and			Value, End
			of Period	(Loss)(a)			Investments			Operations		Income		Gains		Distributions			of Period
MULTI-MANAGER EQUITY LONG/SHORT FUND
Class A shares
2018	(c)	$	10.57	($0.06	)	$	0.78		$	0.72		($0.06	)	($0.46	)	($0.52	)	$	10.77
2017			9.97	(0.10	)		0.78			0.68		(0.05	)	(0.03	)	(0.08	)		10.57
2016	(h)		10.00	(0.05	)		0.02			(0.03	)	–		–		–			9.97
OPPORTUNISTIC MUNICIPAL FUND
Class A shares
2018	(c)		10.65	0.21			(0.14	)		0.07		(0.19	)	–		(0.19	)		10.53
2017			11.03	0.40			(0.40	)		–		(0.38	)	–		(0.38	)		10.65
2016			10.20	0.38			0.82			1.20		(0.37	)	–		(0.37	)		11.03
2015			10.09	0.42			0.10			0.52		(0.41	)	–		(0.41	)		10.20
2014			9.12	0.44			0.96			1.40		(0.43	)	–		(0.43	)		10.09
2013			10.29	0.43			(1.16	)		(0.73	)	(0.41	)	(0.03	)	(0.44	)		9.12
Class C shares
2018	(c)		10.65	0.17			(0.15	)		0.02		(0.15	)	–		(0.15	)		10.52
2017			11.03	0.32			(0.40	)		(0.08	)	(0.30	)	–		(0.30	)		10.65
2016			10.20	0.30			0.82			1.12		(0.29	)	–		(0.29	)		11.03
2015			10.09	0.34			0.10			0.44		(0.33	)	–		(0.33	)		10.20
2014			9.12	0.37			0.96			1.33		(0.36	)	–		(0.36	)		10.09
2013			10.29	0.36			(1.17	)		(0.81	)	(0.33	)	(0.03	)	(0.36	)		9.12


							FINANCIAL HIGHLIGHTS
							PRINCIPAL FUNDS, INC.
							(unaudited)
Selected data for a share of Capital Stock outstanding throughout each year ended August 31 (except as noted):

			Net Asset	Net			Net Realized					Dividends		Distributions		Total
			Value,	Investment			and Unrealized			Total From		from Net		from		Dividends			Net Asset
			Beginning	Income			Gain (Loss) on			Investment		Investment		Realized		and			Value, End
			of Period	(Loss)(a)			Investments			Operations		Income		Gains		Distributions			of Period
ORIGIN EMERGING MARKETS FUND
Class A shares
2018	(c)	$	11.74	($0.04	)	$	1.40		$	1.36		($0.06	)	$–		($0.06	)	$	13.04
2017			9.07	0.18			2.52			2.70		(0.03	)	–		(0.03	)		11.74
2016			8.55	0.04			0.56			0.60		(0.08	)	–		(0.08	)		9.07
2015	(g)		10.00	(0.03	)		(1.42	)		(1.45	)	–		–		–			8.55
PREFERRED SECURITIES FUND
Class A shares
2018	(c)		10.53	0.25			(0.23	)		0.02		(0.24	)	(0.02	)	(0.26	)		10.29
2017			10.36	0.49			0.24			0.73		(0.47	)	(0.09	)	(0.56	)		10.53
2016			10.24	0.49			0.19			0.68		(0.47	)	(0.09	)	(0.56	)		10.36
2015			10.56	0.50			(0.13	)		0.37		(0.51	)	(0.18	)	(0.69	)		10.24
2014			10.17	0.53			0.66			1.19		(0.53	)	(0.27	)	(0.80	)		10.56
2013			10.36	0.54			(0.12	)		0.42		(0.55	)	(0.06	)	(0.61	)		10.17
Class C shares
2018	(c)		10.52	0.21			(0.22	)		(0.01	)	(0.21	)	(0.02	)	(0.23	)		10.28
2017			10.35	0.42			0.23			0.65		(0.39	)	(0.09	)	(0.48	)		10.52
2016			10.23	0.42			0.19			0.61		(0.40	)	(0.09	)	(0.49	)		10.35
2015			10.55	0.42			(0.13	)		0.29		(0.43	)	(0.18	)	(0.61	)		10.23
2014			10.16	0.45			0.66			1.11		(0.45	)	(0.27	)	(0.72	)		10.55
2013			10.35	0.46			(0.12	)		0.34		(0.47	)	(0.06	)	(0.53	)		10.16
Class T shares
2018	(c)		10.46	0.25			(0.22	)		0.03		(0.25	)	(0.02	)	(0.27	)		10.22
2017	(i)		10.36	0.11			0.10			0.21		(0.11	)	–		(0.11	)		10.46
REAL ESTATE ALLOCATION FUND
Class A shares
2018	(c)		10.17	0.18			(0.33	)		(0.15	)	(0.19	)	(0.01	)	(0.20	)		9.82
2017			10.35	0.27			(0.13	)		0.14		(0.27	)	(0.05	)	(0.32	)		10.17
2016			9.62	0.22			0.76			0.98		(0.25	)	–		(0.25	)		10.35
2015	(k)		10.00	0.13			(0.44	)		(0.31	)	(0.07	)	–		(0.07	)		9.62

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

SHAREHOLDER EXPENSE EXAMPLE
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)

As a shareholder of Principal Funds, Inc., you incur two types of costs: (1) transaction costs, including sales charges on purchase payments and contingent deferred sales charges; and (2) ongoing costs, including management fees; distribution fees; and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal Funds, Inc. and to compare these costs with the ongoing costs of investing in other mutual funds. As a shareholder of Real Estate Allocation Fund, the fund will indirectly bear its pro rata share of expenses incurred by the investment companies in which the fund invests. These expenses are not included in the fund’s annualized expense ratio used to calculate the expenses paid in this example. If they were, the expenses would be higher.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2017 to February 28, 2018), unless otherwise noted.

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. These fees are not included in the table below. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in Principal Funds, Inc. and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as contingent deferred sales charges, redemption fees or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


				Actual							Hypothetical
						Expenses Paid							Expenses Paid
						During Period							During Period
		Beginning		Ending		September 1,			Beginning		Ending		September 1,
		Account		Account Value		2017	to		Account		Account Value		2017	to	Annualized
		Value September		February 28,		February 28,			Value September		February 28,		February 28,		Expense
		1, 2017		2018		2018	^(a)		1, 2017		2018		2018	^(a)	Ratio
Blue Chip Fund
Class A	$	1,000.00	$	1,130.79	$	5.65		$	1,000.00	$	1,019.49	$	5.36		1.07	%
Class C		1,000.00		1,126.13		9.75			1,000.00		1,015.62		9.25		1.85
Class T		1,000.00		1,129.67		6.44			1,000.00		1,018.74		6.11		1.22

Diversified Real Asset Fund
Class A		1,000.00		1,008.91		6.13			1,000.00		1,018.70		6.16		1.23
Class C		1,000.00		1,005.47		9.85			1,000.00		1,014.98		9.89		1.98

Dynamic Floating Rate High Income
Fund
Class A		1,000.00		1,025.60		5.52			1,000.00		1,019.34		5.51		1.10

Global Multi-Strategy Fund
Class A		1,000.00		1,009.87		10.81			1,000.00		1,014.03		10.84		2.17
Class C		1,000.00		1,006.21		14.57			1,000.00		1,010.26		14.60		2.93

Global Multi-Strategy Fund (Excluding Dividend and
Interest Expense on Shorts
Class A		1,000.00		1,009.90		9.87			1,000.00		1014.85		9.94		1.98
Class C		1,000.00		1,006.20		13.63			1,000.00		1011.04		13.76		2.74

Global Opportunities Fund
Class A		1,000.00		1,074.14		7.71			1,000.00		1,017.36		7.50		1.50
Class C		1,000.00		1,070.54		11.55			1,000.00		1,013.64		11.23		2.25


				SHAREHOLDER EXPENSE EXAMPLE
PRINCIPAL FUNDS, INC.
February 28, 2018 (unaudited)


				Actual							Hypothetical
						Expenses Paid							Expenses Paid
						During Period							During Period
		Beginning		Ending		September 1,			Beginning		Ending		September 1,
		Account		Account Value		2017	to		Account		Account Value		2017	to	Annualized
		Value September		February 28,		February 28,			Value September		February 28,		February 28,		Expense
		1, 2017		2018		2018	^(a)		1, 2017		2018		2018	^(a)	Ratio
International Small Company Fund
Class A	$	1,000.00	$	1,086.77	$	8.28		$	1,000.00	$	1,016.86	$	8.00		1.60	%

Multi-Manager Equity Long/Short
Fund
Class A		1,000.00		1,068.35		13.08			1,000.00		1,012.15		12.72		2.55

Multi-Manager Equity Long/Short Fund (Excluding
Dividend and Interest Expense on Short Sales and Short
Sale Fees)
Class A		1,000.00		1068.40		10.36			1,000.00		1,014.65		10.14		2.02

Opportunistic Municipal Fund
Class A		1,000.00		1,007.01		4.83			1,000.00		1,019.98		4.86		0.97
Class C		1,000.00		1,002.22		8.64			1,000.00		1,016.17		8.70		1.74

Opportunistic Municipal Fund (Excluding Interest
Expense and Fees)
Class A		1,000.00		1,007.00		4.38			1,000.00		1,020.38		4.42		0.88
Class C		1,000.00		1,002.20		8.19			1,000.00		1,016.51		8.28		1.65

Origin Emerging Markets Fund
Class A		1,000.00		1,115.69		9.18			1,000.00		1,016.12		8.75		1.75

Preferred Securities Fund
Class A		1,000.00		1,001.97		5.26			1,000.00		1,019.54		5.31		1.06
Class C		1,000.00		998.22		8.97			1,000.00		1,015.82		9.05		1.81
Class T		1,000.00		1,002.22		5.31			1,000.00		1,019.49		5.36		1.07

Real Estate Allocation Fund
Class A		1,000.00		984.39		2.46			1,000.00		1,022.32		2.51		0.50

Real Estate Debt Income Fund
Class A		1,000.00		977.48		4.90			1,000.00		1,019.84		5.01		1.00

Small-MidCap Dividend Income
Fund
Class A		1,000.00		1,050.39		5.80			1,000.00		1,019.14		5.71		1.14
Class C		1,000.00		1,046.93		9.59			1,000.00		1,015.42		9.44		1.89

^(a)Expenses are equal to a fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Notification of Source of Distributions
Pursuant to Rule 19a-1 of the Investment Company Act of 1940

As noted in the table provided below, certain of the Principal Funds made distributions for the months of October 2017, November 2017, December 2017 and February 2018 for which a portion is estimated to be in excess of the fund’s current and accumulated net income. As of these month ends, the estimated sources of these distributions were as follows:

The ultimate composition of these distributions may vary from the estimates provided above due to a variety of factors including future income and expenses, and realized gains and losses from the purchase and sale of securities.

Please note that this information is being provided to satisfy certain notice requirements under the Investment Company Act of 1940. Tax reporting information for shareholders of the funds will not be available until the end of the funds’ fiscal year.

As a result, shareholders should not use the information provided in this notice for tax reporting purposes.

Notices are posted monthly on our website at principalfunds.com/sources-of-distribution. You may also request a copy of such notices, free of charge, by telephoning 800-222-5852.

This material is not authorized for distribution unless preceded or accompanied by a current prospectus that includes more information regarding the risk factors, expenses, policies, and objectives of the investment. Contact your financial professional or call 800-222-5852 to obtain another copy of the prospectus. Read the prospectus carefully before investing.

A mutual fund's share price and investment return will vary with market conditions, and the principal value of an investment when you sell your shares may be more or less than the original cost.

Under Maryland law, a Board of Directors oversees the Fund. The Directors have financial or other relevant experience and meet several times during the year to review contracts, Fund activities and the quality of services provided to the Fund. Each director also has the same position with Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds which are also sponsored by Principal Life Insurance Company. Each director holds office for an indefinite term or until reaching age 72. Directors considered to be “interested persons” as defined in the Investment Company Act of 1940, as shown below are considered to be interested because of an affiliation with the Manager and Principal Life Insurance Company.

The following directors are considered not to be “interested persons” as defined in the 1940 Act


			Other
Name,		Number of Portfolios	Directorships
Position Held with the Fund,	Principal Occupation(s)	in Fund Complex	Held by Director
Year of Birth	During past 5 years	Overseen by Director	During Past 5 Years
Elizabeth Ballantine	Principal, EBA Associates	134	Durango Herald, Inc;
Director since 2004			McClatchy
Member, Nominating and Governance			Newspapers, Inc.
Committee
1948
Leroy T. Barnes, Jr.	Retired.	134	McClatchy
Director since 2012			Newspapers, Inc.;
Member, Audit Committee			Herbalife Ltd.; Frontier
1951			Communications, Inc.
Craig Damos	President, The Damos Company	134	Hardin Construction
Director since 2008
Member, Audit Committee
Member, 15(c) Committee
1954
Mark A. Grimmett	Formerly, Executive Vice	134	None
Director since 2004	President and CFO, Merle
Member, Nominating and Governance	Norman Cosmetics, Inc.
Committee
Member, 15(c) Committee
Member, Executive Committee
1960
Fritz S. Hirsch	Formerly, CEO, MAM USA	134	Focus Products Group;
Director since 2005			MAM USA
Member, Operations Committee
Member, 15(c) Committee
1951
Tao Huang	Retired.	134	Armstrong World
Director since March 2012			Industries, Inc.
Member, Operations Committee
Member, 15(c) Committee
1962
Karen (“Karrie”) McMillan	Managing Director, Patomak	134	None
Director since 2014	Global Partners, LLC.
Member, Operations Committee	Formerly, General Counsel,
1961	Investment Company Institute
Elizabeth A. Nickels	Formerly, Executive Director,	134	Charlotte Russe; Follet
Director since 2015	Herman Miller Foundation;		Corporation; PetSmart;
Member, Audit Committee	Formerly President, Herman		SpartanNash; Spectrum
1962	Miller Healthcare		Health Systems
Mary M. (“Meg”) VanDeWeghe	CEO and President, Forte	134	Brown Advisory; B/E
Director since 2018	Consulting, Inc.		Aerospace; WP Carey;
Member, Operations Committee			Nalco (and its
1959			successor Ecolab)

The following directors are considered to be “interested persons” as defined in the 1940 Act, because of an affiliation with the Manager and Principal Life.



			Other
		Number of	Directorships
		Portfolios in	Held by
Name,		Fund Complex	Director
Position Held with the Fund,	Principal Occupation(s)	Overseen	During Past 5
Year of Birth	During past 5 years	by Director	Years
Michael J. Beer	Chief Executive Officer, Principal Funds	134	None
Director since 2012	Distributor, Inc. (“PFD”) since 2015
President, Chief Executive Officer	Executive Director – Funds, Principal Global
Member, Executive Committee	Investors, LLC (“PGI”) since 2017
1961	Director, PGI since 2017
	Director, PFD since 2015
	Vice President/Mutual Funds and Broker
	Dealer, Principal Life Insurance
	Company (“PLIC”) (2001-2014)
	Vice President/Chief Operating Officer,
	Principal Funds, PLIC (2014-2015)
	Executive Director, Principal Funds &
	Trust, PLIC since 2015
	Director, Principal Management
	Corporation, (“PMC”) (2006-2015)
	President & Chief Executive Officer,
	PMC (2015-2017)
	Executive Vice President/Chief Operating
	Officer, PMC (2008-2015)
	Chair, PMC (2015-2017)
Director, Principal Securities, Inc. (“PSI”) (2005-
	2015)
	President, PSI (2005-2015)
	Director, Principal Shareholder
	Services (“PSS”) (2007-2015)
	Chairman, PSS since 2015
	President, PSS (2007-2015)
	Executive Vice President, PSS since 2015

Nora M. Everett	Director, Finisterre Capital LLP since 2011	134	None
Director since 2008	Director, Origin Asset Management
Chair	LLP since 2011
Member, Executive Committee	Chairman, Principal Financial
1959	Advisors, Inc. (“PFA”) (2010-2015)
	Chairman, PFD (2011-2015)
	Senior Vice President/Retirement and
Income Solutions (“RIS”), PLIC (2008-2015)
	President/RIS, PLIC since 2015
	Chairman, PMC (2011-2015)
	President, PMC (2008-2015)
	Director, PSI (2008-2011, and since 2015)
	Chairman, PSI (2011-2015)
	Chief Executive Officer, PSI (2009-2015)
	Chairman, PSS (2011-2015)

Patrick Halter	Director, Morley Capital Management, Inc.	134	None
Director since 2017	(“Morley”) since 2017
Member, Executive Committee	Chair, Post Advisory Group, LLC (“Post”)
1959	since 2017
	Chief Operating Officer, PGI since 2017
	Director, PGI since 2003
	Chair, PREI since 2004
	Chief Executive Officer, PREI since 2005
	Chair, Spectrum since 2017

Correspondence intended for each Director who is other than an Interested Director may be sent to 655 9^thStreet, Des Moines, IA 50392.


Name, Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Randy L. Bergstrom	Counsel, PGI
Assistant Tax Counsel	Counsel, PLIC
Des Moines, IA 50392
1955

Jennifer A. Block	Assistant Counsel (2010-2017)
Vice President, Counsel and Assistant	Counsel, PFD (2009-2013)
Secretary	Counsel, PLIC
Des Moines, IA 50392	Counsel, PMC (2009-2013, 2014-2017)
1973	Counsel, PSI (2009-2013)
Counsel, PSS (2009-2013)

Tracy Bollin	Managing Director, PGI since 2016
Chief Financial Officer	Chief Operating Officer, PMC (2015-2017)
Des Moines, IA 50392	Chief Financial Officer, PFA (2010-2015)
1970	Senior Vice President, PFD since 2015
	Chief Financial Officer, PFD (2010-2016)
	Senior Vice President, PMC (2015–2017)
	Chief Financial Officer, PMC (2010-2015)
Director, PMC (2014–2017)
	Chief Financial Officer, PSI (2010-2015)
	Director, PSS since 2014
	President, PSS since 2015
	Chief Financial Officer, PSS (2010-2015)

Ashley Fuhrmeister	Council, PLIC since 2017
Assistant Counsel	Prior thereto, Attorney in Private Practice
Des Moines, IA 50392
1982
Gina L. Graham	Vice President/Treasurer, PFA since 2016
Treasurer	Vice President/Treasurer, PFD since 2016
Des Moines, IA 50392	Vice President/Treasurer, PGI since 2016
1965	Vice President/Treasurer, PLIC since 2016
	Vice President/Treasurer, PMC (2016-2017)
	Vice President/Treasurer, Principal Real Estate Investors, LLC since 2016
	Vice President/Treasurer, PSI since 2016
	Vice President/Treasurer, PSS since 2016

Layne A. Rasmussen	Vice President/Controller, PMC
Vice President
Des Moines, IA 50392
1958

Sara L. Reece	Director - Accounting, PLIC since 2015
Vice President and Controller	Assistant Financial Controller, PLIC prior to 2015
Des Moines, IA 50392
1975

Teri R. Root	Interim Compliance Officer (2018)
Chief Compliance Officer	Deputy Chief Compliance Officer (2015-2018)
Des Moines, IA 50392	Deputy Chief Compliance Officer, PGI since 2017
1979	Vice President and Chief Compliance Officer, PMC (2015–2017)
	Compliance Officer, PMC (2010-2013)
Vice President, PSS since 2015


Name, Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Britney L. Schnathorst	Counsel, PLIC since 2013
Assistant Counsel and Assistant	Prior thereto, Attorney in Private Practice
Secretary
Des Moines, IA 50392
1981

Adam U. Shaikh	Counsel, PFD (2006-2013)
Assistant Counsel	Counsel, PLIC
Des Moines, IA 50392	Counsel, PMC (2007-2013, 2014-2017)
1972	Counsel, PSI (2007-2013)
	Counsel, PSS (2007-2013)

Dan Westholm	Assistant Vice President/Treasury, PFA since 2013
Assistant Treasurer	Director – Treasury, PFA (2011-2013)
Des Moines, IA 50392	Assistant Vice President/Treasury, PFD since 2013
1966	Director – Treasury, PFD (2011-2013)
	Assistant Vice President/Treasury, PLIC since 2014
	Director – Treasury, PLIC (2007-2014)
	Director – Treasury, PMC (2003-2013)
	Assistant Vice President/Treasury, PMC (2013-2017)
	Assistant Vice President/Treasury, PSI since 2013
	Director – Treasury, PSI (2011-2013)
	Assistant Vice President/Treasury, PSS since 2013
	Director – Treasury, PSS (2007-2013)

Beth Wilson	Director and Secretary – Funds, PLIC
Vice President and Secretary	Vice President, PMC (2007-2013)
Des Moines, IA 50392
1956

Clint Woods	Vice President, Associate General Counsel, Governance Officer, and
Vice President and Of Counsel	Assistant Corporate Secretary, PLIC since 2015
Des Moines, IA 50392	Assistant General Counsel, Assistant Corporate Secretary, and Governance
1961	Officer, PLIC (2013-2015)
	Associate General Counsel, AEGON (2003-2012)
Jared Yepsen	Counsel, PGI since 2017
Assistant Tax Counsel	Counsel, PLIC since 2015
Des Moines, IA 50392	Senior Attorney, Transamerica Life Insurance Company (TLIC)
1981	(2013-2015)
Attorney, TLIC (2010-2013)

The 15(c) Committee’s primary purpose is to assist the Board in performing the annual review of the Fund’s advisory and sub-advisory agreements pursuant to Section 15(c) of the 1940 Act. The Committee responsibilities include requesting and reviewing materials.

The Audit Committee’s primary purpose is to assist the Board in fulfilling certain of its responsibilities. The Audit Committee serves as an independent and objective party to monitor the Fund Complex’s accounting policies, financial reporting and internal control system, as well as the work of the independent registered public accountants. The Audit Committee assists Board oversight of 1) the integrity of the Fund Complex’s financial statements; 2) the Fund Complex’s compliance with certain legal and regulatory requirements; 3) the independent registered public accountants’ qualifications and independence; and 4) the performance of the Fund Complex’s independent registered public accountants. The Audit Committee also provides an open avenue of communication among the independent registered public accountants, the Manager’s internal auditors, Fund Complex management, and the Board.

The Executive Committee’s primary purpose is to exercise certain powers of the Board when the Board is not in session. When the Board is not in session, the Committee may exercise all powers of the Board in the management of the business of the Fund Complex except the power to 1) authorize dividends or distributions on stock; 2) issue stock, except as permitted by law; 3) recommend to the stockholders any action which requires stockholder approval; 4) amend the bylaws; or 5) approve any merger or share exchange which does not require stockholder approval.

The Nominating and Governance Committee’s primary purpose is to oversee the structure and efficiency of the Board and the committees established by the Board. The Committee responsibilities include evaluating Board membership and functions, committee membership and functions, insurance coverage, and legal matters. The nominating functions of the Committee include selecting and nominating all candidates who are not “interested persons” of the Fund Complex for election to the Board. Generally, the Committee requests director nominee suggestions from the committee members and management. In addition, the Committee will consider Director candidates recommended by shareholders of the Fund Complex. Recommendations should be submitted in writing to Principal Funds, Inc. at 711 High Street, Des Moines, IA 50392. When evaluating a person as a potential nominee to serve as an Independent Director, the Committee will generally consider, among other factors: age; education; relevant business experience; geographical factors; whether the person is “independent” and otherwise qualified under applicable laws and regulations to serve as a director; and whether the person is willing to serve, and willing and able to commit the time necessary for attendance at meetings and the performance of the duties of an independent director. The Committee also meets personally with the nominees and conducts a reference check. The final decision is based on a combination of factors, including the strengths and the experience an individual may bring to the Board. The Committee believes the Board generally benefits from diversity of background, experience and views among its members, and considers these factors in evaluating the composition of the Board. The Board does not use regularly the services of any professional search firms to identify or evaluate or assist in identifying or evaluating potential candidates or nominees.

The Operations Committee’s primary purpose is to oversee the provision of administrative and distribution services to the Funds Complex, communications with the Fund Complex’s shareholders, and review and oversight of the Fund Complex’s operations.

Additional information about the Fund is available in the Prospectus dated December 31, 2017, and the Statement of Additional Information dated December 31, 2017. These documents may be obtained free of charge by writing Principal Variable Contracts Funds, Inc., P.O. Box 8024, Boston, MA 02266-8024 or telephoning 1-800-222-5852. The prospectus may be viewed at www.PrincipalFunds.com/prospectuses.

A description of the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities and the results of the proxy votes for the most recent twelve months ended June 30 may be obtained free of charge by telephoning 1-800-222-5852, or on the SEC website at www.sec.gov.

The Fund files complete schedules of investments with the Securities and Exchange Commission as of May 31 and November 30 of each year on Form N-Q. The Fund’s Form N-Q can be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. or on the Commission’s website at www.sec.gov. Information on the operation of the Public Reference Room may be obtained by calling the Commission at 1-202-551-8090.

During the period covered by this report, the Board of Directors of Principal Funds, Inc. (“PFI”) approved (1) the annual review and renewal of the Management Agreement and various subadvisory agreements for all Funds; (2) a Subadvisory Agreement with BNY Mellon Asset Management North America Corporation (f/k/a The Boston Company Asset Management, LLC) related to the Diversified Real Asset Fund; (3) a Subadvisory Agreement with Tortoise Capital Advisors, L.L.C. related to the Diversified Real Asset Fund; (4) an Amended Subadvisory Agreement with Macquarie Capital Investment Management LLC related to the Diversified Real Asset Fund; (5) an Amended Subadvisory Agreement with Spectrum Asset Management, Inc. related to the Preferred Securities Fund; (6) an Amended Subadvisory Agreement with Origin Asset Management LLP related to the Origin Emerging Markets Fund; (7) an Amended Subadvisory Agreement with Principal Real Estate Investors, LLC related to the Diversified Real Asset Fund; (8) an Amended Subadvisory Agreement with Finisterre Capital LLP related to the Global Multi-Strategy Fund; and (9) an Amended Subadvisory Agreement with Principal Real Estate Investors, LLC related to the Real Estate Debt Income Fund.

Annual Review and Renewal of Management Agreement and Subadvisory Agreements

At its September 12, 2017 meeting, the Board performed its annual review and renewal process relating to the Management Agreement and the Subadvisory Agreements of nineteen series of PFI having a fiscal year end of 8/31 (each series is referred to as a “Fund”).

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires the Board, including a majority of the Directors who have no direct or indirect interest in the investment advisory agreements and who are not “interested persons” of PFI, as defined in the 1940 Act (the “Board”), to annually review and consider the continuation of: (1) the Management Agreement between the Principal Global Investors, LLC (the ”Manager”) and PFI, on behalf of the Funds (2) the Subadvisory Agreements between the Manager and each of AQR Capital Management, LLC /CNH Partners, LLC; Ascend Capital, LLC; BlackRock Financial Management, Inc. and BlackRock International Limited; BNP Paribas Asset Management USA, Inc.; BNY Mellon Asset Management North America Corporation (f/k/a The Boston Company Asset Management, LLC); Brookfield Investment Management Inc.; Credit Suisse Asset Management, LLC; Finisterre Capital LLP; Gotham Asset Management, LLC; Graham Capital Management, L.P.; KLS Diversified Asset Management LP; Loomis, Sayles & Company, L.P.; Los Angeles Capital Management and Equity Research, Inc.; Macquarie Capital Investment Management LLC; BNY Mellon Asset Management North America Corporation (f/k/a Mellon Asset Management Corporation); Origin Asset Management LLP; Pictet Asset Management SA; Principal Real Estate Investors, LLC; Sirios Capital Management, L.P.; Sound Point Capital Management, LP; Spectrum Asset Management, Inc.; Symphony Asset Management LLC; Three Bridges Capital, LP; Tortoise Capital Advisors, L.L.C.; Wellington Management Company LLP; and York Registered Holdings, L.P. The Management Agreement and the Subadvisory Agreements are collectively referred to as the “Advisory Agreements.” The Board, including the Independent Directors, considered the factors and reached the conclusions described below relating to the continuation of the Advisory Agreements. In evaluating the Advisory Agreements, the Board, including the Independent Directors, reviewed a broad range of information requested for this purpose by the Independent Directors, including, among other information, information regarding performance, advisory fees, total expenses, profitability from the Advisory Agreements to the Manager and information about economies of scale. The Board reviewed the materials provided and concluded that it was provided all information reasonably necessary to evaluate the Advisory Agreements.

The Board considered the nature, quality and extent of the services provided under the Management Agreements, including administrative services. The Board considered the experience and skills of senior management leading Fund operations, the experience and skills of the personnel performing the functions under the Management Agreement and the resources made available to such personnel, the ability of the Manager to attract and retain high-quality personnel and the organizational depth and stability of the Manager. The Board concluded that appropriate resources were provided under the Management Agreement. The Board also considered that, during the periods reviewed, other than for the “Core” portions of the Funds implementing the “Core Satellite” structure, the Manager had delegated day-to-day portfolio management responsibility to the Subadvisors. The Board noted that the Manager’s process emphasizes the selection of Principal-affiliated subadvisors that are determined to be qualified under the Manager’s due diligence process, but that the Manager will select an unaffiliated subadvisor to manage all of a portion of a Fund’s portfolio when deemed necessary or appropriate based on a consideration of the Fund’s investment mandate and available expertise and resources within the Principal organization. With respect to Funds with unaffiliated Subadvisors, the Board considered the due diligence process developed by the Manager for purposes of selecting a highly qualified unaffiliated subadvisor for a Fund and for monitoring and replacing unaffiliated Subadvisors. The Board concluded that this due diligence process was working well. The Board also considered the compliance program established by the Manager and the level of compliance attained by the Funds. The Board noted that they had previously reviewed the annual best execution and soft dollar reports and included those findings in their consideration of the renewal of the Advisory Agreements. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Manager to the Funds under the Management Agreement were satisfactory.

The Board considered the nature, quality and extent of services provided under each Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, investment approach of the Subadvisor, the experience and skills of investment personnel responsible for the day-to-day management of each Fund, and the resources made available to such personnel. The Board also considered the Subadvisors’ compliance with investment policies and general legal compliance. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Subadvisors to the Funds under the Subadvisory Agreements are satisfactory.

The Board reviewed each Fund’s investment performance over longer-term periods, reviewing both the investment return during the three-year period ended March 31, 2017 and the blended investment return (50%/50%) of the three- and five-year periods ended March 31, 2017, and compared those returns to various agreed-upon performance measures, including, for all Funds, other than one PFI Fund that uses a custom peer group recommended by the Manager and reviewed by the 15(c) Committee, and (3) any Funds without a one-year performance history, peer-group data based upon a broad-based, industry category determined by Morningstar. For Funds or Subadvisors that did not have a three-year or five-year performance history, the Board reviewed performance for a one-year or three-year period ended March 31, 2017, respectively, if available. The Board also compared each Fund’s investment performance over the one-, three- and five-year periods ended March 31, 2017, as available, to one or more relevant benchmark indices. The Board noted that certain Funds had commenced operations recently and, accordingly, no performance information was considered. The Board also considered whether investment results were consistent with a Fund’s investment objective(s) and policies. For most Funds, the Board concluded that the Fund’s investment returns met acceptable levels of investment performance. There were certain Funds, and certain Subadvisors for multi-manager Funds, that had not attained during the relevant period(s) a level of investment performance considered satisfactory by the Board. For such Funds, the Board also considered other factors, such as the longer-term performance of each such Fund or Subadvisor and/or remedial efforts being taken to improve performance. The Board considered the Manager’s due diligence process for evaluating performance applied to all Funds and all Subadvisors, for which they received regular reporting, and concluded that the Manager has in place an effective due diligence process to monitor investment performance, to encourage remedial action and to make changes in the Subadvisors at the appropriate time, if necessary.

The Board considered each Fund’s management fee. For each Fund, other than the Capital Securities Fund which does not pay management fees, the Board received certain information from Broadridge. The Board received information comparing each Fund’s (1) contractual management fee at current asset levels and at theoretical asset levels, (2) actual (after any fee waivers) management fee at average fiscal-year asset levels, (3) actual non-management fees at average fiscal-year asset levels, and (4) actual total expense ratio (including, as applicable, acquired fund fees and expenses) at average fiscal-year asset levels for Class A shares in each case as available, to investment advisory fees and expense ratios of funds in a peer group selected by Broadridge, except for one PFI Fund that uses a custom peer group recommended by the Manager and reviewed by the 15(c) Committee (“Expense Group”), and, if available, a broad-based, industry category defined by Broadridge (“Expense Universe”). For PFI Funds that did not offer Class A shares or if Class A shares represented less than 5% of the PFI Fund’s total assets, the information provided was based upon Class I shares (or, in the case of one PFI Fund, Class R-6 shares).

In evaluating the management fees, the Board considered a variety of factors, including the amount of the fees, breakpoints, comparison to fees of peer group funds and other funds and non-fund accounts managed by the Manager, subadvisory fees paid, services provided, investment performance, total net expense ratios, profitability, the existence and sharing of economies of scale and expense caps and fee waivers. In reviewing the fees of other accounts managed by the Manager, the Board considered information provided by the Manager regarding differences between the services provided to the Funds and the services provided to such other accounts. For most Funds, actual management fees were within the third quartile or better when compared to their Expense Group. For some Funds, although actual management fees were higher than the third quartile, total net expense ratios were within the third quartile or better. The Board also considered the expense caps and fee waivers that would be in place with respect to certain Funds and share classes.

Considering all factors they deemed relevant, the Board concluded that the management fee schedule for each Fund was reasonable and appropriate in light of the nature, quality and extent of the services provided by the Manager and other relevant factors.

The Board reviewed detailed information regarding revenues (“PMC”), the previous manager of PFI, received under the Management Agreements and the estimated direct and indirect costs PMC incurred in providing to each Fund the services described in the applicable Management Agreements for the year ended December 31, 2016. The Board also considered the returns on revenue generated in connection with the payment of subadvisory fees to affiliated Subadvisors (Finisterre Capital LLP, Origin Asset Management LLP, Principal Real Estate Investors LLC and Spectrum Asset Management, Inc.) and the aggregated return on revenue to PMC and its affiliates for the year ended December 31, 2016. The Board considered management’s statements regarding the effects of the merger of PMC with and into PGI on profitability calculations. The Board concluded that the management fee for each Fund was reasonable, taking into account the profitability information presented by the Manager.

The Board considered whether there are economies of scale with respect to the management of each Fund and whether the Funds benefit from any such economies of scale. The Board then reviewed the levels at which breakpoints occur, the incremental declines in management fees at each breakpoint and the amount of fee reductions that had been provided to shareholders as a result of the sharing of economies of scale. The Board considered whether the effective management fee rate for each Fund under the applicable Management Agreement is reasonable in relation to the asset size of such Fund. The Board also noted management’s explanation of efficiencies in the Manager’s cost structure and the impact on the Manager’s profitability. The Board concluded that the fee schedule for each Fund reflects an appropriate level of sharing of any economies of scale.

The Board noted that the Capital Securities Fund does not pay management fees, although shareholders pay a separately managed account-level fee that covers, among other things, the expenses of the Fund’s Subadvisor. The Board also noted that the management fees for the Real Estate Allocation Fund, the Bond Market Index Fund, and the International Equity Index Fund do not include breakpoints, but each such Fund has a relatively low basis point fee (25 basis points or less) on all Fund assets. Considering all relevant factors, including the level of the fee, the Board determined that no breakpoints were necessary at this time.

For each Fund, the Board considered the subadvisory fees, noting that the Manager compensates each Subadvisor from its own management fee, so that shareholders pay only the management fee.

For each Fund, other than the Capital Securities Fund whose Subadvisor does not receive a subadvisory fee, the Board received certain information from Broadridge comparing each such Fund’s subadvisory fee at current asset levels and at theoretical asset levels to subadvisory fees of subadvised funds in the Expense Group and, if available, the Expense Universe. The Board considered the proposed reductions in the subadvisory fee schedules for Brookfield Investment Management Inc. with respect to the global infrastructure investment sleeve of the Diversified Real Asset Fund, Graham Capital Management, L.P. with respect to the global macro and managed futures investment sleeves of the Global Multi-Strategy Fund, KLS Diversified Asset Management LP with respect to the market neutral fixed income investment sleeve of the Global Multi-Strategy Fund, Macquarie Capital Investment Management LLC with respect to the global infrastructure investment sleeve of the Diversified Real Asset Fund, BNY Mellon Asset Management North America Corporation (f/k/a Mellon Capital Management Corporation) with respect to the Bond Market Index, and Pictet Asset Management SA with respect to the timber investment sleeve of the Diversified Real Asset Fund. The Board also considered the pro forma rankings of the reduced subadvisory fees proposed for each Fund in the applicable Expense Group. In the case of each such proposed subadvisory fee reduction, the Board considered the Manager’s representation that the proposed subadvisory fee was competitive, that the fee rate reduction would not reduce the quality or extent of the services provided by the Subadvisor to the applicable Fund and that the Subadvisor’s obligations would remain the same in all material respects.

The Board considered whether there are economies of scale with respect to the subadvisory services provided to each subadvised Fund and, if so, whether the subadvisory fees reflect such economies of scale through breakpoints in fees or whether the subadvisory fee schedule is otherwise appropriate at current asset levels. In addition, in evaluating the subadvisory fees and the factor of profitability, with respect to unaffiliated Subadvisors, the Board considered that the subadvisory fee rate was negotiated at arm’s length between the Manager and the Subadvisor. The Board considered the profitability of the affiliated Subadvisors in conjunction with their review of the profitability of the Manager. On the basis of the information provided, the Board concluded that the subadvisory fees, with the proposed reductions, were reasonable.

The Board also considered the character and amount of other incidental benefits received by each Subadvisor when evaluating the subadvisory fees. The Board considered as a part of this analysis each Subadvisor’s soft dollar practices and brokerage practices. The Board concluded that, on the basis of the information provided, the subadvisory fees were reasonable.

With regard to the Diversified Real Asset Fund, for which Pictet Asset Management SA (“Pictet”) serves as the Subadvisor to the timber investment sleeve and the global agriculture investment sleeve, the Board concluded to renew the Subadvisory Agreement with Pictet with respect to the timber investment sleeve but not to renew such Subadvisory Agreement with respect to the global agriculture investment sleeve based upon the Manager’s recommendation to terminate the Fund’s global agriculture investment sleeve in light of proposed changes to the Fund’s positioning.

Based upon all of the information it considered and the conclusions it reached, the Board determined unanimously that the terms of each Advisory Agreement continue to be fair and reasonable and that the continuation of each Advisory Agreement, with the actions proposed by the Manager, is in the best interests of each Fund.

BNY Mellon Asset Management North America Corporation (f/k/a The Boston Company Asset Management, LLC) Subadvisory Agreement

On September 12, 2017, the Board considered for the Diversified Real Asset Fund (the “Fund”) the approval of a sub-advisory agreement (the “Subadvisory Agreement”) between the Manager and BNY Mellon Asset Management North America Corporation (f/k/a The Boston Company Asset Management, LLC) (the “Subadvisor”) with respect to a new global natural resources investment sleeve of the Fund.

The Board concluded that it was in the best interests of the Fund to approve the Subadvisory Agreement. In reaching this conclusion, no single factor was determinative in the Board’s analysis, but rather the Board considered a variety of factors. The Board considered various factors, including the following, and made certain findings and conclusions with regard thereto, in approving the Subadvisory Agreement.

The Board considered the nature, quality and extent of the services expected to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’s investment personnel who would be responsible for the day-to-day management of the Fund and the resources made available to such personnel. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors and that the Manager recommended the Subadvisor based upon that program.

The Board reviewed the historical one-year, three-year, five-year and since inception (July 1, 2008) performance returns as of June 30, 2017, gross and net of proposed fees, of the Subadvisor in a composite with an investment strategy similar to the proposed strategy for the Fund, as compared to the historical performance returns, gross and net of fees, of the Manager in a composite with an investment strategy similar to the passively managed global natural resources strategy that the Manager proposes to use for a separate sleeve of the Fund and to the historical performance of a relevant benchmark index, as well as the percentile rankings of the performance of the Subadvisor’s composite, net of proposed fees, and the historical performance of the Manager in the passively managed strategy in a relevant Morningstar category for each period. The Board concluded, based upon the information provided, that the Subadvisor is qualified.

The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors from its own management fee so that shareholders pay only the management fee. The Board considered whether there are economies of scale with respect to the subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board noted that the proposed subadvisory fee schedule includes breakpoints and concluded that the subadvisory fee schedule reflects an appropriate recognition of economies of scale at currently anticipated asset levels. The Board considered the Subadvisor’s representation that it does not have any advisory clients with a lower fee for the specific mandate that it will manage for the Fund and the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable

The Board also considered the character and amount of other fall-out benefits to be received by the Subadvisor. The Board noted that the Subadvisor does engage in soft dollar trading and that the Subadvisor’s policy is to use soft dollars within the Section 28(e) safe harbor. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Subadvisory Agreement are fair and reasonable and that approval of the Subadvisory Agreement is in the best interests of the Fund.

On December 12, 2017, the Board considered for the Diversified Real Asset Fund (the “Fund”) the approval of a sub-advisory agreement (the “Subadvisory Agreement”) between the Manager and Macquarie Capital Investment Management LLC. (the “Subadvisor”). The amendment to the Subadvisory Agreement amended the subadvisory fee schedule, as compared to the fee schedule in effect prior to the September 2017 renewal of the Subadvisory Agreement, resulting in a decrease in the subadvisory fee rate at then current asset levels and an increase in the subadvisory fee rate applicable at greater asset levels As part of their review process, the Board reviewed materials received from the Manager regarding the proposed amendment to the Subadvisory Agreement and noted that because the subadvisory fee was paid by the Manager, the changes in the subadvisory fee schedule would not change the management fee paid by the Fund. The Board considered the Manager’s representation that the amendment would not reduce the quality or quantity of the services provided by the Subadvisor to the Fund and that the Subadvisor’s obligations under the Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of the Subadvisory Agreement other than to the subadvisory fee schedule.

The Board considered that they had last approved the Subadvisory Agreement for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2017 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Subadvisor under the Subadvisory Agreement and had concluded, based upon the information provided, that the terms of the Subadvisory Agreement were reasonable and that approval of the Subadvisory Agreement was in the best interests of the Fund.

Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the amended Subadvisory Agreement at this time and, accordingly, recommended the approval of the amended Subadvisory Agreement.

On December 12, 2017, the Board considered for the Diversified Real Asset Fund (the “Fund”) the approval of a sub-advisory agreement (the “Subadvisory Agreement”) between the Manager and Tortoise Capital Advisors, L.L.C. (the “Subadvisor”) with respect to the master limited partnership investment sleeve of the Fund.

The Subadvisory Agreement was proposed in light of an anticipated change in control transaction with respect to the Subadvisor that was ultimately effective in January 2018. The transaction resulted in an “assignment” (as defined in the Investment Company Act of 1940) of the then current subadvisory agreement between the Manager and the Subadvisor (the “Previous Subadvisory Agreement”), causing the Previous Subadvisory Agreement to terminate automatically. The Manager proposed that the Board approve the Subadvisory Agreement to take effect upon the termination of the P r e v i o u s Subadvisory Agreement in order to allow the Subadvisor to continue to provide portfolio management services to the Fund following the change in control.

As part of their review process, the Board reviewed materials received from the Manager regarding the proposed change in control transaction. The Board considered that they had last approved the Previous Subadvisory Agreement for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2017 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Subadvisor under the Previous Subadvisory Agreement and had concluded, based upon the information provided, that the terms of the Previous Subadvisory Agreement were reasonable and that approval of the Previous Subadvisory Agreement was in the best interests of the Fund. The Board considered the Manager’s statement that there were no anticipated changes to the current investment team, investment philosophy or process at the Subadvisor and that the Manager, after considering the assignment, continued to believe that the Subadvisor is an appropriate subadvisor for the Fund. The Board also noted the Manager’s statement that the Subadvisory Agreement for the Fund was to be identical the Previous Subadvisory Agreement in all material respects (including the subadvisory fee schedule).

Based upon all of the information considered, the Board concluded that it was in the best interests of the Fund to approve the Subadvisory Agreement to take effect following the change in control of the Subadvisor and, accordingly, recommended the approval of the Subadvisory Agreement.

Approval of Amended Subadvisory Agreements for Preferred Securities Fund, Origin Emerging Markets Fund, Diversified Real Asset Fund, Global Multi-Strategy Fund and Real Estate Debt Income Fund

For Preferred Securities Fund (a “Fund”) the approval of an amended subadvisory agreement (a “Subadvisory Agreement”) between the Manager and Spectrum Asset Management, Inc. (a “Subadvisor”) in connection with a proposal to change the methodology for calculating the subadvisory fee;

For Origin Emerging Markets Fund (a “Fund”) the approval of an amended subadvisory agreement (a “Subadvisory Agreement”) between the Manager and Origin Asset Management LLP (a “Subadvisor”) in connection with proposals to change the methodology for calculating the subadvisory fee and to amend the subadvisory fee schedule, which would result in a decrease in the subadvisory fee rate at all asset levels;

As part of their review process, the Board were represented by independent legal counsel. The Board reviewed materials received from the Manager regarding the proposed amendments to the Funds’ respective Subadvisory Agreements and noted that because the subadvisory fees were paid by the Manager, the changes in the subadvisory fee schedules would not change the management fees paid by the Funds. The Board considered the Manager’s representation that the amendments would not reduce the quality or quantity of the services provided by each Subadvisor to the applicable Fund(s) and that each Subadvisor’s obligations under the applicable Subadvisory Agreement(s) would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of any Subadvisory Agreement other than to the methodology for calculating the subadvisory fee and, in certain circumstances, the subadvisory fee schedule.

The Board considered that they had last approved the Subadvisory Agreement for each Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2017 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by each Subadvisor under the applicable Subadvisory Agreement(s) and had concluded, based upon the information provided, that the terms of each Subadvisory Agreement were reasonable and that approval of each Subadvisory Agreement was in the best interests of the applicable Fund.

Based upon all of the information considered, the Board concluded that it was in the best interests of each Fund to approve the applicable amended Subadvisory Agreement at this time and, accordingly, recommended the approval of each amended Subadvisory Agreement.

Principal Funds Distributor, Inc.
711 High Street
Des Moines, IA 50392-6370

Do not use this address for business correspondence.

STATEMENT OF ASSETS AND LIABILITIES
PRINCIPAL FUNDS,INC.
February 28, 2018 (unaudited)

STATEMENT OF OPERATIONS
PRINCIPAL FUNDS,INC.
Six Months Ended February 28, 2018 (unaudited)


STATEMENT OF CHANGES IN NET ASSETS
PRINCIPAL FUNDS, INC.
(unaudited)


Amounts in thousands						Capital Securities Fund

						Period Ended			Year Ended
						February 28, 2018		August 31, 2017
Operations
Net investment income (loss)					$	13,358		$	19,812
Net realized gain (loss) on investments						88			(536	)
Net change in unrealized appreciation/depreciation of investments						(8,515	)		13,298
			Net Increase (Decrease) in Net Assets Resulting from Operations			4,931			32,574

Dividends and Distributions to Shareholders
From net investment income						(13,298	)		(17,866	)
			Total Dividends and Distributions			(13,298	)		(17,866	)

Capital Share Transactions
Net increase (decrease) in capital share transactions						35,925			144,173
			Total Increase (Decrease) in Net Assets			27,558			158,881

Net Assets
Beginning of period						457,089			298,208
End of period (including undistributed net investment income as set forth below)					$	484,647		$	457,089
Undistributed (overdistributed) net investment income (loss)					$	3,819		$	3,759

			Class S
Capital Share Transactions:
Period Ended February 28, 2018
Dollars:
Sold	$	105,719
Reinvested			9,684
Redeemed			(79,478	)
Net Increase (Decrease)		$	35,925
Shares:
Sold			10,162
Reinvested			934
Redeemed			(7,648	)
Net Increase (Decrease)			3,448
Year Ended August 31, 2017
Dollars:
Sold	$	220,639
Reinvested			13,532
Redeemed			(89,998	)
Net Increase (Decrease)	$	144,173
Shares:
Sold			21,665
Reinvested			1,341
Redeemed			(8,957	)
Net Increase (Decrease)			14,049

Distributions:
Period Ended February 28, 2018
From net investment income $			(13,298	)
From net realized gain on
investments			—
Total Dividends and Distributions $			(13,298	)
Year Ended August 31, 2017
From net investment income $			(17,866	)
From net realized gain on
investments			—
Total Dividends and Distributions $			(17,866	)

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS,INC.
February 28, 2018 (unaudited)

Capital Securities Fund is an investment company and applies specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The fund was an investment company at all times during the period. The fund has not provided financial support, and is not contractually required to provide financial support to any investee.

On May 1, 2017, Principal Management Corporation (formerly the “Manager”) was merged into Principal Global Investors, LLC (the “Manager”). The merger did not involve a change in actual control or actual management with respect to the investment adviser of the Funds. The personnel responsible for fulfilling the obligations to the Fund pursuant to the investment advisory agreement remain the same.

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

Security Valuation. Capital Securities Fund invests in other series of the Fund which are valued at the closing net asset value per share of each respective fund on the day of valuation. Other publicly traded investment funds are valued at the respective fund’s net asset value. The shares of the other series of the Fund and other publicly traded investment funds are referred to as the “Underlying Funds”.

Capital Securities Fund values securities for which market quotations are readily available at fair value, which is determined using the last reported sale price. If no sales are reported, as is regularly the case for some securities traded over-the-counter, securities are valued using the last reported bid price or an evaluated bid price provided by a pricing service. Pricing services use modeling techniques that incorporate security characteristics such as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, other yield and risk factors, and other market conditions to determine an evaluated bid price or, in the case of certain credit default swaps, a mean price provided by a pricing service. When reliable market quotations are not considered to be readily available, which may be the case, for example, with respect to restricted securities, certain debt securities, preferred stocks, and foreign securities, the investments are valued at their fair value as determined in good faith by the Manager under procedures established and periodically reviewed by the Fund’s Board of Directors.

Income and Investment Transactions. The fund records investment transactions on a trade date basis. The identified cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation of investments. The fund records dividend income on the ex-dividend date. Interest income is recognized on an accrual basis. Discounts and premiums on securities are accreted/amortized, respectively, on the level yield method over the lives of the respective securities.

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

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

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders of Capital Securities Fund are recorded on the ex-dividend date. Dividends and distributions to shareholders from net investment income and net realized gain from investments are determined in accordance with federal tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for losses deferred due to wash sales and certain preferred securities, and utilization of earnings and profits distributed to shareholders on redemption of shares. Permanent book and tax basis differences are reclassified within the capital accounts based on federal tax-basis treatment; temporary differences do not require reclassification. To the extent dividends and distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as return of capital distributions.

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS,INC.
February 28, 2018 (unaudited)

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

Management evaluates tax positions taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether it is “more likely than not” that each tax position would be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more likely than not threshold would be recorded as a tax benefit or expense in the current year. During the period ended February 28, 2018, Capital Securities Fund did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the fiscal years 2014 – 2016. No examinations are in progress at this time.

Foreign Taxes. The fund is subject to foreign income taxes imposed by certain countries in which it invests. Foreign income taxes are accrued by the fund as a reduction of income. This amount is shown as withholding tax on foreign dividends on the statement of operations.

Borrowings. Pursuant to an exemptive order issued by the Securities and Exchange Commission, Capital Securities Fund and other registered investment companies managed by the Manager may participate in an interfund lending facility (“Facility”). The Facility allows the funds to borrow money from or loan money to the other participants. Loans under the Facility are made to handle unusual and/or unanticipated short-term cash requirements. Interest paid and received on borrowings is the average of the current repurchase agreement rate and the bank loan rate (the higher of (i) the Federal Funds Rate or (ii) the One Month LIBOR rate plus 1.00%). During the period ended February 28, 2018, Capital Securities Fund loaned to the Facility. The interest income received is included in interest income on the statement of operations. There were no outstanding borrowings as of February 28, 2018.

During the period ended February 28, 2018, Capital Securities Fund borrowing from the Facility was as follows (amounts in thousands):

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

In addition, the fund participates with other registered investment companies managed by the Manager in an unsecured joint line of credit with a bank, which allows the participants to borrow up to $100 million, collectively. Borrowings are made solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each participant, based on its borrowings, at a rate equal to the higher of the Federal Funds Rate or the One Month LIBOR rate plus 1.00%. Additionally, a commitment fee is charged at an annual rate of 0.15% on the amount of the line of credit.

Contingent Convertible Securities. Captial Securities Fund invests in contingent convertible securities (“CoCos”). CoCos are hybrid debt securities that may convert into equity or have their principal written down upon the occurrence of certain “triggers.” Although a CoCo’s equity conversion and principal write-down features are tailored to the particular issuing banking institution and its regulatory requirements, triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question such institution’s continued viability as a going-concern. CoCos may have no stated maturity and fully discretionary coupons, which means coupon payments can be canceled at the issuing banking institution’s discretion or at the request of the relevant regulatory authority without causing a default. To provide the appropriate regulatory capital treatment, CoCos are usually issued in the form of subordinated debt instruments that rank junior to the claims of holders of more senior obligations in the event of the issuer’s liquidation. If CoCos are converted into equity securities due to a trigger event, holders will be further subordinated. The value of CoCos is unpredictable and is influenced by many factors including, without limitation: the creditworthiness of the issuer and/or fluctuations in such issuer’s applicable capital ratios; supply and demand for CoCos; general market conditions and available liquidity; and economic, financial and political events that affect the issuer, its particular market or the financial markets in general. Due to these features, CoCos may have substantially greater risk than other securities in times of financial stress. Because of the uncertainty regarding whether a conversion event will occur, it may be difficult to predict when, if at all, a CoCo will be converted to equity, and a fund may suffer losses as a result. If the trigger level is breached, the issuer’s decision to write down, write off or convert a CoCo may result in the fund's complete loss on an investment in CoCos with no chance of recovery even if the issuer remains in existence.

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS,INC.
February 28, 2018 (unaudited)

Underlying Funds. The performance and risks of Capital Securities Fund directly correspond to the performance and risks of the Underlying Funds in which the fund invests.

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

The Manager is the advisor to the Fund and the Underlying Funds. The Manager is committed to minimizing the potential impact of underlying fund risk on underlying funds to the extent consistent with pursuing the investment objectives of the fund of funds which it manages. Each may face conflicts of interest in fulfilling its responsibilities to all such funds.

Fair value is defined as the price that the fund 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 fund may use one or more of the following approaches: market, income and/or cost. 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 fund. Unobservable inputs are inputs that reflect the fund’s 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 3 – Significant unobservable inputs (including the fund’s 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 fund in determining fair value is greatest for instruments categorized in Level 3.

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 fund uses prices and inputs that are current as of the measurement date.

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS,INC.
February 28, 2018 (unaudited)

Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors of the Fund. The Manager has established a valuation committee (“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 at least monthly and reports directly to the Board of Directors. A pricing group (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 approaches 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 fund (i.e., purchases/sales) and differences between transaction prices and prior period valuation data are investigated based on specified tolerances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those instruments.

The beginning of the period timing recognition has been adopted for the significant transfers between levels of the fund’s assets and liabilities. During the period, there were no purchases, sales, or transfers into or out of Level 3. In addition, there were no transfers between Level 1 and Level 2.

The following is a summary of the inputs used as of February 28, 2018 in valuing the fund’s securities carried at value (amounts shown in thousands):

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS,INC.
February 28, 2018 (unaudited)

The Manager has contractually agreed to limit the expenses (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, and other extraordinary expenses) for the fund. The reductions and reimbursements are in amounts that maintain total operating expenses at 0.00%. The limit is expressed as a percentage of average daily net assets on an annualized basis during the reporting period. It is expected that the expense limit will continue permanently.

The fund is an integral part of “wrap-fee” programs, including those sponsored by registered investment advisors and broker-dealers unaffiliated with the fund. Participants in these programs pay a “wrap” fee to the wrap-fee program’s sponsor.

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

Distributions to Shareholders. The federal income tax character of distributions paid for the periods ended February 28, 2018, and August 31, 2017 were as follows (amounts in thousands):

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

Distributable Earnings. As of August 31, 2017, the components of distributable earnings/(deficit) on a federal tax basis were as follows (amounts in thousands):

*Represents book-to-tax accounting differences related to contingent convertible bonds and perpetual bonds.

Capital Loss Carryforwards. For federal income tax purposes, capital loss carryforwards are losses that can be used to offset future capital gains of the fund. At August 31, 2017, the fund had approximate net capital loss carryforwards as follows (amounts in thousands):

Capital losses will be carried forward with no expiration and with the character of the loss retained.

Reclassification of Capital Accounts. The fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the fund’s distributions may be shown in the accompanying statement of changes in net assets as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended August 31, 2017, the fund recorded reclassifications as follows (amounts in thousands):

NOTES TO FINANCIAL STATEMENTS
PRINCIPAL FUNDS,INC.
February 28, 2018 (unaudited)

Federal Income Tax Basis. At February 28, 2018, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held were as follows (amounts in thousands):

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


Schedule of Investments
Capital Securities Fund
February 28, 2018 (unaudited)



INVESTMENT COMPANIES - 1.76%			Shares Held	Value (000's)					Principal
Money Market Funds - 1.76%							BONDS (continued)		Amount (000's) Value (000's)
Principal Government Money Market Fund ^(a)			8,552,679	$		8,553	Banks (continued)
							Barclays PLC (continued)
TOTAL INVESTMENT COMPANIES				$		8,553	8.25%, 12/31/2049^(b),(d)	$	3,500	$	3,631
PREFERRED STOCKS - 5.61%			Shares Held	Value (000's)			USSW5 Index Spread + 6.71%
Banks - 2.23%							BNP Paribas SA
Fifth Third Bancorp 6.63% ^(b)			98,938	$		2,831	7.20%, 06/29/2049^(b),(c),(d)		3,300		3,737
3 Month LIBOR + 3.71%							3 Month LIBOR + 1.29%
First Republic Bank/CA 5.13% ^(b)			45,549			1,123	7.63%, 12/31/2049^(b),(c),(d)		1,000		1,087
Huntington Bancshares Inc/OH 6.25% ^(b)			76,248			2,051	USSW5 Index Spread + 6.31%
KeyCorp 6.13% ^(b)			35,000			966	7.63%, 12/31/2049^(b),(d)		1,900		2,066
3 Month LIBOR + 3.89%							USSW5 Index Spread + 6.31%
M&T Bank Corp 6.38% ^(b)			2,130			2,183	BPCE SA
Valley National Bancorp 6.25% ^(b)			33,583			928	12.50%, 08/29/2049 ^(b),(d)		4,177		4,738
3 Month LIBOR + 3.85%							3 Month LIBOR + 12.98%
Webster Financial Corp 5.25% ^(b)			30,000			726	Capital One Financial Corp
				$		10,808	5.55%, 12/31/2049^(b),(d)		4,000		4,121
Insurance - 0.20%							3 Month LIBOR + 3.80%
XLIT Ltd 4.84% ^(b)			1,000			970	Citigroup Inc
3 Month LIBOR + 3.12%							5.95%, 12/31/2049^(b),(d)		1,000		1,036
							3 Month LIBOR + 4.10%
REITs - 0.24%							6.13%, 12/31/2049^(b),(d)		6,000		6,341
Kimco Realty Corp 5.25% ^(b)			40,000			908	3 Month LIBOR + 4.48%
Vornado Realty Trust 5.70% ^(b)			10,532			264	6.25%, 12/31/2049^(b),(d)		3,100		3,332
				$		1,172	3 Month LIBOR + 4.52%
Sovereign - 1.26%							Citizens Financial Group Inc
CoBank ACB 6.13% ^(b)			6,000			606	5.50%, 12/31/2049^(b),(d)		5,000		5,133
CoBank ACB 6.20% ^(b)			10,000			1,070	3 Month LIBOR + 3.96%
3 Month LIBOR + 3.74%							Commerzbank AG
CoBank ACB 6.25% ^(b),(c)			38,800			4,152	8.13%, 09/19/2023^(c)		500		583
3 Month LIBOR + 4.56%							Cooperatieve Rabobank UA
Farm Credit Bank of Texas 6.75% ^(b),(c)			2,500			270	4.38%, 08/04/2025		6,000		6,095
3 Month LIBOR + 4.01%							11.00%, 12/29/2049 ^(b),(d)		1,100		1,202
				$		6,098	3 Month LIBOR + 10.87%
							11.00%, 12/29/2049 ^(b),(c),(d)		6,400		6,992
Telecommunications - 1.68%
Centaur Funding Corp	9.08%, 04/21/2020 ^(c)		7,329			8,149	3 Month LIBOR + 10.87%
							Corestates Capital III
							2.41%, 02/15/2027^(c)		15,571		14,754
TOTAL PREFERRED STOCKS				$		27,197
							3 Month LIBOR + 0.57%
			Principal				Credit Agricole SA
BONDS - 91.06%			Amount (000's)	Value (000's)			8.13%, 12/31/2049^(b),(c),(d)		2,232		2,611
Automobile Manufacturers - 0.42%							USSW5 Index Spread + 6.19%
General Motors Financial Co Inc							8.38%, 12/31/2049^(b),(c),(d)		2,250		2,422
5.75%, 12/31/2049 ^(b),(d)		$	2,000		$	2,028
							3 Month LIBOR + 6.98%
3 Month LIBOR + 3.60%							8.38%, 12/31/2049^(b),(d)		4,100		4,413
							3 Month LIBOR + 6.98%
Banks - 53.09%							Credit Suisse AG
Australia & New Zealand Banking Group							6.50%, 08/08/2023		600		662
Ltd/United Kingdom
6.75%, 12/31/2049 ^(b),(c),(d)			1,900			2,078	Credit Suisse Group AG
							6.25%, 12/31/2049^(b),(c),(d)		6,090		6,408
USD ICE SWAP Rate NY 5 + 5.17%							USSW5 Index Spread + 3.46%
Banco Bilbao Vizcaya Argentaria SA							7.50%, 12/31/2049^(b),(c),(d)		6,250		6,936
9.00%, 12/31/2049 ^(b),(d)			3,400			3,438
							USSW5 Index Spread + 4.60%
USSW5 Index Spread + 8.26%							Danske Bank A/S
Bank of America Corp							6.13%, 12/31/2049^(b),(d)		6,600		6,856
6.30%, 12/31/2049 ^(b),(d)			1,000			1,097
3 Month LIBOR + 4.55%							USSW7 Index Spread + 3.90%
6.50%, 12/31/2049 (b),(d)
3 Month LIBOR + 4.17%			600			658	Dresdner Funding Trust I
							8.15%, 06/30/2031^(c)		400		524
							8.15%, 06/30/2031		2,700		3,536
Bank of New York Mellon Corp/The
4.62%, 12/31/2049 ^(b),(d)			14,000			13,884	Goldman Sachs Capital III
							4.00%, 09/29/2049^(b)		169		146
3 Month LIBOR + 3.13%
4.95%, 12/31/2049 ^(b),(d)			2,000			2,047	3 Month LIBOR + 0.77%
							HBOS Capital Funding LP
3 Month LIBOR + 3.42%							6.85%, 03/29/2049^(b)		2,300		2,346
Bank of Nova Scotia/The
4.65%, 12/31/2049 ^(b),(d)			1,400			1,358	HSBC Capital Funding Dollar 1 LP
							10.18%, 12/29/2049 ^(b),(d)		4,400		7,037
3 Month LIBOR + 2.65%							3 Month LIBOR + 4.98%
Barclays Bank PLC							10.18%, 12/29/2049 ^(b),(c),(d)		700		1,120
7.75%, 04/10/2023 ^(d)			1,400			1,407	3 Month LIBOR + 4.98%

USSW5 Index Spread + 6.83%							HSBC Holdings PLC
10.18%, 06/12/2021			900			1,072	6.00%, 12/31/2049^(b),(d)		3,400		3,473
10.18%, 06/12/2021 ^(c)			3,000			3,574	USD ICE SWAP Rate NY 5 + 3.75%

Barclays PLC							6.87%, 12/31/2049^(b),(d)		6,900		7,383
6.63%, 12/31/2049 ^(b),(d)			636			654	USD ICE SWAP Rate NY 5 + 5.51%
USSW5 Index Spread + 5.02%

Schedule of Investments Capital Securities Fund February 28, 2018 (unaudited)


		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Banks (continued)					Banks (continued)
ING Groep NV					Standard Chartered PLC (continued)
6.50%, 12/31/2049 ^(b),(d)	$	500	$	524	7.75%, 12/31/2049^(b),(c),(d)	$	1,000	$	1,086
USSW5 Index Spread + 4.45%					USSW5 Index Spread + 5.72%
JPMorgan Chase & Co					SunTrust Capital I
5.30%, 12/31/2049 ^(b),(d)		5,000		5,150	2.51%, 05/15/2027		4,500		4,219
3 Month LIBOR + 3.80%					3 Month LIBOR + 0.67%
6.75%, 12/31/2049 ^(b),(d)		2,000		2,210	SunTrust Capital III
3 Month LIBOR + 3.78%					2.24%, 03/15/2028		1,400		1,302
KeyCorp					3 Month LIBOR + 0.65%
5.00%, 12/31/2049 ^(b),(d)		4,000		3,993	Swedbank AB
3 Month LIBOR + 3.61%					6.00%, 12/31/2049^(b),(d)		4,400		4,543
KeyCorp Capital I					USSW5 Index Spread + 4.11%
2.43%, 07/01/2028		2,000		1,870	UBS Group AG
3 Month LIBOR + 0.74%					6.88%, 12/31/2049^(b),(d)		9,200		9,959
KeyCorp Capital III					USSW5 Index Spread + 4.59%
7.75%, 07/15/2029		1,500		1,863	US Bancorp
Lloyds Bank PLC					5.12%, 12/31/2049^(b),(d)		2,000		2,073
12.00%, 12/29/2049 ^(b),(d)		7,000		9,101	3 Month LIBOR + 3.49%
3 Month LIBOR + 11.76%					Westpac Banking Corp/New Zealand
12.00%, 12/29/2049 ^(b),(c),(d)		2,000		2,600	5.00%, 12/31/2049^(b),(d)		600		574
3 Month LIBOR + 11.76%					USD ICE SWAP Rate NY 5 + 2.89%
Lloyds Banking Group PLC							$		257,305
6.41%, 01/29/2049 ^(b),(c),(d)		1,700		1,947	Diversified Financial Services - 1.70%
3 Month LIBOR + 1.50%					Charles Schwab Corp/The
7.50%, 12/31/2049 ^(b),(d)		4,300		4,714	7.00%, 02/28/2049^(b),(d)		5,813		6,481
USSW5 Index Spread + 4.76%					3 Month LIBOR + 4.82%
M&T Bank Corp					Depository Trust & Clearing Corp/The
5.12%, 12/31/2049 ^(b),(d)		4,000		4,076	4.88%, 12/31/2049^(b),(c),(d)		1,000		1,023
3 Month LIBOR + 3.52%					3 Month LIBOR + 3.17%
6.45%, 12/31/2049 ^(b),(d)		1,300		1,441	National Rural Utilities Cooperative Finance
3 Month LIBOR + 3.61%					Corp
Nordea Bank AB					5.25%, 04/20/2046^(d)		700		747
6.13%, 12/31/2049 ^(b),(c),(d)		4,300		4,517	3 Month LIBOR + 3.63%
USSW5 Index Spread + 3.39%							$		8,251
Northern Trust Corp					Electric - 3.52%
4.60%, 12/31/2049 ^(b),(d)		6,815		6,815
					Dominion Energy Inc
3 Month LIBOR + 3.20%					5.75%, 10/01/2054^(d)		6,775		7,215
NTC Capital I					3 Month LIBOR + 3.06%
2.24%, 01/15/2027		1,250		1,181	Emera Inc
3 Month LIBOR + 0.52%					6.75%, 06/15/2076^(d)		4,200		4,662
NTC Capital II					3 Month LIBOR + 5.44%
2.31%, 04/15/2027		1,200		1,134	NextEra Energy Capital Holdings Inc
3 Month LIBOR + 0.59%					3.71%, 06/15/2067		580		563
PNC Capital Trust C					3 Month LIBOR + 2.13%
2.05%, 06/01/2028		3,000		2,843	3.76%, 10/01/2066		4,500		4,393
3 Month LIBOR + 0.57%					3 Month LIBOR + 2.07%
PNC Financial Services Group Inc/The					4.80%, 12/01/2077^(d)		250		248
6.75%, 07/29/2049 ^(b),(d)		1,200		1,297
					3 Month LIBOR + 2.41%
3 Month LIBOR + 3.68%							$		17,081
Royal Bank of Scotland Group PLC
4.01%, 03/29/2049 ^(b)		1,000		1,014	Hand & Machine Tools - 0.13%
					Stanley Black & Decker Inc
3 Month LIBOR + 2.32%					5.75%, 12/15/2053^(d)		600		617
7.50%, 12/31/2049 ^(b),(d)		4,896		5,133
USSW5 Index Spread + 5.80%					3 Month LIBOR + 4.30%
7.65%, 08/29/2049 ^(b),(d)		1,800		2,309
3 Month LIBOR + 2.50%					Insurance - 26.29%

8.00%, 12/31/2049 (b),(d)		1,000		1,117	ACE Capital Trust II
USSW5 Index Spread + 5.72%					9.70%, 04/01/2030		2,570		3,829
					Aegon NV
Societe Generale SA					2.65%, 07/29/2049^(b)		7,400		6,697
7.38%, 12/31/2049 ^(b),(c),(d)		5,000		5,388
USSW5 Index Spread + 6.24%					USD ICE SWAP Rate NY10 + 0.10%

8.00%, 12/31/2049 (b),(c),(d)		600		692	AG Insurance SA
					6.75%, 03/29/2049^(b),(d)		4,600		4,745
USD ICE SWAP Rate NY 5 + 5.87%					USSW6 Index Spread + 5.43%
8.25%, 12/31/2049 ^(b),(d)		2,250		2,334
					Allstate Corp/The
USSW5 Index Spread + 6.39%					5.75%, 08/15/2053^(d)		9,900		10,568
Standard Chartered PLC					3 Month LIBOR + 2.94%
6.50%, 12/31/2049 ^(b),(d)		1,500		1,545
					American International Group Inc
USSW5 Index Spread + 4.89%					8.18%, 05/15/2068^(d)		6,700		9,045
7.01%, 07/29/2049 ^(b),(c),(d)		2,800		3,346
3 Month LIBOR + 1.46%					3 Month LIBOR + 4.20%

7.50%, 12/31/2049 (b),(c),(d)		1,300		1,407	Aon Corp
USSW5 Index Spread + 6.30%					8.21%, 01/01/2027		1,000		1,290


Schedule of Investments
Capital Securities Fund
February 28, 2018 (unaudited)



		Principal					Principal
BONDS (continued)		Amount (000's) Value (000's)			BONDS (continued)		Amount (000's) Value (000's)
Insurance (continued)					Miscellaneous Manufacturers - 0.49%
AXA SA					General Electric Co
6.38%, 12/29/2049 ^(b),(c),(d)	$	2,800	$	3,248		5.00%, 12/31/2049^(b),(d)	$	2,413	$	2,383
3 Month LIBOR + 2.26%						3 Month LIBOR + 3.33%
8.60%, 12/15/2030		2,400		3,348
Catlin Insurance Co Ltd					Pipelines - 3.79%
4.71%, 07/29/2049 ^(b),(c)		6,900		6,779	Enterprise Products Operating LLC
3 Month LIBOR + 2.98%						5.25%, 08/16/2077^(d)		12,000		11,580
Everest Reinsurance Holdings Inc						3 Month LIBOR + 3.03%
4.22%, 05/01/2067		1,600		1,570		7.03%, 01/15/2068		3,200		3,200
3 Month LIBOR + 2.39%						3 Month LIBOR + 2.68%
Great-West Life & Annuity Insurance Capital					TransCanada PipeLines Ltd
LP						4.05%, 05/15/2067		200		192
6.63%, 11/15/2034 ^(c)		1,200		1,437		3 Month LIBOR + 2.21%
Hartford Financial Services Group Inc/The					Transcanada Trust
3.96%, 02/12/2067 ^(c)		3,900		3,812		5.63%, 05/20/2075^(d)		1,600		1,672
3 Month LIBOR + 2.13%						3 Month LIBOR + 3.53%
8.13%, 06/15/2068 ^(d)		500		505		5.87%, 08/15/2076^(d)		1,600		1,720
3 Month LIBOR + 4.60%						3 Month LIBOR + 4.64%
Legal & General Group PLC								$		18,364
5.25%, 03/21/2047 ^(d)		5,000		5,050	Sovereign - 0.23%
USSW5 Index Spread + 3.69%					CoBank ACB
Liberty Mutual Group Inc						6.25%, 12/31/2049^(b),(d)		1,000		1,088
4.49%, 03/07/2067 ^(c)		300		295		3 Month LIBOR + 4.66%
3 Month LIBOR + 2.91%
7.80%, 03/07/2087 ^(c)		6,100		7,579	Telecommunications - 0.23%
Liberty Mutual Insurance Co					Koninklijke KPN NV
7.70%, 10/15/2097 ^(c)		1,100		1,506		7.00%, 03/28/2073^(d)		1,000		1,101
Lincoln National Corp						USSW10 Index Spread + 5.33%
3.78%, 04/20/2067		1,100		1,040
3 Month LIBOR + 2.04%					Transportation - 1.17%
4.24%, 05/17/2066		1,300		1,269	BNSF Funding Trust I
3 Month LIBOR + 2.36%						6.61%, 12/15/2055^(d)		5,000		5,684
Meiji Yasuda Life Insurance Co						3 Month LIBOR + 2.35%
5.20%, 10/20/2045 ^(c),(d)		1,000		1,049
USSW5 Index Spread + 4.23%					TOTAL BONDS			$		441,309
MetLife Capital Trust IV					Total Investments			$		477,059
7.88%, 12/15/2067 ^(c)		1,800		2,304	Other Assets and Liabilities - 1.57%			$		7,588
MetLife Inc					TOTAL NET ASSETS - 100.00%			$		484,647
5.25%, 12/31/2049 ^(b),(d)		1,400		1,436
3 Month LIBOR + 3.58%
6.40%, 12/15/2066		700		789	(a)	Affiliated Security. Security is either an affiliate (and registered under the
9.25%, 04/08/2068 ^(c)		3,900		5,450		Investment Company Act of 1940) or an affiliate as defined by the
10.75%, 08/01/2069		4,300		6,880		Investment Company Act of 1940 (the Fund controls 5.0% or more of the
Mitsui Sumitomo Insurance Co Ltd						outstanding voting shares of the security). Please see affiliated sub-
7.00%, 03/15/2072 ^(c),(d)		3,600		4,014		schedule for transactional information.
3 Month LIBOR + 5.90%					(b)	Perpetual security. Perpetual securities pay an indefinite stream of
Nationwide Financial Services Inc						interest, but they may be called by the issuer at an earlier date.
6.75%, 05/15/2087		500		550	(c)	Security exempt from registration under Rule 144A of the Securities Act of
Nippon Life Insurance Co						1933. These securities may be resold in transactions exempt from
5.00%, 10/18/2042 ^(c),(d)		1,525		1,588		registration, normally to qualified institutional buyers. At the end of the
3 Month LIBOR + 4.24%						period, the value of these securities totaled $129,785 or 26.78% of net
Prudential Financial Inc						assets.
5.63%, 06/15/2043 ^(d)		2,800		2,954	(d)	Rate shown is the rate in effect as of period end. The rate may be based on
3 Month LIBOR + 3.92%						a fixed rate and may convert to a variable rate or floating rate in the
5.88%, 09/15/2042 ^(d)		13,500		14,496		future.
3 Month LIBOR + 4.18%
Prudential PLC
7.75%, 12/31/2049 ^(b)		2,000		2,035
Reinsurance Group of America Inc						Portfolio Summary (unaudited)
4.25%, 12/15/2065		2,000		1,989	Sector					Percent
3 Month LIBOR + 2.67%					Financial					83.75	%
Sumitomo Life Insurance Co					Energy					3.79	%
6.50%, 09/20/2073 ^(c),(d)		3,000		3,321	Utilities					3.52	%
3 Month LIBOR + 4.44%					Communications					1.91	%
Voya Financial Inc					Industrial					1.79	%
5.65%, 05/15/2053 ^(d)		3,500		3,605	Investment Companies					1.76	%
3 Month LIBOR + 3.58%					Government					1.49	%
XLIT Ltd					Consumer, Cyclical					0.42	%
4.18%, 12/31/2049 ^(b)		1,400		1,335	Other Assets and Liabilities					1.57	%
3 Month LIBOR + 2.46%					TOTAL NET ASSETS					100.00	%
		$		127,407

SHAREHOLDER EXPENSE EXAMPLE
PRINCIPAL FUNDS,INC.
February 28, 2018 (unaudited)

As a shareholder of Capital Securities Fund, you may incur ongoing costs, including management fees; distribution fees; and other fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Principal Funds, Inc. and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2017 to February 28, 2018), unless otherwise noted.

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Capital Securities Fund shares may only be purchased through wrap programs. Such programs may impose fees in addition to those charged by the fund. These fees are not included in the table below. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in Principal Funds, Inc. and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

^(a)Expenses are equal to a fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

The following directors are considered not to be “interested persons” as defined in the 1940 Act


			Other
Name,		Number of Portfolios	Directorships
Position Held with the Fund,	Principal Occupation(s)	in Fund Complex	Held by Director
Year of Birth	During past 5 years	Overseen by Director	During Past 5 Years
Elizabeth Ballantine	Principal, EBA Associates	134	Durango Herald, Inc;
Director since 2004			McClatchy
Member, Nominating and Governance			Newspapers, Inc.
Committee
1948
Leroy T. Barnes, Jr.	Retired.	134	McClatchy
Director since 2012			Newspapers, Inc.;
Member, Audit Committee			Herbalife Ltd.; Frontier
1951			Communications, Inc.
Craig Damos	President, The Damos Company	134	Hardin Construction
Director since 2008
Member, Audit Committee
Member, 15(c) Committee
1954
Mark A. Grimmett	Formerly, Executive Vice	134	None
Director since 2004	President and CFO, Merle
Member, Nominating and Governance	Norman Cosmetics, Inc.
Committee
Member, 15(c) Committee
Member, Executive Committee
1960
Fritz S. Hirsch	Formerly, CEO, MAM USA	134	Focus Products Group;
Director since 2005			MAM USA
Member, Operations Committee
Member, 15(c) Committee
1951
Tao Huang	Retired.	134	Armstrong World
Director since March 2012			Industries, Inc.
Member, Operations Committee
Member, 15(c) Committee
1962
Karen (“Karrie”) McMillan	Managing Director, Patomak	134	None
Director since 2014	Global Partners, LLC.
Member, Operations Committee	Formerly, General Counsel,
1961	Investment Company Institute
Elizabeth A. Nickels	Formerly, Executive Director,	134	Charlotte Russe; Follet
Director since 2015	Herman Miller Foundation;		Corporation; PetSmart;
Member, Audit Committee	Formerly President, Herman		SpartanNash; Spectrum
1962	Miller Healthcare		Health Systems
Mary M. (“Meg”) VanDeWeghe	CEO and President, Forte	134	Brown Advisory; B/E
Director since 2018	Consulting, Inc.		Aerospace; WP Carey;
Member, Operations Committee			Nalco (and its successor
1959			Ecolab)

The following directors are considered to be “interested persons” as defined in the 1940 Act, because of an affiliation with the Manager and Principal Life.


			Other
		Number of	Directorships
		Portfolios in	Held by
Name,		Fund Complex	Director
Position Held with the Fund,	Principal Occupation(s)	Overseen	During Past 5
Year of Birth	During past 5 years	by Director	Years
Michael J. Beer	Chief Executive Officer, Principal Funds	134	None
Director since 2012	Distributor, Inc. (“PFD”) since 2015
President, Chief Executive Officer	Executive Director – Funds, Principal Global
Member, Executive Committee	Investors, LLC (“PGI”) since 2017
1961	Director, PGI since 2017
	Director, PFD since 2015
	Vice President/Mutual Funds and Broker
	Dealer, Principal Life Insurance
	Company (“PLIC”) (2001-2014)
	Vice President/Chief Operating Officer,
	Principal Funds, PLIC (2014-2015)
	Executive Director, Principal Funds &
	Trust, PLIC since 2015
	Director, Principal Management
	Corporation, (“PMC”) (2006-2015)
	President & Chief Executive Officer,
	PMC (2015-2017)
	Executive Vice President/Chief Operating
	Officer, PMC (2008-2015)
	Chair, PMC (2015-2017)
Director, Principal Securities, Inc. (“PSI”) (2005-
	2015)
	President, PSI (2005-2015)
	Director, Principal Shareholder
	Services (“PSS”) (2007-2015)
	Chairman, PSS since 2015
	President, PSS (2007-2015)
	Executive Vice President, PSS since 2015

Nora M. Everett	Director, Finisterre Capital LLP since 2011	134	None
Director since 2008	Director, Origin Asset Management
Chair	LLP since 2011
Member, Executive Committee	Chairman, Principal Financial
1959	Advisors, Inc. (“PFA”) (2010-2015)
	Chairman, PFD (2011-2015)
	Senior Vice President/Retirement and
Income Solutions (“RIS”), PLIC (2008-2015)
	President/RIS, PLIC since 2015
	Chairman, PMC (2011-2015)
	President, PMC (2008-2015)
	Director, PSI (2008-2011, and since 2015)
	Chairman, PSI (2011-2015)
	Chief Executive Officer, PSI (2009-2015)
	Chairman, PSS (2011-2015)

Patrick Halter	Director, Morley Capital Management, Inc.	134	None
Director since 2017	(“Morley”) since 2017
Member, Executive Committee	Chair, Post Advisory Group, LLC (“Post”)
1959	since 2017
	Chief Operating Officer, PGI since 2017
	Director, PGI since 2003
	Chair, PREI since 2004
	Chief Executive Officer, PREI since 2005
	Chair, Spectrum since 2017

Correspondence intended for each Director who is other than an Interested Director may be sent to 655 9^thStreet, Des Moines, IA 50392.


Name, Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Randy L. Bergstrom	Counsel, PGI
Assistant Tax Counsel	Counsel, PLIC
Des Moines, IA 50392
1955

Jennifer A. Block	Assistant Counsel (2010-2017)
Vice President, Counsel and Assistant	Counsel, PFD (2009-2013)
Secretary	Counsel, PLIC
Des Moines, IA 50392	Counsel, PMC (2009-2013, 2014-2017)
1973	Counsel, PSI (2009-2013)
Counsel, PSS (2009-2013)

Tracy Bollin	Managing Director, PGI since 2016
Chief Financial Officer	Chief Operating Officer, PMC (2015-2017)
Des Moines, IA 50392	Chief Financial Officer, PFA (2010-2015)
1970	Senior Vice President, PFD since 2015
	Chief Financial Officer, PFD (2010-2016)
	Senior Vice President, PMC (2015–2017)
	Chief Financial Officer, PMC (2010-2015)
Director, PMC (2014–2017)
	Chief Financial Officer, PSI (2010-2015)
	Director, PSS since 2014
	President, PSS since 2015
	Chief Financial Officer, PSS (2010-2015)

Ashley Fuhrmeister	Council, PLIC since 2017
Assistant Counsel	Prior thereto, Attorney in Private Practice
Des Moines, IA 50392
1982
Gina L. Graham	Vice President/Treasurer, PFA since 2016
Treasurer	Vice President/Treasurer, PFD since 2016
Des Moines, IA 50392	Vice President/Treasurer, PGI since 2016
1965	Vice President/Treasurer, PLIC since 2016
	Vice President/Treasurer, PMC (2016-2017)
	Vice President/Treasurer, Principal Real Estate Investors, LLC since 2016
	Vice President/Treasurer, PSI since 2016
	Vice President/Treasurer, PSS since 2016

Layne A. Rasmussen	Vice President/Controller, PMC
Vice President
Des Moines, IA 50392
1958

Sara L. Reece	Director - Accounting, PLIC since 2015
Vice President and Controller	Assistant Financial Controller, PLIC prior to 2015
Des Moines, IA 50392
1975

Teri R. Root	Interim Compliance Officer (2018)
Chief Compliance Officer	Deputy Chief Compliance Officer (2015-2018)
Des Moines, IA 50392	Deputy Chief Compliance Officer, PGI since 2017
1979	Vice President and Chief Compliance Officer, PMC (2015–2017)
	Compliance Officer, PMC (2010-2013)
Vice President, PSS since 2015


Name, Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
Britney L. Schnathorst	Counsel, PLIC since 2013
Assistant Counsel and Assistant	Prior thereto, Attorney in Private Practice
Secretary
Des Moines, IA 50392
1981

Adam U. Shaikh	Counsel, PFD (2006-2013)
Assistant Counsel	Counsel, PLIC
Des Moines, IA 50392	Counsel, PMC (2007-2013, 2014-2017)
1972	Counsel, PSI (2007-2013)
	Counsel, PSS (2007-2013)

Dan Westholm	Assistant Vice President/Treasury, PFA since 2013
Assistant Treasurer	Director – Treasury, PFA (2011-2013)
Des Moines, IA 50392	Assistant Vice President/Treasury, PFD since 2013
1966	Director – Treasury, PFD (2011-2013)
	Assistant Vice President/Treasury, PLIC since 2014
	Director – Treasury, PLIC (2007-2014)
	Director – Treasury, PMC (2003-2013)
	Assistant Vice President/Treasury, PMC (2013-2017)
	Assistant Vice President/Treasury, PSI since 2013
	Director – Treasury, PSI (2011-2013)
	Assistant Vice President/Treasury, PSS since 2013
	Director – Treasury, PSS (2007-2013)

Beth Wilson	Director and Secretary – Funds, PLIC
Vice President and Secretary	Vice President, PMC (2007-2013)
Des Moines, IA 50392
1956

Clint Woods	Vice President, Associate General Counsel, Governance Officer, and
Vice President and Of Counsel	Assistant Corporate Secretary, PLIC since 2015
Des Moines, IA 50392	Assistant General Counsel, Assistant Corporate Secretary, and Governance
1961	Officer, PLIC (2013-2015)
	Associate General Counsel, AEGON (2003-2012)
Jared Yepsen	Counsel, PGI since 2017
Assistant Tax Counsel	Counsel, PLIC since 2015
Des Moines, IA 50392	Senior Attorney, Transamerica Life Insurance Company (TLIC)
1981	(2013-2015)
Attorney, TLIC (2010-2013)

Annual Review and Renewal of Management Agreement and Subadvisory Agreements

For each Fund, the Board considered the subadvisory fees, noting that the Manager compensates each Subadvisor from its own management fee, so that shareholders pay only the management fee.

BNY Mellon Asset Management North America Corporation (f/k/a The Boston Company Asset Management, LLC) Subadvisory Agreement

As part of their review process, the Board reviewed materials received from the Manager regarding the proposed amendment to the Subadvisory Agreement and noted that because the subadvisory fee was paid by the Manager, the changes in the subadvisory fee schedule would not change the management fee paid by the Fund. The Board considered the Manager’s representation that the amendment would not reduce the quality or quantity of the services provided by the Subadvisor to the Fund and that the Subadvisor’s obligations under the Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of the Subadvisory Agreement other than to the subadvisory fee schedule.

On December 12, 2017, the Board considered for the Diversified Real Asset Fund (the “Fund”) the approval of a sub-advisory agreement (the “Subadvisory Agreement”) between the Manager and Tortoise Capital Advisors, L.L.C. (the “Subadvisor”) with respect to the master limited partnership investment sleeve of the Fund.

Approval of Amended Subadvisory Agreements for Preferred Securities Fund, Origin Emerging Markets Fund, Diversified Real Asset Fund, Global Multi-Strategy Fund and Real Estate Debt Income Fund

Principal Funds Distributor, Inc.
711 High Street
Des Moines, IA 50392-6370

Do not use this address for business correspondence.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

ITEM 7 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

ITEM 9 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

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.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906CERT.

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

The accession number of thep revious related submission is as follows: 0000898745-18-000340

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.

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.


				Payable for Reverse
Fund	Security Type	Remaining Contractual Tenor		Repurchase Agreement
Global Multi Strategy Fund	U.S. Treasury and Agency Securities	Overnight and Continuous	$	222,238
Global Multi Strategy Fund	U.S. Treasury and Agency Securities	Greater than 90 Days		4,896
Global Multi Strategy Fund	Foreign Corporate Bond	Greater than 90 Days		22,850
	Gross amount of recognized liabilities for reverse repurchase agreements		$	249,984


Letter from the President	1
Financial Statements	2
Notes to Financial Statements	25
Schedules of Investments	56
Financial Highlights (Includes performance information)	170
Shareholder Expense Example	182
Supplemental Information	184

^(a)	Consolidated financial statement, see "Basis for Consolidation" in Notes to Financial Statements.
^(b)	Redemption price per share is equal to net asset value per share less any applicable contingent deferred sales charge.

^(a)	Class J shares commenced operations on September 11, 2017.
^(b)	Consolidated financial statement, see "Basis for Consolidation" in Notes to Financial Statements.

^(a)	Class P shares discontinued operations and converted to Institutional shares on June 23, 2017.
^(b)	Period from September 11, 2017, date operations commenced, through February 28, 2018 for Class J shares.
^(c)	Period from January 3, 2017, date operations commenced, through August 31, 2017 for R-6 shares.
^(d)	Period from June 12, 2017, date operations commenced, through August 31, 2017 for Class T shares.


Blue Chip Fund	Multi-Manager Equity Long/Short Fund
Diversified Real Asset Fund	Origin Emerging Markets Fund
Dynamic Floating Rate High Income Fund	Preferred Securities Fund
Global Multi-Strategy Fund	Real Estate Allocation Fund
Global Opportunities Fund	Real Estate Debt Income Fund
International Small Company Fund	Small-MidCap Dividend Income Fund


Diversified			Global			Global			International
Real Asset Fund			Multi- Strategy Fund			Opportunities			Small Company
Euro	7.5	%	Euro	5.6	%	Euro	8.6	%	Japanese Yen	27.7	%
						Japanese Yen	8.1		Euro	26.0
						British Pound	6.1		British Pound	19.4
						Hong Kong Dollar	5.3		Canadian Dollar	9.4

Multi-Manager
Equity Long/Short			Origin Emerging
Fund			Markets Fund
Euro	11.0	%	Hong Kong Dollar	37.7	%
Japanese Yen	6.9		South Korean Won	11.1
			Thai Baht	8.2


			Percent of Consolidated
		Net Assets	Fund’s Net Assets
Diversified Real Asset Fund	$	436,556	10.62	%
Global Multi-Strategy Fund		26,566	0.98


		Average Daily	Weighted Average
		Outstanding Balance	Annual Interest Rate
Blue Chip Fund	$	686	1.79	%
Global Opportunities Fund		944	1.82
International Small Company Fund		140	1.74
Opportunistic Municipal Fund		11	1.78
Real Estate Debt Income Fund		2	1.66


Counterparty Abbreviations used:
ANZ	Australia and New Zealand Banking Group	JPM	JP Morgan Chase
BARC	Barclays Bank PLC	M3	M3 Capital Partners
BNP	BNP Paribas	ML	Merrill Lynch
BNYM	Bank of New York Mellon	MS	Morgan Stanley
BOA	Bank of America	RBC	RBC Dominion Securities
CITI	Citigroup Inc	RBS	Royal Bank of Scotland
DB	Deutsche Bank AG	SS	State Street
GS	Goldman Sachs	TDB	Toronto Dominion Bank
HSBC	HSBC Securities	UBS	UBS AG
		WP	Westpac


				FCM (Futures
		Repurchase		and Cleared				ISDA (OTC
		Agreements		Swaps)		Shorts		Derivatives)
Diversified Real Asset Fund	$	—	$	2,965	$	—	$	9,730
Global Multi-Strategy Fund		2,309		28,378		335,605		83,100
Multi-Manager Equity Long/Short Fund		—		4,556		88,022		10,640
Origin Emerging Markets Fund		—		1,706		—		—
Preferred Securities Fund		—		1,567		—		—


		Unfunded Loan Commitment		Unrealized gain/loss
Diversified Real Asset Fund	$	47	$	—
Global Multi-Strategy Fund		2,013		3


Fund	Total Percentage of Outstanding Shares Owned
Blue Chip Fund	69.40	%
Diversified Real Asset Fund	18.77
Global Multi-Strategy Fund	37.92
Global Opportunities Fund	98.01
International Small Company Fund	99.08
Multi-Manager Equity Long/Short Fund	41.23
Origin Emerging Markets Fund	62.35
Preferred Securities Fund	7.43
Real Estate Debt Income Fund	98.36
Small-MidCap Dividend Income Fund	3.08


Global Multi-Strategy Fund	$	39,394
Preferred Securities Fund		85,362

*	For additional detail regarding sector classifications, please see the Schedules of Investments.
**	Exchange Cleared Swaps, Futures, and Foreign Currency Contracts are valued at the unrealized appreciation/(depreciation) of the instrument.


			Net Assets of Fund
	First $500		Next $500		Next $500 Over $1.5
	million		million		million		billion
Dynamic Floating Rate High Income Fund	.65	%	.63	%	.61	%	.60	%
Global Opportunities Fund	.85		.83		.81		.80
International Small Company Fund	1.05		1.03		1.01		1.00
Multi-Manager Equity Long/Short Fund	1.57		1.55		1.53		1.52
Opportunistic Municipal Fund	.50		.48		.46		.45
Origin Emerging Markets Fund	1.20		1.18		1.16		1.15
Real Estate Debt Income Fund	.55		.53		.51		.50


	Period from September 1, 2017 through February 28, 2018
	Class A		Class C		Class T	Institutional		Expiration
Blue Chip Fund	1.35	%*	2.10	%*	1.22%	.81	%	December 30, 2018
Diversified Real Asset Fund	1.22	^	1.97	^	N/A	.85	^	December 30, 2018
Dynamic Floating Rate High Income Fund	1.10		N/A		N/A	.75		December 30, 2018
Global Multi-Strategy Fund	N/A		2.75		N/A	1.63		December 30, 2018
Global Opportunities Fund	1.50		2.25		N/A	.85		December 30, 2018
International Small Company Fund	1.60		N/A		N/A	1.20		December 30, 2018
Multi-Manager Equity Long/Short Fund	2.02		N/A		N/A	1.67		December 30, 2018
Opportunistic Municipal Fund	.90		1.65		N/A	.62		December 30, 2018
Origin Emerging Markets Fund	1.75		N/A		N/A	1.25		December 30, 2018
Preferrred Securities Fund	N/A		N/A		1.07	.81	#	December 30, 2018
Real Estate Allocation Fund	.50		N/A		N/A	.15		December 30, 2018
Real Estate Debt Income Fund	1.00		N/A		N/A	.70		December 30, 2018
Small-MidCap Dividend Income Fund	1.13	**	1.88	**	N/A	.86		December 30, 2018

*	Contractual limit expires June 30, 2018.
**	Period from October 1, 2017 to February 28, 2018.
^	Prior to October 1, 2017, the contractual limits were 1.25%, 2.00%, and .88% for Class A, Class C, and Institutional Class, respectively.
#	Prior to December 31, 2017, the contractual limit was .82%.


		Expiration
Diversified Real Asset Fund	.03%*	December 30, 2018
Global Multi-Strategy Fund	.04	December 30, 2018

* Period from October 1, 2017 to February 28, 2018.


	Class A Class C		Class J Institutional R-1			R-2	R-3	R-4	R-5	R-6
Blue Chip Fund	–	–	1	320	N/A	N/A	1	1	–	23,264
Diversified Real Asset Fund	–	–	N/A	66	N/A	N/A	1	1	1	23,597
Dynamic Floating Rate High Income Fund	212	N/A	N/A	750	N/A	N/A	N/A	N/A	N/A	N/A
Global Multi-Strategy Fund	–	–	N/A	–	N/A	N/A	N/A	N/A	N/A	18,187
Global Opportunities Fund	–	–	N/A	638	N/A	N/A	N/A	N/A	N/A	N/A
International Small Company Fund	–	N/A	N/A	84	N/A	N/A	N/A	N/A	N/A	—
Multi-Manager Equity Long/Short Fund	–	N/A	N/A	5	N/A	N/A	N/A	N/A	N/A	16,167
Opportunistic Municipal Fund	–	–	N/A	30	N/A	N/A	N/A	N/A	N/A	N/A
Origin Emerging Markets Fund	–	N/A	N/A	–	N/A	N/A	N/A	N/A	N/A	18,138
Preferred Securities Fund	–	–	–	–	–	–	–	–	–	8,219
Real Estate Allocation Fund	–	N/A	N/A	–	N/A	N/A	N/A	N/A	N/A	N/A
Real Estate Debt Income Fund	–	N/A	N/A	64	N/A	N/A	N/A	N/A	N/A	—
Small-MidCap Dividend Income Fund	–	–	N/A	12	N/A	N/A	N/A	N/A	N/A	373


						Covers on
						Securities Sold		Securities Sold
		Purchases		Sales		Short		Short
Blue Chip Fund	$	625,333	$	343,301	$	—	$	—
Diversified Real Asset Fund		1,158,848		1,351,403		—		—
Dynamic Floating Rate High Income Fund		4,250		2,555		—		—
Global Multi-Strategy Fund		2,622,254		2,684,895		704,991		691,929
Global Opportunities Fund		431,071		518,263		—		—
International Small Company Fund		216,523		317,643		—		—
Multi-Manager Equity Long/Short Fund		376,722		364,839		114,359		123,420
Opportunistic Municipal Fund		45,711		42,497		—		—
Origin Emerging Markets Fund		143,139		185,191		—		—
Preferred Securities Fund		516,798		361,026		—		—
Real Estate Allocation Fund		570		393		—		—
Real Estate Debt Income Fund		31,121		24,806		—		—
Small-MidCap Dividend Income Fund		512,160		1,041,445		—		—


									Long-Term
		Ordinary Income				Tax-Exempt Income			Capital Gain
		2018		2017		2018	2017	^	2018		2017	*
Blue Chip Fund	$	3,511	$	11,106	$	— $	— $		63,361	$	4,175
Diversified Real Asset Fund		89,016		96,628		—	—		—		—
Dynamic Floating Rate High Income Fund		214		635		—	—		—		—
Global Multi-Strategy Fund		66,313		3,555		—	—		12,311		—
Global Opportunities Fund		78,458		22,466		—	—		13,245		—
International Small Company Fund		45,566		1,380		—	—		4,754		—
Multi-Manager Equity Long/Short Fund		10,996		2,398		—	—		6,573		—
Opportunistic Municipal Fund		—		5		2,224	4,458		—		—
Origin Emerging Markets Fund		6,798		5,516		—	—		—		—
Preferred Securities Fund		144,533		264,083		—	—		9,427		47,567
Real Estate Allocation Fund		30		35		—	—		—		4
Real Estate Debt Income Fund		3,514		5,906		—	—		—		3
Small-MidCap Dividend Income Fund		69,264		64,435		—	—		98,726		—


																	Total
		Undistributed		Undistributed		Undistributed					Net Unrealized		Other				Accumulated
		Ordinary		Tax-Exempt		Long-Term		Accumulated			Appreciation		Temporary				Earnings
		Income		Income		Capital Gains		Losses			(Depreciation)		Differences*				(Deficit)
Blue Chip Fund	$	2,003	$	—	$	26,137	$	—		$	391,243		$	—		$	419,383
Diversified Real Asset Fund		59,778		—		—		(312,443	)		147,145			—			(105,520	)
Dynamic Floating Rate High Income Fund		7		—		—		(1,064	)		(25	)		1			(1,081	)
Global Multi-Strategy Fund		43,364		—		6,564		—			78,818			(5,949	)		122,797
Global Opportunities Fund		75,329		—		4,500		—			110,597			—			190,426
International Small Company Fund		29,816		—		—		(566	)		125,053			—			154,303
Multi-Manager Equity Long/Short Fund		8,173		—		4,488		—			10,297			(873	)		22,085
Opportunistic Municipal Fund		—		41		—		(2,368	)		2,958			—			631
Origin Emerging Markets Fund		6,583		—		—		(164,514	)		187,744			—			29,813
Preferred Securities Fund		8,162		—		738		—			402,681			40,831			452,412
Real Estate Allocation Fund		5		—		—		—			34			—			39
Real Estate Debt Income Fund		428		—		—		(257	)		588			—			759
Small-MidCap Dividend Income Fund		35,881		—		56,022		—			427,816			—			519,719


		No Expiration:
		Short-Term		Long-Term		Total
Diversified Real Asset Fund	$	263,465	$	48,978	$	312,443
Dynamic Floating Rate High Income Fund		310		755		1,065
International Small Company Fund		566		—		566
Opportunistic Municipal Fund		1,934		434		2,368
Origin Emerging Markets Fund		164,515		—		164,515
Real Estate Debt Income Fund		257		—		257


		Utilized
Diversified Real Asset Fund	$	59,301
Dynamic Floating Rate High Income Fund		197
Global Multi-Strategy Fund		20,326
Global Opportunities Fund		13,167
International Small Company Fund		1,986
Multi-Manager Equity Long/Short Fund		2,717
Opportunistic Municipal Fund		118
Origin Emerging Markets Fund		36,773
Small-MidCap Dividend Income Fund		9,047


		Accumulated			Accumulated
		Undistributed Net			Net Realized
		Investment Income			Gain on Investments			Paid in Capital
Blue Chip Fund	$	(4,311	)	$	(30,723	)	$	35,034
Diversified Real Asset Fund		(21,350	)		31,505			(10,155	)
Dynamic Floating Rate High Income Fund		1			(1	)		—
Global Multi-Strategy Fund		(9,288	)		(5,974	)		15,262
Global Opportunities Fund		8,482			(36,791	)		28,309
International Small Company Fund		2,227			(7,562	)		5,335
Multi-Manager Equity Long/Short Fund		3,797			(3,797	)		—
Opportunistic Municipal Fund		(72	)		72			—
Origin Emerging Markets Fund		(1,225	)		1,225			—
Preferred Securities Fund		7,644			(18,392	)		10,748
Real Estate Allocation Fund		—			(1	)		1
Real Estate Debt Income Fund		(2	)		2			—
Small-MidCap Dividend Income Fund		(36,625	)		(34,311	)		70,936


		Unrealized		Unrealized			Net Unrealized			Cost for Federal
		Appreciation		(Depreciation)			Appreciation/(Depreciation)			Income Tax Purposes
Blue Chip Fund	$	660,541	$	(31,349	)	$	629,192		$	2,156,372
Diversified Real Asset Fund		164,179		(138,408	)		25,771			4,078,507
Dynamic Floating Rate High Income Fund		96		(68	)		28			11,978
Global Multi-Strategy Fund		126,246		(72,050	)		54,196			2,956,548
Global Opportunities Fund		140,568		(17,283	)		123,285			784,169
International Small Company Fund		182,276		(18,718	)		163,558			845,263
Multi-Manager Equity Long/Short Fund		23,779		(5,956	)		17,823			359,892
Opportunistic Municipal Fund*		3,160		(1,893	)		1,267			117,851
Origin Emerging Markets Fund		223,796		(3,408	)		220,388			508,588
Preferred Securities Fund		342,920		(88,311	)		254,609			5,550,186
Real Estate Allocation Fund		10		(44	)		(34	)		1,683
Real Estate Debt Income Fund		805		(6,687	)		(5,882	)		196,871
Small-MidCap Dividend Income Fund		466,753		(171,325	)		295,428			2,534,397

(a)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate 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.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $1,190 or 10.24% of net assets.
(c)	Perpetual security. Perpetual securities pay an indefinite stream of interest, but they may be called by the issuer at an earlier date.

(w)	Security is a Principal Only Strip.
(x)	Although the maturity date of the repurchase agreement is open-ended through the maturity date of the collateral, the Fund has a right to terminate the repurchase agreement and demand repayment from the counterparty at any time with two days' notice or less. During periods of high demand for the collateral security, the fund may also pay the counterparty a fee.

(a)	Calculated based on average shares outstanding during the period.
(b)	Total return is calculated without the front-end sales charge or contingent deferred sales charge, if applicable.
(c)	Six months ended February 28, 2018.
(d)	Total return amounts have not been annualized.
(e)	Computed on an annualized basis.
(f)	Excludes expense reimbursement from Manager.
(g)	Period from September 30, 2013, date shares first offered, through August 31, 2014.
(h)	Period from June 12, 2017, date shares first offered, through August 31, 2017.
(i)	Total return is calculated using the traded net asset value which may differ from the reported net asset value. The traded net asset value is the net asset value which a shareholder would have paid or received from a subscription or redemption.


						Ratio of Expenses to
						Average Net Assets
						(Excluding
				Ratio of		Dividends and	Ratio of Expenses to				Ratio of Net
				Expenses to		Interest Expense on	Average Net Assets		Ratio of Gross		Investment Income
			Net Assets, End of	Average Net		Short Sales and Short	(Excluding Interest		Expenses to Average		to Average Net		Portfolio
Total Return(b)			Period (in thousands)	Assets		Sale Fees)	Expense and Fees)		Net Assets		Assets		Turnover Rate


6.84%	(d)	$	415	2.55%	(e)	2.02%(e),(f)	N/A		11.86%(e),(g)		(1.07)%	(e)	270.8%	(e)
6.80			113	2.84		2.02 (f)	N/A		30.68	(g)	(0.96	)	301.2
(0.30	) (d)		55	2.80	(e)	2.02 (e),(f)	N/A		219.49 (e)	,(g)	(1.24	) (e)	412.4	(e)


0.70	(d)		45,009	0.97	(e)	N/A	0.88 (e)	,(i)	0.97 (e)	,(g)	3.94	(e)	74.3	(e)
0.13			40,758	0.95		N/A	0.89	(i)	0.95	(g)	3.83		67.9
11.94			49,208	0.95		N/A	0.90	(i)	0.97	(g)	3.52		53.5
5.17			22,568	0.96		N/A	0.90	(i)	1.10	(g)	4.06		54.9
15.71			16,305	1.01		N/A	0.90	(i)	1.21	(g)	4.57		78.4
(7.53	)		13,962	1.03		N/A	0.90	(i)	1.21	(g)	4.21		103.4

0.22	(d)		7,658	1.74	(e)	N/A	1.65 (e)	,(i)	1.91 (e)	,(g)	3.14	(e)	74.3	(e)
(0.53	) (j)		14,301	1.71		N/A	1.65	(i)	1.81	(g)	3.09		67.9
11.01	(j)		16,455	1.70		N/A	1.65	(i)	1.82	(g)	2.79		53.5
4.39			9,869	1.71		N/A	1.65	(i)	1.96	(g)	3.32		54.9
14.86			9,101	1.76		N/A	1.65	(i)	2.08	(g)	3.83		78.4
(8.22	)		7,835	1.78		N/A	1.65	(i)	2.03	(g)	3.47		103.4