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

The accession number of the previous related submission is as follows: 0000898745-18-000844

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GLOBAL INVESTMENT MANAGEMENT • ASSET ALLOCATION EXPERTISE • RETIREMENT LEADERSHIP

Robust describes the U.S. economy this year. Consumer spending and business investment have been drivers of growth. Low joblessness and healthy job growth keep consumer confidence indices near record highs.

Euro area data is stabilizing after a weak first half. Like the United States, household spending should be the big driver of growth. Labor markets are solid. As expected, Japan’s economy rebounded from its first-quarter contraction in gross domestic product. Consumption and investment spending picked up nicely. Economic growth in China slowed in July. Official data disappointed with fixed-asset investment growth dropping to a record low in July (data goes back to 1999). However, August brought tentative signs of stabilization as business surveys ticked up a bit. Emerging markets just can’t seem to catch a break. The ongoing crises in Turkey and Argentina only worsened in August and the growth slowdown in China doesn’t help either. A U.S. dollar that doesn’t seem to weaken and the potential for higher U.S. interest rates mean financial conditions could stay tight.

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.1 We 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.³

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

*All data cited from August 2018 Principal Economic Insights by Robert F. Baur, Ph.D., Executive Director, Chief Global Economist, Robin J. Anderson, Ph.D., Senior Global

U.S. indices have been the leader for most of the stock market rally since March 2009. With hearty profit gains and a booming economy, that outperformance continued in August. The MSCI U.S. Index jumped 6.7% in the month for a year-to-date gain of 8.7%. The Dow Jones Transportation Average surged 9.3% in August. For the year, the top performing indices were the Russell 2000 Growth, the Nasdaq Composite, and the Russell 1000 Growth, up 18.0%, 17.5%, and 15.4% in price, respectively.

Emerging economies in general continued their dismal financial market performance. The MSCI Emerging Market Index fell 1.3% inAugust and 8.8% in all of 2018 to date. India was the rare exception with its world-beating economic growth pushing the Sensex Index up 9.1% in August and 13.5% for the year. Emerging market bonds also fared poorly with falling currencies and severe credit stress in Turkey and Argentina.

Developed country interest rates fluctuated in a narrow range during August. Yields on 10-year Japanese government bonds ended August a speck above 0.1%, as the Bank of Japan widened the acceptable yield range on those bonds in late July. German yields on 10-year bunds fell about 0.25% during the month, to end at an incredibly low 0.33%. Long-term yields on U.S. Treasury bonds stayed in a 0.2% range but ended the month lower at 2.86%. Yields on two-year U.S. Treasury bonds were mostly flat in August above 2.6%, but had soared over the past year, up 1.4 percentage points. That surge in U.S. short rates caused the yield curve to flatten more.

U.S. nominal growth was 5.4% and is why we still expect another wave higher in long-term Treasury yields as U.S. growth is vigorous, the labor market is on fire, confidence is not far from record heights, and the world economy except the United States is rebounding modestly from early-year weakness. Also, by year-end, the European Central Bank will begin to lessen its monetary easing, which should push euro area rates higher, relieving some of the down pressure on U.S. rates.

*All data cited from August 2018 Principal Economic Insights by Robert F. Baur, Ph.D., Executive Director, Chief Global Economist, Robin J.

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

Blue Chip Fund seeks long-term growth of capital. The Fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies with large market capitalizations at the time of purchase that, in the Fund's investment advisor's opinion, display characteristics of a "blue chip" company. The advisor tends to focus on securities of companies that show potential for growth of capital as well as an expectation for above average earnings. The fund invests in securities of foreign companies.

Allocation to Amazon, an e-commerce company started by Jeff Bezos in 1994 that was originally developed as an internet site to sell books, contributed.Allocation toAlphabet, whose core Google business has tremendous advantages, contributed, driven by growth in mobile search and YouTube. Allocation to MasterCard, which provides transaction processing and other payment-related services in the United States and internationally, contributed.

Allocation to Liberty Global, a large cable and broadband company with operations primarily in Europe, detracted due to concerns about future growth opportunities in Europe.Allocation to Liberty Broadband, which was spun out of Liberty Media in November 2014 as a way to highlight Liberty's investment in domestic cable assets, detracted. Allocation to Starbucks, which sells gourmet coffee, tea, related products, and more recently a coordinated offering of food from its more than 23,000 stores around the world, detracted due to a combination of mixed results and turnover in management.

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

A sales charge may apply as follows: Class A shares: maximum up-front sales charge of 5.50%; Class C shares: contingent deferred sales charge of 1% on redemptions made during the first 12 month. See the prospectus for details. Performance listed with sales charge reflects the maximum sales charge. Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

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

*** Performance shown for the benchmark is calculated from 5/31/12 and assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

BlackRock Financial Management, Inc.; BNP PARIBAS ASSET MANAGEMENT USA, Inc.; BNY Mellon Asset Management North America Corporation; Credit Suisse Asset Management, LLC; Macquarie Capital Investment Management LLC; Pictet Asset Management SA; Principal Real Estate Investors, LLC; RARE Infrastructure (North America) Pty Limited; Symphony Asset Management LLC; Tortoise Capital Advisors, L.L.C.

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

Diversified Real Asset Fund seeks a long-term total return in excess of inflation. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investments related to real assets and real asset companies. It seeks to achieve its investment objective by allocating its assets among general investment categories related to real assets and real asset companies

(which include tangible assets and investments that are expected to perform well in periods of rising or high inflation).

Allocation to and security selection within floating rate debt contributed as the supply/demand profile of the bank loan market continues to be favorable. Security selection within information technology, healthcare, and telecommunications were the top contributing sectors.

Allocation to and security selection within real estate investment trusts (REITs) contributed on good stock selection within industrial globally, particularly stocks in this sector in Australia, the U.S., and the UK. Additionally, underweight to retail globally contributed due to the poor retail landscape, good selection in this sector also helped outperformance, particularly in the U.S. Allocation to timber stocks contributed on an absolute basis, as timber securities outperformed the broader natural resources sector. The sub-segments that made the strongest absolute contribution were wood products, followed by pulp, and then timberland. Allocation to global infrastructure securities detracted from absolute performance. Both sub-advisors experienced negative returns amid volatility in the sector as investors viewed a potential trade war as a significant existential threat to the economy. Allocation to currency detracted as performance within the judgment style was negative due to positions taken in the Swedish krona, Japanese yen, Mexican peso, and South Korean. Performance within the model style was also negative as the emerging market carry and trend models underperformed. Allocation to global metals & mining stocks detracted on an absolute basis amid continued volatility in this sector.

A sales charge may apply as follows: Class A shares: maximum up-front sales charge of 3.75%; Class C shares: contingent deferred sales charge of 1% on redemptions made during the first 12 months. See the prospectus for details. Performance listed with sales charge reflects the maximum sales charge.

Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

* Performance assumes reinvestment of all dividends and capital gains. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower.

*** Performance shown for the benchmark is calculated from 3/31/10 and assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index. Diversified Real Asset Blended Index is composed of 35% Bloomberg Barclays, 20% S&P Global Infrastructure Index, 20% S&P Global Natural Resources Index, 15% Bloomberg Commodity Index and 10% FTSE EPRA/NAREIT Developed Markets Index.

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

Dynamic Floating Rate High Income Fund seeks to provide a high level of current income. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate debt securities, including bank loans and corporate bonds, and other investment companies that provide investment exposure to such floating rate securities. Floating interest rates vary with and are periodically adjusted to reflect changes in a generally recognized base interest rate such as LIBOR (London Interbank Offered Rate) or the prime rate. On June 12, 2018, the Board of Directors approved a Plan of Liquidation for the fund. There was no material impact to performance during the year ended August 31, 2018 due to the Plan of Liquidation.

Loan security selection contributed to performance, led by Academy Ltd, California Resources Corporation, and Emerald Performance Materials. Asset allocation also contributed, due to overweight to bonds. Bond security selection had no impact on performance; however, the top contributors were NGL Energy Partners, Whiting Petroleum, and MEG Energy Corp. The top three loan security selection detractors were Seadrill Partners, JC Penny Corporation, and Warner Music Group. Dish Corp, GTT Communications, and ILFC E-Capital Trust contributed the least to bond security selection.

A sales charge may apply as follows: Class A shares: maximum up-front sales charge of 3.75%. See the prospectus for details. Performance listed with sales charge reflects the maximum sales charge.

Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

* Performance assumes reinvestment of all dividends and capital gains. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower.

*** Performance shown for the benchmark is calculated from 8/31/14 and assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

AQR Capital Management, LLC; Ascend Capital, LLC; CNH Partners, LLC; Finisterre Capital, LLP; Graham Capital Management, LP; KLS Diversified Asset Management, LLP; Loomis, Sayles & Company, LP; Los Angeles Capital Management and Equity Research, Inc.; Sound Point Capital Management, LP; Wellington Management Company, LLP; York Registered Holdings, LP.

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

Global Multi-Strategy Fund seeks to achieve long-term capital appreciation with an emphasis on positive total returns and managing volatility.

The Fund invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, commodities, convertible securities, and bank loans. Under normal market conditions, it invests in securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least twenty countries.

Eight of the 10 sleeves in Principal Global Multi-Strategy were positive. The equity long/short sleeve, sub-advised by LA Capital was the top contributor with gains coming from underweight to the telecom services sector and overweight to the energy and information technology sector. The equity long/short sleeve, sub-advised by Wellington also gained; as the U.S. equity allocation performed particularly well both in large and small-caps. The market neutral sleeve, sub-advised by KLS contributed with strong gains coming from structured products and relative value trades within the rates strategy. The credit sleeve, sub-advised by Loomis Sayles generated positive returns from equities, securitized assets, and high yield. The credit sleeve, sub-advised by Sound Point benefited from a number of longs in core credits. The emerging markets credit sleeve, sub-advised by Finisterre contributed with gains coming from a number of shorts, from both hedges and fundamental positions. The equity long/short sleeve, sub-advised by Ascend was also a contributor for the period with positions in the information technology, energy and healthcare sectors performing best. The event driven sleeve, sub-advised by York gained with positive performance coming from positions in both special situations and merger arbitrage. In macro, Graham detracted with losses coming from currencies and fixed income positions. AQR, the multi-strategy sleeve, was also a detractor with losses coming from dedicated short bias and equity market neutral strategies.

Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

*** Performance shown for the benchmark is calculated from 10/31/11 and assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

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

Global Opportunities Fund seeks long-term growth of capital. Under normal market circumstances, the Fund invests in equity securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least ten countries. It invests in value equity securities, an investment strategy that emphasizes buying equity securities that appear to be undervalued.

Allocation to VeriSign, which serves as the manager of the .com and .net domain registers contributed as it is benefitting from the secular trend toward increasing global internet usage and individuals/entities seeking a web presence. Allocation to Norfolk Southern, which controls the Norfolk Southern Railway and offers intermodal services through subsidiaries Triple Crown Services and Thoroughbred Direct Intermodal Services, contributed as Norfolk and its rail peers saw an outsized headwind in volume due to coal exposure (2nd to CSX), and will likely benefit as cyclical headwind is abating as coal improves. Additionally, U.S. rails will benefit from corporate tax reform as the entire group pays the highest tax within Industrials.Allocation to Cisco Systems, Inc., which designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry, contributed.Allocation to Celgene, a global biotech company focused on novel therapies for hematology, oncology and autoimmune/inflammatory diseases, detracted. Allocation to Philip Morris International, which manufactures and sells cigarettes, other tobacco products, and other nicotine-containing products globally, but outside the U.S, detracted in part to a slowdown in Japan iQos growth. Allocation to

Unum, a leading provider of employee/group benefits products and services and is the largest provider of disability insurance products in the U.S. and UK, detracted as it it's becoming more clear that long-term care insurance remains a key unknown for the sector and in turn is pressuring Unum's share price.

Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

*** Performance shown for the benchmark is calculated from 12/31/12 and assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

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

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

Europe, Canada and Asia Pacific ex Japan were all contributors to performance. Within Europe, France and Germany were the biggest contributors. Hong Kong drove strong results inAsia Pacific and Israel was also a notable contributor. The consumer discretionary, financials and real estate sectors were the strongest.Aker BP, Showa Denko, Stars Group, Koshidaka Holdings, and Siltronic were the biggest individual contributors to relative performance. Japan was the most notable detractor from performance. Belgium and the Netherlands were the biggest detractors within Europe. The consumer staples and information technology sectors stand out as the most notable detractors. Mitsui Mining and Smelting, Canopy Growth, Conviviality, ANIMA Holding, and Wacker Chemie were the biggest individual detractors from relative performance.

A sales charge may apply as follows: Class A shares: maximum up-front sales charge of 5.50%. See the prospectus for details. Performance listed with sales charge reflects the maximum sales charge.

Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

* Performance assumes reinvestment of all dividends and capital gains. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower.

*** Performance shown for the benchmark is calculated from 5/31/14 and assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

AQR Capital Management, LLC; Gotham Asset Management, LLC; Sirios Capital Management, L.P.; Three Bridges Capital, LP

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

Multi-Manager Equity Long/Short Fund seeks to achieve long-term capital appreciation with an emphasis on positive total returns and managing volatility. The Fund invests in a broad range of instruments including, but not limited to, equities, bonds, currencies, commodities, convertible securities, and bank loans. Under normal market conditions, it invests in securities of issuers located throughout the world, including the U.S., invests at least 30% of its net assets in foreign and emerging market securities, and holds investments tied economically to at least twenty countries.

Gotham was the top contributor to performance, driven by long positions in the information technology and consumer discretionary sectors. Long positions inApple, ConocoPhillips, and Boeing were among the top contributors for the subadvisor. Sirios contributed as long positions in the industrials and healthcare sectors, including Airbus, CSX, and Beckton Dickinson, drove gains. Three Bridges contributed as the subadvisor benefited from positions across a variety of sectors, including long positions in Ocado Group, Koninklijke DSM, and LVMH. AQR detracted from performance. Losses were primarily attributable to poor stock selection in the U.S., as exposure to the valuation, investor sentiment, and management signaling themes weighed on performance.

Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

* Performance assumes reinvestment of all dividends and capital gains. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower.

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

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

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

Allocation to Buckeye Ohio Tobacco Rev, Navajo Nation Arizona, and Ohio St Air Quality Revenue Bonds contributed.Allocation to New Hope Texas A&M Housing Rev, Oklahoma DFA Provident Housing, and Virgin Islands Public Finance Authority detracted.

Class A shares at net
asset value** - $13,512

Class A shares with
maximum sales charge -
$13,005

Bloomberg Barclays
Municipal Bond Index*** -
$11,968

Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

* Performance assumes reinvestment of all dividends and capital gains. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower.

Investment Advisor:
Principal Global Investors, LLC
Sub-Advisors:
Origin Asset Management, LLP

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

Origin Emerging Markets Fund seeks long-term growth of capital. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies at the time of purchase. The advisor considers a security to be tied economically to an emerging market country (an "emerging market security") if the issuer of the security has its principal place of business or principal office in an emerging market country, has its principal securities trading market in an emerging market country, or derives a majority of its revenue from emerging market countries.

The materials sector was the biggest sector to contribute to outperformance, led by the Chinese securities Anhui Conch Cement and China Resources Cement, as well as South African company Kumba Iron Ore. Holdings in the financials sectors were also beneficial, led by Chinese securities Ping An Insurance and China Merchants Bank. At a country level, companies in China remained the outright leaders in terms of additive performance, but underweight to South Africa was also beneficial. Some sectors detracted, led by information technology, especially Taiwanese stocks LARGAN and Phison Electronics Corp. The energy sector was also a marginal detractor, driven predominantly by the allocation effect of not owning Reliance Industries Limited and CNOOC Limited.At a geographic level, holdings in Taiwan and Korea proved the most significant detractors from overall performance.

Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

* Performance assumes reinvestment of all dividends and capital gains. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower.

*** Performance shown for the benchmark is calculated from 1/31/15 and assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

Investment Advisor:
Principal Global Investors, LLC
Sub-Advisors:
Spectrum Asset Management, Inc.

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

Preferred Securities Fund seeks to provide current income. The Fund invests at least 80% of its net assets, plus any borrowing for investment purposes, in preferred securities at the time of purchase. Preferred securities typically include preferred stock and various types of junior subordinated debt and trust preferred securities. It concentrates its investments (invests more than 25% of its net assets) in securities in the financial services (i.e., banking, insurance and commercial finance) industry.

Rising rates in the front end has benefited the extended (floaters) insurance and utility issues. The U.S. Bank Trust Preferred floaters also performed well. Rising front-end rates have also buoyed fixed-to-float $1000 pars. $25 par securities have performed well as longer-term rates have remained contained, the U.S. economy continues to show signs of strength, and the U.S. equity market continues to increase in value. Cocos contributed despite selling off late in the period due to concerns around the outcome of the Italian election and the Turkish currency crisis. Legacy Tier1 European banking hybrids underperformed given rising rates and an extension of workout assumptions on these bonds. Duration was a liability with longer duration insurance hybrids under pressure. Italian securities in the portfolio namely Unicredit and ENEL sold off given the outcome of the Italian election. The BBVASM AT1 detracted given the bank's exposure to Turkey.

Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

* Performance assumes reinvestment of all dividends and capital gains. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower.

*** Performance shown for the benchmark is calculated from 4/30/12 and assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

Investment Advisor:
Principal Global Investors, LLC
Sub-Advisors:
Principal Real Estate Investors, LLC

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

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

Holdings of BBB-bonds contributed due to their higher yield profile, strong investor demand for yield, and supportive real estate fundamentals. Out-of-index holdings of commercial mortgage-backed securities (CMBS) interest only (IO) strips were strong performers due to ongoing investor demand for the attractive cash flow and yield profile offered by these shorter duration securities. Holdings of AA- and A-rated bonds contributed driven by spread tightening paired with their moderate yield profile. Interest rates rose, which generally resulted in negative mark-to-market pressures due to the fixed-rate nature of the investments in the portfolio. Longer duration securities were especially impacted by the rate sell-off. Holdings of certain AAA-rated securities with longer durations detracted as the amount of carry generated by these high quality, lower yielding securities was not enough to overcome the negative mark-to-market caused by the sell-off in interest rates. Holdings of a downgraded, pre-crisis vintage bond detracted due to negative mark-to-market and a partial principal write-down driven by negative collateral outcomes.

Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

* Performance assumes reinvestment of all dividends and capital gains. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower.

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

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

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

Allocation to HollyFrontier Corp. contributed as it benefited in the wake of Hurricane Harvey, with its inland refineries able to maintain full utilization while also achieving higher profits from wider crude spreads as well contribution from recent outsized benchmark oil spreads, which benefitted refining margins.Allocation toAcushnet Holdings Corp. contributed due to improved sales, helped additionally by publicity at the U.S. Open. Allocation to Validus Holdings, Ltd. contributed in part due to being acquired by AIG. Allocation to Colony Capital, Inc. detracted as the equity real estate investment trust (REIT) reported disappointing earnings and also announced a cut to the dividend. Allocation to Adient plc detracted due to challenges in their seat structures and mechanisms segment. Allocation to Banco Latinoamericano de Comercio Exterior, S.A. detracted due to disappointing results and concerns about trade finance slowing.

Where gross and net expenses differ, Principal Global Investors, LLC has contractually agreed to limit the investment option’s expenses. See the prospectus for details.

*** Performance shown for the benchmark is calculated from 5/31/11 and assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.


Statements of Assets and Liabilities
Principal Funds, Inc.
August 31, 2018


			Diversified Real Asset			Dynamic Floating Rate
Amounts in thousands, except per share amounts		Blue Chip Fund		Fund^(a)			High Income Fund
Investment in securities--at cost	$	2,356,405	$	4,026,692		$	11,995
Investment in affiliated Funds--at cost	$	1,766	$	76,474		$	1,532
Foreign currency--at cost	$	–	$	549		$	–
Assets
Investment in securities--at value	$	3,212,475	$	4,080,672		$	11,962
Investment in affiliated Funds--at value		1,766		76,474			1,532
Foreign currency--at value		–		544			–
Cash		–		10,084			–
Deposits with counterparty		–		11,360			–
Receivables:
Dividends and interest		2,604		9,692			73
Expense reimbursement from Manager		–		218			3
Expense reimbursement from Distributor		1		–			–
Foreign currency contracts .		–		4,069			–
Fund shares sold		2,209		2,367			–
Investment securities sold		3,705		9,912			531
OTC swap agreements--at value (premiums paid $0, $0 and $0)		–		1,469			–
Variation margin on futures		–		22,629			–
Variation margin on swaps		–		142			–
Total Assets		3,222,760		4,229,632			14,101
Liabilities
Accrued management and investment advisory fees		1,761		2,841			8
Accrued administrative service fees		1		–			–
Accrued distribution fees		116		43			–
Accrued service fees		3		–			–
Accrued transfer agent fees		70		682			2
Accrued chief compliance officer fees		–		1			–
Accrued directors' expenses		7		8			2
Accrued professional fees		20		93			39
Accrued other expenses		24		197			3
Deposits from counterparty		–		400			–
Payables:
Foreign currency contracts		–		4,970			–
Fund shares redeemed		679		3,401			–
Investment securities purchased		4,173		20,660			241
Options and swaptions contracts written (premiums received $0, $2,643 and $0)		–		2,151			–
Unrealized loss on unfunded loan commitments		–		–			–
Variation margin on futures		–		21,775			–
Variation margin on swaps		–		138			–
Total Liabilities		6,854		57,360			295
Net Assets Applicable to Outstanding Shares	$	3,215,906	$	4,172,272		$	13,806
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	2,179,852	$	4,208,575		$	14,864
Accumulated undistributed (overdistributed) net investment income (loss)		638		81,362			10
Accumulated undistributed (overdistributed) net realized gain (loss)		179,346		(175,665	)		(1,035	)
Net unrealized appreciation (depreciation) of investments		856,070		58,925			(33	)
Net unrealized appreciation (depreciation) on translation of assets and liabilities in
foreign currency		–		(925	)		–
Total Net Assets	$	3,215,906	$	4,172,272		$	13,806


Statements of Assets and Liabilities
Principal Funds, Inc.
August 31, 2018


				Diversified Real Asset			Dynamic Floating Rate
Amounts in thousands, except per share amounts		Blue Chip Fund			Fund^(a)		High Income Fund
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	$	164,310		$	107,180		$	6,520
Shares Issued and Outstanding		6,710			9,159			704
Net Asset Value per share	$	24.49		$	11.70		$	9.26
Maximum Offering Price	$	25.92		$	12.16		$	9.62
Class C: Net Assets	$	91,660		$	23,105			N/A
Shares Issued and Outstanding		3,881			2,018
Net Asset Value per share	$	23.62	^(b)	$	11.45	^(b)
Class J: Net Assets	$	59,232			N/A			N/A
Shares Issued and Outstanding		2,394
Net Asset Value per share	$	24.74	^(b)
Institutional: Net Assets	$	175,887		$	2,518,033		$	7,286
Shares Issued and Outstanding		7,090			214,551			779
Net Asset Value per share	$	24.81		$	11.74		$	9.36
R-3: Net Assets	$	8,402		$	81			N/A
Shares Issued and Outstanding		342			7
Net Asset Value per share	$	24.55		$	11.69
R-4: Net Assets	$	1,300		$	15			N/A
Shares Issued and Outstanding		53			1
Net Asset Value per share	$	24.66		$	11.72
R-5: Net Assets	$	5,279		$	12			N/A
Shares Issued and Outstanding		214			1
Net Asset Value per share	$	24.72		$	11.73
R-6: Net Assets	$	2,709,836		$	1,523,846			N/A
Shares Issued and Outstanding		109,164			129,810
Net Asset Value per share	$	24.82		$	11.74


Statements of Assets and Liabilities
Principal Funds, Inc.
August 31, 2018


	Global Multi-Strategy			Global Opportunities			International Small
Amounts in thousands, except per share amounts		Fund^(a)			Fund			Company Fund
Investment in securities--at cost	$	2,573,524		$	630,326		$	877,253
Investment in affiliated Funds--at cost	$	395,686		$	13,829		$	13,053
Foreign currency--at cost	$	9,642		$	1,929		$	7,358
Assets
Investment in securities--at value	$	2,615,786		$	713,246		$	988,245
Investment in affiliated Funds--at value		395,686			13,829			13,053
Foreign currency--at value		9,508			1,929			7,358
Cash		6,650			101			138
Deposits with counterparty		445,601			–			–
Receivables:
Dividends and interest		12,750			3,970			3,017
Expense reimbursement from Manager		172			14			37
Foreign currency contracts .		27,210			–			–
Fund shares sold		1,375			40			392
Investment securities sold		300,704			–			2,192
OTC swap agreements--at value (premiums paid $3,272, $0 and $0)		10,119			–			–
Variation margin on futures		1,721			–			–
Variation margin on swaps		577			–			–
Total Assets		3,827,859			733,129			1,014,432
Liabilities
Accrued management and investment advisory fees		3,538			520			880
Accrued distribution fees		49			3			1
Accrued transfer agent fees		220			5			5
Accrued directors' expenses		6			2			4
Accrued professional fees		156			40			38
Accrued other expenses		163			19			57
Deposits from counterparty		2,644			–			–
Payables:
Dividends and interest on securities sold short		1,968			–			–
Foreign currency contracts		23,458			–			–
Fund shares redeemed		2,913			263			239
Investment securities purchased		292,774			2,030			13,199
Options and swaptions contracts written (premiums received $3,678, $0 and $0)		2,293			–			–
Reverse repurchase agreements		260,252			–			–
Short sales (proceeds received $578,388, $0 and $0)		589,527			–			–
OTC swap agreements--at value (premiums received $1,014, $0 and $0)		9,922			–			–
Unrealized loss on unfunded loan commitments		3			–			–
Variation margin on futures		2,065			–			–
Variation margin on swaps		372			–			–
Total Liabilities		1,192,323			2,882			14,423
Net Assets Applicable to Outstanding Shares	$	2,635,536		$	730,247		$	1,000,009
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	2,555,315		$	548,629		$	826,337
Accumulated undistributed (overdistributed) net investment income (loss)		(6,665	)		8,008			4,325
Accumulated undistributed (overdistributed) net realized gain (loss)		49,203			90,691			58,355
Net unrealized appreciation (depreciation) of investments		34,016			82,920			110,992
Net unrealized appreciation (depreciation) on translation of assets and liabilities in
foreign currency		3,667			(1	)		–
Total Net Assets	$	2,635,536		$	730,247		$	1,000,009


Statements of Assets and Liabilities
Principal Funds, Inc.
August 31, 2018


	Multi-Manager Equity				Opportunistic		Origin Emerging
Amounts in thousands, except per share amounts	Long/Short Fund			Municipal Fund				Markets Fund
Investment in securities--at cost	$	270,726		$	115,424		$	522,559
Investment in affiliated Funds--at cost	$	75,765		$	–		$	17,494
Foreign currency--at cost	$	2,998		$	–		$	–
Assets
Investment in securities--at value	$	294,394		$	116,850		$	620,692
Investment in affiliated Funds--at value		75,765			–			17,494
Foreign currency--at value		2,981			–			–
Cash		565			600			–
Deposits with counterparty		103,695			–			–
Receivables:
Dividends and interest		579			1,389			1,848
Expense reimbursement from Manager		24			4			9
Foreign currency contracts .		4,077			–			–
Fund shares sold		2			828			106
Investment securities sold		9,686			–			–
OTC swap agreements--at value (premiums paid $0, $0 and $0)		1,856			–			–
Variation margin on futures		459			–			–
Total Assets		494,083			119,671			640,149
Liabilities
Accrued management and investment advisory fees		453			45			646
Accrued distribution fees		–			16			1
Accrued transfer agent fees		1			18			6
Accrued custodian fees		–			–			50
Accrued directors' expenses		3			2			2
Accrued professional fees		36			28			26
Accrued other expenses		35			9			7
Deposits from counterparty		710			–			–
Payables:
Dividends payable		–			385			–
Dividends and interest on securities sold short		147			–			–
Foreign currency contracts		2,193			–			–
Fund shares redeemed		33			225			149
Interest expense and fees payable		–			37			–
Investment securities purchased		15,079			3,056			–
Short sales (proceeds received $121,145, $0 and $0)		132,302			–			–
OTC swap agreements--at value (premiums received $0, $0 and $0)		2,420			–			–
Variation margin on futures		96			–			–
Floating rate notes issued		–			6,599			–
Total Liabilities		153,508			10,420			887
Net Assets Applicable to Outstanding Shares	$	340,575		$	109,251		$	639,262
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	315,271		$	109,228		$	632,232
Accumulated undistributed (overdistributed) net investment income (loss)		(650	)		428			7,809
Accumulated undistributed (overdistributed) net realized gain (loss)		10,708			(1,831	)		(98,899	)
Net unrealized appreciation (depreciation) of investments		13,369			1,426			98,133
Net unrealized appreciation (depreciation) on translation of assets and liabilities in
foreign currency		1,877			–			(13	)
Total Net Assets	$	340,575		$	109,251		$	639,262
Capital Stock (par value: $.01 per share):
Shares authorized		400,000			550,000			550,000
Net Asset Value Per Share:
Class A: Net Assets	$	468		$	46,667		$	4,384
Shares Issued and Outstanding		44			4,402			389
Net Asset Value per share	$	10.69		$	10.60		$	11.28
Maximum Offering Price	$	11.31		$	11.01		$	11.94
Class C: Net Assets		N/A		$	7,118			N/A
Shares Issued and Outstanding					672
Net Asset Value per share				$	10.59	^(a)
Institutional: Net Assets	$	123		$	55,466		$	12,032
Shares Issued and Outstanding		11			5,230			1,078
Net Asset Value per share	$	10.75		$	10.61		$	11.16
R-6: Net Assets	$	339,984			N/A		$	622,846
Shares Issued and Outstanding		31,589						55,806
Net Asset Value per share	$	10.76					$	11.16


Statements of Assets and Liabilities
Principal Funds, Inc.
August 31, 2018


	Preferred Securities				Real Estate Debt			Small-MidCap
Amounts in thousands, except per share amounts		Fund			Income Fund		Dividend Income Fund
Investment in securities--at cost	$	5,319,781		$	182,209		$	2,363,280
Investment in affiliated Funds--at cost	$	471		$	4,395		$	37,731
Investment in affiliated securities--at cost	$	120,075		$	–		$	–
Assets
Investment in securities--at value	$	5,464,077		$	178,248		$	2,805,176
Investment in affiliated Funds--at value		471			4,395			37,731
Investment in affiliated securities--at value		111,136			–			–
Cash		8,598			–			–
Deposits with counterparty		1,008			–			–
Receivables:
Dividends and interest		74,099			1,294			5,385
Expense reimbursement from Distributor		1			–			–
Fund shares sold		11,003			50			3,505
Investment securities sold		11,974			3,600			–
Total Assets		5,682,367			187,587			2,851,797
Liabilities
Accrued management and investment advisory fees		3,349			87			1,836
Accrued administrative service fees		1			–			–
Accrued distribution fees		687			–			190
Accrued service fees		2			–			–
Accrued transfer agent fees		835			2			572
Accrued chief compliance officer fees		1			–			–
Accrued directors' expenses		11			3			4
Accrued professional fees		30			28			26
Accrued other expenses		351			6			183
Deposits from counterparty		–			–			–
Payables:
Expense reimbursement to Manager		–			–			18
Fund shares redeemed		7,093			40			2,191
Investment securities purchased		9,866			–			–
Options and swaptions contracts written (premiums received $1,109, $0 and $0)		1,125			–			–
Variation margin on futures		998			–			–
Total Liabilities		24,349			166			5,020
Net Assets Applicable to Outstanding Shares	$	5,658,018		$	187,421		$	2,846,777
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	5,486,206		$	192,692		$	2,076,905
Accumulated undistributed (overdistributed) net investment income (loss)		45,379			73			23,804
Accumulated undistributed (overdistributed) net realized gain (loss)		(8,908	)		(1,383	)		304,173
Net unrealized appreciation (depreciation) of investments		135,341			(3,961	)		441,896
Net unrealized appreciation (depreciation) on translation of assets and liabilities in
foreign currency		–			–			(1	)
Total Net Assets	$	5,658,018		$	187,421		$	2,846,777


Statements of Assets and Liabilities
Principal Funds, Inc.
August 31, 2018


	Preferred Securities			Real Estate Debt			Small-MidCap
Amounts in thousands, except per share amounts		Fund			Income Fund	Dividend Income Fund
Capital Stock (par value: $.01 per share):
Shares authorized		2,600,000			500,000		1,900,000
Net Asset Value Per Share:
Class A: Net Assets	$	655,225		$	1,200	$	214,620
Shares Issued and Outstanding		65,124			126		12,033
Net Asset Value per share	$	10.06		$	9.54	$	17.84
Maximum Offering Price	$	10.45		$	9.91	$	18.88
Class C: Net Assets	$	631,599			N/A	$	170,893
Shares Issued and Outstanding		62,855					9,668
Net Asset Value per share	$	10.05	^(a)			$	17.68	(a)
Class J: Net Assets	$	45,458			N/A		N/A
Shares Issued and Outstanding		4,643
Net Asset Value per share	$	9.79	^(a)
Institutional: Net Assets	$	3,306,108		$	2,677	$	2,453,527
Shares Issued and Outstanding		330,880			284		136,892
Net Asset Value per share	$	9.99		$	9.43	$	17.92
R-1: Net Assets	$	987			N/A		N/A
Shares Issued and Outstanding		99
Net Asset Value per share	$	9.94
R-2: Net Assets	$	1,788			N/A		N/A
Shares Issued and Outstanding		181
Net Asset Value per share	$	9.88
R-3: Net Assets	$	2,319			N/A		N/A
Shares Issued and Outstanding		234
Net Asset Value per share	$	9.92
R-4: Net Assets	$	1,284			N/A		N/A
Shares Issued and Outstanding		130
Net Asset Value per share	$	9.90
R-5: Net Assets	$	3,023			N/A		N/A
Shares Issued and Outstanding		304
Net Asset Value per share	$	9.95
R-6: Net Assets	$	1,010,227		$	183,544	$	7,737
Shares Issued and Outstanding		101,149			19,456		430
Net Asset Value per share	$	9.99		$	9.43	$	17.98


Statements of Operations
Principal Funds, Inc.
Year Ended August 31, 2018


					Diversified Real Asset	Dynamic Floating Rate
Amounts in thousands	Blue Chip Fund(a),(b)				Fund^(c)	High Income Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	44	$		1,009	$	12
Dividends		21,269			77,910		23
Withholding tax		(458	)		(3,931	)	–
Interest		–			62,157		578
	Total Income	20,855		137,145			613
Expenses:
Management and investment advisory fees		17,607			33,383		78
Distribution fees - Class A		274			259		11
Distribution fees - Class C		597			239		N/A
Distribution fees - Class J		65			N/A		N/A
Distribution fees - R-3		17			–		N/A
Distribution fees - R-4		1			–		N/A
Administrative service fees - R-3		5			–		N/A
Administrative service fees - R-5		1			–		N/A
Registration fees - Class A		27			16		16
Registration fees - Class C		21			16		N/A
Registration fees - Class J		24			N/A		N/A
Registration fees - Class T		16			N/A		N/A
Registration fees - Institutional		30			59		16
Registration fees - R-6		36			18		N/A
Service fees - R-3		18			–		N/A
Service fees - R-4		3			–		N/A
Service fees - R-5		16			–		N/A
Shareholder reports - Class A		29			38		1
Shareholder reports - Class C		14			15		N/A
Shareholder reports - Class J		11			N/A		N/A
Shareholder reports - Institutional		6			518		–
Shareholder reports - R-6		–			6		N/A
Transfer agent fees - Class A		129			171		12
Transfer agent fees - Class C		67			41		N/A
Transfer agent fees - Class J		58			N/A		N/A
Transfer agent fees - Class T		10			N/A		N/A
Transfer agent fees - Institutional		56			2,825		–
Chief compliance officer fees		3			5		–
Custodian fees		16			367		1
Directors' expenses		48			74		2
Professional fees		35			137		46
Other expenses		54			68		1
	Total Gross Expenses	19,294			38,255		184
Less: Reimbursement from Manager		–			1,141		–
Less: Reimbursement from Manager - Class A		–			37		38
Less: Reimbursement from Manager - Class C		–			29		N/A
Less: Reimbursement from Manager - Class T		26			N/A		N/A
Less: Reimbursement from Manager - Institutional		–			1,818		40
Less: Reimbursement from Distributor - Class J		13			N/A		N/A
	Total Net Expenses	19,255			35,230		106
	Net Investment Income (Loss)	1,600		101,915			507


Statements of Operations
Principal Funds, Inc.
Year Ended August 31, 2018


		Global Multi-Strategy		Global Opportunities		International Small
Amounts in thousands		Fund^(a)		Fund		Company Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	4,607	$	109	$	149
Dividends		23,140		19,716		23,863
Withholding tax		(955	)	(967	)	(2,217	)
Interest		69,798		1		–
	Total Income	96,590		18,859		21,795
Expenses:
Management and investment advisory fees		42,942		7,273		10,686
Distribution fees - Class A		180		12		11
Distribution fees - Class C		456		22		N/A
Registration fees - Class A		18		16		18
Registration fees - Class C		18		15		N/A
Registration fees - Institutional		78		18		4
Registration fees - R-6		21		N/A		20
Shareholder reports - Class A		12		4		3
Shareholder reports - Class C		9		2		N/A
Shareholder reports - Institutional		180		–		–
Shareholder reports - R-6		4		N/A		1
Transfer agent fees - Class A		76		19		19
Transfer agent fees - Class C		53		13		N/A
Transfer agent fees - Institutional		762		1		5
Chief compliance officer fees		4		1		1
Custodian fees		299		57		205
Directors' expenses		49		17		18
Dividends and interest on securities sold short		9,321		–		–
Professional fees		218		79		49
Short sale fees		1,982		–		–
Other expenses		221		28		24
Reverse repurchase agreement interest expense		3,437		–		–
	Total Gross Expenses	60,340		7,577		11,064
Less: Reimbursement from Manager		1,098		–		–
Less: Reimbursement from Manager - Class A		–		20		27
Less: Reimbursement from Manager - Class C		–		22		N/A
Less: Reimbursement from Manager - Institutional		84		127		2
Less: Reimbursement from Manager - R-6		85		N/A		111
	Total Net Expenses	59,073		7,408		10,924
	Net Investment Income (Loss)	37,517		11,451		10,871
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		121,206		103,128		81,891
Foreign currency contracts		(19,693	)	–		–
Foreign currency transactions		(3,622	)	(319	)	(306	)
Futures contracts		(9,178	)	–		–
Options and swaptions		6,373		–		–
Short sales		(23,596	)	–		–
Swap agreements		(16,334	)	–		–
Net change in unrealized appreciation/depreciation of:
Investments		(56,983	)	(31,350	)	(23,938	)
Foreign currency contracts		4,725		–		–
Futures contracts		3,800		–		–
Options and swaptions		431		–		–
Short sales		4,349		–		–
Swap agreements		(13,228	)	–		–
Translation of assets and liabilities in foreign currencies		(484	)	(15	)	(38	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures,
Options and Swaptions, Short sales and Swap agreements		(2,234	)	71,444		57,609
Net Increase (Decrease) in Net Assets Resulting from Operations$		35,283	$	82,895	$	68,480


Statements of Operations
Principal Funds, Inc.
Year Ended August 31, 2018


	Multi-Manager Equity			Opportunistic		Origin Emerging
Amounts in thousands		Long/Short Fund		Municipal Fund		Markets Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	855	$	– $		200
Dividends		5,919		5		19,343
Withholding tax		(251	)	–		(2,319	)
Interest		844		5,801		15
	Total Income	7,367		5,806		17,239
Expenses:
Management and investment advisory fees		5,427		588		8,572
Distribution fees - Class A		1		109		11
Distribution fees - Class C		N/A		93		N/A
Registration fees - Class A		17		24		17
Registration fees - Class C		N/A		16		N/A
Registration fees - Institutional		17		18		16
Registration fees - R-6		18		N/A		17
Shareholder reports - Class A		–		2		2
Shareholder reports - Class C		N/A		1		N/A
Shareholder reports - Institutional		–		1		1
Transfer agent fees - Class A		9		31		16
Transfer agent fees - Class C		N/A		14		N/A
Transfer agent fees - Institutional		–		45		15
Chief compliance officer fees		–		–		1
Custodian fees		122		2		199
Directors' expenses		8		4		14
Dividends and interest on securities sold short		2,079		–		–
Interest expense and fees		–		122		–
Professional fees		50		33		44
Short sale fees		427		–		–
Other expenses		8		5		15
	Total Gross Expenses	8,183		1,108		8,940
Less: Reimbursement from Manager - Class A		26		7		23
Less: Reimbursement from Manager - Class C		N/A		22		N/A
Less: Reimbursement from Manager - Institutional		17		10		26
Less: Reimbursement from Manager - R-6		135		N/A		140
	Total Net Expenses	8,005		1,069		8,751
	Net Investment Income (Loss)	(638	)	4,737		8,488
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures, Short
sales and Swap agreements
Net realized gain (loss) from:
Investment transactions		29,211		347		67,958
Foreign currency contracts		(187	)	–		–
Foreign currency transactions		257		–		(465	)
Futures contracts		3,206		–		(240	)
Short sales		(12,872	)	–		–
Swap agreements		592		–		–
Net change in unrealized appreciation/depreciation of:
Investments		7,603		(1,172	)	(90,796	)
Foreign currency contracts		2,100		–		–
Futures contracts		450		–		(915	)
Short sales		(4,189	)	–		–
Swap agreements		(4,711	)	–		–
Translation of assets and liabilities in foreign currencies		(35	)	–		(15	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures, Short
	sales and Swap agreements	21,425		(825	)	(24,473	)
Net Increase (Decrease) in Net Assets Resulting from Operations$		20,787	$	3,912	$	(15,985	)


Statements of Operations
Principal Funds, Inc.
Year Ended August 31, 2018


	Preferred Securities			Real Estate Debt		Small-MidCap
Amounts in thousands		Fund^(a)		Income Fund		Dividend Income Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	910	$	47	$	501
Dividends from affiliated securities		9,140		–		–
Dividends		72,057		8		94,226
Withholding tax		–		–		(914	)
Interest		263,779		7,769		3
	Total Income	345,886		7,824		93,816
Expenses:
Management and investment advisory fees		40,871		1,032		22,985
Distribution fees - Class A		1,740		3		549
Distribution fees - Class C		6,989		N/A		1,764
Distribution fees - Class J		75		N/A		N/A
Distribution fees - R-1		4		N/A		N/A
Distribution fees - R-2		6		N/A		N/A
Distribution fees - R-3		6		N/A		N/A
Distribution fees - R-4		1		N/A		N/A
Administrative service fees - R-1		3		N/A		N/A
Administrative service fees - R-2		4		N/A		N/A
Administrative service fees - R-3		2		N/A		N/A
Registration fees - Class A		38		16		13
Registration fees - Class C		23		N/A		18
Registration fees - Class J		17		N/A		N/A
Registration fees - Class T		16		N/A		N/A
Registration fees - Institutional		208		18		100
Registration fees - R-6		18		18		20
Service fees - R-1		3		N/A		N/A
Service fees - R-2		5		N/A		N/A
Service fees - R-3		6		N/A		N/A
Service fees - R-4		3		N/A		N/A
Service fees - R-5		9		N/A		N/A
Shareholder reports - Class A		86		1		45
Shareholder reports - Class C		86		N/A		34
Shareholder reports - Class J		26		N/A		N/A
Shareholder reports - Institutional		369		–		277
Transfer agent fees - Class A		663		11		240
Transfer agent fees - Class C		621		N/A		187
Transfer agent fees - Class J		58		N/A		N/A
Transfer agent fees - Class T		9		N/A		N/A
Transfer agent fees - Institutional		3,247		1		1,801
Chief compliance officer fees		8		–		4
Custodian fees		50		2		17
Directors' expenses		107		7		52
Professional fees		37		33		33
Other expenses		52		3		33
	Total Gross Expenses	55,466		1,145		28,172
Less: Reimbursement from Manager - Class A		–		26		39
Less: Reimbursement from Manager - Class C		–		N/A		32
Less: Reimbursement from Manager - Class T		25		N/A		N/A
Less: Reimbursement from Manager - Institutional		–		17		–
Less: Reimbursement from Manager - R-6		–		25		–
Less: Reimbursement from Distributor - Class J		15		N/A		N/A
	Total Net Expenses	55,426		1,077		28,101
	Net Investment Income (Loss)	290,460		6,747		65,715


Statement of Changes in Net Assets
Principal Funds, Inc.



Amounts in thousands																Blue Chip Fund
														Year Ended				Year Ended
														August 31, 2018				August 31, 2017
Operations
Net investment income (loss)														$		1,600		$		11,988
Net realized gain (loss) on Investments																193,418				64,524
Net change in unrealized appreciation/depreciation of on Investments																434,401				215,297
				Net Increase (Decrease) in Net Assets Resulting from Operations												629,419				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																895,101				148,658
								Total Increase (Decrease) in Net Assets								1,457,648				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)														$		3,215,906		$		1,758,258
Undistributed (overdistributed) net investment income (loss)														$		638		$		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:
Year Ended August 31, 2018(b),(c)
Dollars:
Sold	$	88,378	$	44,665	$	21,425		N/A $		5	$	111,280	$	1,554	$	283	$	4,968	$ 1,021,470
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		(21,595	)	(7,039	)	(10,396	)	N/A		(19	)	(459,525	)	(1,939	)	(632	)	(7,888)		(441,659)
Net Increase (Decrease)	$	69,186	$	38,960	$	49,919		N/A $		(14	) $	86,399	$	6,577	$	995	$	3,904	$ 639,175
Shares:
Sold		3,968		2,062		954		N/A		–		4,947		70		13		223		48,023
Issued in acquisitions		–		–		1,855		N/A		–		21,244		334		64		326		–
Reinvested		115		66		54		N/A		–		101		9		2		9		2,805
Redeemed		(976	)	(330	)	(469	)	N/A		(1	)	(22,349	)	(88	)	(28	)	(348	)	(20,384	)
Net Increase (Decrease)		3,107		1,798		2,394		N/A		(1	)	3,943		325		51		210		30,444
Year Ended August 31, 2017(d),(e)
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	$	N/A		$ (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:
Year Ended August 31, 2018(b),(c)
From net investment income	$	– $		– $		–		N/A $		– $		(16	) $	– $		– $		– $		(475	)
From net realized gain on
investments		(2,425	)	(1,337	)	(1,142	)	N/A		–		(2,153	)	(200	)	(38	)	(197	)	(58,889	)
Total Dividends and
Distributions	$	(2,425	) $	(1,337	) $	(1,142	)	N/A $		– $		(2,169	) $	(200	) $	(38	) $	(197)	$ (59,364)
Year Ended August 31, 2017(d),(e)
From net investment income	$	– $		– $		N/A $		(68	) $	– $		(6,727	) $	– $		– $		– $		–
From net realized gain on
investments		(212	)	(143	)	N/A		(114	)	–		(8,017	)	–		–		–		–
Total Dividends and
Distributions	$	(212	) $	(143	) $	N/A $		(182	) $	– $		(14,744	) $	– $		– $		– $		–


Statement of Changes in Net Assets
Principal Funds, Inc.



Amounts in thousands												Diversified Real Asset Fund(b)
										Year Ended				Year Ended
										August 31, 2018				August 31, 2017
Operations
Net investment income (loss)										$		101,915		$		84,382
Net realized gain (loss) on Investments, Foreign currencies, Futures, Options and Swaptions and Swap agreements												225,582				56,922
Net change in unrealized appreciation/depreciation of on Investments, Foreign currencies, Futures, Options and Swaptions,
Swap agreements and Translation of assets & liabilities in foreign currencies												(175,789	)			142,396
	Net Increase (Decrease) in Net Assets Resulting from Operations											151,708				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												(194,312	)			400,632
				Total Increase (Decrease) in Net Assets								(131,620	)			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)										$		4,172,272		$		4,303,892
Undistributed (overdistributed) net investment income (loss)										$		81,362		$		59,615

		Class A		Class C		Class P(a)		Institutional		R-3		R-4		R-5		R-6
Capital Share Transactions:
Year Ended August 31, 2018
Dollars:
Sold	$	36,259	$	3,917		N/A		$ 733,849 $		70	$	4	$	11		$ 489,624
Reinvested		1,782		241		N/A		54,147		–		–		–		31,163
Redeemed		(50,457	)	(6,317	)	N/A		(901,078)		(6	)	–		(11)		(587,510)
Net Increase (Decrease)	$ (12,416)			$(2,159	)	N/A		$ (113,082)		$64	$	4	$	– $		(66,723	)
Shares:
Sold		3,101		341		N/A		62,772		6		–		1		41,704
Reinvested		154		21		N/A		4,672		–		–		–		2,689
Redeemed		(4,346	)	(553	)	N/A		(76,965	)	–		–		(1	)	(50,217	)
Net Increase (Decrease)		(1,091	)	(191	)	N/A		(9,521	)	6		–		–		(5,824	)
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:
Year Ended August 31, 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.



		Dynamic Floating Rate High Income
Amounts in thousands		Fund
		Year Ended		Year Ended
	August 31, 2018			August 31, 2017
Operations
Net investment income (loss)	$	507		$		649
Net realized gain (loss) on Investments		25				196
Net change in unrealized appreciation/depreciation of on Investments		(13	)			10
Net Increase (Decrease) in Net Assets Resulting from Operations		519				855

Dividends and Distributions to Shareholders
From net investment income		(496	)			(635	)
	Total Dividends and Distributions	(496	)			(635	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		3,761				(4,364	)
	Total Increase (Decrease) in Net Assets	3,784				(4,144	)

Net Assets
Beginning of period		10,022				14,166
End of period (including undistributed net investment income as set forth below)	$	13,806		$		10,022
Undistributed (overdistributed) net investment income (loss)	$	10		$		5

				Class A		Institutional
Capital Share Transactions:
Year Ended August 31, 2018
Dollars:
Sold		$		4,459	$	325
Reinvested				119		8
Redeemed				(1,006	)	(144	)
Net Increase (Decrease)		$		3,572	$	189
Shares:
Sold				479		35
Reinvested				13		1
Redeemed				(108	)	(16	)
Net Increase (Decrease)				384		20
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:
Year Ended August 31, 2018
From net investment income		$		(201	) $	(295	)
From net realized gain on investments				–		–
Total Dividends and Distributions		$		(201	) $	(295	)
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.



Amounts in thousands						Global Multi-Strategy Fund(c)
				Year Ended				Year Ended
				August 31, 2018				August 31, 2017
Operations
Net investment income (loss)				$		37,517		$		28,877
Net realized gain (loss) on Investments, Foreign currencies, Futures, Options and Swaptions, Short sales and Swap agreements						55,156				66,596
Net change in unrealized appreciation/depreciation of on Investments, Foreign currencies, Futures, Options and Swaptions,
Short sales, Swap agreements and Translation of assets & liabilities in foreign currencies						(57,390	)			42,754
Net Increase (Decrease) in Net Assets Resulting from Operations						35,283				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						(170,960	)			(38,863	)
Total Increase (Decrease) in Net Assets						(214,301	)			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)				$		2,635,536		$		2,849,837
Undistributed (overdistributed) net investment income (loss)				$		(6,665	)	$		13,411

		Class A		Class C		Class P(a)		Institutional		R-6
Capital Share Transactions:
Year Ended August 31, 2018
Dollars:
Sold	$	10,909	$	5,706		N/A		$ 423,848		$ 675,478
Reinvested		1,708		911		N/A		20,196		39,054
Redeemed		(60,470	)	(12,442	)	N/A		(831,305)		(444,553)
Net Increase (Decrease)	$ (47,853)			$(5,825	)	N/A		$ (387,261)		$ 269,979
Shares:
Sold		973		524		N/A		37,345		59,936
Reinvested		152		83		N/A		1,777		3,438
Redeemed		(5,367	)	(1,147	)	N/A		(73,773	)	(38,940	)
Net Increase (Decrease)		(4,242	)	(540	)	N/A		(34,651	)	24,434
Year Ended August 31, 2017(b)
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:
Year Ended August 31, 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(b)
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.



Amounts in thousands				Global Opportunities Fund
		Year Ended				Year Ended
		August 31, 2018				August 31, 2017
Operations
Net investment income (loss)		$		11,451		$		19,052
Net realized gain (loss) on Investments and Foreign currencies				102,809				106,380
Net change in unrealized appreciation/depreciation of on Investments and Translation of assets & liabilities in foreign
currencies				(31,365	)			50,993
	Net Increase (Decrease) in Net Assets Resulting from Operations			82,895				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				(214,355	)			(528,148	)
	Total Increase (Decrease) in Net Assets			(223,163	)			(374,189	)

Net Assets
Beginning of period				953,410				1,327,599
End of period (including undistributed net investment income as set forth below)		$		730,247		$		953,410
Undistributed (overdistributed) net investment income (loss)		$		8,008		$		23,850

		Class A		Class C		Class P(a)		Institutional
Capital Share Transactions:
Year Ended August 31, 2018
Dollars:
Sold	$	1,274	$	623		N/A $		23,452
Reinvested		462		181		N/A		91,053
Redeemed		(1,162	)	(360	)	N/A		(329,878)
Net Increase (Decrease)	$	574	$	444		N/A		$ (215,373)
Shares:
Sold		100		49		N/A		1,805
Reinvested		36		14		N/A		7,095
Redeemed		(91	)	(28	)	N/A		(25,693	)
Net Increase (Decrease)		45		35		N/A		(16,793	)
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:
Year Ended August 31, 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.



Amounts in thousands		International Small Company Fund
		Year Ended				Year Ended
		August 31, 2018				August 31, 2017
Operations
Net investment income (loss)		$		10,871		$		7,535
Net realized gain (loss) on Investments and Foreign currencies				81,585				21,494
Net change in unrealized appreciation/depreciation of on Investments and Translation of assets & liabilities in foreign
currencies				(23,976	)			132,015
	Net Increase (Decrease) in Net Assets Resulting from Operations			68,480				161,044

Dividends and Distributions to Shareholders
From net investment income				(20,943	)			(1,380	)
From net realized gain on investments				(29,376	)			–
	Total Dividends and Distributions			(50,319	)			(1,380	)

Capital Share Transactions
Net increase (decrease) in capital share transactions				(25,827	)			677,042
	Total Increase (Decrease) in Net Assets			(7,666	)			836,706

Net Assets
Beginning of period				1,007,675				170,969
End of period (including undistributed net investment income as set forth below)		$		1,000,009		$		1,007,675
Undistributed (overdistributed) net investment income (loss)		$		4,325		$		8,788

		Class A		Class P(a)		Institutional		R-6
Capital Share Transactions:
Year Ended August 31, 2018
Dollars:
Sold	$	4,191		N/A $		17,713	$	98,299
Reinvested		169		N/A		131		50,019
Redeemed		(1,794	)	N/A		(1,256)		(193,299)
Net Increase (Decrease)	$	2,566		N/A $		16,588		$ (44,981)
Shares:
Sold		330		N/A		1,398		7,710
Reinvested		13		N/A		10		3,938
Redeemed		(143	)	N/A		(99	)	(15,177	)
Net Increase (Decrease)		200		N/A		1,309		(3,529	)
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:
Year Ended August 31, 2018
From net investment income	$	(61	)	N/A $		(54)		$ (20,828)
From net realized gain on investments		(108	)	N/A		(77	)	(29,191	)
Total Dividends and Distributions	$	(169	)	N/A $		(131)	$	(50,019)
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.



Amounts in thousands		Multi-Manager Equity Long/Short Fund
		Year Ended				Year Ended
		August 31, 2018				August 31, 2017
Operations
Net investment income (loss)		$		(638	)	$		(2,052	)
Net realized gain (loss) on Investments, Foreign currencies, Futures, Short sales and Swap agreements				20,207				15,611
Net change in unrealized appreciation/depreciation of on Investments, Foreign currencies, Futures, Short sales, Swap
agreements and Translation of assets & liabilities in foreign currencies				1,218				9,104
Net Increase (Decrease) in Net Assets Resulting from Operations				20,787				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				13,547				(22,518	)
Total Increase (Decrease) in Net Assets				16,766				(2,253	)

Net Assets
Beginning of period				323,809				326,062
End of period (including undistributed net investment income as set forth below)		$		340,575		$		323,809
Undistributed (overdistributed) net investment income (loss)		$		(650	)	$		1,138

		Class A		Class P(a)		Institutional		R-6
Capital Share Transactions:
Year Ended August 31, 2018
Dollars:
Sold	$	432		N/A $		38	$	21,805
Reinvested		15		N/A		5		17,548
Redeemed		(85	)	N/A		–		(26,211	)
Net Increase (Decrease)	$	362		N/A $		43	$	13,142
Shares:
Sold		40		N/A		4		1,992
Reinvested		1		N/A		–		1,608
Redeemed		(8	)	N/A		–		(2,444	)
Net Increase (Decrease)		33		N/A		4		1,156
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:
Year Ended August 31, 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.



Amounts in thousands		Opportunistic Municipal Fund
		Year Ended				Year Ended
		August 31, 2018				August 31, 2017
Operations
Net investment income (loss)		$		4,737		$		4,730
Net realized gain (loss) on Investments				347				(1,000	)
Net change in unrealized appreciation/depreciation of on Investments				(1,172	)			(5,547	)
	Net Increase (Decrease) in Net Assets Resulting from Operations			3,912				(1,817	)

Dividends and Distributions to Shareholders
From net investment income				(4,520	)			(4,463	)
	Total Dividends and Distributions			(4,520	)			(4,463	)

Capital Share Transactions
Net increase (decrease) in capital share transactions				(6,997	)			(17,168	)
	Total Increase (Decrease) in Net Assets			(7,605	)			(23,448	)

Net Assets
Beginning of period				116,856				140,304
End of period (including undistributed net investment income as set forth below)		$		109,251		$		116,856
Undistributed (overdistributed) net investment income (loss)		$		428		$		401

		Class A		Class C		Class P(a)		Institutional
Capital Share Transactions:
Year Ended August 31, 2018
Dollars:
Sold	$	21,672	$	1,380		N/A $		20,858
Reinvested		1,592		220		N/A		2,599
Redeemed		(17,142	)	(8,759	)	N/A		(29,417	)
Net Increase (Decrease)	$	6,122	$	(7,159	)	N/A $		(5,960	)
Shares:
Sold		2,039		130		N/A		1,961
Reinvested		150		21		N/A		245
Redeemed		(1,613	)	(822	)	N/A		(2,775	)
Net Increase (Decrease)		576		(671	)	N/A		(569	)
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:
Year Ended August 31, 2018
From net investment income	$	(1,638	) $	(277	)	N/A $		(2,605	)
From net realized gain on investments		–		–		N/A		–
Total Dividends and Distributions	$	(1,638	) $	(277	)	N/A $		(2,605	)
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.



Amounts in thousands		Origin Emerging Markets Fund
		Year Ended				Year Ended
		August 31, 2018				August 31, 2017
Operations
Net investment income (loss)		$		8,488		$		7,976
Net realized gain (loss) on Investments, Foreign currencies and Futures				67,253				32,274
Net change in unrealized appreciation/depreciation of on Investments, Futures and Translation of assets & liabilities in foreign
currencies				(91,726	)			121,890
	Net Increase (Decrease) in Net Assets Resulting from Operations			(15,985	)			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				(39,350	)			(233,874	)
	Total Increase (Decrease) in Net Assets			(62,133	)			(77,250	)

Net Assets
Beginning of period				701,395				778,645
End of period (including undistributed net investment income as set forth below)		$		639,262		$		701,395
Undistributed (overdistributed) net investment income (loss)		$		7,809		$		6,584

		Class A		Class P(a)		Institutional		R-6
Capital Share Transactions:
Year Ended August 31, 2018
Dollars:
Sold	$	7,031		N/A $		15,610	$	95,283
Reinvested		15		N/A		394		6,389
Redeemed		(5,183	)	N/A		(40,679)		(118,210)
Net Increase (Decrease)	$	1,863		N/A		$ (24,675)		$ (16,538)
Shares:
Sold		544		N/A		1,262		7,719
Reinvested		1		N/A		32		524
Redeemed		(412	)	N/A		(3,281	)	(9,526	)
Net Increase (Decrease)		133		N/A		(1,987	)	(1,283	)
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:
Year Ended August 31, 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.



Amounts in thousands																	Preferred Securities Fund
																Year Ended								Year Ended
																August 31, 2018								August 31, 2017
Operations
Net investment income (loss)																$	290,460					$				277,561
Net realized gain (loss) on Investments, Foreign currencies, Futures and Options and Swaptions																	692									32,569
Net change in unrealized appreciation/depreciation of on Investments and Options and Swaptions																	(269,081				)					82,958
				Net Increase (Decrease) in Net Assets Resulting from Operations													22,071									393,088

Dividends and Distributions to Shareholders
From net investment income																	(284,886				)					(262,117	)
From net realized gain on investments																	(9,890				)					(49,533	)
										Total Dividends and Distributions							(294,776				)					(311,650	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																	46,932									(25,317	)
								Total Increase (Decrease) in Net Assets									(225,773				)					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)																$	5,658,018					$				5,883,791
Undistributed (overdistributed) net investment income (loss)																$	45,379					$				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:
Year Ended August 31, 2018(b)
Dollars:
Sold	$ 180,232 $			53,167		$ 7,380		N/A $		60	$	1,180,971		$ 242		$ 400	$ 650			$ 357				$ 1,858		$ 554,564
Reinvested		29,843		22,645		2,498		N/A		3		131,282		52		50	117		65					184		27,338
Redeemed		(255,400)		(163,746)		(13,464)		N/A		(70)		(1,641,490)		(567)		(339)	(1,007)		(380)					(2,350)		(68,213	)
Net Increase (Decrease)	$	(45,325)		$ (87,934)		$ (3,586)		N/A $		(7)	$	(329,237)		$ (273)		$ 111	$ (240) $		42					$ (308)		$ 513,689
Shares:
Sold		17,465		5,138		730		N/A		6		115,105		24		39	64		35					180		55,403
Reinvested		2,906		2,207		250		N/A		–		12,872		5		5	11		6					18		2,681
Redeemed		(24,790	)	(15,942)		(1,346)		N/A		(7)		(161,921	)	(56	)	(33)	(98)		(37				)	(230	)	(6,701	)
Net Increase (Decrease)		(4,419	)	(8,597)		(366)		N/A		(1)		(33,944	)	(27	)	11	(23	)	4					(32	)	51,383
Year Ended August 31, 2017(c),(d)
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:
Year Ended August 31, 2018(b)
From net investment income		$ (32,679)		$ (27,558)		$ (2,443)		N/A $		(3)	$	(191,151)	$	(50)		$ (78)	$ (114) $		(63)					$ (177)		$ (30,570)
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	$	(33,841)		$ (28,757)		$ (2,531)		N/A $		(3)	$	(197,711)	$	(52)		$ (81)	$ (118)		$(65)					$ (184)		$(31,433	)
Year Ended August 31, 2017(c),(d)
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.



Amounts in thousands		Real Estate Debt Income Fund
		Year Ended				Year Ended
		August 31, 2018				August 31, 2017
Operations
Net investment income (loss)		$		6,747		$		6,301
Net realized gain (loss) on Investments				(1,210	)			(402	)
Net change in unrealized appreciation/depreciation of on Investments				(4,694	)			(1,314	)
	Net Increase (Decrease) in Net Assets Resulting from Operations			843				4,585

Dividends and Distributions to Shareholders
From net investment income				(6,873	)			(5,904	)
From net realized gain on investments				–				(5	)
	Total Dividends and Distributions			(6,873	)			(5,909	)

Capital Share Transactions
Net increase (decrease) in capital share transactions				1,886				38,106
	Total Increase (Decrease) in Net Assets			(4,144	)			36,782

Net Assets
Beginning of period				191,565				154,783
End of period (including undistributed net investment income as set forth below)		$		187,421		$		191,565
Undistributed (overdistributed) net investment income (loss)		$		73		$		428

		Class A		Class P(a)		Institutional		R-6
Capital Share Transactions:
Year Ended August 31, 2018
Dollars:
Sold	$	449		N/A $		1,707	$	14,887
Reinvested		38		N/A		75		6,758
Redeemed		(398	)	N/A		(1,149	)	(20,481	)
Net Increase (Decrease)	$	89		N/A $		633	$	1,164
Shares:
Sold		47		N/A		182		1,572
Reinvested		4		N/A		8		715
Redeemed		(42	)	N/A		(122	)	(2,160	)
Net Increase (Decrease)		9		N/A		68		127
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:
Year Ended August 31, 2018
From net investment income	$	(40	)	N/A $		(75	) $	(6,758	)
From net realized gain on investments		–		N/A		–		–
Total Dividends and Distributions	$	(40	)	N/A $		(75	) $	(6,758	)
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.



Amounts in thousands				Small-MidCap Dividend Income Fund
				Year Ended				Year Ended
				August 31, 2018				August 31, 2017
Operations
Net investment income (loss)				$		65,715		$		69,938
Net realized gain (loss) on Investments and Foreign currencies						328,112				172,411
Net change in unrealized appreciation/depreciation of on Investments and Translation of assets & liabilities in foreign
currencies						13,347				115,448
	Net Increase (Decrease) in Net Assets Resulting from Operations					407,174				357,797

Dividends and Distributions to Shareholders
From net investment income						(44,292	)			(64,435	)
From net realized gain on investments						(140,115	)			–
	Total Dividends and Distributions					(184,407	)			(64,435	)

Capital Share Transactions
Net increase (decrease) in capital share transactions						(577,323	)			616,771
	Total Increase (Decrease) in Net Assets					(354,556	)			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)				$		2,846,777		$		3,201,333
Undistributed (overdistributed) net investment income (loss)				$		23,804		$		9,730

		Class A		Class C		Class P(a)		Institutional		R-6
Capital Share Transactions:
Year Ended August 31, 2018
Dollars:
Sold	$	31,227	$	5,894		N/A		$ 629,125 $		4,252
Reinvested		11,790		8,201		N/A		134,249		20,721
Redeemed		(77,617	)	(34,533	)	N/A		(657,937)		(652,695)
Net Increase (Decrease)		$ (34,600)		$ (20,438)		N/A		$ 105,437		$ (627,722)
Shares:
Sold		1,810		345		N/A		36,386		245
Reinvested		689		484		N/A		7,815		1,206
Redeemed		(4,516	)	(2,029	)	N/A		(38,208	)	(37,647	)
Net Increase (Decrease)		(2,017	)	(1,200	)	N/A		5,993		(36,196	)
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:
Year Ended August 31, 2018
From net investment income	$	(2,730)	$	(886)		N/A $		(36,012)	$	(4,664)
From net realized gain on investments		(9,900)		(8,056)		N/A		(106,102)		(16,057)
Total Dividends and Distributions	$	(12,630)		$ (8,942)		N/A		$ (142,114)		$ (20,721)
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)	$	–

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 Debt Income Fund and Small-MidCap Dividend Income Fund (known as the "Funds") are presented herein. The Funds may offer up to ten classes of shares: Class A, Class C, Class J, Institutional, R-1, R-2, R-3, R-4, R-5, and R-6. Information presented in these financial statements pertains to ClassAand Class C 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. The Funds have not provided financial support, and are not contractually required to provide financial support to any investee.

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 Principal Global Investors, LLC (the “Manager”).

Effective June 6, 2017, Dynamic High Yield Explorer Fund changed its name to Dynamic Floating Rate High Income Fund.

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 purchase 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 August 31, 2018, would have been $1,499,000 of net investment income, $635,281,000 of net realized and unrealized gain on investments, and $636,780,000 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.

Effective August 24, 2018, Class T shares discontinued operations and were redeemed or liquidated.

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:

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

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

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

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

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

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

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between trade and settlement dates on security transactions, and the difference between the amount of dividends, interest income, interest expense 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 expected 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 Funds may 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 Funds may own different proportions of the Underlying Funds at different times, the amount of expense incurred indirectly by each Fund will vary. Expenses included in the statement of operations of the Funds reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds.

Distributions to Shareholders. With respect to Opportunistic Municipal Fund, net investment income is declared as dividends daily to settled shares of record as of that day, and all distributions of realized gains from investment transactions are recorded on the ex-dividend date. Dividends and distributions to shareholders of the other Funds are recorded on the ex-dividend date. Dividends and distributions to shareholders from net investment income and net realized gain from investments and foreign currency transactions are determined in accordance with federal tax regulations, which may differ from U.S. 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.

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 year ended August 31, 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 2015-2017 or commencement of the fund’s operations to 2017.

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 RealAsset 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 August 31, 2018, the net assets of the Cayman Subsidiaries were as follows (amounts in thousands):

Recent Accounting Pronouncements. In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2017-08 Premium Amortization on Purchased Callable Debt Securities, which amends the accounting standards to shorten the amortization period of certain purchased callable debt securities to the earliest call date. The ASU is effective for annual periods ending after December 15, 2018, and interim periods thereafter. At this time, management is evaluating the implications of these changes on the financial statements.

Borrowings. Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds and other registered investment companies managed by the Manager may participate in an interfund lending facility (“Facility”). The Facility allows the Funds to borrow money from or loan money to the other participants. Loans under the Facility are made to handle unusual and/or unanticipated short-term cash requirements. Interest paid and received on borrowings is the average of the current repurchase agreement rate and the bank loan rate (the higher of (i) the Federal Funds Rate or (ii) the One Month LIBOR rate plus 1.00%). There were no outstanding borrowings as of August 31, 2018. The interest income received is included in interest income on the statement of operations. The interest expense associated with these borrowings is included in other expenses on the statements of operations.

During the year ended August 31, 2018, funds loaning to the Facility were as follows (amounts in thousands):

During the year ended August 31, 2018, funds borrowing from the Facility were as follows (amounts in thousands):

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 which is allocated to each participating fund based on average net assets. During the year ended August 31, 2018, Multi-Manager Equity Long/Short Fund borrowed against the line of credit. The average outstanding balance for the liability during the year ended August 31, 2018 was less than $1,000 at a weighted average annual interest rate of .00%. The interest expense associated with these borrowings is included in other expenses on the statements of operations. There were no outstanding borrowings as of August 31, 2018.

Commodity Linked Notes. Diversified RealAsset 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. Preferred 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 contingent convertible security’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 contingent convertible security 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 contingent convertible security 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.

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.

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.

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

As of August 31, 2018, financial assets and liabilities subject to Master Netting Agreements or similar agreements were as follows (amounts in thousands):


Financial Derivative Instrument: Over the Counter “OTC” Summary
							Net Market Value of OTC			Collateral (Received)/
		Assets^*			Liabilities^*			Derivatives			Pledged		Net Exposure
Diversified Real Asset Fund
Australia and New Zealand Banking Group
Foreign Currency Contracts	$	20		$	(21	)	$	(1	)
	$	20		$	(21	)	$	(1	)	$ —		$	(1	)
Bank of America NA
Foreign Currency Contracts		46			(57	)		(11	)
Total Return Swaps		419	^**		—			419
	$	465		$	(57	)	$	408		$ —		$	408
Barclays Bank PLC
Foreign Currency Contracts		575			(514	)		61
Interest Rate Swaps		584			—			584
Purchased Interest Rate Swaptions		186			—			186
Written Interest Rate Swaptions		—			(89	)		(89	)
Written Options		—			(349	)		(349	)
	$	1,345		$	(952	)	$	393		$ (50)^		$	343
BNP Paribas
Foreign Currency Contracts		7			—			7
	$	7		$	—		$	7		$ —		$	7
Deutsche Bank AG
Foreign Currency Contracts		390			(288	)		102
Purchased Interest Rate Swaptions		817			—			817
Written Interest Rate Swaptions		—			(1,172	)		(1,172	)
	$	1,207		$	(1,460	)	$	(253	)	$ 253^^		$	—
JPMorgan Chase
Foreign Currency Contracts		2,751			(4,062	)		(1,311	)
Purchased Interest Rate Swaptions		207			—			207
Purchased Options		24			—			24
Written Interest Rate Swaptions		—			(194	)		(194	)
Written Options		—			(200	)		(200	)
	$	2,982		$	(4,456	)	$	(1,474	)	$ 1,474^^		$	—
M3 Capital Partners
Total Return Swaps		466	^**		—			466
	$	466		$	—		$	466		$ —		$	466
Morgan Stanley & Co
Foreign Currency Contracts		—			—			—
Purchased Interest Rate Swaptions		193			—			193
Written Interest Rate Swaptions		—			(125	)		(125	)
	$	193		$	(125	)	$	68		$ (50)^		$	18
National Australia Bank
Foreign Currency Contracts		—			(5	)		(5	)
	$	—		$	(5	)	$	(5	)	$ —		$	(5	)
Royal Bank of Scotland
Foreign Currency Contracts		22			(23	)		(1	)
	$	22		$	(23	)	$	(1	)	$ —		$	(1	)
Standard Chartered Bank, Hong Kong
Foreign Currency Contracts		4			—			4
	$	4		$	—		$	4		$ —		$	4
Toronton Dominion Bank
Foreign Currency Contracts		22			—			22
	$	22		$	—		$	22		$ —		$	22


			Notes to Financial Statements Principal Funds, Inc. August 31, 2018



3	. Operating Policies (continued)

								Net Market Value of OTC			Collateral (Received)/
			Assets			Liabilities			Derivatives			Pledged				Net Exposure
Diversified Real Asset Fund (continued)
UBS AG
Foreign Currency Contracts		$	39		$	—		$	39
		$	39		$	—		$	39		$		—		$	39
Westpac Banking Corporation
Foreign Currency Contracts			193			—			193
		$	193		$	—		$	193		$		—		$	193
Total OTC		$	6,965		$	(7,099	)	$	(134	)	$		134	^^	$	—
Global Multi-Strategy Fund
Bank of America NA
Equity Basket Swaps			16			—			16
Foreign Currency Contracts			438			—			438
Interest Rate Swaps			755			(160	)		595
Synthetic Futures			328			(20	)		307
		$	1,537		$	(180	)	$	1,357		$		(324	)^	$	1,033
Bank of New York Mellon
Foreign Currency Contracts			475			(209	)		266
		$	475		$	(209	)	$	266		$		—		$	266
Barclays Bank PLC
Foreign Currency Contracts			17,455			(15,168	)		2,287
Purchased Options			1,975			—			1,975
Written Options			—			(880	)		(880	)
		$	19,430		$	(16,048	)	$	3,382		$		—		$	3,382
Citigroup Inc
Foreign Currency Contracts			6,863			(6,298	)		565
Synthetic Futures			911	^**		(23)^**			888
Total Return Swaps			—			(115	)		(115	)
		$	7,774		$	(6,436	)	$	1,338		$		—		$	1,338
Credit Suisse
Foreign Currency Contracts			42			—			42
		$	42		$	—		$	42		$		—		$	42
Deutsche Bank AG
Equity Basket Swaps			1,956			(946	)		1,010
Foreign Currency Contracts			13			(27	)		(14	)
Purchased Options			51			—			51
		$	2,020		$	(973	)	$	1,047		$		(30	)^	$	1,017
Goldman Sachs & Co
Credit Default Swaps			1,873			(1,867	)		6
Total Return Swaps			255			—			255
		$	2,128		$	(1,867	)	$	261		$		—		$	261
HSBC Securities Inc
Credit Default Swaps			1,769			(207	)		1,562
Foreign Currency Contracts			1,217			(1,704	)		(487	)
Total Return Swaps			119			—			119
		$	3,105		$	(1,911	)	$	1,194		$		—		$	1,194
JP Morgan Chase
Equity Basket Swaps			7			(25	)		(18	)
Foreign Currency Contracts			209			(2	)		207
		$	216		$	(27	)	$	189		$		—		$	189
Merrill Lynch
Credit Default Swaps			—			—			—
Foreign Currency Contracts			4			(5	)		(1	)
Interest Rate Swaps			—			(7	)		(7	)
Synthetic Futures			309	^**		(38)^**			271
		$	313		$	(50	)	$	263		$		—		$	263
Morgan Stanley & Co
Credit Default Swaps			482			(28	)		454
Equity Basket Swaps			1,209			(6,211	)		(5,002	)
Foreign Currency Contracts			155			(42	)		113
Synthetic Futures			15			(75	)		(60	)
Total Return Swaps			115			(200	)		(85	)
		$	1,976		$	(6,556	)	$	(4,580	)	$		4,580	^^	$	—
State Street Financial Global Markets
Foreign Currency Contracts			177			—			177
		$	177		$	—		$	177		$		—		$	177

Financial Derivative Instrument: Repurchase Agreements and Reverse Repurchase Agreements Global Multi-Strategy Fund

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.

For year ended August 31, 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 August 31, 2018, deposits from counterparty were as follows (amounts in thousands):

Floating Rate Notes Issued in Conjunction with Securities Held. Opportunistic Municipal Fund has entered into transactions in which the 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 fund holds the “floating rate notes issued” in which the carrying value, including accrued interest, approximates fair value for financial statement purposes. As of period end, the “floating rate notes issued” payable is categorized as Level 2 within the disclosure hierarchy. The balance of the floating rate notes issued as of August 31, 2018 was $6,599,000. The average outstanding balance for the liability during the year ended August 31, 2018 was $6,290,000 at a weighted average annual interest rate of 2.12%. 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 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. Futures contracts are marked to market daily at the closing settlement price or in the absence of such a price, the most recent quoted bid price. If there are no quotations available, the security is valued at the last available closing settlement price. During the period the futures contracts are open, daily changes in the fair value of the contracts are recognized as unrealized gains or losses. These unrealized gains or losses are included as a component of net unrealized appreciation (depreciation) of investments on the statements of assets and liabilities. When the contracts are closed, the fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the fund’s cost basis in the contract. There is minimal counterparty credit risk to the Funds because futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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

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

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

Options Contracts. During the period, Diversified Real Asset Fund, Global Multi-Strategy 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. The maximum potential amount of future payments (undiscounted) that a fund as a writer of put options could be required to make is equal to the notional amount multiplied by the exercise price as shown in the Schedule of Investments. 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.

Reverse RepurchaseAgreements. 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 fund holds reverse repurchase agreements in which the carrying value, including accrued interest, approximates fair value for financial statement purposes. As of period end, the reverse repurchase agreements payable is categorized as Level 2 within the disclosure hierarchy. The average amount of borrowings outstanding during the period ended August 31, 2018 was $212,363,000 at a weighted average interest rate of 1.62%. 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 August 31, 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.

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.

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 have exposure to the referenced obligation).

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

The maximum potential amount of future payments (undiscounted) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of August 31, 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 fixed or floating rate cash flows based on changes in the value of a specific reference rate.

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. An underlying fund to a fund of fund may experience relatively large redemptions or purchases as the fund of 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 fund 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, Principal Variable Contract Funds, Inc. and each of the Underlying Funds. Principal Real Estate Investors, LLC (“Principal-REI”) 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 August 31, 2018, series of the Fund and Principal Variable Contracts Funds, Inc. 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 FNMAand the Federal Home Loan Mortgage Corporation (“FHLMC”). The FNMA is a government sponsored corporation, the common stock of which is owned entirely by private stockholders. The 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 the FNMA are guaranteed as to the timely payment of principal and interest by the FNMA, but are not backed by the full faith and credit of the U.S. Government. The FHLMC issues Participation Certificates which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. The FHLMC guarantees the timely payment of interest and ultimate collection of principal, but Participation Certificates are not backed by the full faith and credit of the U.S. Government.

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


	Asset Derivatives August 31, 2018					Liability Derivatives August 31, 2018
Derivatives not accounted for
as hedging instruments	Statement of Assets and Liabilities Location		Fair Value			Statement of Assets and Liabilities Location		Fair Value
Diversified Real Asset Fund
Commodity contracts	Receivables, Net Assets Consist of Net unrealized	$	11,829		*	Payables, Net Assets Consist of Net unrealized	$	7,671		*
	appreciation (depreciation) of investments					appreciation (depreciation) of investments
Foreign exchange contracts	Receivables			4,093 Payables					5,519
Interest rate contracts	Receivables, Net Assets Consist of Net unrealized			3,129	*	Payables, Net Assets Consist of Net unrealized			3,006	*
	appreciation (depreciation) of investments					appreciation (depreciation) of investments
	Total	$	19,051				$	16,196
Global Multi-Strategy Fund
Commodity contracts	Receivables, Net Assets Consist of Net unrealized			1,176 Payables, Net Assets Consist of Net unrealized					43
	appreciation (depreciation) of investments					appreciation (depreciation) of investments
Credit contracts	Receivables, Net Assets Consist of Net unrealized			5,707	*	Payables, Net Assets Consist of Net unrealized			2,155	^*
	appreciation (depreciation) of investments					appreciation (depreciation) of investments
Equity contracts	Receivables, Net Assets Consist of Net unrealized		13,600		*	Payables, Net Assets Consist of Net unrealized		12,910		*
	appreciation (depreciation) of investments					appreciation (depreciation) of investments
Foreign exchange contracts	Receivables		29,236 Payables					24,338

Notes to Financial Statements

Principal Funds, Inc.

August 31, 2018

3. Operating Policies (continued)

Asset Derivatives August 31, 2018

Liability Derivatives August 31, 2018

Derivatives not accounted for

as hedging instruments

Statement of Assets and Liabilities Location

Fair Value Statement of Assets and Liabilities Location

Fair Value

Global Multi-Strategy Fund (continued)

Interest rate contracts

Receivables, Net Assets Consist of Net unrealized

7,095*

Payables, Net Assets Consist of Net unrealized

6,639

appreciation (depreciation) of investments

Total

56,814

46,085

Multi-Manager Equity Long/Short Fund

Equity contracts

Receivables, Net Assets Consist of Net unrealized

3,516*

Payables, Net Assets Consist of Net unrealized

2,693

appreciation (depreciation) of investments

Foreign exchange contracts

Receivables

4,077 Payables

2,193

Total

7,593

4,886

Preferred Securities Fund

Interest rate contracts

Receivables, Net Assets Consist of Net unrealized

406

Payables, Net Assets Consist of Net unrealized

1,125

appreciation (depreciation) of investments

^*Includes cumulative unrealized appreciation/depreciation of 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.

Net Realized Gain or (Loss) on

Net Change in Unrealized Appreciation/

Derivatives not accounted for

Location of Gain or (Loss) on Derivatives

Derivatives Recognized in Statement of

(Depreciation) of Derivatives Recognized

as hedging instruments

Recognized in Statement of Operations

Operations

in Statement of Operations

Diversified Real Asset Fund

Commodity contracts

Net realized gain (loss) from Futures contracts

3,817

(15,837

)

and Swap agreements/Net change in unrealized

appreciation/(depreciation) of Futures contracts

and Swap agreements

Foreign exchange contracts

Net realized gain (loss) from Investment

(1,425

)

(1,382

)

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

11,372

947

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

13,764

(16,272

)

Global Multi-Strategy Fund

Commodity contracts

Net realized gain (loss) from Swap agreements/

2,940

711

Net change in unrealized appreciation/

(depreciation) of Swap agreements

Credit contracts

Net realized gain (loss) from Swap agreements/

(307

)

2,684

Net change in unrealized appreciation/

(depreciation) of Swap agreements

Equity contracts

Net realized gain (loss) from Investment

(40,290

)

(13,193

)

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

(12,574

)

4,140

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

(3,507

)

(77

)

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

(53,738

)

(5,735

)

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.

The following table includes a summary of the average quarterly outstanding notional by derivative instrument type for the year ended August 31, 2018:


Contract Type	Derivative Type		Average Notional (‘000)
Diversified Real Asset Fund
Commodity Contracts	Futures - Long	$	527,478
	Futures - Short		341,602
	Total Return Swaps - Receive Floating Rate		253,854
Foreign Exchange Contracts	Foreign Currency Contracts - Contracts to Accept		537,771
	Foreign Currency Contracts - Contracts to Deliver		593,927
	Purchased Options		33,030
	Written Options		71,145
Interest Rate Contracts	Exchange Cleared Interest Rate Swaps - Pay Floating Rate		251,986
	Exchange Cleared Interest Rate Swaps - Receive Floating Rate		134,229
	Futures - Long		54,283
	Futures - Short		84,714
	Interest Rate Swaps - Pay Floating Rate		1,172
	Interest Rate Swaps - Receive Floating Rate		17,911
	Purchased Capped Options		39
	Purchased Interest Rate Swaptions		60,974
	Purchased Options		263
	Written Interest Rate Swaptions		224,025
	Written Options		261
Global Multi-Strategy Fund
Commodity Contracts	Synthetic Futures - Long		15,679
	Synthetic Futures - Short		10,873
Credit Contracts	Credit Default Swaps – Buy Protection		78,975
	Credit Default Swaps – Sell Protection		3,911
	Exchange Cleared Credit Default Swaps – Buy Protection		17,387
	Exchange Cleared Credit Default Swaps – Sell Protection		12,122
Equity Contracts	Futures - Long		215,692
	Futures - Short		178,704
	Purchased Options		657
	Synthetic Futures - Long		9,587
	Synthetic Futures - Short		9,108
	Total Return Equity Basket Swaps		663,110
	Total Return Swaps – Pay Floating Rate		5,274
	Total Return Swaps – Receive Floating Rate		6,164
	Written Options		454


	Notes to Financial Statements
	Principal Funds, Inc.
	August 31, 2018

3. Operating Policies (continued)

Contract Type	Derivative Type		Average Notional (‘000)
Foreign Exchange Contracts	Currency Swaps - Contracts to Accept	$	7,691
	Currency Swaps - Contracts to Deliver		7,489
	Foreign Currency Contracts - Contracts to Deliver		1,097,877
	Foreign Currency Contracts - Contracts to Deliver		1,315,934
	Purchased Options		160,825
	Written Options		82,573
Interest Rate Contracts	Exchange Cleared Interest Rate Swaps - Pay Floating Rate		476,561
	Exchange Cleared Interest Rate Swaps - Receive Floating Rate		323,035
	Futures - Long		889,960
	Futures - Short		1,426,104
	Interest Rate Swaps - Pay Floating Rate		48,140
	Interest Rate Swaps - Receive Floating Rate		47,727
	Purchased Interest Rate Swaptions		79,133
	Purchased Options		18,857
	Synthetic Futures - Long		52,764
	Synthetic Futures - Short		111,807
	Total Return Swaps – Receive Floating Rate		31,037
	Written Interest Rate Swaptions		11,387
	Written Options		4,043
Multi-Manager Equity Long/Short Fund
Equity Contracts	Futures - Long		39,093
	Futures - Short		33,633
	Synthetic Futures - Long		1,331
	Synthetic Futures - Short		28
	Total Return Equity Basket Swaps		230,461
	Total Return Swaps – Pay Floating Rate		313
	Total Return Swaps – Receive Floating Rate		1,288
Foreign Exchange Contracts	Foreign Currency Contracts - Contracts to Accept		59,958
	Foreign Currency Contracts - Contracts to Deliver		88,146
Origin Emerging Markets Fund
Equity Contracts	Futures - Long		24,009
Preferred Securities Fund
Interest Rate Contracts	Futures - Short		145,125
	Purchased Options		6,035
	Written Options		5,785

4 . Fair Valuation

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.

4. Fair Valuation (continued) transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Funds in determining fair value is greatest for instruments categorized in Level 3.

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

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

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 such 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 year-ended August 31, 2018 due to lack of exchange traded valuation data:

Below are transfers from Level 2 to Level 1 for the year-ended August 31, 2018 due to the resumption of trading for previous thinly traded securities:

The following is a summary of the inputs used as of August 31, 2018 in valuing the Funds' securities carried at value (amounts shown in thousands):


					Level 2 - Other
	Level 1 - Quoted			Significant Observable			Level 3 - Significant
Fund		Prices			Inputs		Unobservable Inputs			Totals (Level 1,2,3)

Blue Chip Fund
Common Stocks*	$	3,212,475		$	—		$	—	$	3,212,475
Investment Companies*		1,766			—			—		1,766
Total investments in securities $		3,214,241		$	—		$	—	$	3,214,241

Diversified Real Asset Fund
Bonds*		—			335,646			—		335,646
Commodity Indexed Structured Notes*		—			18,501			—		18,501
Common Stocks
Basic Materials		198,459			230,266			—		428,725
Communications		—			8,139			—		8,139
Consumer, Cyclical		30,989			11,567			—		42,556
Consumer, Non-cyclical		54,603			78,990			77		133,670
Diversified		—			2,779			—		2,779
Energy		502,982			131,588			122		634,692
Financial		261,385			190,459			—		451,844
Industrial		81,192			91,768			759		173,719
Technology		9,358			—			—		9,358
Utilities		154,121			172,750			—		326,871
Convertible Bonds*		—			275			—		275
Investment Companies*		95,735			—			—		95,735
Preferred Stocks		3,507			—			—		3,507
Senior Floating Rate Interests*		—			563,709			—		563,709
U.S. Government & Government Agency Obligations*		—			925,966			—		925,966
Purchased Interest Rate Swaptions		—			1,403			—		1,403
Purchased Capped Options		—			6			—		6
Purchased Options		21			24			—		45
Total investments in securities $		1,392,352		$	2,763,836		$	958	$	4,157,146
Assets
Commodity Contracts
Futures**		10,944			—			—		10,944
Total Return Swaps		—			885			—		885
Foreign Exchange Contracts
Foreign Currency Contracts		—			4,069			—		4,069
Interest Rate Contracts
Exchange Cleared Interest Rate Swaps**		—			1,013			—		1,013
Futures**		102			—			—		102
Interest Rate Swaps		—			584			—		584
Liabilities
Commodity Contracts
Futures**		(7,671	)		—			—		(7,671	)
Foreign Exchange Contracts
Foreign Currency Contracts		—			(4,970	)		—		(4,970	)
Written Options		—			(549	)		—		(549	)
Interest Rate Contracts
Exchange Cleared Interest Rate Swaps**		—			(1,290	)		—		(1,290	)
Futures**		(114	)		—			—		(114	)
Interest Rate Swaptions		—			(1,580	)		—		(1,580	)
Written Options		(22	)		—			—		(22	)

Dynamic Floating Rate High Income Fund
Bonds*		—			2,238			—		2,238
Investment Companies*		2,120			—			—		2,120
Senior Floating Rate Interests*		—			9,136			—		9,136
Total investments in securities $		2,120		$	11,374		$	—	$	13,494

Global Multi-Strategy Fund
Bonds*		—			666,087			2,986		669,073
Common Stocks
Basic Materials		18,873			28,942			—		47,815


		Notes to Financial Statements
		Principal Funds, Inc.
		August 31, 2018

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
Communications	$	82,527		$	16,904		$	259	$	99,690
Consumer, Cyclical		72,264			53,574			42		125,880
Consumer, Non-cyclical		136,421			55,910			—		192,331
Diversified		969			3,249			—		4,218
Energy		48,436			7,785			—		56,221
Financial		137,107			60,724			2,533		200,364
Industrial		111,544			50,175			—		161,719
Technology		92,367			18,147			4		110,518
Utilities		7,874			9,933			—		17,807
Convertible Bonds*		—			80,758			—		80,758
Convertible Preferred Stocks
Communications		—			—			195		195
Consumer, Cyclical		—			—			54		54
Consumer, Non-cyclical		735			129			—		864
Energy		227			—			—		227
Financial		—			5,979			—		5,979
Industrial		—			545			—		545
Technology		—			337			—		337
Utilities		—			1,042			—		1,042
Investment Companies*		422,724			10,145			—		432,869
Preferred Stocks
Basic Materials		—			1,713			—		1,713
Communications		3			—			1,317		1,320
Consumer, Cyclical		—			2,359			—		2,359
Financial		324			—			814		1,138
Industrial		—			—			1		1
Technology		—			—			148		148
Repurchase Agreements*		—			228,953			—		228,953
Senior Floating Rate Interests*		—			164,750			—		164,750
U.S. Government & Government Agency Obligations*		—			397,398			—		397,398
Purchased Options		3,160			2,026			—		5,186
Total investments in securities $		1,135,555		$	1,867,564		$	8,353	$	3,011,472
Short Sales
Bonds		—			(54,468	)		—		(54,468	)
Common Stocks
Basic Materials		(6,083	)		(12,988	)		—		(19,071	)
Communications		(14,934	)		(7,108	)		—		(22,042	)
Consumer, Cyclical		(18,685	)		(24,198	)		—		(42,883	)
Consumer, Non-cyclical		(25,501	)		(15,507	)		—		(41,008	)
Diversified		—			(2,172	)		—		(2,172	)
Energy		(14,287	)		(2,141	)		—		(16,428	)
Financial		(22,768	)		(28,935	)		—		(51,703	)
Industrial		(21,695	)		(24,808	)		—		(46,503	)
Technology		(30,422	)		(3,209	)		—		(33,631	)
Utilities		(6,636	)		(5,041	)		—		(11,677	)
Convertible Bonds		—			(1,333	)		—		(1,333	)
Investment Companies		(3,392	)		—			—		(3,392	)
U.S. Government & Government Agency Obligations		—			(243,216	)		—		(243,216	)
Total Short Sales $		(164,403	)	$	(425,124	)	$	—	$	(589,527	)
Assets
Credit Contracts
Credit Default Swaps		—			4,124			—		4,124
Exchange Cleared Credit Default Swaps**		—			1,583			—		1,583
Commodity Contracts
Synthetic Futures		—			1,176			—		1,176
Equity Contracts
Futures**		6,881			—			—		6,881
Synthetic Futures		—			59			—		59
Total Return Swaps		—			370			—		370
Total Return Equity Basket Swaps		—			3,188			—		3,188
Foreign Exchange Contracts
Foreign Currency Contracts		—			27,210			—		27,210
Interest Rate Contracts
Exchange Cleared Interest Rate Swaps**		—			4,794			—		4,794
Futures**		1,041			—			—		1,041


		Notes to Financial Statements
		Principal Funds, Inc.
		August 31, 2018

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
Interest Rate Swaps	$	—		$	755		$	—	$	755
Synthetic Futures		—			328			—		328
Total Return Swaps		—			119			—		119
Liabilities
Credit Contracts
Credit Default Swaps		—			(2,102	)		—		(2,102	)
Exchange Cleared Credit Default Swaps**		—			(53	)		—		(53	)
Commodity Contracts
Synthetic Futures		—			(43	)		—		(43	)
Equity Contracts
Futures**		(4,109	)		—			—		(4,109	)
Synthetic Futures		—			(93	)		—		(93	)
Total Return Equity Basket Swaps		—			(7,182	)		—		(7,182	)
Total Return Swaps		—			(200	)		—		(200	)
Written Options		(1,326	)		—			—		(1,326	)
Foreign Exchange Contracts
Foreign Currency Contracts		—			(23,458	)		—		(23,458	)
Written Options		—			(880	)		—		(880	)
Interest Rate Contracts
Exchange Cleared Interest Rate Swaps**		—			(5,462	)		—		(5,462	)
Futures**		(788	)		—			—		(788	)
Interest Rate Swaps		—			(167	)		—		(167	)
Synthetic Futures		—			(20	)		—		(20	)
Total Return Swaps		—			(115	)		—		(115	)
Written Options		(87	)		—			—		(87	)

Global Opportunities Fund
Common Stocks
Communications		63,737			—			—		63,737
Consumer, Cyclical		50,635			57,806			—		108,441
Consumer, Non-cyclical		125,293			59,907			—		185,200
Energy		33,295			10,597			—		43,892
Financial		84,033			50,159			—		134,192
Industrial		57,493			28,041			—		85,534
Technology		46,634			14,306			—		60,940
Utilities		25,332			5,978			—		31,310
Investment Companies*		13,829			—			—		13,829
Total investments in securities $		500,281		$	226,794		$	—	$	727,075

International Small Company Fund
Common Stocks
Basic Materials		13,411			53,137			—		66,548
Communications		6,447			23,598			—		30,045
Consumer, Cyclical		19,046			142,460			—		161,506
Consumer, Non-cyclical		18,324			150,933			—		169,257
Diversified		—			12,285			—		12,285
Energy		21,785			19,329			—		41,114
Financial		16,969			205,552			—		222,521
Industrial		25,135			173,243			—		198,378
Technology		13,722			56,492			—		70,214
Utilities		—			16,377			—		16,377
Investment Companies*		13,053			—			—		13,053
Total investments in securities $		147,892		$	853,406		$	—	$	1,001,298

Multi-Manager Equity Long/Short Fund
Common Stocks
Basic Materials		11,032			2,980			—		14,012
Communications		16,923			1,080			—		18,003
Consumer, Cyclical		19,166			9,285			—		28,451
Consumer, Non-cyclical		55,631			11,668			—		67,299
Energy		15,913			3,340			—		19,253
Financial		28,434			13,841			—		42,275
Industrial		27,793			19,823			—		47,616
Technology		27,527			8,006			—		35,533


		Notes to Financial Statements
		Principal Funds, Inc.
		August 31, 2018

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
Utilities	$	3,214		$	5,458		$	—	$	8,672
Investment Companies*		75,765			—			—		75,765
Preferred Stocks
Consumer, Cyclical		—			1,313			—		1,313
U.S. Government & Government Agency Obligations*		—			11,967			—		11,967
Total investments in securities $		281,398		$	88,761		$	—	$	370,159
Short Sales
Common Stocks
Basic Materials		(2,362	)		(1,488	)		—		(3,850	)
Communications		(6,405	)		(1,168	)		—		(7,573	)
Consumer, Cyclical		(11,543	)		(6,208	)		—		(17,751	)
Consumer, Non-cyclical		(21,007	)		(2,644	)		—		(23,651	)
Energy		(9,837	)		(12	)		—		(9,849	)
Financial		(15,033	)		(4,104	)		—		(19,137	)
Industrial		(7,835	)		(7,213	)		—		(15,048	)
Technology		(10,793	)		(1,706	)		—		(12,499	)
Utilities		(5,108	)		(1,003	)		—		(6,111	)
Investment Companies		(16,833	)		—			—		(16,833	)
Total Short Sales		(106,756	)		(25,546	)		—		(132,302	)
Assets
Equity Contracts
Futures**		1,660			—			—		1,660
Synthetic Futures		—			8			—		8
Total Return Swaps		—			6			—		6
Total Return Equity Basket Swaps		—			1,842			—		1,842
Foreign Exchange Contracts
Foreign Currency Contracts		—			4,077			—		4,077
Liabilities
Equity Contracts
Futures**		(273	)		—			—		(273	)
Total Return Swaps		—			(10	)		—		(10	)
Total Return Equity Basket Swaps		—			(2,410	)		—		(2,410	)
Foreign Exchange Contracts
Foreign Currency Contracts		—			(2,193	)		—		(2,193	)

Opportunistic Municipal Fund
Investment Companies*		115			—			—		115
Municipal Bonds*		—			116,735			—		116,735
Total investments in securities $		115		$	116,735		$	—	$	116,850

Origin Emerging Markets Fund
Common Stocks
Basic Materials		25,819			49,982			—		75,801
Communications		63,679			27,092			—		90,771
Consumer, Cyclical		—			46,612			—		46,612
Consumer, Non-cyclical		8,599			20,267			—		28,866
Diversified		—			2,540			—		2,540
Energy		—			59,540			—		59,540
Financial		3,264			126,842			—		130,106
Industrial		3,320			60,316			—		63,636
Technology		50,510			61,234			—		111,744
Utilities		—			11,076			—		11,076
Investment Companies*		17,494			—			—		17,494
Total investments in securities $		172,685		$	465,501		$	—	$	638,186

Preferred Securities Fund
Bonds*		—			4,268,548			—		4,268,548
Convertible Preferred Stocks
Financial		—			81,669			—		81,669
Investment Companies*		471			—			—		471
Preferred Stocks
Communications		76,913			135,649			—		212,562
Consumer, Non-cyclical		—			27,722			—		27,722
Financial		610,907			122,061			—		732,968


		Notes to Financial Statements
		Principal Funds, Inc.
		August 31, 2018

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)
Preferred Securities Fund
Government	$	—		$	66,167	$	—	$	66,167
Industrial		29,763			—		—		29,763
Utilities		144,553			10,855		—		155,408
Purchased Options		406			—		—		406
	Total investments in securities $	863,013		$	4,712,671	$	—	$	5,575,684
Liabilities
Interest Rate Contracts
Written Options		(1,125	)		—		—		(1,125	)

Real Estate Debt Income Fund
Bonds*		—			178,248		—		178,248
Investment Companies*		4,395			—		—		4,395
	Total investments in securities $	4,395		$	178,248	$	—	$	182,643

Small-MidCap Dividend Income Fund
Common Stocks
Basic Materials		110,721			—		—		110,721
Communications		36,849			—		—		36,849
Consumer, Cyclical		433,990			—		—		433,990
Consumer, Non-cyclical		316,826			—		—		316,826
Energy		205,173			—		—		205,173
Financial		978,829			20,864		—		999,693
Government		30,032			—		—		30,032
Industrial		350,089			—		—		350,089
Technology		156,977			—		—		156,977
Utilities		164,826			—		—		164,826
Investment Companies*		37,731			—		—		37,731
	Total investments in securities $	2,822,043		$	20,864	$	—	$	2,842,907

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

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

At the end of the period, there were no Funds which had a significant Level 3 balance.

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, 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.

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:

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, R-1, R-2, R-3, and R-4 shares of the Funds bear distribution fees. The fee is computed at an annual rate of the average daily net assets attributable to each class of each of the Funds. Distribution fees are paid to Principal Funds

Distributor, Inc. (“the Distributor”), the principal distributor of the Funds. A portion of the distribution fees may be paid to other selling dealers for providing certain services. The annual rates are .25%, 1.00%, .15%, .35%, .30%, .25%, and .10% for Class A, Class C, Class J, R-1, R-2, R-3, and R-4 classes of shares, respectively.

The Distributor has voluntarily agreed to limit the distribution fees (expressed as a percent of average net assets on an annualized basis) attributable to Class J shares. The limit will maintain the level of distribution fees not to exceed .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 contingent deferred sales charge (“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 ClassAshares 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, and Small-MidCap Dividend Income Fund. The aggregate amounts of these charges retained by the Distributor for the year ended August 31, 2018, were as follows (amounts in thousands):

Affiliated Ownership. At August 31, 2018, Principal Life Insurance Company (an affiliate of the Manager), the Manager, the Distributor, 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, $121,000 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 year ended August 31, 2018.

For the year ended August 31, 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 year ended August 31, 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):

Distributions to Shareholders. The federal income tax character of distributions paid for the years ended August 31, 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.

Distributable Earnings. As of August 31, 2018, 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, inverse floating rate securities, contingent convertible bonds, short sales, 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, 2018, 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.

For the period ended August 31, 2018, 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 its 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. For the taxable year ended August 31, 2018, Preferred Securities Fund has an approximate late-year loss deferral of $8,741,000.

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, 2018, the Funds recorded reclassifications as follows (amounts in thousands):

Federal Income Tax Basis. At August 31, 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 June 12, 2018, the Board of Directors approved a Plan of Liquidation for Dynamic Floating Rate High Income Fund. There were no other items requiring adjustment of the financial statements or additional disclosure.


Schedule of Investments
Blue Chip Fund
August 31, 2018



COMMON STOCKS - 99.90%	Shares Held Value (000's)				COMMON STOCKS (continued)			Shares Held Value (000’s)
Aerospace & Defense - 3.35%					Software - 8.36%
TransDigm Group Inc ^(a)		307,502	$	107,626	Microsoft Corp			1,415,405	$	158,992
Banks - 0.76%					salesforce.com Inc ^(a)			719,803		109,900
First Republic Bank/CA		241,965		24,581				$		268,892
Building Materials - 0.48%					TOTAL COMMON STOCKS			$		3,212,475
Martin Marietta Materials Inc		78,229		15,546	INVESTMENT COMPANIES - 0.05%			Shares Held Value (000's)
Chemicals - 4.65%					Money Market Funds - 0.05%
Air Products & Chemicals Inc		149,023		24,781	Principal Government Money Market Fund			1,765,560		1,766
Praxair Inc		586,092		92,714	1.84%(b),(c)
Sherwin-Williams Co/The		70,291		32,023	TOTAL INVESTMENT COMPANIES			$		1,766
		$		149,518	Total Investments		$	3,214,241
					Other Assets and Liabilities - 0.05%			$		1,665
Commercial Services - 10.43%					TOTAL NET ASSETS - 100.00%		$	3,215,906
Ecolab Inc		85,238		12,827
Gartner Inc ^(a)		317,804		47,594
IHS Markit Ltd ^(a)		328,539		18,070	(a)	Non-income producing security
Moody's Corp		352,907		62,824	(b)	Affiliated Security. Security is either an affiliate (and registered under the
PayPal Holdings Inc ^(a)	1,249,336			115,351		Investment Company Act of 1940) or an affiliate as defined by the Investment
S&P Global Inc		381,093		78,905		Company Act of 1940 (the Fund controls 5.0% or more of the outstanding
		$		335,571		voting shares of the security). Please see affiliated sub-schedule for
Diversified Financial Services - 11.53%						transactional information.
Charles Schwab Corp/The	1,181,289			59,998	(c)	Current yield shown is as of period end.
Mastercard Inc		699,551		150,795
Visa Inc	1,089,001			159,963		Portfolio Summary (unaudited)
		$		370,756	Sector					Percent
Electric - 0.42%					Financial					32.69	%
Brookfield Infrastructure Partners LP		343,313		13,389	Communications					26.18	%
Healthcare - Products - 3.21%					Consumer, Non-cyclical					13.64	%
Danaher Corp		848,344		87,838	Technology					9.77	%
IDEXX Laboratories Inc ^(a)		60,236		15,302	Consumer, Cyclical					8.17	%
		$		103,140	Basic Materials					4.65	%
Insurance - 9.23%					Industrial					3.83	%
Aon PLC		241,320		35,126	Energy					0.55	%
Berkshire Hathaway Inc - Class B ^(a)		962,183		200,827	Utilities					0.42	%
Markel Corp ^(a)		50,238		60,728	Investment Companies					0.05	%
		$		296,681	Other Assets and Liabilities					0.05	%
Internet - 26.18%					TOTAL NET ASSETS					100.00	%
Alphabet Inc - A Shares (a)		7,667		9,444
Alphabet Inc - C Shares ^(a)		217,478		264,929
Amazon.com Inc ^(a)		157,895		317,797
Booking Holdings Inc ^(a)		53,312		104,041
Facebook Inc ^(a)		818,462		143,828
Shopify Inc ^(a)		12,038		1,754
		$		841,793
Lodging - 1.57%
Hilton Worldwide Holdings Inc		651,676		50,583
Pipelines - 0.55%
Kinder Morgan Inc/DE		997,637		17,658
Private Equity - 4.78%
Brookfield Asset Management Inc	3,595,619			153,785
REITs - 6.39%
American Tower Corp		905,856		135,081
Equinix Inc		74,672		32,567
SBA Communications Corp (a)		243,859		37,854
		$		205,502
Retail - 6.60%
CarMax Inc ^(a)		834,503		65,133
Costco Wholesale Corp		49,111		11,449
McDonald's Corp		10,787		1,750
O'Reilly Automotive Inc ^(a)		95,059		31,885
Restaurant Brands International Inc		752,712		43,206
TJX Cos Inc/The		201,473		22,156
Yum! Brands Inc		420,246		36,515
		$		212,094
Semiconductors - 1.41%
NVIDIA Corp		161,603		45,360


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2018



COMMON STOCKS - 53.03%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Agriculture - 0.74%					Electric (continued)
Archer-Daniels-Midland Co		411,238	$	20,726	NRG Yield Inc - C Shares		295,332	$	5,862
Bunge Ltd		81,929		5,324	PG&E Corp		244,200		11,277
Golden Agri-Resources Ltd	24,196,500			5,024	Red Electrica Corp SA		262,865		5,510
		$		31,074	Sempra Energy		177,100		20,558
Biotechnology - 0.01%					Spark Infrastructure Group		7,460,873		12,876
Concordia Healthcare Corp ^(a),(b)		22,681		311	SSE PLC		430,344		6,993
Building Materials - 0.34%					Terna Rete Elettrica Nazionale SpA		1,060,808		5,573
Forterra Inc ^(a)		10,684		90	Transmissora Alianca de Energia Eletrica SA		1,843,400		9,119
Fortune Brands Home & Security Inc		15,174		804			$		182,134
Geberit AG		14,457		6,574	Electronics - 0.15%
Louisiana-Pacific Corp		66,443		1,938	Badger Meter Inc		16,682		917
Norbord Inc		43,785		1,666	Halma PLC		216,521		4,025
Pinnacle Renewable Holdings Inc		77,458		928	Watts Water Technologies Inc		15,867		1,308
Reliance Worldwide Corp Ltd		279,162		1,069			$		6,250
Universal Forest Products Inc		31,480		1,179	Energy - Alternate Sources - 0.45%
		$		14,248	Algonquin Power & Utilities Corp		323,200		3,348
Chemicals - 2.25%					Pattern Energy Group Inc		463,299		9,442
CF Industries Holdings Inc		138,512		7,196	TerraForm Power Inc		352,812		3,945
Covestro AG (c)		38,138		3,247	Vestas Wind Systems A/S		26,751		1,876
FMC Corp		65,429		5,591			$		18,611
Ingevity Corp ^(a)		13,853		1,399	Engineering & Construction - 1.17%
K+S AG		562,674		12,799	Aena SME SA (c)		20,053		3,547
Lenzing AG		10,609		1,288	Arcadis NV		54,162		962
Linde AG		12,674		2,886	China Tower Corp Ltd (a),(c)	28,942,000			4,425
LyondellBasell Industries NV		49,922		5,630	Enav SpA (c)		2,318,249		11,461
Mosaic Co/The		518,092		16,201	Ferrovial SA		271,022		5,852
Nutrien Ltd		202,743		11,394	Flughafen Zurich AG		44,609		9,220
Nutrien Ltd		132,572		7,508	nVent Electric PLC		89,487		2,514
OCI NV (a)		208,004		6,704	Sydney Airport		2,106,519		10,938
Olin Corp		95,746		2,942			$		48,919
Tokai Carbon Co Ltd		145,800		2,598	Environmental Control - 0.25%
Yara International ASA		138,278		6,363	China Water Affairs Group Ltd		662,000		759
		$		93,746	Energy Recovery Inc ^(a)		19,042		184
Commercial Services - 1.59%					Evoqua Water Technologies Corp (a)		32,449		629
Atlantia SpA		1,032,912		21,530	Kurita Water Industries Ltd		60,600		1,799
Atlas Arteria Ltd		1,514,754		7,497	METAWATER Co Ltd		6,200		167
Cengage Learning Holdings II Inc ^(a),(d)		11,792		106	Pentair PLC		89,487		3,891
China Merchants Port Holdings Co Ltd		2,742,000		5,602	SIIC Environment Holdings Ltd		681,500		156
OHL Mexico SAB de CV		4,936,536		7,439	Tetra Tech Inc		41,696		2,910
Transurban Group ^(b)		2,812,554		24,355			$		10,495
		$		66,529	Food - 0.26%
Consumer Products - 0.22%					Ingredion Inc		51,156		5,171
Avery Dennison Corp		54,253		5,706	Wilmar International Ltd		2,353,100		5,486
Kimberly-Clark Corp		31,949		3,692			$		10,657
		$		9,398	Forest Products & Paper - 3.10%
Cosmetics & Personal Care - 0.22%					Acadian Timber Corp		120,479		1,763
Essity AB		50,600		1,312	BillerudKorsnas AB		131,919		1,558
Kao Corp		10,800		838	Canfor Corp ^(a)		192,474		4,438
Svenska Cellulosa AB SCA		415,931		4,842	Clearwater Paper Corp ^(a)		40,488		1,176
Unicharm Corp		63,900		2,087	Domtar Corp		38,149		1,942
		$		9,079	Empresas CMPC SA		630,276		2,481
Electric - 4.36%					Fibria Celulose SA ADR		930,127		18,035
ACEA SpA		33,390		476	Holmen AB		174,163		4,483
American Electric Power Co Inc		156,200		11,204	Interfor Corp ^(a)		174,979		3,011
Atlantica Yield PLC		226,321		4,670	International Paper Co		195,188		9,982
AusNet Services		3,824,369		4,533	Klabin SA		371,700		1,943
China Longyuan Power Group Corp Ltd		3,643,000		3,070	Mondi PLC		384,975		10,728
Dominion Energy Inc		104,129		7,370	Nine Dragons Paper Holdings Ltd		4,730,000		5,371
Duke Energy Corp		13,055		1,061	Oji Holdings Corp		1,183,000		8,097
Edison International		163,378		10,739	Quintis Ltd ^(a),(b),(e)		2,854,062		—
Emera Inc		250,246		7,918	Sappi Ltd		442,113		3,020
Enel SpA		917,092		4,534	Smurfit Kappa Group PLC		206,218		8,422
Glow Energy PCL		1,736,800		4,988	Stora Enso OYJ		646,562		12,034
Hera SpA		544,892		1,709	Sumitomo Forestry Co Ltd		192,700		3,113
Huadian Fuxin Energy Corp Ltd	14,110,000			2,917	Suzano Papel e Celulose SA		587,200		6,855
Iberdrola SA		2,164,177		16,081	UPM-Kymmene OYJ		324,049		12,500
Infraestructura Energetica Nova SAB de CV		1,614,464		7,532	West Fraser Timber Co Ltd		84,593		5,612
NextEra Energy Inc		91,500		15,564


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Forest Products & Paper (continued)					Mining - 3.04%
Western Forest Products Inc		1,566,278	$	2,736	Alcoa Corp (a)		135,984	$	6,074
		$		129,300	Anglo American PLC		238,292		4,785
Gas - 1.13%					Antofagasta PLC		406,122		4,254
Enagas SA		145,269		4,036	Barrick Gold Corp		432,042		4,502
Italgas SpA		479,346		2,590	BHP Billiton Ltd		229,683		5,518
National Grid PLC		1,971,081		20,724	Franco-Nevada Corp		80,800		5,165
Snam SpA		2,368,982		9,726	Freeport-McMoRan Inc		933,697		13,119
Southcross Holdings Borrower LP ^(a),(d)		37		8	Fresnillo PLC		322,361		3,752
Southwest Gas Holdings Inc		122,800		9,495	Glencore PLC ^(a)		3,644,508		14,848
Western Gas Equity Partners LP		22,712		769	Goldcorp Inc		399,300		4,314
		$		47,348	MMC Norilsk Nickel PJSC ADR		321,409		5,366
Hand & Machine Tools - 0.03%					Newcrest Mining Ltd		679,794		9,431
Franklin Electric Co Inc		22,177		1,084	Newmont Mining Corp		146,375		4,542
Healthcare - Products - 0.16%					Norsk Hydro ASA		908,231		5,008
Danaher Corp		63,210		6,545	Orocobre Ltd ^(a)		277,362		847
					Rio Tinto Ltd		303,023		15,834
Healthcare - Services - 0.00%					South32 Ltd		2,024,533		5,064
Millennium Health LLC ^(a),(d)		22,091		—	Southern Copper Corp		116,553		5,086
Millennium Health LLC ^{(a),(b),(d),(e)}		20,580		41	Sumitomo Metal Mining Co Ltd		148,600		4,794
Millennium Health LLC ^{(a),(b),(d),(e)}		19,318		36	Wheaton Precious Metals Corp		261,200		4,475
		$		77			$		126,778
Holding Companies - Diversified - 0.07%					Miscellaneous Manufacturers - 0.17%
Empresas COPEC SA		182,184		2,779	Aalberts Industries NV		55,124		2,367
Home Builders - 0.23%					Alfa Laval AB		171,694		4,602
DR Horton Inc		56,581		2,519			$		6,969
Meritage Homes Corp ^(a)		21,837		942	Oil & Gas - 6.56%
PulteGroup Inc		41,185		1,151	Aker BP ASA		168,066		5,948
Taylor Morrison Home Corp (a)		49,144		956	Anadarko Petroleum Corp		192,374		12,388
Toll Brothers Inc		62,417		2,261	Andeavor		55,858		8,535
TRI Pointe Group Inc ^(a)		120,826		1,751	Antero Midstream Partners LP		160,163		4,688
		$		9,580	BP PLC		743,109		5,292
Iron & Steel - 1.89%					Cairn Energy PLC ^(a)		903,762		2,806
ArcelorMittal		389,230		11,739	Canadian Natural Resources Ltd		164,600		5,620
Fortescue Metals Group Ltd		1,605,814		4,425	Chevron Corp		45,844		5,431
JFE Holdings Inc		275,200		6,016	China Petroleum & Chemical Corp		3,774,000		3,797
Nippon Steel & Sumitomo Metal Corp		271,500		5,458	CNOOC Ltd		5,523,000		9,800
Novolipetsk Steel PJSC		216,676		5,262	ConocoPhillips		84,558		6,209
Nucor Corp		88,771		5,548	Continental Resources Inc/OK ^(a)		104,231		6,874
Severstal PJSC		358,400		5,767	Devon Energy Corp		236,969		10,173
Steel Dynamics Inc		103,033		4,712	Ecopetrol SA ADR		265,175		5,993
thyssenkrupp AG		216,296		4,998	Eni SpA		315,163		5,849
Vale SA ADR		1,530,455		20,202	EOG Resources Inc		120,106		14,201
voestalpine AG		106,214		4,774	EQT GP Holdings LP		32,503		683
		$		78,901	Equinor ASA		216,577		5,555
Lodging - 0.59%					Exxon Mobil Corp		70,142		5,623
City Developments Ltd		1,286,500		8,699	Fieldwood - Pre IPO Rights ^(a),(d)		15,204		780
Hilton Grand Vacations Inc ^(a)		167,328		5,465	Galp Energia SGPS SA		304,852		6,187
Hilton Worldwide Holdings Inc		135,914		10,550	Gazprom PJSC ADR		1,254,633		5,534
		$		24,714	Hess Corp		108,281		7,292
Machinery - Diversified - 0.53%					Imperial Oil Ltd		174,000		5,423
ANDRITZ AG		45,700		2,708	LUKOIL PJSC ADR		85,380		5,900
Ebara Corp		54,200		1,852	Novatek PJSC		39,542		6,612
Gorman-Rupp Co/The		10,921		400	Occidental Petroleum Corp		202,463		16,170
IDEX Corp		43,853		6,719	Ocean Rig UDW Inc ^(a)		49,483		1,340
Kadant Inc		8,441		853	OMV AG		103,942		5,511
Lindsay Corp		6,091		583	Petroleo Brasileiro SA ADR		480,489		5,223
Mueller Water Products Inc - Class A		90,966		1,052	Phillips 66		48,917		5,797
Valmet OYJ		12,255		269	Pioneer Natural Resources Co		51,179		8,941
Xylem Inc/NY		103,076		7,825	Repsol SA		299,409		5,759
		$		22,261	Rosneft Oil Co PJSC		934,190		5,950
Media - 0.04%					Royal Dutch Shell PLC - A Shares		164,268		5,344
Cumulus Media Inc ^(a)		77,106		1,612	Suncor Energy Inc		142,800		5,878
Metal Fabrication & Hardware - 0.09%					TOTAL SA		380,749		23,876
Advanced Drainage Systems Inc		23,212		728	Valero Energy Corp		121,752		14,352
Tenaris SA		168,846		2,833	Vantage Drilling International (a),(b),(e)		1,554		122
		$		3,561	Woodside Petroleum Ltd		232,378		6,165
							$		273,621


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Oil & Gas Services - 0.65%					REITs (continued)
Baker Hughes a GE Co		164,743	$	5,432	AvalonBay Communities Inc		80,086	$	14,679
Halliburton Co		241,260		9,624	CatchMark Timber Trust Inc		256,105		3,212
Schlumberger Ltd		157,578		9,952	CFE Capital S de RL de CV		5,072,600		4,588
Select Energy Services Inc ^(a)		161,453		2,204	Crown Castle International Corp		111,206		12,681
		$		27,212	CubeSmart		170,692		5,215
Packaging & Containers - 1.33%					Daiwa Office Investment Corp		960		5,848
Amcor Ltd/Australia		535,657		5,512	Dexus		885,797		6,838
Ball Corp		131,200		5,495	Digital Realty Trust Inc		37,824		4,701
DS Smith PLC		1,085,109		6,964	EPR Properties		60,577		4,251
Graphic Packaging Holding Co		148,538		2,112	Equinix Inc		28,432		12,400
Greif Inc - Class A		37,360		2,062	Essex Property Trust Inc		46,008		11,331
Packaging Corp of America		154,886		17,025	Frasers Logistics & Industrial Trust		3,793,671		3,039
Sealed Air Corp		130,818		5,247	Gecina SA		62,906		10,815
Sonoco Products Co		28,806		1,614	Goodman Group		1,932,992		14,888
WestRock Co		171,311		9,435	Inmobiliaria Colonial Socimi SA		842,186		9,109
		$		55,466	Invitation Homes Inc		555,225		12,976
Pipelines - 7.56%					Japan Hotel REIT Investment Corp		9,048		6,855
AltaGas Ltd		215,920		4,012	Japan Retail Fund Investment Corp		1,954		3,536
Andeavor Logistics LP		156,747		7,615	Kilroy Realty Corp		85,391		6,246
Antero Midstream GP LP		64,658		1,092	Klepierre SA		109,491		3,935
APA Group		1,430,524		10,283	Link REIT		1,175,500		11,717
BP Midstream Partners LP		83,038		1,638	MCUBS MidCity Investment Corp		6,651		5,038
Buckeye Partners LP		114,831		4,049	Merlin Properties Socimi SA		509,038		7,099
Cheniere Energy Inc ^(a)		386,184		25,847	Minto Apartment Real Estate Investment Trust		332,680		4,285
Enbridge Energy Management LLC ^(a)		694,130		7,531	Park Hotels & Resorts Inc		63,668		2,130
Enbridge Inc		1,037,213		35,377	Physicians Realty Trust		192,737		3,371
Enbridge Inc		92,832		3,172	PotlatchDeltic Corp		205,539		9,928
Energy Transfer Equity LP		494,835		8,660	Prologis Inc		194,785		13,086
Energy Transfer Partners LP		386,105		8,707	Rayonier Inc		392,031		13,654
EnLink Midstream Partners LP		47,182		840	Regency Centers Corp		157,008		10,367
Enterprise Products Partners LP		577,812		16,525	Rexford Industrial Realty Inc		370,233		12,033
EQT Midstream Partners LP		159,933		9,142	Segro PLC		1,222,521		10,452
Gibson Energy Inc		360,711		5,357	Simon Property Group Inc		120,981		22,143
Kinder Morgan Inc/DE		1,010,244		17,881	STORE Capital Corp		165,050		4,755
Koninklijke Vopak NV		68,668		3,544	Sun Communities Inc		70,995		7,325
Magellan Midstream Partners LP		223,365		15,245	Sunstone Hotel Investors Inc		317,970		5,336
MPLX LP		363,854		12,906	Unibail-Rodamco-Westfield		8,916		1,872
Noble Midstream Partners LP		24,169		1,059	UNITE Group PLC/The		652,522		7,511
ONEOK Inc		141,869		9,351	United Urban Investment Corp		3,628		5,725
Pembina Pipeline Corp		130,221		4,441	Vicinity Centres		2,303,389		4,593
Phillips 66 Partners LP		147,635		7,597	Weyerhaeuser Co		605,168		21,004
Plains All American Pipeline LP		523,186		13,666			$		376,842
Shell Midstream Partners LP		197,908		4,427	Retail - 0.11%
Tallgrass Energy LP		248,552		6,112	BMC Stock Holdings Inc ^(a)		48,269		1,086
Targa Resources Corp		68,463		3,770	Gymboree Corp/The (a),(d)		17,842		214
TransCanada Corp		449,756		19,155	Gymboree Holding Corp ^(a)		48,577		583
Valero Energy Partners LP		109,211		3,909	Home Depot Inc/The		8,554		1,717
Western Gas Partners LP		208,786		10,199	Lowe's Cos Inc		10,268		1,117
Williams Cos Inc/The		1,086,155		32,139			$		4,717
		$		315,248	Software - 0.22%
Real Estate - 1.80%					Avaya Holdings Corp (a)		179,173		4,185
ADO Properties SA (c)		147,463		9,475	InterXion Holding NV (a)		78,457		5,173
Aroundtown SA		1,005,314		8,963			$		9,358
Deutsche Wohnen SE		260,736		13,181	Storage & Warehousing - 0.07%
Entra ASA (c)		290,809		4,216	Safestore Holdings PLC		416,006		2,868
Fabege AB		584,919		7,816	Telecommunications - 0.16%
Hongkong Land Holdings Ltd		987,599		6,836	Eutelsat Communications SA		275,712		6,527
Leopalace21 Corp		142,700		757	Textiles - 0.02%
Mitsui Fudosan Co Ltd		481,200		11,010	Mohawk Industries Inc ^(a)		3,534		677
New World Development Co Ltd		6,984,000		9,335	Transportation - 0.11%
Pope Resources a Delaware LP		47,701		3,413	East Japan Railway Co		41,000		3,707
		$		75,002	Harvey Gulf ^(a),(b),(e)		3,013		139
REITs - 9.03%					Harvey Gulf - Warrants (a),(b),(e)		13,471		620
Agree Realty Corp		56,081		3,201			$		4,466
Alexandria Real Estate Equities Inc		112,823		14,481	Water - 2.33%
American Homes 4 Rent		71,192		1,652	American States Water Co		27,410		1,656
American Tower Corp		22,710		3,387	American Water Works Co Inc		133,297		11,667
Americold Realty Trust		280,326		6,980	Aqua America Inc		132,700		4,934
Apartment Investment & Management Co		150,080		6,574


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2018



	COMMON STOCKS (continued)			Shares Held Value (000’s)							Principal
	Water (continued)							BONDS (continued)		Amount (000’s) Value (000’s)
	Beijing Enterprises Water Group Ltd				3,868,000	$	2,111	Finance - Mortgage Loan/Banker (continued)
	California Water Service Group				35,815		1,474	Federal Home Loan Banks (continued)
	Cia de Saneamento Basico do Estado de Sao				255,139		1,533	2.01%, 12/16/2019(h)			$	7,500	$	7,501
	Paulo ADR							1 Month LIBOR + (0.06)%
	Cia de Saneamento do Parana				686,140		7,338	2.19%, 01/30/2020(h)				11,000		11,002
	Connecticut Water Service Inc				9,009		617	3 Month Treasury Bill + 0.14%
	Guangdong Investment Ltd				2,148,000		3,813	Freddie Mac
	Middlesex Water Co				12,204		559	1.96%, 06/28/2019(h)				3,300		3,300
	Pennon Group PLC				1,220,860		12,169	1 Month LIBOR + (0.10)%
	PICO Holdings Inc				17,282		207	1.97%, 08/12/2019(h)				30,400		30,406
	Severn Trent PLC				740,235		19,226	1 Month LIBOR + (0.20)%
	SJW Group				12,103		701	1.98%, 08/08/2019(h)				39,800		39,802
	Suez				316,454		4,580	1 Month LIBOR + (0.20)%
	United Utilities Group PLC				1,961,414		18,879	2.17%, 07/05/2019(h)				5,400		5,401
	Veolia Environnement SA				267,553		5,636	3 Month LIBOR + (0.17)%
	York Water Co/The				9,602		289					$		212,845
					$		97,389	Media- 0.01	%
	TOTAL COMMON STOCKS				$		2,212,353	iHeartCommunications Inc
	INVESTMENT COMPANIES - 2.30%			Shares Held Value (000's)				0.00%, 12/15/2019(a)				523		386
	Exchange Traded Funds - 0.47%							Sovereign - 0.82%
	Invesco S&P Global Water Index ETF				77,828		2,743	Italy Buoni Poliennali Del Tesoro
	SPDR S&P Global Natural Resources ETF				338,338		16,518	1.26%, 10/27/2020		EUR		1,013		1,188
					$		19,261	1.67%, 04/23/2020				1,892		2,229
	Money Market Funds - 1.83%							2.55%, 09/15/2041				208		248
	Principal Government Money Market Fund			76,473,936			76,474	Japanese Government CPI Linked Bond
	1.84%(f),(g)							0.10%, 09/10/2024		JPY		637,025		5,957
	TOTAL INVESTMENT COMPANIES				$		95,735	0.10%, 03/10/2027				685,947		6,461
	PREFERRED STOCKS - 0.08%			Shares Held Value (000's)				0.10%, 03/10/2028				316,942		2,989
	Electric - 0.08%							New Zealand Government Inflation Linked Bond
	Cia de Transmissao de Energia Eletrica Paulista				248,472	$	3,507	2.57%, 09/20/2040		NZD		1,099		850
	4.62	%						2.60%, 09/20/2035				2,831		2,202
	TOTAL PREFERRED STOCKS				$		3,507	3.17%, 09/20/2030				12,719		10,467
				Principal				United Kingdom Gilt Inflation Linked
	BONDS- 8.05	%	Amount (000's) Value (000's)					0.75%, 11/22/2047		GBP		542		1,291
	Federal & Federally Sponsored Credit - 2.12%											$		33,882
	Federal Farm Credit Banks							TOTAL BONDS				$		335,646
	2.02%, 05/14/2020(h)			$	28,000	$	28,007	COMMODITY INDEXED STRUCTURED			Principal
	1 Month LIBOR + (0.09)%							NOTES- 0.44	%	Amount (000's) Value (000's)
	2.09%, 12/11/2019(h)				13,500		13,505	Banks- 0.44	%
	Federal Reserve Prime Loan Rate + (5.82)%							Royal Bank of Canada; Dow Jones - UBS
	2.14%, 11/04/2019(h)				25,000		25,003	Commodity Index Linked Note
	3 Month Treasury Bill Index + 0.05%							1.92%, 04/23/2019(c)			$	22,000		18,501
	2.15%, 01/27/2020(h)				11,000		10,997	TOTAL COMMODITY INDEXED STRUCTURED NOTES $						18,501
	3 Month Treasury Bill Index + 0.11%										Principal
	2.18%, 06/19/2019(h)				11,000		11,021	CONVERTIBLE BONDS - 0.01%		Amount (000's) Value (000's)
	3 Month Treasury Bill Index + 0.09%							Oil & Gas - 0.01%
					$		88,533	Vantage Drilling International
	Finance - Mortgage Loan/Banker - 5.10%							1.00%, PIK 1.00%, 12/31/2030(b),(i),(j)				275		275
	Fannie Mae							TOTAL CONVERTIBLE BONDS				$		275
	1.13%, 12/14/2018(h)				12,000		11,963	SENIOR FLOATING RATE INTERESTS			Principal
	2.06%, 02/28/2019(h)				4,000		4,003	- 13.51	%	Amount (000's) Value (000's)
	1 Month LIBOR + 0.00%							Advertising - 0.19%
	2.09%, 01/30/2020(h)				40,550		40,576	Advantage Sales & Marketing Inc
	U.S. Secured Overnight Financing Rate + 0.16%							5.33%, 07/23/2021(k)			$	1,476	$	1,375
	Federal Farm Credit Banks							US LIBOR + 3.25%
	2.07%, 08/27/2020(h)				3,800		3,797	Affinion Group Inc
	Federal Reserve Prime Loan Rate + (2.93)%							9.81%, 03/31/2022(k)				1,435		1,477
	Federal Home Loan Banks							US LIBOR + 7.75%
	1.97%, 06/27/2019(h)				9,300		9,299	Checkout Holding Corp
	1 Month LIBOR + (0.19)%							5.81%, 04/03/2021(k)				2,024		981
	1.98%, 06/21/2019(h)				21,000		20,999	US LIBOR + 3.50%
	1 Month LIBOR + (0.18)%							Getty Images Inc
	1.99%, 11/13/2019(h)				10,000		9,997	5.58%, 10/03/2019(k)				3,472		3,381
	1 Month LIBOR + (0.08)%							US LIBOR + 3.50%
	2.00%, 01/23/2020(h)				5,800		5,798	Red Ventures LLC
	1 Month LIBOR + (0.07)%							6.08%, 10/18/2024(k)				799		807
	2.01%, 07/19/2019(h)				9,000		9,001	US LIBOR + 4.00%
	1 Month LIBOR + (0.14)%											$		8,021


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2018



SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Aerospace & Defense - 0.26%					Commercial Services (continued)
Sequa Mezzanine Holdings LLC					Laureate Education Inc
7.19%, 10/28/2021(k)	$	4,662	$	4,569	5.58%, 04/26/2024(k)	$	1,821	$	1,823
US LIBOR + 5.00%					US LIBOR + 3.50%
11.20%, 04/28/2022(k)		1,621		1,589	Monitronics International Inc
US LIBOR + 9.00%					7.83%, 09/30/2022(k)		1,761		1,676
TransDigm Inc					US LIBOR + 5.50%
4.58%, 06/09/2023(k)		3,772		3,763	PAREXEL International Corp
US LIBOR + 2.50%					4.83%, 08/09/2024(k)		744		744
4.58%, 05/14/2025(k)		998		995	US LIBOR + 2.75%
US LIBOR + 2.50%					Prime Security Services Borrower LLC
		$		10,916	4.83%, 05/02/2022(k)		1,930		1,934
Airlines - 0.17%					US LIBOR + 2.75%
American Airlines Inc					Syniverse Holdings Inc
3.81%, 06/27/2025(k)		3,115		3,048	7.07%, 02/09/2023(k)		3,890		3,856
US LIBOR + 1.75%					US LIBOR + 5.00%
4.06%, 10/10/2021(k)		2,612		2,610	11.07%, 02/09/2024(k)		2,000		1,930
US LIBOR + 2.00%					US LIBOR + 9.00%
4.06%, 12/14/2023(k)		1,663		1,650	Vantiv LLC
US LIBOR + 2.00%					3.81%, 08/20/2024(k)		1,496		1,496
		$		7,308	US LIBOR + 1.75%
Automobile Manufacturers - 0.06%					Verscend Holding Corp
FCA US LLC					0.00%, 08/08/2025(k),(l)		1,333		1,341
4.07%, 12/05/2018(k)		2,397		2,399	WEX Inc
US LIBOR + 2.00%					4.33%, 06/30/2023(k)		927		929
Beverages - 0.05%					US LIBOR + 2.25%
Jacobs Douwe Egberts International BV							$		23,690
4.62%, 07/02/2022(k)		2,108		2,122	Computers - 0.67%
US LIBOR + 2.25%					Banff Merger Sub Inc
Biotechnology - 0.16%					0.00%, 09/01/2025(k),(l)		5,395		5,397
Concordia International Corp					US LIBOR + 4.25%
6.33%, 10/21/2021(k)		7,382		6,654	Dell International LLC
US LIBOR + 4.25%					3.58%, 12/31/2018(k)		1,858		1,857
					US LIBOR + 1.50%
Building Materials - 0.09%					4.08%, 09/07/2023(k)		6,894		6,891
Quikrete Holdings Inc					US LIBOR + 2.00%
4.83%, 11/03/2023(k)		3,583		3,578	iQor US Inc
US LIBOR + 2.75%					7.34%, 04/01/2021(k)		2,172		1,923
Chemicals - 0.04%					US LIBOR + 5.00%
INEOS US Finance LLC					McAfee LLC
4.17%, 03/31/2024(k)		239		239	6.57%, 09/30/2024(k)		3,301		3,327
US LIBOR + 2.00%					US LIBOR + 4.50%
Minerals Technologies Inc					10.57%, 09/26/2025(k)		750		765
4.75%, 05/09/2021(k)		1,305		1,305	US LIBOR + 8.50%
Tronox Blocked Borrower LLC					NeuStar Inc
5.07%, 09/13/2024(k)		91		91	5.58%, 08/08/2024(k)		989		991
US LIBOR + 3.00%					US LIBOR + 3.50%
Tronox Finance LLC					Optiv Security Inc
5.08%, 09/13/2024(k)		210		211	5.31%, 02/01/2024(k)		916		886
US LIBOR + 3.00%					US LIBOR + 3.25%
		$		1,846	Tempo Acquisition LLC
Coal - 0.03%					5.08%, 05/01/2024(k)		1,481		1,484
Peabody Energy Corp					US LIBOR + 3.00%
4.83%, 03/07/2025(k)		1,187		1,186	Western Digital Corp
US LIBOR + 2.75%					3.82%, 04/29/2023(k)		4,420		4,417
Commercial Services - 0.57%					US LIBOR + 1.75%
Allied Universal Holdco LLC							$		27,938
5.83%, 07/27/2022(k)		1,414		1,393	Consumer Products - 0.02%
US LIBOR + 3.75%					Prestige Brands Inc
Camelot Finance LP					4.08%, 01/20/2024(k)		694		693
5.33%, 10/03/2023(k)		2,449		2,445	US LIBOR + 2.00%
US LIBOR + 3.25%					Cosmetics & Personal Care - 0.16%
Concentra Inc					Coty Inc
4.84%, 06/01/2022(k)		3,168		3,180	3.83%, 03/29/2023(k)		2,500		2,475
US LIBOR + 2.75%					US LIBOR + 1.75%
Gartner Inc					4.33%, 03/28/2025(k)		1,500		1,453
3.83%, 03/21/2022(k)		943		943	US LIBOR + 2.25%
US LIBOR + 2.00%


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2018



SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Cosmetics & Personal Care (continued)					Entertainment (continued)
Revlon Consumer Products Corp					Crown Finance US Inc
5.81%, 07/21/2023(k)	$	3,481	$	2,583	4.58%, 02/07/2025(k)	$	748	$	746
US LIBOR + 3.50%					US LIBOR + 2.50%
		$		6,511	Formula One Management Ltd
Distribution & Wholesale - 0.14%					4.58%, 02/01/2024(k)		6,202		6,152
Core & Main LP					US LIBOR + 2.50%
5.31%, 07/19/2024(k)		1,488		1,493	Metro-Goldwyn-Mayer Inc
US LIBOR + 3.00%					4.58%, 06/27/2025(k)		1,500		1,500
KAR Auction Services Inc					US LIBOR + 2.50%
4.62%, 03/09/2023(k)		769		772	6.58%, 06/29/2026(k)		750		750
US LIBOR + 2.50%					US LIBOR + 4.50%
Univar USA Inc					Penn National Gaming Inc
4.33%, 07/01/2024(k)		3,754		3,761	0.00%, 08/14/2025(k),(l)		2,000		2,002
US LIBOR + 2.50%					Scientific Games International Inc
		$		6,026	4.83%, 08/14/2024(k)		6,120		6,102
Diversified Financial Services - 0.28%					US LIBOR + 2.75%
Capital Automotive LP					Stars Group Holdings BV
4.58%, 03/21/2024(k)		3,578		3,576	5.83%, 06/27/2025(k)		1,500		1,511
US LIBOR + 2.50%					US LIBOR + 3.50%
8.08%, 03/21/2025(k)		2,061		2,102	William Morris Endeavor Entertainment LLC
US LIBOR + 6.00%					4.86%, 05/16/2025(k)		2,062		2,050
Ditech Holding Corp					US LIBOR + 2.75%
8.08%, 06/30/2022(k)		5,668		5,372			$		23,656
US LIBOR + 3.75%					Environmental Control - 0.12%
Lions Gate Capital Holdings LLC					Advanced Disposal Services Inc
4.31%, 03/20/2025(k)		596		596	4.21%, 11/10/2023(k)		4,882		4,890
US LIBOR + 2.25%					US LIBOR + 2.25%
		$		11,646	Food - 0.48%
Electric - 0.48%					Albertson's LLC
Calpine Corp					4.83%, 08/25/2021(k)		10,885		10,862
4.84%, 05/05/2023(k)		2,344		2,347	US LIBOR + 2.75%
US LIBOR + 2.50%					CHG PPC Parent LLC
4.84%, 01/15/2024(k)		1,348		1,349	4.83%, 03/21/2025(k)		750		747
US LIBOR + 2.50%					US LIBOR + 2.75%
Dayton Power & Light Co/The					Moran Foods LLC
4.08%, 08/19/2022(k)		2,112		2,109	8.08%, 12/01/2023(k)		589		421
US LIBOR + 2.00%					US LIBOR + 6.00%
NRG Energy Inc					Pinnacle Foods Finance LLC
4.08%, 06/30/2023(k)		997		996	3.84%, 02/02/2024(k)		1,721		1,721
US LIBOR + 1.75%					US LIBOR + 1.75%
Vistra Operations Co LLC					US Foods Inc
4.06%, 12/14/2025(k)		2,133		2,128	4.08%, 06/27/2023(k)		6,323		6,311
US LIBOR + 2.00%					US LIBOR + 2.00%
4.08%, 08/04/2023(k)		8,492		8,475			$		20,062
US LIBOR + 2.00%					Gas - 0.00%
4.33%, 12/14/2023(k)		2,456		2,455	Southcross Holdings Borrower LP
US LIBOR + 2.25%					4.50%, PIK 5.50%, 04/13/2023(d),(j),(k)		37		31
		$		19,859	Healthcare - Products - 0.30%
Electrical Components & Equipment - 0.02%					ConvaTec Inc
Energizer Holdings Inc					4.58%, 10/13/2023(k)		2,608		2,610
0.00%, 06/20/2025(k),(l)		750		754	US LIBOR + 2.25%
Electronics - 0.03%					DJO Finance LLC
TTM Technologies Inc					5.46%, 06/24/2020(k)		1,448		1,447
4.58%, 09/13/2024(k)		1,470		1,470	US LIBOR + 3.25%
US LIBOR + 2.50%					Kinetic Concepts Inc
Engineering & Construction - 0.05%					5.58%, 02/02/2024(k)		2,371		2,378
Brand Industrial Services Inc					US LIBOR + 3.25%
6.60%, 06/14/2024(k)		2,259		2,269	LifeScan Global Corp
US LIBOR + 4.25%					0.00%, 06/19/2024(k),(l)		750		728
Entertainment - 0.57%					Medplast Holdings Inc
CCM Merger Inc					6.09%, 06/26/2025(k)		2,000		2,015
4.83%, 08/08/2021(k)		1,091		1,095	US LIBOR + 3.75%
US LIBOR + 2.75%					Onex Carestream Finance LP
CEOC LLC					6.08%, 06/05/2019(k)		1,945		1,940
4.08%, 10/07/2024(k)		1,750		1,748	US LIBOR + 4.00%
US LIBOR + 2.00%					10.58%, 12/15/2019(k)		565		562
					US LIBOR + 8.50%


SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Healthcare - Products (continued)					Internet (continued)
Vyaire Medical Inc					Uber Technologies Inc
7.23%, 04/11/2025(k)	$	1,000	$	975	5.57%, 07/13/2023(k)	$	997	$	1,001
US LIBOR + 4.75%					US LIBOR + 3.50%
		$		12,655	6.08%, 07/22/2025(k)		1,000		1,006
Healthcare - Services - 0.68%					US LIBOR + 4.00%
Air Medical Group Holdings Inc							$		3,856
6.33%, 03/14/2025(k)		1,060		1,052	Investment Companies - 0.06%
US LIBOR + 4.25%					RPI Finance Trust
Ardent Health Partners LLC					4.33%, 03/27/2023(k)		2,408		2,413
6.58%, 06/16/2025(k)		1,250		1,258	US LIBOR + 2.00%
US LIBOR + 4.50%					Leisure Products & Services - 0.18%
Catalent Pharma Solutions Inc					Alterra Mountain Co
4.33%, 05/20/2024(k)		2,457		2,464	5.08%, 07/31/2024(k)		1,505		1,505
US LIBOR + 2.25%					US LIBOR + 3.00%
CHS/Community Health Systems Inc					Equinox Holdings Inc
5.56%, 01/14/2021(k)		1,808		1,780	5.08%, 03/08/2024(k)		1,038		1,042
US LIBOR + 3.25%					US LIBOR + 3.00%
Gentiva Health Services Inc					Fitness International LLC
6.13%, 06/23/2025(k)		2,932		2,951	4.97%, 04/18/2023(k)		1,750		1,748
US LIBOR + 3.75%					US LIBOR + 2.75%
9.38%, 06/22/2026(k)		500		508	Life Time Fitness Inc
US LIBOR + 7.00%					5.06%, 06/10/2022(k)		2,075		2,074
HCA Inc					US LIBOR + 2.75%
3.83%, 03/17/2023(k)		3,143		3,156	Sabre GLBL Inc
US LIBOR + 1.75%					4.08%, 02/22/2024(k)		972		973
4.08%, 03/07/2025(k)		5,144		5,170	US LIBOR + 2.00%
US LIBOR + 2.00%							$		7,342
Heartland Dental LLC					Lodging - 0.32%
5.83%, 04/18/2025(k)		108		107	Boyd Gaming Corp
US LIBOR + 3.75%					4.21%, 09/15/2023(k)		2,050		2,059
Jaguar Holding Co II					US LIBOR + 2.50%
4.58%, 08/18/2022(k)		4,495		4,490	Caesars Resort Collection LLC
US LIBOR + 2.50%					4.83%, 10/02/2024(k)		3,978		3,989
MPH Acquisition Holdings LLC					US LIBOR + 2.75%
5.08%, 05/25/2023(k)		740		739	CityCenter Holdings LLC
US LIBOR + 3.00%					4.33%, 04/18/2024(k)		3,042		3,041
New Millennium Holdco Inc					US LIBOR + 2.25%
8.58%, 12/21/2020(k)		1,093		592	Hilton Worldwide Finance LLC
US LIBOR + 6.50%					3.81%, 10/25/2023(k)		2,375		2,382
Quorum Health Corp					US LIBOR + 1.75%
8.83%, 04/29/2022(k)		394		398	Wyndham Hotels & Resorts Inc
US LIBOR + 6.75%					3.83%, 03/28/2025(k)		2,000		2,002
Select Medical Corp					US LIBOR + 1.75%
4.82%, 03/01/2021(k)		1,436		1,442			$		13,473
US LIBOR + 2.75%					Machinery - Construction & Mining - 0.03%
Syneos Health Inc					North American Lifting Holdings Inc
4.08%, 08/01/2024(k)		2,313		2,312	6.83%, 11/26/2020(k)		1,512		1,461
US LIBOR + 2.00%					US LIBOR + 4.50%
		$		28,419
Insurance - 0.16%					Machinery - Diversified - 0.28%
					Columbus McKinnon Corp/NY
Acrisure LLC					4.83%, 01/31/2024(k)		1,399		1,401
6.59%, 11/22/2023(k)		1,232		1,235	US LIBOR + 2.50%
US LIBOR + 4.25%					Gardner Denver Inc
Alliant Holdings Intermediate LLC					4.83%, 07/30/2024(k)		5,535		5,550
5.07%, 04/27/2025(k)		2,718		2,717	US LIBOR + 2.75%
US LIBOR + 3.00%					NN Inc
HUB International Ltd					5.33%, 03/26/2021(k)		2,177		2,168
5.33%, 04/18/2025(k)		2,573		2,570	US LIBOR + 3.25%
US LIBOR + 3.00%					5.83%, 10/19/2022(k)		1,384		1,380
		$		6,522	US LIBOR + 3.75%
Internet - 0.09%					RBS Global Inc
Ancestry.com Operations Inc					4.06%, 08/21/2024(k)		1,229		1,233
5.33%, 10/19/2023(k)		1,849		1,849	US LIBOR + 2.25%
US LIBOR + 3.25%							$		11,732


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 - 1.54%					Office & Business Equipment - 0.03%
Altice Financing SA					Zebra Technologies Corp
4.81%, 07/15/2025(k)	$	2,963	$	2,866	4.06%, 10/27/2021(k)	$	1,220	$	1,226
US LIBOR + 2.75%					US LIBOR + 1.75%
Altice France SA/France					Oil & Gas - 0.38%
6.07%, 07/13/2026(k)		4,000		3,888	California Resources Corp
CBS Radio Inc					6.82%, 11/14/2022(k)		4,500		4,562
4.82%, 11/17/2024(k)		2,408		2,384	US LIBOR + 4.75%
US LIBOR + 2.75%					12.44%, 12/31/2021(k)		1,750		1,935
Charter Communications Operating LLC					US LIBOR + 10.37%
4.08%, 04/13/2025(k)		6,365		6,365	Drillship Kithira Owners Inc
US LIBOR + 2.00%					8.00%, 09/24/2020(k)		220		231
CSC Holdings LLC					Fieldwood Energy LLC
4.56%, 01/12/2026(k)		1,496		1,497	7.33%, 04/11/2022(k)		3,429		3,444
US LIBOR + 2.50%					US LIBOR + 5.25%
Cumulus Media New Holdings Inc					9.33%, 04/11/2023(k)		2,791		2,703
6.58%, 05/15/2022(k)		6,058		5,951	US LIBOR + 7.25%
US LIBOR + 4.50%					Seadrill Operating LP
Gray Television Inc					8.33%, 02/12/2021(k)		3,445		3,212
4.33%, 02/02/2024(k)		553		553	US LIBOR + 6.00%
US LIBOR + 2.50%							$		16,087
Houghton Mifflin Harcourt Publishers Inc					Oil & Gas Services - 0.06%
5.08%, 05/11/2021(k)		2,630		2,435	McDermott Technology Americas Inc
US LIBOR + 3.00%					7.08%, 04/04/2025(k)		2,494		2,518
iHeartCommunications Inc					US LIBOR + 5.00%
0.00%, 01/22/2019(a),(k)		20,055		14,924	Packaging & Containers - 0.26%
US LIBOR + 6.75%					Berry Global Inc
0.00%, 07/30/2019(a),(k)		2,886		2,146	4.19%, 01/19/2024(k)		1,970		1,969
US LIBOR + 7.50%					US LIBOR + 2.00%
McGraw-Hill Global Education Holdings LLC					CROWN Americas LLC
6.08%, 05/02/2022(k)		3,329		3,173	4.08%, 01/17/2025(k)		1,583		1,587
US LIBOR + 4.00%					US LIBOR + 2.00%
Mediacom Illinois LLC					Reynolds Group Holdings Inc
3.71%, 02/15/2024(k)		484		482	4.83%, 02/05/2023(k)		6,916		6,936
US LIBOR + 1.75%					US LIBOR + 2.75%
Meredith Corp					SIG Combibloc PurchaseCo Sarl
5.08%, 01/17/2025(k)		3,768		3,776	4.83%, 02/03/2022(k)		224		224
US LIBOR + 3.00%					US LIBOR + 3.00%
Mission Broadcasting Inc							$		10,716
4.58%, 01/17/2024(k)		390		391
US LIBOR + 2.50%					Pharmaceuticals - 0.35%
Nexstar Broadcasting Inc					Bausch Health Cos Inc
4.58%, 01/17/2024(k)		2,863		2,872	5.08%, 05/19/2025(k)		220		221
US LIBOR + 2.50%					US LIBOR + 3.00%
Nielsen Finance LLC					Change Healthcare Holdings LLC
4.07%, 10/04/2023(k)		2,464		2,449	4.83%, 03/01/2024(k)		7,772		7,774
US LIBOR + 2.00%					US LIBOR + 2.75%
Sinclair Television Group Inc					Grifols Worldwide Operations USA Inc
4.33%, 01/03/2024(k)		997		997	4.21%, 01/31/2025(k)		4,928		4,947
US LIBOR + 2.25%					US LIBOR + 2.25%
Tribune Media Co					PharMerica Corp
5.08%, 01/26/2024(k)		2,053		2,057	5.57%, 09/26/2024(k)		1,496		1,505
US LIBOR + 3.00%					US LIBOR + 3.50%
UPC Financing Partnership					Vizient Inc
4.56%, 01/15/2026(k)		2,801		2,792	4.83%, 02/13/2023(k)		223		222
US LIBOR + 2.50%					US LIBOR + 2.75%
Ziggo Secured Finance Partnership							$		14,669
4.56%, 04/15/2025(k)		2,150		2,113	Pipelines - 0.07%
US LIBOR + 2.50%					BCP Renaissance Parent LLC
		$		64,111	5.84%, 09/19/2024(k)		1,455		1,459
Mining - 0.02%					US LIBOR + 3.50%
Covia Holdings Corp					Traverse Midstream Partners LLC
6.05%, 04/09/2025(k)		760		750	6.34%, 09/21/2024(k)		1,344		1,349
US LIBOR + 3.75%					US LIBOR + 4.00%
Miscellaneous Manufacturers - 0.08%							$		2,808
Gates Global LLC					Real Estate - 0.03%
5.08%, 04/01/2024(k)		3,413		3,428	Realogy Group LLC
US LIBOR + 2.75%					4.32%, 01/26/2025(k)		1,484		1,487
					US LIBOR + 2.25%


SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
REITs - 0.25%					Software (continued)
GGP Inc					Ceridian HCM Holding Inc
0.00%, 05/07/2025(k),(l)	$	4,750	$	4,717	5.33%, 04/04/2025(k)	$	1,301	$	1,301
Uniti Group LP					US LIBOR + 3.25%
5.08%, 10/24/2022(k)		5,800		5,545	Compuware Corp
US LIBOR + 3.00%					5.57%, 08/08/2025(k)		699		702
		$		10,262	US LIBOR + 3.50%
Retail - 0.87%					DTI Holdco Inc
1011778 BC ULC					6.94%, 10/02/2023(k)		1,172		1,168
4.33%, 02/16/2024(k)		8,165		8,160	US LIBOR + 4.75%
US LIBOR + 2.25%					Dynatrace Intermediate LLC
Academy Ltd					5.32%, 08/08/2025(k)		1,105		1,109
6.08%, 07/01/2022(k)		1,902		1,562	US LIBOR + 3.25%
US LIBOR + 4.00%					9.07%, 08/08/2026(k)		123		123
Belk Inc					US LIBOR + 7.00%
6.81%, 12/12/2022(k)		1,179		1,030	EagleView Technology Corp
US LIBOR + 4.75%					5.57%, 07/31/2025(k)		1,500		1,497
BJ's Wholesale Club Inc					US LIBOR + 3.50%
5.07%, 02/03/2024(k)		1,268		1,270	Evergreen Skills Lux Sarl
US LIBOR + 3.00%					6.83%, 04/23/2021(k)		5,555		5,371
EG America LLC					US LIBOR + 4.75%
6.33%, 02/07/2025(k)		1,247		1,246	10.33%, 04/28/2022(k)		804		717
US LIBOR + 4.00%					US LIBOR + 8.25%
Hudson's Bay Co					First Data Corp
5.31%, 09/30/2022(k)		1,352		1,295	4.07%, 07/08/2022(k)		2,008		2,007
US LIBOR + 3.25%					US LIBOR + 2.00%
IRB Holding Corp					Greeneden US Holdings II LLC
5.32%, 01/17/2025(k)		249		250	5.58%, 12/01/2023(k)		3,632		3,638
US LIBOR + 3.25%					US LIBOR + 3.50%
Neiman Marcus Group Ltd LLC					Infor US Inc
5.33%, 10/25/2020(k)		3,037		2,815	4.83%, 02/01/2022(k)		3,920		3,922
US LIBOR + 3.25%					US LIBOR + 2.75%
Petco Animal Supplies Inc					Ivanti Software Inc
5.59%, 01/26/2023(k)		5,447		3,973	6.33%, 01/20/2024(k)		1,972		1,976
US LIBOR + 3.25%					US LIBOR + 4.25%
PetSmart Inc					Kronos Inc/MA
5.09%, 03/11/2022(k)		4,584		3,942	5.34%, 11/01/2023(k)		1,528		1,531
US LIBOR + 3.00%					US LIBOR + 3.00%
Serta Simmons Bedding LLC					MA FinanceCo LLC
5.58%, 10/20/2023(k)		2,200		1,883	4.58%, 04/19/2024(k)		734		732
US LIBOR + 3.50%					US LIBOR + 2.50%
SRS Distribution Inc					Rackspace Hosting Inc
5.44%, 05/19/2025(k)		1,500		1,465	5.35%, 11/03/2023(k)		2,286		2,270
US LIBOR + 3.25%					US LIBOR + 3.00%
Toys R Us - Delaware Inc					RP Crown Parent LLC
4.07%, 04/26/2024(k)		7,224		7,242	4.83%, 10/12/2023(k)		2,456		2,460
US LIBOR + 6.75%					US LIBOR + 2.75%
		$		36,133	Seattle SpinCo Inc
Semiconductors - 0.09%					4.58%, 04/19/2024(k)		4,956		4,943
Bright Bidco BV					US LIBOR + 2.50%
5.75%, 06/30/2024(k)		1,454		1,440	Sophia LP
US LIBOR + 3.50%					5.58%, 09/30/2022(k)		3,863		3,872
Microchip Technology Inc					US LIBOR + 3.25%
4.08%, 05/23/2025(k)		1,000		998	SS&C European Holdings Sarl
US LIBOR + 2.00%					4.33%, 02/28/2025(k)		1,240		1,240
ON Semiconductor Corp					US LIBOR + 2.25%
3.83%, 03/31/2023(k)		1,285		1,287	SS&C Technologies Inc
US LIBOR + 1.75%					0.00%, 04/16/2025(k),(l)		2,500		2,501
		$		3,725	US LIBOR + 2.25%
Software - 1.53%					4.33%, 02/28/2025(k)		3,187		3,189
Almonde Inc					US LIBOR + 2.25%
9.33%, 04/28/2025(k)		200		196	TIBCO Software Inc
US LIBOR + 7.25%					5.58%, 12/04/2020(k)		5,439		5,451
Blackboard Inc					US LIBOR + 3.50%
7.33%, 06/30/2021(k)		2,042		1,949	Veritas US Inc
US LIBOR + 5.00%					6.64%, 01/27/2023(k)		4,005		3,789
Cengage Learning Inc					US LIBOR + 4.50%
6.33%, 06/07/2023(k)		6,832		6,323			$		63,977
US LIBOR + 4.25%


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 - 0.93%					U.S. Treasury (continued)
Avaya Inc					2.12%, 04/30/2020(h)		$		47,000	$	47,006
6.31%, 12/15/2024(k)	$	5,572	$	5,606	3 Month Treasury Bill Index + 0.07%
US LIBOR + 4.25%					2.13%, 07/31/2020(h)				18,000		17,998
CenturyLink Inc					3 Month Treasury Bill Index + 0.09%
4.83%, 06/20/2022(k)		1,463		1,460	2.14%, 10/31/2019(h)				28,400		28,419
US LIBOR + 2.75%					3 Month Treasury Bill Index + 0.10%
4.83%, 01/31/2025(k)		4,871		4,812	2.15%, 07/31/2019(h),(n)				35,000		35,030
US LIBOR + 2.75%					3 Month Treasury Bill Index + 0.06%
CommScope Inc					2.16%, 04/30/2019(h)				1,000		1,001
4.08%, 12/29/2022(k)		241		242	3 Month Treasury Bill Index + 0.07%
US LIBOR + 2.00%									$		166,325
Frontier Communications Corp					U.S. Treasury Bill - 5.12%
5.83%, 05/31/2024(k)		2,572		2,482	1.88%, 09/06/2018(o)				12,000		11,999
US LIBOR + 3.75%					1.89%, 09/13/2018(o)				38,000		37,982
Intelsat Jackson Holdings SA					1.94%, 10/18/2018(o)				20,000		19,951
5.81%, 11/30/2023(k)		8,176		8,212	2.04%, 11/15/2018(o)				38,200		38,044
US LIBOR + 3.75%					2.06%, 12/06/2018(o)				34,200		34,016
6.56%, 01/15/2024(k)		1,578		1,654	2.10%, 01/10/2019(o)				35,700		35,428
US LIBOR + 4.50%					2.17%, 02/07/2019(o)				36,400		36,055
6.63%, 01/15/2024(k)		2,425		2,538					$		213,475
Maxar Technologies Ltd					U.S. Treasury Inflation-Indexed Obligations - 13.09%
4.83%, 10/05/2024(k)		2,177		2,125	0.13%, 04/15/2021				24,661		24,204
US LIBOR + 2.75%					0.13%, 01/15/2022				25,276		24,751
Plantronics Inc					0.13%, 04/15/2022				31,857		31,093
4.58%, 06/02/2025(k)		2,261		2,254	0.13%, 07/15/2022				24,889		24,405
US LIBOR + 2.50%					0.13%, 01/15/2023				23,127		22,528
Sprint Communications Inc					0.13%, 07/15/2024(m)				26,766		25,938
4.62%, 01/31/2024(k)		5,137		5,137	0.13%, 07/15/2026				18,572		17,731
US LIBOR + 2.50%					0.25%, 01/15/2025				22,774		22,077
West Corp					0.38%, 07/15/2023				25,457		25,132
5.58%, 10/10/2024(k)		342		338	0.38%, 07/15/2025(m)				30,001		29,361
US LIBOR + 3.50%					0.38%, 01/15/2027				17,578		17,010
6.08%, 10/10/2024(k)		1,069		1,064	0.38%, 07/15/2027				22,513		21,812
US LIBOR + 4.00%					0.50%, 01/15/2028				23,410		22,783
Windstream Services LLC					0.63%, 07/15/2021				24,280		24,286
6.06%, 03/29/2021(k)		864		803	0.63%, 04/15/2023				8,288		8,241
US LIBOR + 4.00%					0.63%, 01/15/2024				23,636		23,506
		$		38,727	0.63%, 01/15/2026				17,486		17,320
Transportation - 0.14%					0.63%, 02/15/2043				4,209		3,956
Ceva Logistics Finance BV					0.75%, 07/15/2028				17,738		17,710
6.10%, 07/25/2025(k)		1,000		999	0.75%, 02/15/2042				15,397		14,921
US LIBOR + 3.75%					0.75%, 02/15/2045				13,448		12,961
Commercial Barge Line Co					0.88%, 02/15/2047				4,426		4,397
10.83%, 11/12/2020(k)		888		712	1.00%, 02/15/2046				6,924		7,089
US LIBOR + 8.75%					1.00%, 02/15/2048				11,261		11,550
HGIM Corp					1.13%, 01/15/2021				3,370		3,399
8.51%, 07/02/2023(k)		1,282		1,286	1.38%, 02/15/2044				9,390		10,401
US LIBOR + 6.00%					1.75%, 01/15/2028				6,266		6,801
Savage Enterprises LLC					2.00%, 01/15/2026				7,676		8,356
6.58%, 07/02/2025(k)		1,750		1,763	2.13%, 02/15/2040				5,341		6,637
US LIBOR + 4.50%					2.13%, 02/15/2041				4,817		6,033
XPO Logistics Inc					2.38%, 01/15/2025				7,504		8,263
4.06%, 02/14/2025(k)		1,144		1,146	2.38%, 01/15/2027				6,737		7,608
US LIBOR + 2.00%					2.50%, 01/15/2029				7,773		9,067
		$		5,906	3.38%, 04/15/2032				5,851		7,741
Trucking & Leasing - 0.14%					3.63%, 04/15/2028				6,472		8,145
Avolon TLB Borrower 1 US LLC					3.88%, 04/15/2029				6,850		8,953
4.08%, 01/15/2025(k)		5,788		5,781					$		546,166
US LIBOR + 2.00%					TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
TOTAL SENIOR FLOATING RATE INTERESTS		$		563,709	OBLIGATIONS				$		925,966
U.S. GOVERNMENT & GOVERNMENT	Principal				TOTAL PURCHASED OPTIONS - 0.00%				$		45
AGENCY OBLIGATIONS - 22.19%	Amount (000's) Value (000's)				TOTAL PURCHASED CAPPED OPTIONS - 0.00%				$		6
U.S. Treasury - 3.98%					TOTAL PURCHASED INTEREST RATE SWAPTIONS - 0.03% $						1,403
0.88%, 09/15/2019(h)	$	5,000	$	4,918	Total Investments			$	4,157,146
1.38%, 02/28/2019(h)		10,000		9,956	Other Assets and Liabilities - 0.36%				$		15,126
2.09%, 01/31/2020(h),(m)		22,000		21,997	TOTAL NET ASSETS - 100.00%			$	4,172,272
3 Month Treasury Bill Index + 0.00%


Affiliated Securities		August 31, 2017					Purchases			Sales				August 31, 2018
			Value				Cost			Proceeds				Value
Principal Government Money Market Fund 1.84%$			— $						2,275,081		$	2,198,607	$					76,474
	$		— $						2,275,081		$	2,198,607	$					76,474


					Realized Gain/Loss					Realized Gain from				Change in Unrealized
	Income				on Investments					Capital Gain Distributions						Gain/Loss
Principal Government Money Market Fund 1.84%$			1,009	$		— $						— $						—
	$		1,009	$		— $						— $						—
Amounts in thousands


Restricted Securities

Security Name					Acquisition Date							Cost		Value		Percent of Net Assets
Cengage Learning Holdings II Inc					3/31/2014				$			376	$	106				0.00	%
Fieldwood - Pre IPO Rights					04/5/18-04/11/18							425		780				0.02	%
Gymboree Corp/The					8/18/2017							223		214				0.01	%
Millennium Health LLC					3/15/2016							—		41				0.00	%
Millennium Health LLC					3/15/2016							—		36				0.00	%
Millennium Health LLC					12/21/2015							206		—				0.00	%
Southcross Holdings Borrower LP					4/29/2016							6		8				0.00	%
Southcross Holdings Borrower LP			04/29/2016-08/31/2018									36		31				0.00	%
Total												$		1,216				0.03	%
Amounts in thousands.


Options

												Upfront				Unrealized
		Contracts/										Payments/				Appreciation/
Purchased Options Outstanding	Counterparty		Shares			Notional Amount			Exercise Price	Expiration Date				(Receipts)		Fair Value		(Depreciation)
Call - USD versus JPY	JPMorgan Chase		1		$	541	$		115.95	09/27/2018		$		70	$	9	$	(61	)
Put - EUR versus SEK	JPMorgan Chase		1 EUR			512		EUR	10.00	11/02/2018				68		15		(53	)
Call - 90 Day Eurodollar Future;	N/A		145		$	363	$		97.75	06/18/2019				11		10		(1	)
June 2019
Call - 90 Day Eurodollar Future;	N/A		48		$	120	$		97.38	03/19/2019				13		8		(5	)
March 2019
Put - US 10 Year Note Future;	N/A		22		$	22	$		119.50	09/24/2018				7		3		(4	)
December 2018


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2018


Options (continued)

															Upfront					Unrealized
				Contracts/											Payments/					Appreciation/
Purchased Options Outstanding		Counterparty			Shares			Notional Amount				Exercise Price	Expiration Date		(Receipts)					Fair Value		(Depreciation)
Put - US 10 Year Note Future;		N/A			7	$		7		$		119.00	09/24/2018		$		4	$	— $			(4	)
December 2018
Total															$		173	$	45		$	(128	)
															Upfront					Unrealized
				Contracts/											Payments/					Appreciation/
Written Options Outstanding		Counterparty			Shares		Notional Amount				Exercise Price		Expiration Date		(Receipts)					Fair Value		(Depreciation)
Call - AUD versus USD	Barclays Bank PLC				1 AUD		9,045				AUD	0.74	09/21/2018		$		(37	)$	(5		)$	32
Call - AUD versus USD	Barclays Bank PLC				1 AUD		10,049				AUD	0.75	09/06/2018				(48	)	—			48
Call - EUR versus NZD	Barclays Bank PLC				1 EUR		9,420				EUR	1.75	09/07/2018				(89	)	(60		)	29
Call - EUR versus USD		JPMorgan Chase			1 EUR		10,191				EUR	1.20	11/28/2018				(165	)	(50		)	115
Call - GBP versus JPY		JPMorgan Chase			1 GBP		3,870				GBP	143.60	09/21/2018				(25	)	(46		)	(21	)
Call - USD versus CAD		JPMorgan Chase			1	$	7,364			$		1.34	09/06/2018				(33	)	(1		)	32
Call - USD versus CAD		JPMorgan Chase			1	$	4,245			$		1.32	10/04/2018				(20	)	(22		)	(2	)
Call - USD versus NOK		JPMorgan Chase			1	$	8,240			$		8.50	09/20/2018				(52	)	(33		)	19
Put - AUD versus JPY	Barclays Bank PLC				1 AUD		11,626				AUD	81.00	09/07/2018				(66	)	(142		)	(76	)
Put - GBP versus CHF	Barclays Bank PLC				1 GBP		2,775				GBP	1.31	09/05/2018				(21	)	(140		)	(119	)
Put - USD versus KRW	Barclays Bank PLC				1	$	3,700		$	1,101.00			09/06/2018				(20	)	(1		)	19
Put - USD versus KRW		JPMorgan Chase			1	$	10,600		$	1,100.00			10/15/2018				(49	)	(49		)	—
Call - 90 Day Eurodollar Future;		N/A			145	$	363			$		97.88	06/18/2019				(7	)	(7		)	—
June 2019
Call - Eurodollar, Mid-Curve 2 Yr		N/A			32	$	80			$		97.25	03/18/2019				(12	)	(11		)	1
Future; March 2021
Put - 90 Day Eurodollar Future;		N/A			28	$	70			$		96.88	12/17/2018				(6	)	(4		)	2
December 2019
Total															$		(650	)$	(571		)$	79
Amounts in thousands except contracts/shares.


Interest Rate Swaptions


						Pay/ Receive										Upfront				Unrealized
Purchased Swaptions							Floating			Notional			Exercise	Expiration			Payments/			Appreciation/
Outstanding	Counterparty				Floating Rate Index		Rate			Amount			Rate	Date		(Receipts)			Fair Value			(Depreciation)
Call - 1 Year Interest Rate	Morgan Stanley & Co			3 Month LIBOR			Pay			$		29,160	2.95% 01/13/2020			$	77	$	76	$		(1	)
Swap
Call - 1 Year Interest Rate	Morgan Stanley & Co			3 Month LIBOR			Pay					14,250	2.95% 01/31/2020				32		39			7
Swap
Call - 1 Year Interest Rate	Morgan Stanley & Co			3 Month LIBOR			Pay					29,160	2.95% 01/22/2020				76		78			2
Swap
Call - 10 Year Interest Rate	Deutsche Bank AG			3 Month LIBOR			Receive					1,141	3.06% 09/01/2021				45		48			3
Swap
Call - 10 Year Interest Rate	JPMorgan Chase			3 Month LIBOR			Pay					410	2.99% 04/28/2038				19		22			3
Swap
Call - 20 Year Interest Rate	JPMorgan Chase		6 Month JPY LIBOR				Pay	JPY				47,100	0.78% 04/19/2021				15		10			(5	)
Swap
Call - 30 Year Interest Rate	Deutsche Bank AG			3 Month LIBOR			Pay			$		235	3.12% 04/27/2023				24		28			4
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC		6 Month JPY LIBOR				Receive	JPY 1,517,095					1.10% 06/30/2022				206		140			(66	)
Swap
Put - 10 Year Interest Rate	Deutsche Bank AG			3 Month LIBOR			Receive			$		13,810	2.95% 08/23/2022				631		649			18
Swap
Put - 10 Year Interest Rate	Deutsche Bank AG			3 Month LIBOR			Receive					1,141	3.06% 09/01/2021				45		42			(3	)
Swap
Put - 10 Year Interest Rate	JPMorgan Chase			3 Month LIBOR			Receive					410	2.99% 04/28/2038				19		20			1
Swap
Put - 20 Year Interest Rate	JPMorgan Chase		6 Month JPY LIBOR				Receive	JPY				47,100	0.78% 04/19/2021				15		19			4
Swap
Put - 30 Year Interest Rate	Barclays Bank PLC			3 Month LIBOR			Receive			$		1,650	3.80% 06/08/2021				64		45			(19	)
Swap
Put - 30 Year Interest Rate	Deutsche Bank AG			3 Month LIBOR			Receive					3,265	3.54% 06/18/2019				62		29			(33	)
Swap
Put - 30 Year Interest Rate	Deutsche Bank AG			3 Month LIBOR			Receive					235	3.12% 04/27/2023				24		21			(3	)
Swap
Put - 5 Year Interest Rate	JPMorgan Chase			3 Month LIBOR			Receive					10,270	3.20% 08/22/2019				74		68			(6	)
Swap


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2018


Interest Rate Swaptions (continued)


		Pay/ Receive							Upfront					Unrealized
Purchased Swaptions			Floating		Notional		Exercise Expiration			Payments/				Appreciation/
Outstanding	Counterparty	Floating Rate Index	Rate		Amount		Rate	Date	(Receipts)			Fair Value				(Depreciation)
Put - 5 Year Interest Rate	JPMorgan Chase	3 Month LIBOR	Receive		$	10,150	3.20% 08/20/2019 $			74	$	69		$		(5	)
Swap
Total									$	1,502	$ 1,403			$		(99	)

			Pay/Receive						Upfront					Unrealized
Written Swaptions			Floating		Notional		Exercise	Expiration		Payments/				Appreciation/
Outstanding	Counterparty	Floating Rate Index	Rate		Amount		Rate	Date	(Receipts)			Fair Value				(Depreciation)
Call - 1 Year Interest Rate	Morgan Stanley & Co	3 Month LIBOR	Receive		$	43,740	2.45% 01/13/2020		$	(54	)$	(49)			$	5
Swap
Call - 1 Year Interest Rate	Morgan Stanley & Co	3 Month LIBOR	Receive			21,375	2.45% 01/31/2020			(21	)	(26)				(5	)
Swap
Call - 1 Year Interest Rate	Morgan Stanley & Co	3 Month LIBOR	Receive			43,740	2.45% 01/21/2020			(51	)	(50	)			1
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month LIBOR	Receive			720	2.80% 10/12/2018			(3	)	(1	)			2
Swap
Call - 10 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Receive			1,450	2.82% 10/10/2018			(7	)	(3	)			4
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Receive			71,800	2.40% 02/25/2020			(219	)	(199)				20
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Receive			8,810	3.00% 08/29/2019			(43	)	(46)				(3	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Receive			7,480	2.89% 04/15/2020			(54	)	(47)				7
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Receive			7,470	2.88% 04/15/2020			(54	)	(46)				8
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Receive			7,400	2.94% 04/20/2020			(51	)	(49)				2
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Receive			4,030	2.90% 06/01/2020			(30	)	(27)				3
Swap
Call - 2 Year Interest Rate	JPMorgan Chase	3 Month LIBOR	Receive			12,380	2.45% 05/31/2019			(23	)	(15)				8
Swap
Call - 5 Year Interest Rate	JPMorgan Chase	3 Month LIBOR	Receive			10,150	2.70% 08/20/2019			(75	)	(78)				(3	)
Swap
Call - 5 Year Interest Rate	JPMorgan Chase	3 Month LIBOR	Receive			10,270	2.70% 08/22/2019			(79	)	(80)				(1	)
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month LIBOR	Pay			720	3.10% 10/12/2018			(4	)	(1)				3
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month LIBOR	Pay			3,490	3.87% 06/08/2021			(68	)	(48	)			20
Swap
Put - 10 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			9,695	3.15% 05/09/2019			(202	)	(106)				96
Swap
Put - 10 Year Interest Rate	Deutsche Bank AG	6 Month EURIBOR	Pay	EUR		8,390	1.65% 02/22/2019			(96	)	(4	)			92
Swap
Put - 10 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay		$	4,280	2.90% 04/17/2019			(112	)	(82	)			30
Swap
Put - 10 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			4,119	3.15% 07/12/2019			(71	)	(55	)			16
Swap
Put - 10 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			1,450	3.12% 10/10/2018			(8	)	(2	)			6
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	3 Month LIBOR	Receive			8,350	3.50% 08/25/2020			(28	)	(28	)			—
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			3,580	3.50% 06/16/2020			(13	)	(10	)			3
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			5,640	3.45% 06/09/2020			(24	)	(18	)			6
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			5,660	3.35% 06/01/2020			(21	)	(21	)			—
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			7,400	2.94% 04/20/2020			(51	)	(49)				2
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			4,100	3.15% 05/06/2020			(23	)	(20	)			3
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			4,030	2.90% 06/01/2020			(30	)	(30	)			—
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			7,480	2.89% 04/15/2020			(54	)	(53	)			1
Swap


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2018


Interest Rate Swaptions (continued)


		Pay/Receive								Upfront					Unrealized
Written Swaptions			Floating		Notional		Exercise	Expiration			Payments/				Appreciation/
Outstanding	Counterparty	Floating Rate Index	Rate		Amount		Rate	Date		(Receipts)			Fair Value			(Depreciation)
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay		$	7,470	2.88% 04/15/2020 $				(54	)$	(54	)	$	—
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			71,800	3.40% 02/25/2020				(273	)	(201	)		72
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Receive			8,810	3.00% 08/29/2019				(43	)	(39)			4
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month LIBOR	Pay			7,350	3.15% 03/22/2019				(17	)	(12	)		5
Swap
Put - 2 Year Interest Rate	JPMorgan Chase	3 Month LIBOR	Pay			12,380	3.25% 05/31/2019				(23	)	(21	)		2
Swap
Put - 5 Year Interest Rate	Barclays Bank PLC	6 Month EURIBOR	Pay	EUR		1,885	0.60% 06/26/2019				(14	)	(10	)		4
Swap
Total										$	(1,993)	$	(1,580)		$	413
Amounts in thousands.


Futures Contracts

Description and Expiration Date		Type	Contracts			Notional Amount					Value and Unrealized Appreciation/(Depreciation)
90 Day Eurodollar; March 2020		Short			28	$	6,793		$							(6	)
Australia 10 Year Bond; September 2018		Short			74		6,947									(13	)
Brent Crude; January 2019(a)		Long			140		10,798									(39	)
Brent Crude; November 2018^(a)		Long			162		12,578									566
Cocoa; December 2018^(a)		Long		1,009			23,570									677
Coffee 'C'; December 2018^(a)		Short			205		7,826									576
Copper; December 2018^(a)		Short			114		7,612									355
Corn; December 2018^(a)		Long		2,034			37,121									(799	)
Cotton No.2; December 2018^(a)		Short			387		15,910									(108	)
Euro Bund 10 Year Bund; September 2018		Short			19		3,601									(25	)
Euro-Oat; September 2018		Short			33		5,922									(27	)
Feeder Cattle; October 2018^(a)		Long			209		15,584									83
Gasoline RBOB; November 2018^(a)		Short			219		18,193									(476	)
Gold 100 oz; December 2018^(a)		Long			50		6,034									(85	)
Japan 10 Year Bond TSE; September 2018		Short			15		20,302									27
KC HRW Wheat; December 2018(a)		Long			621		17,178									(752	)
Lean Hogs; October 2018^(a)		Short			434		8,754									(18	)
Live Cattle; December 2018^(a)		Short			86		3,886									(16	)
Live Cattle; October 2018^(a)		Short			66		2,872									(16	)
LME Lead; January 2019(a)		Short			1		52									—
LME Lead; November 2018^(a)		Short			132		6,856									273
LME Lead; September 2018^(a)		Short			—		—									(433	)
LME Nickel; December 2018^(a)		Long			88		6,770									(26	)
LME Nickel; September 2018^(a)		Short			—		—									103
LME PRI Alum; December 2018(a)		Long			196		10,442									248
LME PRI Alum; September 2018(a)		Short			—		—									462
LME Zinc; December 2018^(a)		Short			134		8,221									(1,480	)
LME Zinc; September 2018^(a)		Short			—		—									265
Low Sulphur Gasoline; November 2018^(a)		Long			353		24,348									1,647
Natural Gas; November 2018^(a)		Long			22		647									—
NY Harb ULSD; November 2018^(a)		Long			351		33,111									1,638
Palladium; December 2018^(a)		Long			195		18,913									619
Platinum; October 2018^(a)		Long			576		22,668									(1,190	)
Short Term Euro-BTP; September 2018		Short			21		2,664									10
Silver; December 2018^(a)		Short			138		10,044									424
Soybean Meal; December 2018^(a)		Long			752		23,101									(1,966	)
Soybean Oil; December 2018^(a)		Long			371		6,404									21
Soybean; November 2018^(a)		Short			121		5,103									(62	)
Sugar #11; October 2018^(a)		Short		1,288			15,291									814
UK 10 Year Gilt; December 2018		Short			62		9,833									(23	)
US 10 Year Note; December 2018		Long			135		16,236									31
US 10 Year Ultra Note; December 2018		Short			68		8,707									18
US 2 Year Note; December 2018		Long			68		14,372									6
US 5 Year Note; December 2018		Long			74		8,391									10
US Ultra Bond; December 2018		Long			23		3,664									(20	)
Wheat; December 2018(a)		Short			398		10,855									(205	)



See accompanying notes.			97


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2018


Futures Contracts (continued)

Description and Expiration Date			Type	Contracts		Notional Amount				Value and Unrealized Appreciation/(Depreciation)
WTI Crude; November 2018(a)			Long		550		$	38,154	$		2,173
Total								$			3,261

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		Currency to Accept					Currency to Deliver		Asset	Liability
Australia and New Zealand Banking Group	09/06/2018	JPY			868,100	$		7,835	$	— $	(21	)
Australia and New Zealand Banking Group	10/04/2018		$		7,850		JPY	868,100		20	—
Bank of America NA	09/06/2018		$		1,989		NZD	2,999		5	—
Bank of America NA	09/06/2018		$		3,274		NZD	4,977		—	(19	)
Bank of America NA	09/06/2018	NZD			19,777	$		13,122		—	(38	)
Bank of America NA	10/04/2018		$		13,122		NZD	19,777		42	—
Barclays Bank PLC	09/06/2018	EUR			2,852	$		3,319		—	(8	)
Barclays Bank PLC	09/06/2018		$		12,676		JPY	1,410,531		—	(20	)
Barclays Bank PLC	09/06/2018		$		731		NZD	1,096		6	—
Barclays Bank PLC	10/04/2018		$		3,326		EUR	2,852		9	—
Barclays Bank PLC	10/11/2018	AUD			5,652	$		4,090		—	(28	)
Barclays Bank PLC	10/11/2018		$		3,137		AUD	4,234		94	—
Barclays Bank PLC	10/11/2018	CAD			4,340	$		3,305		24	—
Barclays Bank PLC	10/11/2018	CAD			4,086	$		3,142		—	(8	)
Barclays Bank PLC	10/11/2018	EUR			4,177	$		4,910		—	(49	)
Barclays Bank PLC	10/11/2018		$		8,052		EUR	7,006		—	(101	)
Barclays Bank PLC	10/11/2018		$		8,964		EUR	7,688		17	—
Barclays Bank PLC	10/11/2018	JPY			2,208,331	$		20,049		—	(119	)
Barclays Bank PLC	10/11/2018		$		11,231		JPY	1,250,314		—	(53	)
Barclays Bank PLC	10/11/2018	JPY			670,561	$		6,046		6	—
Barclays Bank PLC	10/11/2018		$		15,277		JPY	1,691,924		8	—
Barclays Bank PLC	10/11/2018		$		1,257		MXN	23,652		26	—
Barclays Bank PLC	10/11/2018		$		8,506		NZD	12,717		95	—
Barclays Bank PLC	10/11/2018		$		3,626		NZD	5,495		—	(8	)
Barclays Bank PLC	10/11/2018		$		8,400		NOK	69,914		47	—
Barclays Bank PLC	10/11/2018		$		7,980		CHF	7,823		—	(119	)
Barclays Bank PLC	10/11/2018	CHF			14,044	$		14,294		245	—
BNP Paribas	09/06/2018		$		2,889		JPY	320,204		7	—
Deutsche Bank AG	10/11/2018		$		4,207		AUD	5,791		45	—
Deutsche Bank AG	10/11/2018		$		12,102		GBP	9,271		67	—
Deutsche Bank AG	10/11/2018	GBP			1,847	$		2,461		—	(63	)
Deutsche Bank AG	10/11/2018	GBP			3,277	$		4,207		47	—
Deutsche Bank AG	10/11/2018		$		2,116		CAD	2,759		—	—
Deutsche Bank AG	10/11/2018		$		4,608		CAD	6,029		—	(16	)
Deutsche Bank AG	10/11/2018	CAD			3,189	$		2,457		—	(11	)
Deutsche Bank AG	10/11/2018		$		10,937		EUR	9,402		—	(5	)
Deutsche Bank AG	10/11/2018	EUR			2,874	$		3,283		62	—
Deutsche Bank AG	10/11/2018	EUR			12,189	$		14,305		—	(120	)
Deutsche Bank AG	10/11/2018	JPY			351,990	$		3,179		—	(2	)
Deutsche Bank AG	10/11/2018		$		5,000		JPY	552,325		15	—
Deutsche Bank AG	10/11/2018		$		2,459		JPY	274,814		—	(21	)
Deutsche Bank AG	10/11/2018	JPY			509,838	$		4,597		4	—
Deutsche Bank AG	10/11/2018	CHF			2,442	$		2,460		68	—
Deutsche Bank AG	10/11/2018		$		2,481		CHF	2,445		—	(50	)
Deutsche Bank AG	10/11/2018		$		1,263		TRY	7,929		80	—
JP Morgan Chase	09/06/2018	GBP			834	$		1,083		—	(2	)
JP Morgan Chase	10/04/2018		$		1,084		GBP	834		2	—
JP Morgan Chase	10/11/2018		$		10,830		AUD	14,690		273	—
JP Morgan Chase	10/11/2018	AUD			30,597	$		22,584		—	(594	)
JP Morgan Chase	10/11/2018		$		2,844		BRL	11,176		110	—
JP Morgan Chase	10/11/2018	BRL			4,729	$		1,218		—	(61	)
JP Morgan Chase	10/11/2018	GBP			11,768	$		15,211		66	—
JP Morgan Chase	10/11/2018		$		9,589		GBP	7,299		114	—
JP Morgan Chase	10/11/2018		$		4,773		GBP	3,743		—	(86	)
JP Morgan Chase	10/11/2018	GBP			935	$		1,229		—	(14	)
JP Morgan Chase	10/11/2018	CAD			14,538	$		11,096		54	—
JP Morgan Chase	10/11/2018		$		16,027		CAD	20,987		—	(69	)
JP Morgan Chase	10/11/2018	CAD			3,784	$		2,904		—	(2	)
JP Morgan Chase	10/11/2018		$		5,534		CAD	7,202		10	—


Consolidated Schedule of Investments
Diversified Real Asset Fund
August 31, 2018


Foreign Currency Contracts (continued)

											Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Date		Currency to Accept						Currency to Deliver			Asset		Liability
JP Morgan Chase		10/11/2018		$			1,180		CLP		774,556	$	41	$			—
JP Morgan Chase		10/11/2018	COP				3,607,200	$			1,200		—				(18	)
JP Morgan Chase		10/11/2018		$			2,890		COP	8,541,160			90				—
JP Morgan Chase		10/11/2018	CZK				27,251	$			1,239		—				(10	)
JP Morgan Chase		10/11/2018		$			1,244		CZK		27,320		12				—
JP Morgan Chase		10/11/2018	EUR				37,950	$			44,558		—				(394	)
JP Morgan Chase		10/11/2018		$			42,200		EUR		36,759		—				(578	)
JP Morgan Chase		10/11/2018	EUR				22,237	$			25,433		445				—
JP Morgan Chase		10/11/2018		$			63,284		EUR		54,084		343				—
JP Morgan Chase		10/11/2018	HKD				48,992	$			6,249		—				(3	)
JP Morgan Chase		10/11/2018		$			6,254		HKD		48,995		7				—
JP Morgan Chase		10/11/2018		$			5,508		INR		382,755		130				—
JP Morgan Chase		10/11/2018	INR				677,970	$			9,705		—				(179	)
JP Morgan Chase		10/11/2018		$			1,213		IDR	17,693,703			40				—
JP Morgan Chase		10/11/2018		$			24,513		JPY	2,730,108			—				(126	)
JP Morgan Chase		10/11/2018	JPY				2,106,619	$			18,932		80				—
JP Morgan Chase		10/11/2018	JPY				5,427,976	$			49,377		—				(390	)
JP Morgan Chase		10/11/2018		$			27,877		JPY	3,073,118			142				—
JP Morgan Chase		10/11/2018		$			2,514		MXN		47,732		29				—
JP Morgan Chase		10/11/2018		$			1,677		MXN		32,266		—				(3	)
JP Morgan Chase		10/11/2018	MXN				175,228	$			9,202		—				(80	)
JP Morgan Chase		10/11/2018		$			1,184		TWD		35,892		11				—
JP Morgan Chase		10/11/2018	NZD				18,348	$			12,523		—				(388	)
JP Morgan Chase		10/11/2018		$			9,088		NZD		13,563		118				—
JP Morgan Chase		10/11/2018		$			7,856		NZD		11,961		—				(55	)
JP Morgan Chase		10/11/2018	NOK				34,680	$			4,120		23				—
JP Morgan Chase		10/11/2018	NOK				80,142	$			9,912		—				(337	)
JP Morgan Chase		10/11/2018		$			2,392		NOK		19,192		99				—
JP Morgan Chase		10/11/2018		$			7,477		NOK		63,166		—				(70	)
JP Morgan Chase		10/11/2018		$			2,120		RUB		143,751		—				(4	)
JP Morgan Chase		10/11/2018		$			1,190		SGD		1,613		13				—
JP Morgan Chase		10/11/2018		$			3,406		ZAR		47,446		191				—
JP Morgan Chase		10/11/2018	KRW				1,324,931	$			1,170		19				—
JP Morgan Chase		10/11/2018		$			2,386		KRW	2,654,912			4				—
JP Morgan Chase		10/11/2018	SEK				135,779	$			15,050		—				(154	)
JP Morgan Chase		10/11/2018		$			34,021		CHF		33,293		—				(446	)
JP Morgan Chase		10/11/2018	CHF				14,436	$			14,664		281				—
JP Morgan Chase		10/11/2018		$			2,120		CHF		2,044		4				—
Morgan Stanley & Co		09/06/2018		$			40		NZD		60		—				—
National Australia Bank		09/06/2018		$			782		NZD		1,189		—				(5	)
Nomura Securities		09/06/2018		$			30		JPY		3,388		—				—
Northern Trust		09/06/2018		$			32		JPY		3,540		—				—
Royal Bank of Scotland		09/06/2018	JPY				868,100	$			7,792		22				—
Royal Bank of Scotland		10/04/2018		$			7,807		JPY		868,100		—				(23	)
Standard Chartered Bank, Hong Kong		09/06/2018	GBP				228	$			292		4				—
Toronton Dominion Bank		09/06/2018		$			1,653		GBP		1,258		22				—
UBS AG		09/06/2018		$			3,451		EUR		2,939		39				—
Westpac Banking Corporation		09/06/2018		$			6,487		NZD		9,513		192				—
Total											$		4,069	$			(4,970	)
Amounts in thousands.


Interest Rate Swaps

		(Pay)/									Unrealized		Upfront
		Receive		Fixed Rate		Payment					Appreciation/		Payments/		Fair Value
Counterparty	Floating Rate Index	Floating Rate		Fixed Rate		Frequency	Maturity Date			Notional Amount	(Depreciation)		(Receipts)		Asset		Liability
Barclays Bank PLC	US CPI Urban	Receive	1.59		%	Annual	09/13/2018			$ 12,807 $	584	$	— $		584	$	—
	Consumers
	NAS(CPURNSA)
Total										$	584	$	— $		584	$	—
Amounts in thousands.


		Consolidated Schedule of Investments
		Diversified Real Asset Fund
		August 31, 2018


		Exchange Cleared Interest Rate Swaps
	(Pay)/							Unrealized		Upfront
	Receive		Payment			Appreciation/				Payments/
Floating Rate Index	Floating Rate	Fixed Rate Frequency		Maturity Date		Notional Amount		(Depreciation)		(Receipts)		Fair Value
3 Month LIBOR	Receive	3.12% Quarterly		08/05/2021	$	835	$	(2	)$	— $		(2	)
3 Month LIBOR	Receive	3.13% Quarterly		08/05/2021		2,130		(6	)	—		(6	)
3 Month LIBOR	Pay	3.11% Semiannual		08/06/2021		830		2		—		2
3 Month LIBOR	Receive	3.07% Quarterly		08/01/2028		360		(4	)	—		(4	)
3 Month LIBOR	Receive	2.99% Quarterly		08/02/2023		4,380		(20	)	—		(20	)
3 Month LIBOR	Receive	3.12% Quarterly		08/05/2021		835		(2	)	—		(2	)
3 Month LIBOR	Pay	3.07% Semiannual		08/06/2021		830		2		—		2
3 Month LIBOR	Pay	3.02% Semiannual		08/13/2028		190		1		—		1
3 Month LIBOR	Pay	3.01% Semiannual		08/13/2021		1,670		1		—		1
3 Month LIBOR	Pay	3.01% Semiannual		08/13/2021		830		—		1		1
3 Month LIBOR	Pay	3.03% Semiannual		08/08/2028		370		3		—		3
3 Month LIBOR	Pay	3.02% Semiannual		08/13/2028		190		1		—		1
3 Month LIBOR	Pay	3.03% Semiannual		08/13/2028		190		1		—		1
3 Month LIBOR	Receive	2.96% Quarterly		07/18/2028		369		—		—		—
3 Month LIBOR	Receive	2.92% Quarterly		07/19/2024		8,990		1		—		1
3 Month LIBOR	Pay	2.96% Semiannual		07/19/2022		4,270		2		—		2
3 Month LIBOR	Pay	2.93% Semiannual		07/17/2028		370		(1	)	—		(1	)
3 Month LIBOR	Receive	2.94% Quarterly		07/18/2028		370		—		—		—
3 Month LIBOR	Pay	3.00% Semiannual		07/18/2021		1,670		1		—		1
3 Month LIBOR	Pay	2.98% Semiannual		07/19/2026		4,740		(2	)	—		(2	)
3 Month LIBOR	Receive	3.09% Quarterly		07/28/2022		3,520		(10	)	—		(10	)
3 Month LIBOR	Receive	3.10% Quarterly		07/30/2021		1,500		(3	)	—		(3	)
3 Month LIBOR	Receive	3.10% Quarterly		08/01/2021		530		(1	)	—		(1	)
3 Month LIBOR	Pay	2.95% Semiannual		09/04/2028		215		—		—		—
3 Month LIBOR	Receive	3.04% Quarterly		07/25/2021		3,180		(4	)	—		(4	)
3 Month LIBOR	Receive	3.05% Quarterly		07/25/2028		740		(6	)	—		(6	)
3 Month LIBOR	Pay	3.03% Semiannual		08/13/2021		830		1		—		1
3 Month LIBOR	Receive	2.95% Quarterly		02/15/2044		3,590		50		(4	)	46
3 Month LIBOR	Receive	2.93% Quarterly		08/28/2022		2,290		—		—		—
3 Month LIBOR	Pay	2.97% Semiannual		08/28/2021		965		—		—		—
3 Month LIBOR	Pay	2.95% Semiannual		08/23/2028		400		—		—		—
3 Month LIBOR	Pay	2.91% Semiannual		08/25/2022		995		—		—		—
3 Month LIBOR	Receive	2.91% Quarterly		05/15/2028		3,960		18		—		18
3 Month LIBOR	Pay	2.96% Semiannual		08/28/2021		2,620		(1	)	—		(1	)
3 Month LIBOR	Receive	3.00% Quarterly		08/31/2028		215		(1	)	—		(1	)
3 Month LIBOR	Receive	3.01% Quarterly		09/03/2021		940		(1	)	—		(1	)
3 Month LIBOR	Pay	2.94% Semiannual		09/04/2028		215		—		—		—
3 Month LIBOR	Receive	2.99% Quarterly		08/29/2021		1,504		—		—		—
3 Month LIBOR	Receive	2.99% Quarterly		08/30/2028		215		(1	)	—		(1	)
3 Month LIBOR	Receive	2.98% Quarterly		08/30/2028		215		(1	)	—		(1	)
3 Month LIBOR	Pay	2.97% Semiannual		08/14/2028		185		—		—		—
3 Month LIBOR	Pay	2.97% Semiannual		08/15/2021		2,340		—		—		—
3 Month LIBOR	Pay	2.98% Semiannual		08/15/2021		2,520		—		—		—
3 Month LIBOR	Pay	2.97% Semiannual		08/14/2028		190		—		—		—
3 Month LIBOR	Pay	2.95% Semiannual		08/14/2028		180		—		—		—
3 Month LIBOR	Pay	2.97% Semiannual		08/14/2028		185		—		—		—
3 Month LIBOR	Receive	2.97% Quarterly		08/15/2028		560		(1	)	—		(1	)
3 Month LIBOR	Pay	2.95% Semiannual		08/21/2024		7,210		1		1		2
3 Month LIBOR	Pay	3.00% Semiannual		08/20/2021		290		—		—		—
3 Month LIBOR	Pay	2.94% Semiannual		08/23/2024		7,250		(2	)	—		(2	)
3 Month LIBOR	Pay	2.98% Semiannual		08/15/2021		1,680		—		—		—
3 Month LIBOR	Pay	2.96% Semiannual		08/19/2021		2,700		(1	)	—		(1	)
3 Month LIBOR	Receive	2.83% Quarterly		08/20/2020		16,370		(3	)	—		(3	)
3 Month LIBOR	Receive	2.89% Quarterly		06/04/2021		3,870		6		—		6
3 Month LIBOR	Receive	2.87% Quarterly		06/02/2022		1,700		2		—		2
3 Month LIBOR	Receive	3.02% Quarterly		04/24/2028		360		(2	)	—		(2	)
3 Month LIBOR	Receive	3.08% Quarterly		06/16/2022		850		(2	)	—		(2	)
3 Month LIBOR	Pay	1.94% Semiannual		11/24/2019		13,435		(126	)	—		(126	)
3 Month LIBOR	Pay	2.95% Semiannual		05/16/2023		3,470		10		—		10
3 Month LIBOR	Receive	3.20% Quarterly		05/19/2022		1,690		(8	)	—		(8	)
3 Month LIBOR	Receive	3.08% Quarterly		05/12/2022		1,710		(4	)	—		(4	)
3 Month LIBOR	Receive	3.05% Quarterly		05/11/2022		170		—		—		—
3 Month LIBOR	Receive	3.01% Quarterly		05/09/2021		4,460		(4	)	—		(4	)
3 Month LIBOR	Pay	1.88% Semiannual		11/15/2019		13,435		(131	)	—		(131	)
3 Month LIBOR	Receive	2.91% Quarterly		04/07/2022		415		—		—		—
3 Month LIBOR	Receive	2.99% Quarterly		07/23/2028		370		(1	)	—		(1	)
3 Month LIBOR	Receive	2.79% Quarterly		07/03/2020		14,670		7		—		7
3 Month LIBOR	Receive	3.08% Quarterly		06/16/2022		850		(2	)	—		(2	)


		Consolidated Schedule of Investments
		Diversified Real Asset Fund
				August 31, 2018


		Exchange Cleared Interest Rate Swaps (continued)
	(Pay)/									Unrealized		Upfront
	Receive		Payment							Appreciation/		Payments/
Floating Rate Index	Floating Rate	Fixed Rate	Frequency		Maturity Date			Notional Amount		(Depreciation)		(Receipts)		Fair Value
3 Month LIBOR	Receive	3.00% Quarterly			04/24/2028		$	230	$	(1	)$	— $		(1	)
3 Month LIBOR	Receive	3.05% Quarterly			06/23/2022			850		(2	)	—		(2	)
3 Month LIBOR	Receive	3.04% Quarterly			06/23/2022			850		(2	)	—		(2	)
6 Month EURIBOR	Receive	1.04% Semiannual			03/23/2028	EUR		1,445		(33	)	(1	)	(34	)
6 Month EURIBOR	Receive	1.49% Semiannual			01/08/2048			840		(5	)	(1	)	(6	)
6 Month EURIBOR	Receive	0.95% Semiannual			01/15/2028			2,220		(33	)	(2	)	(35	)
6 Month EURIBOR	Receive	1.52% Semiannual			01/05/2048			840		(12	)	(1	)	(13	)
6 Month EURIBOR	Pay	0.82	%	Annual	08/15/2027			3,160		18		—		18
6 Month EURIBOR	Receive	1.47% Semiannual			08/23/2048			600		—		—		—
6 Month EURIBOR	Pay	0.88	%	Annual	08/28/2028			220		—		—		—
6 Month EURIBOR	Receive	0.95% Semiannual			01/15/2028			2,220		(33	)	(2	)	(35	)
6 Month GBP LIBOR	Receive	1.57% Semiannual			01/23/2048	GBP		2,895		76		(11	)	65
6 Month GBP LIBOR	Receive	1.58% Semiannual			07/19/2048			1,495		30		(1	)	29
6 Month JPY LIBOR	Pay	0.13% Semiannual			04/26/2023 JPY			2,443,610		(5	)	—		(5	)
6 Month JPY LIBOR	Receive	0.35% Semiannual			01/11/2028			289,555		(4	)	1		(3	)
6 Month JPY LIBOR	Receive	0.32% Semiannual			04/27/2028			590,530		17		1		18
6 Month JPY LIBOR	Receive	0.27% Semiannual			11/08/2027			298,780		14		1		15
Canada Bankers Acceptances 3 Month	Pay	2.18% Semiannual			06/29/2020 CAD			19,210		(51	)	—		(51	)
Canada Bankers Acceptances 3 Month	Pay	2.42% Semiannual			08/16/2020			21,200		7		—		7
HICP Ex Food and Energy	Pay	1.95	%	Annual	08/15/2048	EUR		405		(2	)	—		(2	)
HICP Ex Food and Energy	Pay	1.59	%	Annual	01/15/2028			3,770		(6	)	1		(5	)
HICP Ex Food and Energy	Pay	1.99	%	Annual	01/15/2048			590		9		—		9
HICP Ex Food and Energy	Pay	1.97	%	Annual	01/15/2048			590		5		—		5
HICP Ex Food and Energy	Pay	2.00	%	Annual	07/15/2048			605		8		—		8
HICP Ex Food and Energy	Receive	1.38	%	Annual	04/15/2023			3,995		22		—		22
HICP Ex Food and Energy	Pay	1.98	%	Annual	06/15/2048			1,225		6		1		7
HICP Ex Food and Energy	Pay	1.83	%	Annual	05/15/2047			685		(26	)	—		(26	)
HICP Ex Food and Energy	Receive	1.55	%	Annual	07/15/2023			4,110		(3	)	—		(3	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	2.86% Quarterly			08/28/2028	NZD		1,318		(2	)	—		(2	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	3.22% Quarterly			05/24/2028			2,100		(50	)	1		(49	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	3.22% Quarterly			05/24/2028			2,100		(50	)	—		(50	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	3.22% Quarterly			05/18/2028			1,800		(43	)	1		(42	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	2.89% Quarterly			08/21/2028			3,587		(14	)	—		(14	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	2.90% Quarterly			08/20/2028			1,231		(6	)	—		(6	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	2.87% Quarterly			08/15/2028			3,052		(8	)	—		(8	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	2.89% Quarterly			08/16/2028			1,433		(6	)	—		(6	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	2.88% Quarterly			08/20/2028			1,699		(5	)	—		(5	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	3.06% Quarterly			09/08/2027			4,239		(67	)	(2	)	(69	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	3.07% Quarterly			09/08/2027			2,088		(35	)	—		(35	)
NZFM New Zealand Bank Bill 3 Month FRA	Receive	3.07% Quarterly			09/08/2027			2,109		(35	)	(1	)	(36	)
Sterling Overnight Index Average	Pay	0.68	%	Annual	12/20/2018	GBP		283,705		(23	)	5		(18	)
UK RPI All Items NSA	Pay	3.60	%	Annual	11/15/2042			2,795		227		(10	)	217
UK RPI All Items NSA	Receive	3.46	%	Annual	11/15/2027			4,640		(78	)	6		(72	)
UK RPI All Items NSA	Pay	3.41	%	Annual	01/15/2028			5,135		39		(4	)	35
UK RPI All Items NSA	Pay	3.34	%	Annual	06/15/2028			925		(9	)	—		(9	)
UK RPI All Items NSA	Pay	3.55	%	Annual	11/15/2032			4,640		165		(10	)	155
UK RPI All Items NSA	Receive	3.55	%	Annual	11/15/2047			2,795		(270	)	11		(259	)
UK RPI All Items NSA	Pay	3.44	%	Annual	08/15/2048			770		9		—		9
UK RPI All Items NSA	Receive	3.41	%	Annual	03/15/2048			605		4		(1	)	3
UK RPI All Items NSA	Pay	3.39	%	Annual	08/15/2028			3,495		—		—		—
UK RPI All Items NSA	Receive	3.36	%	Annual	08/15/2023			7,700		(4	)	1		(3	)
UK RPI All Items NSA	Receive	3.35	%	Annual	08/15/2023			7,705		—		1		1
UK RPI All Items NSA	Pay	3.51	%	Annual	02/15/2048			10		(4	)	5		1
UK RPI All Items NSA	Pay	3.40	%	Annual	08/15/2028			6,710		18		(2	)	16
UK RPI All Items NSA	Receive	3.27	%	Annual	09/15/2018			6,570		(4	)	—		(4	)
UK RPI All Items NSA	Pay	3.36	%	Annual	08/15/2023			19,810		5		—		5
UK RPI All Items NSA	Receive	3.26	%	Annual	05/15/2023			6,900		46		(1	)	45
US CPI Urban Consumers NAS(CPURNSA)	Pay	3.03	%	Annual	10/01/2018		$	8,740		7		—		7
US CPI Urban Consumers NAS(CPURNSA)	Receive	2.11	%	Annual	11/09/2019			24,530		171		1		172
US Federal Funds Effective Rate (continuous	Pay	2.57	%	Annual	02/28/2023			10,590		(6	)	—		(6	)
series)
Total								$		(277	)$	(15)$ (292)
Amounts in thousands.

Consolidated Schedule of Investments

Diversified Real Asset Fund

August 31, 2018

Total Return Swaps

Value and

Unrealized

Upfront

Appreciation/

Pay/Receive

Payment

Expiration

Notional

Payments/

(Depreciation)

Counterparty

Reference Entity

Contracts

Positive Return

Financing Rate

Frequency

Date

Amount

(Receipts)

Asset

Liability

Bank of America NA Bloomberg

536,743

Receive

UST 13 Week Bill

Monthly

09/26/2018

92,424

— $

419

—

Commodity Index

High Discount Rate

Total Return(a)

+ 0.10

M3 Capital Partners

Bloomberg

75,226

Receive

UST 13 Week Bill

Monthly

09/26/2018

29,739

—

139

—

Commodity Index 2

High Discount Rate

Month Forward Total

+ 0.17

Return^(a)

M3 Capital Partners

Bloomberg

419,698

Receive

UST 13 Week Bill

Monthly

09/26/2018

72,270

—

327

—

Commodity Index

High Discount Rate

Total Return(a)

+ 0.09

M3 Capital Partners

Macquarie Commodity

292,268

Receive

0.32

Annual

09/07/2018

28,564

—

Product 251E^(a)

Merrill Lynch

BofA Merrill

166,322

Receive

0.27

Annual

09/07/2018

16,718

—

Lynch Commodity

MLBXCS3E Excess

Return Strategy^(a)

Total

— $

885

—

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.

Purchased Capped Options

Pay/Receive

Upfront

Unrealized

Floating

Notional

Exercise

Expiration

Payments/

Appreciation/

Description

Counterparty

Range

Rate

Amount

Rate

Date

(Receipts)

Fair Value

(Depreciation)

Call - 5Y-10Y CMS Index Cap

Deutsche Bank

Max(0, 5Y CMS - 0.12%)

Receive

$38,940

0.12%

01/28/2019

)

Total

)

Amounts in thousands.


Schedule of Investments
Dynamic Floating Rate High Income Fund
August 31, 2018



	INVESTMENT COMPANIES - 15.36%			Shares Held Value (000's)						Principal
	Exchange Traded Funds - 4.26%						BONDS (continued)		Amount (000’s) Value (000’s)
	Invesco Senior Loan ETF			25,500	$	588	Telecommunications - 2.09%
	Money Market Funds - 11.10%						Frontier Communications Corp
	Principal Government Money Market Fund			1,532,088		1,532	8.50%, 04/01/2026(c)		$	40	$	38
	1.84%(a),(b)						11.00%, 09/15/2025			50		38
	TOTAL INVESTMENT COMPANIES			$		2,120	GTT Communications Inc
				Principal			7.88%, 12/31/2024(c)			90		85
	BONDS- 16.21	%	Amount (000's) Value (000's)				Intelsat Jackson Holdings SA
	Aerospace & Defense - 1.90%						8.00%, 02/15/2024(c)			40		42
	Bombardier Inc						Sprint Corp
	7.50%, 03/15/2025(c)		$	255	$	262	7.88%, 09/15/2023			80		86
	Banks- 1.40	%								$		289
	Wells Fargo & Co						TOTAL BONDS			$		2,238
	6.11%, 12/31/2049(d)			190		193	SENIOR FLOATING RATE INTERESTS			Principal
	3 Month LIBOR + 3.77%						- 66.17	%	Amount (000's) Value (000's)
	Chemicals - 1.81%						Aerospace & Defense - 0.97%
	Consolidated Energy Finance SA						TransDigm Inc
	6.09%, 06/15/2022(c)			250		250	4.58%, 06/09/2023(g)		$	104	$	104
	3 Month LIBOR + 3.75%						US LIBOR + 2.50%
							4.58%, 05/30/2025(g)			30		30
	Diversified Financial Services - 2.97%						US LIBOR + 2.50%
	E*TRADE Financial Corp									$		134
	5.30%, 12/31/2049(d),(e)			260		259
	3 Month LIBOR + 3.16%						Automobile Manufacturers - 2.17%
	ILFC E-Capital Trust II						Navistar Financial Corp
	4.82%, 12/21/2065(c),(f)			100		91	5.87%, 07/25/2025(g)			300		300
	Springleaf Finance Corp						US LIBOR + 3.75%
	6.88%, 03/15/2025			60		60	Automobile Parts & Equipment - 1.15%
				$		410	American Axle & Manufacturing Inc
	Gas- 0.74	%					4.37%, 04/06/2024(g)			160		159
	NGL Energy Partners LP / NGL Energy Finance						US LIBOR + 2.25%
	Corp						Chemicals - 1.95%
	7.50%, 11/01/2023			100		102	Aruba Investments Inc
	Home Builders - 0.90%						5.33%, 02/02/2022(g)			98		98
	Williams Scotsman International Inc						US LIBOR + 3.25%
	7.88%, 12/15/2022(c)			120		124	Emerald Performance Materials LLC
							9.83%, 08/01/2022(g)			170		171
	Insurance - 1.82%						US LIBOR + 6.75%
	Catlin Insurance Co Ltd									$		269
	5.32%, 07/29/2049(c),(d)			160		158
	3 Month LIBOR + 2.98%						Commercial Services - 2.92%
	Liberty Mutual Group Inc						Garda World Security Corp
	5.25%, 03/07/2067(c)			95		93	5.80%, 05/24/2024(g)			95		95
	3 Month LIBOR + 2.91%						US LIBOR + 3.50%
				$		251	Prime Security Services Borrower LLC
							4.83%, 05/02/2022(g)			109		109
	Machinery - Diversified - 0.28%						US LIBOR + 2.75%
	Cloud Crane LLC						TMS International Corp
	10.13%, 08/01/2024(c)			35		38	4.83%, 08/14/2024(g)			199		199
	Media- 0.56	%					US LIBOR + 2.75%
	DISH DBS Corp									$		403
	5.88%, 11/15/2024			90		78	Computers - 3.39%
	Mining - 0.22%						Dell International LLC
	Northwest Acquisitions ULC / Dominion Finco						4.08%, 09/07/2023(g)			300		300
	Inc						US LIBOR + 2.00%
	7.13%, 11/01/2022(c)			30		31	McAfee LLC
	Oil & Gas - 1.33%						10.57%, 09/26/2025(g)			165		168
	MEG Energy Corp						US LIBOR + 8.50%
	6.50%, 01/15/2025(c)			50		50				$		468
	Sunoco LP / Sunoco Finance Corp						Consumer Products - 0.94%
	4.88%, 01/15/2023(c)			65		64	Prestige Brands Inc
	5.50%, 02/15/2026(c)			20		19	4.08%, 01/26/2024(g)			130		130
	Whiting Petroleum Corp						US LIBOR + 2.00%
	5.75%, 03/15/2021			50		51	Diversified Financial Services - 2.00%
				$		184	Russell Investments US Institutional Holdco Inc
	Software - 0.19%						5.33%, 06/01/2023(g)			276		276
	Epicor Software Corp						US LIBOR + 3.25%
	9.59%, 06/30/2023(c)			26		26	Electrical Components & Equipment - 1.75%
	3 Month LIBOR + 7.25%						Energizer Holdings Inc
							0.00%, 06/20/2025(g),(h)			240		241
							US LIBOR + 2.25%


Schedule of Investments
Dynamic Floating Rate High Income Fund
August 31, 2018



SENIOR FLOATING RATE INTERESTS		Principal			SENIOR FLOATING RATE INTERESTS		Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Engineering & Construction - 1.42%					Lodging (continued)
Pisces Midco Inc					Hilton Worldwide Finance LLC
6.09%, 03/28/2025(g)	$	195	$	196	3.81%, 10/25/2023(g)	$	83	$	83
US LIBOR + 3.75%					US LIBOR + 1.75%
Entertainment - 4.03%							$		288
CCM Merger Inc					Media - 3.64%
4.83%, 08/06/2021(g)		182		183	CSC Holdings LLC
US LIBOR + 2.75%					4.56%, 01/12/2026(g)		90		90
Stars Group Holdings BV					US LIBOR + 2.50%
5.83%, 06/27/2025(g)		175		176	Meredith Corp
US LIBOR + 3.50%					5.08%, 01/17/2025(g)		118		118
WMG Acquisition Corp					US LIBOR + 3.00%
4.20%, 11/01/2023(g)		199		198	Unitymedia Finance LLC
US LIBOR + 2.13%					4.31%, 09/30/2025(g)		95		95
		$		557	US LIBOR + 2.25%
Environmental Control - 0.36%					Univision Communications Inc
Filtration Group Corp					4.83%, 03/15/2024(g)		208		199
5.08%, 03/28/2025(g)		50		50	US LIBOR + 2.75%
US LIBOR + 3.00%							$		502
Food - 4.17%					Oil & Gas - 3.66%
B&G Foods Inc					California Resources Corp
4.08%, 11/02/2022(g)		114		114	6.82%, 11/14/2022(g)		205		208
US LIBOR + 2.00%					US LIBOR + 4.75%
JBS USA LUX SA					12.44%, 12/31/2021(g)		95		105
4.83%, 10/30/2022(g)		190		190	US LIBOR + 10.37%
US LIBOR + 2.50%					Chesapeake Energy Corp
Post Holdings Inc					9.58%, 08/23/2021(g)		185		193
4.07%, 05/24/2024(g)		273		272	US LIBOR + 7.50%
US LIBOR + 2.00%							$		506
		$		576	Oil & Gas Services - 0.22%
Healthcare - Products - 1.90%					Apergy Corp
DJO Finance LLC					4.63%, 04/18/2025(g)		30		30
5.46%, 06/08/2020(g)		93		93	US LIBOR + 2.50%
US LIBOR + 3.25%					Packaging & Containers - 2.86%
Kinetic Concepts Inc					Berry Global Inc
5.58%, 02/02/2024(g)		168		169	4.19%, 10/01/2022(g)		88		89
US LIBOR + 3.25%					US LIBOR + 2.00%
		$		262	Caraustar Industries Inc
Healthcare - Services - 3.56%					7.83%, 03/14/2022(g)		59		59
Acadia Healthcare Co Inc					US LIBOR + 5.50%
4.58%, 02/16/2023(g)		117		118	CROWN Americas LLC
US LIBOR + 2.50%					4.08%, 01/17/2025(g)		60		60
Ardent Health Partners LLC					US LIBOR + 2.00%
6.58%, 06/16/2025(g)		215		216	Flex Acquisition Co Inc
US LIBOR + 4.50%					5.34%, 12/29/2023(g)		94		93
MPH Acquisition Holdings LLC					US LIBOR + 3.00%
5.38%, 06/07/2023(g)		157		157	Reynolds Group Holdings Inc
US LIBOR + 3.00%					4.83%, 02/05/2023(g)		94		94
		$		491	US LIBOR + 2.75%
Insurance - 3.38%							$		395
Asurion LLC					Pharmaceuticals - 0.97%
8.58%, 08/04/2025(g)		195		201	Bausch Health Cos Inc
US LIBOR + 6.50%					5.08%, 05/19/2025(g)		133		134
Genworth Holdings Inc					US LIBOR + 3.00%
6.57%, 02/28/2023(g)		259		265	REITs - 0.98%
US LIBOR + 4.50%					iStar Inc
		$		466	4.83%, 06/20/2023(g)		42		42
Leisure Products & Services - 1.30%					US LIBOR + 2.75%
ClubCorp Holdings Inc					MGM Growth Properties Operating Partnership
5.08%, 09/18/2024(g)		181		179	LP
US LIBOR + 2.75%					4.08%, 04/25/2025(g)		93		93
Lodging - 2.09%					US LIBOR + 2.00%
Caesars Resort Collection LLC							$		135
4.83%, 12/22/2024(g)		204		205	Retail - 6.13%
US LIBOR + 2.75%					Academy Ltd
					6.08%, 07/01/2022(g)		57		47
					US LIBOR + 4.00%

Schedule of Investments
Dynamic Floating Rate High Income Fund
August 31, 2018


SENIOR FLOATING RATE INTERESTS		Principal			(a)	Affiliated Security. Security is either an affiliate (and registered under the
(continued)	Amount (000’s) Value (000’s)					Investment Company Act of 1940) or an affiliate as defined by the Investment
Retail (continued)						Company Act of 1940 (the Fund controls 5.0% or more of the outstanding
Beacon Roofing Supply Inc						voting shares of the security). Please see affiliated sub-schedule for
4.32%, 10/11/2024(g)	$	100	$	99		transactional information.
US LIBOR + 2.25%					(b)	Current yield shown is as of period end.
IRB Holding Corp					(c)	Security exempt from registration under Rule 144A of the Securities Act of
5.32%, 01/17/2025(g)		200		200		1933. These securities may be resold in transactions exempt from registration,
US LIBOR + 3.25%						normally to qualified institutional buyers. At the end of the period, the value of
JC Penney Corp Inc						these securities totaled $1,371 or 9.93% of net assets.
6.57%, 06/23/2023(g)		94		86	(d)	Perpetual security. Perpetual securities pay an indefinite stream of interest,
US LIBOR + 4.25%						but they may be called by the issuer at an earlier date.
KFC Holding Co					(e)	Rate shown is the rate in effect as of period end. The rate may be based on a
3.83%, 04/03/2025(g)		117		117		fixed rate, variable rate, or floating rate.
US LIBOR + 1.75%					(f)	Certain variable rate securities are not based on a published reference rate
Michaels Stores Inc						and spread but are determined by the issuer or agent and are based on current
4.57%, 01/30/2023(g)		144		144		market conditions. These securities do not indicate a reference rate and
US LIBOR + 2.50%						spread in their description. Rate shown is the rate in effect as of period end.
PetSmart Inc					(g)	Rate information disclosed is based on an average weighted rate as of period
5.09%, 03/11/2022(g)		179		154		end.
US LIBOR + 3.00%					(h)	This Senior Floating Rate Note will settle after August 31, 2018, at which time
		$		847		the interest rate will be determined.
Telecommunications - 5.58%
Avaya Inc							Portfolio Summary (unaudited)
6.31%, 12/15/2024(g)		294		295	Sector							Percent
US LIBOR + 4.25%					Consumer, Cyclical							17.77	%
Level 3 Parent LLC					Investment Companies							15.36	%
4.26%, 02/22/2024(g)		95		95	Consumer, Non-cyclical							14.46	%
US LIBOR + 2.25%					Financial							12.55	%
Maxar Technologies Ltd					Industrial							12.22	%
4.83%, 10/04/2024(g)		279		272	Communications							11.87	%
US LIBOR + 2.75%					Energy							5.21	%
West Corp					Basic Materials							3.98	%
6.08%, 10/10/2024(g)		109		109	Technology							3.58	%
US LIBOR + 4.00%					Utilities							0.74	%
		$		771	Other Assets and Liabilities							2.26	%
Transportation - 0.48%					TOTAL NET ASSETS							100.00	%
Navios Maritime Partners LP
7.33%, 09/14/2020(g)		67		67
US LIBOR + 5.00%
Trucking & Leasing - 2.20%
Avolon TLB Borrower 1 US LLC
4.08%, 01/15/2025(g)		304		304
US LIBOR + 2.00%
TOTAL SENIOR FLOATING RATE INTERESTS		$		9,136
Total Investments		$		13,494
Other Assets and Liabilities - 2.26%		$		312
TOTAL NET ASSETS - 100.00%		$		13,806


Affiliated Securities		August 31, 2017				Purchases			Sales		August 31, 2018
		Value				Cost			Proceeds		Value
Principal Government Money Market Fund 1.84%$		— $				7,415		$	5,883	$		1,532
	$	— $				7,415		$	5,883	$		1,532


				Realized Gain/Loss			Realized Gain from				Change in Unrealized
		Income		on Investments			Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 1.84%$		12	$			— $			— $			—
	$	12	$			— $			— $			—
Amounts in thousands


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



COMMON STOCKS - 38.57%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.07%					Automobile Parts & Equipment (continued)
Dentsu Inc		19,300	$	901	Exedy Corp		9,480	$	298
Gendai Agency Inc		3,900		19	IJT Technology Holdings Co Ltd		7,700		51
Trade Desk Inc/The (a)		5,852		830	Keihin Corp		17,350		365
		$		1,750	NGK Insulators Ltd		41,390		674
Aerospace & Defense - 0.98%					NGK Spark Plug Co Ltd		7,479		213
Boeing Co/The (b)		2,879		987	Nissin Kogyo Co Ltd		13,815		231
Cobham PLC ^(a)		407,112		658	NOK Corp		22,320		426
Dassault Aviation SA		661		1,229	Nokian Renkaat OYJ		8,253		341
General Dynamics Corp ^(b)		11,080		2,143	Pacific Industrial Co Ltd		9,314		151
IHI Corp		5,680		198	Rheinmetall AG		4,366		476
Jamco Corp		4,850		138	Standard Motor Products Inc		2,262		115
Kawasaki Heavy Industries Ltd		26,321		720	Sumitomo Electric Industries Ltd		40,761		645
KLX Inc (a)		1,821		134	Sumitomo Riko Co Ltd		17,010		166
Leonardo SpA		46,384		519	Tokai Rika Co Ltd		21,040		443
Lockheed Martin Corp ^(b)		4,000		1,282	Toyo Tire & Rubber Co Ltd		72,912		1,195
Moog Inc		1,757		139	Toyoda Gosei Co Ltd		15,440		385
Northrop Grumman Corp ^(b)		6,127		1,830	Toyota Industries Corp		1,825		103
Raytheon Co ^(b)		4,300		858	WABCO Holdings Inc (a),(b)		3,600		443
Rockwell Collins Inc ^(b)		90,438		12,295			$		8,350
Spirit AeroSystems Holdings Inc (b)		10,400		889	Banks - 2.11%
Thales SA		6,598		930	Allegiance Bancshares Inc (a)		3,041		135
Triumph Group Inc		7,797		162	AU Small Finance Bank Ltd (c)		28,869		300
Ultra Electronics Holdings PLC		32,237		671	Banca Generali SpA		18,464		454
United Technologies Corp		1,340		176	Banco Bilbao Vizcaya Argentaria SA		174,130		1,082
		$		25,958	BancorpSouth Bank		4,041		141
Agriculture - 0.24%					Bank of America Corp		5,552		172
Altria Group Inc		2,914		171	Bank of Ireland Group PLC		127,035		1,041
Bunge Ltd		61,233		3,979	Bank of Kyoto Ltd/The		2,375		120
Japan Tobacco Inc		34,195		899	Bankinter SA		72,987		649
Phibro Animal Health Corp		2,742		129	BB&T Corp		2,968		153
Philip Morris International Inc ^(b)		3,100		241	BNP Paribas SA		16,652		980
Swedish Match AB		19,094		1,021	China Construction Bank Corp		587,000		517
		$		6,440	CIT Group Inc (b)		8,300		450
Airlines - 0.09%					CoBiz Financial Inc		5,934		137
Delta Air Lines Inc		1,069		62	Comerica Inc ^(b)		7,689		750
easyJet PLC		64,627		1,280	Danske Bank A/S		61,085		1,800
JetBlue Airways Corp (a)		7,546		144	DNB ASA		71,930		1,462
Southwest Airlines Co (b)		16,031		983	Erste Group Bank AG (a)		11,618		463
		$		2,469	FCB Financial Holdings Inc ^(a)		4,293		222
Apparel - 0.33%					Fifth Third Bancorp (b)		42,400		1,248
Gildan Activewear Inc		54,800		1,615	FinecoBank Banca Fineco SpA		38,849		463
Hermes International		1,846		1,202	First Citizens BancShares Inc/NC		933		443
LVMH Moet Hennessy Louis Vuitton SE		5,724		2,007	First Connecticut Bancorp Inc/Farmington CT		6,252		198
Moncler SpA		8,555		387	First Midwest Bancorp Inc/IL		5,401		147
NIKE Inc (b)		12,400		1,019	First Republic Bank/CA		7,247		736
Samsonite International SA (a),(c)		37,353		151	FNB Corp/PA		10,374		140
Sanyo Shokai Ltd		7,950		144	Great Western Bancorp Inc		3,961		172
Under Armour Inc - Class A (a)		29,490		603	Green Bancorp Inc		696		17
Under Armour Inc - Class C (a)		844		16	Guaranty Bancorp		2,591		81
VF Corp (b)		16,900		1,557	Huntington Bancshares Inc/OH ^(b)		60,600		982
		$		8,701	ICICI Bank Ltd ADR		26,455		255
					Independent Bank Group Inc		1,996		138
Automobile Manufacturers - 0.21%					Japan Post Bank Co Ltd		95,200		1,112
General Motors Co		1,977		71	JPMorgan Chase & Co (b)		16,370		1,876
Guangzhou Automobile Group Co Ltd		335,400		364	KeyCorp (b)		50,400		1,062
Honda Motor Co Ltd		86,900		2,574	M&T Bank Corp (b)		21,954		3,889
Hyundai Motor Co		1,550		174	Macquarie Group Ltd		12,065		1,129
PACCAR Inc		12,817		877	MB Financial Inc		6,835		331
Suzuki Motor Corp		9,700		631	Mediobanca Banca di Credito Finanziario SpA		159,652		1,487
Tesla Inc (a)		434		131	Mitsubishi UFJ Financial Group Inc		288,723		1,745
Volvo AB - B Shares		35,344		609	Mizuho Financial Group Inc	1,616,090			2,838
		$		5,431	OFG Bancorp		10,064		163
Automobile Parts & Equipment - 0.32%					Opus Bank		5,024		142
Aisan Industry Co Ltd		11,860		100	PacWest Bancorp		2,047		103
Aptiv PLC		538		47	PNC Financial Services Group Inc/The (b)		11,873		1,704
BorgWarner Inc (b)		6,100		267	Regions Financial Corp ^(b)		65,584		1,276
Bridgestone Corp		23,900		879	San-In Godo Bank Ltd/The		11,900		100
Cooper Tire & Rubber Co		6,253		180	Sberbank of Russia PJSC		58,634		158
Daikyonishikawa Corp		12,580		156	Standard Chartered PLC		56,715		462


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Banks (continued)					Chemicals (continued)
State Bank Financial Corp		15,002	$	489	Axalta Coating Systems Ltd (a)		31	$	1
State Bank of India Ltd ^(a)		2,546		111	BASF SE		12,278		1,135
State Street Corp ^(b)		86,883		7,551	Borregaard ASA		23,398		222
Sumitomo Mitsui Financial Group Inc		73,530		2,891	Brenntag AG		14,396		868
Sumitomo Mitsui Trust Holdings Inc		49,670		1,993	Cabot Corp		2,497		162
SunTrust Banks Inc (b)		25,707		1,891	Celanese Corp		609		71
Tokyo Kiraboshi Financial Group Inc		5,123		115	Denka Co Ltd		7,140		244
UBS Group AG (a)		48,809		762	DowDuPont Inc		56,857		3,987
United Community Banks Inc/GA		4,609		140	EMS-Chemie Holding AG		3,403		2,149
Univest Corp of Pennsylvania		5,068		144	Ferro Corp ^(a)		8,362		184
US Bancorp ^(b)		22,000		1,190	GCP Applied Technologies Inc (a)		34,541		870
Wells Fargo & Co		22,661		1,326	Hanwha Chemical Corp		18,652		339
Western Alliance Bancorp (a)		2,983		172	Hitachi Chemical Co Ltd		15,900		333
Westpac Banking Corp		58,804		1,208	Huntsman Corp		2,903		89
		$		55,608	IMCD NV		7,210		540
Beverages - 0.16%					JSR Corp		25,340		492
Anheuser-Busch InBev SA/NV		10,598		988	Kanto Denka Kogyo Co Ltd		18,063		191
Coca-Cola European Partners PLC ^(b)		26,800		1,143	KH Neochem Co Ltd		8,225		307
Heineken NV		6,263		620	KMG Chemicals Inc		1,601		124
MGP Ingredients Inc		300		23	Koninklijke DSM NV		5,092		535
Molson Coors Brewing Co		15,468		1,032	Lenzing AG		2,170		263
Monster Beverage Corp ^(a),(b)		5,500		335	Linde AG		6,805		1,549
PepsiCo Inc		1,498		168	Mitsubishi Gas Chemical Co Inc		21,200		441
		$		4,309	Novozymes A/S		8,435		463
Biotechnology - 0.37%					Praxair Inc ^(b)		7,959		1,259
Abcam PLC		28,130		553	Quaker Chemical Corp		640		115
Alexion Pharmaceuticals Inc (a),(b)		2,803		342	RPM International Inc		384		26
Amicus Therapeutics Inc (a)		4,150		56	Sherwin-Williams Co/The (b)		3,124		1,424
Blueprint Medicines Corp ^(a)		2,904		223	Shin-Etsu Chemical Co Ltd		46,133		4,321
Celgene Corp ^(a),(b)		15,200		1,436	Sumitomo Chemical Co Ltd		91,000		517
Exact Sciences Corp ^(a)		18,363		1,375	Tokuyama Corp		4,220		129
Five Prime Therapeutics Inc (a)		4,799		67	Tokyo Ohka Kogyo Co Ltd		6,212		199
Genmab A/S (a)		7,679		1,333	WR Grace & Co		17,494		1,236
H Lundbeck A/S		3,991		235			$		32,590
Hugel Inc ^(a)		1,458		561	Coal - 0.02%
Illumina Inc ^(a),(b)		1,285		456	China Shenhua Energy Co Ltd		190,792		426
Loxo Oncology Inc ^(a)		96		16	Commercial Services - 1.34%
Myriad Genetics Inc ^(a)		3,595		179	Adecco Group AG		8,339		510
Regeneron Pharmaceuticals Inc ^(a),(b)		2,785		1,133	Adtalem Global Education Inc (a)		3,577		171
Sage Therapeutics Inc (a)		469		77	Altech Corp		3,301		81
Shire PLC ADR		2,758		484	AMERCO		3,074		1,152
Spark Therapeutics Inc (a)		1,825		112	Aramark (b)		54,635		2,244
Vertex Pharmaceuticals Inc (a),(b)		6,100		1,125	Automatic Data Processing Inc (b)		13,956		2,048
		$		9,763	Babcock International Group PLC		58,004		537
Building Materials - 0.80%					Benesse Holdings Inc		5,170		161
Anhui Conch Cement Co Ltd		53,565		327	Brambles Ltd		71,579		565
Anhui Conch Cement Co Ltd		32,300		176	Brink's Co/The		2,166		163
Cemex SAB de CV ADR(a)		147,854		1,048	Bureau Veritas SA		38,393		988
China Resources Cement Holdings Ltd		395,930		463	Cardtronics PLC ^(a)		4,255		149
Cie de Saint-Gobain		28,604		1,233	Carriage Services Inc		5,128		117
CRH PLC		32,046		1,063	Cimpress NV (a)		2,589		363
Geberit AG		1,056		480	Cintas Corp		7,491		1,598
JELD-WEN Holding Inc (a)		4,584		112	CoStar Group Inc ^(a)		3,090		1,366
LafargeHolcim Ltd ^(a)		10,947		533	Deluxe Corp		1,994		118
Lennox International Inc		7,856		1,750	Enercare Inc		35,776		794
Masco Corp ^(b)		26,452		1,004	Equifax Inc		7,400		991
Masonite International Corp ^(a)		2,038		136	Everi Holdings Inc ^(a),(b)		282,683		2,451
Sanwa Holdings Corp		28,196		323	EVERTEC Inc		6,857		165
Taiheiyo Cement Corp		3,525		107	FleetCor Technologies Inc (a)		3,263		698
USG Corp ^(a)		244,715		10,547	HMS Holdings Corp ^(a)		5,781		185
Vulcan Materials Co		10,836		1,201	ICF International Inc		1,890		154
Wienerberger AG		20,684		566	JAC Recruitment Co Ltd		7,534		164
		$		21,069	Kforce Inc		7,768		327
Chemicals - 1.24%					Localiza Rent a Car SA		55,988		298
A. Schulman Inc. (a),(d)		2,332		5	Loomis AB		16,288		524
Air Products & Chemicals Inc (b)		15,893		2,643	M&A Capital Partners Co Ltd (a)		1,400		85
Akzo Nobel NV		43,989		4,116	Macquarie Infrastructure Corp		56,831		2,673
American Vanguard Corp		6,199		136	McGrath RentCorp		2,691		156
Arkema SA		7,214		905	Moody's Corp ^(b)		5,418		964

Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Commercial Services (continued)					Cosmetics & Personal Care (continued)
New Oriental Education & Technology Group		3,194	$	251	Procter & Gamble Co/The (b)		11,643	$	965
Inc ADR					Unicharm Corp		40,700		1,329
Nielsen Holdings PLC		70,704		1,838			$		8,538
Nutrisystem Inc		3,926		145	Distribution & Wholesale - 0.34%
PayPal Holdings Inc ^(a)		10,098		932	Bunzl PLC		15,377		479
Persol Holdings Co Ltd		8,758		196	Crystal International Group Ltd ^(c)		173,322		108
Prestige International Inc		16,524		190	Diploma PLC		30,492		577
QinetiQ Group PLC		128,868		454	Fastenal Co		10,463		611
Qualicorp Consultoria e Corretora de Seguros SA		39,600		153	Fourlis Holdings SA (a)		21,400		135
Raksul Inc ^(a)		4,000		104	H&E Equipment Services Inc		3,596		125
Randstad NV		17,002		1,067	HD Supply Holdings Inc ^(a),(b)		53,800		2,453
Rent-A-Center Inc/TX (a)		23,266		343	Marubeni Corp		194,700		1,595
Restore PLC		82,624		551	Mitsubishi Corp		21,600		616
Rollins Inc ^(b)		12,400		745	Mitsui & Co Ltd		71,500		1,191
SEACOR Marine Holdings Inc (a)		10,514		215	Nippon Gas Co Ltd		768		36
Securitas AB		20,042		357	Trusco Nakayama Corp		6,110		163
Ser Educacional SA (c)		31,900		125	WW Grainger Inc (b)		2,800		992
SGS SA		702		1,848			$		9,081
Strike Co Ltd		4,713		160	Diversified Financial Services - 1.39%
Tarena International Inc ADR		27,556		234	Acom Co Ltd		114,306		467
TechnoPro Holdings Inc		6,206		387	Ally Financial Inc (b)		21,000		564
Toppan Forms Co Ltd		18,800		185	American Express Co		11,409		1,209
Travelport Worldwide Ltd		8,944		166	ASX Ltd		20,239		986
TrueBlue Inc (a)		4,806		141	Bharat Financial Inclusion Ltd ^(a)		13,054		214
United Rentals Inc ^(a)		3,513		548	BlackRock Inc		3,005		1,440
Worldpay Inc (a)		9,515		927	Charles Schwab Corp/The		63,623		3,231
		$		35,222	CI Financial Corp		73,400		1,181
Computers - 1.17%					CME Group Inc ^(b)		7,200		1,258
Accenture PLC - Class A (b)		5,720		967	Credit Acceptance Corp (a)		2,715		1,240
Apple Inc (b)		22,250		5,064	Credit Saison Co Ltd		15,900		263
Atos SE		6,560		788	Curo Group Holdings Corp ^(a)		5,174		160
BayCurrent Consulting Inc		3,100		85	Daiwa Securities Group Inc		90,000		539
Capgemini SE		2,591		334	Ditech Holding Corp - Warrants (a)		10,237		1
Check Point Software Technologies Ltd (a)		14,077		1,636	Ditech Holding Corp - Warrants (a)		7,661		2
Cognizant Technology Solutions Corp (b)		11,098		870	E*TRADE Financial Corp (a)		19,262		1,134
Computershare Ltd		44,458		615	Element Comm Aviation (a),(d),(e),(f)		280		2,511
Convergys Corp		13,622		337	Euronext NV (c)		4,899		322
Dell Technologies Inc Class V (a),(b)		103,776		9,980	Franklin Resources Inc ^(b)		14,943		474
Ferrotec Holdings Corp		14,200		182	Greenhill & Co Inc		5,647		155
ForeScout Technologies Inc (a)		3,973		143	Hamilton Lane Inc		2,890		141
Fortinet Inc ^(a),(b)		23,698		1,985	Hannon Armstrong Sustainable Infrastructure		4,786		103
Fujitsu Ltd		130,987		958	Capital Inc
Gemalto NV (a)		18,382		1,068	Hilltop Holdings Inc		9,645		200
Globant SA (a)		2,300		149	Hypoport AG (a)		2,762		604
International Business Machines Corp ^(b)		5,500		806	Ichigo Inc		59,800		244
Melco Holdings Inc		2,190		82	Ichiyoshi Securities Co Ltd		13,430		134
NetApp Inc (b)		5,643		490	Intercontinental Exchange Inc ^(b)		13,660		1,041
Oro Co Ltd		2,160		102	INTL. FCStone Inc (a)		2,758		154
Perspecta Inc		136,885		3,184	KB Financial Group Inc		10,730		496
SCSK Corp		5,470		260	Kenedix Inc		31,300		202
Serco Group PLC ^(a)		288,936		366	Mahindra & Mahindra Financial Services Ltd		40,922		283
Syntel Inc ^(a)		3,483		142	Mastercard Inc ^(b)		6,982		1,505
UT Group Co Ltd (a)		2,525		85	Mebuki Financial Group Inc		155,700		552
Western Digital Corp (b)		4,226		267	Moelis & Co		2,483		144
		$		30,945	Nomura Holdings Inc		213,100		976
Consumer Products - 0.08%					OneMain Holdings Inc ^(a)		21,786		800
ACCO Brands Corp		71,308		884	Pagseguro Digital Ltd ^(a)		15,628		452
Avery Dennison Corp (b)		4,285		451	Partners Group Holding AG		2,227		1,749
Kimberly-Clark Corp (b)		6,617		764	PRA Group Inc (a)		3,938		144
		$		2,099	Raymond James Financial Inc		32,084		2,985
Cosmetics & Personal Care - 0.32%					Samsung Securities Co Ltd		9,433		274
Beiersdorf AG		9,125		1,062	Sanne Group PLC		68,661		547
Ci:z Holdings Co Ltd		2,910		125	SEI Investments Co ^(b)		8,100		511
Colgate-Palmolive Co ^(b)		5,400		359	TD Ameritrade Holding Corp		11,261		660
Coty Inc		239,801		2,964	Tochigi Bank Ltd/The		26,970		90
Estee Lauder Cos Inc/The (b)		4,406		618	Visa Inc (b)		22,628		3,324
Kao Corp		5,800		450	VZ Holding AG		1,381		427
Korea Kolmar Co Ltd		4,959		331	XPS Pensions Group PLC		142,550		329
Pola Orbis Holdings Inc		9,500		335

Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Diversified Financial Services (continued)					Electronics (continued)
Zenkoku Hosho Co Ltd		8,187	$	332	Yamaichi Electronics Co Ltd		3,250	$	47
		$		36,754			$		16,974
Electric - 0.48%					Engineering & Construction - 0.45%
American Electric Power Co Inc		1,176		84	Aecon Group Inc		2,261		30
Avista Corp		25,976		1,333	Alten SA		4,768		494
E.ON SE		90,081		962	Argan Inc		3,997		159
Endesa SA		89,499		2,002	Badger Daylighting Ltd		6,056		135
Exelon Corp		3,311		145	China State Construction International Holdings		172,000		179
Huadian Fuxin Energy Corp Ltd		802,000		166	Ltd
Kyushu Electric Power Co Inc		44,900		502	Chiyoda Corp		35,990		264
NextEra Energy Inc		1,179		201	CIMIC Group Ltd		25,381		900
NRG Energy Inc		142		5	Eiffage SA		22,288		2,511
Origin Energy Ltd ^(a)		61,996		355	Fraport AG Frankfurt Airport Services Worldwide		7,757		697
PG&E Corp		37,136		1,715	Hazama Ando Corp		32,433		244
Power Assets Holdings Ltd		65,500		460	HOCHTIEF AG		6,584		1,069
Red Electrica Corp SA		39,001		817	Japan Airport Terminal Co Ltd		21,500		962
SCANA Corp		28,204		1,081	JGC Corp		18,690		376
Terna Rete Elettrica Nazionale SpA		252,147		1,325	KBR Inc		7,583		159
Vistra Energy Corp (a),(b)		60,700		1,429	Kyowa Exeo Corp		4,340		121
		$		12,582	Kyudenko Corp		7,017		267
Electrical Components & Equipment - 0.39%					Mirait Holdings Corp		10,800		169
AMETEK Inc		56,614		4,357	nVent Electric PLC		69,620		1,956
Belden Inc		22,353		1,626	SHO-BOND Holdings Co Ltd		2,440		171
Brother Industries Ltd		19,300		396	TopBuild Corp (a)		860		54
Emerson Electric Co ^(b)		24,600		1,888	Toyo Engineering Corp (a)		15,890		137
EnerSys		2,015		167	Vinci SA		6,231		595
Funai Electric Co Ltd ^(a)		20,480		118	Yokogawa Bridge Holdings Corp		7,698		154
Furukawa Electric Co Ltd		2,500		86			$		11,803
Schneider Electric SE		16,148		1,312	Entertainment - 0.62%
Ushio Inc		20,590		271	Avex Inc		16,790		225
		$		10,221	Cineworld Group PLC		144,199		581
Electronics - 0.64%					CJ CGV Co Ltd		5,058		241
Agilent Technologies Inc (b)		8,600		581	Genting Singapore Ltd	1,270,200			990
Amphenol Corp (b)		8,500		804	IMAX China Holding Inc (c)		77,300		198
AVX Corp		8,316		176	International Game Technology PLC		254,571		5,356
Bel Fuse Inc		6,414		184	Madison Square Garden Co/The (a)		1,560		471
Bizlink Holding Inc		13,652		71	Marriott Vacations Worldwide Corp		4,864		579
Chroma ATE Inc		22,000		121	OPAP SA		45,092		484
FLIR Systems Inc ^(b)		5,300		333	Pinnacle Entertainment Inc ^(a)		14,421		494
Fortive Corp ^(b)		29,744		2,498	Red Rock Resorts Inc		145,509		4,750
Fujitsu General Ltd		28,427		469	Sankyo Co Ltd		49,200		1,883
Halma PLC		26,651		495			$		16,252
Hirose Electric Co Ltd		6,215		739	Environmental Control - 0.08%
Hitachi High-Technologies Corp		10,867		426	Covanta Holding Corp		8,181		144
Honeywell International Inc ^(b)		10,785		1,716	Daiseki Co Ltd		7,319		193
Hosiden Corp		11,080		107	Waste Management Inc (b)		19,924		1,811
Ibiden Co Ltd		18,110		263			$		2,148
II-VI Inc (a)		1,780		89	Food - 0.70%
KEMET Corp (a)		5,542		143	Ajinomoto Co Inc		22,539		382
Kyocera Corp		7,242		456	Associated British Foods PLC		12,091		359
LEM Holding SA		164		209	Belc Co Ltd		2,000		105
Mettler-Toledo International Inc (a),(b)		471		275	Campbell Soup Co		45,082		1,779
MINEBEA MITSUMI Inc		43,615		818	CJ CheilJedang Corp		3,183		979
Murata Manufacturing Co Ltd		2,305		397	Cranswick PLC		10,538		442
Nichicon Corp		22,500		257	Dino Polska SA (a),(c)		6,598		162
Nidec Corp		9,400		1,361	Empire Co Ltd		34,400		656
Nippon Ceramic Co Ltd		6,860		184	Ezaki Glico Co Ltd		5,524		278
Orbotech Ltd ^(a)		14,581		933	Hershey Co/The (b)		11,954		1,202
Rotork PLC		103,394		454	Hostess Brands Inc ^(a)		13,848		163
Sanmina Corp ^(a)		4,762		147	Itoham Yonekyu Holdings Inc		29,500		219
Shibaura Electronics Co Ltd		2,600		106	Mondelez International Inc		3,966		169
Siix Corp		10,380		208	Nestle SA		9,190		770
Silergy Corp		11,000		217	Orion Holdings Corp		11,195		200
Taiyo Yuden Co Ltd		3,200		94	Orkla ASA		132,877		1,093
Tokyo Seimitsu Co Ltd		10,953		340	Performance Food Group Co ^(a)		6,072		201
Trimble Inc (a),(b)		11,600		488	Pinnacle Foods Inc		25,002		1,661
Waters Corp (a),(b)		2,942		557	Post Holdings Inc ^(a)		17,459		1,698
Yageo Corp		9,250		211	Seven & i Holdings Co Ltd		10,347		421
					SUPERVALU Inc (a)		17,358		561


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Food (continued)					Healthcare - Services (continued)
Tesco PLC		702,944	$	2,246	Eurofins Scientific SE		2,503	$	1,415
Viscofan SA		4,455		324	Fresenius Medical Care AG & Co KGaA		10,240		1,036
Warabeya Nichiyo Holdings Co Ltd		3,350		66	Laboratory Corp of America Holdings (a)		6,194		1,071
Woolworths Group Ltd		90,332		1,844	LifePoint Health Inc ^(a)		903		58
Yakult Honsha Co Ltd		5,700		405	Orpea		4,449		603
		$		18,385	Quest Diagnostics Inc (b)		20,612		2,267
Forest Products & Paper - 0.15%					Syneos Health Inc ^(a)		2,916		145
Schweitzer-Mauduit International Inc		3,686		150	UnitedHealth Group Inc ^(b)		12,306		3,304
Smurfit Kappa Group PLC		28,035		1,145			$		47,405
UPM-Kymmene OYJ		68,742		2,652	Holding Companies - Diversified - 0.16%
		$		3,947	Industrivarden AB		31,366		670
Gas - 0.18%					J2 Acquisition Ltd (a),(c)		38,500		375
China Resources Gas Group Ltd		5,308		24	J2 Acquisition Ltd - Warrants (a)		38,500		17
Snam SpA		444,638		1,826	Matlin and Partners Acquisition Corp - Warrants		103,668		83
Tokyo Gas Co Ltd		41,800		990	(a)
UGI Corp		11,092		599	Mudrick Capital Acquisition Corp (a)		83,975		819
Vectren Corp		16,801		1,196	Mudrick Capital Acquisition Corp - Warrants ^(a)		83,975		47
		$		4,635	Ocean Outdoor Ltd ^(a),(c),(d)		20,328		195
Hand & Machine Tools - 0.05%					Spectrum Brands Holdings Inc		10,009		869
DMG Mori Co Ltd		12,700		210	Swire Pacific Ltd		101,000		1,143
Finning International Inc		42,400		985			$		4,218
Kennametal Inc		3,740		153	Home Builders - 0.12%
		$		1,348	Cairn Homes PLC ^(a)		348,171		646
Healthcare - Products - 0.65%					Glenveagh Properties PLC ^(a),(c)		431,827		540
Align Technology Inc (a)		2,260		874	Installed Building Products Inc ^(a)		2,138		100
Asahi Intecc Co Ltd		5,121		195	Land & Houses PCL		584,522		202
Baxter International Inc ^(b)		26,392		1,963	Land & Houses PCL		498,600		172
BioTelemetry Inc (a)		2,535		157	LGI Homes Inc ^(a)		2,072		119
Cellavision AB		11,687		316	NVR Inc (a)		563		1,502
Cochlear Ltd		2,283		355			$		3,281
Consort Medical PLC		23,937		357	Home Furnishings - 0.09%
Edwards Lifesciences Corp ^(a),(b)		14,055		2,027	Crompton Greaves Consumer Electricals Ltd		93,225		329
Elekta AB		22,030		288	Hoshizaki Corp		2,600		246
Haemonetics Corp ^(a)		9,601		1,072	Maxell Holdings Ltd		27,070		436
Hill-Rom Holdings Inc		1,901		185	Pioneer Corp ^(a)		201,110		235
IDEXX Laboratories Inc ^(a),(b)		3,073		781	SodaStream International Ltd ^(a)		5,225		746
InBody Co Ltd		2,529		67	Tempur Sealy International Inc (a)		3,116		173
Insulet Corp ^(a)		13,977		1,457	TTK Prestige Ltd		858		87
Intuitive Surgical Inc ^(a),(b)		900		504	Zojirushi Corp		8,200		110
Japan Lifeline Co Ltd		6,650		127			$		2,362
K2M Group Holdings Inc (a)		1,181		32	Housewares - 0.00%
Koninklijke Philips NV		13,529		605	Tupperware Brands Corp		4,016		131
Medtronic PLC		2,041		197	Insurance - 2.21%
Merit Medical Systems Inc ^(a)		3,410		201	Admiral Group PLC		25,905		699
Microport Scientific Corp		138,700		175	Alleghany Corp (b)		4,192		2,648
Natus Medical Inc ^(a)		4,376		163	AmTrust Financial Services Inc		28,009		407
Nipro Corp		46,378		619	Aspen Insurance Holdings Ltd		11,382		468
NuVasive Inc (a)		2,716		191	Berkshire Hathaway Inc - Class B ^(a),(b)		27,018		5,639
NxStage Medical Inc ^(a)		30,709		870	Brighthouse Financial Inc ^(a),(b)		22,600		938
Olympus Corp		12,500		509	Chubb Ltd		1,226		166
Sartorius Stedim Biotech		3,463		439	Dai-ichi Life Holdings Inc		29,210		557
Shandong Weigao Group Medical Polymer Co		141,508		134	Fairfax Financial Holdings Ltd		1,453		798
Ltd					Fidelity National Financial Inc ^(b)		26,085		1,046
STERIS PLC		9,405		1,076	Genworth Financial Inc ^(a)		97,683		454
Straumann Holding AG		1,150		916	Hartford Financial Services Group Inc/The		101,049		5,090
Zimmer Biomet Holdings Inc		1,742		215	James River Group Holdings Ltd		3,824		157
		$		17,067	Japan Post Holdings Co Ltd		98,500		1,170
Healthcare - Services - 1.80%					Lancashire Holdings Ltd		16,977		134
Aetna Inc		126,278		25,290	Markel Corp ^(a),(b)		2,531		3,060
Ain Holdings Inc		1,321		101	MBIA Inc (a)		17,546		180
Alliar Medicos A Frente SA (a)		31,900		98	Medibank Pvt Ltd		192,566		421
Anthem Inc (b)		6,148		1,627	MetLife Inc ^(b)		42,800		1,964
Apollo Hospitals Enterprise Ltd		9,689		162	MGIC Investment Corp ^(a)		8,820		112
Centene Corp ^(a),(b)		30,384		4,451	Muenchener Rueckversicherungs-Gesellschaft		5,472		1,179
Cigna Corp		24,279		4,572	AG in Muenchen
CMIC Holdings Co Ltd		3,900		84	Navigators Group Inc/The		1,300		91
Ensign Group Inc/The		3,978		156	Progressive Corp/The (b)		22,349		1,509
Envision Healthcare Corp ^(a)		18,240		827	Prudential Financial Inc		37,131		3,648
EPS Holdings Inc		6,800		138	QBE Insurance Group Ltd		390,808		3,101


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Insurance (continued)					Iron & Steel (continued)
Radian Group Inc		10,600	$	215	JFE Holdings Inc		14,756	$	323
RenaissanceRe Holdings Ltd ^(b)		12,286		1,634	Kobe Steel Ltd		21,182		177
Sampo Oyj		44,879		2,297	Kyoei Steel Ltd		13,430		246
State Auto Financial Corp		5,024		158	Nakayama Steel Works Ltd		18,690		113
Stewart Information Services Corp		2,074		93	Nippon Steel & Sumitomo Metal Corp		38,700		778
Swiss Re AG		14,694		1,322	Tokyo Steel Manufacturing Co Ltd		55,220		442
T&D Holdings Inc		44,210		672	Vale SA ADR		32,688		431
Third Point Reinsurance Ltd (a)		12,399		166	Yamato Kogyo Co Ltd		11,090		319
Tokio Marine Holdings Inc		6,437		303			$		3,715
Universal Insurance Holdings Inc		3,408		152	Leisure Products & Services - 0.14%
Voya Financial Inc		31,250		1,565	CTS Eventim AG & Co KGaA		11,541		512
White Mountains Insurance Group Ltd		683		634	CVC Brasil Operadora e Agencia de Viagens SA		8,800		91
Willis Towers Watson PLC		18,172		2,676	Hana Tour Service Inc		3,527		223
XL Group Ltd		187,487		10,760	Malibu Boats Inc ^(a)		3,670		177
		$		58,283	Nautilus Inc ^(a)		10,551		155
Internet - 1.65%					Planet Fitness Inc ^(a)		3,980		204
Alibaba Group Holding Ltd ADR(a)		10,784		1,887	Shimano Inc		9,300		1,435
Alphabet Inc - A Shares (a),(b)		5,445		6,707	Thule Group AB (c)		19,044		451
Alphabet Inc - C Shares (a)		4,250		5,177	Yamaha Motor Co Ltd		14,632		371
Amazon.com Inc (a),(b)		3,002		6,042			$		3,619
ASKUL Corp		13,666		395	Lodging - 1.11%
Baozun Inc ADR(a)		5,820		311	Boyd Gaming Corp		123,480		4,497
Booking Holdings Inc ^(a)		69		135	Caesars Entertainment Corp ^(a)		136,019		1,387
Cafe24 Corp ^(a)		1,456		212	Choice Hotels International Inc		15,228		1,189
Cerved Group SpA		51,179		534	Crown Resorts Ltd		100,663		1,029
Com Hem Holding AB		60,044		1,013	Galaxy Entertainment Group Ltd		147,000		1,089
Dip Corp		7,450		177	Hilton Worldwide Holdings Inc (b)		28,178		2,188
DraftKings Inc (a),(d),(e),(f)		54,277		138	Hyatt Hotels Corp		88,357		6,835
Expedia Group Inc		18,847		2,460	ILG Inc		32,418		1,107
F5 Networks Inc ^(a)		9,846		1,862	InterContinental Hotels Group PLC		20,808		1,285
Facebook Inc ^(a),(b)		30,275		5,320	Kyoritsu Maintenance Co Ltd		9,771		462
GoDaddy Inc ^(a)		19,372		1,578	Las Vegas Sands Corp		28,358		1,855
Just Eat PLC (a)		24,184		241	Marcus Corp/The		3,555		144
Klarna Holding AB (a),(d),(e),(f)		808		121	Monarch Casino & Resort Inc ^(a)		2,720		128
LAC Co Ltd		9,100		157	Tropicana Entertainment Inc (a)		53,176		3,901
Mail.Ru Group Ltd ^(a)		6,111		132	Wynn Resorts Ltd		14,946		2,217
Mimecast Ltd ^(a)		4,827		201			$		29,313
NCSoft Corp		855		298	Machinery - Construction & Mining - 0.18%
NHN Entertainment Corp ^(a)		3,771		204	ABB Ltd		43,842		1,033
Palo Alto Networks Inc (a),(b)		1,500		347	Atlas Copco AB - A Shares (a)		46,549		1,327
PChome Online Inc ^(a)		101,000		467	Caterpillar Inc		3,501		486
Proofpoint Inc ^(a)		457		54	Epiroc AB (a)		45,373		471
Proto Corp		2,700		39	Hitachi Ltd		157,000		1,025
Q2 Holdings Inc (a)		706		44	Lonking Holdings Ltd		224,000		77
Rakuten Inc		123,800		947	Mitsubishi Electric Corp		16,780		227
Shopify Inc ^(a)		6,110		890	Tadano Ltd		10,850		119
Shutterfly Inc (a)		2,341		182			$		4,765
Spotify Technology SA (a)		5,142		974	Machinery - Diversified - 0.45%
Trend Micro Inc/Japan		6,300		396	Alamo Group Inc		868		83
Wayfair Inc (a)		4,166		563	Briggs & Stratton Corp		7,975		161
Web.com Group Inc (a)		3,382		94	Cognex Corp ^(b)		11,800		635
Wix.com Ltd (a)		7,688		854	Cummins Inc ^(b)		11,519		1,633
Yahoo Japan Corp		172,713		593	Deere & Co		540		78
Yandex NV (a)		41,929		1,347	Hisaka Works Ltd		6,090		62
Yume No Machi Souzou Iinkai Co Ltd		6,400		193	Ichor Holdings Ltd ^(a)		7,559		196
Zendesk Inc ^(a)		2,537		175	IDEX Corp		10,347		1,585
		$		43,461	Interpump Group SpA		12,221		385
Investment Companies - 0.29%					Japan Elevator Service Holdings Co Ltd		3,400		89
Altaba Inc (a)		81,883		5,695	Keyence Corp		2,900		1,642
B. Riley Financial Inc		6,125		140	Mitsubishi Heavy Industries Ltd		17,920		665
GT Capital Holdings Inc		11,964		196	Rockwell Automation Inc (b)		2,000		362
Investor AB		32,290		1,458	Roper Technologies Inc (b)		4,300		1,283
L E Lundbergforetagen AB		5,782		194	Shima Seiki Manufacturing Ltd		1,768		83
		$		7,683	Spirax-Sarco Engineering PLC		6,103		565
Iron & Steel - 0.14%					SPX FLOW Inc (a)		3,383		162
Carpenter Technology Corp		2,924		174	Stabilus SA		6,630		583
Chubu Steel Plate Co Ltd		5,800		35	Toshiba Machine Co Ltd		32,910		154
Hitachi Metals Ltd		42,527		491	Washtec AG		5,665		550
Japan Steel Works Ltd/The		7,270		186

Consolidated Schedule of Investments Global Multi-Strategy Fund August 31, 2018


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Machinery - Diversified (continued)					Oil & Gas - 1.53%
Xylem Inc/NY		13,666	$	1,037	Andeavor		18,220	$	2,784
		$		11,993	Baytex Energy Corp ^(a)		5,440		16
Media - 1.20%					Cabot Oil & Gas Corp ^(b)		75,500		1,799
Altice USA Inc		389,933		6,987	Canadian Natural Resources Ltd		7,500		256
Comcast Corp - Class A (b)		77,038		2,849	Canadian Natural Resources Ltd		3,186		109
DISH Network Corp ^(a)		97,441		3,444	Cenovus Energy Inc		52,300		485
Entercom Communications Corp		18,726		147	Centennial Resource Development Inc/DE ^(a)		8,294		160
FactSet Research Systems Inc		4,537		1,041	Chevron Corp ^(b)		19,295		2,285
Fuji Media Holdings Inc		12,180		209	Cimarex Energy Co ^(b)		7,819		661
Global Eagle Entertainment Inc ^(a)		409,695		1,090	Concho Resources Inc ^(a),(b)		15,700		2,153
Gray Television Inc (a)		296,695		5,177	ConocoPhillips		52,608		3,863
Liberty Global PLC - C Shares ^(a)		32,795		849	Cosmo Energy Holdings Co Ltd		2,470		91
Liberty Media Corp-Liberty SiriusXM - C Shares		20,100		946	DCC PLC		13,190		1,191
(a),(b)					Devon Energy Corp		22,867		982
Media Nusantara Citra Tbk PT	2,223,104			137	Diamondback Energy Inc		9,190		1,113
Nippon Television Holdings Inc		21,385		354	Dommo Energia SA ADR(a)		269		8
ProSiebenSat.1 Media SE		9,765		257	Encana Corp		30,907		410
Shaw Communications Inc		56,400		1,138	Energen Corp ^(a)		5,484		425
TEGNA Inc		12,878		150	Eni SpA		77,353		1,436
Telenet Group Holding NV (a)		9,858		539	Exxon Mobil Corp ^(b)		10,748		862
Tribune Media Co		11,978		442	Halcon Resources Corp ^(a)		372,485		1,706
TV Asahi Holdings Corp		7,030		131	Husky Energy Inc		55,500		918
Twenty-First Century Fox Inc - A Shares		93,103		4,227	Imperial Oil Ltd		57,300		1,786
Walt Disney Co/The (b)		6,044		677	Inpex Corp		46,220		505
Wolters Kluwer NV		11,824		750	Japan Petroleum Exploration Co Ltd		13,880		296
		$		31,541	Marathon Petroleum Corp ^(b)		10,360		853
Metal Fabrication & Hardware - 0.06%					Midstates Petroleum Co Inc ^(a)		149,112		1,734
Advanced Drainage Systems Inc		4,708		148	Newfield Exploration Co (a),(b)		25,454		694
Neturen Co Ltd		6,700		61	Occidental Petroleum Corp ^(b)		6,100		487
Rexnord Corp ^(a)		11,979		348	OMV AG		24,613		1,305
Timken Co/The		2,960		144	Patterson-UTI Energy Inc		3,046		52
Tocalo Co Ltd		9,900		114	Petroleo Brasileiro SA ADR		15,581		169
Troax Group AB		13,942		476	Phillips 66 (b)		4,900		581
Tsubaki Nakashima Co Ltd		9,552		195	Pioneer Natural Resources Co ^(b)		4,100		716
		$		1,486	PrairieSky Royalty Ltd		86,800		1,596
Mining - 0.29%					Repsol SA		63,552		1,222
Boliden AB (a)		38,445		1,007	SandRidge Energy Inc ^(a)		52,101		826
Compass Minerals International Inc		2,141		134	SM Energy Co		54,169		1,630
Constellium NV (a)		254,955		2,970	TOTAL SA		14,145		887
Fresnillo PLC		25,620		298	Valero Energy Corp		589		69
Goldcorp Inc		33,400		361	Viper Energy Partners LP		4,928		192
Mitsui Mining & Smelting Co Ltd		9,485		272	Whiting Petroleum Corp (a)		17,619		897
Pacific Metals Co Ltd (a)		5,820		195			$		40,210
Pretium Resources Inc ^(a)		280,569		2,326	Oil & Gas Services - 0.46%
		$		7,563	Baker Hughes a GE Co		117,330		3,868
Miscellaneous Manufacturers - 0.26%					C&J Energy Services Inc (a)		152,648		3,198
Actuant Corp		5,322		157	Halliburton Co ^(b)		97,367		3,884
Airtac International Group		22,311		214	Oil States International Inc ^(a)		1,019		35
Alstom SA (a)		19,186		846	SEACOR Holdings Inc (a)		9,883		508
AO Smith Corp (b)		20,966		1,217	TGS NOPEC Geophysical Co ASA		11,223		426
Escorts Ltd		26,394		324	Thermon Group Holdings Inc (a)		5,331		143
Fabrinet ^(a)		3,033		145			$		12,062
FUJIFILM Holdings Corp		27,568		1,165	Packaging & Containers - 0.96%
Illinois Tool Works Inc (b)		11,562		1,606	Amcor Ltd/Australia		80,159		825
ITT Inc		3,439		203	Ball Corp		14,276		598
Lydall Inc ^(a)		3,186		136	Bemis Co Inc		20,541		1,012
Nikon Corp		31,460		602	Berry Global Group Inc ^(a)		45,758		2,184
Standex International Corp		200		22	Crown Holdings Inc ^(a)		158,806		6,798
Sturm Ruger & Co Inc		2,378		156	Graphic Packaging Holding Co		478,951		6,811
		$		6,793	Greif Inc - Class A		2,610		144
Office & Business Equipment - 0.18%					KapStone Paper and Packaging Corp		70,485		2,421
Canon Inc		49,890		1,601	Nampak Ltd ^(a)		210,282		226
Konica Minolta Inc		127,700		1,299	Packaging Corp of America		6,773		744
Xerox Corp		56,924		1,586	Sealed Air Corp		66,461		2,666
Zebra Technologies Corp (a)		1,027		176	Silgan Holdings Inc ^(b)		16,342		445
		$		4,662	Vidrala SA		4,768		460
					WestRock Co		851		47
Office Furnishings - 0.01%							$		25,381
Knoll Inc		6,943		163


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Pharmaceuticals - 1.64%					REITs (continued)
Aerie Pharmaceuticals Inc (a)		3,120	$	191	Easterly Government Properties Inc		7,217	$	146
Akorn Inc (a)		32,374		508	Education Realty Trust Inc		12,619		522
Allergan PLC		2,797		536	Essex Property Trust Inc (b)		1,700		419
AmerisourceBergen Corp (b)		22,170		1,995	Forest City Realty Trust Inc		44,809		1,127
AstraZeneca PLC		10,007		755	Four Corners Property Trust Inc		4,418		119
Bayer AG		45,141		4,213	Gaming and Leisure Properties Inc		124,836		4,468
Bristol-Myers Squibb Co ^(b)		30,352		1,837	Goodman Group		86,255		664
Cardinal Health Inc ^(b)		16,200		845	Gramercy Property Trust		16,658		456
China Biologic Products Holdings Inc ^(a)		19,566		1,754	Grivalia Properties REIC AE		52,054		515
China Traditional Chinese Medicine Holdings		310,000		226	Hersha Hospitality Trust		6,555		155
Co Ltd					Hibernia REIT plc		304,633		530
CVS Health Corp		8,913		671	Hoshino Resorts REIT Inc		11		56
DexCom Inc ^(a)		829		120	Japan Real Estate Investment Corp		152		808
Eisai Co Ltd		20,660		1,870	LaSalle Hotel Properties		9,000		316
Eli Lilly & Co		1,410		149	Liberty Property Trust (b)		18,700		818
Express Scripts Holding Co ^(a)		36,043		3,173	Macerich Co/The (b)		11,000		646
Galapagos NV ADR(a)		1,213		123	Monmouth Real Estate Investment Corp		8,381		146
Global Blood Therapeutics Inc (a)		3,223		158	MTGE Investment Corp		5,616		110
Heron Therapeutics Inc (a)		1,757		68	New York REIT Inc (a),(b)		44,256		825
Johnson & Johnson (b)		17,807		2,398	Nippon Building Fund Inc		198		1,153
Mylan NV (a)		177,759		6,956	Outfront Media Inc		7,381		147
MyoKardia Inc (a)		760		47	Pebblebrook Hotel Trust		4,263		165
Nippon Shinyaku Co Ltd		5,354		315	PotlatchDeltic Corp		11,153		539
Novartis AG		14,119		1,171	Prologis Inc ^(b)		46,330		3,112
Ono Pharmaceutical Co Ltd		6,160		162	Public Storage		4,304		915
PRA Health Sciences Inc (a)		1,652		174	Ramco-Gershenson Properties Trust		10,636		148
Recordati SpA		22,111		775	RioCan Real Estate Investment Trust		4,600		89
Roche Holding AG		11,615		2,880	Segro PLC		41,348		353
Sarepta Therapeutics Inc (a)		17,809		2,458	Simon Property Group Inc ^(b)		5,800		1,062
Shionogi & Co Ltd		20,400		1,186	Starwood Property Trust Inc		318		7
Sinopharm Group Co Ltd		61,012		304	Unibail-Rodamco-Westfield		9,310		1,955
Takeda Pharmaceutical Co Ltd		63,140		2,630	VEREIT Inc (b)		173,400		1,356
UCB SA		16,724		1,531	VICI Properties Inc (f)		242,155		5,063
Zoetis Inc ^(b)		10,191		924	Vicinity Centres		242,941		484
		$		43,103	Weyerhaeuser Co (b)		22,500		781
Pipelines - 0.13%							$		35,163
Cheniere Energy Inc ^(a),(b)		6,300		422	Retail - 1.32%
Kinder Morgan Inc/DE (b)		81,200		1,437	Ace Hardware Indonesia Tbk PT	1,120,600			103
Pembina Pipeline Corp		15,100		515	Adastria Co Ltd		4,800		58
Williams Cos Inc/The (b)		38,824		1,149	Advance Auto Parts Inc		13,165		2,159
		$		3,523	Alsea SAB de CV		47,300		169
Private Equity - 0.03%					CarMax Inc ^(a)		12,608		984
3i Group PLC		53,929		628	Cawachi Ltd		5,060		97
Kennedy-Wilson Holdings Inc		5,956		128	Children's Place Inc/The		861		121
		$		756	Chipotle Mexican Grill Inc ^(a),(b)		900		428
Real Estate - 0.18%					Cie Financiere Richemont SA		9,508		840
China Overseas Land & Investment Ltd		131,000		415	Citizen Watch Co Ltd		41,750		286
Corp Inmobiliaria Vesta SAB de CV		78,100		111	CJ ENM Co Ltd		1,818		411
D Carnegie & Co AB (a)		20,863		397	Clicks Group Ltd		18,619		257
Hongkong Land Holdings Ltd		112,000		775	cocokara fine Inc		2,049		122
LEG Immobilien AG		4,844		591	Costco Wholesale Corp (b)		7,418		1,729
Marcus & Millichap Inc ^(a)		2,940		107	Dollar General Corp ^(b)		3,700		399
Metrovacesa SA (a),(c)		32,173		476	Dollar Tree Inc (a)		8,367		674
Mitsubishi Estate Co Ltd		9,800		162	Dollarama Inc		40,700		1,539
Neinor Homes SA (a),(c)		24,508		451	Domino's Pizza Inc ^(b)		3,563		1,064
Oberoi Realty Ltd		33,533		209	DP Eurasia NV (a),(c)		73,067		85
Parque Arauco SA		89,563		224	Fast Retailing Co Ltd		3,100		1,445
Swiss Prime Site AG (a)		9,346		861	Five Below Inc ^(a)		436		51
WeWork Cos Inc (a),(d),(e),(f)		356		22	Floor & Decor Holdings Inc ^(a)		20,266		745
		$		4,801	Gourmet Master Co Ltd		24,288		174
REITs - 1.33%					H2O Retailing Corp		7,951		125
AGNC Investment Corp (b)		50,200		955	Home Depot Inc/The (b)		10,998		2,208
Agree Realty Corp		1,592		91	Honeys Holdings Co Ltd		7,480		68
American Tower Corp		4,494		670	Hyundai Department Store Co Ltd		6,264		560
CareTrust REIT Inc		5,398		100	IDOM Inc		11,600		39
CoreCivic Inc		6,891		178	Jand Inc (a),(d),(e),(f)		1,693		24
Crown Castle International Corp		6,612		754	Jollibee Foods Corp		30,080		162
CyrusOne Inc		10,345		693	K's Holdings Corp		4,800		58
Duke Realty Corp ^(b)		54,300		1,547	Luxottica Group SpA		34,733		2,303


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Retail (continued)					Semiconductors (continued)
Magazine Luiza SA		5,100	$	162	Xperi Corp		9,429	$	148
Maisons du Monde SA (c)		13,037		382			$		18,203
Matahari Department Store Tbk PT		462,800		236	Software - 2.15%
McDonald's Corp ^(b)		3,802		617	2U Inc ^(a)		1,040		93
McDonald's Holdings Co Japan Ltd		20,000		878	Activision Blizzard Inc		4,422		319
Michaels Cos Inc/The (a)		7,757		132	Acxiom Corp (a)		1,167		53
Mitra Adiperkasa Tbk PT	4,964,462			282	Adobe Systems Inc (a),(b)		6,578		1,734
Next PLC		4,412		315	Allscripts Healthcare Solutions Inc (a)		10,983		161
Nishimatsuya Chain Co Ltd		11,640		126	Alpha Systems Inc		1,440		35
Noodles & Co ^(a)		14,395		177	Amadeus IT Group SA		10,989		1,019
PAL GROUP Holdings Co Ltd		5,480		122	athenahealth Inc ^(a)		883		136
Panera Bread Co ^{(a),(d),(e),(f)}		1,664		18	Autodesk Inc (a)		13,826		2,134
Qurate Retail Inc (a),(b)		12,400		258	Avid Technology Inc (a)		30,249		179
Raia Drogasil SA		17,500		332	Birst Inc ^{(a),(d),(e),(f)}		21,065		4
Rite Aid Corp (a)		8,438		12	Black Knight Inc (a)		16,834		899
Ross Stores Inc ^(b)		14,176		1,358	CA Inc		46,786		2,049
Ruth's Hospitality Group Inc		4,252		131	Cadence Design Systems Inc ^(a),(b)		39,200		1,844
Seria Co Ltd		1,565		64	CDK Global Inc (b)		19,900		1,240
Shanghai Pharmaceuticals Holding Co Ltd		128,700		338	Cerner Corp ^(a),(b)		11,400		742
Shimamura Co Ltd		2,250		208	Citrix Systems Inc ^(a),(b)		17,180		1,959
Starbucks Corp ^(b)		26,202		1,400	Constellation Software Inc/Canada		2,572		1,961
Superdry PLC		12,626		195	Cresco Ltd		3,598		94
Swatch Group AG/The		5,005		405	CSG Systems International Inc		4,196		157
Tapestry Inc (b)		7,400		375	DeNA Co Ltd		36,630		633
Target Corp (b)		3,400		297	DocuSign Inc ^(a)		8,108		506
TJX Cos Inc/The (b)		10,300		1,133	Douzone Bizon Co Ltd		1,044		54
United Arrows Ltd		4,100		150	Dun & Bradstreet Corp/The		6,418		917
Vera Bradley Inc (a)		10,132		149	Electronic Arts Inc (a),(b)		4,656		528
Walmart Inc (b)		13,324		1,277	Envestnet Inc ^(a)		2,534		160
Westlife Development Ltd (a)		65,897		368	Everbridge Inc ^(a)		2,826		170
Wingstop Inc		1,762		118	Fair Isaac Corp ^(a)		826		191
Xebio Holdings Co Ltd		13,540		197	Fidelity National Information Services Inc ^(b)		29,001		3,137
Yum China Holdings Inc		38,738		1,498	First Derivatives PLC		6,872		377
Yum! Brands Inc (b)		17,251		1,499	Five9 Inc (a)		438		21
		$		34,696	Gree Inc		49,580		251
Savings & Loans - 0.05%					Guidewire Software Inc ^(a)		14,604		1,469
Beneficial Bancorp Inc		3,569		63	HubSpot Inc ^(a)		1,063		153
OceanFirst Financial Corp		4,654		136	Intuit Inc ^(b)		6,700		1,471
Sterling Bancorp/DE		42,079		962	Kingdee International Software Group Co Ltd		47,040		54
United Financial Bancorp Inc		8,740		155	Linx SA		41,800		174
		$		1,316	Microsoft Corp ^(b)		81,276		9,129
Semiconductors - 0.69%					Monotype Imaging Holdings Inc		5,393		111
ams AG (a)		3,880		307	Nexon Co Ltd ^(a)		24,000		301
ASPEED Technology Inc		11,000		256	Nuance Communications Inc ^(a)		72,648		1,186
Broadcom Inc		19,239		4,214	Omnicell Inc ^(a)		2,189		151
Cypress Semiconductor Corp		8,402		145	Oracle Corp		41,736		2,027
Enplas Corp		4,110		117	Oracle Corp Japan		5,500		461
Entegris Inc		1,803		61	Paychex Inc ^(b)		12,037		882
FormFactor Inc ^(a)		9,888		153	Pivotal Software Inc ^(a)		20,942		581
Hamamatsu Photonics KK		26,900		1,081	PROS Holdings Inc ^(a)		4,228		156
Inari Amertron Bhd		212,800		116	PTC Inc (a)		58,723		5,869
Infineon Technologies AG		52,857		1,344	salesforce.com Inc ^(a)		7,393		1,129
King Yuan Electronics Co Ltd		326,500		231	SAP SE		8,633		1,036
Maxim Integrated Products Inc		19,078		1,154	SendGrid Inc ^(a)		2,891		105
Miraial Co Ltd		4,510		50	ServiceNow Inc ^(a)		4,727		928
Nova Measuring Instruments Ltd ^(a)		5,165		152	SS&C Technologies Holdings Inc		19,226		1,141
NVIDIA Corp (b)		2,300		646	Synopsys Inc ^(a),(b)		11,100		1,134
NXP Semiconductors NV (a)		25,263		2,353	TechMatrix Corp		7,500		143
Rohm Co Ltd		3,121		282	TiVo Corp		10,930		149
Samsung Electronics Co Ltd		33,518		1,457	Veeva Systems Inc (a),(b)		9,336		974
Shinko Electric Industries Co Ltd		11,330		107	Workday Inc (a),(b)		9,954		1,538
Silicon Motion Technology Corp ADR		3,018		178	Zuora Inc ^(a),(f)		18,094		499
Sino-American Silicon Products Inc (a)		48,950		140			$		56,708
SOITEC (a)		4,839		376	Storage & Warehousing - 0.01%
Teradyne Inc		25,887		1,066	ID Logistics Group ^(a)		2,084		369
Tower Semiconductor Ltd (a)		6,690		146	Telecommunications - 0.87%
Xcerra Corp ^(a)		12,765		185	ADTRAN Inc		8,296		143
Xilinx Inc ^(b)		22,325		1,738	Arista Networks Inc (a),(b)		1,100		329
					AT&T Inc (b)		50,681		1,618


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



COMMON STOCKS (continued)	Shares Held Value (000’s)					INVESTMENT COMPANIES - 16.42%	Shares Held Value (000's)
Telecommunications (continued)						Exchange Traded Funds - 0.48%
BCE Inc			11,300	$	461	Financial Select Sector SPDR Fund		30,168	$	855
Calix Inc ^(a)			19,953		156	Invesco QQQ Trust Series 1		7,273		1,358
CenturyLink Inc			7,066		151	iShares China Large-Cap ETF		12,396		525
China Mobile Ltd			85,689		806	iShares J.P. Morgan USD EM Bond UCITS ETF		96,800		10,145
China Telecom Corp Ltd	2,388,000				1,123			$		12,883
Cisco Systems Inc ^(b)			13,800		659	Money Market Funds - 15.94%
Gogo Inc ^(a)			152,491		685	Morgan Stanley Institutional Liquidity Funds -	24,299,589			24,300
Goodman Networks Inc ^(a),(d),(e)			142,878		—	Government Portfolio 1.85%(g),(h)
Hellenic Telecommunications Organization SA			47,656		607	Principal Government Money Market Fund	395,686,258			395,686
HKT Trust & HKT Ltd			303,000		391	1.84%(h),(i),(x)
HMS Networks AB			12,338		200			$		419,986
Intelsat SA (a)			57,652		1,267	TOTAL INVESTMENT COMPANIES		$		432,869
Juniper Networks Inc (b)			8,400		239	CONVERTIBLE PREFERRED STOCKS
KDDI Corp			25,700		679	- 0.35%	Shares Held Value (000's)
LogMeIn Inc			8,735		751	Agriculture - 0.03%
Loral Space & Communications Inc ^(a)			38,022		1,686	Bunge Ltd 4.88%		6,930	$	735
Mitel Networks Corp ^(a)			41,977		462	Computers - 0.01%
Motorola Solutions Inc ^(b)			35,265		4,527	NCR Corp 5.50%, PIK 1.38% (j),(k)		294		337
NETGEAR Inc (a)			2,057		146
Nippon Telegraph & Telephone Corp			8,291		369	Diversified Financial Services - 0.01%
Nokia OYJ			139,417		778	2017 Mandatory Exchangeable Trust 5.19%,		2,150		254
NTT DOCOMO Inc			76,100		1,972	12/1/2020 ^(c)
Oclaro Inc ^(a)			33,316		318	Electric - 0.04%
Ooma Inc ^(a)			9,150		146	Black Hills Corp 7.75%, 11/1/2018 (b)		10,000		634
Plantronics Inc			2,220		149	Sempra Energy 6.00%, 1/15/2021		2,225		229
Samsung SDI Co Ltd			2,062		437	Sempra Energy 6.75%, 7/15/2021		950		98
SoftBank Group Corp			2,670		247			$		961
Sprint Corp ^(a)			157,550		963	Electronics - 0.01%
Verizon Communications Inc (b)			8,700		473	Fortive Corp 5.00%, 7/1/2021		350		376
			$		22,938	Food - 0.00%
Textiles - 0.01%						Post Holdings Inc 2.50%		725		129
Seiren Co Ltd			6,879		117	Gas - 0.00%
Toyobo Co Ltd			9,900		181	South Jersey Industries Inc 7.25%, 4/15/2021		1,500		81
			$		298	Insurance - 0.01%
Toys, Games & Hobbies - 0.05%						Assurant Inc 6.50%, 3/15/2021		2,100		233
Bandai Namco Holdings Inc			3,616		140	Internet - 0.01%
Nintendo Co Ltd			3,400		1,224	Airbnb, Inc 0.00% (a),(d),(e),(f)		1,685		195
			$		1,364	Investment Companies - 0.14%
Transportation - 0.80%						Mandatory Exchangeable Trust 5.75%, 6/1/2019		18,658		3,661
Canadian National Railway Co			36,101		3,211	(c)
CH Robinson Worldwide Inc (b)			5,800		557	Metal Fabrication & Hardware - 0.01%
CJ Logistics Corp (a)			4,343		601	Rexnord Corp 5.75%, 11/15/2019		2,750		169
CSX Corp			14,650		1,087
Dorian LPG Ltd ^(a)			41,612		317	Oil & Gas - 0.01%
DSV A/S			19,969		1,875	Chesapeake Energy Corp 5.75% (j)		355		227
Expeditors International of Washington Inc			8,870		650	REITs - 0.07%
FedEx Corp			440		107	QTS Realty Trust Inc 6.50% (j)		750		83
Forward Air Corp			2,301		148	Welltower Inc 6.50% (b),(j)		28,100		1,748
Genesee & Wyoming Inc (a)			18,103		1,591			$		1,831
Golar LNG Ltd			172,455		4,408	Retail - 0.00%
JB Hunt Transport Services Inc (b)			9,800		1,183	Jand Inc 0.00% (a),(d),(e),(f)		3,781		54
Kamigumi Co Ltd			21,200		430	TOTAL CONVERTIBLE PREFERRED STOCKS		$		9,243
Kansas City Southern (b)			11,495		1,333	PREFERRED STOCKS - 0.25%	Shares Held Value (000's)
Keikyu Corp			60,600		1,047	Automobile Manufacturers - 0.09%
Knight-Swift Transportation Holdings Inc			8,773		299	Porsche Automobil Holding SE 1.76%		23,249		1,471
Nippon Yusen KK			21,726		409	Volkswagen AG 3.96%		5,434		888
Scorpio Tankers Inc			180,805		347			$		2,359
Seibu Holdings Inc			7,300		132	Banks - 0.01%
XPO Logistics Inc ^(a)			4,916		524	Itau Unibanco Holding SA 0.18%		31,100		324
Yamato Holdings Co Ltd			28,100		836	Chemicals - 0.06%
			$		21,092	FUCHS PETROLUB SE 0.91%		29,251		1,713
Trucking & Leasing - 0.03%						Electrical Components & Equipment - 0.00%
GATX Corp			8,147		688	Lithium Technology Corp 0.00% (a),(d),(e),(f)		59,552		1
Water - 0.02%						Internet - 0.05%
Connecticut Water Service Inc			1,090		75	Pinterest Inc 0.00% (a),(d),(e),(f)		87,425		544
SJW Group			184		11	Uber Technologies Inc 0.00% (a),(d),(e),(f)		14,315		622
Veolia Environnement SA			23,935		504	Veracode Inc 0.00% (a),(d),(e),(f)		6,031		24
			$		590			$		1,190
TOTAL COMMON STOCKS		$	1,016,563

Consolidated Schedule of Investments Global Multi-Strategy Fund August 31, 2018


PREFERRED STOCKS (continued)	Shares Held Value (000’s)					Principal
Private Equity - 0.01%					BONDS (continued)	Amount (000’s) Value (000’s)
Forward Venture Services LLC 0.00% ^{(a),(d),(e),(f)}		54,650	$	272	Automobile Asset Backed Securities (continued)
Real Estate - 0.02%					First Investors Auto Owner Trust 2014-2
WeWork Cos Inc Series D-1 0.00% (a),(d),(e),(f)		4,867		304	3.47%, 02/15/2021(c)	$	120	$	120
WeWork Cos Inc Series D-2 0.00% (a),(d),(e),(f)		3,824		238	First Investors Auto Owner Trust 2015-1
		$		542	3.59%, 01/18/2022(c)		100		100
Software - 0.01%					First Investors Auto Owner Trust 2015-2
Marklogic Corp 0.00% (a),(d),(e),(f)		14,832		148	4.22%, 12/15/2021(c)		565		570
Telecommunications - 0.00%					First Investors Auto Owner Trust 2016-2
GCI Liberty Inc 5.00%, 3/10/2039 (j)		105		3	3.35%, 11/15/2022(c)		70		69
Goodman Networks Inc 0.00% (a),(d),(e)		169,992		127	Flagship Credit Auto Trust 2015-1
		$		130	3.76%, 06/15/2021(c)		165		166
					Ford Credit Auto Owner Trust 2015-B
Trucking & Leasing - 0.00%					1.16%, 11/15/2019		4		4
AerGen Aviation Finance Ltd 0.00% (a),(d),(e),(f)		12,150		—	Ford Credit Auto Owner Trust 2017-A
TOTAL PREFERRED STOCKS		$		6,679	2.18%, 12/15/2019		149		149
	Principal				1.00 x 1 Month LIBOR + 0.12%
BONDS - 25.39%	Amount (000's) Value (000's)				Hertz Vehicle Financing II LP
Aerospace & Defense - 0.07%					3.29%, 10/25/2023(c)		315		308
Leonardo US Holdings Inc					Honda Auto Receivables 2016-4 Owner Trust
6.25%, 01/15/2040(c)	$	716	$	744	1.21%, 12/18/2020		1,050		1,041
Triumph Group Inc					Honda Auto Receivables 2017-1 Owner Trust
7.75%, 08/15/2025		1,260		1,224	1.72%, 07/21/2021		310		308
		$		1,968	Honda Auto Receivables 2017-3 Owner Trust
Airlines - 0.03%					1.79%, 09/20/2021		380		375
Latam Airlines 2015-1 Pass Through Trust B					Honda Auto Receivables 2018-1 Owner Trust
4.50%, 08/15/2025		936		913	2.64%, 02/15/2022		1,175		1,169
Automobile Asset Backed Securities - 0.70%					Motor 2017-1 PLC
ACC Trust 2018-1					2.59%, 09/25/2024(c)		715		715
3.70%, 12/21/2020(c)		142		142	1.00 x 1 Month LIBOR + 0.53%
AmeriCredit Automobile Receivables 2015-4					Nissan Auto Receivables 2016-C Owner Trust
3.72%, 12/08/2021		189		190	1.18%, 01/15/2021		165		163
AmeriCredit Automobile Receivables Trust					Nissan Auto Receivables 2017-A Owner Trust
2016-2					1.74%, 08/16/2021		375		371
3.65%, 05/09/2022		80		80	2.12%, 01/15/2020		74		74
Americredit Automobile Receivables Trust 2018-2					1.00 x 1 Month LIBOR + 0.06%
4.01%, 07/18/2024		550		552	Nissan Auto Receivables 2018-A Owner Trust
CarMax Auto Owner Trust 2017-4					2.65%, 05/16/2022		745		742
2.19%, 04/15/2021		642		642	Prestige Auto Receivables Trust 2016-1
1.00 x 1 Month LIBOR + 0.13%					5.15%, 11/15/2021(c)		815		824
CarMax Auto Owner Trust 2018-2					Santander Drive Auto Receivables Trust 2018-2
3.99%, 04/15/2025		320		320	3.88%, 02/15/2024		800		798
Chesapeake Funding II LLC					Tidewater Auto Receivables Trust 2018-A
3.57%, 04/15/2030(c)		175		174	4.30%, 11/15/2024(c)		100		100
3.71%, 05/15/2029(c)		130		130	Toyota Auto Receivables 2016-C
3.92%, 04/15/2030(c)		455		453	1.14%, 08/17/2020		105		104
CIG AUTO RECEIVABLES TRUST 2017-1					Toyota Auto Receivables 2017-A Owner Trust
2.71%, 05/15/2023(c)		86		86	1.73%, 02/16/2021		460		456
CPS Auto Receivables Trust 2017-D					2.13%, 09/16/2019		100		100
3.73%, 09/15/2023(c)		190		188	1.00 x 1 Month LIBOR + 0.07%
CPS Auto Receivables Trust 2018-A					Toyota Auto Receivables 2017-C Owner Trust
3.05%, 12/15/2023(c)		105		104	2.14%, 07/15/2020		881		881
Drive Auto Receivables Trust 2018-1					1.00 x 1 Month LIBOR + 0.08%
3.81%, 05/15/2024		685		683	USAA Auto Owner Trust 2016-1
DT Auto Owner Trust 2014-3					1.20%, 06/15/2020		118		118
4.47%, 11/15/2021(c)		108		108	Veros Automobile Receivables Trust 2017-1
DT Auto Owner Trust 2015-2					2.84%, 04/17/2023(c)		159		158
4.25%, 02/15/2022(c)		229		230	Westlake Automobile Receivables Trust 2017-1
DT Auto Owner Trust 2016-1					3.46%, 10/17/2022(c)		145		145
4.66%, 12/15/2022(c)		1,335		1,350	Westlake Automobile Receivables Trust 2018-1
DT Auto Owner Trust 2016-2					3.41%, 05/15/2023(c)		175		174
5.43%, 11/15/2022(c)		820		834	Westlake Automobile Receivables Trust 2018-3
DT Auto Owner Trust 2018-2					2.52%, 01/18/2022(c),(d),(e)		1,110		1,110
4.15%, 03/15/2024(c)		290		290	1.00 x 1 Month LIBOR + 0.35%
Fifth Third Auto Trust 2017-1					4.00%, 10/16/2023(c)		225		226
2.21%, 04/15/2020		202		202			$		18,466
1.00 x 1 Month LIBOR + 0.15%
First Investors Auto Owner Trust 2014-1
3.28%, 04/15/2021(c)		70		70


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



			Principal						Principal
	BONDS (continued)		Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
	Automobile Floor Plan Asset Backed Securities - 0.06%						Banks (continued)
	NextGear Floorplan Master Owner Trust						Toronto-Dominion Bank/The
	2.74%, 10/17/2022(c)		$	850	$	854	2.75%, 01/18/2019		$	630	$	631
	1.00 x 1 Month LIBOR + 0.68%						3 Month LIBOR + 0.42%
	2.91%, 04/18/2022(c)			715		719	US Bank NA/Cincinnati OH
	1.00 x 1 Month LIBOR + 0.85%						2.66%, 01/24/2020			1,255		1,258
				$		1,573	3 Month LIBOR + 0.32%
	Automobile Manufacturers - 0.17%									$		30,202
	BMW US Capital LLC						Beverages - 0.18%
	2.75%, 09/13/2019(c)			1,205		1,209	CEDC Finance Corp International Inc
	3 Month LIBOR + 0.41%						10.00%, 12/31/2022(c)			3,481		2,697
	General Motors Financial Co Inc						PepsiCo Inc
	3.27%, 04/13/2020			1,500		1,511	2.39%, 05/02/2019			1,430		1,431
	3 Month LIBOR + 0.93%						3 Month LIBOR + 0.04%
	Nissan Motor Acceptance Corp						2.61%, 10/04/2019			610		612
	2.92%, 01/13/2020(c)			1,215		1,220	3 Month LIBOR + 0.27%
	3 Month LIBOR + 0.58%									$		4,740
	Toyota Motor Credit Corp						Biotechnology - 0.11%
	2.77%, 10/18/2019			605		608	Gilead Sciences Inc
	3 Month LIBOR + 0.44%						2.54%, 03/20/2019			1,415		1,417
				$		4,548	3 Month LIBOR + 0.22%
	Banks- 1.15	%					2.57%, 09/20/2019			1,415		1,417
	ABQ Finance Ltd						3 Month LIBOR + 0.25%
	3.50%, 02/22/2022			8,875		8,634				$		2,834
	Banco Hipotecario SA						Chemicals - 1.02%
	44.06%, 11/07/2022(c)		ARS	10,245		218	CNAC HK Finbridge Co Ltd
	Argentina Deposit Rates Badlar + 4.00%						3.50%, 07/19/2022			7,375		7,168
	36.33%, 01/12/2020(c)			9,230		224	Equate Petrochemical BV
	Argentina Deposit Rates Badlar + 2.50%						4.25%, 11/03/2026			7,790		7,671
	Banco Macro SA						Hexion Inc
	17.50%, 05/08/2022(c)			5,115		80	6.63%, 04/15/2020			5,080		4,807
	Banco Supervielle SA						10.38%, 02/01/2022(c)			1,041		1,025
	39.12%, 08/09/2020(c)			11,000		256	10.00%, 04/15/2020			1,041		1,029
	Argentina Deposit Rates Badlar + 4.50%						Hexion Inc / Hexion Nova Scotia Finance ULC
	Bank of America NA						9.00%, 11/15/2020			838		710
	2.56%, 08/28/2020		$	2,640		2,642	Momentive Performance Materials Inc
	3 Month LIBOR + 0.25%						3.88%, 10/24/2021			4,314		4,605
	Citibank NA									$		27,015
	2.69%, 02/12/2021			1,385		1,385	Commercial Mortgage Backed Securities - 1.68%
	3 Month LIBOR + 0.35%						Banc of America Commercial Mortgage Trust
	Deutsche Bank AG/New York NY						2007-4
	4.88%, 12/01/2032(l)			600		521	5.93%, 02/10/2051(c),(n)			1,740		1,768
	USD ICE SWAP Rate NY 5 + 2.55%						BANK 2017-BNK9
	Financiera de Desarrollo Territorial SA Findeter						3.37%, 11/15/2054(c)			1,221		782
	7.88%, 08/12/2024(c)		COP 3,380,000			1,133	BXMT 2017-FL1 Ltd
	HSH N Funding I Via Banque de Luxembourg						4.01%, 06/15/2035(c)			365		367
	0.00%, 12/31/2049(a),(j)		EUR	3,630		1,548	1.00 x 1 Month LIBOR + 1.95%
	Euribor 12 Month + 2.15%						CCRESG Commercial Mortgage Trust
	JPMorgan Chase & Co						2016-HEAT
	2.98%, 06/01/2021		$	1,425		1,433	5.67%, 04/10/2029(c),(n)			255		260
	3 Month LIBOR + 0.68%						CFCRE Commercial Mortgage Trust 2017-C8
	JPMorgan Chase Bank NA						5.12%, 06/15/2050(n)			710		728
	2.54%, 09/01/2020			2,640		2,641	Citigroup Commercial Mortgage Trust
	3 Month LIBOR + 0.23%						2014-GC19
	2.59%, 02/13/2020			1,385		1,386	4.67%, 03/10/2047(c),(n)			1,795		1,384
	3 Month LIBOR + 0.25%						5.17%, 03/10/2047(c),(n)			1,854		1,878
	2.93%, 09/23/2019			1,215		1,221	Citigroup Commercial Mortgage Trust
	3 Month LIBOR + 0.59%						2015-GC33
	Mitsubishi UFJ Financial Group Inc						4.72%, 09/10/2058(c),(n)			1,354		1,064
	2.98%, 07/26/2021			1,345		1,351	COMM 2014-CCRE15 Mortgage Trust
	3 Month LIBOR + 0.65%						4.38%, 02/10/2047(c),(n)			775		641
	3.54%, 07/26/2021			1,345		1,350	COMM 2014-CCRE18 Mortgage Trust
	Oesterreichische Kontrollbank AG						3.60%, 07/15/2047(c)			1,925		1,361
	2.88%, 09/07/2021(m)			410		410	COMM 2014-CCRE20 Mortgage Trust
	RESPARCS Funding II LP						3.22%, 11/10/2047(c)			1,025		740
	0.00%, 12/31/2049(a),(j)		EUR	1,481		653	COMM 2015-CCRE25 Mortgage Trust
	Sumitomo Mitsui Banking Corp						3.95%, 08/10/2048(n)			2,280		1,902
	2.87%, 01/11/2019		$	1,225		1,227	COMM 2015-CCRE27 Mortgage Trust
	3 Month LIBOR + 0.54%						3.25%, 10/10/2048(c)			2,800		2,010


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



		Principal					Principal
BONDS (continued)		Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Commercial Mortgage Backed Securities (continued)						Commercial Mortgage Backed Securities (continued)
COMM 2015-LC19 Mortgage Trust						Wachovia Bank Commercial Mortgage Trust
4.40%, 02/10/2048(c),(n)		$	733	$	529	Series 2006-C25
COMM 2015-LC21 Mortgage Trust						5.36%, 05/15/2043(c),(n)	$	799	$	759
1.20%, 07/10/2048(c),(n),(o)			10,000		645	Wells Fargo Commercial Mortgage Trust
1.20%, 07/10/2048(c),(n),(o)			3,125		191	2015-C26
3.25%, 07/10/2048(c)			1,300		891	3.59%, 02/15/2048(c)		1,480		1,225
COMM 2016-SAVA Mortgage Trust						Wells Fargo Commercial Mortgage Trust
5.06%, 10/15/2034(c)			370		371	2015-C31
1.00 x 1 Month LIBOR + 3.00%						3.85%, 11/15/2048		1,040		866
Commercial Mortgage Pass Through Certificates						Wells Fargo Commercial Mortgage Trust
3.25%, 02/10/2049(c)			850		605	2015-LC20
Commercial Mortgage Trust 2005-GG5						2.63%, 04/15/2050(c)		988		597
5.60%, 04/10/2037(n)			122		121	Wells Fargo Commercial Mortgage Trust
CSMC 2014-USA OA LLC						2015-LC22
4.37%, 09/15/2037(c)			825		744	3.36%, 09/15/2058(c)		260		179
Ginnie Mae						Wells Fargo Commercial Mortgage Trust
0.58%, 01/16/2053(n),(o)			6,557		257	2015-NXS1
GS Mortgage Securities Trust 2007-GG10						2.88%, 05/15/2048(c),(n)		1,485		1,026
5.98%, 08/10/2045(n)			216		219	Wells Fargo Commercial Mortgage Trust
GS Mortgage Securities Trust 2014-GC20						2016-NXS6
5.13%, 04/10/2047(c),(n)			1,820		1,508	2.00%, 11/15/2049(c),(n),(o)		7,575		981
GS Mortgage Securities Trust 2015-GC32						2.46%, 11/15/2049(c),(n)		2,570		1,505
4.56%, 07/10/2048(c),(n)			2,476		1,718	WFRBS Commercial Mortgage Trust 2011-C3
JP Morgan Chase Commercial Mortgage						5.86%, 03/15/2044(c),(n)		350		314
Securities Trust 2007-LDP10						WFRBS Commercial Mortgage Trust 2011-C4
5.46%, 01/15/2049(n)			37		37	5.40%, 06/15/2044(c),(n)		845		823
JP Morgan Chase Commercial Mortgage						WFRBS Commercial Mortgage Trust 2012-C6
Securities Trust 2013-C13						5.77%, 04/15/2045(c),(n)		500		509
3.99%, 01/15/2046(c),(n)			268		227	WFRBS Commercial Mortgage Trust 2012-C7
JPMBB Commercial Mortgage Securities Trust						4.98%, 06/15/2045(c),(n)		225		185
2013-C12						WFRBS Commercial Mortgage Trust 2014-LC14
4.23%, 07/15/2045(c),(n)			1,300		1,017	3.50%, 03/15/2047(c),(n)		1,300		935
JPMBB Commercial Mortgage Securities Trust								$		44,200
2013-C17						Commercial Services - 0.34%
3.87%, 01/15/2047(c),(n)			750		565	APX Group Inc
JPMBB Commercial Mortgage Securities Trust						7.63%, 09/01/2023		1,300		1,171
2014-C26						Atento Luxco 1 SA
4.00%, 01/15/2048(c)			1,300		1,011	6.13%, 08/10/2022		6,685		6,538
JPMBB Commercial Mortgage Securities Trust						Cenveo Corp
2015-C29						0.00%, 08/01/2019(a),(c)		4,977		1,344
3.82%, 05/15/2048(n)			580		477			$		9,053
3.90%, 05/15/2048(c),(n)			2,160		1,525	Computers - 0.27%
JPMBB Commercial Mortgage Securities Trust						Apple Inc
2016-	C1					2.54%, 02/07/2020		720		722
4.90%, 03/15/2049(c),(n)			1,806		1,340	3 Month LIBOR + 0.20%
Morgan Stanley Bank of America Merrill Lynch						IBM Credit LLC
Trust 2014 C19						2.50%, 02/05/2021		1,370		1,375
3.25%, 12/15/2047(c)			1,140		778	3 Month LIBOR + 0.16%
Morgan Stanley Bank of America Merrill Lynch						International Business Machines Corp
Trust 2015-C25						2.57%, 01/27/2020		1,255		1,260
4.68%, 10/15/2048(c),(n)			285		221	3 Month LIBOR + 0.23%
Morgan Stanley Bank of America Merrill Lynch						West Corp
Trust 2017-C34						8.50%, 10/15/2025(c)		4,000		3,640
1.03%, 11/15/2052(c),(n),(o)			3,150		211			$		6,997
Morgan Stanley Capital I Trust 2011-C2						Credit Card Asset Backed Securities - 0.49%
5.67%, 06/15/2044(c),(n)			475		475	American Express Credit Account Master Trust
Motel 6 Trust 2017-M6MZ						2.04%, 05/15/2023		1,260		1,237
8.99%, 08/15/2019(c)			1,368		1,382	American Express Issuance Trust II
1.00 x 1 Month LIBOR + 6.93%						2.49%, 08/15/2019		570		570
SG Commercial Mortgage Securities Trust						1.00 x 1 Month LIBOR + 0.43%
2016-	C5					BA Credit Card Trust
2.54%, 10/10/2048(c)			2,100		1,226	1.95%, 08/15/2022		1,030		1,016
Starwood Retail Property Trust 2014-STAR						2.70%, 07/17/2023		1,365		1,358
6.21%, 11/15/2027(c)			285		270	Capital One Multi-Asset Execution Trust
1.00 x 1 Month LIBOR + 4.15%						2.00%, 01/17/2023		620		612
Tharaldson Hotel Portfolio Trust 2018-THPT						Chase Issuance Trust
4.08%, 11/11/2034(c)			846		850	2.36%, 01/15/2022		1,260		1,263
1.00 x 1 Month LIBOR + 2.00%						1.00 x 1 Month LIBOR + 0.30%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



			Principal						Principal
	BONDS (continued)		Amount (000’s) Value (000’s)				BONDS (continued)		Amount (000’s) Value (000’s)
	Credit Card Asset Backed Securities (continued)						Food (continued)
	Citibank Credit Card Issuance Trust						JBS USA LUX SA / JBS USA Finance Inc
	1.75%, 11/19/2021		$	1,210	$	1,195	5.75%, 06/15/2025(c)		$	540	$	510
	1.92%, 04/07/2022			1,330		1,310	7.25%, 06/01/2021(c)			625		632
	2.30%, 04/07/2022			1,330		1,332	MARB BondCo PLC
	1.00 x 1 Month LIBOR + 0.22%						6.88%, 01/19/2025(c)			735		680
	2.31%, 01/19/2021			1,260		1,261				$		11,135
	1.00 x 1 Month LIBOR + 0.25%						Hand & Machine Tools - 0.08%
	2.49%, 01/20/2023			1,370		1,355	Apex Tool Group LLC / BC Mountain Finance
	Tidewater Sales Finance Master Trust Series						Inc
	2017	-A					9.00%, 02/15/2023(c)			2,114		2,061
	4.55%, 04/15/2021(c)			435		435	Healthcare - Services - 0.11%
				$		12,944	CHS/Community Health Systems Inc
	Distribution & Wholesale - 0.05%						6.25%, 03/31/2023			2,090		1,985
	H&E Equipment Services Inc						Hadrian Merger Sub Inc
	5.63%, 09/01/2025			1,000		993	8.50%, 05/01/2026(c)			1,000		948
	KAR Auction Services Inc									$		2,933
	5.13%, 06/01/2025(c)			221		216	Insurance - 0.25%
				$		1,209	Acrisure LLC / Acrisure Finance Inc
	Diversified Financial Services - 0.52%						7.00%, 11/15/2025(c)			2,000		1,920
	Ally Financial Inc						Berkshire Hathaway Finance Corp
	4.75%, 09/10/2018			1,300		1,300	2.65%, 01/10/2020			1,225		1,230
	American Express Credit Corp						3 Month LIBOR + 0.32%
	3.12%, 11/05/2018			605		605	HUB International Ltd
	3 Month LIBOR + 0.78%						7.00%, 05/01/2026(c)			1,000		993
	ASP AMC Merger Sub Inc						Metropolitan Life Global Funding I
	8.00%, 05/15/2025(c)			2,908		2,225	2.68%, 09/14/2018(c)			1,205		1,205
	Ocwen Loan Servicing LLC						3 Month LIBOR + 0.34%
	8.38%, 11/15/2022(c)			1,986		2,011	New York Life Global Funding
	Unifin Financiera SAB de CV SOFOM ENR						2.66%, 08/06/2021(c)			1,365		1,368
	7.25%, 09/27/2023			6,115		6,061	3 Month LIBOR + 0.32%
	USAA Capital Corp									$		6,716
	2.57%, 02/01/2019(c)			1,430		1,431	Investment Companies - 0.12%
	3 Month LIBOR + 0.23%						Temasek Financial I Ltd
				$		13,633	3.63%, 08/01/2028(c)			3,240		3,268
	Electric - 0.39%						Iron & Steel - 0.05%
	Enel SpA						Gerdau Trade Inc
	8.75%, 09/24/2073(c),(l)			1,700		1,853	4.88%, 10/24/2027(c)			1,320		1,211
	USSW5 Index Spread + 5.88%						Leisure Products & Services - 0.32%
	GenOn Energy Inc						Constellation Merger Sub Inc
	0.00%, 10/15/2018(a)			6,565		4,423	8.50%, 09/15/2025(c)			4,000		3,780
	0.00%, 10/15/2020(a)			6,150		4,136	LTF Merger Sub Inc
				$		10,412	8.50%, 06/15/2023(c)			2,121		2,211
	Electronics - 0.08%						Viking Cruises Ltd
	TTM Technologies Inc						5.88%, 09/15/2027(c)			2,000		1,965
	5.63%, 10/01/2025(c)			2,182		2,171	VOC Escrow Ltd
	Engineering & Construction - 0.09%						5.00%, 02/15/2028(c)			366		353
	ABG Orphan Holdco Sarl									$		8,309
	14.00%, PIK 9.00%, 02/28/2021(k),(n)			1,076		1,140	Lodging - 0.25%
	AECOM						Diamond Resorts International Inc
	5.13%, 03/15/2027			1,240		1,218	7.75%, 09/01/2023(c)			2,778		2,902
				$		2,358	10.75%, 09/01/2024(c)			2,074		2,162
	Entertainment - 0.09%						Hilton Domestic Operating Co Inc
	Eldorado Resorts Inc						5.13%, 05/01/2026(c)			1,643		1,645
	6.00%, 04/01/2025			2,298		2,335				$		6,709
	Environmental Control - 0.11%						Machinery - Construction & Mining - 0.05%
	Waste Pro USA Inc						Caterpillar Financial Services Corp
	5.50%, 02/15/2026(c)			3,046		2,939	2.84%, 01/10/2020			1,225		1,232
	Food- 0.42	%					3 Month LIBOR + 0.51%
	BRF GmbH						Machinery - Diversified - 0.17%
	4.35%, 09/29/2026(c)			840		699	Cloud Crane LLC
	BRF SA						10.13%, 08/01/2024(c)			4,075		4,432
	4.75%, 05/22/2024(c)			625		555	Media- 0.33	%
	Campbell Soup Co						Altice Financing SA
	4.80%, 03/15/2048			619		566	7.50%, 05/15/2026(c)			3,725		3,558
	ESAL GmbH						7.50%, 05/15/2026			1,300		1,242
	6.25%, 02/05/2023			7,755		7,493	Clear Channel Worldwide Holdings Inc
							7.63%, 03/15/2020			1,145		1,149


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Media (continued)					Mortgage Backed Securities (continued)
Grupo Televisa SAB					CSFB Mortgage-Backed Pass-Through
7.25%, 05/14/2043	MXN	4,370	$	164	Certificates Series 2003-27
iHeartCommunications Inc					5.75%, 11/25/2033	$	45	$	46
0.00%, 12/15/2019(a)	$	1,005		741	CSMC 2018-RPL2 Trust
NBCUniversal Enterprise Inc					4.03%, 08/25/2062(c),(n)		668		667
5.25%, 12/19/2049(c),(j)		1,205		1,220	Deutsche Mortgage Securities Inc Mortgage Loan
Telenet Finance Luxembourg Notes Sarl					Trust 2004-4
5.50%, 03/01/2028(c)		600		561	2.41%, 06/25/2034		160		156
		$		8,635	1.00 x 1 Month LIBOR + 0.35%
Mining - 0.02%					DSLA Mortgage Loan Trust 2005-AR5
Corp Nacional del Cobre de Chile					2.41%, 09/19/2045		168		135
3.88%, 11/03/2021		600		604	1.00 x 1 Month LIBOR + 0.33%
Miscellaneous Manufacturers - 0.07%					Dukinfield 2 Plc
FXI Holdings Inc					1.88%, 12/20/2052	GBP	347		454
7.88%, 11/01/2024(c)		1,860		1,793	1.00 x LIBOR GBP 3M + 1.25%
Mortgage Backed Securities - 1.33%					Eurosail-UK 2007-2np PLC
Adjustable Rate Mortgage Trust 2004-4					0.78%, 03/13/2045		127		162
3.85%, 03/25/2035(n)		70		69	1.00 x LIBOR GBP 3M + 0.15%
Adjustable Rate Mortgage Trust 2005-1					Fannie Mae Connecticut Avenue Securities
4.10%, 05/25/2035(n)		224		227	4.26%, 01/25/2030	$	40		41
Alternative Loan Trust 2003-22CB					1.00 x 1 Month LIBOR + 2.20%
5.75%, 12/25/2033		132		135	4.46%, 05/25/2030		65		67
Alternative Loan Trust 2004-14T2					1.00 x 1 Month LIBOR + 2.40%
5.50%, 08/25/2034		68		71	5.61%, 07/25/2030		2,936		2,988
Alternative Loan Trust 2004-16CB					1.00 x 1 Month LIBOR + 3.55%
5.50%, 07/25/2034		100		103	7.81%, 07/25/2029		2,281		2,759
5.50%, 08/25/2034		116		119	1.00 x 1 Month LIBOR + 5.75%
Alternative Loan Trust 2004-28CB					Fannie Mae REMICS
5.75%, 01/25/2035		52		52	4.04%, 05/25/2047(o)		2,310		383
Alternative Loan Trust 2004-J10					(1.00) x 1 Month LIBOR + 6.10%
6.00%, 09/25/2034		220		227	4.14%, 12/25/2045(o)		1,454		279
Alternative Loan Trust 2004-J3					(1.00) x 1 Month LIBOR + 6.20%
5.50%, 04/25/2034		71		72	Freddie Mac Structured Agency Credit Risk Debt
Alternative Loan Trust 2005-J1					Notes
5.50%, 02/25/2025		121		122	3.71%, 04/25/2024		219		222
Banc of America Alternative Loan Trust 2003-8					1.00 x 1 Month LIBOR + 1.65%
5.50%, 10/25/2033		93		95	3.86%, 07/25/2030		25		25
Banc of America Funding 2004-B Trust					1.00 x 1 Month LIBOR + 1.80%
3.46%, 11/20/2034(n)		162		161	3.91%, 10/25/2027		499		509
Banc of America Funding 2005-5 Trust					1.00 x 1 Month LIBOR + 1.85%
5.50%, 09/25/2035		50		53	4.26%, 02/25/2024		351		361
Banc of America Funding 2005-7 Trust					1.00 x 1 Month LIBOR + 2.20%
5.75%, 11/25/2035		100		105	7.01%, 07/25/2029		1,619		1,868
Banc of America Funding 2007-4 Trust					1.00 x 1 Month LIBOR + 4.95%
5.50%, 11/25/2034		124		125	10.86%, 03/25/2028		6,969		8,648
Banc of America Mortgage 2005-A Trust					1.00 x 1 Month LIBOR + 8.80%
3.69%, 02/25/2035(n)		39		39	GMACM Mortgage Loan Trust 2005-AR1
Banc of America Mortgage 2005-I Trust					4.03%, 03/18/2035(n)		304		309
3.37%, 10/25/2035(n)		330		323	GMACM Mortgage Loan Trust 2005-AR4
BCAP LLC Trust 2007-AA2					4.32%, 07/19/2035(n)		64		62
6.00%, 03/25/2022		115		115	GSR Mortgage Loan Trust 2005-4F
CHL Mortgage Pass-Through Trust 2004-12					6.50%, 02/25/2035		48		48
4.47%, 08/25/2034(n)		82		81	HarborView Mortgage Loan Trust 2003-2
CHL Mortgage Pass-Through Trust 2004-HYB4					2.82%, 10/19/2033		571		556
4.19%, 09/20/2034(n)		41		40	1.00 x 1 Month LIBOR + 0.74%
CHL Mortgage Pass-Through Trust 2004-HYB8					IndyMac INDX Mortgage Loan Trust 2004-AR12
3.26%, 01/20/2035(n)		88		87	2.84%, 12/25/2034		565		514
Citigroup Mortgage Loan Trust 2005-3					1.00 x 1 Month LIBOR + 0.78%
4.47%, 08/25/2035(n)		460		458	IndyMac INDX Mortgage Loan Trust 2004-AR6
Citigroup Mortgage Loan Trust 2018-A					4.23%, 10/25/2034(n)		662		680
4.00%, 01/25/2068(c),(n)		245		244	IndyMac INDX Mortgage Loan Trust 2004-AR7
Civic Mortgage LLC 2018-1					3.28%, 09/25/2034		156		142
4.86%, 06/25/2022(c),(n)		872		872	1.00 x 1 Month LIBOR + 1.22%
Credit Suisse First Boston Mortgage Securities					IndyMac INDX Mortgage Loan Trust 2005-AR11
Corp					3.88%, 08/25/2035(n)		683		616
3.76%, 11/25/2033(n)		75		76
3.85%, 12/25/2033(n)		51		52


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



	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)
IndyMac INDX Mortgage Loan Trust					Wells Fargo Mortgage Backed Securities 2004-I
2005-AR16IP					Trust
2.70%, 07/25/2045	$	182	$	175	4.20%, 07/25/2034(n)	$	302	$	307
1.00 x 1 Month LIBOR + 0.64%					Wells Fargo Mortgage Backed Securities 2004-O
JP Morgan Mortgage Trust 2005-A2					Trust
3.83%, 04/25/2035(n)		138		138	4.64%, 08/25/2034(n)		76		78
JP Morgan Mortgage Trust 2006-A1					Wells Fargo Mortgage Backed Securities 2005-11
4.07%, 02/25/2036(n)		192		179	Trust
Lehman XS Trust Series 2005-7N					5.50%, 11/25/2035		18		19
2.34%, 12/25/2035		67		57	Wells Fargo Mortgage Backed Securities 2005-16
1.00 x 1 Month LIBOR + 0.28%					Trust
Lehman XS Trust Series 2006-2N					6.00%, 01/25/2036		95		96
2.32%, 02/25/2046		127		111	Wells Fargo Mortgage Backed Securities 2005-
1.00 x 1 Month LIBOR + 0.26%					AR10 Trust
Ludgate Funding PLC					4.13%, 05/01/2035(n)		51		53
0.00%, 01/01/2061(a)	EUR	100		110	Wells Fargo Mortgage Backed Securities 2005-
1.00 x Euribor 3 Month + 0.16%					AR12 Trust
1.28%, 01/01/2061	GBP	382		487	4.06%, 06/25/2035(n)		97		99
1.00 x LIBOR GBP 3M + 0.60%					Wells Fargo Mortgage Backed Securities 2006-3
MASTR Adjustable Rate Mortgages Trust 2004-7					Trust
4.21%, 07/25/2034(n)	$	183		180	5.50%, 03/25/2036		278		280
MASTR Adjustable Rate Mortgages Trust 2005-2							$		35,079
3.63%, 03/25/2035(n)		497		460	Oil & Gas - 1.26%
MASTR Adjustable Rate Mortgages Trust 2006-2					Bellatrix Exploration Ltd
4.16%, 04/25/2036(n)		104		104	8.50%, 05/15/2020(c)		1,040		634
MASTR Alternative Loan Trust 2003-9					California Resources Corp
5.25%, 11/25/2033		51		53	8.00%, 12/15/2022(c)		585		524
MASTR Alternative Loan Trust 2004-5					Callon Petroleum Co
5.50%, 06/25/2034		57		58	6.13%, 10/01/2024		280		286
6.00%, 06/25/2034		71		73	Cobalt International Energy Inc
MASTR Alternative Loan Trust 2004-8					0.00%, 12/01/2023(a)		4,635		2,596
6.00%, 09/25/2034		331		351	Cosan Luxembourg SA
Merrill Lynch Mortgage Investors Trust Series					7.00%, 01/20/2027(c)		390		383
MLCC 2006-2					Denbury Resources Inc
3.86%, 05/25/2036(n)		33		33	9.00%, 05/15/2021(c)		653		702
Newgate Funding PLC					9.25%, 03/31/2022(c)		3,882		4,149
0.28%, 12/15/2050	EUR	140		160	Gran Tierra Energy International Holdings Ltd
1.00 x Euribor 3 Month + 0.60%					6.25%, 02/15/2025(c)		600		577
RALI Series 2006-QO4 Trust					Gulfport Energy Corp
2.25%, 04/25/2046	$	190		180	6.38%, 05/15/2025		705		699
1.00 x 1 Month LIBOR + 0.19%					Jagged Peak Energy LLC
Residential Asset Securitization Trust 2003-A9					5.88%, 05/01/2026(c)		680		670
4.00%, 08/25/2033		393		393	Jones Energy Holdings LLC / Jones Energy
Residential Asset Securitization Trust 2005-A8CB					Finance Corp
5.38%, 07/25/2035		280		247	9.25%, 03/15/2023(c)		629		638
RFMSI Series 2006-S1 Trust					MEG Energy Corp
5.75%, 01/25/2036		89		87	6.38%, 01/30/2023(c)		295		268
RFMSI Series 2006-SA2 Trust					7.00%, 03/31/2024(c)		285		259
4.93%, 08/25/2036(n)		430		404	Midstates Petroleum Co Inc
RMAC Securities No 1 PLC					0.00%, 06/01/2020(a),(d),(e)		1,471		—
0.00%, 06/12/2044(a)	EUR	92		102	Odebrecht Drilling Norbe VIII/IX Ltd
1.00 x Euribor 3 Month + 0.15%					6.35%, 12/01/2021		1,464		1,431
Structured Adjustable Rate Mortgage Loan Trust					OGX Austria GmbH
2.37%, 07/25/2035	$	709		561	0.00%, 06/01/2019(a),(c)		600		—
1.00 x 1 Month LIBOR + 0.31%					0.00%, 04/01/2022(a),(c)		1,100		—
4.28%, 09/25/2034(n)		184		187	Petrobras Global Finance BV
Structured Asset Securities Corp Trust 2005-1					5.75%, 02/01/2029		265		230
5.50%, 02/25/2035		115		117	6.00%, 01/27/2028(c)		2,140		1,922
Toorak Mortgage Corp 2018-1 Ltd					7.25%, 03/17/2044		425		389
4.34%, 08/25/2021(c),(n)		1,880		1,880	Petroleos Mexicanos
Towd Point Mortgage Funding 2016-Granite1					6.35%, 02/12/2048		7,000		6,213
PLC					7.65%, 11/24/2021(c)	MXN	6,500		322
2.16%, 07/20/2046	GBP	200		260	Tengizchevroil Finance Co International Ltd
1.00 x LIBOR GBP 3M + 1.40%					4.00%, 08/15/2026	$	9,250		8,741
Wells Fargo Mortgage Backed Securities 2003-M					Vine Oil & Gas LP / Vine Oil & Gas Finance
Trust					Corp
3.73%, 12/25/2033(n)	$	175		180	8.75%, 04/15/2023(c)		690		667


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



	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)
YPF SA					BlueMountain CLO 2013-4 Ltd
6.95%, 07/21/2027(c)	$	860	$	703	7.99%, 04/15/2025(c)	$	3,000	$	2,938
19.73%, 07/07/2020(c)		410		170	1.00 x 3 Month LIBOR + 5.65%
Argentina Deposit Rates Badlar + 4.00%					Bowman Park CLO Ltd
		$		33,173	7.71%, 11/23/2025(c)		1,000		997
Other Asset Backed Securities - 2.00%					1.00 x 3 Month LIBOR + 5.40%
AASET 2017-1 Trust					CCG Receivables Trust 2018-1
3.97%, 05/16/2042(c)		223		223	3.42%, 06/16/2025(c)		100		99
AASET 2018-1 US Ltd					CLUB Credit Trust 2017-P1
5.44%, 01/16/2038(c)		236		238	2.42%, 09/15/2023(c)		122		121
Accelerated Assets 2018-1 LLC					Coinstar Funding LLC Series 2017-1
4.51%, 12/02/2033(c)		223		224	5.22%, 04/25/2047(c)		716		724
AIM Aviation Finance Ltd					Colony American Finance 2015-1 Ltd
5.07%, 02/15/2040(c),(n)		921		914	5.65%, 10/15/2047(c)		550		560
AJAX Mortgage Loan Trust					Colony American Finance 2016-1 Ltd
3.47%, 04/25/2057(c),(n)		84		84	4.64%, 06/15/2048(c),(n)		260		262
Ajax Mortgage Loan Trust 2016-B					Colony American Homes 2015-1
4.00%, 09/25/2065(c),(n)		407		408	4.22%, 07/17/2032(c)		730		729
Ajax Mortgage Loan Trust 2016-C					1.00 x 1 Month LIBOR + 2.15%
4.00%, 10/25/2057(c),(n)		227		228	5.07%, 07/17/2032(c)		170		170
Ajax Mortgage Loan Trust 2017-B					1.00 x 1 Month LIBOR + 3.00%
3.16%, 09/25/2056(c),(n)		351		344	5.72%, 07/17/2032(c)		685		688
ALM VII R Ltd					1.00 x 1 Month LIBOR + 3.65%
9.48%, 10/15/2028(c)		2,000		2,030	Colony Starwood Homes 2016-2 Trust
1.00 x 3 Month LIBOR + 7.14%					5.41%, 12/17/2033(c)		315		318
American Homes 4 Rent 2014-SFR2 Trust					1.00 x 1 Month LIBOR + 3.35%
5.15%, 10/17/2036(c)		280		295	Diamond Resorts Owner Trust
6.23%, 10/17/2036(c)		695		764	6.07%, 10/22/2029(c)		154		151
American Homes 4 Rent 2014-SFR3 Trust					Diamond Resorts Owner Trust 2018-1
6.42%, 12/17/2036(c)		900		1,000	4.53%, 01/21/2031(c)		585		585
American Homes 4 Rent 2015-SFR1					Driven Brands Funding LLC
5.64%, 04/17/2052(c)		1,045		1,114	4.74%, 04/20/2048(c)		170		170
Apidos CLO XXII					Dryden 63 GBP CLO 2018 BV
8.35%, 10/20/2027(c)		750		751	0.00%, 10/15/2032(a),(c),(m)	GBP	2,060		2,671
1.00 x 3 Month LIBOR + 6.00%					1.00 x LIBOR GBP 3M + 2.90%
Ascentium Equipment Receivables 2017-2 Trust					0.00%, 10/15/2032(a),(c),(m)		770		998
2.87%, 08/10/2022(c)		80		79	1.00 x LIBOR GBP 3M + 4.50%
Avery Point VII CLO Ltd					Five Guys Funding LLC
8.94%, 01/15/2028(c)		1,400		1,405	4.60%, 07/25/2047(c)	$	218		219
1.00 x 3 Month LIBOR + 6.60%					GCA2014 Holdings Ltd - Class C
Bayview Opportunity Master Fund IIIa Trust					6.00%, 01/05/2030(c),(d),(e)		654		500
2017-RN7					GCA2014 Holdings Ltd - Class D
3.10%, 09/28/2032(c),(n)		15		15	7.50%, 01/05/2030(c),(d),(e)		264		105
Bayview Opportunity Master Fund IIIa Trust					GCA2014 Holdings Ltd - Class E
2017-RN8					0.00%, 01/05/2030(a),(c),(d),(e)		1,030		—
3.35%, 11/28/2032(c),(n)		188		187	GCAT 2017-2 LLC
Bayview Opportunity Master Fund IV Trust					3.50%, 04/25/2047(c),(n)		264		262
2018-RN2					GCAT 2017-5 LLC
3.60%, 02/25/2033(c),(n)		174		173	3.23%, 07/25/2047(c),(n)		59		59
Bayview Opportunity Master Fund IVa Trust					GCAT 2018-1 LLC
2018-RN1					3.84%, 06/25/2048(c),(n)		248		247
3.28%, 01/28/2033(c),(n)		148		148	GCAT 2018-2 LLC
Bayview Opportunity Master Fund IVa Trust					4.09%, 06/26/2023(c),(n)		551		552
2018-RN3					Global Container Assets Ltd
3.67%, 03/28/2033(c),(n)		51		51	4.50%, 02/05/2030(c)		303		288
Bayview Opportunity Master Fund IVb Trust					Harbour Aircraft Investments Ltd
2017-NPL2					8.00%, 11/15/2037(d),(e)		1,255		1,271
2.98%, 10/28/2032(c),(n)		144		144	Home Partners of America 2016-2 Trust
Bayview Opportunity Master Fund Trust IIb					5.84%, 10/17/2033(c)		245		246
2018-RN5					1.00 x 1 Month LIBOR + 3.78%
3.82%, 04/28/2033(c),(n)		203		203	6.76%, 10/17/2033(c)		415		417
BCC Funding XIV LLC					1.00 x 1 Month LIBOR + 4.70%
6.00%, 04/21/2025(c)		250		249	Invitation Homes 2018-SFR1 Trust
Blackbird Capital Aircraft Lease Securitization					4.06%, 03/17/2037(c)		105		105
Ltd 2016-1					1.00 x 1 Month LIBOR + 2.00%
4.21%, 12/16/2041(c),(n)		230		233	Invitation Homes 2018-SFR2 Trust
5.68%, 12/16/2041(c),(n)		635		660	4.06%, 06/17/2037(c)		655		658
					1.00 x 1 Month LIBOR + 2.00%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



	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)
Kabbage Asset Securitization LLC					Thunderbolt II Aircraft Lease Ltd
8.00%, 03/15/2022(c)	$	653	$	676	4.15%, 07/15/2038(c),(n)		$	275	$	276
Magnetite IX Ltd					Verizon Owner Trust 2017-3
8.09%, 07/25/2026(c)		1,750		1,738	2.35%, 04/20/2022(c)			535		535
1.00 x 3 Month LIBOR + 5.75%					1.00 x 1 Month LIBOR + 0.27%
NYMT Residential 2016-RP1					Verizon Owner Trust 2018-1
4.00%, 03/25/2021(c),(n)		46		46	2.34%, 09/20/2022(c)			520		520
Oak Hill Advisors Residential Loan Trust					1.00 x 1 Month LIBOR + 0.26%
2017-NPL2					VOLT LVI LLC
3.00%, 07/25/2057(c),(n)		477		470	3.50%, 03/25/2047(c),(n)			356		354
Oak Hill Advisors Residential Loan Trust					5.88%, 03/25/2047(c),(n)			650		651
2017-NPLA					VOLT LVII LLC
3.00%, 06/25/2057(c),(n)		209		206	3.38%, 04/25/2047(c),(n)			74		74
Octagon Investment Partners XVI Ltd					VOLT LXI LLC
8.09%, 07/17/2030(c)		500		506	3.13%, 06/25/2047(c),(n)			232		230
1.00 x 3 Month LIBOR + 5.75%					VOLT LXIII LLC
OneMain Financial Issuance Trust 2014-2					3.00%, 10/25/2047(c),(n)			167		165
5.31%, 09/18/2024(c)		1,210		1,216	VOLT LXVIII LLC
OneMain Financial Issuance Trust 2015-1					4.34%, 07/27/2048(c),(n)			385		385
3.19%, 03/18/2026(c)		93		93	VOLT XL LLC
OneMain Financial Issuance Trust 2015-2					4.88%, 11/27/2045(c),(n)			215		215
5.64%, 07/18/2025(c)		625		631	WAVE 2017-1 Trust
OneMain Financial Issuance Trust 2015-3					5.68%, 11/15/2042(c)			287		291
4.16%, 11/20/2028(c)		790		798				$		52,687
OneMain Financial Issuance Trust 2016-2					Packaging & Containers - 0.15%
5.94%, 03/20/2028(c)		1,295		1,326	BWAY Holding Co
OSAT 2016-NPL1 Trust					5.50%, 04/15/2024(c)			2,416		2,401
3.75%, 07/25/2056(c),(n)		103		104	Flex Acquisition Co Inc
Planet Fitness Master Issuer LLC					7.88%, 07/15/2026(c)			1,457		1,459
4.26%, 09/05/2048(c)		605		607				$		3,860
PRPM 2017-2 LLC					Pharmaceuticals - 0.20%
3.47%, 09/25/2022(c),(n)		692		688	CVS Health Corp
5.00%, 09/25/2022(c),(n)		270		268	2.96%, 03/09/2020			1,385		1,393
PRPM 2017-3 LLC					3 Month LIBOR + 0.63%
3.47%, 11/25/2022(c),(n)		295		294	3.05%, 03/09/2021			1,385		1,397
5.00%, 11/25/2022(c),(n)		105		103	3 Month LIBOR + 0.72%
PRPM 2018-1 LLC					Endo Dac / Endo Finance LLC / Endo Finco Inc
5.00%, 04/25/2023(c),(n)		200		197	6.00%, 02/01/2025(c)			2,920		2,417
RCO Mortgage LLC 2017-1					Inretail Pharma SA
3.38%, 08/25/2022(c),(n)		492		490	5.38%, 05/02/2023(c)			130		132
Rise Ltd								$		5,339
4.75%, 02/15/2039(n)		276		272	Pipelines - 0.37%
RMAT 2018-NPL1 LP					Southern Gas Corridor CJSC
4.09%, 05/25/2048(c),(n)		445		444	6.88%, 03/24/2026			8,672		9,387
SCF Equipment Leasing 2018-1 LLC					Transportadora de Gas del Sur SA
4.21%, 04/20/2027(c)		795		803	6.75%, 05/02/2025(c)			480		421
Shenton Aircraft Investment I Ltd								$		9,808
4.75%, 10/15/2042(c)		464		473
S-Jets 2017-1 Ltd					Real Estate - 0.22%
3.97%, 08/15/2042(c)		397		395	China Overseas Finance Cayman III Ltd
Sofi Consumer Loan Program 2018-2 Trust					5.38%, 10/29/2023			5,500		5,760
3.35%, 04/26/2027(c)		360		361	Regional Authority - 0.09%
Sound Point Clo XV Ltd					Provincia de Buenos Aires/Argentina
8.31%, 01/23/2029(c)		1,500		1,505	5.75%, 06/15/2019(c)			735		710
1.00 x 3 Month LIBOR + 5.96%					6.50%, 02/15/2023(c)			545		441
SpringCastle America Funding LLC					41.56%, 05/31/2022		ARS	51,665		1,060
3.05%, 04/25/2029(c)		160		159	Argentina Deposit Rates Badlar + 3.83%
Sprite 2017-1 Ltd					37.50%, 04/12/2025			11,045		205
5.75%, 12/15/2037(c)		711		709	Argentina Deposit Rates Badlar + 3.75%
Stanwich Mortgage Loan Trust Series 2018-NPB1								$		2,416
4.02%, 05/16/2023(c),(n)		634		633	REITs- 0.04	%
TAL Advantage V LLC					VICI Properties 1 LLC / VICI FC Inc
3.55%, 11/20/2038(c)		276		273	8.00%, 10/15/2023		$	864		955
THL Credit Wind River 2014-3 CLO Ltd					Retail - 0.26%
7.95%, 01/22/2027(c)		3,000		2,998	Alimentation Couche-Tard Inc
1.00 x 3 Month LIBOR + 5.60%					2.83%, 12/13/2019(c)			690		691
Thunderbolt Aircraft Lease Ltd					3 Month LIBOR + 0.50%
5.75%, 05/17/2032(c),(n)		228		235

Consolidated Schedule of Investments Global Multi-Strategy Fund August 31, 2018


	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Retail (continued)					Sovereign (continued)
PF Chang's China Bistro Inc					Republic of South Africa Government
10.25%, 06/30/2020(c)	$	1,900	$	1,824	International Bond
Rite Aid Corp					6.88%, 05/27/2019	$	22,930	$	23,423
6.13%, 04/01/2023(c)		2,508		2,250	Saudi Government International Bond
Staples Inc					3.63%, 03/04/2028		7,625		7,320
8.50%, 09/15/2025(c)		2,270		2,145	Serbia International Bond
		$		6,910	4.88%, 02/25/2020		6,887		6,983
Software - 0.06%					5.88%, 12/03/2018(c)		1,063		1,069
Riverbed Technology Inc					5.88%, 12/03/2018(p)		11,400		11,469
8.88%, 03/01/2023(c)		1,573		1,455	Turkey Government International Bond
Sovereign - 8.00%					7.50%, 11/07/2019		1,334		1,309
Argentina POM Politica Monetaria					Ukraine Government International Bond
44.87%, 06/21/2020	ARS	6,725		188	0.00%, 05/31/2040(a),(n)		9,910		5,313
ARLLMONP + 0.00%					7.75%, 09/01/2025		4,525		4,248
Argentine Republic Government International							$		210,764
Bond					Student Loan Asset Backed Securities - 0.08%
3.38%, 10/12/2020	CHF	5,463		4,867	SLM Private Credit Student Loan Trust 2003-A
3.38%, 01/15/2023	EUR	532		468	4.29%, 06/15/2032		239		239
3.88%, 01/15/2022		66		62	1.00 x Mexico Treasuruies Auction Rate + 0.00%
5.00%, 01/15/2027		3,806		3,120	SLM Private Credit Student Loan Trust 2003-B
5.25%, 01/15/2028		3,004		2,441	4.30%, 03/15/2033		800		804
6.25%, 11/09/2047		1,310		991	1.00 x Mexico Treasuruies Auction Rate + 0.00%
Bahrain Government International Bond					4.30%, 03/15/2033		100		100
6.75%, 09/20/2029	$	10,000		9,086	1.00 x Mexico Treasuruies Auction Rate + 0.00%
Costa Rica Government International Bond					SMB Private Education Loan Trust 2017-B
4.37%, 05/22/2019		10,075		10,025	2.81%, 10/15/2035(c)		310		311
7.00%, 04/04/2044		7,926		7,550	1.00 x 1 Month LIBOR + 0.75%
7.16%, 03/12/2045		227		220	SoFi Professional Loan Program 2014-B LLC
Croatia Government International Bond					3.31%, 08/25/2032(c)		28		28
3.00%, 03/20/2027	EUR	2,750		3,364	1.00 x 1 Month LIBOR + 1.25%
Dominican Republic International Bond					SoFi Professional Loan Program 2015-A LLC
6.00%, 07/19/2028(c),(p)	$	5,701		5,800	3.26%, 03/25/2033(c)		176		177
El Salvador Government International Bond					1.00 x 1 Month LIBOR + 1.20%
7.38%, 12/01/2019		1,286		1,315	SoFi Professional Loan Program 2015-C LLC
Hellenic Republic Treasury Bill					3.58%, 08/25/2036(c)		77		77
0.00%, 02/01/2019(a)	EUR	5,484		6,342	Sofi Professional Loan Program 2016-A LLC
0.00%, 03/01/2019(a)		4,656		5,370	3.57%, 01/26/2038(c)		400		391
0.00%, 03/15/2019(a)		8,800		10,169			$		2,127
0.00%, 06/14/2019(a)		1,124		1,294	Supranational Bank - 0.46%
Iraq International Bond					Banque Ouest Africaine de Developpement
5.80%, 01/15/2028	$	2,845		2,608	5.00%, 07/27/2027(c)		5,900		5,676
Ivory Coast Government International Bond					5.00%, 07/27/2027		2,625		2,525
5.75%, 12/31/2032(n)		8,880		7,992	European Investment Bank
Montenegro Government International Bond					2.88%, 08/15/2023		2,097		2,091
3.38%, 04/21/2025(c)	EUR	3,280		3,779	International Bank for Reconstruction &
5.75%, 03/10/2021		2,282		2,900	Development
Nigeria Government International Bond					2.75%, 07/23/2021		1,888		1,885
7.70%, 02/23/2038	$	5,320		4,930			$		12,177
Peru Government Bond					Telecommunications - 0.96%
6.15%, 08/12/2032(c)	PEN	22,100		6,923	Avanti Communications Group PLC
Peruvian Government International Bond					10.00%, PIK 9.00%, 10/01/2022(c),(k),(n)		1,285		951
6.35%, 08/12/2028(c)		9,300		3,009	Bharti Airtel International Netherlands BV
6.35%, 08/12/2028		17,750		5,743	5.35%, 05/20/2024		6,555		6,551
Qatar Government International Bond					Cisco Systems Inc
5.10%, 04/23/2048	$	9,100		9,359	2.66%, 09/20/2019		1,420		1,425
6.55%, 04/09/2019(c)		2,790		2,849	3 Month LIBOR + 0.34%
6.55%, 04/09/2019		3,988		4,073	Frontier Communications Corp
Republic of Poland Government Bond					9.00%, 08/15/2031		2,092		1,239
2.50%, 07/25/2027	PLN	30,741		7,875	Goodman Networks Inc
Republic of Poland Government International					8.00%, 05/11/2022		2,310		1,155
Bond					GTT Communications Inc
3.00%, 03/17/2023	$	5,300		5,208	7.88%, 12/31/2024(c)		275		260
3.25%, 04/06/2026		3,225		3,136	Intelsat Connect Finance SA
Republic of South Africa Government Bond					9.50%, 02/15/2023(c)		1,688		1,682
8.75%, 01/31/2044	ZAR	68,825		4,208	Intelsat Jackson Holdings SA
8.75%, 02/28/2048		22,820		1,394	9.75%, 07/15/2025(c)		3,101		3,283
10.50%, 12/21/2026(p)		13,169		972	MTN Mauritius Investments Ltd
					4.76%, 11/11/2024		5,500		4,923


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				CONVERTIBLE BONDS (continued)	Amount (000’s) Value (000’s)
Telecommunications (continued)					Electronics - 0.04%
Oi SA					TTM Technologies Inc
10.00%, PIK 4.00%, 07/27/2025(k),(n)	$	2,698	$	2,917	1.75%, 12/15/2020(b)	$	550	$	1,084
T-Mobile USA Inc					Energy - Alternate Sources - 0.00%
4.75%, 02/01/2028		927		873	SunEdison Inc
		$		25,259	0.00%, 10/01/2018(a),(f)		400		8
Transportation - 0.07%					0.00%, 01/15/2020(a),(f)		1,425		29
Navios Maritime Holdings Inc / Navios Maritime					0.00%, 01/01/2021(a),(f)		725		14
Finance II US Inc							$		51
11.25%, 08/15/2022(c)		1,848		1,756	Engineering & Construction - 0.01%
TOTAL BONDS		$		669,073	Tutor Perini Corp
	Principal				2.88%, 06/15/2021		265		274
CONVERTIBLE BONDS - 3.06%	Amount (000's) Value (000's)				Healthcare - Products - 0.00%
Automobile Manufacturers - 0.01%					Insulet Corp
Tesla Inc					1.38%, 11/15/2024(c)		55		69
2.38%, 03/15/2022		150		166	Healthcare - Services - 0.34%
Banks - 0.02%					Anthem Inc
BofA Finance LLC					2.75%, 10/15/2042(b)		2,450		8,892
0.25%, 05/01/2023		100		95	Holding Companies - Diversified - 0.01%
Deutsche Bank AG/London					RWT Holdings Inc
1.00%, 05/01/2023		175		166	5.63%, 11/15/2019		185		187
Hope Bancorp Inc					Insurance - 0.01%
2.00%, 05/15/2038(c)		200		193	AXA SA
		$		454	7.25%, 05/15/2021(c)		300		338
Biotechnology - 0.12%					Internet - 0.25%
Acorda Therapeutics Inc					Booking Holdings Inc
1.75%, 06/15/2021		275		267	0.35%, 06/15/2020		150		223
AMAG Pharmaceuticals Inc					FireEye Inc
3.25%, 06/01/2022		200		230	0.88%, 06/01/2024(c)		300		293
BioMarin Pharmaceutical Inc					MercadoLibre Inc
0.60%, 08/01/2024		950		1,008	2.00%, 08/15/2028(c)		700		699
0.75%, 10/15/2018		25		27	Palo Alto Networks Inc
1.50%, 10/15/2020		180		219	0.75%, 07/01/2023(c)		800		841
Exact Sciences Corp					Twitter Inc
1.00%, 01/15/2025		200		238	0.25%, 09/15/2019		3,374		3,256
Illumina Inc					0.25%, 06/15/2024(c)		775		738
0.00%, 06/15/2019(a)		125		176	Zillow Group Inc
Innoviva Inc					1.50%, 07/01/2023		475		446
2.13%, 01/15/2023		200		197			$		6,496
Intrexon Corp
3.50%, 07/01/2023		200		217	Investment Companies - 0.54%
Ionis Pharmaceuticals Inc					Aabar Investments PJSC
1.00%, 11/15/2021		315		318	0.50%, 03/27/2020	EUR	5,500		5,950
Ligand Pharmaceuticals Inc					1.00%, 03/27/2022		8,100		8,003
0.75%, 05/15/2023(c)		325		382	Prospect Capital Corp
		$		3,279	4.95%, 07/15/2022	$	275		266
Building Materials - 0.01%							$		14,219
Cree Inc					Iron & Steel - 0.01%
0.88%, 09/01/2023(c)		350		359	Allegheny Technologies Inc
					4.75%, 07/01/2022		125		251
Coal - 0.00%					Cleveland-Cliffs Inc
Alpha Natural Resources Inc					1.50%, 01/15/2025		100		136
0.00%, 12/15/2020(a),(d),(e)		100		—			$		387
Commercial Services - 0.06%					Media - 0.33%
Element Fleet Management Corp					DISH Network Corp
5.13%, 06/30/2019(c)	CAD	725		546	2.38%, 03/15/2024		930		816
FTI Consulting Inc					3.38%, 08/15/2026		7,874		7,406
2.00%, 08/15/2023(c)	$	150		150	Gannett Co Inc
Macquarie Infrastructure Corp					4.75%, 04/15/2024(c)		200		210
2.00%, 10/01/2023		110		98	Liberty Media Corp
Square Inc					2.13%, 03/31/2048(c)		100		102
0.50%, 05/15/2023(c)		575		755	2.25%, 09/30/2046		115		64
		$		1,549			$		8,598
Computers - 0.01%					Mining - 0.00%
Pure Storage Inc					Endeavour Mining Corp
0.13%, 04/15/2023(c)		175		208	3.00%, 02/15/2023(c)		50		47
Diversified Financial Services - 0.00%					Oil & Gas - 0.05%
PRA Group Inc					Chesapeake Energy Corp
3.50%, 06/01/2023		50		52	5.50%, 09/15/2026		645		624


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



	Principal						Principal
CONVERTIBLE BONDS (continued)	Amount (000’s) Value (000’s)				CONVERTIBLE BONDS (continued)		Amount (000’s) Value (000’s)
Oil & Gas (continued)					Software (continued)
Cobalt International Energy Inc					Verint Systems Inc
0.00%, 12/01/2019(a)	$	1,448	$	—	1.50%, 06/01/2021		$	345	$	353
Nabors Industries Inc								$		1,141
0.75%, 01/15/2024		395		311	Telecommunications - 0.29%
SM Energy Co					CalAmp Corp
1.50%, 07/01/2021		90		96	2.00%, 08/01/2025(c)			275		274
Whiting Petroleum Corp					Finisar Corp
1.25%, 04/01/2020		200		191	0.50%, 12/15/2036			770		710
		$		1,222	GCI Liberty Inc
Oil & Gas Services - 0.01%					1.75%, 09/30/2046(c)			210		219
Weatherford International Ltd					Gogo Inc
5.88%, 07/01/2021		300		281	3.75%, 03/01/2020			1,522		1,364
Pharmaceuticals - 0.03%					Inmarsat PLC
Clovis Oncology Inc					3.88%, 09/09/2023			4,000		4,520
1.25%, 05/01/2025		125		104	Intelsat SA
Flexion Therapeutics Inc					4.50%, 06/15/2025(c)			340		506
3.38%, 05/01/2024		165		185				$		7,593
Herbalife Nutrition Ltd					Transportation - 0.02%
2.63%, 03/15/2024(c)		125		137	Atlas Air Worldwide Holdings Inc
Horizon Pharma Investment Ltd					1.88%, 06/01/2024			150		175
2.50%, 03/15/2022		325		334	Ship Finance International Ltd
Ironwood Pharmaceuticals Inc					5.75%, 10/15/2021			275		274
2.25%, 06/15/2022		50		67				$		449
		$		827	Trucking & Leasing - 0.01%
REITs - 0.09%					Greenbrier Cos Inc/The
Apollo Commercial Real Estate Finance Inc					2.88%, 02/01/2024			225		265
4.75%, 08/23/2022		125		125	TOTAL CONVERTIBLE BONDS			$		80,758
Blackstone Mortgage Trust Inc					SENIOR FLOATING RATE INTERESTS		Principal
4.38%, 05/05/2022		175		174	- 6.25	%	Amount (000's) Value (000's)
4.75%, 03/15/2023		200		199	Advertising - 0.03%
iStar Inc					Acosta Inc
3.13%, 09/15/2022(c)		720		701	5.33%, 09/26/2021(q)		$	417	$	322
Redwood Trust Inc					US LIBOR + 3.25%
4.75%, 08/15/2023		125		121	Imagine! Print Solutions Inc
5.63%, 07/15/2024		200		199	10.83%, 06/21/2023(q)			427		359
Spirit Realty Capital Inc					US LIBOR + 8.75%
2.88%, 05/15/2019		725		723	Lamar Media Corp
Starwood Property Trust Inc					3.87%, 02/14/2025(q)			125		125
4.00%, 01/15/2019		50		55	US LIBOR + 1.75%
		$		2,297				$		806
Retail - 0.01%					Aerospace & Defense - 0.03%
RH					TransDigm Inc
0.00%, 07/15/2020(a)		25		35	4.58%, 06/09/2023(q)			482		481
0.00%, 06/15/2023(a),(c)		375		381	US LIBOR + 2.50%
		$		416	4.58%, 08/22/2024(q)			188		188
Semiconductors - 0.74%					US LIBOR + 2.50%
Intel Corp					4.58%, 05/14/2025(q)			109		109
3.25%, 08/01/2039		3,501		8,216	US LIBOR + 2.50%
Microchip Technology Inc								$		778
2.25%, 02/15/2037		708		807	Apparel - 0.01%
Novellus Systems Inc					Hanesbrands Inc
2.63%, 05/15/2041		1,900		9,902	3.83%, 12/05/2024(q)			254		254
Rovi Corp					US LIBOR + 1.75%
0.50%, 03/01/2020		150		143	Automobile Manufacturers - 0.01%
Teradyne Inc					UOS LLC
1.25%, 12/15/2023		350		490	7.58%, 04/07/2023(q)			186		189
		$		19,558	US LIBOR + 5.50%
Software - 0.04%					Automobile Parts & Equipment - 0.17%
Atlassian Inc					GC EOS Buyer Inc
0.63%, 05/01/2023(c)		250		313	6.58%, 06/27/2025(q)			465		464
Citrix Systems Inc					US LIBOR + 4.00%
0.50%, 04/15/2019		50		79	6.58%, 06/27/2025(q)			2,000		1,995
Five9 Inc					US LIBOR + 4.00%
0.13%, 05/01/2023(c)		50		64	Superior Industries International Inc
MongoDB Inc					6.08%, 03/22/2024(q)			1,485		1,492
0.75%, 06/15/2024(c)		275		332	US LIBOR + 4.50%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Automobile Parts & Equipment (continued)					Commercial Services (continued)
Truck Hero Inc					Belron SA
5.82%, 05/16/2024(q)	$	638	$	639	4.84%, 10/25/2024(q)	$	169	$	170
US LIBOR + 3.75%					US LIBOR + 2.50%
		$		4,590	Camelot Finance LP
Building Materials - 0.18%					5.33%, 10/03/2023(q)		300		300
AirX Holdings Inc					US LIBOR + 3.25%
10.83%, 04/27/2026(q)		567		544	Cenveo Corp
US LIBOR + 8.75%					0.00%, 08/06/2023(d),(q),(r)		2,408		2,408
American Bath Group LLC					10.09%, 11/02/2018(q)		2,844		2,844
6.58%, 09/30/2023(q)		3,368		3,392	KUEHG Corp
US LIBOR + 4.25%					10.58%, 08/22/2025(q)		977		987
NCI Building Systems Inc					Lighthouse Network LLC
4.08%, 01/26/2025(q)		125		125	10.84%, 11/20/2025(q)		558		555
US LIBOR + 2.00%					US LIBOR + 8.50%
Quikrete Holdings Inc					Paradigm Acquisition Corp
4.83%, 11/03/2023(q)		809		807	6.70%, 10/04/2024(q)		1,267		1,271
US LIBOR + 2.75%					US LIBOR + 4.25%
		$		4,868	10.97%, 10/06/2025(q)		578		578
Chemicals - 0.23%					US LIBOR + 8.50%
Addivant USA Holdings Corp					PSC Industrial Outsourcing LP
0.00%, 08/17/2025(q),(r)		649		636	10.56%, 10/03/2025(q)		980		977
Axalta Coating Systems US Holdings Inc					US LIBOR + 8.50%
4.08%, 06/21/2024(q)		430		430	Trans Union LLC
US LIBOR + 1.75%					4.08%, 06/12/2025(q)		180		181
Consolidated Energy Finance SA					US LIBOR + 2.00%
4.57%, 05/02/2025(q)		825		824			$		13,375
US LIBOR + 2.50%					Computers - 0.19%
DuBois Chemicals Inc					24-7 Intouch Inc
5.32%, 03/15/2024(q)		84		83	0.00%, 08/20/2025(q),(r)		433		424
US LIBOR + 3.25%					Dell International LLC
GrafTech Finance Inc					3.83%, 09/07/2021(q)		683		683
5.58%, 01/31/2025(q)		688		692	US LIBOR + 1.75%
US LIBOR + 3.50%					McAfee LLC
HVSC Merger Sub Corp					10.57%, 09/26/2025(q)		2,000		2,040
10.59%, 10/20/2025(q)		760		762	US LIBOR + 8.50%
US LIBOR + 8.25%					10.57%, 09/26/2025(q)		1,178		1,202
LTI Holdings Inc					US LIBOR + 8.50%
0.00%, 08/14/2025(q),(r)		414		415	NeuStar Inc
New Arclin US Holding Corp					5.58%, 08/08/2024(q)		323		323
11.08%, 02/14/2025(q)		478		483	US LIBOR + 3.50%
US LIBOR + 8.75%					VeriFone Systems Inc
Plaskolite Inc					6.32%, 08/08/2025(q)		343		344
5.58%, 11/03/2022(q)		364		363	US LIBOR + 4.00%
US LIBOR + 3.50%							$		5,016
Polymer Additives Inc					Cosmetics & Personal Care - 0.02%
8.08%, 07/25/2025(q)		1,029		1,008	Coty Inc
WR Grace & Co-Conn					4.33%, 03/28/2025(q)		690		668
4.08%, 02/21/2025(q)		163		164	US LIBOR + 2.25%
US LIBOR + 1.75%					Distribution & Wholesale - 0.03%
4.08%, 02/21/2025(q)		280		281	American Builders & Contractors Supply Co Inc
US LIBOR + 1.75%					4.08%, 10/31/2023(q)		678		675
		$		6,141	US LIBOR + 2.00%
Coal - 0.11%					Diversified Financial Services - 0.10%
Sandy Creek Energy Associates LP					Aretec Group Inc
6.33%, 11/09/2020(q)		3,334		2,969	0.00%, 08/15/2025(q),(r)		243		244
US LIBOR + 4.00%					Ocwen Loan Servicing LLC
Commercial Services - 0.51%					7.08%, 12/07/2020(q)		2,333		2,342
APX Group Inc					US LIBOR + 5.00%
0.00%, 02/02/2024(q),(r)		1,040		1,033			$		2,586
0.00%, 02/02/2024(q),(r)		1,000		994	Electric - 0.34%
US LIBOR + 5.00%					AES Corp/VA
ASGN Inc					4.07%, 05/31/2022(q)		964		962
4.08%, 02/21/2025(q)		129		129	US LIBOR + 1.75%
US LIBOR + 2.00%					Chief Power Finance LLC
AVSC Holding Corp					6.83%, 12/31/2020(q)		845		765
9.59%, 08/22/2025(q)		961		948	US LIBOR + 4.75%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Electric (continued)					Healthcare - Services (continued)
Star West Generation LLC					Surgery Center Holdings Inc
6.83%, 03/13/2020(q)	$	6,945	$	6,555	5.33%, 06/20/2024(q)	$	274	$	274
US LIBOR + 4.75%					US LIBOR + 3.25%
Vistra Operations Co LLC							$		3,899
4.06%, 12/14/2025(q)		641		639	Home Furnishings - 0.02%
US LIBOR + 2.00%					TGP Holdings III LLC
		$		8,921	10.83%, 09/25/2025(q)		516		511
Electrical Components & Equipment - 0.00%					US LIBOR + 8.50%
Energizer Holdings Inc					Insurance - 0.38%
0.00%, 06/20/2025(q),(r)		90		90	AIS Holdco LLC
Engineering & Construction - 0.08%					7.31%, 08/15/2025(q)		340		340
Engility Corp					US LIBOR + 5.00%
4.83%, 08/12/2023(q)		238		239	Asurion LLC
US LIBOR + 2.75%					5.08%, 11/29/2024(q)		681		683
frontdoor Inc					US LIBOR + 3.00%
4.63%, 08/14/2025(q)		60		60	Badger Merger Sub Inc/CA
US LIBOR + 2.50%					0.00%, 08/08/2025(q),(r)		892		892
Hamilton Holdco LLC					Confie Seguros Holding II Co
4.34%, 06/02/2025(q)		673		672	7.33%, 04/19/2022(q)		3,210		3,150
US LIBOR + 2.00%					US LIBOR + 4.75%
Qualtek USA LLC					11.58%, 05/08/2019(q)		1,720		1,686
7.83%, 07/18/2025(q)		1,251		1,229	US LIBOR + 9.00%
US LIBOR + 5.75%					HUB International Ltd
		$		2,200	5.33%, 04/18/2025(q)		415		414
Entertainment - 0.05%					US LIBOR + 3.00%
Allen Media LLC					Hyperion Insurance Group Ltd
0.00%, 09/22/2023(q),(r)		526		514	5.62%, 12/13/2024(q)		239		240
William Morris Endeavor Entertainment LLC					US LIBOR + 3.50%
4.86%, 05/16/2025(q)		698		694	Mayfield Agency Borrower Inc
US LIBOR + 2.75%					10.08%, 01/30/2026(q)		1,213		1,195
		$		1,208	US LIBOR + 8.50%
Environmental Control - 0.01%					Sedgwick Claims Management Services Inc
GFL Environmental Inc					4.83%, 02/11/2021(q)		678		676
5.09%, 05/09/2025(q)		239		237	US LIBOR + 2.75%
US LIBOR + 2.75%					USI Inc/NY
Food - 0.13%					5.33%, 05/16/2024(q)		754		752
Give & Go Prepared Foods Corp					US LIBOR + 3.00%
6.58%, 07/29/2023(q)		1,603		1,459			$		10,028
US LIBOR + 4.25%					Internet - 0.10%
JBS USA LUX SA					Ancestry.com Operations Inc
4.83%, 10/30/2022(q)		891		891	5.33%, 10/19/2023(q)		592		593
US LIBOR + 2.50%					US LIBOR + 3.25%
Northeast Foods LLC					Rodan & Fields LLC
5.83%, 06/27/2025(q)		436		432	6.06%, 06/06/2025(q)		626		630
US LIBOR + 3.75%					Uber Technologies Inc
Post Holdings Inc					5.57%, 07/13/2023(q)		981		984
4.07%, 05/17/2024(q)		675		674	US LIBOR + 3.50%
US LIBOR + 2.00%					6.08%, 07/22/2025(q)		400		402
		$		3,456	US LIBOR + 4.00%
Food Service - 0.02%							$		2,609
Aramark Services Inc					Investment Companies - 0.16%
4.08%, 03/11/2025(q)		464		464	TKC Holdings Inc
US LIBOR + 1.75%					10.08%, 01/31/2024(q)		3,337		3,326
Healthcare - Products - 0.05%					US LIBOR + 8.00%
LifeScan Global Corp					UFC Holdings LLC
0.00%, 06/19/2024(q),(r)		1,288		1,249	5.33%, 08/18/2023(q)		987		991
					US LIBOR + 3.25%
Healthcare - Services - 0.15%							$		4,317
21st Century Oncology Inc
8.47%, 01/16/2023(q)		2,907		2,732	Iron & Steel - 0.08%
US LIBOR + 6.13%					Can Am Construction Inc/Canada
BW NHHC Holdco Inc					7.00%, 07/01/2024(q)		1,980		1,990
7.06%, 05/15/2025(q)		260		255	US LIBOR + 5.00%
Premise Health Holding Corp					Leisure Products & Services - 0.07%
0.00%, 07/10/2025(q),(r)		639		638	Bulldog Purchaser Inc
					0.00%, 08/22/2025(q),(r)		534		530
					0.00%, 08/21/2026(q),(r)		144		144


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Leisure Products & Services (continued)					Mining - 0.07%
Recess Holdings Inc					Aleris International Inc
10.20%, 09/18/2025(q)	$	1,077	$	1,066	6.83%, 02/08/2023(q)	$	1,044	$	1,058
US LIBOR + 7.75%					US LIBOR + 4.75%
		$		1,740	US Silica Co
Lodging - 0.01%					6.13%, 04/25/2025(q)		693		692
Marriott Ownership Resorts Inc					US LIBOR + 4.00%
0.00%, 08/08/2025(q),(r)		160		160			$		1,750
Wyndham Hotels & Resorts Inc					Miscellaneous Manufacturers - 0.11%
3.83%, 03/28/2025(q)		190		190	4L Technologies Inc/NV
US LIBOR + 1.75%					6.58%, 05/08/2020(q)		2,859		2,802
		$		350	US LIBOR + 4.50%
Machinery - Construction & Mining - 0.05%					Oil & Gas - 0.24%
Brookfield WEC Holdings Inc					California Resources Corp
5.83%, 07/31/2025(q)		1,184		1,190	6.82%, 11/14/2022(q)		184		187
US LIBOR + 3.75%					US LIBOR + 4.75%
8.83%, 07/24/2026(q)		97		99	Gavilan Resources LLC
US LIBOR + 6.75%					8.08%, 03/01/2024(q)		555		536
		$		1,289	US LIBOR + 6.00%
Machinery - Diversified - 0.04%					Seadrill Operating LP
Engineered Machinery Holdings Inc					8.33%, 02/12/2021(q)		5,980		5,575
5.58%, 07/25/2024(q)		248		247	US LIBOR + 6.00%
US LIBOR + 3.25%							$		6,298
NN Inc					Packaging & Containers - 0.03%
10.07%, 04/19/2023(q)		792		782	BWAY Holding Co
		$		1,029	5.58%, 04/03/2024(q)		708		705
Media - 0.24%					US LIBOR + 3.25%
Altice US Finance I Corp					CROWN Americas LLC
4.33%, 07/28/2025(q)		437		436	4.08%, 01/17/2025(q)		55		55
US LIBOR + 2.25%					US LIBOR + 2.00%
CBS Radio Inc					Plastipak Holdings Inc
4.82%, 11/17/2024(q)		678		672	4.59%, 10/14/2024(q)		114		114
US LIBOR + 2.75%					US LIBOR + 2.50%
CSC Holdings LLC							$		874
4.31%, 07/15/2025(q)		680		676	Pharmaceuticals - 0.02%
US LIBOR + 2.25%					Change Healthcare Holdings LLC
Meredith Corp					4.83%, 03/01/2024(q)		465		466
5.08%, 01/17/2025(q)		226		227	US LIBOR + 2.75%
US LIBOR + 3.00%					Pipelines - 0.27%
Radiate Holdco LLC					BCP Raptor LLC
5.08%, 12/09/2023(q)		436		433	6.42%, 06/22/2024(q)		386		373
US LIBOR + 3.00%					US LIBOR + 4.25%
Sequel Merger Sub II LLC					Southcross Energy Partners LP
7.09%, 06/28/2025(q)		516		516	6.58%, 08/04/2021(q)		7,795		6,816
Unitymedia Finance LLC					US LIBOR + 4.25%
4.06%, 05/24/2023(q)		230		230			$		7,189
US LIBOR + 2.00%					Real Estate - 0.08%
4.31%, 09/08/2025(q)		999		996	DTZ US Borrower LLC
US LIBOR + 2.25%					0.00%, 08/15/2025(q),(r)		722		719
UPC Financing Partnership					US LIBOR + 3.25%
4.56%, 01/15/2026(q)		313		312	Toys R Us Property Co I LLC
US LIBOR + 2.50%					0.00%, 08/21/2019(a),(q)		1,646		1,414
Virgin Media Bristol LLC					US LIBOR + 5.00%
4.56%, 01/15/2026(q)		795		794			$		2,133
US LIBOR + 2.50%					REITs - 0.03%
Ziggo Secured Finance Partnership					Iron Mountain Inc
4.56%, 04/15/2025(q)		963		946	3.83%, 12/22/2025(q)		693		683
US LIBOR + 2.50%					US LIBOR + 1.75%
		$		6,238
Metal Fabrication & Hardware - 0.10%					Retail - 0.41%
					1011778 BC ULC
Atkore International Inc					4.33%, 02/16/2024(q)		820		819
5.09%, 12/22/2023(q)		94		94	US LIBOR + 2.25%
US LIBOR + 2.75%					DBP Holding Corp
Eco-Bat Technologies Ltd					6.32%, 10/05/2019(q)		1,445		1,303
12.00%, PIK 11.00%, 03/31/2022(k),(n),(q)	EUR	5,985		2,674	US LIBOR + 4.00%
		$		2,768	Del Frisco's Restaurant Group Inc
					0.00%, 06/27/2025(q),(r)		514		496
					US LIBOR + 6.00%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018



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)
EG America LLC					Seattle SpinCo Inc
6.33%, 02/07/2025(q)	$	1,361	$	1,361	4.58%, 04/19/2024(q)	$	595	$	593
US LIBOR + 4.00%					US LIBOR + 2.50%
10.22%, 03/23/2026(q)		1,313		1,294	SS&C Technologies Inc
US LIBOR + 8.00%					0.00%, 04/16/2025(q),(r)		357		357
Harbor Freight Tools USA Inc					US LIBOR + 2.25%
4.58%, 08/18/2023(q)		270		270	SuperMoose Borrower LLC
US LIBOR + 2.50%					0.00%, 08/15/2025(q),(r)		485		486
IRB Holding Corp					US LIBOR + 3.75%
5.32%, 01/17/2025(q)		234		236	Vero Parent Inc
US LIBOR + 3.25%					7.08%, 08/09/2024(q)		954		955
J Crew Group Inc					US LIBOR + 5.00%
0.00%, 03/05/2021(q),(r)		1,328		1,193			$		12,328
US LIBOR + 3.22%					Telecommunications - 0.73%
JC Penney Corp Inc					Consolidated Communications Inc
6.57%, 06/09/2023(q)		2,923		2,675	5.08%, 10/05/2023(q)		82		81
US LIBOR + 4.25%					US LIBOR + 3.00%
0.00%, 06/09/2023(q),(r)		70		64	Cyxtera DC Holdings Inc
US LIBOR + 4.25%					5.09%, 03/15/2024(q)		990		995
Petco Animal Supplies Inc					US LIBOR + 3.00%
5.59%, 01/26/2023(q)		217		158	Global Tel*Link Corp
US LIBOR + 3.25%					6.33%, 05/23/2020(q)		2,168		2,178
PF Chang's China Bistro Inc					US LIBOR + 4.00%
7.67%, 08/18/2022(q)		960		958	10.58%, 11/23/2020(q)		2,933		2,940
US LIBOR + 5.00%					US LIBOR + 8.25%
		$		10,827	GTT Communications Inc
Semiconductors - 0.01%					4.83%, 04/25/2025(q)		681		668
Microchip Technology Inc					US LIBOR + 2.75%
4.08%, 05/23/2025(q)		350		349	Intelsat Jackson Holdings SA
US LIBOR + 2.00%					5.81%, 11/30/2023(q)		3,782		3,798
Software - 0.47%					US LIBOR + 3.75%
Almonde Inc					MLN US Holdco LLC
5.82%, 06/13/2024(q)		648		644	0.00%, 07/11/2025(q),(r)		743		746
US LIBOR + 3.50%					US LIBOR + 4.50%
9.56%, 04/28/2025(q)		1,000		980	0.00%, 07/13/2026(q),(r)		1,116		1,105
US LIBOR + 7.25%					US LIBOR + 8.75%
Cengage Learning Inc					Plantronics Inc
6.33%, 06/07/2023(q)		2,099		1,943	4.58%, 06/02/2025(q)		671		669
US LIBOR + 4.25%					US LIBOR + 2.50%
Cvent Inc					Securus Technologies Holdings Inc
5.83%, 11/29/2024(q)		980		977	6.58%, 06/20/2024(q)		1,487		1,485
US LIBOR + 3.75%					10.33%, 06/20/2025(q)		1,866		1,861
Digicert Holdings Inc					Sprint Communications Inc
10.08%, 09/19/2025(q)		619		616	4.62%, 01/31/2024(q)		667		667
US LIBOR + 8.00%					US LIBOR + 2.50%
Donnelley Financial Solutions Inc					Telenet Financing USD LLC
5.06%, 09/29/2023(q)		81		81	4.31%, 08/17/2026(q)		379		374
US LIBOR + 3.00%					US LIBOR + 2.25%
Evergreen Skills Lux Sarl					US TelePacific Corp
10.33%, 04/28/2022(q)		2,000		1,783	7.33%, 05/02/2023(q)		1,824		1,806
US LIBOR + 8.25%					US LIBOR + 5.00%
First Data Corp							$		19,373
4.07%, 07/08/2022(q)		621		621	Transportation - 0.08%
US LIBOR + 2.00%					Gruden Acquisition Inc
Greenway Health LLC					7.83%, 08/18/2022(q)		962		965
6.08%, 02/16/2024(q)		582		581	US LIBOR + 5.50%
US LIBOR + 4.25%					Navios Maritime Partners LP
IQVIA Inc					7.33%, 09/14/2020(q)		1,206		1,205
4.08%, 06/09/2025(q)		670		669			$		2,170
US LIBOR + 1.75%					TOTAL SENIOR FLOATING RATE INTERESTS		$		164,750
4.33%, 01/14/2025(q)		263		263	U.S. GOVERNMENT & GOVERNMENT	Principal
US LIBOR + 2.00%					AGENCY OBLIGATIONS - 15.08%	Amount (000's) Value (000's)
MA FinanceCo LLC					Federal National Mortgage Association (FNMA) - 3.09%
4.58%, 04/19/2024(q)		88		88	4.00%, 10/01/2041(s)	$	4,819	$	4,901
US LIBOR + 2.50%					4.50%, 09/01/2040(s)		67,681		70,282
Rackspace Hosting Inc					5.00%, 10/01/2041(s)		5,883		6,212
5.35%, 11/03/2023(q)		696		691			$		81,395
US LIBOR + 3.00%

Consolidated Schedule of Investments Global Multi-Strategy Fund August 31, 2018


U.S. GOVERNMENT & GOVERNMENT		Principal						Maturity
AGENCY OBLIGATIONS (continued)		Amount (000’s) Value (000’s)				REPURCHASE AGREEMENTS (continued)		Amount (000’s) Value (000’s)
U.S. Treasury - 7.57%						Banks (continued)
1.13%, 02/28/2021(p)		$	8,063	$	7,764	Merrill Lynch Repurchase Agreement on		$	1,908	$	1,899
1.13%, 08/31/2021(p)			15,700		14,993	securities sold short; 1.10% dated 3/23/2018
1.38%, 02/29/2020(p)			11,339		11,140	(collateralized by Mexico Government
1.38%, 05/31/2020(p)			7,425		7,269	International Bond; $1,873,721; 4.15%; dated
1.63%, 03/31/2019(p)			14,385		14,330	03/28/27	) (w)
2.13%, 02/29/2024(p)			5,163		4,995	Merrill Lynch Repurchase Agreement on			1,007		1,002
2.13%, 03/31/2024(p)			7,250		7,010	securities sold short; 1.10% dated 3/23/2018
2.25%, 12/31/2023(p)			13,206		12,875	(collateralized by Mexico Government
2.38%, 08/15/2024(p)			3,346		3,271	International Bond; $989,075; 4.15%; dated
2.50%, 05/31/2020(p)			12,007		11,982	03/28/27	) (w)
2.50%, 05/15/2024(p)			7,251		7,147	Merrill Lynch Repurchase Agreement on			290		289
2.63%, 05/15/2021(p)			1,119		1,117	securities sold short; 1.10% dated 3/27/2018
2.75%, 08/15/2021(p)			75,743		75,861	(collateralized by Mexico Government
2.88%, 05/31/2025(p)			16,797		16,870	International Bond; $285,175; 4.15%; dated
2.88%, 05/15/2028(p)			2,239		2,241	03/28/27	) (w)
3.00%, 02/15/2047			773		772	Merrill Lynch Repurchase Agreement on			479		477
			$		199,637	securities sold short; 1.10% dated 4/17/2018
U.S. Treasury Bill - 4.19%						(collateralized by Mexico Government
1.72%, 12/06/2018(t),(u)			850		845	International Bond; $474,957; 4.15%; dated
1.87%, 09/20/2018(b),(p),(t)			23,000		22,980	03/28/27	) (w)
1.94%, 10/18/2018(t)			10,600		10,574	Merrill Lynch Repurchase Agreement on			1,260		1,253
1.94%, 10/25/2018(p),(t)			28,125		28,046	securities sold short; 1.25% dated 3/23/2018
2.00%, 11/08/2018(p),(t)			38,650		38,508	(collateralized by Mexico Government
2.01%, 01/03/2019(t)			2,785		2,765	International Bond; $1,231,159; 4.13%; dated
2.14%, 01/24/2019(t)			1,360		1,348	01/21/26	) (w)
2.20%, 02/14/2019(t)			2,655		2,629	Merrill Lynch Repurchase Agreement on			1,048		1,043
2.30%, 06/20/2019(t)			1,375		1,349	securities sold short; 1.25% dated 4/19/2018
2.34%, 07/18/2019(t)			1,375		1,347	(collateralized by Mexico Government
			$		110,391	International Bond; $1,013,324; 5.55%; dated
U.S. Treasury Strip - 0.23%						01/21/45	) ^(w)
0.00%, 11/15/2046(a),(p),(v)			10,679		4,582	Merrill Lynch Repurchase Agreement on			1,024		1,019
0.00%, 05/15/2047(a),(p),(v)			3,298		1,393	securities sold short; 1.25% dated 4/25/2018
			$		5,975	(collateralized by Mexico Government
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY						International Bond; $1,013,324; 5.55%; dated
OBLIGATIONS			$		397,398	01/21/45	) ^(w)
		Maturity				Merrill Lynch Repurchase Agreement on			506		504
REPURCHASE AGREEMENTS - 8.69%		Amount (000's) Value (000's)				securities sold short; 1.25% dated 4/27/2018
Banks - 8.69%						(collateralized by Mexico Government
Barclays Repurchase Agreement on securities sold		$	10,115	$	10,082	International Bond; $506,662; 5.55%; dated
short; 0.75% dated 3/26/2018 (collateralized						01/21/45	) ^(w)
by Bahrain Government International Bond;						Merrill Lynch Repurchase Agreement on			3,262		3,260
$10,048,278; 6.13%; dated 07/05/22)(w)						securities sold short; 1.35% dated 8/13/2018
Barclays Repurchase Agreement on securities sold			10,408		10,386	(collateralized by Republic of South Africa
short; 0.75% dated 5/18/2018 (collateralized						Government International Bond; $3,191,686;
by Comision Federal de Electricidad;						4.85%; dated 09/27/27) (w)
$10,527,604; 6.13%; dated 06/16/45)(w)						Merrill Lynch Repurchase Agreement on			548		546
Barclays Repurchase Agreement on securities;			9,763		9,745	securities sold short; 1.45% dated 6/1/2018
1.65% dated 7/19/2018 (collateralized by						(collateralized by Mexico Government
Sri Lanka Government International Bond;						International Bond; $544,082; 3.75%; dated
$9,988,423; 6.83%; dated 07/18/26)(w)						01/11/28	) ^(w)
Merrill Lynch Repurchase Agreement on			650		650	Merrill Lynch Repurchase Agreement; on			1,316		1,311
securities sold short; 0.00% dated 7/5/2017						securities sold short 1.45% dated 6/4/2018
(collateralized by Colombia Government						(collateralized by Mexico Government
International Bond; $613,922; 4.50%; dated						International Bond; $1,314,786; 3.75%; dated
01/28/26)(a),(w)						01/11/28	) ^(w)
Merrill Lynch Repurchase Agreement on			958		954	Merrill Lynch Repurchase Agreement on			974		968
securities sold short; 1.00% dated 4/18/2018						securities sold short; 1.50% dated 3/23/2018
(collateralized by Mexico Government						(collateralized by Mexico Government
International Bond; $949,914; 4.15%; dated						International Bond; $959,077; 3.75%; dated
03/28/27	) (w)					01/11/28	) ^(w)
Merrill Lynch Repurchase Agreement on			1,437		1,431	Merrill Lynch Repurchase Agreement on			3,091		3,085
securities sold short; 1.00% dated 4/19/2018						securities sold short; 1.50% dated 7/19/2018
(collateralized by Mexico Government						(collateralized by Republic of South Africa
International Bond; $1,424,871; 4.15%; dated						Government International Bond; $2,985,771;
03/28/27	) (w)					4.85%; dated 09/27/27) (w)

Consolidated Schedule of Investments

Global Multi-Strategy Fund

August 31, 2018

Maturity

REPURCHASE AGREEMENTS (continued)

Amount (000’s) Value (000’s)

REPURCHASE AGREEMENTS (continued)

Amount (000’s) Value (000’s)

Banks (continued)

Merrill Lynch Repurchase Agreement on

964

Merrill Lynch Repurchase Agreement on

1,059

securities sold short; 1.65% dated 8/16/2018

securities sold short; 2.07% dated 8/31/2018

(collateralized by Republic of South Africa

maturing 9/4/2018 (collateralized by United

Government International Bond; $949,608;

States Treasury Note/Bond; $1,059,639;

4.30%; dated 10/12/28) (w)

2.63%; dated 07/15/21)

Merrill Lynch Repurchase Agreement on

2,135

2,134

Merrill Lynch Repurchase Agreement on

1,890

securities sold short; 1.65% dated 8/16/2018

securities sold short; 2.07% dated 8/31/2018

(collateralized by Republic of South Africa

maturing 9/4/2018 (collateralized by United

Government International Bond; $2,107,529;

States Treasury Note/Bond; $1,890,924;

5.88%; dated 06/22/30) (w)

2.63%; dated 07/15/21)

Merrill Lynch Repurchase Agreement on

39,611

39,609

Merrill Lynch Repurchase Agreement; 2.07%

415

securities sold short; 1.90% dated 8/31/2018

dated 8/31/2018 maturing 9/4/2018

maturing 9/4/2018 (collateralized by United

(collateralized by United States Treasury Note/

States Treasury Note/Bond; $39,643,117;

Bond; $415,173; 2.75%; dated 08/15/21)

2.63%; dated 07/31/20)

228,953

Merrill Lynch Repurchase Agreement on

3,566

TOTAL REPURCHASE AGREEMENTS

228,953

securities sold short; 1.94% dated 8/31/2018

TOTAL PURCHASED OPTIONS - 0.20%

5,186

maturing 9/4/2018 (collateralized by United

Total Investments

3,011,472

States Treasury Note/Bond; $3,571,992;

Other Assets and Liabilities - (14.26)%

(375,936

)

1.38%; dated 09/15/20)

TOTAL NET ASSETS - 100.00%

2,635,536

Merrill Lynch Repurchase Agreement on

10,839

securities sold short; 1.97% dated 8/31/2018

maturing 9/4/2018 (collateralized by United

(a)

Non-income producing security

States Treasury Note/Bond; $10,762,790;

(b)

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

1.50%; dated 08/15/20)

At the end of the period, the value of these securities totaled $125,164 or

Merrill Lynch Repurchase Agreement on

3,811

4.75% of net assets.

securities sold short; 1.97% dated 8/31/2018

(c)

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

maturing 9/4/2018 (collateralized by United

1933. These securities may be resold in transactions exempt from registration,

States Treasury Note/Bond; $3,777,543;

normally to qualified institutional buyers. At the end of the period, the value of

1.88%; dated 08/31/24)

these securities totaled $258,668 or 9.81% of net assets.

Merrill Lynch Repurchase Agreement on

36,532

36,530

(d)

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

securities sold short; 1.97% dated 8/31/2018

under procedures established and periodically reviewed by the Board of

maturing 9/4/2018 (collateralized by United

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

States Treasury Note/Bond; $36,099,168;

each security is evaluated individually for purposes of ASC 820 which results

2.63%; dated 02/28/23)

in not all securities being identified as Level 3 of the fair value hierarchy.

Merrill Lynch Repurchase Agreement on

3,523

3,522

At the end of the period, the fair value of these securities totaled $10,961 or

securities sold short; 1.97% dated 8/31/2018

0.42% of net assets.

maturing 9/4/2018 (collateralized by United

(e)

The value of these investments was determined using significant unobservable

States Treasury Note/Bond; $3,528,408;

inputs.

1.88%; dated 12/15/20)

(f)

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

Merrill Lynch Repurchase Agreement on

12,195

information.

securities sold short; 1.97% dated 8/31/2018

(g)

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

maturing 9/4/2018 (collateralized by United

which is a 100% owned subsidiary of the fund.

States Treasury Note/Bond; $12,196,617;

(h)

Current yield shown is as of period end.

2.75%; dated 05/31/23)

(i)

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

Merrill Lynch Repurchase Agreement on

16,470

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

securities sold short; 1.97% dated 8/31/2018

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

maturing 9/4/2018 (collateralized by United

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

States Treasury Note/Bond; $16,496,688;

transactional information.

2.75%; dated 07/31/23)

(j)

Perpetual security. Perpetual securities pay an indefinite stream of interest,

Merrill Lynch Repurchase Agreement on

28,288

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

securities sold short; 1.97% dated 8/31/2018

(k)

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

maturing 9/4/2018 (collateralized by United

lieu of cash.

States Treasury Note/Bond; $28,371,912;

(l)

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

2.88%; dated 04/30/25)

fixed rate, variable rate, or floating rate.

Merrill Lynch Repurchase Agreement on

10,694

(m)

Security purchased on a when-issued basis.

securities sold short; 1.97% dated 8/31/2018

(n)

Certain variable rate securities are not based on a published reference rate

maturing 9/4/2018 (collateralized by United

and spread but are determined by the issuer or agent and are based on current

States Treasury Inflation Indexed Bonds;

market conditions. These securities do not indicate a reference rate and

spread in their description. Rate shown is the rate in effect as of period end.

$10,705,271; 0.63%; dated 04/15/23)

(o)

Security is an Interest Only Strip.

Merrill Lynch Repurchase Agreement on

7,063

(p)

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

securities sold short; 1.97% dated 8/31/2018

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

maturing 9/4/2018 (collateralized by United

totaled $261,822 or 9.93% of net assets.

States Treasury Note/Bond; $7,091,861;

(q)

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

2.38%; dated 05/15/27)

end.

(r)

This Senior Floating Rate Note will settle after August 31, 2018, at which time

the interest rate will be determined.

Consolidated Schedule of Investments Global Multi-Strategy Fund August 31, 2018


Affiliated Securities		August 31, 2017						Purchases		Sales					August 31, 2018
			Value						Cost	Proceeds					Value
Principal Government Money Market Fund 1.84%$			— $						2,001,909		$	1,606,223		$					395,686
	$		— $						2,001,909		$	1,606,223		$					395,686


					Realized Gain/Loss					Realized Gain from					Change in Unrealized
		Income			on Investments					Capital Gain Distributions							Gain/Loss
Principal Government Money Market Fund 1.84%$			4,607	$				— $					— $						—
	$		4,607	$				— $					— $						—
Amounts in thousands


Restricted Securities

Security Name					Acquisition Date								Cost		Value		Percent of Net Assets
AerGen Aviation Finance Ltd					3/1/2017				$			1,215		$	—				0.00	%
Airbnb, Inc					6/24/2015							157			195				0.01	%
Birst Inc					6/15/2017							23			4				0.00	%
DraftKings Inc					12/4/2014							89			138				0.01	%
Element Comm Aviation					6/15/2015							2,800			2,511				0.10	%
Forward Venture Services LLC					11/20/2014							170			272				0.01	%
Jand Inc					4/23/2015							43			54				0.00	%
Jand Inc					4/23/2015							19			24				0.00	%
Klarna Holding AB					8/7/2015							89			121				0.00	%
Lithium Technology Corp					4/16/2015							21			1				0.00	%
Marklogic Corp					4/27/2015							172			148				0.01	%
Panera Bread Co			01/26/2012-07/19/2017									—			18				0.00	%
Pinterest Inc					3/16/2015							627			544				0.02	%
SunEdison Inc					1/8/2018							841			14				0.00	%
SunEdison Inc					1/8/2018							1,425			29				0.00	%
SunEdison Inc					1/8/2018							404			8				0.00	%
Uber Technologies Inc					6/5/2014							222			622				0.02	%
Veracode Inc					4/18/2017							24			24				0.00	%
VICI Properties Inc					1/26/2018							4,464			5,063				0.19	%
WeWork Cos Inc					12/8/2014							6			22				0.00	%
WeWork Cos Inc Series D-1					12/8/2014							81			304				0.01	%
WeWork Cos Inc Series D-2					12/8/2014							64			238				0.01	%
Zuora Inc					1/15/2015							138			499				0.02	%
Total													$		10,853				0.41	%
Amounts in thousands.


Options

													Upfront				Unrealized
		Contracts/											Payments/				Appreciation/
Purchased Options Outstanding	Counterparty	Shares		Notional Amount			Exercise Price			Expiration Date			(Receipts)		Fair Value				(Depreciation)
Call - iShares MSCI Emerging	N/A		855		$	86		$	44.00	09/24/2018		$	115			$	38	$	(77	)
Markets ETF
Put - Financial Select Sector SPDR	N/A		301		$	30		$	28.00	10/22/2018			29				16		(13	)
Fund
Put - Invesco QQQ Trust Series 1	N/A		53		$	5		$	168.00	09/24/2018			29				1		(28	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Options (continued)

											Upfront				Unrealized
		Contracts/									Payments/		Appreciation/
Purchased Options Outstanding	Counterparty	Shares		Notional Amount				Exercise Price	Expiration Date		(Receipts)		Fair Value		(Depreciation)
Put - iShares Russell 2000 ETF	N/A	1,378	$	138		$		160.00	01/02/2019	$	400	$	299	$	(101	)
Put - iShares Russell 2000 ETF	N/A	1,378	$	138		$		155.00	01/02/2019		503		213		(290	)
Put - S&P 500 Index	N/A	121	$	12	$	2,500.00			03/18/2019		1,230		377		(853	)
Put - S&P 500 Index	N/A	158	$	16	$	2,400.00			12/24/2018		1,365		164		(1,201	)
Put - S&P 500 Index	N/A	182	$	18	$	2,325.00			09/24/2018		1,515		6		(1,509	)
Put - S&P 500 Index	N/A	138	$	14	$	2,650.00			09/23/2019		1,319		1,228		(91	)
Put - S&P 500 Index	N/A	68	$	7	$	2,775.00			10/22/2018		215		96		(119	)
Put - S&P 500 Index	N/A	150	$	15	$	2,450.00			06/24/2019		1,172		664		(508	)
Call - GBP versus USD	Barclays Bank PLC	1 GBP		4,100			GBP	1.30	09/19/2018		30		30		—
Call - GBP versus USD	Barclays Bank PLC	1 GBP		4,100			GBP	1.32	11/01/2018		52		43		(9	)
Call - GBP versus USD	Barclays Bank PLC	1 GBP		2,050			GBP	1.30	11/12/2018		40		38		(2	)
Call - NZD versus USD	Barclays Bank PLC	1NZD		3,356			NZD	0.68	10/04/2018		28		3		(25	)
Call - USD versus BRL	Barclays Bank PLC	1	$	4,100		$		4.25	11/26/2018		136		127		(9	)
Call - USD versus CNH	Barclays Bank PLC	1	$	16,853		$		6.55	10/25/2018		80		750		670
Call - USD versus CNH	Barclays Bank PLC	1	$	13,855		$		6.55	10/25/2018		66		617		551
Call - USD versus INR	Barclays Bank PLC	1	$	4,140		$		72.60	12/31/2018		51		54		3
Call - USD versus PHP	Barclays Bank PLC	1	$	8,200		$		54.75	02/05/2019		94		77		(17	)
Call - USD versus PHP	Barclays Bank PLC	1	$	4,100		$		54.75	02/05/2019		43		39		(4	)
Put - EUR versus GBP	Deutsche Bank AG	1EUR		2,339			EUR	0.90	01/15/2019		82		51		(31	)
Put - EUR versus SEK	Barclays Bank PLC	1EUR		5,663			EUR	10.00	09/13/2018		79		—		(79	)
Put - EUR versus SEK	Barclays Bank PLC	1EUR		1,526			EUR	10.25	10/26/2018		21		3		(18	)
Put - EUR versus SEK	Barclays Bank PLC	1EUR		7,630			EUR	10.15	10/08/2018		99		2		(97	)
Put - EUR versus SEK	Barclays Bank PLC	1EUR		5,723			EUR	10.25	10/15/2018		87		7		(80	)
Put - EUR versus SEK	Barclays Bank PLC	1EUR		7,630			EUR	10.10	10/04/2018		95		1		(94	)
Put - EUR versus SEK	Barclays Bank PLC	1EUR		1,888			EUR	10.00	09/13/2018		27		—		(27	)
Put - USD versus BRL	Barclays Bank PLC	1	$	4,530		$		3.20	11/13/2018		81		—		(81	)
Put - USD versus BRL	Barclays Bank PLC	1	$	2,406		$		3.28	11/14/2018		40		1		(39	)
Put - USD versus BRL	Barclays Bank PLC	1	$	12,497		$		3.50	01/11/2019		46		50		4
Put - USD versus BRL	Barclays Bank PLC	1	$	3,815		$		3.28	11/14/2018		48		1		(47	)
Put - USD versus BRL	Barclays Bank PLC	1	$	7,530		$		3.28	11/14/2018		43		2		(41	)
Put - USD versus BRL	Barclays Bank PLC	1	$	4,180		$		3.25	12/21/2018		15		3		(12	)
Put - USD versus BRL	Barclays Bank PLC	1	$	6,150		$		3.50	01/11/2019		19		25		6
Put - USD versus BRL	Barclays Bank PLC	1	$	6,015		$		3.28	11/13/2018		95		2		(93	)
Put - USD versus CAD	Barclays Bank PLC	1	$	5,740		$		1.29	09/07/2018		14		5		(9	)
Put - USD versus IDR	Barclays Bank PLC	1	$	2,098	$	14,100.00			12/11/2018		10		1		(9	)
Put - USD versus IDR	Barclays Bank PLC	1	$	6,293	$	14,100.00			12/11/2018		35		4		(31	)
Put - USD versus JPY	Barclays Bank PLC	1	$	6,150		$		107.00	12/21/2018		61		46		(15	)
Put - USD versus JPY	Barclays Bank PLC	1	$	6,150		$		108.50	11/16/2018		71		44		(27	)
Call - 90 Day Eurodollar Future;	N/A	75	$	188		$		97.50	10/15/2018		7		3		(4	)
December 2018
Call - 90 Day Eurodollar Future;	N/A	246	$	615		$		97.63	12/18/2018		10		8		(2	)
December 2018
Call - 90 Day Eurodollar Future;	N/A	112	$	280		$		97.38	03/19/2019		31		19		(12	)
March 2019
Call - 90 Day Eurodollar Future;	N/A	264	$	660		$		98.25	09/18/2018		33		1		(32	)
September 2018
Call - Canadian Bank Acceptance	N/A	164 CAD		410			CAD	98.00	06/18/2019		7		6		(1	)
Future; June 2019
Call - Canadian Bank Acceptance	N/A	38 CAD		95			CAD	98.00	03/19/2019		2		1		(1	)
Future; March 2019
Call - Eurodollar, Mid-Curve 1 Yr	N/A	229	$	573		$		97.50	12/17/2018		56		16		(40	)
Future; December 2019
Put - Euribor, Mid-Curve 3 Yr	N/A	75 EUR		188			EUR	99.38	09/17/2018		15		—		(15	)
Future;September 2021
Put - Euribor, Mid-Curve 3 Yr	N/A	150 EUR		375			EUR	99.13	09/17/2018		19		—		(19	)
Future;September 2021
Put - Eurodollar, Mid-Curve 2 Yr	N/A	53	$	133		$		97.00	09/17/2018		4		4		—
Future; September 2020
Put - US 2 Year Note 5th W Future;	N/A	178	$	356		$		105.63	09/04/2018		11		—		(11	)
December 2018
Total										$	9,775	$	5,186	$	(4,589	)
											Upfront				Unrealized
		Contracts/									Payments/		Appreciation/
Written Options Outstanding	Counterparty	Shares	Notional Amount					Exercise Price	Expiration Date		(Receipts)		Fair Value		(Depreciation)
Put - iShares Russell 2000 ETF	N/A	1,378	$	138		$		133.00	10/01/2018	$	(67	)$	(3	)$	64
Put - iShares Russell 2000 ETF	N/A	1,378	$	138		$		133.00	01/02/2019		(157	)	(54	)	103
Put - S&P 500 Index	N/A	79	$	8	$	2,150.00			12/24/2018		(364	)	(36	)	328


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Options (continued)

													Upfront				Unrealized
		Contracts/											Payments/		Appreciation/
Written Options Outstanding	Counterparty	Shares			Notional Amount				Exercise Price	Expiration Date			(Receipts)		Fair Value		(Depreciation)
Put - S&P 500 Index	N/A	91	$		9	$	2,075.00			09/24/2018		$	(375	)$	(1	)$	374
Put - S&P 500 Index	N/A	60	$		6	$	2,300.00			03/18/2019			(390	)	(108	)	282
Put - S&P 500 Index	N/A	150	$		15	$	2,175.00			06/24/2019			(609	)	(340	)	269
Put - S&P 500 Index	N/A	138	$		14	$	2,425.00			09/23/2019			(786	)	(742	)	44
Put - S&P 500 Index	N/A	68	$		7	$	2,625.00			10/22/2018			(95	)	(42	)	53
Call - EUR versus NOK	Barclays Bank PLC	1EUR			1,763			EUR	9.75	11/19/2018			(18	)	(27	)	(9	)
Call - EUR versus SEK	Barclays Bank PLC	1EUR			3,815			EUR	10.70	01/08/2019			(46	)	(62	)	(16	)
Call - USD versus CAD	Barclays Bank PLC	1	$		4,100		$		1.34	11/27/2018			(26	)	(23	)	3
Call - USD versus CAD	Barclays Bank PLC	1	$		2,870		$		1.31	09/28/2018			(13	)	(18	)	(5	)
Call - USD versus CLP	Barclays Bank PLC	1	$		5,034		$		662.00	10/25/2018			(62	)	(176	)	(114	)
Call - USD versus JPY	Barclays Bank PLC	1	$		1,130		$		114.00	11/23/2018			(7	)	(3	)	4
Call - USD versus JPY	Barclays Bank PLC	1	$		2,098		$		114.50	10/18/2018			(13	)	(1	)	12
Call - USD versus MXN	Barclays Bank PLC	1	$		1,230		$		19.75	11/26/2018			(20	)	(22	)	(2	)
Call - USD versus ZAR	Barclays Bank PLC	1	$		2,870		$		15.00	12/17/2018			(96	)	(119	)	(23	)
Call - USD versus ZAR	Barclays Bank PLC	1	$		2,050		$		15.20	11/29/2018			(39	)	(66	)	(27	)
Put - EUR versus GBP	Barclays Bank PLC	1EUR			1,888			EUR	0.87	09/13/2018			(24	)	—		24
Put - EUR versus GBP	Barclays Bank PLC	1EUR			763			EUR	0.86	10/26/2018			(9	)	(1	)	8
Put - EUR versus HUF	Barclays Bank PLC	1EUR			1,510			EUR	310.00	09/13/2018			(15	)	(1	)	14
Put - EUR versus PLN	Barclays Bank PLC	1EUR			1,510			EUR	4.18	09/13/2018			(13	)	—		13
Put - EUR versus SEK	Barclays Bank PLC	1EUR			7,630			EUR	9.90	10/08/2018			(37	)	—		37
Put - EUR versus USD	Barclays Bank PLC	1EUR			1,888			EUR	1.22	09/13/2018			(25	)	(112	)	(87	)
Put - EUR versus USD	Barclays Bank PLC	1EUR			763			EUR	1.20	10/26/2018			(8	)	(29	)	(21	)
Put - GBP versus USD	Barclays Bank PLC	1 GBP			4,195			GBP	1.30	09/19/2018			(29	)	(45	)	(16	)
Put - USD versus BRL	Barclays Bank PLC	1	$		7,748		$		4.02	10/01/2018			(122	)	(134	)	(12	)
Put - USD versus CAD	Barclays Bank PLC	1	$		2,050		$		1.29	11/16/2018			(15	)	(17	)	(2	)
Put - USD versus KRW	Barclays Bank PLC	1	$		3,492	$	1,090.00			10/02/2018			(32	)	(6	)	26
Put - USD versus KRW	Barclays Bank PLC	1	$		2,050	$	1,100.00			11/19/2018			(16	)	(18	)	(2	)
Call - 90 Day Eurodollar Future;	N/A	75	$		188		$		97.75	10/15/2018			(2	)	(1	)	1
December 2018
Call - 90 Day Eurodollar Future;	N/A	75	$		188		$		97.63	09/18/2018			(5	)	(6	)	(1	)
September 2018
Call - Eurodollar, Mid-Curve 2 Yr	N/A	164	$		410		$		97.63	12/17/2018			(10	)	(9	)	1
Future; December 2020
Call - Eurodollar, Mid-Curve 2 Yr	N/A	75	$		188		$		97.25	03/18/2019			(30	)	(26	)	4
Future; March 2021
Call - Eurodollar, Mid-Curve 2 Yr	N/A	53	$		133		$		97.13	09/17/2018			(7	)	(4	)	3
Future; September 2020
Call - Eurodollar, Mid-Curve 3 Yr	N/A	152	$		380		$		97.25	12/17/2018			(63	)	(31	)	32
Future; December 2021
Call - Eurodollar, Mid-Curve 3 Yr	N/A	10	$		25		$		97.13	09/17/2018			(2	)	(1	)	1
Future; September 2021
Call - US 5 Year Note Future;	N/A	13	$		13		$		113.75	09/24/2018			(3	)	(2	)	1
December 2018
Put - Euribor, Mid-Curve 3 Yr	N/A	75 EUR			188			EUR	99.25	09/17/2018			(9	)	—		9
Future;September 2021
Put - Euribor, Mid-Curve 3 Yr	N/A	150 EUR			375			EUR	99.00	09/17/2018			(9	)	—		9
Future;September 2021
Put - US Long Bond Future;	N/A	20	$		20		$		143.00	09/24/2018			(10	)	(7	)	3
December 2018
Total												$	(3,678	)$	(2,293	)$	1,385
Amounts in thousands except contracts/shares.


Futures Contracts

Description and Expiration Date		Type		Contracts					Notional Amount				Value and Unrealized Appreciation/(Depreciation)
3 Month Euro Swiss; December 2018		Long					2		$	520	$						—
3 Month Euro Swiss; June 2019		Long					1			260							—
3 Month Euro Swiss; March 2019		Long					2			520							—
30 Day Federal Funds; January 2019		Long					99			40,292							—
90 Day Eurodollar; December 2018		Short					81			19,720							10
90 Day Eurodollar; December 2018		Short					166			40,415							(30	)
90 Day Eurodollar; December 2019		Long					150			36,392							29
90 Day Eurodollar; December 2019		Short					2,845			690,233							(16	)
90 Day Eurodollar; December 2019		Short					56			13,586							27
90 Day Eurodollar; December 2021		Short					150			36,407							(81	)
90 Day Eurodollar; June 2019		Short					80			19,428							3
90 Day Eurodollar; June 2020		Short					42			10,191							(7	)
90 Day Eurodollar; March 2019		Long					150			36,465							3


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Futures Contracts (continued)

Description and Expiration Date	Type	Contracts		Notional Amount			Value and Unrealized Appreciation/(Depreciation)
90 Day Eurodollar; March 2019	Short		87		$	21,150	$	15
90 Day Eurodollar; March 2020	Short		52			12,616		3
90 Day Eurodollar; September 2019	Short		66			16,019		(1	)
90 Day Eurodollar; September 2019	Short		65			15,776		(8	)
90 Day Short Sterling; December 2018	Short		4			643		—
90 Day Short Sterling; December 2019	Long		774			123,964		(20	)
90 Day Short Sterling; December 2019	Short		19			3,043		(1	)
90 Day Short Sterling; June 2019	Short		11			1,764		1
90 Day Short Sterling; June 2020	Short		12			1,920		—
90 Day Short Sterling; March 2019	Short		4			642		—
90 Day Short Sterling; March 2020	Short		19			3,041		(1	)
90 Day Short Sterling; September 2019	Short		23			3,686		—
90 Day Short Sterling; September 2019	Short		37			5,930		—
AEX Index; September 2018	Long		2			259		2
ASX 90 Day Bank Bill; September 2019	Short		49			35,056		(6	)
Australia 10 Year Bond; September 2018	Short		97			9,107		(185	)
Australia 10 Year Bond; September 2018	Long		31			2,910		32
Australia 10 Year Bond; September 2018	Long		337			31,639		464
CAC40 Index; September 2018	Long		149			9,349		98
CAC40 Index; September 2018	Long		31			1,945		(7	)
Canada 10 Year Bond; December 2018	Short		19			1,962		(6	)
Canada 10 Year Bond; December 2018	Short		356			36,770		(89	)
Canadian Bank Acceptance; December 2018	Short		15			2,810		1
Canadian Bank Acceptance; June 2019	Short		24			4,484		1
Canadian Bank Acceptance; March 2019	Short		33			6,172		2
Canadian Bank Acceptance; September 2019	Short		33			6,161		(2	)
Canadian Bank Acceptance; September 2019	Short		11			2,054		(1	)
CBOE VIX; December 2018	Long		26			410		(1	)
DAX Index; September 2018	Short		9			3,225		17
DAX Index; September 2018	Long		34			12,185		(198	)
DJ Euro Stoxx 50; September 2018	Short		356			14,004		283
DJ Euro Stoxx 50; September 2018	Long		569			22,383		(402	)
DJ Euro Stoxx 50; September 2018	Long		14			551		(10	)
E-Mini DJIA Index; September 2018	Long		171			22,220		237
E-Mini DJIA Index; September 2018	Long		9			1,169		25
eMini MSCI EAFE; September 2018	Short		2			196		(3	)
eMini MSCI Emerging Markets; September 2018	Short		20			1,055		10
eMini MSCI Emerging Markets; September 2018	Short		301			15,876		1,162
Euribor; December 2018	Short		20			5,820		—
Euribor; December 2019	Long		1,420			412,582		247
Euribor; June 2019	Short		12			3,491		—
Euribor; June 2020	Long		12			3,481		4
Euribor; March 2019	Short		33			9,602		—
Euribor; September 2019	Short		11			3,198		—
Euribor; September 2019	Long		454			132,002		5
Euro Bund 10 Year Bund; December 2018	Long		3			560		—
Euro Bund 10 Year Bund; December 2018	Long		186			34,712		9
Euro Bund 10 Year Bund; September 2018	Short		80			15,161		(238	)
FTSE China A50 Index; September 2018	Short		15			169		5
FTSE KLCI Index; September 2018	Short		10			220		—
FTSE/JSE Top 40; September 2018	Long		2			71		(1	)
FTSE/MIB Index; September 2018	Long		4			470		(44	)
FTSE100 Index; September 2018	Short		93			8,951		269
FTSE100 Index; September 2018	Long		335			32,243		(839	)
FTSE100 Index; September 2018	Short		19			1,829		35
Hang Seng Index; September 2018	Short		5			884		13
Hang Seng Index; September 2018	Short		41			7,252		(41	)
HSCEI China Index; September 2018	Short		17			1,174		27
IBEX 35 Index; September 2018	Long		4			436		(6	)
Japan 10 Year Bond TSE; September 2018	Short		32			43,310		92
Japan Topix Index; September 2018	Short		235			36,664		793
Japan Topix Index; September 2018	Long		28			4,368		(15	)
Japan Topix Index; September 2018	Long		56			8,737		(91	)
KOSPI 200 Index; September 2018	Short		23			1,547		16
Mex Bolsa Index; September 2018	Short		8			208		(11	)
MSCI Singapore Index; September 2018	Long		19			503		(7	)
MSCI Taiwan Index; September 2018	Long		7			289		2
Nasdaq 100 E-Mini; September 2018	Long		18			2,758		154
Nasdaq 100 E-Mini; September 2018	Long		224			34,322		1,197
Nikkei 225 OSE; September 2018	Long		8			1,646		—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Futures Contracts (continued)

Description and Expiration Date		Type	Contracts		Notional Amount			Value and Unrealized Appreciation/(Depreciation)
Nikkei 225 OSE; September 2018		Long		139		$	28,598		$			487
OMXS30 Index; September 2018		Short		86			1,559					(43	)
Russell 2000 Emini; September 2018		Long		392			34,116					1,093
Russell 2000 Emini; September 2018		Short		315			27,414					(1,002	)
Russell 2000 Emini; September 2018		Long		145			12,619					460
S&P 500 Emini; September 2018		Long		173			25,103					474
S&P 500 Emini; September 2018		Short		1			145					—
S&P 500 Emini; September 2018		Short		94			13,640					(562	)
S&P 500 Emini; September 2018		Short		55			7,981					(359	)
S&P 500 Emini; September 2018		Short		26			3,773					(136	)
S&P Mid 400 Emini; September 2018		Long		3			614					18
S&P Mid 400 Emini; September 2018		Short		47			9,614					(182	)
S&P/TSX 60 Index; September 2018		Long		17			2,514					(17	)
SET50 Index; September 2018		Long		8			55					4
SPI 200 Index; September 2018		Short		32			3,626					(132	)
UK 10 Year Gilt; December 2018		Long		171			27,120					13
UK 10 Year Gilt; December 2018		Short		1			159					—
US 10 Year Note; December 2018		Short		559			67,228					(29	)
US 10 Year Note; December 2018		Long		149			17,920					(27	)
US 10 Year Ultra Note; December 2018		Short		59			7,555					—
US 2 Year Note; December 2018		Long		308			65,099					71
US 5 Year Note; December 2018		Short		643			72,915					(12	)
US Long Bond; December 2018		Long		65			9,374					9
US Long Bond; December 2018		Short		46			6,634					(22	)
US Ultra Bond; December 2018		Short		23			3,664					(4	)
US Ultra Bond; December 2018		Long		3			478					(2	)
Total								$				3,025

Amounts in thousands except contracts.


Foreign Currency Contracts

								Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date	Currency to Accept					Currency to Deliver			Asset		Liability
Bank of America NA	09/19/2018	$		40,544		JPY		4,451,392	$	438	$	—
Bank of New York Mellon	09/04/2018	$		297		EUR		255		1		—
Bank of New York Mellon	09/14/2018	AUD		1,240	$			906		—		(15	)
Bank of New York Mellon	09/14/2018	$		912		AUD		1,240		21		—
Bank of New York Mellon	09/19/2018	$		914		AUD		1,230		30		—
Bank of New York Mellon	09/19/2018	AUD		1,230	$			905		—		(21	)
Bank of New York Mellon	09/19/2018	GBP		1,565	$			2,009		21		—
Bank of New York Mellon	09/19/2018	GBP		3,720	$			4,990		—		(165	)
Bank of New York Mellon	09/19/2018	$		1,472		GBP		1,110		32		—
Bank of New York Mellon	09/19/2018	EUR		400	$			467		—		(2	)
Bank of New York Mellon	09/19/2018	EUR		790	$			902		16		—
Bank of New York Mellon	09/19/2018	$		14,251		EUR		12,000		308		—
Bank of New York Mellon	09/19/2018	$		248		JPY		27,500		—		—
Bank of New York Mellon	09/19/2018	JPY		48,700	$			445		—		(6	)
Bank of New York Mellon	09/19/2018	$		4,324		JPY		474,750		47		—
Bank of New York Mellon	09/20/2018	EUR		1,743	$			2,025		1		—
Barclays Bank PLC	09/04/2018	AUD		6,449	$			4,703		—		(67	)
Barclays Bank PLC	09/04/2018	$		417		AUD		574		4		—
Barclays Bank PLC	09/04/2018	$		7,174		AUD		9,767		152		—
Barclays Bank PLC	09/04/2018	AUD		3,892	$			2,818		—		(20	)
Barclays Bank PLC	09/04/2018	GBP		1,640	$			2,124		2		—
Barclays Bank PLC	09/04/2018	$		4,798		GBP		3,690		14		—
Barclays Bank PLC	09/04/2018	GBP		1,640	$			2,129		—		(3	)
Barclays Bank PLC	09/04/2018	$		5,864		GBP		4,510		17		—
Barclays Bank PLC	09/04/2018	GBP		1,640	$			2,125		1		—
Barclays Bank PLC	09/04/2018	GBP		3,280	$			4,259		—		(7	)
Barclays Bank PLC	09/04/2018	CAD		576	$			445		—		(3	)
Barclays Bank PLC	09/04/2018	$		450		CAD		586		1		—
Barclays Bank PLC	09/04/2018	CAD		10	$			8		—		—
Barclays Bank PLC	09/04/2018	$		1,915		EUR		1,640		11		—
Barclays Bank PLC	09/04/2018	EUR		2,460	$			2,869		—		(14	)
Barclays Bank PLC	09/04/2018	EUR		820	$			950		2		—
Barclays Bank PLC	09/04/2018	$		1,912		EUR		1,640		8		—
Barclays Bank PLC	09/04/2018	$		410		HUF		114,737		2		—
Barclays Bank PLC	09/04/2018	$		1,230		HUF		343,649		9		—
Barclays Bank PLC	09/04/2018	$		2		HUF		634		—		—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Foreign Currency Contracts (continued)

						Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept			Currency to Deliver		Asset	Liability
Barclays Bank PLC	09/04/2018	HUF	459,020	$		1,640	$	— $	(9	)
Barclays Bank PLC	09/04/2018	$	12		JPY	1,341		—	—
Barclays Bank PLC	09/04/2018	JPY	234,103	$		2,106		1	—
Barclays Bank PLC	09/04/2018	$	3,661		JPY	405,816		9	—
Barclays Bank PLC	09/04/2018	JPY	74,969	$		671		4	—
Barclays Bank PLC	09/04/2018	$	1,092		JPY	121,547		—	(2	)
Barclays Bank PLC	09/04/2018	JPY	168,092	$		1,521		—	(8	)
Barclays Bank PLC	09/04/2018	JPY	51,539	$		463		1	—
Barclays Bank PLC	09/04/2018	NZD	5,544	$		3,731		—	(63	)
Barclays Bank PLC	09/04/2018	NZD	2,992	$		1,964		15	—
Barclays Bank PLC	09/04/2018	$	1,728		NZD	2,601		7	—
Barclays Bank PLC	09/04/2018	$	636		NZD	951		7	—
Barclays Bank PLC	09/04/2018	$	3,360		NZD	4,984		63	—
Barclays Bank PLC	09/04/2018	NOK	599	$		71		—	—
Barclays Bank PLC	09/04/2018	$	2,355		NOK	19,921		—	(20	)
Barclays Bank PLC	09/04/2018	NOK	20,527	$		2,500		—	(52	)
Barclays Bank PLC	09/04/2018	NOK	23,975	$		2,873		—	(14	)
Barclays Bank PLC	09/04/2018	$	1,479		NOK	12,323		9	—
Barclays Bank PLC	09/04/2018	$	1,540		NOK	12,856		7	—
Barclays Bank PLC	09/04/2018	KRW	937,893	$		839		4	—
Barclays Bank PLC	09/04/2018	$	839		KRW	935,905		—	(2	)
Barclays Bank PLC	09/04/2018	$	472		SEK	4,293		3	—
Barclays Bank PLC	09/04/2018	$	141		SEK	1,298		—	(1	)
Barclays Bank PLC	09/04/2018	SEK	328	$		36		—	—
Barclays Bank PLC	09/04/2018	SEK	10,822	$		1,222		—	(39	)
Barclays Bank PLC	09/04/2018	$	609		SEK	5,560		1	—
Barclays Bank PLC	09/05/2018	$	2,125		GBP	1,640		—	(1	)
Barclays Bank PLC	09/05/2018	CNH	14,031	$		2,042		9	—
Barclays Bank PLC	09/05/2018	$	885		CNH	5,991		9	—
Barclays Bank PLC	09/05/2018	$	3,675		CNH	25,059		13	—
Barclays Bank PLC	09/05/2018	$	1,744		CNH	11,593		50	—
Barclays Bank PLC	09/05/2018	$	18,881		CNH	127,441		256	—
Barclays Bank PLC	09/05/2018	CNH	28,801	$		4,183		26	—
Barclays Bank PLC	09/05/2018	CNH	6,933	$		1,010		3	—
Barclays Bank PLC	09/05/2018	$	5,832		CNH	39,656		36	—
Barclays Bank PLC	09/05/2018	$	24		CNH	161		—	—
Barclays Bank PLC	09/05/2018	CNH	71,536	$		10,414		41	—
Barclays Bank PLC	09/05/2018	$	4,612		CNH	29,719		269	—
Barclays Bank PLC	09/05/2018	CNH	23,393	$		3,471		—	(52	)
Barclays Bank PLC	09/05/2018	$	18,676		CNH	128,291		—	(73	)
Barclays Bank PLC	09/05/2018	CNH	118,286	$		17,417		—	(130	)
Barclays Bank PLC	09/05/2018	$	820		CNH	5,641		—	(4	)
Barclays Bank PLC	09/05/2018	$	1,756		CNH	11,927		13	—
Barclays Bank PLC	09/05/2018	CNH	1,171	$		171		—	—
Barclays Bank PLC	09/05/2018	CNH	18,849	$		2,880		—	(125	)
Barclays Bank PLC	09/05/2018	$	15,795		CNH	108,898		—	(120	)
Barclays Bank PLC	09/05/2018	CNH	6,740	$		986		—	(1	)
Barclays Bank PLC	09/05/2018	CNH	151,544	$		22,415		—	(267	)
Barclays Bank PLC	09/05/2018	CNH	35,295	$		5,242		—	(84	)
Barclays Bank PLC	09/05/2018	CNH	17,087	$		2,617		—	(120	)
Barclays Bank PLC	09/05/2018	$	1,901		EUR	1,640		—	(3	)
Barclays Bank PLC	09/07/2018	$	2,185		CAD	2,842		7	—
Barclays Bank PLC	09/07/2018	HUF	344,461	$		1,230		—	(6	)
Barclays Bank PLC	09/07/2018	$	1,640		HUF	458,195		12	—
Barclays Bank PLC	09/07/2018	$	1,640		HUF	458,940		9	—
Barclays Bank PLC	09/07/2018	$	820		JPY	91,111		—	—
Barclays Bank PLC	09/07/2018	JPY	317,795	$		2,870		—	(9	)
Barclays Bank PLC	09/07/2018	JPY	136,975	$		1,230		3	—
Barclays Bank PLC	09/07/2018	$	1,640		JPY	182,093		1	—
Barclays Bank PLC	09/07/2018	NZD	820	$		545		—	(3	)
Barclays Bank PLC	09/12/2018	$	2,361		EUR	2,077		—	(51	)
Barclays Bank PLC	09/12/2018	$	1,389		EUR	1,180		19	—
Barclays Bank PLC	09/12/2018	EUR	5,508	$		6,496		—	(100	)
Barclays Bank PLC	09/12/2018	JPY	461,974	$		4,170		—	(10	)
Barclays Bank PLC	09/12/2018	$	1,720		JPY	190,044		9	—
Barclays Bank PLC	09/12/2018	$	791		JPY	88,262		—	(4	)
Barclays Bank PLC	09/13/2018	EUR	820	$		952		—	—
Barclays Bank PLC	09/13/2018	EUR	3,347	$		3,867		20	—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Foreign Currency Contracts (continued)

						Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept			Currency to Deliver		Asset		Liability
Barclays Bank PLC	09/13/2018	$	477		EUR	410	$	1	$	—
Barclays Bank PLC	09/13/2018	$	3,755		EUR	3,280		—		(54	)
Barclays Bank PLC	09/13/2018	EUR	410	$		476		—		—
Barclays Bank PLC	09/13/2018	EUR	410	$		476		—		—
Barclays Bank PLC	09/13/2018	$	10,110		EUR	8,687		21		—
Barclays Bank PLC	09/13/2018	EUR	1,230	$		1,411		18		—
Barclays Bank PLC	09/13/2018	HUF	842,001	$		2,967		27		—
Barclays Bank PLC	09/13/2018	$	2,968		HUF	817,689		60		—
Barclays Bank PLC	09/13/2018	JPY	855,336	$		7,718		—		(15	)
Barclays Bank PLC	09/13/2018	$	1,410		PLN	5,293		—		(18	)
Barclays Bank PLC	09/13/2018	$	476		PLN	1,758		2		—
Barclays Bank PLC	09/13/2018	PLN	8,856	$		2,333		57		—
Barclays Bank PLC	09/13/2018	PLN	1,756	$		478		—		(4	)
Barclays Bank PLC	09/13/2018	PLN	8,797	$		2,392		—		(18	)
Barclays Bank PLC	09/13/2018	$	3,867		PLN	14,314		4		—
Barclays Bank PLC	09/13/2018	$	1,429		PLN	5,281		4		—
Barclays Bank PLC	09/13/2018	SEK	12,785	$		1,422		—		(23	)
Barclays Bank PLC	09/17/2018	AUD	574	$		417		—		(4	)
Barclays Bank PLC	09/17/2018	$	444		CAD	576		2		—
Barclays Bank PLC	09/17/2018	EUR	374	$		426		8		—
Barclays Bank PLC	09/17/2018	NZD	668	$		444		—		(2	)
Barclays Bank PLC	09/17/2018	NOK	12,849	$		1,540		—		(7	)
Barclays Bank PLC	09/17/2018	SEK	5,554	$		609		—		(1	)
Barclays Bank PLC	09/18/2018	ZAR	9,795	$		763		—		(97	)
Barclays Bank PLC	09/18/2018	$	763		ZAR	9,811		96		—
Barclays Bank PLC	09/20/2018	EUR	1,873	$		2,134		42		—
Barclays Bank PLC	09/20/2018	$	11,353		EUR	9,461		359		—
Barclays Bank PLC	09/20/2018	EUR	482	$		594		—		(34	)
Barclays Bank PLC	09/20/2018	$	2,134		NOK	18,017		—		(16	)
Barclays Bank PLC	09/20/2018	$	168		CHF	162		—		—
Barclays Bank PLC	09/20/2018	$	5,662		CHF	5,503		—		(24	)
Barclays Bank PLC	09/21/2018	$	55,407		AUD	73,927		2,270		—
Barclays Bank PLC	09/21/2018	AUD	14,728	$		10,810		—		(224	)
Barclays Bank PLC	09/21/2018	BRL	2,361	$		611		—		(32	)
Barclays Bank PLC	09/21/2018	$	4		BRL	15		—		—
Barclays Bank PLC	09/21/2018	BRL	7,940	$		2,080		—		(134	)
Barclays Bank PLC	09/21/2018	BRL	3,363	$		881		—		(57	)
Barclays Bank PLC	09/21/2018	GBP	5,461	$		7,036		48		—
Barclays Bank PLC	09/21/2018	GBP	45,059	$		59,806		—		(1,358	)
Barclays Bank PLC	09/21/2018	$	100,721		GBP	76,056		2,065		—
Barclays Bank PLC	09/21/2018	$	18,991		GBP	14,841		—		(260	)
Barclays Bank PLC	09/21/2018	$	8,193		CAD	10,638		38		—
Barclays Bank PLC	09/21/2018	$	47,864		CAD	62,175		201		—
Barclays Bank PLC	09/21/2018	CAD	6,496	$		4,998		—		(18	)
Barclays Bank PLC	09/21/2018	CAD	13,997	$		10,642		88		—
Barclays Bank PLC	09/21/2018	$	12,433		CAD	16,376		—		(121	)
Barclays Bank PLC	09/21/2018	$	91,553		EUR	78,094		805		—
Barclays Bank PLC	09/21/2018	EUR	10,029	$		12,535		—		(880	)
Barclays Bank PLC	09/21/2018	$	12,489		EUR	10,029		834		—
Barclays Bank PLC	09/21/2018	$	10,212		EUR	8,890		—		(119	)
Barclays Bank PLC	09/21/2018	EUR	30,386	$		35,563		—		(253	)
Barclays Bank PLC	09/21/2018	EUR	9,706	$		11,157		122		—
Barclays Bank PLC	09/21/2018	JPY	5,706,685	$		51,951		—		(527	)
Barclays Bank PLC	09/21/2018	$	105,411		JPY	11,595,296		924		—
Barclays Bank PLC	09/21/2018	JPY	825,048	$		7,373		62		—
Barclays Bank PLC	09/21/2018	$	23,709		JPY	2,645,240		—		(128	)
Barclays Bank PLC	09/21/2018	MXN	321,426	$		16,969		—		(185	)
Barclays Bank PLC	09/21/2018	$	13,528		MXN	280,174		—		(1,102	)
Barclays Bank PLC	09/21/2018	MXN	279,216	$		14,109		471		—
Barclays Bank PLC	09/21/2018	$	2,391		MXN	45,359		22		—
Barclays Bank PLC	09/21/2018	$	2,350		NZD	3,567		—		(10	)
Barclays Bank PLC	09/21/2018	NZD	18,890	$		12,921		—		(426	)
Barclays Bank PLC	09/21/2018	NZD	631	$		416		1		—
Barclays Bank PLC	09/21/2018	$	25,760		NZD	37,409		1,015		—
Barclays Bank PLC	09/21/2018	ZAR	11,834	$		820		—		(16	)
Barclays Bank PLC	09/21/2018	$	746		ZAR	9,914		73		—
Barclays Bank PLC	09/21/2018	ZAR	10,900	$		746		—		(6	)
Barclays Bank PLC	09/21/2018	ZAR	11,725	$		820		—		(24	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Foreign Currency Contracts (continued)

						Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept			Currency to Deliver		Asset		Liability
Barclays Bank PLC	09/21/2018	$	2,780		ZAR	36,927	$	272	$	—
Barclays Bank PLC	09/21/2018	$	217		ZAR	3,046		10		—
Barclays Bank PLC	09/21/2018	ZAR	11,695	$		785		9		—
Barclays Bank PLC	09/21/2018	$	820		ZAR	11,023		71		—
Barclays Bank PLC	09/21/2018	$	53,809		CHF	53,065		—		(1,023	)
Barclays Bank PLC	09/21/2018	CHF	14,580	$		14,764		301		—
Barclays Bank PLC	09/21/2018	CHF	458	$		474		—		(1	)
Barclays Bank PLC	09/24/2018	$	465		EUR	399		1		—
Barclays Bank PLC	09/24/2018	IDR	143,670,746	$		9,741		—		(124	)
Barclays Bank PLC	09/24/2018	NZD	2,601	$		1,727		—		(7	)
Barclays Bank PLC	09/24/2018	SEK	3,473	$		381		—		(1	)
Barclays Bank PLC	09/25/2018	JPY	50,515	$		455		—		—
Barclays Bank PLC	09/25/2018	$	2,106		JPY	233,795		—		(1	)
Barclays Bank PLC	09/25/2018	$	2,163		MXN	41,530		—		(4	)
Barclays Bank PLC	09/25/2018	$	456		NZD	685		3		—
Barclays Bank PLC	09/26/2018	$	1,515		GBP	1,110		75		—
Barclays Bank PLC	09/26/2018	GBP	1,110	$		1,584		—		(144	)
Barclays Bank PLC	10/04/2018	$	2,684		KRW	3,003,151		—		(10	)
Barclays Bank PLC	10/04/2018	KRW	1,405,473	$		1,266		—		(5	)
Barclays Bank PLC	10/04/2018	$	410		KRW	455,781		1		—
Barclays Bank PLC	10/05/2018	$	1,216		EUR	1,016		35		—
Barclays Bank PLC	10/05/2018	EUR	1,016	$		1,259		—		(78	)
Barclays Bank PLC	10/15/2018	$	785		MXN	15,111		—		(1	)
Barclays Bank PLC	10/15/2018	$	1,230		MXN	23,541		5		—
Barclays Bank PLC	10/15/2018	$	1,640		MXN	31,564		—		(2	)
Barclays Bank PLC	10/15/2018	MXN	23,510	$		1,230		—		(7	)
Barclays Bank PLC	10/15/2018	$	820		MXN	15,823		—		(3	)
Barclays Bank PLC	10/15/2018	MXN	8,393	$		440		—		(3	)
Barclays Bank PLC	10/19/2018	$	839		PHP	45,197		—		(2	)
Barclays Bank PLC	10/19/2018	$	3,491		PHP	188,224		—		(11	)
Barclays Bank PLC	10/19/2018	$	1,957		PHP	105,726		—		(10	)
Barclays Bank PLC	10/19/2018	PHP	44,979	$		839		—		(2	)
Barclays Bank PLC	10/22/2018	$	2,098		PHP	110,059		51		—
Barclays Bank PLC	10/22/2018	PHP	40,523	$		753		1		—
Barclays Bank PLC	10/22/2018	$	6,181		PHP	327,406		90		—
Barclays Bank PLC	10/22/2018	$	5,329		PHP	280,666		108		—
Barclays Bank PLC	10/22/2018	$	4,442		PHP	239,880		—		(20	)
Barclays Bank PLC	10/22/2018	$	2,385		PHP	125,569		49		—
Barclays Bank PLC	10/22/2018	$	872		PHP	46,541		6		—
Barclays Bank PLC	10/22/2018	PHP	158,008	$		2,937		2		—
Barclays Bank PLC	10/22/2018	$	1,747		PHP	94,000		—		(2	)
Barclays Bank PLC	10/22/2018	$	6,804		PHP	359,648		114		—
Barclays Bank PLC	10/22/2018	$	742		PHP	40,023		—		(3	)
Barclays Bank PLC	10/22/2018	PHP	93,791	$		1,747		—		(2	)
Barclays Bank PLC	10/22/2018	$	838		PHP	44,428		12		—
Barclays Bank PLC	10/22/2018	$	1,259		PHP	67,833		—		(3	)
Barclays Bank PLC	10/22/2018	PHP	65,271	$		1,258		—		(44	)
Barclays Bank PLC	10/22/2018	PHP	131,813	$		2,493		—		(41	)
Barclays Bank PLC	10/22/2018	PHP	217,913	$		4,118		—		(64	)
Barclays Bank PLC	10/22/2018	PHP	110,488	$		2,107		—		(52	)
Barclays Bank PLC	10/22/2018	PHP	87,665	$		1,669		—		(38	)
Barclays Bank PLC	10/22/2018	PHP	223,574	$		4,228		—		(69	)
Barclays Bank PLC	10/22/2018	PHP	159,960	$		3,020		—		(44	)
Barclays Bank PLC	10/22/2018	PHP	89,930	$		1,678		—		(5	)
Barclays Bank PLC	10/22/2018	PHP	44,411	$		839		—		(13	)
Barclays Bank PLC	10/24/2018	$	1		CNH	9		—		—
Barclays Bank PLC	10/24/2018	$	1,907		CNH	12,295		112		—
Barclays Bank PLC	10/24/2018	CNH	12,303	$		1,908		—		(111	)
Barclays Bank PLC	10/25/2018	$	320		MYR	1,326		—		(1	)
Barclays Bank PLC	10/25/2018	$	2,266		MYR	8,940		102		—
Barclays Bank PLC	10/25/2018	MYR	51,837	$		12,771		—		(224	)
Barclays Bank PLC	10/25/2018	$	9,240		MYR	36,492		407		—
Barclays Bank PLC	10/25/2018	$	1,266		MYR	5,080		36		—
Barclays Bank PLC	10/26/2018	$	1,122		CLP	749,163		20		—
Barclays Bank PLC	10/26/2018	CLP	738,792	$		1,121		—		(35	)
Barclays Bank PLC	10/26/2018	$	1,426		CLP	923,173		69		—
Barclays Bank PLC	10/26/2018	CLP	923,387	$		1,427		—		(69	)
Barclays Bank PLC	10/26/2018	$	11,031		CNH	73,498		298		—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Foreign Currency Contracts (continued)

						Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept			Currency to Deliver		Asset		Liability
Barclays Bank PLC	10/26/2018	$	1,506		CNH	9,661	$	95	$	—
Barclays Bank PLC	10/26/2018	$	4,049		CNH	25,734		291		—
Barclays Bank PLC	10/26/2018	$	4		CNH	27		—		—
Barclays Bank PLC	10/26/2018	$	2,690		CNH	17,375		153		—
Barclays Bank PLC	10/26/2018	$	742		CNH	4,949		19		—
Barclays Bank PLC	10/26/2018	CNH	64,298	$		9,371		18		—
Barclays Bank PLC	10/26/2018	$	5,238		CNH	36,008		—		(20	)
Barclays Bank PLC	10/26/2018	CNH	204,284	$		30,510		—		(678	)
Barclays Bank PLC	10/26/2018	CNH	9,646	$		1,506		—		(97	)
Barclays Bank PLC	10/26/2018	CNH	75,161	$		11,210		—		(234	)
Barclays Bank PLC	10/26/2018	$	10,862		CNH	71,986		350		—
Barclays Bank PLC	10/26/2018	CNH	5,129	$		787		—		(38	)
Barclays Bank PLC	10/26/2018	CNH	2,460	$		376		—		(17	)
Barclays Bank PLC	10/26/2018	CNH	561	$		82		—		—
Barclays Bank PLC	10/26/2018	CNH	30,765	$		4,791		—		(298	)
Barclays Bank PLC	10/26/2018	CNH	8,660	$		1,310		—		(45	)
Barclays Bank PLC	10/26/2018	$	753		INR	51,227		35		—
Barclays Bank PLC	10/26/2018	INR	222,152	$		3,238		—		(123	)
Barclays Bank PLC	10/26/2018	INR	155,504	$		2,259		—		(79	)
Barclays Bank PLC	10/26/2018	$	979		INR	67,211		37		—
Barclays Bank PLC	10/26/2018	INR	25,975	$		374		—		(10	)
Barclays Bank PLC	11/02/2018	$	5,598		EUR	4,608		226		—
Barclays Bank PLC	11/08/2018	$	2,961		ZAR	39,930		267		—
Barclays Bank PLC	11/16/2018	BRL	2,502	$		722		—		(112	)
Barclays Bank PLC	11/16/2018	$	722		BRL	2,503		112		—
Barclays Bank PLC	11/20/2018	$	639		KRW	717,177		—		(5	)
Barclays Bank PLC	11/20/2018	KRW	717,916	$		640		5		—
Barclays Bank PLC	11/29/2018	CLP	4,494,847	$		6,851		—		(240	)
Barclays Bank PLC	11/29/2018	$	433		CLP	293,639		1		—
Barclays Bank PLC	11/29/2018	$	1,731		CLP	1,173,776		5		—
Barclays Bank PLC	11/29/2018	$	2,597		CLP	1,758,890		10		—
Barclays Bank PLC	12/05/2018	$	7,445		EUR	6,105		309		—
Barclays Bank PLC	12/05/2018	EUR	6,105	$		7,606		—		(470	)
Barclays Bank PLC	12/12/2018	CLP	1,041,266	$		1,594		—		(63	)
Barclays Bank PLC	12/12/2018	$	1,594		CLP	1,041,266		63		—
Barclays Bank PLC	12/12/2018	CLP	2,885,992	$		4,531		—		(286	)
Barclays Bank PLC	12/12/2018	$	46		CNH	313		—		—
Barclays Bank PLC	12/12/2018	CNH	108,966	$		15,795		101		—
Barclays Bank PLC	12/12/2018	$	15,795		CNH	108,653		—		(55	)
Barclays Bank PLC	12/12/2018	IDR	14,955,007	$		1,007		—		(30	)
Barclays Bank PLC	12/12/2018	IDR	16,465,574	$		1,111		—		(36	)
Barclays Bank PLC	12/12/2018	$	1,718		IDR	25,741,580		37		—
Barclays Bank PLC	12/12/2018	$	462		ZAR	6,516		24		—
Barclays Bank PLC	12/12/2018	ZAR	6,689	$		461		—		(12	)
Barclays Bank PLC	12/21/2018	IDR	5,834,563	$		420		—		(39	)
Barclays Bank PLC	12/21/2018	$	419		IDR	5,830,369		39		—
Barclays Bank PLC	12/21/2018	$	— IDR			4,195		—		—
Barclays Bank PLC	12/27/2018	$	6,224		IDR	89,299,431		406		—
Barclays Bank PLC	12/27/2018	IDR	10,780,922	$		767		—		(65	)
Barclays Bank PLC	12/27/2018	IDR	27,641,386	$		1,969		—		(168	)
Barclays Bank PLC	12/27/2018	IDR	8,160,750	$		582		—		(50	)
Barclays Bank PLC	12/27/2018	$	9		IDR	134,139		—		—
Barclays Bank PLC	12/27/2018	IDR	10,759,800	$		790		—		(89	)
Barclays Bank PLC	12/27/2018	IDR	32,090,712	$		2,276		—		(185	)
Barclays Bank PLC	01/14/2019	MXN	24,594	$		1,259		3		—
Barclays Bank PLC	01/14/2019	$	1,929		MXN	37,369		12		—
Barclays Bank PLC	01/14/2019	$	1,312		MXN	25,505		3		—
Barclays Bank PLC	01/14/2019	$	1,258		MXN	24,560		—		(2	)
Barclays Bank PLC	02/01/2019	$	6,316		EUR	5,359		20		—
Barclays Bank PLC	02/06/2019	BRL	2,826	$		834		—		(150	)
Barclays Bank PLC	02/06/2019	$	1,654		BRL	5,803		250		—
Barclays Bank PLC	02/06/2019	BRL	8,477	$		2,502		—		(451	)
Barclays Bank PLC	02/06/2019	BRL	10,766	$		3,220		—		(615	)
Barclays Bank PLC	02/06/2019	$	722		BRL	2,518		113		—
Barclays Bank PLC	02/20/2019	EUR	1,230	$		1,448		—		(1	)
Barclays Bank PLC	02/20/2019	EUR	6,150	$		7,100		137		—
Barclays Bank PLC	02/20/2019	$	7,099		RON	29,240		—		(193	)
Barclays Bank PLC	02/20/2019	$	1,448		RON	5,830		—		(6	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Foreign Currency Contracts (continued)

						Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept			Currency to Deliver		Asset		Liability
Barclays Bank PLC	03/05/2019	$	3,006		PEN	9,913	$	23	$	—
Barclays Bank PLC	03/05/2019	$	1,506		PEN	4,973		10		—
Barclays Bank PLC	03/05/2019	$	2,899		PEN	9,538		29		—
Barclays Bank PLC	03/05/2019	PEN	4,935	$		1,510		—		(25	)
Barclays Bank PLC	03/05/2019	PEN	11,563	$		3,493		—		(14	)
Barclays Bank PLC	03/05/2019	PEN	39,154	$		11,919		—		(136	)
Barclays Bank PLC	03/05/2019	$	1,506		PEN	4,965		12		—
Barclays Bank PLC	03/05/2019	$	1,510		PEN	4,976		13		—
Barclays Bank PLC	03/05/2019	$	2,235		PEN	7,390		11		—
Barclays Bank PLC	03/05/2019	$	4,260		PEN	14,150		2		—
Barclays Bank PLC	03/15/2019	$	11,045		EUR	8,733		748		—
Barclays Bank PLC	04/18/2019	$	4,132		EUR	3,243		297		—
Barclays Bank PLC	06/14/2019	$	1,330		EUR	1,112		8		—
Barclays Bank PLC	08/14/2019	$	3,016		EUR	2,578		—		(66	)
Citigroup Inc	09/06/2018	$	81		JPY	8,945		—		—
Citigroup Inc	09/10/2018	$	17,277		EUR	14,886		—		(8	)
Citigroup Inc	09/19/2018	$	13,833		AUD	18,830		298		—
Citigroup Inc	09/19/2018	AUD	24,412	$		18,373		—		(826	)
Citigroup Inc	09/19/2018	$	12,519		BRL	47,260		933		—
Citigroup Inc	09/19/2018	BRL	30,013	$		7,805		—		(447	)
Citigroup Inc	09/19/2018	BRL	12,319	$		2,979		41		—
Citigroup Inc	09/19/2018	GBP	6,950	$		9,272		—		(257	)
Citigroup Inc	09/19/2018	$	5,814		GBP	4,410		94		—
Citigroup Inc	09/19/2018	GBP	1,948	$		2,507		20		—
Citigroup Inc	09/19/2018	$	8,815		GBP	6,885		—		(115	)
Citigroup Inc	09/19/2018	CAD	4,596	$		3,497		26		—
Citigroup Inc	09/19/2018	$	12,830		CAD	16,907		—		(130	)
Citigroup Inc	09/19/2018	$	7,661		CAD	9,935		45		—
Citigroup Inc	09/19/2018	CAD	32,011	$		24,764		—		(226	)
Citigroup Inc	09/19/2018	CNY	13,765	$		2,140		—		(126	)
Citigroup Inc	09/19/2018	$	1,991		CNY	13,149		67		—
Citigroup Inc	09/19/2018	$	89		CNY	616		—		(1	)
Citigroup Inc	09/19/2018	COP	557,498	$		193		—		(10	)
Citigroup Inc	09/19/2018	$	190		COP	557,498		7		—
Citigroup Inc	09/19/2018	$	544		CZK	12,100		—		(1	)
Citigroup Inc	09/19/2018	CZK	12,100	$		552		—		(7	)
Citigroup Inc	09/19/2018	$	39,410		EUR	33,596		375		—
Citigroup Inc	09/19/2018	EUR	17,296	$		20,289		—		(193	)
Citigroup Inc	09/19/2018	$	5,707		EUR	4,984		—		(84	)
Citigroup Inc	09/19/2018	EUR	11,361	$		13,092		108		—
Citigroup Inc	09/19/2018	HKD	20,271	$		2,586		—		(3	)
Citigroup Inc	09/19/2018	$	2,588		HKD	20,271		5		—
Citigroup Inc	09/19/2018	HUF	404,836	$		1,446		—		(6	)
Citigroup Inc	09/19/2018	HUF	40,000	$		139		3		—
Citigroup Inc	09/19/2018	$	1,539		HUF	419,651		46		—
Citigroup Inc	09/19/2018	$	89		HUF	25,185		—		(1	)
Citigroup Inc	09/19/2018	$	533		INR	37,925		—		(1	)
Citigroup Inc	09/19/2018	INR	358,797	$		5,227		—		(174	)
Citigroup Inc	09/19/2018	$	4,121		INR	286,773		83		—
Citigroup Inc	09/19/2018	INR	1,913	$		27		—		—
Citigroup Inc	09/19/2018	IDR	3,935,401	$		273		—		(9	)
Citigroup Inc	09/19/2018	$	268		IDR	3,837,622		10		—
Citigroup Inc	09/19/2018	$	3		IDR	48,890		—		—
Citigroup Inc	09/19/2018	JPY	2,512,181	$		22,886		—		(252	)
Citigroup Inc	09/19/2018	JPY	684,807	$		6,165		5		—
Citigroup Inc	09/19/2018	$	11,912		JPY	1,311,161		99		—
Citigroup Inc	09/19/2018	$	13,899		JPY	1,550,184		—		(68	)
Citigroup Inc	09/19/2018	MXN	264,501	$		13,136		680		—
Citigroup Inc	09/19/2018	MXN	92,445	$		4,916		—		(87	)
Citigroup Inc	09/19/2018	$	9,639		MXN	193,115		—		(448	)
Citigroup Inc	09/19/2018	$	4,749		MXN	89,993		48		—
Citigroup Inc	09/19/2018	TWD	13,781	$		448		1		—
Citigroup Inc	09/19/2018	TWD	24,047	$		786		—		(2	)
Citigroup Inc	09/19/2018	$	1,974		TWD	59,556		32		—
Citigroup Inc	09/19/2018	$	39		TWD	1,204		—		—
Citigroup Inc	09/19/2018	$	265		NZD	402		—		(1	)
Citigroup Inc	09/19/2018	NZD	16,944	$		11,592		—		(383	)
Citigroup Inc	09/19/2018	$	12,650		NZD	18,455		442		—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Foreign Currency Contracts (continued)

						Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept			Currency to Deliver		Asset		Liability
Citigroup Inc	09/19/2018	$	4,041		NOK	33,091	$	92	$	—
Citigroup Inc	09/19/2018	$	920		NOK	7,758		—		(6	)
Citigroup Inc	09/19/2018	NOK	38,586	$		4,734		—		(129	)
Citigroup Inc	09/19/2018	PHP	3,422	$		65		—		(1	)
Citigroup Inc	09/19/2018	$	65		PHP	3,422		1		—
Citigroup Inc	09/19/2018	PLN	7,003	$		1,912		—		(22	)
Citigroup Inc	09/19/2018	$	1,816		PLN	6,665		17		—
Citigroup Inc	09/19/2018	$	219		PLN	819		—		(2	)
Citigroup Inc	09/19/2018	PLN	820	$		220		1		—
Citigroup Inc	09/19/2018	$	3,749		SGD	5,108		26		—
Citigroup Inc	09/19/2018	SGD	5,108	$		3,777		—		(54	)
Citigroup Inc	09/19/2018	ZAR	68,491	$		5,097		—		(444	)
Citigroup Inc	09/19/2018	$	432		ZAR	6,380		—		(1	)
Citigroup Inc	09/19/2018	$	4,503		ZAR	62,111		283		—
Citigroup Inc	09/19/2018	$	640		KRW	716,409		—		(3	)
Citigroup Inc	09/19/2018	KRW	2,352,645	$		2,098		14		—
Citigroup Inc	09/19/2018	$	4,998		KRW	5,403,327		147		—
Citigroup Inc	09/19/2018	KRW	2,641,572	$		2,391		—		(19	)
Citigroup Inc	09/19/2018	$	21,320		SEK	185,712		986		—
Citigroup Inc	09/19/2018	$	124		SEK	1,128		—		—
Citigroup Inc	09/19/2018	SEK	13,179	$		1,440		3		—
Citigroup Inc	09/19/2018	SEK	94,523	$		10,533		—		(184	)
Citigroup Inc	09/19/2018	CHF	13,491	$		13,755		183		—
Citigroup Inc	09/19/2018	CHF	1,559	$		1,614		—		(3	)
Citigroup Inc	09/19/2018	$	24,753		CHF	24,247		—		(297	)
Citigroup Inc	09/19/2018	$	24		CHF	23		—		—
Citigroup Inc	09/19/2018	THB	4,383	$		135		—		(1	)
Citigroup Inc	09/19/2018	THB	103	$		3		—		—
Citigroup Inc	09/19/2018	$	8		THB	252		—		—
Citigroup Inc	09/19/2018	$	132		THB	4,234		3		—
Citigroup Inc	09/19/2018	$	4,056		TRY	19,795		1,064		—
Citigroup Inc	09/19/2018	TRY	17,200	$		3,288		—		(689	)
Citigroup Inc	09/19/2018	TRY	2,595	$		388		4		—
Citigroup Inc	09/20/2018	CLP	1,182,937	$		1,839		—		(102	)
Citigroup Inc	09/20/2018	$	1,808		CLP	1,182,937		71		—
Citigroup Inc	09/20/2018	$	294		ILS	1,070		—		(3	)
Citigroup Inc	09/20/2018	ILS	12,834	$		3,526		38		—
Citigroup Inc	09/20/2018	ILS	11	$		3		—		—
Citigroup Inc	09/20/2018	$	4,078		ILS	14,453		64		—
Citigroup Inc	12/19/2018	AUD	6,512	$		4,760		—		(78	)
Citigroup Inc	12/19/2018	$	5,562		AUD	7,604		95		—
Citigroup Inc	12/19/2018	$	607		BRL	2,493		1		—
Citigroup Inc	12/19/2018	$	3,456		BRL	14,388		—		(41	)
Citigroup Inc	12/19/2018	$	6,375		GBP	4,929		—		(44	)
Citigroup Inc	12/19/2018	GBP	501	$		655		—		(2	)
Citigroup Inc	12/19/2018	$	1,116		GBP	854		4		—
Citigroup Inc	12/19/2018	GBP	111	$		143		1		—
Citigroup Inc	12/19/2018	$	922		CAD	1,194		5		—
Citigroup Inc	12/19/2018	CAD	3,703	$		2,840		3		—
Citigroup Inc	12/19/2018	$	382		CAD	498		—		—
Citigroup Inc	12/19/2018	CAD	9,262	$		7,154		—		(42	)
Citigroup Inc	12/19/2018	$	134		CLP	91,317		—		—
Citigroup Inc	12/19/2018	$	693		CLP	460,595		16		—
Citigroup Inc	12/19/2018	CLP	50,000	$		76		—		(2	)
Citigroup Inc	12/19/2018	$	134		CNY	920		—		—
Citigroup Inc	12/19/2018	$	496		CNY	3,406		—		(1	)
Citigroup Inc	12/19/2018	CNY	472	$		69		—		—
Citigroup Inc	12/19/2018	$	165		COP	493,931		4		—
Citigroup Inc	12/19/2018	CZK	12,100	$		546		2		—
Citigroup Inc	12/19/2018	EUR	3,460	$		4,042		7		—
Citigroup Inc	12/19/2018	$	3,862		EUR	3,309		—		(10	)
Citigroup Inc	12/19/2018	$	7,804		EUR	6,625		52		—
Citigroup Inc	12/19/2018	EUR	9,287	$		10,942		—		(74	)
Citigroup Inc	12/19/2018	$	23		HKD	177		—		—
Citigroup Inc	12/19/2018	$	264		HKD	2,065		—		—
Citigroup Inc	12/19/2018	HKD	495	$		63		—		—
Citigroup Inc	12/19/2018	HKD	4,475	$		571		—		—
Citigroup Inc	12/19/2018	HUF	40,000	$		145		—		(2	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Foreign Currency Contracts (continued)

						Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept			Currency to Deliver		Asset		Liability
Citigroup Inc	12/19/2018	$	1,415		HUF	393,643	$	5	$	—
Citigroup Inc	12/19/2018	INR	38,881	$		540		1		—
Citigroup Inc	12/19/2018	$	53		INR	3,827		—		—
Citigroup Inc	12/19/2018	INR	81,590	$		1,146		—		(10	)
Citigroup Inc	12/19/2018	$	96		INR	6,913		—		—
Citigroup Inc	12/19/2018	IDR	342,227	$		23		—		(1	)
Citigroup Inc	12/19/2018	ILS	2,010	$		558		4		—
Citigroup Inc	12/19/2018	$	2,413		ILS	8,684		—		(15	)
Citigroup Inc	12/19/2018	JPY	259,098	$		2,361		—		(10	)
Citigroup Inc	12/19/2018	JPY	891,333	$		8,068		18		—
Citigroup Inc	12/19/2018	$	3,687		JPY	407,461		—		(9	)
Citigroup Inc	12/19/2018	$	1,160		JPY	127,716		1		—
Citigroup Inc	12/19/2018	MXN	37,509	$		1,929		3		—
Citigroup Inc	12/19/2018	MXN	52,057	$		2,720		—		(38	)
Citigroup Inc	12/19/2018	$	6		MXN	108		—		—
Citigroup Inc	12/19/2018	$	23		MXN	449		—		—
Citigroup Inc	12/19/2018	$	607		TWD	18,460		—		—
Citigroup Inc	12/19/2018	$	458		TWD	13,983		—		(1	)
Citigroup Inc	12/19/2018	NZD	4	$		3		—		—
Citigroup Inc	12/19/2018	$	3,860		NZD	5,777		38		—
Citigroup Inc	12/19/2018	$	3,506		NOK	29,108		18		—
Citigroup Inc	12/19/2018	$	243		NOK	2,027		—		—
Citigroup Inc	12/19/2018	$	— PLN			1		—		—
Citigroup Inc	12/19/2018	PLN	3,384	$		924		—		(8	)
Citigroup Inc	12/19/2018	PLN	300	$		81		—		—
Citigroup Inc	12/19/2018	$	1		PLN	2		—		—
Citigroup Inc	12/19/2018	$	1,588		SGD	2,163		8		—
Citigroup Inc	12/19/2018	$	160		SGD	219		—		—
Citigroup Inc	12/19/2018	ZAR	4,307	$		297		—		(8	)
Citigroup Inc	12/19/2018	$	2,022		ZAR	29,361		51		—
Citigroup Inc	12/19/2018	$	7		ZAR	100		—		—
Citigroup Inc	12/19/2018	KRW	240,000	$		215		1		—
Citigroup Inc	12/19/2018	KRW	430,000	$		389		—		(2	)
Citigroup Inc	12/19/2018	$	547		KRW	611,254		—		(3	)
Citigroup Inc	12/19/2018	$	2,541		KRW	2,813,797		11		—
Citigroup Inc	12/19/2018	$	1,454		SEK	13,204		—		(3	)
Citigroup Inc	12/19/2018	$	7,986		SEK	72,094		31		—
Citigroup Inc	12/19/2018	$	8,063		CHF	7,807		—		(71	)
Citigroup Inc	12/19/2018	CHF	189	$		197		—		—
Citigroup Inc	12/19/2018	CHF	1,333	$		1,374		15		—
Citigroup Inc	12/19/2018	$	1,627		CHF	1,559		2		—
Citigroup Inc	12/19/2018	$	127		THB	4,121		1		—
Credit Suisse	09/17/2018	PHP	1,400	$		26		—		—
Credit Suisse	09/17/2018	$	84		PHP	4,515		—		—
Credit Suisse	09/28/2018	$	1,133		COP	3,330,000		41		—
Deutsche Bank AG	09/06/2018	$	108		COP	315,185		5		—
Deutsche Bank AG	09/06/2018	COP	315,185	$		108		—		(5	)
Deutsche Bank AG	09/10/2018	INR	9,210	$		134		—		(4	)
Deutsche Bank AG	09/17/2018	PHP	3,115	$		58		—		—
Deutsche Bank AG	09/17/2018	$	130		THB	4,325		—		(2	)
Deutsche Bank AG	09/24/2018	$	129		BRL	520		2		—
Deutsche Bank AG	09/24/2018	$	79		CZK	1,770		—		(1	)
Deutsche Bank AG	09/24/2018	CZK	1,770	$		80		—		—
Deutsche Bank AG	09/25/2018	$	78		ZAR	1,150		—		—
Deutsche Bank AG	09/25/2018	ZAR	1,150	$		80		—		(2	)
Deutsche Bank AG	09/27/2018	INR	3,660	$		52		—		(1	)
Deutsche Bank AG	09/28/2018	$	1,345		GBP	1,046		—		(12	)
Deutsche Bank AG	09/28/2018	$	484		EUR	412		5		—
HSBC Securities Inc	09/06/2018	BRL	36,300	$		9,641		—		(730	)
HSBC Securities Inc	09/06/2018	$	9,093		BRL	36,300		182		—
HSBC Securities Inc	09/07/2018	CNH	66,450	$		9,721		—		(10	)
HSBC Securities Inc	09/07/2018	$	9,384		CNH	64,250		—		(6	)
HSBC Securities Inc	09/07/2018	$	19,497		CNH	132,900		74		—
HSBC Securities Inc	09/07/2018	COP	28,100,000	$		9,407		—		(183	)
HSBC Securities Inc	09/07/2018	$	9,693		COP	28,100,000		469		—
HSBC Securities Inc	09/07/2018	$	32,521		EUR	27,801		247		—
HSBC Securities Inc	09/07/2018	EUR	13,900	$		15,998		139		—
HSBC Securities Inc	09/07/2018	$	20,379		MXN	394,100		—		(243	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Foreign Currency Contracts (continued)

												Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date			Currency to Accept			Currency to Deliver							Asset		Liability
HSBC Securities Inc		09/07/2018		MXN		394,100	$					20,900	$	— $			(278	)
HSBC Securities Inc		09/07/2018		$		16,166		PEN				53,000		106			—
HSBC Securities Inc		09/07/2018		PLN		59,500	$					16,306		—			(253	)
HSBC Securities Inc		09/27/2018		$		55		AUD				75		1			—
HSBC Securities Inc		09/27/2018		AUD		75	$					55		—			(1	)
JP Morgan Chase		09/06/2018		$		81		CHF				80		—			(2	)
JP Morgan Chase		09/19/2018		$		8,975		EUR				7,545		209			—
Merrill Lynch		09/06/2018		$		79		CLP				50,965		4			—
Merrill Lynch		09/06/2018		CLP		50,965	$					80		—			(5	)
Merrill Lynch		09/28/2018		$		522		MXN				10,000		—			—
Morgan Stanley & Co		09/06/2018		BRL		525	$					135		—			(6	)
Morgan Stanley & Co		09/06/2018		$		140		BRL				525		11			—
Morgan Stanley & Co		09/06/2018		PEN		705	$					216		—			(2	)
Morgan Stanley & Co		09/06/2018		$		214		PEN				705		—			—
Morgan Stanley & Co		09/06/2018		$		193		PHP				10,315		—			—
Morgan Stanley & Co		09/06/2018		PHP		10,315	$					194		—			(1	)
Morgan Stanley & Co		09/10/2018		ARS		1,655	$					59		—			(14	)
Morgan Stanley & Co		09/10/2018		RUB		5,425	$					79		1			—
Morgan Stanley & Co		09/10/2018		$		81		RUB				5,425		1			—
Morgan Stanley & Co		09/13/2018		$		7,843		PLN				28,925		37			—
Morgan Stanley & Co		09/17/2018		$		708		COP			2,134,760			8			—
Morgan Stanley & Co		09/17/2018		$		78		COP				236,265		—			—
Morgan Stanley & Co		09/17/2018		COP		2,371,025	$					789		—			(11	)
Morgan Stanley & Co		09/17/2018		$		79		HUF				22,360		—			(1	)
Morgan Stanley & Co		09/17/2018		HUF		22,360	$					81		—			(1	)
Morgan Stanley & Co		09/20/2018		$		80		MYR				325		1			—
Morgan Stanley & Co		09/20/2018		MYR		325	$					79		—			—
Morgan Stanley & Co		09/24/2018		$		257		GBP				200		—			(2	)
Morgan Stanley & Co		09/27/2018		KRW		29,240	$					26		—			—
Morgan Stanley & Co		09/27/2018		$		26		KRW				29,240		—			—
Morgan Stanley & Co		09/28/2018		$		80		BRL				325		—			—
Morgan Stanley & Co		09/28/2018		CLP		51,905	$					78		—			(2	)
Morgan Stanley & Co		09/28/2018		$		78		CLP				51,905		2			—
Morgan Stanley & Co		09/28/2018		MXN		1,450	$					77		—			(1	)
Morgan Stanley & Co		09/28/2018		$		76		MXN				1,450		—			—
Morgan Stanley & Co		09/28/2018		$		126		RUB				8,465		1			—
Morgan Stanley & Co		09/28/2018		$		5,994		ZAR				86,950		93			—
Morgan Stanley & Co		10/09/2018		PEN		705	$					213		—			—
Morgan Stanley & Co		10/09/2018		PHP		10,315	$					192		—			—
State Street Financial Global Markets		09/19/2018		$		5,514		GBP				4,115		177			—
UBS AG		09/06/2018		$		135		ILS				495		—			(3	)
UBS AG		09/06/2018		$		136		SGD				185		1			—
UBS AG		09/19/2018		$		8,927		EUR				7,545		162			—
Total												$		27,210	$	(23,458		)
Amounts in thousands.


Credit Default Swaps

Buy Protection
		Implied Credit
		Spread as of		(Pay)/								Upfront		Unrealized
		August 31,	Receive Fixed		Payment				Notional		Payments/			Appreciation/		Fair Value
Counterparty	Reference Entity	2018	(a)	Rate	Frequency	Maturity Date Amount						(Receipts)		(Depreciation)		Asset	Liability
Goldman Sachs & Co	Assured Guaranty	0.56	%	(5.00)% Quarterly		12/20/2021			$ 6,000 $			(599	)$	(243	)$	— $	(842	)
	Municipal Corp, 5.00%,
	06/20/2022
Goldman Sachs & Co	Frontier	13.49	%	(5.00)% Quarterly		06/20/2022				2,000		449		(10	)	439	—
	Communications, 9.00%,
	08/15/2031
Goldman Sachs & Co	Gap Inc/The, 5.95%,	0.76	%	(1.00)% Quarterly		12/20/2021				3,000		207		(229	)	—	(22	)
	04/12/2021
Goldman Sachs & Co	Hertz Corp/The, 5.88%,	4.40	%	(5.00)% Quarterly		12/20/2020				8,000		92		(195	)	—	(103	)
	10/15/2020
Goldman Sachs & Co	International Lease	0.61	%	(5.00)% Quarterly		12/20/2021				6,000		(698	)	(132	)	—	(830	)
	Finance Corp, 8.25%,
	12/15/2020
Goldman Sachs & Co	JC Penney Corp Inc,	18.71	%	(5.00)% Quarterly		12/20/2022				3,000		514		555		1,069	—
	6.38%, 10/15/2036


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Credit Default Swaps (continued)

Buy Protection (continued)
		Implied Credit
		Spread as of		(Pay)/								Upfront			Unrealized
		August 31,		Receive Fixed Payment				Notional		Payments/					Appreciation/		Fair Value
Counterparty	Reference Entity	2018	(a)	Rate Frequency	Maturity Date				Amount	(Receipts)					(Depreciation)		Asset		Liability
Goldman Sachs & Co	Kohl's Corp, 4.00%,	0.59	%	(1.00)% Quarterly	12/20/2021			$ 3,000 $				124		$	(163	)$	— $		(39	)
	11/01/2021
Goldman Sachs & Co	Macy's Retail Holdings	1.29	%	(1.00)% Quarterly	12/20/2022				3,000			269			(234	)	35		—
	Inc, 3.45%, 01/15/2021
Goldman Sachs & Co	Nordstrom Inc, 6.95%,	0.67	%	(1.00)% Quarterly	12/20/2021				3,000			53			(84	)	—		(31	)
	03/15/2028
Goldman Sachs & Co	Staples Inc, 3.75%,	3.74	%	(1.00)% Quarterly	12/20/2021				4,000			173			157		330		—
	01/12/2018
HSBC Securities Inc	ITRAXX.ASIA	N/A		(1.00)% Quarterly	06/20/2023			26,500				(160		)	(47	)	—		(207	)
HSBC Securities Inc	Turkey Government	5.84	%	(1.00)% Quarterly	06/20/2023				9,700			1,534			235		1,769		—
	International Bond,
	11.88%, 01/15/2030
Merrill Lynch	Enel Spa, 5.25%,	1.00	%	(1.00)% Quarterly	06/20/2023 EUR				1,700			—			—		—		—
	05/20/2024
Morgan Stanley & Co	CDX.EM.29	N/A		(1.00)% Quarterly	06/20/2023			$	550			9			23		32		—
Morgan Stanley & Co	CDX.EM.29	N/A		(1.00)% Quarterly	06/20/2023				1,380			41			39		80		—
Morgan Stanley & Co	CDX.EM.29	N/A		(1.00)% Quarterly	06/20/2023				2,225			42			87		129		—
Morgan Stanley & Co	CMBX.NA.AAA	N/A		(3.00)% Monthly	05/11/2063				2,000			241			—		241		—
Morgan Stanley & Co	ITRAXX.ASIA	N/A		(1.00)% Quarterly	06/20/2023				1,375			(13		)	1		—		(12	)
Morgan Stanley & Co	ITRAXX.ASIA	N/A		(1.00)% Quarterly	06/20/2023				1,995			(20		)	4		—		(16	)
Total										$		2,258		$	(236)		$ 4,124	$	(2,102)
Amounts in thousands.
Exchange Cleared Credit Default Swaps

Buy Protection
		Implied Credit
		Spread as of		(Pay)/								Upfront			Unrealized
		August 31,		Receive Fixed Payment				Notional		Payments/			Appreciation/
Reference Entity		2018	(a)	Rate Frequency	Maturity Date				Amount	(Receipts)					(Depreciation)		Fair Value
Argentine Republic Government International		6.55	%	(5.00)% Quarterly	06/20/2023			$	760		$	1		$	73	$	74
Bond, 7.50%, 04/22/2026
Argentine Republic Government International		6.55	%	(5.00)% Quarterly	06/20/2023				3,167			276			33		309
Bond, 7.50%, 04/22/2026
Argentine Republic Government International		6.55	%	(5.00)% Quarterly	06/20/2023				760			2			72		74
Bond, 7.50%, 04/22/2026
Argentine Republic Government International		6.55	%	(5.00)% Quarterly	06/20/2023				760			2			72		74
Bond, 7.50%, 04/22/2026
Argentine Republic Government International		6.55	%	(5.00)% Quarterly	06/20/2023				760			(8		)	82		74
Bond, 7.50%, 04/22/2026
Argentine Republic Government International		6.55	%	(5.00)% Quarterly	06/20/2023				1,520			(17		)	165		148
Bond, 7.50%, 04/22/2026
Argentine Republic Government International		6.55	%	(5.00)% Quarterly	06/20/2023				760			(8		)	82		74
Bond, 7.50%, 04/22/2026
ITRX.CDS.I		N/A		(5.00)% Quarterly	12/20/2022	EUR			8,000			(906		)	37		(869	)
Turkey Government International Bond, 11.88%,		3.22	%	(1.00)% Quarterly	06/20/2025			$ 6,000				450			933		1,383
01/15/2030
Total										$		(208		)$	1,549		$ 1,341
Sell Protection
		Implied Credit
		Spread as of		(Pay)/								Upfront			Unrealized
		August 31,		Receive Fixed Payment				Notional		Payments/			Appreciation/
Reference Entity		2018	(a)	Rate Frequency	Maturity Date			Amount (b )		(Receipts)			(Depreciation)				Fair Value (c)
ITX.29.15		N/A		5.00% Quarterly	06/20/2023		EUR		4,203		$	463		$	(39	)$	424
ITX.30.15		N/A		5.00% Quarterly	06/20/2023			$ 8,850				578			34		612
Turkey Government International Bond, 11.88%,		N/A		1.00% Quarterly	06/20/2023				6,000			(1,076		)	(14)		(1,090)
01/15/2030
Total										$		(35		)$	(19	)$	(54	)
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 $14,850 and 4,203 EUR

(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.


Interest Rate Swaps

		(Pay)/							Unrealized		Upfront
		Receive	Payment						Appreciation/		Payments/	Fair Value
Counterparty	Floating Rate Index	Floating Rate	Fixed Rate Frequency	Maturity Date			Notional Amount		(Depreciation)		(Receipts)	Asset	Liability
Bank of America NA	Bloomberg Thailand	Receive	2.10% Semiannual	05/15/2023	THB		163,172	$	14	$	— $	14	$	—
	6 Month Reference
	Rate
Bank of America NA	Bloomberg Thailand	Receive	2.14% Semiannual	05/11/2023			163,172		4		—	4		—
	6 Month Reference
	Rate
Bank of America NA	Bloomberg Thailand	Receive	2.14% Semiannual	08/02/2023			63,000		4		—	4		—
	6 Month Reference
	Rate
Bank of America NA	Bloomberg Thailand	Receive	2.09% Semiannual	07/11/2023			58,736		7		—	7		—
	6 Month Reference
	Rate
Bank of America NA	CFETS China Fixing	Pay	4.00% Quarterly	11/16/2022 CNY			11,500		57		—	57		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	3.77% Quarterly	09/18/2022			5,859		21		—	21		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	3.77% Quarterly	12/28/2021			16,222		54		—	54		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	3.85% Quarterly	09/08/2022			8,370		34		—	34		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	3.63% Quarterly	05/04/2023			21,937		62		—	62		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	4.01% Quarterly	11/01/2022			5,889		29		—	29		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	4.01% Quarterly	01/31/2023			8,690		44		—	44		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	3.72% Quarterly	06/22/2022			11,886		38		—	38		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	3.97% Quarterly	02/23/2023			11,797		58		—	58		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	3.24% Quarterly	08/23/2023			12,301		3		—	3		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	3.72% Quarterly	03/30/2023			10,570		36		—	36		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	3.98% Quarterly	03/24/2022			9,200		41		—	41		—
	Repo Rates 7 Day
Bank of America NA	CFETS China Fixing	Pay	3.94% Quarterly	02/08/2022			11,972		50		—	50		—
	Repo Rates 7 Day
Bank of America NA	FBIL - Overnight	Pay	6.43% Semiannual	04/03/2020	INR		706,250		(99	)	—	—		(99	)
	MIBOR
Bank of America NA	FBIL - Overnight	Receive	6.19% Semiannual	06/29/2022			194,196		94		—	94		—
	MIBOR
Bank of America NA	FBIL - Overnight	Receive	6.60% Semiannual	04/03/2023			282,500		102		—	102		—
	MIBOR
Bank of America NA	FBIL - Overnight	Pay	6.05% Semiannual	06/29/2019			587,016		(61	)	—	—		(61	)
	MIBOR
Bank of America NA	Sinacofi Chile	Receive	3.73% Semiannual	03/27/2023 CLP			981,500		—		—	—		—
	Interbank Rate Avg
Bank of America NA	Sinacofi Chile	Receive	3.70% Semiannual	04/03/2023		1,469,000			3		—	3		—
	Interbank Rate Avg


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Interest Rate Swaps (continued)

		(Pay)/							Unrealized			Upfront
		Receive	Payment						Appreciation/			Payments/		Fair Value
Counterparty	Floating Rate Index	Floating Rate	Fixed Rate Frequency	Maturity Date			Notional Amount		(Depreciation)			(Receipts)	Asset	Liability
Merrill Lynch	Bloomberg Thailand	Receive	2.22% Semiannual	05/22/2023	THB		94,961	$	(7	)$		— $	— $	(7	)
	6 Month Reference
	Rate
Total							$		588	$		— $	755	$ (167)
Amounts in thousands.
Exchange Cleared Interest Rate Swaps

		(Pay)/							Unrealized			Upfront
		Receive	Payment						Appreciation/			Payments/
Floating Rate Index		Floating Rate	Fixed Rate Frequency	Maturity Date		Notional Amount			(Depreciation)			(Receipts)		Fair Value
3 Month LIBOR		Receive	2.12% Quarterly	03/08/2022		$	6,219	$	155	$		— $		155
3 Month LIBOR		Receive	1.93% Quarterly	01/13/2022			4,225		128			1		129
3 Month LIBOR		Receive	2.02% Quarterly	02/07/2022			4,265		119			1		120
3 Month LIBOR		Pay	1.65% Semiannual	03/08/2019			15,120		(66	)		—		(66	)
3 Month LIBOR		Receive	2.02% Quarterly	01/23/2022			5,283		146			—		146
3 Month LIBOR		Pay	1.60% Semiannual	03/30/2019			9,437		(49	)		—		(49	)
3 Month LIBOR		Receive	1.94% Quarterly	01/10/2022			2,111		63			—		63
3 Month LIBOR		Pay	1.63% Semiannual	04/03/2019			13,537		(71	)		—		(71	)
3 Month LIBOR		Receive	2.23% Quarterly	04/03/2024			4,061		135			1		136
3 Month LIBOR		Receive	1.92% Quarterly	01/11/2022			2,111		64			—		64
3 Month LIBOR		Receive	2.79% Quarterly	03/26/2023			3,918		13			—		13
3 Month LIBOR		Pay	1.53% Semiannual	05/17/2019			10,297		(75	)		—		(75	)
3 Month LIBOR		Pay	1.74% Semiannual	04/10/2020			9,180		(152	)		1		(151	)
3 Month LIBOR		Pay	1.70% Semiannual	03/15/2019			12,902		(55	)		—		(55	)
3 Month LIBOR		Receive	2.55% Quarterly	05/18/2047			507		42			—		42
3 Month LIBOR		Receive	1.19% Quarterly	08/11/2021			6,434		305			—		305
3 Month LIBOR		Receive	2.21% Quarterly	03/15/2022			5,314		117			—		117
3 Month LIBOR		Pay	1.76% Semiannual	04/07/2020			11,960		(192	)		—		(192	)
3 Month LIBOR		Receive	2.90% Quarterly	07/19/2023			2,097		(3	)		—		(3	)
3 Month LIBOR		Receive	2.77% Quarterly	03/07/2025			3,938		25			1		26
3 Month LIBOR		Pay	2.81% Semiannual	07/09/2020			6,292		—			—		—
3 Month LIBOR		Receive	2.89% Quarterly	07/09/2023			2,618		(2	)		—		(2	)
3 Month LIBOR		Receive	2.75% Quarterly	03/29/2025			1,575		12			—		12
3 Month LIBOR		Receive	2.71% Quarterly	02/09/2025			7,061		72			—		72
3 Month LIBOR		Pay	2.61% Semiannual	03/26/2020			9,437		(24	)		—		(24	)
3 Month LIBOR		Pay	2.98% Semiannual	08/07/2023			4,428		21			—		21
3 Month LIBOR		Receive	3.04% Quarterly	08/07/2028			2,362		(24	)		—		(24	)
3 Month LIBOR		Receive	2.75% Quarterly	03/08/2023			1,892		9			—		9
3 Month LIBOR		Receive	2.97% Quarterly	04/25/2025			2,700		(15	)		—		(15	)
3 Month LIBOR		Receive	2.93% Quarterly	06/11/2025			3,963		(14	)		1		(13	)
3 Month LIBOR		Pay	2.52% Semiannual	03/08/2020			4,552		(17	)		—		(17	)
3 Month LIBOR		Pay	2.77% Semiannual	05/10/2020			4,292		(2	)		—		(2	)
3 Month LIBOR		Receive	2.90% Quarterly	08/16/2023			4,194		(7	)		1		(6	)
3 Month LIBOR		Receive	3.04% Quarterly	05/22/2025			3,180		(32	)		1		(31	)
3 Month LIBOR		Receive	2.94% Quarterly	05/10/2023			1,785		(6	)		—		(6	)
3 Month LIBOR		Receive	2.88% Quarterly	08/21/2025			6,337		—			—		—
3 Month LIBOR		Pay	1.64% Semiannual	03/03/2019			17,740		(75	)		—		(75	)
3 Month LIBOR		Receive	2.00% Quarterly	04/11/2022			5,502		163			1		164
3 Month LIBOR		Receive	2.43% Quarterly	01/05/2028			32,190		1,280		—	1,280
3 Month LIBOR		Pay	2.83% Semiannual	07/16/2020			146,000		46			—		46
3 Month LIBOR		Pay	2.11% Semiannual	01/05/2020			162,480		(1,352	)	—	(1,352			)
3 Month LIBOR		Receive	2.04% Quarterly	01/31/2024			5,065		213			—		213
3 Month LIBOR		Pay	1.74% Semiannual	07/05/2020			11,160		(215	)		—		(215	)
3 Month LIBOR		Receive	2.93% Quarterly	07/16/2028			32,300		(29	)		—		(29	)
3 Month LIBOR		Receive	2.83% Quarterly	04/11/2028			2,236		17			—		17
3 Month LIBOR		Pay	2.60% Semiannual	04/13/2020			25,370		(75	)		—		(75	)
3 Month LIBOR		Pay	2.83% Semiannual	07/24/2020			37,800		13			—		13
3 Month LIBOR		Pay	2.38% Semiannual	06/09/2047			519		(61	)		—		(61	)
3 Month LIBOR		Pay	2.00% Semiannual	01/31/2024			5,083		(223	)		—		(223	)
3 Month LIBOR		Receive	1.89% Quarterly	01/19/2022			2,111		66			1		67
3 Month LIBOR		Receive	2.97% Quarterly	08/03/2021			1,008		(3	)		—		(3	)
3 Month LIBOR		Receive	2.97% Quarterly	05/04/2025			2,381		(13	)		—		(13	)
3 Month LIBOR		Pay	1.61% Semiannual	04/11/2019			13,401		(75	)		—		(75	)
3 Month LIBOR		Receive	2.09% Quarterly	03/03/2022			7,419		192			—		192
3 Month LIBOR		Pay	1.58% Semiannual	08/24/2019			15,366		(161	)		—		(161	)
6 Month BUBOR		Receive	2.09% Semiannual	07/11/2023 HUF			482,425		(8	)		—		(8	)
6 Month BUBOR		Receive	1.89% Semiannual	06/29/2023			631,810		8			1		9
6 Month BUBOR		Receive	0.91% Semiannual	08/02/2020		1,392,740			11			—		11


		Consolidated Schedule of Investments
		Global Multi-Strategy Fund
			August 31, 2018


		Exchange Cleared Interest Rate Swaps (continued)
	(Pay)/								Unrealized		Upfront
	Receive	Payment							Appreciation/		Payments/
Floating Rate Index	Floating Rate	Fixed Rate Frequency		Maturity Date		Notional Amount			(Depreciation)		(Receipts)		Fair Value
6 Month BUBOR	Receive	1.00% Semiannual		04/16/2023 HUF			705,775	$	106	$	(3	)$	103
6 Month BUBOR	Receive	1.68% Semiannual		06/13/2023			724,713		32		—		32
6 Month BUBOR	Receive	0.76% Semiannual		05/29/2021		1,242,450			69		(1	)	68
6 Month BUBOR	Receive	0.77% Semiannual		06/08/2021			534,314		29		—		29
6 Month BUBOR	Receive	1.12% Semiannual		07/17/2022			688,840		57		(1	)	56
6 Month BUBOR	Receive	1.58% Semiannual		08/15/2021			795,400		(14	)	1		(13	)
6 Month WIBOR	Receive	2.55% Semiannual		03/10/2022	PLN		6,420		(21	)	—		(21	)
6 Month WIBOR	Receive	2.54% Semiannual		05/17/2023			5,873		(11	)	—		(11	)
6 Month WIBOR	Receive	2.44% Semiannual		05/07/2023			11,752		(7	)	(1	)	(8	)
6 Month WIBOR	Receive	2.52% Semiannual		03/09/2022			7,210		(21	)	—		(21	)
6 Month WIBOR	Receive	2.52% Semiannual		05/17/2023			5,723		(9	)	—		(9	)
6 Month WIBOR	Receive	2.48% Semiannual		03/23/2023			4,152		(6	)	1		(5	)
6 Month WIBOR	Receive	2.54% Semiannual		06/11/2023			11,235		(19	)	—		(19	)
6 Month WIBOR	Receive	2.46% Semiannual		05/14/2023			4,788		(4	)	—		(4	)
6 Month WIBOR	Receive	2.37% Semiannual		04/26/2022			6,600		(11	)	1		(10	)
Brazil Cetip Interbank Deposit	Pay	10.32% Annual		01/02/2023	BRL		9,229		(37	)	(2	)	(39	)
Brazil Cetip Interbank Deposit	Pay	10.37% Annual		01/02/2023			12,801		(50	)	(2	)	(52	)
Brazil Cetip Interbank Deposit	Pay	9.91% Annual		01/02/2025			5,949		(91	)	4		(87	)
Brazil Cetip Interbank Deposit	Receive	6.78% Annual		01/02/2019			52,710		(11	)	4		(7	)
Brazil Cetip Interbank Deposit	Pay	9.57% Annual		01/02/2025			7,530		(140	)	8		(132	)
Brazil Cetip Interbank Deposit	Pay	10.32% Annual		01/02/2023			9,789		(42	)	(1	)	(43	)
Brazil Cetip Interbank Deposit	Receive	6.78% Annual		01/02/2019			53,463		(10	)	4		(6	)
Brazil Cetip Interbank Deposit	Pay	9.58% Annual		01/02/2025			8,011		(148	)	9		(139	)
Brazil Cetip Interbank Deposit	Receive	7.37% Annual		01/02/2019			56,924		(54	)	5		(49	)
Brazil Cetip Interbank Deposit	Pay	8.18% Annual		01/04/2021			9,891		(52	)	(1	)	(53	)
Canada Bankers Acceptances 3 Month	Pay	2.53% Semiannual		04/03/2028	CAD		2,670		(17	)	2		(15	)
Canada Bankers Acceptances 3 Month	Receive	2.37% Semiannual		09/15/2027			9,200		152		(14	)	138
Canada Bankers Acceptances 3 Month	Receive	2.56% Semiannual		04/09/2028			5,208		20		(3	)	17
Canada Bankers Acceptances 3 Month	Pay	2.58% Semiannual		03/22/2028			2,642		(8	)	3		(5	)
Canada Bankers Acceptances 3 Month	Receive	2.39% Semiannual		09/18/2027			9,200		139		(13	)	126
Canada Bankers Acceptances 3 Month	Receive	2.36% Semiannual		09/15/2027			9,200		155		(14	)	141
Canada Bankers Acceptances 3 Month	Pay	2.07% Semiannual		09/19/2021			17,570		(167	)	10		(157	)
Canada Bankers Acceptances 3 Month	Pay	2.12% Semiannual		09/18/2021			22,700		(188	)	10		(178	)
Canada Bankers Acceptances 3 Month	Receive	2.36% Semiannual		09/19/2027			7,180		120		(11	)	109
Canada Bankers Acceptances 3 Month	Pay	2.11% Semiannual		09/15/2021			22,700		(193	)	11		(182	)
Canada Bankers Acceptances 3 Month	Pay	2.37% Semiannual		04/09/2022			18,154		(65	)	5		(60	)
Canada Bankers Acceptances 3 Month	Pay	2.62% Semiannual		03/23/2028			2,642		(1	)	2		1
Canada Bankers Acceptances 3 Month	Receive	2.35% Semiannual		09/14/2027			3,900		68		(6	)	62
Canada Bankers Acceptances 3 Month	Pay	2.12% Semiannual		09/15/2021			22,700		(190	)	11		(179	)
Canada Bankers Acceptances 3 Month	Pay	2.44% Semiannual		03/22/2023			5,285		(16	)	2		(14	)
Canada Bankers Acceptances 3 Month	Pay	2.10% Semiannual		09/14/2021			9,500		(84	)	5		(79	)
KRW 3 Month Certificate of Deposit	Pay	2.05% Quarterly		04/27/2020 KRW 10,376,800					33		—		33
KRW 3 Month Certificate of Deposit	Pay	2.18% Quarterly		05/31/2023		4,141,500			38		1		39
KRW 3 Month Certificate of Deposit	Pay	2.39% Quarterly		04/27/2028		2,174,550			60		—		60
KRW 3 Month Certificate of Deposit	Pay	2.27% Quarterly		04/26/2023		4,196,500			55		—		55
KRW 3 Month Certificate of Deposit	Pay	2.39% Quarterly		04/26/2028		2,174,550			59		—		59
KRW 3 Month Certificate of Deposit	Pay	2.11% Quarterly		07/19/2023		4,748,000			30		—		30
SAFE South Africa Johannesburg Interbank	Pay	7.07% Quarterly		05/30/2020	ZAR		82,830		(46	)	3		(43	)
Agreed Rate 3 Month
SAFE South Africa Johannesburg Interbank	Pay	7.91% Quarterly		05/24/2028			35,608		(99	)	7		(92	)
Agreed Rate 3 Month
SAFE South Africa Johannesburg Interbank	Pay	7.20% Quarterly		06/04/2020			132,866		(51	)	—		(51	)
Agreed Rate 3 Month
SAFE South Africa Johannesburg Interbank	Pay	7.41% Quarterly		06/19/2020			52,836		(9	)	—		(9	)
Agreed Rate 3 Month
SAFE South Africa Johannesburg Interbank	Pay	7.67% Quarterly		03/12/2028			33,000		(128	)	10		(118	)
Agreed Rate 3 Month
SAFE South Africa Johannesburg Interbank	Pay	7.64% Quarterly		03/29/2028			11,583		(47	)	4		(43	)
Agreed Rate 3 Month
SAFE South Africa Johannesburg Interbank	Pay	7.09% Quarterly		05/31/2020			60,839		(34	)	2		(32	)
Agreed Rate 3 Month
SAFE South Africa Johannesburg Interbank	Pay	7.72% Quarterly		04/26/2028			19,000		(70	)	5		(65	)
Agreed Rate 3 Month
SAFE South Africa Johannesburg Interbank	Pay	7.82% Quarterly		05/08/2028			14,707		(47	)	3		(44	)
Agreed Rate 3 Month
SAFE South Africa Johannesburg Interbank	Pay	6.88% Quarterly		05/11/2020			69,549		(53	)	4		(49	)
Agreed Rate 3 Month

Consolidated Schedule of Investments

Global Multi-Strategy Fund

August 31, 2018

Exchange Cleared Interest Rate Swaps (continued)

(Pay)/

Unrealized

Upfront

Receive

Payment

Appreciation/

Payments/

Floating Rate Index

Floating Rate

Fixed Rate Frequency

Maturity Date

Notional Amount

(Depreciation)

(Receipts)

Fair Value

SAFE South Africa Johannesburg Interbank

Pay

6.95% Quarterly

03/22/2021

ZAR

53,793

(64

(59

)

Agreed Rate 3 Month

SAFE South Africa Johannesburg Interbank

Receive

7.01% Quarterly

06/04/2020

132,866

)

Agreed Rate 3 Month

Stockholm Interbank Offered Rate 3 Month

Receive

1.27% Quarterly

03/27/2028

SEK

15,100

(31

)

(29

)

US Federal Funds Effective Rate (continuous

Receive

1.68% Annual

03/31/2019

14,206

series)

Total

(668

$ (589)

Amounts in thousands.

Total Return Equity Basket Swaps

Upfront

Value and Unrealized

Payment

Notional

Payments/

Appreciation/(Depreciation)

Counterparty

Fund Pays

Fund Receives

Frequency

Expiration Date

Amount

(Receipts)

Asset

Liability

Bank of America NA

Floating rate based on 1

Total return on a custom basket of

Monthly

12/27/2018

2,804

— $

—

month Euribor plus/less

long and short securities traded in

spread

EUR

Bank of America NA

Floating rate based on 1

Total return on a custom basket of

Monthly

05/26/2020-

240

—

month GBP LIBOR plus/ long and short securitied traded in

07/27/2020

less spread

GBP

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

03/22/2019

620

—

month LIBOR plus/less

long and short securities traded in

spread

MYR

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

03/28/2019-

7,558

—

384

—

month LIBOR plus/less

long and short securities traded in

04/19/2019

spread

KRW

Deutsche Bank AG

Floating rate based on

Total return on a custom basket of

Monthly

03/24/2019

1,512

—

the 1 month South Africa long and short securities traded in

Johannesburg Interbank ZAR

Agreed Rate plus/less

spread

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

03/18/2021

1,195

—

(183

)

month LIBOR plus/less

long and short securities traded in

spread

USD

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

09/22/2022

384

—

(32

)

week LIBOR plus/less

long and short securities traded in IDR

spread

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

03/22/2019

2,043

—

month LIBOR plus/less

long and short securities traded in

spread

TWD

Deutsche Bank AG

Floating rate based on

Total return on a custom basket of

Monthly

03/20/2023

1,031

—

116

—

28 day Mexico Interbank long and short securities traded in

TIIE Rate plus/less

MXN

spread

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

01/21/2019-

21,752

—

(730

)

week LIBOR plus/less

long and short securities traded in

05/21/2019

spread

GBP

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

03/22/2023

1,327

—

225

—

month LIBOR plus/less

long and short securities traded in

spread

BRL

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

06/15/2022

—

)

month LIBOR plus/less

long and short securities traded in CLP

spread

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

01/19/2022

10,056

—

396

—

week HIBOR plus/less

long and short securities traded in

spread

HKD

Deutsche Bank AG

Floating rate based on the Total return on a custom basket of

Monthly

01/20/2022

893

—

Poland Warsaw Interbank long and short securities traded in

Offer/Bid Spot Week

PLN

Rate plus/less spread

Deutsche Bank AG

Floating rate based on

Total return on a custom basket of

Monthly

05/23/2022

1,181

—

400

—

the Overnight RBA Cash long and short securities traded in

Rate plus/less spread

AUD

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

08/19/2022

8,477

—

217

—

week EUR LIBOR plus/

long and short securities traded in

less spread

EUR

Consolidated Schedule of Investments

Global Multi-Strategy Fund

August 31, 2018

Total Return Equity Basket Swaps (continued)

Upfront

Value and Unrealized

Payment

Notional Payments/ Appreciation/(Depreciation)

Counterparty

Fund Pays

Fund Receives

Frequency Expiration Date Amount (Receipts)

Asset -Liability

JP Morgan Chase

Floating rate based on 1

Total return on a custom basket of

Monthly

06/21/2023

— $

)

month WIBOR plus/less long and short securities traded in

spread

PLN

JP Morgan Chase

Floating rate based on 1

Total return on a custom basket of

Monthly

06/23/2023

—

month LIBOR plus/less

long and short securities traded in

spread

MYR

JP Morgan Chase

Floating rate based on

Total return on a custom basket of

Monthly

06/22/2023

130

—

1 month SAFE South

long and short securities traded in

Africa Johannesburg

ZAR

Interbank Agreed Rate

plus/less spread

JP Morgan Chase

Floating rate based on 1

Total return on a custom basket of

Monthly

07/03/2023

119

—

)

month LIBOR plus/less

long and short securities traded in

spread

USD

JP Morgan Chase

Floating rate based on

Total return on a custom basket of

Monthly

06/21/2023

—

)

1 month MXN TIIE

long and short securities traded in

Banxico plus/less spread

MXN

JP Morgan Chase

Floating rate based on 1

Total return on a custom basket of

Monthly

06/22/2023

—

)

month LIBOR plus/less

long and short securities traded in

spread

KRW

JP Morgan Chase

Floating rate based on 1

Total return on a custom basket of

Monthly

06/26/2023

—

)

month LIBOR plus/less

long and short securities traded in IDR

spread

JP Morgan Chase

Floating rate based on 1

Total return on a custom basket of

Monthly

06/22/2023

—

month LIBOR plus/less

long and short securities traded in CLP

spread

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

11/28/2019

3,641

—

month LIBOR plus/less

long and short securities traded in JPY

spread

Morgan Stanley &

Floating rate based on the Total return on a custom basket of

Monthly

09/16/2019

302,583

—

(1,949

)

Co^(a)

Federal Funds Rate plus/ long and short securities traded in

less spread

USD

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

12/17/2018

2,030

—

(35

)

week LIBOR plus/less

long and short securities traded in

spread

SEK

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

10/09/2019

2,276

—

(18

)

month Euribor plus/less

long and short securities traded in

spread

EUR

Morgan Stanley &

Floating rate based on 1

Total return on a custom basket of

Monthly

10/11/2018-

70,526

—

(137

)

Co^(b)

month LIBOR plus/less

long and short securities traded in

08/22/2019

spread

USD

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

07/24/2019-

5,886

—

321

—

month LIBOR plus/less

long and short securities traded in

07/25/2019

spread

GBP

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

12/17/2018

1,951

—

(25

)

week LIBOR plus/less

long and short securities traded in

spread

NOK

Morgan Stanley & Co

Floating rate based on the Total return on a custom basket of

Monthly

02/21/2019

815

—

(101

)

Federal Funds Rate plus/ long and short securities traded in

less spread

GBP

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

03/05/2019

3,844

—

(42

)

day TOIS plus/less spreadlong and short securities traded in

CHF

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

02/21/2019

1,059

—

148

—

month LIBOR plus/less

long and short securities traded in

spread

HKD

Morgan Stanley &

Floating rate based on the Total return on a custom basket of

Monthly

02/21/2019

113,555

—

(3,493

)

Co^(c)

Federal Funds Rate plus/ long and short securities traded in

less spread

USD

Morgan Stanley & Co

Floating rate based on

Total return on a custom basket of

Monthly

10/09/2018

1,775

—

658

—

1 day SONIA plus/less

long and short securities traded in

spread

GBP

Morgan Stanley &

Floating rate based on the Total return on a custom basket of

Monthly

08/20/2020

44,520

—

(335

)

Co^(d)

Bank of Japan Estimate

long and short securities traded in JPY

Unsecured Overnight

Call Rate plus/less spread

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.


(a)

Top Underlying Securities AQRMSUSD

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
PPL Corp	(110,690	) $	(3,292	)	(1.09	)%
Exelon Corp	58,922		2,575		0.85	%
TransDigm Group Inc	(6,243	)	(2,185	)	(0.72	)%
Henry Schein Inc	(23,353	)	(1,814	)	(0.60	)%
Middleby Corp/The	(14,308	)	(1,739	)	(0.57	)%
DexCom Inc	(11,891	)	(1,717	)	(0.57	)%
Raytheon Co	8,500		1,695		0.56	%
LyondellBasell Industries NV	14,619		1,649		0.54	%
Campbell Soup Co	(38,788	)	(1,530	)	(0.51	)%
WellCare Health Plans Inc	4,669		1,413		0.47	%
Kraft Heinz Co/The	(24,025	)	(1,400	)	(0.46	)%
Cognex Corp	(25,735	)	(1,385	)	(0.46	)%
HEICO Corp	(15,264	)	(1,384	)	(0.46	)%
Gartner Inc	(9,083	)	(1,360	)	(0.45	)%
MarketAxess Holdings Inc	(7,052	)	(1,339	)	(0.44	)%
First Republic Bank/CA	(12,670	)	(1,287	)	(0.43	)%
Crown Holdings Inc	(29,700	)	(1,271	)	(0.42	)%
Workday Inc	(7,947	)	(1,228	)	(0.41	)%
Seattle Genetics Inc	(15,990	)	(1,227	)	(0.40	)%
Micron Technology Inc	23,132		1,215		0.40	%
Tyson Foods Inc	19,132		1,202		0.40	%
Archer-Daniels-Midland Co	23,561		1,187		0.39	%
Advanced Micro Devices Inc	(44,791	)	(1,127	)	(0.37	)%
Gilead Sciences Inc	14,881		1,127		0.37	%
Becton Dickinson and Co	(4,300	)	(1,126	)	(0.37	)%
NuVasive Inc	(15,859	)	(1,113	)	(0.37	)%
MercadoLibre Inc	(3,233	)	(1,107	)	(0.37	)%
Consolidated Edison Inc	14,009		1,106		0.37	%
Liberty Broadband Corp - C Shares	(13,141	)	(1,066	)	(0.35	)%
Copart Inc	(16,555	)	(1,065	)	(0.35	)%
CarMax Inc	(13,506	)	(1,054	)	(0.35	)%
Microsoft Corp	9,333		1,048		0.35	%
Baxter International Inc	14,055		1,045		0.35	%
Biogen Inc	2,940		1,039		0.34	%
Bristol-Myers Squibb Co	16,948		1,026		0.34	%
Hyatt Hotels Corp	13,265		1,026		0.34	%
Square Inc	(11,544	)	(1,023	)	(0.34	)%


	Consolidated Schedule of Investments
	Global Multi-Strategy Fund
	August 31, 2018

Description (continued)	Shares		Notional Amount		% of Total Absolute Notional Amount
Albemarle Corp	(10,712	)	(1,023	)	(0.34	)%
DXC Technology Co	11,144		1,015		0.34	%
Curtiss-Wright Corp	7,541		1,010		0.33	%
Cisco Systems Inc	20,964		1,001		0.33	%
Waste Management Inc	10,950		995		0.33	%
Lockheed Martin Corp	3,100		993		0.33	%
Applied Materials Inc	22,861		983		0.33	%
Zebra Technologies Corp	5,663		973		0.32	%
Adobe Systems Inc	3,681		970		0.32	%
Dell Technologies Inc Class V	10,033		965		0.32	%
Popular Inc	19,100		961		0.32	%
Humana Inc	2,863		954		0.32	%
Occidental Petroleum Corp	11,822		944		0.31	%

(b)

Top Underlying Securities YORKEBS

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Express Scripts Holding Co	131,205	$	11,549		16.38	%
Andeavor	71,000		10,848		15.38	%
Marathon Petroleum Corp	(112,855	)	(9,287	)	(13.17	)%
Alibaba Group Holding Ltd	(46,180	)	(8,082	)	(11.46	)%
Altaba Inc	89,156		6,201		8.79	%
CVS Health Corp	(78,013	)	(5,870	)	(8.32	)%
iShares iBoxx High Yield Corporate Bond ETF	(46,326	)	(4,001	)	(5.67	)%
NXP Semiconductors NV	38,112		3,550		5.03	%
United Technologies Corp	(21,792	)	(2,870	)	(4.07	)%
Ashland Global Holdings Inc	22,994		1,936		2.75	%
Charles Schwab Corp/The	(22,484	)	(1,142	)	(1.62	)%
Amgen Inc	(5,350	)	(1,069	)	(1.52	)%
Walgreens Boots Alliance Inc	(14,924	)	(1,023	)	(1.45	)%
Blackstone Group LP/The	25,760		951		1.35	%
Walt Disney Co/The	(7,831	)	(877	)	(1.24	)%
China Biologic Products Holdings Inc	(8,400	)	(753	)	(1.07	)%
WW Grainger Inc	(1,306	)	(462	)	(0.66	)%
DCP Midstream LP	(1,361	)	(56	)	(0.08	)%


(c)

Top Underlying Securities ASCEBSUSD

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
VelocityShares 3x Long Natural Gas ETN	(22,000	) $	(2,464	)	(2.17	)%
Cree Inc	(26,148	)	(1,258	)	(1.11	)%
Tableau Software Inc	(11,231	)	(1,256	)	(1.11	)%
PerkinElmer Inc	(13,506	)	(1,248	)	(1.10	)%
RealPage Inc	(19,918	)	(1,243	)	(1.09	)%
Guidewire Software Inc	(12,332	)	(1,240	)	(1.09	)%
Blackbaud Inc	(11,773	)	(1,231	)	(1.08	)%
Integra LifeSciences Holdings Corp	(20,691	)	(1,230	)	(1.09	)%
Workday Inc	(7,943	)	(1,228	)	(1.08	)%
EQT Corp	(24,040	)	(1,226	)	(1.08	)%
Tyler Technologies Inc	(4,965	)	(1,226	)	(1.08	)%
Medidata Solutions Inc	(14,421	)	(1,226	)	(1.08	)%


	Consolidated Schedule of Investments
	Global Multi-Strategy Fund
	August 31, 2018

Description (continued)	Shares		Notional Amount		% of Total Absolute Notional Amount
Dunkin' Brands Group Inc	(16,784	)	(1,223	)	(1.08	)%
Gartner Inc	(8,144	)	(1,220	)	(1.07	)%
Transocean Ltd	(100,480	)	(1,217	)	(1.07	)%
Kilroy Realty Corp	(16,624	)	(1,216	)	(1.07	)%
Bluebird Bio Inc	(7,222	)	(1,215	)	(1.07	)%
SLM Corp	(103,643	)	(1,215	)	(1.07	)%
WEX Inc	(6,385	)	(1,215	)	(1.07	)%
Teradata Corp	(29,275	)	(1,214	)	(1.07	)%
Rollins Inc	(20,204	)	(1,214	)	(1.07	)%
Donaldson Co Inc	(23,987	)	(1,214	)	(1.07	)%
Alexion Pharmaceuticals Inc	(9,919	)	(1,213	)	(1.07	)%
Exact Sciences Corp	(16,176	)	(1,211	)	(1.07	)%
Cognex Corp	(22,517	)	(1,211	)	(1.07	)%
Monolithic Power Systems Inc	(8,068	)	(1,209	)	(1.06	)%
Pinnacle Financial Partners Inc	(18,719	)	(1,208	)	(1.06	)%
Hanesbrands Inc	(68,828	)	(1,207	)	(1.06	)%
Macerich Co/The	(20,507	)	(1,205	)	(1.06	)%
Live Nation Entertainment Inc	(24,243	)	(1,204	)	(1.06	)%
Aqua America Inc	(32,392	)	(1,204	)	(1.06	)%
Prosperity Bancshares Inc	(16,092	)	(1,204	)	(1.06	)%
Incyte Corp	(16,282	)	(1,203	)	(1.06	)%
Interpublic Group of Cos Inc/The	(51,499	)	(1,203	)	(1.06	)%
eBay Inc	(34,677	)	(1,200	)	(1.06	)%
PPG Industries Inc	(10,852	)	(1,200	)	(1.06	)%
RPM International Inc	(17,767	)	(1,199	)	(1.06	)%
First Republic Bank/CA	(11,792	)	(1,198	)	(1.05	)%
Lennox International Inc	(5,376	)	(1,198	)	(1.05	)%
Leggett & Platt Inc	(26,331	)	(1,196	)	(1.05	)%
Skechers U.S.A. Inc	(40,572	)	(1,196	)	(1.05	)%
International Flavors & Fragrances Inc	(9,175	)	(1,195	)	(1.05	)%
Kirby Corp	(13,687	)	(1,195	)	(1.05	)%
Applied Materials Inc	(27,731	)	(1,193	)	(1.05	)%
Spirit AeroSystems Holdings Inc	(13,936	)	(1,192	)	(1.05	)%
Campbell Soup Co	(30,149	)	(1,189	)	(1.05	)%
FMC Corp	(13,917	)	(1,189	)	(1.05	)%
Flowserve Corp	(22,816	)	(1,189	)	(1.05	)%
TD Ameritrade Holding Corp	(20,245	)	(1,186	)	(1.04	)%
Signature Bank/New York NY	(10,221	)	(1,183	)	(1.04	)%
Mattel Inc	(76,641	)	(1,183	)	(1.04	)%
Owens Corning	(20,835	)	(1,180	)	(1.04	)%
BlackBerry Ltd	(110,555	)	(1,180	)	(1.04	)%
Wabtec Corp/DE	(10,884	)	(1,179	)	(1.04	)%
Microchip Technology Inc	(13,679	)	(1,177	)	(1.04	)%
TransDigm Group Inc	(3,361	)	(1,176	)	(1.03	)%
Caesars Entertainment Corp	(115,275	)	(1,176	)	(1.04	)%
Eaton Vance Corp	(22,168	)	(1,169	)	(1.03	)%
Invesco Ltd	(48,457	)	(1,168	)	(1.03	)%
Deutsche Bank AG	(103,598	)	(1,167	)	(1.03	)%
InterXion Holding NV	(17,654	)	(1,164	)	(1.02	)%
Discovery Inc	(41,807	)	(1,163	)	(1.03	)%
Newell Brands Inc	(53,506	)	(1,162	)	(1.02	)%
L Brands Inc	(43,811	)	(1,158	)	(1.02	)%
Westlake Chemical Corp	(12,214	)	(1,155	)	(1.02	)%
Martin Marietta Materials Inc	(5,785	)	(1,150	)	(1.01	)%
Coty Inc	(92,441	)	(1,143	)	(1.01	)%


	Consolidated Schedule of Investments
	Global Multi-Strategy Fund
	August 31, 2018

(d)

Top Underlying Securities AQRMSJPY

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Hitachi Ltd	134,000	$	875		1.96	%
Sony Corp	12,800		731		1.64	%
Calbee Inc	(21,800	)	(694	)	(1.56	)%
Taisei Corp	14,700		658		1.48	%
Nintendo Co Ltd	(1,800	)	(651	)	(1.46	)%
NGK Spark Plug Co Ltd	(22,200	)	(631	)	(1.42	)%
Nippon Paint Holdings Co Ltd	(14,300	)	(565	)	(1.27	)%
Japan Airlines Co Ltd	15,600		562		1.26	%
Yaskawa Electric Corp	(16,600	)	(557	)	(1.25	)%
Murata Manufacturing Co Ltd	(3,200	)	(553	)	(1.24	)%
Casio Computer Co Ltd	(30,300	)	(487	)	(1.10	)%
TDK Corp	(4,300	)	(483	)	(1.08	)%
Kajima Corp	67,000		482		1.08	%
Ricoh Co Ltd	(46,000	)	(482	)	(1.08	)%
LINE Corp	(10,100	)	(465	)	(1.05	)%
JXTG Holdings Inc	64,300		453		1.02	%
Haseko Corp	34,800		451		1.01	%
Kakaku.com Inc	(24,136	)	(446	)	(1.00	)%
Resona Holdings Inc	75,800		430		0.97	%
Start Today Co Ltd	(12,400	)	(427	)	(0.96	)%
DeNA Co Ltd	(24,700	)	(427	)	(0.96	)%
Alps Electric Co Ltd	(14,000	)	(421	)	(0.94	)%
Shimano Inc	(2,700	)	(417	)	(0.94	)%
Marui Group Co Ltd	(18,700	)	(413	)	(0.93	)%
Kansai Paint Co Ltd	(20,800	)	(411	)	(0.92	)%
Kikkoman Corp	(8,200	)	(411	)	(0.92	)%
Square Enix Holdings Co Ltd	8,900		406		0.91	%
Kamigumi Co Ltd	19,000		386		0.87	%
Hokuriku Electric Power Co	(38,200	)	(375	)	(0.84	)%
Shimadzu Corp	12,500		371		0.83	%
M3 Inc	(8,400	)	(370	)	(0.83	)%
Obayashi Corp	37,200		349		0.78	%
Sawai Pharmaceutical Co Ltd	(6,500	)	(347	)	(0.78	)%
Sony Financial Holdings Inc	(17,400	)	(347	)	(0.78	)%
Alfresa Holdings Corp	13,500		339		0.76	%
Marubeni Corp	40,200		330		0.74	%
Acom Co Ltd	(80,650	)	(330	)	(0.74	)%
Sumitomo Dainippon Pharma Co Ltd	15,000		319		0.72	%
Nidec Corp	(2,200	)	(319	)	(0.72	)%
Yamato Holdings Co Ltd	(10,700	)	(318	)	(0.71	)%
MonotaRO Co Ltd	(5,400	)	(307	)	(0.69	)%
Sumitomo Metal Mining Co Ltd	(9,400	)	(304	)	(0.68	)%
Ono Pharmaceutical Co Ltd	(11,100	)	(292	)	(0.66	)%
Eisai Co Ltd	3,200		290		0.65	%
Lion Corp	13,700		289		0.65	%
Stanley Electric Co Ltd	8,300		287		0.65	%
Rakuten Inc	(36,100	)	(276	)	(0.62	)%
Asics Corp	(18,119	)	(271	)	(0.61	)%
Nippon Express Co Ltd	4,300		269		0.61	%
Chugoku Electric Power Co Inc/The	(21,500	)	(269	)	(0.60	)%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Reverse Repurchase Agreements

Counterparty			Coupon Rate			Maturity Date		Principal Amount			Payable for Reverse Repurchase Agreements
Barclays Bank PLC			(1.85		)%	Open ended		$	9,710	$								(9,788	)
Barclays Bank PLC			(1.85		)%	Open ended			9,715									(9,766	)
Barclays Bank PLC			(2.05		)%	Open ended			9,740									(9,762	)
Merrill Lynch			(7.75		)%	Open ended	ZAR		13,416									(957	)
Merrill Lynch			(2.55		)%	Open ended		$	1,618									(1,623	)
Merrill Lynch			(7.15		)%	09/03/2018	ZAR		14,021									(958	)
Merrill Lynch			(7.15		)%	09/03/2018			4,956									(339	)
Merrill Lynch			(2.45		)%	Open ended		$	4,584									(4,586	)
Merrill Lynch			(2.07		)%	09/04/2018			5,323									(5,323	)
Merrill Lynch			(2.07		)%	09/04/2018			12,400									(12,401	)
Merrill Lynch			(2.07		)%	09/04/2018			7,188									(7,188	)
Merrill Lynch			(2.07		)%	09/04/2018			3,308									(3,308	)
Merrill Lynch			(2.07		)%	09/04/2018			11,197									(11,198	)
Merrill Lynch			(2.07		)%	09/04/2018			15,052									(15,053	)
Merrill Lynch			(2.07		)%	09/04/2018			7,801									(7,801	)
Merrill Lynch			(2.07		)%	09/04/2018			12,892									(12,893	)
Merrill Lynch			(2.07		)%	09/04/2018			5,040									(5,040	)
Merrill Lynch			(2.07		)%	09/04/2018			7,060									(7,060	)
Merrill Lynch			(2.07		)%	09/04/2018			1,377									(1,377	)
Merrill Lynch			(2.07		)%	09/04/2018			4,512									(4,512	)
Merrill Lynch			(2.03		)%	09/04/2018			2,253									(2,253	)
Merrill Lynch			(2.07		)%	09/04/2018			1,125									(1,125	)
Merrill Lynch			(2.07		)%	09/04/2018			16,965									(16,966	)
Merrill Lynch			(2.07		)%	09/04/2018			12,052									(12,053	)
Merrill Lynch			(1.90		)%	09/04/2018			6,658									(6,658	)
Merrill Lynch			(1.97		)%	09/04/2018			13,912									(13,913	)
Merrill Lynch			(2.07		)%	09/04/2018			53,082									(53,085	)
Merrill Lynch			(2.07		)%	09/04/2018			23,265									(23,266	)
Total									$								(260,252		)

Amounts in thousands.


Total Return Swaps

																Value and
																Unrealized
															Upfront	Appreciation/
			Pay/Receive				Payment		Expiration				Notional		Payments/	(Depreciation)
Counterparty	Reference Entity	Contracts	Positive Return	Financing Rate			Frequency		Date				Amount		(Receipts)	Asset		Liability
Citigroup Inc	I Shares JPM USD EM	185,350	Receive	3.00	%		Quarterly		11/16/2018		$	19,516		$	— $	—	$	(115	)
	Bond UCITS ETF
Goldman Sachs & Co Seritage Growth		4,468	Receive	1 Month LIBOR + Expiration					05/31/2019				191		—	39		—
	Properties - A REIT			0.70	%
Goldman Sachs & Co Seritage Growth		7,447	Receive	1 Month LIBOR + Expiration					05/31/2019				313		—	70		—
	Properties - A REIT			0.70	%
Goldman Sachs & Co Seritage Growth		4,777	Receive	1 Month LIBOR + Expiration					05/31/2019				197		—	48		—
	Properties - A REIT			0.70	%
Goldman Sachs & Co Seritage Growth		6,860	Receive	1 Month LIBOR + Expiration					05/31/2019				284		—	69		—
	Properties - A REIT			0.70	%
Goldman Sachs & Co Seritage Growth		3,039	Receive	1 Month LIBOR + Expiration					05/31/2019				128		—	29		—
	Properties - A REIT			0.70	%
HSBC Securities Inc Nigerian OMO Bill,			Receive	Interpolated 3			Quarterly		09/28/2018			6,903			—	103		—
	0.00%, 01/26/2018			Month and 6 Month
				LIBOR + 0.85%
HSBC Securities Inc Nigerian OMO Bill,			Receive	Interpolated 3			Quarterly		11/02/2018			3,453			—	16		—
	0.00%, 11/01/2018			Month and 6 Month
				LIBOR + 0.90%
Morgan Stanley & Co MSCI Daily Total		253	Pay	1 Month USD			Monthly		09/19/2018				36		—	—		(2	)
	Return Net Israel USD			LIBOR - 0.30%
	Index
Morgan Stanley & Co MSCI Emerging		91	Receive	1 Month USD			Monthly		09/19/2018				121		—	5		—
	Markets Thailand Net			LIBOR + 0.80%
	Total Return USD
	Index
Morgan Stanley & Co MSCI Hong Kong Net		152	Receive	1 Month HIBOR +			Monthly		09/19/2018		HKD	12,630			—	21		—
	Return HKD Index			0.35	%
Morgan Stanley & Co MSCI Japan Net		227,441	Receive	1 Month JPY			Monthly		09/19/2018		JPY		441,820		—	88		—
	Return JPY Index			LIBOR + 0.10%
Morgan Stanley & Co MSCI Mexico Net		4,357	Pay	MXN TIIE Banxico Monthly					09/19/2018		MXN	4,411			—	—		(4	)
	Return MXN Index


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Total Return Swaps (continued)

																Value and
																Unrealized
														Upfront		Appreciation/
			Pay/Receive		Payment		Expiration					Notional		Payments/		(Depreciation)
Counterparty	Reference Entity	Contracts	Positive Return	Financing Rate	Frequency		Date					Amount		(Receipts)		Asset		Liability
Morgan Stanley & Co MSCI Netherlands Net		1,053	Pay	1 Month EURIBOR Monthly			09/19/2018 EUR					247	$	— $		—	$	(2	)
	Return EUR Index			- 0.50%
Morgan Stanley & Co MSCI Poland Net		6,006	Pay	1 Month WIBOR	Monthly		09/19/2018 PLN				1,195			—		—		(10	)
	Return PLN Index			- 1.50%
Morgan Stanley & Co MSCI Singapore Net		170	Receive	1 Month SIBOR +	Monthly		09/19/2018 SGD					962		—		1		—
	Return SGD Index			0.40%
Morgan Stanley & Co MSCI South Africa Net		11,088	Pay	SAFE South Africa Monthly			09/19/2018 ZAR			10,428				—		—		(42	)
	Return ZAR Index			Johannesburg
				Interbank Agreed
				Rate 1 Month
				- 0.10%
Morgan Stanley & Co MSCI South Africa Net		1,412	Pay	SAFE South Africa Monthly			09/19/2018				1,328			—		—		(6	)
	Return ZAR Index			Johannesburg
				Interbank Agreed
				Rate 1 Month
				- 0.10%
Morgan Stanley & Co MSCI South Africa Net		29,509	Pay	SAFE South Africa Monthly			09/19/2018			27,753				—		—		(111	)
	Return ZAR Index			Johannesburg
				Interbank Agreed
				Rate 1 Month
				- 0.10%
Morgan Stanley & Co MSCI Sweden Net		29	Pay	1 Month STIBOR	Monthly		09/19/2018 SEK				1,105			—		—		(5	)
	Return SEK Index			- 0.30%
Morgan Stanley & Co MSCI Switzerland Net		796	Pay	1 Month CHF	Monthly		09/19/2018 CHF				2,108			—		—		(18	)
	Return CHF Index			LIBOR - 0.30%
Total												$		— $		489	$	(315	)
Amounts in thousands except contracts


Synthetic Futures

									Upfront		Unrealized
						Notional			Payments/		Appreciation/					Fair Value
Counterparty	Reference Entity			Expiration Date		Amount			(Receipts)		(Depreciation)						Asset	Liability
Bank of America NA	Canada 10 Year Bond Future; December 2018			12/19/2018	$	(4,545		)$	— $			(14			)$	— $		(14	)
Bank of America NA	Euro Bund 10 Year Bund Future; December			12/07/2018		38,632			—			137				137		—
	2018
Bank of America NA	Euro Buxl 30 Year Bond Future; September			09/07/2018		2,491			—					48		48		—
	2018
Bank of America NA	Euro-Bobl 5 Year Future; December 2018			12/07/2018		10,235			—					12		12		—
Bank of America NA	Euro-BTP Future; September 2018			09/07/2018		(2,278		)	—					25		25		—
Bank of America NA	Euro-OAT Future; September 2018			09/07/2018		3,589			—					12		12		—
Bank of America NA	Euro-Schatz 2 Year Future; December 2018			12/07/2018		1,430			—					1			1	—
Bank of America NA	Japan 10 Year Bond TSE Future; September			09/13/2018		(32,482		)	—					69		69		—
	2018
Bank of America NA	UK 10 Year Gilt Future; December 2018			12/28/2018		(30,291		)	—					6			6	—
Bank of America NA	US 10 Year Note Future; December 2018			12/20/2018		361			—					1			1	—
Bank of America NA	US 2 Year Note Future; December 2018			01/02/2019		(18,600		)	—					(6	)	—		(6	)
Bank of America NA	US 5 Year Note Future; December 2018			01/02/2019		(27,216		)	—					15		15		—
Bank of America NA	US Long Bond Future; December 2018			12/20/2018		(433		)	—					2			2	—
Citigroup Inc^(a)	Brent Crude Future; November 2018			10/01/2018		3,028			—			199				199		—
Citigroup Inc^(a)	Coffee 'C' Future; December 2018			12/19/2018		(153		)	—					13		13		—
Citigroup Inc^(a)	Copper Future; December 2018			12/28/2018		(401		)	—					6			6	—
Citigroup Inc^(a)	Cotton No.2 Future; December 2018			12/07/2018			82		—			(10			)	—		(10	)
Citigroup Inc^(a)	Gasoline RBOB Future; October 2018			10/01/2018		755			—					31		31		—
Citigroup Inc^(a)	Gold 100 oz Future; December 2018			12/28/2018		(9,654		)	—			120				120		—
Citigroup Inc^(a)	LME Copper Future; December 2018			12/18/2018		(1,046		)	—					(4	)	—		(4	)
Citigroup Inc^(a)	LME Nickel Future; December 2018			12/18/2018		154			—					(6	)	—		(6	)
Citigroup Inc^(a)	Low Sulphur Gasoline Future; October 2018			10/12/2018		692			—					40		40		—
Citigroup Inc^(a)	NY Harb ULSD Future; October 2018			10/01/2018		471			—					23		23		—
Citigroup Inc^(a)	Palladium Future; December 2018			12/28/2018		(97		)	—					(3	)	—		(3	)
Citigroup Inc^(a)	Platinum Future; October 2018			10/30/2018		(197		)	—					16		16		—
Citigroup Inc^(a)	Silver Future; December 2018			12/28/2018		(801		)	—					9			9	—
Citigroup Inc^(a)	Soybean Future; November 2018			11/15/2018		(2,404		)	—			246				246		—
Citigroup Inc^(a)	Soybean Meal Future; December 2018			12/17/2018		(491		)	—					42		42		—
Citigroup Inc^(a)	Soybean Oil Future; December 2018			12/17/2018		(224		)	—					14		14		—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Synthetic Futures (continued)

						Upfront		Unrealized
				Notional		Payments/		Appreciation/			Fair Value
Counterparty	Reference Entity	Expiration Date		Amount		(Receipts)		(Depreciation)	Asset----Liability
Citigroup Inc^(a)	Sugar #11 Future; October 2018	10/01/2018	$	(570	)$		— $		50	$	50	$	—
Citigroup Inc^(a)	WTI Crude Future; October 2018	09/21/2018		2,024			—	102			102		—
Merrill Lynch^(a)	Brent Crude Future; November 2018	10/01/2018		699			—		46		46		—
Merrill Lynch^(a)	Coffee 'C' Future; December 2018	12/19/2018		(344	)		—		30		30		—
Merrill Lynch^(a)	Copper Future; December 2018	12/28/2018		(467	)		—		7		7		—
Merrill Lynch^(a)	Corn Future; December 2018	12/17/2018		(1,423	)		—		36		36		—
Merrill Lynch^(a)	Cotton No.2 Future; December 2018	12/07/2018		41			—		(5	)	—		(5	)
Merrill Lynch^(a)	Gasoline RBOB Future; October 2018	10/01/2018		84			—		3		3		—
Merrill Lynch^(a)	Gold 100 oz Future; December 2018	12/28/2018		(241	)		—		3		3		—
Merrill Lynch	Hang Seng Index Future; September 2018	09/28/2018		1,238			—	(18		)	—		(18	)
Merrill Lynch^(a)	KC HRW Wheat Future; December 2018	12/17/2018		(83	)		—		(3	)	—		(3	)
Merrill Lynch^(a)	Lean Hogs Future; October 2018	10/16/2018		(101	)		—		7		7		—
Merrill Lynch^(a)	Low Sulphur Gasoline Future; October 2018	10/12/2018		69			—		4		4		—
Merrill Lynch	MSCI Taiwan Index Future; September 2018	09/28/2018		413			—		4		4		—
Merrill Lynch^(a)	Natural Gas Future; October 2018	09/27/2018		437			—		(6	)	—		(6	)
Merrill Lynch^(a)	NY Harb ULSD Future; October 2018	10/01/2018		283			—		14		14		—
Merrill Lynch^(a)	Platinum Future; October 2018	10/30/2018		(118	)		—		10		10		—
Merrill Lynch^(a)	Soybean Oil Future; December 2018	12/17/2018		(155	)		—		9		9		—
Merrill Lynch^(a)	Sugar #11 Future; October 2018	10/01/2018		(131	)		—		12		12		—
Merrill Lynch	Taiwan TAIEX Index Future; September 2018	09/20/2018		1,723			—		40		40		—
Merrill Lynch^(a)	Wheat Future; December 2018	12/17/2018		(273	)		—		(6	)	—		(6	)
Merrill Lynch^(a)	WTI Crude Future; October 2018	09/21/2018		1,675			—		84		84		—
Morgan Stanley & Co	Bovespa Index Future; October 2018	10/18/2018		1,327			—		8		8		—
Morgan Stanley & Co	FTSE China A50 Index Future; September 2018	09/28/2018		(79	)		—		—		—		—
Morgan Stanley & Co	KOSPI 200 Index Future; September 2018	09/14/2018		336			—		3		3		—
Morgan Stanley & Co	MSCI Singapore Index Future; September 2018	09/28/2018		106			—		(1	)	—		(1	)
Morgan Stanley & Co	MSCI Taiwan Index Future; September 2018	09/28/2018		371			—		4		4		—
Morgan Stanley & Co	Swiss Market Index Future; September 2018	09/24/2018		(9,608	)		—	(372		)	—		(57	)
Morgan Stanley & Co	WIG 20 Index Future; September 2018	09/24/2018		(188	)		—	(17		)	—		(17	)
Total				$			— $	1,092		$	1,563	$	(156	)
Amounts in thousands.


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Short Sales Outstanding
COMMON STOCKS - (10.89)%		Shares	Value (000's)		COMMON STOCKS (continued)		Shares	Value (000’s)
Advertising - (0.01)%					Biotechnology - (0.09)%
JCDecaux SA		8,578	$	283	Acorda Therapeutics Inc		2,843	$	82
					AMAG Pharmaceuticals Inc		5,385		131
Aerospace & Defense - (0.09)%					Biogen Inc		800		283
Airbus SE	11,918			1,471	BioMarin Pharmaceutical Inc		3,115		311
IHI Corp		9,200		321	Exact Sciences Corp		2,174		163
United Technologies Corp		5,116		674	Gilead Sciences Inc	10,006			758
			$	2,466	Illumina Inc		430		153
Agriculture - (0.08)%					Innoviva Inc		6,131		89
Archer-Daniels-Midland Co	10,200			514	Ligand Pharmaceuticals Inc		1,007		261
British American Tobacco PLC	34,108			1,649				$	2,231
			$	2,163	Building Materials - (0.17)%
Airlines - (0.21)%					CRH PLC	10,887			361
Delta Air Lines Inc	24,200			1,415	Imerys SA		4,775		343
Deutsche Lufthansa AG	16,260			425	Johnson Controls International plc	45,800			1,730
International Consolidated Airlines Group SA	216,662			1,945	LafargeHolcim Ltd	12,813			623
Japan Airlines Co Ltd	29,500			1,063	Owens Corning	21,200			1,201
United Continental Holdings Inc		6,200		542				$	4,258
			$	5,390	Chemicals - (0.39)%
Apparel - (0.07)%					Clariant AG	29,742			743
Hanesbrands Inc	79,899			1,402	Daicel Corp	47,400			536
Michael Kors Holdings Ltd		6,200		450	DowDuPont Inc	22,253			1,561
			$	1,852	Hitachi Chemical Co Ltd	54,900			1,151
Automobile Manufacturers - (0.14)%					JSR Corp	14,500			281
Bayerische Motoren Werke AG		5,078		492	Kansai Paint Co Ltd	16,400			324
Daimler AG	20,456			1,323	Kuraray Co Ltd	32,800			475
Fiat Chrysler Automobiles NV	49,947			846	LANXESS AG	22,514			1,768
Ford Motor Co	57,273			543	Praxair Inc	10,732			1,698
General Motors Co		9,300		335	Taiyo Nippon Sanso Corp	41,400			609
Tesla Inc		741		223	Toray Industries Inc	70,000			524
			$	3,762	Tosoh Corp	35,800			562
Automobile Parts & Equipment - (0.09)%								$	10,232
Aisin Seiki Co Ltd	17,000			786	Commercial Services - (0.14)%
Goodyear Tire & Rubber Co/The	39,935			906	Babcock International Group PLC	86,306			799
NOK Corp	16,800			321	Gartner Inc		6,300		943
Valeo SA	10,012			454	Nielsen Holdings PLC	24,100			627
			$	2,467	PayPal Holdings Inc		7,100		656
Banks - (0.58)%					Persol Holdings Co Ltd	12,300			275
Bank of Ireland Group PLC	33,993			278	Square Inc		5,835		517
Bank of Nova Scotia/The	29,500			1,707				$	3,817
Bendigo & Adelaide Bank Ltd	210,197			1,754	Computers - (0.31)%
BOK Financial Corp		1,003		103	DXC Technology Co	43,227			3,938
Cadence BanCorp	11,778			333	Fujitsu Ltd	97,000			709
Canadian Imperial Bank of Commerce	14,400			1,349	Hewlett Packard Enterprise Co	63,436			1,049
Credit Suisse Group AG	82,364			1,233	Ingenico Group SA		4,246		299
DBS Group Holdings Ltd	74,800			1,360	Leidos Holdings Inc		9,032		639
Fifth Third Bancorp		9,908		292	Lumentum Holdings Inc		2,124		144
Hope Bancorp Inc		4,105		72	NCR Corp		6,055		172
Independent Bank Group Inc		1,169		81	Pure Storage Inc		5,062		136
ING Groep NV	35,379			481	TDK Corp		7,500		841
Nordea Bank AB	88,929			961				$	7,927
Oversea-Chinese Banking Corp Ltd	68,100			560	Distribution & Wholesale - (0.06)%
Suruga Bank Ltd	121,100			657	Jardine Cycle & Carriage Ltd	63,700			1,505
Synovus Financial Corp		4,511		226	Diversified Financial Services - (0.29)%
Toronto-Dominion Bank/The	28,200			1,700	AEON Financial Service Co Ltd	33,700			689
UBS Group AG	78,251			1,222	BlackRock Inc		2,400		1,150
Veritex Holdings Inc		549		17	Charles Schwab Corp/The	71,200			3,616
Yamaguchi Financial Group Inc	79,000			869	CME Group Inc		1,038		181
			$	15,255	E*TRADE Financial Corp	13,600			801
Beverages - (0.14)%					PRA Group Inc		746		27
Coca-Cola Amatil Ltd	42,612			288	SBI Holdings Inc/Japan	41,900			1,155
Coca-Cola Bottlers Japan Holdings Inc	49,000			1,389				$	7,619
Molson Coors Brewing Co	15,700			1,048	Electric - (0.34)%
Remy Cointreau SA		2,536		355	AES Corp/VA	85,600			1,152
Treasury Wine Estates Ltd	43,470			611	Black Hills Corp	10,475			617
			$	3,691	Consolidated Edison Inc	13,302			1,050
					Dominion Energy Inc	18,869			1,335


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Short Sales Outstanding (continued)
COMMON STOCKS (continued)		Shares	Value (000’s)		COMMON STOCKS (continued)		Shares	Value (000’s)
Electric (continued)					Healthcare - Products - (0.19)%
E.ON SE	150,106		$	1,602	Abbott Laboratories	14,670		$	981
Electricite de France SA	113,860			1,864	Becton Dickinson and Co		2,700		707
Exelon Corp	14,464			632	Essilor International Cie Generale d'Optique SA	16,012			2,314
NRG Energy Inc		142		5	Lonza Group AG		2,833		912
RWE AG	19,276			489				$	4,914
Sempra Energy		1,880		219	Healthcare - Services - (0.39)%
			$	8,965	Anthem Inc	33,139			8,773
Electrical Components & Equipment - (0.03)%					Cigna Corp		4,526		852
Casio Computer Co Ltd	50,600			812	IQVIA Holdings Inc		3,988		507
Electronics - (0.24)%								$	10,132
Alps Electric Co Ltd	65,300			1,962	Holding Companies - Diversified - (0.08)%
Avnet Inc	11,900			576	Bollore SA	178,607			856
Corning Inc	34,300			1,150	Jardine Matheson Holdings Ltd		4,800		303
Fortive Corp		3,118		262	Jardine Strategic Holdings Ltd	27,900			1,013
SYNNEX Corp		1,352		131				$	2,172
TTM Technologies Inc	53,645			1,003	Home Builders - (0.17)%
Venture Corp Ltd	53,000			700	Daiwa House Industry Co Ltd	44,800			1,365
Yokogawa Electric Corp	31,500			646	Iida Group Holdings Co Ltd	79,100			1,460
			$	6,430	Sekisui Chemical Co Ltd	38,700			672
Engineering & Construction - (0.32)%					Sekisui House Ltd	67,600			1,102
ACS Actividades de Construccion y Servicios SA 28,491				1,185				$	4,599
Ferrovial SA	45,652			986	Home Furnishings - (0.05)%
Fluor Corp	40,000			2,296	Electrolux AB	36,016			804
JGC Corp	33,900			682	Sony Corp	10,200			580
Kajima Corp	82,000			589				$	1,384
LendLease Group	36,753			542
Skanska AB	55,604			1,044	Housewares - (0.03)%
SNC-Lavalin Group Inc	21,700			874	Newell Brands Inc	31,800			691
WSP Global Inc		8,400		452	Insurance - (0.75)%
			$	8,650	Aegon NV	27,081			163
Entertainment - (0.06)%					Ageas	21,469			1,112
Live Nation Entertainment Inc		9,600		477	Allianz SE		1,831		390
Marriott Vacations Worldwide Corp		5,349		637	Arthur J Gallagher & Co		7,500		541
Paddy Power Betfair PLC		4,010		366	Assicurazioni Generali SpA	82,495			1,374
Penn National Gaming Inc		6,068		209	Assurant Inc	19,203			1,975
			$	1,689	AXA Equitable Holdings Inc	11,356			261
					Challenger Ltd/Australia	209,570			1,633
Environmental Control - (0.02)%					Fairfax Financial Holdings Ltd		1,200		659
Pentair PLC	14,700			639	Fidelity National Financial Inc		1,290		52
Food - (0.31)%					Great-West Lifeco Inc	58,600			1,430
a2 Milk Co Ltd	85,216			711	Intact Financial Corp		6,200		492
Calbee Inc	13,600			433	MS&AD Insurance Group Holdings Inc	23,500			722
Campbell Soup Co	21,100			832	NN Group NV	22,512			966
Carrefour SA	41,964			751	Power Corp of Canada	33,500			751
Casino Guichard Perrachon SA		5,637		179	Power Financial Corp	46,300			1,080
Conagra Brands Inc	16,236			597	Reinsurance Group of America Inc		7,500		1,071
General Mills Inc	13,500			621	Sompo Holdings Inc	42,900			1,830
Hormel Foods Corp	29,893			1,170	Swiss Life Holding AG		684		248
Kroger Co/The	15,100			476	T&D Holdings Inc	81,900			1,244
Marine Harvest ASA	19,192			415	Unum Group	10,300			380
McCormick & Co Inc/MD		7,200		899	Voya Financial Inc		1,898		95
Mondelez International Inc		9,870		422	Willis Towers Watson PLC		5,100		751
Post Holdings Inc		1,286		125	Zurich Insurance Group AG		2,106		641
Yamazaki Baking Co Ltd	22,000			428				$	19,861
			$	8,059	Internet - (0.44)%
Food Service - (0.06)%					Alibaba Group Holding Ltd ADR	20,924			3,662
Sodexo SA	13,966			1,457	Booking Holdings Inc		106		207
Forest Products & Paper - (0.03)%					CyberAgent Inc		6,900		392
International Paper Co	18,404			941	FireEye Inc		8,353		139
					Iliad SA		4,876		629
Gas - (0.06)%					Kakaku.com Inc	31,600			584
NiSource Inc	58,000			1,570	LINE Corp	14,700			671
South Jersey Industries Inc		1,691		56	MercadoLibre Inc		1,231		422
			$	1,626	New Media Investment Group Inc	114,815			1,826
Hand & Machine Tools - (0.03)%					Palo Alto Networks Inc		1,952		451
Disco Corp		4,000		715	Shopify Inc		5,500		800
					Start Today Co Ltd	11,000			378


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Short Sales Outstanding (continued)
COMMON STOCKS (continued)		Shares	Value (000’s)		COMMON STOCKS (continued)		Shares	Value (000’s)
Internet (continued)					Office & Business Equipment - (0.03)%
Twitter Inc		7,934	$	279	Xerox Corp	31,498		$	878
Zillow Group Inc - C Shares	22,149			1,077	Oil & Gas - (0.27)%
			$	11,517	Andeavor		5,300		810
Investment Companies - (0.12)%					Baytex Energy Corp		5,440		16
EXOR NV	22,906			1,490	Chesapeake Energy Corp	17,828			79
Kinnevik AB	54,523			1,792	Devon Energy Corp	12,500			536
Prospect Capital Corp		4,536		34	Diamondback Energy Inc		3,532		428
			$	3,316	Encana Corp	43,400			575
Iron & Steel - (0.20)%					EQT Corp	22,300			1,138
Allegheny Technologies Inc		8,045		218	Helmerich & Payne Inc		4,325		284
BlueScope Steel Ltd	44,589			555	Hess Corp	12,400			835
Cleveland-Cliffs Inc	10,407			105	Inpex Corp	46,200			505
Hitachi Metals Ltd	63,300			731	Marathon Petroleum Corp	22,789			1,875
JFE Holdings Inc	27,400			599	Patterson-UTI Energy Inc	11,002			188
thyssenkrupp AG	98,503			2,276				$	7,269
voestalpine AG	15,252			686	Oil & Gas Services - (0.24)%
			$	5,170	Baker Hughes a GE Co	22,200			732
Leisure Products & Services - (0.08)%					Keane Group Inc	29,700			365
Flight Centre Travel Group Ltd	28,998			1,218	KLX Energy Services Holdings Inc		87		3
Harley-Davidson Inc	13,242			564	National Oilwell Varco Inc	39,520			1,860
Polaris Industries Inc		3,000		325	ProPetro Holding Corp	33,180			505
			$	2,107	RPC Inc	29,965			410
					Schlumberger Ltd	26,900			1,699
Lodging - (0.12)%					Superior Energy Services Inc	22,014			198
City Developments Ltd	75,800			513	TechnipFMC PLC	16,100			493
MGM Resorts International	86,176			2,498	Weatherford International PLC		8,331		20
			$	3,011				$	6,285
Machinery - Diversified - (0.22)%					Packaging & Containers - (0.07)%
Flowserve Corp	40,122			2,091	Crown Holdings Inc	34,200			1,464
GEA Group AG	15,573			592	Toyo Seikan Group Holdings Ltd	17,900			339
Husqvarna AB	32,505			258				$	1,803
KION Group AG		8,057		550
Sumitomo Heavy Industries Ltd	34,000			1,106	Pharmaceuticals - (0.22)%
Wabtec Corp/DE	10,810			1,171	AbbVie Inc		4,300		413
			$	5,768	Alfresa Holdings Corp	28,100			704
					Clovis Oncology Inc		1,058		38
Media - (0.19)%					CVS Health Corp		6,085		458
Charter Communications Inc		138		43	Grifols SA	35,626			1,047
Discovery Inc	19,900			510	Herbalife Nutrition Ltd		1,513		86
EW Scripps Co/The	124,218			1,822	Hisamitsu Pharmaceutical Co Inc		2,800		205
Gannett Co Inc		8,658		89	Ironwood Pharmaceuticals Inc		2,453		47
New York Times Co/The		9,084		212	Mylan NV	15,900			622
News Corp - A Shares	48,700			636	Nektar Therapeutics		5,100		339
Sirius XM Holdings Inc		6,733		48	Sumitomo Dainippon Pharma Co Ltd	86,800			1,847
Thomson Reuters Corp	27,900			1,241	Takeda Pharmaceutical Co Ltd		4,693		195
Walt Disney Co/The		2,770		310				$	6,001
			$	4,911
					Pipelines - (0.11)%
Metal Fabrication & Hardware - (0.09)%					AltaGas Ltd	39,105			727
MISUMI Group Inc	25,600			660	Enbridge Inc	15,000			511
NSK Ltd	37,000			419	Koninklijke Vopak NV	31,689			1,636
Rexnord Corp		4,880		142				$	2,874
Tenaris SA	67,093			1,126
			$	2,347	Real Estate - (0.16)%
					Deutsche Wohnen SE	19,830			1,002
Mining - (0.10)%					Hysan Development Co Ltd	244,000			1,252
Anglo American PLC	17,782			357	Kerry Properties Ltd	101,500			385
Endeavour Mining Corp		962		15	Nomura Real Estate Holdings Inc	24,400			529
First Quantum Minerals Ltd	23,800			299	Sumitomo Realty & Development Co Ltd	20,000			692
Freeport-McMoRan Inc	22,800			320	Wheelock & Co Ltd	40,000			251
Rio Tinto PLC	17,079			811				$	4,111
Teck Resources Ltd	41,100			926
			$	2,728	REITs - (0.05)%
					Annaly Capital Management Inc		5,577		59
Miscellaneous Manufacturers - (0.19)%					Apollo Commercial Real Estate Finance Inc		2,656		52
Alstom SA	10,061			444	Blackstone Mortgage Trust Inc		3,731		127
General Electric Co	60,900			788	Prologis Inc		5,537		372
Orica Ltd	11,033			140	QTS Realty Trust Inc		1,061		49
Siemens AG	11,814			1,534	Redwood Trust Inc		7,043		120
Textron Inc	26,570			1,834	Spirit MTA REIT		196		2
			$	4,740


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Short Sales Outstanding (continued)
COMMON STOCKS (continued)		Shares	Value (000’s)		COMMON STOCKS (continued)			Shares	Value (000’s)
REITs (continued)					Transportation (continued)
Spirit Realty Capital Inc		1,265	$	11	SG Holdings Co Ltd		29,700		$	702
Starwood Property Trust Inc		2,476		54	Ship Finance International Ltd			7,062		100
Welltower Inc		6,636		443	United Parcel Service Inc		13,300			1,634
			$	1,289					$	7,875
Retail - (0.44)%					Water - (0.04)%
Ascena Retail Group Inc	125,936			577	Suez		32,945			477
Domino's Pizza Enterprises Ltd	10,967			427	United Utilities Group PLC		63,307			609
Dufry AG	14,420			1,785					$	1,086
FamilyMart UNY Holdings Co Ltd		6,600		575	TOTAL COMMON STOCKS (proceeds $275,145)				$	287,118
Genuine Parts Co	11,400			1,138	INVESTMENT COMPANIES - (0.13)%			Shares	Value (000's)
Kohl's Corp		4,200		332	Exchange Traded Funds - (0.13)%
Marui Group Co Ltd	26,500			585	SPDR S&P Oil & Gas Equipment & Services		37,240			605
Papa John's International Inc	35,058			1,617	ETF
Restaurant Brands International Inc		6,000		344	SPDR S&P Oil & Gas Exploration & Production		60,779			2,573
RH		1,530		243	ETF
Ryohin Keikaku Co Ltd		700		208	VanEck Vectors Oil Services ETF			8,667		214
Sally Beauty Holdings Inc	72,615			1,118					$	3,392
Signet Jewelers Ltd	12,103			777	TOTAL INVESTMENT COMPANIES (proceeds $3,275)				$	3,392
Takashimaya Co Ltd	26,500			428				Principal
Tsuruha Holdings Inc		3,700		422	BONDS - (2.07)%		Amount (000's) Value (000's)
Yamada Denki Co Ltd	216,100			1,071	Diversified Financial Services - (0.06)%
			$	11,647
					International Lease Finance Corp
Savings & Loans - (0.01)%					5.88%, 08/15/2022	$	1,436		$	1,530
People's United Financial Inc	10,792			200
WSFS Financial Corp		1,074		52	Electric - (0.29)%
			$	252	Comision Federal de Electricidad
Semiconductors - (0.83)%					6.13%, 06/16/2045			7,500		7,800
Cabot Microelectronics Corp		322		36	Food - (0.02)%
Cohu Inc		2,697		71	Campbell Soup Co
Intel Corp	183,353			8,879	3.80%, 08/02/2042			619		487
KLA-Tencor Corp		3,643		424	Healthcare - Services - (0.12)%
Lam Research Corp	57,259			9,911
Microchip Technology Inc		9,519		819	CHS/Community Health Systems Inc
Micron Technology Inc	23,700			1,245	5.13%, 08/01/2021			2,090		2,017
Teradyne Inc		8,915		367	8.63%, 01/15/2024			1,047		1,091
			$	21,752					$	3,108
Software - (0.11)%					Media - (0.07)%
Atlassian Corp PLC		2,361		212	AMC Networks Inc
Autodesk Inc		3,900		602	4.75%, 08/01/2025			1,953		1,885
Citrix Systems Inc		688		79	Oil & Gas - (0.02)%
DeNA Co Ltd	24,700			427	SM Energy Co
Five9 Inc		1,011		49	6.75%, 09/15/2026			461		478
MongoDB Inc		3,188		229
Nexon Co Ltd	74,400			933	Pharmaceuticals - (0.10)%
Take-Two Interactive Software Inc		3,300		441	Endo Finance LLC
VMware Inc		668		102	5.75%, 01/15/2022			2,920		2,701
			$	3,074	REITs - (0.08)%
Telecommunications - (0.20)%					CBL & Associates LP
CalAmp Corp		3,928		92	5.25%, 12/01/2023			628		531
Inmarsat PLC	139,406			985	5.95%, 12/15/2026			1,880		1,527
Nokia OYJ	172,853			965					$	2,058
SoftBank Group Corp		7,300		676	Retail - (0.09)%
Tele2 AB	62,289			768	L Brands Inc
Telefonica SA	57,788			467	6.88%, 11/01/2035			1,044		869
T-Mobile US Inc	16,164			1,068
TPG Telecom Ltd	49,895			310	Macy's Retail Holdings Inc
			$	5,331	4.50%, 12/15/2034			1,677		1,409
Textiles - (0.05)%									$	2,278
Mohawk Industries Inc		6,900		1,322	Sovereign - (1.22)%
Transportation - (0.29)%					Bahrain Government International Bond
AP Moller - Maersk A/S		791		1,226	6.13%, 07/05/2022		10,000			9,953
Atlas Air Worldwide Holdings Inc		1,952		119	Colombia Government International Bond
Central Japan Railway Co		6,800		1,365	4.50%, 01/28/2026			598		611
FedEx Corp		5,590		1,364
Getlink	23,935			302
Royal Mail PLC	182,706			1,063


Consolidated Schedule of Investments
Global Multi-Strategy Fund
August 31, 2018


Short Sales Outstanding (continued)
			Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
BONDS (continued)		Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)		Amount (000’s) Value (000’s)
Sovereign (continued)						U.S. Treasury (continued)
Mexico Government International Bond						2.75%, 07/31/2023	$	2,554	$	2,555
3.75%, 01/11/2028	$	2,947		$	2,803	2.88%, 04/30/2025		27,972		28,101
4.13%, 01/21/2026			1,236		1,226				$	131,233
4.15%, 03/28/2027			5,973		5,892	U.S. Treasury Inflation-Indexed Obligations - (0.61)%
5.55%, 01/21/2045			2,365		2,519	0.63%, 04/15/2023		16,112		16,020
Republic of South Africa Government						TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
International Bond						OBLIGATIONS (proceeds $243,442)			$	243,216
4.30%, 10/12/2028			1,059		932	TOTAL SHORT SALES (proceeds $578,388)			$	589,527
4.85%, 09/27/2027			6,480		6,043
5.88%, 06/22/2030			2,118		2,073
				$	32,052
Telecommunications - 0.00%
Frontier Communications Corp
10.50%, 09/15/2022			104		91
TOTAL BONDS (proceeds $55,251)				$	54,468
			Principal
CONVERTIBLE BONDS - (0.05)%		Amount (000's) Value (000's)
Biotechnology - 0.00%
Illumina Inc
0.00%, 08/15/2023			100		111
Chemicals - 0.00%
RPM International Inc
2.25%, 12/15/2020			25		33
Computers - (0.01)%
Western Digital Corp
1.50%, 02/01/2024			125		120
Internet - (0.03)%
Booking Holdings Inc
0.90%, 09/15/2021			225		262
Liberty Expedia Holdings Inc
1.00%, 06/30/2047			100		101
Q2 Holdings Inc
0.75%, 02/15/2023			50		60
Zendesk Inc
0.25%, 03/15/2023			200		247
				$	670
Oil & Gas Services - 0.00%
Oil States International Inc
1.50%, 02/15/2023			75		80
REITs - 0.00%
Starwood Property Trust Inc
4.38%, 04/01/2023			50		50
Semiconductors - 0.00%
NXP Semiconductors NV
1.00%, 12/01/2019			100		108
Software - (0.01)%
Guidewire Software Inc
1.25%, 03/15/2025			150		161
TOTAL CONVERTIBLE BONDS (proceeds $1,275)				$	1,333
U.S. GOVERNMENT & GOVERNMENT			Principal
AGENCY OBLIGATIONS - (9.23)%		Amount (000's) Value (000's)
Federal National Mortgage Association (FNMA) - (3.64)%
3.50%, 10/01/2048	$	96,584			95,963
U.S. Treasury - (4.98)%
1.38%, 09/15/2020			3,639		3,549
1.50%, 08/15/2020		10,990			10,755
1.88%, 12/15/2020			3,576		3,514
1.88%, 08/31/2024			3,975		3,777
2.38%, 05/15/2027			7,300		7,041
2.63%, 07/31/2020		32,909			32,904
2.63%, 07/15/2021			2,946		2,940
2.63%, 02/28/2023		36,258			36,097


Schedule of Investments
Global Opportunities Fund
August 31, 2018



COMMON STOCKS - 97.68%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Aerospace & Defense - 3.96%				Food - 2.87%
Boeing Co/The	21,912	$	7,511	Tesco PLC	2,416,509 $		7,722
L3 Technologies Inc	27,360		5,847	Tingyi Cayman Islands Holding Corp	2,462,000		4,399
Raytheon Co	36,569		7,293	Uni-President Enterprises Corp	3,485,000		8,819
Safran SA	63,649		8,271			$	20,940
	$		28,922	Healthcare - Products - 1.51%
Agriculture - 2.07%				Danaher Corp		106,682	11,046
Philip Morris International Inc	105,097		8,186	Healthcare - Services - 6.22%
Swedish Match AB	129,043		6,898	Anthem Inc		39,245	10,390
	$		15,084	ICON PLC ^(a)		68,778	10,249
Apparel - 1.07%				Laboratory Corp of America Holdings (a)		54,457	9,414
Kering SA	14,314		7,797	UnitedHealth Group Inc		57,353	15,397
Automobile Manufacturers - 3.29%						$	45,450
Suzuki Motor Corp	111,500		7,249	Insurance - 5.81%
Toyota Motor Corp	151,400		9,425	Allstate Corp/The		96,106	9,666
Volvo AB - B Shares	426,633		7,349	Fairfax Financial Holdings Ltd		13,800	7,576
	$		24,023	Legal & General Group PLC	1,629,619		5,385
Banks - 9.53%				NN Group NV		137,891	5,920
Comerica Inc	97,741		9,528	Prudential Financial Inc		81,212	7,979
Grupo Financiero Banorte SAB de CV	519,800		3,545	Swiss Life Holding AG (a)		16,298	5,903
JPMorgan Chase & Co	115,946		13,285			$	42,429
Lloyds Banking Group PLC	8,611,682		6,634	Internet - 6.02%
Raiffeisen Bank International AG	168,396		4,794	Alphabet Inc - A Shares (a)		15,617	19,237
Regions Financial Corp	377,877		7,353	Amazon.com Inc ^(a)		5,672	11,416
Swedbank AB	257,747		6,001	Facebook Inc ^(a)		23,787	4,180
Toronto-Dominion Bank/The	177,600		10,704	VeriSign Inc ^(a)		57,477	9,117
United Overseas Bank Ltd	394,300		7,771			$	43,950
	$		69,615	Lodging - 1.46%
Beverages - 3.26%				Extended Stay America Inc		190,853	3,851
Coca-Cola HBC AG (a)	202,776		6,943	Las Vegas Sands Corp		103,939	6,800
Diageo PLC	273,608		9,569			$	10,651
Molson Coors Brewing Co	109,685		7,321	Machinery - Construction & Mining - 0.91%
	$		23,833	Hitachi Ltd	1,012,000		6,606
Biotechnology - 2.13%				Oil & Gas - 6.01%
Biogen Inc ^(a)	21,041		7,438	BP PLC	1,488,086		10,597
CSL Ltd	49,705		8,148	Chevron Corp		84,488	10,008
	$		15,586	EOG Resources Inc		89,815	10,619
Commercial Services - 1.36%				Marathon Petroleum Corp		66,401	5,464
Aramark	241,799		9,933	Suncor Energy Inc		175,000	7,204
Computers - 3.00%						$	43,892
Apple Inc	72,394		16,479	Pharmaceuticals - 5.93%
DXC Technology Co	59,516		5,421	AbbVie Inc		76,958	7,386
	$		21,900	Pfizer Inc		328,554	13,642
Distribution & Wholesale - 2.04%				Roche Holding AG		29,880	7,409
KAR Auction Services Inc	124,654		7,815	Teva Pharmaceutical Industries Ltd ADR		331,290	7,590
Mitsubishi Corp	247,300		7,052	Zoetis Inc		80,587	7,301
	$		14,867			$	43,328
Diversified Financial Services - 1.38%				Real Estate - 1.06%
Mastercard Inc	46,672		10,061	Sun Hung Kai Properties Ltd		522,000	7,751
Electric - 4.29%				REITs - 0.59%
American Electric Power Co Inc	121,861		8,741	Prologis Inc		64,540	4,336
Exelon Corp	182,953		7,997	Retail - 4.41%
Hera SpA	742,703		2,330	Alimentation Couche-Tard Inc		209,200	10,016
NextEra Energy Inc	50,524		8,594	Dick's Sporting Goods Inc		196,908	7,372
Power Grid Corp of India Ltd	1,282,961		3,648	Lowe's Cos Inc		55,130	5,995
	$		31,310	Nordstrom Inc		139,785	8,786
Electrical Components & Equipment - 1.28%						$	32,169
AMETEK Inc	121,533		9,353	Software - 5.35%
Engineering & Construction - 1.80%				Dassault Systemes SE		40,780	6,618
ACS Actividades de Construccion y Servicios SA	126,843		5,277	Intuit Inc		44,172	9,694
Vinci SA	82,543		7,887	Microsoft Corp		133,887	15,040
	$		13,164	Ubisoft Entertainment SA (a)		71,361	7,688
Entertainment - 1.00%						$	39,040
GVC Holdings PLC	511,503		7,308	Telecommunications - 2.71%
Environmental Control - 1.69%				Cisco Systems Inc		227,793	10,882
Waste Management Inc	135,594		12,326	Nice Ltd ADR(a)		77,042	8,905
						$	19,787


Schedule of Investments
International Small Company Fund
August 31, 2018



COMMON STOCKS - 98.82%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.43%					Commercial Services (continued)
Stroeer SE & Co KGaA		72,228	$	4,286	Transcontinental Inc		137,000	$	3,337
Aerospace & Defense - 0.72%							$		45,916
CAE Inc		220,000		4,392	Computers - 3.33%
Meggitt PLC		400,591		2,799	Appen Ltd		231,229		2,555
		$		7,191	Bechtle AG		50,815		5,292
Agriculture - 0.17%					Computacenter PLC		129,243		2,272
Genus PLC		47,062		1,740	DTS Corp		131,300		5,381
Airlines - 0.68%					S&T AG (a)		204,320		6,020
Air Canada (a)		185,700		3,816	Softcat PLC		162,202		1,788
Wizz Air Holdings Plc (a),(b)		72,041		2,966	Sopra Steria Group		25,234		4,498
		$		6,782	Teleperformance		28,446		5,469
Apparel - 1.12%							$		33,275
boohoo Group PLC ^(a)	1,939,409			4,471	Distribution & Wholesale - 0.56%
Puma SE		12,311		6,744	Inchcape PLC		619,070		5,561
		$		11,215	Diversified Financial Services - 4.21%
Automobile Manufacturers - 0.77%					Aareal Bank AG		153,312		6,234
NFI Group Inc		196,600		7,727	Anima Holding SpA (b)		233,729		1,086
Automobile Parts & Equipment - 3.86%					Burford Capital Ltd		308,824		7,997
Cie Plastic Omnium SA		146,395		5,805	Euronext NV (b)		92,696		6,099
Daikyonishikawa Corp		161,300		2,002	Mebuki Financial Group Inc	1,542,310			5,466
FCC Co Ltd		189,500		5,876	Mitsubishi UFJ Lease & Finance Co Ltd		699,100		3,931
Georg Fischer AG		6,519		8,533	SBI Holdings Inc/Japan		251,600		6,935
Rheinmetall AG		65,019		7,091	Zenkoku Hosho Co Ltd		106,800		4,328
Toyo Tire & Rubber Co Ltd		276,900		4,540			$		42,076
Toyota Boshoku Corp		272,700		4,768	Electric - 1.02%
		$		38,615	Hera SpA	1,532,829			4,809
Banks - 2.80%					Iren SpA	2,304,594			5,405
77 Bank Ltd/The		219,600		5,116			$		10,214
Israel Discount Bank Ltd	2,041,670			7,135	Electrical Components & Equipment - 0.53%
Mediobanca Banca di Credito Finanziario SpA		387,386		3,607	Signify NV (b)		188,634		5,317
Mizrahi Tefahot Bank Ltd		293,283		5,293	Electronics - 2.14%
Paragon Banking Group PLC		589,445		3,564	CMK Corp		399,500		2,807
Unione di Banche Italiane SpA		892,371		3,289	Eizo Corp		83,100		3,662
		$		28,004	Mycronic AB		268,410		2,793
Beverages - 1.74%					Orbotech Ltd ^(a)		96,605		6,181
Coca-Cola Amatil Ltd		936,473		6,338	SCREEN Holdings Co Ltd		78,700		5,958
Coca-Cola Bottlers Japan Holdings Inc		99,800		2,829			$		21,401
Royal Unibrew A/S		95,812		8,257	Engineering & Construction - 3.16%
		$		17,424	Badger Daylighting Ltd		89,800		1,996
Biotechnology - 0.67%					Downer EDI Ltd	1,092,943			6,080
Abcam PLC		338,382		6,658	KAWADA TECHNOLOGIES Inc		35,900		1,946
Building Materials - 2.45%					Kyowa Exeo Corp		223,900		6,261
Buzzi Unicem SpA		217,794		4,381	Kyudenko Corp		93,400		3,553
Ibstock PLC ^(b)		844,878		2,695	Maeda Corp		379,800		4,530
Nichiha Corp		74,500		2,092	Toda Corp		676,000		4,693
Rhi Magnesita NV		45,757		2,925	Yokogawa Bridge Holdings Corp		125,000		2,504
Rockwool International A/S		14,487		6,295			$		31,563
Xinyi Glass Holdings Ltd	4,858,000			6,073	Entertainment - 1.94%
		$		24,461	GVC Holdings PLC		451,217		6,446
Chemicals - 2.93%					Stars Group Inc/The ^(a)		264,200		7,503
Denka Co Ltd		176,900		6,053	William Hill PLC	1,638,813			5,476
DIC Corp		80,000		2,839			$		19,425
Lintec Corp		94,900		2,593	Food - 2.66%
Showa Denko KK		135,300		6,426	Empire Co Ltd		311,500		5,939
Tokai Carbon Co Ltd		282,200		5,028	J Sainsbury PLC	1,552,930			6,537
Wacker Chemie AG		27,124		3,910	Morinaga Milk Industry Co Ltd		109,200		2,962
Zeon Corp		229,100		2,456	Nichirei Corp		193,000		4,843
		$		29,305	SSP Group Plc		704,470		6,344
Commercial Services - 4.59%							$		26,625
Colliers International Group Inc		49,400		4,029	Food Service - 0.39%
Hays PLC	2,555,811			6,759	Autogrill SpA		369,706		3,885
Kanamoto Co Ltd		158,800		4,941	Forest Products & Paper - 1.30%
Keywords Studios PLC		136,441		3,527	Smurfit Kappa Group PLC		147,278		6,015
Loomis AB		174,015		5,600	Sumitomo Forestry Co Ltd		434,400		7,016
Nishio Rent All Co Ltd		73,100		2,285			$		13,031
Rentokil Initial PLC	1,880,880			7,941	Gas - 0.62%
Sixt SE		34,314		4,408	Rubis SCA		103,994		6,163
Societa Iniziative Autostradali e Servizi SpA		221,600		3,089

Schedule of Investments
International Small Company Fund
August 31, 2018


COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Hand & Machine Tools - 0.36%				Oil & Gas (continued)
Meidensha Corp	1,054,600 $		3,607	Enerplus Corp		619,700	$	7,664
Healthcare - Products - 1.63%				Parex Resources Inc ^(a)		339,167		4,873
Carl Zeiss Meditec AG		82,161	7,273	Premier Oil PLC ^(a)	2,600,199			4,185
Japan Lifeline Co Ltd		144,200	2,761	Tamarack Valley Energy Ltd (a)		602,100		2,238
Paramount Bed Holdings Co Ltd		49,600	2,280	TORC Oil & Gas Ltd		375,700		2,018
Sartorius Stedim Biotech		31,211	3,959	Whitecap Resources Inc		807,219		4,992
		$	16,273			$		41,114
Healthcare - Services - 2.24%				Packaging & Containers - 1.46%
ICON PLC ^(a)		33,679	5,019	DS Smith PLC	1,086,826			6,975
NMC Health PLC		97,499	4,971	Metsa Board OYJ		384,269		3,872
Orpea		58,379	7,909	RPC Group PLC		408,511		3,784
UDG Healthcare PLC		470,005	4,495			$		14,631
		$	22,394	Pharmaceuticals - 3.22%
Holding Companies - Diversified - 1.23%				Amplifon SpA		394,677		8,501
Melco International Development Ltd	1,775,000		4,730	Clinigen Group Plc		272,806		3,534
Seven Group Holdings Ltd		502,897	7,555	Dechra Pharmaceuticals PLC		100,108		4,059
		$	12,285	Nippon Shinyaku Co Ltd		73,300		4,307
Home Builders - 1.76%				Sawai Pharmaceutical Co Ltd		149,000		7,956
Bellway PLC		150,919	5,718	Tsumura & Co		113,300		3,870
Haseko Corp		553,300	7,168			$		32,227
Redrow PLC		662,166	4,704	Private Equity - 1.26%
		$	17,590	Intermediate Capital Group PLC		593,791		8,095
Home Furnishings - 0.47%				Jafco Co Ltd		121,500		4,525
Maxell Holdings Ltd		293,800	4,737			$		12,620
Insurance - 2.16%				Real Estate - 5.38%
ASR Nederland NV		234,121	11,193	ADO Properties SA (b)		65,883		4,233
Beazley PLC		644,412	4,979	CA Immobilien Anlagen AG		102,127		3,750
Direct Line Insurance Group PLC	1,271,883		5,464	Castellum AB		470,742		8,515
		$	21,636	Entra ASA (b)		182,131		2,641
Internet - 1.95%				Hemfosa Fastigheter AB		431,835		5,875
Rightmove PLC	1,147,710		7,335	Hysan Development Co Ltd		961,000		4,931
Scout24 AG (b)		109,549	5,666	LEG Immobilien AG		69,211		8,445
Wix.com Ltd (a)		58,027	6,447	Nexity SA		71,042		4,342
		$	19,448	Open House Co Ltd		105,100		6,144
				UOL Group Ltd		985,700		4,962
Machinery - Diversified - 3.43%						$		53,838
Bucher Industries AG		16,690	5,848
Deutz AG		514,097	4,495	REITs - 6.43%
Ebara Corp		131,700	4,501	Allied Properties Real Estate Investment Trust		109,259		3,650
Juki Corp		236,900	2,783	Canadian Apartment Properties REIT		171,800		6,103
Makino Milling Machine Co Ltd		711,000	6,562	Covivio		62,967		6,586
Sumitomo Heavy Industries Ltd		178,000	5,792	Dream Global Real Estate Investment Trust		288,100		3,232
Toromont Industries Ltd		86,004	4,299	GPT Group/The	1,648,738			6,133
		$	34,280	H&R Real Estate Investment Trust		256,000		3,984
				ICADE		52,126		5,085
Metal Fabrication & Hardware - 0.49%				Inmobiliaria Colonial Socimi SA		399,861		4,325
Aurubis AG		66,706	4,905	Kenedix Office Investment Corp		889		5,520
Mining - 2.42%				Mapletree Commercial Trust	5,132,658			6,095
Alumina Ltd	2,031,029		4,203	Mapletree North Asia Commercial Trust	4,479,800			3,786
Detour Gold Corp ^(a)		404,390	3,303	MCUBS MidCity Investment Corp		4,923		3,729
KAZ Minerals PLC (a)		304,747	1,852	Merlin Properties Socimi SA		438,730		6,118
Kirkland Lake Gold Ltd		341,301	6,379			$		64,346
Northern Star Resources Ltd ^(c)		959,061	4,746	Retail - 4.60%
OceanaGold Corp	1,260,473		3,729	B&M European Value Retail SA	1,410,433			7,557
		$	24,212	Citizen Watch Co Ltd		849,500		5,822
Miscellaneous Manufacturers - 2.20%				Conviviality PLC ^(c),(d)		473,408		—
Aalberts Industries NV		169,147	7,262	JD Sports Fashion PLC	1,086,041			7,164
Hill & Smith Holdings PLC		98,518	1,359	K's Holdings Corp		560,200		6,781
Senior PLC		423,949	1,752	Matsumotokiyoshi Holdings Co Ltd		155,400		5,871
Trelleborg AB		323,893	6,330	Sogo Medical Co Ltd		65,000		1,335
Vesuvius PLC		653,211	5,262	Sushiro Global Holdings Ltd ^(a)		67,500		3,837
		$	21,965	Tsuruha Holdings Inc		27,400		3,127
Office & Business Equipment - 0.51%				Valora Holding AG (a)		15,434		4,475
Konica Minolta Inc		503,400	5,119			$		45,969
Oil & Gas - 4.11%				Semiconductors - 1.44%
Aker BP ASA		41,442	1,467	IQE PLC (a)	2,922,231			3,691
Cairn Energy PLC ^(a)	1,235,455		3,836	Siltronic AG		30,025		4,353
Cosmo Energy Holdings Co Ltd		122,600	4,517	Tower Semiconductor Ltd (a)		125,090		2,727
DCC PLC		58,976	5,324


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2018



COMMON STOCKS - 82.54%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.08%				Banks (continued)
Dentsu Inc	300	$	14	UBS Group AG (b)	179,970	$	2,809
Hakuhodo DY Holdings Inc	2,200		37	US Bancorp ^(a)	2,386		129
Interpublic Group of Cos Inc/The ^(a)	9,102		212	Wells Fargo & Co	6,721		393
Omnicom Group Inc	475		33	Western Alliance Bancorp (b)	1,308		75
	$		296	Yamaguchi Financial Group Inc	1,500		17
Aerospace & Defense - 3.89%					$		20,286
Airbus SE	39,154		4,833	Beverages - 1.62%
Arconic Inc	1,020		23	Carlsberg A/S	2,022		247
Boeing Co/The	4,882		1,673	Coca-Cola Bottlers Japan Holdings Inc	800		23
General Dynamics Corp ^(a)	17,140		3,315	Coca-Cola Co/The (a)	49,651		2,213
Harris Corp	2,547		414	Constellation Brands Inc ^(a)	7,113		1,481
Lockheed Martin Corp	601		193	Molson Coors Brewing Co ^(a)	4,755		317
MTU Aero Engines AG	5,020		1,103	PepsiCo Inc ^(a)	11,398		1,277
Raytheon Co	602		120		$		5,558
TransDigm Group Inc ^(b)	111		39	Biotechnology - 1.07%
United Technologies Corp	11,759		1,549	Amgen Inc ^(a)	7,388		1,476
	$		13,262	Biogen Inc ^(a),(b)	2,006		709
Agriculture - 1.28%				Celgene Corp ^(a),(b)	7,532		711
Altria Group Inc	25,164		1,472	Gilead Sciences Inc	3,726		282
Archer-Daniels-Midland Co (a)	12,359		623	H Lundbeck A/S	8,303		489
Philip Morris International Inc ^(a)	29,076		2,265		$		3,667
	$		4,360	Building Materials - 0.04%
Airlines - 0.37%				Rockwool International A/S	76		33
American Airlines Group Inc	664		27	Taiheiyo Cement Corp	3,800		115
ANA Holdings Inc	6,600		228		$		148
Japan Airlines Co Ltd (a)	27,300		984	Chemicals - 3.69%
	$		1,239	Asahi Kasei Corp	5,900		86
Apparel - 0.65%				Brenntag AG	7,055		425
Adidas AG	3,977		992	CF Industries Holdings Inc ^(a)	5,144		267
Michael Kors Holdings Ltd (b)	2,720		198	Daicel Corp	10,000		113
Moncler SpA (a)	16,733		757	DowDuPont Inc ^(a)	2,626		184
NIKE Inc	3,384		278	FMC Corp ^(a)	2,967		254
	$		2,225	Hitachi Chemical Co Ltd	500		10
Automobile Manufacturers - 0.02%				JSR Corp	900		17
Fiat Chrysler Automobiles NV (b)	3,444		58	Koninklijke DSM NV	10,376		1,090
Hino Motors Ltd	1,500		16	Kuraray Co Ltd	1,700		25
	$		74	LyondellBasell Industries NV (a)	10,409		1,174
Automobile Parts & Equipment - 0.69%				Mitsubishi Gas Chemical Co Inc	14,300		297
Aisin Seiki Co Ltd	1,300		60	Mitsui Chemicals Inc	5,700		147
BorgWarner Inc	442		19	Nippon Shokubai Co Ltd	400		29
JTEKT Corp	4,000		56	Nitto Denko Corp	500		39
NHK Spring Co Ltd	21,700		229	PPG Industries Inc	7,054		780
NOK Corp	3,800		73	Praxair Inc ^(a)	6,315		999
Rheinmetall AG	14,678		1,601	Sherwin-Williams Co/The	13,911		6,337
Stanley Electric Co Ltd	2,700		93	Tosoh Corp (a)	22,100		347
Toyota Boshoku Corp	11,800		206		$		12,620
	$		2,337	Commercial Services - 1.28%
Banks - 5.96%				Automatic Data Processing Inc ^(a)	10,096		1,482
ABN AMRO Group NV (c)	75,957		2,057	Cintas Corp ^(a)	229		49
Bank of America Corp (a)	99,333		3,073	FleetCor Technologies Inc ^(b)	186		40
Capital One Financial Corp	592		59	H&R Block Inc	443		12
Comerica Inc	361		35	Moody's Corp ^(a)	4,536		808
DNB ASA	99,373		2,020	Persol Holdings Co Ltd	9,500		212
Gunma Bank Ltd/The	11,200		57	Robert Half International Inc ^(a)	2,698		211
Hachijuni Bank Ltd/The	4,500		20	S&P Global Inc ^(a)	5,825		1,206
Hiroshima Bank Ltd/The	3,200		22	United Rentals Inc ^(a),(b)	1,826		285
Huntington Bancshares Inc/OH	2,334		38	Verisk Analytics Inc ^(b)	360		43
JPMorgan Chase & Co (a)	40,546		4,646		$		4,348
Jyske Bank A/S	985		50	Computers - 4.08%
M&T Bank Corp	305		54	Accenture PLC - Class A (a)	13,354		2,258
Morgan Stanley	2,879		141	Apple Inc ^(a)	19,765		4,499
Nordea Bank AB	206,239		2,229	Check Point Software Technologies Ltd (b)	8,193		952
PNC Financial Services Group Inc/The	982		141	Cognizant Technology Solutions Corp	1,226		96
Regions Financial Corp ^(a)	66,350		1,291	DXC Technology Co (a)	6,782		618
Skandinaviska Enskilda Banken AB	70,657		754	Fujitsu Ltd	11,000		80
State Street Corp	773		67	Hewlett Packard Enterprise Co	3,133		52
SunTrust Banks Inc	983		72	HP Inc ^(a)	43,738		1,078
SVB Financial Group (b)	113		37	International Business Machines Corp ^(a)	13,032		1,909


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2018



COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Computers (continued)				Electric (continued)
Itochu Techno-Solutions Corp	16,200	$	358	Enel SpA (a)	52,780	$	261
NetApp Inc ^(a)	6,304		547	Evergy Inc	40		2
Nomura Research Institute Ltd	1,500		75	Exelon Corp	2,041		89
Obic Co Ltd	500		47	FirstEnergy Corp ^(a)	11,187		418
Otsuka Corp	7,600		275	Hera SpA (a)	70,992		223
Perspecta Inc	25,523		594	NRG Energy Inc ^(a)	7,524		266
SCSK Corp	900		43	Orsted A/S (c)	2,254		143
Seagate Technology PLC (a)	6,770		362	PPL Corp ^(a)	15,404		458
Western Digital Corp	632		40	RWE AG	61,579		1,562
	$		13,883	Southern Co/The (a)	22,291		976
Consumer Products - 0.41%				Terna Rete Elettrica Nazionale SpA	5,935		31
Avery Dennison Corp (a)	2,093		220	Tohoku Electric Power Co Inc	3,300		41
Church & Dwight Co Inc ^(a)	5,691		322	Tokyo Electric Power Co Holdings Inc ^(b)	37,700		174
Clorox Co/The (a)	1,305		189	WEC Energy Group Inc ^(a)	6,953		470
Kimberly-Clark Corp (a)	5,878		679		$		8,378
	$		1,410	Electrical Components & Equipment - 0.37%
Cosmetics & Personal Care - 1.21%				AMETEK Inc	1,432		110
Beiersdorf AG	3,924		457	Brother Industries Ltd	4,600		94
Colgate-Palmolive Co	18,910		1,256	Emerson Electric Co ^(a)	13,513		1,037
Estee Lauder Cos Inc/The	791		111		$		1,241
Kose Corp	600		110	Electronics - 0.98%
Lion Corp	7,400		156	Amphenol Corp	673		64
Pigeon Corp	800		39	FLIR Systems Inc ^(a)	3,042		191
Pola Orbis Holdings Inc	10,000		352	Fortive Corp	770		65
Procter & Gamble Co/The (a)	19,790		1,641	Garmin Ltd ^(a)	4,260		290
Shiseido Co Ltd	200		14	Honeywell International Inc	11,606		1,846
	$		4,136	Hoya Corp	1,000		58
Distribution & Wholesale - 0.48%				Ibiden Co Ltd	1,500		22
Canon Marketing Japan Inc	2,200		47	Omron Corp	1,600		72
ITOCHU Corp	9,400		164	TE Connectivity Ltd (a)	7,677		704
Marubeni Corp	46,000		377		$		3,312
Mitsubishi Corp	8,000		228	Engineering & Construction - 0.61%
Mitsui & Co Ltd	9,300		155	Fluor Corp	297		17
Sojitz Corp	29,500		103	Jacobs Engineering Group Inc ^(a)	3,125		227
Sumitomo Corp	3,900		63	Kajima Corp (a)	64,000		460
Toyota Tsusho Corp	1,100		38	Obayashi Corp	47,400		444
WW Grainger Inc ^(a)	1,238		438	Shimizu Corp	18,700		163
	$		1,613	Taisei Corp (a)	16,400		733
Diversified Financial Services - 2.80%					$		2,044
Affiliated Managers Group Inc ^(a)	17,368		2,537	Entertainment - 0.20%
Alliance Data Systems Corp (a)	1,215		290	Genting Singapore Ltd	160,300		125
American Express Co	1,961		208	Oriental Land Co Ltd/Japan	1,200		129
BlackRock Inc ^(a)	3,826		1,833	Sankyo Co Ltd	300		11
BrightSphere Investment Group PLC	31,024		394	Sega Sammy Holdings Inc	23,800		384
Cboe Global Markets Inc	236		24	Toho Co Ltd/Tokyo	900		28
Charles Schwab Corp/The	2,855		145		$		677
CME Group Inc	717		125	Environmental Control - 0.45%
Discover Financial Services	726		57	Pentair PLC ^(a)	3,865		168
E*TRADE Financial Corp (a),(b)	4,141		244	Republic Services Inc ^(a)	7,511		551
Franklin Resources Inc ^(a)	13,121		416	Waste Management Inc ^(a)	8,981		817
Intercontinental Exchange Inc	1,213		92		$		1,536
Invesco Ltd ^(a)	9,667		233	Food - 0.94%
Mastercard Inc ^(a)	3,011		649	Conagra Brands Inc ^(a)	8,693		319
Mebuki Financial Group Inc	18,100		64	Ezaki Glico Co Ltd	300		15
Nasdaq Inc ^(a)	3,952		377	Hershey Co/The	442		44
ORIX Corp	4,000		64	Kellogg Co (a)	1,529		110
Raymond James Financial Inc	308		29	Kraft Heinz Co/The	15,208		886
T Rowe Price Group Inc ^(a)	5,822		675	Kroger Co/The (a)	17,491		551
Visa Inc	7,270		1,068	MEIJI Holdings Co Ltd	500		33
	$		9,524	Mondelez International Inc	3,099		132
Electric - 2.47%				NH Foods Ltd	1,700		62
A2A SpA (a)	291,241		501	Sysco Corp ^(a)	11,978		896
AES Corp/VA	1,399		19	Toyo Suisan Kaisha Ltd	3,900		144
American Electric Power Co Inc	1,041		75	Tyson Foods Inc	773		49
Chubu Electric Power Co Inc	3,400		49		$		3,241
CMS Energy Corp	6,086		300	Food Service - 0.06%
Dominion Energy Inc	1,382		98	Autogrill SpA (a)	17,890		188
DTE Energy Co	384		43
E.ON SE	204,139		2,179


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2018



COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Forest Products & Paper - 0.16%				Insurance (continued)
International Paper Co ^(a)	9,808	$	501	XL Group Ltd ^(a)	3,415	$	196
Oji Holdings Corp	5,000		34		$		10,590
	$		535	Internet - 1.66%
Gas - 0.08%				Alphabet Inc - A Shares (a),(b)	651		802
Italgas SpA	2,280		12	Amazon.com Inc ^(b)	587		1,182
Osaka Gas Co Ltd	4,100		76	Booking Holdings Inc ^(a),(b)	1,159		2,262
Snam SpA	12,668		52	CyberAgent Inc	1,800		102
Tokyo Gas Co Ltd	6,500		154	eBay Inc ^(b)	10,148		351
	$		294	F5 Networks Inc ^(a),(b)	1,406		266
Hand & Machine Tools - 0.56%				Imperva Inc ^(b)	10,537		497
Fuji Electric Co Ltd	13,000		105	Start Today Co Ltd (a)	3,700		127
Sandvik AB	89,578		1,568	VeriSign Inc ^(a),(b)	288		46
Snap-on Inc ^(a)	1,346		238		$		5,635
	$		1,911	Investment Companies - 0.26%
Healthcare - Products - 5.26%				Investor AB	19,932		900
Abbott Laboratories	62,846		4,201	Iron & Steel - 0.10%
Asahi Intecc Co Ltd	400		15	JFE Holdings Inc ^(a)	14,700		321
Becton Dickinson and Co	19,766		5,176	Nucor Corp	673		42
Boston Scientific Corp (a),(b)	84,284		2,997		$		363
Coloplast A/S	1,309		140	Leisure Products & Services - 0.04%
Danaher Corp	1,479		153	Harley-Davidson Inc ^(a)	3,670		156
DiaSorin SpA (a)	1,538		168	Lodging - 0.14%
GN Store Nord A/S	17,521		911	Hilton Worldwide Holdings Inc ^(a)	4,834		375
Koninklijke Philips NV	63,662		2,845	Marriott International Inc/MD	747		94
Medtronic PLC ^(a)	10,730		1,034		$		469
ResMed Inc	671		75	Machinery - Construction & Mining - 1.25%
Shimadzu Corp	3,100		92	ABB Ltd	79,498		1,872
Stryker Corp	790		134	Caterpillar Inc ^(a)	7,816		1,085
William Demant Holding A/S (b)	289		12	Epiroc AB (b)	87,503		909
	$		17,953	Hitachi Ltd ^(a)	55,000		359
Healthcare - Services - 3.12%					$		4,225
Aetna Inc ^(a)	7,528		1,508	Machinery - Diversified - 0.47%
Anthem Inc ^(a)	5,409		1,432	Amada Holdings Co Ltd	12,600		135
Centene Corp ^(a),(b)	4,522		662	Deere & Co	683		98
Cigna Corp ^(a)	5,769		1,086	Hexagon AB	12,538		744
DaVita Inc ^(b)	361		25	Rockwell Automation Inc ^(a)	2,100		380
Envision Healthcare Corp ^(a),(b)	2,793		127	Roper Technologies Inc	219		65
HCA Healthcare Inc ^(a)	5,609		752	Sumitomo Heavy Industries Ltd	3,800		124
Humana Inc	2,797		932	THK Co Ltd	1,600		43
Laboratory Corp of America Holdings (a),(b)	2,354		407		$		1,589
Quest Diagnostics Inc	287		32
UnitedHealth Group Inc ^(a)	6,496		1,744	Media - 1.77%
Universal Health Services Inc ^(a)	14,691		1,912	CBS Corp	3,422		181
	$		10,619	Comcast Corp - Class A (a)	10,378		384
				DISH Network Corp ^(a),(b)	10,552		373
Home Builders - 0.66%				News Corp - A Shares (a)	12,767		167
DR Horton Inc ^(a)	36,711		1,634	Tokyo Broadcasting System Holdings Inc	5,600		118
Haseko Corp ^(a)	39,000		505	Twenty-First Century Fox Inc - A Shares (a)	40,820		1,853
Lennar Corp - A Shares	696		36	Viacom Inc - B Shares	853		25
Sekisui Chemical Co Ltd	5,200		90	Walt Disney Co/The	11,254		1,261
	$		2,265	World Wrestling Entertainment Inc ^(a)	19,263		1,684
Home Furnishings - 0.05%					$		6,046
Hoshizaki Corp	200		19	Metal Fabrication & Hardware - 0.01%
Whirlpool Corp (a)	1,433		179	Maruichi Steel Tube Ltd	500		15
	$		198	MISUMI Group Inc	700		18
Insurance - 3.13%					$		33
Aflac Inc	1,627		75	Mining - 0.15%
Allianz SE	13,033		2,778	Freeport-McMoRan Inc ^(a)	35,180		494
Arthur J Gallagher & Co (a)	4,200		303
Berkshire Hathaway Inc - Class B ^(a),(b)	27,715		5,785	Miscellaneous Manufacturers - 2.07%
Lincoln National Corp	108		7	3M Co	4,834		1,019
Loews Corp ^(a)	4,639		233	Alfa Laval AB	39,428		1,057
Marsh & McLennan Cos Inc	1,070		91	AO Smith Corp	40		2
Progressive Corp/The (a)	12,519		845	Dover Corp ^(a)	3,255		279
Prudential Financial Inc	882		87	Eaton Corp PLC	915		76
Torchmark Corp	1,125		99	General Electric Co	18,372		238
Travelers Cos Inc/The	566		74	Illinois Tool Works Inc ^(a)	5,800		805
Unum Group	462		17	Nikon Corp	6,200		119
				Parker-Hannifin Corp (a)	3,005		528
				Siemens AG	22,116		2,871


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2018



COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Miscellaneous Manufacturers (continued)				REITs - 0.30%
Textron Inc ^(a)	565	$	39	Alexandria Real Estate Equities Inc	219	$	28
	$		7,033	AvalonBay Communities Inc	292		54
Office & Business Equipment - 0.05%				Equity Residential ^(a)	802		54
Xerox Corp ^(a)	5,621		157	Extra Space Storage Inc	266		25
Oil & Gas - 5.20%				Host Hotels & Resorts Inc	1,403		30
Andeavor	2,603		398	Mid-America Apartment Communities Inc	241		25
BP PLC ADR	8,850		379	Public Storage	367		78
Chevron Corp	20,035		2,373	Realty Income Corp	613		36
ConocoPhillips ^(a)	29,535		2,169	UDR Inc	565		23
Devon Energy Corp ^(a)	10,334		444	Ventas Inc ^(a)	772		46
Eni SpA (a)	44,859		832	Welltower Inc ^(a)	806		54
Exxon Mobil Corp ^(a)	35,920		2,880	Weyerhaeuser Co (a)	14,671		509
Hess Corp ^(a)	7,485		504		$		962
HollyFrontier Corp ^(a)	3,886		290	Retail - 4.85%
Idemitsu Kosan Co Ltd	14,700		742	Advance Auto Parts Inc ^(a)	1,748		287
Inpex Corp	55,600		608	AutoZone Inc ^(b)	410		314
JXTG Holdings Inc ^(a)	164,500		1,158	Best Buy Co Inc	1,256		100
Marathon Oil Corp ^(a)	19,851		427	BJ's Wholesale Club Holdings Inc ^(b)	20,008		590
Marathon Petroleum Corp ^(a)	8,606		708	CarMax Inc ^(a),(b)	13,719		1,071
Occidental Petroleum Corp	2,504		200	Citizen Watch Co Ltd	9,900		68
PBF Energy Inc ^(a)	20,136		1,045	Copart Inc ^(b)	518		33
Phillips 66 (a)	11,924		1,413	Cosmos Pharmaceutical Corp	200		42
Pioneer Natural Resources Co	4,662		814	Costco Wholesale Corp	927		216
Royal Dutch Shell PLC ADR	5,656		369	Darden Restaurants Inc ^(a)	2,722		316
	$		17,753	Dollar General Corp	2,192		236
Oil & Gas Services - 0.44%				Foot Locker Inc	1,938		96
Schlumberger Ltd	10,683		675	Genuine Parts Co ^(a)	3,234		323
TechnipFMC PLC ^(a)	26,937		825	Home Depot Inc/The ^(a)	12,911		2,592
	$		1,500	Izumi Co Ltd	500		30
Packaging & Containers - 0.38%				Kohl's Corp (a)	3,964		314
Gerresheimer AG	11,076		926	Lowe's Cos Inc ^(a)	17,430		1,896
Packaging Corp of America	200		22	Macy's Inc ^(a)	695		25
Sealed Air Corp (a)	644		26	Matsumotokiyoshi Holdings Co Ltd	9,100		344
WestRock Co ^(a)	5,621		309	McDonald's Corp ^(a)	16,514		2,679
	$		1,283	McDonald's Holdings Co Japan Ltd	200		9
				O'Reilly Automotive Inc ^(b)	171		57
Pharmaceuticals - 3.51%				Ross Stores Inc	4,214		404
AbbVie Inc	13,991		1,343	Ryohin Keikaku Co Ltd	300		89
Alfresa Holdings Corp	15,200		381	Shimamura Co Ltd	700		65
AmerisourceBergen Corp	1,937		174	Starbucks Corp ^(a)	2,293		123
Astellas Pharma Inc ^(a)	46,500		788	Sugi Holdings Co Ltd	1,300		64
Bristol-Myers Squibb Co	3,449		209	Sundrug Co Ltd	800		29
Cardinal Health Inc ^(a)	7,169		374	Tapestry Inc	771		39
CVS Health Corp (a)	9,217		693	Target Corp (a)	1,883		165
Daiichi Sankyo Co Ltd	3,300		129	Tiffany & Co (a)	738		91
Eisai Co Ltd	1,500		136	TJX Cos Inc/The ^(a)	3,610		397
Eli Lilly & Co	2,270		240	Ulta Beauty Inc ^(b)	127		33
Express Scripts Holding Co ^(a),(b)	2,874		253	Walgreens Boots Alliance Inc	12,596		864
Johnson & Johnson	12,844		1,730	Walmart Inc	24,829		2,380
Kobayashi Pharmaceutical Co Ltd	1,000		72	Welcia Holdings Co Ltd	900		42
McKesson Corp	3,441		443	Yum! Brands Inc	697		61
Medipal Holdings Corp	9,600		194		$		16,484
Merck & Co Inc ^(a)	8,123		557
Mitsubishi Tanabe Pharma Corp (a)	9,400		157	Savings & Loans - 0.00%
Nektar Therapeutics (a),(b)	3,800		253	People's United Financial Inc	722		13
Nippon Shinyaku Co Ltd	3,000		176	Semiconductors - 3.15%
Novo Nordisk A/S	11,253		554	Analog Devices Inc ^(a)	14,662		1,450
Ono Pharmaceutical Co Ltd	1,400		37	ASML Holding NV	3,577		731
Pfizer Inc ^(a)	12,392		514	Infineon Technologies AG	29,265		744
Roche Holding AG	9,036		2,240	Intel Corp ^(a)	28,142		1,363
Shionogi & Co Ltd	1,200		70	KLA-Tencor Corp	3,355		390
Sumitomo Dainippon Pharma Co Ltd ^(a)	4,400		94	Lam Research Corp ^(a)	3,675		636
Suzuken Co Ltd/Aichi Japan	1,800		82	Micron Technology Inc ^(a),(b)	30,734		1,614
Taisho Pharmaceutical Holdings Co Ltd	200		22	QUALCOMM Inc ^(a)	3,183		219
Zoetis Inc	1,019		92	STMicroelectronics NV (a)	73,550		1,518
	$		12,007	Texas Instruments Inc ^(a)	18,991		2,135
					$		10,800


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2018



COMMON STOCKS (continued)		Shares Held Value (000’s)				(a)	Security or a portion of the security was pledged as collateral for short sales.
Software - 3.13%							At the end of the period, the value of these securities totaled $110,337 or
Adobe Systems Inc ^(b)		708	$	187			32.40% of net assets.
Akamai Technologies Inc ^(b)		356		27		(b)	Non-income producing security
Broadridge Financial Solutions Inc ^(a)		2,563		346		(c)	Security exempt from registration under Rule 144A of the Securities Act of
CA Inc ^(a)		9,311		408			1933. These securities may be resold in transactions exempt from registration,
Citrix Systems Inc ^(a),(b)		3,135		357			normally to qualified institutional buyers. At the end of the period, the value of
Fiserv Inc ^(b)		858		69			these securities totaled $2,200 or 1.05% of net assets.
GungHo Online Entertainment Inc		40,700		87		(d)	Affiliated Security. Security is either an affiliate (and registered under the
Intuit Inc ^(a)		5,874		1,289			Investment Company Act of 1940) or an affiliate as defined by the Investment
Microsoft Corp		16,228		1,823			Company Act of 1940 (the Fund controls 5.0% or more of the outstanding
Mixi Inc		1,100		27			voting shares of the security). Please see affiliated sub-schedule for
MSCI Inc ^(a)		540		97			transactional information.
Nexon Co Ltd ^(b)		14,600		183		(e)	Current yield shown is as of period end.
Oracle Corp ^(a)		27,375		1,330		(f)	Security or a portion of the security was pledged to cover margin requirements
Oracle Corp Japan		3,000		251			for swap and/or swaption contracts. At the end of the period, the value of these
Paychex Inc ^(a)		8,534		625			securities totaled $14,257 or 4.19% of net assets.
SAP SE		24,755		2,972		(g)	Rate shown is the discount rate of the original purchase.
Square Enix Holdings Co Ltd		13,500		615
		$		10,693			Portfolio Summary (unaudited)
Telecommunications - 1.78%						Sector		Percent
CenturyLink Inc ^(a)		23,182		495		Investment Companies		22.22	%
Cisco Systems Inc		43,926		2,098		Consumer, Non-cyclical		19.72	%
Hikari Tsushin Inc		500		95		Industrial		14.03	%
Motorola Solutions Inc ^(a)		2,414		310		Financial		12.45	%
Nippon Telegraph & Telephone Corp (a)		13,200		587		Technology		10.41	%
VEON Ltd ADR		95,319		277		Consumer, Cyclical		8.76	%
Verizon Communications Inc ^(a)		39,791		2,164		Energy		5.65	%
		$		6,026		Communications		5.29	%
Textiles - 0.01%						Basic Materials		4.10	%
Mohawk Industries Inc ^(b)		157		30		Government		3.51	%
Toys, Games & Hobbies - 0.15%						Utilities		2.55	%
Bandai Namco Holdings Inc ^(a)		12,800		496		Investments Sold Short		(38.86	)%
Transportation - 2.95%						Other Assets and Liabilities		30.17	%
CH Robinson Worldwide Inc		293		28		TOTAL NET ASSETS		100.00	%
CSX Corp ^(a)		22,147		1,643
DSV A/S		2,045		192
Expeditors International of Washington Inc ^(a)		4,189		307
FedEx Corp ^(a)		13,977		3,409
Kamigumi Co Ltd		13,000		264
Kansas City Southern (a)		8,644		1,002
Kyushu Railway Co		4,600		138
Nippon Express Co Ltd ^(a)		3,000		188
Norfolk Southern Corp		1,784		310
Old Dominion Freight Line Inc ^(a)		9,870		1,504
SG Holdings Co Ltd		500		12
Union Pacific Corp		3,128		471
United Parcel Service Inc ^(a)		4,041		497
West Japan Railway Co		500		34
		$		9,999
TOTAL COMMON STOCKS		$		281,114
INVESTMENT COMPANIES - 22.25%		Shares Held Value (000's)
Money Market Funds - 22.25%
Principal Government Money Market Fund		75,765,021		75,765
1.84%(d),(e),(f)
TOTAL INVESTMENT COMPANIES		$		75,765
PREFERRED STOCKS - 0.39%		Shares Held Value (000's)
Automobile Manufacturers - 0.39%
Volkswagen AG 3.96%		8,032	$	1,313
TOTAL PREFERRED STOCKS		$		1,313
U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS - 3.51%	Amount (000's) Value (000's)
U.S. Treasury Bill - 3.51%
1.99%, 10/25/2018(g)	$	12,000	$	11,967
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS		$		11,967
Total Investments		$		370,159
Other Assets and Liabilities - (8.69)%		$		(29,584	)
TOTAL NET ASSETS - 100.00%		$		340,575


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2018


Affiliated Securities	August 31, 2017					Purchases			Sales				August 31, 2018
		Value				Cost			Proceeds				Value
Principal Government Money Market Fund 1.84%$			— $				294,869			$	219,104	$			75,765
	$		— $				294,869			$	219,104	$			75,765


			Realized Gain/Loss						Realized Gain from				Change in Unrealized
	Income				on Investments				Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 1.84%$		855		$		— $					— $				—
	$	855		$		— $					— $				—
Amounts in thousands


Futures Contracts

Description and Expiration Date			Type		Contracts		Notional Amount				Value and Unrealized Appreciation/(Depreciation)
AEX Index; September 2018			Short			17		$	2,203		$				11
AEX Index; September 2018			Long			5			648						(4	)
CAC40 Index; September 2018			Long			26			1,631						(5	)
CAC40 Index; September 2018			Short			102			6,400						20
DAX Index; September 2018			Short			15			5,375						104
DAX Index; September 2018			Long			3			1,075						(41	)
DJ Euro Stoxx 50; September 2018			Short			490			19,276						437
FTSE/MIB Index; September 2018			Long			1			118						(11	)
FTSE100 Index; September 2018			Long			22			2,117						(66	)
FTSE100 Index; September 2018			Short			39			3,754						92
IBEX 35 Index; September 2018			Long			3			327						(5	)
Japan Topix Index; September 2018			Long			20			3,120						(71	)
MSCI Singapore Index; September 2018			Short			2			53						1
OMXS30 Index; September 2018			Long			27			489						13
OMXS30 Index; September 2018			Short			131			2,374						(70	)
S&P 500 Emini; September 2018			Long			157			22,782						931
S&P/TSX 60 Index; September 2018			Long			8			1,183						12
SPI 200 Index; September 2018			Long			9			1,020						39
Total											$				1,387

Amounts in thousands except contracts.


Foreign Currency Contracts

											Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept						Currency to Deliver				Asset		Liability
Citigroup Inc	09/19/2018		$			263		AUD			359	$	5	$	—
Citigroup Inc	09/19/2018	AUD				617	$				468		—		(24	)
Citigroup Inc	09/19/2018		$			345		GBP			267		—		(2	)
Citigroup Inc	09/19/2018	GBP				907	$				1,218		—		(42	)
Citigroup Inc	09/19/2018		$			312		GBP			238		3		—
Citigroup Inc	09/19/2018	CAD				818	$				633		—		(6	)
Citigroup Inc	09/19/2018		$			248		CAD			321		2		—
Citigroup Inc	09/19/2018		$			112		CAD			147		—		—
Citigroup Inc	09/19/2018	DKK				2,471	$				384		1		—
Citigroup Inc	09/19/2018		$			141		DKK			905		—		—
Citigroup Inc	09/19/2018	DKK				454	$				71		—		—
Citigroup Inc	09/19/2018		$			318		DKK			2,020		3		—
Citigroup Inc	09/19/2018		$			1,302		EUR			1,112		10		—
Citigroup Inc	09/19/2018		$			335		EUR			290		—		(1	)
Citigroup Inc	09/19/2018	EUR				67	$				76		1		—
Citigroup Inc	09/19/2018	EUR				2,072	$				2,441		—		(33	)
Citigroup Inc	09/19/2018	HKD				2,036	$				260		—		(1	)
Citigroup Inc	09/19/2018		$			259		HKD			2,036		—		—
Citigroup Inc	09/19/2018	JPY				205,095	$				1,880		—		(32	)
Citigroup Inc	09/19/2018	JPY				33,983	$				305		1		—
Citigroup Inc	09/19/2018		$			1,089		JPY			121,107		—		(2	)
Citigroup Inc	09/19/2018		$			690		JPY			75,975		6		—
Citigroup Inc	09/19/2018	NZD				21	$				15		—		(1	)
Citigroup Inc	09/19/2018		$			11		NZD			17		—		—
Citigroup Inc	09/19/2018	NOK				416	$				52		—		(2	)
Citigroup Inc	09/19/2018		$			44		NOK			369		—		—
Citigroup Inc	09/19/2018	SGD				211	$				157		—		(3	)
Citigroup Inc	09/19/2018		$			155		SGD			211		1		—
Citigroup Inc	09/19/2018		$			13		SEK			116		—		—
Citigroup Inc	09/19/2018	SEK				1,632	$				188		—		(9	)
Citigroup Inc	09/19/2018		$			91		SEK			819		1		—
Citigroup Inc	09/19/2018	CHF				553	$				565		7		—


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2018


Foreign Currency Contracts (continued)

							Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept		Currency to Deliver				Asset	Liability
Citigroup Inc	09/19/2018	$	278		CHF		272	$	— $	(3	)
Citigroup Inc	09/19/2018	$	41		CHF		40		—	—
Citigroup Inc	09/20/2018	ILS	4	$			1		—	—
Citigroup Inc	09/20/2018	ILS	126	$			36		—	(1	)
Citigroup Inc	09/20/2018	$	27		ILS		96		—	—
Citigroup Inc	09/20/2018	$	1		ILS		5		—	—
Citigroup Inc	12/19/2018	AUD	301	$			220		—	(4	)
Citigroup Inc	12/19/2018	GBP	134	$			175		—	(1	)
Citigroup Inc	12/19/2018	GBP	267	$			346		2	—
Citigroup Inc	12/19/2018	CAD	117	$			90		—	—
Citigroup Inc	12/19/2018	CAD	292	$			225		—	(1	)
Citigroup Inc	12/19/2018	DKK	651	$			102		—	—
Citigroup Inc	12/19/2018	$	385		DKK		2,460		—	(1	)
Citigroup Inc	12/19/2018	$	9		DKK		56		—	—
Citigroup Inc	12/19/2018	$	41		EUR		35		—	—
Citigroup Inc	12/19/2018	$	82		EUR		69		1	—
Citigroup Inc	12/19/2018	EUR	280	$			327		1	—
Citigroup Inc	12/19/2018	EUR	565	$			665		—	(4	)
Citigroup Inc	12/19/2018	HKD	1,650	$			211		—	—
Citigroup Inc	12/19/2018	ILS	86	$			24		—	—
Citigroup Inc	12/19/2018	JPY	20,998	$			192		—	(1	)
Citigroup Inc	12/19/2018	$	118		JPY		13,014		—	—
Citigroup Inc	12/19/2018	JPY	104,991	$			950		2	—
Citigroup Inc	12/19/2018	NZD	14	$			9		—	—
Citigroup Inc	12/19/2018	NOK	328	$			39		—	—
Citigroup Inc	12/19/2018	SGD	170	$			125		—	(1	)
Citigroup Inc	12/19/2018	$	9		SGD		12		—	—
Citigroup Inc	12/19/2018	SEK	580	$			64		—	—
Citigroup Inc	12/19/2018	SEK	116	$			13		—	—
Citigroup Inc	12/19/2018	CHF	40	$			42		—	—
Citigroup Inc	12/19/2018	CHF	201	$			207		2	—
JP Morgan Chase	09/19/2018	$	395		AUD		539		9	—
JP Morgan Chase	09/19/2018	AUD	926	$			701		—	(36	)
JP Morgan Chase	09/19/2018	$	467		GBP		357		4	—
JP Morgan Chase	09/19/2018	$	517		GBP		401		—	(3	)
JP Morgan Chase	09/19/2018	GBP	1,360	$			1,826		—	(62	)
JP Morgan Chase	09/19/2018	CAD	1,227	$			950		—	(9	)
JP Morgan Chase	09/19/2018	$	168		CAD		220		—	(1	)
JP Morgan Chase	09/19/2018	$	371		CAD		482		2	—
JP Morgan Chase	09/19/2018	DKK	3,707	$			576		2	—
JP Morgan Chase	09/19/2018	$	211		DKK		1,358		—	(1	)
JP Morgan Chase	09/19/2018	DKK	680	$			106		—	—
JP Morgan Chase	09/19/2018	$	477		DKK		3,029		5	—
JP Morgan Chase	09/19/2018	EUR	100	$			115		1	—
JP Morgan Chase	09/19/2018	$	503		EUR		434		—	(2	)
JP Morgan Chase	09/19/2018	EUR	3,108	$			3,661		—	(50	)
JP Morgan Chase	09/19/2018	$	1,954		EUR		1,668		17	—
JP Morgan Chase	09/19/2018	HKD	3,053	$			390		—	(1	)
JP Morgan Chase	09/19/2018	$	389		HKD		3,053		—	—
JP Morgan Chase	09/19/2018	JPY	50,974	$			457		2	—
JP Morgan Chase	09/19/2018	$	1,692		JPY	188,127			—	(3	)
JP Morgan Chase	09/19/2018	JPY	307,643	$			2,820		—	(48	)
JP Morgan Chase	09/19/2018	$	976		JPY	107,495			8	—
JP Morgan Chase	09/19/2018	NZD	32	$			22		—	(1	)
JP Morgan Chase	09/19/2018	$	17		NZD		25		—	—
JP Morgan Chase	09/19/2018	$	67		NOK		553		1	—
JP Morgan Chase	09/19/2018	NOK	623	$			77		—	(3	)
JP Morgan Chase	09/19/2018	SGD	317	$			236		—	(5	)
JP Morgan Chase	09/19/2018	$	233		SGD		317		2	—
JP Morgan Chase	09/19/2018	$	19		SEK		174		—	—
JP Morgan Chase	09/19/2018	$	137		SEK		1,229		2	—
JP Morgan Chase	09/19/2018	SEK	2,447	$			282		—	(15	)
JP Morgan Chase	09/19/2018	$	62		CHF		60		—	—
JP Morgan Chase	09/19/2018	$	418		CHF		408		—	(4	)
JP Morgan Chase	09/19/2018	CHF	830	$			847		10	—
JP Morgan Chase	09/20/2018	$	40		ILS		143		—	—
JP Morgan Chase	09/20/2018	ILS	6	$			2		—	—
JP Morgan Chase	09/20/2018	$	2		ILS		8		—	—


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2018


Foreign Currency Contracts (continued)

								Unrealized Appreciation/(Depreciation)
Counterparty		Settlement Date	Currency to Accept		Currency to Deliver						Asset		Liability
JP Morgan Chase		09/20/2018	ILS	188	$			53	$		— $		(1	)
JP Morgan Chase		12/19/2018	AUD	451	$			330			—		(5	)
JP Morgan Chase		12/19/2018	GBP	401	$			519			3		—
JP Morgan Chase		12/19/2018	GBP	201	$			262			—		(1	)
JP Morgan Chase		12/19/2018	CAD	438	$			338			—		(2	)
JP Morgan Chase		12/19/2018	CAD	175	$			135			—		—
JP Morgan Chase		12/19/2018	DKK	977	$			152			1		—
JP Morgan Chase		12/19/2018	$	578		DKK		3,689			—		(2	)
JP Morgan Chase		12/19/2018	$	13		DKK		85			—		—
JP Morgan Chase		12/19/2018	$	61		EUR		52			—		—
JP Morgan Chase		12/19/2018	$	123		EUR		104			1		—
JP Morgan Chase		12/19/2018	EUR	848	$			998			—		(6	)
JP Morgan Chase		12/19/2018	EUR	421	$			490			2		—
JP Morgan Chase		12/19/2018	HKD	2,474	$			316			—		—
JP Morgan Chase		12/19/2018	ILS	130	$			36			—		—
JP Morgan Chase		12/19/2018	JPY	31,497	$			287			—		(1	)
JP Morgan Chase		12/19/2018	JPY	157,487	$			1,426			3		—
JP Morgan Chase		12/19/2018	$	177		JPY		19,520			—		—
JP Morgan Chase		12/19/2018	NZD	20	$			13			—		—
JP Morgan Chase		12/19/2018	NOK	492	$			59			—		—
JP Morgan Chase		12/19/2018	$	13		SGD		18			—		—
JP Morgan Chase		12/19/2018	SGD	256	$			188			—		(1	)
JP Morgan Chase		12/19/2018	SEK	174	$			19			—		—
JP Morgan Chase		12/19/2018	SEK	870	$			96			—		—
JP Morgan Chase		12/19/2018	CHF	60	$			63			—		—
JP Morgan Chase		12/19/2018	CHF	301	$			311			3		—
Morgan Stanley & Co		09/19/2018	EUR	604	$			709			—		(7	)
Morgan Stanley & Co		09/19/2018	$	6,131		EUR		5,240			43		—
Morgan Stanley & Co		09/19/2018	EUR	110	$			128			—		—
Morgan Stanley & Co		09/19/2018	SEK	4,174	$			476			—		(19	)
Morgan Stanley & Co		09/19/2018	$	256		SEK		2,263			8		—
Morgan Stanley & Co		05/15/2019	$	311		GBP		237			—		—
Morgan Stanley & Co		05/15/2019	GBP	126	$			167			—		(2	)
Morgan Stanley & Co		05/15/2019	$	309		GBP		230			7		—
Morgan Stanley & Co		05/15/2019	GBP	209	$			268			6		—
Morgan Stanley & Co		05/15/2019	DKK	13,114	$			2,127			—		(38	)
Morgan Stanley & Co		05/15/2019	$	2,177		DKK		13,114			88		—
Morgan Stanley & Co		05/15/2019	$	10,767		EUR		9,140			—		(69	)
Morgan Stanley & Co		05/15/2019	EUR	521	$			618			—		—
Morgan Stanley & Co		05/15/2019	EUR	29,674	$			35,841			—		(659	)
Morgan Stanley & Co		05/15/2019	$	59,212		EUR		48,059			2,233		—
Morgan Stanley & Co		05/15/2019	NOK	31,202	$			3,942			—		(179	)
Morgan Stanley & Co		05/15/2019	$	6,340		NOK		50,268			277		—
Morgan Stanley & Co		05/15/2019	NOK	2,028	$			245			—		—
Morgan Stanley & Co		05/15/2019	$	1,225		SEK		11,026			—		(8	)
Morgan Stanley & Co		05/15/2019	$	17,887		SEK		151,657			934		—
Morgan Stanley & Co		05/15/2019	SEK	7,923	$			886			—		—
Morgan Stanley & Co		05/15/2019	SEK	81,636	$			9,531			—		(406	)
Morgan Stanley & Co		05/15/2019	$	18,666		CHF		17,998			—		(368	)
Morgan Stanley & Co		05/15/2019	$	6,459		CHF		6,048			64		—
Morgan Stanley & Co		05/15/2019	CHF	17,330	$			18,038			290		—
Total								$			4,077	$	(2,193	)
Amounts in thousands.


Total Return Equity Basket Swaps

									Upfront		Value and Unrealized
				Payment				Notional	Payments/		Appreciation/(Depreciation)
Counterparty	Fund Pays	Fund Receives		Frequency	Expiration Date			Amount	(Receipts)		Asset		Liability
Deutsche Bank AG(a)	Floating rate based on	Total return on a custom basket of		Monthly	05/05/2022		$ 117,660 $			— $	— $		(1,393	)
	1 day OBFR plus/less	long and short securities traded in
	spread	USD
Morgan Stanley &	Floating rate based on 1	Total return on a custom basket of		Monthly	05/06/2019			4,095		—	—		(500	)
Co^(b)	week STIBO plus/less	long and short securities traded in
	spread	SEK
Morgan Stanley & Co	Floating rate based on 1	Total return on a custom basket of		Monthly	05/06/2019			1,935		—	175		—
	week NIBOR plus/less	long and short securities traded in
	spread	NOK

Schedule of Investments

Multi-Manager Equity Long/Short Fund

August 31, 2018

Total Return Equity Basket Swaps (continued)

Upfront

Value and Unrealized

Payment

Notional

Payments/

Appreciation/(Depreciation)

Counterparty

Fund Pays

Fund Receives

Frequency

Expiration Date

Amount

(Receipts)

Asset Liability

Morgan Stanley &

Floating rate based on

Total return on a custom basket of

Monthly

12/17/2018

27,996

— $

297

—

Co^(c)

1 day EONIA plus/less

long and short securities traded in

- 12/17/2019

spread

EUR

Morgan Stanley & Co

Floating rate based on

Total return on a custom basket of

Monthly

09/16/2019

—

)

1 day FEDEF plus/less

long and short securities traded in

spread

USD

Morgan Stanley &

Floating rate based on

Total return on a custom basket of

Monthly

10/09/2018

8,741

—

(116

)

Co^(d)

1 day SONIA plus/less

long and short securities traded in

spread

GBP

Morgan Stanley & Co

Floating rate based on

Total return on a custom basket of

Monthly

05/07/2019

1,073

—

1 day HONIX plus/less

long and short securities traded in

spread

HKD

Morgan Stanley &

Floating rate based on

Total return on a custom basket of

Monthly

08/06/2019

6,034

—

445

—

Co^(e)

1 day DISC plus/less

long and short securities traded in

spread

CAD

Morgan Stanley & Co

Floating rate based on

Total return on a custom basket of

Monthly

05/06/2019

1,719

—

(96

)

1 day RBACR plus/less

long and short securities traded in

spread

AUD

Morgan Stanley & Co^(f)Floating rate based on 1

Total return on a custom basket of

Monthly

08/06/2019

4,240

—

150

—

day TOIS plus/less spreadlong and short securities traded in

CHF

Morgan Stanley &

Floating rate based on

Total return on a custom basket of

Monthly

05/07/2019

10,164

—

(301

)

Co^(g)

1 day SONIA plus/less

long and short securities traded in

spread

GBP

Morgan Stanley &

Floating rate based on

Total return on a custom basket of

Monthly

05/06/2019

25,949

—

711

—

Co^(h)

1 day EONIA plus/less

long and short securities traded in

spread

EUR

Total

$ 209,606 $

— $

1,842

(2,410

)

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
	August 31, 2018

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
VEREIT Inc	(98,221	)	(768	)	(0.65	)%
Baxter International Inc	10,302		766		0.65	%
FirstEnergy Corp	(19,826	)	(741	)	(0.63	)%
ABIOMED Inc	1,801		732		0.62	%
PPL Corp	(24,413	)	(726	)	(0.62	)%
International Business Machines Corp	4,726		692		0.59	%
Macquarie Infrastructure Corp	(14,648	)	(689	)	(0.59	)%
Gilead Sciences Inc	9,074		687		0.59	%
Vertex Pharmaceuticals Inc	3,675		678		0.58	%
TransDigm Group Inc	(1,932	)	(676	)	(0.58	)%
Micron Technology Inc	12,734		669		0.57	%
Intel Corp	13,681		663		0.56	%
Conduent Inc	(27,504	)	(638	)	(0.54	)%
Skyworks Solutions Inc	6,952		635		0.54	%
Allstate Corp/The	6,287		632		0.54	%
Newell Brands Inc	(29,007	)	(630	)	(0.54	)%
Discovery Inc	(22,354	)	(622	)	(0.53	)%
Global Payments Inc	(4,944	)	(616	)	(0.52	)%
Advanced Micro Devices Inc	(24,427	)	(615	)	(0.52	)%
Ross Stores Inc	6,411		614		0.52	%
Lear Corp	3,714		602		0.51	%
Boeing Co/The	1,739		596		0.51	%
Exelon Corp	13,529		591		0.50	%
Huntington Ingalls Industries Inc	2,403		587		0.50	%
Pfizer Inc	13,892		577		0.49	%
Intuit Inc	2,596		570		0.48	%
Assured Guaranty Ltd	13,811		563		0.48	%
Michael Kors Holdings Ltd	7,691		559		0.48	%
Charles River Laboratories International Inc	4,512		557		0.47	%
Valero Energy Corp	4,699		554		0.47	%


(b)

Top Underlying Securities MAQMSSEK

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Telefonaktiebolaget LM Ericsson	(153,884	) $	(1,298	)	(31.70	)%
Boliden AB	19,869		520		12.70	%
Svenska Handelsbanken AB	(26,896	)	(326	)	(7.96	)%
Kindred Group PLC	25,906		318		7.78	%
Millicom International Cellular SA	(4,498	)	(259	)	(6.33	)%
Volvo AB - B Shares	14,889		256		6.26	%
Electrolux AB	10,084		225		5.49	%
Essity AB	5,240		136		3.32	%
Getinge AB	(10,123	)	(121	)	(2.95	)%
Sandvik AB	5,781		101		2.47	%
SSAB AB	21,090		92		2.25	%
Swedish Orphan Biovitrum AB	2,866		91		2.23	%
Svenska Cellulosa AB SCA	5,149		60		1.46	%
Swedish Match AB	929		50		1.21	%
Holmen AB	1,833		47		1.15	%
Axfood AB	1,752		33		0.82	%
Husqvarna AB	3,772		30		0.73	%
Elekta AB	2,037		27		0.65	%
Securitas AB	1,197		21		0.52	%


	Schedule of Investments
	Multi-Manager Equity Long/Short Fund
	August 31, 2018

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Tele2 AB	(1,638	)	(20	)	(0.49	)%
BillerudKorsnas AB	1,327		16		0.39	%
Hexpol AB	(1,215	)	(13	)	(0.32	)%
Saab AB	(252	)	(12	)	(0.28	)%
Trelleborg AB	585		11		0.28	%
Modern Times Group MTG AB	299		11		0.26	%


(c)

Top Underlying Securities 3BMSEUR

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Airbus SE	23,902	$	2,948		10.53	%
LVMH Moet Hennessy Louis Vuitton SE	8,193		2,871		10.25	%
AXA SA	112,405		2,837		10.13	%
Vinci SA	29,444		2,822		10.08	%
Schneider Electric SE	20,079		1,637		5.85	%
Eurofins Scientific SE	2,878		1,625		5.80	%
Thales SA	11,242		1,584		5.66	%
Repsol SA	81,321		1,564		5.58	%
Bouygues SA	29,784		1,315		4.70	%
L'Oreal SA	5,326		1,278		4.57	%
Eiffage SA	10,040		1,130		4.04	%
Grifols SA	37,143		1,092		3.90	%
Dassault Systemes SE	6,625		1,074		3.84	%
Credit Agricole SA	63,584		870		3.11	%
TechnipFMC PLC	25,284		774		2.76	%
Galp Energia SGPS SA	38,045		771		2.76	%
CaixaBank SA	169,534		760		2.71	%
ACS Actividades de Construccion y Servicios SA	17,297		720		2.57	%
Acerinox SA	24,197		325		1.16	%


(d)

Top Underlying Securities 3BMSGBP

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
DS Smith PLC	199,979	$	1,281		14.65	%
Rolls-Royce Holdings PLC	97,450		1,270		14.53	%
Prudential PLC	53,608		1,206		13.79	%
Legal & General Group PLC	359,003		1,184		13.54	%
Ocado Group PLC	64,941		903		10.33	%
IMI PLC	54,628		856		9.79	%
Smith & Nephew PLC	46,600		820		9.38	%
Ashtead Group PLC	23,737		727		8.32	%
ConvaTec Group PLC	179,313		496		5.67	%


(e)

Top Underlying Securities MAQMSCAD


	Schedule of Investments
	Multi-Manager Equity Long/Short Fund
	August 31, 2018

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Air Canada	45,606	$	937		15.54	%
Enbridge Inc	(18,668	)	(637	)	(10.55	)%
Dollarama Inc	12,544		474		7.86	%
Methanex Corp	6,384		466		7.72	%
TransCanada Corp	(8,384	)	(357	)	(5.92	)%
First Quantum Minerals Ltd	(24,787	)	(311	)	(5.16	)%
Cameco Corp	(27,019	)	(281	)	(4.65	)%
AltaGas Ltd	(11,370	)	(211	)	(3.50	)%
West Fraser Timber Co Ltd	2,999		199		3.30	%
Keyera Corp	(7,134	)	(197	)	(3.26	)%
Canadian Tire Corp Ltd	1,490		186		3.09	%
Wheaton Precious Metals Corp	(10,150	)	(174	)	(2.88	)%
Fairfax Financial Holdings Ltd	(272	)	(149	)	(2.47	)%
Ritchie Bros Auctioneers Inc	(3,775	)	(144	)	(2.38	)%
Magna International Inc	2,564		139		2.30	%
Linamar Corp	3,093		136		2.25	%
Stantec Inc	(4,844	)	(122	)	(2.03	)%
Maple Leaf Foods Inc	3,174		77		1.27	%
Genworth MI Canada Inc	2,045		69		1.14	%
Lundin Mining Corp	13,398		64		1.06	%
National Bank of Canada	1,240		62		1.03	%
Constellation Software Inc/Canada	81		62		1.02	%
Peyto Exploration & Development Corp	(7,189	)	(60	)	(0.99	)%
Inter Pipeline Ltd	(3,091	)	(57	)	(0.94	)%
Finning International Inc	2,192		51		0.84	%
Atco Ltd/Canada	1,518		45		0.75	%
Pembina Pipeline Corp	(1,163	)	(40	)	(0.66	)%
Teck Resources Ltd	1,360		31		0.51	%
Yamana Gold Inc	(11,037	)	(31	)	(0.51	)%
Agnico Eagle Mines Ltd	(808	)	(28	)	(0.46	)%
Barrick Gold Corp	(2,590	)	(26	)	(0.44	)%
Element Fleet Management Corp	(4,588	)	(25	)	(0.41	)%
Bombardier Inc	7,394		24		0.40	%
WestJet Airlines Ltd	1,284		19		0.31	%
Quebecor Inc	800		16		0.27	%
Emera Inc	(506	)	(16	)	(0.26	)%
Imperial Oil Ltd	(493	)	(15	)	(0.26	)%
Onex Corp	(193	)	(14	)	(0.23	)%
Seven Generations Energy Ltd	(1,148	)	(14	)	(0.22	)%
Whitecap Resources Inc	(2,139	)	(13	)	(0.22	)%
SNC-Lavalin Group Inc	(314	)	(13	)	(0.21	)%
Eldorado Gold Corp	(12,282	)	(12	)	(0.20	)%
Kinross Gold Corp	3,593		11		0.18	%
Brookfield Asset Management Inc	(248	)	(11	)	(0.17	)%
Goldcorp Inc	(957	)	(10	)	(0.17	)%


(f)

Top Underlying Securities MAQMSCHF

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Temenos AG	5,559	$	1,004		23.67	%
Vifor Pharma AG	(4,868	)	(897	)	(21.16	)%
Credit Suisse Group AG	(46,217	)	(692	)	(16.32	)%
Adecco Group AG	5,556		340		8.03	%


	Schedule of Investments
	Multi-Manager Equity Long/Short Fund
	August 31, 2018

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
ams AG	(3,722	)	(295	)	(6.95	)%
Sika AG	1,824		270		6.38	%
Georg Fischer AG	106		139		3.27	%
Lonza Group AG	(383	)	(123	)	(2.91	)%
Sonova Holding AG	628		119		2.81	%
dormakaba Holding AG	107		75		1.77	%
Swiss Life Holding AG	139		50		1.19	%
Partners Group Holding AG	32		25		0.59	%
Straumann Holding AG	(31	)	(25	)	(0.58	)%
Schindler Holding AG	91		22		0.51	%
Swatch Group AG/The	47		20		0.47	%
GAM Holding AG	2,413		19		0.44	%
Sulzer AG	(129	)	(16	)	(0.38	)%
Bucher Industries AG	45		16		0.37	%
Panalpina Welttransport Holding AG	(102	)	(15	)	(0.36	)%
DKSH Holding AG	200		15		0.34	%
Dufry AG	(112	)	(14	)	(0.32	)%
Zurich Insurance Group AG	44		13		0.32	%
SGS SA	5		13		0.31	%
Aryzta AG	(1,217	)	(11	)	(0.27	)%
Barry Callebaut AG	6		11		0.25	%


(g)

Top Underlying Securities MAQMSGBP

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
John Wood Group PLC	(66,817	) $	(622	)	(6.12	)%
Burberry Group PLC	13,436		389		3.83	%
Micro Focus International PLC	(21,473	)	(363	)	(3.57	)%
Reckitt Benckiser Group PLC	(4,260	)	(362	)	(3.56	)%
BHP Billiton PLC	16,182		345		3.39	%
ConvaTec Group PLC	(116,659	)	(323	)	(3.17	)%
BP PLC	44,744		317		3.12	%
Cobham PLC	(184,946	)	(298	)	(2.93	)%
Smith & Nephew PLC	16,425		289		2.84	%
Rio Tinto PLC	5,977		284		2.79	%
Standard Life Aberdeen PLC	68,482		281		2.77	%
BT Group PLC	87,221		246		2.42	%
Hikma Pharmaceuticals PLC	(8,556	)	(219	)	(2.15	)%
J Sainsbury PLC	(48,798	)	(205	)	(2.02	)%
Antofagasta PLC	19,538		204		2.01	%
Hargreaves Lansdown PLC	(6,731	)	(192	)	(1.89	)%
Close Brothers Group PLC	9,240		191		1.88	%
Tesco PLC	(59,580	)	(190	)	(1.87	)%
Moneysupermarket.com Group PLC	51,458		189		1.87	%
Inmarsat PLC	(26,574	)	(188	)	(1.85	)%
Taylor Wimpey PLC	76,962		167		1.64	%
Merlin Entertainments PLC	(34,594	)	(167	)	(1.64	)%
Babcock International Group PLC	(16,888	)	(156	)	(1.54	)%
JD Sports Fashion PLC	23,408		154		1.52	%
Wm Morrison Supermarkets PLC	(44,873	)	(153	)	(1.51	)%
Indivior PLC	43,304		152		1.49	%
BBA Aviation PLC	37,767		151		1.49	%
British American Tobacco PLC	(3,134	)	(151	)	(1.49	)%


	Schedule of Investments
	Multi-Manager Equity Long/Short Fund
	August 31, 2018

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Weir Group PLC/The	(6,215	)	(151	)	(1.49	)%
Hays PLC	49,842		131		1.29	%
AA PLC	(87,862	)	(127	)	(1.25	)%
William Hill PLC	36,880		123		1.21	%
Evraz PLC	18,744		121		1.19	%
United Utilities Group PLC	(12,290	)	(118	)	(1.16	)%
ASOS PLC	(1,458	)	(116	)	(1.14	)%
WH Smith PLC	4,145		111		1.09	%
Balfour Beatty PLC	(28,661	)	(108	)	(1.06	)%
Investec PLC	16,046		105		1.04	%
Auto Trader Group PLC	(17,654	)	(103	)	(1.01	)%
Mediclinic International PLC	(15,907	)	(102	)	(1.00	)%
Barratt Developments PLC	14,309		101		0.99	%
Man Group PLC	42,257		94		0.93	%
Capita PLC	(47,765	)	(92	)	(0.90	)%
Severn Trent PLC	(3,420	)	(89	)	(0.87	)%
Centrica PLC	46,627		87		0.85	%
Anglo American PLC	4,334		87		0.85	%
Inchcape PLC	9,308		84		0.82	%
Greene King PLC	(12,930	)	(82	)	(0.80	)%
Pennon Group PLC	(8,009	)	(80	)	(0.79	)%
Bellway PLC	2,053		78		0.76	%


(h)

Top Underlying Securities MAQMSEUR

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Covestro AG	11,005	$	937		3.61	%
Deutsche Lufthansa AG	33,486		874		3.37	%
Neste Oyj	9,979		866		3.34	%
Repsol SA	41,429		797		3.07	%
Cellnex Telecom SA	(30,445	)	(782	)	(3.01	)%
Deutsche Bank AG	(66,273	)	(746	)	(2.88	)%
Edenred	(15,503	)	(591	)	(2.28	)%
Anheuser-Busch InBev SA/NV	(6,203	)	(581	)	(2.24	)%
TOTAL SA	8,596		538		2.07	%
Engie SA	36,634		537		2.07	%
Cie Generale des Etablissements Michelin SCA	4,524		535		2.06	%
Peugeot SA	18,977		522		2.01	%
Endesa SA	22,751		509		1.96	%
Electricite de France SA	(30,921	)	(506	)	(1.95	)%
Rheinmetall AG	4,474		488		1.88	%
QIAGEN NV	(12,477	)	(483	)	(1.86	)%
Deutsche Telekom AG	(29,589	)	(478	)	(1.84	)%
ASR Nederland NV	9,973		476		1.83	%
Zalando SE	(9,026	)	(475	)	(1.83	)%
Koninklijke Ahold Delhaize NV	17,748		432		1.66	%
GEA Group AG	(11,230	)	(427	)	(1.64	)%
Signify NV	14,760		415		1.60	%
Uniper SE	13,349		408		1.57	%
Atos SE	3,229		387		1.49	%
Amer Sports Oyj	(11,053	)	(371	)	(1.43	)%
Bankia SA	(94,583	)	(355	)	(1.37	)%
Renault SA	4,076		351		1.35	%

Schedule of Investments

Multi-Manager Equity Long/Short Fund

August 31, 2018

Description

Shares

Notional Amount

% of Total Absolute Notional Amount

UPM-Kymmene OYJ

9,026

348

1.34

Ingenico Group SA

(4,544

)

(319

)

(1.23

Software AG

6,393

315

1.21

UCB SA

3,385

309

1.19

Getlink

(24,244

)

(305

)

(1.18

Industria de Diseno Textil SA

(9,780

)

(296

)

(1.14

Salzgitter AG

6,522

295

1.14

Solvay SA

2,216

295

1.14

Vivendi SA

(10,895

)

(283

)

(1.09

Sartorius AG

(1,502

)

(273

)

(1.05

OCI NV

(8,433

)

(272

)

(1.05

Iliad SA

(2,001

)

(259

)

(0.99

Huhtamaki OYJ

(6,787

)

(243

)

(0.94

Ageas

4,543

235

0.91

Suez

(15,999

)

(231

)

(0.89

Amadeus IT Group SA

2,430

225

0.87

Bollore SA

(44,971

)

(215

)

(0.83

Telefonica SA

(26,027

)

(211

)

(0.82

Koninklijke Vopak NV

(4,091

)

(211

)

(0.81

Koninklijke KPN NV

(81,455

)

(208

)

(0.80

Allianz SE

975

208

0.80

Telenet Group Holding NV

(3,492

)

(191

)

(0.73

Eurofins Scientific SE

(329

)

(186

)

(0.71

Total Return Swaps

Value and

Unrealized

Upfront

Appreciation/

Pay/Receive

Payment

Expiration

Notional

Payments/

(Depreciation)

Counterparty

Reference Entity

Contracts

Positive Return

Financing Rate

Frequency

Date

Amount

(Receipts)

Asset

Liability

Merrill Lynch

MSCI Hong Kong Net

Receive

1 Month HIBOR + Monthly

09/19/2018 HKD

3,822

— $

—

Return HKD Index

0.45

Merrill Lynch

MSCI Italy Net Return

2,486

Receive

1 Month EURIBOR Monthly

09/19/2018 EUR

246

—

(10

)

EUR Index

+ 0.09

Merrill Lynch

MSCI Japan Net

Receive

1 Month JPY

Monthly

09/19/2018 JPY

—

Return JPY Index

LIBOR + 0.09%

Merrill Lynch

MSCI Singapore Net

Receive

1 Month SIBOR +

Monthly

09/19/2018 SGD

—

Return SGD Index

0.40

Morgan Stanley & Co MSCI Singapore Net

Receive

1 Month SIBOR +

Monthly

09/19/2018

141

—

Return SGD Index

0.40

Total

— $

(10

)

Amounts in thousands except contracts

Synthetic Futures

Upfront

Unrealized

Notional

Payments/

Appreciation/

Fair Value

Counterparty

Reference Entity

Expiration Date

Amount

(Receipts)

(Depreciation)

Asset----Liability

Morgan Stanley & Co

MSCI Singapore Index Future; September 2018

09/28/2018

(27

— $

—

Morgan Stanley & Co

Swiss Market Index Future; September 2018

09/24/2018

1,109

—

Total

— $

—

Amounts in thousands.


			Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2018


Short Sales Outstanding
COMMON STOCKS - (33.91)%	Shares	Value (000's)		COMMON STOCKS (continued)	Shares	Value (000’s)
Aerospace & Defense - (0.85)%				Banks (continued)
General Dynamics Corp	5,244	$	1,014	Unione di Banche Italiane SpA	95,841	$	353
IHI Corp	1,000		35	Zions Bancorporation	3,709		198
Kawasaki Heavy Industries Ltd	2,000		55			$ 4,682
L3 Technologies Inc	1,467		314	Beverages - (0.44)%
Leonardo SpA	35,101		393	Asahi Group Holdings Ltd	400		18
Northrop Grumman Corp	3,084		920	Constellation Brands Inc	3,556		740
Rockwell Collins Inc	1,203		164	Davide Campari-Milano SpA	8,777		78
		$ 2,895		Monster Beverage Corp	10,394		633
Agriculture - (0.02)%						$ 1,469
Golden Agri-Resources Ltd	56,200		12	Biotechnology - (1.40)%
Japan Tobacco Inc	2,700		71	Alexion Pharmaceuticals Inc	4,578		559
		$	83	Amgen Inc	4,450		889
Airlines - (0.61)%				Genmab A/S	3,273		568
Alaska Air Group Inc	2,330		157	Illumina Inc	3,033		1,076
Delta Air Lines Inc	13,273		776	Incyte Corp	4,384		324
Southwest Airlines Co	10,143		622	Regeneron Pharmaceuticals Inc	887		361
United Continental Holdings Inc	5,475		479	Vertex Pharmaceuticals Inc	5,303		978
		$ 2,034				$ 4,755
Apparel - (0.45)%				Building Materials - (0.55)%
Asics Corp	15,200		227	Buzzi Unicem SpA	7,963		160
Hanesbrands Inc	6,380		112	Daikin Industries Ltd	1,500		191
PVH Corp	1,417		203	Fortune Brands Home & Security Inc	2,853		151
Ralph Lauren Corp	1,441		191	Johnson Controls International plc	17,374		656
Under Armour Inc - Class C	7,869		149	Martin Marietta Materials Inc	1,199		238
VF Corp	7,000		645	Masco Corp	5,847		222
		$ 1,527		Vulcan Materials Co	2,746		304
						$ 1,922
Automobile Manufacturers - (0.97)%
Ferrari NV	752		98	Chemicals - (1.01)%
Ford Motor Co	75,787		718	Air Products & Chemicals Inc	4,060		675
General Motors Co	24,355		878	Albemarle Corp	2,110		202
Honda Motor Co Ltd	500		15	Eastman Chemical Co	2,500		242
Nissan Motor Co Ltd	5,700		53	International Flavors & Fragrances Inc	1,399		182
PACCAR Inc	6,100		417	Kansai Paint Co Ltd	14,000		277
Suzuki Motor Corp	4,900		319	Mosaic Co/The	7,266		227
Toyota Motor Corp	12,700		791	Nippon Paint Holdings Co Ltd	14,000		553
		$ 3,289		Novozymes A/S	4,386		241
				PPG Industries Inc	4,686		518
Automobile Parts & Equipment - (0.40)%				Shin-Etsu Chemical Co Ltd	800		75
Aptiv PLC	4,686		413	Toray Industries Inc	34,700		260
Brembo SpA	1,001		13			$ 3,452
Goodyear Tire & Rubber Co/The	4,194		95
Koito Manufacturing Co Ltd	200		12	Commercial Services - (1.16)%
NGK Spark Plug Co Ltd	14,000		398	Atlantia SpA	4,309		90
Toyota Industries Corp	3,900		221	Ecolab Inc	1,068		161
Yokohama Rubber Co Ltd/The	11,000		231	Equifax Inc	2,132		286
		$ 1,383		Gartner Inc	1,374		206
				Global Payments Inc	3,037		378
Banks - (1.36)%				IHS Markit Ltd	7,519		414
Aozora Bank Ltd	400		14	Nielsen Holdings PLC	6,470		168
Banco BPM SpA	74,485		168	Park24 Co Ltd	2,700		79
Bank of Kyoto Ltd/The	6,000		303	PayPal Holdings Inc	17,254		1,593
Bank of New York Mellon Corp/The	17,731		924	Quanta Services Inc	2,983		103
BB&T Corp	2,111		109	Total System Services Inc	3,286		319
BPER Banca	14,672		65	Western Union Co/The	8,758		166
Chugoku Bank Ltd/The	1,200		13			$ 3,963
Citigroup Inc	14,663		1,045
Citizens Financial Group Inc	964		40	Computers - (0.64)%
Fifth Third Bancorp	1,378		40	Accenture PLC - Class A	9,606		1,624
FinecoBank Banca Fineco SpA	7,079		84	TDK Corp	5,100		572
Goldman Sachs Group Inc/The	1,247		297			$ 2,196
Intesa Sanpaolo SpA	5,935		15	Cosmetics & Personal Care - (0.05)%
KeyCorp	20,067		423	Coty Inc	14,305		177
Northern Trust Corp	993		107	Distribution & Wholesale - (0.12)%
Regions Financial Corp	10,877		212	Fastenal Co	3,349		195
Seven Bank Ltd	32,200		100	LKQ Corp	5,898		204
Shizuoka Bank Ltd/The	5,400		48			$	399
Suruga Bank Ltd	3,700		20
UniCredit SpA	7,212		104


			Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2018


Short Sales Outstanding (continued)
COMMON STOCKS (continued)	Shares	Value (000’s)		COMMON STOCKS (continued)	Shares	Value (000’s)
Diversified Financial Services - (0.47)%				Food (continued)
Acom Co Ltd	68,100	$	278	Yakult Honsha Co Ltd	200	$	14
AEON Financial Service Co Ltd	11,700		240			$ 2,584
Ameriprise Financial Inc	1,239		176	Gas - (0.06)%
Daiwa Securities Group Inc	15,900		95	NiSource Inc	6,429		174
Hitachi Capital Corp	500		14	Toho Gas Co Ltd	500		17
Jefferies Financial Group Inc	6,797		158			$	191
Nomura Holdings Inc	27,700		127
Orient Corp	61,800		87	Hand & Machine Tools - (0.11)%
Synchrony Financial	13,982		443	Stanley Black & Decker Inc	2,708		380
		$ 1,618		Healthcare - Products - (1.97)%
Electric - (1.66)%				ABIOMED Inc	814		331
Alliant Energy Corp	4,242		182	Align Technology Inc	1,527		590
Ameren Corp	4,510		285	Baxter International Inc	9,270		689
CenterPoint Energy Inc	7,638		212	Boston Scientific Corp	23,831		847
Chugoku Electric Power Co Inc/The	25,200		315	Cooper Cos Inc/The	934		239
Consolidated Edison Inc	252		20	DENTSPLY SIRONA Inc	4,194		168
Duke Energy Corp	2,063		168	Edwards Lifesciences Corp	3,971		573
Edison International	5,766		379	Henry Schein Inc	2,933		228
Electric Power Development Co Ltd	700		19	Hologic Inc	5,269		209
Entergy Corp	3,200		267	IDEXX Laboratories Inc	1,825		464
Eversource Energy	5,606		350	Intuitive Surgical Inc	2,099		1,175
Hokuriku Electric Power Co	40,800		400	Sysmex Corp	1,900		165
Kyushu Electric Power Co Inc	21,000		235	Terumo Corp	500		28
NextEra Energy Inc	5,071		863	Thermo Fisher Scientific Inc	1,464		350
PG&E Corp	9,303		430	Varian Medical Systems Inc	1,629		182
Pinnacle West Capital Corp	2,072		163	Zimmer Biomet Holdings Inc	3,865		478
Public Service Enterprise Group Inc	8,920		467			$ 6,716
SCANA Corp	2,682		103	Healthcare - Services - (0.22)%
Sempra Energy	2,742		319	IQVIA Holdings Inc	4,363		555
Shikoku Electric Power Co Inc	1,300		17	Universal Health Services Inc	1,653		215
Xcel Energy Inc	8,898		427			$	770
		$ 5,621		Home Builders - (0.12)%
Electrical Components & Equipment - (0.07)%				DR Horton Inc	6,508		290
Casio Computer Co Ltd	14,800		238	PulteGroup Inc	5,033		141
Prysmian SpA	557		14			$	431
		$	252	Home Furnishings - (0.09)%
Electronics - (0.65)%				Electrolux AB	8,973		200
Agilent Technologies Inc	5,646		381	Leggett & Platt Inc	2,474		112
Allegion PLC	1,781		155	Sony Corp	200		11
Alps Electric Co Ltd	1,900		57			$	323
Corning Inc	13,966		468	Housewares - (0.05)%
Mettler-Toledo International Inc	483		282	Newell Brands Inc	8,601		187
MINEBEA MITSUMI Inc	1,400		26	Insurance - (1.40)%
Murata Manufacturing Co Ltd	400		69	Allstate Corp/The	3,677		370
Nidec Corp	1,700		246	American International Group Inc	13,661		726
PerkinElmer Inc	1,945		180	Aon PLC	4,527		659
Waters Corp	1,364		258	Assurant Inc	1,116		115
Yokogawa Electric Corp	2,400		49	Brighthouse Financial Inc	2,119		88
		$ 2,171		Cincinnati Financial Corp	3,128		240
Energy - Alternate Sources - 0.00%				Dai-ichi Life Holdings Inc	9,600		183
Vestas Wind Systems A/S	169		12	Everest Re Group Ltd	780		174
Engineering & Construction - (0.11)%				Hartford Financial Services Group Inc/The	1,571		79
Japan Airport Terminal Co Ltd	4,100		183	Japan Post Insurance Co Ltd	2,700		61
JGC Corp	10,500		211	MetLife Inc	680		31
		$	394	MS&AD Insurance Group Holdings Inc	800		25
Food - (0.74)%				Sompo Holdings Inc	2,000		85
Ajinomoto Co Inc	1,400		24	Sony Financial Holdings Inc	24,300		484
Calbee Inc	15,400		490	T&D Holdings Inc	36,300		552
Campbell Soup Co	5,561		219	Tokio Marine Holdings Inc	11,500		542
Chr Hansen Holding A/S	2,888		294	Unipol Gruppo SpA	3,023		13
General Mills Inc	6,989		321	Willis Towers Watson PLC	2,434		359
Hormel Foods Corp	9,774		383			$ 4,786
JM Smucker Co/The	1,988		206	Internet - (1.11)%
Kikkoman Corp	6,600		331	Expedia Group Inc	3,008		393
McCormick & Co Inc/MD	2,333		291	Facebook Inc	974		171
Wilmar International Ltd	4,800		11	Kakaku.com Inc	13,100		242
				LINE Corp	2,300		105

Schedule of Investments Multi-Manager Equity Long/Short Fund August 31, 2018


Short Sales Outstanding (continued)
COMMON STOCKS (continued)	Shares	Value (000’s)		COMMON STOCKS (continued)	Shares	Value (000’s)
Internet (continued)				Oil & Gas (continued)
M3 Inc	1,800	$	79	Valero Energy Corp	1,183	$	139
MonotaRO Co Ltd	600		34			$ 5,590
Netflix Inc	4,869		1,790	Oil & Gas Services - (0.75)%
Rakuten Inc	7,300		56	Halliburton Co	15,557		621
Symantec Corp	11,474		232	National Oilwell Varco Inc	7,131		336
TripAdvisor Inc	2,989		162	Schlumberger Ltd	25,448		1,607
Twitter Inc	13,880		488			$ 2,564
Yahoo Japan Corp	7,900		27
		$ 3,779		Packaging & Containers - (0.07)%
				Ball Corp	6,146		258
Iron & Steel - (0.02)%
Hitachi Metals Ltd	2,900		33	Pharmaceuticals - (0.93)%
Kobe Steel Ltd	5,900		49	Allergan PLC	6,000		1,150
		$	82	Chugai Pharmaceutical Co Ltd	3,000		174
				Eli Lilly & Co	9,862		1,042
Leisure Products & Services - (0.71)%				Mylan NV	9,542		373
Carnival Corp	13,660		840	Perrigo Co PLC	2,588		198
Norwegian Cruise Line Holdings Ltd	4,215		226	Santen Pharmaceutical Co Ltd	6,700		103
Royal Caribbean Cruises Ltd	3,972		487	Sawai Pharmaceutical Co Ltd	200		11
Shimano Inc	3,900		602	Sosei Group Corp	5,400		83
Yamaha Corp	5,100		243			$ 3,134
		$ 2,398		Pipelines - (0.50)%
Lodging - (0.18)%				Kinder Morgan Inc/DE	40,036		709
City Developments Ltd	1,900		13	ONEOK Inc	7,712		508
MGM Resorts International	10,803		313	Williams Cos Inc/The	15,759		466
Wynn Resorts Ltd	1,965		292			$ 1,683
		$	618	Real Estate - (0.14)%
Machinery - Diversified - (0.37)%				Brookfield Property Partners LP	6,865		137
CNH Industrial NV	1,947		24	CapitaLand Ltd	12,500		31
Daifuku Co Ltd	1,500		78	CBRE Group Inc	6,014		293
Flowserve Corp	2,416		126			$	461
Keyence Corp	600		340
Mitsubishi Heavy Industries Ltd	800		30	REITs - (2.25)%
Xylem Inc/NY	3,178		241	American Tower Corp	8,284		1,235
Yaskawa Electric Corp	13,400		450	Apartment Investment & Management Co	2,767		121
		$ 1,289		Boston Properties Inc	2,945		384
				Crown Castle International Corp	7,841		894
Media - (0.46)%				Digital Realty Trust Inc	1,525		190
Charter Communications Inc	3,885		1,206	Duke Realty Corp	6,322		180
Discovery Inc	13,072		364	Equinix Inc	1,507		657
Singapore Press Holdings Ltd	6,200		13	Essex Property Trust Inc	1,261		311
		$ 1,583		Federal Realty Investment Trust	1,395		182
Metal Fabrication & Hardware - (0.25)%				HCP Inc	8,100		219
NSK Ltd	2,700		30	Iron Mountain Inc	5,401		195
NTN Corp	3,100		13	Kimco Realty Corp	8,121		139
Tenaris SA	48,340		811	Macerich Co/The	2,691		158
		$	854	Prologis Inc	9,440		634
Mining - (0.09)%				Regency Centers Corp	2,993		198
Newmont Mining Corp	10,171		316	SBA Communications Corp	2,226		346
				Simon Property Group Inc	5,918		1,083
Miscellaneous Manufacturers - (0.14)%				SL Green Realty Corp	1,771		185
Ingersoll-Rand PLC	4,687		475	Vornado Realty Trust	3,625		279
Office & Business Equipment - (0.26)%						$ 7,590
Konica Minolta Inc	13,800		140	Retail - (1.42)%
Ricoh Co Ltd	71,500		750	Aeon Co Ltd	25,200		546
		$	890	Chipotle Mexican Grill Inc	534		254
Oil & Gas - (1.65)%				Don Quijote Holdings Co Ltd	3,400		165
Anadarko Petroleum Corp	8,878		572	FamilyMart UNY Holdings Co Ltd	4,000		349
Andeavor	2,831		433	Fast Retailing Co Ltd	600		279
Apache Corp	7,166		314	Gap Inc/The	6,849		208
Cabot Oil & Gas Corp	7,809		186	Isetan Mitsukoshi Holdings Ltd	35,300		399
Cimarex Energy Co	1,973		167	J Front Retailing Co Ltd	900		13
Concho Resources Inc	3,030		416	L Brands Inc	4,832		128
EOG Resources Inc	10,251		1,212	Marui Group Co Ltd	36,400		804
EQT Corp	5,042		257	Nordstrom Inc	2,768		174
Exxon Mobil Corp	9,760		783	Pandora A/S	3,434		206
Helmerich & Payne Inc	2,252		148	Tractor Supply Co	1,620		143
Newfield Exploration Co	3,810		104	Walmart Inc	12,273		1,176
Noble Energy Inc	8,623		256			$ 4,844
Pioneer Natural Resources Co	3,450		603


Schedule of Investments
Multi-Manager Equity Long/Short Fund
August 31, 2018


Short Sales Outstanding (continued)
COMMON STOCKS (continued)		Shares	Value (000’s)		INVESTMENT COMPANIES (continued)	Shares	Value (000’s)
Semiconductors - (1.24)%					Exchange Traded Funds (continued)
Advanced Micro Devices Inc		20,065	$	505	Technology Select Sector SPDR Fund	40,411	$ 3,054
Applied Materials Inc		3,992		172			$ 16,833
Broadcom Inc		2,299		504	TOTAL INVESTMENT COMPANIES (proceeds $13,539)		$ 16,833
Hamamatsu Photonics KK		2,000		80	TOTAL SHORT SALES (proceeds $121,145)		$ 132,302
IPG Photonics Corp		995		175
Microchip Technology Inc		4,987		429
NVIDIA Corp		5,110		1,434
Qorvo Inc		2,223		178
Skyworks Solutions Inc		3,180		290
SUMCO Corp		4,300		77
Xilinx Inc		4,862		378
			$ 4,222
Shipbuilding - (0.06)%
Huntington Ingalls Industries Inc		782		191
Software - (1.54)%
Activision Blizzard Inc		14,452		1,042
ANSYS Inc		1,607		299
Autodesk Inc		4,570		705
Cadence Design Systems Inc		5,388		254
Cerner Corp		7,103		463
DeNA Co Ltd		5,000		87
Electronic Arts Inc		718		81
Fidelity National Information Services Inc		5,859		634
Red Hat Inc		3,276		484
salesforce.com Inc		3,926		599
Synopsys Inc		2,565		262
Take-Two Interactive Software Inc		2,106		281
			$ 5,191
Telecommunications - (0.66)%
Arista Networks Inc		1,339		400
AT&T Inc		32,020		1,023
Juniper Networks Inc		6,185		176
Singapore Telecommunications Ltd		19,900		47
SoftBank Group Corp		3,900		361
Telecom Italia SpA/Milano	321,149			204
			$	2,211
Toys, Games & Hobbies - (0.09)%
Hasbro Inc		2,254		224
Mattel Inc		6,092		94
			$	318
Transportation - (1.18)%
AP Moller - Maersk A/S		298		462
JB Hunt Transport Services Inc		1,935		234
Kansas City Southern		1,927		223
Keihan Holdings Co Ltd		6,600		242
Keikyu Corp		20,400		353
Keio Corp		6,800		337
Kintetsu Group Holdings Co Ltd		9,200		361
Mitsubishi Logistics Corp		4,100		94
Nagoya Railroad Co Ltd		7,400		169
Nankai Electric Railway Co Ltd		5,700		148
Odakyu Electric Railway Co Ltd		18,400		398
Seibu Holdings Inc		15,700		283
Yamato Holdings Co Ltd		22,300		663
			$ 3,967
Water - (0.09)%
American Water Works Co Inc		3,422		299
TOTAL COMMON STOCKS (proceeds $107,606)			$ 115,469
INVESTMENT COMPANIES - (4.95)%		Shares	Value (000's)
Exchange Traded Funds - (4.95)%
Consumer Discretionary Select Sector SPDR		14,826		1,733
Fund
Industrial Select Sector SPDR Fund		4,296		330
iShares Russell 1000 ETF		21,764		3,521
iShares U.S. Real Estate ETF		7,629		633
SPDR S&P 500 ETF Trust		23,188		6,731
SPDR S&P Regional Banking ETF		13,172		831


Schedule of Investments
Opportunistic Municipal Fund
August 31, 2018



INVESTMENT COMPANIES - 0.11%	Shares Held Value (000's)						Principal
Exchange Traded Funds - 0.11%					MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
SPDR Nuveen S&P High Yield Municipal Bond		1,040	$	59	Illinois (continued)
ETF					City of Chicago IL
VanEck Vectors High-Yield Municipal Index ETF		1,000		32	5.50%, 01/01/2042	$	300	$	320
VanEck Vectors Short High-Yield Municipal		1,000		24	6.00%, 01/01/2038		2,000		2,263
Index ETF					7.46%, 02/15/2026		1,884		1,378
		$		115	City of Chicago IL Wastewater Transmission
TOTAL INVESTMENT COMPANIES		$		115	Revenue
		Principal			5.00%, 01/01/2031		760		826
MUNICIPAL BONDS - 106.85%	Amount (000's) Value (000's)				5.00%, 01/01/2039		1,200		1,286
Alabama - 2.68%					Illinois Finance Authority
Lower Alabama Gas District/The					4.38%, 12/01/2042		300		292
5.00%, 09/01/2034	$	2,500	$	2,923	Illinois State Toll Highway Authority
Arizona - 4.71%					5.00%, 01/01/2040(b)		5,000		5,528
Navajo Nation					Metropolitan Pier & Exposition Authority
5.50%, 12/01/2030(a)		2,500		2,797	5.00%, 06/15/2057		500		532
Salt Verde Financial Corp					Metropolitan Pier & Exposition Authority (credit
5.00%, 12/01/2032		2,000		2,346	support from NATL)
		$		5,143	5.50%, 06/15/2029(d)		1,000		1,118
California - 7.16%					State of Illinois
Abag Finance Authority for Nonprofit Corps					5.00%, 11/01/2027		1,500		1,601
5.00%, 08/01/2043		500		544	5.00%, 10/01/2033(e)		1,000		1,054
California Educational Facilities Authority					5.50%, 07/01/2027		1,150		1,239
5.00%, 10/01/2038(b)		900		902			$		18,816
5.00%, 01/01/2039(b),(c)		1,725		1,746	Indiana - 0.31%
California Statewide Communities Development					Town of Shoals IN
Authority					7.25%, 11/01/2043		300		336
5.25%, 12/01/2048(a)		1,000		1,101	Louisiana - 0.94%
California Statewide Communities Development					Louisiana Local Government Environmental
Authority (credit support from GNMA COLL)					Facilities & Community Development Authority
4.90%, 07/20/2039(d)		500		517	5.65%, 11/01/2037(a)		1,000		1,028
California Statewide Financing Authority					Louisiana Public Facilities Authority
6.00%, 05/01/2043		1,000		1,000	0.00%, 07/01/2039(f)		278		—
La Verne Public Financing Authority							$		1,028
7.25%, 09/01/2026		595		596	Maine - 0.98%
Oakland Unified School District/Alameda County					Finance Authority of Maine
5.00%, 08/01/2035		1,225		1,401	5.25%, 01/01/2025(a)		1,000		1,074
		$		7,807	Maryland - 0.97%
Colorado - 3.83%					City of Westminster MD
Centerra Metropolitan District No 1					6.25%, 07/01/2044		600		648
5.00%, 12/01/2037(a)		1,000		1,026	Maryland Economic Development Corp
Eagle County Airport Terminal Corp					5.38%, 06/01/2025		390		414
5.00%, 05/01/2037		1,000		1,097			$		1,062
Prairie Farm Metropolitan District					Michigan - 1.00%
5.25%, 12/01/2048(e)		1,000		1,003	Michigan Finance Authority
Southlands Metropolitan District No 1					5.00%, 07/01/2035		1,000		1,092
5.00%, 12/01/2047		1,000		1,063	Minnesota - 1.07%
		$		4,189	Housing & Redevelopment Authority of The City
Connecticut - 2.25%					of St Paul Minnesota
Mohegan Tribal Finance Authority					5.00%, 11/15/2030		1,000		1,172
7.00%, 02/01/2045(a)		2,400		2,461	Missouri - 2.39%
Florida - 3.90%					City of St Louis MO Airport Revenue (credit
Greater Orlando Aviation Authority					support from NATL)
5.00%, 10/01/2047(b)		2,999		3,324	5.50%, 07/01/2028(d)		400		492
Northern Palm Beach County Improvement					Kansas City Industrial Development Authority
District					5.00%, 04/01/2046(a)		1,100		1,117
5.00%, 08/01/2046		500		523	Maryland Heights Industrial Development
Orange County Housing Finance Authority					Authority
7.00%, 10/01/2025		415		416	5.25%, 03/15/2046(a)		1,000		1,001
		$		4,263			$		2,610
Georgia - 2.29%					Montana - 1.35%
Atlanta Development Authority					City of Kalispell MT
7.00%, 01/01/2040		2,000		1,987	5.25%, 05/15/2037		1,400		1,470
City of Atlanta GA					Nevada - 0.91%
7.38%, 01/01/2031		500		509	State of Nevada Department of Business &
		$		2,496	Industry
Illinois - 17.22%					5.13%, 12/15/2037(a)		1,000		995
Chicago O'Hare International Airport
5.00%, 01/01/2033		1,250		1,379


		Principal					Principal
MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)				MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
New Hampshire - 2.56%					Pennsylvania - 5.44%
New Hampshire Health and Education Facilities					Blythe Township Solid Waste Authority
Authority Act					7.75%, 12/01/2037	$	1,000	$	1,050
1.53%, 07/01/2035(c)	$	2,800	$	2,800	Commonwealth Financing Authority
New Jersey - 9.46%					5.00%, 06/01/2028		1,000		1,155
Casino Reinvestment Development Authority					5.00%, 06/01/2035		1,000		1,121
5.25%, 11/01/2039		250		268	Lancaster County Hospital Authority/PA
Essex County Improvement Authority					5.00%, 07/01/2045		1,000		1,058
5.25%, 07/01/2045(a)		1,300		1,312	Pennsylvania Economic Development Financing
New Jersey Economic Development Authority					Authority
5.00%, 07/15/2028		500		556	5.50%, 11/01/2044		1,000		1,053
5.00%, 06/15/2047		500		538	6.00%, 06/01/2031		500		500
5.00%, 10/01/2047		1,000		1,071			$		5,937
5.63%, 11/15/2030		1,500		1,694	South Carolina - 0.49%
5.75%, 09/15/2027		500		551	South Carolina Jobs-Economic Development
New Jersey Economic Development					Authority
Authority (credit support from ST APPROP)					5.25%, 11/15/2047		500		538
5.25%, 06/15/2040(d)		1,000		1,080	South Dakota - 0.46%
New Jersey Transportation Trust Fund Authority					Oglala Sioux Tribe
5.25%, 06/15/2032		2,000		2,185	5.75%, 10/01/2025(a)		500		502
South Jersey Port Corp					Tennessee - 2.57%
5.00%, 01/01/2048		1,000		1,080	Chattanooga Health Educational & Housing
		$		10,335	Facility Board
New York - 6.25%					5.00%, 10/01/2028		1,050		1,165
Brooklyn Arena Local Development Corp					5.00%, 10/01/2035		500		537
6.25%, 07/15/2040		480		510	Metropolitan Government Nashville & Davidson
Glen Cove Local Economic Assistance Corp					County Health & Educational Facilities Board
5.00%, 01/01/2056		1,000		1,036	5.00%, 07/01/2040		1,000		1,104
New York Counties Tobacco Trust VI							$		2,806
5.00%, 06/01/2041		400		434	Texas - 6.10%
New York State Thruway Authority					Arlington Higher Education Finance Corp
5.25%, 01/01/2056		1,000		1,127	5.00%, 12/01/2046		1,100		1,182
New York Transportation Development Corp					Harris County Cultural Education Facilities
5.00%, 08/01/2021		1,500		1,601	Finance Corp
5.00%, 01/01/2036		1,000		1,107	6.00%, 10/01/2043		1,075		1,204
Niagara Area Development Corp					North Texas Tollway Authority
4.75%, 11/01/2042(a),(e)		1,000		1,004	5.00%, 01/01/2045		615		676
		$		6,819	5.00%, 01/01/2048		500		553
North Carolina - 0.96%					Port Beaumont Navigation District
North Carolina Medical Care Commission					7.25%, 02/01/2036(a),(c)		1,000		1,040
5.25%, 10/01/2035		1,000		1,050	Tarrant County Cultural Education Facilities
Ohio - 6.51%					Finance Corp
Buckeye Tobacco Settlement Financing Authority					6.00%, 11/15/2027		1,000		1,080
6.00%, 06/01/2042		2,500		2,509	Texas Private Activity Bond Surface
Buckeye Tobacco Settlement Financing					Transportation Corp
Authority (credit support from BUCKEYE OHIO					6.88%, 12/31/2039		550		582
TOB SETTLEMENT)					7.00%, 12/31/2038		300		353
5.75%, 06/01/2034(d)		1,860		1,872			$		6,670
Cleveland-Cuyahoga County Port Authority					Utah - 0.51%
5.50%, 12/01/2043		1,000		1,107	Utah Infrastructure Agency
Ohio Air Quality Development Authority					5.25%, 10/15/2033		500		560
3.75%, 12/01/2023(c)		1,000		600	Vermont - 1.19%
4.50%, 01/15/2048(a)		1,000		1,032	Vermont Economic Development Authority
		$		7,120	4.62%, 04/01/2036(a),(c)		1,300		1,297
Oklahoma - 2.32%					Virginia - 0.99%
Oklahoma Development Finance Authority					County of Botetourt VA
5.25%, 08/15/2043		1,000		1,119	6.00%, 07/01/2044		1,000		1,086
Tulsa Airports Improvement Trust					Washington - 1.55%
5.00%, 06/01/2035(c)		300		322	Port of Seattle Industrial Development Corp
Tulsa County Industrial Authority					5.00%, 04/01/2030		500		542
5.25%, 11/15/2045		1,000		1,098	Washington Economic Development Finance
		$		2,539	Authority
Oregon - 1.39%					7.50%, 01/01/2032(a)		1,000		1,144
Oregon State Business Development Commission							$		1,686
6.50%, 04/01/2031(a)		1,000		1,000
Warm Springs Reservation Confederated Tribe
6.38%, 11/01/2033		500		518
		$		1,518


Schedule of Investments
Origin Emerging Markets Fund
August 31, 2018



COMMON STOCKS - 97.09%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Automobile Manufacturers - 2.06%				Home Furnishings - 0.47%
Geely Automobile Holdings Ltd	4,660,600 $		9,923	Haier Electronics Group Co Ltd	1,155,000	$	3,012
Sinotruk Hong Kong Ltd	2,159,000		3,224	Insurance - 3.92%
		$	13,147	China Life Insurance Co Ltd/Taiwan	3,392,000		3,376
Automobile Parts & Equipment - 0.38%				Ping An Insurance Group Co of China Ltd	1,910,400		18,427
Weichai Power Co Ltd	2,300,000		2,439	Porto Seguro SA	241,000		3,264
Banks - 9.86%					$		25,067
China Construction Bank Corp	18,834,828		16,588	Internet - 13.79%
China Merchants Bank Co Ltd	3,515,300		13,503	Alibaba Group Holding Ltd ADR(a)	146,200		25,587
Industrial & Commercial Bank of China Ltd	12,998,300		9,601	Autohome Inc ADR	77,600		6,411
Kiatnakin Bank PCL	1,388,500		3,277	Baidu Inc ADR(a)	78,000		17,665
OTP Bank Nyrt		92,000	3,385	Tencent Holdings Ltd	569,105		24,464
Sberbank of Russia PJSC ADR	1,227,600		13,369	Weibo Corp ADR(a)	95,000		7,290
Thanachart Capital PCL	2,027,300		3,330	YY Inc ADR(a)	88,000		6,726
		$	63,053		$		88,143
Building Materials - 4.34%				Iron & Steel - 2.86%
Anhui Conch Cement Co Ltd	2,511,700		15,322	Kumba Iron Ore Ltd	155,800		2,809
China National Building Material Co Ltd	2,909,000		2,726	Severstal PJSC	163,400		2,629
China Resources Cement Holdings Ltd	5,263,000		6,155	Vale SA	979,000		12,866
Taiwan Cement Corp	2,558,600		3,532		$		18,304
		$	27,735	Machinery - Construction & Mining - 0.35%
Chemicals - 5.31%				Lonking Holdings Ltd	6,493,000		2,236
Formosa Chemicals & Fibre Corp		835,000	3,346	Metal Fabrication & Hardware - 1.72%
Indorama Ventures PCL	6,477,000		11,880	Catcher Technology Co Ltd	898,600		11,012
LG Chem Ltd		12,000	3,942	Mining - 0.96%
Petronas Chemicals Group Bhd	1,595,000		3,667	Grupo Mexico SAB de CV	2,101,600		6,150
PTT Global Chemical PCL	4,449,700		11,121	Miscellaneous Manufacturers - 1.16%
		$	33,956	Sunny Optical Technology Group Co Ltd	582,925		7,430
Coal - 1.91%				Oil & Gas - 7.40%
China Shenhua Energy Co Ltd	4,020,800		8,980	LUKOIL PJSC ADR	128,000		8,845
Exxaro Resources Ltd		320,000	3,244	Novatek PJSC	53,000		8,863
		$	12,224	PTT PCL	7,870,000		12,575
Commercial Services - 1.94%				Sasol Ltd	169,000		6,620
China Conch Venture Holdings Ltd	1,102,000		3,792	SK Innovation Co Ltd	34,466		5,975
Estacio Participacoes SA		743,000	4,086	Tatneft PJSC ADR	64,000		4,438
Localiza Rent a Car SA		848,230	4,513		$		47,316
		$	12,391	Pharmaceuticals - 2.12%
Computers - 2.85%				CSPC Pharmaceutical Group Ltd	1,978,000		4,996
Gigabyte Technology Co Ltd	1,594,000		2,720	Sino Biopharmaceutical Ltd	6,750,000		8,555
Infosys Ltd ADR		747,000	15,515		$		13,551
		$	18,235	Real Estate - 2.58%
Distribution & Wholesale - 0.43%				China Vanke Co Ltd	4,028,400		13,976
LG Corp		43,000	2,763	Yuzhou Properties Co Ltd	4,687,000		2,494
Diversified Financial Services - 3.99%					$		16,470
Chailease Holding Co Ltd	1,730,940		5,889	Retail - 3.39%
Hana Financial Group Inc		85,400	3,275	ANTA Sports Products Ltd	1,971,300		10,750
KB Financial Group Inc		161,400	7,462	CJ ENM Co Ltd	31,562		7,141
KIWOOM Securities Co Ltd		36,476	3,018	Zhongsheng Group Holdings Ltd	1,706,000		3,746
Shinhan Financial Group Co Ltd		65,000	2,553		$		21,637
Taishin Financial Holding Co Ltd	7,053,722		3,319	Semiconductors - 10.83%
		$	25,516	Nanya Technology Corp	2,735,000		6,217
Electronics - 1.86%				Samsung Electronics Co Ltd	27,277		29,128
Micro-Star International Co Ltd	2,547,000		8,804	SK Hynix Inc	189,000		14,095
Yageo Corp		136,000	3,099	Taiwan Semiconductor Manufacturing Co Ltd	453,317		19,765
		$	11,903	ADR
Engineering & Construction - 0.52%					$		69,205
Grupo Aeroportuario del Centro Norte SAB de		505,000	3,320	Software - 3.80%
CV				Chinasoft International Ltd ^(a)	4,466,400		3,193
Food - 0.46%				Com2uSCorp	20,000		2,799
Dino Polska SA (a),(b)		119,000	2,924	Momo Inc ADR(a)	329,000		15,230
Forest Products & Paper - 2.72%				TravelSky Technology Ltd	1,200,300		3,082
Fibria Celulose SA		350,000	6,803		$		24,304
Mondi PLC		379,954	10,588	Telecommunications - 0.41%
		$	17,391	Yangtze Optical Fibre and Cable Joint Stock Ltd	773,000		2,628
Gas - 1.73%				Co ^(a),(b)
ENN Energy Holdings Ltd	1,215,000		11,076	Toys, Games & Hobbies - 0.57%
Holding Companies - Diversified - 0.40%				Pearl Abyss Corp (a)	15,800		3,614
Tekfen Holding AS		813,000	2,540	TOTAL COMMON STOCKS	$		620,692


Schedule of Investments
Preferred Securities Fund
August 31, 2018



INVESTMENT COMPANIES - 0.01%			Shares Held Value (000's)			PREFERRED STOCKS (continued)		Shares Held Value (000’s)
Money Market Funds - 0.01%						Electric (continued)
Principal Government Money Market Fund			471,044	$	471	Entergy Louisiana LLC 5.25%, 7/1/2052		230,991	$	5,805
1.84%(a),(b)						Entergy New Orleans LLC 5.00%, 12/1/2052		3,299		80
TOTAL INVESTMENT COMPANIES			$		471	Entergy New Orleans LLC 5.50%, 4/1/2066		46,851		1,241
CONVERTIBLE PREFERRED STOCKS						Entergy Texas Inc 5.63%, 6/1/2064		15,618		412
- 1.44%			Shares Held Value (000's)			Georgia Power Co 5.00%, 10/1/2077		275,000		6,710
Banks - 1.44%						Integrys Holding Inc 6.00%, 8/1/2073		57,600		1,486
Wells Fargo & Co 7.50% (c)			63,017	$	81,669	3 Month LIBOR + 3.22%
TOTAL CONVERTIBLE PREFERRED STOCKS			$		81,669	Interstate Power & Light Co 5.10%, 10/9/2018		501,100		12,547
PREFERRED STOCKS - 21.64%			Shares Held Value (000's)			(c)
Banks - 5.71%						NextEra Energy Capital Holdings Inc 5.00%,		491,093		12,223
AgriBank FCB 6.88%, 1/1/2024 (c)			61,700		6,602	1/15/2073
3 Month LIBOR + 4.23%						NextEra Energy Capital Holdings Inc 5.13%,		662,215		16,569
Bank of New York Mellon Corp/The 5.20%,			136,336		3,483	11/15/2072
12/20/2018 ^(c)						SCE Trust V 5.45%, 3/15/2026 (c)		5,801		150
BB&T Corp 5.63%, 6/1/2021 (c)			141,800		3,702	3 Month LIBOR + 3.79%
Capital One Financial Corp 6.00%, 10/9/2018 ^(c)			467,867		11,940	SCE Trust VI 5.00%, 6/26/2022 (c)		401,413		9,369
Citigroup Inc	6.88%, 2/12/2019 (c)		9,618		249	Southern Co/The 5.25%, 10/1/2076		111,000		2,733
Citigroup Inc	6.88%, 11/15/2023 (c)		493,542		13,671	Southern Co/The 5.25%, 12/1/2077		555,000		13,575
3 Month LIBOR + 4.13%								$		155,408
Cullen/Frost Bankers Inc 5.38%, 12/15/2018 ^(c)			241,889		6,062	Food - 0.49%
Goldman Sachs Group Inc/The 5.50%,			774,944		20,249	Dairy Farmers of America Inc 7.88% (d)		12,000		1,209
5/10/2023 ^(c)						Dairy Farmers of America Inc 7.88% (d)		232,500		26,513
3 Month LIBOR + 3.64%								$		27,722
HSBC Holdings PLC 6.20%, 10/9/2018 (c)			357,831		9,254	Hand & Machine Tools - 0.52%
Huntington Bancshares Inc/OH 5.88%,			326,087		8,366	Stanley Black & Decker Inc 5.75%, 7/25/2052		1,168,104		29,763
10/15/2021 ^(c)						Insurance - 4.02%
Huntington Bancshares Inc/OH 6.25%,			1,050,000		27,688	Aegon NV 6.38%, 10/9/2018 (c)		138,226		3,569
4/15/2021 ^(c)						Allstate Corp/The 5.10%, 1/15/2053		540,300		14,010
ING Groep NV 6.13%, 10/15/2018 (c)			22,643		581	3 Month LIBOR + 3.17%
ING Groep NV 6.38%, 12/15/2018 (c)			735,812		18,896	Allstate Corp/The 6.25%, 10/15/2019 (c)		181,500		4,781
KeyCorp 6.13%, 12/15/2026 (c)			780,000		21,590	Allstate Corp/The 6.63%, 4/15/2019 (c)		380,000		9,823
3 Month LIBOR + 3.89%						American Financial Group Inc/OH 6.25%,		250,786		6,510
M&T Bank Corp 6.38%, 11/15/2018 (c)			17,852		18,031	9/30/2054
M&T Bank Corp 6.38%, 11/15/2018 (c)			11,380		11,539	Arch Capital Group Ltd 5.25%, 9/29/2021 (c)		283,500		6,818
Morgan Stanley 5.85%, 4/15/2027 (c)			347,500		9,038	Arch Capital Group Ltd 5.45%, 8/17/2022 (c)		54,104		1,341
3 Month LIBOR + 3.49%						Axis Capital Holdings Ltd 5.50%, 11/7/2021 ^(c)		10,287		257
Morgan Stanley 7.13%, 10/15/2023 (c)			126,282		3,634	Axis Capital Holdings Ltd 5.50%, 10/8/2018 ^(c)		154,159		3,854
3 Month LIBOR + 4.32%						Hartford Financial Services Group Inc/The		1,044,739		29,692
PNC Financial Services Group Inc/The 6.13%,			1,730,132		47,873	7.88%, 4/15/2042
5/1/2022 ^(c)						3 Month LIBOR + 5.60%
3 Month LIBOR + 4.07%						Prudential PLC 6.75%, 10/9/2018 (c)		61,531		1,618
State Street Corp 5.25%, 10/9/2018 (c)			1,421,238		35,645	Reinsurance Group of America Inc 6.20%,		577,300		15,662
State Street Corp 5.90%, 3/15/2024 (c)			241,300		6,520	9/15/2042
3 Month LIBOR + 3.11%						3 Month LIBOR + 4.37%
State Street Corp 6.00%, 12/15/2019 (c)			349,700		9,103	RenaissanceRe Holdings Ltd 5.38%, 10/9/2018		630,975		15,573
US Bancorp 6.50%, 1/15/2022 (c)			197,845		5,536	(c)
3 Month LIBOR + 4.47%						RenaissanceRe Holdings Ltd 6.08%, 10/9/2018		169,147		4,285
Valley National Bancorp 6.25%, 6/30/2025 (c)			174,760		4,666	(c)
3 Month LIBOR + 3.85%						WR Berkley Corp 5.63%, 4/30/2053		1,262,728		31,189
Webster Financial Corp 5.25%, 12/15/2022 (c)			194,856		4,766	WR Berkley Corp 5.75%, 6/1/2056		65,882		1,632
Wells Fargo & Co 5.63%, 6/15/2022 (c)			195,171		4,948	XLIT Ltd 5.46%, 10/9/2018 (c)		76,419		76,801
Wells Fargo & Co 5.85%, 9/15/2023 (c)			125,027		3,218	3 Month LIBOR + 3.12%
3 Month LIBOR + 3.09%								$		227,415
Wells Fargo & Co 6.63%, 3/15/2024 (c)			236,676		6,511	REITs - 3.08%
3 Month LIBOR + 3.69%						Boston Properties Inc 5.25%, 10/9/2018 (c)		7,284		182
			$		323,361	DDR Corp 6.25%, 10/9/2018 (c)		18,610		458
Diversified Financial Services - 0.07%						DDR Corp 6.38%, 6/5/2022 (c)		449,845		11,462
Charles Schwab Corp/The 6.00%, 12/1/2020 ^(c)			143,663		3,751	Digital Realty Trust Inc	5.88%, 10/9/2018 (c)	97,818		2,461
Electric - 2.75%						Digital Realty Trust Inc	6.35%, 8/24/2020 (c)	205,498		5,345
Alabama Power Co 5.00%, 10/1/2022 (c)			572,000		14,918	Digital Realty Trust Inc	7.38%, 3/26/2019 (c)	239,911		6,226
Dominion Energy Inc 5.25%, 7/30/2076			897,421		21,924	Federal Realty Investment Trust 5.00%,		49,250		1,205
DTE Energy Co 5.25%, 12/1/2077			320,602		7,890	9/29/2022 (c)
DTE Energy Co 5.25%, 12/1/2062			312,400		7,685	Kimco Realty Corp 5.25%, 12/20/2022 (c)		397,387		9,283
DTE Energy Co 5.38%, 6/1/2076			13,111		321	Kimco Realty Corp 5.50%, 10/9/2018 (c)		591,922		14,478
Duke Energy Corp 5.13%, 1/15/2073			360,235		9,118	Kimco Realty Corp 5.63%, 10/9/2018 (c)		7,000		174
Entergy Arkansas Inc		4.88%, 9/1/2066	10,000		246	Kimco Realty Corp 6.00%, 10/9/2018 (c)		275,790		6,950
Entergy Arkansas Inc		4.90%, 12/1/2052	241,096		5,875	National Retail Properties Inc 5.20%, 10/11/2021		121,500		2,894
Entergy Louisiana LLC 4.70%, 6/1/2063			165,100		3,919	(c)
Entergy Louisiana LLC 4.88%, 9/1/2066			25,000		612


Schedule of Investments
Preferred Securities Fund
August 31, 2018



	PREFERRED STOCKS (continued)					Shares Held Value (000’s)					Principal
	REITs (continued)								BONDS (continued)	Amount (000’s) Value (000’s)
	National Retail Properties Inc		5.70%, 10/9/2018			2,000	$	50	Banks (continued)
	(c)								Bank of America Corp
	Prologis Inc 8.54%, 11/13/2026 (c)					167,700		10,565	6.25%, 12/31/2049(c),(f)	$	1,004	$	1,059
	PS Business Parks Inc 5.20%, 12/7/2022 (c)					3,332		79	3 Month LIBOR + 3.71%
	PS Business Parks Inc 5.25%, 9/21/2022 (c)					57,755		1,387	6.30%, 12/31/2049(c),(f)		44,030		47,112
	PS Business Parks Inc 5.70%, 10/9/2018 (c)					377,419		9,439	3 Month LIBOR + 4.55%
	PS Business Parks Inc 5.75%, 10/9/2018 (c)					534,494		13,512	6.50%, 12/31/2049(c),(f)		71,285		76,899
	Public Storage 4.90%, 10/14/2021 (c)					16,000		391	3 Month LIBOR + 4.17%
	Public Storage 4.95%, 7/20/2021 (c)					4,000		99	Bank of New York Mellon Corp/The
	Public Storage 5.05%, 8/9/2022 (c)					186,105		4,643	4.62%, 12/31/2049(c),(f)		36,577		35,205
	Public Storage 5.15%, 6/2/2022 (c)					2,000		50	3 Month LIBOR + 3.13%
	Public Storage 5.20%, 10/9/2018 (c)					70,407		1,755	4.95%, 12/31/2049(c),(f)		75,100		76,692
	Public Storage 5.88%, 12/2/2019 (c)					237,401		6,215	3 Month LIBOR + 3.42%
	Public Storage 6.00%, 6/4/2019 (c)					575,214		14,921	Bank of Nova Scotia/The
	Public Storage 6.38%, 3/17/2019 (c)					130,981		3,425	4.65%, 12/31/2049(c),(f)		15,000		13,931
	Senior Housing Properties Trust 5.63%, 8/1/2042					113,931		2,794	3 Month LIBOR + 2.65%
	Senior Housing Properties Trust 6.25%, 2/1/2046					150,000		3,881	Barclays Bank PLC
	Ventas Realty LP / Ventas Capital Corp 5.45%,					198,708		4,992	7.63%, 11/21/2022		8,000		8,675
	3/15/2043								10.18%, 06/12/2021		3,000		3,446
	Vornado Realty Trust 5.25%, 12/13/2022 (c)					390,261		9,159	10.18%, 06/12/2021(d)		3,460		3,974
	Vornado Realty Trust 5.40%, 10/9/2018 (c)					192,362		4,748	Barclays PLC
	Vornado Realty Trust 5.70%, 10/9/2018 (c)					827,575		21,194	6.63%, 12/31/2049(c),(f)		14,178		14,194
						$		174,417	USSW5 Index Spread + 5.02%
	Savings & Loans - 0.07%								7.75%, 12/31/2049(c),(f)		16,400		16,544
	People's United Financial Inc		5.63%, 12/15/2026			94,067		2,454	USSW5 Index Spread + 4.84%
	(c)								7.88%, 12/31/2049(c),(f)		3,000		3,113
	3 Month LIBOR + 4.02%								USSW5 Index Spread + 6.77%
	Sterling Bancorp/DE 6.50%, 10/15/2022 (c)					59,241		1,570	8.25%, 12/31/2049(c),(f)		68,658		69,476
						$		4,024	USSW5 Index Spread + 6.71%
	Sovereign - 1.17%								BNP Paribas SA
	CoBank ACB 6.13%, 1/1/2019 (c)					8,000		802	7.00%, 12/31/2049(c),(d),(f)		2,500		2,500
	CoBank ACB 6.20%, 1/1/2025 (c)					65,000		6,923	USSW5 Index Spread + 3.98%
	3 Month LIBOR + 3.74%								7.19%, 06/29/2049(c),(f)		13,400		14,003
	CoBank ACB 6.25%, 10/1/2022 (c)					296,500		30,836	3 Month LIBOR + 1.29%
	3 Month LIBOR + 4.56%								7.20%, 06/29/2049(c),(d),(f)		32,600		34,067
	Farm Credit Bank of Texas 6.75%, 9/15/2023					258,000		27,606	3 Month LIBOR + 1.29%
	(c),(d)								7.37%, 12/31/2049(c),(d),(f)		100		105
	3 Month LIBOR + 4.01%								USSW5 Index Spread + 5.15%
						$		66,167	7.37%, 12/31/2049(c),(f)		8,000		8,424
	Telecommunications - 3.76%								USSW5 Index Spread + 5.15%
	Centaur Funding Corp 0.00%, 4/21/2020 (d),(e)					26,500		24,513	7.63%, 12/31/2049(c),(d),(f)		26,600		28,262
	Centaur Funding Corp 9.08%, 4/21/2020 (a),(d)					100,666		111,136	USSW5 Index Spread + 6.31%
	Qwest Corp 6.13%, 6/1/2053					351,895		7,942	7.63%, 12/31/2049(c),(f)		20,000		21,250
	Qwest Corp 7.00%, 7/1/2052					261,489		6,605	USSW5 Index Spread + 6.31%
	Qwest Corp 7.50%, 9/15/2051					60,865		1,544	BPCE SA
	Telephone & Data Systems Inc		6.63	%,		196,764		4,968	12.50%, 08/29/2049(c),(d),(f)		2,629		2,854
	3/31/2045								3 Month LIBOR + 12.98%
	Telephone & Data Systems Inc		7.00	%,		1,176,514		29,883	Capital One Financial Corp
	3/15/2060								5.55%, 12/31/2049(c),(f)		19,625		20,165
	United States Cellular Corp 6.95%, 5/15/2060					72,489		1,849	3 Month LIBOR + 3.80%
	Verizon Communications Inc		5.90%, 2/15/2054			940,059		24,122	Citigroup Capital III
						$		212,562	7.63%, 12/01/2036		2,700		3,593
	TOTAL PREFERRED STOCKS					$		1,224,590	Citigroup Inc
						Principal			5.95%, 12/29/2049(c),(f)		24,100		24,672
	BONDS- 75.44	%			Amount (000's) Value (000's)				3 Month LIBOR + 4.07%
									5.95%, 12/31/2049(c),(f)		9,000		9,309
	Automobile Manufacturers - 0.22%								3 Month LIBOR + 4.10%
	General Motors Financial Co Inc								5.95%, 12/31/2049(c),(f)		12,457		12,687
	5.75%, 12/31/2049(c),(f)				$	12,700	$	12,359	3 Month LIBOR + 3.91%
	3 Month LIBOR + 3.60%								6.13%, 12/31/2049(c),(f)		47,300		49,452
	Banks- 45.04	%							3 Month LIBOR + 4.48%
	Australia & New Zealand Banking Group Ltd/								6.25%, 12/31/2049(c),(f)		86,582		90,803
	United Kingdom								3 Month LIBOR + 4.52%
	6.75%, 12/31/2049(c),(d),(f)					5,000		5,187	Citizens Financial Group Inc
	USD ICE SWAP Rate NY 5 + 5.17%								5.50%, 12/31/2049(c),(f)		7,500		7,657
	6.75%, 12/31/2049(c),(f)					2,700		2,801	3 Month LIBOR + 3.96%
	USD ICE SWAP Rate NY 5 + 5.17%								Cooperatieve Rabobank UA
	Banco Bilbao Vizcaya Argentaria SA								11.00%, 12/29/2049(c),(d),(f)		48,647		51,505
	6.13%, 12/31/2049(c),(f)					5,000		4,410	3 Month LIBOR + 10.87%
	USSW5 Index Spread + 3.87%


					Schedule of Investments
Preferred Securities Fund
August 31, 2018



			Principal					Principal
	BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
	Banks (continued)					Banks (continued)
	Corestates Capital III					KeyCorp Capital III
	2.88%, 02/15/2027(d)	$	9,721	$	9,138	7.75%, 07/15/2029	$	3,500	$	4,358
	3 Month LIBOR + 0.57%					Lloyds Bank PLC
	Countrywide Capital III					12.00%, 12/29/2049(c),(f)		51,489		62,433
	8.05%, 06/15/2027		6,312		7,823	3 Month LIBOR + 11.76%
	Credit Agricole SA					12.00%, 12/29/2049(c),(d),(f)		24,750		30,011
	7.88%, 12/31/2049(c),(d),(f)		8,000		8,489	3 Month LIBOR + 11.76%
	USSW5 Index Spread + 4.90%					Lloyds Banking Group PLC
	8.38%, 12/31/2049(c),(d),(f)		42,909		44,759	6.41%, 01/29/2049(c),(d),(f)		32,174		32,496
	3 Month LIBOR + 6.98%					3 Month LIBOR + 1.50%
	8.38%, 12/31/2049(c),(f)		4,200		4,381	6.66%, 01/29/2049(c),(d),(f)		61,185		62,944
	3 Month LIBOR + 6.98%					3 Month LIBOR + 1.27%
	Credit Suisse AG					7.50%, 12/31/2049(c),(f)		47,496		49,338
	6.50%, 08/08/2023(d)		29,754		31,811	USSW5 Index Spread + 4.76%
	6.50%, 08/08/2023		6,000		6,415	M&T Bank Corp
	Credit Suisse Group AG					5.12%, 12/31/2049(c),(f)		15,500		15,423
	6.25%, 12/31/2049(c),(d),(f)		9,100		9,077	3 Month LIBOR + 3.52%
	USSW5 Index Spread + 3.46%					6.45%, 12/31/2049(c),(f)		6,615		7,078
	6.25%, 12/31/2049(c),(f)		1,475		1,471	3 Month LIBOR + 3.61%
	USSW5 Index Spread + 3.46%					Morgan Stanley
	7.50%, 12/31/2049(c),(f)		3,000		3,188	5.55%, 12/31/2049(c),(f)		8,500		8,766
	USSW5 Index Spread + 4.60%					3 Month LIBOR + 3.81%
	7.50%, 12/31/2049(c),(d),(f)		72,040		76,542	Nordea Bank AB
	USSW5 Index Spread + 4.60%					5.50%, 12/31/2049(c),(f)		1,200		1,199
	Dresdner Funding Trust I					USD ICE SWAP Rate NY 5 + 3.56%
	8.15%, 06/30/2031(d)		2,000		2,461	6.13%, 12/31/2049(c),(f)		1,800		1,771
	8.15%, 06/30/2031		17,082		21,022	USSW5 Index Spread + 3.39%
	First Maryland Capital I					6.13%, 12/31/2049(c),(d),(f)		42,131		41,448
	3.34%, 01/15/2027		2,000		1,891	USSW5 Index Spread + 3.39%
	3 Month LIBOR + 1.00%					Northern Trust Corp
	First Union Capital II					4.60%, 12/31/2049(c),(f)		4,400		4,312
	7.95%, 11/15/2029		3,700		4,644	3 Month LIBOR + 3.20%
	Goldman Sachs Group Inc/The					NTC Capital I
	5.70%, 12/31/2049(c),(f)		39,795		40,347	2.86%, 01/15/2027		3,000		2,824
	3 Month LIBOR + 3.88%					3 Month LIBOR + 0.52%
	HBOS Capital Funding LP					PNC Financial Services Group Inc/The
	6.85%, 03/29/2049(c)		7,000		7,060	6.75%, 07/29/2049(c),(f)		44,035		47,877
	HSBC Capital Funding Dollar 1 LP					3 Month LIBOR + 3.68%
	10.18%, 12/29/2049(c),(f)		15,200		22,648	RBS Capital Trust II
	3 Month LIBOR + 4.98%					6.43%, 12/29/2049(c),(f)		2,750		3,245
	10.18%, 12/29/2049(c),(d),(f)		41,800		62,282	3 Month LIBOR + 1.94%
	3 Month LIBOR + 4.98%					Royal Bank of Scotland Group PLC
	HSBC Holdings PLC					4.65%, 03/29/2049(c)		1,900		1,780
	6.00%, 12/31/2049(c),(f)		20,100		19,473	3 Month LIBOR + 2.32%
	USD ICE SWAP Rate NY 5 + 3.75%					7.50%, 12/31/2049(c),(f)		45,281		46,408
	6.50%, 12/31/2049(c),(f)		10,700		10,473	USSW5 Index Spread + 5.80%
	USD ICE SWAP Rate NY 5 + 3.61%					7.65%, 08/29/2049(c),(f)		28,946		35,857
	6.87%, 12/31/2049(c),(f)		39,600		41,233	3 Month LIBOR + 2.50%
	USD ICE SWAP Rate NY 5 + 5.51%					8.00%, 12/31/2049(c),(f)		6,825		7,235
	ING Groep NV					USSW5 Index Spread + 5.72%
	6.50%, 12/31/2049(c),(f)		32,000		31,082	8.62%, 12/29/2049(c),(f)		8,000		8,563
	USSW5 Index Spread + 4.45%					USSW5 Index Spread + 7.60%
	JPMorgan Chase & Co					Skandinaviska Enskilda Banken AB
	5.30%, 12/31/2049(c),(f)		14,800		15,115	5.63%, 12/31/2049(c),(f)		2,000		1,932
	3 Month LIBOR + 3.80%					USSW5 Index Spread + 3.49%
	5.81%, 04/29/2049(c)		65,637		66,096	5.75%, 12/31/2049(c),(f)		18,100		18,123
	3 Month LIBOR + 3.47%					USSW5 Index Spread + 3.85%
	6.00%, 12/31/2049(c),(f)		4,609		4,804	Societe Generale SA
	3 Month LIBOR + 3.30%					6.75%, 12/31/2049(c),(d),(f)		6,150		5,819
	6.10%, 12/31/2049(c),(f)		20,700		21,554	USSW5 Index Spread + 3.93%
	3 Month LIBOR + 3.33%					6.75%, 12/31/2049(c),(f)		8,300		7,854
	6.13%, 12/31/2049(c),(f)		22,000		22,880	USSW5 Index Spread + 3.93%
	3 Month LIBOR + 3.33%					7.38%, 12/31/2049(c),(d),(f)		14,000		14,630
	6.75%, 12/31/2049(c),(f)		137,707		151,574	USSW5 Index Spread + 6.24%
	3 Month LIBOR + 3.78%					7.88%, 12/31/2049(c),(f)		14,000		14,700
	KeyCorp					USSW5 Index Spread + 4.98%
	5.00%, 12/31/2049(c),(f)		20,101		19,825
	3 Month LIBOR + 3.61%


		Principal						Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)		Amount (000’s) Value (000’s)
Banks (continued)					Electric (continued)
Societe Generale SA (continued)					Enel SpA
8.00%, 12/31/2049(c),(d),(f)	$	16,800	$	17,913	8.75%, 09/24/2073(d),(f)		$	43,300	$	47,197
USD ICE SWAP Rate NY 5 + 5.87%					USSW5 Index Spread + 5.88%
8.25%, 12/31/2049(c),(f)		64,750		65,415	NextEra Energy Capital Holdings Inc
USSW5 Index Spread + 6.39%					4.40%, 10/01/2066			23,474		22,652
Standard Chartered PLC					3 Month LIBOR + 2.07%
7.01%, 07/29/2049(c),(d),(f)		41,500		43,056	4.47%, 06/15/2067			8,920		8,575
3 Month LIBOR + 1.46%					3 Month LIBOR + 2.13%
7.01%, 07/29/2049(c),(f)		25,600		26,560	4.80%, 12/01/2077(f)			3,100		2,926
3 Month LIBOR + 1.46%					3 Month LIBOR + 2.41%
7.50%, 12/31/2049(c),(d),(f)		17,700		18,275	PPL Capital Funding Inc
USSW5 Index Spread + 6.30%					5.00%, 03/30/2067			15,375		15,196
7.75%, 12/31/2049(c),(d),(f)		11,000		11,399	3 Month LIBOR + 2.67%
USSW5 Index Spread + 5.72%					Southern Co/The
SunTrust Banks Inc					5.50%, 03/15/2057(f)			6,500		6,645
5.63%, 12/31/2049(c),(f)		4,400		4,516	3 Month LIBOR + 3.63%
3 Month LIBOR + 3.86%								$		163,082
SunTrust Capital I					Food- 0.17	%
2.98%, 05/15/2027		10,900		10,197	Dairy Farmers of America Inc
3 Month LIBOR + 0.67%					7.13%, 12/31/2049(c),(d)			8,700		9,592
Svenska Handelsbanken AB					Gas- 0.32	%
5.25%, 12/31/2049(c),(f)		42,000		40,950	NiSource Inc
USSW5 Index Spread + 3.34%					5.65%, 12/31/2049(c),(d),(f)			17,900		18,124
Swedbank AB					U.S. Treasury 5-Year Note + 2.84%
6.00%, 12/31/2049(c),(f)		5,200		5,229	Hand & Machine Tools - 0.22%
USSW5 Index Spread + 4.11%					Stanley Black & Decker Inc
UBS Group Funding Switzerland AG					5.75%, 12/15/2053(f)			12,250		12,265
6.87%, 12/31/2049(c),(f)		12,078		12,505	3 Month LIBOR + 4.30%
USD ICE SWAP Rate NY 5 + 5.50%
6.88%, 12/31/2049(c),(f)		15,233		15,565	Insurance - 21.76%
USSW5 Index Spread + 4.59%					ACE Capital Trust II
7.00%, 12/31/2049(c),(f)		20,700		21,968	9.70%, 04/01/2030			14,970		21,033
USSW5 Index Spread + 4.87%					AG Insurance SA
7.13%, 12/31/2049(c),(f)		1,757		1,810	6.75%, 03/29/2049(c),(f)			28,200		28,527
USSW5 Index Spread + 5.46%					USSW6 Index Spread + 5.43%
UniCredit SpA					AIG Life Holdings Inc
8.00%, 12/31/2049(c),(f)		13,400		12,275	8.50%, 07/01/2030			31,200		39,000
USSW5 Index Spread + 5.18%					Allstate Corp/The
US Bancorp					5.75%, 08/15/2053(f)			8,254		8,605
5.12%, 12/31/2049(c),(f)		21,400		22,015	3 Month LIBOR + 2.94%
3 Month LIBOR + 3.49%					6.50%, 05/15/2067(f)			12,505		13,943
USB Realty Corp					3 Month LIBOR + 2.12%
3.49%, 12/29/2049(c),(d)		1,500		1,350	American International Group Inc
3 Month LIBOR + 1.15%					5.75%, 04/01/2048(f)			19,500		19,159
Wells Fargo & Co					3 Month LIBOR + 2.87%
5.87%, 12/31/2049(c),(f)		50,300		53,004	8.18%, 05/15/2068(f)			7,500		9,450
3 Month LIBOR + 3.99%					3 Month LIBOR + 4.20%
6.11%, 12/31/2049(c)		86,100		87,211	Aon Corp
3 Month LIBOR + 3.77%					8.21%, 01/01/2027			4,500		5,512
Westpac Banking Corp/New Zealand					Aquarius & Investments Plc for Swiss
5.00%, 12/31/2049(c),(f)		6,100		5,474	Reinsurance Co Ltd
USD ICE SWAP Rate NY 5 + 2.89%					6.37%, 09/01/2024(f)			14,600		14,929
		$		2,548,695	USSW5 Index Spread + 5.21%
					Argentum Netherlands BV for Swiss Re Ltd
Diversified Financial Services - 0.97%					5.63%, 08/15/2052(f)			19,600		19,576
Charles Schwab Corp/The					3 Month LIBOR + 3.78%
7.00%, 02/28/2049(c),(f)		28,358		31,123	5.75%, 08/15/2050(f)			19,400		19,691
3 Month LIBOR + 4.82%					3 Month LIBOR + 3.59%
Depository Trust & Clearing Corp/The					AXA SA
4.88%, 12/31/2049(c),(d),(f)		1,850		1,878	6.38%, 12/29/2049(c),(d),(f)			27,793		29,600
3 Month LIBOR + 3.17%					3 Month LIBOR + 2.26%
National Rural Utilities Cooperative Finance Corp					8.60%, 12/15/2030			13,565		17,635
5.25%, 04/20/2046(f)		21,300		21,883	Catlin Insurance Co Ltd
3 Month LIBOR + 3.63%					5.32%, 07/29/2049(c),(d)			46,336		45,757
		$		54,884	3 Month LIBOR + 2.98%
Electric - 2.88%					Dai-ichi Life Insurance Co Ltd/The
Emera Inc					7.25%, 12/29/2049(c),(d),(f)			13,250		14,343
6.75%, 06/15/2076(f)		56,495		59,891	3 Month LIBOR + 4.56%
3 Month LIBOR + 5.44%


		Principal							Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)		Amount (000’s) Value (000’s)
Insurance (continued)					Insurance (continued)
Everest Reinsurance Holdings Inc					XLIT Ltd
4.70%, 05/01/2067	$	32,820	$	32,410		4.80%, 12/31/2049(c)	$		14,350	$	14,100
3 Month LIBOR + 2.39%						3 Month LIBOR + 2.46%
Great-West Life & Annuity Insurance Capital LP									$		1,230,959
6.63%, 11/15/2034(d)		7,000		8,234	Mining - 0.48%
Hartford Financial Services Group Inc/The					BHP Billiton Finance USA Ltd
4.44%, 02/12/2067(d)		10,885		10,177		6.75%, 10/19/2075(d),(f)			25,042		27,484
3 Month LIBOR + 2.13%						USSW5 Index Spread + 5.09%
Legal & General Group PLC					Pipelines - 1.70%
5.25%, 03/21/2047(f)		35,154		33,754	Enbridge Inc
USSW5 Index Spread + 3.69%						6.25%, 03/01/2078(f)			13,298		12,916
Liberty Mutual Group Inc						3 Month LIBOR + 3.64%
5.25%, 03/07/2067(d)		12,738		12,483	Enterprise Products Operating LLC
3 Month LIBOR + 2.91%						5.25%, 08/16/2077(f)			40,800		38,556
7.80%, 03/07/2087(d)		71,940		84,889		3 Month LIBOR + 3.03%
Liberty Mutual Insurance Co						5.38%, 02/15/2078(f)			5,000		4,685
7.70%, 10/15/2097(d)		20,025		27,140		3 Month LIBOR + 2.57%
Lincoln National Corp					TransCanada PipeLines Ltd
4.39%, 04/20/2067		54,947		50,634		4.52%, 05/15/2067			8,461		7,847
3 Month LIBOR + 2.04%						3 Month LIBOR + 2.21%
4.67%, 05/17/2066		13,109		12,419	Transcanada Trust
3 Month LIBOR + 2.36%						5.63%, 05/20/2075(f)			3,800		3,781
Meiji Yasuda Life Insurance Co						3 Month LIBOR + 3.53%
5.10%, 04/26/2048(d),(f)		13,800		14,024		5.87%, 08/15/2076(f)			27,800		28,356
USD ICE SWAP Rate NY 5 + 3.15%						3 Month LIBOR + 4.64%
5.20%, 10/20/2045(d),(f)		10,000		10,225					$		96,141
USSW5 Index Spread + 4.23%					Sovereign - 0.36%
MetLife Capital Trust IV					CoBank ACB
7.88%, 12/15/2067(d)		19,020		23,585		6.25%, 12/31/2049(c),(f)			16,400		17,384
MetLife Inc						3 Month LIBOR + 4.66%
6.40%, 12/15/2066		10,770		11,497	Farm Credit Bank of Texas
9.25%, 04/08/2068(d)		48,075		65,382		6.20%, 12/31/2049(c),(d),(f)			3,000		3,045
10.75%, 08/01/2069		50,223		77,343		3 Month LIBOR + 3.22%
Mitsui Sumitomo Insurance Co Ltd									$		20,429
7.00%, 03/15/2072(d),(f)		10,700		11,661
3 Month LIBOR + 5.90%					Telecommunications - 0.55%
MMI Capital Trust I					Koninklijke KPN NV
7.63%, 12/15/2027		1,073		1,287		7.00%, 03/28/2073(d),(f)			13,126		13,979
Nationwide Financial Services Inc						USSW10 Index Spread + 5.33%
6.75%, 05/15/2087		79,015		86,126		7.00%, 03/28/2073(f)			16,000		17,040
Nippon Life Insurance Co						USSW10 Index Spread + 5.33%
4.70%, 01/20/2046(d),(f)		5,000		4,963					$		31,019
USD ICE SWAP Rate NY 5 + 3.75%					Transportation - 0.77%
5.10%, 10/16/2044(d),(f)		27,300		27,832	BNSF Funding Trust I
USD ICE SWAP Rate NY 5 + 3.65%						6.61%, 12/15/2055(f)			38,509		43,515
Progressive Corp/The						3 Month LIBOR + 2.35%
5.38%, 12/31/2049(c),(f)		6,750		6,733	TOTAL BONDS				$		4,268,548
3 Month LIBOR + 2.54%					TOTAL PURCHASED OPTIONS - 0.01%				$		406
Provident Financing Trust I					Total Investments			$	5,575,684
7.41%, 03/15/2038		32,650		35,768	Other Assets and Liabilities - 1.46%				$		82,334
Prudential Financial Inc					TOTAL NET ASSETS - 100.00%			$	5,658,018
5.63%, 06/15/2043(f)		66,965		70,027
3 Month LIBOR + 3.92%					(a)	Affiliated Security. Security is either an affiliate (and registered under the
5.88%, 09/15/2042(f)		20,401		21,727		Investment Company Act of 1940) or an affiliate as defined by the Investment
3 Month LIBOR + 4.18%						Company Act of 1940 (the Fund controls 5.0% or more of the outstanding
Reinsurance Group of America Inc						voting shares of the security). Please see affiliated sub-schedule for
5.01%, 12/15/2065		26,423		26,258		transactional information.
3 Month LIBOR + 2.67%					(b)	Current yield shown is as of period end.
Sompo Japan Nipponkoa Insurance Inc					(c)	Perpetual security. Perpetual securities pay an indefinite stream of interest,
5.33%, 03/28/2073(d),(f)		60,300		62,561		but they may be called by the issuer at an earlier date.
3 Month LIBOR + 4.27%					(d)	Security exempt from registration under Rule 144A of the Securities Act of
Sumitomo Life Insurance Co						1933. These securities may be resold in transactions exempt from registration,
6.50%, 09/20/2073(d),(f)		15,500		16,834		normally to qualified institutional buyers. At the end of the period, the value of
3 Month LIBOR + 4.44%						these securities totaled $1,434,320 or 25.35% of net assets.
Voya Financial Inc					(e)	Non-income producing security
5.65%, 05/15/2053(f)		64,126		64,126	(f)	Rate shown is the rate in effect as of period end. The rate may be based on a
3 Month LIBOR + 3.58%						fixed rate, variable rate, or floating rate.


Schedule of Investments
Preferred Securities Fund
August 31, 2018


Portfolio Summary (unaudited)
Sector					Percent
Financial					82.16	%
Utilities					5.95	%
Communications					4.31	%
Energy					1.70	%
Government					1.53	%
Industrial					1.51	%
Consumer, Non-cyclical					0.66	%
Basic Materials					0.48	%
Consumer, Cyclical					0.22	%
Investment Companies					0.01	%
Purchased Options					0.01	%
Other Assets and Liabilities					1.46	%
TOTAL NET ASSETS			100.00			%


Affiliated Securities		August 31, 2017						Purchases			Sales		August 31, 2018
			Value					Cost			Proceeds						Value
Centaur Funding Corp 9.08%, 04/21/2020	$		116,300			$		— $			— $						111,136
Principal Government Money Market Fund 1.84%			—				764,772			764,301							471
	$		116,300			$	764,772		$	764,301		$					111,607


					Realized Gain/Loss			Realized Gain from					Change in Unrealized
			Income		on Investments			Capital Gain Distributions							Gain/Loss
Centaur Funding Corp 9.08%, 04/21/2020	$		9,140	$			— $				— $						(5,164	)
Principal Government Money Market Fund 1.84%			910				—				—						—
	$		10,050	$			— $				— $						(5,164	)
Amounts in thousands


Options

											Upfront						Unrealized
		Contracts/									Payments/				Appreciation/
Purchased Options Outstanding	Counterparty	Shares			Notional Amount		Exercise Price	Expiration Date			(Receipts)		Fair Value (Depreciation)
Call - US Long Bond 1st W Future;	N/A		1,000	$	1,000	$	146.00	09/10/2018		$	50			$	47	$	(3	)
December 2018
Put - US Long Bond Future;	N/A		1,000	$	1,000	$	144.00	09/10/2018			335				359		24
December 2018
Total										$	385			$	406	$	21
											Upfront						Unrealized
		Contracts/									Payments/				Appreciation/
Written Options Outstanding	Counterparty	Shares			Notional Amount		Exercise Price	Expiration Date			(Receipts)		Fair Value (Depreciation)
Call - US Long Bond 1st W Future;	N/A		1,000	$	1,000	$	145.00	09/10/2018		$	(188)			$	(172	)$	16
December 2018
Put - US Long Bond Future;	N/A		1,000	$	1,000	$	145.00	09/10/2018			(921)				(953	)	(32	)
December 2018
Total										$	(1,109)			$	(1,125	)$	(16	)
Amounts in thousands except contracts/shares.


Schedule of Investments
Real Estate Debt Income Fund
August 31, 2018



INVESTMENT COMPANIES - 2.34%		Shares Held Value (000's)						Principal
Money Market Funds - 2.34%					BONDS (continued)		Amount (000’s) Value (000’s)
Principal Government Money Market Fund		4,394,889	$	4,395	Commercial Mortgage Backed Securities (continued)
1.84%(a),(b)					COMM 2015-LC23 Mortgage Trust
TOTAL INVESTMENT COMPANIES		$		4,395	3.80%, 10/10/2048(c),(d)		$	2,000	$	1,866
		Principal			4.80%, 10/10/2048(c)			1,000		998
BONDS - 95.11%	Amount (000's) Value (000's)				COMM 2016-DC2 Mortgage Trust
Commercial Mortgage Backed Securities - 89.48%					3.77%, 02/10/2049			6,000		6,058
Banc of America Commercial Mortgage Trust					COMM 2018-COR3 Mortgage Trust
2008-1					4.23%, 05/10/2051			5,000		5,196
6.79%, 02/10/2051(c)	$	86	$	86	4.71%, 05/10/2051(c)			3,115		3,150
6.79%, 02/10/2051(c),(d)		761		26	Credit Suisse Commercial Mortgage Trust Series
Banc of America Commercial Mortgage Trust					2007-	C1
2015-UBS7					5.42%, 02/15/2040			1,077		1,088
4.51%, 09/15/2048(c)		1,080		1,106	CSAIL 2017-CX10 Commercial Mortgage Trust
Banc of America Commercial Mortgage Trust					0.87%, 11/15/2050(c),(e)			17,655		906
2016-UBS10					Freddie Mac Multifamily Structured Pass
2.15%, 07/15/2049(c),(e)		8,924		871	Through Certificates
Banc of America Commercial Mortgage Trust					0.43%, 01/25/2028(c),(e)			49,967		1,333
2017-BNK3					1.08%, 08/25/2023(c),(e)			71,265		2,734
1.29%, 02/15/2050(c),(e)		24,276		1,700	1.26%, 01/25/2021(c),(e)			19,459		424
3.25%, 02/15/2050(d)		2,375		1,951	3.01%, 07/25/2025			5,000		4,947
BANK 2017-BNK4					GS Mortgage Securities Trust 2010-C1
3.36%, 05/15/2050(d)		2,500		2,105	1.50%, 08/10/2043(c),(d),(e)			24,118		507
BENCHMARK 2018-B1 Mortgage Trust					GS Mortgage Securities Trust 2011-GC3
2.75%, 01/15/2051(d)		1,000		798	0.82%, 03/10/2044(c),(d),(e)			21,972		294
BENCHMARK 2018-B2 Mortgage Trust					GS Mortgage Securities Trust 2013-GCJ14
0.57%, 02/15/2051(c),(e)		46,909		1,401	4.92%, 08/10/2046(c),(d)			4,750		4,562
1.50%, 02/15/2051(c),(d),(e)		5,181		579	GS Mortgage Securities Trust 2014-GC22
BENCHMARK 2018-B3 Mortgage Trust					1.15%, 06/12/2047(c),(e)			17,631		715
1.50%, 04/10/2051(c),(d),(e)		3,680		414	4.85%, 06/10/2047(c)			3,225		3,238
3.06%, 04/10/2051(d)		2,000		1,720	GS Mortgage Securities Trust 2015-GC28
BENCHMARK 2018-B4					3.14%, 02/10/2048			5,000		4,896
4.12%, 07/15/2051		2,500		2,594	GS Mortgage Securities Trust 2015-GC34
CD 2017-CD3 Mortgage Trust					4.47%, 10/10/2048(c)			2,000		2,045
1.19%, 02/10/2050(c),(e)		28,789		1,952	GS Mortgage Securities Trust 2016-GS2
4.71%, 02/10/2050(c)		3,000		3,051	3.76%, 05/10/2049(c)			2,500		2,464
CD 2017-CD4 Mortgage Trust					JP Morgan Chase Commercial Mortgage
3.30%, 05/10/2050(d)		3,779		3,177	Securities Trust 2010-C1
CFCRE Commercial Mortgage Trust 2011-C2					5.95%, 06/15/2043(d)			1,500		1,519
1.34%, 12/15/2047(c),(d),(e)		7,446		191	JP Morgan Chase Commercial Mortgage
Citigroup Commercial Mortgage Trust					Securities Trust 2011-C5
2013-GC15					5.58%, 08/15/2046(c),(d)			1,200		1,249
5.33%, 09/10/2046(c),(d)		2,010		1,991	JPMBB Commercial Mortgage Securities Trust
Citigroup Commercial Mortgage Trust 2016-C1					2013-C15
2.08%, 05/10/2049(c),(e)		28,300		3,135	5.25%, 11/15/2045(c),(d)			2,500		2,500
3.51%, 05/10/2049		2,500		2,429	JPMBB Commercial Mortgage Securities Trust
4.12%, 05/10/2049		2,500		2,520	2014-C19
Citigroup Commercial Mortgage Trust					4.81%, 04/15/2047(c)			2,500		2,524
2016-GC36					JPMBB Commercial Mortgage Securities Trust
3.62%, 02/10/2049		5,000		5,007	2014-C21
Citigroup Commercial Mortgage Trust 2017-C4					1.19%, 08/15/2047(c),(e)			24,712		1,153
4.10%, 10/12/2050(c)		3,000		3,017	JPMBB Commercial Mortgage Securities Trust
COMM 2006-C8 Mortgage Trust					2014-C24
5.38%, 12/10/2046		42		42	4.04%, 11/15/2047(c),(d)			1,000		878
COMM 2013-CCRE11 Mortgage Trust					4.12%, 11/15/2047(c)			2,500		2,522
1.27%, 08/10/2050(c),(e)		25,533		945	JPMCC Commercial Mortgage Securities Trust
COMM 2013-CCRE6 Mortgage Trust					2017-JP6
1.21%, 03/10/2046(c),(e)		9,927		310	4.75%, 07/15/2050(c),(d)			4,000		3,856
COMM 2014-CCRE17 Mortgage Trust					JPMDB Commercial Mortgage Securities Trust
4.96%, 05/10/2047(c),(d)		1,600		1,460	2017-	C5
Comm 2014-UBS2 Mortgage Trust					1.17%, 03/15/2050(c),(e)			24,825		1,573
4.20%, 03/10/2047		1,000		1,018	LB Commercial Mortgage Trust 2007-C3
COMM 2014-UBS3 Mortgage Trust					6.09%, 07/15/2044(c)			395		401
4.94%, 06/10/2047(c)		1,000		996	Morgan Stanley Bank of America Merrill Lynch
COMM 2014-UBS5 Mortgage Trust					Trust 2013-C9
3.50%, 09/10/2047(d)		1,000		811	3.71%, 05/15/2046(c)			1,670		1,660
COMM 2015-LC19 Mortgage Trust					4.26%, 05/15/2046(c),(d)			4,000		3,765
2.87%, 02/10/2048(d)		1,000		861	Morgan Stanley Bank of America Merrill Lynch
					Trust 2014-C14
					1.31%, 02/15/2047(c),(e)			22,377		672


			Principal					Principal
BONDS (continued)		Amount (000’s) Value (000’s)				BONDS (continued)		Amount (000’s) Value (000’s)
Commercial Mortgage Backed Securities (continued)						Commercial Mortgage Backed Securities (continued)
Morgan Stanley Bank of America Merrill Lynch						WFRBS Commercial Mortgage Trust 2014-C20
Trust 2014-C15							3.99%, 05/15/2047(d)	$	2,500	$	2,012
1.23%, 04/15/2047(c),(e)		$	56,742	$	2,238				$		167,707
5.05%, 04/15/2047(c)			1,000		1,023	REITs - 5.63%
Morgan Stanley Bank of America Merrill Lynch						American Campus Communities Operating
Trust 2014-C16						Partnership LP
4.91%, 06/15/2047(c),(d)			1,250		1,122		4.13%, 07/01/2024		2,500		2,503
Morgan Stanley Bank of America Merrill Lynch						HCP Inc
Trust 2015-C20							2.63%, 02/01/2020		2,500		2,482
4.16%, 02/15/2048			1,000		1,001	Hospitality Properties Trust
Morgan Stanley Bank of America Merrill Lynch							5.00%, 08/15/2022		1,000		1,032
Trust 2015-C25						Select Income REIT
1.28%, 10/15/2048(c),(e)			29,462		1,710		3.60%, 02/01/2020		2,000		1,992
Morgan Stanley Bank of America Merrill Lynch						VEREIT Operating Partnership LP
Trust 2015-C26							4.13%, 06/01/2021		2,500		2,532
3.53%, 10/15/2048			1,000		997				$		10,541
Morgan Stanley Bank of America Merrill Lynch						TOTAL BONDS			$		178,248
Trust 2016-C28						Total Investments			$		182,643
3.95%, 01/15/2049			6,000		5,985	Other Assets and Liabilities - 2.55%			$		4,778
Morgan Stanley Bank of America Merrill Lynch						TOTAL NET ASSETS - 100.00%			$		187,421
Trust 2017-C33
1.60%, 05/15/2050(c),(e)			23,963		1,942
Morgan Stanley Capital I 2017-HR2						(a)	Affiliated Security. Security is either an affiliate (and registered under the
2.73%, 12/15/2050			1,900		1,532		Investment Company Act of 1940) or an affiliate as defined by the Investment
Morgan Stanley Capital I Trust 2016-UB11							Company Act of 1940 (the Fund controls 5.0% or more of the outstanding
3.50%, 08/15/2049(c),(d)			5,000		4,278		voting shares of the security). Please see affiliated sub-schedule for
Morgan Stanley Capital I Trust 2016-UBS12							transactional information.
4.29%, 12/15/2049(c)			2,000		1,933	(b)	Current yield shown is as of period end.
Morgan Stanley Capital I Trust 2016-UBS9						(c)	Certain variable rate securities are not based on a published reference rate
4.70%, 03/15/2049(c)			500		503		and spread but are determined by the issuer or agent and are based on current
SG Commercial Mortgage Securities Trust							market conditions. These securities do not indicate a reference rate and
2016-	C5						spread in their description. Rate shown is the rate in effect as of period end.
2.17%, 10/10/2048(c),(e)			13,729		1,456	(d)	Security exempt from registration under Rule 144A of the Securities Act of
UBS-Barclays Commercial Mortgage Trust							1933. These securities may be resold in transactions exempt from registration,
2012-	C3						normally to qualified institutional buyers. At the end of the period, the value of
5.21%, 08/10/2049(c),(d)			1,162		1,183		these securities totaled $51,538 or 27.50% of net assets.
UBS-Barclays Commercial Mortgage Trust						(e)	Security is an Interest Only Strip.
2012-	C4
1.79%, 12/10/2045(c),(d),(e)			8,346		451		Portfolio Summary (unaudited)
4.63%, 12/10/2045(c),(d)			1,000		893	Sector					Percent
UBS-Barclays Commercial Mortgage Trust						Mortgage Securities					89.48	%
2013-	C5					Financial					5.63	%
4.21%, 03/10/2046(c),(d)			2,280		2,249	Investment Companies					2.34	%
Wells Fargo Commercial Mortgage Trust						Other Assets and Liabilities					2.55	%
2015-C31						TOTAL NET ASSETS					100.00	%
3.70%, 11/15/2048			2,000		2,018
Wells Fargo Commercial Mortgage Trust
2015-LC22
1.03%, 09/15/2058(c),(e)			21,262		974
Wells Fargo Commercial Mortgage Trust
2015-NXS1
4.24%, 05/15/2048(c)			3,180		2,867
Wells Fargo Commercial Mortgage Trust
2015-NXS3
4.64%, 09/15/2057(c)			3,000		2,912
Wells Fargo Commercial Mortgage Trust
2016-C34
2.33%, 06/15/2049(c),(e)			7,833		860
Wells Fargo Commercial Mortgage Trust
2016-NXS5
5.01%, 01/15/2059(c)			1,750		1,856
WFRBS Commercial Mortgage Trust 2013-C11
1.36%, 03/15/2045(c),(d),(e)			20,072		852
WFRBS Commercial Mortgage Trust 2013-C12
1.42%, 03/15/2048(c),(d),(e)			30,918		1,418
WFRBS Commercial Mortgage Trust 2013-C17
1.57%, 12/15/2046(c),(e)			32,950		1,485

Schedule of Investments
Small-MidCap Dividend Income Fund
August 31, 2018


COMMON STOCKS - 98.53%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Aerospace & Defense - 1.16%					Insurance - 6.40%
MSA Safety Inc		325,539	$	32,909	Arthur J Gallagher & Co	356,852	$	25,743
Airlines - 2.90%					Assured Guaranty Ltd	1,343,782		54,746
Alaska Air Group Inc		720,695		48,640	Beazley PLC	2,700,545		20,864
Hawaiian Holdings Inc		816,094		33,868	Fidelity National Financial Inc	905,410		36,307
		$		82,508	James River Group Holdings Ltd	1,085,791		44,463
Automobile Manufacturers - 2.43%						$		182,123
NFI Group Inc	1,762,699			69,279	Investment Companies - 1.12%
Automobile Parts & Equipment - 4.89%					Oaktree Capital Group LLC	784,570		31,893
Adient PLC	1,203,144			52,084	Leisure Products & Services - 2.25%
Autoliv Inc		534,457		47,615	Acushnet Holdings Corp	1,627,600		44,027
Linamar Corp		899,421		39,547	LCI Industries	214,271		19,916
		$		139,246		$		63,943
Banks - 10.30%					Machinery - Diversified - 2.54%
Bank OZK	1,493,938			60,445	Albany International Corp	226,271		17,457
BOK Financial Corp		283,349		29,057	IDEX Corp	98,946		15,159
Cullen/Frost Bankers Inc		365,718		40,555	Nordson Corp	285,115		39,637
East West Bancorp Inc		536,857		34,031		$		72,253
Hope Bancorp Inc	1,658,183			29,035	Media - 0.59%
PacWest Bancorp	1,365,840			68,961	Entercom Communications Corp	2,156,465		16,928
Washington Trust Bancorp Inc		520,698		31,242	Miscellaneous Manufacturers - 1.64%
		$		293,326	Crane Co	397,531		36,287
Chemicals - 3.89%					Donaldson Co Inc	205,848		10,416
Albemarle Corp		154,857		14,792		$		46,703
HB Fuller Co		638,296		36,376	Oil & Gas - 2.09%
Huntsman Corp	1,229,338			37,483	HollyFrontier Corp	80,778		6,020
RPM International Inc		326,958		22,070	Vermilion Energy Inc	1,687,626		53,590
		$		110,721		$		59,610
Coal - 0.91%					Packaging & Containers - 0.90%
Alliance Resource Partners LP	1,289,009			25,909	Packaging Corp of America	233,087		25,621
Commercial Services - 2.54%					Pipelines - 4.20%
Travelport Worldwide Ltd	3,889,089			72,220	EnLink Midstream Partners LP	3,155,935		56,176
Computers - 1.56%					Phillips 66 Partners LP	280,929		14,456
Leidos Holdings Inc		626,796		44,358	Targa Resources Corp	890,176		49,022
Consumer Products - 1.02%						$		119,654
Avery Dennison Corp		277,338		29,170	Private Equity - 0.38%
Distribution & Wholesale - 1.44%					Hercules Capital Inc	800,624		10,824
KAR Auction Services Inc		653,812		40,988	REITs - 14.27%
Diversified Financial Services - 2.64%					Agree Realty Corp	315,381		17,999
BGC Partners Inc	6,050,459			75,147	CyrusOne Inc	756,366		50,646
Electric - 5.79%					EastGroup Properties Inc	159,252		15,491
ALLETE Inc		495,449		37,198	EPR Properties	997,868		70,030
Alliant Energy Corp	1,151,618			49,335	Four Corners Property Trust Inc	460,547		12,407
Evergy Inc		865,897		49,400	Medical Properties Trust Inc	4,533,471		68,229
Fortis Inc/Canada		456,723		14,944	National Health Investors Inc	290,064		22,988
PNM Resources Inc		358,122		13,949	National Retail Properties Inc	452,528		20,857
		$		164,826	Omega Healthcare Investors Inc	1,981,128		65,476
Electrical Components & Equipment - 2.62%					Pebblebrook Hotel Trust	271,277		10,474
Energizer Holdings Inc		176,335		11,213	Ramco-Gershenson Properties Trust	1,682,898		23,493
Hubbell Inc		111,228		14,055	Tanger Factory Outlet Centers Inc	1,175,869		28,291
Littelfuse Inc		221,130		49,436		$		406,381
		$		74,704	Semiconductors - 2.62%
Electronics - 0.47%					Kulicke & Soffa Industries Inc	789,837		20,370
Garmin Ltd		197,519		13,459	MKS Instruments Inc	583,285		54,187
						$		74,557
Food - 4.00%					Software - 1.34%
B&G Foods Inc	2,650,168			84,673
Ingredion Inc		289,492		29,259	Broadridge Financial Solutions Inc	93,871		12,686
		$		113,932	j2 Global Inc	307,332		25,376
						$		38,062
Hand & Machine Tools - 2.97%					Supranational Bank - 1.05%
Lincoln Electric Holdings Inc		218,617		20,585
Snap-on Inc		361,214		63,855	Banco Latinoamericano de Comercio Exterior SA	1,452,930		30,032
		$		84,440	Telecommunications - 0.70%
Healthcare - Products - 3.57%					Consolidated Communications Holdings Inc	1,686,821		19,921
STERIS PLC		588,722		67,362	Toys, Games & Hobbies - 1.34%
Teleflex Inc		137,987		34,142	Hasbro Inc	382,906		38,025
		$		101,504	TOTAL COMMON STOCKS	$		2,805,176

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


					Net Realized
		Net Asset Value,	Net Investment		and Unrealized		Total From	Dividends from		Distributions				Total
		Beginning of	Income (Loss)		Gain (Loss) on		Investment	Net Investment		from Realized				Dividends and	Net Asset Value,
		Period		(a)	Investments		Operations	Income				Gains		Distributions		End of Period
BLUE CHIP FUND
Class A shares
2018		$19.91		($0.07)		$5.24	$5.17		$–			($0.59	)	($0.59	)	$	24.49
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	(d)	12.93		0.03		2.14	2.17		(0.03		)	–		(0.03	)		15.07
Class C shares
2018		19.37		(0.23)		5.07	4.84		–			(0.59	)	(0.59	)		23.62
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	(d)	12.93		(0.07)		2.13	2.06		(0.02		)	–		(0.02	)		14.97
DIVERSIFIED REAL ASSET FUND
Class A shares
2018		11.53		0.24		0.15	0.39		(0.22		)	–		(0.22	)		11.70
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
Class C shares
2018		11.29		0.14		0.15	0.29		(0.13		)	–		(0.13	)		11.45
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

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


Financial Highlights
Principal Funds, Inc.


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

					Net Realized
		Net Asset Value,	Net Investment		and Unrealized		Total From	Dividends from		Distributions				Total
		Beginning of	Income (Loss)		Gain (Loss) on		Investment	Net Investment		from Realized				Dividends and		Net Asset Value,
		Period		(a)	Investments		Operations		Income			Gains		Distributions		End of Period
REAL ESTATE DEBT INCOME FUND
Class A shares
2018		$9.85		$0.30		($0.30)	$–		($0.31		)	$–		($0.31	)	$	9.54
2017		9.97		0.31		(0.14)	0.17		(0.29		)	–		(0.29	)		9.85
2016		9.75		0.33		0.17	0.50		(0.28		)	–		(0.28	)		9.97
2015	(e)	10.00		0.22		(0.26)	(0.04)		(0.21		)	–		(0.21	)		9.75
SMALL-MIDCAP DIVIDEND INCOME FUND
Class A shares
2018		16.57		0.34		1.92	2.26		(0.21		)	(0.78	)	(0.99	)		17.84
2017		14.95		0.35		1.60	1.95		(0.33		)	–		(0.33	)		16.57
2016		12.73		0.34		2.44	2.78		(0.30		)	(0.26	)	(0.56	)		14.95
2015		14.34		0.37		(1.39)	(1.02)		(0.28		)	(0.31	)	(0.59	)		12.73
2014		12.25		0.37		2.24	2.61		(0.26		)	(0.26	)	(0.52	)		14.34
Class C shares
2018		16.43		0.21		1.90	2.11		(0.08		)	(0.78	)	(0.86	)		17.68
2017		14.84		0.23		1.60	1.83		(0.24		)	–		(0.24	)		16.43
2016		12.65		0.24		2.41	2.65		(0.20		)	(0.26	)	(0.46	)		14.84
2015		14.26		0.26		(1.37)	(1.11)		(0.19		)	(0.31	)	(0.50	)		12.65
2014		12.21		0.25		2.24	2.49		(0.18		)	(0.26	)	(0.44	)		14.26

To the Class A or Class C Shareholders of Blue Chip Fund, Diversified Real Asset Fund (consolidated), Dynamic Floating Rate High Income Fund, Global Multi-Strategy Fund (consolidated), 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 Debt Income Fund, and Small-MidCap Dividend Income Fund and the Board of Directors of Principal Funds, Inc.

We have audited the accompanying statements of assets and liabilities of Blue Chip Fund, Diversified Real Asset Fund (consolidated), Dynamic Floating Rate High Income Fund, Global Multi-Strategy Fund (consolidated), 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 Debt Income Fund, and Small-MidCap Dividend Income Fund (collectively referred to as the “Funds”), (12 of the portfolios constituting Principal Funds, Inc. (the “Fund”)), including the schedules of investments, as of August 31, 2018, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (12 of the portfolios constituting Principal Funds, Inc.) atAugust 31, 2018, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


Individual portfolio constituting the Funds	Statement of	Statements of	Financial highlights
	operations	changes in net
		assets
Diversified Real Asset Fund (consolidated)	For the year	For each of the	For each of the five years in
Global Multi-Strategy Fund (consolidated)	ended	two years in the	the period ended August 31,
Opportunistic Municipal Fund	August 31, 2018	period ended	2018
Preferred Securities Fund		August 31, 2018
Small-MidCap Dividend Income Fund
Blue Chip Fund	For the year	For each of the	For each of the four years in
Global Opportunities Fund	ended	two years in the	the period ended August 31,
	August 31, 2018	period ended	2018 and the period from
		August 31, 2018	September 30, 2013 (date
			shares first offered) through
			August 31, 2014
International Small Company Fund	For the year	For each of the	For each of the four years in
	ended	two years in the	the period ended August 31,
	August 31, 2018	period ended	2018 and the period from
		August 31, 2018	June 11, 2014 (date shares
			first offered) through August
			31, 2014
Dynamic Floating Rate High Income Fund	For the year	For each of the	For each of the three years
	ended	two years in the	in the period ended August
	August 31, 2018	period ended	31, 2018 and the period from
		August 31, 2018	September 10, 2014 (date
			shares first offered) through
			August 31, 2015
Real Estate Debt Income Fund	For the year	For each of the	For each of the three years
	ended	two years in the	in the period ended August
	August 31, 2018	period ended	31, 2018 and the period from
		August 31, 2018	December 31, 2014 (date
			shares first offered) through
			August 31, 2015

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from brokers or agent banks were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Principal investment companies since 1969.

Shareholder Expense Example
Principal Funds, Inc.
August 31, 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.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2018 to August 31, 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. An annual fee of $15.00 or $30.00 may apply to IRA accounts and 403(b) accounts, respectively within Class A and Class C shares. 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 sales charges on purchase payments, 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
			Beginning		Ending	During Period							Ending			Expenses Paid
			Account	Account Value				March 1,					Account			During Period	Annualized
	Value March 1,				August 31,	2018 to August				Beginning		Value August				March 1, 2018 to	Expense
			2018		2018			31, 2018	(a)		Account		31, 2018	August 31, 2018(a)			Ratio
Blue Chip Fund
Class A		$	1,000.00		$1,118.26		$	5.87		$1,000.00 $1,019.66					$	5.60	1.10	%
Class C			1,000.00		1,114.15			9.75			1,000.00	$1,015.98				9.30	1.83
Diversified Real Asset Fund
Class A			1,000.00		1,024.52			6.23			1,000.00		1,019.06			6.21	1.22
Class C			1,000.00		1,020.50			10.03			1,000.00		1,015.27			10.01	1.97
Dynamic Floating Rate High Income
Fund
Class A			1,000.00		1,016.63			5.59			1,000.00		1,019.66			5.60	1.10
Global Multi-Strategy Fund
Class A			1,000.00		999.10			14.26			1,000.00		1,010.94			14.34	2.83
Class C			1,000.00		995.37			18.21			1,000.00		1,006.96			18.31	3.62
Global Multi-Strategy Fund (Excluding Dividend and Interest Expense on Shorts and Short
Sale Fees and Reverse Repurchase Agreement Expense)
Class A			1,000.00		999.10	9.67					1,000.00		1,015.40	9.80			1.92
Class C			1,000.00		995.40	13.68					1,000.00		1,011.32			13.88	2.72
Global Opportunities Fund
Class A			1,000.00		1,016.52			7.62			1,000.00		1,017.64			7.63	1.50
Class C			1,000.00		1,012.69			11.41			1,000.00		1,013.86			11.42	2.25
International Small Company Fund
Class A			1,000.00		977.72			7.98			1,000.00		1,017.14			8.13	1.60
Multi-Manager Equity Long/Short
Fund
Class A			1,000.00		992.57			13.91			1,000.00		1,011.24			14.04	2.77


					Shareholder Expense Example
								Principal Funds, Inc.
						August 31, 2018 (unaudited)

					Actual								Hypothetical
Expenses Paid
			Beginning		Ending	During Period							Ending			Expenses Paid
			Account	Account Value				March 1,					Account			During Period	Annualized
	Value March 1,				August 31,	2018 to August				Beginning		Value August				March 1, 2018 to	Expense
			2018		2018			31, 2018	(a)		Account		31, 2018	August 31, 2018(a)			Ratio
Multi-Manager Equity Long/Short Fund (Excluding Dividend and Interest Expense on
Short Sales and Short Sale Fees)
Class A			1,000.00		992.60			10.15			1,000.00	1,014.89				10.31	2.02
Opportunistic Municipal Fund
Class A		$	1,000.00		$1,026.53		$	5.41			$1,000.00		$1,019.86		$	5.40	1.06	%
Class C			1,000.00		1,022.73			9.18			1,000.00		1,016.13			9.15	1.80
Opportunistic Municipal Fund (Excluding Interest Expense and Fees)
Class A			1,000.00		1,026.50	4.70					1,000.00		1,020.51	4.70			0.92
Class C			1,000.00		1,022.70			8.41			1,000.00	1,016.78				8.42	1.65
Origin Emerging Markets Fund
Class A			1,000.00		865.03			8.23			1,000.00		1,016.38			8.89	1.75
Preferred Securities Fund
Class A			1,000.00		1,001.19			5.40			1,000.00		1,019.81			5.45	1.07
Class C			1,000.00		997.41			9.06			1,000.00		1,016.13			9.15	1.80
Real Estate Debt Income Fund
Class A			1,000.00		1,023.13			5.10			1,000.00		1,020.16			5.09	1.00
Small-MidCap Dividend Income
Fund
Class A			1,000.00		1,084.59			5.94			1,000.00		1,019.51			5.75	1.13
Class C			1,000.00		1,080.15			9.86			1,000.00		1,015.73			9.55	1.88

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 month of September 2018 for which a portion is estimated to be in excess of the fund’s current and accumulated net income. As of September 2018, 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 CompanyAct 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 Newspapers, Inc.
Member, Nominating and Governance
Committee
1948

Leroy T. Barnes, Jr.		Retired.	134	McClatchy Newspapers,
Director since 2012				Inc.; Herbalife Ltd.; Frontier
Member, Audit Committee				Communications, Inc.
1951

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 President and CFO, Merle	134	None
Director since 2004		Norman Cosmetics, Inc.
Member, Nominating and Governance
Committee
Member, 15(c) Committee
Member, Executive Committee
1960

Fritz S. Hirsch		Formerly, CEO, MAM USA	134	Focus Products Group; MAM
Director since 2005				USA
Member, Operations Committee
Member, 15(c) Committee
1951

Tao Huang		Retired.	134	Armstrong World Industries,
Director since March 2012				Inc.
Member, Operations Committee
Member, 15(c) Committee
1962

Karen (“Karrie”) McMillan		Managing Director, Patomak Global Partners, LLC.	134	None
Director since 2014		Formerly, General Counsel, Investment Company
Member, Operations Committee		Institute
1961

Elizabeth A. Nickels		Formerly, Executive Director, Herman Miller	134	Charlotte Russe; Follet
Director since 2015		Foundation; Formerly President, Herman Miller		Corporation; PetSmart;
Member, Audit Committee		Healthcare		SpartanNash; Spectrum
1962				Health Systems

Mary M. (“Meg”) VanDeWeghe		CEO and President, Forte Consulting, Inc.	134	Brown Advisory; B/E
Director since 2018				Aerospace; WP Carey; Nalco
Member, Operations Committee				(and its successor Ecolab)
1959

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
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
Michael J. Beer	Chief Executive Officer, Principal Funds	134	None
Director since 2012	Distributor, Inc. (“PFD”) since 2015 Executive
President, Chief Executive Officer	Director – Funds, Principal Global
Member, Executive Committee	Investors, LLC (“PGI”) since 2017 Director, PGI
1961	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 Director,	134	None
Director since 2008	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”) since
1959	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 9th Street, 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	Counsel since 2017
Vice President and 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)

Gina L. Graham	Vice President/Treasurer, PFA since 2016
Treasurer	Vice President/Treasurer, Morely since 2016
Des Moines, IA 50392	Vice President/Treasurer, PFD since 2016
1965	Vice President/Treasurer, PGI since 2016
	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

Diane K. Nelson	Chief Compliance Officer/AML Officer, PSS since
AML Officer	2015
Des Moines, IA 50392	Compliance Advisor, PMC (2013-2015)
1965

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 Chief 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

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	Assistant General Counsel, PGI since 2018
Assistant Counsel	Counsel, PGI (2017-2018)
Des Moines, IA 50392	Counsel, PFD (2006-2013)
1972	Counsel, PLIC
	Counsel, PMC (2007-2013, 2014-2017)
	Counsel, PSI (2007-2013)


Name,
Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
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,
Vice President and Of Counsel	Governance Officer, and
Des Moines, IA 50392	Assistant Corporate Secretary, PLIC since 2015
1961	Assistant General Counsel, Assistant Corporate
	Secretary, and Governance
	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
1981	Company (TLIC)
	(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 March 1, 2018, and the Statement ofAdditional Information dated March 1, 2018. These documents may be obtained free of charge by writing Principal 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

The Fund files complete schedules of investments with the Securities and Exchange Commission as of November 30 and May 31 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) a Sub-Advisory agreement with RARE Infrastructure (North America ) Pty Limited related to the Diversified Real Asset Fund; and (2) a renewal of a Sub-Advisory agreement with Ascend Capital, LLC related to the Multi-Manager Equity Long/Short Fund.

On March 13, 2018, the Board considered whether to approve the Sub-Advisory agreement (the “Sub-Advisory Agreement”) between Principal Global Investors, LLC (the “Manager”) and RARE Infrastructure (North America) Pty Limited (the “Sub-Advisor”) with respect to the global infrastructure investment sleeve of the Diversified Real Asset Fund.

The Board reviewed the historical one-year, three-year, five-year and since inception (February 29, 2012) performance returns as of December 31, 2017, gross and net of proposed fees, of the Sub-Advisor in a composite managed in accordance with the proposed investment strategy for the Sub-Advisor’s portion of the global infrastructure investment sleeve of the Fund, as compared to the historical performance returns of a current sub-advisor to the Fund’s global infrastructure investment sleeve and a relevant benchmark index. In addition, the Board reviewed the percentile rankings of the historical performance of the Sub-Advisor’s composite, net of proposed fees, in a relevant Morningstar category for each of the periods referenced above. The Board concluded, based upon the information provided, that the Sub-Advisor is qualified.

The Board considered the proposed Sub-Advisory fee, noting that the Manager compensates sub-advisors 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 sub-advisory services to be provided to the Fund under the Sub-Advisory Agreement.

The Board noted that the proposed sub-advisory fee schedule includes breakpoints and concluded that the sub-advisory fee schedule reflects an appropriate recognition of economies of scale at currently anticipated asset levels. The Board considered the Sub-Advisor’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 sub-advisory fee schedule to be competitive. On the basis of the information provided, the Board concluded that the proposed sub-advisory fee was reasonable.

The Board also considered the character and amount of other fall-out benefits to be received by the Sub-Advisor. The Board noted that the Sub-Advisor intends to use Fund commissions to buy Section 28(e) eligible products and services. The Board also noted the Manager’s statement that, with the exception of such soft dollar benefits, there would be no known fall-out benefits to the Sub-Advisor in connection with its management of the global infrastructure investment sleeve of the Fund. The Board concluded that, on the basis of the information provided, the proposed sub-advisory fee was reasonable.

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

On June 12, 2018, the Board considered for the Multi-Manager Equity Long/Short Fund (the “Fund”) the approval to renew the sub-advisory agreement (the “Sub-Advisory Agreement”) among the Manager and Ascend Capital, LLC (the “Sub-Advisor”).

The Board considered the nature, quality and extent of the services expected to be provided under the Sub-Advisory Agreement. The Board considered the reputation, qualifications and background of the Sub-Advisor, the investment approach of the Sub-Advisor, the experience and skills of the Sub-Advisor’s investment personnel who would be responsible for the day-to-day management of the Fund, and the resources made available to such personnel. The Board noted that the Sub-Advisor currently provides sub-advisory services for another series of PFI, and that the Board had reviewed and had approved for renewal that sub-advisory agreement at its September 2017 Board meeting. The Board noted that no Fund assets have been allocated to the Sub-Advisor’s management, and that subsequent Board approval would be requested before any such allocation was made. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing sub-advisors and that the Manager recommended the Sub-Advisor based upon that program.

The Board reviewed the back-tested one-year, three-year and since inception (May 1, 2014) performance returns as of March 31, 2018, gross and net of proposed fees, of the Sub-Advisor in the proposed investment strategy for the equity long/short sleeve of the Fund (which included historical performance returns of the Sub-Advisor in a composite with the proposed investment strategy for the equity long/short sleeve of the Fund for the periods May 1, 2014 through March 31, 2016 and October 1, 2016 through March 31, 2018) as compared to the historical performance returns of a relevant benchmark index (one-year, three-year and since inception) and a relevant Morningstar category (one-year, three-year and since inception). The Board also reviewed the back-tested annual performance returns, gross and net of proposed fees, of the Sub-Advisor in the same strategy for each of the last three calendar years (which included historical performance returns during the periods identified above) as compared to the relevant benchmark index (last four calendar years) and the relevant Morningstar category (last four calendar years). The Board concluded, based upon the information provided, that the Sub-Advisor is qualified.

The Board considered the proposed sub-advisory fee, noting that the Manager compensates sub-advisors 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 sub-advisory services to be provided to the Fund under the Sub-Advisory Agreement. The Board concluded that, although the proposed sub-advisory fee schedule does not include breakpoints, the Sub-Advisor’s fee schedule is appropriate at currently anticipated asset levels. The Board considered the Sub-Advisor’s representation that the proposed sub-advisory fee is the lowest the Sub-Advisor negotiates for comparable strategies with similar assets under management allocations, and the Manager’s statement that it found the proposed sub-advisory fee to be competitive. On the basis of the information provided, the Board concluded that the proposed sub-advisory fee was reasonable.

The Board also considered the character and amount of other fall-out benefits to be received by the Sub-Advisor. The Board noted that the Sub-Advisor intended to use Fund commissions to buy Section 28(e) eligible products and services. The Board concluded that, on the basis of the information provided, the proposed sub-advisory fee was reasonable.

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Sub-Advisory Agreement continue to be fair and reasonable and that the renewal of the Sub-Advisory Agreement is in the best interests of the Fund.

Federal Income Tax Information
Principal Funds, Inc.
August 31, 2018 (unaudited)

Long-Term Capital Gain Dividends. Certain funds distributed long-term capital gain dividends during the fiscal year ended August 31,

2018. Details of designated long-term capital gain dividends for federal income tax purposes are shown in the Notes to Financial Statements.

To the extent necessary to distribute such capital gains, certain funds may also utilize, and hereby designate, earnings and profits distributed to shareholders on redemptions of shares as part of the Dividends Paid Deduction.

Dividends Received Deduction (“DRD”). For corporate shareholders, the percentage of ordinary income distributions (dividend income and short-term gains, if any) for the year ended August 31, 2018, that qualifies for the DRD are as follows:

Qualified Dividend Income (“QDI”). Certain dividends paid by the funds may be subject to a maximum tax rate of 20%. The QDI percentages of ordinary income distributions are as follows:

Foreign Taxes Paid. The following funds elect under the Internal Revenue Code Section 853 to pass through foreign taxes paid to their shareholders. The total amounts of foreign taxes passed through to shareholders on a per share basis for the year ended August 31, 2018, are as follows:

This information is given to meet certain requirements of the Internal Revenue Code and should not be used by shareholders for preparing their income tax returns. For tax return preparation purposes, please refer to the information supplied with the 1099-DIV form you will receive from the fund's transfer agent.

The latest tax reporting supplement is available on Principal's Tax Center website. Website: https://www.principalfunds.com/individual-investor/customer-support/tax-center

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

Do not use this address for business correspondence

This shareholder report is published as general information for the shareholders of Principal Funds. This material is not authorized for distribution unless preceded or accompanied by a current prospectus or a summary prospectus that includes more information regarding the risk factors, expenses, policies, and objectives of the funds. Investors should read the prospectus or summary prospectus carefully before investing. To obtain a prospectus or summary prospectus, please contact your financial professional or call 800-222-5852.

May lose value • Not a deposit • No bank or credit union guarantee Not insured by any Federal government agency

Jones Transportation Average surged 9.3% in August. For the year, the top performing indices were the Russell 2000 Growth, the Nasdaq Composite, and the Russell 1000 Growth, up 18.0%, 17.5%, and 15.4% in price, respectively.

*All data cited from August 2018 Principal Economic Insights by Robert F. Baur, Ph.D., Executive Director, Chief Global Economist, Robin J.

Investment Advisor: Principal Global Investors, LLC
Sub-Advisor: Spectrum Asset Management, Inc.

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

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

Capital Securities Fund seeks to provide current income. The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in capital securities at the time of purchase. It may invest up to 100% of its assets in below investment grade (sometimes called "junk") preferred securities which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&P Global, provided that the issuer of such below investment grade preferred securities has senior debt outstanding that is rated at the time of purchase BBB, or higher by S&P Global or Baa3 or higher by Moody's.

Rising rates in the front end has benefited the extended (floaters) insurance and utility issues. The U.S. Bank Trust preferred floaters also performed well. Contingent convertible securities contributed despite selling off due to concerns around the outcome of the Italian election and the Turkish currency crisis. The $1000 par U.S. Bank preferreds were a contributor given the strength of the U.S. economy and their fixed-to-float structures. Legacy Tier1 European banking hybrids underperformed given rising rates and an extension of workout assumptions on these bonds. Duration was a liability with longer duration insurance hybrids under pressure. Subordinated debt detracted from performance given rising rates.

*Performance assumes reinvestment of all dividends and capital gains. Performance does not reflect the impact of federal, state, or municipal taxes. If it did, performance would be lower.

**Performance shown for the benchmark is calculated from 02/28/2014 and assumes reinvestment of all dividends and distributions. Indices are unmanaged, and individuals cannot invest directly in an index.

***Securities described in the fund commentary may no longer be held in the fund.


Statement of Assets and Liabilities
Principal Funds, Inc.
August 31, 2018


Amounts in thousands, except per share amounts		Capital Securities Fund
Investment in securities--at cost		$	535,529
Investment in affiliated Funds--at cost		$	10,077
Assets
Investment in securities--at value		$	526,088
Investment in affiliated Funds--at value			10,077
Receivables:
Dividends and interest			8,252
Expense reimbursement from Manager			24
Fund shares sold			1,315
Investment securities sold			186
	Total Assets		545,942
Liabilities
Accrued transfer agent fees			22
Accrued directors' expenses			1
Accrued professional fees			28
Accrued other expenses			19
Deposits from counterparty			–
Payables:
Fund shares redeemed			1,231
Investment securities purchased			195
	Total Liabilities		1,496
Net Assets Applicable to Outstanding Shares		$	544,446
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	549,926
Accumulated undistributed (overdistributed) net investment income (loss)			4,619
Accumulated undistributed (overdistributed) net realized gain (loss)			(658	)
Net unrealized appreciation (depreciation) of investments			(9,441	)
	Total Net Assets	$	544,446
Capital Stock (par value: $.01 per share):
Shares authorized			500,000
Net Asset Value Per Share:
Class S: Net Assets		$	544,446
Shares Issued and Outstanding			54,740
Net Asset Value per share		$	9.95


Statement of Changes in Net Assets
Principal Funds, Inc.



Amounts in thousands		Capital Securities Fund


		Year Ended			Year Ended
		August 31, 2018			August 31, 2017
Operations
Net investment income (loss)	$	28,369			$	19,812
Net realized gain (loss) on Investments		470				(536	)
Net change in unrealized appreciation/depreciation of on Investments		(24,943	)			13,298
Net Increase (Decrease) in Net Assets Resulting from Operations		3,896				32,574

Dividends and Distributions to Shareholders
From net investment income		(26,567	)			(17,866	)
	Total Dividends and Distributions	(26,567	)			(17,866	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		110,028				144,173
	Total Increase (Decrease) in Net Assets	87,357				158,881

Net Assets
Beginning of period		457,089				298,208
End of period (including undistributed net investment income as set forth below)	$	544,446			$	457,089
Undistributed (overdistributed) net investment income (loss)	$	4,619			$	3,759

						Class S
Capital Share Transactions:
Year Ended August 31, 2018
Dollars:
Sold				$	243,335
Reinvested						18,902
Redeemed					(152,209		)
Net Increase (Decrease)					$	110,028
Shares:
Sold						23,866
Reinvested						1,858
Redeemed						(14,914	)
Net Increase (Decrease)						10,810
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:
Year Ended August 31, 2018
From net investment income					$	(26,567	)
From net realized gain on investments						–
Total Dividends and Distributions					$	(26,567	)
Year Ended August 31, 2017
From net investment income					$	(17,866	)
From net realized gain on investments						–
Total Dividends and Distributions					$	(17,866	)

The fund is an investment company and applies specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The fund has not provided financial support, and is not contractually required to provide financial support to any investee.

ThepreparationoffinancialstatementsinconformitywithU.S.generallyacceptedaccountingprinciples(“U.S.GAAP”)requiresmanagement 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. The fund may invest in the Institutional shares of Principal Government Money Market Fund (“Underlying Fund”), another series the Fund. Investments in the Underlying Fund are valued at the closing net asset value per share of the Underlying Fund on the day of valuation.

The 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 Principal Global Investors, LLC (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 expected 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 the fund bears directly, the fund may indirectly bear a pro rata share of the fees and expenses of the Underlying Fund in which it invests. Expenses included in the statement of operations reflect the expenses of the fund and do not include any expenses associated with the Underlying Fund.

Distributions to Shareholders. Dividends and distributions to shareholders of the 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.

Federal Income Taxes. No provision for federal income taxes is considered necessary because the 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

2. Significant Accounting Policies (continued) 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 endedAugust 31, 2018, the 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 2015 – 2017.

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, the 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 August 31, 2018, the fund loaned to the Facility and borrowed from the Facility. The interest income received is included in interest income on the statement of operations. The interest expense associated with this borrowing is included in other expenses on the statements of operations. There were no outstanding borrowings as of August 31, 2018.

During the year ended August 31, 2018, the fund’s lending to the Facility was as follows (amounts in thousands):

During the year ended August 31, 2018, the fund’s borrowing from the Facility was as follows (amounts in thousands):

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 which is allocated to each participating fund based on average net assets.

Contingent Convertible Securities. The 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 contingent convertible security’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 contingent convertible security 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 contingent convertible security 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.

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, when available.

InvestmentswhicharegenerallyincludedintheLevel3categoryareprimarilyvaluedusingquotedpricesfrombrokersanddealersparticipating 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.

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 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 August 31, 2018 in valuing the fund’s securities carried at value (amounts shown in thousands):

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. There is no management fee charged by the fund.

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 the 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 periodically.

Distributions to Shareholders. The federal income tax character of distributions paid for the years ended August 31, 2018 and August 31,

For U.S. federal income tax purposes, short-term capital gain distributions are considered ordinary income distributions Distributable Earnings. As of August 31, 2018, the components of distributable earnings/(deficit) on a federal tax basis were as follows

*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, 2018, 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. For the period ended August 31, 2018 the fund had utilized capital loss carryforwards of $530,000.

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 NetAssets 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, 2018, the fund recorded reclassifications as follows (amounts in thousands):

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
August 31, 2018



	INVESTMENT COMPANIES - 1.85%			Shares Held Value (000's)					Principal
	Money Market Funds - 1.85%						BONDS (continued)	Amount (000’s) Value (000’s)
	Principal Government Money Market Fund			10,076,698	$	10,077	Banks (continued)
	1.84%^(a),(b)						Barclays Bank PLC (continued)
	TOTAL INVESTMENT COMPANIES			$		10,077	10.18%, 06/12/2021(d)	$	3,000	$	3,446
	PREFERRED STOCKS - 5.73%			Shares Held Value (000's)			Barclays PLC
	Banks- 1.95	%					6.63%, 12/31/2049^(c),(e)		636		637
	Fifth Third Bancorp 6.63%, 12/31/2023 (c)			98,638	$	2,737	USSW5 Index Spread + 5.02%
	3 Month LIBOR + 3.71%						7.75%, 12/31/2049^(c),(e)		500		504
	First Republic Bank/CA 5.13%, 6/30/2022 (c)			45,549		1,141	USSW5 Index Spread + 4.84%
	Huntington Bancshares Inc/OH 6.25%,			76,248		2,011	BNP Paribas SA
	4/15/2021	(c)					7.20%, 06/29/2049^(c),(d),(e)		3,300		3,448
	KeyCorp 6.13%, 12/15/2026 (c)			33,943		939	3 Month LIBOR + 1.29%
	3 Month LIBOR + 3.89%						7.63%, 12/31/2049^(c),(d),(e)		1,000		1,062
	M&T Bank Corp 6.38%, 11/15/2018 (c)			2,130		2,160	USSW5 Index Spread + 6.31%
	Valley National Bancorp 6.25%, 6/30/2025 (c)			33,583		897	7.63%, 12/31/2049^(c),(e)		1,900		2,019
	3 Month LIBOR + 3.85%						USSW5 Index Spread + 6.31%
	Webster Financial Corp 5.25%, 12/15/2022 (c)			30,000		734	BPCE SA
				$		10,619	12.50%, 08/29/2049^(c),(e)		4,177		4,535
	Insurance - 0.18%						3 Month LIBOR + 12.98%
	XLIT Ltd 5.46%, 10/9/2018 (c)			1,000		1,005	Capital One Financial Corp
	3 Month LIBOR + 3.12%						5.55%, 12/31/2049^(c),(e)		4,000		4,110
	Pipelines - 0.78%						3 Month LIBOR + 3.80%
	Enbridge Inc 6.38%, 4/15/2078			165,000		4,229	Citigroup Inc
	3 Month LIBOR + 3.59%						5.95%, 12/31/2049^(c),(e)		1,000		1,034
							3 Month LIBOR + 4.10%
	REITs- 0.23	%					6.13%, 12/31/2049^(c),(e)		6,000		6,273
	Kimco Realty Corp 5.25%, 12/20/2022 (c)			42,300		988	3 Month LIBOR + 4.48%
	Vornado Realty Trust 5.70%, 10/9/2018 (c)			10,532		270	6.25%, 12/31/2049^(c),(e)		3,100		3,251
				$		1,258	3 Month LIBOR + 4.52%
	Sovereign - 1.10%						Citizens Financial Group Inc
	CoBank ACB 6.13%, 1/1/2019 (c)			6,000		601	5.50%, 12/31/2049^(c),(e)		5,490		5,605
	CoBank ACB 6.20%, 1/1/2025 (c)			10,000		1,065	3 Month LIBOR + 3.96%
	3 Month LIBOR + 3.74%						6.00%, 12/31/2049^(c),(e)		1,750		1,783
	CoBank ACB 6.25%, 10/1/2022 (c)			38,800		4,035	3 Month LIBOR + 3.00%
	3 Month LIBOR + 4.56%						Commerzbank AG
	Farm Credit Bank of Texas 6.75%, 9/15/2023			2,500		268	8.13%, 09/19/2023(d)		500		574
	(c),(d)						Cooperatieve Rabobank UA
	3 Month LIBOR + 4.01%						4.38%, 08/04/2025		6,000		5,985
				$		5,969	11.00%, 12/31/2049^(c),(e)		1,100		1,165
	Telecommunications - 1.49%						3 Month LIBOR + 10.87%
	Centaur Funding Corp 9.08%, 4/21/2020 (d)			7,329		8,091	11.00%, 12/29/2049^(c),(d),(e)		6,400		6,776
	TOTAL PREFERRED STOCKS			$		31,171	3 Month LIBOR + 10.87%
				Principal			Corestates Capital III
	BONDS- 90.90	%	Amount (000's) Value (000's)				2.88%, 02/15/2027(d)		15,571		14,637
	Automobile Manufacturers - 1.13%						3 Month LIBOR + 0.57%
	General Motors Financial Co Inc						Credit Agricole SA
	5.75%, 12/31/2049^(c),(e)		$	6,300	$	6,131	8.13%, 12/31/2049^(c),(d),(e)		2,232		2,455
	3 Month LIBOR + 3.60%						USSW5 Index Spread + 6.19%
	Banks- 48.22	%					8.38%, 12/31/2049^(c),(d),(e)		2,250		2,347
	Australia & New Zealand Banking Group Ltd/						3 Month LIBOR + 6.98%
	United Kingdom						8.38%, 12/31/2049^(c),(e)		4,100		4,277
	6.75%, 12/31/2049^(c),(d),(e)			1,900		1,971	3 Month LIBOR + 6.98%
	USD ICE SWAP Rate NY 5 + 5.17%						Credit Suisse AG
	Bank of America Corp						6.50%, 08/08/2023		600		641
	6.30%, 12/31/2049^(c),(e)			5,200		5,564	Credit Suisse Group AG
	3 Month LIBOR + 4.55%						6.25%, 12/31/2049^(c),(d),(e)		6,090		6,075
	6.50%, 12/31/2049^(c),(e)			600		647	USSW5 Index Spread + 3.46%
	3 Month LIBOR + 4.17%						7.50%, 12/31/2049^(c),(d),(e)		6,250		6,641
	Bank of New York Mellon Corp/The						USSW5 Index Spread + 4.60%
	4.62%, 12/31/2049^(c),(e)			14,000		13,475	Danske Bank A/S
	3 Month LIBOR + 3.13%						6.13%, 12/31/2049^(c),(e)		6,600		6,335
	4.95%, 12/31/2049^(c),(e)			2,000		2,042	USSW7 Index Spread + 3.90%
	3 Month LIBOR + 3.42%						Dresdner Funding Trust I
	Bank of Nova Scotia/The						8.15%, 06/30/2031(d)		400		492
	4.65%, 12/31/2049^(c),(e)			1,200		1,114	8.15%, 06/30/2031		2,700		3,323
	3 Month LIBOR + 2.65%						Goldman Sachs Capital III
	Barclays Bank PLC						4.00%, 09/29/2049(c)		169		139
	6.28%, 12/29/2049^(c),(e)			5,450		5,590	3 Month LIBOR + 0.77%
	3 Month LIBOR + 1.55%						HBOS Capital Funding LP
	10.18%, 06/12/2021			900		1,034	6.85%, 03/29/2049(c)		2,300		2,320


Schedule of Investments Capital Securities Fund August 31, 2018





			Principal					Principal
	BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
	Banks (continued)					Banks (continued)
	HSBC Capital Funding Dollar 1 LP					Royal Bank of Scotland Group PLC (continued)
	10.18%, 12/29/2049^(c),(e)	$	4,400	$	6,556	7.65%, 08/29/2049^(c),(e)	$	1,800	$	2,230
	3 Month LIBOR + 4.98%					3 Month LIBOR + 2.50%
	10.18%, 12/29/2049^(c),(d),(e)		1,700		2,533	8.00%, 12/31/2049^(c),(e)		1,000		1,060
	3 Month LIBOR + 4.98%					USSW5 Index Spread + 5.72%
	HSBC Holdings PLC					Skandinaviska Enskilda Banken AB
	6.00%, 12/31/2049^(c),(e)		3,400		3,294	5.63%, 12/31/2049^(c),(e)		200		193
	USD ICE SWAP Rate NY 5 + 3.75%					USSW5 Index Spread + 3.49%
	6.87%, 12/31/2049^(c),(e)		6,900		7,185	Societe Generale SA
	USD ICE SWAP Rate NY 5 + 5.51%					7.38%, 12/31/2049^(c),(d),(e)		5,000		5,225
	ING Groep NV					USSW5 Index Spread + 6.24%
	6.50%, 12/31/2049^(c),(e)		500		486	8.00%, 12/31/2049^(c),(d),(e)		600		640
	USSW5 Index Spread + 4.45%					USD ICE SWAP Rate NY 5 + 5.87%
	JPMorgan Chase & Co					8.25%, 12/31/2049^(c),(e)		2,250		2,273
	5.30%, 12/31/2049^(c),(e)		5,000		5,106	USSW5 Index Spread + 6.39%
	3 Month LIBOR + 3.80%					Standard Chartered PLC
	6.75%, 12/31/2049^(c),(e)		2,000		2,201	6.50%, 12/31/2049^(c),(e)		1,500		1,496
	3 Month LIBOR + 3.78%					USSW5 Index Spread + 4.89%
	KeyCorp					7.01%, 07/29/2049^(c),(d),(e)		7,800		8,093
	5.00%, 12/31/2049^(c),(e)		4,000		3,945	3 Month LIBOR + 1.46%
	3 Month LIBOR + 3.61%					7.50%, 12/31/2049^(c),(d),(e)		1,300		1,342
	KeyCorp Capital I					USSW5 Index Spread + 6.30%
	3.08%, 07/01/2028		2,000		1,852	7.75%, 12/31/2049^(c),(d),(e)		1,000		1,036
	3 Month LIBOR + 0.74%					USSW5 Index Spread + 5.72%
	KeyCorp Capital III					SunTrust Capital I
	7.75%, 07/15/2029		1,500		1,868	2.98%, 05/15/2027		4,500		4,210
	Lloyds Bank PLC					3 Month LIBOR + 0.67%
	12.00%, 12/29/2049^(c),(e)		7,000		8,488	SunTrust Capital III
	3 Month LIBOR + 11.76%					2.99%, 03/15/2028		1,400		1,292
	12.00%, 12/29/2049^(c),(d),(e)		2,000		2,425	3 Month LIBOR + 0.65%
	3 Month LIBOR + 11.76%					Swedbank AB
	Lloyds Banking Group PLC					6.00%, 12/31/2049^(c),(e)		4,400		4,424
	6.41%, 01/29/2049^(c),(d),(e)		1,700		1,717	USSW5 Index Spread + 4.11%
	3 Month LIBOR + 1.50%					UBS Group Funding Switzerland AG
	7.50%, 12/31/2049^(c),(e)		4,300		4,467	6.88%, 12/31/2049^(c),(e)		9,200		9,401
	USSW5 Index Spread + 4.76%					USSW5 Index Spread + 4.59%
	M&T Bank Corp					US Bancorp
	5.12%, 12/31/2049^(c),(e)		4,000		3,980	5.12%, 12/31/2049^(c),(e)		2,000		2,058
	3 Month LIBOR + 3.52%					3 Month LIBOR + 3.49%
	6.45%, 12/31/2049^(c),(e)		1,300		1,391	Westpac Banking Corp/New Zealand
	3 Month LIBOR + 3.61%					5.00%, 12/31/2049^(c),(e)		600		538
	Nordea Bank AB					USD ICE SWAP Rate NY 5 + 2.89%
	6.13%, 12/31/2049^(c),(d),(e)		4,300		4,230			$		262,512
	USSW5 Index Spread + 3.39%					Diversified Financial Services - 1.82%
	Northern Trust Corp					Charles Schwab Corp/The
	4.60%, 12/31/2049^(c),(e)		9,015		8,835	7.00%, 02/28/2049^(c),(e)		5,813		6,380
	3 Month LIBOR + 3.20%					3 Month LIBOR + 4.82%
	NTC Capital I					Depository Trust & Clearing Corp/The
	2.86%, 01/15/2027		1,250		1,177	4.88%, 12/31/2049^(c),(d),(e)		2,750		2,791
	3 Month LIBOR + 0.52%					3 Month LIBOR + 3.17%
	NTC Capital II					National Rural Utilities Cooperative Finance Corp
	2.93%, 04/15/2027		1,200		1,128	5.25%, 04/20/2046(e)		700		719
	3 Month LIBOR + 0.59%					3 Month LIBOR + 3.63%
	PNC Capital Trust C							$		9,890
	2.87%, 06/01/2028		3,000		2,843	Electric - 3.17%
	3 Month LIBOR + 0.57%					Dominion Energy Inc
	PNC Financial Services Group Inc/The					5.75%, 10/01/2054(e)		6,775		7,063
	6.75%, 07/29/2049^(c),(e)		1,200		1,305	3 Month LIBOR + 3.06%
	3 Month LIBOR + 3.68%					Emera Inc
	RBS Capital Trust II					6.75%, 06/15/2076(e)		4,800		5,089
	6.43%, 12/29/2049^(c),(e)		600		708	3 Month LIBOR + 5.44%
	3 Month LIBOR + 1.94%					NextEra Energy Capital Holdings Inc
	Royal Bank of Scotland Group PLC					4.40%, 10/01/2066		4,500		4,342
	4.65%, 03/29/2049(c)		1,000		937	3 Month LIBOR + 2.07%
	3 Month LIBOR + 2.32%					4.47%, 06/15/2067		580		557
	7.50%, 12/31/2049^(c),(e)		4,896		5,018	3 Month LIBOR + 2.13%
	USSW5 Index Spread + 5.80%


Schedule of Investments
Capital Securities Fund
August 31, 2018



				Principal					Principal
	BONDS (continued)		Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
	Electric (continued)						Insurance (continued)
	NextEra Energy Capital Holdings Inc						Meiji Yasuda Life Insurance Co
	(continued)						5.10%, 04/26/2048^(d),(e)	$	1,300	$	1,321
	4.80%, 12/01/2077(e)		$	250	$	236	USD ICE SWAP Rate NY 5 + 3.15%
	3 Month LIBOR + 2.41%						5.20%, 10/20/2045^(d),(e)		1,000		1,022
				$		17,287	USSW5 Index Spread + 4.23%
	Gas- 1.71	%					MetLife Capital Trust IV
	NiSource Inc						7.88%, 12/15/2067(d)		1,800		2,232
	5.65%, 12/31/2049^(c),(d),(e)			9,195		9,310	MetLife Inc
	U.S. Treasury 5-Year Note + 2.84%						5.25%, 12/31/2049^(c),(e)		1,400		1,428
	Hand & Machine Tools - 0.11%						3 Month LIBOR + 3.58%
	Stanley Black & Decker Inc						6.40%, 12/15/2066		700		747
	5.75%, 12/15/2053(e)			600		601	9.25%, 04/08/2068(d)		3,900		5,304
	3 Month LIBOR + 4.30%						10.75%, 08/01/2069		4,300		6,622
	Insurance - 29.53%						Mitsui Sumitomo Insurance Co Ltd
	ACE Capital Trust II						7.00%, 03/15/2072^(d),(e)		3,600		3,923
	9.70%, 04/01/2030			2,570		3,611	3 Month LIBOR + 5.90%
	Aegon NV						Nationwide Financial Services Inc
	3.02%, 07/29/2049(c)			2,050		1,542	6.75%, 05/15/2087		500		545
	USD ICE SWAP Rate NY10 + 0.10%						Nippon Life Insurance Co
	AG Insurance SA						5.00%, 10/18/2042^(d),(e)		1,525		1,560
	6.75%, 03/29/2049^(c),(e)			13,200		13,353	3 Month LIBOR + 4.24%
	USSW6 Index Spread + 5.43%						5.10%, 10/16/2044(e)		785		800
	Allstate Corp/The						USD ICE SWAP Rate NY 5 + 3.65%
	5.75%, 08/15/2053(e)			9,900		10,321	Progressive Corp/The
	3 Month LIBOR + 2.94%						5.38%, 12/31/2049^(c),(e)		11,200		11,172
	American International Group Inc						3 Month LIBOR + 2.54%
	5.75%, 04/01/2048(e)			13,077		12,848	Prudential Financial Inc
	3 Month LIBOR + 2.87%						5.63%, 06/15/2043(e)		2,800		2,928
	8.18%, 05/15/2068(e)			6,700		8,442	3 Month LIBOR + 3.92%
	3 Month LIBOR + 4.20%						5.88%, 09/15/2042(e)		13,500		14,377
	Aon Corp						3 Month LIBOR + 4.18%
	8.21%, 01/01/2027			1,000		1,225	Prudential PLC
	Argentum Netherlands BV for Zurich Insurance						7.75%, 12/31/2049(c)		2,000		2,030
	Co Ltd						Reinsurance Group of America Inc
	5.12%, 06/01/2048(e)			2,000		1,970	5.01%, 12/15/2065		2,000		1,987
	U.S. Treasury 5-Year Note + 3.27%						3 Month LIBOR + 2.67%
	AXA SA						Sumitomo Life Insurance Co
	6.38%, 12/29/2049^(c),(d),(e)			2,800		2,982	6.50%, 09/20/2073^(d),(e)		3,000		3,258
	3 Month LIBOR + 2.26%						3 Month LIBOR + 4.44%
	8.60%, 12/15/2030			2,400		3,120	Voya Financial Inc
	Catlin Insurance Co Ltd						5.65%, 05/15/2053(e)		3,500		3,500
	5.32%, 07/29/2049^(c),(d)			6,900		6,814	3 Month LIBOR + 3.58%
	3 Month LIBOR + 2.98%						XLIT Ltd
	Everest Reinsurance Holdings Inc						4.80%, 12/31/2049(c)		1,400		1,376
	4.70%, 05/01/2067			1,600		1,580	3 Month LIBOR + 2.46%
	3 Month LIBOR + 2.39%								$		160,789
	Great-West Life & Annuity Insurance Capital LP						Pipelines - 3.60%
	6.63%, 11/15/2034(d)			1,200		1,412	Enbridge Inc
	Hartford Financial Services Group Inc/The						6.25%, 03/01/2078(e)		5,000		4,856
	4.44%, 02/12/2067(d)			3,900		3,646	3 Month LIBOR + 3.64%
	3 Month LIBOR + 2.13%						Enterprise Products Operating LLC
	Legal & General Group PLC						5.25%, 08/16/2077(e)		12,000		11,340
	5.25%, 03/21/2047(e)			11,000		10,562	3 Month LIBOR + 3.03%
	USSW5 Index Spread + 3.69%						TransCanada PipeLines Ltd
	Liberty Mutual Group Inc						4.52%, 05/15/2067		200		186
	5.25%, 03/07/2067(d)			300		294	3 Month LIBOR + 2.21%
	3 Month LIBOR + 2.91%						Transcanada Trust
	7.80%, 03/07/2087(d)			6,100		7,198	5.63%, 05/20/2075(e)		1,600		1,592
	Liberty Mutual Insurance Co						3 Month LIBOR + 3.53%
	7.70%, 10/15/2097(d)			1,100		1,491	5.87%, 08/15/2076(e)		1,600		1,632
	Lincoln National Corp						3 Month LIBOR + 4.64%
	4.39%, 04/20/2067			1,100		1,014			$		19,606
	3 Month LIBOR + 2.04%						Sovereign - 0.38%
	4.67%, 05/17/2066			1,300		1,232	CoBank ACB
	3 Month LIBOR + 2.36%						6.25%, 12/31/2049^(c),(e)		1,000		1,060
							3 Month LIBOR + 4.66%

We have audited the accompanying statement of assets and liabilities of Capital Securities Fund (the fund) (one of the portfolios constituting Principal Funds, Inc. (the Fund)), including the schedule of investments as of August 31, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the fund (one of the portfolios constituting the Fund) at August 31, 2018, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Principal investment companies since 1969.

Shareholder Expense Example
Principal Funds, Inc.
August 31, 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 (March 1, 2018 to August 31, 2018), unless otherwise noted.

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 184/365 (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 Newspapers, Inc.
Member, Nominating and Governance
Committee
1948

Leroy T. Barnes, Jr.	Retired.	134	McClatchy Newspapers,
Director since 2012			Inc.; Herbalife Ltd.; Frontier
Member, Audit Committee			Communications, Inc.
1951

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 President and CFO, Merle	134	None
Director since 2004	Norman Cosmetics, Inc.
Member, Nominating and Governance
Committee
Member, 15(c) Committee
Member, Executive Committee
1960

Fritz S. Hirsch	Formerly, CEO, MAM USA	134	Focus Products Group; MAM
Director since 2005			USA
Member, Operations Committee
Member, 15(c) Committee
1951

Tao Huang	Retired.	134	Armstrong World Industries,
Director since March 2012			Inc.
Member, Operations Committee
Member, 15(c) Committee
1962

Karen (“Karrie”) McMillan	Managing Director, Patomak Global Partners, LLC.	134	None
Director since 2014	Formerly, General Counsel, Investment Company
Member, Operations Committee	Institute
1961

Elizabeth A. Nickels	Formerly, Executive Director, Herman Miller	134	Charlotte Russe; Follet
Director since 2015	Foundation; Formerly President, Herman Miller		Corporation; PetSmart;
Member, Audit Committee	Healthcare		SpartanNash; Spectrum
1962			Health Systems

Mary M. (“Meg”) VanDeWeghe	CEO and President, Forte Consulting, Inc.	134	Brown Advisory; B/E
Director since 2018			Aerospace; WP Carey; Nalco
Member, Operations Committee			(and its successor Ecolab)
1959

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


			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
Michael J. Beer	Chief Executive Officer, Principal Funds	134	None
Director since 2012	Distributor, Inc. (“PFD”) since 2015 Executive
President, Chief Executive Officer	Director – Funds, Principal Global
Member, Executive Committee	Investors, LLC (“PGI”) since 2017 Director, PGI
1961	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 Director,	134	None
Director since 2008	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”) since
1959	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 9th Street, 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	Counsel since 2017
Vice President and 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)

Gina L. Graham	Vice President/Treasurer, PFA since 2016
Treasurer	Vice President/Treasurer, Morely since 2016
Des Moines, IA 50392	Vice President/Treasurer, PFD since 2016
1965	Vice President/Treasurer, PGI since 2016
	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

Diane K. Nelson	Chief Compliance Officer/AML Officer, PSS since
AML Officer	2015
Des Moines, IA 50392	Compliance Advisor, PMC (2013-2015)
1965

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 Chief 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

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	Assistant General Counsel, PGI since 2018
Assistant Counsel	Counsel, PGI (2017-2018)
Des Moines, IA 50392	Counsel, PFD (2006-2013)
1972	Counsel, PLIC
	Counsel, PMC (2007-2013, 2014-2017)
	Counsel, PSI (2007-2013)


Name,
Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
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,
Vice President and Of Counsel	Governance Officer, and
Des Moines, IA 50392	Assistant Corporate Secretary, PLIC since 2015
1961	Assistant General Counsel, Assistant Corporate
	Secretary, and Governance
	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
1981	Company (TLIC)
	(2013-2015)
	Attorney, TLIC (2010-2013)

Sub-Advisors and that the Manager recommended the Sub-Advisor based upon that program. Investment Performance

Sub-Advisor in the same strategy for each of the last three calendar years (which included historical performance returns during the periods identified above) as compared to the relevant benchmark index (last four calendar years) and the relevant Morningstar category (last four calendar years). The Board concluded, based upon the information provided, that the Sub-Advisor is qualified.

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Sub-Advisory

Agreement continue to be fair and reasonable and that the renewal of the Sub-Advisory Agreement is in the best interests of the Fund.

Federal Income Tax Information
Principal Funds, Inc.
August 31, 2018 (unaudited)

Qualified Dividend Income (“QDI”). Certain dividends paid by the fund may be subject to a maximum tax rate of 20%. The QDI percentage of ordinary income distributions is as follows:

The latest tax reporting supplement is available on Principal's Tax Center website.

Website: https://www.principalfunds.com/individual-investor/customer-support/tax-center

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

Do not use this address for business correspondence

(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

The Registrant's Board has determined that Elizabeth Nickels, a member of the Registrant's Audit Committee, is an "audit committee financial expert" and "independent," as such terms are defined in this Item.

(a) Audit Fees. Ernst & Young is the principal accountant for the registrant. As such, Ernst & Young has audited the financial statements of the registrant and reviewed regulatory filings that include those financial statements. During the last two fiscal years, Ernst & Young has billed the following amounts for their professional services.

(b) Audit-Related Fees. Ernst & Young provided audit-related services to the registrant during the last two fiscal years that are not included in response to item 4(a). Those services related to the review of Form N-1A and Form N-14. Ernst & Young has billed the following amounts for those services.

Ernst and Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(c) Tax Fees. Ernst & Young prepares and reviews the federal income tax returns and federal excise tax returns of the registrant. In connection with this service, Ernst & Young prepares and reviews the calculation of the registrant’s dividend distributions that are included as deductions on the tax returns. Ernst & Young also provides services to identify passive foreign investment companies. Ernst & Young also provides services to understand and comply with tax laws in certain foreign countries and services to determine the taxability of corporate actions. During the

last two fiscal years, Ernst & Young has billed the following amounts for their professional tax services.

Ernst and Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) All Other Fees. Ernst & Young has not billed the registrant for other products or services during the last two fiscal years.

Ernst and Young billed no fees that registrant’s audit committee was required to pre-approve pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(e) (1) Audit Committee Pre-Approval Policy. The audit committee of the registrant has adopted the following pre-approval policy:

The purpose of this policy is to ensure the independence of the Principal Funds' primary independent auditor. This policy is established by the Audit Committee (the "Committee") of the Boards of Directors of Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. and the Board of Trustees of Principal Exchange-Traded Funds (the “Funds”) (the “Boards of the Funds”) effective for all engagements of the primary independent auditor.

1. The primary independent auditor, its subsidiaries and affiliates shall not provide Prohibited Services to the Funds. For the purposes of this policy, Prohibited Services are:

• Services that are subject to audit procedure during a financial statement audit;

• Services where the auditor is an advocate to the client's position in an adversarial proceeding;

• Bookkeeping or other services related to the accounting records or financial statements of the Funds, its subsidiaries and affiliates;

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

• Tax planning services related to listed, confidential and aggressive transactions;

• Personal tax planning services to individuals in a financial reporting oversight role with regard to the Funds (other than members of the Boards of the Funds who are not also officers of the Funds), including the immediate family members of such individuals;

• Any other service that the Public Company Accounting Oversight Board (PCAOB) determines, by regulation, is impermissible.

Each quarter, Management will present to the Committee for pre-approval, a detailed description of each particular service, excluding tax services, for which pre-approval is sought and a range of fees for such service. The Committee may delegate pre-approval authority to one or more of its members provided such delegated member(s) shall present a report of any services approved to the full Committee at its next regularly scheduled meeting. The Committee Chairperson shall have pre-approval authority for changes to any range of fees applicable to services the Committee previously approved and for new services and the range of fees for such services that arise between regularly scheduled Committee meetings

Similarly, the primary independent auditor will present to the Committee for pre-approval a written description of the nature and scope of all tax services not expressly prohibited, including the fee arrangements for such services, and the potential effects of such services on the audit firm’s independence.

In considering whether to pre-approve the primary independent auditor’s provision of non-audit services, the Committee will consider whether the services are compatible with the maintenance of such auditor's independence. The Committee will also consider whether the primary independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Funds' business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Funds' ability to manage or control risk or improve audit quality.

issues, shall rotate after seven years and be subject upon rotation to a two year "time out" period.

6. Neither the Funds nor PGI may hire or promote any former partner, principal, shareholder or professional employee (Former Employee) of the primary independent auditor into a financial reporting oversight role unless the Former Employee (1) has severed his/her economic interest in the independent audit firm, and (2) was not a member of the audit engagement team for the Funds during the one year period preceding the date that the audit procedures began for the fiscal period in which the Funds or PGI proposes to hire or promote the Former Employee. Neither the Funds nor PGI shall, without prior written consent of the primary independent auditor, hire or promote any Former Employee into a role not prohibited above if the Former Employee had provided any services to the Funds or PGI during the 12 months preceding the date of filing of the Funds' most recent annual report with the SEC. Upon termination of the primary independent auditor, the Funds or PGI shall not, without prior written consent of the former primary independent auditor, hire or promote any Former Employee for a period of up to 12 months from termination.

7. For persons recently promoted or hired into a financial reporting oversight role (other than members of the Boards of the Funds who are not also officers of the Funds), any personal tax planning services pursuant to an engagement that was in progress before the hiring or promotion and provided by the primary independent auditor must be completed on or before 180 days after the hiring or promotion.

8. The phrase "financial reporting oversight role" means a role in which a person is in a position to exercise influence over the contents of the financial statements or anyone who prepares them, such as a member of the board of directors or similar management or governing body, chief executive officer, president, chief operating officer, chief financial officer, counsel, controller, chief internal auditor, or any equivalent positions.

(e) (2) Pre-Approval Waivers. There were no services provided to the registrant by Ernst & Young that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Substantially all work in connection with the audit of the registrant’s financial statements was performed by full-time employees of Ernst & Young.

(g) The aggregate non-audit fees Ernst and Young billed to the registrant, the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant for each of registrant's last two fiscal years were as follows.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted

with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of directors.

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

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

ITEM 12 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

(a)(1) Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.

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

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act is 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 the previous related submission is as follows: 0000898745-18-000844

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.


Average Annual Total Returns* as of August 31, 2018

									Extended
									Performance
		1-Year		5-Year		Since Inception Inception Date Inception Date
Class A Shares	Excluding Sales Charge	26.45	%	16.40	%	17.00	%	9/30/13	6/14/12
	Including Sales Charge	19.49	%	15.10	%	15.95	%
Class C Shares	Excluding Sales Charge	25.47	%	15.52	%	16.12	%	9/30/13	6/14/12
	Including Sales Charge	24.47	%	15.52	%	16.12	%


Total Investment Expense as shown in the 6/15/18 prospectus

		Gross Expense Ratio		Net Expense Ratio
Class A Shares		1.15	%	1.15	%
Class C Shares		1.94	%	1.94	%

Average annual total returns* including sales charge as of 6/30/18:
Class A Shares: 16.74% (1-year);	13.61% (5-year);	15.12% (since inception)
Class C Shares: 21.54% (1-year);	14.03% (5-year);	15.32% (since inception)


Average Annual Total Returns* as of August 31, 2018

		1-Year		5-Year		Since Inception Inception Date
Class A Shares	Excluding Sales Charge	3.36	%	1.53	%	3.64	%	3/16/10
	Including Sales Charge	-0.52	%	0.75	%	3.17	%
Class C Shares	Excluding Sales Charge	2.61	%	0.78	%	2.88	%	3/16/10
	Including Sales Charge	1.61	%	0.78	%	2.88	%


Total Investment Expense as shown in the 6/15/18 prospectus

			Gross Expense Ratio		Net Expense Ratio
Class A Shares			1.54	%	1.23	%
Class C Shares			2.11	%	1.98	%

Average annual total returns* including sales charge as of 6/30/18:
Class A Shares:	2.39% (1-year);	1.04% (5-year);	3.27% (since inception)
Class C Shares:	4.59% (1-year);	1.05% (5-year);	2.98% (since inception)


Average Annual Total Returns* as of August 31, 2018

				1-Year		Since Inception Inception Date
Class A Shares		Excluding Sales Charge		4.27	%	2.66	%	9/10/14
		Including Sales Charge		0.36	%	1.67	%

Total Investment Expense as shown in the 6/15/18 prospectus

		Gross Expense Ratio				Net Expense Ratio
Class A Shares		1.81	%			1.12			%

Average annual total returns* including sales charge as of 6/30/18:
Class A Shares: -0.34% (1-year);	1.45% (since inception)


Table of Contents


Letter from the President	1
Economic & Financial Market Review	2
Blue Chip Fund	4
Diversified Real Asset Fund	6
Dynamic Floating Rate High Income Fund	8
Global Multi-Strategy Fund	10
Global Opportunities Fund	12
International Small Company Fund	14
Multi-Manager Equity Long/Short Fund	16
Opportunistic Municipal Fund	18
Origin Emerging Markets Fund	20
Preferred Securities Fund	22
Real Estate Debt Income Fund	24
Small-MidCap Dividend Income Fund	26
Financial Statements	28
Notes to Financial Statements	54
Schedules of Investments	82
Financial Highlights (includes performance information)	206
Report of Independent Registered Public Accounting Firm	218
Shareholder Expense Example	220
Supplemental Information	222

(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)	Class T shares discontinued operations onAugust 24, 2018.
(c)	Consolidated financial statement, see "Basis for Consolidation" in Notes to Financial Statements.

(a)	Class Pshares discontinued operations and converted to Institutional shares on June 23, 2017.
(b)	Period from September 11, 2017, date operations commenced, throughAugust 31, 2018 for Class J.
(c)	Class T shares discontinued operations onAugust 24, 2018.
(d)	Period from June 12, 2017, date operations commenced, throughAugust 31, 2017 for Class T shares.
(e)	Period from January 3, 2017, date operations commenced, throughAugust 31, 2017 for R-6 shares.


			Percent of Consolidated Fund’s
		Net Assets		Net Assets
DRA Cayman Corporation	$	460,215		11.03	%
GMS Cayman Corporation		26,643		1.01


		Average Daily		Weighted Average
		Amount Loaned	Annual Interest Rate
Blue Chip Fund	$	2		2.32	%
Diversified Real Asset Fund		75		2.01
Global Multi-Strategy Fund		443		2.06
Global Opportunities Fund		46		1.80
International Small Company Fund		6		2.11
Origin Emerging Markets Fund		6		2.16
Preferred Securities Fund		251		1.99
Real Estate Debt Income Fund		12		1.99
Small-MidCap Dividend Income Fund		156		2.02


		Average Daily		Weighted Average
		Outstanding Balance	Annual Interest Rate
Blue Chip Fund	$	624		2.05	%
Diversified Real Asset Fund		154		2.33
Global Opportunities Fund		940		2.07
International Small Company Fund		69		1.74
Opportunistic Municipal Fund		65		2.31
Real Estate Debt Income Fund		1		1.66

^*	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 Statement ofAssets and Liabilities.
^**	Contains derivatives owned by the Cayman Subsidiary.
^	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 fund has pledged securities or cash to the counterparty as collateral which may be in excess of the amount owed to the counterparty.


	Repurchase Agreement			Payable for Reverse										Collateral
Counterparty	Proceeds to be Received			Repurchase Agreements				Net Receivable/(Payable)				(Received)/Pledged					Net Exposure
Barclays Bank		$	30,213		$	(29,316	)		$	897			$	(760	)	$	137
Merrill Lynch			198,740			(230,936	)			(32,196	)			34,082			—


						FCM (Futures				ISDA (OTC	Total Deposits with
	Repurchase Agreements			and Cleared Swaps)				Shorts		Derivatives)			Counterparty
Diversified Real Asset Fund		$	—		$	2,496	$	—	$	8,864		$	11,360
Global Multi-Strategy Fund			546			34,071		315,798		95,186			445,601
Multi-Manager Equity Long/Short
Fund			—			5,087		82,658		15,950			103,695
Preferred Securities Fund			—			1,008		—		—			1,008


							Total Deposits from
	Repurchase Agreements			ISDA (OTC Derivatives)					Counterparty
Diversified Real Asset Fund		$	—		$	400		$	400
Global Multi-Strategy Fund			441			2,203			2,644
Multi-Manager Equity Long/Short
Fund			—			710			710


		Remaining		Payable for Reverse
Fund	Security Type	Contractual Tenor		Repurchase Agreement
Global Multi Strategy Fund	U.S. Treasury and Agency Securities	Overnight and Continuous	$	222,473
Global Multi Strategy Fund	Foreign Corporate Bond	Overnight and Continuous		1,297
Global Multi Strategy Fund	U.S. Treasury and Agency Securities	Greater than 90 Days		29,316
Global Multi Strategy Fund	Foreign Corporate Bond	Greater than 90 Days		7,166
	Gross amount of recognized liabilities for reverse repurchase agreements		$	260,252


		Unfunded Loan Commitment		Unrealized gain/loss
Diversified Real Asset Fund	$	16	$	—
Global Multi-Strategy Fund		910		(3	)


	Total Percentage of
Fund	Outstanding Shares Owned
Blue Chip Fund	65.27	%
Diversified Real Asset Fund	16.43
Global Multi-Strategy Fund	39.70
Global Opportunities Fund	97.08
International Small Company Fund	92.64
Multi-Manager Equity Long/Short Fund	41.55
Origin Emerging Markets Fund	58.65
Preferred Securities Fund	7.40
Real Estate Debt Income Fund	97.94


Global Multi-Strategy Fund	$	6,463,375
Preferred Securities Fund		101,576,599


Global Multi-Strategy Fund	$	39,364
Preferred Securities Fund		11,321,262


					Net Assets of Fund
		First			Next			Next			Over
	$	500		$	500		$	500		$	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


					Net Assets of Fund
		First $500			Next $500			Next $500			Next $500		Next $1		Over $3
		million			million			million			million		billion		billion
Blue Chip Fund		.70	%		.68	%		.66	%		.65	%	.64	%	.63	%
Diversified Real Asset Fund		.85			.83			.81			.80		.79		.78
Global Multi-Strategy Fund		1.60			1.58			1.56			1.55		1.54		1.53
Preferred Securities Fund		.75			.73			.71			.70		.69		.68
Small-MidCap Dividend Income Fund		.80			.78			.76			.75		.74		.73


	Period from September 1, 2017 through August 31, 2018
	Class A		Class C		Institutional		Expiration
Blue Chip Fund	1.35	%*	2.10	%*	.81	%	December 30, 2019
Diversified Real Asset Fund	1.22	^	1.97	^	.85	^	December 30, 2019
Dynamic Floating Rate High Income Fund	1.10		N/A		.75		December 30, 2019
Global Multi-Strategy Fund	N/A		2.75		1.63		December 30, 2019
Global Opportunities Fund	1.50		2.25		.85		December 30, 2019
International Small Company Fund	1.60		N/A		1.20		December 30, 2019
Multi-Manager Equity Long/Short Fund	2.02		N/A		1.67		December 30, 2019
Opportunistic Municipal Fund	.90		1.65		.62		December 30, 2019
Origin Emerging Markets Fund	1.75		N/A		1.25		December 30, 2019
Preferrred Securities Fund	N/A		N/A		.81	#	December 30, 2019
Real Estate Debt Income Fund	1.00		N/A		.70		December 30, 2019
Small-MidCap Dividend Income Fund	1.13	**	1.88	**	.86		December 30, 2019

*	Contractual limit expired on June 30, 2018.
**	Period from October 1, 2017 toAugust 31, 2018.
^	Prior to October 1, 2017, the contractual limits were 1.25%, 2.00%, and .88% for ClassA, Class C, and Institutional Class, respectively.
#	Prior to December 31, 2017, the contractual limit was .82%.


			Expiration
Diversified Real Asset Fund	.03%	*	December 30, 2019
Global Multi-Strategy Fund	.04		December 30, 2019
* Period from October 1, 2017 to August 31, 2018.


	Class A Institutional		R-3	R-4	R-5	R-6
Blue Chip Fund	–	504	–	–	–	24,319
Diversified Real Asset Fund	–	119	1	1	1	23,099
Dynamic Floating Rate High Income Fund	212	750	N/A	N/A	N/A	N/A
Global Multi-Strategy Fund	–	33	N/A	N/A	N/A	18,233
Global Opportunities Fund	–	813	N/A	N/A	N/A	N/A
International Small Company Fund	–	143	N/A	N/A	N/A	—
Multi-Manager Equity Long/Short Fund	–	5	N/A	N/A	N/A	15,958
Opportunistic Municipal Fund	N/A	46	N/A	N/A	N/A	N/A
Origin Emerging Markets Fund	–	–	N/A	N/A	N/A	19,753
Preferred Securities Fund	–	–	–	–	–	8,014
Real Estate Debt Income Fund	–	107	N/A	N/A	N/A	—
Small-MidCap Dividend Income Fund	–	31	N/A	N/A	N/A	331


						Covers on Securities		Securities
		Purchases		Sales		Sold Short		Sold Short
Blue Chip Fund	$	1,256,458	$	883,269	$	—	$	—
Diversified Real Asset Fund		2,596,853		2,951,407		—		—
Dynamic Floating Rate High Income Fund		8,395		5,621		—		—
Global Multi-Strategy Fund		5,469,511		5,600,473		1,744,318		1,762,012
Global Opportunities Fund		791,480		1,076,180		—		—
International Small Company Fund		464,496		539,762		—		—
Multi-Manager Equity Long/Short Fund		739,320		747,447		225,082		222,734
Opportunistic Municipal Fund		86,185		92,078		—		—
Origin Emerging Markets Fund		359,773		386,336		—		—
Preferred Securities Fund		800,096		703,417		—		—
Real Estate Debt Income Fund		52,086		50,900		—		—
Small-MidCap Dividend Income Fund		932,233		1,592,871		—		—


						Long-Term Capital
		Ordinary Income		Tax-Exempt Income^			Gain*
		2018	2017		2018	2017	2018		2017
Blue Chip Fund	$	1,717	$ 11,106		$ —	$—	65,155	$	4,175
Diversified Real Asset Fund	89,016		96,628		—	—	—		—
Dynamic Floating Rate High Income
Fund		496	635		—	—	—		—
Global Multi-Strategy Fund		66,313	3,555		—	—	12,311		—
Global Opportunities Fund	78,458		22,466		—	—	13,245		—
International Small Company Fund	45,565		1,380		—	—	4,754		—
Multi-Manager Equity Long/Short Fund	10,995		2,398		—	—	6,573		—
Opportunistic Municipal Fund		1	5		4,519	4,458	—		—
Origin Emerging Markets Fund		6,798	5,516		—	—	—		—
Preferred Securities Fund	286,109		264,083		—	—	8,667		47,567
Real Estate Debt Income Fund		6,873	5,906		—	—	—		3
Small-MidCap Dividend Income Fund	85,682		64,435		—	—	98,725		—


																		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	$	—	$	—	$	181,038		$	—		$	855,016			$	— $ 1,036,054
Diversified Real Asset Fund		91,437		—			—	(121,809		)			(4,457	)		(1,474)		(36,303	)
Dynamic Floating Rate High Income Fund		7		—			—		(1,034	)			(42	)		11		(1,058	)
Global Multi-Strategy Fund		51,758		—		40,175			—				10,044			(21,756)		80,221
Global Opportunities Fund		16,607		—			83,441		—				81,558			12	181,618
International Small Company Fund		24,189		—		47,102			—				102,381			—	173,672
Multi-Manager Equity Long/Short Fund		4,103		—			23,430		—				3,487			(5,716)		25,304
Opportunistic Municipal Fund		—		55			—		(1,831	)			1,799			—		23
Origin Emerging Markets Fund		7,809		—			—		(98,210	)			97,431			—		7,030
Preferred Securities Fund		5,933		—			—		(8,741	)		133,772				40,848	171,812
Real Estate Debt Income Fund		72		—			—		(1,238	)			(4,105	)		—		(5,271	)
Small-MidCap Dividend Income Fund		28,326		—		301,790			—			439,756				—	769,872


		Short-Term		Long-Term	Total
Diversified Real Asset Fund	$	121,809	$	—$ 121,809
Dynamic Floating Rate High Income
Fund		301		733	1,034
Opportunistic Municipal Fund		1,224		607	1,831
Origin Emerging Markets Fund		98,210		—	98,210
Real Estate Debt Income Fund		291		947	1,238


			Utilized
Diversified Real Asset Fund	$	191,548
Dynamic Floating Rate High Income Fund			30
International Small Company Fund			566
Opportunistic Municipal Fund			537
Origin Emerging Markets Fund			66,304


	Accumulated
	Undistributed Net		Accumulated Net Realized
	Investment Income		Gain on Investments				Paid in Capital
Blue Chip Fund	$	1,531	$	27,140		$	(28,671	)
Diversified Real Asset Fund		9,420		(2,895	)		(6,525	)


									Cost for Federal
		Unrealized		Unrealized			Net Unrealized			Income Tax
		Appreciation		(Depreciation)			Appreciation/(Depreciation)			Purposes
Blue Chip Fund	$	870,428	$	(15,413	)	$	855,015		$	2,359,226
Diversified Real Asset Fund		194,267		(194,644	)		(377	)		4,173,173
Dynamic Floating Rate High Income Fund		64		(106	)		(42	)		13,536
Global Multi-Strategy Fund		165,904		(154,404	)		11,500			2,995,106
Global Opportunities Fund		100,558		(19,000	)		81,558			645,517
International Small Company Fund		149,862		(47,482	)		102,380			898,918
Multi-Manager Equity Long/Short Fund		34,875		(31,418	)		3,457			358,251
Opportunistic Municipal Fund^*		3,173		(1,374	)		1,799			108,452
Origin Emerging Markets Fund		125,103		(27,658	)		97,445			540,741
Preferred Securities Fund		260,535		(126,764	)		133,771			5,440,788
Real Estate Debt Income Fund		1,811		(5,917	)		(4,106	)		186,749
Small-MidCap Dividend Income Fund		556,401		(116,644	)		439,757			2,403,150

(s)	Security was purchased in a "to-be-announced" ("TBA") transaction. See Notes to Financial Statements for additional information.
(t)	Rate shown is the discount rate of the original purchase.
(u)	Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the end of the period, the value of these securities totaled $845 or 0.03% of net assets.
(v)	Security is a Principal Only Strip.
(w)	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.
(x)	Security or a portion of the security was pledged to cover margin requirements for swap and/or swaption contracts. At the end of the period, the value of these securities totaled $69 or 0.00% of net assets.


COMMON STOCKS (continued)	Shares Held Value (000’s)
Toys, Games & Hobbies - 1.59%
Nintendo Co Ltd	32,300	$	11,626
Transportation - 2.08%
Norfolk Southern Corp	87,226		15,163
TOTAL COMMON STOCKS	$		713,246
INVESTMENT COMPANIES - 1.89%	Shares Held Value (000's)
Money Market Funds - 1.89%
Principal Government Money Market Fund	13,829,354		13,829
1.84%(b),(c)
TOTAL INVESTMENT COMPANIES	$		13,829
Total Investments	$		727,075
Other Assets and Liabilities - 0.43%	$		3,172
TOTAL NET ASSETS - 100.00%	$		730,247