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

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the report from the Fund or your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive such reports electronically, you will not be affected by this change and you do not need to take any action. If you have not previously elected electronic delivery, you may elect to receive reports and other communications from the Fund electronically by visiting our website at www.principalfunds.com/edelivery for instructions on enrolling in eDelivery or calling 800-222-5852. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your reports, you can inform the Fund by calling 800-222-5852. If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of reports. Your election to receive reports in paper will apply to all funds with the Fund complex or to the shares you own through your financial intermediary.

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


Statements of Assets and Liabilities
Principal Funds, Inc.
February 28, 2019 (unaudited)


				Bond Market Index			Diversified Real Asset
Amounts in thousands, except per share amounts		Blue Chip Fund			Fund			Fund^(a)
Investment in securities--at cost	$		2,764,604	$	1,888,432		$	3,924,658
Investment in affiliated Funds--at cost	$		10,958	$	97,808		$	86,922
Foreign currency--at cost	$		–	$	–		$	2,870
Assets
Investment in securities--at value	$		3,501,658	$	1,868,551		$	3,929,352
Investment in affiliated Funds--at value			10,958		97,808			86,922
Foreign currency--at value			–		–			2,873
Cash			–		–			4,891
Deposits with counterparty			–		–			13,559
Receivables:
Dividends and interest			2,881		10,518			9,600
Expense reimbursement from Manager			263		143			229
Expense reimbursement from Distributor			2		1			–
Foreign currency contracts .			–		–			9,891
Fund shares sold			3,625		358			3,433
Investment securities sold			1,954		27,187			17,682
OTC swap agreements--at value (premiums paid $0, $0 and $0)			–		–			17
Unrealized gain on unfunded loan commitments			–		–			1
Variation margin on futures			–		–			7,479
Variation margin on swaps			–		–			238
Prepaid directors' expenses			–		4			–
Prepaid expenses			50		–			–
Total Assets			3,521,391		2,004,570			4,086,167
Liabilities
Accrued management and investment advisory fees			1,727		357			2,469
Accrued administrative service fees			–		3			–
Accrued distribution fees			133		10			32
Accrued service fees			3		15			–
Accrued transfer agent fees			80		19			673
Accrued directors' expenses			3		–			1
Accrued professional fees			13		23			74
Accrued other expenses			–		14			84
Deposits from counterparty			–		–			1,190
Payables:
Foreign currency contracts			–		–			10,520
Fund shares redeemed			4,847		1,808			5,887
Investment securities purchased			12,839		121,175			25,221
Options and swaptions contracts written (premiums received $0, $0 and $2,279)			–		–			1,525
Short sales (proceeds received $0, $205 and $0)			–		205			–
OTC swap agreements--at value (premiums received $0, $0 and $0)			–		–			1,099
Variation margin on futures			–		–			10,070
Variation margin on swaps			–		–			211
Total Liabilities			19,645		123,629			59,056
Net Assets Applicable to Outstanding Shares	$		3,501,746	$	1,880,941		$	4,027,111
Net Assets Consist of:
Capital shares and additional paid-in-capital	$		2,695,766	$	1,918,187		$	4,281,243
Total distributable earnings (accumulated loss)			805,980		(37,246	)		(254,132	)
Total Net Assets	$		3,501,746	$	1,880,941		$	4,027,111


	Statements of Assets and Liabilities
Principal Funds, Inc.
February 28, 2019 (unaudited)


				Bond Market Index			Diversified Real Asset
Amounts in thousands, except per share amounts		Blue Chip Fund			Fund			Fund^(a)
Capital Stock (par value: $.01 per share):
Shares authorized		1,300,000			710,000			1,875,000
Net Asset Value Per Share:
Class A: Net Assets	$	217,178			N/A		$	90,458
Shares Issued and Outstanding		9,656						8,148
Net Asset Value per share	$	22.49					$	11.10
Maximum Offering Price	$	23.80					$	11.53
Class C: Net Assets	$	113,549			N/A		$	19,136
Shares Issued and Outstanding		5,270						1,753
Net Asset Value per share	$	21.54	^(b)				$	10.91	^(b)
Class J: Net Assets	$	64,941		$	26,532			N/A
Shares Issued and Outstanding		2,853			2,512
Net Asset Value per share	$	22.76	^(b)	$	10.56	^(b)
Institutional: Net Assets	$	347,095		$	1,776,462		$	2,448,448
Shares Issued and Outstanding		15,191			165,352			220,481
Net Asset Value per share	$	22.85		$	10.74		$	11.11
R-1: Net Assets		N/A		$	1,316			N/A
Shares Issued and Outstanding					125
Net Asset Value per share				$	10.57
R-2: Net Assets		N/A		$	2,899			N/A
Shares Issued and Outstanding					274
Net Asset Value per share				$	10.57
R-3: Net Assets	$	6,457		$	11,275		$	111
Shares Issued and Outstanding		286			1,069			10
Net Asset Value per share	$	22.54		$	10.54		$	11.08
R-4: Net Assets	$	1,376		$	45,016		$	12
Shares Issued and Outstanding		61			4,268			1
Net Asset Value per share	$	22.67		$	10.55		$	11.10
R-5: Net Assets	$	5,824		$	17,441		$	84
Shares Issued and Outstanding		256			1,646			8
Net Asset Value per share	$	22.74		$	10.60		$	11.09
R-6: Net Assets	$	2,745,326			N/A		$	1,468,862
Shares Issued and Outstanding		120,038						132,276
Net Asset Value per share	$	22.87					$	11.10


Statements of Assets and Liabilities
Principal Funds, Inc.
February 28, 2019 (unaudited)


			Global Multi-Strategy			Global Opportunities
Amounts in thousands, except per share amounts	EDGE MidCap Fund			Fund^(a)			Fund
Investment in securities--at cost	$	560,765	$	2,257,618		$	18,567
Investment in affiliated Funds--at cost	$	10,045	$	232,036		$	148
Foreign currency--at cost	$	–	$	12,604		$	20
Assets
Investment in securities--at value	$	638,676	$	2,264,508		$	19,266
Investment in affiliated Funds--at value		10,045		232,036			148
Foreign currency--at value		–		12,566			20
Cash		–		4,415			–
Deposits with counterparty		–		363,315			–
Receivables:
Dividends and interest		1,150		12,079			1,144
Expense reimbursement from Manager		5		96			15
Foreign currency contracts .		–		14,968			–
Fund shares sold		616		2,066			5
Investment securities sold		–		230,230			–
OTC swap agreements--at value (premiums paid $0, $2,518 and $0)		–		7,831			–
Unrealized gain on unfunded loan commitments		–		1			–
Variation margin on futures		–		1,354			–
Variation margin on swaps		–		266			–
Prepaid expenses		9		–			–
Total Assets		650,501		3,145,731			20,598
Liabilities
Accrued management and investment advisory fees		370		2,362			13
Accrued distribution fees		–		33			2
Accrued transfer agent fees		2		313			3
Accrued custodian fees		–		–			7
Accrued directors' expenses		3		2			1
Accrued professional fees		15		113			37
Accrued other expenses		–		63			–
Deposits from counterparty		–		319			–
Payables:
Dividends and interest on securities sold short		–		1,542			–
Foreign currency contracts		–		17,141			–
Fund shares redeemed		762		4,836			–
Investment securities purchased		–		188,715			40
Options and swaptions contracts written (premiums received $0, $5,167 and $0)		–		3,013			–
Reverse repurchase agreements		–		452,564			–
Short sales (proceeds received $0, $535,051 and $0)		–		546,267			–
OTC swap agreements--at value (premiums received $0, $338 and $0)		–		7,870			–
Variation margin on futures		–		1,602			–
Variation margin on swaps		–		94			–
Total Liabilities		1,152		1,226,849			103
Net Assets Applicable to Outstanding Shares	$	649,349	$	1,918,882		$	20,495
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	565,998	$	2,013,739		$	19,451
Total distributable earnings (accumulated loss)		83,351		(94,857	)		1,044
Total Net Assets	$	649,349	$	1,918,882		$	20,495
Capital Stock (par value: $.01 per share):
Shares authorized		300,000		1,750,000			550,000
Net Asset Value Per Share:
Class A: Net Assets	$	797	$	43,809		$	6,959
Shares Issued and Outstanding		58		4,243			1,914
Net Asset Value per share	$	13.68	$	10.32		$	3.64
Maximum Offering Price	$	14.48	$	10.72		$	3.85
Class C: Net Assets		N/A	$	31,644			N/A
Shares Issued and Outstanding				3,154
Net Asset Value per share			$	10.03	^(b)
Institutional: Net Assets	$	16,811	$	532,646		$	13,536
Shares Issued and Outstanding		1,229		51,134			3,547
Net Asset Value per share	$	13.68	$	10.42		$	3.82
R-6: Net Assets	$	631,741	$	1,310,783			N/A
Shares Issued and Outstanding		46,075		125,988
Net Asset Value per share	$	13.71	$	10.40


Statements of Assets and Liabilities
Principal Funds, Inc.
February 28, 2019 (unaudited)


	International Equity		International Small		Multi-Manager Equity
Amounts in thousands, except per share amounts	Index Fund			Company Fund		Long/Short Fund
Investment in securities--at cost	$	979,020	$	804,976	$	243,937
Investment in affiliated Funds--at cost	$	5,439	$	32,802	$	32,786
Foreign currency--at cost	$	–	$	7,588	$	–
Assets
Investment in securities--at value	$	1,050,216	$	850,788	$	256,282
Investment in affiliated Funds--at value		5,439		32,802		32,786
Foreign currency--at value		31		7,521		–
Cash		3		212		–
Deposits with counterparty		283		–		87,088
Receivables:
Dividends and interest		5,387		1,899		756
Expense reimbursement from Manager		37		3		17
Foreign currency contracts .		–		–		8,405
Fund shares sold		3,219		188		25
Investment securities sold		15,856		11,913		14,574
OTC swap agreements--at value (premiums paid $0, $0 and $0)		–		–		1,514
Variation margin on futures		–		–		23
Total Assets		1,080,471		905,326		401,470
Liabilities
Accrued management and investment advisory fees		201		686		325
Accrued administrative service fees		1		–		–
Accrued distribution fees		4		1		–
Accrued service fees		8		–		–
Accrued transfer agent fees		4		6		–
Accrued directors' expenses		1		1		1
Accrued professional fees		62		38		29
Accrued other expenses		72		68		18
Cash overdraft		–		–		938
Deposits from counterparty		–		–		760
Payables:
Dividends and interest on securities sold short		–		–		140
Foreign currency contracts		–		–		5,188
Fund shares redeemed		810		480		150
Investment securities purchased		17,701		28,248		10,975
Short sales (proceeds received $0, $0 and $107,069)		–		–		112,574
OTC swap agreements--at value (premiums received $0, $0 and $0)		–		–		601
Variation margin on futures		14		–		246
Total Liabilities		18,878		29,528		131,945
Net Assets Applicable to Outstanding Shares	$	1,061,593	$	875,798	$	269,525
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	1,000,638	$	856,854	$	283,139
Total distributable earnings (accumulated loss)		60,955		18,944		(13,614	)
Total Net Assets	$	1,061,593	$	875,798	$	269,525


Statements of Assets and Liabilities
Principal Funds, Inc.
February 28, 2019 (unaudited)


	Opportunistic				Origin Emerging		Preferred Securities
Amounts in thousands, except per share amounts	Municipal Fund				Markets Fund			Fund
Investment in securities--at cost	$	115,214		$	461,937		$	4,853,745
Investment in affiliated Funds--at cost	$	–		$	17,090		$	196,706
Investment in affiliated securities--at cost	$	–		$	–		$	115,496
Assets
Investment in securities--at value	$	116,237		$	532,242		$	4,919,966
Investment in affiliated Funds--at value		–			17,090			196,706
Investment in affiliated securities--at value		–			–			100,494
Cash		4			–			–
Deposits with counterparty		–			–			2,002
Receivables:
Dividends and interest		1,353			843			68,454
Expense reimbursement from Manager		7			66			–
Expense reimbursement from Distributor		–			–			1
Fund shares sold		892			229			17,893
Investment securities sold		–			–			3,436
Total Assets		118,493			550,470			5,308,952
Liabilities
Accrued management and investment advisory fees		42			499			2,749
Accrued administrative service fees		–			–			1
Accrued distribution fees		10			1			538
Accrued service fees		–			–			2
Accrued transfer agent fees		18			5			1,042
Accrued chief compliance officer fees		–			–			1
Accrued directors' expenses		1			1			2
Accrued professional fees		21			17			23
Accrued other expenses		1			34			282
Deposits from counterparty		–			–			–
Payables:
Borrowing		260			–			–
Dividends payable		339			–			–
Expense reimbursement to Manager		–			–			28
Fund shares redeemed		202			288			42,575
Interest expense and fees payable		34			–			–
Investment securities purchased		–			–			84,005
Options and swaptions contracts written (premiums received $0, $0 and $3,835)		–			–			2,523
Variation margin on futures		–			–			114
Floating rate notes issued		5,428			–			–
Total Liabilities		6,356			845			133,885
Net Assets Applicable to Outstanding Shares	$	112,137		$	549,625		$	5,175,067
Net Assets Consist of:
Capital shares and additional paid-in-capital	$	112,362		$	583,326		$	5,114,419
Total distributable earnings (accumulated loss)		(225	)		(33,701	)		60,648
Total Net Assets	$	112,137		$	549,625		$	5,175,067


Statements of Assets and Liabilities
Principal Funds, Inc.
February 28, 2019 (unaudited)


		Opportunistic			Origin Emerging	Preferred Securities
Amounts in thousands, except per share amounts		Municipal Fund			Markets Fund		Fund
Capital Stock (par value: $.01 per share):
Shares authorized			300,000		450,000		2,200,000
Net Asset Value Per Share:
Class A: Net Assets	$		48,434	$	2,370	$	614,919
Shares Issued and Outstanding			4,581		225		62,251
Net Asset Value per share	$		10.57	$	10.55	$	9.88
Maximum Offering Price	$		10.98	$	11.16	$	10.26
Class C: Net Assets	$		N/A		N/A	$	540,191
Shares Issued and Outstanding							54,755
Net Asset Value per share						$	9.87	^(a)
Class J: Net Assets			N/A		N/A	$	41,303
Shares Issued and Outstanding							4,301
Net Asset Value per share						$	9.60	^(a)
Institutional: Net Assets	$		63,703	$	11,246	$	3,068,464
Shares Issued and Outstanding			6,023		1,084		312,871
Net Asset Value per share	$		10.58	$	10.37	$	9.81
R-1: Net Assets			N/A		N/A	$	954
Shares Issued and Outstanding							98
Net Asset Value per share						$	9.76
R-2: Net Assets			N/A		N/A	$	1,560
Shares Issued and Outstanding							161
Net Asset Value per share						$	9.69
R-3: Net Assets			N/A		N/A	$	2,460
Shares Issued and Outstanding							253
Net Asset Value per share						$	9.74
R-4: Net Assets			N/A		N/A	$	1,186
Shares Issued and Outstanding							122
Net Asset Value per share						$	9.71
R-5: Net Assets			N/A		N/A	$	2,155
Shares Issued and Outstanding							221
Net Asset Value per share						$	9.77
R-6: Net Assets			N/A	$	536,009	$	901,875
Shares Issued and Outstanding					51,657		91,999
Net Asset Value per share				$	10.38	$	9.80


Statements of Assets and Liabilities
Principal Funds, Inc.
February 28, 2019 (unaudited)


		Real Estate Debt				Small-MidCap			SystematEx
Amounts in thousands, except per share amounts		Income Fund			Dividend Income Fund			International Fund
Investment in securities--at cost		$	127,193		$	2,106,111		$	49,718
Investment in affiliated Funds--at cost		$	5,835		$	31,497		$	333
Assets
Investment in securities--at value		$	126,702		$	2,280,588		$	51,288
Investment in affiliated Funds--at value			5,835			31,497			333
Receivables:
Dividends and interest			1,029			3,597			294
Expense reimbursement from Manager			8			3			8
Fund shares sold			10			4,448			–
Investment securities sold			–			1,091			5
Prepaid directors' expenses			–			1			–
Prepaid expenses			13			–			1
	Total Assets		133,597			2,321,225			51,929
Liabilities
Accrued management and investment advisory fees			55			1,362			23
Accrued distribution fees			–			135			–
Accrued transfer agent fees			1			908			–
Accrued custodian fees			–			–			9
Accrued directors' expenses			2			–			1
Accrued professional fees			21			21			40
Accrued registration fees			–			–			10
Accrued other expenses			–			66			–
Deposits from counterparty			–			–			–
Payables:
Fund shares redeemed			34			6,822			–
Investment securities purchased			2,990			1,013			–
	Total Liabilities		3,103			10,327			83
Net Assets Applicable to Outstanding Shares		$	130,494		$	2,310,898		$	51,846
Net Assets Consist of:
Capital shares and additional paid-in-capital		$	134,931		$	2,084,024		$	47,698
Total distributable earnings (accumulated loss)			(4,437	)		226,874			4,148
	Total Net Assets	$	130,494		$	2,310,898		$	51,846
Capital Stock (par value: $.01 per share):
Shares authorized			300,000			1,700,000			200,000
Net Asset Value Per Share:
Class A: Net Assets		$	2,168		$	162,729			N/A
Shares Issued and Outstanding			226			11,490
Net Asset Value per share		$	9.61		$	14.16
Maximum Offering Price		$	9.98		$	14.98
Class C: Net Assets			N/A		$	135,041			N/A
Shares Issued and Outstanding						9,631
Net Asset Value per share					$	14.02	^(a)
Institutional: Net Assets		$	7,353		$	2,003,974		$	294
Shares Issued and Outstanding			773			140,703			29
Net Asset Value per share		$	9.52		$	14.24		$	9.90
R-6: Net Assets		$	120,973		$	9,154		$	51,552
Shares Issued and Outstanding			12,727			640			5,153
Net Asset Value per share		$	9.51		$	14.31		$	10.00


Statements of Operations
Principal Funds, Inc.
Six Months Ended February 28, 2019 (unaudited)


		Bond Market Index Diversified Real Asset
Amounts in thousands		Blue Chip Fund		Fund		Fund^(a)
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	73	$	1,312	$	827
Dividends		10,382		2		34,082
Withholding tax		(270	)	–		(1,645	)
Interest		–		23,299		24,682
	Total Income	10,185		24,613		57,946
Expenses:
Management and investment advisory fees		10,535		2,163		15,906
Distribution fees - Class A		217		N/A		118
Distribution fees - Class C		484		N/A		102
Distribution fees - Class J		43		20		N/A
Distribution fees - R-1		N/A		2		N/A
Distribution fees - R-2		N/A		4		N/A
Distribution fees - R-3		8		17		–
Distribution fees - R-4		1		22		–
Administrative service fees - R-1		N/A		2		N/A
Administrative service fees - R-2		N/A		2		N/A
Administrative service fees - R-3		3		5		–
Administrative service fees - R-4		–		6		–
Administrative service fees - R-5		–		1		–
Registration fees - Class A		17		N/A		8
Registration fees - Class C		13		N/A		8
Registration fees - Class J		11		7		N/A
Registration fees - Institutional		15		8		25
Registration fees - R-6		20		N/A		11
Service fees - R-1		N/A		2		N/A
Service fees - R-2		N/A		3		N/A
Service fees - R-3		8		17		–
Service fees - R-4		2		55		–
Service fees - R-5		7		22		–
Shareholder reports - Class A		14		N/A		17
Shareholder reports - Class C		7		N/A		5
Shareholder reports - Class J		12		13		N/A
Shareholder reports - Institutional		3		1		167
Shareholder reports - R-6		–		N/A		11
Transfer agent fees - Class A		93		N/A		80
Transfer agent fees - Class C		48		N/A		19
Transfer agent fees - Class J		29		27		N/A
Transfer agent fees - Institutional		59		18		1,460
Chief compliance officer expenses		2		1		2
Custodian fees		3		16		154
Directors' expenses		32		15		38
Professional fees		14		19		69
Other expenses		24		7		16
	Total Gross Expenses	11,724		2,475		18,216
Less: Reimbursement from Manager		1,051		865		594
Less: Reimbursement from Manager - Class A		–		N/A		19
Less: Reimbursement from Manager - Class C		–		N/A		15
Less: Reimbursement from Manager - Institutional		–		–		909
Less: Reimbursement from Distributor - Class J		9		4		N/A
	Total Net Expenses	10,664		1,606		16,679
	Net Investment Income (Loss)	(479	)	23,007		41,267


Statements of Operations
Principal Funds, Inc.
Six Months Ended February 28, 2019 (unaudited)


		Global Multi-Strategy Global Opportunities
Amounts in thousands	EDGE MidCap Fund^(b⁾			Fund^(c)		Fund^(a)
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	101	$	3,776	$	42
Dividends		5,103		8,383		1,717
Withholding tax		(9	)	(366	)	(59	)
Interest		–		41,069		(1	)
	Total Income	5,195		52,862		1,699
Expenses:
Management and investment advisory fees		2,308		18,009		762
Distribution fees - Class A		–		66		6
Distribution fees - Class C		N/A		180		8
Registration fees - Class A		4		9		8
Registration fees - Class C		N/A		9		6
Registration fees - Institutional		8		27		7
Registration fees - R-6		10		8		N/A
Shareholder reports - Class A		1		4		2
Shareholder reports - Class C		N/A		3		–
Shareholder reports - Institutional		–		58		–
Shareholder reports - R-6		–		9		N/A
Transfer agent fees - Class A		4		35		10
Transfer agent fees - Class C		N/A		24		5
Transfer agent fees - Institutional		4		434		1
Chief compliance officer expenses		–		1		–
Custodian fees		1		170		25
Directors' expenses		8		24		6
Dividends and interest on securities sold short		–		5,432		–
Professional fees		11		106		38
Short sale fees		–		1,339		–
Other expenses		2		127		5
Reverse repurchase agreement interest expense		–		3,089		–
	Total Gross Expenses	2,361		29,163		889
Less: Reimbursement from Manager		–		459		–
Less: Reimbursement from Manager - Class A		9		–		24
Less: Reimbursement from Manager - Class C		N/A		2		12
Less: Reimbursement from Manager - Institutional		2		282		62
Less: Reimbursement from Manager - R-6		–		86		N/A
	Total Net Expenses	2,350		28,334		791
	Net Investment Income (Loss)	2,845		24,528		908
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		5,341		(34,469	)	53,847
Foreign currency contracts		–		11,126		–
Foreign currency transactions		–		(100	)	(185	)
Futures contracts		–		(4,896	)	–
Options and swaptions		–		2,018		–
Short sales		–		16,945		–
Swap agreements		–		1,913		–
Net change in unrealized appreciation/depreciation of:
Investments		(26,602	)	(35,368	)	(82,221	)
Foreign currency contracts		–		(5,925	)	–
Futures contracts		–		(10,161	)	–
Options and swaptions		–		769		–
Short sales		–		(77	)	–
Swap agreements		–		(1,292	)	–
Translation of assets and liabilities in foreign currencies		–		87		(24	)
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures,
Options and Swaptions, Short sales and Swap agreements		(21,261	)	(59,430	)	(28,583	)
Net Increase (Decrease) in Net Assets Resulting from Operations$		(18,416	)$	(34,902	)$	(27,675	)


Statements of Operations
Principal Funds, Inc.
Six Months Ended February 28, 2019 (unaudited)


	International Equity International Small Multi-Manager Equity
Amounts in thousands		Index Fund		Company Fund		Long/Short Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	73	$	167	$	519
Dividends		11,458		7,022		2,595
Withholding tax		(734	)	(637	)	(43	)
Interest		3		–		1,072
	Total Income	10,800		6,552		4,143
Expenses:
Management and investment advisory fees		1,294		4,499		2,158
Distribution fees - Class A		N/A		6		1
Distribution fees - R-1		1		N/A		N/A
Distribution fees - R-2		1		N/A		N/A
Distribution fees - R-3		20		N/A		N/A
Distribution fees - R-4		5		N/A		N/A
Administrative service fees - R-1		1		N/A		N/A
Administrative service fees - R-2		1		N/A		N/A
Administrative service fees - R-3		6		N/A		N/A
Administrative service fees - R-4		1		N/A		N/A
Administrative service fees - R-5		1		N/A		N/A
Registration fees - Class A		N/A		9		8
Registration fees - Institutional		10		9		8
Registration fees - R-6		13		9		8
Service fees - R-1		1		N/A		N/A
Service fees - R-2		1		N/A		N/A
Service fees - R-3		20		N/A		N/A
Service fees - R-4		12		N/A		N/A
Service fees - R-5		20		N/A		N/A
Shareholder reports - Class A		N/A		2		–
Shareholder reports - Institutional		1		–		–
Transfer agent fees - Class A		N/A		10		4
Transfer agent fees - Institutional		11		9		–
Chief compliance officer expenses		1		1		–
Custodian fees		113		108		70
Directors' expenses		11		10		4
Dividends and interest on securities sold short		–		–		889
Index license fees		165		–		–
Professional fees		44		24		24
Short sale fees		–		–		570
Other expenses		5		5		5
	Total Gross Expenses	1,759		4,701		3,749
Less: Reimbursement from Manager - Class A		N/A		14		12
Less: Reimbursement from Manager - Institutional		23		7		8
Less: Reimbursement from Manager - R-6		197		51		84
	Total Net Expenses	1,539		4,629		3,645
	Net Investment Income (Loss)	9,261		1,923		498
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures, Short
sales and Swap agreements
Net realized gain (loss) from:
Investment transactions		2,186		(22,336	)	1,597
Foreign currency contracts		–		–		(401	)
Foreign currency transactions		(56	)	(131	)	(84	)
Futures contracts		(488	)	–		1,225
Short sales		–		–		(1,230	)
Swap agreements		–		–		(6,632	)
Net change in unrealized appreciation/depreciation of:
Investments		(49,984	)	(65,180	)	(11,322	)
Foreign currency contracts		–		–		1,333
Futures contracts		447		–		(1,185	)
Short sales		–		–		5,652
Swap agreements		–		–		1,525
Translation of assets and liabilities in foreign currencies		(51	)	(33	)	11
Net Realized and Unrealized Gain (Loss) on Investments, Foreign currencies, Futures, Short
	sales and Swap agreements	(47,946	)	(87,680	)	(9,511	)
Net Increase (Decrease) in Net Assets Resulting from Operations$		(38,685	)$	(85,757	)$	(9,013	)


Statements of Operations
Principal Funds, Inc.
Six Months Ended February 28, 2019 (unaudited)


		Opportunistic		Origin Emerging		Preferred Securities
Amounts in thousands		Municipal Fund^(a)		Markets Fund			Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$	–	$	142		$	579
Dividends from affiliated securities		–		–			2,285
Dividends		2		4,194			30,741
Withholding tax		–		(513	)		(132	)
Interest		2,786		–			124,358
	Total Income	2,788		3,823			157,831
Expenses:
Management and investment advisory fees		269		3,185			18,059
Distribution fees - Class A		57		4			740
Distribution fees - Class C		26		N/A			2,881
Distribution fees - Class J		N/A		N/A			31
Distribution fees - R-1		N/A		N/A			2
Distribution fees - R-2		N/A		N/A			2
Distribution fees - R-3		N/A		N/A			3
Distribution fees - R-4		N/A		N/A			1
Administrative service fees - R-1		N/A		N/A			1
Administrative service fees - R-2		N/A		N/A			2
Administrative service fees - R-3		N/A		N/A			1
Registration fees - Class A		12		8			16
Registration fees - Class C		3		N/A			9
Registration fees - Class J		N/A		N/A			6
Registration fees - Institutional		8		7			32
Registration fees - R-6		N/A		9			8
Service fees - R-1		N/A		N/A			1
Service fees - R-2		N/A		N/A			2
Service fees - R-3		N/A		N/A			3
Service fees - R-4		N/A		N/A			2
Service fees - R-5		N/A		N/A			3
Shareholder reports - Class A		1		1			37
Shareholder reports - Class C		–		N/A			33
Shareholder reports - Class J		N/A		N/A			11
Shareholder reports - Institutional		1		–			135
Shareholder reports - R-6		N/A		–			7
Transfer agent fees - Class A		19		8			292
Transfer agent fees - Class C		5		N/A			258
Transfer agent fees - Class J		N/A		N/A			28
Transfer agent fees - Institutional		23		5			1,631
Chief compliance officer expenses		–		–			3
Custodian fees		1		76			24
Directors' expenses		2		7			51
Interest expense and fees		75		–			–
Professional fees		16		18			19
Other expenses		4		8			117
	Total Gross Expenses	522		3,336			24,451
Less: Reimbursement from Manager		11		129			–
Less: Reimbursement from Manager - Class A		7		13			–
Less: Reimbursement from Manager - Class C		6		N/A			–
Less: Reimbursement from Manager - Institutional		10		11			231
Less: Reimbursement from Manager - R-6		N/A		45			–
Less: Reimbursement from Distributor - Class J		N/A		N/A			6
	Total Net Expenses	488		3,138			24,214
	Net Investment Income (Loss)	2,300		685			133,617


Statements of Operations
Principal Funds, Inc.
Six Months Ended February 28, 2019 (unaudited)


		Real Estate Debt			Small-MidCap		SystematEx
Amounts in thousands		Income Fund	Dividend Income Fund International Fund
Net Investment Income (Loss)
Income:
Dividends from affiliated Funds	$		57	$	246	$	3
Dividends			1		30,509		557
Withholding tax			–		(485	)	(41	)
Interest		3,010			1		–
	Total Income	3,068			30,271		519
Expenses:
Management and investment advisory fees			368		9,277		151
Distribution fees - Class A			2		219		N/A
Distribution fees - Class C			N/A		724		N/A
Registration fees - Class A			8		10		N/A
Registration fees - Class C			N/A		9		N/A
Registration fees - Institutional			7		20		8
Registration fees - R-6			8		8		9
Shareholder reports - Class A			–		18		N/A
Shareholder reports - Class C			N/A		14		N/A
Shareholder reports - Institutional			–		121		–
Transfer agent fees - Class A			5		105		N/A
Transfer agent fees - Class C			N/A		82		N/A
Transfer agent fees - Institutional			2		1,126		–
Chief compliance officer expenses			–		2		–
Custodian fees			1		8		13
Directors' expenses			3		25		2
Professional fees			16		16		31
Other expenses			3		33		1
	Total Gross Expenses		423		11,817		215
Less: Reimbursement from Manager			2		–		–
Less: Reimbursement from Manager - Class A			12		41		N/A
Less: Reimbursement from Manager - Class C			N/A		29		N/A
Less: Reimbursement from Manager - Institutional			6		373		9
Less: Reimbursement from Manager - R-6			17		9		48
	Total Net Expenses		386		11,365		158
	Net Investment Income (Loss)	2,682			18,906		361
Net Realized and Unrealized Gain (Loss) on Investments and Foreign currencies
Net realized gain (loss) from:
Investment transactions		(2,565		)	23,118		167
Foreign currency transactions			–		12		(4	)
Net change in unrealized appreciation/depreciation of:
Investments		3,470			(267,419	)	(2,386	)
Translation of assets and liabilities in foreign currencies			–		1		(5	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign currencies			905		(244,288	)	(2,228	)
Net Increase (Decrease) in Net Assets Resulting from Operations$		3,587		$	(225,382	)$	(1,867	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands														Blue Chip Fund
												Period Ended				Year Ended
												February 28, 2019				August 31, 2018
Operations
Net investment income (loss)												$		(479	)	$		1,600
Net realized gain (loss) on investments .														108,342				193,418
Net change in unrealized appreciation/depreciation of investments														(119,016	)			434,401
		Net Increase (Decrease) in Net Assets Resulting from Operations												(11,153	)			629,419

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments														(218,921	)			(66,872	)
						Total Dividends and Distributions								(218,921	)			(66,872	)

Capital Share Transactions
Net increase (decrease) in capital share transactions														515,914				895,101
						Total Increase (Decrease) in Net Assets								285,840				1,457,648

Net Assets(c)
Beginning of period														3,215,906				1,758,258
End of period .												$		3,501,746		$		3,215,906

		Class A		Class C		Class J		Class T		Institutional		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold	$	73,295	$	33,557	$	12,800		N/A		$ 225,827 $		528	$	440	$	1,920		$ 254,519
Reinvested		12,122		7,033		4,005		N/A		13,102		439		98		387		181,564
Redeemed		(22,017	)	(11,668	)	(6,871	)	N/A		(67,084	)	(2,376	)	(357	)	(1,313)		(194,036)
Net Increase (Decrease)	$	63,400	$	28,922	$	9,934		N/A		$ 171,845 $		(1,409	) $	181	$	994		$ 242,047
Shares:
Sold		3,354		1,589		567		N/A		10,506		24		19		80		10,476
Reinvested		614		371		201		N/A		653		22		5		20		9,042
Redeemed		(1,022	)	(571	)	(309	)	N/A		(3,058	)	(102	)	(16	)	(58	)	(8,644	)
Net Increase (Decrease)		2,946		1,389		459		N/A		8,101		(56	)	8		42		10,874
Year Ended August 31, 2018^(a),(b)
Dollars:
Sold	$	88,378	$	44,665	$	21,425	$	5		$ 111,280	$	1,554	$	283	$	4,968		$ 1,021,470
Issued in acquisitions		–		–		37,751		–		432,514		6,762		1,306		6,627		–
Reinvested		2,403		1,334		1,139		–		2,130		200		38		197		59,364
Redeemed		(21,595	)	(7,039	)	(10,396	)	(19)		(459,525)		(1,939	)	(632	)	(7,888)		(441,659)
Net Increase (Decrease)	$	69,186	$	38,960	$	49,919	$	(14	) $	86,399	$	6,577	$	995	$	3,904		$ 639,175
Shares:
Sold		3,968		2,062		954		–		4,947		70		13		223		48,023
Issued in acquisitions		–		–		1,855		–		21,244		334		64		326		–
Reinvested		115		66		54		–		101		9		2		9		2,805
Redeemed		(976	)	(330	)	(469	)	(1	)	(22,349	)	(88	)	(28	)	(348	)	(20,384	)
Net Increase (Decrease)		3,107		1,798		2,394		(1	)	3,943		325		51		210		30,444

Distributions:
Year Ended February 28, 2019
From net investment income and net realized
gain on investments	$	(12,167	) $	(7,048	) $	(4,005	)	N/A $		(13,213	) $	(439	) $	(98	) $	(387) $ (181,564)
Total Dividends and Distributions	$	(12,167	) $	(7,048	) $	(4,005	)	N/A $		(13,213	) $	(439	) $	(98	) $	(387) $ (181,564)
Year Ended August 31, 2018^(a),(b)
From net investment income	$	– $		– $		– $		– $		(16	) $	– $		– $		– $		(475	)
From net realized gain on investments		(2,425	)	(1,337	)	(1,142	)	–		(2,153	)	(200	)	(38	)	(197	)	(58,889	)
Total Dividends and Distributions	$	(2,425	) $	(1,337	) $	(1,142	) $	– $		(2,169	) $	(200	) $	(38	) $	(197	) $	(59,364	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands										Bond Market Index Fund
								Period Ended				Year Ended
								February 28, 2019				August 31, 2018
Operations
Net investment income (loss)								$		23,007		$		39,563
Net realized gain (loss) on investments and Short sales										(2,064	)			(9,223	)
Net change in unrealized appreciation/depreciation of investments										14,683				(55,023	)
Net Increase (Decrease) in Net Assets Resulting from Operations										35,626				(24,683	)

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments										(42,522	)			(43,188	)
		Total Dividends and Distributions								(42,522	)			(43,188	)

Capital Share Transactions
Net increase (decrease) in capital share transactions										306,881				(268,141	)
		Total Increase (Decrease) in Net Assets								299,985				(336,012	)

Net Assets(a)
Beginning of period										1,580,956				1,916,968
End of period .								$		1,880,941		$		1,580,956

		Class J		Institutional		R-1		R-2		R-3		R-4		R-5
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold	$	2,893		$ 486,558	$	125	$	1,197	$	3,986	$	1,793	$	2,310
Reinvested		555		40,300		19		51		238		969		390
Redeemed		(4,273)		(216,791)		(219	)	(499	)	(6,836	)	(1,955	)	(3,930	)
Net Increase (Decrease)	$	(825)		$ 310,067	$	(75	) $	749	$	(2,612	) $	807	$	(1,230	)
Shares:
Sold		276		45,589		12		114		381		171		219
Reinvested		53		3,802		2		5		23		93		37
Redeemed		(407	)	(20,269	)	(21	)	(48	)	(653	)	(186	)	(373	)
Net Increase (Decrease)		(78	)	29,122		(7	)	71		(249	)	78		(117	)
Year Ended August 31, 2018
Dollars:
Sold	$	4,861		$ 227,190	$	721	$	1,153	$	5,594	$	9,021	$	6,317
Reinvested		597		40,855		29		38		328		834		507
Redeemed		(7,179)		(527,497)		(1,446	)	(1,887	)	(8,443	)	(6,387	)	(13,347	)
Net Increase (Decrease)	$	(1,721) $ (259,452) $				(696	) $	(696	) $	(2,521	) $	3,468	$	(6,523	)
Shares:
Sold		454		20,749		67		108		522		855		588
Reinvested		56		3,755		3		4		31		78		47
Redeemed		(674	)	(48,526	)	(135	)	(176	)	(796	)	(600	)	(1,239	)
Net Increase (Decrease)		(164	)	(24,022	)	(65	)	(64	)	(243	)	333		(604	)

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments	$	(555	) $	(40,300	) $	(19	) $	(51	) $	(238	) $	(969	) $	(390	)
Total Dividends and Distributions	$	(555	) $	(40,300	) $	(19	) $	(51	) $	(238	) $	(969	) $	(390	)
Year Ended August 31, 2018
From net investment income	$	(597	) $	(40,855	) $	(29	) $	(38	) $	(328	) $	(834	) $	(507	)
From net realized gain on investments		–		–		–		–		–		–		–
Total Dividends and Distributions	$	(597	) $	(40,855	) $	(29	) $	(38	) $	(328	) $	(834	) $	(507	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands										Diversified Real Asset Fund(b)
								Period Ended				Year Ended
								February 28, 2019				August 31, 2018
Operations
Net investment income (loss)								$		41,267		$		101,915
Net realized gain (loss) on investments , Foreign currencies, Futures, Options and Swaptions and Swap agreements										(84,126	)			225,582
Net change in unrealized appreciation/depreciation of investments, Foreign currencies, Futures, Options and Swaptions, Swap
agreements and Translation of assets & liabilities in foreign currencies										(48,676	)			(175,789	)
Net Increase (Decrease) in Net Assets Resulting from Operations										(91,535	)			151,708

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments										(126,294	)			(89,016	)
		Total Dividends and Distributions								(126,294	)			(89,016	)

Capital Share Transactions
Net increase (decrease) in capital share transactions										72,668				(194,312	)
		Total Increase (Decrease) in Net Assets								(145,161	)			(131,620	)

Net Assets(a)
Beginning of period										4,172,272				4,303,892
End of period .								$		4,027,111		$		4,172,272

		Class A		Class C		Institutional		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold	$	9,295	$	1,128		$ 358,579	$	33	$	1	$	72		$ 115,335
Reinvested		2,486		359		74,020		3		–		3		46,729
Redeemed		(22,933	)	(4,398)		(370,399)		–		(4	)	(1) (137,640)
Net Increase (Decrease)	$	(11,152	) $	(2,911	) $	62,200	$	36	$	(3	) $	74	$	24,424
Shares:
Sold		839		105		32,306		3		–		7		10,339
Reinvested		241		35		7,173		–		–		–		4,528
Redeemed		(2,091	)	(405	)	(33,549	)	–		–		–		(12,401	)
Net Increase (Decrease)		(1,011	)	(265	)	5,930		3		–		7		2,466
Year Ended August 31, 2018
Dollars:
Sold	$	36,259	$	3,917		$ 733,849	$	70	$	4	$	11		$ 489,624
Reinvested		1,782		241		54,147		–		–		–		31,163
Redeemed		(50,457	)	(6,317) (901,078)				(6	)	–		(11) (587,510)
Net Increase (Decrease)	$	(12,416	) $	(2,159) $ (113,082) $				64	$	4	$	– $		(66,723	)
Shares:
Sold		3,101		341		62,772		6		–		1		41,704
Reinvested		154		21		4,672		–		–		–		2,689
Redeemed		(4,346	)	(553	)	(76,965	)	–		–		(1	)	(50,217	)
Net Increase (Decrease)		(1,091	)	(191	)	(9,521	)	6		–		–		(5,824	)

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments	$	(2,541	) $	(402	) $	(76,562	) $	(3	) $	– $		(3	) $	(46,783	)
Total Dividends and Distributions	$	(2,541	) $	(402	) $	(76,562	) $	(3	) $	– $		(3	) $	(46,783	)
Year Ended August 31, 2018
From net investment income	$	(1,822	) $	(272	) $	(55,759	) $	– $		– $		– $		(31,163	)
From net realized gain on investments		–		–		–		–		–		–		–
Total Dividends and Distributions	$	(1,822	) $	(272	) $	(55,759	) $	– $		– $		– $		(31,163	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands			EDGE MidCap Fund

		Period Ended			Year Ended
	February 28, 2019				August 31, 2018
Operations
Net investment income (loss)	$		2,845		$		6,320
Net realized gain (loss) on investments .			5,341				27,141
Net change in unrealized appreciation/depreciation of investments			(26,602	)			63,123
Net Increase (Decrease) in Net Assets Resulting from Operations			(18,416	)			96,584

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments			(35,525	)			(9,754	)
	Total Dividends and Distributions		(35,525	)			(9,754	)

Capital Share Transactions
Net increase (decrease) in capital share transactions			30,840				297,499
	Total Increase (Decrease) in Net Assets		(23,101	)			384,329

Net Assets(a)
Beginning of period			672,450				288,121
End of period .	$		649,349		$		672,450

		Class A^(b)			Institutional		R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold		$	825	$	4,899	$	27,928
Reinvested			–		838		34,677
Redeemed			(37	)	(2,236	)	(36,054	)
Net Increase (Decrease)		$	788	$	3,501	$	26,551
Shares:
Sold			61		359		1,991
Reinvested			–		70		2,882
Redeemed			(3	)	(165	)	(2,587	)
Net Increase (Decrease)			58		264		2,286
Year Ended August 31, 2018
Dollars:
Sold			N/A $		15,926		$ 321,905
Reinvested			N/A		91		9,662
Redeemed			N/A		(3,720	)	(46,365	)
Net Increase (Decrease)			N/A $		12,297		$ 285,202
Shares:
Sold			N/A		1,110		23,713
Reinvested			N/A		6		697
Redeemed			N/A		(253	)	(3,244	)
Net Increase (Decrease)			N/A		863		21,166

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments		$	– $		(848	) $	(34,677	)
Total Dividends and Distributions		$	– $		(848	) $	(34,677	)
Year Ended August 31, 2018
From net investment income			N/A $		– $		(2,352	)
From net realized gain on investments			N/A		(92	)	(7,310	)
Total Dividends and Distributions			N/A $		(92	) $	(9,662	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands				Global Multi-Strategy Fund(b)
		Period Ended				Year Ended
		February 28, 2019				August 31, 2018
Operations
Net investment income (loss)		$		24,528		$		37,517
Net realized gain (loss) on investments , Foreign currencies, Futures, Options and Swaptions, Short sales and Swap
agreements				(7,463	)			55,156
Net change in unrealized appreciation/depreciation of investments, Foreign currencies, Futures, Options and Swaptions, Short
sales, Swap agreements and Translation of assets & liabilities in foreign currencies				(51,967	)			(57,390	)
Net Increase (Decrease) in Net Assets Resulting from Operations				(34,902	)			35,283

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments				(140,176	)			(78,624	)
Total Dividends and Distributions				(140,176	)			(78,624	)

Capital Share Transactions
Net increase (decrease) in capital share transactions				(541,576	)			(170,960	)
Total Increase (Decrease) in Net Assets				(716,654	)			(214,301	)

Net Assets(a)
Beginning of period				2,635,536				2,849,837
End of period .		$		1,918,882		$		2,635,536

		Class A		Class C		Institutional		R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold	$	5,412	$	1,646		$ 126,573	$	47,316
Reinvested		2,674		1,564		30,856		76,963
Redeemed		(24,177	)	(10,432)		(327,829)		(472,142)
Net Increase (Decrease)	$	(16,091	) $	(7,222)		$ (170,400)		$ (347,863)
Shares:
Sold		520		166		12,089		4,401
Reinvested		263		159		3,002		7,494
Redeemed		(2,299	)	(1,018	)	(30,847	)	(44,804	)
Net Increase (Decrease)		(1,516	)	(693	)	(15,756	)	(32,909	)
Year Ended August 31, 2018
Dollars:
Sold	$	10,909	$	5,706		$ 423,848		$ 675,478
Reinvested		1,708		911		20,196		39,054
Redeemed		(60,470	)	(12,442)		(831,305)		(444,553)
Net Increase (Decrease)	$	(47,853	) $	(5,825)		$ (387,261)		$ 269,979
Shares:
Sold		973		524		37,345		59,936
Reinvested		152		83		1,777		3,438
Redeemed		(5,367	)	(1,147	)	(73,773	)	(38,940	)
Net Increase (Decrease)		(4,242	)	(540	)	(34,651	)	24,434

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments	$	(2,944	) $	(1,783	) $	(37,148	) $	(98,301	)
Total Dividends and Distributions	$	(2,944	) $	(1,783	) $	(37,148	) $	(98,301	)
Year Ended August 31, 2018
From net investment income	$	(341	) $	– $		(8,872	) $	(12,403	)
From net realized gain on investments		(1,514	)	(1,018	)	(23,503	)	(30,973	)
Total Dividends and Distributions	$	(1,855	) $	(1,018	) $	(32,375	) $	(43,376	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands			Global Opportunities Fund
		Period Ended			Year Ended
	February 28, 2019				August 31, 2018
Operations
Net investment income (loss)	$		908		$		11,451
Net realized gain (loss) on investments and Foreign currencies			53,662				102,809
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies			(82,245	)			(31,365	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(27,675	)			82,895

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments			(16,851	)			(91,703	)
Total Dividends and Distributions			(16,851	)			(91,703	)

Capital Share Transactions
Net increase (decrease) in capital share transactions			(665,226	)			(214,355	)
Total Increase (Decrease) in Net Assets			(709,752	)			(223,163	)

Net Assets(a)
Beginning of period			730,247				953,410
End of period .	$		20,495		$		730,247

			Class A		Class C^(b)		Institutional
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold		$	2,436	$	85	$	2,600
Reinvested			4,152		1,705		10,934
Redeemed			(512	)	(2,181)		(684,445)
Net Increase (Decrease)		$	6,076	$	(391)		$ (670,911)
Shares:
Sold			633		9		309
Reinvested			975		410		2,474
Redeemed			(89	)	(600	)	(54,558	)
Net Increase (Decrease)			1,519		(181	)	(51,775	)
Year Ended August 31, 2018
Dollars:
Sold		$	1,274	$	623	$	23,452
Reinvested			462		181		91,053
Redeemed			(1,162	)	(360)		(329,878)
Net Increase (Decrease)		$	574	$	444		$ (215,373)
Shares:
Sold			100		49		1,805
Reinvested			36		14		7,095
Redeemed			(91	)	(28	)	(25,693	)
Net Increase (Decrease)			45		35		(16,793	)

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments		$	(4,183	) $	(1,734	) $	(10,934	)
Total Dividends and Distributions		$	(4,183	) $	(1,734	) $	(10,934	)
Year Ended August 31, 2018
From net investment income		$	(122	) $	(39	) $	(27,801	)
From net realized gain on investments			(345	)	(144	)	(63,252	)
Total Dividends and Distributions		$	(467	) $	(183	) $	(91,053	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands								International Equity Index Fund
								Period Ended				Year Ended
								February 28, 2019				August 31, 2018
Operations
Net investment income (loss)								$		9,261		$		28,511
Net realized gain (loss) on investments , Foreign currencies and Futures										1,642				16,018
Net change in unrealized appreciation/depreciation of investments, Futures and Translation of assets & liabilities in foreign
currencies										(49,588	)			(3,479	)
Net Increase (Decrease) in Net Assets Resulting from Operations										(38,685	)			41,050

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments										(37,266	)			(37,049	)
		Total Dividends and Distributions								(37,266	)			(37,049	)

Capital Share Transactions
Net increase (decrease) in capital share transactions										44,540				33,359
		Total Increase (Decrease) in Net Assets								(31,411	)			37,360

Net Assets(a)
Beginning of period										1,093,004				1,055,644
End of period .								$		1,061,593		$		1,093,004

	Institutional			R-1		R-2		R-3		R-4		R-5		R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold	$	15,166	$	57	$	175	$	3,452	$	1,033	$	3,191	$	94,919
Reinvested		1,582		17		20		459		332		494		34,362
Redeemed		(13,310	)	(151	)	(276	)	(4,391	)	(4,145	)	(3,720	)	(84,726	)
Net Increase (Decrease)	$	3,438	$	(77	) $	(81	) $	(480	) $	(2,780	) $	(35	) $	44,555
Shares:
Sold		1,622		6		18		355		109		341		9,653
Reinvested		176		2		2		52		37		55		3,829
Redeemed		(1,390	)	(16	)	(28	)	(451	)	(435	)	(367	)	(8,650	)
Net Increase (Decrease)		408		(8	)	(8	)	(44	)	(289	)	29		4,832
Year Ended August 31, 2018
Dollars:
Sold	$	12,549	$	274	$	304	$	6,871	$	4,014	$	5,637		$ 184,915
Reinvested		1,954		26		23		605		404		831		33,206
Redeemed		(36,854	)	(578	)	(291	)	(8,272	)	(5,921	)	(17,921) (148,417)
Net Increase (Decrease)	$	(22,351	) $	(278	) $	36	$	(796	) $	(1,503	) $	(11,453	) $	69,704
Shares:
Sold		1,160		26		28		645		373		521		17,168
Reinvested		180		3		2		57		38		77		3,065
Redeemed		(3,408	)	(56	)	(27	)	(778	)	(546	)	(1,644	)	(13,579	)
Net Increase (Decrease)		(2,068	)	(27	)	3		(76	)	(135	)	(1,046	)	6,654

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments	$	(1,582	) $	(17	) $	(20	) $	(459	) $	(332	) $	(494	) $	(34,362	)
Total Dividends and Distributions	$	(1,582	) $	(17	) $	(20	) $	(459	) $	(332	) $	(494	) $	(34,362	)
Year Ended August 31, 2018
From net investment income	$	(1,544	) $	(19	) $	(17	) $	(456	) $	(310	) $	(645	) $	(26,260	)
From net realized gain on investments		(410	)	(7	)	(6	)	(149	)	(94	)	(186	)	(6,946	)
Total Dividends and Distributions	$	(1,954	) $	(26	) $	(23	) $	(605	) $	(404	) $	(831	) $	(33,206	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands		International Small Company Fund
		Period Ended			Year Ended
	February 28, 2019				August 31, 2018
Operations
Net investment income (loss)	$		1,923		$		10,871
Net realized gain (loss) on investments and Foreign currencies			(22,467	)			81,585
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies			(65,213	)			(23,976	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(85,757	)			68,480

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments			(68,971	)			(50,319	)
Total Dividends and Distributions			(68,971	)			(50,319	)

Capital Share Transactions
Net increase (decrease) in capital share transactions			30,517				(25,827	)
Total Increase (Decrease) in Net Assets			(124,211	)			(7,666	)

Net Assets(a)
Beginning of period			1,000,009				1,007,675
End of period .	$		875,798		$		1,000,009

			Class A Institutional				R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold		$	626	$	15,819	$	47,238
Reinvested			345		1,695		66,930
Redeemed			(759	)	(5,877	)	(95,500	)
Net Increase (Decrease)		$	212	$	11,637	$	18,668
Shares:
Sold			59		1,515		4,636
Reinvested			38		183		7,182
Redeemed			(73	)	(566	)	(8,968	)
Net Increase (Decrease)			24		1,132		2,850
Year Ended August 31, 2018
Dollars:
Sold		$	4,191	$	17,713	$	98,299
Reinvested			169		131		50,019
Redeemed			(1,794	)	(1,256) (193,299)
Net Increase (Decrease)		$	2,566	$	16,588	$	(44,981	)
Shares:
Sold			330		1,398		7,710
Reinvested			13		10		3,938
Redeemed			(143	)	(99	)	(15,177	)
Net Increase (Decrease)			200		1,309		(3,529	)

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments		$	(346	) $	(1,695	) $	(66,930	)
Total Dividends and Distributions		$	(346	) $	(1,695	) $	(66,930	)
Year Ended August 31, 2018
From net investment income		$	(61	) $	(54	) $	(20,828	)
From net realized gain on investments			(108	)	(77	)	(29,191	)
Total Dividends and Distributions		$	(169	) $	(131	) $	(50,019	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands		Multi-Manager Equity Long/Short Fund
		Period Ended			Year Ended
	February 28, 2019				August 31, 2018
Operations
Net investment income (loss)	$		498		$		(638	)
Net realized gain (loss) on investments , Foreign currencies, Futures, Short sales and Swap agreements			(5,525	)			20,207
Net change in unrealized appreciation/depreciation of investments, Foreign currencies, Futures, Short sales, Swap agreements
and Translation of assets & liabilities in foreign currencies			(3,986	)			1,218
Net Increase (Decrease) in Net Assets Resulting from Operations			(9,013	)			20,787

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments			(29,905	)			(17,568	)
Total Dividends and Distributions			(29,905	)			(17,568	)

Capital Share Transactions
Net increase (decrease) in capital share transactions			(32,132	)			13,547
Total Increase (Decrease) in Net Assets			(71,050	)			16,766

Net Assets(a)
Beginning of period			340,575				323,809
End of period .	$		269,525		$		340,575

			Class A Institutional				R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold		$	2	$	25	$	974
Reinvested			49		13		29,843
Redeemed			(84	)	(2	)	(62,952	)
Net Increase (Decrease)		$	(33	) $	36	$	(32,135	)
Shares:
Sold			–		3		108
Reinvested			6		1		3,411
Redeemed			(10	)	–		(6,011	)
Net Increase (Decrease)			(4	)	4		(2,492	)
Year Ended August 31, 2018
Dollars:
Sold		$	432	$	38	$	21,805
Reinvested			15		5		17,548
Redeemed			(85	)	–		(26,211	)
Net Increase (Decrease)		$	362	$	43	$	13,142
Shares:
Sold			40		4		1,992
Reinvested			1		–		1,608
Redeemed			(8	)	–		(2,444	)
Net Increase (Decrease)			33		4		1,156

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments		$	(49	) $	(13	) $	(29,843	)
Total Dividends and Distributions		$	(49	) $	(13	) $	(29,843	)
Year Ended August 31, 2018
From net investment income		$	(2	) $	(1	) $	(3,229	)
From net realized gain on investments			(13	)	(4	)	(14,319	)
Total Dividends and Distributions		$	(15	) $	(5	) $	(17,548	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands		Opportunistic Municipal Fund
		Period Ended			Year Ended
	February 28, 2019				August 31, 2018
Operations
Net investment income (loss)	$		2,300		$		4,737
Net realized gain (loss) on investments .			50				347
Net change in unrealized appreciation/depreciation of investments			(403	)			(1,172	)
Net Increase (Decrease) in Net Assets Resulting from Operations			1,947				3,912

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments			(2,195	)			(4,520	)
	Total Dividends and Distributions		(2,195	)			(4,520	)

Capital Share Transactions
Net increase (decrease) in capital share transactions			3,134				(6,997	)
	Total Increase (Decrease) in Net Assets		2,886				(7,605	)

Net Assets(a)
Beginning of period			109,251				116,856
End of period .	$		112,137		$		109,251

			Class A Class C ^(b)Institutional
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold		$	14,591	$	883	$	17,526
Reinvested			885		75		1,202
Redeemed			(13,587	)	(8,001	)	(10,440	)
Net Increase (Decrease)		$	1,889	$	(7,043	) $	8,288
Shares:
Sold			1,394		85		1,678
Reinvested			84		7		115
Redeemed			(1,299	)	(764	)	(1,000	)
Net Increase (Decrease)			179		(672	)	793
Year Ended August 31, 2018
Dollars:
Sold		$	21,672	$	1,380	$	20,858
Reinvested			1,592		220		2,599
Redeemed			(17,142	)	(8,759	)	(29,417	)
Net Increase (Decrease)		$	6,122	$	(7,159	) $	(5,960	)
Shares:
Sold			2,039		130		1,961
Reinvested			150		21		245
Redeemed			(1,613	)	(822	)	(2,775	)
Net Increase (Decrease)			576		(671	)	(569	)

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments		$	(903	) $	(86	) $	(1,206	)
Total Dividends and Distributions		$	(903	) $	(86	) $	(1,206	)
Year Ended August 31, 2018
From net investment income		$	(1,638	) $	(277	) $	(2,605	)
From net realized gain on investments			–		–		–
Total Dividends and Distributions		$	(1,638	) $	(277	) $	(2,605	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands		Origin Emerging Markets Fund
		Period Ended			Year Ended
	February 28, 2019				August 31, 2018
Operations
Net investment income (loss)	$		685		$		8,488
Net realized gain (loss) on investments and Foreign currencies			(4,967	)			67,253
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies			(27,816	)			(91,726	)
Net Increase (Decrease) in Net Assets Resulting from Operations			(32,098	)			(15,985	)

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments			(8,633	)			(6,798	)
Total Dividends and Distributions			(8,633	)			(6,798	)

Capital Share Transactions
Net increase (decrease) in capital share transactions			(48,906	)			(39,350	)
Total Increase (Decrease) in Net Assets			(89,637	)			(62,133	)

Net Assets(a)
Beginning of period			639,262				701,395
End of period .	$		549,625		$		639,262

			Class A Institutional				R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold		$	234	$	883	$	63,609
Reinvested			23		163		8,447
Redeemed			(1,889	)	(951) (119,425)
Net Increase (Decrease)		$	(1,632	) $	95	$	(47,369	)
Shares:
Sold			23		87		6,311
Reinvested			2		18		913
Redeemed			(189	)	(99	)	(11,373	)
Net Increase (Decrease)			(164	)	6		(4,149	)
Year Ended August 31, 2018
Dollars:
Sold		$	7,031	$	15,610	$	95,283
Reinvested			15		394		6,389
Redeemed			(5,183	)	(40,679) (118,210)
Net Increase (Decrease)		$	1,863	$	(24,675	) $	(16,538	)
Shares:
Sold			544		1,262		7,719
Reinvested			1		32		524
Redeemed			(412	)	(3,281	)	(9,526	)
Net Increase (Decrease)			133		(1,987	)	(1,283	)

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments		$	(23	) $	(163	) $	(8,447	)
Total Dividends and Distributions		$	(23	) $	(163	) $	(8,447	)
Year Ended August 31, 2018
From net investment income		$	(15	) $	(394	) $	(6,389	)
From net realized gain on investments			–		–		–
Total Dividends and Distributions		$	(15	) $	(394	) $	(6,389	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands																	Preferred Securities Fund
															Period Ended									Year Ended
															February 28, 2019									August 31, 2018
Operations
Net investment income (loss)															$		133,617					$				290,460
Net realized gain (loss) on investments , Foreign currencies, Futures and Options and Swaptions																	(13,294				)					692
Net change in unrealized appreciation/depreciation of investments, Futures and Options and Swaptions																	(82,924				)					(269,081	)
				Net Increase (Decrease) in Net Assets Resulting from Operations													37,399									22,071

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments																	(148,563				)					(294,776	)
									Total Dividends and Distributions								(148,563				)					(294,776	)

Capital Share Transactions
Net increase (decrease) in capital share transactions																	(371,787				)					46,932
								Total Increase (Decrease) in Net Assets									(482,951				)					(225,773	)

Net Assets(b)
Beginning of period																	5,658,018							5,883,791
End of period .															$		5,175,067					$		5,658,018

		Class A		Class C		Class J		Class T			Institutional		R-1		R-2		R-3					R-4		R-5		R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold	$	109,341	$	24,774	$	1,343		N/A $			819,953	$	50	$	134	$	253	$		332			$	117		$ 140,144
Reinvested		14,459		11,209		1,188		N/A			66,454		25		25		64			32				75		15,645
Redeemed		(152,021)		(115,000)		(5,811	)	N/A			(1,059,893)		(90	)	(353	)	(135	)	(432				)	(993)		(242,676)
Net Increase (Decrease)	$	(28,221	) $	(79,017	) $	(3,280	)	N/A $			(173,486	) $	(15	) $	(194	) $	182	$		(68			) $	(801	) $	(86,887	)
Shares:
Sold		11,218		2,547		142		N/A			84,962		5		14		26			34				12		14,528
Reinvested		1,486		1,155		126		N/A			6,881		3		3		7					3		8		1,622
Redeemed		(15,577	)	(11,802	)	(610	)	N/A			(109,852	)	(9	)	(37	)	(14	)		(45			)	(103	)	(25,300	)
Net Increase (Decrease)		(2,873	)	(8,100	)	(342	)	N/A			(18,009	)	(1	)	(20	)	19			(8			)	(83	)	(9,150	)
Year Ended August 31, 2018^(a)
Dollars:
Sold	$	180,232	$	53,167	$	7,380	$	60			$ 1,180,971	$	242	$	400	$	650	$		357				$ 1,858		$ 554,564
Reinvested		29,843		22,645		2,498		3			131,282		52		50		117			65				184		27,338
Redeemed		(255,400)		(163,746)		(13,464	)	(70)			(1,641,490)		(567	)	(339	)	(1,007	)	(380)					(2,350)		(68,213	)
Net Increase (Decrease)	$	(45,325	) $	(87,934	) $	(3,586	) $	(7		) $	(329,237	) $	(273	) $	111	$	(240	) $		42			$	(308) $ 513,689
Shares:
Sold		17,465		5,138		730		6			115,105		24		39		64			35				180		55,403
Reinvested		2,906		2,207		250		–			12,872		5		5		11					6		18		2,681
Redeemed		(24,790	)	(15,942	)	(1,346	)	(7		)	(161,921	)	(56	)	(33	)	(98	)		(37			)	(230	)	(6,701	)
Net Increase (Decrease)		(4,419	)	(8,597	)	(366	)	(1		)	(33,944	)	(27	)	11		(23	)				4		(32	)	51,383


Distributions:
Year Ended February 28, 2019
From net investment income and
net realized gain on investments	$	(16,535	) $	(13,953	) $	(1,206	)	N/A $			(88,853	) $	(25	) $	(43	) $	(64	) $		(32			) $	(76	) $	(27,776	)
Total Dividends and Distributions	$	(16,535	) $	(13,953	) $	(1,206	)	N/A $			(88,853	) $	(25	) $	(43	) $	(64	) $		(32			) $	(76	) $	(27,776	)
Year Ended August 31, 2018^(a)
From net investment income	$	(32,679	) $	(27,558	) $	(2,443	) $	(3		) $	(191,151	) $	(50	) $	(78	) $	(114	) $		(63			) $	(177	) $	(30,570	)
From net realized gain on
investments		(1,162	)	(1,199	)	(88	)	–			(6,560	)	(2	)	(3	)	(4	)		(2			)	(7	)	(863	)
Total Dividends and Distributions.	$	(33,841	) $	(28,757	) $	(2,531	) $	(3		) $	(197,711	) $	(52	) $	(81	) $	(118	) $		(65			) $	(184	) $	(31,433	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands		Real Estate Debt Income Fund
		Period Ended			Year Ended
	February 28, 2019				August 31, 2018
Operations
Net investment income (loss)	$		2,682		$		6,747
Net realized gain (loss) on investments .			(2,565	)			(1,210	)
Net change in unrealized appreciation/depreciation of investments			3,470				(4,694	)
Net Increase (Decrease) in Net Assets Resulting from Operations			3,587				843

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments			(2,753	)			(6,873	)
	Total Dividends and Distributions		(2,753	)			(6,873	)

Capital Share Transactions
Net increase (decrease) in capital share transactions			(57,761	)			1,886
	Total Increase (Decrease) in Net Assets		(56,927	)			(4,144	)

Net Assets(a)
Beginning of period			187,421				191,565
End of period .	$		130,494		$		187,421

			Class A Institutional				R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold		$	1,400	$	13,663	$	406
Reinvested			32		81		2,640
Redeemed			(484	)	(9,200	)	(66,299	)
Net Increase (Decrease)		$	948	$	4,544	$	(63,253	)
Shares:
Sold			147		1,459		43
Reinvested			3		9		281
Redeemed			(50	)	(979	)	(7,053	)
Net Increase (Decrease)			100		489		(6,729	)
Year Ended August 31, 2018
Dollars:
Sold		$	449	$	1,707	$	14,887
Reinvested			38		75		6,758
Redeemed			(398	)	(1,149	)	(20,481	)
Net Increase (Decrease)		$	89	$	633	$	1,164
Shares:
Sold			47		182		1,572
Reinvested			4		8		715
Redeemed			(42	)	(122	)	(2,160	)
Net Increase (Decrease)			9		68		127

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments		$	(32	) $	(81	) $	(2,640	)
Total Dividends and Distributions		$	(32	) $	(81	) $	(2,640	)
Year Ended August 31, 2018
From net investment income		$	(40	) $	(75	) $	(6,758	)
From net realized gain on investments			–		–		–
Total Dividends and Distributions		$	(40	) $	(75	) $	(6,758	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands		Small-MidCap Dividend Income Fund
		Period Ended				Year Ended
		February 28, 2019				August 31, 2018
Operations
Net investment income (loss)		$		18,906		$		65,715
Net realized gain (loss) on investments and Foreign currencies				23,130				328,112
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies				(267,418	)			13,347
Net Increase (Decrease) in Net Assets Resulting from Operations				(225,382	)			407,174

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments				(317,616	)			(184,407	)
	Total Dividends and Distributions			(317,616	)			(184,407	)

Capital Share Transactions
Net increase (decrease) in capital share transactions				7,119				(577,323	)
	Total Increase (Decrease) in Net Assets			(535,879	)			(354,556	)

Net Assets(a)
Beginning of period				2,846,777				3,201,333
End of period .		$		2,310,898		$		2,846,777

		Class A		Class C		Institutional		R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold	$	11,005	$	2,704		$ 282,889	$	2,770
Reinvested		21,839		17,579		259,235		1,167
Redeemed		(44,895	)	(23,017)		(523,443)		(714	)
Net Increase (Decrease)	$	(12,051	) $	(2,734	) $	18,681	$	3,223
Shares:
Sold		759		196		19,247		169
Reinvested		1,697		1,386		19,993		90
Redeemed		(2,999	)	(1,619	)	(35,429	)	(49	)
Net Increase (Decrease)		(543	)	(37	)	3,811		210
Year Ended August 31, 2018
Dollars:
Sold	$	31,227	$	5,894		$ 629,125	$	4,252
Reinvested		11,790		8,201		134,249		20,721
Redeemed		(77,617	)	(34,533)		(657,937)		(652,695)
Net Increase (Decrease)	$	(34,600	) $	(20,438)		$ 105,437		$ (627,722)
Shares:
Sold		1,810		345		36,386		245
Reinvested		689		484		7,815		1,206
Redeemed		(4,516	)	(2,029	)	(38,208	)	(37,647	)
Net Increase (Decrease)		(2,017	)	(1,200	)	5,993		(36,196	)

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments	$	(22,991	) $	(18,925) $		(274,533) $		(1,167	)
Total Dividends and Distributions	$	(22,991	) $	(18,925) $		(274,533) $		(1,167	)
Year Ended August 31, 2018
From net investment income	$	(2,730	) $	(886	) $	(36,012	) $	(4,664	)
From net realized gain on investments		(9,900	)	(8,056)		(106,102)		(16,057	)
Total Dividends and Distributions	$	(12,630	) $	(8,942) $		(142,114) $		(20,721	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands		SystematEx International Fund
		Period Ended		Year Ended
	February 28, 2019			August 31, 2018
Operations
Net investment income (loss)	$	361		$		2,047
Net realized gain (loss) on investments and Foreign currencies		163				8,729
Net change in unrealized appreciation/depreciation of investments and Translation of assets & liabilities in foreign currencies		(2,391	)			(7,492	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,867	)			3,284

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(7,000	)			(3,574	)
Total Dividends and Distributions		(7,000	)			(3,574	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		6,601				(22,334	)
Total Increase (Decrease) in Net Assets		(2,266	)			(22,624	)

Net Assets(a)
Beginning of period		54,112				76,736
End of period .	$	51,846		$		54,112

		Institutional				R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Sold		$		– $		123
Reinvested				40		6,960
Redeemed				–		(522	)
Net Increase (Decrease)		$		40	$	6,561
Shares:
Sold				–		14
Reinvested				4		744
Redeemed				–		(56	)
Net Increase (Decrease)				4		702
Year Ended August 31, 2018
Dollars:
Sold		$		117	$	10,649
Reinvested				8		3,551
Redeemed				(375	)	(36,284	)
Net Increase (Decrease)		$		(250	) $	(22,084	)
Shares:
Sold				9		841
Reinvested				1		286
Redeemed				(31	)	(2,962	)
Net Increase (Decrease)				(21	)	(1,835	)

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments		$		(40	) $	(6,960	)
Total Dividends and Distributions		$		(40	) $	(6,960	)
Year Ended August 31, 2018
From net investment income		$		(13	) $	(2,013	)
From net realized gain on investments				(10	)	(1,538	)
Total Dividends and Distributions		$		(23	) $	(3,551	)


Statement of Changes in Net Assets
Principal Funds, Inc.
(unaudited)


Amounts in thousands		SystematEx Large Value Fund
		Period Ended		Year Ended
	February 28, 2019			August 31, 2018
Operations
Net investment income (loss)	$	167		$	205
Net realized gain (loss) on investments .		145			412
Net change in unrealized appreciation/depreciation of investments		(755	)		690
Net Increase (Decrease) in Net Assets Resulting from Operations		(443	)		1,307

Dividends and Distributions to Shareholders
From net investment income and net realized gain on investments		(657	)		(521	)
	Total Dividends and Distributions	(657	)		(521	)

Capital Share Transactions
Net increase (decrease) in capital share transactions		20			130
	Total Increase (Decrease) in Net Assets	(1,080	)		916

Net Assets(a)
Beginning of period		10,365			9,449
End of period .	$	9,285		$	10,365

					R-6
Capital Share Transactions:
Period Ended February 28, 2019
Dollars:
Reinvested					20
Net Increase (Decrease)				$	20
Shares:
Reinvested					2
Net Increase (Decrease)					2
Year Ended August 31, 2018
Dollars:
Sold				$	117
Reinvested					13
Net Increase (Decrease)				$	130
Shares:
Sold					9
Reinvested					1
Net Increase (Decrease)					10

Distributions:
Year Ended February 28, 2019
From net investment income and net realized gain on investments				$	(657	)
Total Dividends and Distributions				$	(657	)
Year Ended August 31, 2018
From net investment income				$	(183	)
From net realized gain on investments					(338	)
Total Dividends and Distributions				$	(521	)

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

Principal Funds, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company and operates as a series fund in the mutual fund industry. The financial statements for Blue Chip Fund, Bond Market Index Fund, Diversified Real Asset Fund, EDGE MidCap Fund, Global Multi-Strategy Fund, Global Opportunities Fund, InternationalEquity Index Fund, International Small Company Fund, Multi-Manager Equity Long/Short Fund, Opportunistic Municipal Fund, Origin Emerging Markets Fund, Preferred Securities Fund, Real Estate Debt Income Fund, Small-MidCap Dividend Income Fund, SystematEx International Fund and SystematEx Large Value Fund (known as the "Funds") 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 Class J, Institutional, R-1, R-2, R-3, R-4, R-5, and R-6 classes of shares. Certain detailed financial information for Class A and Class C 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 September 11, 2017, the initial purchase of $10,000 of Class J shares of Blue Chip Fund was made by the Principal Global Investors, LLC (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.

Effective December 31, 2018, the initial purchase of $10,000 of Class A shares of EDGE MidCap Fund was made by the Manager.

Effective January 11, 2019, Class C shares discontinued and converted into Class A shares for Global Opportunities Fund and Opportunistic Municipal Fund.

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.

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

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 inAmerican depository receipts (“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.

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

The following funds held securities denominated in foreign currencies that exceeded 5% of net assets of the respective fund as of February 28, 2019:

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 bear 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 statements of operations of the Funds 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, inverse floating rate securities, 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, Real Estate Investment Trusts (“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

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

2. Significant Accounting Policies (continued) require reclassification. To the extent dividends and distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as return of capital distributions.

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

Management evaluates tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more likely than not” that each tax position would be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more likely than not threshold would be recorded as a tax benefit or expense in the current year. During the period ended February 28, 2019, the Funds did not record any such tax benefit or expense in the accompanying financial statements. The statute of limitations remains open for the fiscal years from 2015-2017.

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 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 February 28, 2019, the net assets of the Cayman Subsidiaries were as follows (amounts in thousands):

RecentAccounting Pronouncements. Effective August 17, 2018, the U.S. Securities and Exchange Commission (“SEC”) approved a final rule, Disclosure Update and Simplification. The SEC adopted amendments to certain disclosures that have become redundant or superseded in light of other SEC disclosure requirements, U.S. GAAP or changes in the information environment. As of February 28, 2019, the Funds have adopted the new amendments.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which amends and eliminates certain disclosure requirements for fair value as part of its framework project. The ASU is effective for annual and interim periods beginning after December 15, 2019. The early adoption of the removal or modification of disclosures and delay of adoption of the additional disclosures is permitted. As of February 28, 2019, the Funds have adopted the removal and modification of disclosures.

In March 2017, the Financial Accounting Standards Board issued 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 and interim periods beginning after December 15, 2018. The Funds will adopt the new amendments for periods beginning after December 15, 2018.

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

Borrowings. Pursuant to an exemptive order issued by the SEC, 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 London Interbank Offered Rate (“LIBOR”) rate plus 1.00%). As of February 28, 2019, Opportunistic Municipal Fund had outstanding borrowings of $260,000. The interest income received is included in interest income on the statements of operations. The interest expense associated with these borrowings is included in other expenses on the statements of operations.

During the period ended February 28, 2019, funds lending to the Facility were as follows (amounts in thousands):

During the period ended February 28, 2019, funds’ borrowing from the Facility were as follows (amounts in thousands):

In addition, the Funds (with the exception of Bond Market Index Fund and 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 period ended February 28, 2019, funds borrowing against the line of credit were as follows (amounts in thousands):

The interest expense associated with these borrowings is included in other expenses on the statements of operations. There were no outstanding borrowings as of February 28, 2019.

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

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. Global Multi-Strategy Fund and Preferred Securities Fund invest in contingent convertible securities (“CoCos”). CoCos are hybrid debt securities that may convert into equity or have their principal written down upon the occurrence of certain “triggers.” Although a 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 future 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 February 28, 2019, financial assets and liabilities subject to Master NettingAgreements or similar agreements were as follows (amounts in thousands):


Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)


3. Operating Policies (continued)

							Net Market Value of OTC			Collateral (Received)/
		Assets*			Liabilities^*			Derivatives			Pledged				Net Exposure
Diversified Real Asset Fund (continued)
Barclays Bank PLC
Foreign Currency Contracts	$	3,375		$	(3,623	)	$	(248	)
Purchased Interest Rate Swaptions		615			—			615
Written Interest Rate Swaptions		—			(326	)		(326	)
Written Options		—			(43	)		(43	)
	$	3,990		$	(3,992	)	$	(2	)	$		2	^{^^}	$	—
BNP Paribas
Foreign Currency Contracts		237			(43	)		194
	$	237		$	(43	)	$	194		$		—		$	194
Citigroup Inc
Foreign Currency Contracts		37			(62	)		(25	)
	$	37		$	(62	)	$	(25	)	$		—		$	(25	)
Deutsche Bank AG
Foreign Currency Contracts		1,379			(851	)		528
Purchased Interest Rate Swaptions		200			—			200
Written Interest Rate Swaptions		—			(671	)		(671	)
Written Options		—			(1	)		(1	)
	$	1,579		$	(1,523	)	$	56		$		(56	) ^	$	—
Goldman Sachs & Co
Foreign Currency Contracts		21			(44	)		(23	)
	$	21		$	(44	)	$	(23	)	$		—		$	(23	)
HSBC Securities Inc
Foreign Currency Contracts		107			(107	)		—
	$	107		$	(107	)	$	—		$		—		$	—
JPMorgan Chase
Foreign Currency Contracts		4,164			(5,756	)		(1,592	)
Purchased Interest Rate Swaptions		271			—			271
Written Interest Rate Swaptions		—			(44	)		(44	)
Written Options		—			(176	)		(176	)
	$	4,435		$	(5,976	)	$	(1,541	)	$		1,380	^^	$	(161	)
M3 Capital Partners
Total Return Swaps		—			(439)^**			(439	)
	$	—		$	(439	)	$	(439	)	$		—		$	(439	)
Merrill Lynch
Total Return Swaps		17	^**		—			17
	$	17		$	—		$	17		$		—		$	17
Morgan Stanley & Co
Purchased Interest Rate Swaptions		623			—			623
Written Interest Rate Swaptions		—			(240	)		(240	)
	$	623		$	(240	)	$	383		$		(190	) ^	$	193
Nomura Securities
Foreign Currency Contracts		1			—			1
	$	1		$	—		$	1		$		—		$	1
Royal Bank of Scotland
Foreign Currency Contracts		9			(22	)		(13	)
	$	9		$	(22	)	$	(13	)	$		—		$	(13	)
Societe Generele
Total Return Swaps		—			(462)^**			(462	)
	$	—		$	(462	)	$	(462	)	$		462	^^	$	—
Toronto Dominion Bank
Foreign Currency Contracts		284			—			284
	$	284		$	—		$	284		$		—		$	284
Westpac Banking Corporation
Foreign Currency Contracts		—			—			—
	$	—		$	—		$	—		$		—		$	—
Total OTC	$	11,617		$	(13,120	)	$	(1,503	)	$		1,503	^^	$	—


Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)


3. Operating Policies (continued)

							Net Market Value of OTC			Collateral (Received)/
		Assets*			Liabilities^*			Derivatives			Pledged		Net Exposure
Global Multi-Strategy Fund
Bank of America NA
Credit Default Swaps	$	37		$	—		$	37
Equity Basket Swaps		28			—			28
Foreign Currency Contracts		3,877			(7,349	)		(3,472	)
Interest Rate Swaps		314			(301	)		13
Purchased Interest Rate Swaptions		282			—			282
Purchased Options		115			—			115
Synthetic Futures		187			(212	)		(25	)
Written Options		—			(31	)		(31	)
	$	4,840		$	(7,893	)	$	(3,053	)	$ 3,053^^		$	—
Bank of New York Mellon
Foreign Currency Contracts		4,162			(1,609	)		2,553
	$	4,162		$	(1,609	)	$	2,553		$ —		$	2,553
Barclays Bank PLC
Credit Default Swaps		—			(223	)		(223	)
Foreign Currency Contracts		3,182			(4,556	)		(1,374	)
Interest Rate Swaps		10			(202	)		(192	)
Purchased Options		418			—			418
Written Options		—			(213	)		(213	)
	$	3,610		$	(5,194	)	$	(1,584	)	$ 1,014^^		$	(570	)
BNP Paribas
Purchased Options		16			—			16
Written Options		—			(76	)		(76	)
	$	16		$	(76	)	$	(60	)	$ —		$	(60	)
Citigroup Inc
Foreign Currency Contracts		3,489			(3,388	)		101
Purchased Options		310			—			310
Synthetic Futures		103	^**		(141)^**			(38	)
Written Options		—			(20	)		(20	)
	$	3,902		$	(3,549	)	$	353		$ —		$	353
Credit Agricole Co
Purchased Options		47			—			47
	$	47		$	—		$	47		$ —		$	47
Credit Suisse
Foreign Currency Contracts		—			(9	)		(9	)
	$	—		$	(9	)	$	(9	)	$ —		$	(9	)
Deutsche Bank AG
Equity Basket Swaps		575			(1,252	)		(677	)
Foreign Currency Contracts		47			(9	)		38
	$	622		$	(1,261	)	$	(639	)	$ 639^^		$	—
Goldman Sachs & Co
Credit Default Swaps		2,398			(1,034	)		1,364
Equity Basket Swaps		359			(98	)		261
Foreign Currency Contracts		5			(18	)		(13	)
Purchased Options		349			—			349
Total Return Swaps		74			(44	)		30
Written Options		—			(460	)		(460	)
	$	3,185		$	(1,654	)	$	1,531		$ —		$	1,531
HSBC Securities Inc
Credit Default Swaps		421			(12	)		409
Foreign Currency Contracts		65			(77	)		(12	)
Purchased Options		47			—			47
Total Return Swaps		652			—			652
Written Options		—			(76	)		(76	)
	$	1,185		$	(165	)	$	1,020		$ —		$	1,020
JPMorgan Chase
Credit Default Swaps		—			(74	)		(74	)
Equity Basket Swaps		55			(13	)		42
Foreign Currency Contracts		5			—			5
Purchased Options		361			—			361
	$	421		$	(87	)	$	334		$ —		$	334
M3 Capital Partners
Purchased Options		120			—			120
Written Options		—			(122	)		(122	)
	$	120		$	(122	)	$	(2	)	$ —		$	(2	)


Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)


3. Operating Policies (continued)

							Net Market Value of OTC			Collateral (Received)/
		Assets*			Liabilities^*			Derivatives			Pledged				Net Exposure
Global Multi-Strategy Fund (continued)
Merrill Lynch
Credit Default Swaps	$	—		$	(20	)	$	(20	)
Currency Swaps		—			(43	)		(43	)
Foreign Currency Contracts		3			(21	)		(18	)
Interest Rate Swaps		—			(37	)		(37	)
Synthetic Futures		134	^**		(81)^**			53
Written Options		—			(60	)		(60	)
	$	137		$	(262	)	$	(125	)	$		—		$	(125	)
Morgan Stanley & Co
Credit Default Swaps		244			(26	)		218
Equity Basket Swaps		2,009			(4,003	)		(1,994	)
Foreign Currency Contracts		127			(27	)		100
Purchased Options		188			—			188
Synthetic Futures		14			(7	)		7
Total Return Swaps		30			(26	)		4
Written Options		—			(225	)		(225	)
	$	2,612		$	(4,314	)	$	(1,702	)	$		1,702	^^	$	—
Nomura Securities
Written Options		—			(24	)		(24	)
	$	—		$	(24	)	$	(24	)	$		—		$	(24	)
Standard Chartered Hong Kong
Purchased Options		210			—			210
Written Options		—			(169	)		(169	)
	$	210		$	(169	)	$	41		$		—		$	41
State Street Financial Global Markets
Foreign Currency Contracts		—			(49	)		(49	)
	$	—		$	(49	)	$	(49	)	$		—		$	(49	)
UBS AG
Equity Basket Swaps		187			(21	)		166
Foreign Currency Contracts		6			(29	)		(23	)
Written Options		—			(136	)		(136	)
	$	193		$	(186	)	$	7		$		—		$	7
Total OTC	$	25,262		$	(26,623	)	$	(1,361	)	$		1,361	^^	$	—
Multi-Manager Equity Long/Short Fund
Bank of New York Mellon
Foreign Currency Contracts		16			—			16
	$	16		$	—		$	16		$		—		$	16
Citigroup Inc
Foreign Currency Contracts		86			(82	)		4
	$	86		$	(82	)	$	4		$		—		$	4
Deutsche Bank AG
Equity Basket Swaps		—			(156	)		(156	)
	$	—		$	(156	)	$	(156	)	$		156	^^	$	—
JPMorgan Chase
Foreign Currency Contracts		125			(119	)		6
	$	125		$	(119	)	$	6		$		—		$	6
Merrill Lynch
Total Return Swaps		8			—			8
	$	8		$	—		$	8		$		—		$	8
Morgan Stanley & Co
Equity Basket Swaps		1,496			(442	)		1,054
Foreign Currency Contracts		8,178			(4,987	)		3,191
Synthetic Futures		10			—			10
Total Return Swaps		—			(3	)		(3	)
	$	9,684		$	(5,432	)	$	4,252		$		—		$	4,252
Total OTC	$	9,919		$	(5,789	)	$	4,130		$		—		$	4,130

Deposits with Counterparty. Cash pledged as collateral is reflected as an asset on the statements 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 “to-be-announced” (“TBA”) securities. Certain of the Funds may pledge cash to a broker for securities sold short and repurchase agreements.

For period ended February 28, 2019, 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 statements 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 Funds by the broker is received in the fund’s custodian account.

As of February 28, 2019, 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 February 28, 2019 was $5,428,000. The average outstanding balance for the liability during the period ended February 28, 2019 was $6,521,000 at a weighted average annual interest rate of 2.30%. 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

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

3. Operating Policies (continued) 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 total distributable earnings (accumulated loss) 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, 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

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

3. Operating Policies (continued) 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 period 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 February 28, 2019 was $286,828,000 at a weighted average interest rate of 2.154%. 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 typically hold the most senior position in the capital structure of a business entity (the “Borrower”), are 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

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

3. Operating Policies (continued) the senior floating rate interest. Borrowers of 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 LIBOR rate.

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. 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 commitments on the statements of assets and liabilities as applicable. As of February 28, 2019, the commitments were as follows (amounts in thousands):

Short Sales. Bond Market Index Fund, Global Multi-Strategy Fund, and Multi-Manager Equity Long/Short Fund entered into short sales transactions during the period. A short sale is a transaction in which a fund sells a security it does not own as a hedge against some of its long positions and/or in anticipation of a decline in the market price of the security. The fund must borrow the security sold short and deliver it to the broker dealer which made the short sale. A security sold in a short sale transaction and the interest or dividend payable on the security if any, is reflected as a liability on the statements 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, if any, appear as dividends and interest on shorts on the statements 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 statements of assets and liabilities and securities segregated as collateral are footnoted in the schedules 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 statements 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 total distributable earnings (accumulated loss) on 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.

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

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.

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

The maximum potential amount of future payments (undiscounted) that a fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of February 28, 2019 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 BeAnnounced Securities. The Funds may trade portfolio securities on a TBAor when-issued basis. In a TBAor 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 funds may experience relatively large redemptions or purchases as the fund of funds periodically reallocates or rebalances its assets. These transactions may accelerate the realization of taxable income if sales of portfolio securities result in gains and could increase transaction costs. In addition, when a fund of funds reallocates or redeems significant assets away from an Underlying Fund, the loss of assets to the Underlying Fund could result in increased expense ratios for that fund.

The Manager is the advisor to the Fund, Principal Variable Contracts Funds, Inc. and some of the Underlying Funds. Principal Real Estate Investors, LLC serves as sub-advisor to some of the Underlying Funds. The Manager is committed to minimizing the potential impact of Underlying Fund risk on Underlying Funds to the extent consistent with pursuing the investment objectives of the fund of funds which it manages. Each may face conflicts of interest in fulfilling its responsibilities to all such funds.

As of February 28, 2019, series of the Fund and Principal Variable Contracts Funds, Inc. owned the following percentages, in the aggregate, of the outstanding shares of the 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.

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

Government related guarantors (those not backed by the full faith and credit of the U.S. Government) include FNMA and 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 February 28, 2019

Liability Derivatives February 28, 2019

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, Total distributable earnings (accumulated

$ 13,932^*Payables, Total distributable earnings (accumulated loss)

7,489

loss)

Foreign exchange contracts

Receivables

9,891

Payables

10,733

Interest rate contracts

Receivables, Total distributable earnings (accumulated

3,172^*Payables, Total distributable earnings (accumulated loss)

4,658

loss)

Total

$ 26,995

22,880

Global Multi-Strategy Fund

Credit contracts

Receivables, Total distributable earnings (accumulated

3,187^*Payables, Total distributable earnings (accumulated loss)

2,049

loss)

Commodity contracts

Receivables, Total distributable earnings (accumulated

237 Payables, Total distributable earnings (accumulated loss)

185

loss)

Equity contracts

Receivables, Total distributable earnings (accumulated

7,750^*Payables, Total distributable earnings (accumulated loss)

15,680

loss)

Foreign exchange contracts

Receivables

$ 17,149

Payables

18,796

Interest rate contracts

Receivables, Total distributable earnings (accumulated

5,883^*Payables, Total distributable earnings (accumulated loss)

5,164

loss)

Total

$ 34,206

41,874

International Equity Index Fund

Equity contracts

Receivables, Total distributable earnings (accumulated

386^*Payables, Total distributable earnings (accumulated loss)

—

loss)

Multi-Manager Equity Long/Short Fund

Equity contracts

Receivables, Total distributable earnings (accumulated

3,498^*Payables, Total distributable earnings (accumulated loss)

2,383

loss)

Foreign exchange contracts

Receivables

8,405

Payables

5,188

Total

$ 11,903

7,571

Preferred Securities Fund

Interest rate contracts

Receivables, Total distributable earnings (accumulated

3,719 Payables, Total distributable earnings (accumulated loss)

2,637

loss)

^*Includes cumulative unrealized appreciation/depreciation of futures and exchange cleared swap 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

(38,032

)

2,285

and Swap agreements/Net change in unrealized

appreciation/(depreciation) of Futures contracts

and Swap agreements

Foreign exchange contracts

Net realized gain (loss) from Investment

(169

)

387

transactions, Foreign currency contracts, and

Options and swaptions/Net change in unrealized

appreciation/(depreciation) of Investments,

Foreign currency contracts, and Options and

swaptions,


	Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)


3. Operating Policies (continued)

			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
(continued)
Interest rate contracts	Net realized gain (loss) from Investment	$		67		$	(1,888	)
	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	$		(38,134	)	$	784
Global Multi-Strategy Fund
Credit contracts	Net realized gain (loss) from Swap agreements/	$		(907	)	$	(2,334	)
	Net change in unrealized appreciation/
	(depreciation) of Swap agreements
Commodity contracts	Net realized gain (loss) from Swap agreements/	$		(187	)	$	(1,081	)
	Net change in unrealized appreciation/
	(depreciation) of Swap agreements
Equity contracts	Net realized gain (loss) from Investment	$		5,473		$	(6,050	)
	transactions, Futures contracts, Options and
	swaptions, and Swap agreements/Net change
	in unrealized appreciation/(depreciation) of
	Investments, Futures contracts, Options and
	swaptions, and Swap agreements
Foreign exchange contracts	Net realized gain (loss) from Investment	$		11,002		$	(7,043	)
	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	$		(7,779	)	$	(46	)
	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	$		7,602		$	(16,554	)
International Equity Index Fund
Equity contracts	Net realized gain (loss) from Futures contracts/	$		(488	)	$	447
	Net change in unrealized appreciation/
	(depreciation) of Futures contracts
Multi-Manager Equity Long/Short Fund
Equity contracts	Net realized gain (loss) from Futures contracts	$		(5,407	)	$	340
	and Swap agreements/Net change in unrealized
	appreciation/(depreciation) of Futures contracts
	and Swap agreements
Foreign exchange contracts	Net realized gain (loss) from Foreign currency	$		(401	)	$	1,333
	contracts/Net change in unrealized appreciation/
	(depreciation) of Foreign currency contracts
	Total	$		(5,808	)	$	1,673
Preferred Securities Fund
Interest rate contracts	Net realized gain (loss) from Investment	$		(6,578	)	$	1,581
	transactions, Futures contracts, and Options and
	swaptions/Net change in unrealized appreciation/
	(depreciation) of Investments, Futures contracts,
	and Options and swaptions

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

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

The following table includes a summary of the average quarterly outstanding notional by derivative instrument type for the period ended February 28, 2019:


Contract Type	Derivative Type		Average Notional (’000)
Diversified Real Asset Fund
Commodity Contracts	Futures - Long	$	515,061
	Futures - Short		358,253
	Total Return Swaps - Receive Floating Rate		246,656
Foreign Exchange Contracts	Foreign Currency Contracts - Contracts to Accept		718,486
	Foreign Currency Contracts - Contracts to Deliver		757,840
	Purchased Options		16,832
	Written Options		76,345
Interest Rate Contracts	Exchange Cleared Interest Rate Swaps - Pay Floating Rate		409,919
	Exchange Cleared Interest Rate Swaps - Receive Floating Rate		230,001
	Futures - Long		59,928
	Futures - Short		82,292
	Interest Rate Swaps - Pay Floating Rate		1,118
	Interest Rate Swaps - Receive Floating Rate		13,366
	Purchased Capped Options		34,560
	Purchased Interest Rate Swaptions		132,326
	Purchased Options		597
	Written Capped Options		39,000
	Written Interest Rate Swaptions		457,705
	Written Options		549
Global Multi-Strategy Fund
Commodity Contracts	Synthetic Futures – Long		7,045
	Synthetic Futures - Short		11,049
Credit Contracts	Credit Default Swaps – Buy Protection		89,057
	Credit Default Swaps – Sell Protection		5,428
	Exchange Cleared Credit Default Swaps – Buy Protection		29,560
	Exchange Cleared Credit Default Swaps – Sell Protection		10,101
Equity Contracts	Futures - Long		158,133
	Futures - Short		195,573
	Purchased Options		435
	Synthetic Futures - Long		4,966
	Synthetic Futures - Short		7,821
	Total Return Equity Basket Swaps		589,639
	Total Return Swaps – Pay Floating Rate		4,478
	Total Return Swaps – Receive Floating Rate		7,915
	Written Options		363
Foreign Exchange Contracts	Currency Swaps - Contracts to Accept		5,904
	Currency Swaps - Contracts to Deliver		5,793
	Foreign Currency Contracts - Contracts to Accept		1,004,753
	Foreign Currency Contracts - Contracts to Deliver		1,370,330
	Purchased Options		186,179
	Written Options		92,488
Interest Rate Contacts	Exchange Cleared Interest Rate Swaps - Pay Floating Rate		527,417
	Exchange Cleared Interest Rate Swaps - Receive Floating Rate		309,449
	Futures - Long		1,193,873
	Futures - Short		1,073,054
	Interest Rate Swaps - Pay Floating Rate		34,166
	Interest Rate Swaps - Receive Floating Rate		33,768
	Purchased Interest Rate Swaptions		48,499
	Purchased Options		6,455
	Synthetic Futures - Long		46,370
	Synthetic Futures - Short		94,246
	Total Return Swaps – Receive Floating Rate		26,731
	Written Interest Rate Swaptions		24,000
	Written Options		4,009
International Equity Index Fund
Equity Contracts	Futures - Long		5,000

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 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 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, prepayment speeds, credit risk, etc.). Investments which are generally included in this category include certain foreign equities, corporate bonds, senior floating rate interests, municipal bonds, and U.S. Government and Government Agency Obligations.

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 common stocks, corporate bonds, mortgage backed securities or senior floating rate interests.

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

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

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

Investments which are included in the Level 3 category may be valued using indicative 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

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

4. Fair Valuation (continued) 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 following is a summary of the inputs used as of February 28, 2019 in valuing the Funds' securities carried at value (amounts shown in thousands):


		Notes to Financial Statements
		Principal Funds, Inc.
		February 28, 2019 (unaudited)

4. Fair Valuation (continued)

					Level 2 - Other
	Level 1 - Quoted			Significant Observable			Level 3 - Significant
Fund		Prices			Inputs		Unobservable Inputs Totals (Level 1,2,3)
Diversified Real Asset Fund
Technology	$	7,334		$	—		$	—	$	7,334
Utilities		173,586			190,342			—		363,928
Convertible Bonds*		—			276			—		276
Investment Companies		101,222			—			—		101,222
Preferred Stocks		6,041			—			—		6,041
Senior Floating Rate Interests*		—			572,930			—		572,930
U.S. Government & Government Agency Obligations*		—			914,450			—		914,450
Purchased Interest Rate Swaptions		—			1,709			—		1,709
Purchased Capped Options		—			26			—		26
Purchased Options		34			—			—		34
Total investments in securities $		1,320,200		$	2,695,281		$	793	$	4,016,274
Assets
Commodity Contracts
Futures**		13,915			—			—		13,915
Total Return Swaps		—			17			—		17
Foreign Exchange Contracts
Foreign Currency Contracts		—			9,891			—		9,891
Interest Rate Contracts
Exchange Cleared Interest Rate Swaps**		—			1,268			—		1,268
Futures**		135			—			—		135
Liabilities
Commodity Contracts
Futures**		(6,390	)		—			—		(6,390	)
Total Return Swaps		—			(1,099	)		—		(1,099	)
Foreign Exchange Contracts
Foreign Currency Contracts		—			(10,520	)		—		(10,520	)
Written Options		—			(213	)		—		(213	)
Interest Rate Contracts
Capped Options		—			(7	)		—		(7	)
Exchange Cleared Interest Rate Swaps**		—			(2,250	)		—		(2,250	)
Futures**		(1,096	)		—			—		(1,096	)
Interest Rate Swaptions		—			(1,281	)		—		(1,281	)
Written Options		(24	)		—			—		(24	)

EDGE MidCap Fund
Common Stocks*		638,676			—			—		638,676
Investment Companies		10,045			—			—		10,045
Total investments in securities $		648,721		$	—		$	—	$	648,721

Global Multi-Strategy Fund
Bonds*		—			698,050			1,980		700,030
Common Stocks
Basic Materials		15,278			27,508			—		42,786
Communications		42,646			15,006			247		57,899
Consumer, Cyclical		31,662			43,553			42		75,257
Consumer, Non-cyclical		55,148			42,591			—		97,739
Diversified		82			1,470			—		1,552
Energy		14,923			6,386			—		21,309
Financial		69,333			43,154			2,448		114,935
Industrial		46,566			41,632			—		88,198
Technology		46,862			13,445			1		60,308
Utilities		3,985			8,949			4,982		17,916
Convertible Bonds*		—			75,687			—		75,687
Convertible Preferred Stocks
Communications		—			—			185		185
Consumer, Cyclical		—			—			52		52
Consumer, Non-cyclical		1,083			—			—		1,083
Energy		213			—			—		213
Financial		308			4,144			—		4,452
Industrial		2,871			—			—		2,871
Technology		—			332			—		332


		Notes to Financial Statements
		Principal Funds, Inc.
		February 28, 2019 (unaudited)

4. Fair Valuation (continued)

					Level 2 - Other
	Level 1 - Quoted			Significant Observable				Level 3 - Significant
Fund		Prices			Inputs		Unobservable Inputs Totals (Level 1,2,3)
Global Multi-Strategy Fund
Utilities	$	2,513		$	—		$	—	$	2,513
Investment Companies		264,672			563			—		265,235
Municipal Bonds*		—			681			—		681
Preferred Stocks
Basic Materials		—			854			—		854
Communications		—			—			1,201		1,201
Consumer, Cyclical		—			1,568			—		1,568
Financial		282			—			903		1,185
Industrial		—			—			1		1
Technology		—			—			149		149
Repurchase Agreements*		—			230,002			—		230,002
Senior Floating Rate Interests*		—			132,389			—		132,389
U.S. Government & Government Agency Obligations*		—			492,682			—		492,682
Purchased Interest Rate Swaptions		—			282			—		282
Purchased Options		2,817			2,181			—		4,998
Total investments in securities $		601,244		$	1,883,109		$	12,191	$	2,496,544
Short Sales
Bonds		—			(45,639	)		—		(45,639	)
Common Stocks
Basic Materials		(2,745	)		(9,465	)		—		(12,210	)
Communications		(16,126	)		(6,224	)		—		(22,350	)
Consumer, Cyclical		(8,375	)		(18,962	)		—		(27,337	)
Consumer, Non-cyclical		(21,680	)		(15,537	)		—		(37,217	)
Diversified		—			(696	)		—		(696	)
Energy		(7,111	)		(2,211	)		—		(9,322	)
Financial		(18,006	)		(21,811	)		—		(39,817	)
Industrial		(16,267	)		(17,713	)		—		(33,980	)
Technology		(28,435	)		(2,017	)		—		(30,452	)
Utilities		(6,548	)		(5,290	)		—		(11,838	)
Convertible Bonds		—			(2,242	)		—		(2,242	)
Investment Companies		(3,182	)		—			—		(3,182	)
U.S. Government & Government Agency Obligations		—			(269,985	)		—		(269,985	)
Total Short Sales		(128,475	)		(417,792	)		—		(546,267	)
Assets
Credit Contracts
Credit Default Swaps		—			3,100			—		3,100
Exchange Cleared Credit Default Swaps**		—			87			—		87
Commodity Contracts
Synthetic Futures		—			237			—		237
Equity Contracts
Futures**		2,052			—			—		2,052
Synthetic Futures		—			14			—		14
Total Return Swaps		—			104			—		104
Total Return Equity Basket Swaps		—			3,213			—		3,213
Foreign Exchange Contracts
Foreign Currency Contracts		—			14,968			—		14,968
Interest Rate Contracts
Exchange Cleared Interest Rate Swaps**		—			1,905			—		1,905
Futures**		2,083			—			—		2,083
Interest Rate Swaps		—			324			—		324
Synthetic Futures		—			187			—		187
Total Return Swaps		—			652			—		652
Liabilities
Credit Contracts
Credit Default Swaps		—			(1,389	)		—		(1,389	)
Exchange Cleared Credit Default Swaps**		—			(660	)		—		(660	)
Commodity Contracts
Synthetic Futures		—			(185	)		—		(185	)
Equity Contracts
Futures**		(9,073	)		—			—		(9,073	)
Synthetic Futures		—			(44	)		—		(44	)
Total Return Swaps		—			(70	)		—		(70	)
Total Return Equity Basket Swaps		—			(5,387	)		—		(5,387	)
Written Options		(1,106	)		—			—		(1,106	)
Foreign Exchange Contracts


		Notes to Financial Statements
		Principal Funds, Inc.
		February 28, 2019 (unaudited)

4. Fair Valuation (continued)

					Level 2 - Other
	Level 1 - Quoted			Significant Observable			Level 3 - Significant
Fund		Prices			Inputs		Unobservable Inputs Totals (Level 1,2,3)
Global Multi-Strategy Fund
Foreign Currency Contracts	$	—		$	(17,141	)	$	—	$	(17,141	)
Currency Swaps		—			(43	)		—		(43	)
Written Options		—			(1,612	)		—		(1,612	)
Interest Rate Contracts
Exchange Cleared Interest Rate Swaps**		—			(1,919	)		—		(1,919	)
Futures**		(2,198	)		—			—		(2,198	)
Interest Rate Swaps		—			(540	)		—		(540	)
Synthetic Futures		—			(212	)		—		(212	)
Written Options		(295	)		—			—		(295	)

Global Opportunities Fund
Common Stocks
Basic Materials		—			520			—		520
Communications		2,117			715			—		2,832
Consumer, Cyclical		1,563			1,297			—		2,860
Consumer, Non-cyclical		2,288			1,055			—		3,343
Energy		985			798			—		1,783
Financial		1,941			2,048			—		3,989
Industrial		960			1,083			—		2,043
Technology		961			429			—		1,390
Utilities		369			137			—		506
Investment Companies		148			—			—		148
Total investments in securities $		11,332		$	8,082		$	—	$	19,414

International Equity Index Fund
Common Stocks
Basic Materials		—			67,987			—		67,987
Communications		365			61,605			—		61,970
Consumer, Cyclical		438			125,272			—		125,710
Consumer, Non-cyclical		2,354			252,905			—		255,259
Diversified		—			5,948			—		5,948
Energy		—			60,535			—		60,535
Financial		—			238,633			—		238,633
Industrial		428			129,412			—		129,840
Technology		3,548			38,553			—		42,101
Utilities		—			39,375			—		39,375
Investment Companies		22,773			—			—		22,773
Preferred Stocks
Basic Materials		—			239			—		239
Consumer, Cyclical		—			3,505			—		3,505
Consumer, Non-cyclical		—			1,352			—		1,352
Industrial		—			428			—		428
Total investments in securities $		29,906		$	1,025,749		$	—	$	1,055,655
Assets
Equity Contracts
Futures**		386			—			—		386

International Small Company Fund
Common Stocks
Basic Materials		20,728			41,359			—		62,087
Communications		6,339			37,025			—		43,364
Consumer, Cyclical		9,210			113,385			—		122,595
Consumer, Non-cyclical		15,256			139,560			—		154,816
Diversified		—			6,719			—		6,719
Energy		12,440			19,276			—		31,716
Financial		14,667			178,626			—		193,293
Industrial		19,245			136,691			—		155,936
Technology		13,814			43,632			—		57,446
Utilities		5,163			17,653			—		22,816
Investment Companies		32,802			—			—		32,802
Total investments in securities $		149,664		$	733,926		$	—	$	883,590


		Notes to Financial Statements
		Principal Funds, Inc.
		February 28, 2019 (unaudited)

4. Fair Valuation (continued)

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

Multi-Manager Equity Long/Short Fund
Common Stocks
Basic Materials	$	3,219		$	2,061		$	—	$	5,280
Communications		11,302			1,599			—		12,901
Consumer, Cyclical		17,868			8,146			—		26,014
Consumer, Non-cyclical		45,482			11,725			—		57,207
Energy		9,257			4,337			—		13,594
Financial		27,999			13,563			—		41,562
Industrial		22,286			17,356			—		39,642
Technology		17,354			9,028			—		26,382
Utilities		1,529			4,591			—		6,120
Investment Companies		46,749			—			—		46,749
Preferred Stocks
Consumer, Cyclical		—			1,661			—		1,661
U.S. Government & Government Agency Obligations*		—			11,956			—		11,956
Total investments in securities $		203,045		$	86,023		$	—	$	289,068
Short Sales
Common Stocks
Basic Materials		(2,276	)		(1,837	)		—		(4,113	)
Communications		(3,408	)		(931	)		—		(4,339	)
Consumer, Cyclical		(8,158	)		(8,235	)		—		(16,393	)
Consumer, Non-cyclical		(19,417	)		(4,475	)		—		(23,892	)
Diversified		—			(12	)		—		(12	)
Energy		(4,383	)		(172	)		—		(4,555	)
Financial		(8,315	)		(2,221	)		—		(10,536	)
Industrial		(6,316	)		(9,398	)		—		(15,714	)
Technology		(11,295	)		(1,684	)		—		(12,979	)
Utilities		(3,569	)		(591	)		—		(4,160	)
Investment Companies		(15,881	)		—			—		(15,881	)
Total Short Sales		(83,018	)		(29,556	)		—		(112,574	)
Assets
Equity Contracts
Futures**		1,984			—			—		1,984
Synthetic Futures		—			10			—		10
Total Return Equity Basket Swaps		—			1,496			—		1,496
Total Return Swaps		—			8			—		8
Foreign Exchange Contracts
Foreign Currency Contracts		—			8,405			—		8,405
Liabilities
Equity Contracts
Futures**		(1,782	)		—			—		(1,782	)
Total Return Equity Basket Swaps		—			(598	)		—		(598	)
Total Return Swaps		—			(3	)		—		(3	)
Foreign Exchange Contracts
Foreign Currency Contracts		—			(5,188	)		—		(5,188	)

Opportunistic Municipal Fund
Investment Companies		114			—			—		114
Municipal Bonds*		—			116,123			—		116,123
Total investments in securities $		114		$	116,123		$	—	$	116,237

Origin Emerging Markets Fund
Common Stocks
Basic Materials		25,162			33,811			—		58,973
Communications		27,553			31,872			—		59,425
Consumer, Cyclical		—			30,738			—		30,738
Consumer, Non-cyclical		12,330			17,192			—		29,522
Diversified		—			3,740			—		3,740
Energy		2,011			68,272			—		70,283
Financial		11,762			115,791			—		127,553
Industrial		2,683			39,754			—		42,437
Technology		50,595			34,608			—		85,203


		Notes to Financial Statements
		Principal Funds, Inc.
		February 28, 2019 (unaudited)

4. Fair Valuation (continued)

					Level 2 - Other
	Level 1 - Quoted			Significant Observable		Level 3 - Significant
Fund		Prices			Inputs	Unobservable Inputs Totals (Level 1,2,3)
Origin Emerging Markets Fund
Utilities	$	—		$	24,368	$	—	$	24,368
Investment Companies		17,090			—		—		17,090
Total investments in securities $		149,186		$	400,146	$	—	$	549,332

Preferred Securities Fund
Bonds*		—			3,901,750		—		3,901,750
Convertible Preferred Stocks
Financial		34,708			—		—		34,708
Investment Companies		196,706			—		—		196,706
Preferred Stocks
Communications		58,859			125,006		—		183,865
Consumer, Non-cyclical		—			24,266		—		24,266
Financial		573,256			53,361		—		626,617
Government		—			64,512		—		64,512
Industrial		28,362			—		—		28,362
Utilities		151,212			1,449		—		152,661
Purchased Options		3,719			—		—		3,719
Total investments in securities $		1,046,822		$	4,170,344	$	—	$	5,217,166
Liabilities
Interest Rate Contracts
Futures**		(114	)		—		—		(114	)
Written Options		(2,523	)		—		—		(2,523	)

Real Estate Debt Income Fund
Bonds*		—			126,702		—		126,702
Investment Companies		5,835			—		—		5,835
Total investments in securities $		5,835		$	126,702	$	—	$	132,537

Small-MidCap Dividend Income Fund
Common Stocks
Basic Materials		99,006			—		—		99,006
Communications		31,693			—		—		31,693
Consumer, Cyclical		337,869			—		—		337,869
Consumer, Non-cyclical		210,270			—		—		210,270
Energy		148,926			—		—		148,926
Financial		796,765			19,925		—		816,690
Government		27,477			—		—		27,477
Industrial		292,093			—		—		292,093
Technology		169,846			—		—		169,846
Utilities		146,718			—		—		146,718
Investment Companies		31,497			—		—		31,497
Total investments in securities $		2,292,160		$	19,925	$	—	$	2,312,085

SystematEx International Fund
Common Stocks
Basic Materials		—			4,813		—		4,813
Communications		—			2,773		—		2,773
Consumer, Cyclical		—			9,214		—		9,214
Consumer, Non-cyclical		107			11,986		—		12,093
Diversified		—			450		—		450
Energy		—			3,724		—		3,724
Financial		117			10,502		—		10,619
Industrial		—			4,073		—		4,073
Technology		—			2,390		—		2,390
Utilities		—			1,139		—		1,139
Investment Companies		333			—		—		333
Total investments in securities $		557		$	51,064	$	—	$	51,621

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

**Exchange cleared swaps and futures are presented 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 fund’s 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:

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

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

Distribution Fees. The Class A, Class C, Class J, 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”) (an affiliate of the Manager), 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 statements of assets and liabilities as expense reimbursement from Distributor and are settled monthly.

Chief Compliance Officer Expenses. The Funds pay certain expenses associated with the Chief Compliance Officer (“CCO”). This expense is allocated based on the relative net assets of each fund and is shown on the statements of operations.

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 Class A shares based on declining rates which begin at 3.75% for Diversified Real Asset Fund, Global Multi-Strategy Fund, Opportunistic Municipal Fund, Preferred Securities Fund, and Real Estate Debt Income Fund, and 5.50% for Blue Chip Fund, EDGE MidCap 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 period ended February 28, 2019, were as follows (amounts in thousands):

Effective January 22, 2019, Class C shares automatically convert into Class A shares, based on relative net asset value (without a sales charge), 10 years after purchase.

Affiliated Ownership. At February 28, 2019, 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, $44,000 of brokerage commission was paid to SAMI Brokerage LLC, a member of the Principal Financial Group. The other Funds did not pay brokerage commissions to any member of the Principal Financial Group during the period ended February 28, 2019.

The following table reflects the conversion of Class C shares into Class A shares (reflected in the statements of changes in net assets as Class C shares and dollars redeemed and Class A dollars sold) for the period ended February 28, 2019 (amounts in thousands).

For the period ended February 28, 2019, the cost of investment securities purchased and proceeds from investment securities sold (not including short-term investments and U.S. government securities) by the Funds were as follows (amounts in thousands):

For the period ended February 28, 2019, the cost of U.S. government securities purchased and proceeds from U.S. government securities sold (not including short-term investments) by the Funds were as follows (amounts in thousands):

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

Distributions to Shareholders. The federal income tax character of distributions paid for the periods ended February 28, 2019 and August 31, 2018 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


																			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
Bond Market Index Fund		27,041		—			—		(20,379	)		(37,012	)		—				(30,350	)
Diversified Real Asset Fund		91,437		—			—	(121,809		)		(4,457	)		(1,474	)			(36,303	)
EDGE MidCap Fund		7,864		—			24,870		—			104,558			—				137,292
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 Equity Index Fund		21,865		—			11,421		—			103,620			—				136,906
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
SystematEx International Fund		1,601		—			7,743		—			3,671			—				13,015
SystematEx Large Value Fund		140		—			355		—			2,084			—				2,579

*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):

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

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 year ended August 31, 2018, the following Funds had 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):

Notes to Financial Statements
Principal Funds, Inc.
February 28, 2019 (unaudited)

Federal Income Tax Basis. At February 28, 2019, the net federal income tax unrealized appreciation (depreciation) and federal tax cost of investments held by the Funds were as follows (amounts in thousands):

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

Management has evaluated events and transactions that have occurred through the date the financial statements were issued that would merit recognition or disclosure in the financial statements. On March 12, 2019, the Board of Directors approved a Plan of Liquidation and Termination for SystematEx Large Value Fund. There were no other items requiring adjustment of the financial statements or additional disclosure.


Schedule of Investments
Blue Chip Fund
February 28, 2019 (unaudited)



COMMON STOCKS - 100.00%	Shares Held Value (000's)				COMMON STOCKS (continued)			Shares Held Value (000’s)
Aerospace & Defense - 4.31%					Software - 10.25%
TransDigm Group Inc ^(a)		347,341	$	150,777	Adobe Inc ^(a)			231,187	$	60,687
Banks - 0.79%					Microsoft Corp			1,545,695		173,164
First Republic Bank/CA		262,484		27,556	salesforce.com Inc ^(a)			765,286		125,239
Beverages - 0.54%								$		359,090
Monster Beverage Corp (a)		294,615		18,805	TOTAL COMMON STOCKS			$		3,501,658
Biotechnology - 1.00%					INVESTMENT COMPANIES - 0.31%			Shares Held Value (000's)
Illumina Inc ^(a)		112,138		35,073	Money Market Funds - 0.31%
Chemicals - 3.97%					Principal Government Money Market Fund			10,958,381		10,958
Air Products & Chemicals Inc		147,717		26,763	2.33%^(b),(c)
					TOTAL INVESTMENT COMPANIES			$		10,958
Linde PLC		542,259		93,941	Total Investments		$	3,512,616
Sherwin-Williams Co/The		42,298		18,324	Other Assets and Liabilities - (0.31)%					(10,870	)
		$		139,028	TOTAL NET ASSETS - 100.00%		$	3,501,746
Commercial Services - 10.43%
Ecolab Inc		88,167		14,892
Gartner Inc ^(a)		136,823		19,470	(a)	Non-income producing security
IHS Markit Ltd ^(a)		333,375		17,726	(b)	Affiliated Security. Security is either an affiliate (and registered under the
Moody's Corp		382,705		66,254		Investment Company Act of 1940) or an affiliate as defined by the Investment
PayPal Holdings Inc ^(a)	1,654,359			162,243		Company Act of 1940 (controls 5.0% or more of the outstanding voting
S&P Global Inc		422,050		84,566		shares of the security). Please see affiliated sub-schedule for transactional
		$		365,151		information.
Diversified Financial Services - 11.71%					(c)	Current yield shown is as of period end.
Charles Schwab Corp/The	1,592,398			73,266
Mastercard Inc		720,405		161,926		Portfolio Summary (unaudited)
Visa Inc	1,179,747			174,744	Sector					Percent
		$		409,936	Financial					32.78	%
Healthcare - Products - 4.02%					Communications					25.24	%
Danaher Corp		861,455		109,422	Consumer, Non-cyclical					15.99	%
IDEXX Laboratories Inc ^(a)		149,328		31,513	Technology					11.31	%
		$		140,935	Consumer, Cyclical					5.95	%
Insurance - 8.87%					Industrial					4.31	%
Aon PLC		177,205		30,396	Basic Materials					3.97	%
Berkshire Hathaway Inc - Class B (a)	1,038,623			209,075	Energy					0.45	%
Markel Corp ^(a)		52,337		52,593	Investment Companies					0.31	%
Progressive Corp/The		253,790		18,501	Other Assets and Liabilities					(0.31	)%
		$		310,565	TOTAL NET ASSETS					100.00	%
Internet - 25.24%
Alphabet Inc - A Shares ^(a)		8,009		9,022
Alphabet Inc - C Shares ^(a)		250,735		280,803
Amazon.com Inc ^(a)		188,978		309,892
Booking Holdings Inc ^(a)		59,998		101,819
Facebook Inc ^(a)		917,786		148,177
Shopify Inc ^(a)		181,457		34,323
		$		884,036
Lodging - 2.10%
Hilton Worldwide Holdings Inc		885,264		73,565
Pipelines - 0.45%
Kinder Morgan Inc/DE		823,668		15,781
Private Equity - 4.98%
Brookfield Asset Management Inc	3,859,623			174,339
REITs - 6.43%
American Tower Corp		851,753		150,037
Equinix Inc		125,587		53,186
SBA Communications Corp (a)		121,451		21,929
		$		225,152
Retail - 3.85%
CarMax Inc ^(a)		282,747		17,559
Costco Wholesale Corp		85,336		18,666
Restaurant Brands International Inc		712,299		45,025
TJX Cos Inc/The		310,433		15,922
Yum! Brands Inc		397,358		37,550
		$		134,722
Semiconductors - 1.06%
NVIDIA Corp		240,810		37,147


Schedule of Investments
Bond Market Index Fund
February 28, 2019 (unaudited)



INVESTMENT COMPANIES - 5.20%		Shares Held Value (000's)					Principal
Money Market Funds - 5.20%					BONDS (continued)	Amount (000’s) Value (000’s)
First American Government Obligations Fund		1	$	—	Agriculture - 0.40%
2.28%^(a)					Altria Group Inc
Principal Government Money Market Fund		97,808,299		97,808	3.80%, 02/14/2024	$	500	$	502
2.33%^(a),(b)					4.00%, 01/31/2024		500		505
		$		97,808	4.25%, 08/09/2042		300		242
TOTAL INVESTMENT COMPANIES		$		97,808	4.75%, 05/05/2021		500		516
		Principal			4.80%, 02/14/2029		600		599
BONDS - 32.46%	Amount (000's) Value (000's)				5.38%, 01/31/2044		25		23
Advertising - 0.04%					5.80%, 02/14/2039		600		597
Interpublic Group of Cos Inc/The					6.20%, 02/14/2059		250		250
4.20%, 04/15/2024	$	50	$	50	Archer-Daniels-Midland Co
Omnicom Group Inc / Omnicom Capital Inc					4.02%, 04/16/2043		350		342
3.60%, 04/15/2026		500		483	4.48%, 03/01/2021		8		8
3.63%, 05/01/2022		75		76	BAT Capital Corp
4.45%, 08/15/2020		30		31	2.76%, 08/15/2022		535		521
WPP Finance 2010					3.56%, 08/15/2027		500		458
3.75%, 09/19/2024		75		72	4.54%, 08/15/2047		300		242
		$		712	Philip Morris International Inc
Aerospace & Defense - 0.53%					2.38%, 08/17/2022		90		88
Boeing Co/The					2.75%, 02/25/2026		500		471
2.35%, 10/30/2021		1,000		990	2.90%, 11/15/2021		400		400
2.80%, 03/01/2024		200		198	3.25%, 11/10/2024		350		347
3.50%, 03/01/2039		200		189	3.38%, 08/11/2025		350		349
3.83%, 03/01/2059		200		190	4.13%, 03/04/2043		300		269
5.88%, 02/15/2040		100		125	Reynolds American Inc
Embraer Netherlands Finance BV					4.45%, 06/12/2025		220		222
5.05%, 06/15/2025		250		265	5.70%, 08/15/2035		50		49
General Dynamics Corp					5.85%, 08/15/2045		50		48
3.00%, 05/11/2021		200		201	6.15%, 09/15/2043		500		493
3.50%, 05/15/2025		200		204			$		7,541
Harris Corp					Airlines - 0.03%
3.83%, 04/27/2025		200		200	American Airlines 2014-1 Class A Pass Through
L3 Technologies Inc					Trust
3.95%, 05/28/2024		178		180	3.70%, 04/01/2028		16		15
4.95%, 02/15/2021		30		31	American Airlines 2016-1 Class AA Pass Through
Lockheed Martin Corp					Trust
3.35%, 09/15/2021		500		505	3.58%, 07/15/2029		229		225
3.55%, 01/15/2026		265		269	Southwest Airlines Co
4.07%, 12/15/2042		105		103	3.00%, 11/15/2026		350		331
4.09%, 09/15/2052		67		65			$		571
4.50%, 05/15/2036		685		719	Apparel - 0.03%
4.70%, 05/15/2046		75		80	NIKE Inc
Northrop Grumman Corp					3.88%, 11/01/2045		500		494
2.55%, 10/15/2022		705		693	Automobile Asset Backed Securities - 0.26%
3.20%, 02/01/2027		90		87	Americredit Automobile Receivables Trust 2018-1
3.25%, 08/01/2023		75		75	3.07%, 12/19/2022		1,000		1,003
3.25%, 01/15/2028		640		612	GM Financial Automobile Leasing Trust 2018-1
3.50%, 03/15/2021		30		30	2.61%, 01/20/2021		1,000		999
5.05%, 11/15/2040		500		540	GM Financial Automobile Leasing Trust 2018-2
Raytheon Co					3.06%, 06/21/2021		885		887
3.13%, 10/15/2020		30		30	Nissan Auto Receivables 2017-B Owner Trust
4.70%, 12/15/2041		350		386	1.75%, 10/15/2021		2,000		1,983
Rockwell Collins Inc							$		4,872
3.20%, 03/15/2024		75		74	Automobile Manufacturers - 0.50%
4.80%, 12/15/2043		525		528	American Honda Finance Corp
United Technologies Corp					1.70%, 09/09/2021		500		484
2.30%, 05/04/2022		300		292	1.95%, 07/20/2020		500		493
2.65%, 11/01/2026		25		23	Daimler Finance North America LLC
3.65%, 08/16/2023		300		304	8.50%, 01/18/2031		500		682
4.05%, 05/04/2047		300		276	Ford Motor Co
4.13%, 11/16/2028		270		274	4.35%, 12/08/2026		500		453
4.50%, 04/15/2020		550		559	4.75%, 01/15/2043		750		574
4.50%, 06/01/2042		410		405	Ford Motor Credit Co LLC
4.63%, 11/16/2048		135		136	3.34%, 03/18/2021		500		490
6.13%, 07/15/2038		46		54	3.66%, 09/08/2024		725		659
		$		9,892	4.25%, 09/20/2022		200		197
					5.88%, 08/02/2021		100		103

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Automobile Manufacturers (continued)					Banks (continued)
General Motors Co					Bank of America Corp (continued)
4.88%, 10/02/2023	$	80	$	83	5.70%, 01/24/2022	$	75	$	81
5.00%, 04/01/2035		25		22	5.88%, 02/07/2042		60		73
5.15%, 04/01/2038		160		144	6.11%, 01/29/2037		500		577
5.20%, 04/01/2045		425		370	Bank of Montreal
5.40%, 04/01/2048		375		336	2.35%, 09/11/2022		1,090		1,064
6.25%, 10/02/2043		75		74	2.55%, 11/06/2022		75		74
General Motors Financial Co Inc					3.30%, 02/05/2024		750		748
3.45%, 01/14/2022		1,000		998	Bank of Nova Scotia/The
3.45%, 04/10/2022		50		50	2.45%, 03/22/2021		750		744
4.00%, 10/06/2026		75		70	2.70%, 03/07/2022		105		104
4.20%, 11/06/2021		250		253	2.80%, 07/21/2021		500		498
4.35%, 04/09/2025		400		391	3.40%, 02/11/2024		750		751
4.35%, 01/17/2027		525		498	4.50%, 12/16/2025		60		62
Toyota Motor Corp					Bank One Corp
3.67%, 07/20/2028		500		520	8.00%, 04/29/2027		1,000		1,248
Toyota Motor Credit Corp					Barclays PLC
1.90%, 04/08/2021		500		490	2.88%, 06/08/2020		300		298
2.75%, 05/17/2021		500		500	3.68%, 01/10/2023		200		198
3.30%, 01/12/2022		500		506	4.38%, 01/12/2026		380		377
		$		9,440	4.97%, 05/16/2029^(c)		200		203
Automobile Parts & Equipment - 0.02%					3 Month USD LIBOR + 1.90%
Aptiv Corp					5.25%, 08/17/2045		750		743
4.15%, 03/15/2024		133		134	BNP Paribas SA
BorgWarner Inc					5.00%, 01/15/2021		400		415
4.38%, 03/15/2045		300		271	BPCE SA
		$		405	4.00%, 04/15/2024		750		762
Banks - 6.22%					Branch Banking & Trust Co
Australia & New Zealand Banking Group Ltd					2.63%, 01/15/2022		1,000		991
2.13%, 08/19/2020		300		296	3.80%, 10/30/2026		500		503
Australia & New Zealand Banking Group Ltd/					Canadian Imperial Bank of Commerce
New York NY					2.55%, 06/16/2022		75		74
2.63%, 05/19/2022		300		295	Capital One NA
Banco Santander SA					2.25%, 09/13/2021		650		633
4.25%, 04/11/2027		450		438	Citibank NA
Bank of America Corp					2.10%, 06/12/2020		750		742
2.25%, 04/21/2020		160		159	3.65%, 01/23/2024		500		509
2.50%, 10/21/2022		75		73	Citigroup Inc
2.63%, 04/19/2021		1,175		1,167	2.65%, 10/26/2020		750		746
2.82%, 07/21/2023^(c)		75		74	2.75%, 04/25/2022		390		385
3 Month USD LIBOR + 0.93%					2.90%, 12/08/2021		350		348
2.88%, 04/24/2023^(c)		75		74	3.30%, 04/27/2025		400		395
3 Month USD LIBOR + 1.02%					3.40%, 05/01/2026		75		73
3.00%, 12/20/2023^(c)		516		509	3.52%, 10/27/2028^(c)		90		87
3 Month USD LIBOR + 0.79%					3 Month USD LIBOR + 1.15%
3.25%, 10/21/2027		350		335	3.67%, 07/24/2028^(c)		840		821
3.30%, 01/11/2023		1,175		1,179	3 Month USD LIBOR + 1.39%
3.42%, 12/20/2028^(c)		639		617	3.70%, 01/12/2026		75		75
3 Month USD LIBOR + 1.04%					3.88%, 01/24/2039^(c)		90		85
3.50%, 04/19/2026		335		333	3 Month USD LIBOR + 1.17%
3.86%, 07/23/2024^(c)		200		203	4.13%, 07/25/2028		75		74
3 Month USD LIBOR + 0.94%					4.30%, 11/20/2026		75		75
3.95%, 01/23/2049^(c)		110		103	4.45%, 09/29/2027		75		75
3 Month USD LIBOR + 1.19%					4.60%, 03/09/2026		1,075		1,100
3.97%, 03/05/2029^(c)		75		75	4.65%, 07/30/2045		75		78
3 Month USD LIBOR + 1.07%					4.65%, 07/23/2048		200		209
3.97%, 02/07/2030^(c)		1,000		1,004	4.75%, 05/18/2046		350		343
3 Month USD LIBOR + 1.21%					5.50%, 09/13/2025		845		913
4.00%, 04/01/2024		850		875	6.68%, 09/13/2043		360		444
4.00%, 01/22/2025		90		90	8.13%, 07/15/2039		474		688
4.10%, 07/24/2023		75		77	Citizens Bank NA/Providence RI
4.24%, 04/24/2038^(c)		600		597	2.55%, 05/13/2021		400		395
3 Month USD LIBOR + 1.81%					3.75%, 02/18/2026		250		250
4.25%, 10/22/2026		800		803	Compass Bank
4.27%, 07/23/2029^(c)		640		657	3.88%, 04/10/2025		500		486
3 Month USD LIBOR + 1.31%
5.00%, 01/21/2044		75		82
5.63%, 07/01/2020		500		517

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Banks (continued)					Banks (continued)
Cooperatieve Rabobank UA					HSBC USA Inc
3.88%, 02/08/2022	$	950	$	972	2.35%, 03/05/2020	$	500	$	497
5.25%, 05/24/2041		50		58	3.50%, 06/23/2024		500		501
5.25%, 08/04/2045		550		593	Industrial & Commercial Bank of China Ltd/New
Cooperatieve Rabobank UA/NY					York NY
3.38%, 05/21/2025		500		501	2.45%, 10/20/2021		350		340
Credit Suisse AG/New York NY					ING Groep NV
3.00%, 10/29/2021		325		325	3.15%, 03/29/2022		200		199
3.63%, 09/09/2024		500		500	4.55%, 10/02/2028		300		307
Credit Suisse Group Funding Guernsey Ltd					JPMorgan Chase & Co
3.75%, 03/26/2025		1,000		987	2.30%, 08/15/2021		860		845
3.80%, 09/15/2022		705		707	2.40%, 06/07/2021		500		493
Deutsche Bank AG/New York NY					2.55%, 03/01/2021		1,500		1,486
3.95%, 02/27/2023		100		97	2.78%, 04/25/2023^(c)		250		247
4.10%, 01/13/2026		750		694	3 Month USD LIBOR + 0.94%
4.25%, 10/14/2021		400		398	3.20%, 01/25/2023		132		132
Development Bank of Japan Inc					3.22%, 03/01/2025^(c)		75		74
2.00%, 10/19/2021		350		342	3 Month USD LIBOR + 1.16%
Discover Bank					3.51%, 01/23/2029^(c)		200		195
3.20%, 08/09/2021		1,000		997	3 Month USD LIBOR + 0.95%
Fifth Third Bancorp					3.54%, 05/01/2028^(c)		500		491
2.88%, 07/27/2020		1,000		999	3 Month USD LIBOR + 1.38%
4.30%, 01/16/2024		50		51	3.56%, 04/23/2024^(c)		75		75
Fifth Third Bank/Cincinnati OH					3 Month USD LIBOR + 0.73%
2.25%, 06/14/2021		300		295	3.63%, 05/13/2024		175		177
Goldman Sachs Group Inc/The					3.63%, 12/01/2027		500		484
2.60%, 04/23/2020		300		299	3.80%, 07/23/2024^(c)		180		183
2.63%, 04/25/2021		500		495	3 Month USD LIBOR + 0.89%
2.75%, 09/15/2020		250		249	3.88%, 02/01/2024		50		51
2.90%, 07/24/2023^(c)		590		578	3.88%, 09/10/2024		75		76
3 Month USD LIBOR + 0.99%					3.90%, 07/15/2025		825		844
3.00%, 04/26/2022		105		104	3.90%, 01/23/2049^(c)		245		228
3.27%, 09/29/2025^(c)		75		73	3 Month USD LIBOR + 1.22%
3 Month USD LIBOR + 1.20%					4.01%, 04/23/2029^(c)		350		354
3.50%, 11/16/2026		825		794	3 Month USD LIBOR + 1.12%
3.63%, 01/22/2023		300		303	4.03%, 07/24/2048^(c)		500		476
3.63%, 02/20/2024		400		400	3 Month USD LIBOR + 1.46%
3.69%, 06/05/2028^(c)		1,000		969	4.20%, 07/23/2029^(c)		230		236
3 Month USD LIBOR + 1.51%					3 Month USD LIBOR + 1.26%
3.75%, 02/25/2026		75		74	4.45%, 12/05/2029^(c)		400		419
3.81%, 04/23/2029^(c)		75		73	3 Month USD LIBOR + 1.33%
3 Month USD LIBOR + 1.16%					4.50%, 01/24/2022		100		104
3.85%, 01/26/2027		75		74	4.85%, 02/01/2044		400		426
4.22%, 05/01/2029^(c)		365		366	5.60%, 07/15/2041		70		82
3 Month USD LIBOR + 1.30%					KeyBank NA/Cleveland OH
4.25%, 10/21/2025		575		578	3.30%, 06/01/2025		500		496
4.41%, 04/23/2039^(c)		175		169	Korea Development Bank/The
3 Month USD LIBOR + 1.43%					2.75%, 03/19/2023		500		490
4.75%, 10/21/2045		150		152	3.25%, 02/19/2024		400		400
5.15%, 05/22/2045		375		377	3.38%, 09/16/2025		500		497
5.25%, 07/27/2021		1,375		1,438	Kreditanstalt fuer Wiederaufbau
5.95%, 01/15/2027		700		766	0.00%, 04/18/2036^(d)		260		147
6.13%, 02/15/2033		850		1,006	1.50%, 04/20/2020		1,000		988
6.25%, 02/01/2041		220		265	1.50%, 06/15/2021		210		205
6.75%, 10/01/2037		210		250	1.63%, 03/15/2021		2,535		2,487
HSBC Bank USA NA/New York NY					2.00%, 05/02/2025		280		269
5.63%, 08/15/2035		500		564	2.13%, 06/15/2022		400		394
HSBC Holdings PLC					2.13%, 01/17/2023		500		491
3.26%, 03/13/2023^(c)		500		496	2.38%, 12/29/2022		440		436
3 Month USD LIBOR + 1.06%					2.50%, 02/15/2022		500		499
3.40%, 03/08/2021		750		753	2.50%, 11/20/2024		300		297
3.90%, 05/25/2026		500		497	2.75%, 09/08/2020		1,100		1,102
4.25%, 08/18/2025		750		756	2.75%, 10/01/2020		1,000		1,002
4.58%, 06/19/2029^(c)		240		246	2.88%, 04/03/2028		500		501
3 Month USD LIBOR + 1.53%					3.13%, 12/15/2021		750		761
6.10%, 01/14/2042		600		738	Landwirtschaftliche Rentenbank
6.50%, 09/15/2037		100		119	2.38%, 06/10/2025		750		735
					2.50%, 11/15/2027		500		486

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Banks (continued)					Banks (continued)
Lloyds Bank PLC					Santander UK Group Holdings PLC
2.70%, 08/17/2020	$	200	$	199	3.57%, 01/10/2023	$	500	$	493
Lloyds Banking Group PLC					State Street Corp
3.00%, 01/11/2022		800		788	2.55%, 08/18/2020		220		219
4.55%, 08/16/2028		400		406	2.65%, 05/19/2026		500		476
4.58%, 12/10/2025		575		568	3.10%, 05/15/2023		50		50
4.65%, 03/24/2026		475		469	3.30%, 12/16/2024		75		76
Mitsubishi UFJ Financial Group Inc					3.55%, 08/18/2025		275		282
2.76%, 09/13/2026		500		470	3.70%, 11/20/2023		75		77
2.95%, 03/01/2021		750		747	Sumitomo Mitsui Financial Group Inc
3.76%, 07/26/2023		500		508	2.06%, 07/14/2021		590		576
Mizuho Financial Group Inc					2.44%, 10/19/2021		500		490
2.27%, 09/13/2021		300		293	2.78%, 07/12/2022		390		384
4.25%, 09/11/2029^(c)		600		619	2.85%, 01/11/2022		1,050		1,039
3 Month USD LIBOR + 1.27%					3.01%, 10/19/2026		75		72
Morgan Stanley					3.36%, 07/12/2027		300		294
2.50%, 04/21/2021		1,000		988	3.45%, 01/11/2027		130		128
2.63%, 11/17/2021		1,000		987	SunTrust Banks Inc
2.75%, 05/19/2022		360		355	4.00%, 05/01/2025		75		77
3.13%, 01/23/2023		220		218	Svenska Handelsbanken AB
3.13%, 07/27/2026		670		640	1.88%, 09/07/2021		1,000		974
3.59%, 07/22/2028^(c)		90		87	Toronto-Dominion Bank/The
3 Month USD LIBOR + 1.34%					3.50%, 07/19/2023		1,000		1,017
3.63%, 01/20/2027		95		93	3.62%, 09/15/2031^(c)		300		290
3.70%, 10/23/2024		1,075		1,080	USD Swap Semi-Annual 5 Year + 2.21%
3.75%, 02/25/2023		150		152	UBS AG/Stamford CT
3.77%, 01/24/2029^(c)		795		782	4.88%, 08/04/2020		550		564
3 Month USD LIBOR + 1.14%					US Bancorp
3.88%, 04/29/2024		75		76	2.38%, 07/22/2026		25		23
3.95%, 04/23/2027		25		24	3.00%, 03/15/2022		50		50
4.00%, 07/23/2025		25		25	3.15%, 04/27/2027		525		517
4.30%, 01/27/2045		320		314	3.60%, 09/11/2024		750		763
4.35%, 09/08/2026		500		502	Wells Fargo & Co
4.88%, 11/01/2022		650		681	2.10%, 07/26/2021		500		490
5.00%, 11/24/2025		75		79	2.60%, 07/22/2020		750		747
5.50%, 07/28/2021		510		537	3.00%, 01/22/2021		500		500
5.75%, 01/25/2021		100		105	3.00%, 04/22/2026		490		470
6.38%, 07/24/2042		200		251	3.00%, 10/23/2026		590		563
National Australia Bank Ltd/New York					3.30%, 09/09/2024		1,000		995
2.13%, 05/22/2020		400		396	3.45%, 02/13/2023		500		501
2.50%, 05/22/2022		400		391	3.55%, 09/29/2025		75		75
2.63%, 07/23/2020		500		498	3.58%, 05/22/2028^(c)		375		371
Oesterreichische Kontrollbank AG					3 Month USD LIBOR + 1.31%
1.50%, 10/21/2020		220		216	3.75%, 01/24/2024		1,000		1,019
2.38%, 10/01/2021		750		745	4.10%, 06/03/2026		500		504
PNC Bank NA					4.15%, 01/24/2029		720		736
2.00%, 05/19/2020		300		297	4.65%, 11/04/2044		575		572
2.60%, 07/21/2020		250		249	4.75%, 12/07/2046		250		252
2.70%, 11/01/2022		325		319	4.90%, 11/17/2045		75		77
4.05%, 07/26/2028		400		412	5.38%, 02/07/2035		325		369
PNC Financial Services Group Inc/The					5.38%, 11/02/2043		75		82
3.30%, 03/08/2022		750		755	Wells Fargo Bank NA
Regions Financial Corp					2.60%, 01/15/2021		400		397
3.20%, 02/08/2021		500		501	3.55%, 08/14/2023		400		406
Royal Bank of Canada					Westpac Banking Corp
2.35%, 10/30/2020		500		496	2.00%, 08/19/2021		60		58
4.65%, 01/27/2026		575		601	2.10%, 05/13/2021		390		382
Royal Bank of Scotland Group PLC					2.70%, 08/19/2026		500		471
3.50%, 05/15/2023^(c)		400		395	2.85%, 05/13/2026		500		475
3 Month USD LIBOR + 1.48%							$		117,015
5.08%, 01/27/2030^(c)		400		411	Beverages - 0.62%
3 Month USD LIBOR + 1.91%					Anheuser-Busch Cos LLC / Anheuser-Busch
6.00%, 12/19/2023		475		499	InBev Worldwide Inc
6.13%, 12/15/2022		200		211	3.65%, 02/01/2026^(e)		1,295		1,280
Santander Holdings USA Inc					4.70%, 02/01/2036^(e)		75		72
2.65%, 04/17/2020		500		497	4.90%, 02/01/2046^(e)		1,675		1,607
3.40%, 01/18/2023		75		74	Anheuser-Busch InBev Finance Inc
3.70%, 03/28/2022		75		75	4.63%, 02/01/2044		75		69

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Beverages (continued)					Biotechnology (continued)
Anheuser-Busch InBev Worldwide Inc					Gilead Sciences Inc (continued)
3.75%, 07/15/2042	$	750	$	620	4.75%, 03/01/2046	$	425	$	426
4.00%, 04/13/2028		500		497			$		7,758
4.38%, 04/15/2038		75		69	Building Materials - 0.08%
4.60%, 04/15/2048		35		32	Johnson Controls International plc
4.75%, 01/23/2029		470		491	3.75%, 12/01/2021		355		358
4.75%, 04/15/2058		75		68	5.13%, 09/14/2045		500		498
4.95%, 01/15/2042		25		24	Masco Corp
5.45%, 01/23/2039		200		210	4.45%, 04/01/2025		300		304
5.80%, 01/23/2059		495		528	Owens Corning
8.20%, 01/15/2039		60		81	4.20%, 12/15/2022		30		30
Coca-Cola Co/The					4.30%, 07/15/2047		300		233
2.45%, 11/01/2020		750		748			$		1,423
2.90%, 05/25/2027		500		484	Chemicals - 0.27%
Diageo Capital PLC					Dow Chemical Co/The
4.83%, 07/15/2020		50		51	3.00%, 11/15/2022		25		25
Diageo Investment Corp					3.50%, 10/01/2024		250		247
2.88%, 05/11/2022		780		779	4.38%, 11/15/2042		75		67
Keurig Dr Pepper Inc					9.40%, 05/15/2039		380		556
3.13%, 12/15/2023		500		484	DowDuPont Inc
4.06%, 05/25/2023^(e)		360		364	4.21%, 11/15/2023		400		413
4.42%, 05/25/2025^(e)		75		76	4.49%, 11/15/2025		250		261
4.99%, 05/25/2038^(e)		400		392	5.32%, 11/15/2038		145		153
Molson Coors Brewing Co					5.42%, 11/15/2048		185		197
2.10%, 07/15/2021		500		486	Eastman Chemical Co
3.00%, 07/15/2026		105		97	4.65%, 10/15/2044		75		70
4.20%, 07/15/2046		250		212	LYB International Finance BV
PepsiCo Inc					4.88%, 03/15/2044		530		498
2.38%, 10/06/2026		590		553	Mosaic Co/The
2.75%, 03/05/2022		355		355	4.25%, 11/15/2023		300		309
2.75%, 03/01/2023		75		75	5.45%, 11/15/2033		500		519
2.85%, 02/24/2026		90		87	5.63%, 11/15/2043		25		25
3.00%, 10/15/2027		75		73	Nutrien Ltd
3.60%, 08/13/2042		400		376	3.00%, 04/01/2025		150		141
4.00%, 05/02/2047		400		398	3.63%, 03/15/2024		550		543
		$		11,738	5.25%, 01/15/2045		300		298
Biotechnology - 0.41%					PPG Industries Inc
Amgen Inc					3.60%, 11/15/2020		50		50
2.25%, 08/19/2023		60		58	Praxair Inc
2.65%, 05/11/2022		50		49	2.20%, 08/15/2022		50		49
3.88%, 11/15/2021		500		509	Sherwin-Williams Co/The
4.10%, 06/15/2021		1,000		1,020	2.75%, 06/01/2022		75		74
4.66%, 06/15/2051		390		373	3.45%, 06/01/2027		180		172
5.15%, 11/15/2041		60		62	4.50%, 06/01/2047		75		70
5.75%, 03/15/2040		530		584	Westlake Chemical Corp
Baxalta Inc					5.00%, 08/15/2046		350		326
5.25%, 06/23/2045		250		258			$		5,063
Biogen Inc					Commercial Mortgage Backed Securities - 2.05%
2.90%, 09/15/2020		500		500	BANK 2018-BNK13
4.05%, 09/15/2025		160		163	4.22%, 08/15/2061^(f)		1,250		1,313
5.20%, 09/15/2045		30		31	CFCRE Commercial Mortgage Trust 2017-C8
Celgene Corp					3.57%, 06/15/2050		1,000		996
3.25%, 02/20/2023		85		84	Citigroup Commercial Mortgage Trust
3.45%, 11/15/2027		90		86	2013-GC15
3.88%, 08/15/2025		790		792	4.37%, 09/10/2046^(f)		500		526
3.90%, 02/20/2028		130		128	Citigroup Commercial Mortgage Trust
4.35%, 11/15/2047		210		188	2015-GC33
4.55%, 02/20/2048		220		204	3.52%, 09/10/2058		1,000		1,007
5.00%, 08/15/2045		305		301	COMM 2012-CCRE2 Mortgage Trust
Gilead Sciences Inc					3.79%, 08/15/2045		200		204
1.95%, 03/01/2022		300		291	COMM 2012-CCRE4 Mortgage Trust
2.95%, 03/01/2027		240		227	3.25%, 10/15/2045		500		491
3.50%, 02/01/2025		75		75	COMM 2014-CCRE15 Mortgage Trust
3.65%, 03/01/2026		75		75	4.07%, 02/10/2047^(f)		500		520
3.70%, 04/01/2024		650		662	COMM 2014-CCRE20 Mortgage Trust
4.15%, 03/01/2047		25		23	3.59%, 11/10/2047		302		307
4.60%, 09/01/2035		590		589	COMM 2014-LC15 Mortgage Trust
					4.20%, 04/10/2047		350		361


Schedule of Investments
Bond Market Index Fund
February 28, 2019 (unaudited)



		Principal						Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)		Amount (000’s) Value (000’s)
Commercial Mortgage Backed Securities (continued)					Commercial Mortgage Backed Securities (continued)
COMM 2014-UBS3 Mortgage Trust					SG Commercial Mortgage Securities Trust
3.82%, 06/10/2047	$	550	$	566	2016-	C5
COMM 2015-DC1 Mortgage Trust					3.06%, 10/10/2048		$	950	$	917
3.08%, 02/10/2048		500		494	UBS Commercial Mortgage Trust 2012-C1
COMM 2015-LC19 Mortgage Trust					3.00%, 05/10/2045			22		22
3.18%, 02/10/2048		500		498	3.40%, 05/10/2045			69		69
COMM 2015-PC1 Mortgage Trust					UBS Commercial Mortgage Trust 2018-C12
3.90%, 07/10/2050		885		911	4.30%, 08/15/2051			2,000		2,103
Commercial Mortgage Pass Through Certificates					UBS-Barclays Commercial Mortgage Trust
3.76%, 02/10/2049		2,000		2,042	2012-	C3
Fannie Mae-Aces					3.09%, 08/10/2049			50		50
2.30%, 09/25/2022^(f)		465		458	UBS-Barclays Commercial Mortgage Trust
2.48%, 04/25/2022		391		388	2012-	C4
2.51%, 11/25/2022^(f)		1,000		987	2.85%, 12/10/2045			100		99
2.64%, 04/25/2023^(f)		189		189	WFRBS Commercial Mortgage Trust 2012-C7
2.84%, 04/25/2025^(f)		800		795	2.30%, 06/15/2045			212		211
2.94%, 01/25/2026^(f)		1,601		1,588	WFRBS Commercial Mortgage Trust 2012-C9
2.99%, 12/25/2027^(f)		1,000		982	3.39%, 11/15/2045			500		499
3.12%, 08/25/2024^(f)		938		946	WFRBS Commercial Mortgage Trust 2013-C14
3.38%, 07/25/2028^(f)		1,000		1,012	3.34%, 06/15/2046			500		505
4.33%, 03/25/2020^(f)		47		47	WFRBS Commercial Mortgage Trust 2014-C20
Freddie Mac Multifamily Structured Pass					4.00%, 05/15/2047			500		518
Through Certificates								$		38,580
2.87%, 12/25/2021		342		342	Commercial Services - 0.18%
3.02%, 02/25/2023		63		63	California Institute of Technology
3.06%, 07/25/2023^(f)		150		151	4.32%, 08/01/2045			50		52
3.17%, 10/25/2024		1,000		1,011	4.70%, 11/01/2111			250		264
3.21%, 03/25/2025		1,248		1,263	Ecolab Inc
3.24%, 04/25/2027		250		251	2.70%, 11/01/2026			30		29
3.30%, 04/25/2023^(f)		500		509	5.50%, 12/08/2041			200		230
3.41%, 12/25/2026		2,000		2,040	Massachusetts Institute of Technology
3.53%, 06/25/2020		335		337	3.89%, 07/01/2116			375		337
3.92%, 09/25/2028^(f)		1,000		1,053	3.96%, 07/01/2038			185		191
4.33%, 10/25/2020^(f)		500		510	4.68%, 07/01/2114			100		109
GS Mortgage Securities Trust 2011-GC5					Moody's Corp
3.71%, 08/10/2044		375		380	4.50%, 09/01/2022			500		518
GS Mortgage Securities Trust 2013-GCJ14					5.25%, 07/15/2044			90		97
4.24%, 08/10/2046		50		52	RELX Capital Inc
GS Mortgage Securities Trust 2015-GC28					3.13%, 10/15/2022			16		16
3.40%, 02/10/2048		600		604	S&P Global Inc
GS Mortgage Securities Trust 2016-GS2					4.00%, 06/15/2025			350		361
3.05%, 05/10/2049		1,000		980	6.55%, 11/15/2037			30		38
JPMBB Commercial Mortgage Securities Trust					Total System Services Inc
2013-C14					3.80%, 04/01/2021			500		502
4.41%, 08/15/2046^(f)		500		521	4.80%, 04/01/2026			560		573
JPMBB Commercial Mortgage Securities Trust					University of Southern California
2014-C18					5.25%, 10/01/2111			20		23
4.08%, 02/15/2047		50		52				$		3,340
JPMBB Commercial Mortgage Securities Trust					Computers - 0.66%
2014-C19					Apple Inc
3.67%, 04/15/2047		500		506	2.10%, 09/12/2022			75		73
Morgan Stanley Bank of America Merrill Lynch					2.25%, 02/23/2021			625		620
Trust 2013-C11					2.30%, 05/11/2022			290		285
4.17%, 08/15/2046^(f)		1,130		1,174	2.40%, 01/13/2023			75		74
Morgan Stanley Bank of America Merrill Lynch					2.40%, 05/03/2023			75		74
Trust 2013-C12					2.45%, 08/04/2026			750		712
4.26%, 10/15/2046^(f)		500		521	2.50%, 02/09/2022			105		104
Morgan Stanley Bank of America Merrill Lynch					2.75%, 01/13/2025			75		74
Trust 2014-C15					2.85%, 02/23/2023			750		750
4.05%, 04/15/2047		580		600	2.85%, 05/11/2024			105		104
Morgan Stanley Bank of America Merrill Lynch					2.90%, 09/12/2027			375		362
Trust 2015-C20					3.00%, 11/13/2027			265		258
3.25%, 02/15/2048		500		499	3.20%, 05/13/2025			560		562
Morgan Stanley Bank of America Merrill Lynch					3.20%, 05/11/2027			75		74
Trust 2015-C21					3.25%, 02/23/2026			825		825
3.15%, 03/15/2048		575		574	3.35%, 02/09/2027			355		355
Morgan Stanley Capital I Trust 2017-H1					3.45%, 02/09/2045			375		338
3.26%, 06/15/2050		2,000		1,966	3.75%, 09/12/2047			200		188

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Computers (continued)					Diversified Financial Services - 0.79%
Apple Inc (continued)					AerCap Ireland Capital DAC / AerCap Global
3.75%, 11/13/2047	$	120	$	114	Aviation Trust
3.85%, 05/04/2043		550		532	3.65%, 07/21/2027	$	200	$	180
4.38%, 05/13/2045		80		83	3.95%, 02/01/2022		200		201
4.65%, 02/23/2046		170		183	Air Lease Corp
Dell International LLC / EMC Corp					2.50%, 03/01/2021		100		98
4.42%, 06/15/2021^(e)		800		815	3.00%, 09/15/2023		100		96
5.45%, 06/15/2023^(e)		105		110	3.75%, 02/01/2022		70		70
6.02%, 06/15/2026^(e)		300		318	American Express Co
8.10%, 07/15/2036^(e)		220		249	2.50%, 08/01/2022		1,075		1,053
8.35%, 07/15/2046^(e)		245		287	2.65%, 12/02/2022		75		74
DXC Technology Co					3.00%, 02/22/2021		300		300
4.75%, 04/15/2027		100		100	3.40%, 02/27/2023		75		75
Hewlett Packard Enterprise Co					4.05%, 12/03/2042		500		492
3.60%, 10/15/2020		320		322	American Express Credit Corp
4.90%, 10/15/2025		200		208	2.70%, 03/03/2022		75		75
6.20%, 10/15/2035		75		77	3.30%, 05/03/2027		500		495
6.35%, 10/15/2045		160		162	Ameriprise Financial Inc
HP Inc					4.00%, 10/15/2023		775		798
6.00%, 09/15/2041		355		362	BlackRock Inc
International Business Machines Corp					3.38%, 06/01/2022		30		30
1.63%, 05/15/2020		500		494	4.25%, 05/24/2021		500		515
2.25%, 02/19/2021		140		138	Capital One Financial Corp
2.50%, 01/27/2022		500		493	2.50%, 05/12/2020		400		397
3.45%, 02/19/2026		800		801	3.20%, 02/05/2025		60		57
4.70%, 02/19/2046		145		153	3.30%, 10/30/2024		75		72
Seagate HDD Cayman					3.50%, 06/15/2023		40		40
4.75%, 06/01/2023		550		552	4.25%, 04/30/2025		50		51
		$		12,385	4.75%, 07/15/2021		400		413
Consumer Products - 0.01%					Charles Schwab Corp/The
Church & Dwight Co Inc					3.00%, 03/10/2025		300		297
3.95%, 08/01/2047		200		183	CME Group Inc
Clorox Co/The					3.00%, 09/15/2022		50		50
3.80%, 11/15/2021		30		31	3.00%, 03/15/2025		575		567
Kimberly-Clark Corp					Discover Financial Services
2.40%, 03/01/2022		30		30	4.10%, 02/09/2027		75		73
		$		244	GE Capital International Funding Co Unlimited
Cosmetics & Personal Care - 0.11%					Co
Colgate-Palmolive Co					2.34%, 11/15/2020		500		492
2.45%, 11/15/2021		500		496	3.37%, 11/15/2025		1,075		1,034
Procter & Gamble Co/The					4.42%, 11/15/2035		1,075		971
1.70%, 11/03/2021		500		488	Intercontinental Exchange Inc
2.30%, 02/06/2022		500		495	2.75%, 12/01/2020		500		499
2.45%, 11/03/2026		75		72	3.75%, 12/01/2025		75		77
Unilever Capital Corp					4.00%, 10/15/2023		25		26
4.25%, 02/10/2021		500		514	4.25%, 09/21/2048		105		106
		$		2,065	International Lease Finance Corp
Credit Card Asset Backed Securities - 0.31%					8.25%, 12/15/2020		300		324
American Express Credit Account Master Trust					Jefferies Group LLC
1.93%, 09/15/2022		1,025		1,017	6.88%, 04/15/2021		280		297
BA Credit Card Trust					Jefferies Group LLC / Jefferies Group Capital
2.70%, 07/17/2023		1,675		1,673	Finance Inc
Barclays Dryrock Issuance Trust					4.15%, 01/23/2030		90		79
2.20%, 12/15/2022		760		756	Lazard Group LLC
Citibank Credit Card Issuance Trust					4.50%, 09/19/2028		300		304
2.88%, 01/23/2023		605		607	Legg Mason Inc
Discover Card Execution Note Trust					4.75%, 03/15/2026		500		506
2.39%, 07/15/2024		1,150		1,135	5.63%, 01/15/2044		25		24
Synchrony Credit Card Master Note Trust					Mastercard Inc
2.21%, 05/15/2024		250		246	3.38%, 04/01/2024		150		153
2.97%, 03/15/2024		445		446	National Rural Utilities Cooperative Finance Corp
		$		5,880	2.85%, 01/27/2025		100		98
					3.05%, 02/15/2022		530		530
Distribution & Wholesale - 0.03%					Nomura Holdings Inc
WW Grainger Inc					6.70%, 03/04/2020		500		518
4.60%, 06/15/2045		500		515	Private Export Funding Corp
					2.80%, 05/15/2022		500		502

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Diversified Financial Services (continued)					Electric (continued)
Synchrony Financial					Entergy Texas Inc
4.25%, 08/15/2024	$	75	$	73	4.00%, 03/30/2029	$	300	$	301
4.50%, 07/23/2025		75		73	Evergy Inc
Visa Inc					4.85%, 06/01/2021		30		31
2.20%, 12/14/2020		375		372	Exelon Corp
2.75%, 09/15/2027		60		58	3.40%, 04/15/2026		90		87
2.80%, 12/14/2022		75		75	3.50%, 06/01/2022		90		89
3.15%, 12/14/2025		435		436	4.95%, 06/15/2035		320		329
3.65%, 09/15/2047		500		475	5.15%, 12/01/2020		500		514
4.15%, 12/14/2035		140		146	Exelon Generation Co LLC
Western Union Co/The					4.25%, 06/15/2022		500		512
5.25%, 04/01/2020		30		31	FirstEnergy Corp
		$		14,848	3.90%, 07/15/2027		400		396
Electric - 1.65%					4.85%, 07/15/2047		475		490
AEP Texas Inc					7.38%, 11/15/2031		60		77
3.95%, 06/01/2028		400		406	Florida Power & Light Co
Alabama Power Co					2.75%, 06/01/2023		500		499
4.30%, 07/15/2048		300		301	3.70%, 12/01/2047		70		67
Ameren Illinois Co					4.05%, 10/01/2044		25		25
2.70%, 09/01/2022		530		524	5.65%, 02/01/2037		250		299
Baltimore Gas & Electric Co					Georgia Power Co
4.25%, 09/15/2048		200		201	2.00%, 09/08/2020		400		395
Berkshire Hathaway Energy Co					3.25%, 03/30/2027		750		702
3.75%, 11/15/2023		750		768	Hydro-Quebec
3.80%, 07/15/2048		125		114	8.05%, 07/07/2024		530		657
6.13%, 04/01/2036		450		547	MidAmerican Energy Co
CenterPoint Energy Houston Electric LLC					3.65%, 04/15/2029		300		304
4.25%, 02/01/2049		300		309	Mississippi Power Co
Commonwealth Edison Co					4.25%, 03/15/2042		30		28
4.70%, 01/15/2044		150		161	NextEra Energy Capital Holdings Inc
Consolidated Edison Co of New York Inc					3.55%, 05/01/2027		475		463
3.88%, 06/15/2047		300		279	4.50%, 06/01/2021		50		51
4.30%, 12/01/2056		350		331	Northern States Power Co/MN
6.75%, 04/01/2038		530		677	5.35%, 11/01/2039		30		35
Dominion Energy Inc					NSTAR Electric Co
4.05%, 09/15/2042		500		461	2.38%, 10/15/2022		500		487
DTE Electric Co					3.20%, 05/15/2027		300		294
3.70%, 03/15/2045		200		188	Oncor Electric Delivery Co LLC
3.95%, 03/01/2049		300		293	5.25%, 09/30/2040		530		612
DTE Energy Co					PacifiCorp
3.50%, 06/01/2024		500		497	6.00%, 01/15/2039		500		609
Duke Energy Carolinas LLC					PECO Energy Co
4.00%, 09/30/2042		280		275	1.70%, 09/15/2021		60		58
5.30%, 02/15/2040		250		289	2.38%, 09/15/2022		330		323
6.00%, 12/01/2028		500		591	3.70%, 09/15/2047		297		275
Duke Energy Corp					4.15%, 10/01/2044		400		399
1.80%, 09/01/2021		500		484	Potomac Electric Power Co
2.65%, 09/01/2026		90		84	3.60%, 03/15/2024		30		31
3.15%, 08/15/2027		90		86	PPL Capital Funding Inc
Duke Energy Florida LLC					3.50%, 12/01/2022		700		697
3.20%, 01/15/2027		500		489	PPL Electric Utilities Corp
3.40%, 10/01/2046		200		177	3.95%, 06/01/2047		300		294
Duke Energy Progress LLC					Progress Energy Inc
4.38%, 03/30/2044		400		413	3.15%, 04/01/2022		40		40
Edison International					7.75%, 03/01/2031		500		664
2.95%, 03/15/2023		350		325	PSEG Power LLC
Emera US Finance LP					8.63%, 04/15/2031		300		392
3.55%, 06/15/2026		300		288	Public Service Co of Colorado
4.75%, 06/15/2046		75		73	3.70%, 06/15/2028		200		204
Enel Generacion Chile SA					3.80%, 06/15/2047		400		379
4.25%, 04/15/2024		30		30	Public Service Electric & Gas Co
Entergy Arkansas LLC					3.25%, 09/01/2023		200		202
3.75%, 02/15/2021		30		30	3.65%, 09/01/2028		200		202
Entergy Corp					Puget Energy Inc
5.13%, 09/15/2020		30		31	6.00%, 09/01/2021		500		528
Entergy Louisiana LLC					Puget Sound Energy Inc
3.12%, 09/01/2027		300		288	4.22%, 06/15/2048		300		305
3.25%, 04/01/2028		500		485	4.30%, 05/20/2045		400		409

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Electric (continued)					Finance - Mortgage Loan/Banker (continued)
San Diego Gas & Electric Co					Fannie Mae (continued)
3.60%, 09/01/2023	$	30	$	30	1.70%, 01/27/2020	$	500	$	496
4.50%, 08/15/2040		350		345	1.88%, 12/28/2020		150		148
Sempra Energy					2.00%, 01/05/2022		500		493
2.40%, 03/15/2020		200		199	2.13%, 04/24/2026		1,000		955
4.00%, 02/01/2048		70		61	2.50%, 02/05/2024		500		497
6.00%, 10/15/2039		394		444	2.63%, 01/11/2022		500		501
South Carolina Electric & Gas Co					2.63%, 09/06/2024		250		250
5.45%, 02/01/2041		540		617	5.63%, 07/15/2037		65		85
Southern California Edison Co					6.63%, 11/15/2030		500		669
4.65%, 10/01/2043		400		398	7.13%, 01/15/2030		250		341
5.50%, 03/15/2040		350		378	7.25%, 05/15/2030		249		345
5.95%, 02/01/2038		30		33	Federal Home Loan Banks
Southern Co/The					1.13%, 07/14/2021		950		920
2.35%, 07/01/2021		430		424	1.38%, 09/28/2020		750		736
2.95%, 07/01/2023		105		103	1.38%, 02/18/2021		500		489
4.40%, 07/01/2046		50		48	1.88%, 03/13/2020		500		497
Southern Power Co					1.88%, 11/29/2021		1,250		1,228
2.50%, 12/15/2021		300		294	2.38%, 03/30/2020		500		499
4.95%, 12/15/2046		300		288	2.50%, 02/13/2024		500		497
Southwestern Electric Power Co					2.63%, 05/28/2020		500		500
4.10%, 09/15/2028		500		507	2.63%, 10/01/2020		500		500
6.20%, 03/15/2040		390		460	3.25%, 11/16/2028		750		766
Southwestern Public Service Co					4.13%, 03/13/2020		100		102
4.50%, 08/15/2041		300		309	5.50%, 07/15/2036		50		64
TransAlta Corp					5.63%, 06/11/2021		65		69
6.50%, 03/15/2040		30		29	Freddie Mac
Union Electric Co					1.38%, 05/01/2020		250		247
3.65%, 04/15/2045		500		462	1.40%, 08/22/2019		163		162
Virginia Electric & Power Co					1.88%, 11/17/2020		500		494
3.15%, 01/15/2026		500		492	2.38%, 02/16/2021		750		747
3.80%, 04/01/2028		400		404	2.38%, 01/13/2022		1,250		1,244
WEC Energy Group Inc					2.50%, 04/23/2020		1,000		1,000
3.55%, 06/15/2025		70		70	2.75%, 06/19/2023		500		503
Xcel Energy Inc					6.25%, 07/15/2032		500		666
4.00%, 06/15/2028		300		307	6.75%, 03/15/2031		43		58
		$		30,952			$		19,983
Electrical Components & Equipment - 0.00%					Food - 0.37%
Emerson Electric Co					Campbell Soup Co
2.63%, 02/15/2023		30		30	3.95%, 03/15/2025		75		73
Electronics - 0.06%					4.25%, 04/15/2021		30		31
Arrow Electronics Inc					Conagra Brands Inc
4.50%, 03/01/2023		30		30	4.85%, 11/01/2028		140		140
Corning Inc					5.30%, 11/01/2038		85		81
4.25%, 08/15/2020		500		507	5.40%, 11/01/2048		85		80
Honeywell International Inc					General Mills Inc
3.35%, 12/01/2023		500		507	3.15%, 12/15/2021		30		30
Jabil Inc					3.70%, 10/17/2023		75		76
4.70%, 09/15/2022		30		30	4.00%, 04/17/2025		75		76
Tyco Electronics Group SA					4.20%, 04/17/2028		150		151
7.13%, 10/01/2037		37		47	JM Smucker Co/The
		$		1,121	3.00%, 03/15/2022		300		296
Environmental Control - 0.09%					4.25%, 03/15/2035		300		273
Republic Services Inc					Kellogg Co
2.90%, 07/01/2026		500		477	2.65%, 12/01/2023		460		447
3.20%, 03/15/2025		300		295	4.00%, 12/15/2020		400		406
Waste Management Inc					Koninklijke Ahold Delhaize NV
3.50%, 05/15/2024		1,000		1,008	5.70%, 10/01/2040		9		10
		$		1,780	Kraft Heinz Foods Co
Federal & Federally Sponsored Credit - 0.01%					3.00%, 06/01/2026		285		263
Federal Farm Credit Banks					3.50%, 06/06/2022		500		498
1.58%, 02/17/2021		150		147	3.50%, 07/15/2022		500		498
					3.95%, 07/15/2025		120		119
Finance - Mortgage Loan/Banker - 1.06%					4.38%, 06/01/2046		345		286
Fannie Mae					4.63%, 01/30/2029		25		25
1.13%, 07/26/2019		2,200		2,188	5.00%, 07/15/2035		75		71
1.25%, 05/06/2021		300		292	5.00%, 06/04/2042		25		23
1.38%, 02/26/2021		250		244	5.20%, 07/15/2045		475		442
1.50%, 11/30/2020		500		491

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Food (continued)					Healthcare - Products (continued)
Kraft Heinz Foods Co (continued)					Stryker Corp
6.50%, 02/09/2040	$	105	$	110	3.38%, 11/01/2025	$	75	$	75
6.88%, 01/26/2039		20		22	3.50%, 03/15/2026		575		571
Kroger Co/The					4.38%, 05/15/2044		25		25
2.95%, 11/01/2021		500		498	Thermo Fisher Scientific Inc
4.45%, 02/01/2047		25		22	2.95%, 09/19/2026		300		283
4.65%, 01/15/2048		300		269	4.15%, 02/01/2024		600		620
5.15%, 08/01/2043		300		287	4.70%, 05/01/2020		30		31
5.40%, 07/15/2040		30		30	Zimmer Biomet Holdings Inc
Sysco Corp					3.15%, 04/01/2022		275		273
3.30%, 07/15/2026		500		482	3.55%, 04/01/2025		575		559
Tyson Foods Inc							$		9,202
3.55%, 06/02/2027		75		72	Healthcare - Services - 0.59%
4.35%, 03/01/2029		500		503	Advocate Health & Hospitals Corp
4.88%, 08/15/2034		350		350	3.83%, 08/15/2028		300		306
		$		7,040	Aetna Inc
Forest Products & Paper - 0.07%					2.75%, 11/15/2022		250		244
Georgia-Pacific LLC					2.80%, 06/15/2023		50		49
7.75%, 11/15/2029		20		27	3.88%, 08/15/2047		60		49
8.00%, 01/15/2024		400		482	6.63%, 06/15/2036		253		296
International Paper Co					6.75%, 12/15/2037		205		244
3.65%, 06/15/2024		250		253	AHS Hospital Corp
4.40%, 08/15/2047		250		224	5.02%, 07/01/2045		400		440
7.30%, 11/15/2039		326		396	Anthem Inc
		$		1,382	3.50%, 08/15/2024		450		450
Gas - 0.08%					3.65%, 12/01/2027		360		354
Atmos Energy Corp					4.10%, 03/01/2028		75		76
4.13%, 10/15/2044		250		246	4.38%, 12/01/2047		300		286
Dominion Energy Gas Holdings LLC					4.65%, 01/15/2043		30		30
3.55%, 11/01/2023		30		30	4.65%, 08/15/2044		650		648
4.60%, 12/15/2044		200		202	Baylor Scott & White Holdings
ONE Gas Inc					4.19%, 11/15/2045		125		123
3.61%, 02/01/2024		50		50	Cigna Holding Co
Southern California Gas Co					3.88%, 10/15/2047		185		157
3.15%, 09/15/2024		500		489	4.00%, 02/15/2022		600		612
Washington Gas Light Co					Coventry Health Care Inc
3.80%, 09/15/2046		500		461	5.45%, 06/15/2021		108		112
		$		1,478	Duke University Health System Inc
Hand & Machine Tools - 0.04%					3.92%, 06/01/2047		300		293
Snap-on Inc					HCA Inc
3.25%, 03/01/2027		500		487	4.75%, 05/01/2023		500		518
Stanley Black & Decker Inc					5.25%, 06/15/2026		500		527
3.40%, 12/01/2021		250		252	Humana Inc
		$		739	4.63%, 12/01/2042		500		496
Healthcare - Products - 0.49%					Laboratory Corp of America Holdings
Abbott Laboratories					4.70%, 02/01/2045		250		235
2.90%, 11/30/2021		460		459	Memorial Sloan-Kettering Cancer Center
3.75%, 11/30/2026		327		332	4.13%, 07/01/2052		150		149
4.75%, 04/15/2043		300		315	4.20%, 07/01/2055		250		251
4.90%, 11/30/2046		360		393	Northwell Healthcare Inc
Becton Dickinson and Co					3.98%, 11/01/2046		500		459
3.73%, 12/15/2024		781		782	Providence St Joseph Health Obligated Group
4.67%, 06/06/2047		75		74	3.74%, 10/01/2047		250		230
4.69%, 12/15/2044		75		73	Trinity Health Corp
5.00%, 11/12/2040		30		30	4.13%, 12/01/2045		250		240
Boston Scientific Corp					UnitedHealth Group Inc
3.85%, 05/15/2025		950		964	2.70%, 07/15/2020		300		300
Danaher Corp					2.88%, 03/15/2023		250		249
4.38%, 09/15/2045		300		296	3.10%, 03/15/2026		250		245
Koninklijke Philips NV					3.75%, 07/15/2025		440		452
5.00%, 03/15/2042		30		32	4.25%, 06/15/2048		110		111
Medtronic Inc					4.45%, 12/15/2048		95		99
3.15%, 03/15/2022		1,070		1,077	4.70%, 02/15/2021		500		515
3.50%, 03/15/2025		885		899	4.75%, 07/15/2045		500		544
4.38%, 03/15/2035		309		326	6.50%, 06/15/2037		500		637
4.63%, 03/15/2044		500		550			$		11,026
4.63%, 03/15/2045		105		115
5.55%, 03/15/2040		40		48

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Housewares - 0.04%					Insurance (continued)
Newell Brands Inc					Progressive Corp/The
3.85%, 04/01/2023	$	50	$	49	3.75%, 08/23/2021	$	30	$	31
4.20%, 04/01/2026		750		706	4.35%, 04/25/2044		30		31
		$		755	Prudential Financial Inc
Insurance - 0.75%					3.91%, 12/07/2047		475		438
Aflac Inc					4.35%, 02/25/2050		1,000		989
3.63%, 11/15/2024		300		306	5.20%, 03/15/2044^(c)		400		396
Alleghany Corp					3 Month USD LIBOR + 3.04%
4.90%, 09/15/2044		500		487	5.70%, 12/14/2036		280		323
Allstate Corp/The					Reinsurance Group of America Inc
3.28%, 12/15/2026		300		297	4.70%, 09/15/2023		30		31
5.35%, 06/01/2033		350		401	Travelers Cos Inc/The
American International Group Inc					4.00%, 05/30/2047		300		292
3.75%, 07/10/2025		75		74	Voya Financial Inc
3.90%, 04/01/2026		500		490	3.65%, 06/15/2026		335		323
4.20%, 04/01/2028		130		129			$		14,186
4.38%, 01/15/2055		300		254	Internet - 0.23%
4.50%, 07/16/2044		75		69	Alibaba Group Holding Ltd
4.88%, 06/01/2022		955		1,000	3.40%, 12/06/2027		260		249
5.75%, 04/01/2048^(c)		400		371	3.60%, 11/28/2024		1,000		1,010
3 Month USD LIBOR + 2.87%					4.40%, 12/06/2057		240		229
Aon Corp					Alphabet Inc
5.00%, 09/30/2020		480		492	2.00%, 08/15/2026		500		463
Aon PLC					3.63%, 05/19/2021		40		41
3.50%, 06/14/2024		250		250	Amazon.com Inc
4.75%, 05/15/2045		270		274	2.40%, 02/22/2023		300		295
AXA Equitable Holdings Inc					2.50%, 11/29/2022		40		40
4.35%, 04/20/2028		140		138	2.80%, 08/22/2024		75		74
5.00%, 04/20/2048		90		84	3.15%, 08/22/2027		450		444
AXA SA					3.80%, 12/05/2024		75		78
8.60%, 12/15/2030		30		39	3.88%, 08/22/2037		340		339
Berkshire Hathaway Finance Corp					4.25%, 08/22/2057		75		76
4.20%, 08/15/2048		180		181	4.80%, 12/05/2034		350		390
4.25%, 01/15/2021		350		360	eBay Inc
5.75%, 01/15/2040		25		30	2.60%, 07/15/2022		450		441
Berkshire Hathaway Inc					3.45%, 08/01/2024		60		59
2.75%, 03/15/2023		25		25	4.00%, 07/15/2042		20		16
3.13%, 03/15/2026		275		272	Expedia Group Inc
3.75%, 08/15/2021		750		768	3.80%, 02/15/2028		90		85
4.50%, 02/11/2043		350		370			$		4,329
Chubb Corp/The					Iron & Steel - 0.08%
6.50%, 05/15/2038		326		423	ArcelorMittal
Chubb INA Holdings Inc					6.13%, 06/01/2025		400		437
2.70%, 03/13/2023		300		296	Nucor Corp
2.88%, 11/03/2022		500		501	4.00%, 08/01/2023		250		258
CNA Financial Corp					Vale Overseas Ltd
5.75%, 08/15/2021		40		42	4.38%, 01/11/2022		300		300
First American Financial Corp					6.88%, 11/10/2039		550		603
4.60%, 11/15/2024		300		306			$		1,598
Lincoln National Corp					Leisure Products & Services - 0.04%
6.15%, 04/07/2036		20		23	Carnival Corp
Manulife Financial Corp					3.95%, 10/15/2020		25		25
4.15%, 03/04/2026		300		309	Harley-Davidson Inc
Marsh & McLennan Cos Inc					3.50%, 07/28/2025		300		287
2.35%, 03/06/2020		200		199	Royal Caribbean Cruises Ltd
4.90%, 03/15/2049		110		115	5.25%, 11/15/2022		300		317
MetLife Inc					7.50%, 10/15/2027		100		118
3.60%, 11/13/2025		400		404			$		747
4.05%, 03/01/2045		450		425	Lodging - 0.07%
4.13%, 08/13/2042		250		241	Marriott International Inc/MD
4.60%, 05/13/2046		50		52	2.30%, 01/15/2022		350		342
4.75%, 02/08/2021		276		285	2.88%, 03/01/2021		600		595
4.88%, 11/13/2043		50		53	4.15%, 12/01/2023		200		204
6.40%, 12/15/2066		430		456	4.65%, 12/01/2028		200		206
3 Month USD LIBOR + 2.21%							$		1,347
PartnerRe Finance B LLC
5.50%, 06/01/2020		40		41

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Machinery - Construction & Mining - 0.08%					Media (continued)
Caterpillar Financial Services Corp					Comcast Corp (continued)
1.70%, 08/09/2021	$	250	$	243	4.70%, 10/15/2048	$	570	$	593
1.93%, 10/01/2021		500		487	5.65%, 06/15/2035		500		567
2.40%, 08/09/2026		250		233	6.40%, 03/01/2040		500		614
Caterpillar Inc					6.45%, 03/15/2037		620		763
3.40%, 05/15/2024		500		510	Discovery Communications LLC
3.80%, 08/15/2042		50		48	2.95%, 03/20/2023		75		73
		$		1,521	3.95%, 06/15/2025^(e)		350		339
Machinery - Diversified - 0.12%					3.95%, 03/20/2028		500		476
Cummins Inc					5.00%, 09/20/2037		30		28
4.88%, 10/01/2043		25		28	5.20%, 09/20/2047		300		282
Deere & Co					6.35%, 06/01/2040		40		43
3.90%, 06/09/2042		500		498	Fox Corp
Dover Corp					4.03%, 01/25/2024^(e)		300		306
5.38%, 03/01/2041		30		32	4.71%, 01/25/2029^(e)		300		311
John Deere Capital Corp					5.48%, 01/25/2039^(e)		110		116
2.75%, 03/15/2022		530		529	5.58%, 01/25/2049^(e)		140		148
2.80%, 03/06/2023		500		499	Grupo Televisa SAB
3.35%, 06/12/2024		300		305	5.00%, 05/13/2045		300		273
Wabtec Corp					NBCUniversal Media LLC
4.70%, 09/15/2028		300		296	2.88%, 01/15/2023		10		10
Xylem Inc/NY					Thomson Reuters Corp
4.88%, 10/01/2021		17		17	3.35%, 05/15/2026		400		373
		$		2,204	5.85%, 04/15/2040		30		32
Media - 1.02%					Time Warner Cable LLC
21st Century Fox America Inc					4.00%, 09/01/2021		55		56
3.38%, 11/15/2026		170		169	4.50%, 09/15/2042		550		462
4.50%, 02/15/2021		500		513	5.88%, 11/15/2040		400		395
4.75%, 11/15/2046		200		217	6.55%, 05/01/2037		50		53
6.40%, 12/15/2035		50		63	7.30%, 07/01/2038		60		67
7.85%, 03/01/2039		250		360	Time Warner Entertainment Co LP
CBS Corp					8.38%, 07/15/2033		20		25
2.90%, 06/01/2023		1,000		968	Viacom Inc
4.20%, 06/01/2029^(g)		300		296	3.88%, 12/15/2021		530		533
4.85%, 07/01/2042		300		286	4.38%, 03/15/2043		400		343
7.88%, 07/30/2030		30		39	Walt Disney Co/The
Charter Communications Operating LLC / Charter					1.85%, 07/30/2026		50		46
Communications Operating Capital					2.35%, 12/01/2022		520		511
3.75%, 02/15/2028		500		468	2.75%, 08/16/2021		35		35
4.46%, 07/23/2022		575		590	3.75%, 06/01/2021		525		537
4.91%, 07/23/2025		70		73	7.00%, 03/01/2032		30		41
5.05%, 03/30/2029		300		306	Warner Media LLC
5.38%, 04/01/2038		50		48	2.95%, 07/15/2026		400		370
5.38%, 05/01/2047		500		474	3.55%, 06/01/2024		500		498
5.75%, 04/01/2048		210		210	4.85%, 07/15/2045		500		472
6.38%, 10/23/2035		30		32			$		19,106
Comcast Cable Communications Holdings Inc					Metal Fabrication & Hardware - 0.01%
9.46%, 11/15/2022		20		24	Precision Castparts Corp
Comcast Corp					3.25%, 06/15/2025		75		76
2.35%, 01/15/2027		90		82	3.90%, 01/15/2043		193		185
2.75%, 03/01/2023		50		49			$		261
2.85%, 01/15/2023		25		25	Mining - 0.19%
3.13%, 07/15/2022		610		614	Barrick North America Finance LLC
3.15%, 03/01/2026		75		74	5.75%, 05/01/2043		280		310
3.15%, 02/15/2028		260		250	BHP Billiton Finance USA Ltd
3.38%, 02/15/2025		600		600	4.13%, 02/24/2042		25		25
3.38%, 08/15/2025		300		300	5.00%, 09/30/2043		525		600
3.55%, 05/01/2028		75		74	Goldcorp Inc
3.70%, 04/15/2024		440		450	3.63%, 06/09/2021		30		30
3.90%, 03/01/2038		290		273	3.70%, 03/15/2023		500		503
3.97%, 11/01/2047		105		97	Newmont Mining Corp
4.00%, 03/01/2048		200		187	3.50%, 03/15/2022		500		503
4.00%, 11/01/2049		90		84	6.25%, 10/01/2039		100		115
4.05%, 11/01/2052		90		83	Rio Tinto Alcan Inc
4.15%, 10/15/2028		545		563	5.75%, 06/01/2035		400		463
4.50%, 01/15/2043		25		25	6.13%, 12/15/2033		30		37
4.60%, 08/15/2045		270		273	Rio Tinto Finance USA Ltd
4.65%, 07/15/2042		75		76	3.75%, 06/15/2025		75		77

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Mining (continued)					Oil & Gas (continued)
Southern Copper Corp					CNOOC Nexen Finance 2014 ULC
3.88%, 04/23/2025	$	500	$	497	4.25%, 04/30/2024	$	500	$	515
5.38%, 04/16/2020		40		41	Concho Resources Inc
5.88%, 04/23/2045		350		375	4.88%, 10/01/2047		75		75
		$		3,576	ConocoPhillips
Miscellaneous Manufacturers - 0.32%					6.50%, 02/01/2039		490		641
3M Co					ConocoPhillips Co
2.00%, 06/26/2022		500		488	4.95%, 03/15/2026		500		548
3.25%, 02/14/2024		200		203	ConocoPhillips Holding Co
3.63%, 09/14/2028		300		308	6.95%, 04/15/2029		400		508
Eaton Corp					Continental Resources Inc/OK
2.75%, 11/02/2022		520		514	4.38%, 01/15/2028		400		398
4.15%, 11/02/2042		95		92	Devon Energy Corp
General Electric Co					3.25%, 05/15/2022		300		299
2.70%, 10/09/2022		75		73	5.00%, 06/15/2045		75		76
3.10%, 01/09/2023		75		73	5.60%, 07/15/2041		570		617
3.15%, 09/07/2022		500		492	Ecopetrol SA
4.13%, 10/09/2042		30		25	5.88%, 09/18/2023		1,040		1,118
4.50%, 03/11/2044		575		513	EOG Resources Inc
4.63%, 01/07/2021		50		51	2.63%, 03/15/2023		480		470
5.88%, 01/14/2038		750		788	4.15%, 01/15/2026		500		519
6.15%, 08/07/2037		60		64	4.40%, 06/01/2020		40		41
6.75%, 03/15/2032		310		355	EQT Corp
Illinois Tool Works Inc					3.90%, 10/01/2027		90		82
2.65%, 11/15/2026		90		86	Equinor ASA
3.50%, 03/01/2024		540		551	3.15%, 01/23/2022		300		303
Ingersoll-Rand Luxembourg Finance SA					Exxon Mobil Corp
2.63%, 05/01/2020		500		496	1.91%, 03/06/2020		500		496
Parker-Hannifin Corp					2.40%, 03/06/2022		575		569
3.30%, 11/21/2024		300		298	2.71%, 03/06/2025		275		271
3.50%, 09/15/2022		30		30	Hess Corp
Textron Inc					4.30%, 04/01/2027		300		290
4.00%, 03/15/2026		500		493	7.13%, 03/15/2033		21		24
		$		5,993	7.30%, 08/15/2031		349		398
Oil & Gas - 1.73%					HollyFrontier Corp
Anadarko Finance Co					5.88%, 04/01/2026		500		527
7.50%, 05/01/2031		50		61	Husky Energy Inc
Anadarko Petroleum Corp					4.00%, 04/15/2024		500		503
6.20%, 03/15/2040		480		527	Kerr-McGee Corp
6.45%, 09/15/2036		60		67	6.95%, 07/01/2024		400		451
6.60%, 03/15/2046		60		71	Marathon Oil Corp
Apache Corp					2.80%, 11/01/2022		75		73
3.63%, 02/01/2021		530		533	3.85%, 06/01/2025		500		493
4.75%, 04/15/2043		280		255	4.40%, 07/15/2027		300		303
BP Capital Markets America Inc					Marathon Petroleum Corp
3.02%, 01/16/2027		1,090		1,049	3.63%, 09/15/2024		500		495
3.12%, 05/04/2026		75		73	5.00%, 09/15/2054		200		185
3.25%, 05/06/2022		640		645	Nexen Inc
3.59%, 04/14/2027		75		75	6.40%, 05/15/2037		730		917
3.79%, 02/06/2024		400		411	7.50%, 07/30/2039		39		55
BP Capital Markets PLC					Noble Energy Inc
2.50%, 11/06/2022		75		74	4.15%, 12/15/2021		750		763
3.28%, 09/19/2027		75		74	Occidental Petroleum Corp
3.51%, 03/17/2025		75		76	2.70%, 02/15/2023		75		74
3.72%, 11/28/2028		575		585	3.13%, 02/15/2022		25		25
Canadian Natural Resources Ltd					3.50%, 06/15/2025		500		505
3.80%, 04/15/2024		750		752	4.10%, 02/15/2047		500		489
Cenovus Energy Inc					Petro-Canada
3.00%, 08/15/2022		300		290	6.80%, 05/15/2038		364		448
4.25%, 04/15/2027		300		286	Petroleos Mexicanos
Chevron Corp					4.25%, 01/15/2025		50		45
2.36%, 12/05/2022		350		344	4.88%, 01/24/2022		1,180		1,171
2.42%, 11/17/2020		175		174	5.50%, 01/21/2021		300		304
2.43%, 06/24/2020		290		289	5.50%, 06/27/2044		530		418
2.95%, 05/16/2026		180		177	5.63%, 01/23/2046		400		313
3.33%, 11/17/2025		165		167	6.50%, 03/13/2027		500		483
CNOOC Finance 2013 Ltd					6.63%, 06/15/2035		750		679
3.00%, 05/09/2023		500		489	6.75%, 09/21/2047		550		478

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Oil & Gas (continued)					Pharmaceuticals (continued)
Petroleos Mexicanos (continued)					AbbVie Inc (continued)
6.88%, 08/04/2026	$	300	$	300	4.70%, 05/14/2045	$	320	$	293
Phillips 66					4.88%, 11/14/2048		170		160
4.30%, 04/01/2022		75		78	Allergan Funding SCS
4.88%, 11/15/2044		500		521	3.00%, 03/12/2020		685		685
5.88%, 05/01/2042		30		35	3.80%, 03/15/2025		395		390
Pioneer Natural Resources Co					3.85%, 06/15/2024		90		90
3.95%, 07/15/2022		30		30	4.55%, 03/15/2035		170		159
Shell International Finance BV					4.75%, 03/15/2045		500		461
1.88%, 05/10/2021		545		535	4.85%, 06/15/2044		30		28
2.88%, 05/10/2026		155		151	AmerisourceBergen Corp
3.25%, 05/11/2025		355		356	3.40%, 05/15/2024		30		30
3.50%, 11/13/2023		200		204	AstraZeneca PLC
3.75%, 09/12/2046		90		86	2.38%, 11/16/2020		195		193
3.88%, 11/13/2028		200		207	2.38%, 06/12/2022		500		488
4.00%, 05/10/2046		75		75	3.38%, 11/16/2025		180		177
4.13%, 05/11/2035		135		139	3.50%, 08/17/2023		20		20
4.38%, 03/25/2020		565		575	4.00%, 01/17/2029		400		402
4.38%, 05/11/2045		575		605	4.00%, 09/18/2042		300		275
6.38%, 12/15/2038		410		536	4.38%, 08/17/2048		60		58
Suncor Energy Inc					6.45%, 09/15/2037		30		37
4.00%, 11/15/2047		370		344	Bristol-Myers Squibb Co
6.85%, 06/01/2039		73		92	3.25%, 08/01/2042		515		419
Total Capital International SA					Cardinal Health Inc
2.88%, 02/17/2022		475		475	3.41%, 06/15/2027		400		374
3.46%, 02/19/2029		500		500	4.60%, 03/15/2043		430		378
Total Capital SA					Cigna Corp
4.25%, 12/15/2021		550		571	3.20%, 09/17/2020^(e)		140		140
Valero Energy Corp					3.40%, 09/17/2021^(e)		100		101
6.63%, 06/15/2037		60		71	3.75%, 07/15/2023^(e)		240		243
7.50%, 04/15/2032		60		75	4.13%, 11/15/2025^(e)		170		173
		$		32,560	4.38%, 10/15/2028^(e)		300		304
Oil & Gas Services - 0.12%					4.80%, 08/15/2038^(e)		170		169
Baker Hughes a GE Co LLC					4.90%, 12/15/2048^(e)		230		227
3.20%, 08/15/2021		128		129	CVS Health Corp
Baker Hughes a GE Co LLC / Baker Hughes Co-					2.13%, 06/01/2021		35		34
Obligor Inc					2.80%, 07/20/2020		340		338
2.77%, 12/15/2022		75		74	2.88%, 06/01/2026		60		56
3.34%, 12/15/2027		135		128	3.50%, 07/20/2022		500		502
Halliburton Co					3.70%, 03/09/2023		30		30
3.25%, 11/15/2021		530		532	3.88%, 07/20/2025		25		25
3.80%, 11/15/2025		220		221	4.00%, 12/05/2023		50		51
5.00%, 11/15/2045		230		237	4.10%, 03/25/2025		75		76
7.45%, 09/15/2039		26		34	4.30%, 03/25/2028		955		955
National Oilwell Varco Inc					4.78%, 03/25/2038		320		311
2.60%, 12/01/2022		475		460	5.05%, 03/25/2048		770		761
3.95%, 12/01/2042		400		326	5.13%, 07/20/2045		740		731
Schlumberger Investment SA					Eli Lilly & Co
3.65%, 12/01/2023		75		77	5.50%, 03/15/2027		530		604
		$		2,218	Express Scripts Holding Co
Packaging & Containers - 0.02%					3.90%, 02/15/2022		500		510
Packaging Corp of America					4.75%, 11/15/2021		50		52
4.50%, 11/01/2023		25		26	4.80%, 07/15/2046		500		491
WRKCo Inc					GlaxoSmithKline Capital Inc
4.90%, 03/15/2029		400		420	3.38%, 05/15/2023		190		192
		$		446	3.63%, 05/15/2025		85		87
Pharmaceuticals - 1.32%					3.88%, 05/15/2028		165		170
AbbVie Inc					6.38%, 05/15/2038		430		544
2.50%, 05/14/2020		620		616	Johnson & Johnson
2.85%, 05/14/2023		40		39	1.65%, 03/01/2021		265		259
2.90%, 11/06/2022		550		541	2.45%, 03/01/2026		225		215
3.20%, 05/14/2026		390		369	2.90%, 01/15/2028		75		73
3.60%, 05/14/2025		170		167	2.95%, 03/03/2027		75		73
4.25%, 11/14/2028		140		139	3.40%, 01/15/2038		500		476
4.30%, 05/14/2036		280		255	3.50%, 01/15/2048		70		66
4.40%, 11/06/2042		25		22	3.55%, 03/01/2036		750		729
4.45%, 05/14/2046		270		237	3.70%, 03/01/2046		90		87
4.50%, 05/14/2035		245		229	5.95%, 08/15/2037		75		94

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Pharmaceuticals (continued)					Pipelines (continued)
McKesson Corp					Energy Transfer Partners LP / Regency Energy
2.70%, 12/15/2022	$	500	$	487	Finance Corp
4.75%, 03/01/2021		100		102	5.00%, 10/01/2022	$	350	$	364
4.88%, 03/15/2044		80		76	Enterprise Products Operating LLC
Mead Johnson Nutrition Co					3.70%, 02/15/2026		400		401
4.60%, 06/01/2044		30		31	4.25%, 02/15/2048		110		103
Merck & Co Inc					4.45%, 02/15/2043		350		338
2.35%, 02/10/2022		50		49	4.85%, 08/15/2042		400		409
2.40%, 09/15/2022		75		74	5.20%, 09/01/2020		430		443
2.80%, 05/18/2023		75		75	6.88%, 03/01/2033		39		48
4.15%, 05/18/2043		750		767	EQM Midstream Partners LP
Mylan Inc					4.13%, 12/01/2026		500		461
4.20%, 11/29/2023		30		30	Kinder Morgan Energy Partners LP
Mylan NV					3.50%, 09/01/2023		390		390
3.15%, 06/15/2021		825		816	3.95%, 09/01/2022		600		610
3.95%, 06/15/2026		240		225	4.70%, 11/01/2042		20		19
5.25%, 06/15/2046		230		198	6.38%, 03/01/2041		380		430
Novartis Capital Corp					6.95%, 01/15/2038		383		458
3.00%, 11/20/2025		90		89	Kinder Morgan Inc/DE
4.40%, 04/24/2020		30		31	5.05%, 02/15/2046		300		297
4.40%, 05/06/2044		530		564	Magellan Midstream Partners LP
Pfizer Inc					4.25%, 02/01/2021		750		764
1.95%, 06/03/2021		200		197	MPLX LP
3.00%, 12/15/2026		500		491	4.13%, 03/01/2027		140		137
3.40%, 05/15/2024		100		103	4.50%, 04/15/2038		200		184
4.00%, 12/15/2036		45		45	4.88%, 12/01/2024		500		522
4.13%, 12/15/2046		75		76	4.88%, 06/01/2025		100		104
4.20%, 09/15/2048		80		82	4.90%, 04/15/2058		165		147
4.30%, 06/15/2043		225		233	5.50%, 02/15/2049		130		133
4.40%, 05/15/2044		75		79	ONEOK Inc
5.20%, 08/12/2020		110		114	4.00%, 07/13/2027		300		295
7.20%, 03/15/2039		60		85	7.50%, 09/01/2023		300		341
Shire Acquisitions Investments Ireland DAC					ONEOK Partners LP
3.20%, 09/23/2026		300		282	6.13%, 02/01/2041		30		32
Takeda Pharmaceutical Co Ltd					Plains All American Pipeline LP / PAA Finance
3.80%, 11/26/2020^(e)		200		202	Corp
4.40%, 11/26/2023^(e)		200		207	4.50%, 12/15/2026		500		500
Wyeth LLC					4.70%, 06/15/2044		30		26
5.95%, 04/01/2037		60		74	6.65%, 01/15/2037		500		547
6.50%, 02/01/2034		525		679	Sabine Pass Liquefaction LLC
Zoetis Inc					4.20%, 03/15/2028		75		74
3.25%, 02/01/2023		540		537	5.00%, 03/15/2027		375		389
		$		24,780	5.63%, 02/01/2021		200		207
Pipelines - 0.91%					5.63%, 03/01/2025		75		81
Andeavor Logistics LP / Tesoro Logistics Finance					5.88%, 06/30/2026		200		218
Corp					Spectra Energy Partners LP
4.25%, 12/01/2027		300		295	4.75%, 03/15/2024		105		110
5.20%, 12/01/2047		300		289	5.95%, 09/25/2043		400		442
Boardwalk Pipelines LP					Sunoco Logistics Partners Operations LP
3.38%, 02/01/2023		30		29	4.65%, 02/15/2022		155		160
Buckeye Partners LP					5.40%, 10/01/2047		400		384
3.95%, 12/01/2026		500		468	TransCanada PipeLines Ltd
4.35%, 10/15/2024		25		25	3.75%, 10/16/2023		30		30
Enbridge Energy Partners LP					4.88%, 05/15/2048		80		81
5.20%, 03/15/2020		24		24	6.10%, 06/01/2040		30		35
7.38%, 10/15/2045		70		94	7.25%, 08/15/2038		750		954
7.50%, 04/15/2038		350		456	Williams Cos Inc/The
Enbridge Inc					3.60%, 03/15/2022		500		503
4.25%, 12/01/2026		75		76	3.75%, 06/15/2027		45		44
Energy Transfer Operating LP					3.90%, 01/15/2025		500		501
4.05%, 03/15/2025		300		298	4.00%, 09/15/2025		50		50
4.20%, 04/15/2027		300		293	5.10%, 09/15/2045		220		218
4.90%, 03/15/2035		500		466	5.25%, 03/15/2020		530		541
5.30%, 04/15/2047		300		283	6.30%, 04/15/2040		30		34
6.25%, 04/15/2049		155		166			$		17,146
6.50%, 02/01/2042		300		325	Private Equity - 0.02%
					Brookfield Asset Management Inc
					4.00%, 01/15/2025		300		297

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Regional Authority - 0.18%					REITs (continued)
Province of Alberta Canada					Kimco Realty Corp
3.30%, 03/15/2028	$	100	$	101	2.70%, 03/01/2024	$	300	$	286
Province of British Columbia Canada					3.20%, 05/01/2021		750		748
2.00%, 10/23/2022		500		488	Liberty Property LP
2.65%, 09/22/2021		400		400	3.38%, 06/15/2023		40		40
6.50%, 01/15/2026		45		54	3.75%, 04/01/2025		90		90
Province of Manitoba Canada					Mid-America Apartments LP
3.05%, 05/14/2024		30		30	3.60%, 06/01/2027		500		485
Province of Ontario Canada					National Retail Properties Inc
2.50%, 09/10/2021		500		497	3.60%, 12/15/2026		300		292
3.20%, 05/16/2024		440		445	4.80%, 10/15/2048		200		199
3.40%, 10/17/2023		210		214	Office Properties Income Trust
Province of Quebec Canada					4.00%, 07/15/2022		300		295
2.75%, 08/25/2021		540		540	Omega Healthcare Investors Inc
2.88%, 10/16/2024		500		499	4.95%, 04/01/2024		30		30
7.50%, 09/15/2029		36		49	Realty Income Corp
Province of Saskatchewan Canada					3.25%, 10/15/2022		500		502
8.50%, 07/15/2022		17		20	4.13%, 10/15/2026		20		20
		$		3,337	Simon Property Group LP
REITs - 0.80%					2.75%, 02/01/2023		250		247
Alexandria Real Estate Equities Inc					4.75%, 03/15/2042		164		174
3.90%, 06/15/2023		750		759	UDR Inc
3.95%, 01/15/2028		300		293	4.00%, 10/01/2025		200		202
American Tower Corp					Ventas Realty LP
3.38%, 10/15/2026		500		478	3.75%, 05/01/2024		500		502
3.50%, 01/31/2023		75		75	4.88%, 04/15/2049		300		299
4.70%, 03/15/2022		50		52	5.70%, 09/30/2043		225		249
5.90%, 11/01/2021		500		530	Weingarten Realty Investors
AvalonBay Communities Inc					3.38%, 10/15/2022		120		119
3.50%, 11/15/2024		1,000		1,000	Welltower Inc
3.63%, 10/01/2020		100		101	4.00%, 06/01/2025		75		76
4.15%, 07/01/2047		300		294	4.13%, 03/15/2029		300		298
Boston Properties LP					4.25%, 04/15/2028		400		404
2.75%, 10/01/2026		300		278	4.50%, 01/15/2024		30		31
3.13%, 09/01/2023		20		20	5.25%, 01/15/2022		350		366
3.65%, 02/01/2026		75		74	Weyerhaeuser Co
5.63%, 11/15/2020		30		31	4.70%, 03/15/2021		30		31
Brixmor Operating Partnership LP					7.38%, 03/15/2032		30		38
3.65%, 06/15/2024		400		391			$		14,961
Crown Castle International Corp					Retail - 0.71%
3.20%, 09/01/2024		75		73	AutoZone Inc
3.70%, 06/15/2026		510		497	3.13%, 04/21/2026		500		475
5.25%, 01/15/2023		500		528	3.75%, 06/01/2027		300		295
CubeSmart LP					Costco Wholesale Corp
4.38%, 12/15/2023		30		31	2.15%, 05/18/2021		200		198
Duke Realty LP					2.30%, 05/18/2022		200		198
3.75%, 12/01/2024		300		301	3.00%, 05/18/2027		300		293
3.88%, 10/15/2022		530		540	Dollar Tree Inc
Essex Portfolio LP					3.70%, 05/15/2023		85		84
4.00%, 03/01/2029		300		299	4.00%, 05/15/2025		60		59
Federal Realty Investment Trust					4.20%, 05/15/2028		130		124
4.50%, 12/01/2044		300		304	Home Depot Inc/The
HCP Inc					2.00%, 04/01/2021		500		493
3.88%, 08/15/2024		200		201	2.70%, 04/01/2023		50		50
4.20%, 03/01/2024		200		204	3.75%, 02/15/2024		500		519
4.25%, 11/15/2023		75		77	4.25%, 04/01/2046		670		682
Healthcare Trust of America Holdings LP					5.88%, 12/16/2036		330		401
2.95%, 07/01/2022		400		391	Kohl's Corp
Highwoods Realty LP					4.25%, 07/17/2025		300		296
3.20%, 06/15/2021		30		30	Lowe's Cos Inc
Hospitality Properties Trust					2.50%, 04/15/2026		90		82
4.50%, 06/15/2023		500		497	3.10%, 05/03/2027		160		151
4.65%, 03/15/2024		40		40	3.38%, 09/15/2025		50		49
Host Hotels & Resorts LP					3.70%, 04/15/2046		20		17
5.25%, 03/15/2022		500		518	3.88%, 09/15/2023		30		30
6.00%, 10/01/2021		30		31	4.38%, 09/15/2045		500		463

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Retail (continued)					Semiconductors (continued)
McDonald's Corp					Texas Instruments Inc
3.25%, 06/10/2024	$	175	$	175	4.15%, 05/15/2048	$	105	$	107
3.63%, 05/20/2021		750		760			$		7,589
3.70%, 01/30/2026		115		116	Software - 0.64%
3.70%, 02/15/2042		300		266	Fidelity National Information Services Inc
4.45%, 09/01/2048		300		292	3.63%, 10/15/2020		200		201
4.88%, 12/09/2045		340		351	4.75%, 05/15/2048		400		372
Nordstrom Inc					5.00%, 10/15/2025		126		133
5.00%, 01/15/2044		300		257	Fiserv Inc
O'Reilly Automotive Inc					2.70%, 06/01/2020		1,000		993
3.55%, 03/15/2026		500		487	3.50%, 10/01/2022		30		30
Starbucks Corp					3.85%, 06/01/2025		105		105
2.10%, 02/04/2021		750		739	Microsoft Corp
4.50%, 11/15/2048		75		72	1.55%, 08/08/2021		35		34
Target Corp					2.38%, 02/12/2022		750		744
3.63%, 04/15/2046		300		270	2.40%, 02/06/2022		500		496
3.88%, 07/15/2020		500		508	2.40%, 08/08/2026		560		532
3.90%, 11/15/2047		60		56	3.13%, 11/03/2025		270		272
TJX Cos Inc/The					3.30%, 02/06/2027		105		106
2.75%, 06/15/2021		25		25	3.45%, 08/08/2036		640		621
Walgreens Boots Alliance Inc					3.50%, 02/12/2035		75		73
4.80%, 11/18/2044		525		490	3.63%, 12/15/2023		550		570
Walmart Inc					3.70%, 08/08/2046		575		561
2.35%, 12/15/2022		220		217	3.95%, 08/08/2056		135		133
3.25%, 10/25/2020		550		556	4.00%, 02/12/2055		75		74
3.30%, 04/22/2024		550		560	4.10%, 02/06/2037		75		78
3.40%, 06/26/2023		350		357	4.20%, 11/03/2035		360		381
3.63%, 12/15/2047		90		84	4.25%, 02/06/2047		90		96
3.70%, 06/26/2028		255		261	4.45%, 11/03/2045		207		225
3.95%, 06/28/2038		195		195	4.50%, 02/06/2057		640		702
4.00%, 04/11/2043		750		747	4.75%, 11/03/2055		70		79
4.05%, 06/29/2048		315		318	Oracle Corp
5.25%, 09/01/2035		40		47	1.90%, 09/15/2021		80		78
5.63%, 04/01/2040		40		48	2.40%, 09/15/2023		75		73
5.63%, 04/15/2041		60		73	2.50%, 10/15/2022		75		74
		$		13,286	2.63%, 02/15/2023		330		326
Semiconductors - 0.40%					2.65%, 07/15/2026		30		29
Analog Devices Inc					2.80%, 07/08/2021		500		501
2.95%, 01/12/2021		300		299	2.95%, 11/15/2024		50		49
Applied Materials Inc					2.95%, 05/15/2025		70		69
4.35%, 04/01/2047		45		45	3.25%, 11/15/2027		340		335
5.85%, 06/15/2041		500		600	3.40%, 07/08/2024		550		557
Broadcom Corp / Broadcom Cayman Finance Ltd					3.80%, 11/15/2037		265		254
3.00%, 01/15/2022		1,200		1,178	3.90%, 05/15/2035		130		128
3.88%, 01/15/2027		650		602	4.00%, 07/15/2046		1,000		956
Intel Corp					4.00%, 11/15/2047		75		71
2.45%, 07/29/2020		300		299	4.30%, 07/08/2034		75		78
2.60%, 05/19/2026		90		86	4.38%, 05/15/2055		150		150
2.88%, 05/11/2024		105		104	4.50%, 07/08/2044		50		52
3.15%, 05/11/2027		150		149	5.38%, 07/15/2040		550		628
3.30%, 10/01/2021		550		559	6.13%, 07/08/2039		60		74
3.73%, 12/08/2047		105		100			$		12,093
4.90%, 07/29/2045		500		563	Sovereign - 1.37%
Micron Technology Inc					Canada Government International Bond
4.64%, 02/06/2024		300		302	2.63%, 01/25/2022		500		501
4.98%, 02/06/2026		300		299	Chile Government International Bond
5.33%, 02/06/2029		300		301	3.86%, 06/21/2047		300		292
NVIDIA Corp					3.88%, 08/05/2020		750		760
2.20%, 09/16/2021		300		295	Colombia Government International Bond
3.20%, 09/16/2026		500		487	5.00%, 06/15/2045		350		351
QUALCOMM Inc					5.63%, 02/26/2044		500		537
2.25%, 05/20/2020		250		248	7.38%, 09/18/2037		500		628
2.60%, 01/30/2023		310		301	10.38%, 01/28/2033		400		604
3.25%, 05/20/2027		330		313	Export Development Canada
3.45%, 05/20/2025		180		177	1.75%, 07/21/2020		750		741
4.65%, 05/20/2035		70		69	2.63%, 02/21/2024		300		299
4.80%, 05/20/2045		110		106

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Sovereign (continued)					Sovereign (continued)
Export-Import Bank of Korea					Ukraine Government AID Bonds
1.88%, 10/21/2021	$	350	$	339	1.47%, 09/29/2021	$	250	$	243
5.00%, 04/11/2022		500		526	Uruguay Government International Bond
Hungary Government International Bond					4.13%, 11/20/2045		386		359
5.38%, 03/25/2024		500		543	4.38%, 10/27/2027		210		216
6.38%, 03/29/2021		500		531	7.63%, 03/21/2036		400		540
Indonesia Government International Bond							$		25,869
4.35%, 01/11/2048		200		190	Supranational Bank - 1.45%
4.75%, 02/11/2029		300		313	African Development Bank
Israel Government AID Bond					2.38%, 09/23/2021		15		15
5.50%, 09/18/2023		65		73	3.00%, 09/20/2023		600		608
5.50%, 04/26/2024		65		73	Asian Development Bank
5.50%, 09/18/2033		33		42	1.75%, 06/08/2021		1,000		981
Israel Government International Bond					1.75%, 09/13/2022		500		486
4.00%, 06/30/2022		650		672	2.13%, 11/24/2021		800		790
Japan Bank for International Cooperation					2.13%, 03/19/2025		300		290
1.75%, 05/28/2020		500		494	2.38%, 08/10/2027		500		482
2.13%, 02/10/2025		300		286	2.75%, 03/17/2023		270		271
2.25%, 11/04/2026		1,000		942	2.75%, 01/19/2028		130		129
2.38%, 04/20/2026		500		478	5.82%, 06/16/2028		39		47
3.00%, 05/29/2024		300		301	Corp Andina de Fomento
Korea International Bond					3.25%, 02/11/2022		1,000		997
2.75%, 01/19/2027		250		241	4.38%, 06/15/2022		559		577
Mexico Government International Bond					European Bank for Reconstruction &
3.63%, 03/15/2022		570		573	Development
3.75%, 01/11/2028		225		215	1.13%, 08/24/2020		1,000		978
4.13%, 01/21/2026		500		499	1.88%, 02/23/2022		500		489
4.50%, 04/22/2029		500		503	European Investment Bank
4.60%, 01/23/2046		500		463	1.38%, 06/15/2020		1,330		1,309
4.60%, 02/10/2048		300		279	1.63%, 03/16/2020		300		297
4.75%, 03/08/2044		210		199	1.88%, 02/10/2025		250		239
5.75%, 10/12/2110		500		492	2.00%, 03/15/2021		795		785
6.75%, 09/27/2034		750		888	2.25%, 03/15/2022		500		495
8.30%, 08/15/2031		97		128	2.38%, 05/24/2027		650		629
Panama Government International Bond					2.50%, 04/15/2021		650		648
3.75%, 03/16/2025		250		254	2.50%, 03/15/2023		440		438
4.50%, 04/16/2050		200		200	2.63%, 05/20/2022		1,000		1,001
8.88%, 09/30/2027		570		775	2.88%, 09/15/2020		1,100		1,104
Peruvian Government International Bond					2.88%, 12/15/2021		600		605
5.63%, 11/18/2050		400		490	4.88%, 02/15/2036		500		609
8.75%, 11/21/2033		350		531	FMS Wertmanagement
Philippine Government International Bond					1.75%, 03/17/2020		200		198
3.00%, 02/01/2028		300		289	2.00%, 08/01/2022		400		392
3.70%, 03/01/2041		500		490	Inter-American Development Bank
4.00%, 01/15/2021		750		764	1.63%, 05/12/2020		600		593
7.75%, 01/14/2031		140		193	2.13%, 01/18/2022		500		493
10.63%, 03/16/2025		600		841	2.13%, 01/15/2025		500		484
Republic of Italy Government International Bond					2.38%, 07/07/2027		1,500		1,449
5.38%, 06/15/2033		40		41	2.50%, 01/18/2023		330		329
6.88%, 09/27/2023		550		602	2.63%, 04/19/2021		500		500
Republic of Poland Government International					3.13%, 09/18/2028		300		306
Bond					4.38%, 01/24/2044		50		58
5.00%, 03/23/2022		500		529	International Bank for Reconstruction &
5.13%, 04/21/2021		580		606	Development
Svensk Exportkredit AB					1.38%, 05/24/2021		345		336
1.75%, 08/28/2020		400		395	1.38%, 09/20/2021		320		310
Tennessee Valley Authority					1.63%, 09/04/2020		1,500		1,478
3.50%, 12/15/2042		100		98	1.88%, 10/07/2022		180		175
3.88%, 02/15/2021		400		410	1.88%, 10/27/2026		1,000		940
4.25%, 09/15/2065		150		169	2.25%, 06/24/2021		750		744
4.63%, 09/15/2060		300		358	2.50%, 07/29/2025		270		266
5.25%, 09/15/2039		250		309	3.00%, 09/27/2023		300		306
5.38%, 04/01/2056		61		82	7.63%, 01/19/2023		933		1,102
5.88%, 04/01/2036		600		776	International Finance Corp
6.75%, 11/01/2025		57		70	1.63%, 07/16/2020		200		197
Tunisia Government AID Bonds					2.13%, 04/07/2026		1,000		962
1.42%, 08/05/2021		250		243

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Supranational Bank (continued)					Telecommunications (continued)
Nordic Investment Bank					Verizon Communications Inc (continued)
1.50%, 09/29/2020	$	400	$	393	5.15%, 09/15/2023	$	1,000	$	1,086
		$		27,310	5.25%, 03/16/2037		75		82
Telecommunications - 1.21%					5.50%, 03/16/2047		45		50
America Movil SAB de CV					6.55%, 09/15/2043		60		74
5.00%, 03/30/2020		30		31	Vodafone Group PLC
6.13%, 03/30/2040		450		544	3.75%, 01/16/2024		75		75
AT&T Inc					4.13%, 05/30/2025		75		75
3.00%, 06/30/2022		90		89	4.38%, 05/30/2028		375		371
3.20%, 03/01/2022		230		230	5.00%, 05/30/2038		80		76
3.88%, 08/15/2021		20		20	5.25%, 05/30/2048		315		300
3.90%, 03/11/2024		500		507	6.15%, 02/27/2037		240		257
3.95%, 01/15/2025		500		501			$		22,732
4.10%, 02/15/2028		575		567	Transportation - 0.56%
4.13%, 02/17/2026		75		75	Burlington Northern Santa Fe LLC
4.30%, 02/15/2030		937		920	3.65%, 09/01/2025		500		512
4.35%, 03/01/2029		500		498	4.05%, 06/15/2048		75		74
4.35%, 06/15/2045		1,090		949	4.15%, 04/01/2045		200		201
4.50%, 05/15/2035		500		471	4.40%, 03/15/2042		30		31
4.50%, 03/09/2048		110		98	4.55%, 09/01/2044		400		420
4.55%, 03/09/2049		500		447	4.90%, 04/01/2044		45		50
4.75%, 05/15/2046		90		84	5.40%, 06/01/2041		400		460
4.85%, 03/01/2039		500		478	Canadian National Railway Co
5.15%, 11/15/2046		905		883	2.85%, 12/15/2021		500		498
5.25%, 03/01/2037		75		76	Cie de Chemin de Fer Canadien Pacifique
5.35%, 09/01/2040		54		54	2.90%, 02/01/2025		500		484
5.55%, 08/15/2041		75		77	4.45%, 03/15/2023		30		31
6.38%, 03/01/2041		75		83	6.13%, 09/15/2115		75		87
British Telecommunications PLC					CSX Corp
9.62%, 12/15/2030		600		838	2.60%, 11/01/2026		350		324
Cisco Systems Inc					3.40%, 08/01/2024		600		602
1.85%, 09/20/2021		750		733	3.80%, 03/01/2028		75		75
2.45%, 06/15/2020		460		459	4.30%, 03/01/2048		200		194
2.50%, 09/20/2026		60		57	4.75%, 05/30/2042		430		441
2.95%, 02/28/2026		300		293	FedEx Corp
5.50%, 01/15/2040		60		73	3.25%, 04/01/2026		713		694
Deutsche Telekom International Finance BV					3.88%, 08/01/2042		30		26
8.75%, 06/15/2030		530		711	4.00%, 01/15/2024		250		257
Juniper Networks Inc					4.55%, 04/01/2046		500		467
4.35%, 06/15/2025		200		199	Norfolk Southern Corp
Motorola Solutions Inc					3.00%, 04/01/2022		500		497
3.50%, 09/01/2021		275		275	3.25%, 12/01/2021		40		40
Orange SA					3.94%, 11/01/2047		192		179
4.13%, 09/14/2021		30		31	4.15%, 02/28/2048		500		485
5.38%, 01/13/2042		30		32	4.84%, 10/01/2041		30		31
9.00%, 03/01/2031		500		701	Union Pacific Corp
Rogers Communications Inc					2.75%, 03/01/2026		500		476
5.00%, 03/15/2044		200		212	3.80%, 10/01/2051		280		248
7.50%, 08/15/2038		250		330	3.95%, 09/10/2028		140		143
Telefonica Emisiones SA					4.10%, 09/15/2067		500		431
5.13%, 04/27/2020		100		102	4.16%, 07/15/2022		575		596
7.05%, 06/20/2036		530		624	4.30%, 03/01/2049		90		88
Telefonica Europe BV					4.50%, 09/10/2048		75		75
8.25%, 09/15/2030		350		452	4.80%, 09/10/2058		145		149
Verizon Communications Inc					United Parcel Service Inc
2.63%, 08/15/2026		500		466	3.13%, 01/15/2021		530		534
2.95%, 03/15/2022		358		358	3.63%, 10/01/2042		500		454
3.13%, 03/16/2022		255		256	3.75%, 11/15/2047		110		102
3.50%, 11/01/2024		1,000		1,010	4.88%, 11/15/2040		30		33
3.85%, 11/01/2042		90		81			$		10,489
3.88%, 02/08/2029		1,000		998	Water - 0.01%
4.33%, 09/21/2028		60		62	American Water Capital Corp
4.40%, 11/01/2034		80		80	3.75%, 09/01/2047		140		130
4.52%, 09/15/2048		50		49	6.59%, 10/15/2037		13		16
4.67%, 03/15/2055		1,090		1,060			$		146
4.81%, 03/15/2039		75		77	TOTAL BONDS		$		610,543
4.86%, 08/21/2046		1,250		1,285
5.01%, 08/21/2054		682		700


Schedule of Investments
Bond Market Index Fund
February 28, 2019 (unaudited)



		Principal					Principal
MUNICIPAL BONDS - 0.68%	Amount (000's) Value (000's)				MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
California - 0.20%					Ohio - 0.04%
Bay Area Toll Authority					American Municipal Power Inc
6.26%, 04/01/2049	$	175	$	239	7.83%, 02/15/2041	$	300	$	437
6.91%, 10/01/2050		250		362	Ohio State University/The
East Bay Municipal Utility District Water System					3.80%, 12/01/2046		350		344
Revenue					4.91%, 06/01/2040		50		58
5.87%, 06/01/2040		20		26			$		839
Los Angeles Department of Water & Power Power					Texas - 0.09%
System Revenue					City of Houston TX
6.57%, 07/01/2045		250		349	6.29%, 03/01/2032		480		560
Los Angeles Unified School District/CA					Dallas Area Rapid Transit
5.76%, 07/01/2029		530		614	5.02%, 12/01/2048		30		34
Regents of the University of California Medical					State of Texas
Center Pooled Revenue					4.68%, 04/01/2040		600		667
6.55%, 05/15/2048		20		27	5.52%, 04/01/2039		300		370
State of California							$		1,631
3.50%, 04/01/2028		115		116	Wisconsin - 0.02%
7.30%, 10/01/2039		300		420	State of Wisconsin (credit support from AGM)
7.70%, 11/01/2030		500		539	5.70%, 05/01/2026^(h)		350		388
University of California					TOTAL MUNICIPAL BONDS		$		12,796
3.06%, 07/01/2025		400		400	U.S. GOVERNMENT & GOVERNMENT		Principal
5.77%, 05/15/2043		530		648	AGENCY OBLIGATIONS - 66.20%	Amount (000's) Value (000's)
		$		3,740	Federal Home Loan Mortgage Corporation (FHLMC) - 7.78%
Colorado - 0.02%					2.00%, 03/01/2028	$	51	$	49
Regional Transportation District					2.00%, 08/01/2028		280		271
5.84%, 11/01/2050		250		325	2.00%, 01/01/2030		72		70
Connecticut - 0.03%					2.00%, 09/01/2031		174		167
State of Connecticut					2.00%, 12/01/2031		235		226
5.85%, 03/15/2032		530		620	2.50%, 03/01/2027		96		95
Florida - 0.03%					2.50%, 08/01/2027		72		71
State Board of Administration Finance Corp					2.50%, 08/01/2028		188		185
3.00%, 07/01/2020		500		500	2.50%, 09/01/2029		446		440
Georgia - 0.02%					2.50%, 12/01/2029		566		558
Municipal Electric Authority of Georgia					2.50%, 01/01/2030		587		579
6.64%, 04/01/2057		340		361	2.50%, 09/01/2030		1,323		1,301
Illinois - 0.03%					2.50%, 01/01/2031		501		492
Chicago Transit Authority					2.50%, 01/01/2031		336		330
6.20%, 12/01/2040		30		37	2.50%, 02/01/2031		496		486
City of Chicago IL					2.50%, 04/01/2031		164		161
6.31%, 01/01/2044		30		29	2.50%, 12/01/2031		770		756
State of Illinois					2.50%, 01/01/2032		791		777
4.95%, 06/01/2023		85		86	2.50%, 01/01/2032		156		153
5.10%, 06/01/2033		400		379	2.50%, 03/01/2032		239		234
		$		531	2.50%, 11/01/2032		325		319
					2.50%, 03/01/2033		288		283
New Jersey - 0.08%					2.50%, 04/01/2033		268		263
New Jersey Economic Development					2.50%, 05/01/2033		707		694
Authority (credit support from AGM)					2.50%, 06/01/2033		494		485
0.00%, 02/15/2023^(d),(h)		50		43	2.50%, 03/01/2034⁽ⁱ⁾		200		196
New Jersey Economic Development					2.50%, 11/01/2036		165		159
Authority (credit support from NATL)					2.50%, 01/01/2043		146		139
7.43%, 02/15/2029^(h)		450		542	2.50%, 07/01/2043		70		67
New Jersey Transportation Trust Fund Authority					2.50%, 01/01/2046		74		71
6.56%, 12/15/2040		146		180	2.50%, 11/01/2046		130		124
New Jersey Turnpike Authority (credit support					3.00%, 01/01/2021		37		37
from NEW JERSEY ST TPK AUTH TPK REV)					3.00%, 09/01/2021		2		2
7.41%, 01/01/2040^(h)		500		718	3.00%, 10/01/2021		117		117
		$		1,483	3.00%, 12/01/2021		72		72
New York - 0.12%					3.00%, 02/01/2023		116		117
City of New York NY					3.00%, 02/01/2027		109		109
6.27%, 12/01/2037		500		631	3.00%, 02/01/2027		288		288
New York City Water & Sewer System					3.00%, 05/01/2027		35		35
5.72%, 06/15/2042		280		356	3.00%, 06/01/2027		103		104
5.95%, 06/15/2042		250		326	3.00%, 03/01/2028⁽ⁱ⁾		700		699
New York State Urban Development Corp					3.00%, 07/01/2028		42		42
5.77%, 03/15/2039		465		537	3.00%, 11/01/2028		378		379
Port Authority of New York & New Jersey					3.00%, 04/01/2029		354		355
4.46%, 10/01/2062		500		528	3.00%, 07/01/2029		69		70
		$		2,378	3.00%, 09/01/2029		333		334

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal Home Loan Mortgage Corporation (FHLMC) (continued)					Federal Home Loan Mortgage Corporation (FHLMC) (continued)
3.00%, 10/01/2029	$	484	$	485	3.00%, 11/01/2046	$	947	$	927
3.00%, 10/01/2029		253		254	3.00%, 11/01/2046		422		414
3.00%, 11/01/2029		217		218	3.00%, 12/01/2046		1,094		1,072
3.00%, 12/01/2029		67		68	3.00%, 12/01/2046		1,119		1,096
3.00%, 01/01/2030		191		191	3.00%, 01/01/2047		615		602
3.00%, 03/01/2030		34		34	3.00%, 02/01/2047		431		422
3.00%, 04/01/2030		124		125	3.00%, 03/01/2047		336		329
3.00%, 11/01/2030		299		299	3.00%, 04/01/2047		993		973
3.00%, 11/01/2030		180		180	3.00%, 09/01/2047		393		385
3.00%, 01/01/2031		617		616	3.00%, 10/01/2047		595		582
3.00%, 02/01/2031		45		45	3.00%, 01/01/2048		500		489
3.00%, 03/01/2031		73		72	3.00%, 03/01/2049⁽ⁱ⁾		1,700		1,663
3.00%, 03/01/2031		123		123	3.50%, 01/01/2021		18		19
3.00%, 04/01/2031		499		499	3.50%, 01/01/2021		47		48
3.00%, 05/01/2032		500		497	3.50%, 03/01/2021		118		120
3.00%, 12/01/2032		260		260	3.50%, 03/01/2021		12		12
3.00%, 02/01/2033		199		199	3.50%, 10/01/2025		101		103
3.00%, 03/01/2033		291		291	3.50%, 10/01/2025		22		23
3.00%, 04/01/2033		67		67	3.50%, 11/01/2025		8		8
3.00%, 07/01/2033		463		463	3.50%, 11/01/2025		4		4
3.00%, 09/01/2033		217		217	3.50%, 12/01/2025		57		58
3.00%, 10/01/2033		289		289	3.50%, 02/01/2026		26		26
3.00%, 09/01/2034		342		340	3.50%, 04/01/2026		97		99
3.00%, 10/01/2034		244		243	3.50%, 06/01/2026		13		13
3.00%, 12/01/2034		77		76	3.50%, 08/01/2026		13		13
3.00%, 04/01/2035		204		202	3.50%, 03/01/2028⁽ⁱ⁾		950		966
3.00%, 06/01/2035		284		283	3.50%, 12/01/2028		62		63
3.00%, 04/01/2036		138		137	3.50%, 02/01/2029		54		55
3.00%, 04/01/2036		190		189	3.50%, 06/01/2029		332		339
3.00%, 09/01/2036		238		237	3.50%, 09/01/2029		13		14
3.00%, 09/01/2036		113		113	3.50%, 02/01/2030		259		263
3.00%, 11/01/2036		81		80	3.50%, 09/01/2030		50		51
3.00%, 02/01/2037		247		245	3.50%, 12/01/2031		313		319
3.00%, 04/01/2038		234		231	3.50%, 09/01/2033		390		397
3.00%, 09/01/2042		1,672		1,644	3.50%, 05/01/2034		121		123
3.00%, 10/01/2042		404		397	3.50%, 05/01/2034		338		344
3.00%, 11/01/2042		682		671	3.50%, 11/01/2034		143		145
3.00%, 01/01/2043		119		117	3.50%, 01/01/2035		281		285
3.00%, 01/01/2043		120		118	3.50%, 06/01/2035		241		244
3.00%, 02/01/2043		641		630	3.50%, 03/01/2037		524		529
3.00%, 04/01/2043		1,085		1,066	3.50%, 04/01/2037		131		132
3.00%, 07/01/2043		141		139	3.50%, 06/01/2037		269		272
3.00%, 08/01/2043		878		861	3.50%, 11/01/2041		39		40
3.00%, 08/01/2043		1,087		1,069	3.50%, 01/01/2042		36		37
3.00%, 09/01/2043		187		184	3.50%, 04/01/2042		46		47
3.00%, 10/01/2043		141		139	3.50%, 06/01/2042		772		779
3.00%, 12/01/2044		506		497	3.50%, 06/01/2042		977		986
3.00%, 01/01/2045		26		26	3.50%, 06/01/2042		207		209
3.00%, 01/01/2045		127		125	3.50%, 06/01/2042		40		41
3.00%, 03/01/2045		313		307	3.50%, 07/01/2042		2,099		2,119
3.00%, 04/01/2045		937		920	3.50%, 08/01/2042		36		36
3.00%, 06/01/2045		622		610	3.50%, 10/01/2042		1,076		1,086
3.00%, 08/01/2045		41		40	3.50%, 08/01/2043		384		387
3.00%, 08/01/2045		985		966	3.50%, 01/01/2044		507		511
3.00%, 12/01/2045		1,148		1,125	3.50%, 08/01/2044		23		23
3.00%, 01/01/2046		111		109	3.50%, 01/01/2045		684		688
3.00%, 03/01/2046		698		683	3.50%, 02/01/2045		200		201
3.00%, 04/01/2046		1,288		1,261	3.50%, 02/01/2045		285		286
3.00%, 04/01/2046		380		373	3.50%, 03/01/2045		953		958
3.00%, 06/01/2046		1,030		1,009	3.50%, 03/01/2045		493		496
3.00%, 06/01/2046		400		392	3.50%, 06/01/2045		513		516
3.00%, 07/01/2046		409		400	3.50%, 07/01/2045		503		506
3.00%, 09/01/2046		1,060		1,039	3.50%, 08/01/2045		332		334
3.00%, 10/01/2046		111		109	3.50%, 09/01/2045		490		492
3.00%, 10/01/2046		250		245	3.50%, 09/01/2045		667		671
3.00%, 11/01/2046		490		480	3.50%, 10/01/2045		61		62
3.00%, 11/01/2046		1,167		1,143	3.50%, 12/01/2045		1,291		1,298
3.00%, 11/01/2046		20		20	3.50%, 01/01/2046		1,155		1,161

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal Home Loan Mortgage Corporation (FHLMC) (continued)					Federal Home Loan Mortgage Corporation (FHLMC) (continued)
3.50%, 03/01/2046	$	2,530	$	2,544	4.00%, 11/01/2045	$	618	$	633
3.50%, 03/01/2046		796		800	4.00%, 12/01/2045		133		136
3.50%, 04/01/2046		614		618	4.00%, 02/01/2046		200		205
3.50%, 04/01/2046		1,285		1,292	4.00%, 05/01/2046		263		269
3.50%, 05/01/2046		858		860	4.00%, 06/01/2046		70		71
3.50%, 05/01/2046		793		797	4.00%, 03/01/2047		564		577
3.50%, 06/01/2046		711		712	4.00%, 10/01/2047		1,053		1,077
3.50%, 08/01/2046		370		371	4.00%, 12/01/2047		1,292		1,321
3.50%, 09/01/2046		482		482	4.00%, 03/01/2048⁽ⁱ⁾		4,075		4,156
3.50%, 04/01/2047		853		856	4.00%, 04/01/2048⁽ⁱ⁾		525		535
3.50%, 11/01/2047		940		941	4.00%, 05/01/2048		24		24
3.50%, 11/01/2047		1,508		1,511	4.00%, 07/01/2048		1,199		1,224
3.50%, 12/01/2047		571		572	4.00%, 09/01/2048		780		796
3.50%, 12/01/2047		26		26	4.00%, 09/01/2048		500		510
3.50%, 12/01/2047		1,494		1,497	4.00%, 10/01/2048		1,687		1,722
3.50%, 12/01/2047		1,292		1,294	4.00%, 11/01/2048		497		508
3.50%, 12/01/2047		698		699	4.00%, 11/01/2048		1,562		1,594
3.50%, 01/01/2048		1,507		1,510	4.00%, 12/01/2048		1,780		1,816
3.50%, 03/01/2048⁽ⁱ⁾		5,125		5,131	4.00%, 01/01/2049		1,592		1,624
3.50%, 03/01/2048		1,177		1,179	4.00%, 02/01/2049		1,196		1,220
3.50%, 04/01/2048⁽ⁱ⁾		75		75	4.50%, 05/01/2019		1		1
3.50%, 06/01/2048		483		483	4.50%, 12/01/2019		13		14
3.50%, 08/01/2048		987		989	4.50%, 01/01/2024		7		7
4.00%, 07/01/2020		50		51	4.50%, 08/01/2025		19		20
4.00%, 07/01/2024		10		10	4.50%, 10/01/2030		131		136
4.00%, 12/01/2024		163		167	4.50%, 05/01/2031		15		15
4.00%, 08/01/2025		15		15	4.50%, 02/01/2039		16		17
4.00%, 10/01/2025		11		11	4.50%, 04/01/2039		19		20
4.00%, 03/01/2026		4		4	4.50%, 09/01/2039		26		28
4.00%, 12/01/2030		30		31	4.50%, 10/01/2039		25		26
4.00%, 03/01/2033⁽ⁱ⁾		725		745	4.50%, 10/01/2039		452		475
4.00%, 11/01/2033		206		213	4.50%, 11/01/2039		29		30
4.00%, 07/01/2034		140		145	4.50%, 02/01/2040		22		23
4.00%, 04/01/2038		347		356	4.50%, 02/01/2040		32		34
4.00%, 07/01/2039		55		57	4.50%, 02/01/2040		8		8
4.00%, 12/01/2040		291		299	4.50%, 05/01/2040		5		6
4.00%, 12/01/2040		57		59	4.50%, 05/01/2040		14		15
4.00%, 12/01/2040		67		69	4.50%, 07/01/2040		21		22
4.00%, 10/01/2041		73		75	4.50%, 08/01/2040		28		29
4.00%, 12/01/2041		47		48	4.50%, 08/01/2040		19		20
4.00%, 01/01/2042		12		13	4.50%, 08/01/2040		18		19
4.00%, 01/01/2044		22		22	4.50%, 09/01/2040		23		24
4.00%, 02/01/2044		15		15	4.50%, 01/01/2041		8		9
4.00%, 02/01/2044		270		277	4.50%, 02/01/2041		284		299
4.00%, 03/01/2044		81		83	4.50%, 03/01/2041		390		410
4.00%, 04/01/2044		374		383	4.50%, 05/01/2041		20		21
4.00%, 05/01/2044		153		157	4.50%, 06/01/2041		12		13
4.00%, 06/01/2044		272		279	4.50%, 06/01/2041		668		702
4.00%, 07/01/2044		196		201	4.50%, 08/01/2041		6		7
4.00%, 07/01/2044		606		621	4.50%, 08/01/2041		34		36
4.00%, 07/01/2044		46		48	4.50%, 03/01/2042		17		18
4.00%, 07/01/2044		487		498	4.50%, 04/01/2043⁽ⁱ⁾		425		440
4.00%, 08/01/2044		11		11	4.50%, 09/01/2043		151		158
4.00%, 09/01/2044		167		171	4.50%, 10/01/2043		9		10
4.00%, 11/01/2044		25		25	4.50%, 11/01/2043		125		131
4.00%, 11/01/2044		488		500	4.50%, 11/01/2043		365		380
4.00%, 12/01/2044		341		350	4.50%, 12/01/2043		282		293
4.00%, 12/01/2044		1,959		2,007	4.50%, 02/01/2044		56		58
4.00%, 01/01/2045		494		506	4.50%, 03/01/2044		539		562
4.00%, 02/01/2045		20		21	4.50%, 04/01/2044		248		259
4.00%, 04/01/2045		75		77	4.50%, 09/01/2044		360		375
4.00%, 05/01/2045		257		263	4.50%, 09/01/2044		33		34
4.00%, 07/01/2045		376		385	4.50%, 09/01/2044		70		73
4.00%, 08/01/2045		701		718	4.50%, 10/01/2044		139		145
4.00%, 09/01/2045		1,797		1,841	4.50%, 10/01/2044		355		370
4.00%, 10/01/2045		1,010		1,034	4.50%, 11/01/2044		396		412
4.00%, 10/01/2045		140		144	4.50%, 01/01/2045		56		58
4.00%, 11/01/2045		109		112	4.50%, 09/01/2045		393		409

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal Home Loan Mortgage Corporation (FHLMC) (continued)					Federal Home Loan Mortgage Corporation (FHLMC) (continued)
4.50%, 05/01/2046	$	87	$	90	6.50%, 09/01/2039	$	28	$	32
4.50%, 02/01/2047		130		135			$		146,316
4.50%, 03/01/2047		240		249	Federal National Mortgage Association (FNMA) - 11.87%
4.50%, 07/01/2047		197		204	2.00%, 11/01/2028		53		52
4.50%, 11/01/2047		46		48	2.00%, 09/01/2029		457		443
4.50%, 03/01/2048⁽ⁱ⁾		2,475		2,564	2.00%, 01/01/2030		30		30
4.50%, 05/01/2048		585		607	2.00%, 01/01/2030		67		65
4.50%, 07/01/2048		289		300	2.00%, 05/01/2030		186		178
4.50%, 09/01/2048		1,539		1,595	2.00%, 12/01/2031		315		303
4.50%, 11/01/2048		1,000		1,036	2.00%, 02/01/2032		187		180
5.00%, 04/01/2021		6		6	2.00%, 07/01/2032		44		42
5.00%, 09/01/2033		178		190	2.50%, 01/01/2028		176		173
5.00%, 09/01/2033		8		8	2.50%, 03/01/2028⁽ⁱ⁾		1,000		981
5.00%, 08/01/2035		8		9	2.50%, 07/01/2028		446		440
5.00%, 10/01/2035		1		1	2.50%, 07/01/2028		164		162
5.00%, 11/01/2035		104		111	2.50%, 08/01/2028		16		16
5.00%, 08/01/2036		16		17	2.50%, 11/01/2028		562		555
5.00%, 10/01/2036		79		84	2.50%, 09/01/2029		364		358
5.00%, 11/01/2036		11		12	2.50%, 11/01/2029		44		43
5.00%, 12/01/2036		286		306	2.50%, 12/01/2029		514		505
5.00%, 06/01/2037		9		9	2.50%, 02/01/2030		118		116
5.00%, 12/01/2038		59		63	2.50%, 03/01/2030		387		380
5.00%, 01/01/2039		15		16	2.50%, 03/01/2030		26		26
5.00%, 01/01/2039		14		15	2.50%, 05/01/2030		410		403
5.00%, 08/01/2039		152		163	2.50%, 07/01/2030		148		145
5.00%, 09/01/2039		14		15	2.50%, 08/01/2030		446		438
5.00%, 11/01/2039		356		382	2.50%, 08/01/2030		518		508
5.00%, 01/01/2040		30		33	2.50%, 12/01/2030		540		530
5.00%, 07/01/2040		67		72	2.50%, 01/01/2031		32		31
5.00%, 08/01/2040		29		31	2.50%, 03/01/2031		504		495
5.00%, 09/01/2040		8		9	2.50%, 03/01/2031		116		113
5.00%, 02/01/2041		90		96	2.50%, 03/01/2031		639		628
5.00%, 03/01/2041		126		135	2.50%, 05/01/2031		137		134
5.00%, 09/01/2041		19		20	2.50%, 05/01/2031		235		230
5.00%, 12/01/2041		168		179	2.50%, 07/01/2031		549		539
5.00%, 02/01/2042		660		707	2.50%, 11/01/2031		781		767
5.00%, 04/01/2044		168		180	2.50%, 11/01/2031		385		378
5.00%, 02/01/2048		243		255	2.50%, 12/01/2031		386		379
5.00%, 03/01/2048⁽ⁱ⁾		600		630	2.50%, 12/01/2031		134		132
5.00%, 06/01/2048		287		302	2.50%, 12/01/2031		156		153
5.00%, 07/01/2048		144		152	2.50%, 01/01/2032		231		227
5.50%, 06/01/2034		108		117	2.50%, 01/01/2032		391		384
5.50%, 07/01/2036		27		29	2.50%, 02/01/2032		216		212
5.50%, 01/01/2037		33		35	2.50%, 03/01/2032		244		239
5.50%, 09/01/2037		12		13	2.50%, 09/01/2032		218		214
5.50%, 11/01/2037		13		14	2.50%, 12/01/2032		495		486
5.50%, 04/01/2038		7		8	2.50%, 01/01/2033		44		43
5.50%, 07/01/2038		131		142	2.50%, 07/01/2033		21		20
5.50%, 07/01/2038		7		7	2.50%, 10/01/2036		82		79
5.50%, 07/01/2038		124		133	2.50%, 10/01/2036		241		232
5.50%, 07/01/2038		154		168	2.50%, 12/01/2036		213		205
5.50%, 09/01/2038		13		14	2.50%, 12/01/2042		53		51
5.50%, 12/01/2038		264		286	2.50%, 01/01/2043		152		145
5.50%, 12/01/2038		1		1	2.50%, 02/01/2043		48		45
5.50%, 10/01/2039		397		430	2.50%, 05/01/2043		203		193
5.50%, 11/01/2039		64		68	2.50%, 10/01/2043		153		146
5.50%, 01/01/2040		12		13	2.50%, 05/01/2046		25		24
5.50%, 03/01/2040		8		8	2.50%, 12/01/2046		196		186
5.50%, 06/01/2040		18		19	2.50%, 01/01/2047		25		23
5.50%, 06/01/2041		174		189	2.50%, 01/01/2047		72		68
6.00%, 04/01/2023		1		1	3.00%, 12/01/2020		2		2
6.00%, 12/01/2037		13		15	3.00%, 11/01/2025		71		71
6.00%, 04/01/2038		409		449	3.00%, 01/01/2026		74		74
6.00%, 05/01/2038		42		46	3.00%, 11/01/2026		57		58
6.00%, 07/01/2038		26		28	3.00%, 02/01/2027		44		44
6.00%, 10/01/2038		2		2	3.00%, 03/01/2027		100		101
6.00%, 11/01/2038		146		158	3.00%, 04/01/2027		157		157
6.00%, 01/01/2039		51		56	3.00%, 07/01/2027		50		50

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal National Mortgage Association (FNMA) (continued)					Federal National Mortgage Association (FNMA) (continued)
3.00%, 10/01/2027	$	126	$	126	3.00%, 08/01/2043	$	972	$	955
3.00%, 01/01/2029		130		130	3.00%, 10/01/2043		434		427
3.00%, 02/01/2029		110		110	3.00%, 10/01/2043		822		807
3.00%, 03/01/2029		9		9	3.00%, 11/01/2043		192		188
3.00%, 04/01/2029		441		441	3.00%, 01/01/2045		50		49
3.00%, 11/01/2029		63		63	3.00%, 01/01/2045		426		418
3.00%, 11/01/2029		98		98	3.00%, 01/01/2045		1,115		1,095
3.00%, 12/01/2029		123		122	3.00%, 01/01/2045		211		207
3.00%, 12/01/2029		239		239	3.00%, 04/01/2045		16		15
3.00%, 01/01/2030		669		669	3.00%, 04/01/2045		96		94
3.00%, 01/01/2030		573		572	3.00%, 08/01/2045		276		270
3.00%, 01/01/2030		122		122	3.00%, 12/01/2045		470		460
3.00%, 06/01/2030		425		424	3.00%, 12/01/2045		380		372
3.00%, 07/01/2030		718		718	3.00%, 01/01/2046		692		677
3.00%, 09/01/2030		136		136	3.00%, 01/01/2046		281		275
3.00%, 10/01/2030		627		626	3.00%, 02/01/2046		21		20
3.00%, 11/01/2030		14		14	3.00%, 02/01/2046		35		35
3.00%, 11/01/2030		573		573	3.00%, 03/01/2046		303		297
3.00%, 12/01/2030		477		477	3.00%, 04/01/2046		112		110
3.00%, 12/01/2030		102		102	3.00%, 04/01/2046		842		824
3.00%, 02/01/2031		484		483	3.00%, 04/01/2046		1,623		1,588
3.00%, 03/01/2031		332		332	3.00%, 05/01/2046		254		248
3.00%, 04/01/2031		140		140	3.00%, 05/01/2046		309		302
3.00%, 09/01/2031		687		686	3.00%, 05/01/2046		684		669
3.00%, 08/01/2032		254		254	3.00%, 08/01/2046		262		256
3.00%, 09/01/2032		171		171	3.00%, 09/01/2046		1,063		1,040
3.00%, 01/01/2033		65		65	3.00%, 10/01/2046		1,101		1,077
3.00%, 03/01/2033⁽ⁱ⁾		2,725		2,720	3.00%, 11/01/2046		744		728
3.00%, 04/01/2033		65		64	3.00%, 11/01/2046		1,192		1,166
3.00%, 09/01/2034		477		474	3.00%, 11/01/2046		611		597
3.00%, 11/01/2034		361		358	3.00%, 11/01/2046		965		945
3.00%, 12/01/2034		177		176	3.00%, 11/01/2046		498		487
3.00%, 02/01/2035		258		257	3.00%, 11/01/2046		1,023		1,000
3.00%, 02/01/2035		148		148	3.00%, 11/01/2046		1,468		1,436
3.00%, 05/01/2035		766		762	3.00%, 12/01/2046		441		431
3.00%, 06/01/2035		439		436	3.00%, 12/01/2046		1,012		990
3.00%, 11/01/2035		188		187	3.00%, 12/01/2046		1,037		1,015
3.00%, 02/01/2036		198		197	3.00%, 01/01/2047		1,119		1,095
3.00%, 07/01/2036		323		321	3.00%, 02/01/2047		629		616
3.00%, 12/01/2036		346		343	3.00%, 02/01/2047		422		413
3.00%, 12/01/2036		384		381	3.00%, 03/01/2047		346		338
3.00%, 12/01/2036		225		223	3.00%, 04/01/2047		78		76
3.00%, 02/01/2037		355		353	3.00%, 10/01/2047		20		19
3.00%, 04/01/2042		183		180	3.00%, 09/01/2048		575		562
3.00%, 11/01/2042		808		794	3.00%, 03/01/2049⁽ⁱ⁾		2,300		2,248
3.00%, 11/01/2042		684		672	3.50%, 10/01/2025		158		161
3.00%, 12/01/2042		1,744		1,714	3.50%, 11/01/2025		28		28
3.00%, 04/01/2043		392		385	3.50%, 12/01/2025		141		143
3.00%, 04/01/2043		716		704	3.50%, 01/01/2026		438		445
3.00%, 04/01/2043⁽ⁱ⁾		75		73	3.50%, 01/01/2026		86		88
3.00%, 04/01/2043		19		18	3.50%, 01/01/2026		20		20
3.00%, 04/01/2043		703		691	3.50%, 05/01/2026		157		160
3.00%, 04/01/2043		186		183	3.50%, 08/01/2026		25		26
3.00%, 05/01/2043		175		172	3.50%, 09/01/2026		239		243
3.00%, 05/01/2043		343		337	3.50%, 10/01/2026		364		370
3.00%, 05/01/2043		49		49	3.50%, 10/01/2026		309		314
3.00%, 05/01/2043		1,311		1,289	3.50%, 12/01/2026		238		242
3.00%, 05/01/2043		572		562	3.50%, 06/01/2027		243		247
3.00%, 05/01/2043		701		689	3.50%, 03/01/2028⁽ⁱ⁾		550		559
3.00%, 06/01/2043		603		592	3.50%, 03/01/2029		142		145
3.00%, 06/01/2043		204		200	3.50%, 09/01/2029		239		244
3.00%, 06/01/2043		844		826	3.50%, 10/01/2029		378		385
3.00%, 07/01/2043		883		867	3.50%, 11/01/2029		7		8
3.00%, 07/01/2043		1,024		1,007	3.50%, 04/01/2030		24		25
3.00%, 07/01/2043		738		725	3.50%, 11/01/2030		135		138
3.00%, 07/01/2043		172		169	3.50%, 04/01/2032		31		32
3.00%, 07/01/2043		90		88	3.50%, 07/01/2032		26		26
3.00%, 08/01/2043		117		115	3.50%, 09/01/2032		29		29

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal National Mortgage Association (FNMA) (continued)					Federal National Mortgage Association (FNMA) (continued)
3.50%, 10/01/2033	$	535	$	543	3.50%, 12/01/2045	$	690	$	693
3.50%, 10/01/2033		393		399	3.50%, 12/01/2045		666		669
3.50%, 10/01/2033		16		16	3.50%, 12/01/2045		43		44
3.50%, 05/01/2034		94		95	3.50%, 12/01/2045		343		345
3.50%, 06/01/2034		66		67	3.50%, 12/01/2045		240		241
3.50%, 07/01/2034		425		431	3.50%, 01/01/2046		754		757
3.50%, 09/01/2034		329		334	3.50%, 01/01/2046		174		175
3.50%, 10/01/2034		104		106	3.50%, 01/01/2046		766		770
3.50%, 12/01/2035		592		598	3.50%, 01/01/2046		781		785
3.50%, 02/01/2036		124		125	3.50%, 02/01/2046		291		292
3.50%, 07/01/2036		196		198	3.50%, 03/01/2046		922		926
3.50%, 08/01/2036		203		204	3.50%, 03/01/2046		64		64
3.50%, 02/01/2037		99		100	3.50%, 03/01/2046		624		627
3.50%, 05/01/2037		166		167	3.50%, 03/01/2046		213		214
3.50%, 06/01/2038		323		326	3.50%, 03/01/2046		717		720
3.50%, 07/01/2038		320		323	3.50%, 03/01/2046		666		668
3.50%, 03/01/2041		50		50	3.50%, 04/01/2046		880		884
3.50%, 06/01/2041		52		52	3.50%, 04/01/2046		156		157
3.50%, 10/01/2041		36		37	3.50%, 05/01/2046		150		150
3.50%, 12/01/2041		49		49	3.50%, 05/01/2046		359		360
3.50%, 02/01/2042		478		482	3.50%, 06/01/2046		164		165
3.50%, 03/01/2042		113		114	3.50%, 07/01/2046		772		775
3.50%, 04/01/2042		138		139	3.50%, 07/01/2046		96		96
3.50%, 05/01/2042		720		726	3.50%, 12/01/2046		634		636
3.50%, 05/01/2042		94		95	3.50%, 02/01/2047		1,090		1,094
3.50%, 06/01/2042		651		656	3.50%, 03/01/2047		474		475
3.50%, 07/01/2042		116		117	3.50%, 06/01/2047		1,074		1,076
3.50%, 08/01/2042		79		80	3.50%, 09/01/2047		1,684		1,686
3.50%, 09/01/2042		74		75	3.50%, 10/01/2047		1,193		1,195
3.50%, 10/01/2042		900		907	3.50%, 11/01/2047		1,396		1,398
3.50%, 10/01/2042		101		102	3.50%, 12/01/2047		1,171		1,172
3.50%, 04/01/2043		855		862	3.50%, 12/01/2047		1,744		1,745
3.50%, 05/01/2043		900		907	3.50%, 01/01/2048		1,497		1,498
3.50%, 05/01/2043		542		547	3.50%, 02/01/2048		560		561
3.50%, 06/01/2043		159		160	3.50%, 02/01/2048		1,224		1,225
3.50%, 08/01/2043		663		668	3.50%, 03/01/2048⁽ⁱ⁾		8,000		8,004
3.50%, 09/01/2043		1,671		1,686	3.50%, 03/01/2048		126		126
3.50%, 11/01/2043		261		263	3.50%, 04/01/2048		999		1,000
3.50%, 01/01/2044		216		217	3.50%, 04/01/2048⁽ⁱ⁾		525		525
3.50%, 02/01/2044		20		20	3.50%, 06/01/2048		125		125
3.50%, 07/01/2044		967		976	3.50%, 06/01/2048		394		394
3.50%, 10/01/2044		416		419	3.50%, 09/01/2048		393		393
3.50%, 11/01/2044		462		465	3.50%, 10/01/2048		99		100
3.50%, 12/01/2044		583		586	3.50%, 10/01/2048		595		596
3.50%, 12/01/2044		638		641	3.50%, 02/01/2049		175		175
3.50%, 01/01/2045		676		679	4.00%, 05/01/2020		2		2
3.50%, 02/01/2045		132		133	4.00%, 05/01/2020		1		1
3.50%, 02/01/2045		479		480	4.00%, 12/01/2020		6		6
3.50%, 02/01/2045		767		771	4.00%, 03/01/2022		51		52
3.50%, 02/01/2045		97		98	4.00%, 03/01/2022		26		27
3.50%, 04/01/2045		438		440	4.00%, 09/01/2025		19		19
3.50%, 04/01/2045		565		568	4.00%, 03/01/2026		28		29
3.50%, 05/01/2045		45		45	4.00%, 09/01/2026		24		25
3.50%, 06/01/2045		18		18	4.00%, 04/01/2029		12		12
3.50%, 07/01/2045		743		746	4.00%, 12/01/2030		16		16
3.50%, 08/01/2045		459		461	4.00%, 11/01/2031		20		21
3.50%, 08/01/2045		474		476	4.00%, 03/01/2033⁽ⁱ⁾		1,550		1,590
3.50%, 09/01/2045		380		382	4.00%, 11/01/2033		339		351
3.50%, 10/01/2045		161		162	4.00%, 10/01/2034		226		234
3.50%, 10/01/2045		276		278	4.00%, 02/01/2036		317		327
3.50%, 10/01/2045		27		27	4.00%, 01/01/2037		108		111
3.50%, 10/01/2045		224		225	4.00%, 10/01/2037		191		196
3.50%, 11/01/2045		281		283	4.00%, 03/01/2038		92		94
3.50%, 11/01/2045		556		559	4.00%, 07/01/2038		433		445
3.50%, 11/01/2045		566		569	4.00%, 12/01/2038		297		305
3.50%, 11/01/2045		555		558	4.00%, 03/01/2039		17		17
3.50%, 12/01/2045		745		748	4.00%, 08/01/2039		62		64
3.50%, 12/01/2045		806		808	4.00%, 09/01/2040		136		139


Schedule of Investments
Bond Market Index Fund
February 28, 2019 (unaudited)



U.S. GOVERNMENT & GOVERNMENT	Principal				U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal National Mortgage Association (FNMA) (continued)					Federal National Mortgage Association (FNMA) (continued)
4.00%, 10/01/2040	$	47	$	48	4.00%, 01/01/2046	$	109	$	112
4.00%, 12/01/2040		32		33	4.00%, 02/01/2046		523		536
4.00%, 12/01/2040		37		38	4.00%, 02/01/2046		95		98
4.00%, 01/01/2041		19		19	4.00%, 03/01/2046		1,093		1,119
4.00%, 01/01/2041		124		127	4.00%, 03/01/2046		25		25
4.00%, 02/01/2041		114		117	4.00%, 04/01/2046		511		523
4.00%, 02/01/2041		47		49	4.00%, 07/01/2046		237		242
4.00%, 02/01/2041		93		96	4.00%, 03/01/2047		816		835
4.00%, 03/01/2041		57		59	4.00%, 06/01/2047		359		368
4.00%, 09/01/2041		42		43	4.00%, 08/01/2047		594		607
4.00%, 12/01/2041		146		151	4.00%, 11/01/2047		2,197		2,247
4.00%, 12/01/2041		75		77	4.00%, 01/01/2048		1,744		1,784
4.00%, 12/01/2041		223		229	4.00%, 01/01/2048		1,786		1,825
4.00%, 05/01/2042		44		45	4.00%, 03/01/2048⁽ⁱ⁾		10,125		10,323
4.00%, 06/01/2042		172		177	4.00%, 04/01/2048⁽ⁱ⁾		1,475		1,503
4.00%, 06/01/2042		344		354	4.00%, 05/01/2048		450		462
4.00%, 07/01/2042		973		1,001	4.00%, 06/01/2048		1,295		1,322
4.00%, 12/01/2042		372		383	4.00%, 06/01/2048		1,618		1,651
4.00%, 06/01/2043		470		484	4.00%, 07/01/2048		488		499
4.00%, 09/01/2043		619		636	4.00%, 07/01/2048		958		977
4.00%, 11/01/2043		554		569	4.00%, 08/01/2048		1,065		1,087
4.00%, 11/01/2043		524		538	4.00%, 09/01/2048		1,031		1,052
4.00%, 12/01/2043		21		21	4.00%, 09/01/2048		1,197		1,221
4.00%, 05/01/2044		170		175	4.00%, 09/01/2048		1,460		1,490
4.00%, 08/01/2044		155		159	4.00%, 09/01/2048		1,171		1,194
4.00%, 08/01/2044		28		29	4.00%, 09/01/2048		150		153
4.00%, 08/01/2044		214		220	4.00%, 10/01/2048		400		410
4.00%, 08/01/2044		492		504	4.00%, 11/01/2048		1,375		1,402
4.00%, 09/01/2044		231		236	4.00%, 12/01/2048		1,293		1,319
4.00%, 09/01/2044		65		66	4.00%, 03/01/2049		500		511
4.00%, 09/01/2044		206		211	4.50%, 01/01/2020		4		4
4.00%, 10/01/2044		79		81	4.50%, 02/01/2021		13		14
4.00%, 10/01/2044		130		133	4.50%, 08/01/2023		149		154
4.00%, 10/01/2044		26		27	4.50%, 05/01/2025		21		21
4.00%, 10/01/2044		91		92	4.50%, 06/01/2029		27		28
4.00%, 11/01/2044		34		35	4.50%, 07/01/2029		6		7
4.00%, 11/01/2044		250		256	4.50%, 08/01/2030		15		16
4.00%, 11/01/2044		62		63	4.50%, 01/01/2034		45		47
4.00%, 11/01/2044		116		118	4.50%, 02/01/2039		25		27
4.00%, 11/01/2044		146		149	4.50%, 04/01/2039		174		182
4.00%, 11/01/2044		155		159	4.50%, 04/01/2039		19		20
4.00%, 12/01/2044		434		445	4.50%, 04/01/2039		46		48
4.00%, 12/01/2044		326		334	4.50%, 06/01/2039		3		3
4.00%, 12/01/2044		86		88	4.50%, 06/01/2039		19		20
4.00%, 12/01/2044		269		276	4.50%, 08/01/2039		32		34
4.00%, 01/01/2045		23		24	4.50%, 10/01/2039		20		21
4.00%, 01/01/2045		189		194	4.50%, 12/01/2039		46		49
4.00%, 01/01/2045		509		521	4.50%, 02/01/2040		48		50
4.00%, 01/01/2045		514		527	4.50%, 05/01/2040		32		34
4.00%, 02/01/2045		203		208	4.50%, 09/01/2040		300		315
4.00%, 02/01/2045		464		476	4.50%, 10/01/2040		45		47
4.00%, 02/01/2045		200		204	4.50%, 02/01/2041		43		45
4.00%, 03/01/2045		128		131	4.50%, 03/01/2041		51		54
4.00%, 04/01/2045		314		321	4.50%, 04/01/2041		74		78
4.00%, 06/01/2045		60		62	4.50%, 05/01/2041		393		413
4.00%, 08/01/2045		163		167	4.50%, 07/01/2041		29		30
4.00%, 08/01/2045		58		60	4.50%, 07/01/2041		5		5
4.00%, 08/01/2045		38		39	4.50%, 08/01/2041		386		405
4.00%, 09/01/2045		638		653	4.50%, 09/01/2041		447		469
4.00%, 09/01/2045		165		169	4.50%, 09/01/2041		40		42
4.00%, 11/01/2045		749		767	4.50%, 11/01/2041		32		34
4.00%, 11/01/2045		143		147	4.50%, 11/01/2041		31		32
4.00%, 11/01/2045		13		13	4.50%, 01/01/2042		9		10
4.00%, 12/01/2045		272		278	4.50%, 07/01/2042		10		11
4.00%, 12/01/2045		171		175	4.50%, 04/01/2043⁽ⁱ⁾		600		620
4.00%, 12/01/2045		84		86	4.50%, 09/01/2043		274		285
4.00%, 12/01/2045		26		27	4.50%, 09/01/2043		314		327
4.00%, 12/01/2045		20		20	4.50%, 10/01/2043		27		28


Schedule of Investments
Bond Market Index Fund
February 28, 2019 (unaudited)



U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT	Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal National Mortgage Association (FNMA) (continued)					Federal National Mortgage Association (FNMA) (continued)
4.50%, 10/01/2043	$	7	$	8	5.00%, 04/01/2041	$	524	$	561
4.50%, 11/01/2043		192		200	5.00%, 05/01/2041		37		40
4.50%, 11/01/2043		427		445	5.00%, 08/01/2041		235		251
4.50%, 11/01/2043		11		11	5.00%, 05/01/2042		285		305
4.50%, 11/01/2043		344		358	5.00%, 07/01/2042		132		141
4.50%, 12/01/2043		10		10	5.00%, 09/01/2043		55		59
4.50%, 01/01/2044		344		359	5.00%, 03/01/2044		108		115
4.50%, 01/01/2044		332		345	5.00%, 05/01/2044		181		194
4.50%, 02/01/2044		95		99	5.00%, 06/01/2044		60		64
4.50%, 02/01/2044		15		16	5.00%, 02/01/2045		249		267
4.50%, 03/01/2044		43		45	5.00%, 06/01/2045		678		725
4.50%, 03/01/2044		259		270	5.00%, 09/01/2047		49		52
4.50%, 04/01/2044		426		443	5.00%, 03/01/2048⁽ⁱ⁾		350		367
4.50%, 04/01/2044		242		251	5.00%, 05/01/2048		468		491
4.50%, 05/01/2044		105		110	5.00%, 07/01/2048		119		125
4.50%, 05/01/2044		333		347	5.00%, 08/01/2048		200		210
4.50%, 05/01/2044		363		377	5.00%, 08/01/2048		100		105
4.50%, 06/01/2044		13		14	5.00%, 09/01/2048		166		174
4.50%, 06/01/2044		160		166	5.50%, 01/01/2025		2		2
4.50%, 06/01/2044		84		88	5.50%, 12/01/2027		70		74
4.50%, 07/01/2044		86		89	5.50%, 06/01/2034		7		8
4.50%, 08/01/2044		410		427	5.50%, 04/01/2035		2		2
4.50%, 08/01/2044		98		101	5.50%, 09/01/2035		3		3
4.50%, 08/01/2044		16		17	5.50%, 10/01/2035		7		7
4.50%, 09/01/2044		298		310	5.50%, 04/01/2036		26		28
4.50%, 10/01/2044		251		261	5.50%, 04/01/2036		2		2
4.50%, 11/01/2044		314		327	5.50%, 09/01/2036		37		40
4.50%, 11/01/2044		8		8	5.50%, 12/01/2036		33		36
4.50%, 11/01/2044		75		78	5.50%, 02/01/2037		2		2
4.50%, 11/01/2044		109		113	5.50%, 05/01/2037		23		25
4.50%, 11/01/2044		72		75	5.50%, 06/01/2037		2		2
4.50%, 04/01/2045		134		139	5.50%, 07/01/2037		3		3
4.50%, 03/01/2046		81		84	5.50%, 08/01/2037		3		3
4.50%, 04/01/2046		126		131	5.50%, 03/01/2038		203		217
4.50%, 05/01/2046		258		269	5.50%, 03/01/2038		149		160
4.50%, 08/01/2046		19		19	5.50%, 05/01/2038		161		174
4.50%, 11/01/2046		382		396	5.50%, 06/01/2038		4		5
4.50%, 01/01/2047		178		185	5.50%, 06/01/2038		2		2
4.50%, 01/01/2047		567		588	5.50%, 06/01/2038		232		252
4.50%, 03/01/2048⁽ⁱ⁾		6,175		6,390	5.50%, 08/01/2038		1		1
4.50%, 03/01/2048		703		728	5.50%, 09/01/2038		16		18
4.50%, 04/01/2048		476		493	5.50%, 09/01/2038		363		395
4.50%, 06/01/2048		568		588	5.50%, 10/01/2038		4		4
4.50%, 08/01/2048		266		275	5.50%, 11/01/2038		200		218
4.50%, 12/01/2048		999		1,034	5.50%, 12/01/2038		24		26
5.00%, 12/01/2020		1		1	5.50%, 12/01/2038		18		20
5.00%, 09/01/2025		31		31	5.50%, 02/01/2039		69		74
5.00%, 12/01/2025		46		48	5.50%, 04/01/2039		191		207
5.00%, 03/01/2034		13		14	5.50%, 04/01/2039		21		22
5.00%, 04/01/2035		13		14	5.50%, 06/01/2039		1		1
5.00%, 06/01/2035		33		36	5.50%, 12/01/2039		18		19
5.00%, 07/01/2035		36		38	5.50%, 03/01/2040		286		305
5.00%, 08/01/2035		1		1	5.50%, 04/01/2040		242		259
5.00%, 02/01/2037		3		4	5.50%, 04/01/2040		80		86
5.00%, 04/01/2037		1		1	5.50%, 05/01/2040		211		227
5.00%, 07/01/2037		28		30	5.50%, 06/01/2040		132		141
5.00%, 04/01/2038		1		1	5.50%, 07/01/2041		155		167
5.00%, 01/01/2039		691		738	5.50%, 07/01/2041		287		307
5.00%, 02/01/2039		28		30	5.50%, 09/01/2041		91		99
5.00%, 07/01/2039		223		235	5.50%, 03/01/2048⁽ⁱ⁾		300		318
5.00%, 12/01/2039		21		22	5.50%, 11/01/2048		98		105
5.00%, 01/01/2040		26		28	5.50%, 12/01/2048		200		213
5.00%, 05/01/2040		31		33	6.00%, 04/01/2026		36		39
5.00%, 06/01/2040		30		32	6.00%, 07/01/2035		63		69
5.00%, 06/01/2040		5		5	6.00%, 10/01/2036		167		183
5.00%, 06/01/2040		8		8	6.00%, 02/01/2037		128		141
5.00%, 02/01/2041		242		259	6.00%, 07/01/2037		1		2
5.00%, 02/01/2041		144		154	6.00%, 11/01/2037		5		6


Schedule of Investments
Bond Market Index Fund
February 28, 2019 (unaudited)



U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Federal National Mortgage Association (FNMA) (continued)					Government National Mortgage Association (GNMA) (continued)
6.00%, 02/01/2038	$	1	$	1	3.00%, 09/20/2045	$	411	$	407
6.00%, 04/01/2038		61		67	3.00%, 10/20/2045		896		888
6.00%, 05/01/2038		1		1	3.00%, 12/20/2045		498		493
6.00%, 05/01/2038		5		5	3.00%, 01/20/2046		226		224
6.00%, 08/01/2038		59		63	3.00%, 03/20/2046		963		953
6.00%, 09/01/2038		1		1	3.00%, 04/20/2046		923		914
6.00%, 10/01/2039		75		82	3.00%, 05/20/2046		1,287		1,274
6.00%, 04/01/2040		50		55	3.00%, 06/20/2046		1,147		1,134
6.00%, 10/01/2040		70		77	3.00%, 07/20/2046		954		944
6.50%, 06/01/2024		1		2	3.00%, 08/20/2046		1,460		1,444
6.50%, 12/01/2031		1		1	3.00%, 09/20/2046		1,080		1,069
6.50%, 03/01/2032		2		3	3.00%, 10/20/2046		397		392
6.50%, 10/01/2039		34		39	3.00%, 11/20/2046		1,572		1,554
		$		223,308	3.00%, 11/20/2046		1,030		1,019
Government National Mortgage Association (GNMA) - 8.29%					3.00%, 12/15/2046		286		283
2.50%, 06/20/2027		180		178	3.00%, 12/20/2046		1,039		1,027
2.50%, 09/20/2027		19		19	3.00%, 01/20/2047		1,051		1,039
2.50%, 01/20/2028		70		69	3.00%, 09/20/2047		295		291
2.50%, 04/20/2028		40		40	3.00%, 11/20/2047		1,153		1,139
2.50%, 11/20/2030		113		112	3.00%, 12/15/2047		50		49
2.50%, 12/20/2030		164		162	3.00%, 02/20/2048		972		960
2.50%, 03/20/2031		275		270	3.00%, 03/01/2049		6,325		6,245
2.50%, 04/15/2043		42		41	3.50%, 12/20/2026		147		149
2.50%, 07/20/2043		190		184	3.50%, 03/20/2027		10		10
2.50%, 04/15/2045		23		22	3.50%, 02/20/2042		118		119
2.50%, 09/15/2046		41		39	3.50%, 05/15/2042		89		90
2.50%, 10/15/2046		96		92	3.50%, 05/20/2042		233		237
2.50%, 12/20/2046		613		588	3.50%, 06/20/2042		238		242
2.50%, 01/20/2047		208		200	3.50%, 07/15/2042		37		38
3.00%, 01/20/2027		16		16	3.50%, 07/20/2042		933		947
3.00%, 02/15/2027		117		117	3.50%, 08/15/2042		10		11
3.00%, 04/15/2027		17		17	3.50%, 08/20/2042		57		57
3.00%, 09/20/2027		34		34	3.50%, 09/20/2042		701		711
3.00%, 11/20/2028		226		227	3.50%, 10/20/2042		501		508
3.00%, 05/20/2029		49		49	3.50%, 11/20/2042		438		444
3.00%, 08/20/2029		134		135	3.50%, 12/20/2042		442		448
3.00%, 09/20/2029		156		157	3.50%, 01/20/2043		718		728
3.00%, 07/20/2030		119		120	3.50%, 02/20/2043		1,132		1,153
3.00%, 01/20/2031		131		131	3.50%, 03/20/2043		786		801
3.00%, 07/20/2032		177		176	3.50%, 04/15/2043		364		370
3.00%, 04/15/2042		298		296	3.50%, 04/20/2043		537		545
3.00%, 09/20/2042		109		108	3.50%, 05/20/2043		345		350
3.00%, 11/20/2042		809		805	3.50%, 07/20/2043		449		455
3.00%, 12/20/2042		596		594	3.50%, 08/20/2043		1,173		1,189
3.00%, 01/20/2043		588		586	3.50%, 09/20/2043		818		829
3.00%, 03/20/2043		655		649	3.50%, 10/20/2043		388		394
3.00%, 03/20/2043		753		750	3.50%, 02/20/2044		518		523
3.00%, 03/20/2043		126		125	3.50%, 04/20/2044		442		447
3.00%, 04/15/2043		460		457	3.50%, 09/20/2044		383		387
3.00%, 04/20/2043		948		944	3.50%, 10/20/2044		447		452
3.00%, 05/15/2043		72		71	3.50%, 11/20/2044		439		444
3.00%, 05/15/2043		88		87	3.50%, 12/15/2044		378		382
3.00%, 06/15/2043		12		11	3.50%, 12/20/2044		459		464
3.00%, 06/15/2043		97		96	3.50%, 01/20/2045		447		452
3.00%, 06/20/2043		849		846	3.50%, 02/20/2045		614		620
3.00%, 08/20/2043		923		919	3.50%, 03/15/2045		60		60
3.00%, 05/20/2044		348		347	3.50%, 03/15/2045		140		142
3.00%, 12/15/2044		145		144	3.50%, 03/20/2045		792		801
3.00%, 12/20/2044		1,127		1,120	3.50%, 04/15/2045		78		79
3.00%, 01/15/2045		131		130	3.50%, 04/15/2045		124		125
3.00%, 01/15/2045		123		121	3.50%, 04/20/2045		496		501
3.00%, 01/20/2045		104		103	3.50%, 04/20/2045		590		596
3.00%, 02/20/2045		115		114	3.50%, 05/20/2045		807		816
3.00%, 04/20/2045		217		215	3.50%, 06/20/2045		120		121
3.00%, 05/20/2045		758		752	3.50%, 07/20/2045		664		671
3.00%, 06/20/2045		308		305	3.50%, 08/20/2045		708		715
3.00%, 07/15/2045		54		54	3.50%, 09/20/2045		683		691
3.00%, 08/20/2045		959		950	3.50%, 10/20/2045		626		632

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Government National Mortgage Association (GNMA) (continued)					Government National Mortgage Association (GNMA) (continued)
3.50%, 11/20/2045	$	1,081	$	1,094	4.00%, 01/20/2045	$	185	$	191
3.50%, 12/20/2045		781		789	4.00%, 02/15/2045		9		9
3.50%, 01/20/2046		1,198		1,210	4.00%, 03/15/2045		62		63
3.50%, 02/20/2046		677		684	4.00%, 03/20/2045		274		283
3.50%, 03/20/2046		673		680	4.00%, 05/15/2045		160		165
3.50%, 04/20/2046		792		801	4.00%, 08/15/2045		83		85
3.50%, 05/20/2046		888		897	4.00%, 08/20/2045		404		416
3.50%, 06/20/2046		1,723		1,741	4.00%, 09/15/2045		134		138
3.50%, 07/20/2046		878		887	4.00%, 09/20/2045		480		495
3.50%, 08/15/2046		221		223	4.00%, 10/20/2045		594		612
3.50%, 08/20/2046		895		905	4.00%, 11/15/2045		80		82
3.50%, 09/15/2046		99		101	4.00%, 11/20/2045		795		822
3.50%, 09/20/2046		878		887	4.00%, 12/15/2045		178		183
3.50%, 10/20/2046		885		894	4.00%, 01/20/2046		937		966
3.50%, 11/20/2046		798		806	4.00%, 02/20/2046		147		152
3.50%, 12/20/2046		673		679	4.00%, 04/20/2046		570		586
3.50%, 02/20/2047		775		783	4.00%, 05/15/2046		29		30
3.50%, 03/20/2047		1,731		1,748	4.00%, 10/20/2046		169		174
3.50%, 04/20/2047		1,489		1,504	4.00%, 11/20/2046		796		822
3.50%, 05/20/2047		818		826	4.00%, 01/20/2047		49		50
3.50%, 06/20/2047		1,099		1,110	4.00%, 02/20/2047		866		890
3.50%, 07/20/2047		1,839		1,857	4.00%, 03/20/2047		643		662
3.50%, 08/20/2047		442		447	4.00%, 05/20/2047		221		227
3.50%, 10/20/2047		1,309		1,322	4.00%, 07/20/2047		2,024		2,080
3.50%, 11/20/2047		2,479		2,503	4.00%, 11/20/2047		1,486		1,527
3.50%, 12/20/2047		1,427		1,440	4.00%, 12/20/2047		1,490		1,531
3.50%, 01/15/2048		124		126	4.00%, 04/01/2048		300		308
3.50%, 01/20/2048		1,622		1,637	4.00%, 06/20/2048		1,157		1,188
3.50%, 04/20/2048		1,178		1,189	4.00%, 07/20/2048		1,475		1,515
3.50%, 08/20/2048		1,064		1,075	4.00%, 08/20/2048		2,186		2,246
3.50%, 09/15/2048		100		101	4.00%, 09/20/2048		1,294		1,330
3.50%, 03/01/2049		3,925		3,960	4.00%, 10/20/2048		1,638		1,682
4.00%, 05/15/2026		18		19	4.00%, 12/20/2048		500		514
4.00%, 07/20/2026		38		39	4.50%, 06/15/2034		5		5
4.00%, 09/15/2040		20		21	4.50%, 06/20/2035		31		33
4.00%, 09/15/2040		7		7	4.50%, 03/15/2039		36		38
4.00%, 01/15/2041		25		26	4.50%, 03/15/2039		236		247
4.00%, 01/15/2041		24		25	4.50%, 03/20/2039		49		51
4.00%, 01/20/2041		70		72	4.50%, 06/15/2039		31		33
4.00%, 07/15/2041		38		39	4.50%, 06/15/2039		33		34
4.00%, 07/20/2041		15		16	4.50%, 08/15/2039		6		6
4.00%, 09/15/2041		6		6	4.50%, 11/15/2039		12		12
4.00%, 09/20/2041		15		15	4.50%, 12/15/2039		70		74
4.00%, 10/15/2041		10		10	4.50%, 03/15/2040		364		381
4.00%, 11/20/2041		31		32	4.50%, 06/15/2040		31		32
4.00%, 12/20/2041		21		22	4.50%, 07/15/2040		2		3
4.00%, 01/20/2042		19		19	4.50%, 07/15/2040		333		348
4.00%, 02/20/2042		23		24	4.50%, 02/20/2041		47		50
4.00%, 03/01/2043		6,200		6,364	4.50%, 02/20/2041		33		35
4.00%, 06/20/2043		9		9	4.50%, 03/20/2041		36		38
4.00%, 11/20/2043		746		772	4.50%, 05/15/2041		19		20
4.00%, 02/20/2044		300		311	4.50%, 06/15/2041		21		22
4.00%, 03/15/2044		201		206	4.50%, 06/20/2041		23		24
4.00%, 03/15/2044		33		34	4.50%, 07/20/2041		45		47
4.00%, 03/20/2044		36		37	4.50%, 08/15/2041		10		10
4.00%, 04/20/2044		82		85	4.50%, 08/20/2041		23		24
4.00%, 05/15/2044		167		171	4.50%, 09/20/2041		21		22
4.00%, 05/15/2044		280		288	4.50%, 09/20/2043		13		14
4.00%, 05/20/2044		173		179	4.50%, 10/20/2043		194		204
4.00%, 07/15/2044		100		102	4.50%, 11/20/2043		284		298
4.00%, 07/20/2044		50		52	4.50%, 01/20/2044		344		361
4.00%, 08/20/2044		374		386	4.50%, 02/20/2044		263		276
4.00%, 09/15/2044		468		481	4.50%, 05/20/2044		651		683
4.00%, 09/20/2044		326		337	4.50%, 07/20/2044		173		182
4.00%, 10/20/2044		1,215		1,251	4.50%, 08/20/2044		56		59
4.00%, 11/15/2044		165		170	4.50%, 09/20/2044		290		304
4.00%, 11/20/2044		244		253	4.50%, 10/20/2044		178		186
4.00%, 12/20/2044		433		448	4.50%, 01/20/2045		135		141

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
Government National Mortgage Association (GNMA) (continued)					Government National Mortgage Association (GNMA) (continued)
4.50%, 04/20/2045	$	218	$	229	5.50%, 07/20/2040	$	19	$	20
4.50%, 05/15/2045		178		186	5.50%, 04/20/2044		21		23
4.50%, 05/20/2045		155		162	5.50%, 07/20/2044		194		209
4.50%, 09/15/2045		127		131	5.50%, 08/20/2044		85		92
4.50%, 09/15/2045		95		100	5.50%, 09/20/2044		237		255
4.50%, 10/20/2045		60		63	5.50%, 03/20/2048		226		238
4.50%, 12/20/2045		394		414	5.50%, 03/01/2049		100		105
4.50%, 02/20/2046		273		287	6.00%, 07/15/2032		2		2
4.50%, 03/20/2046		143		149	6.00%, 12/15/2032		2		3
4.50%, 04/20/2046		166		174	6.00%, 11/20/2037		24		26
4.50%, 05/20/2046		42		44	6.00%, 01/15/2039		19		21
4.50%, 07/20/2046		72		76	6.50%, 05/15/2023		1		1
4.50%, 08/15/2046		136		143	6.50%, 05/20/2032		10		11
4.50%, 09/15/2046		52		55	7.00%, 03/15/2029		4		5
4.50%, 12/20/2046		462		486	7.00%, 07/15/2031		2		2
4.50%, 03/15/2047		255		267			$		156,027
4.50%, 06/20/2047		459		476	U.S. Treasury - 38.26%
4.50%, 08/15/2047		100		104	1.13%, 03/31/2020		235		231
4.50%, 10/15/2047		291		302	1.13%, 04/30/2020		250		246
4.50%, 03/20/2048		294		305	1.13%, 02/28/2021		3,000		2,918
4.50%, 04/01/2048		700		724	1.13%, 06/30/2021		6,280		6,087
4.50%, 04/20/2048		24		25	1.13%, 07/31/2021		3,170		3,068
4.50%, 05/20/2048		358		371	1.13%, 08/31/2021		3,775		3,649
4.50%, 06/20/2048		1,045		1,082	1.13%, 09/30/2021		3,585		3,464
4.50%, 07/20/2048		972		1,007	1.25%, 03/31/2021		4,560		4,445
4.50%, 08/20/2048		696		721	1.25%, 10/31/2021		2,830		2,739
4.50%, 10/20/2048		998		1,034	1.25%, 07/31/2023		4,005		3,794
4.50%, 11/20/2048		1,244		1,289	1.38%, 03/31/2020		4,430		4,374
4.50%, 03/01/2049		3,600		3,725	1.38%, 04/30/2020		4,005		3,951
5.00%, 05/15/2033		219		234	1.38%, 05/31/2020		2,000		1,971
5.00%, 08/15/2033		45		48	1.38%, 08/31/2020		3,370		3,312
5.00%, 12/15/2036		2		3	1.38%, 09/15/2020		2,265		2,225
5.00%, 04/20/2038		20		22	1.38%, 09/30/2020		3,950		3,878
5.00%, 05/15/2038		85		92	1.38%, 10/31/2020		4,110		4,031
5.00%, 07/20/2038		194		207	1.38%, 01/31/2021		3,500		3,424
5.00%, 10/15/2038		274		294	1.38%, 04/30/2021		4,920		4,802
5.00%, 02/15/2039		294		315	1.38%, 05/31/2021		6,000		5,851
5.00%, 03/15/2039		1		1	1.38%, 06/30/2023		2,745		2,617
5.00%, 04/20/2039		126		135	1.38%, 08/31/2023		4,360		4,149
5.00%, 06/20/2039		26		27	1.38%, 09/30/2023		3,375		3,209
5.00%, 09/15/2039		61		65	1.50%, 05/15/2020		4,840		4,780
5.00%, 09/15/2039		173		185	1.50%, 05/31/2020		3,460		3,415
5.00%, 02/15/2040		4		4	1.50%, 06/15/2020		2,600		2,565
5.00%, 05/20/2040		21		22	1.50%, 07/15/2020		3,270		3,223
5.00%, 06/20/2040		27		29	1.50%, 08/15/2020		2,305		2,270
5.00%, 12/15/2040		179		192	1.50%, 01/31/2022		3,800		3,695
5.00%, 05/20/2041		34		37	1.50%, 02/28/2023		4,090		3,933
5.00%, 10/15/2041		162		170	1.50%, 03/31/2023		3,520		3,382
5.00%, 05/20/2044		428		456	1.50%, 08/15/2026		1,105		1,020
5.00%, 06/20/2044		81		86	1.63%, 06/30/2020		2,560		2,529
5.00%, 07/20/2044		96		102	1.63%, 07/31/2020		3,200		3,159
5.00%, 01/20/2045		249		266	1.63%, 10/15/2020		2,240		2,207
5.00%, 04/20/2045		76		81	1.63%, 11/30/2020		1,770		1,742
5.00%, 09/20/2045		21		22	1.63%, 08/15/2022		3,128		3,037
5.00%, 02/20/2046		82		88	1.63%, 08/31/2022		3,500		3,397
5.00%, 05/20/2046		29		31	1.63%, 11/15/2022		4,915		4,762
5.00%, 12/20/2046		219		234	1.63%, 04/30/2023		1,875		1,809
5.00%, 08/20/2048		196		204	1.63%, 05/31/2023		3,000		2,893
5.00%, 03/01/2049		3,150		3,281	1.63%, 10/31/2023		3,270		3,142
5.50%, 05/20/2032		1		1	1.63%, 02/15/2026		4,998		4,683
5.50%, 07/15/2034		13		15	1.63%, 05/15/2026		7,631		7,131
5.50%, 02/15/2035		35		38	1.75%, 10/31/2020		2,430		2,398
5.50%, 03/15/2038		164		177	1.75%, 11/15/2020		2,865		2,827
5.50%, 06/15/2038		86		94	1.75%, 12/31/2020		3,000		2,958
5.50%, 10/20/2038		26		28	1.75%, 11/30/2021		3,600		3,529
5.50%, 01/15/2039		14		15	1.75%, 02/28/2022		2,815		2,755
5.50%, 02/15/2039		96		103	1.75%, 03/31/2022		3,070		3,003
5.50%, 06/15/2040		315		342	1.75%, 04/30/2022		3,325		3,251

Schedule of Investments Bond Market Index Fund February 28, 2019 (unaudited)


U.S. GOVERNMENT & GOVERNMENT		Principal			U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)				AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)
U.S. Treasury (continued)					U.S. Treasury (continued)
1.75%, 05/15/2022	$	2,620	$	2,560	2.38%, 08/15/2024	$	8,135	$	8,061
1.75%, 05/31/2022		3,370		3,292	2.38%, 05/15/2027		6,775		6,633
1.75%, 06/30/2022		2,730		2,666	2.50%, 05/31/2020		4,900		4,897
1.75%, 09/30/2022		665		648	2.50%, 06/30/2020		2,700		2,698
1.75%, 01/31/2023		4,310		4,188	2.50%, 12/31/2020		4,725		4,721
1.75%, 05/15/2023		4,000		3,878	2.50%, 01/31/2021		3,510		3,508
1.88%, 06/30/2020		2,040		2,022	2.50%, 02/28/2021		3,550		3,549
1.88%, 12/15/2020		1,250		1,235	2.50%, 01/15/2022		3,735		3,735
1.88%, 11/30/2021		1,310		1,289	2.50%, 02/15/2022		3,375		3,376
1.88%, 01/31/2022		2,670		2,623	2.50%, 03/31/2023		2,905		2,904
1.88%, 02/28/2022		3,370		3,310	2.50%, 08/15/2023		5,800		5,796
1.88%, 03/31/2022		3,750		3,683	2.50%, 01/31/2024		3,600		3,598
1.88%, 04/30/2022		1,160		1,138	2.50%, 05/15/2024		3,500		3,492
1.88%, 05/31/2022		4,580		4,491	2.50%, 02/28/2026		2,840		2,818
1.88%, 07/31/2022		2,850		2,792	2.50%, 02/15/2045		3,825		3,423
1.88%, 08/31/2022		2,655		2,599	2.50%, 02/15/2046		4,405		3,928
1.88%, 09/30/2022		3,210		3,142	2.50%, 05/15/2046		3,615		3,221
1.88%, 10/31/2022		3,955		3,868	2.63%, 07/31/2020		4,740		4,744
1.88%, 08/31/2024		3,990		3,853	2.63%, 08/15/2020		4,400		4,404
2.00%, 07/31/2020		2,115		2,099	2.63%, 08/31/2020		3,795		3,799
2.00%, 09/30/2020		2,770		2,747	2.63%, 05/15/2021		3,095		3,102
2.00%, 11/30/2020		2,000		1,981	2.63%, 06/15/2021		2,540		2,547
2.00%, 01/15/2021		1,660		1,644	2.63%, 12/15/2021		3,185		3,197
2.00%, 02/28/2021		1,915		1,895	2.63%, 02/28/2023		3,030		3,043
2.00%, 05/31/2021		5,050		4,994	2.63%, 06/30/2023		5,000		5,022
2.00%, 08/31/2021		1,150		1,136	2.63%, 12/31/2023		3,435		3,451
2.00%, 10/31/2021		1,950		1,925	2.63%, 01/31/2026		2,810		2,813
2.00%, 11/15/2021		4,100		4,048	2.63%, 02/15/2029		2,395		2,375
2.00%, 12/31/2021		3,000		2,961	2.75%, 09/30/2020		3,860		3,871
2.00%, 10/31/2022		2,275		2,235	2.75%, 11/30/2020		3,360		3,371
2.00%, 11/30/2022		3,785		3,716	2.75%, 08/15/2021		2,640		2,655
2.00%, 02/15/2023		4,741		4,650	2.75%, 09/15/2021		2,705		2,722
2.00%, 05/31/2024		3,950		3,845	2.75%, 04/30/2023		2,875		2,901
2.00%, 06/30/2024		4,000		3,891	2.75%, 05/31/2023		2,900		2,927
2.00%, 02/15/2025		6,000		5,806	2.75%, 07/31/2023		2,818		2,845
2.00%, 08/15/2025		4,020		3,877	2.75%, 08/31/2023		2,875		2,904
2.00%, 11/15/2026		2,840		2,713	2.75%, 11/15/2023		6,380		6,445
2.13%, 08/31/2020		2,250		2,235	2.75%, 02/15/2024		4,600		4,648
2.13%, 01/31/2021		1,850		1,836	2.75%, 02/28/2025		3,500		3,533
2.13%, 08/15/2021		2,810		2,785	2.75%, 08/31/2025		2,000		2,017
2.13%, 09/30/2021		2,000		1,981	2.75%, 02/15/2028		6,950		6,980
2.13%, 12/31/2022		5,990		5,906	2.75%, 08/15/2042		3,264		3,092
2.13%, 11/30/2023		2,920		2,868	2.75%, 11/15/2042		3,230		3,056
2.13%, 02/29/2024		5,315		5,214	2.75%, 08/15/2047		3,310		3,097
2.13%, 03/31/2024		1,700		1,667	2.75%, 11/15/2047		3,120		2,916
2.13%, 07/31/2024		3,850		3,767	2.88%, 10/31/2020		3,315		3,332
2.13%, 09/30/2024		2,000		1,955	2.88%, 10/15/2021		3,140		3,169
2.13%, 05/15/2025		6,500		6,325	2.88%, 11/15/2021		3,190		3,221
2.25%, 03/31/2020		2,520		2,512	2.88%, 09/30/2023		2,935		2,980
2.25%, 02/15/2021		2,200		2,188	2.88%, 10/31/2023		3,405		3,458
2.25%, 03/31/2021		2,270		2,257	2.88%, 11/30/2023		3,445		3,501
2.25%, 04/30/2021		1,570		1,561	2.88%, 04/30/2025		3,325		3,379
2.25%, 07/31/2021		1,500		1,491	2.88%, 05/31/2025		2,000		2,032
2.25%, 12/31/2023		5,300		5,235	2.88%, 05/15/2028		5,800		5,881
2.25%, 01/31/2024		4,855		4,793	2.88%, 08/15/2028		6,985		7,080
2.25%, 10/31/2024		1,800		1,770	2.88%, 05/15/2043		3,935		3,798
2.25%, 11/15/2024		6,500		6,389	2.88%, 08/15/2045		3,250		3,128
2.25%, 11/15/2025		4,000		3,911	2.88%, 11/15/2046		3,580		3,441
2.25%, 02/15/2027		6,310		6,127	3.00%, 09/30/2025		540		553
2.25%, 08/15/2027		7,185		6,954	3.00%, 05/15/2042		370		366
2.25%, 11/15/2027		6,010		5,806	3.00%, 11/15/2044		3,520		3,468
2.25%, 08/15/2046		3,220		2,718	3.00%, 05/15/2045		3,750		3,696
2.38%, 04/30/2020		2,625		2,620	3.00%, 11/15/2045		3,615		3,562
2.38%, 12/31/2020		2,080		2,074	3.00%, 02/15/2047		3,135		3,089
2.38%, 03/15/2021		2,325		2,318	3.00%, 05/15/2047		3,235		3,184
2.38%, 04/15/2021		2,460		2,452	3.00%, 02/15/2048		3,910		3,842
2.38%, 01/31/2023		2,985		2,970	3.00%, 08/15/2048		5,075		4,987
2.38%, 02/29/2024		3,640		3,617	3.00%, 02/15/2049		1,500		1,475


Schedule of Investments
Bond Market Index Fund
February 28, 2019 (unaudited)



U.S. GOVERNMENT & GOVERNMENT			Principal					(a)		Current yield shown is as of period end.
AGENCY OBLIGATIONS (continued)	Amount (000’s) Value (000’s)							(b)		Affiliated Security. Security is either an affiliate (and registered under the
U.S. Treasury (continued)										Investment Company Act of 1940) or an affiliate as defined by the Investment
3.13%, 05/15/2021	$		3,000		$	3,039				Company Act of 1940 (controls 5.0% or more of the outstanding voting
3.13%, 11/15/2028			2,690			2,784				shares of the security). Please see affiliated sub-schedule for transactional
3.13%, 11/15/2041			1,100			1,115				information.
3.13%, 02/15/2042			2,940			2,977		(c)		Rate shown is as of period end. The rate may be a variable or floating rate or
3.13%, 02/15/2043			2,680			2,705				a fixed rate which may convert to a variable or floating rate in the future.
3.13%, 08/15/2044			3,260			3,284		(d)		Non-income producing security
3.13%, 05/15/2048			3,870			3,896		(e)		Security exempt from registration under Rule 144A of the Securities Act of
3.38%, 05/15/2044			3,365			3,539				1933. These securities may be resold in transactions exempt from registration,
3.38%, 11/15/2048			5,125			5,417				normally to qualified institutional buyers. At the end of the period, the value of
3.50%, 05/15/2020			3,135			3,170				these securities totaled $8,556 or 0.45% of net assets.
3.50%, 02/15/2039			3,000			3,258		(f)		Certain variable rate securities are not based on a published reference rate
3.63%, 02/15/2021			2,560			2,613				and spread but are determined by the issuer or agent and are based on current
3.63%, 08/15/2043			2,100			2,299				market conditions. These securities do not indicate a reference rate and
3.63%, 02/15/2044			2,460			2,695				spread in their description. Rate shown is the rate in effect as of period end.
3.75%, 08/15/2041			1,230			1,374		(g)		Security purchased on a when-issued basis.
3.75%, 11/15/2043			2,840			3,172		(h)		Credit support indicates investments that benefit from credit enhancement or
3.88%, 08/15/2040			1,730			1,969				liquidity support provided by a third party bank, institution, or government
4.25%, 05/15/2039			2,800			3,356				agency.
4.25%, 11/15/2040			1,633			1,956		(i)		Security was purchased in a "to-be-announced" ("TBA") transaction. See
4.38%, 02/15/2038			995			1,212				Notes to Financial Statements for additional information.
4.38%, 11/15/2039			250			304
4.38%, 05/15/2040			389			474					Portfolio Summary (unaudited)
4.50%, 05/15/2038			1,000			1,237		Sector								Percent
4.50%, 08/15/2039			2,140			2,648		Government								42.33	%
4.63%, 02/15/2040			590			742		Mortgage Securities								29.99	%
4.75%, 02/15/2041			2,589			3,313		Financial								8.58	%
5.25%, 11/15/2028			409			496		Investment Companies								5.20	%
5.25%, 02/15/2029			795			969		Consumer, Non-cyclical								4.50	%
5.38%, 02/15/2031			2,930			3,707		Energy								2.76	%
5.50%, 08/15/2028			2,176			2,679		Communications								2.50	%
6.13%, 11/15/2027			1,260			1,594		Industrial								1.91	%
6.25%, 08/15/2023			2,370			2,739		Utilities								1.74	%
6.25%, 05/15/2030			1,740			2,324		Technology								1.70	%
6.38%, 08/15/2027			1,540			1,969		Consumer, Cyclical								1.47	%
6.50%, 11/15/2026			2,500			3,169		Basic Materials								0.61	%
6.63%, 02/15/2027			795			1,021		Asset Backed Securities								0.57	%
7.63%, 02/15/2025			1,800			2,298		Revenue Bonds								0.32	%
8.13%, 05/15/2021			1,150			1,287		General Obligation Unlimited								0.24	%
8.75%, 08/15/2020			1,500			1,632		Insured								0.09	%
			$			719,561		General Obligation Limited								0.03	%
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY								Investments Sold Short								(0.01	)%
OBLIGATIONS			$			1,245,212
Total Investments		$	1,966,359					Other Assets and Liabilities								(4.53	)%
Other Assets and Liabilities - (4.54)%						(85,418	)	TOTAL NET ASSETS								100.00	%
TOTAL NET ASSETS - 100.00%		$	1,880,941


Affiliated Securities			August 31, 2018							Purchases			Sales		February 28, 2019
				Value							Cost		Proceeds			Value
Principal Government Money Market Fund 2.33%			$			20,740			$		514,882	$	437,814	$		97,808
			$			20,740			$		514,882	$	437,814	$		97,808


						Realized Gain/Loss							Realized Gain from		Change in Unrealized
						Income		on Investments			Capital Gain Distributions					Gain/Loss
Principal Government Money Market Fund 2.33%			$			1,312	$		—		$		—		$	—
			$			1,312	$		—		$		—		$	—
Amounts in thousands

Short Sales Outstanding
U.S. GOVERNMENT & GOVERNMENT			Principal
AGENCY OBLIGATIONS - (0.01)%	Amount (000's) Value (000's)
Government National Mortgage Association (GNMA) - (0.01)%
4.00%, 03/01/2048	$					205
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS (proceeds $205)			$			205
TOTAL SHORT SALES (proceeds $205)			$			205


COMMON STOCKS - 51.88%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Agriculture - 0.53%					Electric (continued)
Archer-Daniels-Midland Co		433,444	$	18,421	Sembcorp Industries Ltd		643,100	$	1,245
Bunge Ltd		53,292		2,829	Sempra Energy		167,800		20,210
		$		21,250	Spark Infrastructure Group		8,714,049		14,425
Biotechnology - 0.01%					SSE PLC		718,194		11,302
Advanz Pharma Corp ^(a)		22,681		423	Terna Rete Elettrica Nazionale SpA		1,060,808		6,600
Building Materials - 0.30%					Transmissora Alianca de Energia Eletrica SA		966,900		6,438
Boise Cascade Co		31,677		884			$		193,516
Forterra Inc ^(a)		11,452		60	Electronics - 0.18%
Geberit AG		13,849		5,523	Badger Meter Inc		17,892		1,053
Louisiana-Pacific Corp		78,048		1,972	Halma PLC		232,205		4,790
Norbord Inc		70,034		1,810	Watts Water Technologies Inc		17,086		1,376
Pinnacle Renewable Energy Inc		82,408		661			$		7,219
Universal Forest Products Inc		39,559		1,225	Energy - Alternate Sources - 0.67%
		$		12,135	Algonquin Power & Utilities Corp		331,800		3,681
Chemicals - 2.01%					Pattern Energy Group Inc		376,004		7,843
CF Industries Holdings Inc		72,088		3,042	TerraForm Power Inc		705,816		8,830
FMC Corp		36,760		3,290	Vestas Wind Systems A/S		78,361		6,529
Ingevity Corp ^(a)		8,253		951			$		26,883
Israel Chemicals Ltd		521,667		2,919	Engineering & Construction - 1.26%
K+S AG		173,241		3,300	Aegion Corp ^(a)		22,781		395
Lenzing AG		8,555		855	Aena SME SA ^(b)		34,897		6,224
Linde PLC		25,519		4,443	Enav SpA ^(b)		2,503,682		12,867
Mosaic Co/The		490,943		15,352	Ferrovial SA		180,709		4,161
Nutrien Ltd		419,062		22,810	Flughafen Zurich AG		52,016		9,261
Nutrien Ltd		20,070		1,093	Sydney Airport		3,484,280		17,804
OCI NV ^(a)		133,371		3,162			$		50,712
Olin Corp		102,619		2,654	Environmental Control - 0.25%
PPG Industries Inc		60,408		6,764	AquaVenture Holdings Ltd ^(a)		9,185		203
Sociedad Quimica y Minera de Chile SA ADR		69,123		2,849	China Water Affairs Group Ltd		604,000		629
Tokai Carbon Co Ltd		298,900		4,179	Energy Recovery Inc ^(a)		19,105		153
Yara International ASA		75,777		3,187	Evoqua Water Technologies Corp ^(a)		35,697		485
		$		80,850	Kurita Water Industries Ltd		65,600		1,656
Commercial Services - 2.43%					METAWATER Co Ltd		6,600		186
ALEATICA SAB de CV		6,335,436		6,204	Pentair PLC		99,161		4,218
Atlantia SpA		1,364,064		33,163	Tetra Tech Inc		39,011		2,342
Atlas Arteria Ltd		1,567,804		7,922			$		9,872
Cengage Learning Holdings II Inc ^(a)		7,506		52	Food - 0.15%
China Merchants Port Holdings Co Ltd		4,799,687		10,085	Ingredion Inc		29,117		2,692
Shenzhen Expressway Co Ltd		3,494,000		3,842	Wilmar International Ltd		1,372,700		3,242
Transurban Group		4,155,076		36,763			$		5,934
		$		98,031	Forest Products & Paper - 2.07%
Consumer Products - 0.16%					Acadian Timber Corp		122,760		1,599
Avery Dennison Corp		31,550		3,409	Canfor Corp		246,458		2,648
Kimberly-Clark Corp		27,185		3,176	Clearwater Paper Corp ^(a)		25,532		730
		$		6,585	Domtar Corp		29,162		1,485
Cosmetics & Personal Care - 0.15%					Empresas CMPC SA		672,241		2,521
Essity AB		92,781		2,589	Ence Energia y Celulosa SA		89,101		641
Kao Corp		12,200		925	Holmen AB		140,952		2,979
Unicharm Corp		79,700		2,539	Interfor Corp ^(a)		226,994		2,555
		$		6,053	International Paper Co		135,895		6,227
Electric - 4.81%					Mondi PLC		323,007		7,394
ACEA SpA		31,534		498	Nine Dragons Paper Holdings Ltd		4,256,000		4,411
American Electric Power Co Inc		156,200		12,676	Oji Holdings Corp		990,400		5,916
Atlantica Yield PLC		451,268		9,007	Quintis Ltd ^(a),(c),(d)		2,854,062		—
AusNet Services		5,953,170		7,336	Sappi Ltd		308,167		1,578
China Longyuan Power Group Corp Ltd		3,643,000		2,720	Smurfit Kappa Group PLC		202,371		5,733
Dominion Energy Inc		180,327		13,360	Stora Enso OYJ		535,422		7,172
Duke Energy Corp		15,783		1,415	Sumitomo Forestry Co Ltd		130,100		1,700
Edison International		177,398		10,625	Suzano Papel e Celulose SA ADR		136,642		3,478
EDP - Energias de Portugal SA		1,315,863		4,825	Suzano Papel e Celulose SA		272,000		3,476
Emera Inc		388,797		13,833	Svenska Cellulosa AB SCA		843,754		7,774
Enel SpA		775,898		4,692	UPM-Kymmene OYJ		255,335		7,699
Huadian Fuxin Energy Corp Ltd	17,732,000			4,015	West Fraser Timber Co Ltd		74,095		3,647
Hydro One Ltd ^(b)		339,619		5,329	Western Forest Products Inc		1,485,654		2,055
Iberdrola SA		2,081,848		17,417			$		83,418
Infraestructura Energetica Nova SAB de CV		2,027,964		7,795
NextEra Energy Inc		69,200		12,990
Red Electrica Corp SA		220,433		4,763


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Gas - 1.59%					Mining (continued)
National Grid PLC		2,794,494	$	31,493	Fresnillo PLC		316,389	$	3,599
Snam SpA		1,484,390		7,327	Glencore PLC ^(a)		821,536		3,310
Southwest Gas Holdings Inc		122,800		10,062	Goldcorp Inc		328,000		3,464
Western Midstream Partners LP		452,554		15,143	Livent Corp ^(a)		212,004		2,714
		$		64,025	MMC Norilsk Nickel PJSC ADR		161,430		3,482
Hand & Machine Tools - 0.03%					Newcrest Mining Ltd		800,368		13,765
Franklin Electric Co Inc		23,827		1,268	Newmont Mining Corp		409,148		13,960
Healthcare - Products - 0.18%					Norsk Hydro ASA		646,061		2,666
Danaher Corp		58,256		7,400	Rio Tinto Ltd		339,923		23,168
Healthcare - Services - 0.00%					South32 Ltd		1,343,485		3,756
Millennium Health LLC ^(a),(e)		22,091		1	Southern Copper Corp		90,841		3,235
Millennium Health LLC ^{(a),(c),(d),(e)}		20,580		40	Sumitomo Metal Mining Co Ltd		104,500		3,064
Millennium Health LLC ^{(a),(c),(d),(e)}		19,318		37	Teck Resources Ltd		150,200		3,366
		$		78	Wheaton Precious Metals Corp		193,800		4,215
							$		149,384
Holding Companies - Diversified - 0.06%					Miscellaneous Manufacturers - 0.15%
Empresas COPEC SA		180,388		2,449	Aalberts Industries NV		59,119		2,182
Home Builders - 0.22%					Alfa Laval AB		184,130		4,024
DR Horton Inc		51,625		2,008			$		6,206
Lennar Corp - A Shares		36,070		1,730
PulteGroup Inc		70,581		1,906	Oil & Gas - 5.30%
Taylor Morrison Home Corp ^(a)		57,135		958	Anadarko Petroleum Corp		57,493		2,501
Toll Brothers Inc		37,467		1,334	Antero Midstream Partners LP		197,740		4,775
TRI Pointe Group Inc ^(a)		66,883		843	BP PLC		458,402		3,250
		$		8,779	Cairn Energy PLC ^(a)		1,180,126		3,187
					Canadian Natural Resources Ltd		121,000		3,437
Iron & Steel - 0.97%					Chevron Corp		25,572		3,058
ArcelorMittal		412,919		9,461	CNOOC Ltd		4,573,000		7,943
Fortescue Metals Group Ltd		1,041,200		4,453	ConocoPhillips		45,957		3,118
JFE Holdings Inc		172,500		3,015	Continental Resources Inc/OK ^(a)		136,050		6,069
Nippon Steel & Sumitomo Metal Corp		166,400		3,001	Devon Energy Corp		112,517		3,320
Novolipetsk Steel PJSC		129,199		3,076	Diamondback Energy Inc		48,557		4,998
Nucor Corp		50,347		3,050	Ecopetrol SA ADR		158,320		3,204
Steel Dynamics Inc		134,489		5,019	Eni SpA		188,551		3,252
thyssenkrupp AG		162,843		2,438	EOG Resources Inc		123,082		11,569
Vale SA ADR		221,996		2,770	Equinor ASA		130,501		2,935
voestalpine AG		91,520		2,829	Exxon Mobil Corp		38,258		3,024
		$		39,112	Fieldwood Energy LLC ^(a),(e)		12,648		405
Lodging - 0.52%					Fieldwood Energy LLC ^(a)		2,556		82
City Developments Ltd		1,212,900		7,986	Galp Energia SGPS SA		397,928		6,524
Hilton Grand Vacations Inc ^(a)		68,778		2,186	Gazprom PJSC ADR		638,938		3,030
Hilton Worldwide Holdings Inc		128,714		10,696	Hess Corp		141,345		8,177
		$		20,868	Imperial Oil Ltd		102,100		2,764
Machinery - Diversified - 0.63%					LUKOIL PJSC ADR		119,944		9,974
ANDRITZ AG		64,512		3,220	Marathon Petroleum Corp		165,291		10,249
Ebara Corp		58,300		1,662	Novatek PJSC		17,881		3,098
Gorman-Rupp Co/The		11,718		396	Occidental Petroleum Corp		219,224		14,502
IDEX Corp		43,172		6,221	OMV AG		182,283		9,596
Kadant Inc		10,869		950	Petroleo Brasileiro SA ADR		505,638		7,246
Lindsay Corp		6,609		611	Petroleo Brasileiro SA ADR		208,883		3,284
Mueller Water Products Inc - Class A		97,200		1,015	Phillips 66		32,521		3,134
SIG Combibloc Services AG ^(a)		180,203		1,896	Pioneer Natural Resources Co		48,873		6,888
Valmet OYJ		36,865		918	Repsol SA		176,137		3,031
Xylem Inc/NY		110,373		8,339	Rosneft Oil Co PJSC		482,754		2,891
		$		25,228	Royal Dutch Shell PLC - A Shares		100,578		3,135
Media - 0.03%					S-Oil Corp		31,985		2,835
Cumulus Media Inc ^(a)		74,266		1,323	Suncor Energy Inc		94,300		3,251
Metal Fabrication & Hardware - 0.05%					TOTAL SA		432,298		24,606
Advanced Drainage Systems Inc		25,189		640	Transocean Ltd ^(a)		54,446		445
Reliance Worldwide Corp Ltd		436,997		1,401	Valero Energy Corp		135,620		11,062
		$		2,041	Vantage Drilling International ^(a),(c),(d)		1,554		122
Mining - 3.71%					Woodside Petroleum Ltd		134,089		3,436
Alcoa Corp ^(a)		177,497		5,237			$		213,407
Anglo American PLC		590,356		15,657	Oil & Gas Services - 0.16%
Antofagasta PLC		297,812		3,690	Halliburton Co		96,766		2,970
Barrick Gold Corp		1,015,278		12,807	Schlumberger Ltd		67,436		2,971
BHP Group Ltd		135,705		3,584	Select Energy Services Inc ^(a)		41,399		417
Compass Minerals International Inc		76,358		4,000			$		6,358
Franco-Nevada Corp		44,000		3,315
Freeport-McMoRan Inc		1,033,354		13,330


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Packaging & Containers - 1.14%					REITs (continued)
Amcor Ltd/Australia		310,113	$	3,309	Essex Property Trust Inc		47,978	$	13,426
Ball Corp		171,259		9,382	Frasers Logistics & Industrial Trust		3,637,151		2,962
DS Smith PLC		1,036,991		4,616	Gecina SA		57,213		8,472
Graphic Packaging Holding Co		93,666		1,141	Goodman Group		1,853,107		16,855
Greif Inc - Class A		42,464		1,707	Inmobiliaria Colonial Socimi SA		790,242		8,145
Klabin SA		379,800		1,832	Invitation Homes Inc		533,935		12,281
Packaging Corp of America		150,933		14,428	Japan Hotel REIT Investment Corp		8,680		6,702
Sealed Air Corp		83,258		3,632	Japan Retail Fund Investment Corp		1,874		3,780
Sonoco Products Co		21,203		1,227	Kilroy Realty Corp		82,091		6,051
Westrock Co		126,771		4,738	Klepierre SA		100,709		3,513
		$		46,012	Link REIT		1,112,870		12,588
Pipelines - 8.31%					MCUBS MidCity Investment Corp		6,381		5,618
AltaGas Ltd		616,249		8,279	Merlin Properties Socimi SA		464,856		6,022
Andeavor Logistics LP		246,743		8,680	Minto Apartment Real Estate Investment Trust		324,240		4,795
Antero Midstream GP LP		67,098		857	Park Hotels & Resorts Inc		61,178		1,911
APA Group		1,824,699		12,961	Physicians Realty Trust		185,307		3,349
BP Midstream Partners LP		118,024		1,934	PotlatchDeltic Corp		207,940		7,484
Buckeye Partners LP		144,967		4,564	Prologis Inc		200,693		14,061
Cheniere Energy Inc ^(a)		399,110		25,723	Rayonier Inc		357,189		10,527
DCP Midstream LP		27,969		901	Regency Centers Corp		148,252		9,673
Enbridge Inc		1,038,234		38,407	Rexford Industrial Realty Inc		356,013		12,204
Enbridge Inc		259,837		9,612	Segro PLC		1,246,171		10,929
Energy Transfer LP		1,318,141		19,495	Simon Property Group Inc		114,851		20,806
EnLink Midstream LLC		293,668		3,274	STORE Capital Corp		158,720		5,154
Enterprise Products Partners LP		699,541		19,342	Sun Communities Inc		68,275		7,754
EQM Midstream Partners LP		229,764		8,931	Sunstone Hotel Investors Inc		305,780		4,602
Kinder Morgan Inc/DE		634,158		12,151	Unibail-Rodamco-Westfield		7,179		1,156
Koninklijke Vopak NV		98,199		4,797	UNITE Group PLC/The		575,796		6,990
Magellan Midstream Partners LP		292,171		17,784	United Urban Investment Corp		3,269		5,070
MPLX LP		442,224		14,664	Welltower Inc		129,912		9,654
Noble Midstream Partners LP		45,074		1,517	Weyerhaeuser Co		425,639		10,594
ONEOK Inc		194,561		12,503			$		361,678
Pembina Pipeline Corp		81,221		2,973	Retail - 0.06%
Phillips 66 Partners LP		198,668		9,747	Gymboree Corp/The ^(a),(e)		17,842		27
Plains All American Pipeline LP		807,860		18,855	Gymboree Holding Corp ^(a)		48,577		73
Shell Midstream Partners LP		316,652		5,662	Home Depot Inc/The		12,626		2,337
Tallgrass Energy LP		288,101		6,520			$		2,437
Targa Resources Corp		112,005		4,507	Software - 0.18%
TransCanada Corp		440,392		19,694	Avaya Holdings Corp ^(a)		171,909		2,663
Williams Cos Inc/The		1,509,405		40,286	InterXion Holding NV ^(a)		71,317		4,671
		$		334,620			$		7,334
Real Estate - 1.72%					Storage & Warehousing - 0.08%
ADO Properties SA ^(b)		138,361		7,922	Safestore Holdings PLC		405,243		3,298
Aroundtown SA		943,314		7,921	Telecommunications - 0.05%
Deutsche Wohnen SE		245,893		11,443	Eutelsat Communications SA		96,996		1,914
Entra ASA ^(b)		272,869		3,826	Transportation - 0.14%
Fabege AB		517,875		6,953	East Japan Railway Co		54,300		5,201
Hongkong Land Holdings Ltd		714,397		5,124	Harvey Gulf ^(a),(c),(d)		3,014		109
Mitsui Fudosan Co Ltd		447,870		10,628	Harvey Gulf - Warrants ^(a),(c),(d)		13,471		485
New World Development Co Ltd		7,576,140		12,096			$		5,795
Pope Resources a Delaware LP		47,701		3,267
		$		69,180	Water - 2.64%
					American States Water Co		25,898		1,842
REITs - 8.98%					American Water Works Co Inc		127,249		12,931
Agree Realty Corp		53,891		3,542	Aqua America Inc		125,433		4,508
Alexandria Real Estate Equities Inc		110,253		14,982	Beijing Enterprises Water Group Ltd		3,918,000		2,346
Allied Properties Real Estate Investment Trust		62,000		2,262	California Water Service Group		33,891		1,763
American Tower Corp		21,840		3,847	Cia de Saneamento Basico do Estado de Sao		240,947		2,506
Americold Realty Trust		312,539		8,985	Paulo ADR
Apartment Investment & Management Co		162,608		7,956	Cia de Saneamento do Parana		426,540		8,727
AvalonBay Communities Inc		80,466		15,661	Connecticut Water Service Inc		8,492		570
Boston Properties Inc		15,700		2,083	Guangdong Investment Ltd		2,028,000		3,887
CatchMark Timber Trust Inc		280,792		2,682	Middlesex Water Co		11,558		680
CFE Capital S de RL de CV		6,017,200		5,305	Pennon Group PLC		1,123,512		11,597
Crown Castle International Corp		118,529		14,076	PICO Holdings Inc ^(a)		15,452		159
CubeSmart		164,132		5,029	Severn Trent PLC		603,759		16,172
Daiwa Office Investment Corp		916		6,108	SJW Group		11,193		685
Dexus		849,192		7,249	Suez		298,849		3,821
EPR Properties		58,257		4,281	United Utilities Group PLC		2,440,604		27,197
Equinix Inc		10,631		4,502


COMMON STOCKS (continued)		Shares Held Value (000’s)							Principal
Water (continued)						BONDS (continued)		Amount (000’s) Value (000’s)
Veolia Environnement SA			303,723	$	6,664	Media - 0.01%
York Water Co/The			9,108		332	iHeartCommunications Inc
			$		106,387	0.00%, 12/15/2019^(a)			$		523	$	364
TOTAL COMMON STOCKS			$		2,089,462	Sovereign - 1.47%
INVESTMENT COMPANIES - 2.51%		Shares Held Value (000's)				French Republic Government Bond OAT
Exchange-Traded Funds - 0.35%						0.10%, 07/25/2047^(b)		EUR			1,872		2,195
Invesco S&P Global Water Index ETF			105,289		3,690	1.85%, 07/25/2027					9,657		13,450
SPDR S&P Global Natural Resources ETF			231,968		10,610	Italy Buoni Poliennali Del Tesoro
			$		14,300	1.25%, 10/27/2020^(b)					999		1,161
Money Market Funds - 2.16%						1.30%, 05/15/2028^(b)					3,009		3,243
Principal Government Money Market Fund		86,921,547			86,922	1.65%, 04/23/2020^(b)					1,867		2,170
2.33%^(f),(g)						3.45%, 03/01/2048^(b)					3,130		3,422
TOTAL INVESTMENT COMPANIES			$		101,222	Japanese Government CPI Linked Bond
PREFERRED STOCKS - 0.15%		Shares Held Value (000's)				0.10%, 03/10/2027		JPY		689,106			6,397
Electric - 0.15%						0.10%, 03/10/2028				1,365,788			12,691
Cia Energetica de Sao Paulo 0.04%			939,200	$	6,041	New Zealand Government Inflation Linked Bond
TOTAL PREFERRED STOCKS			$		6,041	2.60%, 09/20/2040		NZD			1,099		922
		Principal				2.63%, 09/20/2035					2,831		2,365
BONDS - 7.74%		Amount (000's) Value (000's)				3.00%, 09/20/2030					10,354		8,985
Federal & Federally Sponsored Credit - 2.36%						United Kingdom Gilt
Federal Farm Credit Banks						1.50%, 07/22/2047		GBP			1,105		1,359
2.54%, 07/09/2020^(h)		$	14,000	$	13,989	United Kingdom Gilt Inflation Linked
Federal Reserve Bank Prime Loan Rate US						0.75%, 11/22/2047					320		771
+ (2.96	)%										$		59,131
2.56%, 12/28/2020^(h)			8,000		8,003	TOTAL BONDS					$		311,538
1 Month USD LIBOR + 0.07%						COMMODITY INDEXED STRUCTURED			Principal
2.57%, 08/27/2020^(h)			3,800		3,801	NOTES - 0.46%		Amount (000's) Value (000's)
Federal Reserve Bank Prime Loan Rate US						Banks - 0.46%
+ (2.93	)%					Royal Bank of Canada; Dow Jones - UBS
2.57%, 09/24/2020^(h)			8,700		8,700	Commodity Index Linked Note
Federal Reserve Bank Prime Loan Rate US						2.40%, 04/23/2019^(b)			$		22,000		18,586
+ (5.86	)%					TOTAL COMMODITY INDEXED STRUCTURED NOTES					$		18,586
2.59%, 12/11/2019^(h)			13,500		13,511				Principal
Federal Reserve Bank Prime Loan Rate US						CONVERTIBLE BONDS - 0.01%		Amount (000's) Value (000's)
+ (5.82	)%					Oil & Gas - 0.01%
2.62%, 07/23/2020^(h)			28,200		28,192	Vantage Drilling International
3 Month USD LIBOR + (0.30)%						1.00%, PIK 1.00%, 12/31/2030^(d),(i),(j)					276		276
2.64%, 01/27/2020^(h)			3,700		3,703	TOTAL CONVERTIBLE BONDS					$		276
3 Month USD LIBOR + (0.12)%						SENIOR FLOATING RATE INTERESTS			Principal
2.71%, 01/15/2021^(h)			15,000		15,007	- 14.23	%	Amount (000's) Value (000's)
3 Month USD LIBOR + (0.08)%						Advertising - 0.06%
			$		94,906	Advantage Sales & Marketing Inc
Finance - Mortgage Loan/Banker - 3.90%						5.74%, 07/23/2021^(k)			$		382	$	334
Fannie Mae						US LIBOR + 3.25%
2.47%, 04/30/2020^(h)			13,800		13,810	Affinion Group Inc
United States Secured Overnight Financing						10.23%, 03/31/2022^(k)					856		769
Rate + 0.10%						US LIBOR + 7.75%
2.53%, 01/30/2020^(h)			42,160		42,206	Checkout Holding Corp
United States Secured Overnight Financing						0.00%, 04/09/2021^(a),(k)					1,333		120
Rate + 0.16%						US LIBOR + 3.50%
Federal Home Loan Banks						3.49%, PIK 9.50%, 08/15/2023^(j),(k)					222		170
0.88%, 08/05/2019^(h)			11,500		11,422	US LIBOR + 1.00%
2.38%, 06/27/2019^(h)			9,300		9,298	9.99%, 02/15/2023^(k)					184		177
1 Month USD LIBOR + (0.19)%						US LIBOR + 7.50%
2.42%, 01/23/2020^(h)			5,800		5,797	Red Ventures LLC
1 Month USD LIBOR + (0.07)%						5.49%, 11/08/2024^(k)					797		795
2.43%, 12/16/2019^(h)			7,500		7,498	US LIBOR + 3.00%
1 Month USD LIBOR + (0.06)%											$		2,365
2.53%, 01/30/2020^(h)			11,000		11,002	Aerospace & Defense - 0.24%
3 Month Treasury Bill + 0.14%						Sequa Mezzanine Holdings LLC
Freddie Mac						7.78%, 10/28/2021^(k)					3,643		3,576
2.28%, 09/20/2019^(h),(i)			18,000		18,004	US LIBOR + 5.00%
2.39%, 06/28/2019^(h)			3,300		3,300	11.75%, 04/28/2022^(k)					1,304		1,265
1 Month USD LIBOR + (0.10)%						US LIBOR + 9.00%
2.40%, 08/12/2019^(h)			29,400		29,399
1 Month USD LIBOR + (0.20)%
2.63%, 07/05/2019^(h)			5,400		5,401
3 Month USD LIBOR + (0.17)%
			$		157,137


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 (continued)					Commercial Services (continued)
TransDigm Inc					Gartner Inc
4.99%, 06/09/2023^(k)	$	3,754	$	3,706	3.99%, 03/20/2022^(k)	$	918	$	913
US LIBOR + 2.50%					US LIBOR + 2.00%
4.99%, 05/30/2025^(k)		993		978	Laureate Education Inc
US LIBOR + 2.50%					6.00%, 04/26/2024^(k)		1,321		1,322
		$		9,525	US LIBOR + 3.50%
Airlines - 0.24%					Monitronics International Inc
Allegiant Travel Co					8.30%, 09/30/2022^(k)		97		85
7.24%, 01/29/2024^(k)		600		598	US LIBOR + 5.50%
US LIBOR + 4.50%					PAREXEL International Corp
American Airlines Inc					5.24%, 08/09/2024^(k)		1,040		1,009
4.23%, 06/27/2025^(k)		2,806		2,748	US LIBOR + 2.75%
US LIBOR + 1.75%					Prime Security Services Borrower LLC
4.49%, 12/14/2023^(k)		1,646		1,619	5.24%, 05/02/2022^(k)		1,920		1,914
US LIBOR + 2.00%					US LIBOR + 2.75%
4.52%, 10/10/2021^(k)		4,762		4,742	Refinitiv US Holdings Inc
US LIBOR + 2.00%					6.24%, 09/18/2025^(k)		3,000		2,952
		$		9,707	US LIBOR + 3.75%
Automobile Parts & Equipment - 0.02%					Syniverse Holdings Inc
Altra Industrial Motion Corp					7.51%, 02/09/2023^(k)		3,598		3,395
4.49%, 09/26/2025^(k)		978		966	US LIBOR + 5.00%
US LIBOR + 2.00%					11.51%, 02/09/2024^(k)		2,000		1,660
Beverages - 0.05%					US LIBOR + 9.00%
Jacobs Douwe Egberts International BV					Team Health Holdings Inc
4.56%, 10/23/2025^(k)		2,108		2,094	5.25%, 02/06/2024^(k)		1,398		1,260
US LIBOR + 2.00%					US LIBOR + 2.75%
					Verscend Holding Corp
Biotechnology - 0.11%					7.00%, 08/08/2025^(k)		1,132		1,134
Concordia International Corp					US LIBOR + 4.50%
8.02%, 09/06/2024^(k)		4,682		4,438	Wand NewCo 3 Inc
US LIBOR + 5.50%					6.01%, 01/23/2026^(k)		1,000		1,002
Building Materials - 0.09%					US LIBOR + 3.50%
Quikrete Holdings Inc					WEX Inc
5.24%, 11/03/2023^(k)		3,583		3,532	4.74%, 06/30/2023^(k)		922		917
US LIBOR + 2.75%					US LIBOR + 2.25%
Chemicals - 0.07%					Worldpay LLC
INEOS US Finance LLC					4.21%, 08/09/2024^(k)		1,489		1,477
4.49%, 03/31/2024^(k)		238		235	US LIBOR + 1.75%
US LIBOR + 2.00%							$		26,610
Minerals Technologies Inc					Computers - 0.55%
4.75%, 05/09/2021^(k)		1,144		1,136	Dell International LLC
Starfruit US Holdco LLC					4.50%, 09/07/2023^(k)		8,356		8,323
5.76%, 10/01/2025^(k)		1,310		1,300	US LIBOR + 2.00%
US LIBOR + 3.25%					iQor US Inc
Tronox Blocked Borrower LLC					7.80%, 04/01/2021^(k)		2,330		2,170
5.50%, 09/13/2024^(k)		62		61	US LIBOR + 5.00%
US LIBOR + 3.00%					McAfee LLC
Tronox Finance LLC					6.24%, 09/30/2024^(k)		3,247		3,252
5.49%, 09/13/2024^(k)		143		142	US LIBOR + 3.75%
US LIBOR + 3.00%					10.99%, 09/29/2025^(k)		687		695
		$		2,874	US LIBOR + 8.50%
Coal - 0.03%					NeuStar Inc
Peabody Energy Corp					5.99%, 08/08/2024^(k)		984		942
5.24%, 03/07/2025^(k)		1,181		1,175	US LIBOR + 3.50%
US LIBOR + 2.75%					Optiv Security Inc
Commercial Services - 0.66%					5.74%, 02/01/2024^(k)		911		872
Allied Universal Holdco LLC					US LIBOR + 3.25%
6.24%, 07/28/2022^(k)		1,407		1,381	Tempo Acquisition LLC
US LIBOR + 3.75%					5.49%, 05/01/2024^(k)		1,474		1,472
Atlantic Aviation FBO Inc					US LIBOR + 3.00%
6.27%, 11/28/2025^(k)		750		755	Western Digital Corp
US LIBOR + 3.75%					4.23%, 04/29/2023^(k)		4,398		4,313
Camelot Finance LP					US LIBOR + 1.75%
5.74%, 10/03/2023^(k)		2,386		2,376			$		22,039
US LIBOR + 3.25%					Consumer Products - 0.04%
Concentra Inc					Champ Acquisition Corp
5.27%, 06/01/2022^(k)		3,077		3,058	8.13%, 12/17/2025^(k)		1,000		998
US LIBOR + 2.50%					US LIBOR + 5.50%


SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Consumer Products (continued)					Engineering & Construction - 0.10%
Prestige Brands Inc					Brand Industrial Services Inc
4.49%, 01/20/2024^(k)	$	609	$	605	6.96%, 06/21/2024^(k)	$	2,248	$	2,192
US LIBOR + 2.00%					US LIBOR + 4.25%
		$		1,603	Standard Aero Ltd
Cosmetics & Personal Care - 0.16%					0.00%, 01/23/2026^(k),(l)		1,301		1,304
Coty Inc					0.00%, 01/23/2026^(k),(l)		699		701
4.26%, 04/05/2023^(k)		2,438		2,377			$		4,197
US LIBOR + 1.75%					Entertainment - 0.66%
4.76%, 04/07/2025^(k)		1,493		1,456	CCM Merger Inc
US LIBOR + 2.25%					4.74%, 08/08/2021^(k)		1,029		1,024
Revlon Consumer Products Corp					US LIBOR + 2.25%
6.13%, 07/21/2023^(k)		3,463		2,580	CEOC LLC
US LIBOR + 3.50%					4.50%, 10/06/2024^(k)		2,489		2,464
		$		6,413	US LIBOR + 2.00%
Distribution & Wholesale - 0.15%					Crown Finance US Inc
Core & Main LP					5.00%, 02/07/2025^(k)		711		705
5.72%, 08/01/2024^(k)		1,481		1,467	US LIBOR + 2.50%
US LIBOR + 3.00%					Formula One Management Ltd
KAR Auction Services Inc					4.99%, 02/01/2024^(k)		6,702		6,549
5.31%, 03/09/2023^(k)		764		762	US LIBOR + 2.50%
US LIBOR + 2.50%					Metro-Goldwyn-Mayer Inc
Univar USA Inc					5.00%, 07/03/2025^(k)		1,496		1,485
4.74%, 07/01/2024^(k)		3,754		3,746	US LIBOR + 2.50%
US LIBOR + 2.25%					7.00%, 07/03/2026^(k)		1,500		1,460
		$		5,975	US LIBOR + 4.50%
Diversified Financial Services - 0.24%					Penn National Gaming Inc
Capital Automotive LP					4.84%, 08/14/2025^(k)		2,000		1,990
5.00%, 03/21/2024^(k)		3,560		3,503	US LIBOR + 2.25%
US LIBOR + 2.50%					Scientific Games International Inc
8.49%, 03/21/2025^(k)		2,061		2,054	5.31%, 08/14/2024^(k)		6,090		6,032
US LIBOR + 6.00%					US LIBOR + 2.75%
Ditech Holding Corp					Stars Group Holdings BV
0.00%, 06/30/2022^(a),(k)		5,199		3,491	6.30%, 06/27/2025^(k)		2,905		2,904
US LIBOR + 3.75%					US LIBOR + 3.50%
Lions Gate Capital Holdings LLC					William Morris Endeavor Entertainment LLC
4.74%, 03/24/2025^(k)		593		590	5.25%, 05/16/2025^(k)		1,968		1,907
US LIBOR + 2.25%					US LIBOR + 2.75%
		$		9,638			$		26,520
Electric - 0.48%					Environmental Control - 0.14%
Calpine Corp					Advanced Disposal Services Inc
5.31%, 05/05/2023^(k)		2,332		2,317	4.67%, 11/10/2023^(k)		4,737		4,729
US LIBOR + 2.50%					US LIBOR + 2.25%
5.31%, 01/15/2024^(k)		1,341		1,331	GFL Environmental Inc
US LIBOR + 2.50%					5.50%, 05/09/2025^(k)		997		980
Dayton Power & Light Co/The					US LIBOR + 3.00%
4.50%, 08/24/2022^(k)		2,101		2,096			$		5,709
US LIBOR + 2.00%					Food - 0.40%
NRG Energy Inc					Albertson's LLC
4.24%, 06/30/2023^(k)		772		768	5.49%, 10/29/2025^(k)		9,286		9,215
US LIBOR + 1.75%					US LIBOR + 3.00%
Vistra Operations Co LLC					CHG PPC Parent LLC
4.48%, 12/31/2025^(k)		2,122		2,112	5.24%, 03/30/2025^(k)		746		739
US LIBOR + 2.00%					US LIBOR + 2.75%
4.49%, 08/04/2023^(k)		8,449		8,421	US Foods Inc
US LIBOR + 2.00%					4.49%, 06/27/2023^(k)		6,290		6,249
4.74%, 12/14/2023^(k)		2,444		2,440	US LIBOR + 2.00%
US LIBOR + 2.25%							$		16,203
		$		19,485	Food Service - 0.02%
Electrical Components & Equipment - 0.02%					8th Avenue Food & Provisions Inc
Energizer Holdings Inc					6.26%, 09/19/2025^(k)		900		901
4.74%, 12/17/2025^(k)		750		749	US LIBOR + 3.75%
US LIBOR + 2.25%					Healthcare - Products - 0.30%
Electronics - 0.03%					Carestream Health Inc
TTM Technologies Inc					8.24%, 02/28/2021^(k)		3,215		3,154
5.01%, 09/13/2024^(k)		1,307		1,286	US LIBOR + 5.75%
US LIBOR + 2.50%					11.99%, 06/07/2021^(k)		570		559
					US LIBOR + 9.50%


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)					Healthcare - Services (continued)
ConvaTec Inc					Syneos Health Inc
5.05%, 10/31/2023^(k)	$	2,595	$	2,580	4.49%, 08/01/2024^(k)	$	1,888	$	1,844
US LIBOR + 2.25%					US LIBOR + 2.00%
Kinetic Concepts Inc							$		35,932
6.05%, 02/02/2024^(k)		2,359		2,352	Home Furnishings - 0.02%
US LIBOR + 3.25%					Compuware Corp
LifeScan Global Corp					5.99%, 08/08/2025^(k)		699		701
8.80%, 10/01/2024^(k)		750		719	US LIBOR + 3.50%
US LIBOR + 6.00%					Insurance - 0.16%
MedPlast Holdings Inc					Acrisure LLC
6.55%, 06/26/2025^(k)		1,746		1,752	6.75%, 11/20/2023^(k)		1,226		1,226
US LIBOR + 3.75%					US LIBOR + 4.25%
Vyaire Medical Inc					Alliant Holdings Intermediate LLC
7.55%, 04/11/2025^(k)		995		916	5.23%, 05/09/2025^(k)		2,705		2,671
US LIBOR + 4.75%					US LIBOR + 2.75%
		$		12,032	HUB International Ltd
Healthcare - Services - 0.89%					5.51%, 04/25/2025^(k)		2,560		2,534
Air Medical Group Holdings Inc					US LIBOR + 3.00%
6.74%, 03/14/2025^(k)		323		313			$		6,431
US LIBOR + 4.25%					Internet - 0.10%
Ardent Health Partners LLC					Ancestry.com Operations Inc
6.99%, 06/16/2025^(k)		1,742		1,744	5.75%, 10/19/2023^(k)		1,839		1,827
US LIBOR + 4.50%					US LIBOR + 3.25%
Catalent Pharma Solutions Inc					Uber Technologies Inc
4.74%, 05/20/2024^(k)		2,434		2,424	5.98%, 07/13/2023^(k)		992		988
US LIBOR + 2.25%					US LIBOR + 3.50%
CHS/Community Health Systems Inc					6.52%, 04/04/2025^(k)		995		995
5.88%, 01/27/2021^(k)		1,634		1,623	US LIBOR + 4.00%
US LIBOR + 3.25%							$		3,810
Envision Healthcare Corp					Investment Companies - 0.15%
6.25%, 09/26/2025^(k)		750		720	Abe Investment Holdings Inc
US LIBOR + 3.75%					7.06%, 02/13/2026^(k)		1,999		1,994
Gentiva Health Services Inc					US LIBOR + 4.50%
6.25%, 07/02/2025^(k)		2,925		2,928	RPI Finance Trust
US LIBOR + 3.75%					4.49%, 03/27/2023^(k)		3,855		3,847
9.50%, 07/02/2026^(k)		500		508	US LIBOR + 2.00%
US LIBOR + 7.00%							$		5,841
HCA Inc
4.24%, 03/17/2023^(k)		3,128		3,125	Leisure Products & Services - 0.26%
US LIBOR + 1.75%					Alterra Mountain Co
4.49%, 03/07/2025^(k)		6,116		6,113	5.49%, 07/31/2024^(k)		1,566		1,560
US LIBOR + 2.00%					US LIBOR + 3.00%
Heartland Dental LLC					Callaway Golf Co
6.15%, 04/30/2025^(k)		5		5	7.01%, 12/17/2025^(k)		1,500		1,505
US LIBOR + 3.75%					US LIBOR + 4.50%
6.25%, 04/18/2025^(k)		113		112	Equinox Holdings Inc
US LIBOR + 3.75%					5.49%, 03/08/2024^(k)		1,032		1,025
Jaguar Holding Co II					US LIBOR + 3.00%
4.99%, 08/18/2022^(k)		6,666		6,627	Fitness International LLC
US LIBOR + 2.50%					5.24%, 04/18/2023^(k)		1,706		1,693
MPH Acquisition Holdings LLC					US LIBOR + 2.75%
5.55%, 05/25/2023^(k)		712		704	Life Time Fitness Inc
US LIBOR + 3.00%					5.38%, 06/10/2022^(k)		3,561		3,540
New Millennium Holdco Inc					US LIBOR + 2.75%
8.99%, 12/21/2020^(k)		1,088		528	Sabre GLBL Inc
US LIBOR + 6.50%					4.49%, 02/22/2024^(k)		967		964
Phoenix Guarantor Inc					US LIBOR + 2.00%
0.00%, 02/12/2026^(k),(l)		1,269		1,257			$		10,287
Quorum Health Corp					Lodging - 0.35%
9.24%, 04/29/2022^(k)		393		393	Boyd Gaming Corp
US LIBOR + 6.75%					4.66%, 09/15/2023^(k)		2,044		2,032
RegionalCare Hospital Partners Holdings Inc					US LIBOR + 2.25%
6.98%, 11/14/2025^(k)		3,000		2,995	Caesars Resort Collection LLC
US LIBOR + 4.50%					5.24%, 12/22/2024^(k)		3,958		3,943
Select Medical Corp					US LIBOR + 2.75%
4.99%, 03/06/2025^(k)		1,986		1,969	CityCenter Holdings LLC
US LIBOR + 2.50%					4.74%, 04/18/2024^(k)		3,027		3,004
					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)
Lodging (continued)					Media (continued)
Hilton Worldwide Finance LLC					Mission Broadcasting Inc
4.24%, 10/25/2023^(k)	$	3,079	$	3,076	4.76%, 01/17/2024^(k)	$	405	$	399
US LIBOR + 1.75%					US LIBOR + 2.25%
Wyndham Hotels & Resorts Inc					Nexstar Broadcasting Inc
4.24%, 05/30/2025^(k)		1,995		1,984	4.74%, 01/17/2024^(k)		2,234		2,204
US LIBOR + 1.75%					US LIBOR + 2.25%
		$		14,039	Nielsen Finance LLC
Machinery - Construction & Mining - 0.03%					4.52%, 10/04/2023^(k)		2,451		2,436
North American Lifting Holdings Inc					US LIBOR + 2.00%
7.30%, 11/27/2020^(k)		1,504		1,368	Sinclair Television Group Inc
US LIBOR + 4.50%					4.75%, 01/03/2024^(k)		992		987
Machinery - Diversified - 0.24%					US LIBOR + 2.25%
Columbus McKinnon Corp/NY					Tribune Media Co
5.30%, 01/31/2024^(k)		1,246		1,240	5.49%, 01/27/2024^(k)		2,053		2,051
US LIBOR + 2.50%					US LIBOR + 3.00%
Gardner Denver Inc					UPC Financing Partnership
5.24%, 07/30/2024^(k)		4,484		4,479	4.99%, 01/15/2026^(k)		2,801		2,796
US LIBOR + 2.75%					US LIBOR + 2.50%
NN Inc					Ziggo Secured Finance Partnership
5.74%, 03/26/2021^(k)		2,131		2,075	4.99%, 04/15/2025^(k)		2,150		2,123
US LIBOR + 3.25%					US LIBOR + 2.50%
6.24%, 10/19/2022^(k)		665		650			$		62,982
US LIBOR + 3.75%					Mining - 0.01%
RBS Global Inc					Covia Holdings Corp
4.49%, 08/21/2024^(k)		1,114		1,110	6.55%, 04/09/2025^(k)		433		374
US LIBOR + 2.00%					US LIBOR + 3.75%
		$		9,554	Miscellaneous Manufacturers - 0.08%
Media - 1.56%					Gates Global LLC
Altice Financing SA					5.24%, 03/31/2024^(k)		3,396		3,383
5.24%, 07/15/2025^(k)		2,948		2,848	US LIBOR + 2.75%
US LIBOR + 2.75%					Oil & Gas - 0.36%
Altice France SA/France					California Resources Corp
6.49%, 08/14/2026^(k)		3,990		3,875	7.24%, 11/14/2022^(k)		4,500		4,425
US LIBOR + 4.00%					US LIBOR + 4.75%
CBS Radio Inc					12.87%, 12/31/2021^(k)		1,750		1,834
5.24%, 11/17/2024^(k)		2,357		2,342	US LIBOR + 10.37%
US LIBOR + 2.75%					Fieldwood Energy LLC
Charter Communications Operating LLC					7.74%, 04/11/2022^(k)		3,429		3,109
4.50%, 04/13/2025^(k)		6,333		6,312	US LIBOR + 5.25%
US LIBOR + 2.00%					9.74%, 04/11/2023^(k)		2,651		2,130
CSC Holdings LLC					US LIBOR + 7.25%
4.99%, 01/25/2026^(k)		1,489		1,479	Seadrill Operating LP
US LIBOR + 2.50%					8.80%, 02/12/2021^(k)		3,417		2,850
Cumulus Media New Holdings Inc					US LIBOR + 6.00%
7.00%, 05/15/2022^(k)		6,027		5,897			$		14,348
US LIBOR + 4.50%					Oil & Gas Services - 0.06%
Gray Television Inc					McDermott Technology Americas Inc
4.76%, 02/02/2024^(k)		553		550	7.49%, 04/04/2025^(k)		2,481		2,384
US LIBOR + 2.50%					US LIBOR + 5.00%
5.01%, 11/02/2025^(k)		750		748	Packaging & Containers - 0.22%
US LIBOR + 2.50%					Berry Global Inc
Houghton Mifflin Harcourt Publishers Inc					4.52%, 01/19/2024^(k)		1,960		1,949
5.49%, 05/11/2021^(k)		3,616		3,417	US LIBOR + 2.00%
US LIBOR + 3.00%					Reynolds Group Holdings Inc
iHeartCommunications Inc					5.24%, 02/05/2023^(k)		6,881		6,847
0.00%, 01/30/2019^(a),(k)		20,455		14,259	US LIBOR + 2.75%
US LIBOR + 6.75%							$		8,796
0.00%, 07/30/2019^(a),(k)		2,886		2,010	Pharmaceuticals - 0.44%
US LIBOR + 7.50%					Bausch Health Americas Inc
McGraw-Hill Global Education Holdings LLC					5.26%, 11/14/2025^(k)		642		640
6.49%, 05/04/2022^(k)		3,312		3,046	US LIBOR + 2.75%
US LIBOR + 4.00%					5.51%, 05/19/2025^(k)		4,185		4,187
Mediacom Illinois LLC					US LIBOR + 3.00%
4.17%, 02/15/2024^(k)		481		476	Change Healthcare Holdings LLC
US LIBOR + 1.75%					5.24%, 03/01/2024^(k)		7,653		7,592
Meredith Corp					US LIBOR + 2.75%
5.24%, 01/31/2025^(k)		2,728		2,727
US LIBOR + 2.75%


SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Pharmaceuticals (continued)					Semiconductors - 0.08%
Grifols Worldwide Operations USA Inc					Bright Bidco BV
4.67%, 01/31/2025^(k)	$	4,903	$	4,882	6.20%, 06/30/2024^(k)	$	718	$	583
US LIBOR + 2.25%					US LIBOR + 3.50%
Vizient Inc					Microchip Technology Inc
5.24%, 02/13/2023^(k)		223		222	4.50%, 05/29/2025^(k)		715		711
US LIBOR + 2.75%					US LIBOR + 2.00%
		$		17,523	MKS Instruments Inc
Pipelines - 0.07%					4.76%, 01/18/2026^(k)		750		749
BCP Renaissance Parent LLC					US LIBOR + 2.25%
6.24%, 10/31/2024^(k)		1,447		1,447	ON Semiconductor Corp
US LIBOR + 3.50%					4.24%, 03/31/2023^(k)		1,263		1,259
Traverse Midstream Partners LLC					US LIBOR + 1.75%
6.60%, 09/21/2024^(k)		1,480		1,479			$		3,302
US LIBOR + 4.00%					Software - 1.94%
		$		2,926	Blackboard Inc
Real Estate - 0.15%					7.78%, 06/30/2021^(k)		1,863		1,787
Brookfield Retail Holdings VII Sub 3 LLC					US LIBOR + 5.00%
0.00%, 08/28/2023^(k),(l)		4,738		4,608	Boxer Parent Co Inc
US LIBOR + 2.50%					7.05%, 09/01/2025^(k)		5,395		5,360
Realogy Group LLC					US LIBOR + 4.25%
4.74%, 02/08/2025^(k)		1,477		1,437	Cengage Learning Inc
US LIBOR + 2.25%					6.74%, 06/07/2023^(k)		6,074		5,597
		$		6,045	US LIBOR + 4.25%
REITs - 0.13%					Ceridian HCM Holding Inc
Uniti Group LP					5.74%, 04/04/2025^(k)		2,046		2,040
5.49%, 10/24/2022^(k)		5,771		5,317	US LIBOR + 3.25%
US LIBOR + 3.00%					DTI Holdco Inc
Retail - 0.74%					7.49%, 10/02/2023^(k)		896		839
1011778 BC ULC					US LIBOR + 4.75%
4.74%, 02/16/2024^(k)		9,141		9,063	Dun & Bradstreet Corp/The
US LIBOR + 2.25%					7.48%, 01/30/2026^(k)		1,000		1,000
Academy Ltd					US LIBOR + 5.00%
6.51%, 07/01/2022^(k)		1,634		1,131	Dynatrace LLC
US LIBOR + 4.00%					5.74%, 08/08/2025^(k)		1,105		1,100
Belk Inc					US LIBOR + 3.25%
7.45%, 12/12/2022^(k)		2,153		1,719	9.49%, 08/08/2026^(k)		112		111
US LIBOR + 4.75%					US LIBOR + 7.00%
BJ's Wholesale Club Inc					EagleView Technology Corp
5.50%, 02/03/2024^(k)		1,262		1,258	5.98%, 07/15/2025^(k)		1,500		1,464
US LIBOR + 3.00%					US LIBOR + 3.50%
EG America LLC					Evergreen Skills Lux Sarl
6.81%, 02/07/2025^(k)		1,241		1,207	7.24%, 04/23/2021^(k)		5,526		4,439
US LIBOR + 4.00%					US LIBOR + 4.75%
Hudson's Bay Co					10.74%, 04/28/2022^(k)		804		323
5.75%, 09/30/2022^(k)		879		861	US LIBOR + 8.25%
US LIBOR + 3.25%					Finastra USA Inc
IRB Holding Corp					10.05%, 04/28/2025^(k)		200		196
5.74%, 01/17/2025^(k)		248		246	US LIBOR + 7.25%
US LIBOR + 3.25%					First Data Corp
Neiman Marcus Group Ltd LLC					4.49%, 07/08/2022^(k)		6,820		6,811
5.76%, 10/25/2020^(k)		2,843		2,607	US LIBOR + 2.00%
US LIBOR + 3.25%					4.49%, 04/26/2024^(k)		2,724		2,720
Petco Animal Supplies Inc					US LIBOR + 2.00%
5.99%, 01/26/2023^(k)		5,419		4,221	Greeneden US Holdings II LLC
US LIBOR + 3.25%					5.74%, 12/01/2023^(k)		3,614		3,572
PetSmart Inc					US LIBOR + 3.50%
5.52%, 03/11/2022^(k)		4,560		3,883	Infor US Inc
US LIBOR + 3.00%					5.24%, 02/01/2022^(k)		6,170		6,164
Serta Simmons Bedding LLC					US LIBOR + 2.75%
6.01%, 10/20/2023^(k)		2,189		1,818	Informatica LLC
US LIBOR + 3.50%					5.74%, 08/05/2022^(k)		2,494		2,494
10.49%, 11/08/2024^(k)		470		314	US LIBOR + 3.25%
US LIBOR + 8.00%					Ivanti Software Inc
SRS Distribution Inc					6.77%, 01/20/2024^(k)		1,962		1,945
5.74%, 05/19/2025^(k)		1,493		1,461	US LIBOR + 4.25%
US LIBOR + 3.25%					Kronos Inc/MA
		$		29,789	5.74%, 11/01/2023^(k)		1,506		1,499
					US LIBOR + 3.00%


SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Software (continued)					Telecommunications (continued)
MA FinanceCo LLC					Windstream Services LLC
4.99%, 06/21/2024^(k)	$	730	$	722	6.49%, 03/29/2021^(k)	$	859	$	831
US LIBOR + 2.50%					US LIBOR + 4.00%
Rackspace Hosting Inc							$		41,380
5.74%, 11/03/2023^(k)		2,129		2,025	Transportation - 0.13%
US LIBOR + 3.00%					CEVA Logistics Finance BV
RP Crown Parent LLC					6.55%, 08/03/2025^(k)		741		740
5.24%, 10/12/2023^(k)		2,444		2,418	US LIBOR + 3.75%
US LIBOR + 2.75%					Commercial Barge Line Co
Seattle SpinCo Inc					11.24%, 11/12/2020^(k)		863		591
4.99%, 06/21/2024^(k)		4,931		4,875	US LIBOR + 8.75%
US LIBOR + 2.50%					HGIM Corp
Sophia LP					8.74%, 07/02/2023^(k)		1,282		1,265
6.05%, 09/30/2022^(k)		3,844		3,830	US LIBOR + 6.00%
US LIBOR + 3.25%					Savage Enterprises LLC
SS&C European Holdings Sarl					7.02%, 08/01/2025^(k)		1,639		1,644
4.75%, 02/28/2025^(k)		1,343		1,336	US LIBOR + 4.50%
US LIBOR + 2.25%					XPO Logistics Inc
SS&C Technologies Inc					4.49%, 02/24/2025^(k)		1,144		1,133
4.75%, 02/28/2025^(k)		3,505		3,489	US LIBOR + 2.00%
US LIBOR + 2.25%							$		5,373
4.75%, 04/16/2025^(k)		2,494		2,482	Trucking & Leasing - 0.17%
US LIBOR + 2.25%					Avolon TLB Borrower 1 US LLC
TIBCO Software Inc					4.48%, 01/15/2025^(k)		6,713		6,705
6.03%, 12/04/2020^(k)		5,411		5,401	US LIBOR + 2.00%
US LIBOR + 3.50%					TOTAL SENIOR FLOATING RATE INTERESTS		$		572,930
Veritas US Inc					U.S. GOVERNMENT & GOVERNMENT	Principal
7.07%, 01/27/2023^(k)		2,416		2,265	AGENCY OBLIGATIONS - 22.71%	Amount (000's) Value (000's)
US LIBOR + 4.50%					U.S. Treasury - 2.22%
		$		78,304	0.88%, 09/15/2019^(h)	$	5,000	$	4,956
Telecommunications - 1.03%					1.38%, 09/30/2019^(h)		5,000		4,967
Avaya Inc					2.42%, 01/31/2020^(h)		11,600		11,597
6.78%, 12/16/2024^(k)		5,544		5,534	US Treasury 3 Month Bill Money Market
US LIBOR + 4.25%					Yield + 0.00%
CenturyLink Inc					2.45%, 04/30/2020^(h)		850		850
5.24%, 11/01/2022^(k)		1,425		1,419	US Treasury 3 Month Bill Money Market
US LIBOR + 2.75%					Yield + 0.03%
5.25%, 01/31/2025^(k)		4,846		4,769	2.46%, 07/31/2020^(h)		14,000		13,994
US LIBOR + 2.75%					US Treasury 3 Month Bill Money Market
CommScope Inc					Yield + 0.09%
0.00%, 02/06/2026^(k),(l)		1,500		1,504	2.46%, 10/31/2020^(h),(m),(n)		38,000		37,968
4.49%, 12/29/2022^(k)		112		111	US Treasury 3 Month Bill Money Market
US LIBOR + 2.00%					Yield + 0.09%
Frontier Communications Corp					2.53%, 01/31/2021^(h)		15,000		14,990
6.25%, 06/15/2024^(k)		2,559		2,463	US Treasury 3 Month Bill Money Market
US LIBOR + 3.75%					Yield + 0.23%
Intelsat Jackson Holdings SA							$		89,322
6.23%, 11/27/2023^(k)		8,176		8,168	U.S. Treasury Bill - 6.64%
US LIBOR + 3.75%					2.26%, 03/07/2019^(o)		37,100		37,085
6.63%, 01/15/2024^(k)		2,425		2,449	2.39%, 04/11/2019^(o)		20,000		19,945
6.98%, 01/15/2024^(k)		1,578		1,599	2.39%, 09/12/2019^(o)		36,800		36,314
US LIBOR + 4.50%					2.40%, 05/16/2019^(o)		27,450		27,311
Maxar Technologies Ltd					2.45%, 06/20/2019^(o)		35,000		34,741
5.25%, 10/05/2024^(k)		1,909		1,634	2.45%, 08/15/2019^(o)		67,975		67,209
US LIBOR + 2.75%					2.47%, 08/01/2019^(h),(o)		10,200		10,096
Plantronics Inc					2.50%, 07/18/2019^(o)		35,000		34,674
5.04%, 06/02/2025^(k)		2,078		2,066			$		267,375
US LIBOR + 2.50%
Sprint Communications Inc					U.S. Treasury Inflation-Indexed Obligations - 13.85%
5.00%, 02/02/2024^(k)		5,111		5,041	0.13%, 04/15/2021		15,419		15,215
US LIBOR + 2.50%					0.13%, 01/15/2022		28,769		28,352
5.50%, 02/02/2024^(k)		2,500		2,469	0.13%, 04/15/2022		17,941		17,627
US LIBOR + 3.00%					0.13%, 07/15/2022		24,815		24,504
West Corp					0.13%, 01/15/2023		6,682		6,554
6.13%, 10/10/2024^(k)		340		319	0.13%, 07/15/2024		23,807		23,275
US LIBOR + 3.50%					0.13%, 07/15/2026		31,771		30,545
6.63%, 10/10/2024^(k)		1,063		1,004	0.25%, 01/15/2025		18,687		18,254
US LIBOR + 4.00%					0.38%, 07/15/2023		20,863		20,732
					0.38%, 07/15/2025		31,934		31,444


U.S. GOVERNMENT & GOVERNMENT			Principal			(e)	Restricted Security. Please see Restricted Security Sub-Schedule for more
AGENCY OBLIGATIONS (continued)		Amount (000’s)			Value (000’s)		information.
U.S. Treasury Inflation-Indexed Obligations (continued)						(f)	Affiliated Security. Security is either an affiliate (and registered under the
	0.38%, 01/15/2027⁽ⁿ⁾		$	42,839 $	41,668		Investment Company Act of 1940) or an affiliate as defined by the Investment
	0.38%, 07/15/2027			22,811	22,207		Company Act of 1940 (controls 5.0% or more of the outstanding voting
	0.50%, 01/15/2028			23,726	23,195		shares of the security). Please see affiliated sub-schedule for transactional
	0.63%, 07/15/2021			23,477	23,573		information.
	0.63%, 04/15/2023			20,369	20,346	(g)	Current yield shown is as of period end.
	0.63%, 01/15/2024			23,527	23,546	(h)	All or a portion of this security is owned by the DRA Cayman Corporation,
	0.63%, 01/15/2026			25,470	25,363		which is a 100% owned subsidiary of the fund.
	0.63%, 02/15/2043			7,065	6,341	(i)	Certain variable rate securities are not based on a published reference rate
	0.75%, 07/15/2028			12,148	12,169		and spread but are determined by the issuer or agent and are based on current
	0.75%, 02/15/2042			11,959	11,115		market conditions. These securities do not indicate a reference rate and
	0.75%, 02/15/2045			14,245	13,046		spread in their description. Rate shown is the rate in effect as of period end.
	0.88%, 01/15/2029			13,348	13,484	(j)	Payment in kind; the issuer has the option of paying additional securities in
	0.88%, 02/15/2047			7,696	7,238		lieu of cash.
	1.00%, 02/15/2046			8,372	8,128	(k)	Rate information disclosed is based on an average weighted rate of the
	1.00%, 02/15/2048			15,748	15,286		underlying tranches as of period end.
	1.00%, 02/15/2049			3,050	2,966	(l)	This Senior Floating Rate Note will settle after February 28, 2019, at which
	1.38%, 02/15/2044			10,143	10,714		time the interest rate will be determined.
	1.75%, 01/15/2028			3,069	3,326	(m)	Security or a portion of the security was pledged to cover margin requirements
	2.00%, 01/15/2026			7,653	8,325		for futures contracts. At the end of the period, the value of these securities
	2.13%, 02/15/2040			5,232	6,285		totaled $22,981 or 0.57% of net assets.
	2.13%, 02/15/2041			6,059	7,308	(n)	Security or a portion of the security was pledged to cover margin requirements
	2.38%, 01/15/2025			7,481	8,221		for swap and/or swaption contracts. At the end of the period, the value of these
	2.38%, 01/15/2027			6,716	7,559		securities totaled $3,605 or 0.09% of net assets.
	2.50%, 01/15/2029			6,182	7,187	(o)	Rate shown is the discount rate of the original purchase.
	3.38%, 04/15/2032			5,083	6,687
	3.63%, 04/15/2028			3,506	4,375			Portfolio Summary (unaudited)
	3.88%, 04/15/2029			1,228	1,593	Sector					Percent
				$	557,753	Government					30.44%
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY						Energy					14.97%
OBLIGATIONS				$	914,450	Financial					11.99%
TOTAL PURCHASED OPTIONS - 0.00%				$	34
TOTAL PURCHASED CAPPED OPTIONS - 0.00%				$	26	Utilities					9.67%
TOTAL PURCHASED INTEREST RATE SWAPTIONS - 0.04% $					1,709	Basic Materials					8.84%
Total Investments				$ 4,016,274		Consumer, Non-cyclical					6.66%
Other Assets and Liabilities - 0.27%					10,837	Industrial					5.62%
TOTAL NET ASSETS - 100.00%				$	4,027,111	Consumer, Cyclical					3.34%
						Communications					2.84%
						Technology					2.75%
(a)	Non-income producing security					Investment Companies					2.51%
(b)	Security exempt from registration under Rule 144A of the Securities Act of					Diversified					0.06%
	1933. These securities may be resold in transactions exempt from registration,					Purchased Interest Rate Swaptions					0.04%
	normally to qualified institutional buyers. At the end of the period, the value of					Purchased Options					0.00%
	these securities totaled $66,945 or 1.66% of net assets.					Purchased Capped Options					0.00%
(c)	The value of these investments was determined using significant unobservable inputs.					Other Assets and Liabilities					0.27%
						TOTAL NET ASSETS				100.00%
(d)	Fair value of these investments is determined in good faith by the Manager under procedures established and periodically reviewed by the Board of Directors. Certain inputs used in the valuation may be unobservable; however, each security is evaluated individually for purposes of ASC 820 which results in not all securities being identified as Level 3 of the fair value hierarchy. At the end of the period, the fair value of these securities totaled $1,069 or 0.03% of net assets.


Affiliated Securities				August 31, 2018			Purchases		Sales	February 28, 2019
						Value		Cost	Proceeds		Value
Principal Government Money Market Fund 2.33%			$		76,474 $			955,281	$ 944,833	$	86,922
			$		76,474 $			955,281	$ 944,833	$	86,922


					Realized Gain/Loss				Realized Gain from	Change in Unrealized
				Income	on Investments			Capital Gain Distributions		Gain/Loss
Principal Government Money Market Fund 2.33%			$	827	$	—		$	—	$	—
			$	827	$	—		$	—	$	—
Amounts in thousands


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2019 (unaudited)


Restricted Securities

Security Name				Acquisition Date							Cost		Value					Percent of Net Assets
Fieldwood Energy LLC				04/05/2018			$			273		$		405							0.01	%
Gymboree Corp/The				08/18/2017						223						27					0.00	%
Millennium Health LLC				03/15/2016							—					37					0.00	%
Millennium Health LLC				03/15/2016							—					40					0.00	%
Millennium Health LLC				12/21/2015						206						1					0.00	%
Total											$			510							0.01	%
Amounts in thousands.


Options

											Upfront								Unrealized
		Contracts/									Payments/								Appreciation/
Purchased Options Outstanding	Counterparty		Shares		Notional Amount	Exercise Price		Expiration Date			(Premiums)								Fair Value		(Depreciation)
Call - 90 Day Eurodollar Future;	N/A		145	$	363	$	97.75	06/18/2019			$		11		$			1		$	(10	)
June 2019
Call - 90 Day Eurodollar Future;	N/A		145	$	363	$	97.75	03/17/2020					25					31			6
March 2020
Put - 90 Day Eurodollar Future;	N/A		23	$	58	$	97.25	07/15/2019					1					1			—
September 2019
Put - 90 Day Eurodollar Future;	N/A		70	$	175	$	97.00	07/15/2019					3					1			(2	)
September 2019
Put - 90 Day Eurodollar Future;	N/A		24	$	60	$	97.13	07/15/2019					2					—			(2	)
September 2019
Total											$		42		$			34		$	(8	)
											Upfront								Unrealized
		Contracts/									Payments/								Appreciation/
Written Options Outstanding	Counterparty		Shares		Notional Amount		Exercise Price	Expiration Date			(Premiums)								Fair Value		(Depreciation)
Call - EUR versus JPY	JPMorgan Chase		1 EUR		9,370 EUR		125.51	03/18/2019			$		(43		)$	(127				)$	(84	)
Call - NZD versus CAD	Deutsche Bank AG		1 NZD		19,231 NZD		0.91	03/07/2019					(51		)			(1		)	50
Call - NZD versus USD	JPMorgan Chase		1 NZD		19,615 NZD		0.68	03/11/2019					(64		)			(44		)	20
Put - EUR versus CAD	Barclays Bank PLC		1 EUR		11,706 EUR		1.49	03/13/2019					(46		)			(36		)	10
Put - EUR versus USD	JPMorgan Chase		1 EUR		9,275 EUR		1.13	03/07/2019					(36		)			(5		)	31
Put - USD versus JPY	JPMorgan Chase		1	$	13,275	$	107.50	03/01/2019					(50		)			—			50
Call - 90 Day Eurodollar Future;	N/A		145	$	363	$	97.88	06/18/2019					(7		)			(1		)	6
June 2019
Call - 90 Day Eurodollar Future;	N/A		145	$	363	$	97.88	03/17/2020					(19		)			(23		)	(4	)
March 2020
Total											$		(316		)$	(237				)$	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			(Premiums)				Fair Value				(Depreciation)
Call - 1 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR			Receive	$	14,250	2.95	%	01/31/2020			$	32	$			59	$		27
Swap
Call - 1 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR			Pay		29,160	2.95	%	01/22/2020				76				118			42
Swap
Call - 1 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR			Pay		29,160	2.95	%	01/13/2020				77				115			38
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR			Pay		1,590	2.60	%	03/25/2019				2				1			(1	)
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR			Receive		1,490	3.09	%	12/07/2038				69				83			14
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR			Pay		1,070	2.70	%	03/25/2019				5				4			(1	)
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR			Pay		560	3.08	%	01/30/2029				32				31			(1	)
Swap
Call - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR			Pay		560	3.05	%	01/11/2029				32				30			(2	)
Swap
Call - 10 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR			Receive		410	2.99	%	04/28/2038				20				22			2
Swap
Call - 10 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR			Pay		520	2.86	%	02/23/2039				26				26			—
Swap
Call - 10 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR			Pay		560	3.04	%	01/12/2029				32				30			(2	)
Swap


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2019 (unaudited)


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	(Premiums)			Fair Value			(Depreciation)
Call - 20 Year Interest Rate	JPMorgan Chase	6 Month JPY LIBOR	Receive	JPY		47,100	0.78	%	04/19/2021	$	15	$	20		$	5
Swap
Call - 30 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay		$	300	2.97	%	01/30/2024		31		30			(1	)
Swap
Call - 30 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			235	3.12	%	04/27/2023		24		26			2
Swap
Call - 5 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay	EUR		3,065	0.55	%	02/16/2021		40		35			(5	)
Swap		Interbank Offered Rate
Call - 5 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay		$	5,370	2.52	%	02/27/2020		59		52			(7	)
Swap
Call - 5 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			4,985	3.21	%	10/28/2019		61		152			91
Swap
Call - 5 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			4,985	3.17	%	10/30/2019		63		144			81
Swap
Call - 5 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			9,830	3.09	%	11/29/2019		127		253			126
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			560	3.05	%	01/11/2029		32		31			(1	)
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	6 Month JPY LIBOR	Pay	JPY 1,517,095			1.10	%	06/30/2022		206		51			(155	)
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive		$	1,070	2.70	%	03/25/2019		5		5			—
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			560	3.08	%	01/30/2029		32		30			(2	)
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			1,490	3.09	%	12/07/2038		69		68			(1	)
Swap
Put - 10 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			410	2.99	%	04/28/2038		19		20			1
Swap
Put - 10 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			520	2.86	%	02/23/2039		26		27			1
Swap
Put - 10 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			560	3.04	%	01/12/2029		32		31			(1	)
Swap
Put - 20 Year Interest Rate	JPMorgan Chase	6 Month JPY LIBOR	Receive	JPY		47,100	0.78	%	04/19/2021		15		7			(8	)
Swap
Put - 30 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive		$	1,650	3.80	%	06/08/2021		64		27			(37	)
Swap
Put - 30 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			300	2.97	%	01/30/2024		30		28			(2	)
Swap
Put - 30 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			235	3.12	%	04/27/2023		24		18			(6	)
Swap
Put - 5 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			5,370	2.52	%	02/27/2020		59		67			8
Swap
Put - 5 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Receive	EUR		3,065	0.55	%	02/16/2021		40		42			2
Swap		Interbank Offered Rate
Put - 5 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive		$	4,985	3.21	%	10/28/2019		60		4			(56	)
Swap
Put - 5 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			4,985	3.17	%	10/30/2019		63		5			(58	)
Swap
Put - 5 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			9,830	3.09	%	11/29/2019		127		17			(110	)
Swap
Total										$	1,726	$	1,709		$	(17	)

			Pay/Receive							Upfront					Unrealized
Written Swaptions			Floating		Notional		Exercise		Expiration		Payments/				Appreciation/
Outstanding	Counterparty	Floating Rate Index	Rate		Amount		Rate		Date	(Premiums)			Fair Value			(Depreciation)
Call - 1 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay		$	35,200	2.45	%	04/17/2020	$	(27	)$	(66	)	$	(39	)
Swap
Call - 1 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Pay			43,740	2.45	%	01/13/2020		(54	)	(53	)		1
Swap
Call - 1 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Pay			43,740	2.45	%	01/21/2020		(51	)	(55	)		(4	)
Swap
Call - 1 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			21,375	2.45	%	01/31/2020		(21	)	(29	)		(8	)
Swap
Call - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Receive	EUR		9,450	0.21	%	02/16/2021		(41	)	(35	)		6
Swap		Interbank Offered Rate


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2019 (unaudited)


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	(Premiums)			Fair Value			(Depreciation)
Call - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive		$	12,970	2.46	%	02/27/2020	$	(57	)$	(52	)	$	5
Swap
Call - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			9,675	2.90	%	07/02/2019		(10	)	(2	)		8
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			7,480	2.89	%	04/15/2020		(54	)	(69	)		(15	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			7,400	2.94	%	04/20/2020		(52	)	(74	)		(22	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			4,030	2.90	%	06/01/2020		(29	)	(39	)		(10	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			7,470	2.88	%	04/15/2020		(54	)	(68	)		(14	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			5,920	3.30	%	11/08/2019		(29	)	(86	)		(57	)
Swap
Call - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Pay			71,800	2.40	%	02/25/2020		(219	)	(255	)		(36	)
Swap
Call - 2 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			30,990	2.10	%	07/05/2019		(34	)	(8	)		26
Swap
Call - 2 Year Interest Rate	JPMorgan Chase	3 Month USD LIBOR	Receive			16,530	2.15	%	07/09/2019		(13	)	(6	)		7
Swap
Call - 2 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			6,465	3.07	%	11/30/2020		(53	)	(84	)		(31	)
Swap
Call - 2 Year Interest Rate	Morgan Stanley & Co	3 Month USD LIBOR	Receive			10,330	2.10	%	07/05/2019		(14	)	(3	)		11
Swap
Put - 10 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			3,490	3.87	%	06/08/2021		(68	)	(24	)		44
Swap
Put - 10 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			4,280	2.90	%	04/17/2019		(112	)	(5	)		107
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay	EUR		5,720	0.20	%	01/24/2020		(7	)	(4	)		3
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Receive			4,360	0.55	%	12/22/2020		(16	)	(7	)		9
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	Barclays Bank PLC	6 Month Euro	Pay			9,450	0.21	%	02/16/2021		(42	)	(44	)		(2	)
Swap		Interbank Offered Rate
Put - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive		$	8,350	3.50	%	08/25/2020		(29	)	(5	)		24
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay			9,675	2.90	%	07/02/2019		(12	)	(2	)		10
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay			4,900	2.80	%	01/06/2020		(11	)	(8	)		3
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Pay			12,970	2.46	%	02/27/2020		(57	)	(64	)		(7	)
Swap
Put - 2 Year Interest Rate	Barclays Bank PLC	3 Month USD LIBOR	Receive			8,050	3.25	%	12/30/2020		(30	)	(13	)		17
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			7,400	2.94	%	04/20/2020		(51	)	(11	)		40
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			4,030	2.90	%	06/01/2020		(30	)	(8	)		22
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			5,640	3.45	%	06/09/2020		(23	)	(2	)		21
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			5,920	3.30	%	11/08/2019		(29	)	(1	)		28
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			4,100	3.15	%	05/06/2020		(23	)	(4	)		19
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			3,580	3.50	%	06/16/2020		(13	)	(1	)		12
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Pay			6,180	3.30	%	09/09/2019		(14	)	—			14
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			7,470	2.88	%	04/15/2020		(55	)	(14	)		41
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			7,480	2.89	%	04/15/2020		(54	)	(13	)		41
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			71,800	3.40	%	02/25/2020		(273	)	(18	)		255
Swap
Put - 2 Year Interest Rate	Deutsche Bank AG	3 Month USD LIBOR	Receive			5,660	3.35	%	06/01/2020		(21	)	(3	)		18
Swap


Futures Contracts

Description and Expiration Date	Type	Contracts		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Brent Crude; July 2019(a)	Long		17	$	1,126	$	83
Brent Crude; May 2019(a)	Long		147		9,748		742
Cocoa; May 2019(a)	Long		828		18,605		(250	)
Coffee 'C'; May 2019(a)	Short		280		10,337		366
Copper; May 2019(a)	Long		122		8,991		16
Corn; May 2019(a)	Short		256		4,746		153
Cotton No.2; May 2019(a)	Long		232		8,447		57
Euro Bund 10 Year Bund; March 2019	Short		110		20,683		(334	)
Euro Buxl 30 Year Bond; March 2019	Short		22		4,605		(154	)
Euro Schatz; March 2019	Long		140		17,806		(6	)
Euro-BTP; March 2019	Short		68		9,919		(244	)
Euro-Oat; March 2019	Short		68		11,826		(155	)
Gasoline RBOB; May 2019(a)	Long		181		13,424		(97	)
Gold 100 oz; June 2019(a)	Long		148		19,576		1,245
Japan 10 Year Bond TSE; March 2019	Short		22		30,147		(124	)
KC HRW Wheat; May 2019(a)	Short		685		15,224		213
Lean Hogs; April 2019(a)	Short		289		6,459		1,269
Live Cattle; April 2019(a)	Long		166		8,622		173
Live Cattle; June 2019(a)	Long		155		7,449		184
LME Lead; March 2019(a)	Short		—		—		(1,066	)
LME Lead; May 2019(a)	Short		164		8,830		(368	)
LME Nickel; June 2019(a)	Long		88		6,902		413
LME Nickel; March 2019(a)	Short		—		—		1,001
LME PRI Alum; June 2019(a)	Short		266		12,750		(1,137	)
LME PRI Alum; March 2019(a)	Short		—		—		265
LME Zinc; June 2019(a)	Short		168		11,648		(476	)
LME Zinc; March 2019(a)	Short		—		—		(519	)
Low Sulphur Gasoline; May 2019(a)	Long		307		18,950		1,320
Natural Gas; May 2019(a)	Long		242		6,832		49
NY Harb ULSD; May 2019(a)	Short		3		255		(3	)
Palladium; June 2019(a)	Long		24		3,604		101
Platinum; April 2019(a)	Long		202		8,840		623
Short Term Euro-BTP; March 2019	Short		19		2,405		(32	)
Silver; May 2019(a)	Long		213		16,650		(134	)
Soybean Meal; May 2019(a)	Short		389		11,903		269
Soybean Oil; May 2019(a)	Long		89		1,615		(29	)
Soybean; May 2019(a)	Short		40		1,821		37
Sugar #11; May 2019(a)	Long		776		11,107		67
UK 10 Year Gilt; June 2019	Short		49		8,175		94
US 10 Year Ultra Note; June 2019	Short		60		7,767		27
US 2 Year Note; June 2019	Long		272		57,717		(36	)
US 5 Year Note; June 2019	Long		36		4,124		(11	)
US Long Bond; June 2019	Short		10		1,445		9
US Ultra Bond; June 2019	Short		3		479		5
Wheat; May 2019(a)	Long		620		14,245		(1,932	)
WTI Crude; April 2019(a)	Long		474		27,122		1,386
WTI Crude; December 2019(a)	Short		474		28,028		3,883
See accompanying notes.		115


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2019 (unaudited)


Futures Contracts (continued)

Description and Expiration Date			Type	Contracts		Notional Amount			Value and Unrealized Appreciation/(Depreciation)
WTI Crude; May 2019(a)			Short		150	$		8,642	$				(379	)
Total									$				6,564

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	03/05/2019		$		9,943		JPY		1,077,295	$	277	$	—
Bank of America NA	03/20/2019	AUD			1,760	$			1,249		—		—
Bank of America NA	03/20/2019		$		1,249		CAD		1,645		—		(2	)
Bank of America NA	03/20/2019	EUR			530	$			609		—		(5	)
Bank of America NA	03/20/2019	JPY			69,551	$			629		—		(5	)
Bank of America NA	03/20/2019		$		30		JPY		3,312		—		—
Barclays Bank PLC	03/05/2019	GBP			1,519	$			2,020		—		(5	)
Barclays Bank PLC	03/05/2019		$		9,860		JPY		1,077,295		194		—
Barclays Bank PLC	04/04/2019		$		2,023		GBP		1,519		5		—
Barclays Bank PLC	04/11/2019	AUD			81,570	$			58,683		—		(797	)
Barclays Bank PLC	04/11/2019		$		80,014		AUD		111,506		884		—
Barclays Bank PLC	04/11/2019		$		2,635		GBP		1,972		15		—
Barclays Bank PLC	04/11/2019	GBP			8,178	$			10,683		183		—
Barclays Bank PLC	04/11/2019		$		18,617		GBP		14,315		—		(404	)
Barclays Bank PLC	04/11/2019	CAD			43,453	$			32,860		195		—
Barclays Bank PLC	04/11/2019		$		23,125		CAD		30,635		—		(179	)
Barclays Bank PLC	04/11/2019	EUR			18,771	$			21,387		30		—
Barclays Bank PLC	04/11/2019	EUR			73,768	$			84,841		—		(673	)
Barclays Bank PLC	04/11/2019		$		56,599		EUR		49,966		—		(411	)
Barclays Bank PLC	04/11/2019		$		95,377		EUR		83,128		530		—
Barclays Bank PLC	04/11/2019	JPY			4,799,884	$			44,024		—		(819	)
Barclays Bank PLC	04/11/2019		$		52,212		JPY		5,694,631		953		—
Barclays Bank PLC	04/11/2019	MXN			124,435	$			6,391		25		—
Barclays Bank PLC	04/11/2019		$		6,315		MXN		121,372		57		—
Barclays Bank PLC	04/11/2019	MXN			140,697	$			7,275		—		(21	)
Barclays Bank PLC	04/11/2019	NZD			10,675	$			7,186		87		—
Barclays Bank PLC	04/11/2019	NZD			26,604	$			18,270		—		(144	)
Barclays Bank PLC	04/11/2019		$		13,031		NZD		19,070		38		—
Barclays Bank PLC	04/11/2019		$		15,565		NZD		22,881		—		(25	)
Barclays Bank PLC	04/11/2019	NOK			129,608	$			15,062		118		—
Barclays Bank PLC	04/11/2019		$		6,748		NOK		57,788		—		(20	)
Barclays Bank PLC	04/11/2019	NOK			112,963	$			13,254		—		(24	)
Barclays Bank PLC	04/11/2019		$		6,637		SEK		61,216		—		(14	)
Barclays Bank PLC	04/11/2019	CHF			2,636	$			2,640		12		—
Barclays Bank PLC	04/11/2019	CHF			12,838	$			12,983		—		(66	)
Barclays Bank PLC	04/11/2019		$		6,639		CHF		6,620		—		(21	)
Barclays Bank PLC	04/11/2019		$		5,310		CHF		5,228		49		—
BNP Paribas	03/05/2019		$		768		GBP		592		—		(17	)
BNP Paribas	03/05/2019		$		12,628		NZD		18,258		194		—
BNP Paribas	03/20/2019		$		602		AUD		848		1		—
BNP Paribas	03/20/2019	GBP			470	$			602		22		—
BNP Paribas	03/20/2019		$		619		CAD		820		—		(4	)
BNP Paribas	03/20/2019	CAD			780	$			590		3		—
BNP Paribas	03/20/2019	EUR			520	$			596		—		(4	)
BNP Paribas	03/20/2019	JPY			66,950	$			619		—		(18	)
BNP Paribas	03/20/2019		$		597		JPY		64,531		17		—
Citigroup Inc	03/20/2019		$		1,844		AUD		2,584		11		—
Citigroup Inc	03/20/2019	AUD			1,703	$			1,228		—		(20	)
Citigroup Inc	03/20/2019		$		594		GBP		470		—		(30	)
Citigroup Inc	03/20/2019	CAD			3,309	$			2,504		12		—
Citigroup Inc	03/20/2019	EUR			1,030	$			1,166		7		—
Citigroup Inc	03/20/2019	EUR			520	$			594		—		(2	)
Citigroup Inc	03/20/2019		$		599		EUR		530		—		(4	)
Citigroup Inc	03/20/2019		$		2,433		EUR		2,130		7		—
Citigroup Inc	03/20/2019		$		599		JPY		67,339		—		(6	)
Citigroup Inc	03/20/2019		$		35		JPY		3,922		—		—
Deutsche Bank AG	03/05/2019	JPY			2,152,382	$			19,426		—		(114	)
Deutsche Bank AG	04/04/2019		$		19,473		JPY		2,152,382		111		—
Deutsche Bank AG	04/11/2019	AUD			14,712	$			10,541		—		(101	)


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

						Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept			Currency to Deliver		Asset		Liability
Deutsche Bank AG	04/11/2019	$	10,376		AUD	14,523	$	70	$	—
Deutsche Bank AG	04/11/2019	BRL	2,798	$		738		5		—
Deutsche Bank AG	04/11/2019	GBP	8,178	$		10,664		202		—
Deutsche Bank AG	04/11/2019	$	8,045		GBP	6,158		—		(137	)
Deutsche Bank AG	04/11/2019	CAD	9,841	$		7,434		52		—
Deutsche Bank AG	04/11/2019	$	13,275		CAD	17,494		—		(33	)
Deutsche Bank AG	04/11/2019	CLP	477,269	$		710		18		—
Deutsche Bank AG	04/11/2019	EUR	9,400	$		10,743		—		(18	)
Deutsche Bank AG	04/11/2019	$	41,036		EUR	35,885		92		—
Deutsche Bank AG	04/11/2019	$	21,404		EUR	18,838		—		(90	)
Deutsche Bank AG	04/11/2019	EUR	18,460	$		21,009		53		—
Deutsche Bank AG	04/11/2019	$	10,597		HKD	82,809		33		—
Deutsche Bank AG	04/11/2019	INR	947,064	$		13,217		84		—
Deutsche Bank AG	04/11/2019	$	12,392		INR	890,334		—		(113	)
Deutsche Bank AG	04/11/2019	$	10,350		JPY	1,116,701		298		—
Deutsche Bank AG	04/11/2019	ZAR	150,304	$		10,819		—		(198	)
Deutsche Bank AG	04/11/2019	$	10,743		ZAR	149,551		175		—
Deutsche Bank AG	04/11/2019	KRW	928,154	$		824		2		—
Deutsche Bank AG	04/11/2019	KRW	2,923,070	$		2,621		—		(20	)
Deutsche Bank AG	04/11/2019	CHF	2,615	$		2,644		—		(13	)
Deutsche Bank AG	04/11/2019	$	5,324		CHF	5,305		—		(14	)
Deutsche Bank AG	04/11/2019	$	4,780		CHF	4,697		55		—
Deutsche Bank AG	04/11/2019	CHF	5,300	$		5,302		31		—
Deutsche Bank AG	04/11/2019	TRY	16,387	$		2,911		98		—
Goldman Sachs & Co	03/20/2019	AUD	2,582	$		1,834		—		(2	)
Goldman Sachs & Co	03/20/2019	$	1,879		AUD	2,648		1		—
Goldman Sachs & Co	03/20/2019	$	1,194		CAD	1,588		—		(14	)
Goldman Sachs & Co	03/20/2019	CAD	1,620	$		1,217		15		—
Goldman Sachs & Co	03/20/2019	EUR	1,650	$		1,879		—		—
Goldman Sachs & Co	03/20/2019	$	1,834		EUR	1,620		—		(11	)
Goldman Sachs & Co	03/20/2019	$	618		JPY	68,196		5		—
Goldman Sachs & Co	03/20/2019	JPY	66,532	$		604		—		(6	)
Goldman Sachs & Co	03/20/2019	$	1,198		JPY	134,608		—		(11	)
HSBC Securities Inc	03/05/2019	$	405		GBP	308		—		(4	)
HSBC Securities Inc	03/05/2019	EUR	22,333	$		25,508		—		(103	)
HSBC Securities Inc	04/04/2019	$	25,573		EUR	22,333		107		—
JPMorgan Chase	03/05/2019	NZD	18,176	$		12,436		—		(58	)
JPMorgan Chase	03/20/2019	AUD	880	$		624		—		—
JPMorgan Chase	03/20/2019	$	625		JPY	69,547		—		—
JPMorgan Chase	04/04/2019	$	12,443		NZD	18,176		61		—
JPMorgan Chase	04/11/2019	$	41,760		AUD	58,366		341		—
JPMorgan Chase	04/11/2019	AUD	64,166	$		45,761		—		(226	)
JPMorgan Chase	04/11/2019	BRL	12,286	$		3,279		—		(16	)
JPMorgan Chase	04/11/2019	GBP	4,100	$		5,314		134		—
JPMorgan Chase	04/11/2019	$	2,653		GBP	2,010		—		(18	)
JPMorgan Chase	04/11/2019	$	30,905		CAD	41,028		—		(306	)
JPMorgan Chase	04/11/2019	CAD	34,132	$		25,754		211		—
JPMorgan Chase	04/11/2019	CLP	2,197,351	$		3,220		132		—
JPMorgan Chase	04/11/2019	COP	12,510,258	$		3,910		145		—
JPMorgan Chase	04/11/2019	EUR	12,587	$		14,299		63		—
JPMorgan Chase	04/11/2019	EUR	56,935	$		65,616		—		(654	)
JPMorgan Chase	04/11/2019	$	60,937		EUR	53,072		383		—
JPMorgan Chase	04/11/2019	$	4,147		EUR	3,670		—		(40	)
JPMorgan Chase	04/11/2019	INR	223,109	$		3,169		—		(35	)
JPMorgan Chase	04/11/2019	INR	765,335	$		10,640		109		—
JPMorgan Chase	04/11/2019	$	10,610		INR	760,196		—		(67	)
JPMorgan Chase	04/11/2019	IDR	207,309,533	$		14,433		142		—
JPMorgan Chase	04/11/2019	$	42,932		JPY	4,717,455		469		—
JPMorgan Chase	04/11/2019	JPY	8,731,937	$		81,018		—		(2,419	)
JPMorgan Chase	04/11/2019	$	6,637		MXN	128,818		—		(5	)
JPMorgan Chase	04/11/2019	MXN	328,948	$		17,125		—		(165	)
JPMorgan Chase	04/11/2019	$	10,807		MXN	208,670		48		—
JPMorgan Chase	04/11/2019	MXN	145,147	$		7,406		78		—
JPMorgan Chase	04/11/2019	NZD	3,874	$		2,625		14		—
JPMorgan Chase	04/11/2019	NZD	6,325	$		4,367		—		(58	)
JPMorgan Chase	04/11/2019	$	16,085		NZD	23,863		—		(174	)
JPMorgan Chase	04/11/2019	$	11,410		NZD	16,598		101		—
JPMorgan Chase	04/11/2019	NOK	234,151	$		27,235		189		—


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

										Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date				Currency to Accept		Currency to Deliver							Asset		Liability
JPMorgan Chase	04/11/2019	NOK				55,938	$			6,591	$			— $		(39	)
JPMorgan Chase	04/11/2019		$			18,584		NOK		156,695				232		—
JPMorgan Chase	04/11/2019		$			22,538		NOK		193,242				—		(95	)
JPMorgan Chase	04/11/2019	PLN				10,096	$			2,656				17		—
JPMorgan Chase	04/11/2019		$			2,655		PLN		10,140				—		(29	)
JPMorgan Chase	04/11/2019	RUB				1,159,217	$			17,184				307		—
JPMorgan Chase	04/11/2019		$			2,906		RUB		192,212				6		—
JPMorgan Chase	04/11/2019	RUB				177,373	$			2,683				—		(7	)
JPMorgan Chase	04/11/2019	ZAR				351,641	$			25,216				—		(368	)
JPMorgan Chase	04/11/2019		$			21,490		ZAR		298,043				430		—
JPMorgan Chase	04/11/2019	KRW				4,109,800	$			3,684				—		(28	)
JPMorgan Chase	04/11/2019		$			4,933		SEK		43,943				158		—
JPMorgan Chase	04/11/2019	SEK				220,287	$			24,701				—		(765	)
JPMorgan Chase	04/11/2019	SEK				61,829	$			6,637				81		—
JPMorgan Chase	04/11/2019		$			5,761		SEK		53,031				—		(1	)
JPMorgan Chase	04/11/2019	CHF				9,187	$			9,411				—		(168	)
JPMorgan Chase	04/11/2019		$			6,889		CHF		6,861				—		(14	)
JPMorgan Chase	04/11/2019	CHF				6,608	$			6,637				11		—
JPMorgan Chase	04/11/2019	TRY				64,974	$			11,628				302		—
JPMorgan Chase	04/11/2019		$			343		TRY		1,874				—		(1	)
Nomura Securities	03/05/2019		$			3,405		EUR		2,992				1		—
Royal Bank of Scotland	03/05/2019		$			970		GBP		748				—		(22	)
Royal Bank of Scotland	03/20/2019		$			595		EUR		520				3		—
Royal Bank of Scotland	03/20/2019	JPY				66,841	$			595				6		—
Toronto Dominion Bank	03/05/2019		$			22,285		EUR		19,341				284		—
Westpac Banking Corporation	03/20/2019		$			630		JPY		70,091				—		—
Total										$				9,891	$	(10,520	)
Amounts in thousands.


Exchange Cleared Interest Rate Swaps

	(Pay)/
	Receive									Unrealized				Upfront
	Floating		Fixed		Payment	Effective			Notional			Appreciation/		Payments/
Floating Rate Index	Rate	Rate			Frequency	Date (a)	Maturity Date		Amount			(Depreciation)		(Receipts)		Fair Value
3 Month USD LIBOR	Pay	2.53% Semiannual				N/A	08/02/2021		$	2,025	$	(2	)$	— $		(2	)
3 Month USD LIBOR	Receive	2.53		%	Quarterly	N/A	02/07/2023			4,500		(3	)	1		(2	)
3 Month USD LIBOR	Pay	2.53% Semiannual				N/A	08/02/2021			2,025		(2	)	—		(2	)
3 Month USD LIBOR	Pay	2.60% Semiannual				N/A	08/05/2021			2,020		1		—		1
3 Month USD LIBOR	Pay	2.54% Semiannual				N/A	08/05/2021			2,020		(2	)	—		(2	)
3 Month USD LIBOR	Pay	2.53% Semiannual				N/A	02/07/2022			55,620		35		(42	)	(7	)
3 Month USD LIBOR	Pay	2.52% Semiannual				N/A	02/09/2023			1,710		1		—		1
3 Month USD LIBOR	Pay	2.72% Semiannual				N/A	02/07/2029			2,860		(4	)	—		(4	)
3 Month USD LIBOR	Receive	2.58		%	Quarterly	N/A	02/07/2022			2,860		(2	)	—		(2	)
3 Month USD LIBOR	Receive	2.57		%	Quarterly	N/A	02/07/2025			11,040		(8	)	12		4
3 Month USD LIBOR	Pay	2.93% Semiannual				N/A	01/31/2029			4,640		—		1		1
3 Month USD LIBOR	Receive	2.66		%	Quarterly	N/A	07/18/2021			2,000		(3	)	—		(3	)
3 Month USD LIBOR	Receive	2.71		%	Quarterly	N/A	07/22/2021			1,000		(3	)	1		(2	)
3 Month USD LIBOR	Receive	2.50		%	Quarterly	N/A	01/10/2023			10,370		—		—		—
3 Month USD LIBOR	Pay	2.83% Semiannual				N/A	12/17/2022			1,251		8		—		8
3 Month USD LIBOR	Pay	2.45% Semiannual				N/A	01/08/2022			10,170		(4	)	—		(4	)
3 Month USD LIBOR	Receive	2.71		%	Quarterly	N/A	07/24/2021			1,995		(5	)	—		(5	)
3 Month USD LIBOR	Receive	2.92		%	Quarterly	N/A	01/31/2049			940		(2	)	—		(2	)
3 Month USD LIBOR	Receive	2.72		%	Quarterly	N/A	07/24/2021			1,995		(5	)	—		(5	)
3 Month USD LIBOR	Receive	2.48		%	Quarterly	N/A	03/02/2022			3,420		3		—		3
3 Month USD LIBOR	Receive	2.73		%	Quarterly	N/A	07/22/2021			1,600		(5	)	—		(5	)
3 Month USD LIBOR	Receive	2.58		%	Quarterly	N/A	03/15/2021			33,340		24		(12	)	12
3 Month USD LIBOR	Pay	2.50% Semiannual				N/A	02/24/2022			1,035		(1	)	—		(1	)
3 Month USD LIBOR	Receive	2.62		%	Quarterly	N/A	02/18/2021			2,035		(1	)	—		(1	)
3 Month USD LIBOR	Pay	2.62% Semiannual				N/A	02/14/2025			3,160		6		—		6
3 Month USD LIBOR	Receive	2.62		%	Quarterly	N/A	02/18/2021			3,230		(1	)	—		(1	)
3 Month USD LIBOR	Pay	2.46% Semiannual				N/A	02/28/2022			2,070		(2	)	—		(2	)
3 Month USD LIBOR	Pay	2.55% Semiannual				N/A	03/15/2021			11,915		(11	)	—		(11	)
3 Month USD LIBOR	Pay	2.55% Semiannual				N/A	03/15/2021			11,915		(10	)	—		(10	)
3 Month USD LIBOR	Pay	2.86% Semiannual				N/A	02/15/2036			1,360		(10	)	6		(4	)
3 Month USD LIBOR	Receive	2.89		%	Quarterly	N/A	08/15/2044			840		9		(5	)	4
3 Month USD LIBOR	Receive	2.58		%	Quarterly	N/A	02/14/2022			6,380		(5	)	—		(5	)
3 Month USD LIBOR	Pay	2.57% Semiannual				N/A	02/13/2024			1,740		—		—		—


		Consolidated Schedule of Investments
				Diversified Real Asset Fund
				February 28, 2019 (unaudited)


	Exchange Cleared Interest Rate Swaps (continued)
	(Pay)/
	Receive								Unrealized				Upfront
	Floating	Fixed		Payment	Effective			Notional			Appreciation/		Payments/
Floating Rate Index	Rate	Rate		Frequency	Date (a)	Maturity Date		Amount			(Depreciation)		(Receipts)	Fair Value
3 Month USD LIBOR	Receive	2.71	%	Quarterly	N/A	02/13/2029		$	900	$	2	$	— $		2
3 Month USD LIBOR	Pay	2.48%		Semiannual	N/A	02/11/2022			1,025		(1	)	—		(1	)
3 Month USD LIBOR	Receive	2.50	%	Quarterly	N/A	02/08/2023			2,780		—		—		—
3 Month USD LIBOR	Pay	2.51%		Semiannual	N/A	02/11/2022			1,025		—		—		—
3 Month USD LIBOR	Receive	2.55	%	Quarterly	N/A	02/16/2023			2,020		(2	)	—		(2	)
3 Month USD LIBOR	Receive	2.90	%	Quarterly	N/A	02/15/2049			940		2		—		2
3 Month USD LIBOR	Pay	2.72%		Semiannual	N/A	02/14/2029			450		(1	)	—		(1	)
3 Month USD LIBOR	Receive	2.52	%	Quarterly	N/A	02/13/2022			6,420		2		—		2
3 Month USD LIBOR	Pay	2.57%		Semiannual	N/A	02/13/2025			3,340		(2	)	—		(2	)
3 Month USD LIBOR	Receive	2.90	%	Quarterly	N/A	12/19/2024			2,623		(12	)	—		(12	)
3 Month USD LIBOR	Pay	2.98%		Semiannual	N/A	07/19/2026			4,740		12		—		12
3 Month USD LIBOR	Receive	3.05	%	Quarterly	N/A	11/29/2023			11,168		(242	)	—		(242	)
3 Month USD LIBOR	Receive	2.92	%	Quarterly	N/A	07/19/2024			8,990		(51	)	—		(51	)
3 Month USD LIBOR	Pay	3.05%		Semiannual	N/A	12/17/2026			1,380		4		—		4
3 Month USD LIBOR	Receive	2.72	%	Quarterly	N/A	07/22/2021			1,000		(3	)	—		(3	)
6 Month Euro Interbank Offered Rate	Pay	(0.02	)%	Annual	N/A	02/13/2022		EUR	1,700		(2	)	—		(2	)
6 Month Euro Interbank Offered Rate	Receive	1.04%		Semiannual	N/A	03/23/2028			1,445		(64	)	—		(64	)
6 Month Euro Interbank Offered Rate	Pay	0.83	%	Annual	N/A	02/15/2028			8,710		196		—		196
6 Month Euro Interbank Offered Rate	Receive	(0.14)%		Semiannual	N/A	04/09/2021			17,030		7		2		9
6 Month Euro Interbank Offered Rate	Pay	0.36	%	Annual	N/A	12/21/2022			1,450		5		—		5
6 Month Euro Interbank Offered Rate	Pay	0.57	%	Annual	N/A	02/15/2028			7,630		(47	)	—		(47	)
6 Month Euro Interbank Offered Rate	Pay	0.88	%	Annual	N/A	08/28/2028			220		5		—		5
6 Month Euro Interbank Offered Rate	Receive	0.42%		Semiannual	N/A	12/17/2022			3,480		(16	)	—		(16	)
6 Month JPY LIBOR	Receive	0.17%		Semiannual	N/A	06/19/2029	JPY	1,382,470			16		—		16
6 Month JPY LIBOR	Pay	0.00%		Semiannual	N/A	06/19/2024		2,790,460			7		1		8
6 Month JPY LIBOR	Receive	0.34%		Semiannual	N/A	02/08/2034			8,650		—		—		—
Consumer Price All Urban Non-Seasonally	Receive	2.31	%	Annual	N/A	10/12/2020		$	14,945		(189	)	—
Adjusted Index															(189	)
Consumer Price All Urban Non-Seasonally	Receive	1.90	%	Annual	N/A	02/12/2024			3,930		12		—
Adjusted Index															12
Consumer Price All Urban Non-Seasonally	Pay	2.16	%	Annual	N/A	10/30/2023			6,270		74		—
Adjusted Index															74
Consumer Price All Urban Non-Seasonally	Receive	2.23	%	Annual	N/A	09/18/2020			29,220		(338	)	1
Adjusted Index															(337	)
Consumer Price All Urban Non-Seasonally	Receive	1.85	%	Annual	N/A	02/08/2022			5,825		—		—
Adjusted Index															—
Consumer Price All Urban Non-Seasonally	Receive	2.25	%	Annual	N/A	10/30/2028			6,270		(90	)	—
Adjusted Index															(90	)
Harmonised Indices of Consumer Prices Excluding	Pay	1.83	%	Annual	N/A	05/15/2047		EUR	535		25		—
Food and Energy															25
Harmonised Indices of Consumer Prices Excluding	Pay	1.97	%	Annual	N/A	01/15/2048			590		56		(1	)
Food and Energy															55
Harmonised Indices of Consumer Prices Excluding	Pay	1.99	%	Annual	N/A	01/15/2048			590		60		—
Food and Energy															60
Harmonised Indices of Consumer Prices Excluding	Receive	1.38	%	Annual	N/A	04/15/2023			3,995		(52	)	(1	)
Food and Energy															(53	)
Harmonised Indices of Consumer Prices Excluding	Receive	1.55	%	Annual	N/A	07/15/2023			4,110		(82	)	—
Food and Energy															(82	)
Harmonised Indices of Consumer Prices Excluding	Pay	1.98	%	Annual	N/A	06/15/2048			615		57		—
Food and Energy															57
Harmonised Indices of Consumer Prices Excluding	Pay	1.90	%	Annual	N/A	12/15/2048			740		46		—
Food and Energy															46
Harmonised Indices of Consumer Prices Excluding	Pay	1.95	%	Annual	N/A	08/15/2048			405		33		—
Food and Energy															33
Harmonised Indices of Consumer Prices Excluding	Receive	1.30	%	Annual	N/A	01/15/2029			2,535		(11	)	—
Food and Energy															(11	)
New Zealand Bank Bill 3 Month FRA	Receive	2.58	%	Quarterly	N/A	03/20/2029		NZD	1,219		(9	)	—		(9	)
New Zealand Bank Bill 3 Month FRA	Receive	2.80	%	Quarterly	N/A	03/20/2029			17,000		(355	)	(1	)	(356	)
New Zealand Bank Bill 3 Month FRA	Receive	2.55	%	Quarterly	N/A	03/20/2029			3,335		(18	)	—		(18	)
New Zealand Bank Bill 3 Month FRA	Receive	2.59	%	Quarterly	N/A	03/20/2029			651		(5	)	—		(5	)
United Kingdom Retail Prices Index	Pay	3.51	%	Annual	N/A	10/15/2028		GBP	3,420		56		—		56
United Kingdom Retail Prices Index	Receive	3.41	%	Annual	N/A	03/15/2048			605		16		—		16
United Kingdom Retail Prices Index	Pay	3.41	%	Annual	N/A	01/15/2028			5,135		(3	)	(8	)	(11	)
United Kingdom Retail Prices Index	Pay	3.55	%	Annual	N/A	11/15/2032			4,640		110		(11	)	99
United Kingdom Retail Prices Index	Receive	3.58	%	Annual	N/A	12/15/2023			2,685		(47	)	—		(47	)
United Kingdom Retail Prices Index	Pay	3.39	%	Annual	N/A	08/15/2028			3,495		(33	)	(3	)	(36	)


Consolidated Schedule of Investments
Diversified Real Asset Fund
February 28, 2019 (unaudited)


Exchange Cleared Interest Rate Swaps (continued)

			(Pay)/
			Receive																Unrealized		Upfront
			Floating	Fixed		Payment		Effective						Notional					Appreciation/		Payments/
Floating Rate Index			Rate	Rate		Frequency	Date (a)		Maturity Date					Amount					(Depreciation)		(Receipts					Fair Value
United Kingdom Retail Prices Index			Receive	3.46	%	Annual	N/A		11/15/2027			GBP			4,640	$			(42	)$	8		$	(34				)
United Kingdom Retail Prices Index			Receive	3.55	%	Annual	N/A		11/15/2047						2,795				(209	)	5			(204				)
United Kingdom Retail Prices Index			Pay	3.60	%	Annual	N/A		11/15/2042						2,795				171		(8		)	163
United Kingdom Retail Prices Index			Pay	3.61	%	Annual	N/A		01/15/2029						1,145				28		—			28
United Kingdom Retail Prices Index			Receive	3.36	%	Annual	N/A		08/15/2023						7,700				(6	)	3						(3	)
United Kingdom Retail Prices Index			Pay	3.44	%	Annual	N/A		08/15/2048						770				(7	)	—						(7	)
United Kingdom Retail Prices Index			Receive	3.48	%	Annual	N/A		09/15/2023						6,770				(70	)	2			(68				)
United Kingdom Retail Prices Index			Pay	3.50	%	Annual	N/A		09/15/2028						6,770				68		(3		)	65
United Kingdom Retail Prices Index			Pay	3.36	%	Annual	N/A		08/15/2023					19,810					10		(6		)				4
United Kingdom Retail Prices Index			Receive	3.35	%	Annual	N/A		08/15/2023						7,705				(2	)	3						1
United Kingdom Retail Prices Index			Receive	3.47	%	Annual	N/A		09/15/2048						1,255				(22	)	6			(16				)
United Kingdom Retail Prices Index			Pay	3.34	%	Annual	N/A		06/15/2028						925				(16	)	(1		)	(17				)
United Kingdom Retail Prices Index			Receive	3.45	%	Annual	N/A		10/15/2023						3,420				(47	)	—			(47				)
United Kingdom Retail Prices Index			Receive	3.26	%	Annual	N/A		05/15/2023						6,900				35		3			38
United Kingdom Retail Prices Index			Receive	3.48	%	Annual	N/A		01/15/2029						3,450				(17	)	1			(16				)
United Kingdom Retail Prices Index			Pay	3.40	%	Annual	N/A		08/15/2028						6,710				(46	)	(6		)	(52				)
United Kingdom Retail Prices Index			Pay	3.45	%	Annual	N/A		10/15/2023						3,940				53		—			53
United Kingdom Retail Prices Index			Pay	3.41	%	Annual	N/A		01/15/2024						3,450				13		—			13
Total															$				(982	)$	(52)$					(1,034)
Amounts in thousands.
(a) Forward swap.


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 Commodity		442,842	Receive		UST 13 Week Bill			Monthly		03/21/2019				$		75,536			$	— $	—					$		(198	)
	Index Total Return^(a)					High Discount Rate
						+ 0.10		%
M3 Capital Partners	Bloomberg Commodity		538,621	Receive		UST 13 Week Bill			Monthly		03/21/2019						91,873				—	—							(241	)
	Index Total Return^(a)					High Discount Rate
						+ 0.09		%
M3 Capital Partners	Macquarie Commodity		157,306	Receive		0.32		%	Annual		03/04/2019						14,964				—	—							(198	)
	Product 251E^(a)
Merrill Lynch	BofA Merrill Lynch		202,500	Receive		0.22		%	Annual		03/04/2019						20,555				—	17							—
	Commodity MLBXCS3E
	Excess Return Strategy^(a)
Societe Generele	Bloomberg Commodity		146,250	Receive		UST 13 Week Bill			Monthly		03/21/2019						24,946				—	—							(65	)
	Index Total Return^(a)					High Discount Rate
						+ 0.11		%
Societe Generele	Societe Generale		198,396	Receive		0.35		%	Annual		03/04/2019						18,877				—	—							(397	)
	Commodities Custom
	Alpha^(a)
Total																			$		— $	17				$	(1,099			)
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					Expiration					Payments/					Appreciation/
Description		Counterparty		Range			Rate		Amount	Exercise Rate					Date		(Premiums)						Fair Value					(Depreciation)
Call - 5Y-10Y CMS Index Cap		Morgan Stanley	Max (0, 5Y CMS-0.14%)				Receive $		25,700		0.14		%	04/11/2019				$	7	$		7			$				—
		& Co
Call - 5Y-30Y CMS Index Cap		Barclays Bank	Max (0, 5Y CMS-0.35%)				Pay		39,000		0.35		%	07/29/2019					20		19								(1	)
		PLC
Total																	$		27	$	26				$				(1	)


Schedule of Investments
EDGE MidCap Fund
February 28, 2019 (unaudited)



COMMON STOCKS - 98.35%	Shares Held Value (000's)				COMMON STOCKS (continued)		Shares Held Value (000’s)
Airlines - 2.54%					Semiconductors - 4.41%
Alaska Air Group Inc		267,396	$	16,498	Microchip Technology Inc		216,034	$	18,767
Automobile Parts & Equipment - 2.32%					Teradyne Inc		242,067		9,884
Autoliv Inc		184,310		15,078			$		28,651
Banks - 4.65%					Software - 7.81%
Bank OZK		206,285		6,766	Black Knight Inc ^(a)		493,295		25,774
Cullen/Frost Bankers Inc		226,170		23,449	Fair Isaac Corp ^(a)		100,671		24,948
		$		30,215			$		50,722
Chemicals - 5.26%					Toys, Games & Hobbies - 2.62%
FMC Corp		128,705		11,519	Hasbro Inc		200,741		17,043
HB Fuller Co		448,167		22,624	Transportation - 4.41%
		$		34,143	Expeditors International of Washington Inc		234,804		17,599
Commercial Services - 2.54%					Kirby Corp ^(a)		148,825		11,046
Aaron's Inc		303,907		16,499			$		28,645
Consumer Products - 1.65%					TOTAL COMMON STOCKS		$		638,676
Avery Dennison Corp		99,281		10,726	INVESTMENT COMPANIES - 1.55%		Shares Held Value (000's)
Electric - 6.59%					Money Market Funds - 1.55%
Eversource Energy		301,140		21,023	Principal Government Money Market Fund		10,044,700		10,045
WEC Energy Group Inc		285,162		21,752	2.33%^(b),(c)
		$		42,775	TOTAL INVESTMENT COMPANIES		$		10,045
					Total Investments		$		648,721
Electrical Components & Equipment - 4.81%					Other Assets and Liabilities - 0.10%				628
Energizer Holdings Inc		319,568		14,662	TOTAL NET ASSETS - 100.00%		$		649,349
Littelfuse Inc		85,598		16,528
		$		31,190
Electronics - 2.83%					(a)	Non-income producing security
Arrow Electronics Inc ^(a)		230,597		18,378	(b)	Affiliated Security. Security is either an affiliate (and registered under the
Environmental Control - 2.42%						Investment Company Act of 1940) or an affiliate as defined by the Investment
Waste Connections Inc		188,263		15,701		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Hand & Machine Tools - 3.69%						shares of the security). Please see affiliated sub-schedule for transactional
Lincoln Electric Holdings Inc		203,993		17,629		information.
Snap-on Inc		39,800		6,368	(c)	Current yield shown is as of period end.
		$		23,997
Healthcare - Products - 6.46%						Portfolio Summary (unaudited)
Teleflex Inc		69,525		20,151	Sector				Percent
Varian Medical Systems Inc ^(a)		162,618		21,849	Financial				21.39	%
		$		42,000	Industrial				19.17	%
Healthcare - Services - 3.71%					Consumer, Cyclical				14.58	%
Universal Health Services Inc		173,048		24,025	Consumer, Non-cyclical				14.36	%
Insurance - 4.73%					Technology				12.22	%
Fidelity National Financial Inc		429,717		15,079	Utilities				6.59	%
Markel Corp ^(a)		15,572		15,647	Basic Materials				5.26	%
		$		30,726	Energy				4.78	%
Investment Companies - 1.72%					Investment Companies				1.55	%
Oaktree Capital Group LLC		263,254		11,154	Other Assets and Liabilities				0.10	%
Machinery - Diversified - 1.01%					TOTAL NET ASSETS				100.00	%
Nordson Corp		48,311		6,559
Office Furnishings - 0.88%
HNI Corp		147,394		5,694
Oil & Gas - 4.78%
Cimarex Energy Co		200,087		14,388
Helmerich & Payne Inc		169,070		9,164
HollyFrontier Corp		146,792		7,516
		$		31,068
REITs - 7.40%
Alexandria Real Estate Equities Inc		131,920		17,927
CyrusOne Inc		336,062		16,749
Tanger Factory Outlet Centers Inc		620,107		13,388
		$		48,064
Retail - 6.22%
Chipotle Mexican Grill Inc ^(a)		26,708		16,226
Lululemon Athletica Inc ^(a)		160,633		24,163
		$		40,389
Savings & Loans - 2.89%
Washington Federal Inc		610,693		18,736

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


COMMON STOCKS - 30.12%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.02%					Automobile Parts & Equipment (continued)
Gendai Agency Inc		3,700	$	16	NGK Insulators Ltd		31,090	$	475
Ocean Outdoor Ltd ^(a),(b)		15,649		108	Nissin Kogyo Co Ltd		13,115		185
Omnicom Group Inc		1,611		122	Nokian Renkaat OYJ		4,975		176
Relia Inc		8,900		78	Pacific Industrial Co Ltd		6,014		92
Trade Desk Inc/The ^(a)		484		96	Rheinmetall AG		4,089		437
		$		420	Sumitomo Riko Co Ltd		12,370		113
Aerospace & Defense - 0.50%					Tachi-S Co Ltd		4,013		60
Cobham PLC ^(a)		283,290		442	Tokai Rika Co Ltd		14,150		260
Dassault Aviation SA		775		1,304	Toyo Tire Corp		54,192		693
Esterline Technologies Corp ^(a)		11,311		1,377	Toyoda Gosei Co Ltd		14,640		333
IHI Corp		5,080		134	Unipres Corp		9,100		163
Jamco Corp		4,450		99	WABCO Holdings Inc (a)		9,039		1,243
Kawasaki Heavy Industries Ltd		7,791		201			$		6,170
L3 Technologies Inc		11,954		2,531	Banks - 1.79%
Leonardo SpA		36,548		368	Allegiance Bancshares Inc (a)		3,041		116
Lockheed Martin Corp ^(c)		4,000		1,238	Ameris Bancorp		3,260		133
Moog Inc		1,757		165	AU Small Finance Bank Ltd (b)		27,431		224
Raytheon Co ^(c)		5,800		1,082	Banca Generali SpA		11,396		284
Triumph Group Inc		6,677		155	BancorpSouth Bank		4,603		150
Ultra Electronics Holdings PLC		19,996		329	Bank of East Asia Ltd/The		86,000		299
United Technologies Corp ^(c)		1,500		188	Bank of Ireland Group PLC		53,385		347
		$		9,613	Bank of Kyoto Ltd/The		1,175		53
Agriculture - 0.18%					Bank OZK		5,456		179
Altria Group Inc ^(c)		11,659		611	Bank Tabungan Pensiunan Nasional Syariah Tbk		624,400		91
Japan Tobacco Inc		52,495		1,337	PT ^(a)
Philip Morris International Inc ^(c)		13,725		1,194	Blue Hills Bancorp Inc		6,169		154
Swedish Match AB		7,650		358	Cadence BanCorp		6,165		123
		$		3,500	China Construction Bank Corp		376,000		335
Airlines - 0.12%					CIT Group Inc		9,700		494
Delta Air Lines Inc		2,471		123	Citigroup Inc		8,607		550
Deutsche Lufthansa AG		20,033		511	Comerica Inc		5,000		436
easyJet PLC		64,627		1,051	Danske Bank A/S		18,566		369
Japan Airlines Co Ltd		10,900		398	East West Bancorp Inc		19,600		1,070
Southwest Airlines Co		2,141		120	Fidelity Southern Corp		2,701		88
		$		2,203	Fifth Third Bancorp (c)		33,500		924
Apparel - 0.35%					FinecoBank Banca Fineco SpA		25,311		314
Carter's Inc		1,844		180	First Citizens BancShares Inc/NC		721		315
Hermes International		1,846		1,169	First Midwest Bancorp Inc/IL		5,401		125
Kering SA		831		453	First Republic Bank/CA		5,530		581
LVMH Moet Hennessy Louis Vuitton SE		5,233		1,796	FNB Corp/PA		10,374		127
Moncler SpA		6,592		253	Great Western Bancorp Inc		3,961		149
NIKE Inc ^(c)		21,500		1,843	Hang Seng Bank Ltd		43,700		1,082
Samsonite International SA ^(a),(b)		33,153		98	Heritage Commerce Corp		5,200		73
Sanyo Shokai Ltd		7,550		122	Hilltop Holdings Inc		8,019		154
Under Armour Inc - Class A ^(a)		33,141		747	ICICI Bank Ltd ADR		17,271		170
Under Armour Inc - Class C ^(a)		844		17	Independent Bank Group Inc		1,996		116
		$		6,678	Japan Post Bank Co Ltd		95,200		1,064
					JPMorgan Chase & Co		1,148		120
Automobile Manufacturers - 0.33%					M&T Bank Corp (c)		19,085		3,303
Ferrari NV		4,297		553	Macquarie Group Ltd		5,134		469
Guangzhou Automobile Group Co Ltd		160,560		197	MB Financial Inc		16,331		739
Honda Motor Co Ltd		58,350		1,648	Mitsubishi UFJ Financial Group Inc		302,723		1,571
Mazda Motor Corp		113,700		1,339	Mizuho Financial Group Inc		810,890		1,275
PACCAR Inc		13,969		947	Morgan Stanley		476		20
REV Group Inc		17,433		154	National Australia Bank Ltd		27,385		489
Subaru Corp		19,050		486	OFG Bancorp		8,266		171
Suzuki Motor Corp		3,100		159	Opus Bank		7,408		169
Tesla Inc ^(a)		800		256	Raiffeisen Bank International AG		6,868		175
Volvo AB - B Shares		35,344		520	Regions Financial Corp ^(c)		63,284		1,038
		$		6,259	Resona Holdings Inc		94,500		428
Automobile Parts & Equipment - 0.32%					San-In Godo Bank Ltd/The		6,600		48
Aisan Industry Co Ltd		11,260		77	Sberbank of Russia PJSC		97,524		307
Bridgestone Corp		20,700		820	Standard Chartered PLC		49,885		398
Cooper Tire & Rubber Co		4,775		153	State Bank of India Ltd (a)		1,656		63
Daikyonishikawa Corp		11,480		128	State Street Corp ^(c)		18,581		1,335
Exedy Corp		6,620		158	Sumitomo Mitsui Financial Group Inc		66,430		2,360
Faurecia SA		6,897		329	Sumitomo Mitsui Trust Holdings Inc		44,030		1,673
IJT Technology Holdings Co Ltd		6,200		35	SunTrust Banks Inc (c)		42,684		2,769
Keihin Corp		13,650		240	Synovus Financial Corp		68,289		2,710

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Banks (continued)					Chemicals (continued)
TCF Financial Corp		10,829	$	248	Hitachi Chemical Co Ltd		127,011	$	2,312
Tokyo Kiraboshi Financial Group Inc		4,123		60	IMCD NV		4,707		369
UBS Group AG (a)		38,982		495	JSR Corp		24,040		400
Umpqua Holdings Corp		7,853		143	Kanto Denka Kogyo Co Ltd		14,463		112
Union Bankshares Corp		3,902		139	KH Neochem Co Ltd		6,875		176
Univest Financial Corp		5,068		134	Koninklijke DSM NV		30,334		3,263
Wells Fargo & Co		14,862		741	Linde PLC ^(c)		6,264		1,085
		$		34,279	LyondellBasell Industries NV (c)		5,500		470
Beverages - 0.31%					Mitsubishi Chemical Holdings Corp		41,800		309
Anheuser-Busch InBev SA/NV		19,073		1,490	Mitsubishi Gas Chemical Co Inc		19,400		297
Asahi Group Holdings Ltd		7,700		333	Quaker Chemical Corp		737		154
Carlsberg A/S		1,728		209	Sherwin-Williams Co/The ^(c)		3,721		1,612
Heineken NV		3,482		351	Shin-Etsu Chemical Co Ltd		32,238		2,696
Kirin Holdings Co Ltd		36,500		818	Sumitomo Chemical Co Ltd		48,700		242
MGP Ingredients Inc		1,666		136	Tokuyama Corp		4,470		112
Molson Coors Brewing Co		11,564		713	Tokyo Ohka Kogyo Co Ltd		4,462		130
Monster Beverage Corp (a),(c)		26,200		1,672	Tosoh Corp		18,600		275
Remy Cointreau SA		2,145		280	Tri Chemical Laboratories Inc		2,200		97
		$		6,002	Versum Materials Inc		14,424		707
Biotechnology - 0.41%					Yara International ASA		19,852		835
Abcam PLC		21,686		369			$		27,658
Amgen Inc		669		127	Commercial Services - 1.11%
Amicus Therapeutics Inc ^(a)		4,150		50	2U Inc ^(a)		1,457		107
BioMarin Pharmaceutical Inc (a)		930		87	Adecco Group AG		8,339		432
Blueprint Medicines Corp (a)		2,004		165	Adtalem Global Education Inc ^(a)		2,946		142
Celgene Corp ^(a)		10,248		852	AMERCO		2,346		902
Exact Sciences Corp ^(a)		11,046		1,005	Aramark ^(c)		48,235		1,462
Five Prime Therapeutics Inc ^(a)		4,799		56	Atlantia SpA		40,153		976
Gilead Sciences Inc ^(c)		8,321		541	Automatic Data Processing Inc		838		128
Hugel Inc ^(a)		1,442		449	Babcock International Group PLC		50,422		362
Illumina Inc ^(a),(c)		1,984		620	Benesse Holdings Inc		4,870		132
Intrexon Corp ^(a)		1,448		12	Booz Allen Hamilton Holding Corp		459		24
Jinyu Bio-Technology Co Ltd		168,817		393	Brambles Ltd		58,206		486
Myriad Genetics Inc ^(a)		5,032		156	Brink's Co/The		3,102		245
Pacific Biosciences of California Inc (a)		63,004		461	Bureau Veritas SA		77,359		1,848
Regeneron Pharmaceuticals Inc ^(a),(c)		1,985		855	Cardtronics PLC ^(a)		4,255		126
Sangamo Therapeutics Inc ^(a)		9,761		88	Carriage Services Inc		7,105		149
Spark Therapeutics Inc ^(a)		7,514		851	CENVEO STOCK ^(a)		46,083		611
Vertex Pharmaceuticals Inc ^(a),(c)		3,500		661	Cimpress NV ^(a)		3,063		253
		$		7,798	Cintas Corp		5,722		1,182
Building Materials - 0.31%					CoStar Group Inc ^(a)		1,637		749
Cemex SAB de CV ADR(a)		147,854		717	Deluxe Corp		2,586		120
China Resources Cement Holdings Ltd		177,316		189	EVERTEC Inc		4,577		131
Cie de Saint-Gobain		21,029		757	FleetCor Technologies Inc ^(a)		2,363		551
CRH PLC		20,022		635	H&R Block Inc (c)		16,100		389
JELD-WEN Holding Inc ^(a)		6,199		125	HMS Holdings Corp ^(a)		5,634		194
Katitas Co Ltd		3,400		107	Kforce Inc		3,690		137
Lennox International Inc		5,463		1,340	Kroton Educacional SA		56,300		164
Masonite International Corp ^(a)		2,038		113	LiveRamp Holdings Inc ^(a)		1,167		63
Sanwa Holdings Corp		11,996		139	Localiza Rent a Car SA		69,646		636
USG Corp		35,013		1,509	Loomis AB		12,564		457
Wienerberger AG		11,216		254	M&A Capital Partners Co Ltd ^(a)		2,310		106
		$		5,885	Moody's Corp		8,896		1,540
Chemicals - 1.44%					New Oriental Education & Technology Group Inc		4,303		353
A. Schulman Inc. ^(a),(d),(e)		2,332		1	ADR^(a)
Air Liquide SA		11,501		1,434	Nutrisystem Inc		15,206		658
Air Products & Chemicals Inc ^(c)		1,200		217	Persol Holdings Co Ltd		24,258		417
Akzo Nobel NV		8,949		811	Prestige International Inc		15,814		185
Asahi Kasei Corp		56,300		615	Raksul Inc ^(a)		1,800		62
BASF SE		13,861		1,055	Randstad NV		17,002		907
Borregaard ASA		21,686		205	Rent-A-Center Inc/TX ^(a)		17,758		330
Cabot Corp		2,300		108	Rollins Inc ^(c)		18,600		738
CF Industries Holdings Inc		2,388		101	S&P Global Inc		1,400		280
Denka Co Ltd		2,940		89	SEACOR Marine Holdings Inc ^(a)		7,564		104
DowDuPont Inc		38,774		2,064	Ser Educacional SA ^(b)		28,300		143
EMS-Chemie Holding AG		3,403		1,962	SGS SA		501		1,276
FMC Corp		26,880		2,406	Tarena International Inc ADR		18,270		121
GCP Applied Technologies Inc ^(a)		23,027		690	TechnoPro Holdings Inc		3,706		201
Hanwha Chemical Corp		11,889		247	Toppan Forms Co Ltd		17,900		155

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Commercial Services (continued)					Diversified Financial Services (continued)
Travelport Worldwide Ltd		20,318	$	319	Euronext NV ^(b)		4,500	$	274
XPS Pensions Group PLC		109,902		196	Franklin Resources Inc ^(c)		4,400		143
		$		21,249	Greenhill & Co Inc		5,647		133
Computers - 0.57%					Hamilton Lane Inc		3,178		148
Accenture PLC - Class A		757		122	Hannon Armstrong Sustainable Infrastructure		6,835		168
Apple Inc ^(c)		14,773		2,558	Capital Inc
BayCurrent Consulting Inc		2,900		87	Hong Kong Exchanges & Clearing Ltd		25,900		893
Cognizant Technology Solutions Corp ^(c)		11,098		788	Hypoport AG ^(a)		1,861		355
DXC Technology Co		2,500		165	Ichiyoshi Securities Co Ltd		12,730		101
Ferrotec Holdings Corp		15,800		149	Intercontinental Exchange Inc ^(c)		12,060		930
Fujitsu Ltd		9,121		616	INTL. FCStone Inc ^(a)		2,758		120
Gemalto NV ^(a)		18,382		1,064	Investment Technology Group Inc		7,613		230
Globant SA ^(a)		1,763		122	KB Financial Group Inc		9,434		372
Hewlett Packard Enterprise Co		7,779		127	Kenedix Inc		17,800		86
Luxoft Holding Inc ^(a)		14,037		818	LPL Financial Holdings Inc		1,427		108
Melco Holdings Inc		2,190		76	Mahindra & Mahindra Financial Services Ltd		26,466		148
NetApp Inc		421		27	Mastercard Inc		568		128
NTT Data Corp		62,742		687	Mebuki Financial Group Inc		167,900		456
Oro Co Ltd		1,860		82	Moelis & Co		3,432		153
Perspecta Inc		133,185		2,810	Navient Corp		11,318		138
SCSK Corp		4,370		191	Nomura Holdings Inc		102,400		399
Serco Group PLC ^(a)		219,513		377	Partners Group Holding AG		2,227		1,609
UT Group Co Ltd ^(a)		4,675		107	PRA Group Inc ^(a)		4,805		155
		$		10,973	Premium Group Co Ltd		3,030		93
Consumer Products - 0.10%					Sanne Group PLC		39,249		268
ACCO Brands Corp		55,058		512	SEI Investments Co ^(c)		21,800		1,150
Church & Dwight Co Inc		5,400		355	Solium Capital Inc ^(a)		1,045		15
Spectrum Brands Holdings Inc		18,769		1,017	TD Ameritrade Holding Corp		10,499		591
		$		1,884	Tochigi Bank Ltd/The		37,270		79
Cosmetics & Personal Care - 0.38%					Tokyo Century Corp		1,300		58
Colgate-Palmolive Co ^(c)		15,900		1,047	Visa Inc ^(c)		14,674		2,173
Coty Inc		119,007		1,309	VZ Holding AG		1,228		320
Edgewell Personal Care Co ^(a)		3,719		165	Zenkoku Hosho Co Ltd		6,887		254
Estee Lauder Cos Inc/The		6,300		989			$		19,634
Kolmar Korea Co Ltd		2,759		194	Electric - 0.78%
L'Oreal SA		6,883		1,736	AGL Energy Ltd		14,888		224
Procter & Gamble Co/The ^(c)		12,900		1,271	Avista Corp ^(c)		20,334		822
Unicharm Corp		16,300		519	Dominion Energy Inc		1,706		126
		$		7,230	E.ON SE		48,847		537
Distribution & Wholesale - 0.27%					Edison International ^(c)		9,700		581
Ahlsell AB (b)		33,332		199	Endesa SA		81,408		2,051
Diploma PLC		23,510		421	Enel SpA		243,843		1,475
Fastenal Co		7,982		502	Engie SA		15,694		236
Fourlis Holdings SA ^(a)		13,813		75	FirstEnergy Corp		3,100		126
H&E Equipment Services Inc		6,176		178	GenOn Energy - Class A ^(a),(f)		35,586		4,982
HD Supply Holdings Inc ^(a),(c)		36,500		1,570	Huadian Fuxin Energy Corp Ltd		328,000		74
Mitsui & Co Ltd		19,700		310	Innogy SE ^(b)		1,289		60
Nippon Gas Co Ltd		3,700		129	PG&E Corp ^(a)		57,160		973
Sumitomo Corp		89,000		1,280	PPL Corp		4,044		130
Trusco Nakayama Corp		7,876		217	Red Electrica Corp SA		33,440		723
WW Grainger Inc ^(c)		800		244	Southern Co/The ^(c)		11,300		562
		$		5,125	Terna Rete Elettrica Nazionale SpA		163,247		1,016
					Uniper SE		7,350		214
Diversified Financial Services - 1.02%							$		14,912
Affiliated Managers Group Inc (c)		3,600		395
Ally Financial Inc		23,000		623	Electrical Components & Equipment - 0.35%
American Express Co		6,209		669	AMETEK Inc ^(c)		27,344		2,177
Aruhi Corp		5,050		95	Belden Inc		16,073		993
ASX Ltd		13,294		659	Emerson Electric Co ^(c)		24,600		1,677
Bharat Financial Inclusion Ltd (a)		8,889		116	EnerSys		2,621		193
Capital One Financial Corp		1,579		132	Funai Electric Co Ltd ^(a)		19,480		133
Cboe Global Markets Inc		2,200		211	Legrand SA		3,585		236
Charles Schwab Corp/The		6,700		308	Schneider Electric SE		14,258		1,108
CI Financial Corp		21,800		308	Ushio Inc		19,590		220
Credit Acceptance Corp ^(a)		2,071		911			$		6,737
Curo Group Holdings Corp ^(a)		5,174		57	Electronics - 0.59%
Ditech Holding Corp - Warrants ^(a)		4,425		—	Amphenol Corp ^(c)		17,400		1,635
Ditech Holding Corp - Warrants ^(a)		6,987		—	AVX Corp		7,508		137
Element Comm Aviation ^{(a),(d),(e),(f)}		280		2,424	Bel Fuse Inc		6,414		157
Ellie Mae Inc ^(a)		4,803		478	Bizlink Holding Inc		20,056		129

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Electronics (continued)					Environmental Control - 0.22%
Celestica Inc ^(a)		15,410	$	142	Daiseki Co Ltd		5,819	$	144
Chroma ATE Inc		19,000		79	Kurita Water Industries Ltd		16,000		404
Fujitsu General Ltd		21,727		291	Pentair PLC ^(c)		41,100		1,748
Garmin Ltd		8,100		680	Waste Management Inc ^(c)		19,871		2,012
Halma PLC		20,543		424			$		4,308
Hitachi High-Technologies Corp		61,921		2,367	Food - 0.52%
Honeywell International Inc ^(c)		4,813		742	a2 Milk Co Ltd ^(a)		17,783		173
Hosiden Corp		10,480		84	Ajinomoto Co Inc		15,939		241
Ibiden Co Ltd		17,210		245	Associated British Foods PLC		7,802		232
KEMET Corp		5,542		105	Barry Callebaut AG		244		420
Kyocera Corp		4,642		256	Belc Co Ltd		1,800		83
LEM Holding SA		122		145	Calbee Inc		5,500		153
MINEBEA MITSUMI Inc		14,515		234	CJ CheilJedang Corp		2,032		581
Nichicon Corp		24,365		219	Cranswick PLC		10,606		348
Nippon Ceramic Co Ltd		5,460		138	Dino Polska SA ^(a),(b)		7,729		219
NOK Corp		21,220		343	Empire Co Ltd		12,900		300
nVent Electric PLC		24,743		680	Hershey Co/The		3,712		411
Rotork PLC		79,714		300	Hostess Brands Inc (a)		13,848		168
SCREEN Holdings Co Ltd		2,663		107	ICA Gruppen AB		15,665		602
Shibaura Electronics Co Ltd		2,580		90	Kobe Bussan Co Ltd		4,680		160
Siix Corp		9,380		140	Koninklijke Ahold Delhaize NV		26,172		674
Silergy Corp		10,000		179	Lamb Weston Holdings Inc		7,004		485
Tokyo Seimitsu Co Ltd		6,780		175	Nestle SA		2,251		204
Venture Corp Ltd		54,500		716	Nissin Foods Holdings Co Ltd		6,300		438
Waters Corp ^(a)		800		194	Orion Holdings Corp		7,140		121
Yageo Corp		22,125		246	Performance Food Group Co ^(a)		5,389		208
		$		11,379	Post Holdings Inc ^(a)		8,119		827
Engineering & Construction - 0.45%					Seven & i Holdings Co Ltd		12,560		552
Alten SA		4,610		475	Tesco PLC		184,427		553
Argan Inc		3,102		144	Viscofan SA		4,318		252
Badger Daylighting Ltd		5,467		159	Warabeya Nichiyo Holdings Co Ltd		2,750		46
Chiyoda Corp		21,890		61	Wesfarmers Ltd		28,434		670
CIMIC Group Ltd		22,709		808	Woolworths Group Ltd		37,453		763
COMSYS Holdings Corp		6,900		184	Yihai International Holding Ltd		42,718		135
Eiffage SA		4,342		423			$		10,019
Grupo Aeroportuario del Sureste SAB de CV		5,767		98	Food Service - 0.03%
Hazama Ando Corp		54,374		384	Compass Group PLC		24,025		531
HOCHTIEF AG		1,661		263	Forest Products & Paper - 0.12%
JGC Corp		19,890		290	Domtar Corp		1,416		72
KBR Inc		7,583		150	Schweitzer-Mauduit International Inc		4,582		177
Kyowa Exeo Corp		3,440		93	Smurfit Kappa Group PLC		20,849		591
Kyudenko Corp		6,747		232	UPM-Kymmene OYJ		49,317		1,487
Maeda Corp		21,700		230			$		2,327
MasTec Inc ^(a)		3,283		142	Gas - 0.13%
Mirait Holdings Corp		9,800		153	Osaka Gas Co Ltd		36,200		743
Obayashi Corp		42,700		416	Snam SpA		85,892		424
SHO-BOND Holdings Co Ltd		1,140		82	Tokyo Gas Co Ltd		29,100		802
Singapore Technologies Engineering Ltd		121,500		335	UGI Corp		8,462		465
SNC-Lavalin Group Inc		73,892		2,041			$		2,434
Toshiba Plant Systems & Services Corp		44,979		815
Toyo Engineering Corp ^(a)		15,090		98	Hand & Machine Tools - 0.02%
Vinci SA		4,302		411	Disco Corp		493		68
Yokogawa Bridge Holdings Corp		7,598		142	DMG Mori Co Ltd		8,300		108
		$		8,629	Kennametal Inc		6,313		238
Entertainment - 0.25%							$		414
Avex Inc		12,490		163	Healthcare - Products - 0.69%
Cineworld Group PLC		103,662		384	ABIOMED Inc (a),(c)		1,300		435
CJ CGV Co Ltd		5,385		210	Align Technology Inc ^(a)		3,314		858
Genting Singapore Ltd	1,155,500			871	Asahi Intecc Co Ltd		2,371		114
IMAX China Holding Inc ^(b)		49,400		129	Baxter International Inc (c)		11,449		856
Madison Square Garden Co/The ^(a)		1,623		468	Boston Scientific Corp (a)		6,100		245
Marriott Vacations Worldwide Corp		7,126		694	Cellavision AB		9,013		281
Monarch Casino & Resort Inc ^(a)		2,720		119	Consort Medical PLC		22,112		266
OPAP SA		31,787		325	DiaSorin SpA		2,408		236
Oriental Land Co Ltd/Japan		4,300		473	Edwards Lifesciences Corp ^(a)		1,300		220
Sankyo Co Ltd		21,500		793	Elekta AB		16,979		196
Universal Entertainment Corp		4,660		148	Haemonetics Corp ^(a)		7,202		626
		$		4,777	Hill-Rom Holdings Inc		2,209		234
					IDEXX Laboratories Inc ^(a),(c)		3,073		648

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Healthcare - Products (continued)					Housewares - 0.01%
InBody Co Ltd		2,248	$	47	Tupperware Brands Corp		4,016	$	121
Insulet Corp ^(a)		11,033		1,036	Insurance - 1.55%
Intuitive Surgical Inc ^(a),(c)		1,300		712	Admiral Group PLC		19,335		560
Japan Lifeline Co Ltd		9,550		157	Aflac Inc		2,542		125
Koninklijke Philips NV		10,756		428	AIA Group Ltd		41,800		417
Medtronic PLC ^(c)		17,800		1,611	Alleghany Corp ^(c)		3,049		1,960
Merit Medical Systems Inc ^(a)		3,410		190	Allianz SE		12,777		2,844
Microport Scientific Corp		131,700		116	Athene Holding Ltd ^(a)		8,100		361
Natus Medical Inc ^(a)		4,376		121	Berkshire Hathaway Inc - Class B (a)		17,945		3,612
Nipro Corp		27,678		365	Brighthouse Financial Inc (a)		15,900		616
NuVasive Inc ^(a)		7,000		412	Dai-ichi Life Holdings Inc		40,110		611
Olympus Corp		14,400		639	Fairfax Financial Holdings Ltd		761		377
OraSure Technologies Inc ^(a)		10,005		108	Fidelity National Financial Inc ^(c)		22,550		791
Penumbra Inc ^(a)		5,349		715	Genworth Financial Inc ^(a),(c)		99,924		387
Sartorius Stedim Biotech		2,676		315	Insurance Australia Group Ltd		35,406		185
Shandong Weigao Group Medical Polymer Co		194,347		169	James River Group Holdings Ltd		3,824		157
Ltd					Lancashire Holdings Ltd		16,977		149
STERIS PLC		5,105		617	Manulife Financial Corp		75,900		1,283
Tandem Diabetes Care Inc ^(a)		1,440		94	Markel Corp ^(a),(c)		2,125		2,136
Thermo Fisher Scientific Inc		503		131	MBIA Inc (a)		15,174		151
		$		13,198	Medibank Pvt Ltd		192,566		388
Healthcare - Services - 0.38%					MetLife Inc ^(c)		45,489		2,055
Ain Holdings Inc		1,601		110	Navigators Group Inc/The		2,190		153
Alliar Medicos A Frente SA ^(a)		32,897		138	Progressive Corp/The		7,100		518
Apollo Hospitals Enterprise Ltd		11,009		177	Prudential Financial Inc		1,344		129
Centene Corp ^(a)		61,760		3,761	QBE Insurance Group Ltd		34,869		306
CMIC Holdings Co Ltd		3,800		59	Radian Group Inc		8,882		181
EPS Holdings Inc		5,400		91	Sampo Oyj		62,937		3,028
HCA Healthcare Inc		1,200		167	Sony Financial Holdings Inc		92,292		1,752
Laboratory Corp of America Holdings ^(a)		4,042		599	Stewart Information Services Corp		2,901		124
Molina Healthcare Inc ^(a)		1,084		146	T&D Holdings Inc		52,110		630
Orpea		3,746		441	Third Point Reinsurance Ltd ^(a)		12,399		132
Ramsay Health Care Ltd		14,840		682	Tokio Marine Holdings Inc		3,337		163
Syneos Health Inc ^(a)		2,916		122	Voya Financial Inc		15,625		790
UnitedHealth Group Inc ^(c)		3,673		890	White Mountains Insurance Group Ltd		520		488
		$		7,383	Willis Towers Watson PLC		12,432		2,139
Holding Companies - Diversified - 0.08%							$		29,698
CK Hutchison Holdings Ltd		90,000		958	Internet - 1.25%
Industrivarden AB		12,086		251	51job Inc ADR^(a)		1,074		78
J2 Acquisition Ltd ^(a),(b)		27,215		261	58.com Inc ADR^(a)		5,075		370
J2 Acquisition Ltd - Warrants ^(a)		38,500		9	Alibaba Group Holding Ltd ADR^(a)		2,826		517
US Well Services Inc - Warrants ^(a)		103,668		73	Alphabet Inc - A Shares ^(a),(c)		3,672		4,137
		$		1,552	Amazon.com Inc ^(a),(c)		1,308		2,145
Home Builders - 0.21%					ASKUL Corp		5,743		132
Berkeley Group Holdings PLC		12,552		657	Baozun Inc ADR(a)		2,275		85
Cairn Homes PLC ^(a)		295,100		455	Booking Holdings Inc (a),(c)		1,062		1,802
Century Communities Inc ^(a)		5,077		116	Cafe24 Corp ^(a)		1,300		136
Glenveagh Properties PLC ^(a),(b)		342,157		335	CDW Corp/DE		1,330		125
Installed Building Products Inc (a)		2,550		111	Cerved Group SpA		43,482		401
Land & Houses PCL		555,309		185	DraftKings Inc ^{(a),(d),(e),(f)}		54,277		138
LCI Industries		530		43	eBay Inc		8,200		305
NVR Inc ^(a)		442		1,158	Etsy Inc ^(a)		1,365		97
Persimmon PLC		8,748		283	Expedia Group Inc		157		19
PulteGroup Inc		9,200		248	Facebook Inc ^(a),(c)		13,071		2,110
Skyline Champion Corp		11,637		231	GoDaddy Inc ^(a)		10,198		761
Token Corp		1,350		83	Klarna Holding AB (a),(d),(e),(f)		808		109
WHA Corp PCL		733,303		98	LAC Co Ltd		4,700		67
Winnebago Industries Inc		3,602		117	Limelight Networks Inc ^(a)		58,371		170
		$		4,120	Mimecast Ltd ^(a)		4,878		235
Home Furnishings - 0.14%					Netflix Inc (a)		2,621		939
Crompton Greaves Consumer Electricals Ltd		61,856		183	NHN Entertainment Corp ^(a)		3,739		246
Hoshizaki Corp		2,400		163	Palo Alto Networks Inc ^(a),(c)		2,500		616
Maxell Holdings Ltd		22,470		329	PChome Online Inc ^(a)		64,000		293
Roku Inc ^(a)		515		34	Proto Corp		2,600		38
Sony Corp		37,247		1,788	Rakuten Inc		40,600		320
Tempur Sealy International Inc ^(a)		2,486		145	Scout24 AG ^(b)		11,331		597
TTK Prestige Ltd		926		99	Shopify Inc ^(a)		3,932		744
		$		2,741	SMS Co Ltd		7,900		140
					Spotify Technology SA ^(a)		4,454		624

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Internet (continued)					Machinery - Diversified - 0.59%
Stamps.com Inc ^(a)		1,726	$	162	Alamo Group Inc		1,638	$	157
Twitter Inc ^(a),(c)		12,600		388	Briggs & Stratton Corp		12,104		159
Wayfair Inc ^(a)		4,454		738	Cummins Inc ^(c)		1,941		299
Wix.com Ltd ^(a)		114		12	Dover Corp ^(c)		3,600		326
Yahoo Japan Corp		985,881		2,642	FANUC Corp		2,100		348
Yandex NV ^(a)		28,427		978	Flowserve Corp		5,100		227
Yume No Machi Souzou Iinkai Co Ltd		4,820		91	Hexagon AB		10,818		568
ZOZO Inc		25,963		490	Hisaka Works Ltd		8,290		67
		$		23,997	Ichor Holdings Ltd ^(a)		8,178		172
Investment Companies - 0.37%					IDEX Corp ^(c)		12,093		1,742
Altaba Inc ^(a)		69,002		5,147	Interpump Group SpA		10,776		349
B. Riley Financial Inc		8,413		143	Japan Elevator Service Holdings Co Ltd		3,700		70
EXOR NV		725		45	Keyence Corp		3,600		2,105
GT Capital Holdings Inc		7,664		142	Kone OYJ		11,107		543
Investor AB		7,604		339	Kubota Corp		28,800		388
Kinnevik AB		20,656		523	Nabtesco Corp		7,434		197
Wendel SA		5,596		705	Rockwell Automation Inc ^(c)		2,704		483
		$		7,044	Roper Technologies Inc ^(c)		5,500		1,780
Iron & Steel - 0.16%					Shima Seiki Manufacturing Ltd		2,360		78
BlueScope Steel Ltd		43,541		414	Spirax-Sarco Engineering PLC		4,707		416
Carpenter Technology Corp		4,506		211	Stabilus SA		4,111		238
Chubu Steel Plate Co Ltd		5,500		31	THK Co Ltd		11,480		283
Fortescue Metals Group Ltd		67,127		287	Toshiba Machine Co Ltd		6,282		128
Hitachi Metals Ltd		75,123		767	Washtec AG		4,366		267
Japan Steel Works Ltd/The		6,870		125			$		11,390
Kyoei Steel Ltd		12,730		197	Media - 0.65%
Nakayama Steel Works Ltd		17,790		80	Altice USA Inc		36,616		799
Tokyo Steel Manufacturing Co Ltd		43,620		362	Comcast Corp - Class A ^(c)		24,527		949
Vale SA ADR		25,245		315	Entercom Communications Corp		21,689		134
Yamato Kogyo Co Ltd		10,490		290	FactSet Research Systems Inc		2,760		649
		$		3,079	Fuji Media Holdings Inc		11,180		164
Leisure Products & Services - 0.27%					Global Eagle Entertainment Inc ^(a)		409,695		1,090
Amer Sports Oyj ^(a)		29,274		1,327	Gray Television Inc ^(a)		70,740		1,550
Carnival Corp		2,198		127	Liberty Global PLC - C Shares ^(a)		21,705		551
CTS Eventim AG & Co KGaA		10,071		452	Nexstar Media Group Inc		1,427		139
CVC Brasil Operadora e Agencia de Viagens SA		10,565		165	Nippon Television Holdings Inc		20,285		319
Malibu Boats Inc (a)		2,636		122	Schibsted ASA - A Shares		3,620		144
MIPS AB (a)		8,485		126	Schibsted ASA - B Shares		20,404		756
Nautilus Inc ^(a)		10,551		69	Sinclair Broadcast Group Inc		3,810		137
Planet Fitness Inc ^(a)		4,015		236	Sirius XM Holdings Inc		37,849		224
Round One Corp		5,700		74	TEGNA Inc		12,878		170
Shimano Inc		11,100		1,688	Telenet Group Holding NV		9,504		428
Thule Group AB (b)		16,322		363	Tribune Media Co		46,152		2,134
Yamaha Motor Co Ltd		16,632		339	TV Asahi Holdings Corp		6,630		122
		$		5,088	Twenty-First Century Fox Inc - A Shares		27,841		1,404
Lodging - 0.33%					Viacom Inc - B Shares		4,337		127
Accor SA		7,689		325	Wolters Kluwer NV		6,077		400
Belmond Ltd (a)		45,469		1,130	World Wrestling Entertainment Inc		304		25
Boyd Gaming Corp		4,610		137			$		12,415
Caesars Entertainment Corp ^(a)		136,019		1,172	Metal Fabrication & Hardware - 0.04%
Choice Hotels International Inc		11,632		929	Advanced Drainage Systems Inc		4,708		120
Galaxy Entertainment Group Ltd		56,000		397	Neturen Co Ltd		6,400		52
Hilton Worldwide Holdings Inc ^(c)		7,700		640	NSK Ltd		17,100		158
Kyoritsu Maintenance Co Ltd		7,951		379	Rexnord Corp ^(a)		5,030		134
Las Vegas Sands Corp ^(c)		9,000		553	Troax Group AB		8,575		284
Marcus Corp/The		3,555		151	Tsubaki Nakashima Co Ltd		2,702		48
Marriott International Inc/MD		4,800		601			$		796
		$		6,414	Mining - 0.51%
Machinery - Construction & Mining - 0.15%					Antofagasta PLC		32,635		404
Atlas Copco AB - A Shares		45,221		1,226	Barrick Gold Corp		67,518		854
Hitachi Ltd		12,793		384	BHP Group Ltd		49,875		1,317
Lonking Holdings Ltd		199,000		67	BHP Group PLC		34,511		801
Mitsubishi Heavy Industries Ltd		13,690		558	Boliden AB		45,440		1,242
Sandvik AB		37,763		619	Compass Minerals International Inc		2,863		150
		$		2,854	Franco-Nevada Corp		4,200		316
					Freeport-McMoRan Inc ^(c)		13,300		172
					Goldcorp Inc		87,331		921
					Kinross Gold Corp ^(a)		84,900		283
					Livent Corp ^(a)		32,676		418

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Mining (continued)					Oil & Gas Services - 0.13%
Pacific Metals Co Ltd		5,520	$	141	C&J Energy Services Inc ^(a)		92,577	$	1,599
Pretium Resources Inc ^(a)		168,436		1,363	Liberty Oilfield Services Inc		7,003		115
Rio Tinto PLC		16,159		928	Oil States International Inc ^(a)		418		7
Teck Resources Ltd		18,400		412	ProPetro Holding Corp ^(a)		7,813		155
		$		9,722	Schlumberger Ltd ^(c)		6,000		264
Miscellaneous Manufacturers - 0.35%					TGS NOPEC Geophysical Co ASA		9,730		265
Actuant Corp		5,968		146	Thermon Group Holdings Inc ^(a)		6,765		168
Airtac International Group		6,011		74			$		2,573
Alstom SA ^(a)		10,262		446	Packaging & Containers - 0.14%
AO Smith Corp ^(c)		9,408		488	Ball Corp		10,890		597
Eaton Corp PLC		1,609		128	Bemis Co Inc		2,490		132
Enplas Corp		3,910		105	Multi-Color Corp		810		40
Escorts Ltd		21,062		195	Nampak Ltd ^(a)		135,442		110
Fabrinet ^(a)		2,541		149	Sealed Air Corp		27,493		1,199
FUJIFILM Holdings Corp		18,068		809	Silgan Holdings Inc ^(c)		7,552		214
Haynes International Inc		4,612		162	Vidrala SA		4,160		396
Illinois Tool Works Inc ^(c)		12,458		1,795			$		2,688
ITT Inc		3,516		203	Pharmaceuticals - 1.02%
Knorr-Bremse AG (a)		2,136		215	AbbVie Inc		1,556		123
Nikon Corp		13,960		212	Aerie Pharmaceuticals Inc ^(a)		2,931		137
Siemens AG		8,562		935	Alkermes PLC ^(a)		6,500		216
Sturm Ruger & Co Inc		2,378		135	Allergan PLC		784		108
Toshiba Corp		13,330		418	AmerisourceBergen Corp		1,418		118
Toyobo Co Ltd		8,000		114	Astellas Pharma Inc		49,600		769
		$		6,729	AstraZeneca PLC		5,558		453
Office & Business Equipment - 0.09%					AstraZeneca PLC ADR		25,012		1,040
Canon Inc		46,790		1,344	Bristol-Myers Squibb Co		2,446		126
Toshiba TEC Corp		4,575		129	Cardinal Health Inc ^(c)		4,400		239
Zebra Technologies Corp ^(a)		1,337		268	China Biologic Products Holdings Inc (a)		18,959		1,524
		$		1,741	China Traditional Chinese Medicine Holdings		274,000		181
Office Furnishings - 0.01%					Co Ltd
Knoll Inc		6,943		147	Cigna Corp		591		103
Oil & Gas - 0.91%					CSPC Pharmaceutical Group Ltd		344,488		588
Cabot Oil & Gas Corp ^(c)		6,100		150	CVS Health Corp		1,853		107
Canadian Natural Resources Ltd		19,800		562	DexCom Inc ^(a),(c)		2,100		293
Centennial Resource Development Inc/DE ^(a)		2,938		27	Eisai Co Ltd		4,320		357
Chesapeake Energy Corp ^(a)		94,858		281	Elan Corp		6,800		90
CNOOC Ltd		97,000		168	Galapagos NV ADR^(a)		987		96
Cosmo Energy Holdings Co Ltd		4,770		101	Global Blood Therapeutics Inc (a)		2,241		118
DCC PLC		8,688		752	Heron Therapeutics Inc ^(a)		1,757		47
Dommo Energia SA ADR^(a)		269		6	Jazz Pharmaceuticals PLC ^(a)		164		23
Encana Corp		284,195		2,061	Johnson & Johnson ^(c)		6,493		887
Equinor ASA		43,711		983	Kyowa Hakko Kirin Co Ltd		22,210		424
Exxon Mobil Corp ^(c)		5,800		458	McKesson Corp		934		119
Halcon Resources Corp ^(a)		380,526		571	Merck & Co Inc		1,585		129
Inpex Corp		43,320		420	MyoKardia Inc ^(a)		760		34
Japan Petroleum Exploration Co Ltd		13,180		274	Nippon Shinyaku Co Ltd		4,814		307
JXTG Holdings Inc		320,561		1,498	Novartis AG		8,312		757
Lundin Petroleum AB		6,799		223	Novo Nordisk A/S		57,524		2,820
Marathon Petroleum Corp		1,829		113	Ono Pharmaceutical Co Ltd		13,060		268
Midstates Petroleum Co Inc ^(a)		109,282		944	Pfizer Inc		4,000		173
Occidental Petroleum Corp ^(c)		16,500		1,091	Phibro Animal Health Corp		3,330		98
OMV AG		9,088		478	PRA Health Sciences Inc ^(a)		1,241		133
Penn Virginia Corp ^(a)		1,049		56	Roche Holding AG		8,855		2,457
Petroleo Brasileiro SA ADR		15,115		238	Santen Pharmaceutical Co Ltd		11,000		172
Phillips 66 ^(c)		4,900		472	Shionogi & Co Ltd		12,200		781
Pioneer Natural Resources Co ^(c)		12,000		1,691	Sinopharm Group Co Ltd		25,010		111
PrairieSky Royalty Ltd		43,500		634	Supernus Pharmaceuticals Inc ^(a)		1,028		42
Repsol SA		22,907		394	Takeda Pharmaceutical Co Ltd ADR		9,353		188
Resolute Energy Corp ^(a)		3,615		112	Takeda Pharmaceutical Co Ltd		57,440		2,312
Rowan Cos PLC ^(a)		17,042		193	UCB SA		2,402		201
Suncor Energy Inc		33,500		1,155	Zoetis Inc		2,200		207
TOTAL SA		14,577		830			$		19,476
Transocean Ltd ^(a)		13,232		108	Pipelines - 0.06%
Viper Energy Partners LP		2,805		92	Kinder Morgan Inc/DE ^(c)		8,200		157
Whiting Petroleum Corp ^(a)		14,653		357	ONEOK Inc ^(c)		13,000		835
		$		17,493	Plains GP Holdings LP ^(a)		5,035		117
					Williams Cos Inc/The ^(c)		5,000		134
							$		1,243

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Private Equity - 0.01%					Retail (continued)
3i Group PLC		2,096	$	26	Cie Financiere Richemont SA		35,725	$	2,730
Grivalia Properties REIC AE		8,751		98	Citizen Watch Co Ltd		49,750		284
Kennedy-Wilson Holdings Inc		6,618		138	CJ ENM Co Ltd		2,218		470
		$		262	Clicks Group Ltd		12,641		162
Real Estate - 0.43%					cocokara fine Inc		1,649		74
Aedas Homes SAU ^(a),(b)		11,370		304	Costco Wholesale Corp ^(c)		2,374		519
Catena AB		4,269		119	Dick's Sporting Goods Inc		3,388		132
China Overseas Land & Investment Ltd		36,750		135	Dollar General Corp ^(c)		2,400		284
CK Asset Holdings Ltd		205,500		1,705	Dollarama Inc		34,800		942
Corp Inmobiliaria Vesta SAB de CV		117,636		171	DP Eurasia NV ^(a),(b)		79,590		101
Hembla AB (a)		16,091		296	Five Below Inc (a)		1,308		157
Henderson Land Development Co Ltd		79,000		447	Floor & Decor Holdings Inc ^(a)		1,629		61
Hongkong Land Holdings Ltd		74,000		531	Gourmet Master Co Ltd		23,788		178
Ichigo Inc		58,700		198	H2O Retailing Corp		2,551		35
Kerry Properties Ltd		64,000		267	Home Depot Inc/The ^(c)		9,620		1,781
LEG Immobilien AG		2,637		294	Honeys Holdings Co Ltd		7,080		62
McGrath RentCorp		2,691		161	Hyundai Department Store Co Ltd		4,005		344
Metrovacesa SA ^(a),(b)		23,144		299	IDOM Inc		16,300		55
Mitsubishi Estate Co Ltd		154,695		2,658	Industria de Diseno Textil SA		66,478		2,007
Neinor Homes SA ^(a),(b)		22,750		298	Jand Inc ^{(a),(d),(e),(f)}		1,693		23
Oberoi Realty Ltd		29,799		208	Jollibee Foods Corp		29,590		176
Parque Arauco SA		79,587		218	Kohl's Corp		1,886		127
WeWork Cos Inc ^{(a),(d),(e),(f)}		356		24	K's Holdings Corp		6,200		57
		$		8,333	Lowe's Cos Inc ^(c)		8,400		883
REITs - 0.76%					Magazine Luiza SA		3,750		172
Agree Realty Corp		4,453		293	Maisons du Monde SA ^(b)		10,046		262
American Tower Corp		3,607		635	Matahari Department Store Tbk PT	1,199,958			489
Brookfield Property REIT Inc		11,600		228	McDonald's Corp ^(c)		7,700		1,416
CoreCivic Inc		6,891		146	Michaels Cos Inc/The ^(a)		9,564		135
Crown Castle International Corp		5,235		622	Mitra Adiperkasa Tbk PT	3,096,162			233
Duke Realty Corp ^(c)		54,300		1,606	Next PLC		4,412		298
Easterly Government Properties Inc		7,217		130	Nishimatsuya Chain Co Ltd		11,040		93
Equity Residential ^(c)		4,100		302	Noodles & Co ^(a)		9,938		78
Hersha Hospitality Trust		6,555		124	PAL GROUP Holdings Co Ltd		4,480		127
Hibernia REIT plc		216,928		317	Panera Bread Co (a),(d),(e),(f)		1,664		19
Hoshino Resorts REIT Inc		14		67	RH ^(a)		681		104
Host Hotels & Resorts Inc ^(c)		47,800		937	Ruth's Hospitality Group Inc		3,570		91
InfraREIT Inc		16,494		352	Shanghai Pharmaceuticals Holding Co Ltd		118,580		266
Lamar Advertising Co		1,616		125	Shimamura Co Ltd		3,230		273
Liberty Property Trust ^(c)		7,700		364	Starbucks Corp ^(c)		7,257		510
Monmouth Real Estate Investment Corp		8,381		111	Sundrug Co Ltd		6,800		208
Nippon Building Fund Inc		103		671	Swatch Group AG/The - REG		3,293		188
Outfront Media Inc		7,381		166	Tiffany & Co		5,118		486
Pebblebrook Hotel Trust		5,569		178	TJX Cos Inc/The ^(c)		20,600		1,057
PotlatchDeltic Corp		8,596		309	Tsuruha Holdings Inc		590		52
Prologis Inc ^(c)		16,500		1,156	United Arrows Ltd		2,600		86
Public Storage		3,284		694	Vera Bradley Inc (a)		11,732		112
RPT Realty		10,636		135	Walgreens Boots Alliance Inc		1,739		124
Segro PLC		31,878		280	Walmart Inc ^(c)		10,500		1,039
Simon Property Group Inc ^(c)		8,400		1,522	Westlife Development Ltd ^(a)		41,692		207
Vicinity Centres		188,916		330	Xebio Holdings Co Ltd		14,940		169
Vornado Realty Trust ^(c)		11,900		801	Yum! Brands Inc		1,259		119
Welltower Inc ^(c)		24,888		1,849	Zumiez Inc ^(a)		5,712		141
Weyerhaeuser Co ^(c)		8,900		221			$		23,694
		$		14,671	Savings & Loans - 0.05%
Retail - 1.24%					Beneficial Bancorp Inc		10,870		175
Ace Hardware Indonesia Tbk PT	1,546,500			193	OceanFirst Financial Corp		4,654		117
Adastria Co Ltd		4,700		82	People's United Financial Inc		23,800		423
Advance Auto Parts Inc		8,065		1,305	Sterling Bancorp/DE		8,035		163
Alsea SAB de CV		42,100		107	United Financial Bancorp Inc		8,740		136
American Eagle Outfitters Inc		6,052		123			$		1,014
AutoZone Inc ^(a),(c)		300		282	Semiconductors - 0.71%
Best Buy Co Inc		1,829		126	Advanced Micro Devices Inc ^(a)		27,478		647
BK Brasil Operacao e Assessoria a Restaurantes		10,500		62	Applied Materials Inc		11,400		437
SA					ASML Holding NV		13,358		2,444
CarMax Inc ^(a)		9,619		597	ASPEED Technology Inc		2,200		49
Cawachi Ltd		4,760		90	Broadcom Inc		443		122
Children's Place Inc/The		2,995		286	Entegris Inc		3,755		133
Chipotle Mexican Grill Inc ^(a),(c)		400		243	FormFactor Inc ^(a)		8,035		127

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Semiconductors (continued)					Software (continued)
Globalwafers Co Ltd		20,542	$	221	TechMatrix Corp		6,900	$	116
Hamamatsu Photonics KK		13,400		473	Temenos AG ^(a)		2,704		391
Inari Amertron Bhd		261,500		101	TiVo Corp		10,930		110
Integrated Device Technology Inc ^(a)		39,627		1,915	Twilio Inc ^(a)		3,254		396
KLA-Tencor Corp		6,155		711	Ultimate Software Group Inc/The ^(a)		469		156
Maxim Integrated Products Inc		11,678		636	Veeva Systems Inc ^(a)		5,886		694
Micron Technology Inc ^(a)		16,300		666	Workday Inc ^(a)		3,523		697
Miraial Co Ltd		4,310		48	Zuora Inc ^(a)		9,509		226
Nova Measuring Instruments Ltd ^(a)		3,271		81			$		33,962
NVIDIA Corp ^(c)		5,200		802	Storage & Warehousing - 0.01%
NXP Semiconductors NV ^(c)		14,618		1,335	ID Logistics Group ^(a)		1,605		269
QUALCOMM Inc ^(c)		5,800		310	Telecommunications - 1.10%
Rohm Co Ltd		3,221		204	ADTRAN Inc		7,077		106
Samsung Electronics Co Ltd		19,273		771	Arista Networks Inc ^(a),(c)		2,700		770
Shinko Electric Industries Co Ltd		10,730		78	ARRIS International PLC ^(a)		53,233		1,686
Silicon Motion Technology Corp ADR		3,652		150	AT&T Inc ^(c)		14,500		451
Sino-American Silicon Products Inc ^(a)		31,851		73	Calix Inc ^(a)		15,326		126
Skyworks Solutions Inc ^(c)		4,300		351	China Mobile Ltd		40,011		423
SOITEC ^(a)		2,980		237	Cisco Systems Inc ^(c)		16,334		845
Texas Instruments Inc		461		49	Deutsche Telekom AG		63,196		1,042
Tower Semiconductor Ltd ^(a)		15,666		281	Finisar Corp ^(a)		52,599		1,288
Xperi Corp		7,519		180	Goodman Networks Inc ^(a),(e),(f)		142,878		—
		$		13,632	Hellenic Telecommunications Organization SA		28,792		365
Software - 1.77%					HKT Trust & HKT Ltd		107,000		167
Akamai Technologies Inc ^(a)		589		41	HMS Networks AB		12,674		213
Allscripts Healthcare Solutions Inc ^(a)		14,923		160	Intelsat SA ^(a)		57,652		1,388
Amadeus IT Group SA		2,848		214	Koninklijke KPN NV		273,059		842
Autodesk Inc ^(a)		3,029		494	Loral Space & Communications Inc ^(a)		37,932		1,552
Avid Technology Inc ^(a)		31,153		148	Motorola Solutions Inc ^(c)		17,149		2,454
Birst Inc (a),(d),(e),(f)		21,065		1	Nippon Telegraph & Telephone Corp		3,854		167
Black Knight Inc (a)		12,843		671	Nokia OYJ		60,031		363
Broadridge Financial Solutions Inc		1,169		118	NTT DOCOMO Inc		26,500		617
Cadence Design Systems Inc ^(a),(c)		37,500		2,147	Oi SA ADR^(a)		136,100		312
Cerner Corp ^(a),(c)		11,400		638	Ooma Inc ^(a)		9,150		149
Citrix Systems Inc ^(c)		3,500		369	Plantronics Inc		3,342		168
Computer Engineering & Consulting Ltd		3,400		70	Rogers Communications Inc		24,100		1,332
Constellation Software Inc/Canada		1,172		1,001	Sectra AB (a)		7,748		220
Cresco Ltd		2,698		83	SoftBank Group Corp		15,300		1,420
CSG Systems International Inc		4,196		174	Sprint Corp ^(a)		206,141		1,309
DeNA Co Ltd		21,530		333	Telenor ASA		58,831		1,147
Douzone Bizon Co Ltd		3,494		132	Viavi Solutions Inc ^(a)		11,041		145
Electronic Arts Inc ^(a),(c)		9,128		874			$		21,067
Envestnet Inc ^(a)		2,840		173	Textiles - 0.03%
Everbridge Inc ^(a)		1,795		127	Coats Group PLC		336,419		396
Fair Isaac Corp ^(a)		615		152	Seiren Co Ltd		5,579		93
Fidelity National Information Services Inc ^(c)		3,400		368			$		489
First Data Corp ^(a),(c)		70,310		1,768	Toys, Games & Hobbies - 0.02%
First Derivatives PLC		5,193		151	Nintendo Co Ltd		1,570		431
Five9 Inc ^(a)		2,779		147
Gree Inc		58,080		245	Transportation - 0.81%
Guidewire Software Inc ^(a)		9,008		826	Canadian National Railway Co		28,769		2,469
HubSpot Inc ^(a)		534		90	Central Japan Railway Co		2,000		449
Intuit Inc ^(c)		6,042		1,493	CH Robinson Worldwide Inc ^(c)		5,400		488
Kingdee International Software Group Co Ltd		100,637		109	CJ Logistics Corp ^(a)		2,976		502
Linx SA		27,592		211	CSX Corp		7,097		516
Microsoft Corp ^(c)		32,173		3,604	Dorian LPG Ltd ^(a)		29,942		177
New Relic Inc ^(a)		650		69	DSV A/S		19,969		1,661
Nexon Co Ltd ^(a)		94,444		1,506	East Japan Railway Co		12,800		1,226
Omnicell Inc ^(a)		4,218		358	Expeditors International of Washington Inc		7,328		549
Oracle Corp ^(c)		32,224		1,680	Genesee & Wyoming Inc ^(a)		13,827		1,134
Paychex Inc		1,665		128	JB Hunt Transport Services Inc (c)		11,500		1,238
Progress Software Corp		4,002		147	Knight-Swift Transportation Holdings Inc		12,200		410
PROS Holdings Inc ^(a)		4,228		180	Kuehne + Nagel International AG		12,575		1,638
Red Hat Inc ^(a)		37,144		6,783	Nippon Yusen KK		7,140		113
salesforce.com Inc ^(a)		4,283		701	Panalpina Welttransport Holding AG		7,413		1,155
SAP SE		4,549		487	Scorpio Tankers Inc		13,013		239
ServiceNow Inc ^(a)		3,608		864	SEACOR Holdings Inc ^(a)		7,103		317
Splunk Inc ^(a)		3,330		453	Seibu Holdings Inc		33,800		602
SS&C Technologies Holdings Inc		11,172		688	Yamato Holdings Co Ltd		24,300		635
							$		15,518

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				CONVERTIBLE PREFERRED STOCKS
Trucking & Leasing - 0.07%					(continued)		Shares Held Value (000’s)
AerCap Holdings NV ^(a)		18,400	$	831	Retail - 0.00%
GATX Corp		5,377		427	Jand Inc 0.00% ^{(a),(d),(e),(f)}			3,781	$	52
		$		1,258	TOTAL CONVERTIBLE PREFERRED STOCKS			$		11,701
Water - 0.03%					PREFERRED STOCKS - 0.26%		Shares Held Value (000's)
Connecticut Water Service Inc		2,973		200	Automobile Manufacturers - 0.08%
Veolia Environnement SA		16,874		370	Porsche Automobil Holding SE 1.76%			14,773		982
		$		570	Volkswagen AG 4.86%			3,415		586
TOTAL COMMON STOCKS		$		577,899				$		1,568
INVESTMENT COMPANIES - 13.82%	Shares Held Value (000's)				Banks - 0.01%
Exchange-Traded Funds - 0.11%					Itau Unibanco Holding SA 0.18%			29,950		282
Invesco QQQ Trust Series 1		5,353		927	Chemicals - 0.04%
iShares China Large-Cap ETF		15,601		681	FUCHS PETROLUB SE 0.95%			19,126		854
iShares MSCI EM Small Cap UCITS ETF		6,409		411	Electrical Components & Equipment - 0.00%
TOPIX Exchange Traded Fund		10,170		152	Lithium Technology Corp 0.00% ^{(a),(d),(e),(f)}			59,552		1
		$		2,171	Internet - 0.06%
Money Market Funds - 13.71%					Pinterest Inc 0.00% ^{(a),(d),(e),(f)}			87,425		449
First American Government Obligations Fund	9,157,807			9,158	Uber Technologies Inc 0.00% ^{(a),(d),(e),(f)}			14,315		622
2.28%^(g)					Veracode Inc 0.00% ^{(a),(d),(e),(f)}			6,031		3
Goldman Sachs Financial Square Funds -		70,947		71				$		1,074
Government Fund 2.31%^(g),(h)					Private Equity - 0.02%
Morgan Stanley Institutional Liquidity Funds -	21,799,297			21,799	Forward Venture Services LLC 0.00% ^{(a),(d),(e),(f)}			54,650		312
Government Portfolio 2.30% ^(c),(g),(i)
Principal Government Money Market Fund	232,035,602			232,036	Real Estate - 0.03%
2.33%^(g),(j)					WeWork Cos Inc Series D-1	0.00% ^{(a),(d),(e),(f)}		4,867		331
Wells Fargo Advantage Government Money		518		—	WeWork Cos Inc Series D-2	0.00% ^{(a),(d),(e),(f)}		3,824		260
Market Fund 2.27%^(g),(h)								$		591
		$		263,064	Software - 0.01%
TOTAL INVESTMENT COMPANIES		$		265,235	Marklogic Corp 0.00% ^{(a),(d),(e),(f)}			14,832		149
CONVERTIBLE PREFERRED STOCKS					Telecommunications - 0.01%
- 0.61%	Shares Held Value (000's)				Goodman Networks Inc 0.00% ^(a),(e),(f)			169,992		127
Agriculture - 0.03%					TOTAL PREFERRED STOCKS			$		4,958
Bunge Ltd 4.88% (k)		6,930	$	674			Principal
Computers - 0.02%					BONDS - 36.48%		Amount (000's) Value (000's)
NCR Corp 5.50% PIK 1.38%^(k),(l)		301		332	Aerospace & Defense - 0.20%
Diversified Financial Services - 0.02%					General Dynamics Corp
2017 Mandatory Exchangeable Trust 5.19%,		2,150		342	3.08%, 05/11/2021		$	3,300	$	3,308
12/01/2020 ^(b)					3 Month USD LIBOR + 0.38%
					Leonardo US Holdings Inc
Electric - 0.13%					6.25%, 01/15/2040^(b)			716		623
CenterPoint Energy Inc 7.00%, 09/01/2021		15,250		797				$		3,931
DTE Energy Co 6.50%, 10/01/2019		12,850		712
Sempra Energy 6.00%, 01/15/2021		8,975		931	Airlines - 0.04%
		$		2,440	Latam Airlines 2015-1 Pass Through Trust B
Electronics - 0.11%					4.50%, 08/15/2025			871		843
Fortive Corp 5.00%, 07/01/2021		1,950		2,038	Automobile Asset Backed Securities - 1.51%
					ACC Trust 2018-1
Gas - 0.00%					3.70%, 12/21/2020^(b)			80		80
South Jersey Industries Inc 7.25%, 04/15/2021		1,500		73	AmeriCredit Automobile Receivables 2015-4
Hand & Machine Tools - 0.04%					3.72%, 12/08/2021			189		190
Colfax Corp 5.75%, 01/15/2022		5,550		679	AmeriCredit Automobile Receivables Trust
Healthcare - Products - 0.02%					2016-2
Danaher Corp 4.75%, 04/15/2022^(m)		400		409	3.65%, 05/09/2022			80		81
Insurance - 0.01%					AmeriCredit Automobile Receivables Trust
Assurant Inc 6.50%, 03/15/2021		2,100		229	2017-3
Internet - 0.01%					2.72%, 12/18/2020			595		595
Airbnb, Inc 0.00% ^{(a),(d),(e),(f)}		1,685		185	1.00 x 1 Month USD LIBOR + 0.24%
Investment Companies - 0.20%					Americredit Automobile Receivables Trust 2018-2
Mandatory Exchangeable Trust 5.75%,		18,658		3,802	4.01%, 07/18/2024			550		555
06/01/2019 ^(b)					Americredit Automobile Receivables Trust 2018-3
Metal Fabrication & Hardware - 0.01%					2.73%, 01/18/2022			755		755
Rexnord Corp 5.75%, 11/15/2019		2,750		154	1.00 x 1 Month USD LIBOR + 0.25%
					4.04%, 11/18/2024			670		677
Oil & Gas - 0.01%					CarMax Auto Owner Trust 2017-4
Chesapeake Energy Corp 5.75% ^(k)		355		190	2.62%, 04/15/2021			329		328
Pipelines - 0.00%					1.00 x 1 Month USD LIBOR + 0.13%
El Paso Energy Capital Trust I 4.75%,		452		23	CarMax Auto Owner Trust 2018-1
03/31/2028					3.37%, 07/15/2024			25		25
REITs - 0.00%					CarMax Auto Owner Trust 2018-2
QTS Realty Trust Inc 6.50% ^(k)		750		79	3.99%, 04/15/2025			320		324

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Automobile Asset Backed Securities (continued)					Automobile Asset Backed Securities (continued)
Carmax Auto Owner Trust 2018-4					Nissan Auto Receivables 2018-C Owner Trust
4.15%, 04/15/2025	$	205	$	207	2.66%, 10/15/2021	$	1,105	$	1,105
Carmax Auto Owner Trust 2019-1					1.00 x 1 Month USD LIBOR + 0.17%
3.05%, 03/15/2024		1,415		1,422	Prestige Auto Receivables Trust 2016-1
4.04%, 08/15/2025		455		457	5.15%, 11/15/2021^(b)		815		830
Chesapeake Funding II LLC					Santander Drive Auto Receivables Trust 2018-2
3.57%, 04/15/2030^(b)		175		176	3.88%, 02/15/2024		800		805
3.71%, 05/15/2029^(b)		130		131	Santander Drive Auto Receivables Trust 2018-5
3.92%, 04/15/2030^(b)		455		457	3.81%, 12/16/2024		490		495
CIG AUTO RECEIVABLES TRUST 2017-1					Tidewater Auto Receivables Trust 2018-A
2.71%, 05/15/2023^(b)		57		56	4.30%, 11/15/2024^(b)		100		101
CPS Auto Receivables Trust 2017-D					Toyota Auto Receivables 2016-C
3.73%, 09/15/2023^(b)		190		190	1.14%, 08/17/2020		53		53
CPS Auto Receivables Trust 2018-A					Toyota Auto Receivables 2017-A Owner Trust
3.05%, 12/15/2023^(b)		105		105	1.73%, 02/16/2021		349		348
CPS Auto Receivables Trust 2018-D					Toyota Auto Receivables 2017-C Owner Trust
3.83%, 09/15/2023^(b)		330		334	2.57%, 07/15/2020		413		413
Drive Auto Receivables Trust 2018-1					1.00 x 1 Month USD LIBOR + 0.08%
3.81%, 05/15/2024		685		688	Toyota Auto Receivables 2018-B Owner Trust
Drive Auto Receivables Trust 2018-5					2.96%, 09/15/2022		1,190		1,194
2.81%, 07/15/2021		1,010		1,010	USAA Auto Owner Trust 2016-1
1.00 x 1 Month USD LIBOR + 0.32%					1.20%, 06/15/2020		20		20
4.53%, 04/15/2026		420		430	Veros Automobile Receivables Trust 2017-1
Drive Auto Receivables Trust 2019-1					2.84%, 04/17/2023^(b)		80		80
4.09%, 06/15/2026		260		264	Westlake Automobile Receivables Trust 2017-1
DT Auto Owner Trust 2015-2					3.46%, 10/17/2022^(b)		145		145
4.25%, 02/15/2022^(b)		157		157	Westlake Automobile Receivables Trust 2018-1
DT Auto Owner Trust 2016-1					3.41%, 05/15/2023^(b)		175		175
4.66%, 12/15/2022^(b)		1,180		1,191	Westlake Automobile Receivables Trust 2018-3
DT Auto Owner Trust 2016-2					2.84%, 01/18/2022^(b)		1,110		1,110
5.43%, 11/15/2022^(b)		818		829	1.00 x 1 Month USD LIBOR + 0.35%
DT Auto Owner Trust 2018-2					4.00%, 10/16/2023^(b)		225		227
4.15%, 03/15/2024^(b)		290		294			$		28,931
DT Auto Owner Trust 2018-3					Automobile Floor Plan Asset Backed Securities - 0.09%
3.79%, 07/15/2024^(b)		395		398	Navistar Financial Dealer Note Master Owner
First Investors Auto Owner Trust 2014-2					Trust II
3.47%, 02/15/2021^(b)		120		120	3.12%, 09/25/2023^(b)		205		205
First Investors Auto Owner Trust 2015-1					1.00 x 1 Month USD LIBOR + 0.63%
3.59%, 01/18/2022^(b)		100		100	NextGear Floorplan Master Owner Trust
First Investors Auto Owner Trust 2015-2					3.17%, 10/17/2022^(b)		850		852
4.22%, 12/15/2021^(b)		565		568	1.00 x 1 Month USD LIBOR + 0.68%
First Investors Auto Owner Trust 2016-2					3.34%, 04/18/2022^(b)		715		718
3.35%, 11/15/2022^(b)		70		70	1.00 x 1 Month USD LIBOR + 0.85%
Flagship Credit Auto Trust 2015-1							$		1,775
3.76%, 06/15/2021^(b)		165		166	Automobile Manufacturers - 0.31%
Ford Credit Auto Owner Trust 2017-B					American Honda Finance Corp
1.69%, 11/15/2021		1,700		1,685	3.26%, 01/08/2021		1,500		1,504
Hertz Vehicle Financing II LP					3 Month USD LIBOR + 0.47%
3.29%, 10/25/2023^(b)		315		312	BMW US Capital LLC
Honda Auto Receivables 2016-4 Owner Trust					3.20%, 09/13/2019^(b)		1,205		1,206
1.21%, 12/18/2020		621		616	3 Month USD LIBOR + 0.41%
Honda Auto Receivables 2017-1 Owner Trust					General Motors Financial Co Inc
1.72%, 07/21/2021		221		220	3.73%, 04/13/2020		1,500		1,499
Honda Auto Receivables 2017-3 Owner Trust					3 Month USD LIBOR + 0.93%
1.79%, 09/20/2021		380		377	Nissan Motor Acceptance Corp
Honda Auto Receivables 2018-1 Owner Trust					3.38%, 01/13/2020^(b)		1,215		1,215
2.64%, 02/15/2022		1,175		1,173	3 Month USD LIBOR + 0.58%
Honda Auto Receivables 2018-4 Owner Trust					Toyota Motor Credit Corp
2.98%, 05/17/2021		2,300		2,302	3.22%, 10/18/2019		605		607
Motor 2017-1 PLC					3 Month USD LIBOR + 0.44%
3.02%, 09/25/2024^(b)		527		526			$		6,031
1.00 x 1 Month USD LIBOR + 0.53%
Nissan Auto Receivables 2016-C Owner Trust
1.18%, 01/15/2021		99		98
Nissan Auto Receivables 2017-A Owner Trust
1.74%, 08/16/2021		349		347
Nissan Auto Receivables 2018-A Owner Trust
2.65%, 05/16/2022		745		744

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Banks - 1.84%					Banks (continued)
Banco Hipotecario SA					Yapi ve Kredi Bankasi AS
46.75%, 01/12/2020^(b)	ARS	9,230	$	234	13.88%, 12/31/2049^(b),(k),(n)	$	1,150	$	1,233
Argentina Deposit Rates Badlar Private					USD Swap Semi-Annual 5 Year + 11.25%
Banks ARS 30 to 35 Days + 2.50%							$		35,336
41.12%, 11/07/2022^(b)		10,245		247	Beverages - 0.15%
Argentina Deposit Rates Badlar Private					CEDC Finance Corp International Inc
Banks ARS 30 to 35 Days + 4.00%					10.00%, 12/31/2022^(b)		1,154		785
Banco Macro SA					PepsiCo Inc
17.50%, 05/08/2022^(b)		5,115		84	2.78%, 05/02/2019		1,430		1,430
Banco Supervielle SA					3 Month USD LIBOR + 0.04%
57.29%, 08/09/2020^(b)		11,000		275	3.06%, 10/04/2019		610		611
Argentina Deposit Rates Badlar Private					3 Month USD LIBOR + 0.27%
Banks ARS 30 to 35 Days + 4.50%							$		2,826
Bank of America NA					Biotechnology - 0.15%
2.88%, 08/28/2020	$	2,640		2,641	Gilead Sciences Inc
3 Month USD LIBOR + 0.25%					3.01%, 03/20/2019		1,415		1,415
Bank of New York Mellon/The					3 Month USD LIBOR + 0.22%
3.04%, 12/04/2020		1,250		1,251	3.04%, 09/20/2019		1,415		1,415
3 Month USD LIBOR + 0.30%					3 Month USD LIBOR + 0.25%
Citibank NA							$		2,830
3.05%, 02/12/2021		1,385		1,384	Chemicals - 0.57%
3 Month USD LIBOR + 0.35%					Braskem Netherlands Finance BV
Financiera de Desarrollo Territorial SA Findeter					4.50%, 01/10/2028		1,950		1,916
7.88%, 08/12/2024^(b)	COP 3,380,000			1,120	Hexion Inc
HSBC Holdings PLC					6.63%, 04/15/2020		3,635		3,099
3.43%, 09/11/2021	$	1,305		1,304	10.38%, 02/01/2022^(b)		1,041		882
3 Month USD LIBOR + 0.65%					10.00%, 04/15/2020		1,041		895
6.25%, 12/31/2049^(k),(n)		5,650		5,636	SASOL Financing USA LLC
USD Swap Rate NY 5 Year + 3.45%					5.88%, 03/27/2024		3,950		4,096
HSH N Funding I Via Banque de Luxembourg							$		10,888
0.00%, 12/31/2049^(a),(k)	EUR	3,630		1,321
12 Month Euro Interbank Offered Rate +					Commercial Mortgage Backed Securities - 2.75%
2.15%					BANK 2017-BNK9
JPMorgan Chase & Co					3.37%, 11/15/2054^(b)		1,221		792
3.42%, 06/01/2021	$	850		852	CCRESG Commercial Mortgage Trust
3 Month USD LIBOR + 0.68%					2016-HEAT
JPMorgan Chase Bank NA					5.49%, 04/10/2029^(b),(p)		255		259
3.41%, 09/23/2019		1,215		1,218	Citigroup Commercial Mortgage Trust
3 Month USD LIBOR + 0.59%					2015-GC33
KeyBank NA/Cleveland OH					4.57%, 09/10/2058^(b),(p)		1,354		1,085
3.30%, 02/01/2022		860		866	COMM 2014-CCRE15 Mortgage Trust
Kreditanstalt fuer Wiederaufbau					4.24%, 02/10/2047^(b),(p)		775		655
2.13%, 03/07/2022^(o)		973		960	COMM 2014-CCRE16 Mortgage Trust
2.63%, 02/28/2024		730		729	3.22%, 04/10/2047^(b)		400		243
3.13%, 12/15/2021^(o)		1,835		1,861	COMM 2014-CCRE18 Mortgage Trust
Mitsubishi UFJ Financial Group Inc					3.60%, 07/15/2047^(b)		1,925		1,424
3.41%, 07/26/2021		1,345		1,345	COMM 2014-CCRE21 Mortgage Trust
3 Month USD LIBOR + 0.65%					3.00%, 12/10/2047^(b)		653		492
3.54%, 07/26/2021		1,345		1,354	COMM 2015-CCRE25 Mortgage Trust
Oesterreichische Kontrollbank AG					3.79%, 08/10/2048^(p)		2,280		1,855
3.13%, 11/07/2023		406		413	COMM 2015-CCRE27 Mortgage Trust
QNB Finansbank AS					3.25%, 10/10/2048^(b)		2,800		2,063
6.88%, 09/07/2024^(b),(e),(m)		3,900		3,887	COMM 2015-LC21 Mortgage Trust
RESPARCS Funding II LP					1.05%, 07/10/2048^(b),(p),(q)		10,000		601
0.00%, 12/31/2049^(a),(k)	EUR	1,481		537	1.05%, 07/10/2048^(b),(p),(q)		3,125		182
Standard Chartered PLC					3.25%, 07/10/2048^(b)		1,967		1,419
3.91%, 01/20/2023^(b)	$	640		637	Commercial Mortgage Pass Through Certificates
3 Month USD LIBOR + 1.15%					3.25%, 02/10/2049^(b)		850		621
4.25%, 01/20/2023^(b),(n)		640		645	Credit Suisse Commercial Mortgage Securities
3 Month USD LIBOR + 1.15%					Corp 2019-SLKZ
US Bank NA/Cincinnati OH					6.11%, 01/15/2034^(b)		105		106
3.00%, 02/04/2021		1,400		1,403	1.00 x 1 Month USD LIBOR + 3.60%
3.10%, 01/24/2020		1,255		1,257	CSMC 2014-USA OA LLC
3 Month USD LIBOR + 0.32%					4.37%, 09/15/2037^(b)		825		748
Wells Fargo Bank NA					Ginnie Mae
3.63%, 10/22/2021		635		642	0.58%, 01/16/2053^(p),(q)		6,474		231
					GS Mortgage Securities Corp II
					4.41%, 07/10/2051^(b),(p)		635		465


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)



	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Commercial Mortgage Backed Securities (continued)					Commercial Mortgage Backed Securities (continued)
GS Mortgage Securities Trust 2007-GG10					Wells Fargo Commercial Mortgage Trust
5.77%, 08/10/2045^(p)	$	55	$	55	2015-LC20
GS Mortgage Securities Trust 2013-GCJ14					2.63%, 04/15/2050^(b)	$	988	$	673
4.75%, 08/10/2046^(b),(p)		872		735	Wells Fargo Commercial Mortgage Trust
GS Mortgage Securities Trust 2014-GC20					2015-LC22
4.97%, 04/10/2047^(b),(p)		1,820		1,543	3.36%, 09/15/2058^(b)		260		184
GS Mortgage Securities Trust 2015-GC32					Wells Fargo Commercial Mortgage Trust
4.41%, 07/10/2048^(b),(p)		2,476		1,794	2015-NXS1
JP Morgan Chase Commercial Mortgage					2.88%, 05/15/2048^(b),(p)		1,485		1,059
Securities Trust 2007-LDP10					Wells Fargo Commercial Mortgage Trust
5.46%, 01/15/2049^(p)		31		31	2016-NXS6
JP Morgan Chase Commercial Mortgage					2.00%, 11/15/2049^(b),(p),(q)		7,575		907
Securities Trust 2013-C13					2.31%, 11/15/2049^(b),(p)		2,570		1,534
3.99%, 01/15/2046^(b),(p)		268		226	WFRBS Commercial Mortgage Trust 2011-C3
JPMBB Commercial Mortgage Securities Trust					5.68%, 03/15/2044^(b),(p)		350		323
2013-C12					WFRBS Commercial Mortgage Trust 2011-C4
4.10%, 07/15/2045^(b),(p)		1,300		1,094	5.23%, 06/15/2044^(b),(p)		845		841
JPMBB Commercial Mortgage Securities Trust					WFRBS Commercial Mortgage Trust 2012-C6
2014-C21					5.58%, 04/15/2045^(b),(p)		500		515
3.90%, 08/15/2047^(b),(p)		1,120		796	WFRBS Commercial Mortgage Trust 2012-C7
JPMBB Commercial Mortgage Securities Trust					4.82%, 06/15/2045^(p)		80		80
2014-C26					4.82%, 06/15/2045^(b),(p)		225		192
4.00%, 01/15/2048^(b)		1,300		1,037	WFRBS Commercial Mortgage Trust 2014-C21
JPMBB Commercial Mortgage Securities Trust					3.49%, 08/15/2047^(b)		1,030		741
2015-C29					3.50%, 08/15/2047^(b)		4,515		3,551
3.67%, 05/15/2048^(p)		5,735		4,622	WFRBS Commercial Mortgage Trust 2014-LC14
3.90%, 05/15/2048^(b),(p)		2,160		1,498	3.50%, 03/15/2047^(b),(p)		1,300		979
JPMBB Commercial Mortgage Securities Trust							$		52,777
2015-C31					Commercial Services - 0.27%
4.62%, 08/15/2048^(b),(p)		1,797		1,282	APX Group Inc
JPMBB Commercial Mortgage Securities Trust					7.63%, 09/01/2023		1,300		1,146
2016-C1					Atento Luxco 1 SA
4.74%, 03/15/2049^(b),(p)		1,806		1,385	6.13%, 08/10/2022		4,045		4,030
Morgan Stanley Bank of America Merrill Lynch							$		5,176
Trust 2014 C19					Computers - 0.49%
3.25%, 12/15/2047^(b)		1,140		827	Apple Inc
Morgan Stanley Bank of America Merrill Lynch					2.94%, 02/07/2020		720		722
Trust 2015-C25					3 Month USD LIBOR + 0.20%
4.53%, 10/15/2048^(b),(p)		285		232	2.95%, 02/07/2020		2,985		2,991
Morgan Stanley Bank of America Merrill Lynch					3 Month USD LIBOR + 0.25%
Trust 2017-C34					IBM Credit LLC
0.89%, 11/15/2052^(b),(p),(q)		3,150		199	2.89%, 02/05/2021		1,370		1,366
Morgan Stanley Capital I Trust 2011-C2					3 Month USD LIBOR + 0.16%
5.48%, 06/15/2044^(b),(p)		475		478	International Business Machines Corp
5.48%, 06/15/2044^(b),(p)		160		155	2.99%, 01/27/2020		1,255		1,256
Motel 6 Trust 2017-M6MZ					3 Month USD LIBOR + 0.23%
9.42%, 08/15/2019^(b)		1,304		1,317	West Corp
1.00 x 1 Month USD LIBOR + 6.93%					8.50%, 10/15/2025^(b)		3,668		3,035
SG Commercial Mortgage Securities Trust							$		9,370
2016-C5					Consumer Products - 0.02%
2.54%, 10/10/2048^(b)		2,100		1,230	Kronos Acquisition Holdings Inc
Starwood Retail Property Trust 2014-STAR					9.00%, 08/15/2023^(b)		393		336
6.64%, 11/15/2027^(b)		645		488
1.00 x 1 Month USD LIBOR + 4.15%					Credit Card Asset Backed Securities - 0.72%
Wachovia Bank Commercial Mortgage Trust					American Express Credit Account Master Trust
Series 2006-C25					2.04%, 05/15/2023		1,260		1,247
5.19%, 05/15/2043^(b),(p)		799		759	BA Credit Card Trust
Wells Fargo Commercial Mortgage Trust					1.95%, 08/15/2022		1,030		1,022
2015-C26					2.70%, 07/17/2023		1,365		1,364
3.25%, 02/15/2048^(b)		1,981		1,391	Capital One Multi-Asset Execution Trust
3.59%, 02/15/2048^(b)		1,480		1,308	2.00%, 01/17/2023		1,941		1,927
Wells Fargo Commercial Mortgage Trust					Chase Issuance Trust
2015-C28					2.79%, 01/15/2022		1,260		1,261
3.00%, 05/15/2048^(b)		2,051		1,340	1.00 x 1 Month USD LIBOR + 0.30%
Wells Fargo Commercial Mortgage Trust					3.04%, 06/15/2023		1,150		1,155
2015-C31					1.00 x 1 Month USD LIBOR + 0.55%
3.85%, 11/15/2048		1,040		908
4.61%, 11/15/2048^(b),(p)		1,661		1,227


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)



	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Credit Card Asset Backed Securities (continued)					Healthcare - Services (continued)
Citibank Credit Card Issuance Trust					RegionalCare Hospital Partners Holdings Inc /
1.75%, 11/19/2021	$	1,210	$	1,202	LifePoint Health Inc
1.92%, 04/07/2022		1,330		1,318	9.75%, 12/01/2026^(b)	$	2,000	$	2,050
2.49%, 01/20/2023		1,370		1,363			$		8,163
2.73%, 04/07/2022		1,330		1,331	Insurance - 0.57%
1.00 x 1 Month USD LIBOR + 0.22%					Acrisure LLC / Acrisure Finance Inc
Discover Card Execution Note Trust					7.00%, 11/15/2025^(b)		3,500		3,091
3.04%, 07/15/2024		585		589	8.13%, 02/15/2024^(b)		800		819
Genesis Sales Finance Master Trust Series 2019-A					AIA Group Ltd
4.68%, 08/20/2023^(b),(e),(f)		115		116	3.31%, 09/20/2021^(b)		515		514
		$		13,895	3 Month USD LIBOR + 0.52%
Distribution & Wholesale - 0.04%					Berkshire Hathaway Finance Corp
H&E Equipment Services Inc					3.10%, 01/10/2020		1,225		1,227
5.63%, 09/01/2025		553		547	3 Month USD LIBOR + 0.32%
KAR Auction Services Inc					Jackson National Life Global Funding
5.13%, 06/01/2025^(b)		221		215	3.30%, 02/01/2022^(b)		1,400		1,407
		$		762	Marsh & McLennan Cos Inc
Diversified Financial Services - 0.28%					3.50%, 12/29/2020		750		757
American Express Co					Metropolitan Life Global Funding I
3.33%, 11/05/2021		870		871	3.38%, 01/11/2022^(b)		835		840
3 Month USD LIBOR + 0.60%					New York Life Global Funding
Unifin Financiera SAB de CV SOFOM ENR					2.95%, 01/28/2021^(b)		855		856
7.25%, 09/27/2023		4,540		4,495	3.05%, 08/06/2021^(b)		1,365		1,365
		$		5,366	3 Month USD LIBOR + 0.32%
Electric - 0.45%							$		10,876
Enel SpA					Internet - 0.10%
8.75%, 09/24/2073^(b),(n)		1,700		1,844	Uber Technologies Inc
USD Swap Semi-Annual 5 Year + 5.88%					7.50%, 11/01/2023^(b)		1,265		1,294
GenOn Energy Inc - Escrow					8.00%, 11/01/2026^(b)		625		653
0.00%, 10/15/2018^(a),(e),(f)		6,993		—			$		1,947
0.00%, 10/15/2020^(a),(e),(f)		6,143		—	Leisure Products & Services - 0.32%
GenOn Energy Inc / NRG Americas Inc					Constellation Merger Sub Inc
9.39%, 12/01/2023		2,847		2,826	8.50%, 09/15/2025^(b)		4,000		3,830
3 Month USD LIBOR + 6.50%					Viking Cruises Ltd
Pacific Gas & Electric Co					5.88%, 09/15/2027^(b)		2,000		1,928
0.00%, 08/01/2023^(a),(b)		1,220		1,074	VOC Escrow Ltd
0.00%, 03/01/2034^(a)		1,712		1,571	5.00%, 02/15/2028^(b)		366		356
0.00%, 04/15/2042^(a)		1,526		1,251			$		6,114
		$		8,566	Lodging - 0.09%
Energy - Alternate Sources - 0.00%					Diamond Resorts International Inc
SunEdison Inc					10.75%, 09/01/2024^(b)		1,812		1,726
0.00%, 10/01/2018^(a),(d)		400		8	Machinery - Construction & Mining - 0.06%
0.00%, 01/15/2020^(a),(d)		1,425		30	Caterpillar Financial Services Corp
0.00%, 01/01/2021^(a),(d)		725		15	3.29%, 01/10/2020		1,225		1,230
		$		53	3 Month USD LIBOR + 0.51%
Environmental Control - 0.15%					Machinery - Diversified - 0.21%
Waste Pro USA Inc					Cloud Crane LLC
5.50%, 02/15/2026^(b)		2,974		2,885	10.13%, 08/01/2024^(b)		1,075		1,145
Food - 0.52%					John Deere Capital Corp
JBS Investments GmbH					3.20%, 01/10/2022		2,955		2,986
6.25%, 02/05/2023		6,005		6,059			$		4,131
Marfrig Holdings Europe BV					Media - 0.31%
8.00%, 06/08/2023		3,750		3,893	Clear Channel Worldwide Holdings Inc
		$		9,952	7.63%, 03/15/2020		1,145		1,146
Hand & Machine Tools - 0.03%					Fox Corp
Apex Tool Group LLC / BC Mountain Finance					3.67%, 01/25/2022^(b)		910		921
Inc					Grupo Televisa SAB
9.00%, 02/15/2023^(b)		554		513	7.25%, 05/14/2043	MXN	4,370		148
Healthcare - Services - 0.43%					iHeartCommunications Inc
CHS/Community Health Systems Inc					0.00%, 12/15/2019^(a)	$	3,500		2,432
6.25%, 03/31/2023		2,090		2,011	NBCUniversal Enterprise Inc
8.00%, 03/15/2026^(b),(e),(m)		3,142		3,101	5.25%, 12/19/2049^(b),(k)		1,205		1,224
Hadrian Merger Sub Inc							$		5,871
8.50%, 05/01/2026^(b)		1,091		1,001	Miscellaneous Manufacturers - 0.12%
					FXI Holdings Inc
					7.88%, 11/01/2024^(b)		2,365		2,265

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Mortgage Backed Securities - 2.64%					Mortgage Backed Securities (continued)
Adjustable Rate Mortgage Trust 2004-4					Eurosail-UK 2007-2np PLC
4.13%, 03/25/2035^(p)	$	66	$	66	1.05%, 03/13/2045	GBP	117	$	151
Adjustable Rate Mortgage Trust 2005-1					1.00 x 3 Month GBP LIBOR + 0.15%
4.35%, 05/25/2035^(p)		195		197	Fannie Mae Connecticut Avenue Securities
Alternative Loan Trust 2003-22CB					4.69%, 01/25/2030	$	40		41
5.75%, 12/25/2033		115		118	1.00 x 1 Month USD LIBOR + 2.20%
Alternative Loan Trust 2004-14T2					4.89%, 05/25/2030		65		67
5.50%, 08/25/2034		65		68	1.00 x 1 Month USD LIBOR + 2.40%
Alternative Loan Trust 2004-16CB					6.04%, 07/25/2030		2,936		2,938
5.50%, 07/25/2034		91		93	1.00 x 1 Month USD LIBOR + 3.55%
5.50%, 08/25/2034		105		108	6.74%, 01/25/2031		5,900		5,990
Alternative Loan Trust 2004-28CB					1.00 x 1 Month USD LIBOR + 4.25%
5.75%, 01/25/2035		49		49	7.34%, 10/25/2029		2,000		2,230
Alternative Loan Trust 2004-J10					1.00 x 1 Month USD LIBOR + 4.85%
6.00%, 09/25/2034		215		224	8.24%, 07/25/2029		2,281		2,681
Alternative Loan Trust 2004-J3					1.00 x 1 Month USD LIBOR + 5.75%
5.50%, 04/25/2034		60		61	Fannie Mae REMICS
Alternative Loan Trust 2005-J1					3.61%, 05/25/2047^(q)		2,204		376
5.50%, 02/25/2025		112		113	(1.00) x 1 Month USD LIBOR + 6.10%
Banc of America Alternative Loan Trust 2003-8					3.71%, 12/25/2045^(q)		1,350		273
5.50%, 10/25/2033		88		90	(1.00) x 1 Month USD LIBOR + 6.20%
Banc of America Funding 2004-B Trust					Freddie Mac Structured Agency Credit Risk Debt
4.28%, 11/20/2034^(p)		153		151	Notes
Banc of America Funding 2005-5 Trust					4.14%, 04/25/2024		174		176
5.50%, 09/25/2035		45		48	1.00 x 1 Month USD LIBOR + 1.65%
Banc of America Funding 2005-7 Trust					4.29%, 07/25/2030		25		25
5.75%, 11/25/2035		85		90	1.00 x 1 Month USD LIBOR + 1.80%
Banc of America Funding 2007-4 Trust					4.34%, 10/25/2027		419		424
5.50%, 11/25/2034		121		120	1.00 x 1 Month USD LIBOR + 1.85%
Banc of America Mortgage 2005-A Trust					4.69%, 02/25/2024		301		307
4.52%, 02/25/2035^(p)		34		34	1.00 x 1 Month USD LIBOR + 2.20%
Banc of America Mortgage 2005-I Trust					7.44%, 07/25/2029		1,619		1,824
4.04%, 10/25/2035^(p)		270		260	1.00 x 1 Month USD LIBOR + 4.95%
BCAP LLC Trust 2007-AA2					11.29%, 03/25/2028		6,967		8,470
6.00%, 03/25/2022		96		95	1.00 x 1 Month USD LIBOR + 8.80%
CHL Mortgage Pass-Through Trust 2004-12					GMACM Mortgage Loan Trust 2005-AR1
4.44%, 08/25/2034^(p)		56		55	4.71%, 03/18/2035^(p)		251		256
CHL Mortgage Pass-Through Trust 2004-HYB4					GMACM Mortgage Loan Trust 2005-AR4
4.21%, 09/20/2034^(p)		36		35	4.22%, 07/19/2035^(p)		55		53
CHL Mortgage Pass-Through Trust 2004-HYB8					Gosforth Funding 2018-1 plc
3.36%, 01/20/2035^(p)		80		80	3.10%, 08/25/2060^(b)		338		337
Citigroup Mortgage Loan Trust 2005-3					1.00 x 3 Month USD LIBOR + 0.45%
4.59%, 08/25/2035^(p)		379		375	Grand Avenue Mortgage Loan Trust 2017-RPL1
Citigroup Mortgage Loan Trust 2018-A					3.25%, 08/25/2064^(b)		139		134
4.00%, 01/25/2068^(b),(p)		241		241	GSR Mortgage Loan Trust 2005-4F
Citigroup Mortgage Loan Trust 2018-C					6.50%, 02/25/2035		47		47
4.13%, 03/25/2059^(b),(p)		549		549	HarborView Mortgage Loan Trust 2003-2
Civic Mortgage LLC 2018-1					3.22%, 10/19/2033		479		464
4.86%, 06/25/2022^(b),(p)		609		608	1.00 x 1 Month USD LIBOR + 0.74%
Credit Suisse First Boston Mortgage Securities					IndyMac INDX Mortgage Loan Trust 2004-AR12
Corp					3.27%, 12/25/2034		496		439
4.34%, 11/25/2033^(p)		69		69	1.00 x 1 Month USD LIBOR + 0.78%
4.66%, 12/25/2033^(p)		34		35	IndyMac INDX Mortgage Loan Trust 2004-AR6
CSFB Mortgage-Backed Pass-Through					4.60%, 10/25/2034^(p)		568		586
Certificates Series 2003-27					IndyMac INDX Mortgage Loan Trust 2004-AR7
5.75%, 11/25/2033		40		41	3.71%, 09/25/2034		145		134
CSMC 2018-RPL2 Trust					1.00 x 1 Month USD LIBOR + 1.22%
4.03%, 08/25/2062^(b),(p)		641		639	IndyMac INDX Mortgage Loan Trust 2005-AR11
Deutsche Mortgage Securities Inc Mortgage Loan					3.96%, 08/25/2035^(p)		644		571
Trust 2004-4					IndyMac INDX Mortgage Loan Trust
2.84%, 06/25/2034		147		143	2005-AR16IP
1.00 x 1 Month USD LIBOR + 0.35%					3.13%, 07/25/2045		166		160
DSLA Mortgage Loan Trust 2005-AR5					1.00 x 1 Month USD LIBOR + 0.64%
2.81%, 09/19/2045		157		128	JP Morgan Mortgage Trust 2005-A2
1.00 x 1 Month USD LIBOR + 0.33%					4.16%, 04/25/2035^(p)		134		135
Dukinfield II PLC					JP Morgan Mortgage Trust 2006-A1
2.16%, 12/20/2052	GBP	324		432	4.69%, 02/25/2036^(p)		169		156
1.00 x 3 Month GBP LIBOR + 1.25%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)



	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Mortgage Backed Securities (continued)					Mortgage Backed Securities (continued)
Lanark Master Issuer PLC					Wells Fargo Mortgage Backed Securities 2003-M
3.47%, 12/22/2069^(b)	$	310	$	310	Trust
1.00 x 3 Month USD LIBOR + 0.77%					4.90%, 12/25/2033^(p)	$	166	$	170
Lehman XS Trust Series 2005-7N					Wells Fargo Mortgage Backed Securities 2004-I
2.77%, 12/25/2035		56		49	Trust
1.00 x 1 Month USD LIBOR + 0.28%					4.47%, 07/25/2034^(p)		286		291
Lehman XS Trust Series 2006-2N					Wells Fargo Mortgage Backed Securities 2004-O
2.75%, 02/25/2046		117		109	Trust
1.00 x 1 Month USD LIBOR + 0.26%					4.68%, 08/25/2034^(p)		66		68
Ludgate Funding PLC					Wells Fargo Mortgage Backed Securities 2005-11
0.00%, 01/01/2061^(a)	EUR	94		101	Trust
1.00 x 3 Month Euro Interbank Offered					5.50%, 11/25/2035		17		17
Rate + 0.16%					Wells Fargo Mortgage Backed Securities 2005-16
1.51%, 01/01/2061	GBP	364		466	Trust
1.00 x 3 Month GBP LIBOR + 0.60%					6.00%, 12/25/2035		87		87
MASTR Adjustable Rate Mortgages Trust 2004-7					Wells Fargo Mortgage Backed Securities 2005-
4.20%, 07/25/2034^(p)	$	177		173	AR10 Trust
MASTR Adjustable Rate Mortgages Trust 2005-2					4.77%, 05/01/2035^(p)		44		45
3.64%, 03/25/2035^(p)		475		431	Wells Fargo Mortgage Backed Securities 2005-
MASTR Adjustable Rate Mortgages Trust 2006-2					AR12 Trust
4.60%, 04/25/2036^(p)		93		93	4.80%, 06/25/2035^(p)		83		85
MASTR Alternative Loan Trust 2003-9					Wells Fargo Mortgage Backed Securities 2005-
5.25%, 11/25/2033		47		49	AR2 Trust
MASTR Alternative Loan Trust 2004-5					5.11%, 03/25/2035^(p)		108		110
5.50%, 06/25/2034		51		52	Wells Fargo Mortgage Backed Securities 2006-3
6.00%, 06/25/2034		62		64	Trust
MASTR Alternative Loan Trust 2004-8					5.50%, 03/25/2036		353		353
6.00%, 09/25/2034		313		335			$		50,620
Merrill Lynch Mortgage Investors Trust Series					Oil & Gas - 1.87%
MLCC 2006-2					Bellatrix Exploration Ltd
4.30%, 05/25/2036^(p)		27		28	8.50%, 05/15/2020^(b)		1,040		707
Newgate Funding PLC					California Resources Corp
0.29%, 12/15/2050	EUR	133		146	8.00%, 12/15/2022^(b)		2,100		1,677
1.00 x 3 Month Euro Interbank Offered					Cobalt International Energy Inc
Rate + 0.60%					0.00%, 12/01/2023^(a)		4,635		278
RALI Series 2006-QO4 Trust					Denbury Resources Inc
2.68%, 04/25/2046	$	177		166	9.00%, 05/15/2021^(b)		653		659
1.00 x 1 Month USD LIBOR + 0.19%					9.25%, 03/31/2022^(b)		3,882		3,892
Residential Asset Securitization Trust 2003-A9					Gran Tierra Energy International Holdings Ltd
4.00%, 08/25/2033		401		388	6.25%, 02/15/2025^(b)		600		570
Residential Asset Securitization Trust 2005-A8CB					Gulfport Energy Corp
5.38%, 07/25/2035		269		228	6.00%, 10/15/2024		175		159
RFMSI Series 2006-S1 Trust					6.38%, 05/15/2025		705		631
5.75%, 01/25/2036		82		78	Halcon Resources Corp
RFMSI Series 2006-SA2 Trust					6.75%, 02/15/2025		1,053		787
4.97%, 08/25/2036^(p)		386		359	Jagged Peak Energy LLC
RMAC Securities No 1 PLC					5.88%, 05/01/2026^(b)		500		505
0.00%, 06/12/2044^(a)	EUR	88		94	Jones Energy Holdings LLC / Jones Energy
1.00 x 3 Month Euro Interbank Offered					Finance Corp
Rate + 0.15%					9.25%, 03/15/2023^(b)		629		393
STACR Trust 2018-DNA3					MEG Energy Corp
6.39%, 09/25/2048^(b)	$	3,345		3,273	6.38%, 01/30/2023^(b)		295		269
1.00 x 1 Month USD LIBOR + 3.90%					7.00%, 03/31/2024^(b)		570		522
STACR Trust 2018-HRP2					Midstates Petroleum Co Inc
4.89%, 02/25/2047^(b)		4,540		4,650	0.00%, 06/01/2020^(a),(e),(f)		1,471		—
1.00 x 1 Month USD LIBOR + 2.40%					Odebrecht Drilling Norbe VIII/IX Ltd
Structured Adjustable Rate Mortgage Loan Trust					6.35%, 12/01/2021		2,341		2,282
2.80%, 07/25/2035		678		535	Odebrecht Offshore Drilling Finance Ltd
1.00 x 1 Month USD LIBOR + 0.31%					6.72%, 12/01/2022		390		370
4.43%, 09/25/2034^(p)		124		126	OGX Austria GmbH
Structured Asset Securities Corp Trust 2005-1					0.00%, 06/01/2019^(a),(b)		600		—
5.50%, 02/25/2035		104		104	0.00%, 04/01/2022^(a),(b)		1,100		—
Toorak Mortgage Corp 2018-1 Ltd					Petrobras Global Finance BV
4.34%, 08/25/2021^(b),(p)		1,880		1,862	5.75%, 02/01/2029		8,015		7,990
Towd Point Mortgage Funding 2016-Granite1					7.25%, 03/17/2044		425		454
PLC					Petroleos Mexicanos
2.32%, 07/20/2046	GBP	200		265	6.35%, 02/12/2048		7,500		6,221
1.00 x 3 Month GBP LIBOR + 1.40%

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Oil & Gas (continued)					Other Asset Backed Securities (continued)
Tengizchevroil Finance Co International Ltd					Bayview Opportunity Master Fund Trust IIb
4.00%, 08/15/2026	$	5,775	$	5,562	2018-RN5
Vine Oil & Gas LP / Vine Oil & Gas Finance					3.82%, 04/28/2033^(b),(p)	$	87	$	87
Corp					Bayview Opportunity Master Fund Trust IVb
8.75%, 04/15/2023^(b)		690		557	2019-RN1
9.75%, 04/15/2023^(b)		640		531	4.09%, 02/28/2034^(b),(p)		495		495
YPF SA					BCC Funding XIV LLC
6.95%, 07/21/2027^(b)		860		765	6.00%, 04/21/2025^(b)		250		252
21.21%, 07/07/2020^(b)		410		154	Blackbird Capital Aircraft Lease Securitization
Argentina Deposit Rates Badlar Private					Ltd 2016-1
Banks ARS 30 to 35 Days + 4.00%					4.21%, 12/16/2041^(b),(p)		222		223
		$		35,935	5.68%, 12/16/2041^(b),(p)		613		631
Oil & Gas Services - 0.08%					Bowman Park CLO Ltd
McDermott Technology Americas Inc /					8.05%, 11/23/2025^(b)		1,000		977
McDermott Technology US Inc					1.00 x 3 Month USD LIBOR + 5.40%
10.63%, 05/01/2024^(b)		1,957		1,624	CAM Mortgage Trust 2018-1
Other Asset Backed Securities - 2.65%					3.96%, 12/01/2065^(b),(p)		44		44
AASET 2018-1 US Ltd					CCG Receivables Trust 2018-1
5.44%, 01/16/2038^(b)		224		226	3.42%, 06/16/2025^(b)		100		100
Accelerated Assets 2018-1 LLC					Coinstar Funding LLC Series 2017-1
4.51%, 12/02/2033^(b)		202		203	5.22%, 04/25/2047^(b)		712		716
Adams Outdoor Advertising LP					Colony American Finance 2015-1 Ltd
4.81%, 11/15/2048^(b)		628		640	5.65%, 10/15/2047^(b)		550		551
AIG CLO 2018-1 Ltd					Colony American Finance 2016-1 Ltd
9.27%, 01/20/2032^(b)		2,640		2,486	4.64%, 06/15/2048^(b),(p)		260		260
1.00 x 3 Month USD LIBOR + 6.45%					Colony Starwood Homes 2016-2 Trust
AIM Aviation Finance Ltd					5.84%, 12/17/2033^(b)		197		197
5.07%, 02/15/2040^(b),(p)		885		875	1.00 x 1 Month USD LIBOR + 3.35%
AJAX Mortgage Loan Trust					CONSUMER LOAN UNDERLYING BOND
3.47%, 04/25/2057^(b),(p)		75		75	CREDIT TRUST 2017-P1
Ajax Mortgage Loan Trust 2016-C					2.42%, 09/15/2023^(b)		26		26
4.00%, 10/25/2057^(b),(p)		204		204	Diamond Resorts Owner Trust
Ajax Mortgage Loan Trust 2017-B					6.07%, 10/22/2029^(b)		126		127
3.16%, 09/25/2056^(b),(p)		331		327	Diamond Resorts Owner Trust 2018-1
ALM VII R Ltd					4.53%, 01/21/2031^(b)		470		472
9.93%, 10/15/2028^(b)		2,000		1,998	Driven Brands Funding LLC
1.00 x 3 Month USD LIBOR + 7.14%					4.74%, 04/20/2048^(b)		169		171
American Homes 4 Rent 2014-SFR2 Trust					Dryden 33 Senior Loan Fund
5.15%, 10/17/2036^(b)		280		294	0.00%, 04/15/2029^(a),(b),(m)		700		693
6.23%, 10/17/2036^(b)		695		758	1.00 x 3 Month USD LIBOR + 6.97%
American Homes 4 Rent 2014-SFR3 Trust					Dryden 63 GBP CLO 2018 BV
6.42%, 12/17/2036^(b)		900		990	3.82%, 10/15/2032^(b)	GBP	2,060		2,737
American Homes 4 Rent 2015-SFR1					1.00 x 3 Month GBP LIBOR + 2.90%
5.64%, 04/17/2052^(b)		1,045		1,117	5.42%, 10/15/2032^(b)		750		997
Apidos CLO XXII					1.00 x 3 Month GBP LIBOR + 4.50%
8.76%, 10/20/2027^(b)		750		735	Five Guys Funding LLC
1.00 x 3 Month USD LIBOR + 6.00%					4.60%, 07/25/2047^(b)	$	462		469
Ascentium Equipment Receivables 2017-2 Trust					GCA2014 Holdings Ltd - Class C
2.87%, 08/10/2022^(b)		80		79	6.00%, 01/05/2030^(b),(e),(f)		671		513
Avery Point VII CLO Ltd					GCA2014 Holdings Ltd - Class D
9.39%, 01/15/2028^(b)		1,400		1,396	7.50%, 01/05/2030^(b),(e),(f)		274		133
1.00 x 3 Month USD LIBOR + 6.60%					GCA2014 Holdings Ltd - Class E
Bayview Opportunity Master Fund IIIa Trust					0.00%, 01/05/2030^{(a),(b),(e),(f)}		1,030		—
2017-RN8					GCAT 2017-2 LLC
3.35%, 11/28/2032^(b),(p)		70		70	3.50%, 04/25/2047^(b),(p)		124		124
Bayview Opportunity Master Fund IIIa Trust					GCAT 2018-1 LLC
2018-RN8					3.84%, 06/25/2048^(b),(p)		199		198
4.07%, 09/28/2033^(b),(p)		176		176	GCAT 2018-2 LLC
Bayview Opportunity Master Fund IV Trust					4.09%, 06/26/2023^(b),(p)		409		410
2018-RN2					Global Container Assets Ltd
3.60%, 02/25/2033^(b),(p)		97		96	4.50%, 02/05/2030^(b)		288		277
Bayview Opportunity Master Fund IVa Trust					Harbour Aircraft Investments Ltd
2018-RN3					8.00%, 11/15/2037^(e),(f)		1,216		1,218
3.67%, 03/28/2033^(b),(p)		84		84	Home Partners of America 2016-2 Trust
Bayview Opportunity Master Fund IVb Trust					6.26%, 10/17/2033^(b)		245		245
2018-RN9					1.00 x 1 Month USD LIBOR + 3.78%
4.21%, 10/29/2033^(b),(p)		175		175	7.18%, 10/17/2033^(b)		415		415
					1.00 x 1 Month USD LIBOR + 4.70%

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Other Asset Backed Securities (continued)					Other Asset Backed Securities (continued)
Invitation Homes 2018-SFR1 Trust					Sound Point Clo XV Ltd
4.48%, 03/17/2037^(b)	$	470	$	466	8.73%, 01/23/2029^(b)	$	1,500	$	1,427
1.00 x 1 Month USD LIBOR + 2.00%					1.00 x 3 Month USD LIBOR + 5.96%
Invitation Homes 2018-SFR2 Trust					SpringCastle America Funding LLC
4.49%, 06/17/2037^(b)		835		828	3.05%, 04/25/2029^(b)		134		134
1.00 x 1 Month USD LIBOR + 2.00%					Sprite 2017-1 Ltd
Kabbage Asset Securitization LLC					5.75%, 12/15/2037^(b)		682		695
8.00%, 03/15/2022^(b)		653		665	Stanwich Mortgage Loan Trust Series 2018-NPB1
Kestrel Aircraft Funding LTD					4.02%, 05/16/2023^(b),(p)		575		574
4.25%, 12/15/2038^(b)		390		383	TAL Advantage V LLC
Magnetite IX Ltd					3.55%, 11/20/2038^(b)		249		248
8.52%, 07/25/2026^(b)		1,750		1,613	Thunderbolt Aircraft Lease Ltd
1.00 x 3 Month USD LIBOR + 5.75%					5.75%, 05/17/2032^(b),(p)		205		211
Marlette Funding Trust 2019-1					Thunderbolt II Aircraft Lease Ltd
3.44%, 04/16/2029^(b)		290		290	4.15%, 09/15/2038^(b),(p)		267		269
NYMT Residential 2016-RP1					Verizon Owner Trust 2017-3
4.00%, 03/25/2021^(b),(p)		12		12	2.75%, 04/20/2022^(b)		2,410		2,411
Oak Hill Advisors Residential Loan Trust					1.00 x 1 Month USD LIBOR + 0.27%
2017-NPL2					Verizon Owner Trust 2018-1
3.00%, 07/25/2057^(b),(p)		324		318	2.74%, 09/20/2022^(b)		520		520
Oak Hill Advisors Residential Loan Trust					1.00 x 1 Month USD LIBOR + 0.26%
2017-NPLA					VOLT LXVIII LLC
3.00%, 06/25/2057^(b),(p)		123		121	4.34%, 07/27/2048^(b),(p)		329		330
Octagon Investment Partners XVI Ltd					VOLT LXX LLC
8.52%, 07/17/2030^(b)		500		472	4.11%, 09/25/2048^(b),(p)		351		350
1.00 x 3 Month USD LIBOR + 5.75%					VOLT LXXI LLC
OneMain Financial Issuance Trust 2015-1					3.97%, 09/25/2048^(b),(p)		186		186
3.19%, 03/18/2026^(b)		23		23	VOLT LXXII LLC
OneMain Financial Issuance Trust 2015-2					4.21%, 10/26/2048^(b),(p)		891		886
5.64%, 07/18/2025^(b)		625		628	VOLT LXXV LLC
OneMain Financial Issuance Trust 2015-3					4.34%, 01/25/2049^(b),(p)		715		716
4.16%, 11/20/2028^(b)		790		795	WAVE 2017-1 Trust
OneMain Financial Issuance Trust 2016-2					5.68%, 11/15/2042^(b)		276		281
5.94%, 03/20/2028^(b)		1,295		1,308	Wingstop Funding 2018-1 LLC
OneMain Financial Issuance Trust 2019-1					4.97%, 12/05/2048^(b)		155		159
4.22%, 02/14/2031^(b)		620		621			$		50,833
Oxford Finance Funding 2019-1 LLC					Packaging & Containers - 0.07%
4.46%, 02/15/2027^(b)		145		146	Flex Acquisition Co Inc
Planet Fitness Master Issuer LLC					7.88%, 07/15/2026^(b)		1,457		1,395
4.26%, 09/05/2048^(b)		603		607	Pharmaceuticals - 0.41%
Progress Residential 2017-SFR2 Trust					Bayer US Finance II LLC
4.14%, 12/17/2034^(b)		100		100	3.80%, 12/15/2023^(b)		3,300		3,230
Progress Residential 2018-SFR2 Trust					3 Month USD LIBOR + 1.01%
4.66%, 08/17/2035^(b)		100		101	CVS Health Corp
Progress Residential 2019-SFR1 Trust					3.40%, 03/09/2020		1,385		1,388
4.47%, 08/17/2035^(b)		420		422	3 Month USD LIBOR + 0.63%
PRPM 2017-2 LLC					3.49%, 03/09/2021		1,385		1,387
3.47%, 09/25/2022^(b),(p)		548		546	3 Month USD LIBOR + 0.72%
5.00%, 09/25/2022^(b),(p)		270		269	Pfizer Inc
PRPM 2017-3 LLC					3.00%, 09/15/2021		1,315		1,323
3.47%, 11/25/2022^(b),(p)		246		245	Teva Pharmaceutical Finance Netherlands III BV
5.00%, 11/25/2022^(b),(p)		105		103	3.15%, 10/01/2026		345		286
PRPM 2018-1 LLC					6.00%, 04/15/2024		200		202
5.00%, 04/25/2023^(b),(p)		200		197			$		7,816
RCO Mortgage LLC 2017-1					Pipelines - 0.02%
3.38%, 08/25/2022^(b),(p)		322		322	Transportadora de Gas del Sur SA
Rise Ltd					6.75%, 05/02/2025^(b)		480		452
4.75%, 02/15/2039^(p)		252		252
RMAT 2018-NPL1 LP					Real Estate - 0.36%
4.09%, 05/25/2048^(b),(p)		365		364	CFLD Cayman Investment Ltd
SCF Equipment Leasing 2018-1 LLC					6.50%, 12/21/2020		200		197
4.21%, 04/20/2027^(b)		795		811	China Evergrande Group
Shenton Aircraft Investment I Ltd					8.75%, 06/28/2025		200		179
4.75%, 10/15/2042^(b)		422		423	Country Garden Holdings Co Ltd
S-Jets 2017-1 Ltd					5.13%, 01/17/2025		3,155		2,863
3.97%, 08/15/2042^(b)		869		863	8.00%, 01/27/2024		2,570		2,641
Sofi Consumer Loan Program 2018-2 Trust					Easy Tactic Ltd
3.35%, 04/26/2027^(b)		360		360	7.00%, 04/25/2021		200		200

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Real Estate (continued)					Sovereign (continued)
New Metro Global Ltd					Hellenic Republic Treasury Bill
6.50%, 04/23/2021	$	200	$	200	0.00%, 03/15/2019^(a)	EUR	6,537	$	7,434
Shimao Property Holdings Ltd					0.00%, 06/14/2019^(a)		1,124		1,275
4.75%, 07/03/2022		200		196	0.00%, 12/13/2019^(a)		8,600		9,642
5.20%, 01/30/2025		215		207	Indonesia Treasury Bond
Sunac China Holdings Ltd					6.13%, 05/15/2028	IDR	49,925,000		3,160
8.63%, 07/27/2020		200		204	8.38%, 03/15/2024	70,400,000			5,159
		$		6,887	8.38%, 03/15/2034	79,400,000			5,765
Regional Authority - 0.10%					Iraq International Bond
Provincia de Buenos Aires/Argentina					6.75%, 03/09/2023	$	5,225		5,304
6.50%, 02/15/2023^(b)		545		465	Italy Buoni Poliennali Del Tesoro
50.31%, 04/12/2025^(b)	ARS	11,045		253	2.30%, 10/15/2021	EUR	16,500		19,418
Argentina Deposit Rates Badlar Private					Ivory Coast Government International Bond
Banks ARS 30 to 35 Days + 3.75%					5.25%, 03/22/2030		6,360		6,885
40.33%, 05/31/2022		51,665		1,221	Malaysia Government Bond
Argentina Deposit Rates Badlar Private					3.73%, 06/15/2028	MYR	37,100		8,951
Banks ARS 30 to 35 Days + 3.83%					Montenegro Government International Bond
		$		1,939	3.38%, 04/21/2025^(b)	EUR	3,280		3,793
Retail - 0.31%					5.75%, 03/10/2021		2,282		2,799
Alimentation Couche-Tard Inc					Nigeria Government International Bond
3.28%, 12/13/2019^(b)	$	690		690	6.50%, 11/28/2027	$	4,600		4,520
3 Month USD LIBOR + 0.50%					Pakistan Government International Bond
Home Depot Inc/The					8.25%, 09/30/2025		3,190		3,358
3.05%, 03/01/2022		1,020		1,019	Peru Government Bond
3 Month USD LIBOR + 0.31%					6.15%, 08/12/2032^(b)	PEN	17,225		5,374
Staples Inc					Peruvian Government International Bond
8.50%, 09/15/2025^(b)		2,270		2,224	6.35%, 08/12/2028^(b)		6,800		2,185
Walmart Inc					6.35%, 08/12/2028		14,150		4,547
2.86%, 06/23/2020		1,969		1,967	Qatar Government International Bond
3 Month USD LIBOR + 0.04%					5.10%, 04/23/2048	$	4,240		4,574
		$		5,900	Republic of South Africa Government Bond
Sovereign - 12.64%					7.00%, 02/28/2031	ZAR	75,600		4,460
1MDB Global Investments Ltd					8.25%, 03/31/2032		86,516		5,576
4.40%, 03/09/2023		5,600		5,215	8.75%, 01/31/2044		68,825		4,396
Argentina POM Politica Monetaria					8.75%, 02/28/2048		22,820		1,453
53.67%, 06/21/2020	ARS	6,725		186	10.50%, 12/21/2026^(o)		27,900		2,176
Argentina Blended Historical Policy Rate					Republic of South Africa Government
+ 0.00%					International Bond
Argentina Treasury Bill					6.88%, 05/27/2019^(o)	$	22,930		23,092
0.00%, 06/28/2019^(a)		176,400		4,914	Russian Federal Bond - OFZ
Argentine Republic Government International					7.05%, 01/19/2028	RUB	478,700		6,778
Bond					Turkey Government International Bond
2.50%, 12/31/2038^(p)	$	10,389		6,062	7.50%, 11/07/2019	$	1,334		1,361
3.38%, 10/12/2020	CHF	5,463		5,151	Ukraine Government International Bond
3.38%, 01/15/2023	EUR	532		510	0.00%, 05/31/2040^(a),(p)		2,575		1,660
3.88%, 01/15/2022		66		67	7.75%, 09/01/2025		4,050		3,770
5.00%, 01/15/2027		3,806		3,387			$		242,471
5.25%, 01/15/2028		7,354		6,462	Student Loan Asset Backed Securities - 0.10%
6.25%, 11/09/2047		1,310		1,122	SLM Private Credit Student Loan Trust 2003-A
6.63%, 07/06/2028	$	1,380		1,113	4.75%, 06/15/2032		239		240
Costa Rica Government International Bond					1.00 x US 28 Day Auction Rate + 0.00%
4.25%, 01/26/2023		4,375		4,106	SLM Private Credit Student Loan Trust 2003-B
4.37%, 05/22/2019		5,075		5,094	4.81%, 03/15/2033		700		701
4.38%, 04/30/2025		6,797		6,208	1.00 x US 28 Day Auction Rate + 0.00%
7.00%, 04/04/2044		2,062		1,959	4.81%, 03/15/2033		100		100
Ecuador Government International Bond					1.00 x US 28 Day Auction Rate + 0.00%
7.88%, 01/23/2028		7,375		6,997	SMB Private Education Loan Trust 2017-B
Egypt Government International Bond					3.24%, 10/15/2035^(b)		310		310
5.58%, 02/21/2023		2,555		2,542	1.00 x 1 Month USD LIBOR + 0.75%
7.60%, 03/01/2029^(b)		6,600		6,762	SoFi Professional Loan Program 2014-B LLC
El Salvador Government International Bond					3.74%, 08/25/2032^(b)		22		22
7.38%, 12/01/2019		1,286		1,296	1.00 x 1 Month USD LIBOR + 1.25%
Hazine Mustesarligi Varlik Kiralama AS					SoFi Professional Loan Program 2015-A LLC
5.80%, 02/21/2022^(b)		8,100		8,101	3.69%, 03/25/2033^(b)		128		128
Hellenic Republic Government Bond					1.00 x 1 Month USD LIBOR + 1.20%
3.38%, 02/15/2025^(b)	EUR	3,013		3,455	SoFi Professional Loan Program 2015-C LLC
3.45%, 04/02/2024^(b)		2,239		2,619	3.58%, 08/25/2036^(b)		61		61
3.75%, 01/30/2028		243		278

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


	Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				CONVERTIBLE BONDS (continued)	Amount (000’s) Value (000’s)
Student Loan Asset Backed Securities (continued)					Banks - 0.02%
Sofi Professional Loan Program 2016-A LLC					Deutsche Bank AG/London
3.57%, 01/26/2038^(b)	$	335	$	329	1.00%, 05/01/2023	$	175	$	164
		$		1,891	Hope Bancorp Inc
Supranational Bank - 0.43%					2.00%, 05/15/2038^(b)		200		180
Banque Ouest Africaine de Developpement							$		344
5.00%, 07/27/2027^(b)		1,875		1,851	Biotechnology - 0.08%
5.00%, 07/27/2027		1,525		1,506	AMAG Pharmaceuticals Inc
European Investment Bank					3.25%, 06/01/2022		200		183
2.88%, 12/15/2021^(o)		1,194		1,203	BioMarin Pharmaceutical Inc
2.88%, 08/15/2023^(o)		2,097		2,119	0.60%, 08/01/2024		455		475
3.13%, 12/14/2023^(o)		812		830	Innoviva Inc
International Bank for Reconstruction &					2.13%, 01/15/2023		200		210
Development					Intrexon Corp
3.00%, 09/27/2023^(o)		796		811	3.50%, 07/01/2023		200		144
		$		8,320	Ligand Pharmaceuticals Inc
Telecommunications - 1.79%					0.75%, 05/15/2023^(b)		100		86
Avanti Communications Group PLC					Medicines Co/The
9.00%, PIK 9.00%, 10/01/2022^(b),(l),(p)		1,346		915	2.50%, 01/15/2022		75		70
Bharti Airtel International Netherlands BV					2.75%, 07/15/2023		150		120
5.35%, 05/20/2024		7,255		7,218	Omeros Corp
C&W Senior Financing DAC					6.25%, 11/15/2023^(b)		200		200
7.50%, 10/15/2026^(b)		3,350		3,417			$		1,488
Cisco Systems Inc					Commercial Services - 0.07%
3.13%, 09/20/2019		1,420		1,422	Element Fleet Management Corp
3 Month USD LIBOR + 0.34%					5.13%, 06/30/2019^(b)	CAD	725		551
CommScope Finance LLC					FTI Consulting Inc
5.50%, 03/01/2024^(b)		278		283	2.00%, 08/15/2023^(b)	$	450		451
6.00%, 03/01/2026^(b)		278		284	Square Inc
8.25%, 03/01/2027^(b)		648		672	0.50%, 05/15/2023^(b)		300		380
Digicel Ltd							$		1,382
6.75%, 03/01/2023		4,450		3,093	Computers - 0.01%
Frontier Communications Corp					Pure Storage Inc
9.00%, 08/15/2031		3,092		1,701	0.13%, 04/15/2023^(b)		175		181
Goodman Networks Inc					Diversified Financial Services - 0.01%
8.00%, 05/11/2022		2,310		1,132	JPMorgan Chase Financial Co LLC
Intelsat Connect Finance SA					0.25%, 05/01/2023^(b)		250		241
9.50%, 02/15/2023^(b)		2,000		1,935	Electronics - 0.04%
Intelsat Jackson Holdings SA					TTM Technologies Inc
8.50%, 10/15/2024^(b)		1,531		1,546	1.75%, 12/15/2020^(c)		550		732
9.75%, 07/15/2025^(b)		7,861		8,156
Telefonica Emisiones SA					Engineering & Construction - 0.04%
5.52%, 03/01/2049^(m)		1,330		1,328	KBR Inc
Windstream Services LLC / Windstream Finance					2.50%, 11/01/2023^(b)		450		458
Corp					Tutor Perini Corp
8.63%, 10/31/2025^(b)		1,420		1,324	2.88%, 06/15/2021		265		257
		$		34,426			$		715
Toys, Games & Hobbies - 0.06%					Healthcare - Products - 0.01%
Mattel Inc					OPKO Health Inc
6.20%, 10/01/2040		1,516		1,226	4.50%, 02/15/2025		125		118
Transportation - 0.10%					Healthcare - Services - 0.54%
FedEx Corp					Anthem Inc
3.40%, 01/14/2022		675		681	2.75%, 10/15/2042^(c)		2,450		10,302
Navios Maritime Holdings Inc / Navios Maritime					Holding Companies - Diversified - 0.01%
Finance II US Inc					RWT Holdings Inc
11.25%, 08/15/2022^(b)		1,848		1,173	5.63%, 11/15/2019		185		186
		$		1,854	Insurance - 0.01%
Trucking & Leasing - 0.06%					AXA SA
Penske Truck Leasing Co Lp / PTL Finance Corp					7.25%, 05/15/2021^(b)		300		288
3.65%, 07/29/2021^(b)		1,070		1,076	Internet - 0.18%
TOTAL BONDS		$		700,030	Booking Holdings Inc
	Principal				0.35%, 06/15/2020		150		199
CONVERTIBLE BONDS - 3.94%	Amount (000's) Value (000's)				MercadoLibre Inc
Automobile Parts & Equipment - 0.01%					2.00%, 08/15/2028^(b)		700		854
Meritor Inc					Palo Alto Networks Inc
3.25%, 10/15/2037		300		296	0.75%, 07/01/2023^(b)		75		83
					Twitter Inc
					0.25%, 06/15/2024^(b)		950		862

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


	Principal					Principal
CONVERTIBLE BONDS (continued)	Amount (000’s) Value (000’s)				CONVERTIBLE BONDS (continued)	Amount (000’s) Value (000’s)
Internet (continued)					REITs (continued)
Wayfair Inc					Blackstone Mortgage Trust Inc
1.13%, 11/01/2024^(b)	$	675	$	1,048	4.38%, 05/05/2022	$	75	$	75
Zillow Group Inc					4.75%, 03/15/2023		200		200
1.50%, 07/01/2023		375		355	iStar Inc
		$		3,401	3.13%, 09/15/2022		720		655
Investment Companies - 0.41%					Redwood Trust Inc
Aabar Investments PJSC					4.75%, 08/15/2023		125		117
0.50%, 03/27/2020	EUR	2,800		2,991	5.63%, 07/15/2024		200		192
1.00%, 03/27/2022		4,800		4,708			$		1,579
Prospect Capital Corp					Retail - 0.02%
4.95%, 07/15/2022	$	275		271	RH
		$		7,970	0.00%, 06/15/2023^(a),(b)		375		380
Iron & Steel - 0.02%					Semiconductors - 1.10%
Allegheny Technologies Inc					Cree Inc
4.75%, 07/01/2022		125		261	0.88%, 09/01/2023^(b)		350		389
Cleveland-Cliffs Inc					Intel Corp
1.50%, 01/15/2025		100		148	3.25%, 08/01/2039		3,501		9,052
		$		409	Microchip Technology Inc
Lodging - 0.01%					1.63%, 02/15/2025		50		85
Caesars Entertainment Corp					2.25%, 02/15/2037		808		939
5.00%, 10/01/2024		75		107	Novellus Systems Inc
Media - 0.36%					2.63%, 05/15/2041		1,900		10,233
DISH Network Corp					NXP Semiconductors NV
2.38%, 03/15/2024		940		779	1.00%, 12/01/2019		200		208
3.38%, 08/15/2026		6,274		5,389	ON Semiconductor Corp
Gannett Co Inc					1.00%, 12/01/2020		75		97
4.75%, 04/15/2024^(b)		200		226	Rovi Corp
Liberty Media Corp					0.50%, 03/01/2020		150		144
2.25%, 09/30/2046		115		59			$		21,147
2.25%, 12/01/2048^(b)		400		422	Software - 0.19%
		$		6,875	Atlassian Inc
Mining - 0.00%					0.63%, 05/01/2023^(b)		150		216
Endeavour Mining Corp					Benefitfocus Inc
3.00%, 02/15/2023^(b)		50		47	1.25%, 12/15/2023^(b)		150		172
Oil & Gas - 0.16%					Citrix Systems Inc
Chesapeake Energy Corp					0.50%, 04/15/2019		50		73
5.50%, 09/15/2026		2,656		2,433	Envestnet Inc
Nabors Industries Inc					1.75%, 06/01/2023^(b)		50		55
0.75%, 01/15/2024		395		276	Five9 Inc
SM Energy Co					0.13%, 05/01/2023^(b)		50		70
1.50%, 07/01/2021		90		83	j2 Global Inc
Whiting Petroleum Corp					3.25%, 06/15/2029		225		295
1.25%, 04/01/2020		200		192	LivePerson Inc
		$		2,984	0.75%, 03/01/2024^(b),(m)		100		100
					MongoDB Inc
Oil & Gas Services - 0.01%					0.75%, 06/15/2024^(b)		175		280
Weatherford International Ltd					ServiceNow Inc
5.88%, 07/01/2021		300		230	0.00%, 06/01/2022^(a)		468		843
Pharmaceuticals - 0.06%					Splunk Inc
Clovis Oncology Inc					0.50%, 09/15/2023^(b)		375		419
1.25%, 05/01/2025		25		20	1.13%, 09/15/2025^(b)		575		651
DexCom Inc					Verint Systems Inc
0.75%, 12/01/2023^(b)		400		440	1.50%, 06/01/2021		445		461
Flexion Therapeutics Inc							$		3,635
3.38%, 05/01/2024		165		146	Telecommunications - 0.47%
Herbalife Nutrition Ltd					8x8 Inc
2.00%, 08/15/2019		250		328	0.50%, 02/01/2024^(b)		100		100
2.63%, 03/15/2024^(b)		125		136	Finisar Corp
Ironwood Pharmaceuticals Inc					0.50%, 12/15/2036		770		752
2.25%, 06/15/2022		50		56	Gogo Inc
Tilray Inc					6.00%, 05/15/2022^(b)		1,604		1,534
5.00%, 10/01/2023^(b)		75		64	Infinera Corp
		$		1,190	2.13%, 09/01/2024		250		210
REITs - 0.08%					Inmarsat PLC
Apollo Commercial Real Estate Finance Inc					3.88%, 09/09/2023		5,000		5,922
4.75%, 08/23/2022		125		121	Intelsat SA
5.38%, 10/15/2023		225		219	4.50%, 06/15/2025^(b)		340		529
							$		9,047


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)



	Principal				SENIOR FLOATING RATE INTERESTS	Principal
CONVERTIBLE BONDS (continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Transportation - 0.01%					Chemicals (continued)
Ship Finance International Ltd					Vantage Specialty Chemicals Inc
5.75%, 10/15/2021	$	275	$	268	10.88%, 10/27/2025^(r)	$	659	$	642
Trucking & Leasing - 0.01%					US LIBOR + 8.25%
Greenbrier Cos Inc/The					WR Grace & Co-Conn
2.88%, 02/01/2024		140		145	4.55%, 04/03/2025^(r)		163		162
TOTAL CONVERTIBLE BONDS		$		75,687	US LIBOR + 1.75%
	Principal				4.55%, 04/03/2025^(r)		279		277
MUNICIPAL BONDS - 0.04%	Amount (000's) Value (000's)				US LIBOR + 1.75%
Massachusetts - 0.04%							$		3,825
Massachusetts Educational Financing Authority					Coal - 0.23%
3.85%, 05/25/2033	$	673	$	681	Sandy Creek Energy Associates LP
TOTAL MUNICIPAL BONDS		$		681	6.80%, 11/08/2020^(r)		5,127		4,416
SENIOR FLOATING RATE INTERESTS	Principal				US LIBOR + 4.00%
- 6.90%	Amount (000's) Value (000's)				Commercial Services - 0.43%
Advertising - 0.04%					APX Group Inc
Imagine! Print Solutions Inc					7.50%, 02/02/2024^(r)		998		980
11.25%, 06/21/2023^(r)	$	427	$	378	US LIBOR + 5.00%
US LIBOR + 8.75%					ASGN Inc
Lamar Media Corp					4.50%, 02/21/2025^(r)		129		129
4.31%, 03/14/2025^(r)		453		452	US LIBOR + 2.00%
US LIBOR + 1.75%					Cambium Learning Group Inc
		$		830	6.99%, 12/18/2025^(r)		1,262		1,240
Apparel - 0.05%					US LIBOR + 4.50%
Hanesbrands Inc					Cenveo Corp
4.25%, 12/15/2024^(r)		906		903	11.52%, 06/07/2023^(r)		811		748
US LIBOR + 1.75%					Global Payments Inc
Automobile Manufacturers - 0.03%					4.25%, 10/10/2025^(r)		318		315
EnTrans International LLC					US LIBOR + 1.75%
8.49%, 11/02/2024^(r)		628		619	PSC Industrial Outsourcing LP
US LIBOR + 6.00%					10.99%, 10/13/2025^(r)		980		931
					US LIBOR + 8.50%
Automobile Parts & Equipment - 0.21%					Quad/Graphics Inc
GC EOS Buyer Inc					7.50%, 12/18/2025^(r)		1,128		1,124
7.01%, 06/27/2025^(r)		1,995		1,970	US LIBOR + 5.00%
US LIBOR + 4.00%					Refinitiv US Holdings Inc
Superior Industries International Inc					6.24%, 09/18/2025^(r)		1,927		1,896
6.52%, 03/22/2024^(r)		1,477		1,440	US LIBOR + 3.75%
US LIBOR + 4.50%					United Rentals North America Inc
Truck Hero Inc					4.25%, 10/03/2025^(r)		817		814
6.25%, 05/16/2024^(r)		635		621	US LIBOR + 1.75%
US LIBOR + 3.75%							$		8,177
		$		4,031
Building Materials - 0.29%					Computers - 0.14%
					24-7 Intouch Inc
Airxcel Inc					6.74%, 08/20/2025^(r)		413		399
11.24%, 04/27/2026^(r)		567		513	US LIBOR + 4.25%
US LIBOR + 8.75%					McAfee LLC
American Bath Group LLC					10.99%, 09/29/2025^(r)		1,833		1,854
7.05%, 09/30/2023^(r)		3,351		3,334	US LIBOR + 8.50%
US LIBOR + 4.25%					Science Applications International Corp
JELD-WEN Inc					4.25%, 11/05/2025^(r)		443		439
4.80%, 12/14/2024^(r)		963		946	US LIBOR + 1.75%
US LIBOR + 2.00%							$		2,692
Summit Materials LLC
4.50%, 11/21/2024^(r)		720		715	Consumer Products - 0.10%
US LIBOR + 2.00%					Champ Acquisition Corp
		$		5,508	8.13%, 12/17/2025^(r)		1,253		1,251
					US LIBOR + 5.50%
Chemicals - 0.20%					Diamond BC BV
Addivant USA Holdings Corp					5.74%, 07/25/2024^(r)		643		619
7.54%, 08/17/2025^(r)		649		647	US LIBOR + 3.00%
Axalta Coating Systems US Holdings Inc							$		1,870
4.55%, 06/21/2024^(r)		757		749
US LIBOR + 1.75%					Distribution & Wholesale - 0.02%
Consolidated Energy Finance SA					American Builders & Contractors Supply Co Inc
4.99%, 05/07/2025^(r)		436		422	4.50%, 10/31/2023^(r)		432		429
US LIBOR + 2.50%					US LIBOR + 2.00%
Polymer Additives Inc					Diversified Financial Services - 0.04%
8.49%, 07/25/2025^(r)		1,029		926	MMTEC Inc
					0.00%, 02/27/2026^(r),(s)		822		814

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Diversified Operations - 0.01%					Home Furnishings - 0.03%
Belfor Holdings Inc					TGP Holdings III LLC
0.00%, 02/13/2026^(r),(s)	$	175	$	176	11.30%, 09/25/2025^(r)	$	516	$	495
Electric - 0.15%					US LIBOR + 8.50%
AES Corp/VA					Insurance - 0.31%
4.46%, 05/31/2022^(r)		1,143		1,142	AIS Holdco LLC
US LIBOR + 1.75%					7.80%, 08/15/2025^(r)		293		286
Star West Generation LLC					US LIBOR + 5.00%
7.25%, 03/13/2020^(r)		1,126		1,085	Amynta Agency Borrower Inc
US LIBOR + 4.75%					10.99%, 03/02/2026^(r)		1,074		1,047
Vistra Operations Co LLC					US LIBOR + 8.50%
4.48%, 12/31/2025^(r)		637		634	Confie Seguros Holding II Co
US LIBOR + 2.00%					7.38%, 04/19/2022^(r)		2,585		2,575
		$		2,861	US LIBOR + 5.25%
Engineering & Construction - 0.06%					11.24%, 10/31/2025^(r)		1,162		1,136
Hamilton Holdco LLC					US LIBOR + 8.50%
4.81%, 06/02/2025^(r)		670		667	Newport Group Holdings II Inc
US LIBOR + 2.00%					6.54%, 08/08/2025^(r)		890		881
Qualtek USA LLC					US LIBOR + 3.75%
8.49%, 07/18/2025^(r)		596		583			$		5,925
US LIBOR + 5.75%					Internet - 0.15%
		$		1,250	Uber Technologies Inc
Entertainment - 0.03%					5.98%, 07/13/2023^(r)		976		971
Allen Media LLC					US LIBOR + 3.50%
9.14%, 09/22/2023^(r)		526		506	Web.com Group Inc
US LIBOR + 6.50%					10.27%, 09/17/2026^(r)		1,857		1,820
Environmental Control - 0.02%					US LIBOR + 7.75%
Concrete Pumping Merger Sub Inc							$		2,791
8.81%, 11/14/2025^(r)		97		94	Investment Companies - 0.17%
Innovative Water Care Global Corp					TKC Holdings Inc
0.00%, 02/27/2026^(r),(s)		371		353	10.50%, 01/31/2024^(r)		3,337		3,240
		$		447	US LIBOR + 8.00%
Food - 0.25%					Iron & Steel - 0.09%
Give & Go Prepared Foods Corp					Can Am Construction Inc/Canada
7.05%, 07/29/2023^(r)		1,595		1,469	7.50%, 07/01/2024^(r)		1,767		1,723
US LIBOR + 4.25%					US LIBOR + 5.00%
JBS USA LUX SA					Leisure Products & Services - 0.05%
5.26%, 10/30/2022^(r)		297		296	Recess Holdings Inc
US LIBOR + 2.50%					10.40%, 09/29/2025^(r)		790		754
Post Holdings Inc					US LIBOR + 7.75%
4.49%, 05/17/2024^(r)		427		425	Topgolf International Inc
US LIBOR + 2.00%					8.02%, 02/08/2026^(r)		298		298
United Natural Foods Inc							$		1,052
6.74%, 10/18/2025^(r)		3,000		2,652	Lodging - 0.01%
US LIBOR + 4.25%					Wyndham Hotels & Resorts Inc
		$		4,842	4.24%, 05/30/2025^(r)		190		188
Food Service - 0.07%					US LIBOR + 1.75%
Aramark Services Inc					Media - 0.58%
4.25%, 03/11/2025^(r)		1,279		1,272	Charter Communications Operating LLC
US LIBOR + 1.75%					4.50%, 04/13/2025^(r)		369		368
Healthcare - Products - 0.19%					US LIBOR + 2.00%
LifeScan Global Corp					CSC Holdings LLC
8.80%, 10/01/2024^(r)		1,288		1,235	4.74%, 07/17/2025^(r)		676		667
US LIBOR + 6.00%					US LIBOR + 2.25%
VVC Holding Corp					iHeartCommunications Inc
7.20%, 02/07/2026^(r)		2,417		2,402	0.00%, 01/30/2019^(a),(r)		4,263		2,972
US LIBOR + 4.50%					US LIBOR + 6.75%
		$		3,637	MediArena Acquisition BV
Healthcare - Services - 0.27%					0.00%, 08/13/2021^(r),(s)		1,003		994
Air Methods Corp					US LIBOR + 5.75%
6.30%, 04/12/2024^(r)		1,007		815	11.81%, 08/13/2022^(r)		1,000		981
US LIBOR + 3.50%					Mission Broadcasting Inc
Phoenix Guarantor Inc					4.76%, 01/17/2024^(r)		275		271
0.00%, 02/12/2026^(r),(s)		1,248		1,235	US LIBOR + 2.25%
RegionalCare Hospital Partners Holdings Inc					Nexstar Broadcasting Inc
6.98%, 11/14/2025^(r)		3,064		3,059	4.74%, 01/17/2024^(r)		1,519		1,498
US LIBOR + 4.50%					US LIBOR + 2.25%
		$		5,109

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


SENIOR FLOATING RATE INTERESTS	Principal				SENIOR FLOATING RATE INTERESTS	Principal
(continued)	Amount (000’s) Value (000’s)				(continued)	Amount (000’s) Value (000’s)
Media (continued)					Retail (continued)
Sequel Merger Sub II LLC					EG America LLC
7.55%, 06/28/2025^(r)	$	515	$	506	6.81%, 02/07/2025^(r)	$	947	$	921
Unitymedia Finance LLC					US LIBOR + 4.00%
4.49%, 06/01/2023^(r)		560		556	GOBP Holdings Inc
US LIBOR + 2.00%					10.05%, 10/22/2026^(r)		397		389
4.74%, 09/30/2025^(r)		999		993	US LIBOR + 7.25%
US LIBOR + 2.25%					JC Penney Corp Inc
UPC Financing Partnership					6.88%, 06/23/2023^(r)		2,483		2,182
4.99%, 01/15/2026^(r)		313		313	US LIBOR + 4.25%
US LIBOR + 2.50%					PFC Acquisition Corp
Virgin Media Bristol LLC					0.00%, 02/07/2026^(r),(s)		265		263
4.99%, 01/15/2026^(r)		425		422	US LIBOR + 6.50%
US LIBOR + 2.50%					SP PF Buyer LLC
Ziggo Secured Finance Partnership					7.32%, 12/19/2025^(r)		1,308		1,288
4.99%, 04/15/2025^(r)		632		624	US LIBOR + 4.50%
US LIBOR + 2.50%							$		6,681
		$		11,165	Semiconductors - 0.02%
Metal Fabrication & Hardware - 0.13%					Brooks Automation Inc
Eco-Bat Technologies Ltd					5.69%, 10/04/2024^(r)		78		78
12.00%, PIK 11.00%, 03/31/2022^(l),(p),(r)	EUR	6,350		2,456	US LIBOR + 3.00%
Miscellaneous Manufacturers - 0.13%					Microchip Technology Inc
4L Technologies Inc/NV					4.50%, 05/29/2025^(r)		250		249
6.99%, 05/08/2020^(r)	$	2,486		2,446	US LIBOR + 2.00%
US LIBOR + 4.50%							$		327
Oil & Gas - 0.20%					Software - 0.32%
California Resources Corp					Dun & Bradstreet Corp/The
7.24%, 11/14/2022^(r)		184		181	0.00%, 01/30/2026^(r),(s)		1,245		1,245
US LIBOR + 4.75%					US LIBOR + 5.00%
Gavilan Resources LLC					Evergreen Skills Lux Sarl
8.49%, 03/01/2024^(r)		680		539	10.74%, 04/28/2022^(r)		1,554		624
US LIBOR + 6.00%					US LIBOR + 8.25%
Seadrill Operating LP					First Data Corp
8.80%, 02/12/2021^(r)		3,738		3,118	4.49%, 07/08/2022^(r)		1,177		1,176
US LIBOR + 6.00%					US LIBOR + 2.00%
		$		3,838	IQVIA Inc
Packaging & Containers - 0.11%					4.25%, 06/11/2025^(r)		996		989
Schur Flexibles GmbH					US LIBOR + 1.75%
0.00%, 12/24/2025^(r),(s)	EUR	2,000		2,138	4.80%, 01/17/2025^(r)		591		589
Pharmaceuticals - 0.06%					US LIBOR + 2.00%
Bausch Health Americas Inc					Mitchell International Inc
5.26%, 11/14/2025^(r)	$	366		365	5.74%, 11/20/2024^(r)		648		631
US LIBOR + 2.75%					US LIBOR + 3.25%
Grifols Worldwide Operations USA Inc					Vero Parent Inc
4.67%, 01/31/2025^(r)		833		829	6.99%, 08/16/2024^(r)		949		944
US LIBOR + 2.25%					US LIBOR + 4.50%
		$		1,194			$		6,198
Pipelines - 0.40%					Telecommunications - 0.66%
Southcross Energy Partners LP					Global Tel*Link Corp
7.05%, 08/04/2021^(r)		8,618		7,744	6.74%, 11/20/2025^(r)		317		316
US LIBOR + 4.25%					US LIBOR + 4.25%
					10.74%, 11/29/2026^(r)		1,864		1,814
Real Estate - 0.08%					US LIBOR + 8.25%
Toys R Us Property Co I LLC					Intelsat Jackson Holdings SA
0.00%, 08/21/2019^(a),(r)		1,646		1,494	6.23%, 11/27/2023^(r)		3,616		3,612
US LIBOR + 5.00%					US LIBOR + 3.75%
REITs - 0.05%					Maxar Technologies Ltd
Iron Mountain Inc					5.25%, 10/05/2024^(r)		1,766		1,511
4.25%, 01/02/2026^(r)		1,024		1,003	US LIBOR + 2.75%
US LIBOR + 1.75%					MLN US Holdco LLC
Retail - 0.35%					6.99%, 11/30/2025^(r)		743		738
1011778 BC ULC					US LIBOR + 4.50%
4.74%, 02/16/2024^(r)		1,152		1,142	Plantronics Inc
US LIBOR + 2.25%					5.04%, 06/02/2025^(r)		616		613
Del Frisco's Restaurant Group Inc					US LIBOR + 2.50%
8.50%, 06/27/2025^(r)		511		496	Securus Technologies Holdings Inc
US LIBOR + 6.00%					6.99%, 11/01/2024^(r)		1,479		1,470
					10.74%, 11/01/2025^(r)		645		628

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


SENIOR FLOATING RATE INTERESTS	Principal					Maturity
(continued)	Amount (000’s) Value (000’s)				REPURCHASE AGREEMENTS - 11.99%	Amount (000's) Value (000's)
Telecommunications (continued)					Banks - 11.99%
Telenet Financing USD LLC					Barclays Repurchase Agreement on securities sold	$	6,459	$	6,454
4.74%, 08/15/2026^(r)	$	379	$	373	short; 1.75% dated 02/13/2019 (collateralized
US LIBOR + 2.25%					by Comision Federal de Electricidad;
US TelePacific Corp					$7,724,476; 6.13%; dated 06/16/45)(w)
7.80%, 05/02/2023^(r)		1,696		1,663	Merrill Lynch Repurchase Agreement on		52,296		52,293
US LIBOR + 5.00%					securities sold short; 1.70% dated 02/28/2019
		$		12,738	maturing 03/01/2019 (collateralized by United
Textiles - 0.06%					States Treasury Note/Bond; $52,234,868;
ASP Unifrax Holdings Inc					2.50%; dated 01/31/24)
6.53%, 11/05/2025^(r)		660		628	Merrill Lynch Repurchase Agreement on		3,158		3,147
US LIBOR + 3.75%					securities sold short; 1.85% dated 12/20/2018
11.28%, 11/05/2026^(r)		659		607	(collateralized by Republic of South Africa
US LIBOR + 8.50%					Government International Bond; $3,324,188;
		$		1,235	4.85%; dated 09/27/27)(w)
Transportation - 0.11%					Merrill Lynch Repurchase Agreement on		3,988		3,988
Gruden Acquisition Inc					securities sold short; 1.86% dated 02/27/2019
8.30%, 08/18/2022^(r)		957		941	(collateralized by Mexico Government
US LIBOR + 5.50%					International Bond; $3,985,302; 4.15%; dated
Navios Maritime Partners LP					03/28/27)^(w)
7.78%, 09/14/2020^(r)		1,173		1,163	Merrill Lynch Repurchase Agreement on		1,232		1,227
US LIBOR + 5.00%					securities sold short; 2.00% dated 12/20/2018
		$		2,104	(collateralized by Mexico Government
TOTAL SENIOR FLOATING RATE INTERESTS		$		132,389	International Bond; $1,238,749; 4.13%; dated
U.S. GOVERNMENT & GOVERNMENT	Principal				01/21/26)^(w)
AGENCY OBLIGATIONS - 25.67%	Amount (000's) Value (000's)				Merrill Lynch Repurchase Agreement on		6,367		6,342
Federal National Mortgage Association (FNMA) - 1.25%					securities sold short; 2.00% dated 12/20/2018
5.00%, 03/01/2048^(t)	$	22,938	$	24,053	(collateralized by Mexico Government
U.S. Treasury - 22.12%					International Bond; $6,402,010; 3.75%; dated
1.13%, 02/28/2021^(o)		8,063		7,843	01/11/28)^(w)
1.38%, 02/29/2020^(o)		4,339		4,289	Merrill Lynch Repurchase Agreement on		2,956		2,944
1.38%, 04/30/2020^(o)		11,960		11,798	securities sold short; 2.00% dated 12/20/2018
1.38%, 05/31/2020^(o)		15,995		15,763	(collateralized by Republic of South Africa
1.63%, 02/15/2026^(o)		8,840		8,283	Government International Bond; $3,109,725;
1.75%, 11/30/2019^(o)		7,100		7,058	4.85%; dated 09/27/27)(w)
2.00%, 02/15/2025^(o)		23,250		22,499	Merrill Lynch Repurchase Agreement on		1,348		1,343
2.13%, 02/29/2024^(o)		32,215		31,605	securities sold short; 2.00% dated 12/20/2018
2.25%, 12/31/2023^(o)		13,206		13,043	(collateralized by Mexico Government
2.25%, 11/15/2027		22,366		21,608	International Bond; $1,370,872; 5.55%; dated
2.38%, 02/29/2024^(o)		11,001		10,932	01/21/45)^(w)
2.50%, 05/31/2020^(o)		12,007		11,998	Merrill Lynch Repurchase Agreement on		4,374		4,367
2.50%, 02/28/2021		46,385		46,372	securities sold short; 2.00% dated 01/29/2019
2.50%, 01/15/2022^(o)		13,471		13,472	(collateralized by Republic of South Africa
2.50%, 05/15/2024^(o)		7,251		7,235	Government International Bond; $4,469,173;
2.50%, 02/28/2026		5,270		5,229	5.88%; dated 06/22/30)(w)
2.63%, 05/15/2021^(o)		1,119		1,121	Merrill Lynch Repurchase Agreement on		952		948
2.63%, 12/31/2023^(o)		20,628		20,722	securities sold short; 2.15% dated 12/20/2018
2.63%, 01/31/2026^(o)		71,000		71,078	(collateralized by Republic of South Africa
2.75%, 09/30/2020^(o)		35,315		35,420	Government International Bond; $1,001,511;
2.75%, 08/31/2025^(o)		17,170		17,319	4.30%; dated 10/12/28)(w)
2.88%, 10/31/2020^(o)		23,611		23,735	Merrill Lynch Repurchase Agreement on		1,317		1,311
2.88%, 11/15/2021^(o)		292		295	securities sold short; 2.20% dated 12/20/2018
3.00%, 02/15/2047		773		762	(collateralized by Mexico Government
3.13%, 11/15/2028^(o)		7,555		7,818	International Bond; $1,323,724; 3.75%; dated
3.38%, 11/15/2019^(o)		7,100		7,140	01/11/28)^(w)
		$		424,437	Merrill Lynch Repurchase Agreement on		545		543
U.S. Treasury Bill - 2.30%					securities sold short; 2.20% dated 12/20/2018
2.30%, 06/20/2019^(u)		25,000		24,815	(collateralized by Mexico Government
2.34%, 03/21/2019^(c),(u)		13,000		12,983	International Bond; $547,781; 3.75%; dated
2.34%, 07/18/2019^(u)		3,275		3,245	01/11/28)^(w)
2.36%, 08/15/2019^(u),(v)		3,185		3,149	Merrill Lynch Repurchase Agreement on		961		957
		$		44,192	securities sold short; 2.25% dated 12/20/2018
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY					(collateralized by Mexico Government
OBLIGATIONS		$		492,682	International Bond; $965,596; 3.75%; dated
					01/11/28)^(w)

Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)

Maturity

(h)

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

REPURCHASE AGREEMENTS (continued)

Amount (000’s)

Value (000’s)

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

Banks (continued)

securities totaled $71 or 0.00% of net assets.

Merrill Lynch Repurchase Agreement on

3,598

(i)

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

securities sold short; 2.62% dated 02/28/2019

which is a 100% owned subsidiary of the fund.

maturing 03/01/2019 (collateralized by United

(j)

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

States Treasury Note/Bond; $3,597,974;

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

1.38%; dated 09/15/20)

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

Merrill Lynch Repurchase Agreement on

3,995

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

securities sold short; 2.65% dated 02/28/2019

information.

maturing 03/01/2019 (collateralized by United

(k)

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

States Treasury Note/Bond; $3,951,706;

but they may be called by the issuer at an earlier date. Date shown, if any,

1.88%; dated 08/31/24)

reflects the next call date or final legal maturity date. Rate shown is as of

Merrill Lynch Repurchase Agreement on

14,234

14,233

period end.

securities sold short; 2.70% dated 02/28/2019

(l)

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

maturing 03/01/2019 (collateralized by United

lieu of cash.

States Treasury Note/Bond; $14,210,899;

(m)

Security purchased on a when-issued basis.

2.38%; dated 05/15/27)

(n)

Rate shown is as of period end. The rate may be a variable or floating rate or

Merrill Lynch Repurchase Agreement on

2,845

a fixed rate which may convert to a variable or floating rate in the future.

securities sold short; 2.70% dated 02/28/2019

(o)

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

maturing 03/01/2019 (collateralized by United

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

States Treasury Note/Bond; $2,843,683;

totaled $421,828 or 21.98% of net assets.

2.88%; dated 04/30/25)

(p)

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

Merrill Lynch Repurchase Agreement on

33,592

33,589

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

securities sold short; 2.70% dated 02/28/2019

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

maturing 03/01/2019 (collateralized by United

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

States Treasury Note/Bond; $33,539,327;

(q)

Security is an Interest Only Strip.

2.88%; dated 11/30/25)

(r)

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

Merrill Lynch Repurchase Agreement on

44,678

44,675

underlying tranches as of period end.

securities sold short; 2.70% dated 02/28/2019

(s)

This Senior Floating Rate Note will settle after February 28, 2019, at which

maturing 03/01/2019 (collateralized by United

time the interest rate will be determined.

States Treasury Note/Bond; $44,662,784;

(t)

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

2.50%; dated 02/28/21)

Notes to Financial Statements for additional information.

Merrill Lynch Repurchase Agreement on

35,357

35,354

(u)

Rate shown is the discount rate of the original purchase.

securities sold short; 2.70% dated 02/28/2019

(v)

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

maturing 03/01/2019 (collateralized by United

for futures contracts. At the end of the period, the value of these securities

States Treasury Note/Bond; $35,346,889;

totaled $840 or 0.04% of net assets.

2.50%; dated 02/15/22)

(w)

Although the maturity date of the repurchase agreement is open-ended

Merrill Lynch Repurchase Agreement on

5,850

5,849

through the maturity date of the collateral, the Fund has a right to terminate

securities sold short; 2.70% dated 02/28/2019

the repurchase agreement and demand repayment from the counterparty at

maturing 03/01/2019 (collateralized by United

any time with two days' notice or less. During periods of high demand for the

States Treasury Note/Bond; $5,848,103;

collateral security, the fund may also pay the counterparty a fee.

2.50%; dated 02/15/22)

230,002

Portfolio Summary (unaudited)

TOTAL REPURCHASE AGREEMENTS

230,002

Sector

Percent

TOTAL PURCHASED OPTIONS - 0.26%

4,998

Government

37.59

TOTAL PURCHASED INTEREST RATE SWAPTIONS - 0.01% $

282

Financial

22.49

Total Investments

2,496,544

Investment Companies

13.82

Other Assets and Liabilities - (30.10)%

(577,662

)

Consumer, Non-cyclical

9.16

TOTAL NET ASSETS - 100.00%

1,918,882

Communications

7.74

Industrial

6.70

(a)

Non-income producing security

Mortgage Securities

6.64

(b)

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

Consumer, Cyclical

6.14

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

Technology

5.44

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

Asset Backed Securities

5.07

these securities totaled $268,957 or 14.02% of net assets.

Energy

4.08

(c)

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

Basic Materials

3.15

At the end of the period, the value of these securities totaled $103,172 or

Utilities

1.67

5.38% of net assets.

Purchased Options

0.26

(d)

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

Diversified

0.10

information.

Revenue Bonds

0.04

(e)

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

Purchased Interest Rate Swaptions

0.01

under procedures established and periodically reviewed by the Board of

Investments Sold Short

(28.47

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

Other Assets and Liabilities

(1.63

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

TOTAL NET ASSETS

100.00

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

At the end of the period, the fair value of these securities totaled $14,198 or

0.74% of net assets.

(f)

The value of these investments was determined using significant unobservable

inputs.

(g)

Current yield shown is as of period end.


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Affiliated Securities			August 31, 2018						Purchases			Sales				February 28, 2019
			Value						Cost			Proceeds						Value
Principal Government Money Market Fund 2.33%		$		395,686			$				1,090,002		$	1,253,652			$			232,036
		$		395,686			$				1,090,002		$	1,253,652			$			232,036


						Realized Gain/Loss						Realized Gain from						Change in Unrealized
			Income			on Investments						Capital Gain Distributions						Gain/Loss
Principal Government Money Market Fund 2.33%		$	3,776		$						— $					— $				—
		$	3,776		$						— $					— $				—
Amounts in thousands


Restricted Securities

Security Name				Acquisition Date										Cost				Value	Percent of Net Assets
A. Schulman Inc.				08/22/2018							$			5	$			1		0.00	%
Airbnb, Inc - 0.00%				06/24/2015										157				185		0.01	%
Birst Inc				06/15/2017										23				1		0.00	%
DraftKings Inc				12/04/2014										89				138		0.01	%
Element Comm Aviation				06/15/2015										2,800				2,424		0.13	%
Forward Venture Services LLC - 0.00%				11/20/2014										170				312		0.02	%
Jand Inc				04/23/2015										19				23		0.00	%
Jand Inc - 0.00%				04/23/2015										43				52		0.00	%
Klarna Holding AB				08/07/2015										89				109		0.01	%
Lithium Technology Corp - 0.00%				04/16/2015										21				1		0.00	%
Marklogic Corp - 0.00%				04/27/2015										172				149		0.01	%
Panera Bread Co			01/26/2012-07/19/2017											—				19		0.00	%
Pinterest Inc - 0.00%				03/16/2015										627				449		0.03	%
SunEdison Inc - 0.00%, 10/01/2018				01/08/2018										400				8		0.00	%
SunEdison Inc - 0.00%, 01/01/2021				01/08/2018										815				15		0.00	%
SunEdison Inc - 0.00%, 01/15/2020				01/08/2018										1,425				30		0.00	%
Uber Technologies Inc - 0.00%				06/05/2014										222				622		0.03	%
Veracode Inc - 0.00%				04/18/2017										24				3		0.00	%
WeWork Cos Inc				12/08/2014										6				24		0.00	%
WeWork Cos Inc Series D-1 - 0.00%				12/08/2014										81				331		0.02	%
WeWork Cos Inc Series D-2 - 0.00%				12/08/2014										64				260		0.01	%
Total															$			5,156		0.28	%
Amounts in thousands.


Options

														Upfront				Unrealized
			Contracts/											Payments/				Appreciation/
Purchased Options Outstanding	Counterparty		Shares			Notional Amount					Exercise Price	Expiration Date				(Premiums)		Fair Value		(Depreciation)
Call - Mellanox Technologies Ltd	N/A		134	$		13			$		85.00	03/18/2019		$		89	$	302	$	213
Put - Bristol-Myers Squibb Co	N/A		20	$		2			$		50.00	06/24/2019				9		6		(3	)
Put - Intelsat SA	N/A		512	$		51			$		18.00	04/22/2019				44		37		(7	)
Put - iShares Russell 2000 ETF	N/A		295	$		30			$		142.00	04/01/2019				59		13		(46	)
Put - iShares Russell 2000 ETF	N/A		295	$		30			$		140.00	04/01/2019				74		10		(64	)
Put - iShares Russell 2000 ETF	N/A		929	$		93			$		140.00	07/01/2019				293		153		(140	)
Put - iShares Russell 2000 ETF	N/A		295	$		30			$		141.00	04/01/2019				67		11		(56	)
Put - Materials Select Sector SPDR	N/A		179	$		18			$		51.00	03/18/2019				27		1		(26	)
Fund
Put - S&P 500 Index	N/A		118	$		12		$	2,375.00			12/23/2019				1,365		552		(813	)
Put - S&P 500 Index	N/A		120	$		12		$	2,450.00			06/24/2019				938		229		(709	)
Put - S&P 500 Index	N/A		120	$		12		$	2,650.00			09/23/2019				1,147		891		(256	)
Put - S&P 500 Index	N/A		121	$		12		$	2,500.00			03/18/2019				1,230		10		(1,220	)
Put - SPDR S&P 500 ETF Trust	N/A		114	$		11			$		271.00	05/20/2019				96		48		(48	)
Put - SPDR S&P 500 ETF Trust	N/A		110	$		11			$		257.00	04/01/2019				32		7		(25	)
Put - SPDR S&P 500 ETF Trust	N/A		145	$		15			$		265.00	04/22/2019				116		28		(88	)
Put - SPDR S&P 500 ETF Trust	N/A		214	$		21			$		255.00	04/01/2019				68		10		(58	)
Put - SPDR S&P 500 ETF Trust	N/A		199	$		20			$		253.00	07/01/2019				92		59		(33	)
Call - AUD versus USD	Barclays Bank PLC		1AUD			3,069				AUD	0.75	12/12/2019				57		30		(27	)
Call - AUD versus USD	Barclays Bank PLC		1AUD			3,990				AUD	0.74	04/03/2019				20		1		(19	)
Call - AUD versus USD	Barclays Bank PLC		1AUD			4,978				AUD	0.73	05/06/2019				28		14		(14	)
Call - EUR versus CNH	Standard Chartered Hong		1		EUR	2,715				EUR	8.00	07/31/2019				17		13		(4	)
	Kong
Call - EUR versus CNH	Standard Chartered Hong		1		EUR	9,730				EUR	8.00	07/31/2019				104		47		(57	)
	Kong
Call - EUR versus CNH	Standard Chartered Hong		1		EUR	1,810				EUR	8.00	07/31/2019				15		9		(6	)
	Kong
Call - EUR versus GBP	Barclays Bank PLC		1		EUR	2,433				EUR	0.87	03/22/2019				19		12		(7	)
Call - EUR versus USD	Citigroup Inc		1		EUR	5,115				EUR	1.17	06/24/2019				84		36		(48	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Options (continued)

											Upfront				Unrealized
		Contracts/									Payments/		Appreciation/
Purchased Options Outstanding	Counterparty	Shares		Notional Amount				Exercise Price	Expiration Date		(Premiums)		Fair Value			(Depreciation)
Call - EUR versus USD	Credit Agricole Co	1 EUR		7,298			EUR	1.18	07/10/2019	$	136	$	44	$	(92		)
Call - EUR versus USD	Citigroup Inc	1 EUR		4,865			EUR	1.18	10/04/2019		120		68		(52		)
Call - EUR versus USD	Citigroup Inc	1 EUR		5,115			EUR	1.17	06/12/2019		85		33		(52		)
Call - NZD versus USD	Barclays Bank PLC	1NZD		3,069			NZD	0.71	12/12/2019		54		31		(23		)
Call - USD versus CNH	Standard Chartered Hong	1	$	905		$		6.85	08/09/2019		11		7		(4		)
	Kong
Call - USD versus CNH	Goldman Sachs & Co	1	$	25,000		$		6.85	08/09/2019		199		173		(26		)
Call - USD versus CNH	Goldman Sachs & Co	1	$	4,525		$		6.85	08/09/2019		37		32		(5		)
Call - USD versus CNH	Standard Chartered Hong	1	$	7,298		$		6.85	08/09/2019		75		51		(24		)
	Kong
Call - USD versus CNH	BNP Paribas	1	$	2,263		$		6.85	08/09/2019		29		16		(13		)
Call - USD versus KRW	Goldman Sachs & Co	1	$	2,715	$	1,145.00			09/04/2019		32		32		—
Call - USD versus MXN	Barclays Bank PLC	1	$	9,987		$		19.75	03/28/2019		294		42		(252		)
Call - USD versus MXN	HSBC Securities Inc	1	$	2,715		$		20.00	06/19/2019		59		47		(12		)
Call - USD versus MXN	Goldman Sachs & Co	1	$	2,263		$		19.95	05/14/2019		43		25		(18		)
Call - USD versus MXN	Barclays Bank PLC	1	$	6,766		$		19.75	03/28/2019		170		28		(142		)
Call - USD versus PHP	Standard Chartered Hong	1	$	35,000		$		53.50	05/28/2019		120		83		(37		)
	Kong
Call - USD versus THB	JPMorgan Chase	1	$	70,000		$		32.00	05/27/2019		364		361		(3		)
Call - USD versus ZAR	Morgan Stanley & Co	1	$	543		$		14.25	05/08/2019		12		13		1
Call - USD versus ZAR	M3 Capital Partners	1	$	4,245		$		14.25	05/08/2019		120		104		(16		)
Call - USD versus ZAR	Bank of America NA	1	$	4,715		$		14.25	05/08/2019		136		115		(21		)
Call - USD versus ZAR	Morgan Stanley & Co	1	$	1,358		$		14.25	05/08/2019		27		34		7
Put - EUR versus GBP	Barclays Bank PLC	1 EUR		2,388			EUR	0.88	03/15/2019		43		73		30
Put - EUR versus NOK	Citigroup Inc	1 EUR		2,919			EUR	9.70	03/08/2019		23		5		(18		)
Put - USD versus BRL	M3 Capital Partners	1	$	973		$		3.69	06/14/2019		16		16		—
Put - USD versus BRL	Citigroup Inc	1	$	4,092		$		3.69	06/14/2019		60		67		7
Put - USD versus CHF	Barclays Bank PLC	1	$	5,115		$		0.95	12/23/2019		137		75		(62		)
Put - USD versus JPY	Citigroup Inc	1	$	5,115		$		107.00	12/18/2019		108		97		(11		)
Put - USD versus JPY	Goldman Sachs & Co	1	$	4,865		$		106.50	04/26/2019		46		6		(40		)
Put - USD versus JPY	Citigroup Inc	1	$	7,673		$		108.00	03/25/2019		54		4		(50		)
Put - USD versus JPY	Credit Agricole Co	1	$	7,298		$		106.00	04/05/2019		112		3		(109		)
Put - USD versus JPY	Barclays Bank PLC	1	$	5,115		$		107.30	12/12/2019		114		99		(15		)
Put - USD versus MXN	Morgan Stanley & Co	1	$	3,069		$		20.20	03/13/2019		68		141		73
Put - USD versus SEK	Barclays Bank PLC	1	$	2,715		$		9.00	05/06/2019		34		13		(21		)
Put - USD versus SEK	Goldman Sachs & Co	1	$	4,525		$		9.00	05/06/2019		57		22		(35		)
Put - USD versus SEK	Goldman Sachs & Co	1	$	4,525		$		9.15	05/20/2019		48		59		11
Call - 90 Day Eurodollar Future;	N/A	59	$	148		$		97.25	12/17/2019		26		28		2
December 2019
Call - 90 Day Eurodollar Future;	N/A	362	$	905		$		97.63	06/18/2019		10		5		(5		)
June 2019
Call - 90 Day Eurodollar Future;	N/A	362	$	905		$		97.38	06/18/2019		46		50		4
June 2019
Call - 90 Day Eurodollar Future;	N/A	97	$	243		$		97.38	04/15/2019		29		35		6
June 2020
Call - 90 Day Eurodollar Future;	N/A	97	$	243		$		97.63	04/15/2019		12		8		(4		)
June 2020
Call - 90 Day Eurodollar Future;	N/A	40	$	100		$		97.50	03/19/2019		1		—		(1		)
March 2019
Call - 90 Day Eurodollar Future;	N/A	338	$	845		$		97.38	03/19/2019		37		27		(10		)
March 2019
Call - Canadian Bank Acceptance	N/A	164 CAD		410			CAD	98.00	06/18/2019		7		9		2
Future; June 2019
Call - Canadian Bank Acceptance	N/A	38 CAD		95			CAD	98.00	03/19/2019		2		—		(2		)
Future; March 2019
Call - Canadian Bank Acceptance	N/A	81 CAD		203			CAD	97.88	09/17/2019		3		14		11
Future; September 2019
Call - US 10 Year Note Future;	N/A	73	$	73		$		123.50	03/25/2019		40		3		(37		)
June 2019
Put - 90 Day Eurodollar Future;	N/A	59	$	148		$		97.25	12/17/2019		25		12		(13		)
December 2019
Put - 90 Day Eurodollar Future;	N/A	74	$	185		$		97.13	06/17/2019		12		3		(9		)
June 2020
Put - 90 Day Eurodollar Future;	N/A	342	$	855		$		97.25	06/17/2019		48		30		(18		)
June 2021
Put - 90 Day Eurodollar Future;	N/A	195	$	488		$		97.13	03/19/2019		5		1		(4		)
March 2019


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Options (continued)

											Upfront				Unrealized
		Contracts/									Payments/		Appreciation/
Purchased Options Outstanding	Counterparty	Shares			Notional Amount			Exercise Price	Expiration Date		(Premiums)		Fair Value		(Depreciation)
Put - 90 Day Eurodollar Future;	N/A	810 $			2,025 $			96.25	03/18/2019	$	36	$	5	$	(31	)
March 2021
Put - 90 Day Eurodollar Future;	N/A	325 $			813 $			97.25	09/16/2019		70		55		(15	)
September 2021
Put - Euribor Future; June 2022	N/A	181 EUR			453		EUR	99.63	05/13/2019		18		21		3
Put - Euribor Future; June 2022	N/A	168 EUR			420		EUR	99.38	06/17/2019		19		6		(13	)
Put - Euro Bund 10 Year Bund	N/A	54 EUR			54		EUR	164.00	03/25/2019		39		87		48
Future; June 2019
Put - Japan 10 Year Bond TSE	N/A	32 JPY			32,000		JPY	152.50	04/01/2019		35		41		6
Future; June 2019
Put - US 5 Year Note Future; June	N/A	54 $			54 $			114.75	03/04/2019		5		10		5
2019
Total										$	9,658	$	4,998	$	(4,660	)
											Upfront				Unrealized
		Contracts/									Payments/		Appreciation/
Written Options Outstanding	Counterparty	Shares			Notional Amount			Exercise Price	Expiration Date		(Premiums)		Fair Value		(Depreciation)
Call - AbbVie Inc	N/A		5	$	1	$		85.00	03/18/2019	$	— $		— $		—
Call - AbbVie Inc	N/A		5	$	1	$		95.00	05/20/2019		(1	)	—		1
Call - AbbVie Inc	N/A		5	$	1	$		87.50	04/19/2019		—		—		—
Call - Accenture PLC	N/A		2	$	—	$		165.00	03/18/2019		—		—		—
Call - Accenture PLC	N/A		2	$	—	$		165.00	05/20/2019		—		—		—
Call - Aflac Inc	N/A		8	$	1	$		50.00	03/18/2019		—		—		—
Call - Aflac Inc	N/A		8	$	1	$		50.00	05/20/2019		(1	)	(1	)	—
Call - Allergan PLC	N/A		2	$	—	$		145.00	03/18/2019		—		—		—
Call - Allergan PLC	N/A		2	$	—	$		150.00	03/18/2019		—		—		—
Call - Altria Group Inc	N/A	12		$	1	$		52.50	04/19/2019		—		(1	)	(1	)
Call - American Eagle Outfitters	N/A	30		$	3	$		22.00	03/18/2019		(1	)	(1	)	—
Inc
Call - AmerisourceBergen Corp	N/A		4	$	—	$		92.50	05/20/2019		(1	)	(1	)	—
Call - AmerisourceBergen Corp	N/A		4	$	—	$		90.00	03/18/2019		—		—		—
Call - Amgen Inc	N/A		2	$	—	$		200.00	04/19/2019		—		—		—
Call - Amgen Inc	N/A		2	$	—	$		210.00	03/18/2019		—		—		—
Call - Amgen Inc	N/A		2	$	—	$		195.00	03/18/2019		—		—		—
Call - Apple Inc	N/A		2	$	—	$		185.00	03/18/2019		—		—		—
Call - Apple Inc	N/A		2	$	—	$		185.00	04/19/2019		—		—		—
Call - Automatic Data Processing	N/A		2	$	—	$		155.00	03/18/2019		—		—		—
Inc
Call - Automatic Data Processing	N/A		2	$	—	$		160.00	05/20/2019		—		—		—
Inc
Call - Best Buy Co Inc	N/A		9	$	1	$		65.00	04/19/2019		(1	)	(4	)	(3	)
Call - Bristol-Myers Squibb Co	N/A		7	$	1	$		55.00	03/18/2019		(1	)	(1	)	—
Call - Bristol-Myers Squibb Co	N/A		8	$	1	$		55.00	05/20/2019		(2	)	(2	)	—
Call - Bristol-Myers Squibb Co	N/A		8	$	1	$		55.00	04/22/2019		(2	)	(2	)	—
Call - Broadcom Inc	N/A		1	$	—	$		280.00	04/22/2019		(1	)	(1	)	—
Call - Broadcom Inc	N/A		1	$	—	$		300.00	03/18/2019		—		—		—
Call - Broadcom Inc	N/A		1	$	—	$		310.00	04/19/2019		—		—		—
Call - Broadridge Financial	N/A		3	$	—	$		110.00	03/18/2019		—		—		—
Solutions Inc
Call - Broadridge Financial	N/A		3	$	—	$		105.00	06/24/2019		(1	)	(1	)	—
Solutions Inc
Call - Capital One Financial Corp	N/A		5	$	1	$		90.00	03/18/2019		—		—		—
Call - Capital One Financial Corp	N/A	10		$	1	$		85.00	03/18/2019		(1	)	(1	)	—
Call - Carnival Corp	N/A	12		$	1	$		60.00	04/19/2019		(1	)	(1	)	—
Call - CDW Corp/DE	N/A		6	$	1	$		100.00	06/24/2019		(2	)	(2	)	—
Call - CF Industries Holdings Inc	N/A	11		$	1	$		45.00	03/18/2019		—		—		—
Call - Cigna Corp	N/A		3	$	—	$		200.00	03/18/2019		(1	)	—		1
Call - Citigroup Inc	N/A		6	$	1	$		67.50	04/19/2019		(1	)	(1	)	—
Call - Citigroup Inc	N/A		6	$	1	$		65.00	03/18/2019		(1	)	(1	)	—
Call - Citigroup Inc	N/A		6	$	1	$		67.50	03/18/2019		—		—		—
Call - Cummins Inc	N/A		2	$	—	$		155.00	03/18/2019		(1	)	—		1
Call - Cummins Inc	N/A		5	$	1	$		160.00	03/18/2019		(1	)	(1	)	—
Call - CVS Health Corp	N/A		9	$	1	$		70.00	03/18/2019		(1	)	—		1
Call - CVS Health Corp	N/A		6	$	1	$		72.50	04/19/2019		(1	)	—		1
Call - Delta Air Lines Inc	N/A		8	$	1	$		52.50	03/18/2019		—		—		—
Call - Dick's Sporting Goods Inc	N/A	16		$	2	$		40.00	04/19/2019		(3	)	(4	)	(1	)
Call - Dominion Energy Inc	N/A		5	$	1	$		80.00	04/22/2019		(1	)	—		1
Call - Domtar Corp	N/A		9	$	1	$		57.50	04/19/2019		(1	)	(1	)	—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Options (continued)

												Upfront				Unrealized
		Contracts/										Payments/		Appreciation/
Written Options Outstanding	Counterparty	Shares				Notional Amount			Exercise Price	Expiration Date		(Premiums)		Fair Value			(Depreciation)
Call - Domtar Corp	N/A		4	$		—		$	55.00	03/18/2019	$	— $		— $		—
Call - Eaton Corp PLC	N/A		5	$		1		$	80.00	03/18/2019		—		—		—
Call - EURO STOXX 50 Price	N/A		2		EUR	—		EUR	3,125.00	04/21/2019		(2	)	(4	)	(2		)
EUR Index
Call - FirstEnergy Corp	N/A	20		$		2		$	41.00	04/22/2019		(1	)	(2	)	(1		)
Call - FirstEnergy Corp	N/A	10		$		1		$	41.00	03/18/2019		—		—		—
Call - FTSE 100 Index	N/A		1		GBP	—		GBP	7,100.00	04/21/2019		(2	)	(1	)	1
Call - FTSE 100 Index	N/A		1		GBP	—		GBP	7,125.00	03/18/2019		(1	)	—		1
Call - Gilead Sciences Inc	N/A		1	$		—		$	75.00	03/18/2019		—		—		—
Call - Gilead Sciences Inc	N/A		3	$		—		$	70.00	04/19/2019		—		—		—
Call - Hewlett Packard Enterprise	N/A	25		$		3		$	18.00	05/20/2019		—		—		—
Co
Call - Hewlett Packard Enterprise	N/A	25		$		3		$	17.00	03/18/2019		(1	)	(1	)	—
Co
Call - Home Depot Inc/The	N/A		2	$		—		$	190.00	03/18/2019		—		—		—
Call - Home Depot Inc/The	N/A		4	$		—		$	200.00	04/19/2019		(1	)	—		1
Call - Honeywell International Inc	N/A		2	$		—		$	160.00	06/24/2019		(1	)	(1	)	—
Call - Illinois Tool Works Inc	N/A		2	$		—		$	150.00	06/24/2019		(1	)	(1	)	—
Call - Illinois Tool Works Inc	N/A		2	$		—		$	145.00	03/18/2019		—		—		—
Call - Intelsat SA	N/A	256		$		26		$	29.00	04/22/2019		(46	)	(42	)	4
Call - Intuit Inc	N/A		1	$		—		$	250.00	04/19/2019		—		—		—
Call - Johnson & Johnson	N/A		5	$		1		$	140.00	04/19/2019		(1	)	(1	)	—
Call - Johnson & Johnson	N/A		2	$		—		$	135.00	03/18/2019		—		—		—
Call - JPMorgan Chase & Co	N/A		6	$		1		$	110.00	03/18/2019		—		—		—
Call - KLA-Tencor Corp	N/A	11		$		1		$	120.00	06/24/2019		(3	)	(6	)	(3		)
Call - Kohl's Corp	N/A		6	$		1		$	80.00	03/18/2019		(1	)	(1	)	—
Call - Kohl's Corp	N/A		6	$		1		$	72.50	04/19/2019		(1	)	(1	)	—
Call - Kohl's Corp	N/A		6	$		1		$	70.00	03/18/2019		(1	)	(1	)	—
Call - Lamar Advertising Co	N/A		5	$		1		$	80.00	03/18/2019		(1	)	—		1
Call - Lamar Advertising Co	N/A	10		$		1		$	80.00	04/22/2019		(1	)	(1	)	—
Call - LPL Financial Holdings Inc	N/A		7	$		1		$	80.00	03/18/2019		(1	)	—		1
Call - Marathon Petroleum Corp	N/A		6	$		1		$	70.00	03/18/2019		—		—		—
Call - Marathon Petroleum Corp	N/A		6	$		1		$	70.00	04/19/2019		(1	)	(1	)	—
Call - Mastercard Inc	N/A		2	$		—		$	230.00	03/18/2019		—		—		—
Call - Merck & Co Inc	N/A		5	$		1		$	80.00	04/22/2019		(1	)	(2	)	(1		)
Call - Merck & Co Inc	N/A		5	$		1		$	80.00	03/18/2019		—		(1	)	(1		)
Call - MetLife Inc	N/A		8	$		1		$	47.50	04/19/2019		—		—		—
Call - MetLife Inc	N/A		8	$		1		$	47.50	03/18/2019		—		—		—
Call - Microsoft Corp	N/A		3	$		—		$	115.00	03/18/2019		(1	)	(1	)	—
Call - Microsoft Corp	N/A		7	$		1		$	115.00	04/19/2019		(1	)	(2	)	(1		)
Call - Molson Coors Brewing Co	N/A		6	$		1		$	67.50	04/22/2019		(1	)	—		1
Call - Molson Coors Brewing Co	N/A		6	$		1		$	65.00	04/22/2019		(1	)	(1	)	—
Call - Morgan Stanley	N/A		1	$		—		$	47.00	04/22/2019		—		—		—
Call - Morgan Stanley	N/A		3	$		—		$	44.00	03/18/2019		—		—		—
Call - NetApp Inc	N/A		1	$		—		$	70.00	04/19/2019		—		—		—
Call - NetApp Inc	N/A		2	$		—		$	70.00	03/18/2019		—		—		—
Call - Nexstar Media Group Inc	N/A	14		$		1		$	95.00	03/18/2019		(2	)	(6	)	(4		)
Call - Omnicom Group Inc	N/A	10		$		1		$	82.50	04/22/2019		(1	)	—		1
Call - Omnicom Group Inc	N/A		5	$		1		$	80.00	04/19/2019		—		—		—
Call - Oracle Corp	N/A	23		$		2		$	55.00	04/19/2019		(1	)	(1	)	—
Call - PACCAR Inc	N/A		6	$		1		$	73.00	05/20/2019		(1	)	(1	)	—
Call - PACCAR Inc	N/A		6	$		1		$	70.00	03/18/2019		—		—		—
Call - Philip Morris International	N/A		7	$		1		$	87.50	03/18/2019		—		—		—
Inc
Call - Philip Morris International	N/A		7	$		1		$	90.00	04/19/2019		—		—		—
Inc
Call - Plains GP Holdings LP	N/A	25		$		3		$	26.00	05/20/2019		(2	)	(1	)	1
Call - PPL Corp	N/A	26		$		3		$	32.00	04/22/2019		(1	)	(2	)	(1		)
Call - Prudential Financial Inc	N/A		6	$		1		$	97.50	03/18/2019		—		—		—
Call - Rockwell Automation Inc	N/A		2	$		—		$	190.00	04/19/2019		—		—		—
Call - Rockwell Automation Inc	N/A		2	$		—		$	185.00	03/18/2019		—		—		—
Call - S&P 500 Index	N/A		1	$		—	$	2,710.00		03/18/2019		(5	)	(8	)	(3		)
Call - S&P 500 Index	N/A		1	$		—	$	2,685.00		03/18/2019		(6	)	(10	)	(4		)
Call - S&P 500 Index	N/A		1	$		—	$	2,715.00		04/21/2019		(7	)	(10	)	(3		)
Call - S&P 500 Index	N/A		1	$		—	$	2,730.00		03/18/2019		(5	)	(7	)	(2		)
Call - Sinclair Broadcast Group Inc	N/A		9	$		1		$	35.00	03/18/2019		—		(1	)	(1		)
Call - Sinclair Broadcast Group Inc	N/A	19		$		2		$	33.00	03/18/2019		(1	)	(6	)	(5		)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Options (continued)

													Upfront				Unrealized
		Contracts/											Payments/		Appreciation/
Written Options Outstanding	Counterparty	Shares			Notional Amount					Exercise Price	Expiration Date		(Premiums)		Fair Value			(Depreciation)
Call - Southwest Airlines Co	N/A		7	$		1		$		60.00	03/18/2019	$	— $		— $		—
Call - Southwest Airlines Co	N/A	14		$		1		$		62.50	04/19/2019		(1	)	(1	)	—
Call - Starbucks Corp	N/A		5	$		1		$		75.00	04/19/2019		—		—		—
Call - Texas Instruments Inc	N/A		3	$		—		$		115.00	04/19/2019		—		—		—
Call - UnitedHealth Group Inc	N/A		2	$		—		$		280.00	03/18/2019		(1	)	—		1
Call - UnitedHealth Group Inc	N/A		2	$		—		$		290.00	04/19/2019		—		—		—
Call - Viacom Inc	N/A	14		$		1		$		30.00	03/18/2019		(1	)	(1	)	—
Call - Viacom Inc	N/A	14		$		1		$		32.50	06/24/2019		(1	)	(1	)	—
Call - Visa Inc	N/A		2	$		—		$		145.00	03/18/2019		—		(1	)	(1		)
Call - Visa Inc	N/A		2	$		—		$		155.00	04/19/2019		—		—		—
Call - Walgreens Boots Alliance Inc	N/A		8	$		1		$		77.50	04/22/2019		(1	)	(1	)	—
Call - Walgreens Boots Alliance Inc	N/A		5	$		1		$		77.50	03/18/2019		—		—		—
Call - World Wrestling	N/A		1	$		—		$		95.00	04/19/2019		—		—		—
Entertainment Inc
Call - World Wrestling	N/A		1	$		—		$		95.00	03/18/2019		—		—		—
Entertainment Inc
Call - Yum! Brands Inc	N/A		4	$		—		$		97.50	03/18/2019		—		—		—
Call - Yum! Brands Inc	N/A		4	$		—		$		97.50	04/22/2019		(1	)	(1	)	—
Put - EURO STOXX 50 Price EUR	N/A		3		EUR	—		EUR		3,025.00	04/21/2019		(2	)	(1	)	1
Index
Put - EURO STOXX 50 Price EUR	N/A		1		EUR	—		EUR		3,175.00	03/18/2019		—		—		—
Index
Put - EURO STOXX 50 Price EUR	N/A		3		EUR	—		EUR		3,075.00	04/21/2019		(2	)	—		2
Index
Put - FTSE 100 Index	N/A		1		GBP	—		GBP		6,975.00	03/18/2019		(1	)	(1	)	—
Put - FTSE 100 Index	N/A		1		GBP	—		GBP		7,025.00	03/18/2019		(1	)	(1	)	—
Put - FTSE 100 Index	N/A		1		GBP	—		GBP		6,825.00	04/21/2019		(1	)	(1	)	—
Put - FTSE 100 Index	N/A		1		GBP	—		GBP		6,925.00	03/18/2019		—		—		—
Put - FTSE 100 Index	N/A		1		GBP	—		GBP		6,925.00	04/21/2019		(1	)	(1	)	—
Put - FTSE 100 Index	N/A		1		GBP	—		GBP		7,075.00	03/18/2019		(1	)	(1	)	—
Put - FTSE 100 Index	N/A		1		GBP	—		GBP		6,750.00	04/21/2019		(1	)	(1	)	—
Put - FTSE 100 Index	N/A		1		GBP	—		GBP		7,025.00	04/21/2019		(2	)	(2	)	—
Put - iShares Russell 2000 ETF	N/A	929		$		93		$		128.00	07/01/2019		(125	)	(66	)	59
Put - iShares Russell 2000 ETF	N/A	885		$		89		$		122.00	04/01/2019		(30	)	(4	)	26
Put - Materials Select Sector SPDR	N/A	179		$		18		$		46.00	03/18/2019		(8	)	—		8
Fund
Put - Russell 1000 Index	N/A		1	$		—	$	1,445.00			04/21/2019		(1	)	—		1
Put - Russell 1000 Index	N/A		1	$		—	$	1,590.00			03/18/2019		(2	)	(3	)	(1		)
Put - S&P 500 Index	N/A		1	$		—	$	2,620.00			04/21/2019		(2	)	(1	)	1
Put - S&P 500 Index	N/A		1	$		—	$	2,655.00			04/21/2019		(3	)	(2	)	1
Put - S&P 500 Index	N/A		1	$		—	$	2,755.00			03/18/2019		(1	)	(1	)	—
Put - S&P 500 Index	N/A		1	$		—	$	2,610.00			04/21/2019		(3	)	(1	)	2
Put - S&P 500 Index	N/A		1	$		—	$	2,650.00			04/21/2019		(4	)	(2	)	2
Put - S&P 500 Index	N/A	118		$		12	$	2,175.00			12/23/2019		(822	)	(315	)	507
Put - S&P 500 Index	N/A		1	$		—	$	2,695.00			03/18/2019		(2	)	(1	)	1
Put - S&P 500 Index	N/A	121		$		12	$	2,300.00			03/18/2019		(682	)	—		682
Put - S&P 500 Index	N/A		1	$		—	$	2,720.00			03/18/2019		(2	)	(1	)	1
Put - S&P 500 Index	N/A		1	$		—	$	2,705.00			03/18/2019		(2	)	(1	)	1
Put - S&P 500 Index	N/A	120		$		12	$	2,425.00			09/23/2019		(684	)	(435	)	249
Put - S&P 500 Index	N/A		1	$		—	$	2,750.00			04/21/2019		(3	)	(4	)	(1		)
Put - S&P 500 Index	N/A		1	$		—	$	2,675.00			03/18/2019		(1	)	—		1
Put - S&P 500 Index	N/A		1	$		—	$	2,690.00			04/21/2019		(2	)	(2	)	—
Put - S&P 500 Index	N/A	68		$		7	$	2,175.00			06/24/2019		(276	)	(43	)	233
Put - S&P 500 Index	N/A		1	$		—	$	2,780.00			04/21/2019		(4	)	(5	)	(1		)
Put - S&P 500 Index	N/A		1	$		—	$	2,720.00			04/21/2019		(3	)	(3	)	—
Put - SPDR S&P 500 ETF Trust	N/A	145		$		15		$		250.00	04/22/2019		(56	)	(11	)	45
Put - SPDR S&P 500 ETF Trust	N/A	114		$		11		$		245.00	05/20/2019		(28	)	(13	)	15
Put - SPDR S&P 500 ETF Trust	N/A	324		$		32		$		225.00	04/01/2019		(16	)	(2	)	14
Put - SPDR S&P 500 ETF Trust	N/A	199		$		20		$		232.00	07/01/2019		(40	)	(24	)	16
Call - AUD versus CAD	Goldman Sachs & Co		1		AUD	2,046			AUD	0.98	12/12/2019		(31	)	(10	)	21
Call - EUR versus GBP	Barclays Bank PLC		1		EUR	2,388			EUR	0.93	06/14/2019		(49	)	(7	)	42
Call - EUR versus JPY	UBS AG		1		EUR	3,581			EUR	131.50	12/18/2019		(107	)	(53	)	54
Call - EUR versus JPY	Barclays Bank PLC		1		EUR	3,581			EUR	131.50	12/12/2019		(107	)	(52	)	55
Call - EUR versus NOK	Merrill Lynch		1		EUR	2,715			EUR	9.90	05/16/2019		(25	)	(18	)	7
Call - EUR versus NOK	Citigroup Inc		1		EUR	2,919			EUR	10.00	04/09/2019		(23	)	(5	)	18
Call - EUR versus SEK	Goldman Sachs & Co		1		EUR	3,892			EUR	10.60	07/31/2019		(42	)	(56	)	(14		)
Call - NZD versus CAD	Goldman Sachs & Co		1		NZD	1,535			NZD	0.94	12/13/2019		(20	)	(10	)	10


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Options (continued)

													Upfront				Unrealized
		Contracts/											Payments/		Appreciation/
Written Options Outstanding	Counterparty	Shares				Notional Amount				Exercise Price	Expiration Date		(Premiums)		Fair Value		(Depreciation)
Call - USD versus BRL	BNP Paribas		1	$		2,433		$		3.95	07/05/2019	$	(33	)$	(43	)$	(10	)
Call - USD versus BRL	Goldman Sachs & Co		1	$		2,433		$		3.95	07/05/2019		(65	)	(43	)	22
Call - USD versus BRL	Goldman Sachs & Co		1	$		2,433		$		3.95	07/15/2019		(54	)	(46	)	8
Call - USD versus CLP	HSBC Securities Inc		1	$		1,358		$		670.00	06/12/2019		(14	)	(17	)	(3	)
Call - USD versus CLP	HSBC Securities Inc		1	$		3,168		$		670.00	06/12/2019		(35	)	(40	)	(5	)
Call - USD versus JPY	Barclays Bank PLC		1	$		3,980		$		113.75	03/08/2019		(26	)	—		26
Call - USD versus MXN	HSBC Securities Inc		1	$		2,715		$		21.00	06/19/2019		(27	)	(19	)	8
Put - AUD versus CAD	Goldman Sachs & Co		1		AUD	2,046			AUD	0.94	12/12/2019		(29	)	(46	)	(17	)
Put - EUR versus CNH	Morgan Stanley & Co		1		EUR	4,525			EUR	7.50	07/31/2019		(31	)	(26	)	5
Put - EUR versus GBP	Barclays Bank PLC		1		EUR	2,433			EUR	0.87	03/22/2019		(28	)	(50	)	(22	)
Put - EUR versus JPY	UBS AG		1		EUR	3,581			EUR	124.00	12/18/2019		(88	)	(83	)	5
Put - EUR versus JPY	Barclays Bank PLC		1		EUR	3,581			EUR	124.30	12/12/2019		(94	)	(84	)	10
Put - NZD versus CAD	Goldman Sachs & Co		1		NZD	1,535			NZD	0.89	12/13/2019		(21	)	(26	)	(5	)
Put - NZD versus JPY	Goldman Sachs & Co		1		NZD	2,919			NZD	68.00	12/19/2019		(65	)	(28	)	37
Put - SEK versus JPY	Barclays Bank PLC		1		SEK	18,100			SEK	11.50	08/09/2019		(30	)	(20	)	10
Put - SEK versus JPY	Merrill Lynch		1		SEK	18,100			SEK	11.50	08/09/2019		(31	)	(20	)	11
Put - USD versus BRL	Morgan Stanley & Co		1	$		2,263		$		3.60	06/14/2019		(25	)	(20	)	5
Put - USD versus CLP	Citigroup Inc		1	$		905		$		660.00	04/05/2019		(11	)	(14	)	(3	)
Put - USD versus CLP	Merrill Lynch		1	$		1,460		$		660.00	04/05/2019		(14	)	(22	)	(8	)
Put - USD versus CNH	Goldman Sachs & Co		1	$		25,000		$		6.55	08/09/2019		(141	)	(145	)	(4	)
Put - USD versus CNH	Nomura Securities		1	$		4,525		$		6.55	08/09/2019		(27	)	(24	)	3
Put - USD versus CNH	Goldman Sachs & Co		1	$		3,168		$		6.55	08/09/2019		(20	)	(18	)	2
Put - USD versus KRW	Goldman Sachs & Co		1	$		2,715	$	1,100.00			09/04/2019		(32	)	(32	)	—
Put - USD versus KRW	Citigroup Inc		1	$		3,892	$	1,110.00			03/15/2019		(31	)	(1	)	30
Put - USD versus MXN	Morgan Stanley & Co		1	$		6,138		$		19.65	03/13/2019		(71	)	(118	)	(47	)
Put - USD versus MXN	BNP Paribas		1	$		2,558		$		19.50	03/15/2019		(27	)	(33	)	(6	)
Put - USD versus MXN	M3 Capital Partners		1	$		4,092		$		19.55	06/14/2019		(56	)	(94	)	(38	)
Put - USD versus MXN	Morgan Stanley & Co		1	$		1,023		$		19.55	06/14/2019		(18	)	(23	)	(5	)
Put - USD versus MXN	Morgan Stanley & Co		1	$		2,046		$		19.50	03/15/2019		(21	)	(26	)	(5	)
Put - USD versus PHP	Standard Chartered Hong		1	$		35,000		$		51.50	05/28/2019		(123	)	(169	)	(46	)
	Kong
Put - USD versus ZAR	Morgan Stanley & Co		1	$		543		$		13.50	05/08/2019		(8	)	(4	)	4
Put - USD versus ZAR	M3 Capital Partners		1	$		4,245		$		13.50	05/08/2019		(82	)	(28	)	54
Put - USD versus ZAR	Morgan Stanley & Co		1	$		1,358		$		13.50	05/08/2019		(14	)	(8	)	6
Put - USD versus ZAR	Bank of America NA		1	$		4,715		$		13.50	05/08/2019		(90	)	(31	)	59
Call - 90 Day Eurodollar Future;	N/A	49		$		123		$		97.25	12/16/2019		(28	)	(28	)	—
December 2023
Call - 90 Day Eurodollar Future;	N/A	724		$		1,810		$		97.50	06/18/2019		(35	)	(27	)	8
June 2019
Call - 90 Day Eurodollar Future;	N/A	194		$		485		$		97.50	04/15/2019		(36	)	(35	)	1
June 2020
Call - 90 Day Eurodollar Future;	N/A	37		$		93		$		97.50	06/17/2019		(12	)	(10	)	2
June 2020
Call - 90 Day Eurodollar Future;	N/A	40		$		100		$		97.25	03/19/2019		(8	)	(15	)	(7	)
March 2019
Call - 90 Day Eurodollar Future;	N/A	75		$		188		$		97.25	03/18/2019		(30	)	(57	)	(27	)
March 2021
Call - Euro Bund 10 Year Bund	N/A	54			EUR	54			EUR	164.00	03/25/2019		(37	)	(11	)	26
Future; June 2019
Call - Euro Bund 10 Year Bund	N/A		1		EUR	1			EUR	162.00	03/25/2019		(1	)	(1	)	—
Future; June 2019
Call - Euro Bund 10 Year Bund	N/A		1		EUR	1			EUR	165.50	04/29/2019		(1	)	(1	)	—
Future; June 2019
Call - Japan 10 Year Bond TSE	N/A	32			JPY	32,000			JPY	153.00	04/01/2019		(32	)	(26	)	6
Future; June 2019
Put - 90 Day Eurodollar Future;	N/A	49		$		123		$		97.25	12/16/2019		(32	)	(21	)	11
December 2023
Put - 90 Day Eurodollar Future;	N/A	252		$		630		$		97.00	06/17/2019		(12	)	(8	)	4
June 2021
Put - 90 Day Eurodollar Future;	N/A	195		$		488		$		97.00	03/19/2019		(1	)	(1	)	—
March 2019
Put - 90 Day Eurodollar Future;	N/A	810		$		2,025		$		96.00	03/18/2019		(11	)	(5	)	6
March 2021
Put - 90 Day Eurodollar Future;	N/A	325		$		813		$		97.00	09/16/2019		(24	)	(20	)	4
September 2021
Put - Euribor Future; June 2022	N/A	168			EUR	420			EUR	99.25	06/17/2019		(11	)	(4	)	7
Put - Euribor Future; June 2022	N/A	181			EUR	453			EUR	99.50	05/13/2019		(8	)	(8	)	—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Options (continued)

																Upfront				Unrealized
		Contracts/														Payments/				Appreciation/
Written Options Outstanding	Counterparty		Shares			Notional Amount		Exercise Price		Expiration Date						(Premiums)			Fair Value	(Depreciation)
Put - Euro Bund 10 Year Bund	N/A		2	EUR		2	EUR	163.50	03/25/2019				$	(1			)$	(2			)$	(1	)
Future; June 2019
Put - Euro Bund 10 Year Bund	N/A		2	EUR		2	EUR	162.00	03/25/2019					(1			)	(1			)	—
Future; June 2019
Put - Euro Bund 10 Year Bund	N/A		3	EUR		3	EUR	163.00	03/25/2019					(1			)	(2			)	(1	)
Future; June 2019
Put - Euro Bund 10 Year Bund	N/A		1	EUR		1	EUR	162.50	03/25/2019					(1			)	(1			)	—
Future; June 2019
Put - Euro Bund 10 Year Bund	N/A		3	EUR		3	EUR	163.50	04/29/2019					(3			)	(5			)	(2	)
Future; June 2019
Put - Euro Bund 10 Year Bund	N/A		6	EUR		6	EUR	162.50	04/29/2019					(3			)	(6			)	(3	)
Future; June 2019
Total													$	(5,167			)$	(3,013			)$	2,154
Amounts in thousands except contracts/shares.


Interest Rate Swaptions


					Pay/Receive									Upfront						Unrealized
Purchased Swaptions					Floating				Exercise						Payments/					Appreciation/
Outstanding	Counterparty	Floating Rate Index			Rate	Notional Amount			Rate		Expiration Date			(Premiums)				Fair Value				(Depreciation)
Call - 3 Year Interest Rate	Bank of America NA	3 Month Johannesburg			Pay	ZAR		105,000	7.20	%	11/08/2019			$		52	$	49		$		(3	)
Swap		Interbank Agreed Rate
Call - 5 Year Interest Rate	Bank of America NA	3 Month Johannesburg			Pay			180,000	7.90	%	05/08/2019					104		233				129
Swap		Interbank Agreed Rate
Total														$		156	$	282		$		126

Amounts in thousands.


Futures Contracts

Description and Expiration Date			Type		Contracts			Notional Amount				Value and Unrealized Appreciation/(Depreciation)
3 Month Euro Swiss; December 2019			Long			1		$	252			$										—
3 Month Euro Swiss; September 2019			Long			1			252													—
90 Day Eurodollar; December 2019			Long			11			2,677													—
90 Day Eurodollar; December 2019			Long			351			85,433													497
90 Day Eurodollar; December 2020			Long			24			5,852													—
90 Day Eurodollar; December 2021			Short			351			85,583													(635	)
90 Day Eurodollar; June 2019			Long			30			7,305													—
90 Day Eurodollar; June 2020			Long			20			4,874													(1	)
90 Day Eurodollar; June 2020			Long			1,958			477,165													46
90 Day Eurodollar; March 2020			Long			15			3,654													(1	)
90 Day Eurodollar; March 2020			Short			143			34,831													(7	)
90 Day Eurodollar; September 2019			Long			17			4,139													—
90 Day Eurodollar; September 2020			Long			22			5,364													—
90 Day Short Sterling; December 2019			Long			94			15,425													10
90 Day Short Sterling; December 2020			Long			13			2,130													(2	)
90 Day Short Sterling; June 2019			Long			58			9,530													9
90 Day Short Sterling; June 2020			Long			1,468			240,671													81
90 Day Short Sterling; June 2020			Long			13			2,131													(2	)
90 Day Short Sterling; March 2020			Long			46			7,545													(2	)
90 Day Short Sterling; March 2020			Short			132			21,652													14
90 Day Short Sterling; September 2019			Long			92			15,107													12
90 Day Short Sterling; September 2020			Long			13			2,130													(2	)
AEX Index; March 2019			Long			15			1,846													27
Australia 10 Year Bond; March 2019			Long			270			25,858													594
Australia 10 Year Bond; March 2019			Long			82			7,853													177
Australia 3 Year Bond; March 2019			Long			110			8,796													33
CAC40 Index; March 2019			Long			87			5,184													137
CAC40 Index; March 2019			Long			37			2,205													46
Canada 10 Year Bond; June 2019			Long			38			3,919													(18	)
Canada 10 Year Bond; June 2019			Short			20			2,062													14
Canadian Bank Acceptance; December 2019			Short			16			2,973													(2	)
Canadian Bank Acceptance; June 2019			Short			6			1,116													(1	)
Canadian Bank Acceptance; June 2020			Long			64			11,894													34
Canadian Bank Acceptance; March 2020			Short			7			1,301													—
Canadian Bank Acceptance; March 2020			Short			291			54,081													(21	)
Canadian Bank Acceptance; September 2019			Short			13			2,417													(1	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Futures Contracts (continued)

Description and Expiration Date	Type	Contracts		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Canadian Bank Acceptance; September 2019	Short		170	$	31,603	$	(46	)
Canadian Bank Acceptance; September 2020	Short		25		4,646		—
DAX Index; March 2019	Short		15		4,914		(282	)
DAX Index; March 2019	Short		73		23,914		(885	)
DJ Euro Stoxx 50; March 2019	Long		562		21,082		456
DJ Euro Stoxx 50; March 2019	Long		47		1,763		6
DJ Euro Stoxx 50; March 2019	Short		371		13,917		(1,022	)
E-Mini DJIA Index; March 2019	Long		125		16,196		818
E-Mini DJIA Index; March 2019	Long		2		259		(1	)
eMini MSCI Emerging Markets; March 2019	Long		16		837		(9	)
eMini MSCI Emerging Markets; March 2019	Short		142		7,432		(520	)
Euribor; December 2019	Long		25		7,127		1
Euribor; December 2019	Short		126		35,917		(7	)
Euribor; December 2020	Long		8		2,277		2
Euribor; December 2021	Long		126		35,769		151
Euribor; June 2019	Long		13		3,708		—
Euribor; June 2020	Long		18		5,127		3
Euribor; June 2020	Long		977		278,280		207
Euribor; March 2020	Long		19		5,414		1
Euribor; March 2020	Short		78		22,227		6
Euribor; September 2019	Long		18		5,133		—
Euribor; September 2020	Long		19		5,409		4
Euro Bund 10 Year Bund; June 2019	Short		160		29,623		23
Euro Bund 10 Year Bund; June 2019	Long		2		370		—
Euro Bund 10 Year Bund; June 2019	Short		4		741		5
Euro Bund 10 Year Bund; March 2019	Long		26		4,889		(34	)
FTSE China A50 Index; March 2019	Short		13		163		(1	)
FTSE China A50 Index; March 2019	Long		2		25		—
FTSE KLCI Index; March 2019	Short		7		146		2
FTSE/JSE Top 40; March 2019	Short		28		985		(78	)
FTSE/MIB Index; March 2019	Long		4		470		34
FTSE100 Index; March 2019	Short		154		14,452		(298	)
FTSE100 Index; March 2019	Short		95		8,915		(436	)
FTSE100 Index; March 2019	Long		41		3,848		(32	)
Hang Seng Index; March 2019	Long		88		16,068		(12	)
Hang Seng Index; March 2019	Long		1		183		(2	)
Hang Seng Index; March 2019	Short		1		183		(1	)
HSCEI China Index; March 2019	Long		5		363		(3	)
IBEX 35 Index; March 2019	Long		11		1,163		31
Japan Topix Index; March 2019	Short		32		4,611		(131	)
Japan Topix Index; March 2019	Short		210		30,257		(237	)
Japan Topix Index; March 2019	Short		7		1,009		5
Japan Topix Index; March 2019	Short		68		9,797		(384	)
KOSPI 200 Index; March 2019	Short		1		63		—
Mex Bolsa Index; March 2019	Short		9		201		1
MSCI Taiwan Index; March 2019	Short		11		416		(1	)
Nasdaq 100 E-Mini; March 2019	Long		144		20,455		212
Nasdaq 100 E-Mini; March 2019	Long		6		852		3
Nikkei 225 OSE; March 2019	Short		18		3,454		(72	)
Nikkei 225 OSE; March 2019	Long		28		5,373		7
Nikkei 225 OSE; March 2019	Short		4		768		(32	)
OMXS30 Index; March 2019	Long		32		545		3
Russell 2000 Emini; March 2019	Long		18		1,418		13
Russell 2000 Emini; March 2019	Short		21		1,654		(70	)
Russell 2000 Emini; March 2019	Short		301		23,711		(1,827	)
S&P 500 Emini; March 2019	Long		66		9,190		12
S&P 500 Emini; March 2019	Short		101		14,063		(429	)
S&P 500 Emini; March 2019	Short		36		5,012		(475	)
S&P 500 Emini; March 2019	Short		125		17,404		(1,119	)
S&P Mid 400 Emini; March 2019	Short		61		11,656		(705	)
S&P/TSX 60 Index; March 2019	Long		34		4,921		112
SET50 Index; March 2019	Short		69		480		(9	)
SPI 200 Index; March 2019	Long		38		4,144		127
UK 10 Year Gilt; June 2019	Short		1		167		1
UK 10 Year Gilt; June 2019	Long		50		8,342		(98	)
US 10 Year Note; June 2019	Long		53		6,466		(4	)
US 10 Year Note; March 2019	Short		31		3,774		10
US 10 Year Ultra Note; June 2019	Long		136		17,606		(112	)
US 10 Year Ultra Note; June 2019	Short		59		7,638		(2	)
US 5 Year Note; June 2019	Short		343		39,295		53


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Futures Contracts (continued)

Description and Expiration Date		Type	Contracts		Notional Amount			Value and Unrealized Appreciation/(Depreciation)
US Long Bond; June 2019		Short		142	$		20,514	$				94
US Long Bond; June 2019		Long		706			101,995					(907	)
US Ultra Bond; June 2019		Long		122			19,470					(293	)
US Ultra Bond; June 2019		Short		23			3,671					1
Total								$				(7,136	)

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	03/20/2019	$		17,248		EUR		15,090	$	62	$	—
Bank of America NA	03/20/2019	JPY		656,800 $				6,125		—		(224	)
Bank of America NA	03/22/2019	AUD		7,033 $				4,976		14		—
Bank of America NA	03/22/2019	$		62,807		AUD		87,400		799		—
Bank of America NA	03/22/2019	$		1,293		AUD		1,833		—		(7	)
Bank of America NA	03/22/2019	AUD		47,773 $				34,344		—		(450	)
Bank of America NA	03/22/2019	$		69,003		GBP		53,849		—		(2,477	)
Bank of America NA	03/22/2019	GBP		32,573 $				42,228		1,010		—
Bank of America NA	03/22/2019	GBP		10,189 $				13,569		—		(44	)
Bank of America NA	03/22/2019	CAD		9,076 $				6,920		—		(19	)
Bank of America NA	03/22/2019	CAD		24,860 $				18,643		258		—
Bank of America NA	03/22/2019	$		54,135		CAD		71,963		—		(579	)
Bank of America NA	03/22/2019	EUR		1,655 $				1,882		3		—
Bank of America NA	03/22/2019	EUR		24,154 $				27,770		—		(257	)
Bank of America NA	03/22/2019	$		73,409		EUR		64,031		472		—
Bank of America NA	03/22/2019	$		13,528		EUR		11,926		—		(57	)
Bank of America NA	03/22/2019	JPY		69,715 $				621		5		—
Bank of America NA	03/22/2019	$		28,447		JPY		3,119,277		419		—
Bank of America NA	03/22/2019	JPY	9,836,591 $					90,017		—		(1,630	)
Bank of America NA	03/22/2019	$		73,733		JPY		8,276,364		—		(635	)
Bank of America NA	03/22/2019	$		152		MXN		2,916		1		—
Bank of America NA	03/22/2019	MXN		200,394 $				10,428		—		(64	)
Bank of America NA	03/22/2019	MXN		186,318 $				9,497		139		—
Bank of America NA	03/22/2019	$		9,401		MXN		192,073		—		(533	)
Bank of America NA	03/22/2019	$		7,749		NZD		11,508		—		(89	)
Bank of America NA	03/22/2019	$		18,458		NZD		26,881		148		—
Bank of America NA	03/22/2019	NZD		34,776 $				23,566		121		—
Bank of America NA	03/22/2019	NZD		32,599 $				22,334		—		(130	)
Bank of America NA	03/22/2019	CHF		11,619 $				11,814		—		(149	)
Bank of America NA	03/22/2019	CHF		4,851 $				4,851		19		—
Bank of America NA	03/22/2019	$		31,916		CHF		31,384		407		—
Bank of America NA	03/22/2019	$		2,725		CHF		2,719		—		(5	)
Bank of New York Mellon	03/01/2019	$		5,330		EUR		4,608		89		—
Bank of New York Mellon	03/01/2019	EUR		3,653 $				4,208		—		(52	)
Bank of New York Mellon	03/01/2019	NOK		745 $				87		—		—
Bank of New York Mellon	03/15/2019	$		11,045		EUR		8,733		1,103		—
Bank of New York Mellon	03/15/2019	EUR		2,261 $				2,591		—		(17	)
Bank of New York Mellon	03/20/2019	GBP		12,642 $				16,014		766		—
Bank of New York Mellon	03/20/2019	$		14,044		GBP		11,085		—		(668	)
Bank of New York Mellon	03/20/2019	$		3,190		CAD		4,250		—		(41	)
Bank of New York Mellon	03/20/2019	CAD		1,580 $				1,193		8		—
Bank of New York Mellon	03/20/2019	DKK		9,000 $				1,370		4		—
Bank of New York Mellon	03/20/2019	$		927		DKK		6,000		11		—
Bank of New York Mellon	03/20/2019	$		502		DKK		3,300		—		(2	)
Bank of New York Mellon	03/20/2019	$		8,802		EUR		7,700		32		—
Bank of New York Mellon	03/20/2019	EUR		912 $				1,042		—		(3	)
Bank of New York Mellon	03/20/2019	$		510		HKD		4,000		—		—
Bank of New York Mellon	03/20/2019	$		20,654		JPY		2,239,100		538		—
Bank of New York Mellon	03/20/2019	$		9,336		JPY		1,049,500		—		(93	)
Bank of New York Mellon	03/20/2019	JPY	1,872,159 $					17,208		—		(389	)
Bank of New York Mellon	03/20/2019	$		1,406		NOK		12,000		2		—
Bank of New York Mellon	03/20/2019	SEK		13,500 $				1,463		1		—
Bank of New York Mellon	03/20/2019	$		1,505		SEK		13,500		41		—
Bank of New York Mellon	03/20/2019	$		3,250		CHF		3,200		38		—
Bank of New York Mellon	03/29/2019	$		19,986		EUR		17,403		151		—
Bank of New York Mellon	03/29/2019	$		8,500		ZAR		114,179		419		—
Bank of New York Mellon	03/29/2019	ZAR		14,601 $				1,067		—		(34	)
Bank of New York Mellon	03/29/2019	ZAR		31,460 $				2,215		11		—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

					Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept		Currency to Deliver		Asset	Liability
Bank of New York Mellon	03/29/2019	$	983	ZAR	14,293	$	— $	(29	)
Bank of New York Mellon	03/29/2019	$	5,225	CHF	5,132		68	—
Bank of New York Mellon	04/18/2019	$	3,573	GBP	2,800		—	(149	)
Bank of New York Mellon	04/18/2019	$	4,132	EUR	3,243		430	—
Bank of New York Mellon	04/30/2019	EUR	19,995 $		22,984		—	(132	)
Bank of New York Mellon	04/30/2019	$	28,276	EUR	24,563		203	—
Bank of New York Mellon	06/14/2019	$	1,330	EUR	1,112		55	—
Bank of New York Mellon	06/20/2019	$	9,200	JPY	1,000,000		149	—
Bank of New York Mellon	08/14/2019	$	3,016	EUR	2,578		43	—
Barclays Bank PLC	03/01/2019	AUD	1,810 $		1,292		—	(8	)
Barclays Bank PLC	03/01/2019	$	1,293	AUD	1,810		9	—
Barclays Bank PLC	03/01/2019	GBP	1,548 $		2,060		—	(7	)
Barclays Bank PLC	03/01/2019	GBP	3,576 $		4,712		31	—
Barclays Bank PLC	03/01/2019	$	6,662	GBP	5,124		—	(134	)
Barclays Bank PLC	03/01/2019	$	4,335	CAD	5,722		—	(13	)
Barclays Bank PLC	03/01/2019	$	905	CAD	1,190		1	—
Barclays Bank PLC	03/01/2019	CAD	3,335 $		2,525		9	—
Barclays Bank PLC	03/01/2019	EUR	7,296 $		8,272		27	—
Barclays Bank PLC	03/01/2019	$	6,685	EUR	5,883		—	(6	)
Barclays Bank PLC	03/01/2019	EUR	5,430 $		6,184		—	(8	)
Barclays Bank PLC	03/01/2019	$	7,804	EUR	6,844		20	—
Barclays Bank PLC	03/01/2019	$	2,715	JPY	300,836		16	—
Barclays Bank PLC	03/01/2019	JPY	300,836 $		2,716		—	(17	)
Barclays Bank PLC	03/01/2019	$	1	NOK	8		—	—
Barclays Bank PLC	03/01/2019	NOK	4,121 $		487		—	(5	)
Barclays Bank PLC	03/01/2019	$	487	NOK	4,113		6	—
Barclays Bank PLC	03/01/2019	TRY	260 $		50		—	(1	)
Barclays Bank PLC	03/01/2019	$	49	TRY	260		—	—
Barclays Bank PLC	03/04/2019	$	15,151	CAD	19,971		—	(25	)
Barclays Bank PLC	03/04/2019	CAD	18,587 $		14,127		—	(2	)
Barclays Bank PLC	03/04/2019	CAD	2,742 $		2,079		5	—
Barclays Bank PLC	03/04/2019	$	730	CAD	961		—	—
Barclays Bank PLC	03/04/2019	EUR	3,000 $		3,405		7	—
Barclays Bank PLC	03/04/2019	$	1,259	EUR	1,100		8	—
Barclays Bank PLC	03/04/2019	$	1,538	EUR	1,358		—	(6	)
Barclays Bank PLC	03/04/2019	$	2,796	IDR	40,066,126		—	(52	)
Barclays Bank PLC	03/04/2019	$	4,109	IDR	57,496,216		22	—
Barclays Bank PLC	03/04/2019	IDR	100,456,151 $		6,905		236	—
Barclays Bank PLC	03/04/2019	MYR	59,213 $		14,226		335	—
Barclays Bank PLC	03/04/2019	MYR	3,683 $		905		1	—
Barclays Bank PLC	03/04/2019	$	14,226	MYR	57,967		—	(29	)
Barclays Bank PLC	03/04/2019	$	905	MYR	3,687		—	(2	)
Barclays Bank PLC	03/04/2019	PHP	81,053 $		1,534		33	—
Barclays Bank PLC	03/04/2019	$	1,534	PHP	81,098		—	(34	)
Barclays Bank PLC	03/04/2019	$	617	PLN	2,336		—	—
Barclays Bank PLC	03/04/2019	SEK	1,275 $		138		—	—
Barclays Bank PLC	03/04/2019	$	141	SEK	1,275		3	—
Barclays Bank PLC	03/04/2019	SEK	4,710 $		509		1	—
Barclays Bank PLC	03/04/2019	SEK	20,876 $		2,288		—	(28	)
Barclays Bank PLC	03/04/2019	$	2,787	SEK	26,111		—	(40	)
Barclays Bank PLC	03/05/2019	$	4,958	AUD	6,920		49	—
Barclays Bank PLC	03/05/2019	AUD	6,920 $		4,936		—	(27	)
Barclays Bank PLC	03/05/2019	$	1,021	GBP	785		—	(20	)
Barclays Bank PLC	03/05/2019	$	187	GBP	141		—	—
Barclays Bank PLC	03/05/2019	GBP	367 $		472		15	—
Barclays Bank PLC	03/05/2019	GBP	64 $		85		—	—
Barclays Bank PLC	03/05/2019	$	3,675	EUR	3,241		—	(12	)
Barclays Bank PLC	03/05/2019	EUR	99 $		113		—	—
Barclays Bank PLC	03/05/2019	EUR	1,533 $		1,738		6	—
Barclays Bank PLC	03/05/2019	$	388	EUR	341		—	—
Barclays Bank PLC	03/05/2019	$	6,199	JPY	686,292		41	—
Barclays Bank PLC	03/05/2019	JPY	777,709 $		7,030		—	(52	)
Barclays Bank PLC	03/05/2019	NZD	1,007 $		685		1	—
Barclays Bank PLC	03/05/2019	NZD	8,663 $		5,934		—	(34	)
Barclays Bank PLC	03/05/2019	$	6,630	NZD	9,646		61	—
Barclays Bank PLC	03/05/2019	$	59	NOK	504		—	—
Barclays Bank PLC	03/05/2019	NOK	3,222 $		377		—	—
Barclays Bank PLC	03/05/2019	$	5,497	NOK	47,179		—	(17	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

					Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept		Currency to Deliver		Asset		Liability
Barclays Bank PLC	03/05/2019	NOK	56,118 $		6,528	$	31	$	—
Barclays Bank PLC	03/05/2019	$	7,416	PEN	24,428		10		—
Barclays Bank PLC	03/05/2019	$	8,001	PEN	26,512		—		(37	)
Barclays Bank PLC	03/05/2019	PEN	40,779 $		12,427		—		(64	)
Barclays Bank PLC	03/05/2019	$	1,506	PEN	4,965		1		—
Barclays Bank PLC	03/05/2019	PEN	14,873 $		4,496		13		—
Barclays Bank PLC	03/05/2019	PHP	487,976 $		9,207		227		—
Barclays Bank PLC	03/05/2019	$	9,207	PHP	485,646		—		(182	)
Barclays Bank PLC	03/05/2019	SEK	710 $		77		—		—
Barclays Bank PLC	03/05/2019	SEK	39,709 $		4,276		24		—
Barclays Bank PLC	03/05/2019	$	5,380	SEK	49,916		—		(25	)
Barclays Bank PLC	03/06/2019	$	574	CLP	375,233		2		—
Barclays Bank PLC	03/06/2019	$	383	CLP	254,936		—		(6	)
Barclays Bank PLC	03/06/2019	CLP	641,491 $		956		22		—
Barclays Bank PLC	03/06/2019	EUR	3,589 $		4,127		—		(44	)
Barclays Bank PLC	03/06/2019	$	4,124	EUR	3,589		41		—
Barclays Bank PLC	03/06/2019	JPY	312,964 $		2,794		14		—
Barclays Bank PLC	03/06/2019	$	1,362	JPY	150,212		14		—
Barclays Bank PLC	03/06/2019	$	1,432	JPY	159,934		—		(3	)
Barclays Bank PLC	03/07/2019	$	2,642	CLP	1,724,148		13		—
Barclays Bank PLC	03/07/2019	CLP	10,447,553 $		15,480		451		—
Barclays Bank PLC	03/07/2019	MYR	3,975 $		973		4		—
Barclays Bank PLC	03/07/2019	KRW	4,899,522 $		4,378		—		(22	)
Barclays Bank PLC	03/07/2019	$	4,379	KRW	4,865,234		53		—
Barclays Bank PLC	03/07/2019	$	200	CHF	200		—		—
Barclays Bank PLC	03/08/2019	AUD	1,358 $		966		—		(3	)
Barclays Bank PLC	03/08/2019	$	139	GBP	105		—		—
Barclays Bank PLC	03/08/2019	GBP	453 $		600		—		—
Barclays Bank PLC	03/08/2019	$	602	GBP	453		2		—
Barclays Bank PLC	03/08/2019	CAD	21,478 $		16,285		38		—
Barclays Bank PLC	03/08/2019	$	8,133	CAD	10,760		—		(45	)
Barclays Bank PLC	03/08/2019	$	5,738	CAD	7,544		4		—
Barclays Bank PLC	03/08/2019	$	2,061	EUR	1,810		2		—
Barclays Bank PLC	03/08/2019	EUR	122 $		139		—		—
Barclays Bank PLC	03/08/2019	EUR	3,224 $		3,682		—		(14	)
Barclays Bank PLC	03/08/2019	$	905	JPY	100,748		1		—
Barclays Bank PLC	03/08/2019	JPY	350,796 $		3,167		—		(19	)
Barclays Bank PLC	03/11/2019	AUD	8,129 $		5,788		—		(21	)
Barclays Bank PLC	03/11/2019	$	2,948	AUD	4,127		20		—
Barclays Bank PLC	03/11/2019	GBP	817 $		1,061		23		—
Barclays Bank PLC	03/11/2019	EUR	905 $		1,030		—		—
Barclays Bank PLC	03/11/2019	$	3,984	EUR	3,501		—		—
Barclays Bank PLC	03/11/2019	$	9,845	JPY	1,080,685		144		—
Barclays Bank PLC	03/11/2019	JPY	702,507 $		6,356		—		(50	)
Barclays Bank PLC	03/11/2019	$	5,270	NZD	7,692		31		—
Barclays Bank PLC	03/11/2019	NZD	3,982 $		2,695		17		—
Barclays Bank PLC	03/11/2019	$	463	NZD	685		—		(4	)
Barclays Bank PLC	03/11/2019	NZD	3,759 $		2,571		—		(11	)
Barclays Bank PLC	03/11/2019	$	1,030	NOK	8,794		2		—
Barclays Bank PLC	03/11/2019	$	4,115	NOK	35,335		—		(16	)
Barclays Bank PLC	03/11/2019	NOK	47,576 $		5,534		28		—
Barclays Bank PLC	03/11/2019	NOK	28,749 $		3,367		—		(6	)
Barclays Bank PLC	03/11/2019	$	15	ZAR	217		—		—
Barclays Bank PLC	03/11/2019	$	1,565	ZAR	22,239		—		(12	)
Barclays Bank PLC	03/11/2019	ZAR	22,455 $		1,564		28		—
Barclays Bank PLC	03/11/2019	$	881	SEK	8,122		1		—
Barclays Bank PLC	03/11/2019	SEK	18,743 $		2,033		—		(2	)
Barclays Bank PLC	03/11/2019	$	1,734	SEK	16,027		—		(2	)
Barclays Bank PLC	03/12/2019	$	2,247	ZAR	32,608		—		(65	)
Barclays Bank PLC	03/13/2019	$	703	MXN	14,492		—		(48	)
Barclays Bank PLC	03/14/2019	$	6,339	ZAR	91,164		—		(123	)
Barclays Bank PLC	03/14/2019	ZAR	91,164 $		6,565		—		(103	)
Barclays Bank PLC	03/15/2019	CNH	214,142 $		31,707		251		—
Barclays Bank PLC	03/15/2019	$	31,707	CNH	218,910		—		(963	)
Barclays Bank PLC	03/15/2019	EUR	1,358 $		1,541		4		—
Barclays Bank PLC	03/15/2019	$	1,539	EUR	1,358		—		(6	)
Barclays Bank PLC	03/15/2019	NOK	36,624 $		4,255		28		—
Barclays Bank PLC	03/15/2019	$	1,810	NOK	15,429		6		—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

					Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept		Currency to Deliver		Asset	Liability
Barclays Bank PLC	03/15/2019	$	2,292	NOK	19,699	$	— $	(12	)
Barclays Bank PLC	03/15/2019	SEK	31,921 $		3,476		—	(16	)
Barclays Bank PLC	03/15/2019	$	3,928	SEK	36,622		—	(41	)
Barclays Bank PLC	03/15/2019	SEK	4,198 $		452		3	—
Barclays Bank PLC	03/18/2019	KRW	1,636,691 $		1,459		—	(4	)
Barclays Bank PLC	03/18/2019	$	1,912	KRW	2,156,276		—	(5	)
Barclays Bank PLC	03/18/2019	$	3,269	KRW	3,657,233		17	—
Barclays Bank PLC	03/20/2019	$	5,236	GBP	4,115		—	(226	)
Barclays Bank PLC	03/20/2019	$	14,283	EUR	12,582		—	(47	)
Barclays Bank PLC	03/20/2019	$	39,657	JPY	4,451,392		—	(334	)
Barclays Bank PLC	03/22/2019	$	1,946	KRW	2,182,186		6	—
Barclays Bank PLC	03/25/2019	ARS	41,335 $		1,007		29	—
Barclays Bank PLC	03/25/2019	ARS	91,175 $		2,220		65	—
Barclays Bank PLC	03/25/2019	CNH	9,116 $		1,358		3	—
Barclays Bank PLC	03/25/2019	$	1,357	CNH	9,133		—	(6	)
Barclays Bank PLC	03/25/2019	EUR	453 $		516		—	—
Barclays Bank PLC	03/25/2019	$	4,270	EUR	3,752		—	(5	)
Barclays Bank PLC	03/25/2019	JPY	469,644 $		4,251		—	(30	)
Barclays Bank PLC	03/25/2019	PLN	71 $		19		—	—
Barclays Bank PLC	03/25/2019	$	516	PLN	1,949		—	—
Barclays Bank PLC	03/27/2019	$	2,433	KRW	2,715,395		18	—
Barclays Bank PLC	03/28/2019	ARS	19,295 $		486		—	(4	)
Barclays Bank PLC	03/29/2019	AUD	245 $		176		—	(2	)
Barclays Bank PLC	03/29/2019	HUF	44,660 $		160		1	—
Barclays Bank PLC	04/01/2019	ARS	18,620 $		453		11	—
Barclays Bank PLC	04/01/2019	$	453	ARS	18,068		3	—
Barclays Bank PLC	04/01/2019	TRY	260 $		48		—	—
Barclays Bank PLC	04/04/2019	$	138	SEK	1,275		—	—
Barclays Bank PLC	04/08/2019	$	2,676	JPY	285,783		104	—
Barclays Bank PLC	04/08/2019	JPY	285,854 $		2,675		—	(103	)
Barclays Bank PLC	04/17/2019	EUR	4,184 $		4,843		—	(67	)
Barclays Bank PLC	04/17/2019	EUR	498 $		567		1	—
Barclays Bank PLC	04/17/2019	$	443	EUR	389		—	(1	)
Barclays Bank PLC	04/17/2019	$	569	EUR	498		1	—
Barclays Bank PLC	04/17/2019	$	981	JPY	107,558		12	—
Barclays Bank PLC	04/17/2019	JPY	937,682 $		8,663		—	(218	)
Barclays Bank PLC	04/17/2019	$	6,957	THB	217,858		36	—
Barclays Bank PLC	04/17/2019	THB	513,673 $		16,405		—	(86	)
Barclays Bank PLC	04/17/2019	THB	45,974 $		1,460		1	—
Barclays Bank PLC	04/17/2019	$	13,622	THB	433,175		—	(140	)
Barclays Bank PLC	04/23/2019	PLN	5,325 $		1,418		—	(8	)
Barclays Bank PLC	05/06/2019	BRL	36,953 $		9,975		—	(177	)
Barclays Bank PLC	05/06/2019	$	543	BRL	2,024		6	—
Barclays Bank PLC	05/06/2019	$	12,651	PHP	665,612		—	(147	)
Barclays Bank PLC	05/06/2019	PHP	661,045 $		12,651		59	—
Barclays Bank PLC	05/06/2019	$	4,233	TRY	23,174		38	—
Barclays Bank PLC	05/06/2019	TRY	23,276 $		4,233		—	(19	)
Barclays Bank PLC	05/07/2019	ZAR	11,290 $		790		5	—
Barclays Bank PLC	05/07/2019	$	790	ZAR	11,215		—	—
Barclays Bank PLC	05/20/2019	$	1,162	EUR	1,015		—	—
Barclays Bank PLC	05/20/2019	EUR	10,987 $		12,477		101	—
Barclays Bank PLC	05/20/2019	$	12,476	RON	52,781		—	(147	)
Barclays Bank PLC	05/20/2019	RON	4,889 $		1,162		7	—
Barclays Bank PLC	05/28/2019	MYR	3,683 $		905		—	(2	)
Barclays Bank PLC	05/28/2019	MYR	53,942 $		13,253		—	(27	)
Barclays Bank PLC	05/28/2019	PHP	796,793 $		15,221		80	—
Barclays Bank PLC	05/28/2019	$	15,221	PHP	796,676		—	(78	)
Barclays Bank PLC	05/31/2019	IDR	44,015,090 $		3,110		—	(39	)
Barclays Bank PLC	06/26/2019	IDR	6,953,058 $		487		—	(3	)
Barclays Bank PLC	06/28/2019	IDR	9,791,272 $		658		23	—
Barclays Bank PLC	07/08/2019	$	3,406	PHP	180,358		—	(49	)
Barclays Bank PLC	07/08/2019	PHP	178,834 $		3,406		20	—
Barclays Bank PLC	08/01/2019	CNH	22,419 $		3,339		7	—
Barclays Bank PLC	08/01/2019	$	3,339	CNH	22,419		—	(7	)
Barclays Bank PLC	08/01/2019	EUR	2,872 $		3,339		—	(31	)
Barclays Bank PLC	08/01/2019	$	3,339	EUR	2,872		31	—
Barclays Bank PLC	09/05/2019	KRW	2,151,420 $		1,923		1	—
Citigroup Inc	03/20/2019	AUD	28,438 $		20,594		—	(419	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

					Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept		Currency to Deliver		Asset	Liability
Citigroup Inc	03/20/2019	$	2,962	AUD	4,198	$	— $	(16	)
Citigroup Inc	03/20/2019	AUD	498 $		352		1	—
Citigroup Inc	03/20/2019	$	15,811	AUD	21,989		211	—
Citigroup Inc	03/20/2019	BRL	25,431 $		6,821		—	(58	)
Citigroup Inc	03/20/2019	$	8,145	BRL	31,494		—	(231	)
Citigroup Inc	03/20/2019	BRL	6,731 $		1,782		8	—
Citigroup Inc	03/20/2019	$	2,787	BRL	10,415		17	—
Citigroup Inc	03/20/2019	GBP	5 $		7		—	—
Citigroup Inc	03/20/2019	GBP	11,410 $		14,779		365	—
Citigroup Inc	03/20/2019	$	60	GBP	46		—	—
Citigroup Inc	03/20/2019	$	14,266	GBP	11,128		—	(503	)
Citigroup Inc	03/20/2019	$	1,937	CAD	2,546		2	—
Citigroup Inc	03/20/2019	CAD	32,874 $		24,806		187	—
Citigroup Inc	03/20/2019	CAD	5,027 $		3,830		—	(8	)
Citigroup Inc	03/20/2019	$	20,121	CAD	26,872		—	(309	)
Citigroup Inc	03/20/2019	CLP	381,936 $		585		—	(2	)
Citigroup Inc	03/20/2019	$	3,103	CLP	2,102,544		—	(104	)
Citigroup Inc	03/20/2019	$	12	CLP	7,597		—	—
Citigroup Inc	03/20/2019	CLP	1,624,901 $		2,429		49	—
Citigroup Inc	03/20/2019	$	3,255	CNY	22,619		—	(125	)
Citigroup Inc	03/20/2019	CNY	15,094 $		2,220		35	—
Citigroup Inc	03/20/2019	CNY	5,016 $		751		—	(1	)
Citigroup Inc	03/20/2019	$	263	COP	849,708		—	(13	)
Citigroup Inc	03/20/2019	COP	880,670 $		277		9	—
Citigroup Inc	03/20/2019	$	5	COP	15,481		—	—
Citigroup Inc	03/20/2019	CZK	38,100 $		1,668		24	—
Citigroup Inc	03/20/2019	$	416	CZK	9,300		3	—
Citigroup Inc	03/20/2019	$	1,265	CZK	28,800		—	(14	)
Citigroup Inc	03/20/2019	$	58	EUR	51		—	—
Citigroup Inc	03/20/2019	$	46,314	EUR	40,373		334	—
Citigroup Inc	03/20/2019	EUR	11,576 $		13,154		30	—
Citigroup Inc	03/20/2019	$	3,149	EUR	2,776		—	(13	)
Citigroup Inc	03/20/2019	EUR	18,220 $		20,931		—	(180	)
Citigroup Inc	03/20/2019	$	3,233	HKD	25,307		7	—
Citigroup Inc	03/20/2019	HKD	28,120 $		3,604		—	(19	)
Citigroup Inc	03/20/2019	$	34	HUF	9,414		—	—
Citigroup Inc	03/20/2019	HUF	474,678 $		1,702		11	—
Citigroup Inc	03/20/2019	$	2,175	HUF	612,764		—	(36	)
Citigroup Inc	03/20/2019	HUF	50,000 $		182		—	(2	)
Citigroup Inc	03/20/2019	INR	149,290 $		2,090		9	—
Citigroup Inc	03/20/2019	INR	127,981 $		1,812		—	(13	)
Citigroup Inc	03/20/2019	$	27	INR	1,887		—	—
Citigroup Inc	03/20/2019	$	3,041	INR	217,720		—	(20	)
Citigroup Inc	03/20/2019	IDR	11,483,855 $		790		22	—
Citigroup Inc	03/20/2019	$	395	IDR	5,556,250		2	—
Citigroup Inc	03/20/2019	$	561	IDR	8,117,087		—	(13	)
Citigroup Inc	03/20/2019	IDR	3,715,353 $		265		—	(2	)
Citigroup Inc	03/20/2019	ILS	2,757 $		756		6	—
Citigroup Inc	03/20/2019	$	4,856 ILS		17,928		—	(97	)
Citigroup Inc	03/20/2019	ILS	12,882 $		3,569		—	(11	)
Citigroup Inc	03/20/2019	$	10 ILS		37		—	—
Citigroup Inc	03/20/2019	JPY	663,293 $		5,933		26	—
Citigroup Inc	03/20/2019	$	7,889	JPY	865,732		111	—
Citigroup Inc	03/20/2019	JPY	1,395,723 $		12,735		—	(196	)
Citigroup Inc	03/20/2019	$	9,749	JPY	1,093,505		—	(75	)
Citigroup Inc	03/20/2019	MXN	268,102 $		13,106		764	—
Citigroup Inc	03/20/2019	$	6,454	MXN	124,138		32	—
Citigroup Inc	03/20/2019	$	2,131	MXN	42,748		—	(81	)
Citigroup Inc	03/20/2019	MXN	19,529 $		1,017		—	(7	)
Citigroup Inc	03/20/2019	$	2,672	TWD	81,628		20	—
Citigroup Inc	03/20/2019	TWD	24,208 $		785		1	—
Citigroup Inc	03/20/2019	$	129	TWD	3,964		—	—
Citigroup Inc	03/20/2019	TWD	23,814 $		777		—	(3	)
Citigroup Inc	03/20/2019	NZD	6,639 $		4,508		14	—
Citigroup Inc	03/20/2019	$	4,181	NZD	6,185		—	(32	)
Citigroup Inc	03/20/2019	NZD	16,382 $		11,285		—	(128	)
Citigroup Inc	03/20/2019	$	6,874	NZD	10,025		46	—
Citigroup Inc	03/20/2019	$	1,492	NOK	12,905		—	(18	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

					Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept		Currency to Deliver		Asset	Liability
Citigroup Inc	03/20/2019	NOK	7,442 $		875	$	— $	(4	)
Citigroup Inc	03/20/2019	$	3,910	NOK	33,205		26	—
Citigroup Inc	03/20/2019	NOK	16,757 $		1,949		11	—
Citigroup Inc	03/20/2019	PHP	29,351 $		557		9	—
Citigroup Inc	03/20/2019	$	484	PHP	25,545		—	(9	)
Citigroup Inc	03/20/2019	PLN	962 $		254		1	—
Citigroup Inc	03/20/2019	PLN	8,502 $		2,264		—	(15	)
Citigroup Inc	03/20/2019	$	989	PLN	3,713		7	—
Citigroup Inc	03/20/2019	$	1,034	PLN	3,944		—	(9	)
Citigroup Inc	03/20/2019	SGD	2,414 $		1,786		—	—
Citigroup Inc	03/20/2019	$	1,773	SGD	2,393		3	—
Citigroup Inc	03/20/2019	SGD	2,755 $		2,019		20	—
Citigroup Inc	03/20/2019	$	1,194	SGD	1,616		—	(2	)
Citigroup Inc	03/20/2019	$	1,538	ZAR	22,000		—	(20	)
Citigroup Inc	03/20/2019	$	2,477	ZAR	34,199		54	—
Citigroup Inc	03/20/2019	ZAR	18,041 $		1,267		11	—
Citigroup Inc	03/20/2019	ZAR	38,690 $		2,786		—	(45	)
Citigroup Inc	03/20/2019	$	1,779	KRW	2,002,130		—	(1	)
Citigroup Inc	03/20/2019	$	5,820	KRW	6,494,356		45	—
Citigroup Inc	03/20/2019	KRW	1,187,395 $		1,055		1	—
Citigroup Inc	03/20/2019	KRW	5,549,549 $		4,967		—	(32	)
Citigroup Inc	03/20/2019	$	16,058	SEK	143,927		451	—
Citigroup Inc	03/20/2019	$	588	SEK	5,438		—	(2	)
Citigroup Inc	03/20/2019	SEK	55,428 $		6,168		—	(158	)
Citigroup Inc	03/20/2019	SEK	41,750 $		4,477		50	—
Citigroup Inc	03/20/2019	CHF	4,795 $		4,854		—	(41	)
Citigroup Inc	03/20/2019	CHF	6,579 $		6,584		20	—
Citigroup Inc	03/20/2019	$	20,074	CHF	19,768		231	—
Citigroup Inc	03/20/2019	$	247	CHF	246		—	—
Citigroup Inc	03/20/2019	$	81	THB	2,512		1	—
Citigroup Inc	03/20/2019	THB	2,440 $		74		3	—
Citigroup Inc	03/20/2019	THB	72 $		2		—	—
Citigroup Inc	06/19/2019	AUD	7,858 $		5,628		—	(46	)
Citigroup Inc	06/19/2019	$	3,030	AUD	4,228		28	—
Citigroup Inc	06/19/2019	$	3,912	BRL	14,676		37	—
Citigroup Inc	06/19/2019	BRL	43 $		11		—	—
Citigroup Inc	06/19/2019	$	2,858	BRL	10,842		—	(5	)
Citigroup Inc	06/19/2019	$	7	GBP	5		—	—
Citigroup Inc	06/19/2019	GBP	1,111 $		1,468		13	—
Citigroup Inc	06/19/2019	GBP	588 $		785		—	(2	)
Citigroup Inc	06/19/2019	$	505	GBP	384		—	(7	)
Citigroup Inc	06/19/2019	CAD	7,756 $		5,894		16	—
Citigroup Inc	06/19/2019	CAD	1,338 $		1,020		—	(1	)
Citigroup Inc	06/19/2019	$	72	CAD	95		—	—
Citigroup Inc	06/19/2019	$	1,224	CAD	1,611		—	(4	)
Citigroup Inc	06/19/2019	CLP	1,519 $		2		—	—
Citigroup Inc	06/19/2019	CLP	40,122 $		61		—	—
Citigroup Inc	06/19/2019	$	28	CLP	18,600		—	—
Citigroup Inc	06/19/2019	$	143	CLP	93,210		1	—
Citigroup Inc	06/19/2019	$	424	CNY	2,868		—	(4	)
Citigroup Inc	06/19/2019	$	1,160	CNY	7,758		3	—
Citigroup Inc	06/19/2019	CNY	120 $		18		—	—
Citigroup Inc	06/19/2019	CNY	232 $		35		—	—
Citigroup Inc	06/19/2019	COP	15,481 $		5		—	—
Citigroup Inc	06/19/2019	COP	46,443 $		15		—	—
Citigroup Inc	06/19/2019	CZK	6,100 $		271		1	—
Citigroup Inc	06/19/2019	$	245	CZK	5,500		—	—
Citigroup Inc	06/19/2019	$	4,439	EUR	3,859		10	—
Citigroup Inc	06/19/2019	$	13,257	EUR	11,578		—	(31	)
Citigroup Inc	06/19/2019	EUR	530 $		607		1	—
Citigroup Inc	06/19/2019	EUR	711 $		817		—	(1	)
Citigroup Inc	06/19/2019	$	90	HKD	701		—	—
Citigroup Inc	06/19/2019	HKD	12,427 $		1,589		—	(1	)
Citigroup Inc	06/19/2019	$	1,056	HUF	292,500		—	(7	)
Citigroup Inc	06/19/2019	HUF	10,001 $		36		—	—
Citigroup Inc	06/19/2019	$	56	INR	4,000		—	—
Citigroup Inc	06/19/2019	INR	116,659 $		1,615		9	—
Citigroup Inc	06/19/2019	IDR	1,852,083 $		129		—	—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

					Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept		Currency to Deliver		Asset		Liability
Citigroup Inc	06/19/2019	$	23	IDR	326,212	$		— $	—
Citigroup Inc	06/19/2019	IDR	5,826,713 $		410			—	(4	)
Citigroup Inc	06/19/2019	$	115	IDR	1,642,958			1	—
Citigroup Inc	06/19/2019	ILS	4,010 $		1,118			—	(3	)
Citigroup Inc	06/19/2019	$	3,281	ILS	11,770			10	—
Citigroup Inc	06/19/2019	JPY	367,670 $		3,353			—	(25	)
Citigroup Inc	06/19/2019	$	3,262	JPY	358,302			19	—
Citigroup Inc	06/19/2019	MXN	105,646 $		5,415			—	(24	)
Citigroup Inc	06/19/2019	$	321	MXN	6,261			2	—
Citigroup Inc	06/19/2019	TWD	1,849 $		60			—	—
Citigroup Inc	06/19/2019	$	692	TWD	21,213			1	—
Citigroup Inc	06/19/2019	TWD	375 $		12			—	—
Citigroup Inc	06/19/2019	$	519	TWD	15,910			—	—
Citigroup Inc	06/19/2019	$	1,498	NZD	2,178			12	—
Citigroup Inc	06/19/2019	NZD	7,963 $		5,472			—	(39	)
Citigroup Inc	06/19/2019	$	1,949	NOK	16,698			—	(12	)
Citigroup Inc	06/19/2019	NOK	3,365 $		395			—	—
Citigroup Inc	06/19/2019	$	656	NOK	5,566			2	—
Citigroup Inc	06/19/2019	NOK	3,475 $		406			2	—
Citigroup Inc	06/19/2019	PHP	11,742 $		224			1	—
Citigroup Inc	06/19/2019	PLN	370 $		98			—	—
Citigroup Inc	06/19/2019	$	178	PLN	676			—	(1	)
Citigroup Inc	06/19/2019	PLN	1,110 $		291			3	—
Citigroup Inc	06/19/2019	$	19	SGD	26			—	—
Citigroup Inc	06/19/2019	SGD	2,369 $		1,759			—	(3	)
Citigroup Inc	06/19/2019	SGD	1,184 $		878			—	—
Citigroup Inc	06/19/2019	$	215	SGD	289			1	—
Citigroup Inc	06/19/2019	$	516	ZAR	7,275			6	—
Citigroup Inc	06/19/2019	ZAR	1,321 $		92			1	—
Citigroup Inc	06/19/2019	ZAR	4,464 $		317			—	(4	)
Citigroup Inc	06/19/2019	$	62	ZAR	880			—	—
Citigroup Inc	06/19/2019	KRW	368,317 $		329			—	—
Citigroup Inc	06/19/2019	$	1,953	KRW	2,181,180			8	—
Citigroup Inc	06/19/2019	$	917	KRW	1,029,719			—	(1	)
Citigroup Inc	06/19/2019	KRW	315,744 $		283			—	(1	)
Citigroup Inc	06/19/2019	$	1,145	SEK	10,438			5	—
Citigroup Inc	06/19/2019	SEK	4,293 $		464			5	—
Citigroup Inc	06/19/2019	$	4,578	SEK	42,383			—	(53	)
Citigroup Inc	06/19/2019	$	2,193	CHF	2,164			1	—
Citigroup Inc	06/19/2019	CHF	4 $		4			—	—
Citigroup Inc	06/19/2019	$	6,728	CHF	6,665			—	(22	)
Citigroup Inc	06/19/2019	CHF	162 $		164			—	—
Citigroup Inc	06/19/2019	THB	2,512 $		80			—	—
Credit Suisse	03/28/2019	$	1,071	COP	3,330,000			—	(9	)
Deutsche Bank AG	03/20/2019	GBP	2,407 $		3,149			47	—
Deutsche Bank AG	03/29/2019	$	1,380	GBP	1,046			—	(9	)
Deutsche Bank AG	03/29/2019	$	470	EUR	412			—	—
Goldman Sachs & Co	03/20/2019	EUR	3,409 $		3,901			—	(18	)
Goldman Sachs & Co	03/20/2019	EUR	2,079 $		2,363			5	—
HSBC Securities Inc	03/20/2019	EUR	1,133 $		1,288			3	—
HSBC Securities Inc	03/28/2019	BRL	25,600 $		6,803			1	—
HSBC Securities Inc	03/28/2019	CLP	4,430,000 $		6,833			—	(77	)
HSBC Securities Inc	03/28/2019	$	6,788	RUB	448,000			15	—
HSBC Securities Inc	03/28/2019	$	4,575	ZAR	64,000			46	—
JPMorgan Chase	03/20/2019	EUR	514 $		581			5	—
Merrill Lynch	03/04/2019	$	162	COP	510,785			—	(4	)
Merrill Lynch	03/04/2019	COP	510,785 $		165			1	—
Merrill Lynch	03/07/2019	$	229	EUR	200			1	—
Merrill Lynch	03/08/2019	IDR	3,483,560 $		249			—	(2	)
Merrill Lynch	03/25/2019	TRY	870 $		160			1	—
Merrill Lynch	03/29/2019	KRW	178,940 $		160			—	(1	)
Merrill Lynch	04/15/2019	NOK	18,155 $		2,141			—	(14	)
Morgan Stanley & Co	03/05/2019	INR	13,170 $		184			1	—
Morgan Stanley & Co	03/05/2019	$	183	INR	13,170			—	(2	)
Morgan Stanley & Co	03/06/2019	RUB	9,160 $		139			—	—
Morgan Stanley & Co	03/07/2019	ARS	1,800 $		47			—	(1	)
Morgan Stanley & Co	03/07/2019	$	46	ARS	1,800			—	—
Morgan Stanley & Co	03/07/2019	BRL	510 $		139			—	(3	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

													Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date			Currency to Accept				Currency to Deliver							Asset		Liability
Morgan Stanley & Co		03/07/2019		$			136		BRL				510	$	— $				—
Morgan Stanley & Co		03/14/2019		$			167		INR				11,865		—				—
Morgan Stanley & Co		03/14/2019		INR			11,865 $						168		—				(1	)
Morgan Stanley & Co		03/20/2019		$			1,050		CNH				7,137		—				(15	)
Morgan Stanley & Co		03/20/2019		$			250		KRW				280,875		—				—
Morgan Stanley & Co		03/25/2019		$			261		GBP				200		—				(4	)
Morgan Stanley & Co		03/28/2019		$			164		ARS				6,610		—				(1	)
Morgan Stanley & Co		03/28/2019		ARS			6,610 $						164		1				—
Morgan Stanley & Co		03/29/2019		$			6,263		ZAR				86,950		111				—
Morgan Stanley & Co		04/08/2019		ARS			1,800 $						45		—				—
Morgan Stanley & Co		04/08/2019		BRL			510 $						135		—				—
Morgan Stanley & Co		04/15/2019		MYR			8,735 $						2,127		14				—
State Street Financial Global Markets		03/20/2019		JPY		211,600 $							1,950		—				(49	)
UBS AG		03/04/2019		$			163		THB				5,125		—				—
UBS AG		03/04/2019		THB			5,125 $						165		—				(2	)
UBS AG		03/11/2019		SGD			210 $						155		—				—
UBS AG		03/20/2019		JPY		436,100 $							3,945		—				(27	)
UBS AG		04/04/2019		THB			5,125 $						163		—				—
UBS AG		04/15/2019		HUF		397,285 $							1,431		6				—
Total													$		14,968	$	(17,141			)
Amounts in thousands.


Credit Default Swaps

Buy Protection
		Implied Credit
		Spread as of		(Pay)/									Upfront		Unrealized
		February 28,		Receive Fixed		Payment				Notional			Payments/		Appreciation/		Fair Value
Counterparty	Reference Entity	2019	(a)	Rate		Frequency	Maturity Date			Amount			(Receipts)		(Depreciation)		Asset ----Liability
Bank of America NA	CDX.30.EM.100	N/A		(1.00)%		Quarterly	12/20/2023			$	1,330	$	38	$	(1	)$	37	$	—
Barclays Bank PLC	ITRAXX.ASIA	N/A		(1.00)%		Quarterly	12/20/2023			16,800			(102	)	(121	)	—		(223	)
Goldman Sachs & Co	Frontier	21.01	%	(5.00	)%	Quarterly	06/20/2022				3,000		730		238		968		—
	Communications, 9.00%,
	08/15/2031
Goldman Sachs & Co	Gap Inc/The, 5.95%,	0.74	%	(1.00	)%	Quarterly	12/20/2021				3,000		177		(198	)	—		(21	)
	04/12/2021
Goldman Sachs & Co	Hertz Corp/The, 5.88%,	2.73	%	(5.00	)%	Quarterly	12/20/2020				6,000		26		(261	)	—		(235	)
	10/15/2020
Goldman Sachs & Co	International Lease	0.64	%	(5.00	)%	Quarterly	12/20/2021				6,000		(593	)	(114	)	—		(707	)
	Finance Corp, 8.25%,
	12/15/2020
Goldman Sachs & Co	JC Penney Corp Inc,	29.84	%	(5.00	)%	Quarterly	12/20/2022				1,500		256		516		772		—
	6.38%, 10/15/2036
Goldman Sachs & Co	JC Penney Corp Inc,	26.79	%	(5.00	)%	Quarterly	12/20/2021				1,000		323		84		407		—
	6.38%, 10/15/2036
Goldman Sachs & Co	Kohl's Corp, 4.00%,	0.53	%	(1.00	)%	Quarterly	12/20/2021				3,000		105		(144	)	—		(39	)
	11/01/2021
Goldman Sachs & Co	Macy's Retail Holdings	1.38	%	(1.00	)%	Quarterly	12/20/2022				3,000		238		(197	)	41		—
	Inc, 3.45%, 01/15/2021
Goldman Sachs & Co	Nordstrom Inc, 6.95%,	0.61	%	(1.00	)%	Quarterly	12/20/2021				3,000		44		(76	)	—		(32	)
	03/15/2028
Goldman Sachs & Co	RR Donnelley and Sons	6.96	%	(5.00	)%	Quarterly	12/20/2023				2,000		100		47		147		—
	Co, 7.88%, 03/15/2021
Goldman Sachs & Co	Staples Inc, 3.75%,	1.78	%	(1.00	)%	Quarterly	12/20/2021				3,000		111		(48	)	63		—
	01/12/2018
HSBC Securities Inc	Republic of South Africa	1.75	%	(1.00	)%	Quarterly	12/20/2023			12,800			483		(62	)	421		—
	Government International
	Bond, 5.50%, 03/09/2020
HSBC Securities Inc	Saudi Government	0.83	%	(1.00	)%	Quarterly	12/20/2023				1,600		3		(15	)	—		(12	)
	International Bond,
	2.38%, 10/26/2021
JPMorgan Chase	Saudi Government	0.83	%	(1.00	)%	Quarterly	12/20/2023				9,875		13		(87	)	—		(74	)
	International Bond,
	2.38%, 10/26/2021
Merrill Lynch	Enel Spa, 5.25%,	0.76	%	(1.00	)%	Quarterly	06/20/2023			EUR	1,700		(1	)	(19	)	—		(20	)
	05/20/2024
Morgan Stanley & Co	CMBX.NA.AAA	N/A		(3.00)%		Monthly	05/11/2063			$	2,000		238		6		244		—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Credit Default Swaps (continued)

Buy Protection (continued)
		Implied Credit
		Spread as of		(Pay)/								Upfront			Unrealized
		February 28,		Receive Fixed		Payment		Notional		Payments/			Appreciation/				Fair Value
Counterparty	Reference Entity	2019	(a)	Rate		Frequency	Maturity Date	Amount		(Receipts)					(Depreciation)		Asset --- -Liability
Morgan Stanley & Co	Enel Spa, 5.25%,	0.85	%	(1.00	)%	Quarterly	12/20/2023	EUR	1,120		$	7		$	(15	)$	— $		(8	)
	05/20/2024
Morgan Stanley & Co	ITRAXX.ASIA	N/A		(1.00	)%	Quarterly	12/20/2023	$	1,330			(18		)	—		—		(18	)
Total										$		2,178		$	(467)$		3,100	$ (1,389)
Amounts in thousands.
Exchange Cleared Credit Default Swaps

Buy Protection
		Implied Credit
		Spread as of		(Pay)/								Upfront			Unrealized
		February 28,		Receive Fixed		Payment		Notional		Payments/			Appreciation/
Reference Entity		2019	(a)	Rate		Frequency	Maturity Date	Amount		(Receipts)			(Depreciation)				Fair Value
Argentine Republic Government International		6.59	%	(5.00	)%	Quarterly	12/20/2023	$	285		$	14		$	5	$	19
Bond, 7.50%, 04/22/2026
Argentine Republic Government International		6.52	%	(5.00	)%	Quarterly	06/20/2023		284			1			16		17
Bond, 7.50%, 04/22/2026
Argentine Republic Government International		6.52	%	(5.00	)%	Quarterly	06/20/2023		760			1			44		45
Bond, 7.50%, 04/22/2026
Argentine Republic Government International		6.52	%	(5.00	)%	Quarterly	06/20/2023		3,167			248			(58	)	190
Bond, 7.50%, 04/22/2026
CDX.NA.HY.31		N/A		(5.00	)%	Quarterly	12/20/2023		2,940			(97		)	(86	)	(183	)
ITRAXX.30.15		N/A		(5.00	)%	Quarterly	12/20/2023	EUR	2,368			(187		)	(77	)	(264	)
ITRAXX.CDS.I		N/A		(5.00	)%	Quarterly	12/20/2022		7,893			(773		)	22		(751	)
Turkey Government International Bond, 11.88%,		3.92	%	(1.00	)%	Quarterly	12/20/2023	$ 20,256				2,165			(439)		1,726
01/15/2030
Total										$		1,372		$	(573	)$	799
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.

Currency Swaps

Notional Amount

Upfront

Unrealized

Payment

of Currency

Payments/

Appreciation/

Fair Value

Counterparty

Fund Receives

Fund Pays

Frequency

Maturity Date

Received

Delivered

(Receipts)

(Depreciation)

Asset ---- Liability

Merrill Lynch

3 Month Euro

4.08%

Quarterly

06/21/2021

EUR

5,677 RON

27,000 $

— $

(43

— $

(43

)

Interbank Offered

Rate

Total

— $

(43

— $

(43

)

Amounts in thousands.

Interest Rate Swaps

(Pay)/

Receive

Unrealized

Upfront

Floating

Fixed

Payment

Effective

Notional

Appreciation/

Payments/

Fair Value

Counterparty

Floating Rate Index

Rate

Frequency

Date (a)

Maturity Date

Amount

(Depreciation)

(Receipts)

Asset ---- Liability

Bank of America NA

6 Month Thai Baht

Receive

1.87% Semiannual

N/A

12/13/2023

THB

70,715$

— $

—

Interest Rate Fixing

Bank of America NA

6 Month Thai Baht

Receive

2.14% Semiannual

N/A

08/02/2023

63,000

(17

)

—

(17

)

Interest Rate Fixing

Bank of America NA

6 Month Thai Baht

Receive

2.09% Semiannual

N/A

07/11/2023

58,736

(12

)

—

(11

)

Interest Rate Fixing

Bank of America NA

6 Month Thai Baht

Receive

2.14% Semiannual

N/A

05/11/2023

163,172

(48

)

—

(48

)

Interest Rate Fixing

Bank of America NA

6 Month Thai Baht

Receive

2.10% Semiannual

N/A

05/15/2023

163,172

(38

)

—

(38

)

Interest Rate Fixing

Bank of America NA

Bank Negara Malaysia

Pay

3.62% Quarterly

N/A

03/20/2020

MYR

63,000

)

—

)

Klibor Interbank Offered

Rate Fixing 3 Month


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Interest Rate Swaps (continued)

		(Pay)/
		Receive											Unrealized		Upfront
		Floating	Fixed		Payment	Effective				Notional			Appreciation/		Payments/		Fair Value
Counterparty	Floating Rate Index	Rate	Rate		Frequency	Date (a)	Maturity Date			Amount			(Depreciation)		(Receipts)		Asset ---- Liability
Bank of America NA	Bank Negara Malaysia	Receive	3.79	%	Quarterly	N/A	03/20/2024		MYR	13,500	$	1		$	— $		1	$	—
	Klibor Interbank Offered
	Rate Fixing 3 Month
Bank of America NA	China Foreign Exchange	Pay	3.63	%	Quarterly	N/A	05/04/2023		CNY	21,937		96			1		97		—
	Trade System Fixing
	Repo Rates 7 Day
Bank of America NA	China Foreign Exchange	Pay	3.77	%	Quarterly	N/A	09/18/2022			5,859		28			—		28		—
	Trade System Fixing
	Repo Rates 7 Day
Bank of America NA	China Foreign Exchange	Pay	3.72	%	Quarterly	N/A	06/22/2022			11,886		52			—		52		—
	Trade System Fixing
	Repo Rates 7 Day
Bank of America NA	China Foreign Exchange	Pay	3.98	%	Quarterly	N/A	03/24/2022			9,200		49			—		49		—
	Trade System Fixing
	Repo Rates 7 Day
Bank of America NA	China Foreign Exchange	Pay	4.01	%	Quarterly	N/A	11/01/2022			5,889		36			—		36		—
	Trade System Fixing
	Repo Rates 7 Day
Bank of America NA	China Foreign Exchange	Pay	3.85	%	Quarterly	N/A	09/08/2022			8,370		44			—		44		—
	Trade System Fixing
	Repo Rates 7 Day
Bank of America NA	Financial Benchmarks	Receive	6.60%		Semiannual	N/A	04/03/2023		INR	282,500		(82		)	—		—		(82	)
	India Pvt. Ltd -
	Overnight Mumbai
	Interbank Offered Rate
Bank of America NA	Financial Benchmarks	Receive	7.49%		Semiannual	N/A	10/03/2023		133,728			(98		)	—		—		(98	)
	India Pvt. Ltd -
	Overnight Mumbai
	Interbank Offered Rate
Barclays Bank PLC	6 Month Budapest	Receive	1.33%		Semiannual	N/A	12/12/2021		HUF	3,208,874		(40		)	—		—		(40	)
	Interbank Offered Rate
Barclays Bank PLC	6 Month Warsaw	Receive	2.20%		Semiannual	N/A	12/12/2023		PLN	10,712		(17		)	—		—		(17	)
	Interbank Offered Rate
Barclays Bank PLC	Brazil Cetip DI Interbank	Pay	7.84	%	Annual	N/A	01/03/2022		BRL	9,050		8			—		8		—
	Deposit Rate
Barclays Bank PLC	China Foreign Exchange	Pay	2.98	%	Quarterly	N/A	12/12/2023		CNY	7,120		2			—		2		—
	Trade System Fixing
	Repo Rates 7 Day
Barclays Bank PLC	Financial Benchmarks	Receive	7.54%		Semiannual	N/A	10/10/2023		INR	174,580		(145		)	—		—		(145	)
	India Pvt. Ltd -
	Overnight Mumbai
	Interbank Offered Rate
Merrill Lynch	6 Month Thai Baht	Receive	2.22%		Semiannual	N/A	05/22/2023		THB	94,961		(37		)	—		—		(37	)
	Interest Rate Fixing
Total										$		(218		)$	2	$	324	$	(540	)
Amounts in thousands.
Exchange Cleared Interest Rate Swaps

		(Pay)/
		Receive											Unrealized		Upfront
		Floating	Fixed		Payment	Effective				Notional			Appreciation/		Payments/
Floating Rate Index		Rate	Rate		Frequency	Date (a)	Maturity Date			Amount			(Depreciation)		(Receipts		Fair Value
3 Month Johannesburg Interbank Agreed Rate		Pay	7.82	%	Quarterly	N/A	05/08/2028	ZAR		14,707	$	(10		)$	— $		(10	)
3 Month Johannesburg Interbank Agreed Rate		Pay	6.88	%	Quarterly	N/A	05/11/2020			69,549		(14		)	1		(13	)
3 Month Johannesburg Interbank Agreed Rate		Pay	7.64	%	Quarterly	N/A	03/29/2028			11,583		(18		)	1		(17	)
3 Month Johannesburg Interbank Agreed Rate		Pay	7.91	%	Quarterly	N/A	05/24/2028			17,804		(4		)	(1	)	(5	)
3 Month Johannesburg Interbank Agreed Rate		Pay	7.20	%	Quarterly	N/A	06/04/2020		132,866			14			(4	)	10
3 Month Johannesburg Interbank Agreed Rate		Receive	7.01	%	Quarterly	N/A	06/04/2020		132,866			10			1		11
3 Month Johannesburg Interbank Agreed Rate		Receive	7.76	%	Quarterly	N/A	12/21/2026			28,000		7			—		7
3 Month Johannesburg Interbank Agreed Rate		Pay	6.95	%	Quarterly	N/A	03/22/2021			53,793		(15		)	2		(13	)
3 Month Johannesburg Interbank Agreed Rate		Pay	7.72	%	Quarterly	N/A	04/26/2028			19,000		(21		)	—		(21	)
3 Month KRW Certificate of Deposit		Pay	2.39	%	Quarterly	N/A	04/26/2028	KRW	2,174,550			102			—		102
3 Month KRW Certificate of Deposit		Pay	2.27	%	Quarterly	N/A	04/26/2023		4,196,500			77			—		77
3 Month KRW Certificate of Deposit		Pay	2.18	%	Quarterly	N/A	05/31/2023		4,141,500			63			1		64
3 Month KRW Certificate of Deposit		Pay	2.39	%	Quarterly	N/A	04/27/2028		2,174,550			102			—		102
3 Month KRW Certificate of Deposit		Pay	2.05	%	Quarterly	N/A	04/27/2020		10,376,800			21			—		21


		Consolidated Schedule of Investments
				Global Multi-Strategy Fund
				February 28, 2019 (unaudited)


	Exchange Cleared Interest Rate Swaps (continued)
	(Pay)/
	Receive									Unrealized			Upfront
	Floating	Fixed		Payment	Effective			Notional		Appreciation/			Payments/
Floating Rate Index	Rate	Rate		Frequency	Date (a)	Maturity Date		Amount		(Depreciation)		(Receipts			Fair Value
3 Month KRW Certificate of Deposit	Pay	2.11	%	Quarterly	N/A	07/19/2023	KRW	4,748,000	$	62	$	1		$	63
3 Month KRW Certificate of Deposit	Pay	1.85	%	Quarterly	N/A	12/12/2028	3,200,000			13		—			13
3 Month Stockholm Interbank Offered Rate	Receive	1.27	%	Quarterly	N/A	03/27/2028	SEK	15,100		(52	)	1			(51	)
3 Month USD LIBOR	Receive	2.81	%	Quarterly	N/A	12/12/2021	$	1,835		(12	)	—			(12	)
3 Month USD LIBOR	Receive	2.88	%	Quarterly	N/A	09/07/2021		1,289		(10	)	1			(9	)
3 Month USD LIBOR	Receive	2.90	%	Quarterly	N/A	07/19/2023		2,097		(30	)	—			(30	)
3 Month USD LIBOR	Receive	2.77	%	Quarterly	N/A	03/07/2025		3,938		(40	)	—			(40	)
3 Month USD LIBOR	Receive	2.75	%	Quarterly	N/A	03/29/2025		1,575		(14	)	—			(14	)
3 Month USD LIBOR	Receive	2.84	%	Quarterly	N/A	12/13/2023		812		(11	)	1			(10	)
3 Month USD LIBOR	Pay	2.81%		Semiannual	N/A	07/09/2020		6,292		13		—			13
3 Month USD LIBOR	Receive	2.61	%	Quarterly	N/A	01/10/2024		10,227		(25	)	—			(25	)
3 Month USD LIBOR	Receive	2.57	%	Quarterly	N/A	01/07/2024		10,279		(3	)	—			(3	)
3 Month USD LIBOR	Receive	2.57	%	Quarterly	N/A	01/08/2022		1,012		—		—			—
3 Month USD LIBOR	Receive	3.16	%	Quarterly	N/A	11/06/2023		3,990		(106	)	—			(106	)
3 Month USD LIBOR	Receive	3.04	%	Quarterly	N/A	05/22/2025		3,180		(82	)	—			(82	)
3 Month USD LIBOR	Receive	2.94	%	Quarterly	N/A	05/10/2023		1,785		(28	)	—			(28	)
3 Month USD LIBOR	Receive	2.88	%	Quarterly	N/A	08/21/2025		6,337		(107	)	1			(106	)
3 Month USD LIBOR	Receive	2.09	%	Quarterly	N/A	03/03/2022		7,419		100		1			101
3 Month USD LIBOR	Receive	2.00	%	Quarterly	N/A	04/11/2022		5,502		93		—			93
3 Month USD LIBOR	Receive	2.84	%	Quarterly	N/A	12/13/2023		406		(5	)	—			(5	)
3 Month USD LIBOR	Receive	1.94	%	Quarterly	N/A	01/10/2022		2,111		37		—			37
3 Month USD LIBOR	Receive	2.97	%	Quarterly	N/A	08/03/2021		1,008		(9	)	—			(9	)
3 Month USD LIBOR	Receive	3.08	%	Quarterly	N/A	09/24/2023		788		(18	)	—			(18	)
3 Month USD LIBOR	Pay	1.74%		Semiannual	N/A	07/05/2020		11,160		(136	)	1			(135	)
3 Month USD LIBOR	Receive	2.97	%	Quarterly	N/A	05/04/2025		2,381		(51	)	—			(51	)
3 Month USD LIBOR	Receive	3.09	%	Quarterly	N/A	10/01/2024		4,584		(122	)	—			(122	)
3 Month USD LIBOR	Receive	2.62	%	Quarterly	N/A	01/17/2024		739		(2	)	—			(2	)
3 Month USD LIBOR	Pay	2.98%		Semiannual	N/A	08/07/2023		4,428		78		—			78
3 Month USD LIBOR	Receive	3.04	%	Quarterly	N/A	08/07/2028		2,362		(66	)	—			(66	)
3 Month USD LIBOR	Receive	2.79	%	Quarterly	N/A	03/26/2023		3,918		(37	)	—			(37	)
3 Month USD LIBOR	Pay	3.08%		Semiannual	N/A	10/26/2020		9,736		70		—			70
3 Month USD LIBOR	Receive	2.71	%	Quarterly	N/A	02/09/2025		7,061		(46	)	—			(46	)
3 Month USD LIBOR	Pay	2.61%		Semiannual	N/A	03/26/2020		9,437		(5	)	—			(5	)
3 Month USD LIBOR	Receive	2.12	%	Quarterly	N/A	03/08/2022		6,219		79		—			79
3 Month USD LIBOR	Receive	2.02	%	Quarterly	N/A	02/07/2022		4,265		67		—			67
3 Month USD LIBOR	Receive	1.93	%	Quarterly	N/A	01/13/2022		4,225		76		—			76
3 Month USD LIBOR	Receive	2.23	%	Quarterly	N/A	04/03/2024		4,061		65		—			65
3 Month USD LIBOR	Receive	2.02	%	Quarterly	N/A	01/23/2022		5,283		82		—			82
3 Month USD LIBOR	Receive	1.92	%	Quarterly	N/A	01/11/2022		2,111		38		—			38
3 Month USD LIBOR	Receive	2.69	%	Quarterly	9/18/2019	12/18/2019		48,650		(10	)	—			(10	)
3 Month USD LIBOR	Receive	1.89	%	Quarterly	N/A	01/19/2022		2,111		40		—			40
3 Month USD LIBOR	Receive	1.19	%	Quarterly	N/A	08/11/2021		6,434		214		—			214
3 Month USD LIBOR	Receive	2.21	%	Quarterly	N/A	03/15/2022		5,314		54		—			54
3 Month USD LIBOR	Receive	2.93	%	Quarterly	N/A	06/11/2025		3,963		(79	)	1			(78	)
3 Month USD LIBOR	Receive	2.97	%	Quarterly	N/A	04/25/2025		2,700		(58	)	—			(58	)
3 Month USD LIBOR	Receive	2.75	%	Quarterly	N/A	03/08/2023		1,892		(15	)	—			(15	)
3 Month USD LIBOR	Pay	2.77% Semiannual			N/A	05/10/2020		4,292		5		1			6
6 Month Budapest Interbank Offered Rate	Receive	0.76% Semiannual			N/A	05/29/2021	HUF	1,242,450		27		—			27
6 Month Budapest Interbank Offered Rate	Receive	1.12% Semiannual			N/A	07/17/2022	688,840			19		—			19
6 Month Budapest Interbank Offered Rate	Receive	1.58% Semiannual			N/A	01/08/2024	600,000			7		1			8
6 Month Budapest Interbank Offered Rate	Receive	1.68% Semiannual			N/A	06/13/2023	724,713			(15	)	—			(15	)
6 Month Budapest Interbank Offered Rate	Receive	1.58% Semiannual			N/A	08/15/2021	795,400			(34	)	—			(34	)
6 Month Budapest Interbank Offered Rate	Receive	1.54% Semiannual			N/A	09/25/2021	756,200			(28	)	—			(28	)
6 Month Budapest Interbank Offered Rate	Receive	1.89% Semiannual			N/A	06/29/2023	631,810			(33	)	1			(32	)
6 Month Budapest Interbank Offered Rate	Receive	1.29% Semiannual			N/A	12/14/2021	1,089,495			(12	)	1			(11	)
6 Month Budapest Interbank Offered Rate	Receive	1.32% Semiannual			N/A	12/04/2021	1,197,000			(16	)	1			(15	)
6 Month Budapest Interbank Offered Rate	Receive	2.46% Semiannual			N/A	10/18/2023	334,950			(45	)	(1		)	(46	)
6 Month Budapest Interbank Offered Rate	Receive	2.09% Semiannual			N/A	07/11/2023	482,425			(39	)	—			(39	)
6 Month Budapest Interbank Offered Rate	Receive	0.77% Semiannual			N/A	06/08/2021	534,314			11		—			11
6 Month Budapest Interbank Offered Rate	Receive	1.56% Semiannual			N/A	09/28/2021	676,600			(26	)	—			(26	)
6 Month Budapest Interbank Offered Rate	Receive	0.98% Semiannual			N/A	12/21/2020	1,176,450			(9	)	—			(9	)
6 Month Warsaw Interbank Offered Rate	Receive	2.52% Semiannual			N/A	03/09/2022	PLN	3,605		(18	)	—			(18	)
6 Month Warsaw Interbank Offered Rate	Receive	2.05% Semiannual			N/A	02/28/2024		5,883		4		—			4
6 Month Warsaw Interbank Offered Rate	Receive	2.46% Semiannual			N/A	05/14/2023		4,788		(23	)	—			(23	)
6 Month Warsaw Interbank Offered Rate	Receive	2.54% Semiannual			N/A	05/17/2023		5,873		(33	)	—			(33	)
6 Month Warsaw Interbank Offered Rate	Receive	2.48% Semiannual			N/A	03/23/2023		4,152		(21	)	—			(21	)
6 Month Warsaw Interbank Offered Rate	Receive	2.54% Semiannual			N/A	06/11/2023		11,235		(63	)	—			(63	)


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Exchange Cleared Interest Rate Swaps (continued)

		(Pay)/
		Receive										Unrealized		Upfront
		Floating	Fixed		Payment	Effective				Notional		Appreciation/		Payments/
Floating Rate Index		Rate	Rate		Frequency	Date (a)	Maturity Date			Amount		(Depreciation)		(Receipts		Fair Value
6 Month Warsaw Interbank Offered Rate		Receive	2.37% Semiannual			N/A	04/26/2022	PLN		6,600	$	(27	)$	2	$	(25	)
6 Month Warsaw Interbank Offered Rate		Receive	2.55% Semiannual			N/A	03/10/2022			6,420		(33	)	—		(33	)
6 Month Warsaw Interbank Offered Rate		Receive	2.44% Semiannual			N/A	05/07/2023			11,752		(54	)	—		(54	)
Brazil Cetip DI Interbank Deposit Rate		Pay	7.58	%	Annual	N/A	01/03/2022	BRL 37,169				(20	)	—		(20	)
Canada Bankers Acceptances 3 Month		Pay	2.44% Semiannual			N/A	03/22/2023	CAD		5,285		33		5		38
Canada Bankers Acceptances 3 Month		Pay	2.62% Semiannual			N/A	03/23/2028			2,642		34		4		38
Canada Bankers Acceptances 3 Month		Pay	2.58% Semiannual			N/A	03/22/2028			2,642		27		5		32
Canada Bankers Acceptances 3 Month		Pay	2.53% Semiannual			N/A	04/03/2028			2,670		18		5		23
MXN TIIE Banxico		Pay	8.14	%	Monthly	N/A	02/04/2022	MXN		47,869		4		—		4
MXN TIIE Banxico		Pay	8.32	%	Monthly	N/A	03/16/2022			71,510		26		—		26
MXN TIIE Banxico		Receive	8.37	%	Monthly	N/A	03/13/2024			46,000		(31	)	1		(30	)
MXN TIIE Banxico		Pay	8.43	%	Monthly	N/A	12/31/2021			52,578		25		—		25
MXN TIIE Banxico		Pay	8.06	%	Monthly	N/A	03/16/2022			67,000		—		—		—
MXN TIIE Banxico		Pay	8.69	%	Monthly	N/A	03/16/2022			78,771		69		—		69
MXN TIIE Banxico		Receive	8.76	%	Monthly	N/A	03/13/2024			51,150		(77	)	—		(77	)
MXN TIIE Banxico		Receive	8.06	%	Monthly	N/A	03/13/2024			43,000		(1	)	—		(1	)
MXN TIIE Banxico		Pay	8.46	%	Monthly	N/A	01/07/2022			30,000		15		1		16
US Federal Funds Effective Rate (continuous		Pay	2.43	%	Annual	N/A	12/18/2019		$	48,650		4		1
series)																5
Total										$		(14	)$	37	$	23
Amounts in thousands.
a) Forward swap.


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	09/25/2020		$	168	$	— $		— $		—
	Month GBP LIBOR plus/ long and short securities traded in
	less spread	GBP
Bank of America NA	Floating rate based on the Total return on a custom basket of					Monthly	09/25/2020-			2,582		—		28		—
	Euro Interbank Offered	long and short securities traded in					12/28/2020
	rate plus/less spread	EUR
Deutsche Bank AG	Floating rate based on 1	Total return on a custom basket of				Monthly	03/18/2021			1,652		—		155		—
	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			242		—		—		(39	)
	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			3,706		—		—		(57	)
	Month LIBOR plus/less l ong and short securities traded in
	spread	TWD
Deutsche Bank AG	Floating rate based on the Total return on a custom basket of					Monthly	03/20/2023			1,133		—		67		—
	Mexico Interbank TIIE	long and short securities traded in
	rate plus/less spread	MXN
Deutsche Bank AG	Floating rate based on 1	Total return on a custom basket of				Monthly	06/15/2022			62		—		—		(8	)
	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	03/22/2023			1,547		—		59		—
	Month LIBOR plus/less long and short securities traded in
	spread	BRL
Deutsche Bank AG	Floating rate based on the Total return on a custom basket of					Monthly	05/23/2022			1,032		—		8		—
	Overnight Reserve Bank long and short securities traded in
	of Australia Cash Rate	AUD
	plus/less spread
Deutsche Bank AG	Floating rate based on	Total return on a custom basket of				Monthly	01/19/2022			15,046		—		—		(692	)
	the Hong Kong Interbank long and short securities traded in
	Offered Rate plus/less	HKD
	spread
Deutsche Bank AG(a)	Floating rate based on 1	Total return on a custom basket of				Monthly	05/21/2019-			21,183		—		—		(199	)
	Week LIBOR plus/less	long and short securities traded in					01/21/2020
	spread	GBP
Deutsche Bank AG	Floating rate based on 1	Total return on a custom basket of				Monthly	08/19/2022			8,052		—		229		—
	Week EUR LIBOR plus/ long and short securities traded in
	less spread	EUR

Consolidated Schedule of Investments

Global Multi-Strategy Fund

February 28, 2019 (unaudited)

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

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

03/28/2019-

8,790

— $

(222

)

Month LIBOR plus/less long and short securities traded in

04/19/2019

spread

KRW

Deutsche Bank AG

Floating rate based on 1

Total return on a custom basket of

Monthly

03/22/2019

520

—

Month LIBOR plus/less long and short securities traded in

spread

MYR

Deutsche Bank AG

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

Monthly

01/20/2022

1,140

—

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 the Total return on a custom basket of

Monthly

03/24/2019-

1,587

—

(35

)

Johannesburg Interbank

long and short securities traded in

10/16/2023

Agreed Rate plus/less

ZAR

spread

Goldman Sachs & Co

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

Monthly

01/18/2029

743

—

(42

)

HKD Overnight-Indexed long and short securities traded in

Swap Rate plus/less

HKD

spread

Goldman Sachs & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

12/25/2028-

670

—

(45

)

Month JPY LIBOR plus/ long and short securities traded in JPY

12/26/2028

less spread

Goldman Sachs & Co

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

Monthly

01/19/2029-

126

—

(11

)

Federal Funds Rate plus/ long and short securities traded in

01/24/2029

less spread

KRW

Goldman Sachs & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

01/22/2029

1,410

—

225

—

Month LIBOR plus/less long and short securities traded in

spread

CNY

Goldman Sachs & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

02/01/2029-

1,576

—

Month Euro Interbank

long and short securities traded in

02/07/2029

Offered rate plus/less

EUR

spread

Goldman Sachs & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

12/22/2028-

1,736

—

Month LIBOR plus/less long and short securities traded in

12/26/2028

spread

GBP

JPMorgan Chase

Floating rate based on 1

Total return on a custom basket of

Monthly

06/22/2023

—

(10

)

Month LIBOR plus/less long and short securities traded in

spread

KRW

JPMorgan Chase

Floating rate based on

Total return on a custom basket of

Monthly

06/21/2023

—

the Mexico Equilibrium

long and short securities traded in

Interbank Interest Rate

MXN

plus/less spread

JPMorgan 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

JPMorgan 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

JPMorgan Chase

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

Monthly

07/03/2023

—

)

Federal Funds Rate plus/ long and short securities traded in

less spread

USD

JPMorgan Chase

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

Monthly

06/22/2023-

—

Johannesburg Interbank

long and short securities traded in

12/28/2023

Agreed Rate plus/less

ZAR

spread

JPMorgan Chase

Floating rate based on

Total return on a custom basket of

Monthly

06/21/2023

203

—

the Warsaw Interbank

long and short securities traded in

Offered Rate plus/less

PLN

spread

JPMorgan 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

spread

MYR

Morgan Stanley & Co

Floating rate based on

Total return on a custom basket of

Monthly

01/28/2021

776

—

149

—

the Hong Kong Interbank long and short securities traded in

Offered Rate plus/less

HKD

spread

Consolidated Schedule of Investments

Global Multi-Strategy Fund

February 28, 2019 (unaudited)

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 & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

11/28/2019

10,209

— $

342

—

Month LIBOR plus/less long and short securities traded in JPY

spread

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

01/22/2021

259

—

Month LIBOR plus/less long and short securities traded in

spread

KRW

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

05/20/2020

8,507

—

333

—

Month LIBOR 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

08/19/2020

16,277

—

(193

)

the Euro Overnight Index long and short securities traded in

Average plus/less spread

EUR

Morgan Stanley &

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

Monthly

08/20/2020

35,547

—

300

—

Co^(b)

Bank of Japan Estimate

long and short securities traded in JPY

Unsecured Overnight

Call Rate plus/less spread

Morgan Stanley & Co

Floating rate based on

Total return on a custom basket of

Monthly

11/20/2019

2,665

—

the Tomorrow/Next

long and short securities traded in

Overnight Index Swap

CHF

rate plus/less spread

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

08/19/2020

2,264

—

(139

)

Week LIBOR plus/less

long and short securities traded in

spread

DKK

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

08/19/2020

1,512

—

(60

)

Week LIBOR plus/less

long and short securities traded in

spread

NOK

Morgan Stanley &

Floating rate based on 1

Total return on a custom basket of

Monthly

08/22/2019-

40,187

—

859

—

Co^(c)

Month LIBOR plus/less long and short securities traded in

10/10/2019

spread

USD

Morgan Stanley &

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

Monthly

10/09/2019

32,607

—

(1,413

)

Co^(d)

Euro Interbank Offered

long and short securities traded in

rate plus/less spread

EUR

Morgan Stanley & Co

Floating rate based on 1

Total return on a custom basket of

Monthly

08/19/2020

1,754

—

(99

)

Week LIBOR plus/less

long and short securities traded in

spread

SEK

Morgan Stanley &

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

Monthly

08/19/2020

224,752

—

(2,099

)

Co^(e)

Federal Funds Rate plus/ long and short securities traded in

less spread

USD

UBS AG

Floating rate based on 1

Total return on a custom basket of

Monthly

02/01/2022

211

—

)

Month GBP LIBOR plus/ long and short securities traded in

less spread

GBP

UBS AG

Floating rate based on 1

Total return on a custom basket of

Monthly

02/01/2022

316

—

Day JPY LIBOR plus/

long and short securities traded in JPY

less spread

UBS AG

Floating rate based on 1

Total return on a custom basket of

Monthly

02/01/2022

550

—

(19

)

Month CHF LIBOR plus/ long and short securities traded in

less spread

CHF

UBS AG

Floating rate based on 1

Total return on a custom basket of

Monthly

02/01/2022

4,463

—

182

—

Month EUR LIBOR plus/ long and short securities traded in

less spread

EUR

Total

457,965

— $

3,213

(5,387

)

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. Amounts in thousands.


	Consolidated Schedule of Investments
	Global Multi-Strategy Fund
	February 28, 2019 (unaudited)

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Jardine Lloyd Thompson Group PLC	71,535	$	1,810		8.55	%
BTG PLC	89,590		990		4.67	%
Micro Focus International PLC	(38,486	)	(955	)	(4.51	)%
Hargreaves Lansdown PLC	(25,922	)	(599	)	(2.83	)%
Smith & Nephew PLC	31,115		593		2.80	%
John Wood Group PLC	(84,307	)	(582	)	(2.75	)%
Evraz PLC	74,654		559		2.64	%
Anglo American PLC	20,734		551		2.60	%
Rio Tinto PLC	8,430		485		2.29	%
Intermediate Capital Group PLC	32,306		449		2.12	%
RPC Group PLC	41,214		433		2.04	%
BHP Group PLC	18,189		421		1.99	%
BP PLC	59,190		420		1.98	%
Merlin Entertainments PLC	(72,823	)	(349	)	(1.65	)%
Just Eat PLC	(33,484	)	(331	)	(1.57	)%
Inchcape PLC	42,788		321		1.51	%
Aggreko PLC	(31,582	)	(300	)	(1.42	)%
Dixons Carphone PLC	155,897		274		1.30	%
Persimmon PLC	8,439		272		1.29	%
Close Brothers Group PLC	13,344		267		1.26	%
Royal Dutch Shell PLC - A Shares	8,270		258		1.22	%
Babcock International Group PLC	(35,769	)	(257	)	(1.21	)%
Drax Group PLC	51,335		248		1.17	%
Legal & General Group PLC	(64,709	)	(241	)	(1.14	)%
Investec PLC	36,436		238		1.12	%
BT Group PLC	83,445		238		1.12	%
Greene King PLC	(27,081	)	(237	)	(1.12	)%
Ashmore Group PLC	(41,080	)	(230	)	(1.09	)%
Man Group PLC	123,204		226		1.07	%
International Consolidated Airlines Group SA	(27,811	)	(221	)	(1.04	)%
Auto Trader Group PLC	(34,237	)	(216	)	(1.02	)%
Moneysupermarket.com Group PLC	46,913		214		1.01	%
Rightmove PLC	(32,898	)	(210	)	(0.99	)%
Admiral Group PLC	(7,242	)	(210	)	(0.99	)%
Capita PLC	(126,287	)	(208	)	(0.98	)%
Kingfisher PLC	(64,421	)	(207	)	(0.98	)%
ASOS PLC	(4,869	)	(206	)	(0.97	)%
British American Tobacco PLC	(5,375	)	(197	)	(0.93	)%
Bellway PLC	4,873		196		0.92	%
Direct Line Insurance Group PLC	39,721		188		0.89	%
Old Mutual Ltd	(103,039	)	(170	)	(0.80	)%
Rentokil Initial PLC	(35,642	)	(166	)	(0.78	)%
Royal Mail PLC	43,545		163		0.77	%
Weir Group PLC/The	(7,301	)	(159	)	(0.75	)%
Indivior PLC	106,736		152		0.72	%
Mediclinic International PLC	(34,206	)	(144	)	(0.68	)%
Spirax-Sarco Engineering PLC	(1,624	)	(144	)	(0.68	)%
Tate & Lyle PLC	15,563		143		0.68	%
IWG PLC	44,876		137		0.65	%
Petrofac Ltd	(23,595	)	(134	)	(0.63	)%


(b)

Top Underlying Securities AQRMSJPY


	Consolidated Schedule of Investments
	Global Multi-Strategy Fund
	February 28, 2019 (unaudited)

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Yaskawa Electric Corp	(20,700	) $	(588	)	(1.65	)%
Hitachi Ltd	18,100		542		1.52	%
Kansai Paint Co Ltd	(27,300	)	(501	)	(1.41	)%
Sony Corp	9,500		455		1.28	%
Resona Holdings Inc	99,100		447		1.26	%
M3 Inc	(26,900	)	(445	)	(1.25	)%
Nippon Paint Holdings Co Ltd	(11,600	)	(445	)	(1.25	)%
Sojitz Corp	119,900		440		1.24	%
Murata Manufacturing Co Ltd	(2,800	)	(435	)	(1.22	)%
Calbee Inc	(15,300	)	(423	)	(1.19	)%
Kamigumi Co Ltd	17,700		410		1.15	%
Sumitomo Dainippon Pharma Co Ltd	15,900		392		1.10	%
ZOZO Inc	(20,600	)	(387	)	(1.09	)%
Alfresa Holdings Corp	13,200		382		1.07	%
Tokyo Electric Power Co Holdings Inc	60,300		375		1.06	%
Japan Airlines Co Ltd	10,200		372		1.05	%
Ricoh Co Ltd	(36,500	)	(370	)	(1.04	)%
Shimadzu Corp	14,900		367		1.03	%
Shimano Inc	(2,400	)	(364	)	(1.02	)%
Eisai Co Ltd	4,200		346		0.98	%
Marubeni Corp	48,100		343		0.96	%
Sawai Pharmaceutical Co Ltd	(5,900	)	(338	)	(0.95	)%
Taisei Corp	7,100		335		0.94	%
Kajima Corp	22,600		334		0.94	%
Casio Computer Co Ltd	(23,900	)	(324	)	(0.91	)%
Suruga Bank Ltd	(64,800	)	(312	)	(0.88	)%
Stanley Electric Co Ltd	10,500		301		0.85	%
Aisin Seiki Co Ltd	7,700		300		0.84	%
Kikkoman Corp	(6,000	)	(298	)	(0.84	)%
Showa Denko KK	(7,700	)	(286	)	(0.81	)%
Taiheiyo Cement Corp	8,200		280		0.79	%
Hikari Tsushin Inc	1,554		278		0.78	%
Acom Co Ltd	(80,650	)	(276	)	(0.77	)%
Nippon Express Co Ltd	4,600		271		0.76	%
Daifuku Co Ltd	(5,400	)	(265	)	(0.74	)%
Obayashi Corp	27,100		264		0.74	%
Bandai Namco Holdings Inc	6,200		264		0.74	%
DeNA Co Ltd	(17,100	)	(263	)	(0.74	)%
Kakaku.com Inc	(13,636	)	(262	)	(0.74	)%
Haseko Corp	20,600		257		0.72	%
Hankyu Hanshin Holdings Inc	6,900		250		0.70	%
Nagoya Railroad Co Ltd	(8,900	)	(245	)	(0.69	)%
Marui Group Co Ltd	(13,900	)	(244	)	(0.69	)%
Shiseido Co Ltd	3,600		237		0.67	%
Mitsubishi Logistics Corp	(9,400	)	(237	)	(0.67	)%
Isuzu Motors Ltd	16,500		236		0.66	%
Nippon Yusen KK	(15,000	)	(236	)	(0.66	)%
Fast Retailing Co Ltd	(500	)	(234	)	(0.66	)%
Hirose Electric Co Ltd	(2,200	)	(226	)	(0.64	)%
Toyota Boshoku Corp	13,400		220		0.62	%


(c)

Top Underlying Securities YORKEBS


	Consolidated Schedule of Investments
	Global Multi-Strategy Fund
	February 28, 2019 (unaudited)

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Alibaba Group Holding Ltd	(42,898	) $	(7,852	)	(19.54	)%
Altaba Inc	99,387		7,413		18.45	%
Cigna Corp	28,117		4,905		12.20	%
iShares iBoxx High Yield Corporate Bond ETF	(46,326	)	(3,972	)	(9.88	)%
SPDR S&P Regional Banking ETF	(39,084	)	(2,213	)	(5.51	)%
Ashland Global Holdings Inc	27,000		2,089		5.20	%
Finisar Corp	(70,455	)	(1,725	)	(4.29	)%
Walgreens Boots Alliance Inc	(21,118	)	(1,503	)	(3.74	)%
Mellanox Technologies Ltd	(10,050	)	(1,080	)	(2.69	)%
Amgen Inc	(5,341	)	(1,015	)	(2.53	)%
Illinois Tool Works Inc	(6,113	)	(881	)	(2.19	)%
Iron Mountain Inc	(24,675	)	(874	)	(2.18	)%
Lowe's Cos Inc	(7,591	)	(798	)	(1.99	)%
Home Depot Inc/The	4,099		759		1.89	%
Henry Schein Inc	(11,328	)	(672	)	(1.67	)%
II-VI Inc	15,627		664		1.65	%
Tractor Supply Co	(4,852	)	(463	)	(1.15	)%
Elanco Animal Health Inc	15,004		454		1.13	%
EOG Resources Inc	(1,643	)	(154	)	(0.39	)%
Marathon Oil Corp	(9,303	)	(154	)	(0.38	)%
Apache Corp	(4,633	)	(154	)	(0.38	)%
Devon Energy Corp	(5,199	)	(153	)	(0.38	)%
Continental Resources Inc/OK	(3,338	)	(149	)	(0.37	)%
China Biologic Products Holdings Inc	1,127		91		0.23	%


(d)

Top Underlying Securities YRKEBSEUR

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Stoxx Europe 600 Index	(52,264	) $	(22,162	)	(67.97	)%
Ferrovial SA	182,795		4,212		12.92	%
Sanofi	19,013		1,590		4.87	%
Aeroports de Paris	5,588		1,084		3.32	%
EDP - Energias de Portugal SA	271,571		996		3.06	%
Eurofins Scientific SE	(2,008	)	(846	)	(2.59	)%
Kering SA	(926	)	(506	)	(1.55	)%
LVMH Moet Hennessy Louis Vuitton SE	(1,330	)	(457	)	(1.40	)%
Smurfit Kappa Group PLC	14,118		400		1.23	%
Salvatore Ferragamo SpA	16,651		354		1.08	%


(e)

Top Underlying Securities AQRMSUSD

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Exelon Corp	41,921	$	2,037		0.91	%
PPL Corp	(58,432	)	(1,880	)	(0.84	)%
ConocoPhillips	22,761		1,544		0.69	%
Middleby Corp/The	(11,811	)	(1,448	)	(0.64	)%
Popular Inc	24,994		1,409		0.63	%
MarketAxess Holdings Inc	(5,170	)	(1,261	)	(0.56	)%
TransDigm Group Inc	(2,902	)	(1,260	)	(0.56	)%
Zebra Technologies Corp	6,135		1,230		0.55	%


	Consolidated Schedule of Investments
	Global Multi-Strategy Fund
	February 28, 2019 (unaudited)

Description (continued)	Shares		Notional Amount		% of Total Absolute Notional Amount
Insulet Corp	(12,384	)	(1,163	)	(0.52	)%
Sempra Energy	(8,750	)	(1,054	)	(0.47	)%
First Republic Bank/CA	(9,841	)	(1,033	)	(0.46	)%
Cognex Corp	(19,066	)	(1,018	)	(0.45	)%
BWX Technologies Inc	(19,168	)	(1,003	)	(0.45	)%
Williams Cos Inc/The	(36,936	)	(986	)	(0.44	)%
Keysight Technologies Inc	11,263		951		0.42	%
Curtiss-Wright Corp	7,438		917		0.41	%
Liberty Broadband Corp - C Shares	(10,230	)	(916	)	(0.41	)%
Healthcare Services Group Inc	(23,098	)	(882	)	(0.39	)%
Square Inc	(10,848	)	(881	)	(0.39	)%
Archer-Daniels-Midland Co	20,365		866		0.38	%
Seattle Genetics Inc	(11,458	)	(851	)	(0.38	)%
Hanesbrands Inc	(45,241	)	(841	)	(0.37	)%
Teledyne Technologies Inc	3,501		826		0.37	%
Copart Inc	(13,949	)	(818	)	(0.36	)%
Henry Schein Inc	(13,762	)	(816	)	(0.36	)%
NorthWestern Corp	11,843		812		0.36	%
Chemours Co/The	(20,882	)	(794	)	(0.35	)%
Spirit AeroSystems Holdings Inc	7,986		789		0.35	%
Conagra Brands Inc	(33,629	)	(786	)	(0.35	)%
Fortive Corp	(9,518	)	(776	)	(0.34	)%
Public Service Enterprise Group Inc	13,186		775		0.35	%
Tyson Foods Inc	12,373		763		0.34	%
Crown Holdings Inc	(14,008	)	(760	)	(0.34	)%
Universal Display Corp	(4,956	)	(740	)	(0.33	)%
Campbell Soup Co	(20,432	)	(736	)	(0.33	)%
Lear Corp	4,683		712		0.32	%
HealthEquity Inc	(8,732	)	(703	)	(0.31	)%
HEICO Corp	(7,490	)	(702	)	(0.31	)%
Dover Corp	7,692		696		0.31	%
Mondelez International Inc	14,732		695		0.31	%
Fastenal Co	(11,012	)	(693	)	(0.31	)%
Lamb Weston Holdings Inc	9,889		685		0.31	%
Microchip Technology Inc	(7,818	)	(679	)	(0.30	)%
Micron Technology Inc	16,490		674		0.30	%
Hyatt Hotels Corp	9,233		672		0.30	%
Worldpay Inc	(6,997	)	(670	)	(0.30	)%
Alliant Energy Corp	(14,565	)	(668	)	(0.30	)%
Bank OZK	(20,306	)	(666	)	(0.30	)%
Sprouts Farmers Market Inc	(28,538	)	(666	)	(0.30	)%
Hormel Foods Corp	(15,133	)	(656	)	(0.29	)%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Reverse Repurchase Agreements

Counterparty		Coupon Rate			Maturity Date	Principal Amount					Payable for Reverse Repurchase Agreements
Barclays Bank PLC			(2.85	)%	Open ended		$	5,496		$								(5,502	)
Merrill Lynch			(2.90	)%	Open ended			3,580										(3,600	)
Merrill Lynch			(3.00	)%	Open ended			5,408										(5,434	)
Merrill Lynch			(3.05	)%	Open ended			9,038										(9,071	)
Merrill Lynch			(2.75	)%	Open ended			1,826										(1,832	)
Merrill Lynch			(2.75	)%	Open ended			944										(947	)
Merrill Lynch			(2.75	)%	Open ended			797										(799	)
Merrill Lynch			(2.75	)%	Open ended			812										(815	)
Merrill Lynch			(2.75	)%	Open ended			1,179										(1,183	)
Merrill Lynch			(2.75	)%	Open ended			2,092										(2,099	)
Merrill Lynch			(7.10	)%	Open ended	ZAR		28,979										(2,065	)
Merrill Lynch			0.38	%	Open ended	EUR		16,697									(18,991		)
Merrill Lynch			(2.80	)%	03/01/2019		$	8,474										(8,475	)
Merrill Lynch			(2.80	)%	03/01/2019			7,341										(7,342	)
Merrill Lynch			(2.80	)%	03/01/2019			7,296										(7,297	)
Merrill Lynch			(2.80	)%	03/01/2019			22,553									(22,555		)
Merrill Lynch			(2.70	)%	03/01/2019			4,317										(4,317	)
Merrill Lynch			(2.80	)%	03/01/2019			6,899										(6,899	)
Merrill Lynch			(2.80	)%	03/01/2019			8,299										(8,300	)
Merrill Lynch			(2.80	)%	03/01/2019			7,892										(7,893	)
Merrill Lynch			(2.80	)%	03/01/2019			13,090									(13,091		)
Merrill Lynch			(2.80	)%	03/01/2019			31,973									(31,975		)
Merrill Lynch			(2.80	)%	03/01/2019			7,091										(7,091	)
Merrill Lynch			(2.80	)%	03/01/2019			1,130										(1,130	)
Merrill Lynch			(2.80	)%	03/01/2019			12,067									(12,068		)
Merrill Lynch			(2.80	)%	03/01/2019			12,459									(12,460		)
Merrill Lynch			(2.80	)%	03/01/2019			35,801									(35,804		)
Merrill Lynch			(2.80	)%	03/01/2019			15,004									(15,005		)
Merrill Lynch			(2.80	)%	03/01/2019			8,961										(8,962	)
Merrill Lynch			(2.80	)%	03/01/2019			297										(297	)
Merrill Lynch			(2.70	)%	03/01/2019			7,904										(7,905	)
Merrill Lynch			(2.80	)%	03/01/2019			20,834									(20,836		)
Merrill Lynch			(2.80	)%	03/01/2019			7,207										(7,207	)
Merrill Lynch			(2.80	)%	03/01/2019			13,505									(13,506		)
Merrill Lynch			(2.35	)%	03/01/2019			31,882									(31,884		)
Merrill Lynch			(2.65	)%	03/01/2019			71,355									(71,360		)
Merrill Lynch			(2.70	)%	03/01/2019			25,776									(25,778		)
Merrill Lynch			(2.75	)%	03/01/2019			10,788									(10,789		)
Total									$								(452,564		)

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
Goldman Sachs & Co	Seritage Growth	9,187	Receive		1 Month USD	Expiration		06/03/2021			$		398	$	— $	8	$	—
	Properties - A REIT				LIBOR + 0.70%
Goldman Sachs & Co	Seritage Growth	2,427	Receive		1 Month USD	Expiration		06/03/2021					100		—	7		—
	Properties - A REIT				LIBOR + 0.70%
Goldman Sachs & Co	Seritage Growth	6,860	Receive		1 Month USD	Expiration		06/03/2021					284		—	19		—
	Properties - A REIT				LIBOR + 0.70%
Goldman Sachs & Co	Seritage Growth	9,664	Receive		1 Month USD	Expiration		06/03/2021					458		—	—		(32	)
	Properties - A REIT				LIBOR + 0.70%
Goldman Sachs & Co	Seritage Growth	9,664	Receive		1 Month USD	Expiration		06/03/2021					439		—	—		(12	)
	Properties - A REIT				LIBOR + 0.70%
Goldman Sachs & Co	Seritage Growth	11,497	Receive		1 Month USD	Expiration		06/03/2021					493		—	15		—
	Properties - A REIT				LIBOR + 0.70%
Goldman Sachs & Co	Seritage Growth	10,347	Receive		1 Month USD	Expiration		06/03/2021					432		—	25		—
	Properties - A REIT				LIBOR + 0.70%
HSBC Securities Inc	Egypt Treasury Bills,	44,514,799	Receive		3 Month USD	Quarterly		04/19/2019				2,400			—	87		—
	0.00%, 04/16/2019				LIBOR
HSBC Securities Inc	Egypt Treasury Bills,	48,500,000	Receive		3 Month USD	Quarterly		04/17/2019				2,587			—	122		—
	0.00%, 04/16/2019				LIBOR
HSBC Securities Inc	Egypt Treasury Bills,	116,000,000	Receive		3 Month USD	Quarterly		04/24/2019				6,166			—	292		—
	0.00%, 04/23/2019				LIBOR

Consolidated Schedule of Investments

Global Multi-Strategy Fund

February 28, 2019 (unaudited)

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

HSBC Securities Inc Nigeria Treasury Bill,

Receive

3 Month USD

Quarterly

10/04/2019

7,476

— $

151

—

0.00%, 10/03/2019

LIBOR + 0.75%

Morgan Stanley & Co MSCI Daily Total Return

Receive

1 Month USD

Monthly

03/20/2019

—

Net Israel USD Index

LIBOR + 0.30%

Morgan Stanley & Co MSCI Daily Total Return

Receive

1 Month USD

Monthly

03/20/2019

—

Net Israel USD Index

LIBOR + 0.30%

Morgan Stanley & Co MSCI Daily Total Return

Receive

1 Month USD

Monthly

03/20/2019

—

Net Israel USD Index

LIBOR + 0.30%

Morgan Stanley & Co MSCI Emerging Markets

868

Pay

1 Month USD

Monthly

03/20/2019

666

—

Korea Net Total Return

LIBOR - 0.40%

USD Index

Morgan Stanley & Co MSCI Emerging Markets

Pay

1 Month USD

Monthly

03/20/2019

—

Thailand Net Total

LIBOR - 0.10%

Return USD Index

Morgan Stanley & Co MSCI Emerging Markets

Pay

1 Month USD

Monthly

03/20/2019

—

Thailand Net Total

LIBOR - 0.10%

Return USD Index

Morgan Stanley & Co MSCI Emerging Markets

Pay

1 Month USD

Monthly

03/20/2019

—

Thailand Net Total

LIBOR - 0.10%

Return USD Index

Morgan Stanley & Co MSCI Emerging Markets

Pay

1 Month USD

Monthly

03/20/2019

—

Thailand Net Total

LIBOR - 0.10%

Return USD Index

Morgan Stanley & Co MSCI Hong Kong Net

152

Receive

1 Month Hong

Monthly

03/20/2019

HKD

13,775

—

Return HKD Index

Kong Interbank

Offered Rate +

0.15%

Morgan Stanley & Co MSCI Japan Net Return

182,767

Receive

1 Month JPY

Monthly

03/20/2019

JPY

342,928

—

(13

)

JPY Index

LIBOR - 0.10%

Morgan Stanley & Co MSCI Mexico Net

Pay

MXN TIIE Banxico

Monthly

03/20/2019

MXN

—

Return MXN Index

Morgan Stanley & Co MSCI Mexico Net

1,052

Pay

MXN TIIE Banxico

Monthly

03/20/2019

961

—

Return MXN Index

Morgan Stanley & Co MSCI Mexico Net

Pay

MXN TIIE Banxico

Monthly

03/20/2019

—

Return MXN Index

Morgan Stanley & Co MSCI Mexico Net

Pay

MXN TIIE Banxico

Monthly

03/20/2019

—

Return MXN Index

Morgan Stanley & Co MSCI Mexico Net

Pay

MXN TIIE Banxico

Monthly

03/20/2019

—

Return MXN Index

Morgan Stanley & Co MSCI Mexico Net

Pay

MXN TIIE Banxico

Monthly

03/20/2019

—

Return MXN Index

Morgan Stanley & Co MSCI Poland Net Return

194

Pay

1 Month Warsaw

Monthly

03/20/2019

PLN

—

PLN Index

Interbank Offered

Rate - 0.20%

Morgan Stanley & Co MSCI Poland Net Return

119

Pay

1 Month Warsaw

Monthly

03/20/2019

—

PLN Index

Interbank Offered

Rate - 0.20%

Morgan Stanley & Co MSCI Singapore Net

Receive

1 Month Singapore

Monthly

03/20/2019

SGD

293

—

)

Return SGD Index

Interbank Offered

Rate + 0.30%

Morgan Stanley & Co MSCI South Africa Net

8,111

Pay

1 Month

Monthly

03/20/2019

ZAR

7,753

—

)

Return ZAR Index

Johannesburg

Interbank Agreed

Rate - 0.27%

Morgan Stanley & Co MSCI South Africa Net

Pay

1 Month

Monthly

03/20/2019

—

Return ZAR Index

Johannesburg

Interbank Agreed

Rate - 0.27%

Morgan Stanley & Co MSCI South Africa Net

528

Pay

SAFE South Africa

Monthly

03/20/2019

505

—

Return ZAR Index

Johannesburg

Interbank Agreed

Rate 1 Month

- 0.27%


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


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 South Africa Net		101	Pay	SAFE South Africa			Monthly	03/20/2019	ZAR				97	$	— $		—	$		—
	Return ZAR Index			Johannesburg
Interbank Agreed
				Rate 1 Month
				- 0.27	%
Morgan Stanley & Co MSCI South Africa Net		108	Pay	1 Month			Monthly	03/20/2019					103		—		—			—
	Return ZAR Index			Johannesburg
Interbank Agreed
				Rate - 0.27%
Morgan Stanley & Co MSCI South Africa Net		127	Pay	1 Month			Monthly	03/20/2019					121		—		—			—
	Return ZAR Index			Johannesburg
Interbank Agreed
				Rate - 0.27%
Morgan Stanley & Co MSCI Sweden Net		29	Pay	1 Month Stockholm			Monthly	03/20/2019		SEK		1,117			—		1			—
	Return SEK Index			Interbank Offered
				Rate - 0.15%
Morgan Stanley & Co MSCI Switzerland Net		451	Pay	1 Month CHF			Monthly	03/20/2019		CHF		1,242			—		—			(8	)
	Return CHF Index			LIBOR - 0.80%
Total													$		— $		756	$		(70	)
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; June 2019			06/20/2019		$	(4,434		)$	— $					16	$	16		$	—
Bank of America NA	Euro Bund 10 Year Bund Future; June 2019			06/11/2019			19,070			—			(131			)	—			(131	)
Bank of America NA	Euro Buxl 30 Year Bond Future; June 2019			06/07/2019			208			—					—		—			—
Bank of America NA	Euro-Bobl 5 Year Future; June 2019			06/07/2019			5,557			—					(5	)	—			(5	)
Bank of America NA	Euro-BTP Future; June 2019			06/07/2019			1,006			—					2		2			—
Bank of America NA	Euro-OAT Future; June 2019			06/07/2019			2,159			—					(5	)	—			(5	)
Bank of America NA	Euro-Schatz 2 Year Future; June 2019			06/11/2019			4,959			—					(3	)	—			(3	)
Bank of America NA	Japan 10 Year Bond TSE Future; March 2019			03/14/2019			(16,444		)	—			(45			)	—			(45	)
Bank of America NA	UK 10 Year Gilt Future; June 2019			06/27/2019			(13,180		)	—			141				141			—
Bank of America NA	US 10 Year Note Future; June 2019			06/20/2019			(9,272		)	—					27		27			—
Bank of America NA	US 2 Year Note Future; June 2019			06/29/2019			(2,334		)	—					1		1			—
Bank of America NA	US 5 Year Note Future; June 2019			06/29/2019			916			—					(2	)	—			(2	)
Bank of America NA	US Long Bond Future; June 2019			06/20/2019			1,011			—			(12			)	—			(12	)
Bank of America NA	US Ultra Bond Future; June 2019			06/20/2019			479			—					(9	)	—			(9	)
Citigroup Inc^(a)	Brent Crude Future; May 2019			03/30/2019			1,459			—					27		27			—
Citigroup Inc^(a)	Cocoa Future; May 2019			05/16/2019				45		—					—		—			—
Citigroup Inc^(a)	Coffee 'C' Future; May 2019			05/21/2019			(74		)	—					3		3			—
Citigroup Inc^(a)	Copper Future; May 2019			05/30/2019			(74		)	—					(4	)	—			(4	)
Citigroup Inc^(a)	Corn Future; May 2019			05/15/2019			(556		)	—					15		15			—
Citigroup Inc^(a)	Cotton No.2 Future; May 2019			05/09/2019			(218		)	—					4		4			—
Citigroup Inc^(a)	Gasoline RBOB Future; April 2019			03/30/2019			(294		)	—			(25			)	—			(25	)
Citigroup Inc^(a)	LME Copper Future; June 2019			06/18/2019			(977		)	—			(38			)	—			(38	)
Citigroup Inc^(a)	LME Nickel Future; June 2019			06/18/2019				78		—					1		1			—
Citigroup Inc^(a)	LME PRI Alum Future; June 2019			06/18/2019			(240		)	—					(6	)	—			(6	)
Citigroup Inc^(a)	LME Zinc Future; June 2019			06/18/2019			(69		)	—					(4	)	—			(4	)
Citigroup Inc^(a)	Natural Gas Future; April 2019			03/28/2019			(759		)	—			(57			)	—			(57	)
Citigroup Inc^(a)	Platinum Future; April 2019			04/29/2019			(88		)	—					(6	)	—			(6	)
Citigroup Inc^(a)	Soybean Future; May 2019			05/15/2019			(1,047		)	—					16		16			—
Citigroup Inc^(a)	Soybean Meal Future; May 2019			05/15/2019			(428		)	—					7		7			—
Citigroup Inc^(a)	Soybean Oil Future; May 2019			05/15/2019			(54		)	—					1		1			—
Citigroup Inc^(a)	Sugar #11 Future; May 2019			05/01/2019			(129		)	—					(1	)	—			(1	)
Citigroup Inc^(a)	Wheat Future; May 2019			05/15/2019			(46		)	—					3		3			—
Citigroup Inc^(a)	WTI Crude Future; April 2019			03/21/2019			572			—					26		26			—
Merrill Lynch	BIST 30 Index Future; April 2019			05/01/2019			(12		)	—					—		—			—
Merrill Lynch^(a)	Cocoa Future; May 2019			05/16/2019				45		—					—		—			—
Merrill Lynch^(a)	Coffee 'C' Future; May 2019			05/21/2019			(628		)	—					28		28			—
Merrill Lynch^(a)	Corn Future; May 2019			05/15/2019			(408		)	—					11		11			—
Merrill Lynch^(a)	Cotton No.2 Future; May 2019			05/09/2019			(73		)	—					1		1			—
Merrill Lynch	DTOP Index Future; March 2019			03/21/2019			(38		)	—					—		—			—


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Synthetic Futures (continued)

						Upfront		Unrealized
				Notional		Payments/		Appreciation/			Fair Value
Counterparty	Reference Entity	Expiration Date		Amount		(Receipts)		(Depreciation)			Asset----Liability
Merrill Lynch^(a)	Gold 100 oz Future; April 2019	04/27/2019	$	(1,448	)$		— $	(29		)$	— $		(29	)
Merrill Lynch	HSCEI China Index Future; March 2019	03/29/2019		1,454			—	(12		)	—		(12	)
Merrill Lynch^(a)	KC HRW Wheat Future; May 2019	05/15/2019		(244	)		—		23		23		—
Merrill Lynch^(a)	Lean Hogs Future; April 2019	04/15/2019		(134	)		—		18		18		—
Merrill Lynch^(a)	Live Cattle Future; April 2019	05/01/2019		467			—		3		3		—
Merrill Lynch^(a)	Low Sulphur Gasoline Future; April 2019	04/12/2019		124			—		—		—		—
Merrill Lynch^(a)	NY Harb ULSD Future; April 2019	03/30/2019		(170	)		—	(11		)	—		(11	)
Merrill Lynch^(a)	Palladium Future; June 2019	06/27/2019		150			—		10		10		—
Merrill Lynch^(a)	Platinum Future; April 2019	04/29/2019		(44	)		—		(3	)	—		(3	)
Merrill Lynch^(a)	Soybean Meal Future; May 2019	05/15/2019		(490	)		—		8		8		—
Merrill Lynch^(a)	Sugar #11 Future; May 2019	05/01/2019		(200	)		—		(1	)	—		(1	)
Merrill Lynch	Taiwan TAIEX Index Future; March 2019	03/21/2019		(808	)		—	(25		)	—		(25	)
Merrill Lynch	Tel Aviv 25 Index Future; March 2019	03/28/2019		217			—		—		—		—
Merrill Lynch^(a)	Wheat Future; May 2019	05/15/2019		(482	)		—		32		32		—
Morgan Stanley & Co	Bovespa Index Future; April 2019	04/18/2019		1,664			—		14		14		—
Morgan Stanley & Co	HSCEI China Index Future; March 2019	03/29/2019		799			—		(7	)	—		(7	)
Morgan Stanley & Co	KOSPI 200 Index Future; March 2019	03/15/2019		63			—		—		—		—
Morgan Stanley & Co	Swiss Market Index Future; March 2019	03/18/2019		93			—		—		—		—
Morgan Stanley & Co	WIG 20 Index Future; March 2019	03/18/2019		(12	)		—		—		—		—
Total				$			— $		(3	)$	438	$	(441	)
Amounts in thousands.

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


Short Sales Outstanding
COMMON STOCKS - (11.74)%	Shares		Value (000's)		COMMON STOCKS (continued)	Shares		Value (000’s)
Advertising - (0.07)%					Biotechnology (continued)
Dentsu Inc		3,900	$	163	Omeros Corp		5,927	$	85
JCDecaux SA	11,730			361				$	584
Omnicom Group Inc		9,600		727	Building Materials - (0.24)%
			$	1,251	CRH PLC	10,887			345
Aerospace & Defense - (0.21)%					HeidelbergCement AG		8,413		619
BAE Systems PLC	24,605			152	Imerys SA	18,975			1,079
Harris Corp	15,552			2,565	James Hardie Industries PLC	45,259			566
IHI Corp	11,000			290	Johnson Controls International plc	29,400			1,037
Kawasaki Heavy Industries Ltd	14,800			381	LIXIL Group Corp	34,900			473
Leonardo SpA	48,311			487	Owens Corning		6,800		340
			$	3,875				$	4,459
Agriculture - (0.05)%					Chemicals - (0.41)%
Bunge Ltd	19,200			1,019	Akzo Nobel NV		8,000		725
Airlines - (0.15)%					Clariant AG	48,524			1,041
Delta Air Lines Inc	15,500			768	DowDuPont Inc		6,100		325
International Consolidated Airlines Group SA	216,662			1,712	FMC Corp		4,500		403
United Continental Holdings Inc		3,400		299	Hitachi Chemical Co Ltd	46,800			852
			$	2,779	International Flavors & Fragrances Inc		2,600		331
Apparel - (0.03)%					JSR Corp	18,800			313
Capri Holdings Ltd		4,900		223	Kansai Paint Co Ltd	20,100			371
Hanesbrands Inc	21,499			400	Kuraray Co Ltd	32,800			441
			$	623	LANXESS AG	10,546			571
Automobile Manufacturers - (0.06)%					Nippon Paint Holdings Co Ltd	18,200			702
Bayerische Motoren Werke AG		6,448		545	Taiyo Nippon Sanso Corp	32,800			465
Ford Motor Co	45,900			403	Umicore SA	14,264			616
Isuzu Motors Ltd	17,400			250	Yara International ASA	19,199			807
			$	1,198				$	7,963
Automobile Parts & Equipment - (0.15)%					Commercial Services - (0.23)%
Cie Generale des Etablissements Michelin SCA		8,795		1,054	Babcock International Group PLC	86,306			619
Goodyear Tire & Rubber Co/The	15,535			307	FTI Consulting Inc		2,353		174
JTEKT Corp	64,200			800	IHS Markit Ltd		5,800		308
Meritor Inc		4,154		93	Nielsen Holdings PLC	24,200			634
Valeo SA	10,012			315	Park24 Co Ltd	19,500			468
			$	2,569	Square Inc		2,775		225
Banks - (0.56)%					Transurban Group	87,405			773
Ameris Bancorp		2,153		88	Worldpay Inc	14,000			1,341
BB&T Corp	40,095			2,044				$	4,542
Bendigo & Adelaide Bank Ltd	210,197			1,470	Computers - (0.13)%
Chemical Financial Corp		5,506		252	Atos SE		3,722		357
Chiba Bank Ltd/The	60,000			365	Fujitsu Ltd		7,900		533
Commonwealth Bank of Australia	15,376			807	Hewlett Packard Enterprise Co	52,236			856
Credit Suisse Group AG	17,367			214	Ingenico Group SA		4,821		323
DBS Group Holdings Ltd	13,900			255	NCR Corp		6,484		182
Fifth Third Bancorp	23,660			653	Otsuka Corp		7,300		263
Fukuoka Financial Group Inc	10,200			221	Pure Storage Inc		4,123		84
Hope Bancorp Inc		2,254		33				$	2,598
Independent Bank Corp/Rockland MA		1,418		121	Consumer Products - (0.05)%
Morgan Stanley	13,400			563	Societe BIC SA		9,365		886
National Bank of Canada	22,500			1,062	Cosmetics & Personal Care - (0.11)%
Nordea Bank Abp	66,870			606	Essity AB	38,951			1,087
UBS Group AG	61,733			783	Kao Corp		3,200		243
Wells Fargo & Co	14,000			698	Lion Corp	13,300			273
Yamaguchi Financial Group Inc	62,800			587	Unilever NV	12,243			663
			$	10,822				$	2,266
Beverages - (0.16)%					Distribution & Wholesale - (0.05)%
Coca-Cola Amatil Ltd	47,138			267	Jardine Cycle & Carriage Ltd	22,400			551
Coca-Cola Bottlers Japan Holdings Inc	48,700			1,257	Rexel SA	32,908			410
Heineken NV		3,600		362				$	961
PepsiCo Inc		3,100		358	Diversified Financial Services - (0.38)%
Pernod Ricard SA		2,202		379	AEON Financial Service Co Ltd	19,200			378
Treasury Wine Estates Ltd	43,470			462	Credit Saison Co Ltd	62,700			913
			$	3,085	E*TRADE Financial Corp	11,300			554
Biotechnology - (0.02)%					Invesco Ltd	17,200			333
AMAG Pharmaceuticals Inc		3,326		50	ORIX Corp	17,500			253
BioMarin Pharmaceutical Inc		2,900		270	Raymond James Financial Inc	18,900			1,561
Innoviva Inc		5,867		92	SBI Holdings Inc/Japan	46,000			973
Ligand Pharmaceuticals Inc		170		21	St James's Place PLC	42,066			543
Medicines Co/The		2,690		66	Tokyo Century Corp	27,600			1,232


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Short Sales Outstanding
COMMON STOCKS (continued)	Shares	Value (000’s)		COMMON STOCKS (continued)	Shares		Value (000’s)
Diversified Financial Services (continued)				Hand & Machine Tools - (0.11)%
Western Union Co/The	32,500	$	581	Colfax Corp	20,524		$	543
		$	7,321	Disco Corp		3,700		512
Electric - (0.39)%				Finning International Inc	33,700			628
AES Corp/VA	82,800		1,427	Makita Corp	10,300			366
CenterPoint Energy Inc	17,769		536				$	2,049
Chugoku Electric Power Co Inc/The	13,500		175	Healthcare - Products - (0.10)%
DTE Energy Co	3,866		478	Abbott Laboratories	12,870			999
E.ON SE	124,748		1,372	Lonza Group AG		2,675		743
Electricite de France SA	32,469		471	OPKO Health Inc	20,681			53
Entergy Corp	9,700		905	Terumo Corp		2,100		129
Exelon Corp	13,664		664				$	1,924
RWE AG	15,779		385	Healthcare - Services - (0.62)%
Sempra Energy	5,032		606	Anthem Inc	33,926			10,203
SSE PLC	38,866		612	Fresenius Medical Care AG & Co KGaA		973		76
		$	7,631	Fresenius SE & Co KGaA	10,275			577
Electrical Components & Equipment - (0.04)%				Ryman Healthcare Ltd	92,263			690
Casio Computer Co Ltd	32,200		438	Tivity Health Inc		3,254		70
OSRAM Licht AG	9,423		408	WellCare Health Plans Inc		1,200		304
		$	846				$	11,920
Electronics - (0.23)%				Holding Companies - Diversified - (0.04)%
Corning Inc	7,300		254	Jardine Matheson Holdings Ltd		7,900		541
Fortive Corp	18,233		1,487	Swire Pacific Ltd	13,000			155
II-VI Inc	9,345		397				$	696
Murata Manufacturing Co Ltd	2,200		343	Home Builders - (0.18)%
Nippon Electric Glass Co Ltd	15,600		422	Daiwa House Industry Co Ltd	35,700			1,106
Trimble Inc	10,400		416	Iida Group Holdings Co Ltd	79,100			1,445
TTM Technologies Inc	45,655		553	Lennar Corp - A Shares		8,700		417
Yokogawa Electric Corp	27,200		525	Sekisui Chemical Co Ltd	24,400			384
		$	4,397				$	3,352
Engineering & Construction - (0.29)%				Home Furnishings - (0.12)%
ACS Actividades de Construccion y Servicios SA	20,128		892	Electrolux AB	51,416			1,344
Jacobs Engineering Group Inc	21,300		1,571	Panasonic Corp	16,600			153
JGC Corp	33,800		492	Whirlpool Corp		4,700		665
KBR Inc	9,877		195				$	2,162
Lendlease Group	33,180		303	Housewares - (0.01)%
Skanska AB	47,304		852	Newell Brands Inc	11,700			190
SNC-Lavalin Group Inc	34,700		958	Insurance - (0.83)%
WSP Global Inc	4,100		217	Aflac Inc	13,400			658
		$	5,480	Ageas		5,653		279
Entertainment - (0.07)%				Arthur J Gallagher & Co		2,800		225
Live Nation Entertainment Inc	10,952		619	Assurant Inc		5,779		596
Paddy Power Betfair PLC	4,010		324	AXA Equitable Holdings Inc	10,725			205
Toho Co Ltd/Tokyo	12,200		436	Baloise Holding AG	20,587			3,357
		$	1,379	Challenger Ltd	132,893			758
Food - (0.35)%				Chubb Ltd		6,900		924
Aeon Co Ltd	22,100		466	Fidelity National Financial Inc		1,626		57
Carrefour SA	22,703		465	MS&AD Insurance Group Holdings Inc	17,400			524
Chr Hansen Holding A/S	7,163		729	Reinsurance Group of America Inc		8,700		1,257
Dairy Farm International Holdings Ltd	63,700		570	Sony Financial Holdings Inc	16,800			319
Hormel Foods Corp	29,893		1,296	Swiss Life Holding AG		3,697		1,609
JM Smucker Co/The	6,000		635	Tryg A/S	22,515			614
Kroger Co/The	15,100		443	Voya Financial Inc	27,121			1,372
McCormick & Co Inc/MD	6,800		925	Willis Towers Watson PLC		5,100		877
Mondelez International Inc	10,800		509	WR Berkley Corp		6,000		502
Mowi ASA	12,232		282	Zurich Insurance Group AG		5,305		1,750
Yamazaki Baking Co Ltd	22,000		378				$	15,883
		$	6,698	Internet - (0.42)%
Food Service - (0.08)%				Alibaba Group Holding Ltd ADR	20,437			3,741
Sodexo SA	13,966		1,534	Booking Holdings Inc		104		176
Forest Products & Paper - (0.03)%				Iliad SA		2,748		286
International Paper Co	13,004		596	MercadoLibre Inc		1,263		579
Gas - (0.13)%				New Media Investment Group Inc	114,815			1,529
NiSource Inc	55,000		1,484	Palo Alto Networks Inc		185		46
South Jersey Industries Inc	1,780		52	Twitter Inc		8,978		276
Toho Gas Co Ltd	21,300		970	Wayfair Inc		4,958		821
		$	2,506	Zillow Group Inc - C Shares	13,881			580
							$	8,034
				Investment Companies - 0.00%
				Prospect Capital Corp		1,114		8


Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Short Sales Outstanding
COMMON STOCKS (continued)	Shares		Value (000’s)		COMMON STOCKS (continued)	Shares		Value (000’s)
Iron & Steel - (0.12)%					Oil & Gas (continued)
Allegheny Technologies Inc		7,915	$	227	Oil Search Ltd	56,059		$	333
Cleveland-Cliffs Inc	10,469			116				$	4,326
Hitachi Metals Ltd	77,800			794	Oil & Gas Services - (0.18)%
thyssenkrupp AG	65,736			984	Baker Hughes a GE Co	23,900			630
voestalpine AG		8,532		264	John Wood Group PLC	77,442			535
			$	2,385	Keane Group Inc	19,800			218
Leisure Products & Services - (0.04)%					National Oilwell Varco Inc	20,320			572
Harley-Davidson Inc	10,142			376	Patterson-UTI Energy Inc		7,335		97
Polaris Industries Inc		3,000		256	ProPetro Holding Corp	22,120			439
Yamaha Motor Co Ltd	12,400			253	RPC Inc	19,977			215
			$	885	Superior Energy Services Inc	14,676			69
Lodging - (0.03)%					TechnipFMC PLC	33,200			740
Caesars Entertainment Corp		7,506		65				$	3,515
Melco Resorts & Entertainment Ltd ADR	13,000			300	Packaging & Containers - (0.05)%
MGM Resorts International		6,476		173	Amcor Ltd/Australia	19,370			207
			$	538	Ball Corp		6,600		362
Machinery - Construction & Mining - (0.03)%					Crown Holdings Inc		7,700		418
Caterpillar Inc		3,600		494				$	987
Machinery - Diversified - (0.19)%					Pharmaceuticals - (0.21)%
Deere & Co		7,800		1,279	Alfresa Holdings Corp	28,100			815
GEA Group AG	30,204			722	AstraZeneca PLC		2,473		202
Husqvarna AB	82,589			676	Bristol-Myers Squibb Co		8,248		426
Wabtec Corp		6,810		499	Chugai Pharmaceutical Co Ltd		4,000		272
Yaskawa Electric Corp		7,200		205	Clovis Oncology Inc		174		5
			$	3,381	Daiichi Sankyo Co Ltd	12,200			457
Media - (0.36)%					DexCom Inc		1,689		235
Bollore SA	178,607			793	Herbalife Nutrition Ltd		6,686		375
CBS Corp	14,900			748	Ironwood Pharmaceuticals Inc		2,051		29
Discovery Inc - C Shares	19,200			523	Merck & Co Inc		2,800		228
DISH Network Corp	30,571			993	Orion Oyj		5,921		211
EW Scripps Co/The	36,773			778	Otsuka Holdings Co Ltd	13,100			547
Gannett Co Inc		8,824		104	Perrigo Co PLC		6,200		302
New York Times Co/The		9,630		316	Takeda Pharmaceutical Co Ltd		4,693		189
News Corp - A Shares	48,700			634				$	4,293
Schibsted ASA - B Shares		6,186		229	Pipelines - (0.08)%
Sirius XM Holdings Inc	18,101			107	Cheniere Energy Inc		9,100		586
Thomson Reuters Corp	24,876			1,353	Koninklijke Vopak NV	18,317			895
Walt Disney Co/The		1,964		222				$	1,481
			$	6,800	Real Estate - (0.19)%
Metal Fabrication & Hardware - (0.05)%					Aroundtown SA	35,097			295
MISUMI Group Inc	35,000			851	Deutsche Wohnen SE	19,919			927
Rexnord Corp		4,651		124	First Capital Realty Inc	32,200			524
			$	975	Hysan Development Co Ltd	186,000			982
Mining - (0.07)%					Nomura Real Estate Holdings Inc	23,300			442
Endeavour Mining Corp		920		14	UOL Group Ltd	72,500			355
Mitsubishi Materials Corp	18,900			519				$	3,525
Newmont Mining Corp	21,483			733	REITs - (0.11)%
			$	1,266	Apollo Commercial Real Estate Finance Inc		3,557		65
Miscellaneous Manufacturers - (0.09)%					Blackstone Mortgage Trust Inc		2,740		94
Alstom SA	18,852			819	QTS Realty Trust Inc		998		42
Siemens AG		3,081		337	Redwood Trust Inc		4,555		70
Smiths Group PLC	30,200			574	Welltower Inc	24,838			1,846
			$	1,730				$	2,117
Office & Business Equipment - (0.03)%					Retail - (0.46)%
Xerox Corp	15,998			494	Canadian Tire Corp Ltd		3,300		364
Oil & Gas - (0.22)%					CarMax Inc		7,300		453
Apache Corp		5,300		176	Dollar Tree Inc		4,900		472
Chesapeake Energy Corp	190,283			563	Domino's Pizza Enterprises Ltd	11,158			327
Cimarex Energy Co		829		60	Dufry AG	13,941			1,412
Denbury Resources Inc	12,014			23	FamilyMart UNY Holdings Co Ltd	39,200			1,121
Devon Energy Corp		5,200		153	Fast Retailing Co Ltd		700		329
Diamondback Energy Inc		3,700		381	Gap Inc/The		8,100		206
Encana Corp	164,912			1,196	J Front Retailing Co Ltd	29,300			325
Ensco PLC	46,870			192	Kohl's Corp		4,200		284
Helmerich & Payne Inc		2,883		156	Macy's Inc	20,300			503
Hess Corp		4,300		249	Marui Group Co Ltd	14,200			250
HollyFrontier Corp		3,100		159	RH		1,206		185
Inpex Corp	46,200			448	Shimamura Co Ltd	15,200			1,286
Marathon Petroleum Corp		3,822		237	Welcia Holdings Co Ltd		7,100		252

Consolidated Schedule of Investments Global Multi-Strategy Fund February 28, 2019 (unaudited)


Short Sales Outstanding
COMMON STOCKS (continued)	Shares	Value (000’s)		INVESTMENT COMPANIES - (0.16)%	Shares		Value (000's)
Retail (continued)				Exchange-Traded Funds - (0.16)%
Yamada Denki Co Ltd	216,100	$	1,044	SPDR S&P Oil & Gas Equipment & Services	24,827		$	282
		$	8,813	ETF
Savings & Loans - (0.01)%				SPDR S&P Oil & Gas Exploration & Production	94,079			2,801
WSFS Financial Corp	3,264		141	ETF
Semiconductors - (1.16)%				VanEck Vectors Oil Services ETF		5,778		99
Cree Inc	3,969		216				$	3,182
Entegris Inc	14,779		522	TOTAL INVESTMENT COMPANIES (proceeds $3,863)			$	3,182
Intel Corp	172,188		9,119		Principal
KLA-Tencor Corp	4,996		577	BONDS - (2.38)%	Amount (000's) Value (000's)
Lam Research Corp	58,053		10,223	Automobile Parts & Equipment - (0.05)%
Microchip Technology Inc	18,114		1,574	Adient Global Holdings Ltd
NXP Semiconductors NV	832		76	3.50%, 08/15/2024	EUR	983	$	864
ON Semiconductor Corp	3,095		66	Banks - (0.03)%
		$	22,373	Norddeutsche Landesbank Girozentrale
Software - (0.25)%				6.00%, 06/29/2020		295		333
Atlassian Corp PLC	1,472		158	6.25%, 04/10/2024	$	200		174
Benefitfocus Inc	2,059		101				$	507
Citrix Systems Inc	523		55	Diversified Financial Services - (0.08)%
Envestnet Inc	468		29
Fiserv Inc	21,303		1,804	International Lease Finance Corp
Five9 Inc	1,004		53	5.88%, 08/15/2022		1,436		1,527
j2 Global Inc	2,597		221	Electric - (0.40)%
MongoDB Inc	2,234		227	Comision Federal de Electricidad
Nexon Co Ltd	33,900		541	6.13%, 06/16/2045		7,500		7,631
ServiceNow Inc	3,160		757	Healthcare - Services - (0.11)%
Splunk Inc	4,446		604	CHS/Community Health Systems Inc
Twilio Inc	3,255		396	5.13%, 08/01/2021		2,090		2,043
Verint Systems Inc	762		41	Media - (0.10)%
		$	4,987	AMC Networks Inc
Telecommunications - (0.32)%				4.75%, 08/01/2025		1,953		1,898
Eutelsat Communications SA	7,797		154	REITs - (0.13)%
Gogo Inc	16,917		78	CBL & Associates LP
Infinera Corp	13,673		70	5.25%, 12/01/2023		1,492		1,216
Inmarsat PLC	93,219		495	5.95%, 12/15/2026		1,880		1,424
Millicom International Cellular SA	7,264		437				$	2,640
Nippon Telegraph & Telephone Corp	10,000		432	Sovereign - (1.42)%
Nokia OYJ	140,694		851
Orange SA	18,205		278	Mexico Government International Bond
SES SA	7,338		147	3.75%, 01/11/2028		9,597		9,189
Swisscom AG	674		312	4.13%, 01/21/2026		1,236		1,234
Telefonica SA	104,771		904	4.15%, 03/28/2027		3,956		3,917
T-Mobile US Inc	21,148		1,527	5.55%, 01/21/2045		1,291		1,363
TPG Telecom Ltd	80,988		382	Republic of South Africa Government
Zayo Group Holdings Inc	8,000		198	International Bond
		$	6,265	4.30%, 10/12/2028		1,059		984
Textiles - (0.02)%				4.85%, 09/27/2027		6,480		6,301
Mohawk Industries Inc	2,600		354	5.88%, 06/22/2030		4,318		4,422
Transportation - (0.28)%							$	27,410
AP Moller - Maersk A/S - B	791		1,064	Telecommunications - (0.06)%
FedEx Corp	4,890		885	Frontier Communications Corp
Getlink SE	76,953		1,136	10.50%, 09/15/2022		104		74
Kintetsu Group Holdings Co Ltd	11,100		501	Intelsat Connect Finance SA
Mitsui OSK Lines Ltd	17,300		407	9.50%, 02/15/2023		1,080		1,045
Odakyu Electric Railway Co Ltd	11,500		269				$	1,119
Ship Finance International Ltd	5,138		64	TOTAL BONDS (proceeds $45,518)			$	45,639
United Parcel Service Inc	8,900		981		Principal
		$	5,307	CONVERTIBLE BONDS - (0.12)%	Amount (000's) Value (000's)
Water - (0.09)%				Biotechnology - (0.04)%
American Water Works Co Inc	3,900		396	BioMarin Pharmaceutical Inc
Suez	63,575		813	0.60%, 08/01/2024		200		209
United Utilities Group PLC	44,185		492
		$	1,701	Illumina Inc
TOTAL COMMON STOCKS (proceeds $214,149)		$	225,219	0.00%, 08/15/2023		575		603
							$	812
				Internet - (0.02)%
				Booking Holdings Inc
				0.90%, 09/15/2021		225		246
				Liberty Expedia Holdings Inc
				1.00%, 06/30/2047		100		98

Consolidated Schedule of Investments
Global Multi-Strategy Fund
February 28, 2019 (unaudited)


Short Sales Outstanding
		Principal
CONVERTIBLE BONDS (continued)		Amount (000’s) Value (000’s)
Internet (continued)
Wix.com Ltd
0.00%, 07/01/2023		$	25	$	26
				$	370
Oil & Gas - (0.01)%
Transocean Inc
0.50%, 01/30/2023			200		215
Oil & Gas Services - 0.00%
Oil States International Inc
1.50%, 02/15/2023			75		66
Pharmaceuticals - (0.01)%
Jazz Investments I Ltd
1.50%, 08/15/2024			75		72
Supernus Pharmaceuticals Inc
0.63%, 04/01/2023			100		101
				$	173
Software - (0.03)%
Akamai Technologies Inc
0.13%, 05/01/2025			100		99
Guidewire Software Inc
1.25%, 03/15/2025			150		159
New Relic Inc
0.50%, 05/01/2023			100		116
				$	374
Telecommunications - (0.01)%
Viavi Solutions Inc
1.00%, 03/01/2024			200		232
TOTAL CONVERTIBLE BONDS (proceeds $2,265)				$	2,242
U.S. GOVERNMENT & GOVERNMENT		Principal
AGENCY OBLIGATIONS - (14.07)%		Amount (000's) Value (000's)
Federal National Mortgage Association (FNMA) - (3.01)%
3.00%, 03/01/2049	$	23,223		$	22,694
3.50%, 03/01/2048		35,092			35,108
				$	57,802
U.S. Treasury - (11.06)%
1.38%, 09/15/2020			3,639		3,575
1.88%, 08/31/2024			4,092		3,951
2.38%, 05/15/2027		14,413			14,111
2.50%, 01/31/2021		18,158			18,149
2.50%, 02/15/2022		64,692			64,720
2.50%, 01/31/2024		52,163			52,130
2.63%, 02/15/2029		19,588			19,426
2.88%, 04/30/2025			2,772		2,817
2.88%, 11/30/2025		32,770			33,304
				$	212,183
TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
OBLIGATIONS (proceeds $269,256)				$	269,985
TOTAL SHORT SALES (proceeds $535,051)				$	546,267


Schedule of Investments
Global Opportunities Fund
February 28, 2019 (unaudited)



COMMON STOCKS - 94.01%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Aerospace & Defense - 2.40%					Engineering & Construction - 2.28%
Boeing Co/The		413	$	182	ACS Actividades de Construccion y Servicios SA	4,599	$	204
Raytheon Co		799		149	China Railway Construction Corp Ltd	68,000		98
Safran SA		1,178		160	Vinci SA	1,729		165
		$		491		$		467
Agriculture - 2.23%					Entertainment - 0.54%
Philip Morris International Inc		3,781		329	GVC Holdings PLC	12,810		111
Swedish Match AB		2,718		127	Food - 3.09%
		$		456	General Mills Inc	5,704		269
Apparel - 1.90%					Tesco PLC	56,938		171
Capri Holdings Ltd ^(a)		5,123		234	WH Group Ltd ^(b)	219,000		194
Moncler SpA		4,046		155		$		634
		$		389	Forest Products & Paper - 0.79%
Automobile Manufacturers - 2.05%					Mondi PLC	7,039		161
Kia Motors Corp		4,962		161	Healthcare - Services - 3.12%
Toyota Motor Corp		4,300		260	ICON PLC ^(a)	1,286		180
		$		421	NMC Health PLC	2,228		80
Banks - 6.48%					Syneos Health Inc ^(a)	4,057		170
Erste Group Bank AG		5,847		220	UnitedHealth Group Inc	868		210
KeyCorp		14,418		255		$		640
Lloyds Banking Group PLC		245,557		207	Home Furnishings - 1.56%
Postal Savings Bank of China Co Ltd (b)		130,000		78	LG Electronics Inc	1,724		108
Raiffeisen Bank International AG		7,569		193	Sony Corp	4,400		211
Sberbank of Russia PJSC ADR		11,166		142		$		319
Swedbank AB		7,704		141	Insurance - 6.07%
Turkiye Is Bankasi AS		84,978		92	Allstate Corp/The	2,214		209
		$		1,328	Athene Holding Ltd ^(a)	5,413		241
Beverages - 1.66%					Fairfax Financial Holdings Ltd	400		198
Coca-Cola HBC AG (a)		4,850		163	Legal & General Group PLC	54,401		203
Molson Coors Brewing Co		2,864		177	NN Group NV	3,309		144
		$		340	Prudential Financial Inc	2,611		250
Biotechnology - 1.01%						$		1,245
Biogen Inc ^(a)		634		208	Internet - 4.98%
Building Materials - 0.59%					Alphabet Inc - A Shares ^(a)	411		463
Anhui Conch Cement Co Ltd		21,000		120	Amazon.com Inc ^(a)	113		185
Chemicals - 0.62%					Facebook Inc ^(a)	1,512		244
Nitto Denko Corp		2,400		128	Tencent Holdings Ltd	3,000		129
Commercial Services - 0.54%						$		1,021
TAL Education Group ADR^(a)		3,113		111	Iron & Steel - 0.58%
Computers - 3.34%					POSCO	507		118
Apple Inc		1,370		237	Leisure Products & Services - 1.00%
Cognizant Technology Solutions Corp		2,724		194	Norwegian Cruise Line Holdings Ltd ^(a)	3,692		205
Western Digital Corp		5,034		253	Lodging - 1.45%
		$		684	Extended Stay America Inc	7,672		140
Distribution & Wholesale - 2.61%					Las Vegas Sands Corp	2,569		158
HD Supply Holdings Inc ^(a)		5,038		217		$		298
KAR Auction Services Inc		2,920		137	Machinery - Construction & Mining - 0.83%
Mitsubishi Corp		6,400		181	United Tractors Tbk PT	91,000		171
		$		535	Machinery - Diversified - 0.81%
Diversified Financial Services - 3.34%					Dover Corp	1,851		167
Far East Horizon Ltd		97,000		108	Media - 3.22%
LPL Financial Holdings Inc		2,250		170	CBS Corp	3,803		191
Mastercard Inc		1,211		272	Comcast Corp - Class A	6,696		259
Shinhan Financial Group Co Ltd		3,442		134	Viacom Inc - B Shares	7,190		210
		$		684		$		660
Electric - 2.47%					Mining - 0.55%
China Longyuan Power Group Corp Ltd		184,000		137	Rio Tinto Ltd	1,652		113
Exelon Corp		3,640		177	Oil & Gas - 6.76%
FirstEnergy Corp		4,702		192	BP PLC	46,034		326
		$		506	ConocoPhillips	3,681		250
Electrical Components & Equipment - 1.62%					Husky Energy Inc	14,700		163
AMETEK Inc		1,710		136	Kunlun Energy Co Ltd	124,000		136
Energizer Holdings Inc		4,240		195	LUKOIL PJSC ADR	1,683		140
		$		331	Marathon Petroleum Corp	2,412		150
Electronics - 0.81%					Suncor Energy Inc	6,400		221
Hoya Corp		2,700		165		$		1,386
Energy - Alternate Sources - 0.96%
Vestas Wind Systems A/S		2,350		196

Schedule of Investments
Global Opportunities Fund
February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				(a)		Non-income producing security
Pharmaceuticals - 4.65%					(b)		Security exempt from registration under Rule 144A of the Securities Act of
Hypera SA		17,500	$	126			1933. These securities may be resold in transactions exempt from registration,
Johnson & Johnson		1,747		239			normally to qualified institutional buyers. At the end of the period, the value of
Pfizer Inc		6,198		269			these securities totaled $272 or 1.33% of net assets.
Roche Holding AG		1,155		320	(c)		Affiliated Security. Security is either an affiliate (and registered under the
		$		954			Investment Company Act of 1940) or an affiliate as defined by the Investment
Pipelines - 0.98%							Company Act of 1940 (controls 5.0% or more of the outstanding voting
TransCanada Corp		4,500		201			shares of the security). Please see affiliated sub-schedule for transactional
Private Equity - 1.15%							information.
Brookfield Asset Management Inc		5,200		235	(d)		Current yield shown is as of period end.
Real Estate - 1.88%
CK Asset Holdings Ltd		23,500		195				Portfolio Summary (unaudited)
Sun Hung Kai Properties Ltd		11,500		191	Country								Percent
		$		386	United States								45.01	%
REITs - 0.54%					United Kingdom								6.90	%
Liberty Property Trust		2,348		111	Japan								6.88	%
Retail - 2.30%					Canada								6.38	%
Alimentation Couche-Tard Inc		5,100		287	Hong Kong								5.21	%
Dick's Sporting Goods Inc		4,725		185	Korea, Republic Of								3.95	%
		$		472	China								3.29	%
Semiconductors - 1.41%					Switzerland								2.36	%
Samsung Electronics Co Ltd		7,202		288	Austria								2.01	%
					Sweden								1.94	%
Software - 2.04%					France								1.58	%
Capcom Co Ltd		7,000		141	Russian Federation								1.37	%
Microsoft Corp		2,477		277	Spain								1.00	%
		$		418	Denmark								0.96	%
Telecommunications - 5.62%					Ireland								0.88	%
China Mobile Ltd		23,000		243	Indonesia								0.83	%
Cisco Systems Inc		8,011		415	Italy								0.76	%
Nice Ltd ADR^(a)		1,276		150	Israel								0.73	%
SoftBank Group Corp		2,300		213	Netherlands								0.70	%
Telefonaktiebolaget LM Ericsson		14,268		130	Brazil								0.61	%
		$		1,151	Isle of Man								0.54	%
Toys, Games & Hobbies - 0.54%					Turkey								0.45	%
Nintendo Co Ltd		400		110	United Arab Emirates								0.39	%
Transportation - 0.64%					Other Assets and Liabilities								5.27	%
Norfolk Southern Corp		727		131	TOTAL NET ASSETS							100.00		%
TOTAL COMMON STOCKS		$		19,266
INVESTMENT COMPANIES - 0.72%	Shares Held Value (000's)
Money Market Funds - 0.72%
Principal Government Money Market Fund		147,633		148
2.33%^(c),(d)
TOTAL INVESTMENT COMPANIES		$		148
Total Investments		$		19,414
Other Assets and Liabilities - 5.27%				1,081
TOTAL NET ASSETS - 100.00%		$		20,495


Affiliated Securities		August 31, 2018					Purchases			Sales		February 28, 2019
		Value						Cost		Proceeds		Value
Principal Government Money Market Fund 2.33%	$			13,829		$		52,757	$	66,438	$		148
	$			13,829		$		52,757	$	66,438	$		148


				Realized Gain/Loss						Realized Gain from		Change in Unrealized
		Income		on Investments				Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.33%	$	42	$		— $					— $			—
	$	42	$		— $					— $			—
Amounts in thousands

Schedule of Investments International Equity Index Fund February 28, 2019 (unaudited)


COMMON STOCKS - 96.77%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.29%					Automobile Parts & Equipment (continued)
Dentsu Inc		16,500	$	689	Continental AG		8,355	$	1,368
Hakuhodo DY Holdings Inc		18,100		278	Denso Corp		32,900		1,417
JCDecaux SA		5,736		177	Faurecia SA		5,852		279
Publicis Groupe SA		16,079		890	JTEKT Corp		15,600		194
WPP PLC		95,831		1,051	Koito Manufacturing Co Ltd		7,800		451
		$		3,085	Minth Group Ltd		54,000		214
Aerospace & Defense - 1.51%					NGK Insulators Ltd		20,300		310
Airbus SE		44,221		5,697	NGK Spark Plug Co Ltd		11,900		254
BAE Systems PLC		242,681		1,496	Nokian Renkaat OYJ		8,996		318
Dassault Aviation SA		191		322	Pirelli & C SpA ^(a),(b)		30,847		207
Elbit Systems Ltd		1,811		238	Stanley Electric Co Ltd		10,000		289
IHI Corp		11,400		301	Sumitomo Electric Industries Ltd		57,200		799
Kawasaki Heavy Industries Ltd		11,000		283	Sumitomo Rubber Industries Ltd		13,200		170
Leonardo SpA		31,209		314	Toyoda Gosei Co Ltd		5,100		116
Meggitt PLC		58,997		422	Toyota Industries Corp		11,000		567
MTU Aero Engines AG		3,951		847	Valeo SA		18,245		574
Rolls-Royce Holdings PLC ^(a)		128,876		1,635	Yokohama Rubber Co Ltd/The		9,000		184
Safran SA		25,338		3,454			$		11,591
Thales SA		8,075		994	Banks - 11.37%
		$		16,003	ABN AMRO Group NV (b)		32,126		778
Agriculture - 1.10%					AIB Group PLC		62,796		296
British American Tobacco PLC		174,202		6,387	Aozora Bank Ltd		9,100		263
Golden Agri-Resources Ltd		496,000		100	Australia & New Zealand Banking Group Ltd		217,800		4,327
Imperial Brands PLC		72,433		2,414	Banco Bilbao Vizcaya Argentaria SA		506,402		3,141
Japan Tobacco Inc		83,600		2,129	Banco de Sabadell SA		427,325		486
Swedish Match AB		13,363		626	Banco Espirito Santo SA ^(a),(c),(d)		131,709		—
		$		11,656	Banco Santander SA	1,233,108			6,001
Airlines - 0.15%					Bank Hapoalim BM		81,031		558
ANA Holdings Inc		8,700		323	Bank Leumi Le-Israel BM		113,433		750
Deutsche Lufthansa AG		18,170		464	Bank of East Asia Ltd/The		96,000		334
easyJet PLC		12,252		199	Bank of Ireland Group PLC		74,584		485
Japan Airlines Co Ltd		8,900		325	Bank of Kyoto Ltd/The		4,200		189
Singapore Airlines Ltd		41,700		308	Bank of Queensland Ltd		30,275		194
		$		1,619	Bankia SA		95,160		290
Apparel - 1.62%					Bankinter SA		51,198		420
Adidas AG		13,699		3,325	Barclays PLC	1,301,052			2,829
Asics Corp		12,400		166	Bendigo & Adelaide Bank Ltd		37,314		261
Burberry Group PLC		31,242		783	BNP Paribas SA		85,425		4,373
Hermes International		2,406		1,524	BOC Hong Kong Holdings Ltd		280,000		1,170
Kering SA		5,755		3,140	CaixaBank SA		272,559		971
LVMH Moet Hennessy Louis Vuitton SE		21,096		7,240	Chiba Bank Ltd/The		45,900		279
Moncler SpA		13,588		521	Commerzbank AG		76,089		627
Puma SE		638		359	Commonwealth Bank of Australia		134,443		7,054
Yue Yuen Industrial Holdings Ltd		57,000		192	Concordia Financial Group Ltd		81,400		331
		$		17,250	Credit Agricole SA		87,077		1,114
					Credit Suisse Group AG ^(a)		194,120		2,394
Automobile Manufacturers - 3.07%					Danske Bank A/S		54,436		1,083
Bayerische Motoren Werke AG		25,145		2,126	DBS Group Holdings Ltd		136,300		2,499
Daimler AG		69,062		4,135	Deutsche Bank AG		149,115		1,382
Ferrari NV		9,313		1,198	DNB ASA		73,106		1,400
Fiat Chrysler Automobiles NV		82,434		1,218	Erste Group Bank AG		22,849		862
Hino Motors Ltd		20,000		184	Fukuoka Financial Group Inc		11,100		241
Honda Motor Co Ltd		123,800		3,496	Hang Seng Bank Ltd		58,100		1,439
Isuzu Motors Ltd		41,900		602	HSBC Holdings PLC	1,521,524			12,404
Mazda Motor Corp		43,100		508	ING Groep NV		295,556		3,907
Mitsubishi Motors Corp		51,800		292	Intesa Sanpaolo SpA	1,130,303			2,781
Nissan Motor Co Ltd		176,200		1,527	Investec PLC		51,656		338
Peugeot SA		44,667		1,136	Japan Post Bank Co Ltd		30,700		343
Renault SA		14,599		1,000	KBC Group NV		18,950		1,403
Subaru Corp		46,700		1,190	Lloyds Banking Group PLC	5,402,987			4,550
Suzuki Motor Corp		26,000		1,335	Macquarie Group Ltd		24,559		2,242
Toyota Motor Corp		173,400		10,478	Mediobanca Banca di Credito Finanziario SpA		47,718		478
Volkswagen AG		2,467		436	Mitsubishi UFJ Financial Group Inc		892,300		4,630
Volvo AB - B Shares		119,034		1,751	Mizrahi Tefahot Bank Ltd		10,772		206
		$		32,612	Mizuho Financial Group Inc	1,831,300			2,880
Automobile Parts & Equipment - 1.09%					National Australia Bank Ltd		207,655		3,707
Aisin Seiki Co Ltd		12,500		491	Natixis SA		72,582		398
Bridgestone Corp		46,300		1,834	Nordea Bank Abp		230,683		2,090
Cie Generale des Etablissements Michelin SCA		12,968		1,555	Oversea-Chinese Banking Corp Ltd		242,500		1,978

Schedule of Investments International Equity Index Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Banks (continued)					Chemicals (continued)
Raiffeisen Bank International AG		11,415	$	291	Brenntag AG		11,733	$	583
Resona Holdings Inc		158,700		719	Clariant AG ^(a)		15,361		330
Royal Bank of Scotland Group PLC		366,014		1,287	Covestro AG ^(b)		14,611		832
Seven Bank Ltd		46,000		134	Croda International PLC		9,997		638
Shinsei Bank Ltd		12,100		166	Daicel Corp		20,500		216
Shizuoka Bank Ltd/The		33,300		264	EMS-Chemie Holding AG		629		363
Skandinaviska Enskilda Banken AB		123,603		1,257	Evonik Industries AG		12,576		354
Societe Generale SA		58,291		1,791	Givaudan SA		702		1,755
Standard Chartered PLC		213,499		1,703	Hitachi Chemical Co Ltd		8,100		147
Sumitomo Mitsui Financial Group Inc		100,800		3,582	Incitec Pivot Ltd		123,804		296
Sumitomo Mitsui Trust Holdings Inc		25,144		955	Israel Chemicals Ltd		54,221		303
Svenska Handelsbanken AB		115,981		1,321	Johnson Matthey PLC		14,698		603
Swedbank AB		68,777		1,263	JSR Corp		14,600		243
UBS Group AG (a)		292,791		3,715	Kaneka Corp		3,700		145
UniCredit SpA		152,437		2,070	Kansai Paint Co Ltd		13,800		254
United Overseas Bank Ltd		102,000		1,880	Koninklijke DSM NV		13,778		1,482
Westpac Banking Corp		260,860		4,993	Kuraray Co Ltd		24,200		325
Yamaguchi Financial Group Inc		15,300		143	LANXESS AG		6,704		363
		$		120,690	Mitsubishi Chemical Holdings Corp		97,200		719
Beverages - 2.29%					Mitsubishi Gas Chemical Co Inc		12,700		194
Anheuser-Busch InBev SA/NV		57,867		4,520	Mitsui Chemicals Inc		14,300		349
Asahi Group Holdings Ltd		27,600		1,195	Nippon Paint Holdings Co Ltd		11,100		428
Carlsberg A/S		8,124		984	Nissan Chemical Corp		9,600		485
Coca-Cola Amatil Ltd		39,083		221	Nitto Denko Corp		12,600		675
Coca-Cola Bottlers Japan Holdings Inc		10,400		268	Novozymes A/S		16,627		755
Coca-Cola European Partners PLC		16,415		774	Shin-Etsu Chemical Co Ltd		27,600		2,307
Coca-Cola HBC AG (a)		15,579		524	Showa Denko KK		10,300		385
Davide Campari-Milano SpA		44,109		421	Solvay SA		5,629		630
Diageo PLC		184,327		7,138	Sumitomo Chemical Co Ltd		112,900		561
Heineken Holding NV		8,750		845	Symrise AG		9,366		825
Heineken NV		19,686		1,982	Taiyo Nippon Sanso Corp		10,200		145
Kirin Holdings Co Ltd		62,500		1,400	Teijin Ltd		13,600		228
Pernod Ricard SA		16,127		2,776	Toray Industries Inc		105,300		732
Remy Cointreau SA		1,740		227	Tosoh Corp		19,800		293
Suntory Beverage & Food Ltd		10,600		467	Umicore SA		15,906		687
Treasury Wine Estates Ltd		54,579		580	Yara International ASA		13,487		567
		$		24,322			$		32,870
Biotechnology - 0.57%					Commercial Services - 2.10%
BeiGene Ltd ADR^(a)		2,505		343	Adecco Group AG		12,017		622
CSL Ltd		34,399		4,715	Adyen NV ^(a),(b)		561		421
Genmab A/S ^(a)		4,670		806	Ashtead Group PLC		36,423		967
H Lundbeck A/S		5,371		245	Atlantia SpA		37,630		915
		$		6,109	Babcock International Group PLC		19,494		140
Building Materials - 1.30%					Benesse Holdings Inc		5,500		150
AGC Inc/Japan		13,900		483	Brambles Ltd		121,018		1,010
Boral Ltd		90,405		319	Bureau Veritas SA		20,141		481
Cie de Saint-Gobain		37,783		1,360	Dai Nippon Printing Co Ltd		18,500		429
CRH PLC		62,193		1,971	Edenred		18,151		805
Daikin Industries Ltd		18,800		2,046	Experian PLC		69,125		1,798
Fletcher Building Ltd		65,805		219	G4S PLC		119,652		333
Geberit AG		2,814		1,122	Intertek Group PLC		12,257		827
HeidelbergCement AG		11,301		832	ISS A/S		12,691		396
Imerys SA		2,761		157	Park24 Co Ltd		9,000		216
James Hardie Industries PLC		33,570		420	Persol Holdings Co Ltd		13,700		236
Kingspan Group PLC		11,762		548	Randstad NV		9,048		483
LafargeHolcim Ltd ^(a)		36,874		1,822	Recruit Holdings Co Ltd		83,800		2,349
LIXIL Group Corp		20,600		279	RELX PLC		149,541		3,433
Rinnai Corp		2,500		168	Secom Co Ltd		15,800		1,367
Sika AG		9,691		1,309	Securitas AB		24,146		378
Taiheiyo Cement Corp		9,400		322	SGS SA		406		1,034
TOTO Ltd		10,900		413	Sohgo Security Services Co Ltd		5,500		238
		$		13,790	Toppan Printing Co Ltd		18,600		296
Chemicals - 3.10%					Transurban Group		202,898		1,795
Air Liquide SA		32,530		4,055	Wirecard AG		8,915		1,219
Air Water Inc		11,400		183			$		22,338
Akzo Nobel NV		17,054		1,546	Computers - 0.84%
Arkema SA		5,264		530	Atos SE		7,316		702
Asahi Kasei Corp		95,900		1,049	Capgemini SE		12,179		1,456
BASF SE		69,755		5,310	Check Point Software Technologies Ltd ^(a)		9,490		1,160

Schedule of Investments International Equity Index Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Computers (continued)					Electric - 2.65%
Computershare Ltd		35,050	$	429	AGL Energy Ltd	49,807	$	750
Fujitsu Ltd		14,900		1,005	AusNet Services	139,366		172
Ingenico Group SA		4,567		306	Chubu Electric Power Co Inc	46,100		726
NEC Corp		19,800		661	Chugoku Electric Power Co Inc/The	21,100		274
Nomura Research Institute Ltd		8,681		354	CLP Holdings Ltd	124,500		1,475
NTT Data Corp		48,000		526	E.ON SE	167,166		1,839
Obic Co Ltd		4,800		460	EDP - Energias de Portugal SA	194,388		713
Otsuka Corp		8,100		292	Electric Power Development Co Ltd	11,300		283
TDK Corp		9,700		761	Electricite de France SA	45,723		664
Teleperformance		4,389		783	Endesa SA	24,123		608
		$		8,895	Enel SpA	617,697		3,735
Consumer Products - 0.45%					Engie SA	138,713		2,090
Henkel AG & Co KGaA		7,893		742	Fortum OYJ	33,734		749
Reckitt Benckiser Group PLC		51,035		3,898	HK Electric Investments & HK Electric	204,500		213
Societe BIC SA		1,976		187	Investments Ltd
		$		4,827	Iberdrola SA	471,839		3,948
Cosmetics & Personal Care - 2.32%					Innogy SE ^(b)	10,548		487
Beiersdorf AG		7,655		710	Kansai Electric Power Co Inc/The	53,500		801
Essity AB		46,056		1,285	Kyushu Electric Power Co Inc	28,800		343
Kao Corp		37,100		2,813	Meridian Energy Ltd	98,824		248
Kose Corp		2,200		357	Origin Energy Ltd	133,621		698
Lion Corp		17,000		349	Orsted A/S ^(b)	14,367		1,043
L'Oreal SA		19,150		4,830	Power Assets Holdings Ltd	105,000		729
Pigeon Corp		8,700		355	Red Electrica Corp SA	32,875		710
Pola Orbis Holdings Inc		7,200		203	RWE AG	39,353		960
Shiseido Co Ltd		28,700		1,898	Sembcorp Industries Ltd	75,800		147
Unicharm Corp		30,600		975	SSE PLC	78,233		1,231
Unilever NV		117,204		6,348	Terna Rete Elettrica Nazionale SpA	106,855		665
Unilever PLC		84,308		4,488	Tohoku Electric Power Co Inc	32,500		427
		$		24,611	Tokyo Electric Power Co Holdings Inc ^(a)	109,700		684
Distribution & Wholesale - 1.11%					Uniper SE	15,286		445
Bunzl PLC		25,549		804	Verbund AG	5,229		251
Ferguson PLC		17,608		1,217		$		28,108
ITOCHU Corp		102,300		1,838	Electrical Components & Equipment - 0.55%
Jardine Cycle & Carriage Ltd		7,700		189	Brother Industries Ltd	16,900		310
Marubeni Corp		118,700		848	Casio Computer Co Ltd	15,100		205
Mitsubishi Corp		102,600		2,897	Legrand SA	20,262		1,336
Mitsui & Co Ltd		125,700		1,979	OSRAM Licht AG	7,355		318
Rexel SA		23,392		291	Prysmian SpA	18,517		378
Sumitomo Corp		85,500		1,230	Schneider Electric SE	41,770		3,246
Toyota Tsusho Corp		16,100		513		$		5,793
		$		11,806	Electronics - 1.08%
Diversified Financial Services - 1.56%					Alps Alpine Co Ltd	16,000		315
Acom Co Ltd		30,800		106	Assa Abloy AB	76,121		1,573
AEON Financial Service Co Ltd		8,800		173	Hirose Electric Co Ltd	2,199		227
Amundi SA ^(b)		4,660		311	Hitachi High-Technologies Corp	5,300		202
ASX Ltd		14,703		728	Hoya Corp	28,900		1,767
Credit Saison Co Ltd		12,300		179	Kyocera Corp	24,300		1,343
Daiwa Securities Group Inc		122,400		621	MINEBEA MITSUMI Inc	29,200		470
Deutsche Boerse AG		14,430		1,822	Murata Manufacturing Co Ltd	13,600		2,121
Hargreaves Lansdown PLC		21,613		500	Nidec Corp	16,900		2,050
Hong Kong Exchanges & Clearing Ltd		90,200		3,109	Nippon Electric Glass Co Ltd	6,600		179
Japan Exchange Group Inc		38,700		685	Omron Corp	14,500		627
Julius Baer Group Ltd (a)		16,998		741	Venture Corp Ltd	21,200		279
London Stock Exchange Group PLC		23,796		1,421	Yokogawa Electric Corp	17,300		334
Mebuki Financial Group Inc		63,900		173		$		11,487
Mitsubishi UFJ Lease & Finance Co Ltd		31,300		160	Energy - Alternate Sources - 0.14%
Nomura Holdings Inc		262,700		1,024	Siemens Gamesa Renewable Energy SA ^(a)	18,384		281
ORIX Corp		100,600		1,457	Vestas Wind Systems A/S	14,840		1,237
Partners Group Holding AG		1,319		953		$		1,518
SBI Holdings Inc/Japan		17,790		376	Engineering & Construction - 1.31%
Schroders PLC		9,584		348	ACS Actividades de Construccion y Servicios SA	19,369		858
Singapore Exchange Ltd		62,000		359	Aena SME SA ^(b)	5,127		914
St James's Place PLC		40,209		519	Aeroports de Paris	2,256		438
Standard Life Aberdeen PLC ^(a)		190,030		622	Auckland International Airport Ltd	73,906		391
Tokyo Century Corp		3,200		143	Bouygues SA	16,706		631
		$		16,530	CIMIC Group Ltd	7,501		267
					CK Infrastructure Holdings Ltd	50,500		421
					Eiffage SA	5,953		581

Schedule of Investments International Equity Index Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Engineering & Construction (continued)				Food (continued)
Ferrovial SA	37,346	$	860	Yamazaki Baking Co Ltd		9,200	$	158
Fraport AG Frankfurt Airport Services Worldwide	3,207		258			$		51,622
HOCHTIEF AG	1,627		258	Food Service - 0.32%
Japan Airport Terminal Co Ltd	3,700		147	Compass Group PLC		120,443		2,660
JGC Corp	16,100		234	Sodexo SA		6,719		738
Kajima Corp	34,200		507			$		3,398
Lendlease Group	42,969		393	Forest Products & Paper - 0.31%
Obayashi Corp	49,300		480	Mondi PLC		27,890		638
SATS Ltd	52,100		197	Oji Holdings Corp		65,300		390
Shimizu Corp	42,600		375	Smurfit Kappa Group PLC		17,115		485
Singapore Technologies Engineering Ltd	120,500		333	Stora Enso OYJ		41,852		561
Skanska AB	25,833		465	UPM-Kymmene OYJ		40,535		1,222
Sydney Airport	83,924		429			$		3,296
Taisei Corp	16,300		770	Gas - 0.84%
Vinci SA	38,567		3,681	Centrica PLC		431,883		714
	$		13,888	Enagas SA		17,225		491
Entertainment - 0.47%				Hong Kong & China Gas Co Ltd		698,473		1,617
Aristocrat Leisure Ltd	43,645		762	National Grid PLC		258,118		2,909
Genting Singapore Ltd	456,800		344	Naturgy Energy Group SA		26,600		722
GVC Holdings PLC	42,041		366	Osaka Gas Co Ltd		28,400		583
Merlin Entertainments PLC ^(b)	55,038		264	Snam SpA		171,248		845
Oriental Land Co Ltd/Japan	15,100		1,661	Toho Gas Co Ltd		5,800		264
Paddy Power Betfair PLC	6,081		492	Tokyo Gas Co Ltd		29,000		799
Sankyo Co Ltd	3,400		125			$		8,944
Sega Sammy Holdings Inc	13,500		157	Hand & Machine Tools - 0.27%
Tabcorp Holdings Ltd	145,423		488	Disco Corp		2,100		291
Toho Co Ltd/Tokyo	8,700		311	Fuji Electric Co Ltd		9,200		291
	$		4,970	Makita Corp		16,900		601
Environmental Control - 0.02%				Schindler Holding AG - PC		3,094		698
Kurita Water Industries Ltd	7,700		194	Schindler Holding AG - REG		1,550		343
Food - 4.86%				Techtronic Industries Co Ltd		104,000		695
a2 Milk Co Ltd ^(a)	55,690		541			$		2,919
Aeon Co Ltd	46,400		979	Healthcare - Products - 1.63%
Ajinomoto Co Inc	33,400		506	Asahi Intecc Co Ltd		7,400		356
Associated British Foods PLC	27,056		806	Cochlear Ltd		4,382		530
Barry Callebaut AG	167		287	Coloplast A/S		9,023		900
Calbee Inc	6,300		175	ConvaTec Group PLC ^(b)		105,363		185
Carrefour SA	44,955		920	EssilorLuxottica SA		21,865		2,646
Casino Guichard Perrachon SA	4,279		226	Fisher & Paykel Healthcare Corp Ltd		44,050		441
Chocoladefabriken Lindt & Spruengli AG - PC	81		526	Koninklijke Philips NV		70,341		2,799
Chocoladefabriken Lindt & Spruengli AG - REG	8		591	Lonza Group AG ^(a)		5,656		1,571
Chr Hansen Holding A/S	7,510		764	Olympus Corp		22,000		977
Coles Group Ltd ^(a)	86,110		693	QIAGEN NV ^(a)		17,599		673
Colruyt SA	4,630		330	Sartorius Stedim Biotech		2,124		250
Dairy Farm International Holdings Ltd	26,000		233	Shimadzu Corp		16,900		418
Danone SA	46,823		3,537	Siemens Healthineers AG ^(b)		11,392		461
ICA Gruppen AB	6,204		238	Smith & Nephew PLC		66,418		1,262
J Sainsbury PLC	135,126		411	Sonova Holding AG		4,219		787
Jeronimo Martins SGPS SA	19,411		292	Straumann Holding AG		783		609
Kerry Group PLC	12,050		1,240	Sysmex Corp		12,600		762
Kikkoman Corp	10,900		544	Terumo Corp		23,000		1,413
Koninklijke Ahold Delhaize NV	89,899		2,317	William Demant Holding A/S ^(a)		7,667		230
MEIJI Holdings Co Ltd	9,200		729			$		17,270
METRO AG	13,885		233	Healthcare - Services - 0.50%
Mowi ASA	33,312		769	BioMerieux		3,193		263
Nestle SA	232,624		21,042	Eurofins Scientific SE		880		370
NH Foods Ltd	7,200		263	Fresenius Medical Care AG & Co KGaA		16,424		1,284
Nisshin Seifun Group Inc	14,995		322	Fresenius SE & Co KGaA		31,680		1,780
Nissin Foods Holdings Co Ltd	4,700		327	NMC Health PLC		8,016		287
Orkla ASA	61,907		488	Ramsay Health Care Ltd		10,743		494
Seven & i Holdings Co Ltd	57,100		2,513	Ryman Healthcare Ltd		30,847		231
Tesco PLC	743,777		2,232	Sonic Healthcare Ltd		32,967		565
Toyo Suisan Kaisha Ltd	6,900		256			$		5,274
Wesfarmers Ltd	86,111		2,030
WH Group Ltd ^(b)	665,000		590	Holding Companies - Diversified - 0.56%
Wilmar International Ltd	145,600		344	CK Hutchison Holdings Ltd		204,632		2,177
Wm Morrison Supermarkets PLC	172,587		527	Industrivarden AB		12,880		268
Woolworths Group Ltd	100,052		2,038	Jardine Matheson Holdings Ltd		16,785		1,149
Yakult Honsha Co Ltd	9,000		605	Jardine Strategic Holdings Ltd		16,905		666

Schedule of Investments International Equity Index Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Holding Companies - Diversified (continued)					Internet - 0.49%
Keppel Corp Ltd		110,300	$	502	Auto Trader Group PLC ^(b)		71,307	$	450
NWS Holdings Ltd		116,500		282	CyberAgent Inc		7,600		236
Swire Pacific Ltd		37,500		446	Delivery Hero SE ^(a),(b)		7,090		275
Washington H Soul Pattinson & Co Ltd		8,273		173	Iliad SA		2,043		212
Wharf Holdings Ltd/The		91,000		285	Kakaku.com Inc		10,400		200
		$		5,948	LINE Corp ^(a)		5,400		198
Home Builders - 0.49%					M3 Inc		31,900		528
Barratt Developments PLC		77,025		611	MonotaRO Co Ltd		9,500		225
Berkeley Group Holdings PLC		9,320		488	Rakuten Inc		65,200		514
Daiwa House Industry Co Ltd		43,000		1,332	SEEK Ltd		25,689		336
Iida Group Holdings Co Ltd		11,320		207	Trend Micro Inc/Japan		9,000		445
Persimmon PLC		23,821		770	United Internet AG		9,482		345
Sekisui Chemical Co Ltd		28,500		448	Wix.com Ltd ^(a)		3,342		365
Sekisui House Ltd		47,200		711	Yahoo Japan Corp		214,900		576
Taylor Wimpey PLC		248,846		598	ZOZO Inc		15,600		294
		$		5,165			$		5,199
Home Furnishings - 0.70%					Investment Companies - 0.46%
Electrolux AB		18,272		478	Eurazeo SE		3,510		264
Hoshizaki Corp		3,900		264	EXOR NV		8,237		507
Panasonic Corp		167,600		1,549	Groupe Bruxelles Lambert SA		6,128		589
SEB SA		1,738		299	Investor AB		34,593		1,544
Sharp Corp/Japan		16,200		190	Kinnevik AB		18,580		470
Sony Corp		96,400		4,629	L E Lundbergforetagen AB		5,861		180
		$		7,409	Melrose Industries PLC		368,961		851
Insurance - 5.60%					Pargesa Holding SA		2,975		244
Admiral Group PLC		15,504		449	Wendel SA		2,137		269
Aegon NV		135,282		726			$		4,918
Ageas		13,877		684	Iron & Steel - 0.46%
AIA Group Ltd		916,800		9,150	ArcelorMittal		50,446		1,156
Allianz SE		32,237		7,176	BlueScope Steel Ltd		40,787		388
AMP Ltd		225,061		377	Fortescue Metals Group Ltd		118,167		505
Assicurazioni Generali SpA		89,151		1,590	Hitachi Metals Ltd		16,700		171
Aviva PLC		296,303		1,661	JFE Holdings Inc		37,300		652
AXA SA		147,303		3,730	Kobe Steel Ltd		24,000		190
Baloise Holding AG		3,707		604	Nippon Steel & Sumitomo Metal Corp		61,277		1,105
Challenger Ltd		42,379		242	thyssenkrupp AG		33,096		495
CNP Assurances		13,237		306	voestalpine AG		8,837		273
Dai-ichi Life Holdings Inc		81,900		1,248			$		4,935
Direct Line Insurance Group PLC		104,425		494	Leisure Products & Services - 0.28%
Gjensidige Forsikring ASA		15,424		276	Carnival PLC		12,846		720
Hannover Rueck SE		4,581		683	Flight Centre Travel Group Ltd		4,284		139
Insurance Australia Group Ltd		175,514		916	Shimano Inc		5,600		852
Japan Post Holdings Co Ltd		119,700		1,455	TUI AG		33,973		361
Legal & General Group PLC		452,685		1,684	Yamaha Corp		10,200		503
Mapfre SA		83,118		235	Yamaha Motor Co Ltd		21,200		432
Medibank Pvt Ltd		209,151		421			$		3,007
MS&AD Insurance Group Holdings Inc		36,000		1,084	Lodging - 0.58%
Muenchener Rueckversicherungs-Gesellschaft		11,358		2,675	Accor SA		14,325		605
AG in Muenchen					City Developments Ltd		31,700		209
NN Group NV		23,212		1,010	Crown Resorts Ltd		28,417		231
Poste Italiane SpA ^(b)		40,289		363	Galaxy Entertainment Group Ltd		179,000		1,269
Prudential PLC		196,852		4,150	InterContinental Hotels Group PLC		13,067		781
QBE Insurance Group Ltd		100,907		886	Melco Resorts & Entertainment Ltd ADR		19,001		438
RSA Insurance Group PLC		77,990		528	MGM China Holdings Ltd		73,600		155
Sampo Oyj		33,669		1,620	Sands China Ltd		183,600		916
SCOR SE		12,382		557	Shangri-La Asia Ltd		100,166		142
Sompo Holdings Inc		24,050		900	SJM Holdings Ltd		155,000		175
Sony Financial Holdings Inc		13,500		256	Whitbread PLC		13,946		898
Suncorp Group Ltd		98,615		948	Wynn Macau Ltd		120,000		296
Swiss Life Holding AG ^(a)		2,600		1,131			$		6,115
Swiss Re AG		23,145		2,288	Machinery - Construction & Mining - 1.31%
T&D Holdings Inc		42,300		511	ABB Ltd		139,963		2,756
Tokio Marine Holdings Inc		49,200		2,405	Atlas Copco AB - A Shares		50,999		1,382
Tryg A/S		9,320		254	Atlas Copco AB - B Shares		29,636		744
Zurich Insurance Group AG		11,496		3,792	Epiroc AB - A Shares (a)		50,049		502
		$		59,465	Epiroc AB - B Shares (a)		30,092		283
					Hitachi Construction Machinery Co Ltd		8,300		207
					Hitachi Ltd		73,400		2,206
					Komatsu Ltd		70,200		1,724


Schedule of Investments
International Equity Index Fund
February 28, 2019 (unaudited)



COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Machinery - Construction & Mining (continued)				Miscellaneous Manufacturers (continued)
Mitsubishi Electric Corp	138,600	$	1,738	Siemens AG		58,098	$	6,347
Mitsubishi Heavy Industries Ltd	23,000		938	Smiths Group PLC		30,070		571
Sandvik AB	85,739		1,405	Toshiba Corp		49,500		1,551
	$		13,885	Wartsila OYJ Abp		33,704		547
Machinery - Diversified - 1.52%						$		12,072
Amada Holdings Co Ltd	26,300		277	Office & Business Equipment - 0.32%
ANDRITZ AG	5,612		280	Canon Inc		76,000		2,183
CNH Industrial NV	77,112		834	Konica Minolta Inc		34,300		334
Daifuku Co Ltd	7,700		380	Ricoh Co Ltd		50,900		518
FANUC Corp	14,700		2,435	Seiko Epson Corp		21,200		314
GEA Group AG	12,478		298			$		3,349
Hexagon AB	19,774		1,039	Oil & Gas - 5.42%
Husqvarna AB	32,192		264	Aker BP ASA		8,330		282
Keyence Corp	7,380		4,316	BP PLC	1,523,225			10,799
KION Group AG	5,463		311	Caltex Australia Ltd		19,808		402
Kone OYJ	25,738		1,258	DCC PLC		7,462		646
Kubota Corp	75,000		1,012	Eni SpA		193,202		3,332
Metso OYJ	8,119		275	Equinor ASA		88,745		1,996
Nabtesco Corp	8,500		225	Galp Energia SGPS SA		38,069		624
SMC Corp/Japan	4,300		1,504	Idemitsu Kosan Co Ltd		10,300		366
Sumitomo Heavy Industries Ltd	8,400		289	Inpex Corp		77,600		753
THK Co Ltd	9,100		224	JXTG Holdings Inc		244,130		1,140
Weir Group PLC/The	18,579		404	Lundin Petroleum AB		14,218		466
Yaskawa Electric Corp	18,200		519	Neste Oyj		9,737		936
	$		16,144	Oil Search Ltd		104,142		618
Media - 0.70%				OMV AG		11,185		589
Axel Springer SE	3,742		213	Repsol SA		105,984		1,824
Bollore SA	67,507		300	Royal Dutch Shell PLC - A Shares		342,233		10,668
Informa PLC	95,054		889	Royal Dutch Shell PLC - B Shares		284,456		8,923
ITV PLC	275,138		478	Santos Ltd		134,464		660
Pearson PLC	59,319		669	Showa Shell Sekiyu KK		14,100		211
ProSiebenSat.1 Media SE	17,968		327	TOTAL SA		183,394		10,438
RTL Group SA	2,983		168	Woodside Petroleum Ltd		71,098		1,822
Schibsted ASA - B Shares	7,557		280			$		57,495
Singapore Press Holdings Ltd	123,500		224	Oil & Gas Services - 0.06%
Telenet Group Holding NV	4,080		184	John Wood Group PLC		52,262		361
Vivendi SA	79,301		2,316	WorleyParsons Ltd		24,662		260
Wolters Kluwer NV	21,244		1,400			$		621
	$		7,448	Packaging & Containers - 0.11%
Metal Fabrication & Hardware - 0.18%				Amcor Ltd/Australia		87,956		939
Maruichi Steel Tube Ltd	4,400		132	Toyo Seikan Group Holdings Ltd		11,600		245
MISUMI Group Inc	21,500		523			$		1,184
NSK Ltd	27,100		250	Pharmaceuticals - 8.22%
SKF AB	29,169		490	Alfresa Holdings Corp		14,200		412
Tenaris SA	35,863		477	Astellas Pharma Inc		142,800		2,214
	$		1,872	AstraZeneca PLC		96,210		7,840
Mining - 2.53%				Bayer AG		70,823		5,658
Alumina Ltd	188,772		341	Chugai Pharmaceutical Co Ltd		16,900		1,150
Anglo American PLC	80,023		2,122	Daiichi Sankyo Co Ltd		42,900		1,607
Antofagasta PLC	30,410		377	Eisai Co Ltd		19,100		1,579
BHP Group Ltd	223,727		5,909	GlaxoSmithKline PLC		376,784		7,510
BHP Group PLC	160,405		3,721	Grifols SA		22,654		588
Boliden AB	20,772		568	Hisamitsu Pharmaceutical Co Inc		4,300		213
Fresnillo PLC	17,047		194	Ipsen SA		2,905		402
Glencore PLC ^(a)	854,626		3,443	Kobayashi Pharmaceutical Co Ltd		3,600		291
Mitsubishi Materials Corp	8,200		225	Kyowa Hakko Kirin Co Ltd		19,700		377
Newcrest Mining Ltd	58,346		1,003	Medipal Holdings Corp		13,200		308
Norsk Hydro ASA	102,134		422	Merck KGaA		9,815		1,014
Rio Tinto Ltd	28,192		1,922	Mitsubishi Tanabe Pharma Corp		19,500		281
Rio Tinto PLC	87,759		5,041	Novartis AG		164,654		15,006
South32 Ltd	385,895		1,079	Novo Nordisk A/S		137,989		6,765
Sumitomo Metal Mining Co Ltd	17,700		519	Ono Pharmaceutical Co Ltd		28,800		592
	$		26,886	Orion Oyj		8,030		287
Miscellaneous Manufacturers - 1.14%				Otsuka Holdings Co Ltd		29,500		1,231
Alfa Laval AB	22,300		487	Recordati SpA		8,062		303
Alstom SA ^(a)	11,990		521	Roche Holding AG		53,357		14,808
FUJIFILM Holdings Corp	29,300		1,313	Sanofi		85,576		7,136
Nikon Corp	24,400		370	Santen Pharmaceutical Co Ltd		28,300		442
Orica Ltd	29,162		365	Shionogi & Co Ltd		20,900		1,337

Schedule of Investments International Equity Index Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Pharmaceuticals (continued)					REITs (continued)
Sumitomo Dainippon Pharma Co Ltd		12,100	$	299	Segro PLC		82,362	$	722
Suzuken Co Ltd/Aichi Japan		5,600		307	Stockland		182,832		455
Taisho Pharmaceutical Holdings Co Ltd		2,600		264	Suntec Real Estate Investment Trust		164,400		234
Takeda Pharmaceutical Co Ltd		112,700		4,535	Unibail-Rodamco-Westfield		10,504		1,691
Teva Pharmaceutical Industries Ltd ADR^(a)		73,500		1,237	United Urban Investment Corp		223		346
UCB SA		9,602		805	Vicinity Centres		247,635		433
Vifor Pharma AG		3,456		432			$		16,749
		$		87,230	Retail - 1.67%
Pipelines - 0.08%					ABC-Mart Inc		2,500		143
APA Group		89,607		636	Cie Financiere Richemont SA		39,644		3,029
Koninklijke Vopak NV		5,421		265	Domino's Pizza Enterprises Ltd		4,727		139
		$		901	Dufry AG ^(a)		2,492		252
Private Equity - 0.09%					FamilyMart UNY Holdings Co Ltd		19,200		549
3i Group PLC		73,893		928	Fast Retailing Co Ltd		4,400		2,070
Real Estate - 1.82%					Harvey Norman Holdings Ltd		42,940		110
Aeon Mall Co Ltd		8,050		131	Hennes & Mauritz AB		66,560		1,009
Aroundtown SA		59,386		499	HUGO BOSS AG		4,883		361
Azrieli Group Ltd		3,271		183	Industria de Diseno Textil SA		82,844		2,501
CapitaLand Ltd		194,500		491	Isetan Mitsukoshi Holdings Ltd		26,100		260
CK Asset Holdings Ltd		195,632		1,623	J Front Retailing Co Ltd		18,000		200
Daito Trust Construction Co Ltd		5,400		748	Kingfisher PLC		161,861		520
Deutsche Wohnen SE		27,108		1,262	Lawson Inc		3,600		218
Hang Lung Group Ltd		69,000		217	Marks & Spencer Group PLC		123,405		446
Hang Lung Properties Ltd		151,000		356	Marui Group Co Ltd		14,400		254
Henderson Land Development Co Ltd		98,711		558	McDonald's Holdings Co Japan Ltd		5,100		228
Hongkong Land Holdings Ltd		88,625		636	Next PLC		10,608		715
Hulic Co Ltd		23,100		213	Nitori Holdings Co Ltd		6,000		749
Hysan Development Co Ltd		47,000		248	Pan Pacific International Holdings Corp		9,000		538
Kerry Properties Ltd		51,000		213	Pandora A/S		8,356		438
Mitsubishi Estate Co Ltd		89,800		1,543	Ryohin Keikaku Co Ltd		1,800		426
Mitsui Fudosan Co Ltd		67,700		1,607	Shimamura Co Ltd		1,700		144
New World Development Co Ltd		468,000		747	Sundrug Co Ltd		5,700		175
Nomura Real Estate Holdings Inc		9,800		186	Swatch Group AG/The - BR		2,343		692
REA Group Ltd		4,061		236	Swatch Group AG/The - REG		4,302		246
Sino Land Co Ltd		251,073		467	Takashimaya Co Ltd		10,800		142
Sumitomo Realty & Development Co Ltd		27,100		1,014	Tsuruha Holdings Inc		2,700		240
Sun Hung Kai Properties Ltd		121,000		2,006	USS Co Ltd		16,600		303
Swire Properties Ltd		88,400		355	Welcia Holdings Co Ltd		3,500		124
Swiss Prime Site AG ^(a)		5,833		492	Yamada Denki Co Ltd		48,400		234
Tokyu Fudosan Holdings Corp		46,300		256	Zalando SE ^(a),(b)		8,583		316
UOL Group Ltd		38,900		191			$		17,771
Vonovia SE		37,378		1,809	Semiconductors - 1.33%
Wharf Real Estate Investment Co Ltd		92,000		646	ASM Pacific Technology Ltd		23,000		244
Wheelock & Co Ltd		62,000		420	ASML Holding NV		31,130		5,695
		$		19,353	Hamamatsu Photonics KK		10,700		378
REITs - 1.58%					Infineon Technologies AG		86,353		1,898
Ascendas Real Estate Investment Trust		202,850		420	NXP Semiconductors NV		26,150		2,388
British Land Co PLC/The		69,568		557	Renesas Electronics Corp ^(a)		64,300		378
CapitaLand Commercial Trust		194,800		279	Rohm Co Ltd		7,000		443
CapitaLand Mall Trust		195,300		347	STMicroelectronics NV		51,865		847
Covivio		3,507		355	SUMCO Corp		18,100		231
Daiwa House REIT Investment Corp		131		292	Tokyo Electron Ltd		11,800		1,613
Dexus		77,251		659			$		14,115
Gecina SA		3,487		516	Shipbuilding - 0.02%
Goodman Group		123,980		1,128	Yangzijiang Shipbuilding Holdings Ltd		184,300		194
GPT Group/The		137,073		569	Software - 1.48%
Hammerson PLC		58,537		297	Amadeus IT Group SA		33,327		2,507
ICADE		2,570		219	Dassault Systemes SE		9,932		1,452
Japan Prime Realty Investment Corp		63		247	DeNA Co Ltd		8,200		127
Japan Real Estate Investment Corp		100		579	Konami Holdings Corp		7,200		298
Japan Retail Fund Investment Corp		202		407	Micro Focus International PLC		32,156		799
Klepierre SA		15,519		541	Nexon Co Ltd ^(a)		33,900		541
Land Securities Group PLC		56,311		673	Oracle Corp Japan		2,800		209
Link REIT		160,000		1,810	Sage Group PLC/The		82,420		723
Mirvac Group		278,126		508	SAP SE		74,640		7,988
Nippon Building Fund Inc		102		664	Temenos AG ^(a)		4,586		663
Nippon Prologis REIT Inc ^(a)		133		283	Ubisoft Entertainment SA ^(a)		6,032		435
Nomura Real Estate Master Fund Inc		297		407			$		15,742
Scentre Group		403,802		1,111


Schedule of Investments
International Equity Index Fund
February 28, 2019 (unaudited)



COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)			Shares Held Value (000’s)
Telecommunications - 4.36%					Transportation (continued)
1&1 Drillisch AG		4,087	$	162	Tokyu Corp			38,000	$	644
Bezeq The Israeli Telecommunication Corp Ltd		159,952		140	West Japan Railway Co			12,400		934
BT Group PLC		640,500		1,827	Yamato Holdings Co Ltd			23,400		611
Deutsche Telekom AG		253,131		4,173				$		19,987
Elisa OYJ		10,803		453	Trucking & Leasing - 0.04%
Eutelsat Communications SA		13,463		266	AerCap Holdings NV ^(a)			9,487		428
Hikari Tsushin Inc		1,500		269	Water - 0.22%
HKT Trust & HKT Ltd		283,980		444	Severn Trent PLC			18,220		488
KDDI Corp		134,600		3,253	Suez			28,314		362
Koninklijke KPN NV		255,350		787	United Utilities Group PLC			51,787		577
Millicom International Cellular SA		5,098		307	Veolia Environnement SA			40,806		896
Nice Ltd ^(a)		4,695		554				$		2,323
Nippon Telegraph & Telephone Corp		48,900		2,114	TOTAL COMMON STOCKS			$		1,027,358
Nokia OYJ		428,028		2,588	INVESTMENT COMPANIES - 2.15%			Shares Held Value (000's)
NTT DOCOMO Inc		101,200		2,356	Exchange-Traded Funds - 1.64%
Orange SA		151,517		2,316	iShares MSCI EAFE ETF			269,703		17,334
PCCW Ltd		330,000		198
Proximus SADP		11,730		310	Money Market Funds - 0.51%
SES SA		27,666		556	Principal Government Money Market Fund			5,438,758		5,439
Singapore Telecommunications Ltd		619,600		1,380	2.33%^(e),(f)
Softbank Corp ^(a)		127,100		1,585	TOTAL INVESTMENT COMPANIES			$		22,773
SoftBank Group Corp		62,600		5,809	PREFERRED STOCKS - 0.52%			Shares Held Value (000's)
Spark New Zealand Ltd		141,505		359	Automobile Manufacturers - 0.33%
Swisscom AG		1,968		910	Bayerische Motoren Werke AG 4.02%			4,248	$	314
Tele2 AB		37,923		498	Porsche Automobil Holding SE 1.76%			11,629		774
Telecom Italia SpA/Milano ^(a)		864,968		526	Volkswagen AG 4.86%			14,096		2,417
Telecom Italia SpA/Milano - RSP		464,849		253				$		3,505
Telefonaktiebolaget LM Ericsson		233,337		2,127	Chemicals - 0.02%
Telefonica Deutschland Holding AG		57,346		188	FUCHS PETROLUB SE 0.95%			5,357		239
Telefonica SA		354,890		3,061	Consumer Products - 0.13%
Telenor ASA		55,875		1,090	Henkel AG & Co KGaA 1.85%			13,531		1,352
Telia Co AB		213,753		927	Electronics - 0.04%
Telstra Corp Ltd		316,134		702	Sartorius AG 0.62%			2,702		428
TPG Telecom Ltd		28,580		135	TOTAL PREFERRED STOCKS			$		5,524
Vodafone Group PLC	2,029,250			3,615	Total Investments		$	1,055,655
		$		46,238	Other Assets and Liabilities - 0.56%					5,938
Toys, Games & Hobbies - 0.28%					TOTAL NET ASSETS - 100.00%		$	1,061,593
Bandai Namco Holdings Inc		15,000		639
Nintendo Co Ltd		8,600		2,358
		$		2,997	(a)	Non-income producing security
					(b)	Security exempt from registration under Rule 144A of the Securities Act of
Transportation - 1.88%						1933. These securities may be resold in transactions exempt from registration,
AP Moller - Maersk A/S - A		289		372		normally to qualified institutional buyers. At the end of the period, the value of
AP Moller - Maersk A/S - B		496		667		these securities totaled $7,897 or 0.74% of net assets.
Aurizon Holdings Ltd		151,141		485	(c)	The value of these investments was determined using significant unobservable
Central Japan Railway Co		11,000		2,468		inputs.
ComfortDelGro Corp Ltd		166,900		295	(d)	Fair value of these investments is determined in good faith by the Manager
Deutsche Post AG		75,126		2,330		under procedures established and periodically reviewed by the Board of
DSV A/S		14,278		1,188		Directors. Certain inputs used in the valuation may be unobservable; however,
East Japan Railway Co		23,100		2,213		each security is evaluated individually for purposes of ASC 820 which results
Getlink SE		35,505		524		in not all securities being identified as Level 3 of the fair value hierarchy. At
Hankyu Hanshin Holdings Inc		17,400		632		the end of the period, the fair value of these securities totaled $0 or 0.00% of
Kamigumi Co Ltd		8,400		195		net assets.
Keihan Holdings Co Ltd		7,500		311
Keikyu Corp		16,700		277	(e)	Affiliated Security. Security is either an affiliate (and registered under the
Keio Corp		7,700		452		Investment Company Act of 1940) or an affiliate as defined by the Investment
Keisei Electric Railway Co Ltd		9,800		335		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Kintetsu Group Holdings Co Ltd		13,200		596		shares of the security). Please see affiliated sub-schedule for transactional
Kuehne + Nagel International AG		4,101		534		information.
Kyushu Railway Co		12,400		425	(f)	Current yield shown is as of period end.
Mitsui OSK Lines Ltd		8,900		210
MTR Corp Ltd		116,500		669
Nagoya Railroad Co Ltd		14,100		388
Nippon Express Co Ltd		5,800		343
Nippon Yusen KK		11,600		184
Odakyu Electric Railway Co Ltd		22,400		524
Royal Mail PLC		69,404		261
Seibu Holdings Inc		17,100		304
SG Holdings Co Ltd		7,200		211
Tobu Railway Co Ltd		14,500		405


Schedule of Investments
International Equity Index Fund
February 28, 2019 (unaudited)


Portfolio Summary (unaudited)
Country		Percent
Japan		23.48			%
United Kingdom		14.56			%
France		10.66			%
Switzerland		9.11			%
Germany		8.37			%
Australia		6.89			%
Netherlands		4.68			%
Hong Kong		3.76			%
Spain		2.97			%
Sweden		2.38			%
United States		2.22			%
Italy		1.94			%
Denmark		1.70			%
Singapore		1.28			%
Finland		1.20			%
Belgium		0.97			%
Norway		0.72			%
Ireland		0.68			%
Israel		0.54			%
Luxembourg		0.35			%
Austria		0.24			%
New Zealand		0.22			%
Portugal		0.16			%
Macao		0.14			%
China		0.07			%
Chile		0.04			%
Isle of Man		0.03			%
United Arab Emirates		0.03			%
South Africa		0.03			%
Mexico		0.02			%
Other Assets and Liabilities		0.56			%
TOTAL NET ASSETS		100.00			%


Affiliated Securities		August 31, 2018				Purchases			Sales		February 28, 2019
		Value					Cost		Proceeds		Value
Principal Government Money Market Fund 2.33%	$			4,181	$		132,473	$	131,215	$		5,439
	$			4,181	$		132,473	$	131,215	$		5,439


				Realized Gain/Loss			Realized Gain from				Change in Unrealized
		Income		on Investments			Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.33%	$	73	$			— $			— $			—
	$	73	$			— $			— $			—
Amounts in thousands


Futures Contracts

Description and Expiration Date		Type		Contracts		Notional Amount			Value and Unrealized Appreciation/(Depreciation)
eMini MSCI EAFE; March 2019		Long		63	$		5,887	$				386
Total								$				386

Amounts in thousands except contracts.

Schedule of Investments International Small Company Fund February 28, 2019 (unaudited)


COMMON STOCKS - 97.14%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.96%					Computers - 4.14%
JCDecaux SA		139,889	$	4,307	Appen Ltd	226,294	$	3,755
Stroeer SE & Co KGaA		68,589		4,065	Bechtle AG	57,316		4,916
		$		8,372	Computacenter PLC	129,819		1,912
Aerospace & Defense - 1.00%					CyberArk Software Ltd ^(a)	47,029		5,162
CAE Inc		190,400		4,015	DTS Corp	93,200		3,554
Meggitt PLC		664,683		4,755	Logitech International SA	53,172		1,996
		$		8,770	MCJ Co Ltd	234,100		1,694
Airlines - 0.90%					NEC Corp	59,500		1,985
Air Canada ^(a)		202,700		5,100	S&T AG ^(a)	165,992		4,006
Wizz Air Holdings Plc ^(a),(b)		69,220		2,784	Softcat PLC	221,955		2,238
		$		7,884	Teleperformance	28,446		5,076
Apparel - 1.91%						$		36,294
boohoo Group PLC ^(a)	1,673,428			3,891	Distribution & Wholesale - 0.50%
Moncler SpA		155,989		5,981	Inchcape PLC	580,300		4,351
Puma SE		12,250		6,896	Diversified Financial Services - 4.25%
		$		16,768	Aruhi Corp	120,900		2,262
Automobile Manufacturers - 0.22%					Burford Capital Ltd	289,121		6,799
Isuzu Motors Ltd		136,500		1,962	Cembra Money Bank AG	38,526		3,690
Automobile Parts & Equipment - 2.85%					Euronext NV ^(b)	94,501		5,762
FCC Co Ltd		134,900		3,126	Mebuki Financial Group Inc	1,631,810		4,430
Georg Fischer AG		5,785		5,121	Mitsubishi UFJ Lease & Finance Co Ltd	813,000		4,151
Keihin Corp		173,300		3,053	SBI Holdings Inc/Japan	251,600		5,320
Rheinmetall AG		68,747		7,356	Zenkoku Hosho Co Ltd	130,600		4,810
Toyo Tire Corp		276,900		3,539		$		37,224
Toyoda Gosei Co Ltd		121,700		2,766	Electric - 1.86%
		$		24,961	Capital Power Corp	224,900		5,163
Banks - 3.14%					Chubu Electric Power Co Inc	95,900		1,510
77 Bank Ltd/The		156,300		2,513	Hera SpA	1,532,829		5,104
Banco Comercial Portugues SA ^(a)	10,178,426			2,787	Iren SpA	1,817,412		4,517
Israel Discount Bank Ltd	2,041,670			7,222		$		16,294
Mediobanca Banca di Credito Finanziario SpA		577,602		5,781	Electrical Components & Equipment - 0.64%
Mizrahi Tefahot Bank Ltd		293,283		5,616	Signify NV ^(b)	209,646		5,564
Paragon Banking Group PLC		627,587		3,618	Electronics - 0.53%
		$		27,537	CMK Corp	288,000		1,797
Beverages - 1.16%					Mycronic AB	193,904		2,856
Coca-Cola Bottlers Japan Holdings Inc		126,400		3,262		$		4,653
Royal Unibrew A/S		92,933		6,871	Energy - Alternate Sources - 0.20%
		$		10,133	Vestas Wind Systems A/S	21,111		1,759
Biotechnology - 0.62%					Engineering & Construction - 3.32%
Abcam PLC		318,470		5,421	ACS Actividades de Construccion y Servicios SA	44,331		1,964
Building Materials - 2.05%					Badger Daylighting Ltd	87,800		2,551
Buzzi Unicem SpA		243,546		4,760	Downer EDI Ltd	1,068,959		5,649
Ibstock PLC ^(b)		691,521		2,315	KAWADA TECHNOLOGIES Inc	25,500		1,685
Nichiha Corp		52,000		1,477	Kyowa Exeo Corp	259,200		7,008
Rockwool International A/S		15,391		3,756	Maeda Corp	422,500		4,477
Xinyi Glass Holdings Ltd	4,948,000			5,671	Toda Corp	655,700		4,175
		$		17,979	Yokogawa Bridge Holdings Corp	85,800		1,599
Chemicals - 2.17%						$		29,108
Denka Co Ltd		179,000		5,411	Entertainment - 1.72%
DIC Corp		143,700		4,587	Cineworld Group PLC	413,022		1,530
Lintec Corp		118,700		2,698	GVC Holdings PLC	432,015		3,758
Sumitomo Bakelite Co Ltd		98,600		3,731	Stars Group Inc/The ^(a)	246,500		4,110
Zeon Corp		256,100		2,610	Tokyotokeiba Co Ltd	52,700		1,721
		$		19,037	William Hill PLC	1,576,224		3,924
Commercial Services - 4.04%						$		15,043
Colliers International Group Inc		59,000		4,031	Food - 3.95%
Hays PLC	2,492,723			5,023	Empire Co Ltd	254,200		5,905
Kanamoto Co Ltd		109,200		2,880	Glanbia PLC	387,458		7,849
Keywords Studios PLC		155,620		2,311	J Sainsbury PLC	673,234		2,046
Loomis AB		138,915		5,052	Morinaga Milk Industry Co Ltd	163,200		5,232
Nishio Rent All Co Ltd		75,600		2,331	Nichirei Corp	193,000		4,813
QinetiQ Group PLC		788,539		3,209	Sonae SGPS SA	1,347,051		1,436
Rentokil Initial PLC	1,703,049			7,915	SSP Group Plc	682,389		6,013
Sixt SE		28,690		2,641	WH Group Ltd ^(b)	1,421,000		1,260
		$		35,393		$		34,554
					Food Service - 0.38%
					Autogrill SpA	389,832		3,347

Schedule of Investments International Small Company Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Forest Products & Paper - 1.12%					Oil & Gas - 3.42%
Interfor Corp ^(a)		181,500	$	2,042	Aker BP ASA		74,192	$	2,515
Sumitomo Forestry Co Ltd		434,400		5,677	Beach Energy Ltd	3,630,740			5,337
UPM-Kymmene OYJ		70,008		2,111	Cairn Energy PLC ^(a)		877,097		2,368
		$		9,830	DCC PLC		52,601		4,551
Gas - 0.74%					DNO ASA		375,677		800
Rubis SCA		110,245		6,522	Enerplus Corp		562,900		4,962
Hand & Machine Tools - 0.40%					Parex Resources Inc ^(a)		339,667		5,258
Rhi Magnesita NV		58,791		3,461	Premier Oil PLC ^(a)	1,979,133			1,946
Healthcare - Products - 1.52%					Tamarack Valley Energy Ltd ^(a)		545,500		1,148
Carl Zeiss Meditec AG		67,530		5,759	TORC Oil & Gas Ltd		304,600		1,072
Elekta AB		347,197		4,000			$		29,957
Sartorius Stedim Biotech		29,894		3,516	Packaging & Containers - 1.16%
		$		13,275	DS Smith PLC	1,204,998			5,364
Healthcare - Services - 2.53%					RPC Group PLC		457,988		4,800
Evotec AG ^(a)		133,725		3,139			$		10,164
ICON PLC ^(a)		38,003		5,320	Pharmaceuticals - 3.87%
Korian SA		87,395		3,269	Amplifon SpA		356,588		6,627
NMC Health PLC		99,908		3,581	Clinigen Group Plc		189,199		2,393
Orpea		58,379		6,879	Hikma Pharmaceuticals PLC		206,825		4,578
		$		22,188	Nippon Shinyaku Co Ltd		79,200		5,047
Holding Companies - Diversified - 0.77%					Sawai Pharmaceutical Co Ltd		116,800		6,694
Seven Group Holdings Ltd		489,658		6,719	Ship Healthcare Holdings Inc		68,400		2,592
					Towa Pharmaceutical Co Ltd		31,100		2,459
Home Builders - 0.46%					Tsumura & Co		109,500		3,462
Open House Co Ltd		112,800		3,992			$		33,852
Insurance - 2.10%					Private Equity - 1.26%
ASR Nederland NV		210,309		9,257	Intermediate Capital Group PLC		571,395		7,943
Direct Line Insurance Group PLC	1,117,094			5,281	Jafco Co Ltd		87,200		3,063
Phoenix Group Holdings PLC		156,798		1,454			$		11,006
Swiss Life Holding AG ^(a)		5,477		2,384
		$		18,376	Real Estate - 3.99%
					ADO Properties SA ^(b)		46,293		2,651
Internet - 1.63%					CA Immobilien Anlagen AG		89,075		3,012
LAC Co Ltd		141,400		2,004	Castellum AB		374,257		6,815
Scout24 AG ^(b)		112,842		5,946	Entra ASA ^(b)		130,326		1,827
Wix.com Ltd ^(a)		58,027		6,339	Hysan Development Co Ltd		961,000		5,075
		$		14,289	LEG Immobilien AG		67,857		7,566
Lodging - 0.49%					Nexity SA		18,784		916
Melco International Development Ltd	1,775,000			4,332	TLG Immobilien AG		70,881		2,057
Machinery - Diversified - 3.72%					UOL Group Ltd	1,025,400			5,022
ATS Automation Tooling Systems Inc ^(a)		201,400		2,836			$		34,941
Bucher Industries AG		16,690		5,163	REITs - 7.33%
Deutz AG		366,872		2,657	Allied Properties Real Estate Investment Trust		103,059		3,760
Ebara Corp		206,600		5,891	Canadian Apartment Properties REIT		80,900		3,089
Juki Corp		109,700		1,232	Covivio		60,950		6,171
Makino Milling Machine Co Ltd		101,800		4,112	Dream Global Real Estate Investment Trust		205,200		2,113
Sumitomo Heavy Industries Ltd		182,800		6,281	GPT Group/The	1,704,985			7,080
Toromont Industries Ltd		84,804		4,414	H&R Real Estate Investment Trust		228,200		3,938
		$		32,586	ICADE		52,126		4,438
Media - 0.74%					Inmobiliaria Colonial Socimi SA		378,353		3,900
Nine Entertainment Co Holdings Ltd	3,887,620			4,708	Kenedix Office Investment Corp		861		5,746
Tokyo Broadcasting System Holdings Inc		91,400		1,757	Kenedix Residential Next Investment Corp		2,158		3,514
		$		6,465	Mapletree Commercial Trust	5,034,958			6,585
Metal Fabrication & Hardware - 0.55%					Mapletree North Asia Commercial Trust	3,275,400			3,024
Aurubis AG		87,927		4,834	MCUBS MidCity Investment Corp		4,242		3,735
Mining - 3.79%					Merlin Properties Socimi SA		412,969		5,349
Alumina Ltd	2,714,390			4,900	Northview Apartment Real Estate Investment		83,800		1,767
Detour Gold Corp ^(a)		344,290		3,485	Trust
KAZ Minerals PLC		343,471		3,012			$		64,209
Kirkland Lake Gold Ltd		209,601		7,664	Retail - 4.56%
Lundin Mining Corp		905,900		4,599	B&M European Value Retail SA	1,188,478			5,576
Northern Star Resources Ltd	1,010,501			6,622	JD Sports Fashion PLC		970,207		5,999
OceanaGold Corp		911,873		2,938	Komeri Co Ltd		92,100		2,324
		$		33,220	K's Holdings Corp		560,200		5,163
Miscellaneous Manufacturers - 0.57%					Matsumotokiyoshi Holdings Co Ltd		159,300		5,455
Vesuvius PLC		624,002		5,022	Saizeriya Co Ltd		114,400		2,109
Office & Business Equipment - 0.72%					Sogo Medical Holdings Co Ltd		41,000		681
Konica Minolta Inc		648,600		6,308	Super Retail Group Ltd		456,228		2,397
					Sushiro Global Holdings Ltd		73,800		4,651


Schedule of Investments
International Small Company Fund
February 28, 2019 (unaudited)



COMMON STOCKS (continued)	Shares Held Value (000’s)					(a)		Non-income producing security
Retail (continued)						(b)		Security exempt from registration under Rule 144A of the Securities Act of
Tsuruha Holdings Inc		30,200	$	2,681				1933. These securities may be resold in transactions exempt from registration,
Valora Holding AG ^(a)		10,904		2,919				normally to qualified institutional buyers. At the end of the period, the value of
		$		39,955				these securities totaled $28,109 or 3.21% of net assets.
Software - 1.70%						(c)		Affiliated Security. Security is either an affiliate (and registered under the
Kinaxis Inc ^(a)		53,700		3,376				Investment Company Act of 1940) or an affiliate as defined by the Investment
Open Text Corp		139,200		5,276				Company Act of 1940 (controls 5.0% or more of the outstanding voting
TIS Inc		132,800		6,192				shares of the security). Please see affiliated sub-schedule for transactional
		$		14,844				information.
Telecommunications - 1.63%						(d)		Current yield shown is as of period end.
Bezeq The Israeli Telecommunication Corp Ltd	3,413,258			2,992
Proximus SADP		196,192		5,178					Portfolio Summary (unaudited)
Spark New Zealand Ltd	2,390,189			6,068		Country								Percent
		$		14,238		Japan								26.05	%
Transportation - 3.86%						United Kingdom								13.04	%
ComfortDelGro Corp Ltd	3,537,500			6,244		Canada								11.08	%
Kamigumi Co Ltd		258,700		6,009		Germany								6.91	%
National Express Group PLC		920,352		5,174		Australia								5.74	%
Sankyu Inc		123,200		6,038		France								4.68	%
Seino Holdings Co Ltd		346,400		4,901		United States								4.53	%
TFI International Inc		176,200		5,429		Italy								4.12	%
		$		33,795		Israel								3.11	%
TOTAL COMMON STOCKS		$		850,788		Switzerland								2.74	%
INVESTMENT COMPANIES - 3.75%	Shares Held Value (000's)					Singapore								2.37	%
Money Market Funds - 3.75%						Netherlands								2.36	%
Principal Government Money Market Fund	32,802,382			32,802		Ireland								2.29	%
2.33%^(c),(d)						Sweden								2.15	%
TOTAL INVESTMENT COMPANIES		$		32,802		Hong Kong								1.86	%
Total Investments		$		883,590		Denmark								1.42	%
Other Assets and Liabilities - (0.89)%				(7,792	)	Spain								1.28	%
TOTAL NET ASSETS - 100.00%		$		875,798		Austria								1.20	%
						New Zealand								0.70	%
						Norway								0.59	%
						Belgium								0.59	%
						Jordan								0.52	%
						Portugal								0.48	%
						Isle of Man								0.43	%
						United Arab Emirates								0.41	%
						Finland								0.24	%
						Other Assets and Liabilities								(0.89	)%
						TOTAL NET ASSETS								100.00	%


Affiliated Securities		August 31, 2018						Purchases			Sales		February 28, 2019
		Value							Cost		Proceeds			Value
Principal Government Money Market Fund 2.33%	$			13,053			$		116,530	$	96,781	$		32,802
	$			13,053			$		116,530	$	96,781	$		32,802


				Realized Gain/Loss							Realized Gain from		Change in Unrealized
				Income		on Investments			Capital Gain Distributions					Gain/Loss
Principal Government Money Market Fund 2.33%	$			167	$			— $			— $			—
	$			167	$			— $			— $			—
Amounts in thousands

Schedule of Investments Multi-Manager Equity Long/Short Fund February 28, 2019 (unaudited)


COMMON STOCKS - 84.85%	Shares Held Value (000's)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Advertising - 0.10%				Banks (continued)
Dentsu Inc	800	$	33	Comerica Inc	284	$	25
Hakuhodo DY Holdings Inc	5,200		80	Commerzbank AG	125,587		1,035
Interpublic Group of Cos Inc/The ^(a)	6,005		138	Concordia Financial Group Ltd	3,900		16
Omnicom Group Inc	393		30	DNB ASA	41,550		796
	$		281	Fifth Third Bancorp (a)	46,126		1,272
Aerospace & Defense - 4.90%				FinecoBank Banca Fineco SpA	1,415		18
Airbus SE	37,566		4,840	First Republic Bank/CA	286		30
Arconic Inc ^(a)	9,330		173	Goldman Sachs Group Inc/The ^(a)	6,918		1,361
Boeing Co/The	758		333	Gunma Bank Ltd/The	23,300		98
General Dynamics Corp ^(a)	7,013		1,194	Hachijuni Bank Ltd/The	24,500		102
IHI Corp	1,400		37	Hiroshima Bank Ltd/The	9,800		55
L3 Technologies Inc	1,384		293	Huntington Bancshares Inc/OH	1,810		26
Lockheed Martin Corp ^(a)	2,031		628	ING Groep NV	168,643		2,229
MTU Aero Engines AG	4,206		901	Iyo Bank Ltd/The	5,500		30
Northrop Grumman Corp	3,082		894	JPMorgan Chase & Co ^(a)	32,811		3,424
Raytheon Co ^(a)	5,495		1,025	KeyCorp	1,763		31
Safran SA	18,220		2,484	M&T Bank Corp	610		106
TransDigm Group Inc ^(b)	954		414	Mitsubishi UFJ Financial Group Inc ^(a)	72,500		376
	$		13,216	Mizuho Financial Group Inc	132,600		208
Agriculture - 0.63%				Northern Trust Corp	379		35
Altria Group Inc ^(a)	20,967		1,099	PNC Financial Services Group Inc/The	2,600		328
Archer-Daniels-Midland Co ^(a)	8,143		346	Raiffeisen Bank International AG	13,513		344
Philip Morris International Inc ^(a)	3,020		263	Regions Financial Corp ^(a)	81,049		1,329
	$		1,708	Resona Holdings Inc	35,400		160
Airlines - 0.50%				Shinsei Bank Ltd	6,600		91
American Airlines Group Inc ^(a)	797		28	State Street Corp ^(a)	7,327		527
ANA Holdings Inc	5,300		197	Sumitomo Mitsui Financial Group Inc ^(a)	14,800		526
Delta Air Lines Inc	1,176		58	Sumitomo Mitsui Trust Holdings Inc	3,300		125
Japan Airlines Co Ltd ^(a)	27,400		1,000	SunTrust Banks Inc ^(a)	39,251		2,547
Southwest Airlines Co	956		54	SVB Financial Group (b)	92		23
	$		1,337	UniCredit SpA	139,288		1,892
				US Bancorp (a)	2,784		144
Apparel - 0.78%				Wells Fargo & Co ^(a)	7,920		395
Canada Goose Holdings Inc ^(b)	7,398		421	Western Alliance Bancorp (b)	2,184		101
Capri Holdings Ltd ^(b)	2,959		135	Yamaguchi Financial Group Inc	1,600		15
Hanesbrands Inc ^(a)	6,963		129	Zions Bancorp NA	325		17
Moncler SpA ^(a)	13,114		503		$		22,743
PVH Corp	1,372		158
Ralph Lauren Corp	458		57	Beverages - 1.75%
Under Armour Inc - Class C ^(b)	3,826		77	Carlsberg A/S	2,663		323
VF Corp ^(a)	7,141		624	Coca-Cola Co/The ^(a)	37,968		1,721
	$		2,104	Constellation Brands Inc ^(a)	9,160		1,550
				PepsiCo Inc ^(a)	9,750		1,127
Automobile Manufacturers - 0.47%					$		4,721
Fiat Chrysler Automobiles NV	33,480		495
General Motors Co ^(a)	12,327		487	Biotechnology - 1.43%
Hino Motors Ltd	1,400		13	Amgen Inc ^(a)	5,908		1,123
Honda Motor Co Ltd	1,000		28	Biogen Inc ^(a),(b)	3,527		1,157
Mazda Motor Corp	9,700		114	Celgene Corp ^(a),(b)	12,859		1,069
Mitsubishi Motors Corp	6,600		37	Gilead Sciences Inc ^(a)	2,382		155
Subaru Corp	3,400		87	H Lundbeck A/S	7,733		353
	$		1,261		$		3,857
Automobile Parts & Equipment - 0.76%				Building Materials - 0.54%
Aisin Seiki Co Ltd	2,800		110	AGC Inc/Japan	1,300		45
Aptiv PLC	2,497		207	Fortune Brands Home & Security Inc ^(a)	2,731		129
BorgWarner Inc ^(a)	4,021		163	Johnson Controls International plc ^(a)	16,329		576
JTEKT Corp	6,000		75	LIXIL Group Corp	3,600		49
NHK Spring Co Ltd	13,700		128	Masco Corp ^(a)	5,853		220
Nokian Renkaat OYJ	19,576		693	Rinnai Corp	500		33
Rheinmetall AG	4,209		450	Rockwool International A/S	551		134
Stanley Electric Co Ltd	2,900		84	Taiheiyo Cement Corp	8,000		274
Toyota Boshoku Corp	7,600		126		$		1,460
	$		2,036	Chemicals - 1.45%
Banks - 8.44%				Asahi Kasei Corp	7,700		84
Bank of America Corp (a)	72,974		2,122	Celanese Corp	2,282		233
Bank of New York Mellon Corp/The	1,072		56	CF Industries Holdings Inc ^(a)	386		16
BB&T Corp	1,320		67	Daicel Corp	12,200		129
BPER Banca	21,536		91	DowDuPont Inc ^(a)	21,382		1,138
Citigroup Inc	4,095		262	Eastman Chemical Co	2,714		224
Citizens Financial Group Inc ^(a)	8,349		308	FMC Corp	232		21
				Kaneka Corp	900		35

Schedule of Investments Multi-Manager Equity Long/Short Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Chemicals (continued)				Distribution & Wholesale (continued)
Mitsubishi Chemical Holdings Corp	11,500	$	85	Toyota Tsusho Corp	2,600	$	83
Mitsubishi Gas Chemical Co Inc	15,900		243	WW Grainger Inc ^(a)	689		210
Mitsui Chemicals Inc	6,300		154		$		1,837
Mosaic Co/The ^(a)	1,295		40	Diversified Financial Services - 2.23%
Nippon Shokubai Co Ltd	800		55	Affiliated Managers Group Inc ^(a)	1,017		111
Nitto Denko Corp	2,400		129	American Express Co	1,465		158
PPG Industries Inc	408		46	Ameriprise Financial Inc	245		32
Sherwin-Williams Co/The ^(a)	1,605		695	BlackRock Inc ^(a)	2,754		1,221
Sumitomo Chemical Co Ltd	17,900		89	Capital One Financial Corp	809		68
Teijin Ltd	7,900		133	Charles Schwab Corp/The	2,304		106
Tosoh Corp ^(a)	23,800		352	Credit Saison Co Ltd	4,300		62
	$		3,901	Deutsche Boerse AG	6,355		802
Commercial Services - 2.18%				Discover Financial Services ^(a)	5,864		420
Automatic Data Processing Inc ^(a)	1,050		161	E*TRADE Financial Corp	429		21
Dai Nippon Printing Co Ltd	1,800		42	Franklin Resources Inc ^(a)	10,691		349
Ecolab Inc	497		84	Hitachi Capital Corp	700		17
Equifax Inc ^(a)	7,436		814	Intercontinental Exchange Inc	984		76
H&R Block Inc	356		8	Invesco Ltd ^(a)	9,667		187
Moody's Corp ^(a)	5,179		897	Mastercard Inc ^(a)	2,663		598
Nielsen Holdings PLC ^(a)	6,821		179	Mebuki Financial Group Inc	35,100		95
PayPal Holdings Inc ^(a),(b)	25,470		2,498	Mitsubishi UFJ Lease & Finance Co Ltd	5,200		26
Persol Holdings Co Ltd	6,100		105	Nasdaq Inc ^(a)	977		89
Quanta Services Inc	2,499		89	ORIX Corp	1,700		25
Robert Half International Inc ^(a)	2,698		184	Raymond James Financial Inc	244		20
S&P Global Inc ^(a)	3,900		781	Synchrony Financial ^(a)	7,720		252
Toppan Printing Co Ltd	1,300		21	T Rowe Price Group Inc ^(a)	5,693		572
	$		5,863	Visa Inc ^(a)	3,805		564
Computers - 4.03%				Western Union Co/The ^(a)	8,494		152
Accenture PLC - Class A ^(a)	5,946		959		$		6,023
Apple Inc ^(a)	17,549		3,039	Electric - 2.02%
Check Point Software Technologies Ltd ^(b)	5,398		660	A2A SpA ^(a)	158,010		280
Cognizant Technology Solutions Corp	997		71	AES Corp/VA	1,145		20
DXC Technology Co ^(a)	5,432		358	Chubu Electric Power Co Inc	14,300		225
Fujitsu Ltd	2,100		142	Dominion Energy Inc	1,133		84
Hewlett Packard Enterprise Co ^(a)	19,696		323	DTE Energy Co	315		39
HP Inc ^(a)	36,540		721	E.ON SE	35,709		393
International Business Machines Corp (a)	12,517		1,729	Edison International	564		34
Itochu Techno-Solutions Corp	10,300		243	Electric Power Development Co Ltd	1,500		37
Logitech International SA	23,859		895	Enel SpA ^(a)	185,643		1,123
NetApp Inc ^(a)	3,512		229	Evergy Inc	458		25
Nomura Research Institute Ltd	2,800		114	Eversource Energy	548		38
NTT Data Corp	6,200		68	Exelon Corp ^(a)	16,756		814
Obic Co Ltd	400		38	FirstEnergy Corp ^(a)	765		31
Otsuka Corp	7,500		270	Hera SpA ^(a)	38,647		129
Perspecta Inc ^(a)	31,179		658	Kansai Electric Power Co Inc/The	4,600		69
SCSK Corp	2,500		109	NextEra Energy Inc	827		155
Seagate Technology PLC ^(a)	5,105		238	NRG Energy Inc ^(a)	6,933		289
	$		10,864	Orsted A/S ^(c)	10,917		793
Consumer Products - 0.21%				Terna Rete Elettrica Nazionale SpA	22,224		138
Avery Dennison Corp ^(a)	1,941		210	Tohoku Electric Power Co Inc	10,800		142
Church & Dwight Co Inc ^(a)	5,227		344	Tokyo Electric Power Co Holdings Inc ^(b)	91,900		573
	$		554		$		5,431
Cosmetics & Personal Care - 1.00%				Electrical Components & Equipment - 0.08%
Colgate-Palmolive Co ^(a)	1,489		98	AMETEK Inc	393		31
Essity AB	24,815		692	Brother Industries Ltd	4,600		84
Kose Corp	2,100		341	Emerson Electric Co ^(a)	1,065		73
Lion Corp	8,000		164	Mabuchi Motor Co Ltd	700		24
Pola Orbis Holdings Inc	9,300		262		$		212
Procter & Gamble Co/The ^(a)	11,473		1,131	Electronics - 2.36%
	$		2,688	Allegion PLC	164		15
Distribution & Wholesale - 0.68%				Alps Alpine Co Ltd	4,200		83
Canon Marketing Japan Inc	1,800		34	Amphenol Corp	1,772		166
ITOCHU Corp ^(a)	6,900		124	Corning Inc ^(a)	1,405		49
KAR Auction Services Inc	6,436		303	FLIR Systems Inc	236		12
Marubeni Corp	43,200		309	Fortive Corp ^(a)	6,260		511
Mitsubishi Corp	3,200		90	Garmin Ltd ^(a)	4,260		358
Mitsui & Co Ltd	11,600		183	Hitachi High-Technologies Corp	1,900		73
Sojitz Corp	83,300		307	Honeywell International Inc ^(a)	29,150		4,491
Sumitomo Corp	13,500		194	Ibiden Co Ltd	3,500		50

Schedule of Investments Multi-Manager Equity Long/Short Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Electronics (continued)				Healthcare - Products (continued)
Keysight Technologies Inc ^(b)	325	$	27	Shimadzu Corp	2,100	$	52
Nippon Electric Glass Co Ltd	500		13		$		13,824
TE Connectivity Ltd ^(a)	6,190		508	Healthcare - Services - 1.54%
	$		6,356	HCA Healthcare Inc ^(a)	6,061		843
Engineering & Construction - 0.67%				Humana Inc ^(a)	601		171
Fluor Corp	1,993		75	Laboratory Corp of America Holdings ^(a),(b)	2,265		336
Kajima Corp ^(a)	31,500		467	Quest Diagnostics Inc ^(a)	2,646		229
Obayashi Corp ^(a)	45,400		443	UnitedHealth Group Inc ^(a)	6,653		1,611
Shimizu Corp	20,600		181	Universal Health Services Inc ^(a)	6,828		948
Taisei Corp ^(a)	13,500		638	WellCare Health Plans Inc ^(a),(b)	87		22
	$		1,804		$		4,160
Entertainment - 0.14%				Home Builders - 0.19%
Genting Singapore Ltd	139,600		105	Haseko Corp ^(a)	31,900		400
Sankyo Co Ltd	1,500		55	Lennar Corp - A Shares	561		27
Sega Sammy Holdings Inc	19,600		229	Sekisui Chemical Co Ltd	4,600		72
	$		389		$		499
Environmental Control - 0.23%				Home Furnishings - 0.27%
Pentair PLC ^(a)	1,274		54	Hoshizaki Corp	1,800		122
Republic Services Inc ^(a)	6,315		496	Leggett & Platt Inc	2,353		107
Waste Management Inc ^(a)	733		74	Sony Corp	6,400		307
	$		624	Whirlpool Corp ^(a)	1,268		180
Food - 2.14%					$		716
Ajinomoto Co Inc	3,700		56	Housewares - 0.05%
Campbell Soup Co	1,189		43	Newell Brands Inc ^(a)	7,562		123
Ezaki Glico Co Ltd	300		15	Insurance - 3.48%
General Mills Inc ^(a)	47,043		2,217	Aflac Inc	1,305		64
Hershey Co/The	2,472		274	Allianz SE	3,605		803
Hormel Foods Corp	923		40	Allstate Corp/The	573		54
Koninklijke Ahold Delhaize NV	27,236		702	American International Group Inc	1,143		49
Kraft Heinz Co/The ^(a)	18,072		600	Aon PLC	2,810		482
Kroger Co/The ^(a)	17,491		513	Assicurazioni Generali SpA ^(a)	69,453		1,237
McCormick & Co Inc/MD	2,364		321	Assurant Inc	108		11
NH Foods Ltd	800		29	Berkshire Hathaway Inc - Class B (a),(b)	19,706		3,967
Sysco Corp ^(a)	11,621		785	Dai-ichi Life Holdings Inc	15,300		233
Toyo Suisan Kaisha Ltd	3,900		145	Hartford Financial Services Group Inc/The ^(a)	621		31
Tyson Foods Inc ^(a)	631		39	Japan Post Holdings Co Ltd	15,100		184
	$		5,779	Lincoln National Corp	4,048		253
Food Service - 0.03%				Loews Corp ^(a)	539		26
Autogrill SpA ^(a)	8,988		77	Marsh & McLennan Cos Inc ^(a)	9,723		904
Forest Products & Paper - 0.19%				MS&AD Insurance Group Holdings Inc	3,100		93
International Paper Co ^(a)	9,579		439	Poste Italiane SpA ^(c)	5,684		51
Oji Holdings Corp	14,300		85	Progressive Corp/The ^(a)	7,426		541
	$		524	Prudential Financial Inc	711		68
Gas - 0.26%				Sompo Holdings Inc	600		23
Italgas SpA	24,549		149	Torchmark Corp	65		5
Osaka Gas Co Ltd	8,500		174	Travelers Cos Inc/The	456		61
Snam SpA	11,059		55	Unipol Gruppo SpA	24,751		113
Tokyo Gas Co Ltd	11,300		311	UnipolSai Assicurazioni SpA	15,590		39
	$		689	Unum Group ^(a)	2,265		85
Hand & Machine Tools - 0.26%					$		9,377
Fuji Electric Co Ltd	4,500		142	Internet - 1.36%
Snap-on Inc ^(a)	1,277		204	Alphabet Inc - A Shares ^(a),(b)	475		535
Stanley Black & Decker Inc	2,716		360	Amazon.com Inc ^(b)	443		726
	$		706	Booking Holdings Inc ^(a),(b)	493		837
Healthcare - Products - 5.13%				eBay Inc ^(a)	18,594		691
Abbott Laboratories ^(a)	40,815		3,169	F5 Networks Inc ^(a),(b)	104		18
Becton Dickinson and Co	15,191		3,779	Facebook Inc ^(b)	4,933		796
Boston Scientific Corp (a),(b)	48,649		1,952	VeriSign Inc ^(a),(b)	288		51
Coloplast A/S	335		33		$		3,654
Cooper Cos Inc/The	85		24	Investment Companies - 0.58%
Danaher Corp	11,998		1,524	Investor AB	34,790		1,553
DiaSorin SpA ^(a)	1,209		118	Iron & Steel - 0.32%
GN Store Nord A/S	8,726		420	JFE Holdings Inc ^(a)	21,000		367
Henry Schein Inc ^(b)	2,697		160	Kobe Steel Ltd	13,700		108
Koninklijke Philips NV	56,426		2,245	Nippon Steel & Sumitomo Metal Corp	700		13
Medtronic PLC ^(a)	2,317		210	Nucor Corp ^(a)	6,061		367
Olympus Corp	3,100		138		$		855

Schedule of Investments Multi-Manager Equity Long/Short Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)	Shares Held Value (000’s)
Leisure Products & Services - 0.36%				Oil & Gas Services - 0.45%
Carnival Corp ^(a)	13,209	$	763	Halliburton Co ^(a)	5,768	$	177
Norwegian Cruise Line Holdings Ltd ^(b)	3,825		212	National Oilwell Varco Inc ^(a)	7,138		201
	$		975	Schlumberger Ltd ^(a)	18,783		827
Lodging - 0.23%					$		1,205
Choice Hotels International Inc ^(a)	7,879		629	Packaging & Containers - 0.26%
Machinery - Construction & Mining - 1.32%				Ball Corp (a)	5,986		328
Caterpillar Inc ^(a)	8,499		1,167	Packaging Corp of America ^(a)	1,815		173
Hitachi Construction Machinery Co Ltd	500		12	Sealed Air Corp ^(a)	2,780		121
Hitachi Ltd ^(a)	11,200		337	Toyo Seikan Group Holdings Ltd	3,100		66
Mitsubishi Heavy Industries Ltd	800		33		$		688
Sandvik AB	123,166		2,019	Pharmaceuticals - 5.21%
	$		3,568	AbbVie Inc ^(a)	11,677		925
Machinery - Diversified - 1.03%				Alfresa Holdings Corp	9,000		261
Amada Holdings Co Ltd	8,600		90	AmerisourceBergen Corp	365		30
Cummins Inc ^(a)	3,100		478	Astellas Pharma Inc	32,000		496
Dover Corp ^(a)	3,255		295	Bayer AG	9,986		798
Flowserve Corp	2,326		103	Bristol-Myers Squibb Co (a)	30,027		1,551
Hexagon AB	9,852		518	Cardinal Health Inc ^(a)	5,792		315
Rockwell Automation Inc	1,914		342	CVS Health Corp	5,103		295
Sumitomo Heavy Industries Ltd	5,400		185	Eisai Co Ltd	1,000		83
THK Co Ltd	5,900		146	Elanco Animal Health Inc ^(b)	6,744		204
Valmet OYJ	25,117		625	Eli Lilly & Co ^(a)	11,187		1,413
	$		2,782	Johnson & Johnson ^(a)	7,857		1,074
Media - 0.87%				Kobayashi Pharmaceutical Co Ltd	400		32
Discovery Inc - A Shares ^(a),(b)	12,610		364	Medipal Holdings Corp	9,900		231
DISH Network Corp ^(a),(b)	6,650		216	Merck & Co Inc ^(a)	16,981		1,380
News Corp - A Shares ^(a)	12,767		166	Mitsubishi Tanabe Pharma Corp ^(a)	9,100		131
Tokyo Broadcasting System Holdings Inc	6,400		123	Mylan NV ^(b)	892		24
Twenty-First Century Fox Inc - A Shares	2,469		125	Nektar Therapeutics ^(a),(b)	3,293		133
Viacom Inc - B Shares	696		20	Nippon Shinyaku Co Ltd	1,100		70
Walt Disney Co/The ^(a)	2,577		291	Novo Nordisk A/S	26,764		1,312
World Wrestling Entertainment Inc ^(a)	12,505		1,047	Pfizer Inc ^(a)	28,606		1,240
	$		2,352	Roche Holding AG	5,257		1,459
Metal Fabrication & Hardware - 0.33%				Shionogi & Co Ltd	2,300		147
Maruichi Steel Tube Ltd	600		18	Sumitomo Dainippon Pharma Co Ltd ^(a)	10,500		260
NSK Ltd	1,400		13	Suzuken Co Ltd/Aichi Japan	2,700		148
SKF AB	51,067		858	Taisho Pharmaceutical Holdings Co Ltd	400		41
	$		889		$		14,053
Miscellaneous Manufacturers - 0.97%				Pipelines - 0.15%
3M Co ^(a)	2,783		577	Kinder Morgan Inc/DE ^(a)	21,374		410
AO Smith Corp ^(a)	3,140		163	Real Estate - 0.11%
Eaton Corp PLC ^(a)	8,368		667	CBRE Group Inc ^(a),(b)	6,074		302
FUJIFILM Holdings Corp	1,600		72	REITs - 0.54%
Illinois Tool Works Inc ^(a)	2,962		427	Alexandria Real Estate Equities Inc	190		26
Ingersoll-Rand PLC ^(a)	4,743		501	Apartment Investment & Management Co	249		12
Nikon Corp	12,300		186	AvalonBay Communities Inc ^(a)	239		47
Textron Inc ^(a)	407		22	Duke Realty Corp	5,990		177
	$		2,615	Equity Residential ^(a)	652		48
Office & Business Equipment - 0.05%				Prologis Inc	1,089		76
Xerox Corp ^(a)	4,734		146	Realty Income Corp ^(a)	5,698		394
Oil & Gas - 4.44%				Simon Property Group Inc	535		97
Chevron Corp ^(a)	13,546		1,620	UDR Inc	476		21
ConocoPhillips ^(a)	23,754		1,612	Ventas Inc	654		41
Devon Energy Corp ^(a)	9,944		293	Welltower Inc ^(a)	6,776		504
Eni SpA ^(a)	158,642		2,736		$		1,443
Exxon Mobil Corp ^(a)	18,021		1,424	Retail - 5.00%
Hess Corp ^(a)	548		32	Advance Auto Parts Inc ^(a)	126		20
HollyFrontier Corp ^(a)	3,886		199	AutoZone Inc ^(a),(b)	422		396
Idemitsu Kosan Co Ltd ^(a)	9,900		351	Best Buy Co Inc	984		68
Inpex Corp	64,400		625	BJ's Wholesale Club Holdings Inc ^(b)	91,160		2,308
JXTG Holdings Inc ^(a)	133,700		625	CarMax Inc ^(a),(b)	12,958		805
Marathon Oil Corp ^(a)	14,476		240	Citizen Watch Co Ltd	12,800		73
Occidental Petroleum Corp ^(a)	14,434		955	Costco Wholesale Corp	668		146
Phillips 66 ^(a)	10,899		1,050	Dollar General Corp	3,025		358
Pioneer Natural Resources Co	1,120		158	Genuine Parts Co ^(a)	3,225		351
Valero Energy Corp ^(a)	721		59	Home Depot Inc/The ^(a)	2,092		387
	$		11,979	Izumi Co Ltd	700		32
				Kohl's Corp ^(a)	863		58


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2019 (unaudited)



COMMON STOCKS (continued)	Shares Held Value (000’s)			COMMON STOCKS (continued)			Shares Held Value (000’s)
Retail (continued)				Toys, Games & Hobbies - 0.20%
Macy's Inc	893	$	22	Bandai Namco Holdings Inc ^(a)			10,600	$	451
Matsumotokiyoshi Holdings Co Ltd	9,100		312	Hasbro Inc			218		19
McDonald's Corp ^(a)	14,478		2,662	Mattel Inc ^(b)			5,188		75
Nordstrom Inc	292		14				$		545
O'Reilly Automotive Inc ^(b)	137		51	Transportation - 1.66%
Pandora A/S	3,334		175	CH Robinson Worldwide Inc			238		22
Ryohin Keikaku Co Ltd	100		24	ComfortDelGro Corp Ltd			37,100		66
Shimamura Co Ltd	700		59	CSX Corp ^(a)			13,057		949
Starbucks Corp	2,149		151	DSV A/S			1,602		133
Sugi Holdings Co Ltd	1,800		78	East Japan Railway Co			1,100		105
Sundrug Co Ltd	3,200		98	Expeditors International of Washington Inc ^(a)			312		23
Takashimaya Co Ltd	1,000		13	Hankyu Hanshin Holdings Inc			300		11
Tapestry Inc ^(a)	5,238		183	Kamigumi Co Ltd			6,900		160
Target Corp	100		7	Kansas City Southern ^(a)			8,620		937
TJX Cos Inc/The ^(a)	21,506		1,103	Kyushu Railway Co			4,900		168
Tractor Supply Co ^(a)	2,357		225	Mitsui OSK Lines Ltd			500		12
Walgreens Boots Alliance Inc ^(a)	17,358		1,236	Nippon Express Co Ltd ^(a)			4,900		290
Walmart Inc ^(a)	15,026		1,487	Norfolk Southern Corp ^(a)			464		83
Yum! Brands Inc ^(a)	6,175		584	Old Dominion Freight Line Inc ^(a)			8,194		1,235
	$		13,486	SG Holdings Co Ltd			3,100		91
Savings & Loans - 0.05%				Union Pacific Corp			693		116
People's United Financial Inc ^(a)	6,826		121	West Japan Railway Co			900		68
Semiconductors - 3.76%							$		4,469
Analog Devices Inc ^(a)	9,431		1,009	TOTAL COMMON STOCKS			$		228,702
Applied Materials Inc ^(a)	18,632		714	INVESTMENT COMPANIES - 17.34%			Shares Held Value (000's)
ASML Holding NV	3,605		660	Money Market Funds - 17.34%
Infineon Technologies AG	66,789		1,468	BlackRock Liquidity Funds FedFund Portfolio			1,705		2
Intel Corp ^(a)	12,848		680	2.3%^(a),(d)
KLA-Tencor Corp ^(a)	2,955		341	First American Government Obligations Fund			422,888		423
Lam Research Corp ^(a)	2,841		500	2.28%^(d),(e)
Microchip Technology Inc	4,649		404	Principal Government Money Market Fund			32,786,303		32,786
Micron Technology Inc ^(a),(b)	28,098		1,149	2.33%^(d),(f)
Qorvo Inc ^(b)	221		16	Wells Fargo Advantage Government Money			13,537,865		13,538
Renesas Electronics Corp ^(b)	25,900		152	Market Fund 2.27%^(d),(e)
Skyworks Solutions Inc	3,119		255				$		46,749
STMicroelectronics NV	92,363		1,512	TOTAL INVESTMENT COMPANIES			$		46,749
SUMCO Corp	1,600		20	PREFERRED STOCKS - 0.62%			Shares Held Value (000's)
Texas Instruments Inc ^(a)	10,281		1,087	Automobile Manufacturers - 0.62%
Xilinx Inc	1,430		179	Volkswagen AG 4.86%			9,684	$	1,661
	$		10,146	TOTAL PREFERRED STOCKS			$		1,661
Shipbuilding - 0.09%				U.S. GOVERNMENT & GOVERNMENT			Principal
Huntington Ingalls Industries Inc	830		174	AGENCY OBLIGATIONS - 4.44%		Amount (000's) Value (000's)
Yangzijiang Shipbuilding Holdings Ltd	75,100		79	U.S. Treasury Bill - 4.44%
	$		253		2.42%, 04/25/2019^(a),(g)	$	12,000	$	11,956
Software - 1.94%				TOTAL U.S. GOVERNMENT & GOVERNMENT AGENCY
Activision Blizzard Inc ^(a)	13,518		570	OBLIGATIONS			$		11,956
GungHo Online Entertainment Inc	35,900		104	Total Investments			$		289,068
Jack Henry & Associates Inc	134		18	Other Assets and Liabilities - (7.25)%					(19,543	)
Microsoft Corp	11,612		1,301	TOTAL NET ASSETS - 100.00%			$		269,525
Mixi Inc	3,700		90
Oracle Corp Japan	2,600		194
SAP SE	20,949		2,242	(a)	Security or a portion of the security was pledged as collateral for short sales.
Square Enix Holdings Co Ltd ^(a)	12,000		353		At the end of the period, the value of these securities totaled $97,747 or
Temenos AG ^(b)	2,447		354		36.27% of net assets.
	$		5,226	(b)	Non-income producing security
				(c)	Security exempt from registration under Rule 144A of the Securities Act of
Telecommunications - 2.45%					1933. These securities may be resold in transactions exempt from registration,
Arista Networks Inc ^(b)	136		39		normally to qualified institutional buyers. At the end of the period, the value of
AT&T Inc ^(a)	29,305		912		these securities totaled $844 or 0.31% of net assets.
CenturyLink Inc ^(a)	20,864		275	(d)	Current yield shown is as of period end.
Cisco Systems Inc ^(a)	23,803		1,232	(e)	Security or a portion of the security was pledged to cover margin requirements
Hikari Tsushin Inc	300		54		for swap and/or swaption contracts. At the end of the period, the value of these
Juniper Networks Inc	5,678		154		securities totaled $13,961 or 5.18% of net assets.
Koninklijke KPN NV	213,649		658	(f)	Affiliated Security. Security is either an affiliate (and registered under the
LogMeIn Inc ^(a)	13,331		1,059		Investment Company Act of 1940) or an affiliate as defined by the Investment
Motorola Solutions Inc ^(a)	3,156		452		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Nippon Telegraph & Telephone Corp	13,700		592		shares of the security). Please see affiliated sub-schedule for transactional
Telecom Italia SpA/Milano ^(b)	97,683		59		information.
Verizon Communications Inc ^(a)	19,811		1,128	(g)	Rate shown is the discount rate of the original purchase.
	$		6,614


Amounts in thousands


Futures Contracts

Description and Expiration Date		Type	Contracts		Notional Amount			Value and Unrealized Appreciation/(Depreciation)
AEX Index; March 2019		Long		5	$	615		$					9
AEX Index; March 2019		Short		15		1,846							(28	)
CAC40 Index; March 2019		Short		77		4,588							(139	)
CAC40 Index; March 2019		Long		21		1,251							43
DAX Index; March 2019		Long		4		1,310							83
DAX Index; March 2019		Short		9		2,948							(177	)
DJ Euro Stoxx 50; March 2019		Short		386		14,480							(1,160	)
FTSE/MIB Index; March 2019		Long		1		117							11
FTSE/MIB Index; March 2019		Short		15		1,762							(89	)
FTSE100 Index; March 2019		Long		21		1,971							71
FTSE100 Index; March 2019		Short		39		3,660							(162	)
Hang Seng Index; March 2019		Long		1		183							(1	)
IBEX 35 Index; March 2019		Long		3		317							10
Japan Topix Index; March 2019		Long		20		2,882							96
MSCI Singapore Index; March 2019		Short		1		27							—
OMXS30 Index; March 2019		Short		96		1,634							(26	)
OMXS30 Index; March 2019		Long		27		460							8
S&P 500 Emini; March 2019		Long		153		21,303							1,461
S&P/TSX 60 Index; March 2019		Long		9		1,303							98
SPI 200 Index; March 2019		Long		9		981							94
Total								$					202

Amounts in thousands except contracts.


Foreign Currency Contracts

									Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date	Currency to Accept							Currency to Deliver		Asset		Liability
Bank of New York Mellon	05/15/2019	$		453			EUR		382	$	16	$	—
Citigroup Inc	03/20/2019	$		251			AUD		349		3		—
Citigroup Inc	03/20/2019	AUD		486		$			353		—		(8	)
Citigroup Inc	03/20/2019	AUD		24		$			17		—		—
Citigroup Inc	03/20/2019	GBP		692		$			890		29		—
Citigroup Inc	03/20/2019	$		67			GBP		51		—		—
Citigroup Inc	03/20/2019	$		442			GBP		339		—		(8	)
Citigroup Inc	03/20/2019	$		70			CAD		92		—		—
Citigroup Inc	03/20/2019	$		190			CAD		252		—		(1	)
Citigroup Inc	03/20/2019	CAD		57		$			43		—		—
Citigroup Inc	03/20/2019	CAD		614		$			463		4		—
Citigroup Inc	03/20/2019	$		135			DKK		888		—		(1	)


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

						Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept			Currency to Deliver		Asset		Liability
Citigroup Inc	03/20/2019	$	340	DKK		2,206	$	3	$	—
Citigroup Inc	03/20/2019	DKK	658 $			101		—		—
Citigroup Inc	03/20/2019	DKK	2,435 $			377		—		(5	)
Citigroup Inc	03/20/2019	$	1,056	EUR		921		7		—
Citigroup Inc	03/20/2019	EUR	1,556 $			1,784		—		(12	)
Citigroup Inc	03/20/2019	EUR	307 $			348		1		—
Citigroup Inc	03/20/2019	$	635	EUR		559		—		(1	)
Citigroup Inc	03/20/2019	HKD	1,480 $			190		—		(1	)
Citigroup Inc	03/20/2019	$	151	HKD		1,185		—		—
Citigroup Inc	03/20/2019	$	1	ILS		3		—		—
Citigroup Inc	03/20/2019	$	24	ILS		87		—		—
Citigroup Inc	03/20/2019	ILS	107 $			29		1		—
Citigroup Inc	03/20/2019	JPY	156,560 $			1,398		9		—
Citigroup Inc	03/20/2019	$	1,312	JPY	144,346			15		—
Citigroup Inc	03/20/2019	JPY	73,944 $			681		—		(17	)
Citigroup Inc	03/20/2019	$	448	JPY		50,440		—		(5	)
Citigroup Inc	03/20/2019	NZD	7 $			5		—		—
Citigroup Inc	03/20/2019	NZD	10 $			7		—		—
Citigroup Inc	03/20/2019	$	6	NZD		9		—		—
Citigroup Inc	03/20/2019	NOK	52 $			6		—		—
Citigroup Inc	03/20/2019	NOK	292 $			34		—		—
Citigroup Inc	03/20/2019	$	8	NOK		64		—		—
Citigroup Inc	03/20/2019	$	14	NOK		121		—		—
Citigroup Inc	03/20/2019	$	54	SGD		73		—		—
Citigroup Inc	03/20/2019	SGD	3 $			2		—		—
Citigroup Inc	03/20/2019	$	33	SGD		44		—		—
Citigroup Inc	03/20/2019	SGD	151 $			111		1		—
Citigroup Inc	03/20/2019	SEK	1,324 $			148		—		(4	)
Citigroup Inc	03/20/2019	$	22	SEK		204		—		—
Citigroup Inc	03/20/2019	$	53	SEK		498		—		(1	)
Citigroup Inc	03/20/2019	$	163	CHF		162		—		—
Citigroup Inc	03/20/2019	CHF	445 $			451		—		(5	)
Citigroup Inc	03/20/2019	CHF	9 $			9		—		—
Citigroup Inc	03/20/2019	$	76	CHF		76		—		—
Citigroup Inc	06/19/2019	AUD	405 $			290		—		(2	)
Citigroup Inc	06/19/2019	GBP	380 $			498		8		—
Citigroup Inc	06/19/2019	GBP	63 $			84		—		—
Citigroup Inc	06/19/2019	CAD	359 $			272		1		—
Citigroup Inc	06/19/2019	CAD	51 $			39		—		—
Citigroup Inc	06/19/2019	DKK	718 $			110		—		—
Citigroup Inc	06/19/2019	$	155	DKK		1,010		—		(1	)
Citigroup Inc	06/19/2019	$	108	EUR		94		—		—
Citigroup Inc	06/19/2019	EUR	232 $			267		—		—
Citigroup Inc	06/19/2019	EUR	758 $			868		2		—
Citigroup Inc	06/19/2019	$	324	EUR		283		—		(1	)
Citigroup Inc	06/19/2019	HKD	1,473 $			188		—		—
Citigroup Inc	06/19/2019	ILS	109 $			30		—		—
Citigroup Inc	06/19/2019	JPY	133,941 $			1,221		—		(9	)
Citigroup Inc	06/19/2019	$	95	JPY		10,383		1		—
Citigroup Inc	06/19/2019	NZD	11 $			8		—		—
Citigroup Inc	06/19/2019	NOK	51 $			6		—		—
Citigroup Inc	06/19/2019	NOK	152 $			18		—		—
Citigroup Inc	06/19/2019	SGD	46 $			34		—		—
Citigroup Inc	06/19/2019	SGD	92 $			68		—		—
Citigroup Inc	06/19/2019	SEK	156 $			17		—		—
Citigroup Inc	06/19/2019	SEK	622 $			67		1		—
Citigroup Inc	06/19/2019	CHF	223 $			226		—		—
Citigroup Inc	06/19/2019	CHF	47 $			48		—		—
JPMorgan Chase	03/20/2019	AUD	35 $			25		—		—
JPMorgan Chase	03/20/2019	AUD	730 $			531		—		(13	)
JPMorgan Chase	03/20/2019	$	375	AUD		523		4		—
JPMorgan Chase	03/20/2019	GBP	1,039 $			1,335		44		—
JPMorgan Chase	03/20/2019	$	101	GBP		76		—		—
JPMorgan Chase	03/20/2019	$	663	GBP		508		—		(12	)
JPMorgan Chase	03/20/2019	CAD	86 $			65		—		—
JPMorgan Chase	03/20/2019	CAD	922 $			695		6		—
JPMorgan Chase	03/20/2019	$	286	CAD		378		—		(1	)
JPMorgan Chase	03/20/2019	$	105	CAD		137		—		—


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

						Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept			Currency to Deliver		Asset	Liability
JPMorgan Chase	03/20/2019	DKK	3,653 $			565	$	— $	(7	)
JPMorgan Chase	03/20/2019	$	509	DKK		3,309		4	—
JPMorgan Chase	03/20/2019	$	202	DKK		1,331		—	(1	)
JPMorgan Chase	03/20/2019	DKK	988 $			151		—	—
JPMorgan Chase	03/20/2019	$	1,585	EUR		1,382		11	—
JPMorgan Chase	03/20/2019	EUR	2,334 $			2,676		—	(18	)
JPMorgan Chase	03/20/2019	EUR	460 $			522		2	—
JPMorgan Chase	03/20/2019	$	952	EUR		838		—	(2	)
JPMorgan Chase	03/20/2019	HKD	2,220 $			285		—	(2	)
JPMorgan Chase	03/20/2019	$	227	HKD		1,778		—	—
JPMorgan Chase	03/20/2019	$	1	ILS		4		—	—
JPMorgan Chase	03/20/2019	$	36	ILS		131		—	—
JPMorgan Chase	03/20/2019	ILS	161 $			43		1	—
JPMorgan Chase	03/20/2019	JPY	110,915 $			1,021		—	(25	)
JPMorgan Chase	03/20/2019	JPY	234,840 $			2,096		14	—
JPMorgan Chase	03/20/2019	$	1,967	JPY	216,519			22	—
JPMorgan Chase	03/20/2019	$	672	JPY		75,660		—	(8	)
JPMorgan Chase	03/20/2019	NZD	10 $			7		—	—
JPMorgan Chase	03/20/2019	NZD	15 $			10		—	—
JPMorgan Chase	03/20/2019	$	9	NZD		14		—	—
JPMorgan Chase	03/20/2019	$	21	NOK		182		—	—
JPMorgan Chase	03/20/2019	$	11	NOK		96		—	—
JPMorgan Chase	03/20/2019	NOK	439 $			51		—	—
JPMorgan Chase	03/20/2019	NOK	78 $			9		—	—
JPMorgan Chase	03/20/2019	$	49	SGD		66		—	—
JPMorgan Chase	03/20/2019	SGD	227 $			166		2	—
JPMorgan Chase	03/20/2019	$	81	SGD		110		—	—
JPMorgan Chase	03/20/2019	SGD	4 $			3		—	—
JPMorgan Chase	03/20/2019	$	33	SEK		306		—	—
JPMorgan Chase	03/20/2019	SEK	1,986 $			222		—	(7	)
JPMorgan Chase	03/20/2019	$	80	SEK		747		—	(1	)
JPMorgan Chase	03/20/2019	CHF	14 $			14		—	—
JPMorgan Chase	03/20/2019	$	243	CHF		243		—	(1	)
JPMorgan Chase	03/20/2019	$	115	CHF		113		1	—
JPMorgan Chase	03/20/2019	CHF	667 $			678		—	(8	)
JPMorgan Chase	06/19/2019	AUD	405 $			290		—	(2	)
JPMorgan Chase	06/19/2019	GBP	63 $			84		—	—
JPMorgan Chase	06/19/2019	GBP	380 $			498		8	—
JPMorgan Chase	06/19/2019	CAD	51 $			39		—	—
JPMorgan Chase	06/19/2019	CAD	359 $			272		1	—
JPMorgan Chase	06/19/2019	DKK	718 $			110		—	—
JPMorgan Chase	06/19/2019	$	154	DKK		1,010		—	(1	)
JPMorgan Chase	06/19/2019	$	108	EUR		94		—	—
JPMorgan Chase	06/19/2019	EUR	232 $			267		—	—
JPMorgan Chase	06/19/2019	EUR	758 $			868		2	—
JPMorgan Chase	06/19/2019	$	324	EUR		283		—	(1	)
JPMorgan Chase	06/19/2019	HKD	1,473 $			188		—	—
JPMorgan Chase	06/19/2019	ILS	109 $			30		—	—
JPMorgan Chase	06/19/2019	$	95	JPY		10,383		1	—
JPMorgan Chase	06/19/2019	JPY	133,941 $			1,221		—	(9	)
JPMorgan Chase	06/19/2019	NZD	11 $			8		—	—
JPMorgan Chase	06/19/2019	NOK	51 $			6		—	—
JPMorgan Chase	06/19/2019	NOK	152 $			18		—	—
JPMorgan Chase	06/19/2019	SGD	46 $			34		—	—
JPMorgan Chase	06/19/2019	SGD	92 $			68		—	—
JPMorgan Chase	06/19/2019	SEK	156 $			17		—	—
JPMorgan Chase	06/19/2019	SEK	622 $			67		1	—
JPMorgan Chase	06/19/2019	CHF	223 $			225		1	—
JPMorgan Chase	06/19/2019	CHF	47 $			48		—	—
Morgan Stanley & Co	03/20/2019	$	752	EUR		664		—	(4	)
Morgan Stanley & Co	03/20/2019	EUR	107 $			122		—	—
Morgan Stanley & Co	03/20/2019	$	7,270	EUR		6,366		20	—
Morgan Stanley & Co	03/20/2019	EUR	481 $			551		—	(3	)
Morgan Stanley & Co	05/15/2019	$	310	GBP		230		4	—
Morgan Stanley & Co	05/15/2019	$	1,528	GBP		1,178		—	(40	)
Morgan Stanley & Co	05/15/2019	GBP	1,053 $			1,362		40	—
Morgan Stanley & Co	05/15/2019	GBP	132 $			176		—	—
Morgan Stanley & Co	05/15/2019	$	1,325	DKK		8,665		—	(5	)


Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2019 (unaudited)


Foreign Currency Contracts (continued)

								Unrealized Appreciation/(Depreciation)
Counterparty	Settlement Date		Currency to Accept		Currency to Deliver						Asset		Liability
Morgan Stanley & Co		05/15/2019	$	4,439		DKK		27,668	$		191	$	—
Morgan Stanley & Co		05/15/2019	DKK	27,668	$			4,381			—		(133	)
Morgan Stanley & Co		05/15/2019	EUR	62,618	$			74,262			—		(2,608	)
Morgan Stanley & Co		05/15/2019	$	103,716		EUR		86,292			4,971		—
Morgan Stanley & Co		05/15/2019	$	7,094		EUR		6,210			—		(12	)
Morgan Stanley & Co		05/15/2019	EUR	6,039	$			6,878			32		—
Morgan Stanley & Co		05/15/2019	$	6,586		NOK		52,260			457		—
Morgan Stanley & Co		05/15/2019	NOK	52,260	$			6,511			—		(382	)
Morgan Stanley & Co		05/15/2019	$	792		NOK		6,814			—		(7	)
Morgan Stanley & Co		05/15/2019	SEK	199,099	$			22,739			—		(1,047	)
Morgan Stanley & Co		05/15/2019	$	25,693		SEK		221,548			1,555		—
Morgan Stanley & Co		05/15/2019	$	3,477		SEK		31,988			—		(8	)
Morgan Stanley & Co		05/15/2019	SEK	467	$			50			1		—
Morgan Stanley & Co		05/15/2019	$	1,250		CHF		1,246			—		(8	)
Morgan Stanley & Co		05/15/2019	CHF	24,876	$			25,841			—		(730	)
Morgan Stanley & Co		05/15/2019	$	31,061		CHF		29,881			898		—
Morgan Stanley & Co		05/15/2019	CHF	3,544	$			3,568			9		—
Total								$			8,405	$	(5,188	)
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 the	Total return on a custom basket of		Monthly	05/05/2022		$	139,674	$	— $	— $		(156	)
	Overnight Bank Funding	long and short securities traded in
	Rate plus/less spread	USD
Morgan Stanley & Co	Floating rate based on	Total return on a custom basket of		Monthly	05/06/2019			1,486		—	—		—
	the Norway Interbank	long and short securities traded in
	Offered Rate plus/less	NOK
	spread
Morgan Stanley & Co	Floating rate based on the	Total return on a custom basket of		Monthly	05/07/2019			1,546		—	—		(22	)
	Hong Kong Overnight	long and short securities traded in
	Index Average plus/less	HKD
	spread
Morgan Stanley & Co	Floating rate based on	Total return on a custom basket of		Monthly	05/06/2019			2,525		—	—		(101	)
	the Stockholm Interbank	long and short securities traded in
	Offered Rate plus/less	SEK
	spread
Morgan Stanley &	Floating rate based on the	Total return on a custom basket of		Monthly	04/08/2019			11,693		—	154		—
Co^(b)	Sterling Overnight Index	long and short securities traded in
	Average plus/less spread	GBP
Morgan Stanley &	Floating rate based on	Total return on a custom basket of		Monthly	04/08/2019			16,504		—	639		—
Co^(c)	the Euro Overnight Index	long and short securities traded in
	Average plus/less spread	EUR
Morgan Stanley &	Floating rate based on	Total return on a custom basket of		Monthly	05/07/2019			7,388		—	—		(28	)
Co^(d)	the Canada Bankers	long and short securities traded in
	Acceptances plus/less	CAD
	spread
Morgan Stanley & Co	Floating rate based on	Total return on a custom basket of		Monthly	05/06/2019			2,064		—	34		—
	the Reserve Bank of	long and short securities traded in
	Australia Cash Rate plus/	AUD
	less spread
Morgan Stanley &	Floating rate based on	Total return on a custom basket of		Monthly	08/06/2019			4,543		—	330		—
Co^(e)	the Swiss Average Rate	long and short securities traded in
	Overnight plus/less	CHF
	spread
Morgan Stanley & Co^(f)	Floating rate based on the	Total return on a custom basket of		Monthly	05/07/2019			11,121		—	—		(291	)
	Sterling Overnight Index	long and short securities traded in
	Average plus/less spread	GBP
Morgan Stanley &	Floating rate based on	Total return on a custom basket of		Monthly	05/06/2019			27,624		—	339		—
Co^(g)	the Euro Overnight Index	long and short securities traded in
	Average plus/less spread	EUR
Total							$	226,168	$	— $	1,496	$	(598	)

Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2019 (unaudited)

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.


(a)

Top Underlying Securities

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Microsoft Corp	13,683	$	1,533		1.10	%
Apple Inc	7,827		1,355		0.97	%
Gilead Sciences Inc	17,566		1,142		0.82	%
Intuit Inc	4,545		1,123		0.80	%
Biogen Inc	3,353		1,100		0.79	%
Tesla Inc	(3,407	)	(1,090	)	(0.78	)%
Pfizer Inc	22,747		986		0.71	%
International Business Machines Corp	7,107		982		0.70	%
Adobe Inc	3,635		954		0.68	%
Cisco Systems Inc	18,212		943		0.67	%
Bristol-Myers Squibb Co	17,073		882		0.63	%
Albemarle Corp	(9,192	)	(839	)	(0.60	)%
Global Payments Inc	(6,416	)	(837	)	(0.60	)%
VEREIT Inc	(96,857	)	(772	)	(0.55	)%
Sempra Energy	(6,351	)	(765	)	(0.55	)%
Raytheon Co	4,067		758		0.54	%
Micron Technology Inc	18,307		748		0.54	%
Merck & Co Inc	9,105		740		0.53	%
Electronic Arts Inc	7,631		731		0.52	%
Sterling Bancorp/DE	(35,906	)	(730	)	(0.52	)%
Exelon Corp	14,978		728		0.52	%
First Republic Bank/CA	(6,705	)	(704	)	(0.50	)%
Universal Display Corp	(4,688	)	(700	)	(0.50	)%
ONEOK Inc	(10,874	)	(699	)	(0.50	)%
Microchip Technology Inc	(7,856	)	(682	)	(0.49	)%
CDW Corp/DE	7,153		672		0.48	%
New York Community Bancorp Inc	(53,096	)	(664	)	(0.48	)%
Comcast Corp - Class A	17,066		660		0.47	%
Charles River Laboratories International Inc	4,599		654		0.47	%
Amgen Inc	3,415		649		0.46	%
Symantec Corp	28,610		643		0.46	%
CBS Corp	12,657		636		0.46	%
WellCare Health Plans Inc	(2,503	)	(635	)	(0.45	)%
Facebook Inc	3,836		619		0.44	%
Allstate Corp/The	5,981		564		0.40	%
Honeywell International Inc	3,585		552		0.40	%
Insulet Corp	(5,879	)	(552	)	(0.40	)%
Charter Communications Inc	(1,597	)	(551	)	(0.39	)%
Marvell Technology Group Ltd	(27,605	)	(551	)	(0.40	)%
McKesson Corp	4,183		532		0.38	%
Under Armour Inc - Class A	(23,336	)	(526	)	(0.38	)%
QIAGEN NV	13,662		525		0.38	%
Workday Inc	(2,622	)	(519	)	(0.37	)%
Foot Locker Inc	8,516		507		0.36	%
NIKE Inc	5,882		504		0.36	%


	Schedule of Investments
	Multi-Manager Equity Long/Short Fund
	February 28, 2019 (unaudited)

Description (continued)	Shares		Notional Amount		% of Total Absolute Notional Amount
Exelixis Inc	22,480		503		0.36	%
Fortinet Inc	5,716		496		0.36	%
Public Service Enterprise Group Inc	8,421		495		0.35	%
Cognizant Technology Solutions Corp	6,973		495		0.35	%
Post Holdings Inc	(4,854	)	(495	)	(0.35	)%


(b)

Top Underlying Securities

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Unilever PLC	25,696	$	1,366		11.68	%
BP PLC	186,992		1,325		11.33	%
Anglo American PLC	42,367		1,126		9.63	%
Sage Group PLC/The	123,766		1,085		9.28	%
Meggitt PLC	124,074		887		7.59	%
B&M European Value Retail SA	188,895		886		7.57	%
Carnival PLC	12,912		722		6.17	%
Reckitt Benckiser Group PLC	9,312		712		6.09	%
Smiths Group PLC	36,087		685		5.86	%
InterContinental Hotels Group PLC	10,894		652		5.57	%
AstraZeneca PLC	7,806		636		5.44	%
GlaxoSmithKline PLC	22,091		439		3.75	%
Smith & Nephew PLC	18,353		350		2.99	%
Rio Tinto PLC	5,500		316		2.71	%
BHP Group PLC	13,600		315		2.69	%
Smurfit Kappa Group PLC	6,770		192		1.65	%


(c)

Top Underlying Securities

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Airbus SE	17,387	$	2,247		13.61	%
LVMH Moet Hennessy Louis Vuitton SE	6,531		2,243		13.60	%
Vinci SA	21,322		2,035		12.33	%
Cie Generale des Etablissements Michelin SCA	16,824		2,019		12.23	%
Schneider Electric SE	19,271		1,500		9.09	%
AXA SA	51,067		1,295		7.85	%
Pernod Ricard SA	5,557		957		5.80	%
Electricite de France SA	61,734		897		5.43	%
Capgemini SE	6,609		791		4.79	%
Danone SA	9,684		731		4.43	%
Accor SA	15,020		634		3.84	%
Naturgy Energy Group SA	19,820		538		3.26	%
Dassault Systemes SE	2,906		425		2.58	%
Smurfit Kappa Group PLC	6,769		192		1.16	%


(d)

Top Underlying Securities


	Schedule of Investments
	Multi-Manager Equity Long/Short Fund
	February 28, 2019 (unaudited)

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Enbridge Inc	(20,533	) $	(760	)	(10.28	)%
Air Canada	22,224		559		7.57	%
TransCanada Corp	(10,951	)	(490	)	(6.63	)%
First Quantum Minerals Ltd	(36,582	)	(419	)	(5.68	)%
Methanex Corp	6,022		339		4.59	%
Wheaton Precious Metals Corp	(13,699	)	(298	)	(4.03	)%
Magna International Inc	4,883		258		3.49	%
West Fraser Timber Co Ltd	4,766		235		3.18	%
Dollarama Inc	8,447		229		3.10	%
Cenovus Energy Inc	(24,500	)	(225	)	(3.04	)%
Canadian Tire Corp Ltd	1,821		201		2.72	%
CGI Inc	2,760		185		2.51	%
Cameco Corp	(14,540	)	(169	)	(2.28	)%
AltaGas Ltd	(12,380	)	(166	)	(2.25	)%
Keyera Corp	(6,713	)	(165	)	(2.23	)%
Agnico Eagle Mines Ltd	(3,512	)	(149	)	(2.02	)%
Pembina Pipeline Corp	(3,643	)	(133	)	(1.81	)%
Canadian Imperial Bank of Commerce	1,316		112		1.51	%
Alimentation Couche-Tard Inc	1,728		97		1.32	%
Linamar Corp	2,469		97		1.31	%
BRP Inc	3,202		96		1.30	%
Canadian Pacific Railway Ltd	446		92		1.25	%
Encana Corp	(12,448	)	(91	)	(1.24	)%
Empire Co Ltd	3,704		86		1.17	%
National Bank of Canada	1,743		82		1.11	%
Quebecor Inc	3,292		80		1.08	%
Constellation Software Inc/Canada	93		79		1.08	%
Canadian National Railway Co	923		79		1.07	%
Genworth MI Canada Inc	2,282		77		1.04	%
Ritchie Bros Auctioneers Inc	(2,063	)	(76	)	(1.03	)%
Franco-Nevada Corp	(968	)	(73	)	(0.99	)%
PrairieSky Royalty Ltd	(4,729	)	(69	)	(0.93	)%
Inter Pipeline Ltd	(3,950	)	(64	)	(0.86	)%
Atco Ltd/Canada	1,832		62		0.83	%
Brookfield Asset Management Inc	(1,344	)	(61	)	(0.82	)%
Loblaw Cos Ltd	1,184		59		0.80	%
Maple Leaf Foods Inc	2,781		59		0.79	%
Finning International Inc	2,865		53		0.72	%
Gildan Activewear Inc	1,389		50		0.67	%
Element Fleet Management Corp	(8,620	)	(49	)	(0.67	)%
Teck Resources Ltd	2,173		49		0.66	%
Husky Energy Inc	4,198		47		0.63	%
Shopify Inc	(216	)	(41	)	(0.55	)%
Bank of Montreal	517		40		0.55	%
Restaurant Brands International Inc	(617	)	(39	)	(0.53	)%
WSP Global Inc	700		37		0.50	%
Stantec Inc	(1,386	)	(34	)	(0.46	)%
Whitecap Resources Inc	(7,806	)	(29	)	(0.39	)%
Saputo Inc	(851	)	(28	)	(0.38	)%
Barrick Gold Corp	(2,140	)	(27	)	(0.37	)%


(e)

Top Underlying Securities


	Schedule of Investments
	Multi-Manager Equity Long/Short Fund
	February 28, 2019 (unaudited)

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Temenos AG	4,012	$	582		12.80	%
Credit Suisse Group AG	(33,616	)	(416	)	(9.15	)%
Vifor Pharma AG	(3,049	)	(382	)	(8.40	)%
Roche Holding AG	1,336		371		8.17	%
Nestle SA	4,058		367		8.09	%
Zurich Insurance Group AG	972		321		7.07	%
Lonza Group AG	(1,155	)	(321	)	(7.07	)%
Adecco Group AG	4,881		254		5.58	%
ams AG	(6,784	)	(211	)	(4.64	)%
Cie Financiere Richemont SA	(2,750	)	(211	)	(4.64	)%
Sonova Holding AG	918		172		3.78	%
Swiss Life Holding AG	353		154		3.39	%
Swisscom AG	(323	)	(150	)	(3.29	)%
Julius Baer Group Ltd	(2,845	)	(124	)	(2.73	)%
Straumann Holding AG	(113	)	(88	)	(1.94	)%
LafargeHolcim Ltd	(1,278	)	(63	)	(1.40	)%
Givaudan SA	(22	)	(55	)	(1.21	)%
Barry Callebaut AG	19		33		0.72	%
Sunrise Communications Group AG	(441	)	(33	)	(0.72	)%
Idorsia Ltd	(1,701	)	(29	)	(0.64	)%
Geberit AG	(64	)	(26	)	(0.56	)%
GAM Holding AG	6,089		24		0.53	%
Baloise Holding AG	139		23		0.50	%
Helvetia Holding AG	37		22		0.49	%
OC Oerlikon Corp AG	(1,644	)	(22	)	(0.48	)%
DKSH Holding AG	261		15		0.34	%
EMS-Chemie Holding AG	(23	)	(13	)	(0.29	)%
Partners Group Holding AG	(18	)	(13	)	(0.29	)%
Sulzer AG	(129	)	(13	)	(0.28	)%
Sika AG	(94	)	(13	)	(0.28	)%
dormakaba Holding AG	(19	)	(12	)	(0.27	)%
Kuehne + Nagel International AG	(91	)	(12	)	(0.26	)%


(f)

Top Underlying Securities

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Micro Focus International PLC	(25,920	) $	(643	)	(5.79	)%
HSBC Holdings PLC	(65,699	)	(534	)	(4.80	)%
BT Group PLC	186,000		530		4.76	%
National Grid PLC	43,970		494		4.45	%
Burberry Group PLC	18,585		466		4.19	%
Centrica PLC	266,274		440		3.95	%
John Wood Group PLC	(54,213	)	(374	)	(3.36	)%
Melrose Industries PLC	(145,085	)	(335	)	(3.01	)%
ASOS PLC	(7,254	)	(307	)	(2.76	)%
Evraz PLC	39,739		298		2.68	%
NMC Health PLC	(7,846	)	(281	)	(2.53	)%
Vodafone Group PLC	126,889		226		2.03	%
Hargreaves Lansdown PLC	(9,287	)	(215	)	(1.93	)%
BP PLC	28,064		199		1.79	%
Whitbread PLC	(2,856	)	(184	)	(1.65	)%
Moneysupermarket.com Group PLC	38,285		175		1.57	%
Cobham PLC	(100,057	)	(156	)	(1.40	)%


	Schedule of Investments
	Multi-Manager Equity Long/Short Fund
	February 28, 2019 (unaudited)

Description (continued)	Shares		Notional Amount		% of Total Absolute Notional Amount
Drax Group PLC	31,325		152		1.36	%
William Hill PLC	60,670		151		1.36	%
Weir Group PLC/The	(6,667	)	(145	)	(1.30	)%
Close Brothers Group PLC	7,205		144		1.30	%
Prudential PLC	(6,608	)	(139	)	(1.25	)%
Royal Dutch Shell PLC - A Shares	4,382		137		1.23	%
WH Smith PLC	4,890		136		1.22	%
SSE PLC	(8,468	)	(133	)	(1.20	)%
Merlin Entertainments PLC	(27,208	)	(130	)	(1.17	)%
ConvaTec Group PLC	(73,455	)	(129	)	(1.16	)%
GVC Holdings PLC	(14,640	)	(127	)	(1.15	)%
Investec PLC	18,389		120		1.08	%
Rio Tinto PLC	2,015		116		1.04	%
Indivior PLC	80,697		115		1.03	%
Man Group PLC	62,307		114		1.03	%
Hays PLC	56,103		113		1.02	%
Inchcape PLC	14,527		109		0.98	%
Rentokil Initial PLC	(23,345	)	(109	)	(0.98	)%
Just Eat PLC	(10,905	)	(108	)	(0.97	)%
Ocado Group PLC	(7,802	)	(107	)	(0.96	)%
Meggitt PLC	14,833		106		0.95	%
Informa PLC	(11,183	)	(105	)	(0.94	)%
Glencore PLC	(22,627	)	(91	)	(0.82	)%
Mondi PLC	3,948		91		0.81	%
Standard Life Aberdeen PLC	27,033		88		0.79	%
Mediclinic International PLC	(20,471	)	(86	)	(0.78	)%
Royal Bank of Scotland Group PLC	(24,410	)	(86	)	(0.77	)%
Royal Mail PLC	22,069		83		0.74	%
BHP Group PLC	3,570		83		0.74	%
Sage Group PLC/The	(9,292	)	(81	)	(0.73	)%
Admiral Group PLC	(2,809	)	(81	)	(0.73	)%
St James's Place PLC	(6,204	)	(80	)	(0.72	)%
Bunzl PLC	(2,327	)	(73	)	(0.66	)%


(g)

Top Underlying Securities

Description	Shares		Notional Amount		% of Total Absolute Notional Amount
Deutsche Lufthansa AG	33,142	$	846		3.06	%
Deutsche Bank AG	(82,470	)	(766	)	(2.77	)%
Valeo SA	(23,538	)	(743	)	(2.69	)%
Koninklijke Ahold Delhaize NV	28,534		736		2.66	%
Endesa SA	27,349		689		2.50	%
Engie SA	43,500		656		2.37	%
Covestro AG	11,343		647		2.34	%
Neste Oyj	6,604		635		2.30	%
E.ON SE	56,647		624		2.26	%
AXA SA	22,875		580		2.10	%
Anheuser-Busch InBev SA/NV	(7,094	)	(553	)	(2.00	)%
TOTAL SA	9,379		533		1.93	%
Repsol SA	30,732		529		1.91	%
Iberdrola SA	63,160		528		1.91	%
Allianz SE	2,259		503		1.82	%
Cellnex Telecom SA	(18,431	)	(477	)	(1.72	)%

Schedule of Investments

Multi-Manager Equity Long/Short Fund

February 28, 2019 (unaudited)

Description (continued)

Shares

Notional Amount

% of Total Absolute Notional Amount

Peugeot SA

16,964

431

1.56

Infineon Technologies AG

(19,571

)

(430

)

(1.56

Zalando SE

(11,109

)

(409

)

(1.48

Vivendi SA

(13,370

)

(391

)

(1.41

Wirecard AG

2,761

378

1.37

Atos SE

3,903

375

1.36

Daimler AG

(6,121

)

(367

)

(1.33

OSRAM Licht AG

(8,308

)

(360

)

(1.30

Iliad SA

(3,443

)

(358

)

(1.30

QIAGEN NV

(9,172

)

(351

)

(1.27

Industria de Diseno Textil SA

(11,595

)

(350

)

(1.27

Rheinmetall AG

3,260

349

1.26

ASML Holding NV

(1,894

)

(347

)

(1.26

ASR Nederland NV

7,792

343

1.24

Edenred

(7,736

)

(343

)

(1.24

Signify NV

12,908

343

1.24

SES SA

16,090

323

1.17

UPM-Kymmene OYJ

10,666

322

1.17

Banco Santander SA

(58,650

)

(287

)

(1.04

Bankia SA

(92,365

)

(282

)

(1.02

UCB SA

3,360

282

1.02

Eurofins Scientific SE

(637

)

(268

)

(0.97

Continental AG

(1,610

)

(264

)

(0.95

GEA Group AG

(10,929

)

(262

)

(0.95

SAP SE

2,420

259

0.94

Getlink SE

(17,378

)

(257

)

(0.93

Ingenico Group SA

(3,572

)

(240

)

(0.87

Ageas

4,543

224

0.81

Grifols SA

(8,550

)

(222

)

(0.81

Sartorius AG

(1,367

)

(217

)

(0.79

ArcelorMittal

9,100

209

0.76

NN Group NV

4,770

208

0.75

Altran Technologies SA

(19,047

)

(202

)

(0.73

thyssenkrupp AG

(13,052

)

(195

)

(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 Hong

Monthly

03/20/2019

HKD

3,262 $

— $

—

Return HKD Index

Kong Interbank

Offered Rate +

0.05%

Merrill Lynch

MSCI Italy Net Return

1,600

Receive

1 Month Euro

Monthly

03/20/2019

EUR

156

—

EUR Index

Interbank Offered

Rate - 0.06%

Merrill Lynch

MSCI Japan Net Return

Receive

1 Month JPY

Monthly

03/20/2019

JPY

—

JPY Index

LIBOR - 0.20%

Morgan Stanley & Co

MSCI Singapore Net

Receive

1 Month Singapore

Monthly

03/20/2019

SGD

126

—

)

Return SGD Index

Interbank Offered

Rate + 0.30%

Total

— $

)

Amounts in thousands except contracts

Schedule of Investments Multi-Manager Equity Long/Short Fund February 28, 2019 (unaudited)


Short Sales Outstanding
COMMON STOCKS - (35.88)%		Shares	Value (000's)		COMMON STOCKS (continued)	Shares	Value (000’s)
Aerospace & Defense - (0.43)%					Biotechnology (continued)
Harris Corp		1,739	$	287	Vertex Pharmaceuticals Inc	5,151	$	972
Kawasaki Heavy Industries Ltd		2,600		67			$	3,815
Leonardo SpA		19,327		195	Building Materials - (0.25)%
United Technologies Corp		4,929		619	Buzzi Unicem SpA	8,446		165
			$	1,168	Daikin Industries Ltd	1,200		131
Agriculture - (0.02)%					Martin Marietta Materials Inc	857		161
Golden Agri-Resources Ltd		19,100		4	TOTO Ltd	2,900		110
Japan Tobacco Inc		2,600		66	Vulcan Materials Co	1,085		121
			$	70			$	688
Airlines - (0.17)%					Chemicals - (1.21)%
Alaska Air Group Inc		1,820		112	Air Products & Chemicals Inc	4,060		736
United Continental Holdings Inc		4,030		354	Albemarle Corp	2,110		193
			$	466	Hitachi Chemical Co Ltd	3,100		56
Apparel - (0.35)%					International Flavors & Fragrances Inc	1,580		201
Asics Corp		13,800		184	Kansai Paint Co Ltd	15,300		282
NIKE Inc		8,853		759	Kuraray Co Ltd	7,000		94
			$	943	Linde PLC	750		130
Automobile Manufacturers - (0.80)%					LyondellBasell Industries NV	5,451		466
Ferrari NV		5,186		667	Nippon Paint Holdings Co Ltd	8,600		332
Ford Motor Co		58,789		516	Nissan Chemical Corp	1,600		81
Nissan Motor Co Ltd		15,000		130	Novozymes A/S	3,617		164
PACCAR Inc		965		65	Shin-Etsu Chemical Co Ltd	200		17
Suzuki Motor Corp		6,000		308	Showa Denko KK	7,700		288
Toyota Motor Corp		8,200		496	Taiyo Nippon Sanso Corp	1,100		16
			$	2,182	Toray Industries Inc	36,400		253
Automobile Parts & Equipment - (0.51)%							$	3,309
Brembo SpA		8,239		100	Commercial Services - (0.95)%
Bridgestone Corp		1,700		67	Atlantia SpA	765		19
Denso Corp		6,000		259	Cintas Corp	302		62
Koito Manufacturing Co Ltd		1,900		110	Equifax Inc	1,871		205
NGK Spark Plug Co Ltd		6,300		134	FleetCor Technologies Inc	1,341		313
Nifco Inc/Japan		800		20	Gartner Inc	1,318		188
Pirelli & C SpA		23,553		158	Global Payments Inc	3,037		396
Sumitomo Electric Industries Ltd		2,800		39	IHS Markit Ltd	6,114		325
Toyota Industries Corp		5,000		258	ISS A/S	1,595		50
Yokohama Rubber Co Ltd/The		10,100		207	Park24 Co Ltd	2,800		67
			$	1,352	Recruit Holdings Co Ltd	400		11
Banks - (0.57)%					Rollins Inc	5,077		201
Banco BPM SpA		77,769		188	Total System Services Inc	2,830		267
Bank of Kyoto Ltd/The		3,100		139	United Rentals Inc	1,264		170
Chiba Bank Ltd/The		7,300		44	Verisk Analytics Inc	2,244		284
Fukuoka Financial Group Inc		1,900		41			$	2,558
Intesa Sanpaolo SpA	158,170			390	Computers - (0.22)%
Japan Post Bank Co Ltd		4,300		48	Fortinet Inc	1,900		165
Morgan Stanley		947		40	TDK Corp	5,200		408
Regions Financial Corp		10,069		165	Western Digital Corp	684		34
Seven Bank Ltd		23,900		70			$	607
Shizuoka Bank Ltd/The		3,700		29	Consumer Products - (0.26)%
Suruga Bank Ltd		17,700		85	Clorox Co/The	639		101
Unione di Banche Italiane SpA		96,843		288	Kimberly-Clark Corp	5,189		606
			$	1,527			$	707
Beverages - (0.49)%					Cosmetics & Personal Care - (0.42)%
Asahi Group Holdings Ltd		300		13	Coty Inc	14,305		157
Brown-Forman Corp - B Shares		7,451		369	Estee Lauder Cos Inc/The	5,195		815
Coca-Cola Bottlers Japan Holdings Inc		1,700		44	Kao Corp	1,700		129
Davide Campari-Milano SpA		11,910		114	Pigeon Corp	700		29
Ito En Ltd		300		14	Shiseido Co Ltd	200		13
Molson Coors Brewing Co		3,092		191			$	1,143
Monster Beverage Corp		7,807		498	Distribution & Wholesale - (0.18)%
Suntory Beverage & Food Ltd		1,700		75	Copart Inc	3,837		225
			$	1,318	Fastenal Co	4,452		280
Biotechnology - (1.42)%							$	505
Alexion Pharmaceuticals Inc		2,118		287	Diversified Financial Services - (0.41)%
Amgen Inc		677		129	Acom Co Ltd	35,700		123
Genmab A/S		3,540		611	AEON Financial Service Co Ltd	7,400		146
Illumina Inc		2,172		679	Cboe Global Markets Inc	1,731		166
Incyte Corp		4,384		378	CME Group Inc	2,860		520
Regeneron Pharmaceuticals Inc		1,762		759	Nomura Holdings Inc	35,100		137


			Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2019 (unaudited)


Short Sales Outstanding
COMMON STOCKS (continued)	Shares	Value (000’s)		COMMON STOCKS (continued)	Shares	Value (000’s)
Diversified Financial Services (continued)				Hand & Machine Tools - (0.08)%
Orient Corp	24,300	$	27	Disco Corp	700	$	97
		$	1,119	Makita Corp	2,900		103
Electric - (1.41)%						$	200
Alliant Energy Corp	4,041		185	Healthcare - Products - (2.79)%
Ameren Corp	1,238		88	ABIOMED Inc	814		272
American Electric Power Co Inc	6,997		568	Align Technology Inc	1,527		395
CenterPoint Energy Inc	2,059		62	Asahi Intecc Co Ltd	5,700		274
Chugoku Electric Power Co Inc/The	17,100		222	Baxter International Inc	5,446		407
CMS Energy Corp	4,104		223	Becton Dickinson and Co	2,290		570
Consolidated Edison Inc	4,823		398	Boston Scientific Corp	21,461		861
Entergy Corp	3,200		299	DENTSPLY SIRONA Inc	3,289		137
Hokuriku Electric Power Co	27,000		230	Edwards Lifesciences Corp	3,971		672
Kyushu Electric Power Co Inc	11,700		139	Hologic Inc	5,269		248
PPL Corp	10,170		327	IDEXX Laboratories Inc	1,753		370
Public Service Enterprise Group Inc	3,655		215	Intuitive Surgical Inc	1,498		820
Sempra Energy	437		53	ResMed Inc	2,112		216
Southern Co/The	860		43	Stryker Corp	2,871		541
WEC Energy Group Inc	4,515		344	Teleflex Inc	679		197
Xcel Energy Inc	7,248		398	Terumo Corp	9,200		565
		$	3,794	Thermo Fisher Scientific Inc	1,105		287
Electrical Components & Equipment - (0.12)%				Varian Medical Systems Inc	1,414		190
Casio Computer Co Ltd	9,900		135	William Demant Holding A/S	515		15
Prysmian SpA	8,962		183	Zimmer Biomet Holdings Inc	3,815		474
		$	318			$	7,511
Electronics - (1.02)%				Healthcare - Services - (0.66)%
Agilent Technologies Inc	5,622		447	Anthem Inc	1,686		507
Hirose Electric Co Ltd	1,000		103	Centene Corp	1,264		77
Hoya Corp	2,900		177	DaVita Inc	2,362		134
Mettler-Toledo International Inc	483		329	IQVIA Holdings Inc	4,041		566
Murata Manufacturing Co Ltd	3,600		562	PeptiDream Inc	6,000		285
Nidec Corp	4,700		570	Universal Health Services Inc	1,434		199
NOK Corp	1,500		24			$	1,768
Omron Corp	700		30	Holding Companies - Diversified - 0.00%
PerkinElmer Inc	1,708		161	Keppel Corp Ltd	2,700		12
Venture Corp Ltd	3,600		47	Home Builders - (0.14)%
Waters Corp	1,151		279	DR Horton Inc	5,835		227
		$	2,729	PulteGroup Inc	4,375		118
Energy - Alternate Sources - (0.06)%				Sekisui House Ltd	2,900		44
Vestas Wind Systems A/S	2,059		172			$	389
Engineering & Construction - (0.20)%				Home Furnishings - (0.01)%
Jacobs Engineering Group Inc	2,020		149	Sharp Corp/Japan	3,400		40
Japan Airport Terminal Co Ltd	4,800		191	Insurance - (0.87)%
JGC Corp	12,700		185	Arthur J Gallagher & Co	2,643		212
SATS Ltd	3,300		13	Brighthouse Financial Inc	709		27
		$	538	Chubb Ltd	1,698		227
Entertainment - (0.05)%				Cincinnati Financial Corp	2,339		203
Oriental Land Co Ltd/Japan	900		99	Everest Re Group Ltd	631		143
Toho Co Ltd/Tokyo	500		18	MetLife Inc	14,581		659
		$	117	Sony Financial Holdings Inc	12,600		239
Food - (0.79)%				T&D Holdings Inc	8,200		99
Aeon Co Ltd	12,700		268	Tokio Marine Holdings Inc	1,700		83
Calbee Inc	9,300		258	Tryg A/S	1,137		31
Chr Hansen Holding A/S	2,961		301	Willis Towers Watson PLC	2,434		419
Conagra Brands Inc	7,277		170			$	2,342
JM Smucker Co/The	790		84	Internet - (0.71)%
Kellogg Co	1,255		71	CyberAgent Inc	2,500		78
Kikkoman Corp	5,600		279	Expedia Group Inc	2,922		360
Lamb Weston Holdings Inc	1,576		109	Kakaku.com Inc	5,500		106
Mondelez International Inc	11,552		545	LINE Corp	1,700		62
Nissin Foods Holdings Co Ltd	200		14	M3 Inc	25,300		419
Wilmar International Ltd	12,000		28	MonotaRO Co Ltd	4,500		107
Yamazaki Baking Co Ltd	600		10	Netflix Inc	246		88
		$	2,137	Symantec Corp	11,474		258
Gas - (0.12)%				Trend Micro Inc/Japan	300		15
Atmos Energy Corp	1,592		157	TripAdvisor Inc	2,782		148
NiSource Inc	6,429		173	Twitter Inc	8,047		248
		$	330	Yahoo Japan Corp	10,900		29
						$	1,918


			Schedule of Investments
Multi-Manager Equity Long/Short Fund
February 28, 2019 (unaudited)


Short Sales Outstanding
COMMON STOCKS (continued)	Shares	Value (000’s)		COMMON STOCKS (continued)	Shares	Value (000’s)
Iron & Steel - (0.03)%				Packaging & Containers - (0.05)%
Hitachi Metals Ltd	8,200	$	84	Westrock Co	3,673	$	137
Leisure Products & Services - (0.50)%				Pharmaceuticals - (1.08)%
Harley-Davidson Inc	2,304		86	Allergan PLC	6,000		826
Royal Caribbean Cruises Ltd	3,972		471	Chugai Pharmaceutical Co Ltd	4,300		293
Shimano Inc	3,300		502	Daiichi Sankyo Co Ltd	8,300		311
Yamaha Corp	4,300		212	Kyowa Hakko Kirin Co Ltd	2,700		52
Yamaha Motor Co Ltd	4,200		86	McKesson Corp	2,723		346
		$	1,357	Otsuka Holdings Co Ltd	5,500		230
Lodging - (0.45)%				Perrigo Co PLC	2,588		126
City Developments Ltd	3,700		24	Santen Pharmaceutical Co Ltd	1,300		20
Hilton Worldwide Holdings Inc	418		35	Sosei Group Corp	1,200		13
Marriott International Inc/MD	4,855		608	Zoetis Inc	6,880		648
MGM Resorts International	10,803		289			$	2,865
Wynn Resorts Ltd	1,965		249	Pipelines - (0.36)%
		$	1,205	ONEOK Inc	7,181		461
Machinery - Construction & Mining - (0.03)%				Williams Cos Inc/The	18,768		501
Komatsu Ltd	3,500		86			$	962
Machinery - Diversified - (1.29)%				Real Estate - (0.01)%
Daifuku Co Ltd	11,300		557	CapitaLand Ltd	5,600		14
Deere & Co	733		120	REITs - (2.07)%
FANUC Corp	1,400		232	American Tower Corp	6,608		1,164
Keyence Corp	1,400		819	Boston Properties Inc	594		79
Kubota Corp	3,900		53	Crown Castle International Corp	7,841		931
Nabtesco Corp	4,000		106	Digital Realty Trust Inc	2,955		334
Rockwell Automation Inc	1,735		310	Equinix Inc	1,507		638
Roper Technologies Inc	1,331		431	Essex Property Trust Inc	1,021		286
SMC Corp/Japan	400		140	Extra Space Storage Inc	1,346		129
Xylem Inc/NY	886		67	Federal Realty Investment Trust	806		108
Yaskawa Electric Corp	22,200		634	HCP Inc	606		19
		$	3,469	Host Hotels & Resorts Inc	874		17
Media - (0.86)%				Iron Mountain Inc	5,401		191
CBS Corp	5,820		292	Kimco Realty Corp	8,121		143
Charter Communications Inc	2,692		929	Macerich Co/The	2,422		106
Comcast Corp - Class A	28,063		1,085	Mid-America Apartment Communities Inc	381		39
Singapore Press Holdings Ltd	9,500		17	Public Storage	1,365		289
		$	2,323	Regency Centers Corp	2,600		170
Metal Fabrication & Hardware - (0.31)%				SBA Communications Corp	2,226		402
MISUMI Group Inc	10,800		263	SL Green Realty Corp	469		43
Tenaris SA	42,076		560	Vornado Realty Trust	2,711		182
		$	823	Weyerhaeuser Co	10,598		264
Mining - (0.26)%						$	5,534
Freeport-McMoRan Inc	20,753		268	Retail - (2.56)%
Mitsubishi Materials Corp	1,400		38	CarMax Inc	2,664		165
Newmont Mining Corp	8,274		282	Chipotle Mexican Grill Inc	534		324
Sumitomo Metal Mining Co Ltd	4,500		132	Cosmos Pharmaceutical Corp	200		37
		$	720	Darden Restaurants Inc	1,921		215
Miscellaneous Manufacturers - (0.39)%				Dollar Tree Inc	3,919		378
General Electric Co	79,360		825	FamilyMart UNY Holdings Co Ltd	20,000		572
Parker-Hannifin Corp	1,286		227	Fast Retailing Co Ltd	2,900		1,364
		$	1,052	Foot Locker Inc	1,759		105
Office & Business Equipment - (0.29)%				Gap Inc/The	5,925		151
Canon Inc	7,100		204	Isetan Mitsukoshi Holdings Ltd	20,900		208
Konica Minolta Inc	2,300		22	J Front Retailing Co Ltd	3,100		34
Ricoh Co Ltd	52,500		534	L Brands Inc	1,968		51
		$	760	Lawson Inc	800		48
Oil & Gas - (1.21)%				Lowe's Cos Inc	6,715		706
Anadarko Petroleum Corp	7,210		314	Marui Group Co Ltd	23,400		412
Cabot Oil & Gas Corp	7,809		192	Nitori Holdings Co Ltd	1,300		162
Cimarex Energy Co	1,918		138	Pan Pacific International Holdings Corp	6,200		371
Concho Resources Inc	3,105		342	Ross Stores Inc	3,917		371
Diamondback Energy Inc	2,348		242	Tiffany & Co	1,768		168
EOG Resources Inc	8,993		845	Tsuruha Holdings Inc	200		18
Helmerich & Payne Inc	2,204		119	Ulta Beauty Inc	241		75
Marathon Petroleum Corp	9,779		606	USS Co Ltd	700		13
Noble Energy Inc	8,623		191	Walmart Inc	9,206		911
Pioneer Natural Resources Co	2,049		289	Welcia Holdings Co Ltd	1,100		39
		$	3,278			$	6,898
Oil & Gas Services - (0.05)%
TechnipFMC PLC	6,418		143

Schedule of Investments Multi-Manager Equity Long/Short Fund February 28, 2019 (unaudited)


Short Sales Outstanding
COMMON STOCKS (continued)	Shares	Value (000’s)		INVESTMENT COMPANIES - (5.89)%	Shares	Value (000's)
Semiconductors - (1.77)%				Exchange-Traded Funds - (5.89)%
Advanced Micro Devices Inc	20,065	$	472	Consumer Discretionary Select Sector SPDR	11,294	$	1,245
Advantest Corp	800		19	Fund
Analog Devices Inc	5,433		581	Industrial Select Sector SPDR Fund	17,297		1,321
Broadcom Inc	2,329		641	iShares Russell 1000 ETF	16,325		2,534
Hamamatsu Photonics KK	2,000		71	iShares U.S. Real Estate ETF	5,791		487
IPG Photonics Corp	779		121	SPDR S&P 500 ETF Trust	16,037		4,469
Maxim Integrated Products Inc	4,093		223	SPDR S&P Regional Banking ETF	10,005		566
NVIDIA Corp	8,902		1,373	Technology Select Sector SPDR Fund	74,219		5,259
QUALCOMM Inc	18,015		962			$ 15,881
STMicroelectronics NV	7,151		117	TOTAL INVESTMENT COMPANIES (proceeds $15,260)		$ 15,881
Tokyo Electron Ltd	1,200		164	TOTAL SHORT SALES (proceeds $107,069)		$ 112,574
		$	4,744
Software - (2.53)%
Adobe Inc	1,771		465
Akamai Technologies Inc	2,482		173
ANSYS Inc	1,565		277
Autodesk Inc	3,344		545
Broadridge Financial Solutions Inc	1,665		169
Cadence Design Systems Inc	3,012		172
Cerner Corp	6,793		380
Citrix Systems Inc	1,881		198
DeNA Co Ltd	1,000		15
Fidelity National Information Services Inc	821		89
Fiserv Inc	6,220		527
Intuit Inc	4,025		995
Konami Holdings Corp	400		17
MSCI Inc	1,131		209
Nexon Co Ltd	7,100		113
Oracle Corp	16,152		842
Paychex Inc	3,631		280
Red Hat Inc	3,276		598
salesforce.com Inc	2,355		385
Synopsys Inc	2,315		235
Take-Two Interactive Software Inc	2,106		184
		$	6,868
Telecommunications - (0.04)%
Singapore Telecommunications Ltd	44,200		98
Textiles - (0.05)%
Mohawk Industries Inc	1,061		144
Toys, Games & Hobbies - (0.30)%
Nintendo Co Ltd	2,900		795
Transportation - (1.69)%
AP Moller - Maersk A/S - B	428		576
Dfds A/S	392		18
FedEx Corp	2,187		396
JB Hunt Transport Services Inc	1,935		208
Kansas City Southern	1,927		209
Keihan Holdings Co Ltd	3,800		157
Keikyu Corp	12,000		199
Keio Corp	5,800		341
Keisei Electric Railway Co Ltd	1,000		34
Kintetsu Group Holdings Co Ltd	6,300		285
Mitsubishi Logistics Corp	3,100		78
Nagoya Railroad Co Ltd	6,300		174
Nankai Electric Railway Co Ltd	3,000		81
Nippon Yusen KK	3,600		57
Odakyu Electric Railway Co Ltd	13,400		313
Seibu Holdings Inc	10,100		180
Tobu Railway Co Ltd	700		20
United Parcel Service Inc	7,557		833
Yamato Holdings Co Ltd	13,300		347
		$	4,506
Water - (0.01)%
American Water Works Co Inc	352		36
TOTAL COMMON STOCKS (proceeds $91,809)		$ 96,693


Schedule of Investments
Opportunistic Municipal Fund
February 28, 2019 (unaudited)



INVESTMENT COMPANIES - 0.10%	Shares Held Value (000's)						Principal
Exchange-Traded Funds - 0.10%					MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
SPDR Nuveen S&P High Yield Municipal Bond		1,040	$	59	Illinois (continued)
ETF					City of Chicago IL
VanEck Vectors High-Yield Municipal Index ETF		500		31	5.50%, 01/01/2042	$	300	$	316
VanEck Vectors Short High-Yield Municipal		1,000		24	6.00%, 01/01/2038		1,900		2,134
Index ETF					7.46%, 02/15/2026		1,807		1,319
		$		114	City of Chicago IL Wastewater Transmission
TOTAL INVESTMENT COMPANIES		$		114	Revenue
		Principal			5.00%, 01/01/2031		760		841
MUNICIPAL BONDS - 103.56%	Amount (000's) Value (000's)				5.00%, 01/01/2039		1,200		1,292
Alabama - 1.55%					Illinois Finance Authority
Lower Alabama Gas District/The					4.38%, 12/01/2042		300		281
5.00%, 09/01/2034	$	1,500	$	1,736	Illinois State Toll Highway Authority
Arizona - 4.58%					5.00%, 01/01/2040^(d)		5,000		5,538
Navajo Nation					Metropolitan Pier & Exposition Authority
5.50%, 12/01/2030^(a)		2,500		2,761	5.00%, 06/15/2057		500		521
Salt Verde Financial Corp					Metropolitan Pier & Exposition Authority (credit
5.00%, 12/01/2032		2,000		2,370	support from NATL)
		$		5,131	5.50%, 06/15/2029^(b)		1,000		1,139
California - 4.56%					State of Illinois
Abag Finance Authority for Nonprofit Corps					5.00%, 10/01/2033		1,000		1,054
5.00%, 08/01/2043		500		546	5.50%, 07/01/2027		1,150		1,232
California Statewide Communities Development							$		16,677
Authority					Indiana - 1.45%
5.25%, 12/01/2048^(a)		1,000		1,079	Indiana Finance Authority
California Statewide Communities Development					1.71%, 12/01/2039^(c)		300		300
Authority (credit support from GNMA COLL)					1.72%, 11/01/2037^(c)		1,000		1,000
4.90%, 07/20/2039^(b)		500		513	Town of Shoals IN
California Statewide Financing Authority					7.25%, 11/01/2043		300		329
6.00%, 05/01/2043		1,000		1,005			$		1,629
La Verne Public Financing Authority					Louisiana - 1.83%
7.25%, 09/01/2026		545		546	Louisiana Local Government Environmental
Oakland Unified School District/Alameda County					Facilities & Community Development Authority
5.00%, 08/01/2035		1,225		1,420	5.50%, 11/01/2039^(a)		1,000		1,018
		$		5,109	5.65%, 11/01/2037^(a)		1,000		1,031
Colorado - 4.11%					Louisiana Public Facilities Authority
Centerra Metropolitan District No 1					0.00%, 07/01/2039^(e)		278		—
5.00%, 12/01/2037^(a)		1,000		1,014			$		2,049
Eagle County Airport Terminal Corp					Maine - 0.96%
5.00%, 05/01/2037		1,000		1,094	Finance Authority of Maine
Prairie Farm Metropolitan District					5.25%, 01/01/2025^(a)		1,000		1,077
5.25%, 12/01/2048		1,000		987	Maryland - 0.93%
Velocity Metropolitan District No 3					City of Westminster MD
5.50%, 12/01/2048		1,500		1,512	6.25%, 07/01/2044		600		638
		$		4,607	Maryland Economic Development Corp
Connecticut - 3.98%					5.38%, 06/01/2025		390		408
Connecticut State Health & Educational Facilities							$		1,046
Authority					Michigan - 0.99%
1.54%, 07/01/2036^(c)		2,000		2,000	Michigan Finance Authority
Mohegan Tribal Finance Authority					5.00%, 07/01/2035		1,000		1,107
7.00%, 02/01/2045^(a)		2,400		2,462	Missouri - 3.25%
		$		4,462	City of St Louis MO Airport Revenue (credit
Florida - 3.76%					support from NATL)
Greater Orlando Aviation Authority					5.50%, 07/01/2028^(b)		400		503
5.00%, 10/01/2047^(d)		2,999		3,312	Health & Educational Facilities Authority of the
Northern Palm Beach County Improvement					State of Missouri
District					5.00%, 02/01/2042		1,000		1,061
5.00%, 08/01/2046		500		512	Kansas City Industrial Development Authority
Orange County Housing Finance Authority					5.00%, 04/01/2046^(a)		1,100		1,076
7.00%, 10/01/2025		395		396	Maryland Heights Industrial Development
		$		4,220	Authority
Georgia - 1.74%					5.25%, 03/15/2046^(a)		1,000		1,005
Atlanta Development Authority							$		3,645
7.00%, 01/01/2040		2,000		1,948	Montana - 1.29%
Illinois - 14.87%					City of Kalispell MT
Chicago O'Hare International Airport					5.25%, 05/15/2037		1,400		1,445
4.00%, 01/01/2044		1,000		1,010	Nevada - 2.25%
					Las Vegas Convention & Visitors Authority
					5.00%, 07/01/2043^(d)		1,394		1,569

Schedule of Investments Opportunistic Municipal Fund February 28, 2019 (unaudited)


		Principal					Principal
MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)				MUNICIPAL BONDS (continued)	Amount (000’s) Value (000’s)
Nevada (continued)					Oregon (continued)
State of Nevada Department of Business &					Warm Springs Reservation Confederated Tribe
Industry					6.38%, 11/01/2033	$	500	$	510
5.13%, 12/15/2037^(a)	$	1,000	$	959			$		1,496
		$		2,528	Pennsylvania - 5.31%
New Jersey - 9.14%					Blythe Township Solid Waste Authority
Casino Reinvestment Development Authority					7.75%, 12/01/2037		1,000		1,063
5.25%, 11/01/2039		250		266	Commonwealth Financing Authority
Essex County Improvement Authority					5.00%, 06/01/2028		1,000		1,187
5.25%, 07/01/2045^(a)		1,300		1,305	5.00%, 06/01/2035		1,000		1,128
New Jersey Economic Development Authority					Lancaster County Hospital Authority/PA
5.00%, 07/15/2028		500		557	5.00%, 07/01/2045		1,000		1,040
5.00%, 06/15/2047		500		523	Pennsylvania Economic Development Financing
5.00%, 10/01/2047		1,000		1,055	Authority
5.63%, 11/15/2030		1,500		1,693	5.50%, 11/01/2044		1,000		1,038
5.75%, 09/15/2027		500		550	6.00%, 06/01/2031		500		500
New Jersey Economic Development							$		5,956
Authority (credit support from ST APPROP)					Puerto Rico - 0.85%
5.25%, 06/15/2040^(b)		1,000		1,062	Puerto Rico Sales Tax Financing Corp Sales Tax
New Jersey Transportation Trust Fund Authority					Revenue
5.25%, 06/15/2032		2,000		2,171	5.00%, 07/01/2058		1,000		948
South Jersey Port Corp					South Carolina - 0.47%
5.00%, 01/01/2048		1,000		1,064	South Carolina Jobs-Economic Development
		$		10,246	Authority
New York - 6.47%					5.25%, 11/15/2047		500		525
Brooklyn Arena Local Development Corp					South Dakota - 0.45%
6.25%, 07/15/2040		480		499	Oglala Sioux Tribe
Glen Cove Local Economic Assistance Corp					5.75%, 10/01/2025^(a)		500		501
5.00%, 01/01/2056		1,000		1,023	Tennessee - 3.21%
New York City Water & Sewer System					Chattanooga Health Educational & Housing
1.73%, 06/15/2050^(c)		500		500	Facility Board
New York Counties Tobacco Trust VI					5.00%, 10/01/2028		1,050		1,179
5.00%, 06/01/2041		400		422	5.00%, 10/01/2035		500		537
New York State Thruway Authority					Metropolitan Government Nashville & Davidson
5.25%, 01/01/2056		1,000		1,115	County Health & Educational Facilities Board
New York Transportation Development Corp					5.00%, 07/01/2040		1,000		1,097
5.00%, 08/01/2021		1,500		1,583	Nashville Metropolitan Development & Housing
5.00%, 01/01/2034		1,000		1,129	Agency
Niagara Area Development Corp					5.13%, 06/01/2036^(a)		750		789
4.75%, 11/01/2042^(a)		1,000		989			$		3,602
		$		7,260
North Carolina - 0.92%					Texas - 5.90%
					Arlington Higher Education Finance Corp
North Carolina Medical Care Commission					5.00%, 12/01/2046		1,100		1,164
5.25%, 10/01/2035		1,000		1,034	Harris County Cultural Education Facilities
Ohio - 6.37%					Finance Corp
Buckeye Tobacco Settlement Financing Authority					6.00%, 10/01/2043		1,075		1,175
6.00%, 06/01/2042		2,500		2,407	North Texas Tollway Authority
Buckeye Tobacco Settlement Financing					5.00%, 01/01/2045		615		679
Authority (credit support from BUCKEYE OHIO					5.00%, 01/01/2048		500		552
TOB SETTLEMENT)					Port Beaumont Navigation District
5.75%, 06/01/2034^(b)		1,860		1,734	7.25%, 02/01/2036^(a),(c)		1,000		1,031
Cleveland-Cuyahoga County Port Authority					Tarrant County Cultural Education Facilities
5.50%, 12/01/2043		1,000		1,105	Finance Corp
Ohio Air Quality Development Authority					6.00%, 11/15/2027		1,000		1,098
3.75%, 12/01/2023		1,000		870	Texas Private Activity Bond Surface
4.50%, 01/15/2048^(a)		1,000		1,025	Transportation Corp
		$		7,141	6.88%, 12/31/2039		550		571
Oklahoma - 2.23%					7.00%, 12/31/2038		300		347
Oklahoma Development Finance Authority							$		6,617
5.25%, 08/15/2043		1,000		1,097	Utah - 1.22%
Tulsa Airports Improvement Trust					Utah Infrastructure Agency
5.00%, 06/01/2035^(c)		300		325	5.25%, 10/15/2033		1,250		1,365
Tulsa County Industrial Authority					Vermont - 1.16%
5.25%, 11/15/2045		1,000		1,078	Vermont Economic Development Authority
		$		2,500	4.62%, 04/01/2036^(a),(c)		1,300		1,304
Oregon - 1.33%					Virginia - 0.95%
Oregon State Business Development Commission					County of Botetourt VA
6.50%, 04/01/2031^(a)		1,000		986	6.00%, 07/01/2044		1,000		1,068


Schedule of Investments
Origin Emerging Markets Fund
February 28, 2019 (unaudited)



COMMON STOCKS - 96.84%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Apparel - 1.05%					Forest Products & Paper - 1.59%
Shenzhou International Group Holdings Ltd		463,000	$	5,787	Mondi PLC		297,254	$	6,805
Automobile Manufacturers - 1.91%					Suzano Papel e Celulose SA		150,522		1,923
Geely Automobile Holdings Ltd	3,645,500			6,847			$		8,728
Sinotruk Hong Kong Ltd	2,013,000			3,663	Gas - 4.43%
		$		10,510	China Resources Gas Group Ltd	2,917,800			12,678
Automobile Parts & Equipment - 0.54%					ENN Energy Holdings Ltd	1,132,800			11,690
Weichai Power Co Ltd	2,144,500			2,986			$		24,368
Banks - 10.65%					Holding Companies - Diversified - 0.68%
Bank of Communications Co Ltd	4,708,000			3,953	Tekfen Holding AS		758,000		3,740
China Construction Bank Corp	10,401,328			9,260	Insurance - 5.77%
China Merchants Bank Co Ltd	3,277,600			15,041	China Life Insurance Co Ltd/Taiwan	3,162,700			2,949
Industrial & Commercial Bank of China Ltd	12,119,400			9,347	China Taiping Insurance Holdings Co Ltd	1,236,000			3,827
Kiatnakin Bank PCL	1,294,600			2,896	Ping An Insurance Group Co of China Ltd	1,781,200			18,830
OTP Bank Nyrt		85,800		3,629	Porto Seguro SA		224,700		3,353
Sberbank of Russia PJSC ADR		866,700		11,050	Sul America SA		340,000		2,775
Thanachart Capital PCL	1,890,200			3,343			$		31,734
		$		58,519	Internet - 8.16%
Building Materials - 4.79%					Alibaba Group Holding Ltd ADR^(a)		73,900		13,526
Anhui Conch Cement Co Ltd	2,341,900			13,387	Autohome Inc ADR^(a)		48,400		4,552
China National Building Material Co Ltd	2,712,300			2,163	Baidu Inc ADR^(a)		42,700		6,941
China Resources Cement Holdings Ltd	7,338,800			7,829	Tencent Holdings Ltd		462,605		19,810
Taiwan Cement Corp	2,385,600			2,958			$		44,829
		$		26,337	Iron & Steel - 4.09%
Chemicals - 3.79%					Kumba Iron Ore Ltd		145,300		3,842
Indorama Ventures PCL	6,039,100			9,866	Severstal PJSC		152,400		2,354
Petronas Chemicals Group Bhd	1,487,200			3,371	Vale SA	1,300,800			16,294
PTT Global Chemical PCL	3,315,800			7,573			$		22,490
		$		20,810	Mining - 1.26%
Coal - 2.75%					MMC Norilsk Nickel PJSC ADR		322,000		6,945
Bukit Asam Tbk PT	9,295,000			2,631	Oil & Gas - 10.04%
China Shenhua Energy Co Ltd	3,748,900			9,238	CNOOC Ltd	7,984,800			13,868
Exxaro Resources Ltd		298,400		3,213	Ecopetrol SA	1,986,000			2,011
		$		15,082	LUKOIL PJSC ADR		119,300		9,920
Commercial Services - 2.87%					Novatek PJSC		49,400		8,559
China Conch Venture Holdings Ltd	1,027,500			3,431	PTT PCL	7,337,900			11,264
Estacio Participacoes SA		692,800		5,104	SK Innovation Co Ltd		32,166		5,367
Localiza Rent a Car SA		790,830		7,226	Tatneft PJSC ADR		59,700		4,212
		$		15,761			$		55,201
Computers - 5.14%					Pharmaceuticals - 1.93%
Infosys Ltd ADR	1,650,300			17,691	Sino Biopharmaceutical Ltd	6,293,600			5,462
Lenovo Group Ltd	7,114,000			6,404	TCI Co Ltd		340,000		5,157
WNS Holdings Ltd ADR^(a)		79,000		4,171			$		10,619
		$		28,266	Real Estate - 0.94%
Distribution & Wholesale - 0.49%					China Vanke Co Ltd	1,365,000			5,177
LG Corp		40,100		2,673	Retail - 1.60%
Diversified Financial Services - 5.85%					ANTA Sports Products Ltd	1,498,000			8,782
B3 SA - Brasil Bolsa Balcao		642,000		5,634	Semiconductors - 9.21%
Chailease Holding Co Ltd	1,613,940			6,340	Novatek Microelectronics Corp		569,700		3,135
CTBC Financial Holding Co Ltd	3,554,000			2,402	Realtek Semiconductor Corp		637,800		3,660
E.Sun Financial Holding Co Ltd	4,001,800			2,868	Samsung Electronics Co Ltd		21,477		21,409
Hana Financial Group Inc		79,600		2,748	Taiwan Semiconductor Manufacturing Co Ltd		573,717		22,404
KB Financial Group Inc		110,500		4,355	ADR
KIWOOM Securities Co Ltd		33,976		2,442			$		50,608
Shinhan Financial Group Co Ltd		60,600		2,357	Software - 1.15%
Taishin Financial Holding Co Ltd	6,576,822			2,977	Momo Inc ADR^(a)		190,800		6,329
		$		32,123	Telecommunications - 2.66%
Electronics - 2.44%					China Mobile Ltd	1,142,000			12,062
Micro-Star International Co Ltd	2,374,800			6,286	Megacable Holdings SAB de CV		554,000		2,534
Radiant Opto-Electronics Corp		964,000		2,869			$		14,596
Zhen Ding Technology Holding Ltd	1,483,000			4,262	TOTAL COMMON STOCKS		$		532,242
		$		13,417
Engineering & Construction - 0.49%
Grupo Aeroportuario del Centro Norte SAB de		470,900		2,683
CV
Food - 0.57%
Dino Polska SA ^(a),(b)		111,000		3,142

Schedule of Investments Origin Emerging Markets Fund February 28, 2019 (unaudited)


Schedule of Investments
Preferred Securities Fund
February 28, 2019 (unaudited)



INVESTMENT COMPANIES - 3.80%				Shares Held Value (000's)			PREFERRED STOCKS (continued)						Shares Held Value (000’s)
Money Market Funds - 3.80%							Electric (continued)
Principal Government Money Market Fund				196,706,046	$	196,706	Duke Energy Corp	5.13%, 01/15/2073					360,235	$	8,779
2.33%^(a),(b)							Entergy Arkansas LLC		4.90%, 12/01/2052				241,096		5,960
TOTAL INVESTMENT COMPANIES				$		196,706	Entergy Louisiana LLC		4.70%, 06/01/2063				165,100		4,007
CONVERTIBLE PREFERRED STOCKS							Entergy Louisiana LLC		4.88%, 09/01/2066				25,000		622
- 0.67%				Shares Held Value (000's)			Entergy Louisiana LLC		5.25%, 07/01/2052				230,991		6,001
Banks - 0.67%							Entergy New Orleans LLC			5.00%, 12/01/2052			3,299		81
Wells Fargo & Co		7.50% ^(c)		27,052	$	34,708	Entergy New Orleans LLC			5.50%, 04/01/2066			46,851		1,258
TOTAL CONVERTIBLE PREFERRED STOCKS				$		34,708	Entergy Texas Inc 5.63%, 06/01/2064						15,618		410
PREFERRED STOCKS - 20.87%				Shares Held Value (000's)			Georgia Power Co	5.00%, 10/01/2077					275,000		6,897
Banks - 5.69%							Integrys Holding Inc 6.00%, 08/01/2073						57,600		1,449
AgriBank FCB 6.88%, 01/01/2024 (c)				61,700		6,386	3 Month USD LIBOR + 3.22%
3 Month USD LIBOR + 4.23%							Interstate Power & Light Co				5.10%, 04/04/2019		501,100		12,783
Bank of New York Mellon Corp/The 5.20%,				136,336		3,374	(c)
06/20/2019 ^(c)							NextEra Energy Capital Holdings Inc					5.00%,	491,093		11,320
BB&T Corp 5.63%, 06/01/2021 (c)				141,800		3,616	01/15/2073
Citigroup Inc 6.88%, 11/15/2023 ^(c)				493,542		13,355	NextEra Energy Capital Holdings Inc					5.13%,	662,215		15,628
3 Month USD LIBOR + 4.13%							11/15/2072
Citizens Financial Group Inc 6.35%, 04/06/2024				500		13	SCE Trust VI 5.00%, 06/26/2022 ^(c)						83,868		1,761
(c)							Southern Co/The 5.25%, 10/01/2076						111,000		2,760
3 Month USD LIBOR + 3.64%							Southern Co/The 5.25%, 12/01/2077						555,000		13,697
Cullen/Frost Bankers Inc 5.38%, 06/15/2019 ^(c)				241,889		6,340							$		152,661
Goldman Sachs Group Inc/The			5.50%,	774,944		19,691	Food - 0.47%
05/10/2023 ^(c)							Dairy Farmers of America Inc				7.88%,		12,000		1,191
3 Month USD LIBOR + 3.64%							04/04/2019 ^(c)^,(d)
HSBC Holdings PLC 6.20%, 04/04/2019 (c)				1,975		51	Dairy Farmers of America Inc				7.88%,		232,500		23,075
Huntington Bancshares Inc/OH			5.88%,	325,787		8,666	12/01/2025 ^(c)^,(d)
10/15/2021 ^(c)													$		24,266
Huntington Bancshares Inc/OH			6.25%,	1,050,000		26,891	Hand & Machine Tools - 0.55%
04/15/2021 ^(c)							Stanley Black & Decker Inc			5.75%, 07/25/2052			1,131,298		28,362
ING Groep NV	6.13%, 04/15/2019 ^(c)			17,631		452	Insurance - 2.71%
ING Groep NV	6.38%, 06/15/2019 ^(c)			703,652		18,042	Allstate Corp/The	5.10%, 01/15/2053					540,300		13,632
KeyCorp 6.13%, 12/15/2026 ^(c)				778,000		20,656	3 Month USD LIBOR + 3.17%
3 Month USD LIBOR + 3.89%							Allstate Corp/The	6.25%, 10/15/2019 ^(c)					181,500		4,774
M&T Bank Corp 6.38%, 04/04/2019 (c)				17,852		17,919	Allstate Corp/The	6.63%, 04/15/2019 ^(c)					380,000		9,610
M&T Bank Corp 6.38%, 04/04/2019 (c)				11,360		11,403	American Financial Group Inc/OH 6.25%,						250,786		6,480
Morgan Stanley	5.85%, 04/15/2027 ^(c)			341,505		8,643	09/30/2054
3 Month USD LIBOR + 3.49%							Arch Capital Group Ltd		5.25%, 09/29/2021 ^(c)				283,500		6,461
Morgan Stanley	7.13%, 10/15/2023 ^(c)			126,282		3,541	Arch Capital Group Ltd		5.45%, 08/17/2022 ^(c)				54,104		1,253
3 Month USD LIBOR + 4.32%							Axis Capital Holdings Ltd			5.50%, 11/07/2021 ^(c)			10,287		244
PNC Financial Services Group Inc/The 6.13%,				1,726,752		45,759	Axis Capital Holdings Ltd			5.50%, 04/04/2019 ^(c)			154,159		3,615
05/01/2022 ^(c)							Hartford Financial Services Group Inc/The						1,044,739		29,514
3 Month USD LIBOR + 4.07%							7.88%, 04/15/2042
State Street Corp	5.25%, 04/04/2019 ^(c)			1,421,238		35,346	3 Month USD LIBOR + 5.60%
State Street Corp	5.90%, 03/15/2024 ^(c)			241,300		6,274	Prudential PLC 6.75%, 04/04/2019 ^(c)						26,161		707
3 Month USD LIBOR + 3.11%							Reinsurance Group of America Inc 6.20%,						577,300		15,258
State Street Corp	6.00%, 12/15/2019 ^(c)			349,700		9,040	09/15/2042
US Bancorp 6.50%, 01/15/2022 (c)				197,845		5,411	3 Month USD LIBOR + 4.37%
3 Month USD LIBOR + 4.47%							RenaissanceRe Holdings Ltd				5.38%, 04/04/2019		550,975		12,700
Valley National Bancorp 6.25%, 06/30/2025 (c)				174,760		4,692	(c)
3 Month USD LIBOR + 3.85%							RenaissanceRe Holdings Ltd				6.08%, 04/04/2019		168,347		4,350
Webster Financial Corp 5.25%, 12/15/2022 ^(c)				194,856		4,577	(c)
Wells Fargo & Co		5.63%, 06/15/2022 ^(c)		195,171		4,881	WR Berkley Corp 5.63%, 04/30/2053						1,174,728		30,132
Wells Fargo & Co		5.85%, 09/15/2023 ^(c)		125,027		3,184	WR Berkley Corp 5.70%, 03/30/2058						3,100		77
3 Month USD LIBOR + 3.09%							WR Berkley Corp 5.75%, 06/01/2056						65,882		1,642
Wells Fargo & Co		6.63%, 03/15/2024 ^(c)		236,676		6,509							$		140,449
3 Month USD LIBOR + 3.69%							REITs - 3.35%
				$		294,712	Boston Properties Inc 5.25%, 04/04/2019 ^(c)						7,284		181
Diversified Financial Services - 0.28%							Digital Realty Trust Inc		5.88%, 04/04/2019 ^(c)				97,818		2,559
Capital One Financial Corp 6.00%, 04/04/2019				427,562		10,847	Digital Realty Trust Inc		6.35%, 08/24/2020 ^(c)				205,498		5,341
(c)							Digital Realty Trust Inc		7.38%, 04/01/2019 ^(c)				226,111		5,743
Charles Schwab Corp/The 6.00%, 12/01/2020 ^(c)				143,663		3,799	Federal Realty Investment Trust 5.00%,						49,250		1,138
				$		14,646	09/29/2022^(c)
Electric - 2.95%							Kimco Realty Corp	5.25%, 12/20/2022 ^(c)					397,387		8,953
Alabama Power Co 5.00%, 10/01/2022 ^(c)				572,000		14,220	Kimco Realty Corp	5.50%, 04/04/2019 ^(c)					591,922		14,277
CMS Energy Corp 5.88%, 03/01/2079				248,000		6,250	Kimco Realty Corp	5.63%, 04/04/2019 ^(c)					7,000		173
Dominion Energy Inc 5.25%, 07/30/2076				898,171		22,409	Kimco Realty Corp	6.00%, 04/04/2019 ^(c)					273,690		6,924
DTE Energy Co	5.25%, 12/01/2062			312,400		7,976	National Retail Properties Inc				5.20%, 10/11/2021		121,500		2,758
DTE Energy Co	5.25%, 12/01/2077			320,602		8,057	(c)
DTE Energy Co	5.38%, 06/01/2076			13,111		336

Schedule of Investments Preferred Securities Fund February 28, 2019 (unaudited)


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%,			2,000	$	49	Banks (continued)
04/04/2019	^(c)										Bank of America Corp
Prologis Inc 8.54%, 11/13/2026 ^(c)								167,700		11,403	6.25%, 12/31/2049^(c),(g)	$	1,799	$	1,903
PS Business Parks Inc				5.20%, 12/07/2022 ^(c)				3,332		76	3 Month USD LIBOR + 3.71%
PS Business Parks Inc				5.25%, 09/21/2022 ^(c)				57,755		1,383	6.30%, 12/31/2049^(c),(g)		44,030		47,949
PS Business Parks Inc				5.70%, 04/04/2019 ^(c)				377,419		9,707	3 Month USD LIBOR + 4.55%
PS Business Parks Inc				5.75%, 04/04/2019 ^(c)				534,494		13,282	6.50%, 12/31/2049^(c),(g)		71,285		77,344
Public Storage		0.00%, 03/11/2024 ^{(c),(e),(f),(h)}						250,000		6,250	3 Month USD LIBOR + 4.17%
Public Storage		4.90%, 10/14/2021 ^(c)						16,000		368	8.05%, 06/15/2027		6,312		7,706
Public Storage		4.95%, 07/20/2021 ^(c)						4,000		94	Bank of New York Mellon Corp/The
Public Storage		5.05%, 08/09/2022 ^(c)						184,903		4,475	4.62%, 12/31/2049^(c),(g)		33,927		32,061
Public Storage		5.15%, 06/02/2022 ^(c)						2,000		48	3 Month USD LIBOR + 3.13%
Public Storage		5.20%, 04/04/2019 ^(c)						70,407		1,697	4.95%, 12/31/2049^(c),(g)		75,800		76,848
Public Storage		5.88%, 12/02/2019 ^(c)						237,401		6,111	3 Month USD LIBOR + 3.42%
Public Storage		6.00%, 06/04/2019 ^(c)						575,214		14,743	Barclays Bank PLC
Public Storage		6.38%, 03/28/2019 ^(c)						130,861		3,315	7.63%, 11/21/2022		8,000		8,630
Senior Housing Properties Trust						5.63%,		112,466		2,554	Barclays PLC
08/01/2042											6.63%, 12/31/2049^(c),(g)		14,178		14,125
Senior Housing Properties Trust						6.25%,		149,900		3,909	USD Swap Semi-Annual 5 Year + 5.02%
02/01/2046											7.75%, 12/31/2049^(c),(g)		25,200		25,137
SITE Centers Corp			6.25%, 04/04/2019 ^(c)					18,610		470	USD Swap Semi-Annual 5 Year + 4.84%
SITE Centers Corp			6.38%, 06/05/2022 ^(c)					449,845		11,125	7.88%, 12/31/2049^(c),(g)		9,000		9,439
Vornado Realty Trust				5.25%, 12/13/2022 ^(c)				390,261		8,816	USD Swap Semi-Annual 5 Year + 6.77%
Vornado Realty Trust				5.40%, 04/04/2019 ^(c)				192,362		4,632	BNP Paribas SA
Vornado Realty Trust				5.70%, 04/04/2019 ^(c)				827,575		20,689	7.00%, 12/31/2049^(c),(d),(g)		2,500		2,500
								$		173,243	USD Swap Semi-Annual 5 Year + 3.98%
Savings & Loans - 0.07%											7.19%, 06/29/2049^(c),(g)		13,400		14,288
People's United Financial Inc					5.63%, 12/15/2026			94,067		2,212	3 Month USD LIBOR + 1.29%
(c)											7.20%, 06/29/2049^(c),(d),(g)		30,600		32,627
3 Month USD LIBOR + 4.02%											3 Month USD LIBOR + 1.29%
Sterling Bancorp/DE 6.50%, 10/15/2022 (c)								48,922		1,355	7.37%, 12/31/2049^(c),(d),(g)		100		105
								$		3,567	USD Swap Semi-Annual 5 Year + 5.15%
Sovereign - 1.25%											7.37%, 12/31/2049^(c),(g)		8,000		8,430
CoBank ACB 6.13%, 07/01/2019 (c)								8,000		806	USD Swap Semi-Annual 5 Year + 5.15%
CoBank ACB 6.20%, 01/01/2025 (c)								65,000		6,721	7.63%, 12/31/2049^(c),(d),(g)		26,600		28,030
3 Month USD LIBOR + 3.74%											USD Swap Semi-Annual 5 Year + 6.31%
CoBank ACB 6.25%, 10/01/2022 (c)								296,500		30,540	7.63%, 12/31/2049^(c),(g)		20,000		21,075
3 Month USD LIBOR + 4.56%											USD Swap Semi-Annual 5 Year + 6.31%
Farm Credit Bank of Texas 6.75%, 09/15/2023								258,000		26,445	Citigroup Capital III
(c),(d)											7.63%, 12/01/2036		2,700		3,362
3 Month USD LIBOR + 4.01%											Citigroup Inc
								$		64,512	5.95%, 12/29/2049^(c),(g)		24,100		24,583
Telecommunications - 3.55%											3 Month USD LIBOR + 4.07%
Centaur Funding Corp				0.00%, 04/21/2020 ^(d),(e)				26,500		24,512	5.95%, 12/31/2049^(c),(g)		9,000		9,112
Centaur Funding Corp				9.08%, 04/21/2020 ^(a),(d)				96,166		100,494	3 Month USD LIBOR + 4.10%
Telephone & Data Systems Inc					6.63%,			196,764		5,031	5.95%, 12/31/2049^(c),(g)		12,457		12,550
03/31/2045											3 Month USD LIBOR + 3.91%
Telephone & Data Systems Inc					7.00%,			1,165,099		30,339	6.13%, 12/31/2049^(c),(g)		47,300		48,187
03/15/2060											3 Month USD LIBOR + 4.48%
United States Cellular Corp 6.95%, 05/15/2060								72,489		1,822	6.25%, 12/31/2049^(c),(g)		86,582		91,012
Verizon Communications Inc					5.90%, 02/15/2054			862,537		21,667	3 Month USD LIBOR + 4.52%
								$		183,865	Citizens Financial Group Inc
TOTAL PREFERRED STOCKS								$		1,080,283	5.50%, 12/31/2049^(c),(g)		7,500		7,597
								Principal			3 Month USD LIBOR + 3.96%
BONDS - 75.40%							Amount (000's) Value (000's)				6.38%, 12/31/2049^(c),(g)		1,400		1,388
											3 Month USD LIBOR + 3.16%
Automobile Manufacturers - 0.22%											Corestates Capital III
General Motors Financial Co Inc											3.25%, 02/15/2027^(d)		6,721		6,217
5.75%, 12/31/2049^(c),(g)							$	12,700	$	11,123	3 Month USD LIBOR + 0.57%
3 Month USD LIBOR + 3.60%											Credit Agricole SA
Banks - 41.58%											7.88%, 12/31/2049^(c),(d),(g)		8,000		8,584
Australia & New Zealand Banking Group Ltd/											USD Swap Semi-Annual 5 Year + 4.90%
United Kingdom											8.38%, 12/31/2049^(c),(d),(g)		3,000		3,075
6.75%, 12/31/2049^(c),(d),(g)								5,000		5,252	3 Month USD LIBOR + 6.98%
USD Swap Rate NY 5 Year + 5.17%											Credit Suisse AG
6.75%, 12/31/2049^(c),(g)								2,700		2,836	6.50%, 08/08/2023^(d)		29,754		31,792
USD Swap Rate NY 5 Year + 5.17%											6.50%, 08/08/2023		6,000		6,411

Schedule of Investments Preferred Securities Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Banks (continued)					Banks (continued)
Credit Suisse Group AG					Lloyds Banking Group PLC
6.25%, 12/31/2049^(c),(d),(g)	$	9,100	$	9,118	6.41%, 01/29/2049^(c),(d),(g)	$	32,174	$	32,094
USD Swap Semi-Annual 5 Year + 3.46%					3 Month USD LIBOR + 1.50%
6.25%, 12/31/2049^(c),(g)		1,475		1,478	6.66%, 01/29/2049^(c),(d),(g)		61,185		62,103
USD Swap Semi-Annual 5 Year + 3.46%					3 Month USD LIBOR + 1.27%
7.50%, 12/31/2049^(c),(g)		3,000		3,208	7.50%, 12/31/2049^(c),(g)		47,496		48,968
USD Swap Semi-Annual 5 Year + 4.60%					USD Swap Semi-Annual 5 Year + 4.76%
7.50%, 12/31/2049^(c),(d),(g)		72,040		77,045	M&T Bank Corp
USD Swap Semi-Annual 5 Year + 4.60%					5.12%, 12/31/2049^(c),(g)		12,500		12,391
Danske Bank A/S					3 Month USD LIBOR + 3.52%
6.13%, 12/31/2049^(c),(g)		2,500		2,297	6.45%, 12/31/2049^(c),(g)		6,615		7,045
USD Swap Semi-Annual 7 Year + 3.90%					3 Month USD LIBOR + 3.61%
Dresdner Funding Trust I					Morgan Stanley
8.15%, 06/30/2031^(d)		2,000		2,483	5.55%, 12/31/2049^(c),(g)		8,500		8,532
8.15%, 06/30/2031		5,682		7,056	3 Month USD LIBOR + 3.81%
Fifth Third Bancorp					Nordea Bank Abp
5.10%, 12/31/2049^(c),(g)		1,403		1,340	6.13%, 12/31/2049^(c),(d),(g)		42,131		41,130
3 Month USD LIBOR + 3.03%					USD Swap Semi-Annual 5 Year + 3.39%
First Maryland Capital I					6.13%, 12/31/2049^(c),(g)		1,800		1,757
3.79%, 01/15/2027		2,000		1,845	USD Swap Semi-Annual 5 Year + 3.39%
3 Month USD LIBOR + 1.00%					Northern Trust Corp
First Union Capital II					4.60%, 12/31/2049^(c),(g)		4,400		4,246
7.95%, 11/15/2029		3,700		4,687	3 Month USD LIBOR + 3.20%
Goldman Sachs Group Inc/The					NTC Capital I
5.38%, 12/31/2049^(c),(g)		3,800		3,828	3.31%, 01/15/2027		1,500		1,380
3 Month USD LIBOR + 3.92%					3 Month USD LIBOR + 0.52%
5.70%, 12/31/2049^(c),(g)		39,795		39,795	NTC Capital II
3 Month USD LIBOR + 3.88%					3.38%, 04/15/2027		1,500		1,380
HSBC Capital Funding Dollar 1 LP					3 Month USD LIBOR + 0.59%
10.18%, 12/29/2049^(c),(g)		15,200		22,287	PNC Financial Services Group Inc/The
3 Month USD LIBOR + 4.98%					6.75%, 07/29/2049^(c),(g)		37,635		40,159
10.18%, 12/29/2049^(c),(d),(g)		44,542		65,310	3 Month USD LIBOR + 3.68%
3 Month USD LIBOR + 4.98%					RBS Capital Trust II
HSBC Holdings PLC					6.43%, 12/29/2049^(c),(g)		2,750		3,365
6.00%, 12/31/2049^(c),(g)		20,100		19,572	3 Month USD LIBOR + 1.94%
USD Swap Rate NY 5 Year + 3.75%					Royal Bank of Scotland Group PLC
6.50%, 12/31/2049^(c),(g)		25,600		25,200	5.12%, 03/29/2049^(c)		1,900		1,767
USD Swap Rate NY 5 Year + 3.61%					3 Month USD LIBOR + 2.32%
6.87%, 12/31/2049^(c),(g)		42,000		43,627	7.50%, 12/31/2049^(c),(g)		46,281		47,369
USD Swap Rate NY 5 Year + 5.51%					USD Swap Semi-Annual 5 Year + 5.80%
Huntington Bancshares Inc/OH					7.65%, 08/29/2049^(c),(g)		28,946		36,182
5.70%, 12/31/2049^(c),(g)		1,100		1,059	3 Month USD LIBOR + 2.50%
3 Month USD LIBOR + 2.88%					8.00%, 12/31/2049^(c),(g)		6,825		7,252
ING Groep NV					USD Swap Semi-Annual 5 Year + 5.72%
6.50%, 12/31/2049^(c),(g)		35,300		35,176	8.62%, 12/29/2049^(c),(g)		8,000		8,578
USD Swap Semi-Annual 5 Year + 4.45%					USD Swap Semi-Annual 5 Year + 7.60%
JPMorgan Chase & Co					Skandinaviska Enskilda Banken AB
5.30%, 12/31/2049^(c),(g)		12,000		12,217	5.63%, 12/31/2049^(c),(g)		5,000		4,869
3 Month USD LIBOR + 3.80%					USD Swap Semi-Annual 5 Year + 3.49%
6.10%, 12/31/2049^(c),(g)		10,750		11,167	5.75%, 12/31/2049^(c),(g)		8,100		8,044
3 Month USD LIBOR + 3.33%					USD Swap Semi-Annual 5 Year + 3.85%
6.13%, 12/31/2049^(c),(g)		7,706		8,014	Societe Generale SA
3 Month USD LIBOR + 3.33%					6.75%, 12/31/2049^(c),(g)		8,300		7,522
6.22%, 04/29/2049^(c)		35,500		35,669	USD Swap Semi-Annual 5 Year + 3.93%
3 Month USD LIBOR + 3.47%					6.75%, 12/31/2049^(c),(d),(g)		6,150		5,573
6.75%, 12/31/2049^(c),(g)		136,607		150,190	USD Swap Semi-Annual 5 Year + 3.93%
3 Month USD LIBOR + 3.78%					7.38%, 12/31/2049^(c),(d),(g)		3,900		3,871
KeyCorp					USD Swap Semi-Annual 5 Year + 4.30%
5.00%, 12/31/2049^(c),(g)		20,101		19,297	7.38%, 12/31/2049^(c),(d),(g)		13,100		13,559
3 Month USD LIBOR + 3.61%					USD Swap Semi-Annual 5 Year + 6.24%
KeyCorp Capital III					7.88%, 12/31/2049^(c),(g)		14,000		14,490
7.75%, 07/15/2029		3,500		4,364	USD Swap Semi-Annual 5 Year + 4.98%
Lloyds Bank PLC					7.88%, 12/31/2049^(c),(d),(g)		500		517
12.00%, 12/29/2049^(c),(g)		35,889		43,411	USD Swap Semi-Annual 5 Year + 4.98%
3 Month USD LIBOR + 11.76%					8.00%, 12/31/2049^(c),(d),(g)		16,800		17,724
12.00%, 12/29/2049^(c),(d),(g)		29,550		35,743	USD Swap Rate NY 5 Year + 5.87%
3 Month USD LIBOR + 11.76%

Schedule of Investments Preferred Securities Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Banks (continued)					Electric - 2.90%
Standard Chartered PLC					Emera Inc
7.01%, 07/29/2049^(c),(d),(g)	$	41,500	$	44,353	6.75%, 06/15/2076^(g)	$	50,095	$	51,848
3 Month USD LIBOR + 1.46%					3 Month USD LIBOR + 5.44%
7.01%, 07/29/2049^(c),(g)		25,600		27,360	Enel SpA
3 Month USD LIBOR + 1.46%					8.75%, 09/24/2073^(d),(g)		43,300		46,981
7.50%, 12/31/2049^(c),(d),(g)		17,700		18,497	USD Swap Semi-Annual 5 Year + 5.88%
USD Swap Semi-Annual 5 Year + 6.30%					NextEra Energy Capital Holdings Inc
7.50%, 12/31/2049^(c),(g)		5,700		5,957	4.80%, 12/01/2077^(g)		3,100		2,713
USD Swap Semi-Annual 5 Year + 6.30%					3 Month USD LIBOR + 2.41%
7.75%, 12/31/2049^(c),(d),(g)		11,000		11,523	4.86%, 10/01/2066		23,474		20,305
USD Swap Semi-Annual 5 Year + 5.72%					3 Month USD LIBOR + 2.07%
State Street Corp					4.91%, 06/15/2067		8,920		7,760
5.25%, 12/31/2049^(c),(g)		4,000		4,050	3 Month USD LIBOR + 2.13%
3 Month USD LIBOR + 3.60%					PPL Capital Funding Inc
SunTrust Banks Inc					5.47%, 03/30/2067		15,375		13,991
5.63%, 12/31/2049^(c),(g)		4,400		4,461	3 Month USD LIBOR + 2.67%
3 Month USD LIBOR + 3.86%					Southern Co/The
SunTrust Capital I					5.50%, 03/15/2057^(g)		6,500		6,537
3.35%, 05/15/2027		10,900		10,137	3 Month USD LIBOR + 3.63%
3 Month USD LIBOR + 0.67%							$		150,135
Svenska Handelsbanken AB					Food - 0.16%
5.25%, 12/31/2049^(c),(g)		29,400		29,143	Dairy Farmers of America Inc
USD Swap Semi-Annual 5 Year + 3.34%					7.13%, 12/31/2049^(c),(d)		8,700		8,145
Swedbank AB					Gas - 0.33%
6.00%, 12/31/2049^(c),(g)		5,200		5,077	NiSource Inc
USD Swap Semi-Annual 5 Year + 4.11%					5.65%, 12/31/2049^(c),(d),(g)		17,900		17,273
UBS Group Funding Switzerland AG					US Treasury Yield Curve Rate T Note
6.87%, 12/31/2049^(c),(g)		12,078		12,425	Constant Maturity 5 Year + 2.84%
USD Swap Rate NY 5 Year + 5.50%					Insurance - 24.01%
6.88%, 12/31/2049^(c),(g)		11,933		11,993	ACE Capital Trust II
USD Swap Semi-Annual 5 Year + 4.59%					9.70%, 04/01/2030		14,970		20,209
7.00%, 12/31/2049^(c),(g)		20,700		21,968	AIG Life Holdings Inc
USD Swap Semi-Annual 5 Year + 4.87%					8.50%, 07/01/2030		31,200		38,064
7.00%, 12/31/2049^(c),(d),(g)		13,000		13,091	Allstate Corp/The
USD Swap Semi-Annual 5 Year + 4.34%					5.75%, 08/15/2053^(g)		2,654		2,681
7.13%, 12/31/2049^(c),(g)		1,757		1,783	3 Month USD LIBOR + 2.94%
USD Swap Semi-Annual 5 Year + 5.46%					6.50%, 05/15/2067^(g)		11,905		12,738
UniCredit SpA					3 Month USD LIBOR + 2.12%
8.00%, 12/31/2049^(c),(g)		12,700		11,811	American International Group Inc
USD Swap Semi-Annual 5 Year + 5.18%					5.75%, 04/01/2048^(g)		41,000		38,027
US Bancorp					3 Month USD LIBOR + 2.87%
5.12%, 12/31/2049^(c),(g)		21,400		21,694	8.18%, 05/15/2068^(g)		22,300		25,868
3 Month USD LIBOR + 3.49%					3 Month USD LIBOR + 4.20%
USB Realty Corp					Aon Corp
3.93%, 12/29/2049^(c),(d)		1,500		1,305	8.21%, 01/01/2027		4,750		5,557
3 Month USD LIBOR + 1.15%					Aquarius & Investments Plc for Swiss
Wells Fargo & Co					Reinsurance Co Ltd
5.87%, 12/31/2049^(c),(g)		50,300		53,192	6.37%, 09/01/2024^(g)		11,800		11,932
3 Month USD LIBOR + 3.99%					USD Swap Semi-Annual 5 Year + 5.21%
6.56%, 12/31/2049^(c)		43,100		43,423	Argentum Netherlands BV for Swiss Re Ltd
3 Month USD LIBOR + 3.77%					5.63%, 08/15/2052^(g)		36,200		36,572
		$		2,151,748	3 Month USD LIBOR + 3.78%
Diversified Financial Services - 2.07%					5.75%, 08/15/2050^(g)		19,400		19,982
Capital One Financial Corp					3 Month USD LIBOR + 3.59%
5.55%, 12/31/2049^(c),(g)		20,430		20,815	Argentum Netherlands BV for Zurich Insurance
3 Month USD LIBOR + 3.80%					Co Ltd
Charles Schwab Corp/The					5.12%, 06/01/2048^(g)		6,290		6,268
7.00%, 02/28/2049^(c),(g)		28,358		30,237	US Treasury Yield Curve Rate T Note
3 Month USD LIBOR + 4.82%					Constant Maturity 5 Year + 3.27%
Depository Trust & Clearing Corp/The					AXA SA
4.88%, 12/31/2049^(c),(d),(g)		35,350		35,261	6.38%, 12/29/2049^(c),(d),(g)		27,793		29,634
3 Month USD LIBOR + 3.17%					3 Month USD LIBOR + 2.26%
National Rural Utilities Cooperative Finance Corp					8.60%, 12/15/2030		8,565		11,175
5.25%, 04/20/2046^(g)		21,300		20,928	Catlin Insurance Co Ltd
3 Month USD LIBOR + 3.63%					5.74%, 07/29/2049^(c),(d)		46,336		44,598
		$		107,241	3 Month USD LIBOR + 2.98%

Schedule of Investments Preferred Securities Fund February 28, 2019 (unaudited)


		Principal					Principal
BONDS (continued)	Amount (000’s) Value (000’s)				BONDS (continued)	Amount (000’s) Value (000’s)
Insurance (continued)					Insurance (continued)
Cloverie PLC for Swiss Re Corporate Solutions					Prudential Financial Inc
Ltd					5.63%, 06/15/2043^(g)	$	65,265	$	67,712
4.50%, 09/11/2044^(g)	$	20,000	$	19,540	3 Month USD LIBOR + 3.92%
USD Swap Semi-Annual 10 Year + 2.91%					5.88%, 09/15/2042^(g)		20,401		21,528
Cloverie PLC for Zurich Insurance Co Ltd					3 Month USD LIBOR + 4.18%
5.63%, 06/24/2046^(g)		5,000		5,263	Prudential PLC
3 Month USD LIBOR + 4.92%					6.50%, 10/20/2048^(g)		9,700		10,226
Dai-ichi Life Insurance Co Ltd/The					US Treasury Yield Curve Rate T Note
7.25%, 12/29/2049^(c),(d),(g)		13,250		14,211	Constant Maturity 5 Year + 4.41%
3 Month USD LIBOR + 4.56%					Reinsurance Group of America Inc
Everest Reinsurance Holdings Inc					5.45%, 12/15/2065		25,323		22,158
5.07%, 05/01/2067		27,820		24,203	3 Month USD LIBOR + 2.67%
3 Month USD LIBOR + 2.39%					Sompo Japan Nipponkoa Insurance Inc
Great-West Life & Annuity Insurance Capital LP					5.33%, 03/28/2073^(d),(g)		60,300		62,109
6.63%, 11/15/2034^(d)		7,000		7,686	3 Month USD LIBOR + 4.27%
Hartford Financial Services Group Inc/The					Sumitomo Life Insurance Co
4.81%, 02/12/2067^(d)		15,885		13,602	6.50%, 09/20/2073^(d),(g)		15,500		16,771
3 Month USD LIBOR + 2.13%					3 Month USD LIBOR + 4.44%
Legal & General Group PLC					Voya Financial Inc
5.25%, 03/21/2047^(g)		45,554		43,591	5.65%, 05/15/2053^(g)		45,326		44,841
USD Swap Semi-Annual 5 Year + 3.69%					3 Month USD LIBOR + 3.58%
Liberty Mutual Group Inc					6.13%, 12/31/2049^(c),(g)		9,250		9,343
5.69%, 03/07/2067^(d)		13,738		13,051	US Treasury Yield Curve Rate T Note
3 Month USD LIBOR + 2.91%					Constant Maturity 5 Year + 3.36%
7.80%, 03/07/2087^(d)		76,240		86,914	XLIT Ltd
3 Month USD LIBOR + 3.58%					5.24%, 12/31/2049^(c)		14,350		13,489
Liberty Mutual Insurance Co					3 Month USD LIBOR + 2.46%
7.70%, 10/15/2097^(d)		20,025		25,715			$		1,242,594
Lincoln National Corp					Mining - 0.53%
4.80%, 04/20/2067		60,769		49,223	BHP Billiton Finance USA Ltd
3 Month USD LIBOR + 2.04%					6.75%, 10/19/2075^(d),(g)		25,042		27,470
5.04%, 05/17/2066		14,209		12,220	USD Swap Semi-Annual 5 Year + 5.09%
3 Month USD LIBOR + 2.36%					Pipelines - 1.60%
Meiji Yasuda Life Insurance Co					Enbridge Inc
5.10%, 04/26/2048^(d),(g)		13,800		14,076	6.25%, 03/01/2078^(g)		13,298		13,080
USD Swap Rate NY 5 Year + 3.15%					3 Month USD LIBOR + 3.64%
5.20%, 10/20/2045^(d),(g)		14,545		14,909	Enterprise Products Operating LLC
USD Swap Semi-Annual 5 Year + 4.23%					5.25%, 08/16/2077^(g)		40,800		37,413
MetLife Capital Trust IV					3 Month USD LIBOR + 3.03%
7.88%, 12/15/2067^(d)		24,540		29,868	5.38%, 02/15/2078^(g)		5,000		4,377
MetLife Inc					3 Month USD LIBOR + 2.57%
5.25%, 12/31/2049^(c),(g)		1,000		1,007	TransCanada PipeLines Ltd
3 Month USD LIBOR + 3.58%					4.89%, 05/15/2067		8,461		7,213
6.40%, 12/15/2066		10,770		11,416	3 Month USD LIBOR + 2.21%
3 Month USD LIBOR + 2.21%					Transcanada Trust
9.25%, 04/08/2068^(d)		49,075		65,024	5.63%, 05/20/2075^(g)		3,800		3,667
3 Month USD LIBOR + 5.54%					3 Month USD LIBOR + 3.53%
10.75%, 08/01/2069		50,223		74,832	5.87%, 08/15/2076^(g)		17,300		17,214
Mitsui Sumitomo Insurance Co Ltd					3 Month USD LIBOR + 4.64%
0.00%, 12/31/2049^{(c),(d),(e),(f),(g)}		6,800		6,827			$		82,964
USD Swap Semi-Annual 5 Year + 3.26%					Sovereign - 0.39%
7.00%, 03/15/2072^(d),(g)		10,700		11,481	CoBank ACB
3 Month USD LIBOR + 5.90%					6.25%, 12/31/2049^(c),(g)		16,400		16,974
MMI Capital Trust I					3 Month USD LIBOR + 4.66%
7.63%, 12/15/2027		1,073		1,291	Farm Credit Bank of Texas
Nationwide Financial Services Inc					6.20%, 12/31/2049^(c),(d),(g)		3,000		2,940
6.75%, 05/15/2087		79,015		80,595	3 Month USD LIBOR + 3.22%
Nippon Life Insurance Co							$		19,914
4.70%, 01/20/2046^(d),(g)		5,000		5,013
USD Swap Rate NY 5 Year + 3.75%					Telecommunications - 0.86%
5.10%, 10/16/2044^(d),(g)		27,300		27,983	Koninklijke KPN NV
USD Swap Rate NY 5 Year + 3.65%					7.00%, 03/28/2073^(d),(g)		13,126		13,585
Progressive Corp/The					USD Swap Semi-Annual 10 Year + 5.33%
5.38%, 12/31/2049^(c),(g)		6,750		6,699	7.00%, 03/28/2073^(g)		8,000		8,280
3 Month USD LIBOR + 2.54%					USD Swap Semi-Annual 10 Year + 5.33%
Provident Financing Trust I					Vodafone Group PLC
7.41%, 03/15/2038		4,685		4,872	6.25%, 10/03/2078^(g)		23,600		22,712
					USD Swap Semi-Annual 5 Year + 3.05%
							$		44,577

Schedule of Investments Preferred Securities Fund February 28, 2019 (unaudited)

Principal

(f)

Security purchased on a when-issued basis.

BONDS (continued)

Amount (000’s)

Value (000’s)

(g)

Rate shown is as of period end. The rate may be a variable or floating rate or

Transportation - 0.75%

a fixed rate which may convert to a variable or floating rate in the future.

BNSF Funding Trust I

(h)

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

6.61%, 12/15/2055^(g)

35,709

38,566

under procedures established and periodically reviewed by the Board of

3 Month USD LIBOR + 2.35%

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

TOTAL BONDS

3,901,750

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

TOTAL PURCHASED OPTIONS - 0.07%

3,719

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

Total Investments

5,217,166

the end of the period, the fair value of these securities totaled $6,250 or 0.12%

Other Assets and Liabilities - (0.81)%

(42,099

)

of net assets.

TOTAL NET ASSETS - 100.00%

5,175,067

Portfolio Summary (unaudited)

(a)

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

Sector

Percent

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

Financial

80.43

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

Utilities

6.18

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

Communications

4.41

information.

Investment Companies

3.80

(b)

Current yield shown is as of period end.

Government

1.64

(c)

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

Energy

1.60

but they may be called by the issuer at an earlier date. Date shown, if any,

Industrial

1.30

reflects the next call date or final legal maturity date. Rate shown is as of

Consumer, Non-cyclical

0.63

period end.

Basic Materials

0.53

(d)

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

Consumer, Cyclical

0.22

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

Purchased Options

0.07

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

Other Assets and Liabilities

(0.81

these securities totaled $1,390,065 or 26.86% of net assets.

TOTAL NET ASSETS

100.00

(e)

Non-income producing security


Affiliated Securities			August 31, 2018						Purchases			Sales		February 28, 2019
			Value						Cost			Proceeds				Value
Centaur Funding Corp 9.08%, 04/21/2020		$	111,136			$			— $			4,769	$					100,494
Principal Government Money Market Fund 2.33%					471		589,510				393,275							196,706
		$	111,607			$	589,510			$	398,044		$					297,200


					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		$	2,285	$			191	$				— $						(6,064	)
Principal Government Money Market Fund 2.33%			579				—					—						—
		$	2,864	$			191	$				— $						(6,064	)
Amounts in thousands


Options

												Upfront						Unrealized
			Contracts/									Payments/				Appreciation/
Purchased Options Outstanding	Counterparty		Shares	Notional Amount			Exercise Price		Expiration Date			(Premiums)				Fair Value		(Depreciation)
Call - US Long Bond Future; June	N/A		304 $		304	$	145.00		03/04/2019		$	15			$	— $		(15	)
2019
Call - US Long Bond Future; June	N/A		2,000 $		2,000	$	148.00		03/25/2019			596				156		(440	)
2019
Call - US Long Bond Future; June	N/A		1,696 $		1,696	$	146.00		03/04/2019			826				—		(826	)
2019
Put - US Long Bond Future; June	N/A		2,000 $		2,000	$	146.00		03/04/2019			1,326				3,063		1,737
2019
Put - US Long Bond Future; June	N/A		2,000 $		2,000	$	142.50		03/25/2019			568				500		(68	)
2019
Total											$	3,331			$	3,719	$	388
												Upfront						Unrealized
			Contracts/									Payments/				Appreciation/
Written Options Outstanding	Counterparty		Shares	Notional Amount			Exercise Price		Expiration Date			(Premiums)				Fair Value		(Depreciation)
Call - US Long Bond Future; June	N/A		2,000 $		2,000	$	146.00		03/25/2019		$	(1,834			)$	(656	)$	1,178
2019
Call - US Long Bond Future; June	N/A		2,000 $		2,000	$	148.00		03/04/2019			(57			)	—		57
2019
Put - US Long Bond Future; June	N/A		1,500 $		1,500	$	144.00		03/04/2019			(74			)	(117	)	(43	)
2019

Schedule of Investments Real Estate Debt Income Fund February 28, 2019 (unaudited)


INVESTMENT COMPANIES - 4.47%		Shares Held Value (000's)					Principal
Money Market Funds - 4.47%					BONDS (continued)	Amount (000’s) Value (000’s)
Principal Government Money Market Fund		5,834,648	$	5,835	Commercial Mortgage Backed Securities (continued)
2.33%^(a),(b)					DBJPM 16-C3 Mortgage Trust
TOTAL INVESTMENT COMPANIES		$		5,835	1.50%, 09/10/2049^(c),(d)	$	17,167	$	1,506
		Principal			Freddie Mac Multifamily Structured Pass
BONDS - 97.10%	Amount (000's) Value (000's)				Through Certificates
Commercial Mortgage Backed Securities - 97.10%					0.95%, 08/25/2023^(c),(d)		70,924		2,432
Banc of America Commercial Mortgage Trust					1.09%, 01/25/2021^(c),(d)		18,857		336
2008-1					GS Mortgage Securities Trust 2010-C1
6.79%, 02/10/2051^(c)	$	86	$	86	1.35%, 08/10/2043^(c),(d),(e)		23,814		352
Banc of America Commercial Mortgage Trust					GS Mortgage Securities Trust 2011-GC3
2016-UBS10					0.66%, 03/10/2044^(c),(d),(e)		21,758		255
1.98%, 07/15/2049^(c),(d)		26,420		2,372	GS Mortgage Securities Trust 2013-GCJ14
Banc of America Commercial Mortgage Trust					4.75%, 08/10/2046^(c),(e)		4,750		4,577
2017-BNK3					GS Mortgage Securities Trust 2014-GC22
1.13%, 02/15/2050^(c),(d)		24,193		1,597	0.99%, 06/12/2047^(c),(d)		17,511		642
BANK 2017-BNK4					4.69%, 06/10/2047^(c)		3,225		3,280
3.36%, 05/15/2050^(e)		2,500		2,098	GS Mortgage Securities Trust 2015-GC34
BANK 2017-BNK5					4.47%, 10/10/2048^(c)		2,000		2,051
3.08%, 06/15/2060^(c),(e)		3,000		2,471	GS Mortgage Securities Trust 2016-GS2
BANK 2019-BNK16					3.76%, 05/10/2049^(c)		2,500		2,501
4.79%, 02/15/2052		2,000		2,036	JP Morgan Chase Commercial Mortgage
BBCMS Mortgage Trust 2018-C2					Securities Trust 2010-C1
4.75%, 12/15/2051^(c)		5,000		5,302	5.95%, 06/15/2043^(e)		1,500		1,518
BENCHMARK 2018-B1 Mortgage Trust					JP Morgan Chase Commercial Mortgage
2.75%, 01/15/2051^(e)		1,000		793	Securities Trust 2011-C5
BENCHMARK 2018-B2 Mortgage Trust					5.37%, 08/15/2046^(c),(e)		1,200		1,243
0.43%, 02/15/2051^(c),(d)		46,821		1,308	JP Morgan Chase Commercial Mortgage
1.50%, 02/15/2051^(c),(d),(e)		5,181		558	Securities Trust 2016-JP3
BENCHMARK 2018-B3 Mortgage Trust					1.44%, 08/15/2049^(c),(d)		17,660		1,442
1.50%, 04/10/2051^(c),(d),(e)		3,680		399	JPMBB Commercial Mortgage Securities Trust
3.06%, 04/10/2051^(e)		2,000		1,702	2013-C15
BENCHMARK 2018-B4					5.20%, 11/15/2045^(c),(e)		2,500		2,493
4.12%, 07/15/2051		2,500		2,611	JPMBB Commercial Mortgage Securities Trust
CFCRE Commercial Mortgage Trust 2011-C2					2014-C19
1.20%, 12/15/2047^(c),(d),(e)		7,301		154	4.66%, 04/15/2047^(c)		2,500		2,553
CGMS Commercial Mortgage Trust 2017-B1					JPMBB Commercial Mortgage Securities Trust
0.85%, 08/15/2050^(c),(d)		23,984		1,291	2014-C21
Citigroup Commercial Mortgage Trust					1.02%, 08/15/2047^(c),(d)		24,136		1,044
2013-GC15					JPMBB Commercial Mortgage Securities Trust
5.22%, 09/10/2046^(c),(e)		2,010		2,008	2014-C24
Citigroup Commercial Mortgage Trust 2016-C1					3.89%, 11/15/2047^(c),(e)		1,000		879
1.91%, 05/10/2049^(c),(d)		28,105		2,962	JPMCC Commercial Mortgage Securities Trust
3.51%, 05/10/2049		2,500		2,472	2017-JP6
Citigroup Commercial Mortgage Trust 2017-C4					4.60%, 07/15/2050^(c),(e)		4,000		3,927
4.10%, 10/12/2050^(c)		3,000		3,027	JPMCC Commercial Mortgage Securities Trust
COMM 2013-CCRE11 Mortgage Trust					2019-COR4
0.94%, 08/10/2050^(c),(d)		22,977		852	1.12%, 03/10/2052^(c),(d)		22,940		2,001
COMM 2013-CCRE6 Mortgage Trust					LB Commercial Mortgage Trust 2007-C3
1.06%, 03/10/2046^(c),(d)		9,775		297	6.09%, 07/15/2044^(c)		331		335
COMM 2014-CCRE17 Mortgage Trust					Morgan Stanley Bank of America Merrill Lynch
4.80%, 05/10/2047^(c),(e)		1,600		1,535	Trust 2013-C9
COMM 2014-UBS3 Mortgage Trust					3.71%, 05/15/2046^(c)		1,670		1,672
4.78%, 06/10/2047^(c)		1,000		1,004	4.13%, 05/15/2046^(c),(e)		4,000		3,786
COMM 2014-UBS5 Mortgage Trust					Morgan Stanley Bank of America Merrill Lynch
3.50%, 09/10/2047^(e)		1,000		837	Trust 2014-C14
COMM 2015-LC19 Mortgage Trust					1.02%, 02/15/2047^(c),(d)		16,377		588
2.87%, 02/10/2048^(e)		1,000		874	Morgan Stanley Bank of America Merrill Lynch
COMM 2015-LC23 Mortgage Trust					Trust 2014-C15
3.65%, 10/10/2048^(c),(e)		2,000		1,861	0.98%, 04/15/2047^(c),(d)		48,693		1,955
4.65%, 10/10/2048^(c)		1,000		1,011	4.91%, 04/15/2047^(c)		1,000		1,035
COMM 2018-COR3 Mortgage Trust					Morgan Stanley Bank of America Merrill Lynch
4.23%, 05/10/2051		2,500		2,615	Trust 2015-C20
4.56%, 05/10/2051^(c)		3,115		3,136	4.16%, 02/15/2048		1,000		1,012
Credit Suisse Commercial Mortgage Trust Series					Morgan Stanley Bank of America Merrill Lynch
2007-C1					Trust 2015-C25
5.42%, 02/15/2040		15		15	1.12%, 10/15/2048^(c),(d)		29,303		1,583
CSAIL 2017-CX10 Commercial Mortgage Trust					Morgan Stanley Bank of America Merrill Lynch
0.73%, 11/15/2050^(c),(d)		17,625		856	Trust 2017-C33
					1.44%, 05/15/2050^(c),(d)		23,863		1,806

Schedule of Investments Real Estate Debt Income Fund February 28, 2019 (unaudited)


		Principal				(a)	Affiliated Security. Security is either an affiliate (and registered under the
BONDS (continued)	Amount (000’s) Value (000’s)						Investment Company Act of 1940) or an affiliate as defined by the Investment
Commercial Mortgage Backed Securities (continued)							Company Act of 1940 (controls 5.0% or more of the outstanding voting
Morgan Stanley Capital I 2017-HR2							shares of the security). Please see affiliated sub-schedule for transactional
2.73%, 12/15/2050	$	1,900	$	1,553			information.
Morgan Stanley Capital I Trust 2016-UB11						(b)	Current yield shown is as of period end.
3.50%, 08/15/2049^(c),(e)		2,554		2,236		(c)	Certain variable rate securities are not based on a published reference rate
Morgan Stanley Capital I Trust 2016-UBS9							and spread but are determined by the issuer or agent and are based on current
4.70%, 03/15/2049^(c)		500		508			market conditions. These securities do not indicate a reference rate and
SG Commercial Mortgage Securities Trust							spread in their description. Rate shown is the rate in effect as of period end.
2016-C5						(d)	Security is an Interest Only Strip.
2.00%, 10/10/2048^(c),(d)		13,652		1,354		(e)	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
5.03%, 08/10/2049^(c),(e)		1,162		1,193			these securities totaled $42,072 or 32.24% of net assets.
UBS-Barclays Commercial Mortgage Trust						(f)	Security purchased on a when-issued basis.
2012-C4
1.64%, 12/10/2045^(c),(d),(e)		8,256		391			Portfolio Summary (unaudited)
Wells Fargo Commercial Mortgage Trust						Sector		Percent
2015-C29						Mortgage Securities		97.10	%
0.69%, 06/15/2048^(c),(d)		59,287		1,963		Investment Companies		4.47	%
Wells Fargo Commercial Mortgage Trust						Other Assets and Liabilities		(1.57	)%
2015-LC22						TOTAL NET ASSETS		100.00	%
0.86%, 09/15/2058^(c),(d)		21,087		904
Wells Fargo Commercial Mortgage Trust
2015-NXS1
4.10%, 05/15/2048^(c)		3,180		2,980
Wells Fargo Commercial Mortgage Trust
2015-NXS3
4.64%, 09/15/2057^(c)		3,000		2,985
Wells Fargo Commercial Mortgage Trust
2016-C34
2.15%, 06/15/2049^(c),(d)		7,779		796
Wells Fargo Commercial Mortgage Trust
2016-NXS5
4.84%, 01/15/2059^(c)		1,750		1,844
Wells Fargo Commercial Mortgage Trust
2018-C47
4.94%, 09/15/2061^(c)		752		766
Wells Fargo Commercial Mortgage Trust
2019-C49
1.46%, 03/15/2052^(c),(d),(f)		31,000		3,009
WFRBS Commercial Mortgage Trust 2013-C11
1.21%, 03/15/2045^(c),(d),(e)		19,823		766
WFRBS Commercial Mortgage Trust 2013-C12
1.27%, 03/15/2048^(c),(d),(e)		30,514		1,245
WFRBS Commercial Mortgage Trust 2013-C17
1.12%, 12/15/2046^(c),(d)		30,428		1,344
WFRBS Commercial Mortgage Trust 2014-C20
3.99%, 05/15/2047^(e)		2,500		1,921
		$		126,702
TOTAL BONDS		$		126,702
Total Investments		$		132,537
Other Assets and Liabilities - (1.57)%				(2,043	)
TOTAL NET ASSETS - 100.00%		$		130,494

Schedule of Investments
Small-MidCap Dividend Income Fund
February 28, 2019 (unaudited)


COMMON STOCKS - 98.69%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Aerospace & Defense - 1.38%					Insurance - 6.24%
MSA Safety Inc		308,041	$	31,848	Assured Guaranty Ltd	1,059,665	$	44,252
Airlines - 2.56%					Beazley PLC	2,745,753		19,925
Alaska Air Group Inc		568,531		35,078	Fidelity National Financial Inc	1,059,688		37,184
Hawaiian Holdings Inc		809,802		24,092	James River Group Holdings Ltd	1,044,535		42,920
		$		59,170		$		144,281
Automobile Manufacturers - 2.24%					Investment Companies - 0.61%
NFI Group Inc	1,968,272			51,706	Oaktree Capital Group LLC	330,913		14,021
Automobile Parts & Equipment - 4.09%					Leisure Products & Services - 1.66%
Autoliv Inc		639,942		52,354	Acushnet Holdings Corp	1,536,724		38,280
Linamar Corp	1,069,678			42,065	Machinery - Diversified - 2.69%
		$		94,419	Albany International Corp	202,088		15,672
Banks - 12.79%					IDEX Corp	81,763		11,782
Bank OZK	1,843,176			60,456	Nordson Corp	255,977		34,751
BOK Financial Corp		266,645		24,115		$		62,205
Cathay General Bancorp		360,959		14,020	Media - 0.54%
Cullen/Frost Bankers Inc		357,520		37,068	Entercom Communications Corp	2,030,591		12,508
East West Bancorp Inc		785,815		42,913	Miscellaneous Manufacturers - 1.56%
Hope Bancorp Inc	1,631,466			23,787	Crane Co	322,860		27,304
PacWest Bancorp	1,618,476			66,390	Donaldson Co Inc	168,104		8,673
Washington Trust Bancorp Inc		509,673		26,707		$		35,977
		$		295,456	Oil & Gas - 2.73%
Chemicals - 4.28%					Delek US Holdings Inc	502,316		17,772
Albemarle Corp		295,643		26,989	Vermilion Energy Inc	1,768,176		45,227
HB Fuller Co		455,040		22,970		$		62,999
Huntsman Corp	1,212,553			30,059	Packaging & Containers - 1.17%
RPM International Inc		328,105		18,988	Packaging Corp of America	281,766		26,934
		$		99,006	Pipelines - 3.72%
Computers - 1.60%					EnLink Midstream LLC	3,385,990		37,754
Leidos Holdings Inc		574,186		37,087	Phillips 66 Partners LP	279,330		13,704
Consumer Products - 1.50%					Targa Resources Corp	856,598		34,469
Avery Dennison Corp		321,173		34,700		$		85,927
Distribution & Wholesale - 1.37%					Real Estate - 1.50%
KAR Auction Services Inc		671,416		31,657	Newmark Group Inc	3,754,093		34,763
Diversified Financial Services - 2.10%					REITs - 12.10%
BGC Partners Inc	7,926,381			48,589	Agree Realty Corp	282,622		18,577
Electric - 6.35%					CyrusOne Inc	1,197,488		59,683
ALLETE Inc		405,798		32,890	EastGroup Properties Inc	126,542		13,370
Alliant Energy Corp		942,723		43,243	EPR Properties	646,608		47,513
Evergy Inc		673,060		37,631	Four Corners Property Trust Inc	496,979		13,612
Fortis Inc/Canada		409,252		14,753	Medical Properties Trust Inc	2,289,223		41,733
PNM Resources Inc		227,539		9,939	National Health Investors Inc	251,704		19,640
Portland General Electric Co		164,778		8,262	National Retail Properties Inc	399,202		20,798
		$		146,718	Omega Healthcare Investors Inc	743,394		26,688
Electrical Components & Equipment - 3.25%					Tanger Factory Outlet Centers Inc	832,137		17,966
Energizer Holdings Inc		163,423		7,498		$		279,580
Hubbell Inc		127,378		15,037	Semiconductors - 4.49%
Littelfuse Inc		272,089		52,537	Kulicke & Soffa Industries Inc	1,712,074		39,926
		$		75,072	MKS Instruments Inc	771,334		63,920
Electronics - 0.53%						$		103,846
Garmin Ltd		145,706		12,235	Software - 1.25%
Food - 3.52%					Broadridge Financial Solutions Inc	71,123		7,201
B&G Foods Inc	2,372,691			58,416	j2 Global Inc	255,397		21,712
Ingredion Inc		248,741		22,996		$		28,913
		$		81,412	Supranational Bank - 1.19%
Hand & Machine Tools - 2.07%					Banco Latinoamericano de Comercio Exterior SA	1,313,425		27,477
Lincoln Electric Holdings Inc		207,644		17,945	Telecommunications - 0.83%
Snap-on Inc		186,731		29,877	Consolidated Communications Holdings Inc	1,932,035		19,185
		$		47,822	Toys, Games & Hobbies - 1.44%
Healthcare - Products - 4.07%					Hasbro Inc	392,664		33,337
CONMED Corp		124,002		9,536	TOTAL COMMON STOCKS	$		2,280,588
STERIS PLC		417,592		50,512
Teleflex Inc		117,687		34,110
		$		94,158
Home Builders - 1.27%
LCI Industries		359,592		29,300

Schedule of Investments Small-MidCap Dividend Income Fund February 28, 2019 (unaudited)

Schedule of Investments SystematEx International Fund February 28, 2019 (unaudited)


COMMON STOCKS - 98.93%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Aerospace & Defense - 0.87%					Beverages - 1.66%
Airbus SE		472	$	61	Anheuser-Busch InBev SA/NV	528	$	41
Safran SA		2,846		388	Diageo PLC	3,103		120
		$		449	Heineken Holding NV	2,884		279
Agriculture - 1.65%					Kirin Holdings Co Ltd	13,500		302
British American Tobacco PLC		4,434		162	Suntory Beverage & Food Ltd	2,700		119
Imperial Brands PLC		11,093		370		$		861
Japan Tobacco Inc		2,300		59	Biotechnology - 0.65%
Swedish Match AB		5,675		266	CSL Ltd	2,450		336
		$		857	Chemicals - 2.09%
Airlines - 1.52%					Arkema SA	1,282		129
ANA Holdings Inc		4,400		163	BASF SE	3,990		304
Deutsche Lufthansa AG		8,075		206	Covestro AG ^(a)	3,135		178
Japan Airlines Co Ltd		5,800		212	Mitsubishi Chemical Holdings Corp	26,400		195
Qantas Airways Ltd		51,032		208	Mitsui Chemicals Inc	4,300		105
		$		789	Sumitomo Chemical Co Ltd	18,000		90
Apparel - 2.56%					Tosoh Corp	5,600		83
Adidas AG		1,086		263		$		1,084
Kering SA		859		469	Commercial Services - 1.20%
LVMH Moet Hennessy Louis Vuitton SE		1,612		553	Ashtead Group PLC	10,106		268
Puma SE		71		40	Wirecard AG	2,604		356
		$		1,325		$		624
Automobile Manufacturers - 4.72%					Computers - 1.96%
Bayerische Motoren Werke AG		1,057		89	Capgemini SE	1,803		215
Fiat Chrysler Automobiles NV		12,683		187	Computershare Ltd	18,299		224
Honda Motor Co Ltd		14,000		395	Fujitsu Ltd	4,100		277
Mazda Motor Corp		7,500		88	NEC Corp	9,000		300
Peugeot SA		9,432		240		$		1,016
Renault SA		786		54	Cosmetics & Personal Care - 0.17%
Subaru Corp		5,100		130	Unilever NV	1,656		90
Suzuki Motor Corp		9,800		503	Distribution & Wholesale - 2.82%
Toyota Motor Corp		8,100		490	ITOCHU Corp	19,200		345
Volkswagen AG		433		77	Mitsubishi Corp	16,800		474
Volvo AB - B Shares		13,303		196	Mitsui & Co Ltd	21,700		342
		$		2,449	Sumitomo Corp	21,000		302
Automobile Parts & Equipment - 1.95%						$		1,463
Aisin Seiki Co Ltd		5,500		216	Diversified Financial Services - 1.21%
Bridgestone Corp		6,200		246	ORIX Corp	24,200		351
Cie Generale des Etablissements Michelin SCA		2,009		241	Partners Group Holding AG	381		275
Denso Corp		2,600		112		$		626
Faurecia SA		2,331		111	Electric - 1.58%
Sumitomo Rubber Industries Ltd		6,700		86	E.ON SE	13,878		153
		$		1,012	Enel SpA	76,503		462
Banks - 6.82%					Engie SA	13,472		203
ABN AMRO Group NV (a)		4,946		120		$		818
Australia & New Zealand Banking Group Ltd		6,326		126	Electrical Components & Equipment - 0.87%
Banco Santander SA		19,451		95	Brother Industries Ltd	14,000		256
Bank Leumi Le-Israel BM		19,602		129	Schneider Electric SE	2,517		196
BNP Paribas SA		5,044		258		$		452
BOC Hong Kong Holdings Ltd		235		1
Commonwealth Bank of Australia		2,486		130	Engineering & Construction - 4.40%
Danske Bank A/S		3,536		70	ACS Actividades de Construccion y Servicios SA	9,524		422
DBS Group Holdings Ltd		10,900		200	Aena SME SA ^(a)	1,644		293
Hang Seng Bank Ltd		94		2	Eiffage SA	2,753		268
HSBC Holdings PLC		68,414		558	Fraport AG Frankfurt Airport Services Worldwide	536		43
Lloyds Banking Group PLC		175,600		148	HOCHTIEF AG	1,118		177
Macquarie Group Ltd		4,105		375	Kajima Corp	17,000		252
Mizuho Financial Group Inc		114,300		180	Obayashi Corp	23,800		232
National Australia Bank Ltd		2,298		41	Taisei Corp	4,000		189
Oversea-Chinese Banking Corp Ltd		17,700		144	Vinci SA	4,228		404
Raiffeisen Bank International AG		9,082		231		$		2,280
Resona Holdings Inc		38,400		174	Entertainment - 0.45%
Sumitomo Mitsui Financial Group Inc		7,200		256	Aristocrat Leisure Ltd	13,288		232
United Overseas Bank Ltd		5,200		96	Food - 6.41%
Westpac Banking Corp		6,251		120	Colruyt SA	4,787		342
Yamaguchi Financial Group Inc		9,000		84	Empire Co Ltd	4,600		107
		$		3,538	Koninklijke Ahold Delhaize NV	24,031		619
					Nestle SA	8,772		794
					NH Foods Ltd	3,500		128
					Seven & i Holdings Co Ltd	4,500		198

Schedule of Investments SystematEx International Fund February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Food (continued)					Investment Companies - 0.53%
Tate & Lyle PLC		16,799	$	155	Eurazeo SE		639	$	48
Tesco PLC		113,746		341	EXOR NV		2,547		157
Wesfarmers Ltd		8,117		191	Kinnevik AB		2,818		71
WH Group Ltd ^(a)		268,680		238			$		276
Wm Morrison Supermarkets PLC		53,808		164	Iron & Steel - 1.43%
Woolworths Group Ltd		2,295		47	ArcelorMittal		8,656		198
		$		3,324	BlueScope Steel Ltd		16,239		154
Forest Products & Paper - 0.88%					Fortescue Metals Group Ltd		63,798		273
Stora Enso OYJ		9,575		128	JFE Holdings Inc		6,500		114
UPM-Kymmene OYJ		10,822		327			$		739
		$		455	Leisure Products & Services - 0.32%
Gas - 0.62%					Flight Centre Travel Group Ltd		5,171		168
Centrica PLC		193,889		321	Machinery - Construction & Mining - 0.67%
Healthcare - Products - 1.45%					Hitachi Ltd		11,400		343
Cochlear Ltd		531		64	Komatsu Ltd		100		2
EssilorLuxottica SA		337		41			$		345
Koninklijke Philips NV		6,438		256	Media - 0.54%
Straumann Holding AG		272		212	Pearson PLC		24,839		280
William Demant Holding A/S ^(b)		5,986		180	RTL Group SA		35		2
		$		753			$		282
Healthcare - Services - 0.96%					Mining - 4.89%
Fresenius Medical Care AG & Co KGaA		2,115		165	Anglo American PLC		16,973		450
Ramsay Health Care Ltd		3,651		168	BHP Group Ltd		14,652		387
Sonic Healthcare Ltd		9,460		162	BHP Group PLC		1,986		46
		$		495	Boliden AB		5,917		162
Holding Companies - Diversified - 0.87%					Glencore PLC ^(b)		100,117		404
CK Hutchison Holdings Ltd		21,500		229	Rio Tinto Ltd		5,492		374
Jardine Matheson Holdings Ltd		3,214		220	Rio Tinto PLC		8,945		514
Wharf Holdings Ltd/The		412		1	South32 Ltd		70,911		198
		$		450			$		2,535
Home Builders - 2.35%					Miscellaneous Manufacturers - 0.69%
Barratt Developments PLC		16,813		133	FUJIFILM Holdings Corp		4,300		193
Berkeley Group Holdings PLC		4,933		258	Siemens AG		1,532		167
Daiwa House Industry Co Ltd		4,000		124			$		360
Persimmon PLC		8,901		288	Office & Business Equipment - 0.62%
Sekisui House Ltd		9,700		146	Canon Inc		11,200		322
Taylor Wimpey PLC		111,397		268	Oil & Gas - 7.18%
		$		1,217	BP PLC		87,331		619
Home Furnishings - 0.86%					Eni SpA		2,858		49
Sony Corp		9,300		447	Equinor ASA		9,179		207
Insurance - 8.52%					JXTG Holdings Inc		48,450		226
Aegon NV		24,040		129	Neste Oyj		5,342		514
AIA Group Ltd		145		1	OMV AG		4,068		214
Allianz SE		2,229		496	Repsol SA		16,668		287
Aviva PLC		14,816		83	Royal Dutch Shell PLC - A Shares		15,316		478
AXA SA		13,951		353	Royal Dutch Shell PLC - B Shares		13,621		427
Baloise Holding AG		351		57	TOTAL SA		12,356		703
CNP Assurances		7,142		165			$		3,724
Dai-ichi Life Holdings Inc		3,100		47	Pharmaceuticals - 9.17%
Direct Line Insurance Group PLC		68,289		323	Alfresa Holdings Corp		9,400		273
Hannover Rueck SE		217		32	Astellas Pharma Inc		20,100		312
Legal & General Group PLC		131,061		488	AstraZeneca PLC		1,541		126
Manulife Financial Corp		6,900		117	Bayer AG		4,368		349
Mapfre SA		48,852		138	GlaxoSmithKline PLC		16,216		323
MS&AD Insurance Group Holdings Inc		5,900		178	Medipal Holdings Corp		10,700		250
Muenchener Rueckversicherungs-Gesellschaft		320		75	Merck KGaA		1,708		176
AG in Muenchen					Novartis AG		7,007		638
NN Group NV		8,611		375	Novo Nordisk A/S		5,131		251
Prudential PLC		2,168		46	Roche Holding AG		2,639		732
Sampo Oyj		2,713		131	Sanofi		4,929		411
Sompo Holdings Inc		4,800		180	Sumitomo Dainippon Pharma Co Ltd		13,600		336
Swiss Life Holding AG ^(b)		983		428	Suzuken Co Ltd/Aichi Japan		5,200		285
Swiss Re AG		2,129		210	UCB SA		3,469		291
Tokio Marine Holdings Inc		3,400		166			$		4,753
Zurich Insurance Group AG		607		200	Private Equity - 0.76%
		$		4,418	3i Group PLC		31,455		395


Schedule of Investments
SystematEx International Fund
February 28, 2019 (unaudited)



COMMON STOCKS (continued)	Shares Held Value (000’s)					(a)	Security exempt from registration under Rule 144A of the Securities Act of
Real Estate - 2.05%							1933. These securities may be resold in transactions exempt from registration,
CK Asset Holdings Ltd		35,999	$	299			normally to qualified institutional buyers. At the end of the period, the value of
Kerry Properties Ltd		53,500		223			these securities totaled $829 or 1.60% of net assets.
New World Development Co Ltd		718		1		(b)	Non-income producing security
Sun Hung Kai Properties Ltd		18,000		298		(c)	Affiliated Security. Security is either an affiliate (and registered under the
Wheelock & Co Ltd		35,230		239			Investment Company Act of 1940) or an affiliate as defined by the Investment
		$		1,060			Company Act of 1940 (controls 5.0% or more of the outstanding voting
REITs - 0.59%							shares of the security). Please see affiliated sub-schedule for transactional
Mirvac Group		167,548		306			information.
Retail - 0.22%						(d)	Current yield shown is as of period end.
Cie Financiere Richemont SA		670		51
Sundrug Co Ltd		2,000		61				Portfolio Summary (unaudited)
		$		112		Country							Percent
Software - 2.03%						Japan							25.60	%
Amadeus IT Group SA		4,836		364		United Kingdom							16.09	%
Mixi Inc		9,000		218		France							11.88	%
SAP SE		1,701		182		Germany							8.19	%
Ubisoft Entertainment SA ^(b)		3,993		288		Switzerland							7.72	%
		$		1,052		Australia							7.63	%
Telecommunications - 4.81%						Netherlands							5.46	%
Deutsche Telekom AG		43,471		717		Hong Kong							3.38	%
KDDI Corp		10,000		242		Spain							3.08	%
Nippon Telegraph & Telephone Corp		8,100		350		Finland							2.12	%
NTT DOCOMO Inc		14,100		328		Sweden							1.34	%
Orange SA		23,327		356		Belgium							1.30	%
SoftBank Group Corp		1,500		139		Italy							0.99	%
Vodafone Group PLC		201,284		359		Denmark							0.97	%
		$		2,491		Austria							0.86	%
Transportation - 0.36%						Singapore							0.85	%
Central Japan Railway Co		200		45		United States							0.64	%
Royal Mail PLC		37,820		142		Canada							0.44	%
		$		187		Norway							0.40	%
TOTAL COMMON STOCKS		$		51,288		Luxembourg							0.38	%
INVESTMENT COMPANIES - 0.64%	Shares Held Value (000's)					Israel							0.25	%
Money Market Funds - 0.64%						Other Assets and Liabilities							0.43	%
Principal Government Money Market Fund		332,555		333		TOTAL NET ASSETS						100.00		%
2.33%^(c),(d)
TOTAL INVESTMENT COMPANIES		$		333
Total Investments		$		51,621
Other Assets and Liabilities - 0.43%				225
TOTAL NET ASSETS - 100.00%		$		51,846


Affiliated Securities		August 31, 2018						Purchases		Sales		February 28, 2019
				Value				Cost		Proceeds		Value
Principal Government Money Market Fund 2.33%	$			2	$			1,587	$	1,256	$		333
	$			2	$			1,587	$	1,256	$		333


				Realized Gain/Loss				Realized Gain from				Change in Unrealized
		Income		on Investments				Capital Gain Distributions				Gain/Loss
Principal Government Money Market Fund 2.33%	$	3	$			— $	— $						—
	$	3	$			— $	— $						—
Amounts in thousands

Schedule of Investments SystematEx Large Value Fund February 28, 2019 (unaudited)


COMMON STOCKS - 99.67%	Shares Held Value (000's)				COMMON STOCKS (continued)	Shares Held Value (000’s)
Aerospace & Defense - 0.19%					Electric (continued)
United Technologies Corp		141	$	18	NRG Energy Inc		1,088	$	45
Agriculture - 1.05%							$		463
Archer-Daniels-Midland Co		755		32	Electrical Components & Equipment - 1.08%
Philip Morris International Inc		741		65	AMETEK Inc		1,255		100
		$		97	Electronics - 1.72%
Airlines - 1.14%					Fortive Corp		531		43
Delta Air Lines Inc		699		34	Honeywell International Inc		755		117
Southwest Airlines Co		696		39			$		160
United Continental Holdings Inc ^(a)		372		33	Environmental Control - 1.09%
		$		106	Waste Management Inc		998		101
Apparel - 0.56%					Food - 1.70%
Ralph Lauren Corp		412		52	Kroger Co/The		1,330		39
Automobile Parts & Equipment - 0.18%					Pilgrim's Pride Corp ^(a)		2,835		56
Lear Corp		110		17	Tyson Foods Inc		1,026		63
Banks - 14.52%							$		158
Bank of America Corp		9,088		264	Gas - 0.58%
Bank OZK		2,173		71	UGI Corp		988		54
Citigroup Inc		1,001		64	Hand & Machine Tools - 0.27%
Comerica Inc		691		60	Snap-on Inc		156		25
East West Bancorp Inc		447		25	Healthcare - Products - 2.09%
Fifth Third Bancorp		2,407		67	Baxter International Inc		880		66
Goldman Sachs Group Inc/The		220		43	Danaher Corp		681		86
JPMorgan Chase & Co		2,983		311	Medtronic PLC		463		42
Morgan Stanley		1,958		82			$		194
PNC Financial Services Group Inc/The		801		101	Healthcare - Services - 3.27%
Regions Financial Corp		4,880		80	Anthem Inc		404		122
SunTrust Banks Inc		1,098		71	Humana Inc		120		34
Wells Fargo & Co		2,182		109	Quest Diagnostics Inc		754		65
		$		1,348	UnitedHealth Group Inc		342		83
Beverages - 0.41%							$		304
Coca-Cola Co/The		3		—	Home Builders - 0.53%
Molson Coors Brewing Co		613		38	PulteGroup Inc		1,832		49
		$		38
Biotechnology - 0.71%					Insurance - 7.16%
					Aflac Inc		1,530		75
Amgen Inc		346		66	Allstate Corp/The		429		40
Chemicals - 1.81%					American Financial Group Inc/OH		290		29
Celanese Corp		364		37	Berkshire Hathaway Inc - Class B (a)		1,732		349
DowDuPont Inc		182		10	Lincoln National Corp		524		33
Eastman Chemical Co		507		42	Prudential Financial Inc		853		82
Huntsman Corp		1,179		29	Reinsurance Group of America Inc		256		37
LyondellBasell Industries NV		583		50	Unum Group		533		20
		$		168			$		665
Computers - 1.37%					Iron & Steel - 0.32%
Apple Inc		234		41	Steel Dynamics Inc		813		30
DXC Technology Co		458		30	Lodging - 0.56%
HP Inc		605		12	Extended Stay America Inc		2,861		52
International Business Machines Corp		10		1
Leidos Holdings Inc		660		43	Machinery - Diversified - 0.52%
		$		127	Roper Technologies Inc		147		48
					Wabtec Corp		7		—
Cosmetics & Personal Care - 2.39%							$		48
Procter & Gamble Co/The		2,254		222
Distribution & Wholesale - 0.25%					Media - 1.61%
					Comcast Corp - Class A		638		25
HD Supply Holdings Inc ^(a)		530		23	Viacom Inc - B Shares		1,512		44
Diversified Financial Services - 2.18%					Walt Disney Co/The		710		80
American Express Co		302		33			$		149
Ameriprise Financial Inc		708		93	Miscellaneous Manufacturers - 0.15%
Capital One Financial Corp		119		10	General Electric Co		1,381		14
Discover Financial Services		824		59
Navient Corp		516		6	Oil & Gas - 9.71%
T Rowe Price Group Inc		9		1	Chevron Corp		1,767		211
		$		202	ConocoPhillips		1,144		78
					CVR Energy Inc		10		—
Electric - 4.99%					EOG Resources Inc		210		20
CenterPoint Energy Inc		2,551		77	Exxon Mobil Corp		3,629		287
Edison International		921		55	HollyFrontier Corp		1,013		52
Entergy Corp		781		73	Marathon Petroleum Corp		1,098		68
Exelon Corp		2,564		124	Occidental Petroleum Corp		267		18
FirstEnergy Corp		2,175		89	Phillips 66		940		90

Schedule of Investments
SystematEx Large Value Fund
February 28, 2019 (unaudited)


COMMON STOCKS (continued)	Shares Held Value (000’s)				(a)	Non-income producing security
Oil & Gas (continued)					(b)	Affiliated Security. Security is either an affiliate (and registered under the
Valero Energy Corp		956	$	78		Investment Company Act of 1940) or an affiliate as defined by the Investment
		$		902		Company Act of 1940 (controls 5.0% or more of the outstanding voting
Oil & Gas Services - 0.14%						shares of the security). Please see affiliated sub-schedule for transactional
Schlumberger Ltd		285		13		information.
Pharmaceuticals - 10.85%					(c)	Current yield shown is as of period end.
Allergan PLC		92		13
Bristol-Myers Squibb Co		233		12		Portfolio Summary (unaudited)
Cigna Corp		547		95	Sector		Percent
CVS Health Corp		2,152		124	Financial		27.24	%
Johnson & Johnson		1,869		255	Consumer, Non-cyclical		22.47	%
McKesson Corp		266		34	Consumer, Cyclical		10.85	%
Merck & Co Inc		2,645		215	Energy		10.32	%
Pfizer Inc		5,965		259	Communications		7.79	%
		$		1,007	Technology		7.17	%
Pipelines - 0.47%					Industrial		6.13	%
ONEOK Inc		690		44	Utilities		5.57	%
REITs - 3.38%					Basic Materials		2.13	%
Apple Hospitality REIT Inc		2,954		49	Investment Companies		0.27	%
Chimera Investment Corp		1,627		30	Other Assets and Liabilities		0.06	%
EPR Properties		303		22	TOTAL NET ASSETS		100.00	%
Granite Point Mortgage Trust Inc		2		—
Highwoods Properties Inc		594		28
Hospitality Properties Trust		1,674		45
Medical Properties Trust Inc		1,777		32
Simon Property Group Inc		441		80
STORE Capital Corp		847		28
Two Harbors Investment Corp		16		—
		$		314
Retail - 7.63%
Best Buy Co Inc		760		53
Dick's Sporting Goods Inc		571		22
Foot Locker Inc		574		34
Gap Inc/The		1,271		32
Kohl's Corp		1,070		72
Macy's Inc		1,938		48
Target Corp		1,503		109
Walgreens Boots Alliance Inc		1,867		133
Walmart Inc		1,896		188
World Fuel Services Corp		595		17
		$		708
Semiconductors - 2.68%
Intel Corp		4,467		237
QUALCOMM Inc		233		12
		$		249
Software - 3.12%
Microsoft Corp		1,065		119
Oracle Corp		2,000		104
VMware Inc		389		67
		$		290
Telecommunications - 6.18%
AT&T Inc		2,218		69
Cisco Systems Inc		4,778		247
Verizon Communications Inc		4,529		258
		$		574
Transportation - 1.11%
CSX Corp		571		41
Union Pacific Corp		368		62
		$		103
TOTAL COMMON STOCKS		$		9,254
INVESTMENT COMPANIES - 0.27%	Shares Held Value (000's)
Money Market Funds - 0.27%
Principal Government Money Market Fund		25,066		25
2.33%^(b),(c)
TOTAL INVESTMENT COMPANIES		$		25
Total Investments		$		9,279
Other Assets and Liabilities - 0.06%				6
TOTAL NET ASSETS - 100.00%		$		9,285

Glossary to the Schedule of Investments

February 28, 2019 (unaudited)

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 J shares
2019	(b)	$24.74	($0.03		)	($0.36	)	($0.39		)	$–			($1.59	)	($1.59	)	$	22.76
2018	(g)	20.16	(0.05		)	5.22		5.17			–			(0.59	)	(0.59	)		24.74
Institutional shares
2019	(b)	24.81	–			(0.37	)	(0.37		)	–			(1.59	)	(1.59	)		22.85
2018		20.10	0.01			5.29		5.30			–			(0.59	)	(0.59	)		24.81
2017		17.00	0.10			3.17		3.27			(0.08		)	(0.09	)	(0.17	)		20.10
2016		15.63	0.05			1.70		1.75			(0.07		)	(0.31	)	(0.38	)		17.00
2015		15.14	0.10			0.86		0.96			(0.09		)	(0.38	)	(0.47	)		15.63
2014		12.44	0.12			2.62		2.74			(0.04		)	–		(0.04	)		15.14
R-3 shares
2019	(b)	24.55	(0.06		)	(0.36	)	(0.42		)	–			(1.59	)	(1.59	)		22.54
2018		20.00	(0.10		)	5.24		5.14			–			(0.59	)	(0.59	)		24.55
2017		16.96	0.21			2.95		3.16			(0.03		)	(0.09	)	(0.12	)		20.00
2016	(i)	15.64	(0.01		)	1.33		1.32			–			–		–			16.96
R-4 shares
2019	(b)	24.66	(0.04		)	(0.36	)	(0.40		)	–			(1.59	)	(1.59	)		22.67
2018		20.05	(0.06		)	5.26		5.20			–			(0.59	)	(0.59	)		24.66
2017		16.98	0.09			3.11		3.20			(0.04		)	(0.09	)	(0.13	)		20.05
2016	(i)	15.64	–			1.34		1.34			–			–		–			16.98
R-5 shares
2019	(b)	24.72	(0.03		)	(0.36	)	(0.39		)	–			(1.59	)	(1.59	)		22.74
2018		20.07	(0.03		)	5.27		5.24			–			(0.59	)	(0.59	)		24.72
2017		16.99	0.18			3.04		3.22			(0.05		)	(0.09	)	(0.14	)		20.07
2016	(i)	15.64	0.01			1.34		1.35			–			–		–			16.99
R-6 shares
2019	(b)	24.82	–			(0.36	)	(0.36		)	–			(1.59	)	(1.59	)		22.87
2018		20.10	0.03			5.28		5.31			–			(0.59	)	(0.59	)		24.82
2017	(j)	17.03	0.23			2.84		3.07			–			–		–			20.10


					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)





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


	(0.70)%(c),(d)		$	64,941	0.90	%(e)	1.00%(e),(f)			(0.26	)%(e)	21.0	%(e)
	26.12	(c),(d)		59,232	1.01	(e)	1.04		(e),(f)	(0.21	) (e)	34.0	(e)

	(0.62	) (c)		347,095	0.66	(e)	0.73		(e),(h)	0.02	(e)	21.0	(e)
	26.88			175,887	0.75		0.75		(h)	0.03		34.0
	19.42			63,268	0.69		0.69		(h)	0.57		27.1
	11.39			1,257,265	0.69		0.69		(h)	0.33		36.4
	6.46			1,226,210	0.71		0.71		(h)	0.61		26.2
	22.07			421,601	0.72		0.72		(h)	0.85		34.4

	(0.83	) (c)		6,457	1.17	(e)	1.23		(e),(h)	(0.55	) (e)	21.0	(e)
	26.18			8,402	1.24			–		(0.45	)	34.0
	18.77			337	1.25			–		1.08		27.1
	8.44	(c)		11	1.26	(e)		–		(0.13	) (e)	36.4	(e)

	(0.74	) (c)		1,376	0.98	(e)	1.04		(e),(h)	(0.35	) (e)	21.0	(e)
	26.42			1,300	1.05			–		(0.27	)	34.0
	19.02			27	1.06			–		0.51		27.1
	8.57	(c)		11	1.07	(e)		–		0.05	(e)	36.4	(e)

	(0.70	) (c)		5,824	0.86	(e)	0.92		(e),(h)	(0.23	) (e)	21.0	(e)
	26.59			5,279	0.93			–		(0.15	)	34.0
	19.11			83	0.94			–		0.95		27.1
	8.63	(c)		11	0.95	(e)		–		0.19	(e)	36.4	(e)

	(0.56	) (c)		2,745,326	0.60	(e)	0.67		(e),(h)	0.03	(e)	21.0	(e)
	26.93			2,709,836	0.67		0.67		(h)	0.12		34.0
	18.03	(c)		1,582,450	0.68	(e)	0.69		(e),(h)	1.74	(e)	27.1	(e)

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
BOND MARKET INDEX FUND
Class J shares
2019	(b)	$10.60	$0.11		$0.06		$0.17			($0.21		)	$–			($0.21	)	$	10.56
2018		11.01	0.20		(0.39	)	(0.19		)	(0.22		)	–			(0.22	)		10.60
2017		11.17	0.17		(0.20	)	(0.03		)	(0.13		)	–			(0.13	)		11.01
2016		10.82	0.13		0.40		0.53			(0.17		)	(0.01		)	(0.18	)		11.17
2015		10.94	0.12		(0.06	)	0.06			(0.16		)	(0.02		)	(0.18	)		10.82
2014		10.63	0.14		0.36		0.50			(0.19		)	–			(0.19	)		10.94
Institutional shares
2019	(b)	10.81	0.14		0.06		0.20			(0.27		)	–			(0.27	)		10.74
2018		11.21	0.25		(0.39	)	(0.14		)	(0.26		)	–			(0.26	)		10.81
2017		11.39	0.21		(0.20	)	0.01			(0.19		)	–			(0.19	)		11.21
2016		11.02	0.20		0.39		0.59			(0.21		)	(0.01		)	(0.22	)		11.39
2015		11.01	0.17		0.08		0.25			(0.22		)	(0.02		)	(0.24	)		11.02
2014		10.71	0.20		0.35		0.55			(0.25		)	–			(0.25	)		11.01
R-1 shares
2019	(b)	10.58	0.09		0.06		0.15			(0.16		)	–			(0.16	)		10.57
2018		10.97	0.15		(0.38	)	(0.23		)	(0.16		)	–			(0.16	)		10.58
2017		11.16	0.12		(0.20	)	(0.08		)	(0.11		)	–			(0.11	)		10.97
2016		10.80	0.10		0.39		0.49			(0.12		)	(0.01		)	(0.13	)		11.16
2015		10.93	0.08		(0.05	)	0.03			(0.14		)	(0.02		)	(0.16	)		10.80
2014		10.60	0.11		0.35		0.46			(0.13		)	–			(0.13	)		10.93
R-2 shares
2019	(b)	10.61	0.10		0.06		0.16			(0.20		)	–			(0.20	)		10.57
2018		11.00	0.17		(0.39	)	(0.22		)	(0.17		)	–			(0.17	)		10.61
2017		11.18	0.13		(0.20	)	(0.07		)	(0.11		)	–			(0.11	)		11.00
2016		10.80	0.11		0.39		0.50			(0.11		)	(0.01		)	(0.12	)		11.18
2015		10.92	0.09		(0.06	)	0.03			(0.13		)	(0.02		)	(0.15	)		10.80
2014		10.61	0.12		0.36		0.48			(0.17		)	–			(0.17	)		10.92
R-3 shares
2019	(b)	10.57	0.11		0.06		0.17			(0.20		)	–			(0.20	)		10.54
2018		10.97	0.19		(0.39	)	(0.20		)	(0.20		)	–			(0.20	)		10.57
2017		11.16	0.15		(0.20	)	(0.05		)	(0.14		)	–			(0.14	)		10.97
2016		10.79	0.13		0.40		0.53			(0.15		)	(0.01		)	(0.16	)		11.16
2015		10.92	0.11		(0.06	)	0.05			(0.16		)	(0.02		)	(0.18	)		10.79
2014		10.61	0.14		0.36		0.50			(0.19		)	–			(0.19	)		10.92
R-4 shares
2019	(b)	10.60	0.12		0.06		0.18			(0.23		)	–			(0.23	)		10.55
2018		11.00	0.21		(0.39	)	(0.18		)	(0.22		)	–			(0.22	)		10.60
2017		11.18	0.17		(0.20	)	(0.03		)	(0.15		)	–			(0.15	)		11.00
2016		10.84	0.15		0.39		0.54			(0.19		)	(0.01		)	(0.20	)		11.18
2015		10.95	0.14		(0.06	)	0.08			(0.17		)	(0.02		)	(0.19	)		10.84
2014		10.65	0.16		0.35		0.51			(0.21		)	–			(0.21	)		10.95
R-5 shares
2019	(b)	10.65	0.13		0.06		0.19			(0.24		)	–			(0.24	)		10.60
2018		11.05	0.22		(0.39	)	(0.17		)	(0.23		)	–			(0.23	)		10.65
2017		11.23	0.18		(0.19	)	(0.01		)	(0.17		)	–			(0.17	)		11.05
2016		10.85	0.16		0.41		0.57			(0.18		)	(0.01		)	(0.19	)		11.23
2015		10.97	0.15		(0.07	)	0.08			(0.18		)	(0.02		)	(0.20	)		10.85
2014		10.66	0.17		0.36		0.53			(0.22		)	–			(0.22	)		10.97


					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)





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


	1.67%(c),(d)		$	26,532	0.64	%(e)	0.77%(e),(f)			2.20	%(e)	124.9	%(e)
	(1.79) (d)			27,466	0.62		0.75	(f)		1.86		102.7
	(0.20) (d)			30,315	0.64		0.70	(f)		1.53		117.8
	4.98	(d)		33,765	0.76		0.83	(f)		1.23		151.8
	0.60	(d)		25,430	0.71		0.78	(f)		1.13		319.5
	4.76	(d)		25,535	0.79		0.87	(f)		1.34		162.0

	1.86	(c)		1,776,462	0.16	(e)	0.26	(e),(g)		2.69	(e)	124.9	(e)
	(1.29	)		1,472,817	0.16		0.26	(g)		2.32		102.7
	0.19			1,795,872	0.23		0.26	(g)		1.94		117.8
	5.52			1,648,408	0.23		0.26	(g)		1.75		151.8
	2.26	(h)		1,154,916	0.23		0.26	(g)		1.55		319.5
	5.25			922,012	0.26		0.26	(g)		1.88		162.0

	1.41	(c)		1,316	1.04	(e)	1.14	(e),(g)		1.81	(e)	124.9	(e)
	(2.10	)		1,391	1.04		1.14	(g)		1.44		102.7
	(0.70	)		2,158	1.11		1.14	(g)		1.07		117.8
	4.60			1,913	1.11		1.14	(g)		0.88		151.8
	0.25			1,436	1.11		1.15	(g)		0.73		319.5
	4.38			1,290	1.14		1.14	(g)		1.00		162.0

	1.50	(c)		2,899	0.91	(e)	1.01	(e),(g)		1.94	(e)	124.9	(e)
	(2.03	)		2,151	0.91		1.01	(g)		1.58		102.7
	(0.59	)		2,936	0.98		1.01	(g)		1.19		117.8
	4.76			2,940	0.98		1.01	(g)		1.01		151.8
	0.32			3,334	0.98		1.02	(g)		0.85		319.5
	4.55			4,006	1.01		1.01	(g)		1.13		162.0

	1.61	(c)		11,275	0.73	(e)	0.83	(e),(g)		2.11	(e)	124.9	(e)
	(1.87	)		13,934	0.73		0.83	(g)		1.75		102.7
	(0.42	)		17,123	0.80		0.83	(g)		1.38		117.8
	5.00			16,998	0.80		0.83	(g)		1.19		151.8
	0.47			14,851	0.80		0.84	(g)		1.04		319.5
	4.81			13,786	0.83		0.83	(g)		1.31		162.0

	1.72	(c)		45,016	0.54	(e)	0.64	(e),(g)		2.31	(e)	124.9	(e)
	(1.67	)		44,422	0.54		0.64	(g)		1.95		102.7
	(0.18	)		42,411	0.61		0.64	(g)		1.57		117.8
	5.10			36,951	0.61		0.64	(g)		1.38		151.8
	0.79			24,500	0.61		0.65	(g)		1.25		319.5
	4.87			7,649	0.64		0.64	(g)		1.50		162.0

	1.79	(c)		17,441	0.42	(e)	0.52	(e),(g)		2.42	(e)	124.9	(e)
	(1.56	)		18,775	0.42		0.52	(g)		2.05		102.7
	(0.06	)		26,153	0.49		0.52	(g)		1.67		117.8
	5.24	(i)		31,929	0.49		0.52	(g)		1.50		151.8
	0.87	(i)		28,385	0.49		0.53	(g)		1.34		319.5
	5.05			56,079	0.52		0.52	(g)		1.62		162.0

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
DIVERSIFIED REAL ASSET FUND
Institutional shares
2019	(b)	$11.74	$0.12		($0.39	)	($0.27		)	($0.36		)	$–			($0.36	)	$	11.11
2018		11.57	0.29		0.14		0.43			(0.26		)	–			(0.26	)		11.74
2017		11.08	0.23		0.54		0.77			(0.28		)	–			(0.28	)		11.57
2016		11.25	0.22		(0.29	)	(0.07		)	(0.10		)	–			(0.10	)		11.08
2015		13.21	0.19		(1.89	)	(1.70		)	(0.13		)	(0.13		)	(0.26	)		11.25
2014		11.81	0.22		1.45		1.67			(0.16		)	(0.11		)	(0.27	)		13.21
R-3 shares
2019	(b)	11.69	0.08		(0.38	)	(0.30		)	(0.31		)	–			(0.31	)		11.08
2018		11.53	0.23		0.13		0.36			(0.20		)	–			(0.20	)		11.69
2017		11.06	0.19		0.52		0.71			(0.24		)	–			(0.24	)		11.53
2016	(g)	10.45	0.10		0.51		0.61			–			–			–			11.06
R-4 shares
2019	(b)	11.72	0.10		(0.39	)	(0.29		)	(0.33		)	–			(0.33	)		11.10
2018		11.54	0.25		0.15		0.40			(0.22		)	–			(0.22	)		11.72
2017		11.07	0.20		0.53		0.73			(0.26		)	–			(0.26	)		11.54
2016	(g)	10.45	0.10		0.52		0.62			–			–			–			11.07
R-5 shares
2019	(b)	11.73	0.10		(0.38	)	(0.28		)	(0.36		)	–			(0.36	)		11.09
2018		11.56	0.27		0.14		0.41			(0.24		)	–			(0.24	)		11.73
2017		11.08	0.21		0.54		0.75			(0.27		)	–			(0.27	)		11.56
2016	(g)	10.45	0.11		0.52		0.63			–			–			–			11.08
R-6 shares
2019	(b)	11.74	0.12		(0.39	)	(0.27		)	(0.37		)	–			(0.37	)		11.10
2018		11.57	0.29		0.14		0.43			(0.26		)	–			(0.26	)		11.74
2017		11.08	0.27		0.50		0.77			(0.28		)	–			(0.28	)		11.57
2016		11.25	0.26		(0.32	)	(0.06		)	(0.11		)	–			(0.11	)		11.08
2015	(h)	12.07	0.17		(0.99	)	(0.82		)	–			–			–			11.25
EDGE MIDCAP FUND
Institutional shares
2019	(b)	14.99	0.05		(0.59	)	(0.54		)	(0.15		)	(0.62		)	(0.77	)		13.68
2018		12.60	0.16		2.42		2.58			–			(0.19		)	(0.19	)		14.99
2017		12.24	0.12		0.78		0.90			(0.10		)	(0.44		)	(0.54	)		12.60
2016	(i)	10.00	0.11		2.17		2.28			(0.03		)	(0.01		)	(0.04	)		12.24
R-6 shares
2019	(b)	15.03	0.06		(0.59	)	(0.53		)	(0.17		)	(0.62		)	(0.79	)		13.71
2018		12.68	0.16		2.44		2.60			(0.06		)	(0.19		)	(0.25	)		15.03
2017	(j)	12.12	0.09		0.47		0.56			–			–			–			12.68


					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)





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


	(2.16)%(c),(d)		$	2,448,448	0.85	%(e)	0.96%(e),(f)				2.08	%(e)	63.0	%(e)
	3.72			2,518,033	0.85		0.95		(f)		2.45		84.1
	7.16			2,591,713	0.88		0.92		(f)		2.08		65.1
	(0.53	)		3,294,419	0.87		0.87		(f)		2.02		77.6
	(12.98	)		3,141,543	0.87			–			1.53		66.4
	14.35			2,485,224	0.86			–			1.74		67.3

	(2.32	) (c)		111	1.36	(e)	1.39		(e),(f)		1.51	(e)	63.0	(e)
	3.15			81	1.35		1.38		(f)		1.99		84.1
	6.60			17	1.38			–			1.71		65.1
	5.84	(c)		11	1.39	(e)		–			2.08	(e)	77.6	(e)

	(2.27	) (c)		12	1.17	(e)	1.20		(e),(f)		1.74	(e)	63.0	(e)
	3.41	(d)		15	1.16		1.19		(f)		2.17		84.1
	6.82	(d)		11	1.19			–			1.76		65.1
	5.93	(c)		11	1.20	(e)		–			2.25	(e)	77.6	(e)

	(2.16	) (c)		84	1.05	(e)	1.08		(e),(f)		1.81	(e)	63.0	(e)
	3.53			12	1.04		1.07		(f)		2.35		84.1
	6.93			11	1.07			–			1.90		65.1
	6.03	(c)		11	1.08	(e)		–			2.39	(e)	77.6	(e)

	(2.09	) (c)		1,468,862	0.79	(e)	0.82		(e),(f)		2.14	(e)	63.0	(e)
	3.78			1,523,846	0.79		0.82		(f)		2.50		84.1
	7.17			1,568,988	0.83		0.83		(f)		2.42		65.1
	(0.50	)		29,601	0.88		0.98		(f)		2.43		77.6
	(6.79	) (c)		810	0.88	(e)	25.58		(e),(f)		2.21	(e)	66.4	(e)


	(2.78	) (c)		16,811	0.90	(e)	0.93		(e),(f)		0.80	(e)	15.1	(e)
	20.58			14,470	0.90		1.14		(f)		1.17		17.4
	7.51			1,289	0.78		0.78		(f)		1.00		11.9
	22.89	(c)		292,615	0.79	(e)	0.79		(e),(f)		1.04	(e)	22.4	(e)

	(2.76	) (c)		631,741	0.76	(e)	0.76		(e),(f)		0.92	(e)	15.1	(e)
	20.69			657,980	0.76		0.76		(f)		1.15		17.4
	4.62	(c)		286,832	0.77	(e)	0.81		(e),(f)		1.06	(e)	11.9	(e)

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
INTERNATIONAL EQUITY INDEX FUND
Institutional shares
2019	(b)	$	10.57	$	0.09		($	0.52	)	($	0.43	)		($	0.26	)		($	0.09	)	($0.35	)	$	9.79
2018			10.55		0.28			0.12			0.40				(0.30	)			(0.08	)	(0.38	)		10.57
2017			9.24		0.27			1.29			1.56				(0.25	)			–		(0.25	)		10.55
2016			9.58		0.26			(0.26	)		–				(0.23	)			(0.11	)	(0.34	)		9.24
2015			10.70		0.25			(1.09	)		(0.84	)			(0.26	)			(0.02	)	(0.28	)		9.58
2014			10.91		0.31			1.34			1.65				(0.32	)			(1.54	)	(1.86	)		10.70
R-1 shares
2019	(b)		10.20		0.04			(0.48	)		(0.44	)			(0.16	)			(0.09	)	(0.25	)		9.51
2018			10.20		0.18			0.11			0.29				(0.21	)			(0.08	)	(0.29	)		10.20
2017			8.93		0.18			1.26			1.44				(0.17	)			–		(0.17	)		10.20
2016			9.28		0.17			(0.25	)		(0.08	)			(0.16	)			(0.11	)	(0.27	)		8.93
2015			10.40		0.18			(1.08	)		(0.90	)			(0.20	)			(0.02	)	(0.22	)		9.28
2014			10.69		0.21			1.30			1.51				(0.26	)			(1.54	)	(1.80	)		10.40
R-2 shares
2019	(b)		10.51		0.05			(0.51	)		(0.46	)			(0.17	)			(0.09	)	(0.26	)		9.79
2018			10.49		0.21			0.11			0.32				(0.22	)			(0.08	)	(0.30	)		10.51
2017			9.18		0.19			1.30			1.49				(0.18	)			–		(0.18	)		10.49
2016			9.52		0.19			(0.26	)		(0.07	)			(0.16	)			(0.11	)	(0.27	)		9.18
2015			10.63		0.16			(1.07	)		(0.91	)			(0.18	)			(0.02	)	(0.20	)		9.52
2014			10.89		0.25			1.31			1.56				(0.28	)			(1.54	)	(1.82	)		10.63
R-3 shares
2019	(b)		10.35		0.06			(0.49	)		(0.43	)			(0.20	)			(0.09	)	(0.29	)		9.63
2018			10.35		0.22			0.10			0.32				(0.24	)			(0.08	)	(0.32	)		10.35
2017			9.07		0.20			1.28			1.48				(0.20	)			–		(0.20	)		10.35
2016			9.40		0.20			(0.25	)		(0.05	)			(0.17	)			(0.11	)	(0.28	)		9.07
2015			10.51		0.20			(1.08	)		(0.88	)			(0.21	)			(0.02	)	(0.23	)		9.40
2014			10.77		0.25			1.31			1.56				(0.28	)			(1.54	)	(1.82	)		10.51
R-4 shares
2019	(b)		10.48		0.07			(0.51	)		(0.44	)			(0.22	)			(0.09	)	(0.31	)		9.73
2018			10.46		0.24			0.12			0.36				(0.26	)			(0.08	)	(0.34	)		10.48
2017			9.17		0.20			1.31			1.51				(0.22	)			–		(0.22	)		10.46
2016			9.50		0.21			(0.24	)		(0.03	)			(0.19	)			(0.11	)	(0.30	)		9.17
2015			10.62		0.21			(1.09	)		(0.88	)			(0.22	)			(0.02	)	(0.24	)		9.50
2014			10.85		0.27			1.33			1.60				(0.29	)			(1.54	)	(1.83	)		10.62
R-5 shares
2019	(b)		10.50		0.07			(0.50	)		(0.43	)			(0.23	)			(0.09	)	(0.32	)		9.75
2018			10.49		0.24			0.12			0.36				(0.27	)			(0.08	)	(0.35	)		10.50
2017			9.18		0.23			1.31			1.54				(0.23	)			–		(0.23	)		10.49
2016			9.52		0.22			(0.25	)		(0.03	)			(0.20	)			(0.11	)	(0.31	)		9.18
2015			10.64		0.23			(1.10	)		(0.87	)			(0.23	)			(0.02	)	(0.25	)		9.52
2014			10.86		0.28			1.34			1.62				(0.30	)			(1.54	)	(1.84	)		10.64
R-6 shares
2019	(b)		10.57		0.09			(0.51	)		(0.42	)			(0.26	)			(0.09	)	(0.35	)		9.80
2018			10.54		0.29			0.12			0.41				(0.30	)			(0.08	)	(0.38	)		10.57
2017	(g)		9.01		0.14			1.39			1.53				–				–		–			10.54


					Financial Highlights (Continued)
Principal Funds, Inc.
(unaudited)





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


	(3.73	)%(c)	$	46,674	0.31	%(d)	0.41%(d),(e)				1.77	%(d)	27.0	%(d)
	3.69			46,042	0.34		0.39		(e)		2.54		27.2
	17.42			67,784	0.32		0.32		(e)		2.83		24.7
	(0.02	)		831,719	0.34		0.34		(e)		2.83		31.3
	(7.90	)		736,329	0.32		0.32		(e)		2.51		35.6
	15.97			677,283	0.33		0.33		(e)		2.87		45.8

	(4.09	) (c)		601	1.20	(d)		–			0.89	(d)	27.0	(d)
	2.78			722	1.19			–			1.71		27.2
	16.43			1,000	1.19			–			1.93		24.7
	(0.90	)		586	1.21			–			1.93		31.3
	(8.68	)		696	1.19		1.19		(e)		1.84		35.6
	14.89			334	1.20		1.20		(e)		1.97		45.8

	(4.09	) (c)		768	1.07	(d)		–			1.04	(d)	27.0	(d)
	2.90	(f)		907	1.06			–			1.94		27.2
	16.66	(f)		874	1.06			–			1.96		24.7
	(0.75	)		903	1.08			–			2.12		31.3
	(8.58	)		754	1.06		1.06		(e)		1.60		35.6
	15.05			1,203	1.07		1.07		(e)		2.27		45.8

	(3.92	) (c)		16,156	0.89	(d)		–			1.21	(d)	27.0	(d)
	3.03			17,816	0.88			–			2.04		27.2
	16.77			18,585	0.88			–			2.14		24.7
	(0.49	)		15,789	0.90			–			2.26		31.3
	(8.45	)		15,450	0.88		0.88		(e)		1.99		35.6
	15.28			12,323	0.89		0.89		(e)		2.34		45.8

	(3.92	) (c)		8,312	0.70	(d)		–			1.40	(d)	27.0	(d)
	3.37			11,977	0.69			–			2.22		27.2
	16.93			13,372	0.69			–			2.14		24.7
	(0.30	)		11,997	0.71			–			2.32		31.3
	(8.32	)		11,862	0.69		0.69		(e)		2.11		35.6
	15.57			13,822	0.70		0.70		(e)		2.52		45.8

	(3.80	) (c)		17,443	0.58	(d)		–			1.53	(d)	27.0	(d)
	3.38			18,479	0.57			–			2.26		27.2
	17.23			29,429	0.57			–			2.35		24.7
	(0.30	)		29,179	0.59			–			2.49		31.3
	(8.18	)		33,729	0.57		0.57		(e)		2.23		35.6
	15.71			37,859	0.58		0.58		(e)		2.62		45.8

	(3.63	) (c)		971,639	0.28	(d)	0.32		(d),(e)		1.81	(d)	27.0	(d)
	3.80			997,061	0.27		0.32		(e)		2.67		27.2
	16.98	(c)		924,600	0.27	(d)	0.32		(d),(e)		2.02	(d)	24.7	(d)

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
INTERNATIONAL SMALL COMPANY FUND
Institutional shares
2019	(b)		$	12.36		$	0.01			($	1.19	)	($	1.18	)		($	0.14	)		($	0.73	)	($0.87	)	$	10.31
2018				12.17			0.15				0.67			0.82				(0.26	)			(0.37	)	(0.63	)		12.36
2017				9.87			0.18				2.15			2.33				(0.03	)			–		(0.03	)		12.17
2016				9.61			0.08				0.30			0.38				(0.12	)			–		(0.12	)		9.87
2015	(f)			9.07			0.09				0.45			0.54				–				–		–			9.61
R-6 shares
2019	(b)			12.42			0.02				(1.20	)		(1.18	)			(0.15	)			(0.73	)	(0.88	)		10.36
2018				12.21			0.13				0.71			0.84				(0.26	)			(0.37	)	(0.63	)		12.42
2017	(g)			9.83			0.02				2.36			2.38				–				–		–			12.21
MULTI-MANAGER EQUITY LONG/SHORT FUND
Institutional shares
2019	(b)			10.75			0.01				(0.41	)		(0.40	)			–				(1.12	)	(1.12	)		9.23
2018				10.62			(0.03	)			0.72			0.69				(0.10	)			(0.46	)	(0.56	)		10.75
2017				9.99			(0.04	)			0.75			0.71				(0.05	)			(0.03	)	(0.08	)		10.62
2016	(i)			10.00			(0.04	)			0.03			(0.01	)			–				–		–			9.99
R-6 shares
2019	(b)			10.76			0.02				(0.40	)		(0.38	)			(0.01	)			(1.12	)	(1.13	)		9.25
2018				10.63			(0.02	)			0.71			0.69				(0.10	)			(0.46	)	(0.56	)		10.76
2017				9.99			(0.07	)			0.79			0.72				(0.05	)			(0.03	)	(0.08	)		10.63
2016	(i)			10.00			(0.04	)			0.03			(0.01	)			–				–		–			9.99


Financial Highlights
Principal Funds, Inc.
(unaudited)


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

										Net Realized
		Net Asset Value,							and Unrealized				Total From		Dividends from
				Beginning of	Net Investment				Gain (Loss) on				Investment		Net Investment			Total Dividends			Net Asset Value,
				Period			Income (Loss)(a)			Investments			Operations			Income		and Distributions				End of Period
OPPORTUNISTIC MUNICIPAL FUND
Institutional shares
2019	(b)		$	10.61		$	0.23			($0.04	)	$	0.19			($0.22	)		($0.22	)		$	10.58
2018				10.66			0.45			(0.07	)		0.38			(0.43	)		(0.43	)			10.61
2017				11.03			0.43			(0.39	)		0.04			(0.41	)		(0.41	)			10.66
2016				10.20			0.39			0.84			1.23			(0.40	)		(0.40	)			11.03
2015	(g)			10.29			0.20			(0.09	)		0.11			(0.20	)		(0.20	)			10.20
ORIGIN EMERGING MARKETS FUND
Institutional shares
2019	(b)			11.16			0.01			(0.64	)		(0.63	)		(0.16	)		(0.16	)			10.37
2018				11.61			0.07			(0.41	)		(0.34	)		(0.11	)		(0.11	)			11.16
2017				8.97			0.05			2.66			2.71			(0.07	)		(0.07	)			11.61
2016				8.42			0.07			0.56			0.63			(0.08	)		(0.08	)			8.97
2015	(h)			10.00			0.18			(1.76	)		(1.58	)		–			–				8.42
R-6 shares
2019	(b)			11.16			0.01			(0.62	)		(0.61	)		(0.17	)		(0.17	)			10.38
2018				11.61			0.15			(0.49	)		(0.34	)		(0.11	)		(0.11	)			11.16
2017				8.97			0.50			2.21			2.71			(0.07	)		(0.07	)			11.61
2016				8.42			0.07			0.56			0.63			(0.08	)		(0.08	)			8.97
2015	(h)			10.00			(0.02	)		(1.56	)		(1.58	)		–			–				8.42

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
PREFERRED SECURITIES FUND
Class J shares
2019	(b)	$9.79	$0.24		($0.15	)	$0.09			($0.28		)	$–			($0.28	)	$	9.60
2018		10.26	0.49		(0.45	)	0.04			(0.49		)	(0.02		)	(0.51	)		9.79
2017		10.11	0.49		0.22		0.71			(0.47		)	(0.09		)	(0.56	)		10.26
2016		10.01	0.48		0.18		0.66			(0.47		)	(0.09		)	(0.56	)		10.11
2015		10.34	0.48		(0.12	)	0.36			(0.51		)	(0.18		)	(0.69	)		10.01
2014		9.97	0.51		0.65		1.16			(0.52		)	(0.27		)	(0.79	)		10.34
Institutional shares
2019	(b)	9.99	0.26		(0.15	)	0.11			(0.29		)	–			(0.29	)		9.81
2018		10.46	0.52		(0.46	)	0.06			(0.51		)	(0.02		)	(0.53	)		9.99
2017		10.30	0.52		0.23		0.75			(0.50		)	(0.09		)	(0.59	)		10.46
2016		10.18	0.52		0.19		0.71			(0.50		)	(0.09		)	(0.59	)		10.30
2015		10.51	0.53		(0.14	)	0.39			(0.54		)	(0.18		)	(0.72	)		10.18
2014		10.12	0.56		0.66		1.22			(0.56		)	(0.27		)	(0.83	)		10.51
R-1 shares
2019	(b)	9.94	0.22		(0.15	)	0.07			(0.25		)	–			(0.25	)		9.76
2018		10.41	0.44		(0.46	)	(0.02		)	(0.43		)	(0.02		)	(0.45	)		9.94
2017		10.25	0.44		0.22		0.66			(0.41		)	(0.09		)	(0.50	)		10.41
2016		10.14	0.43		0.19		0.62			(0.42		)	(0.09		)	(0.51	)		10.25
2015		10.46	0.44		(0.12	)	0.32			(0.46		)	(0.18		)	(0.64	)		10.14
2014		10.08	0.47		0.66		1.13			(0.48		)	(0.27		)	(0.75	)		10.46
R-2 shares
2019	(b)	9.88	0.22		(0.15	)	0.07			(0.26		)	–			(0.26	)		9.69
2018		10.35	0.45		(0.45	)	–			(0.45		)	(0.02		)	(0.47	)		9.88
2017		10.20	0.45		0.22		0.67			(0.43		)	(0.09		)	(0.52	)		10.35
2016		10.09	0.45		0.18		0.63			(0.43		)	(0.09		)	(0.52	)		10.20
2015		10.42	0.45		(0.12	)	0.33			(0.48		)	(0.18		)	(0.66	)		10.09
2014		10.04	0.48		0.66		1.14			(0.49		)	(0.27		)	(0.76	)		10.42

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
PREFERRED SECURITIES FUND
R-3 shares
2019	(b)		$9.92	$0.23		($0.15	)	$0.08		($0.26		)	$–			($0.26	)	$	9.74
2018			10.39	0.47		(0.46	)	0.01		(0.46		)	(0.02		)	(0.48	)		9.92
2017			10.23	0.47		0.22		0.69		(0.44		)	(0.09		)	(0.53	)		10.39
2016			10.12	0.47		0.18		0.65		(0.45		)	(0.09		)	(0.54	)		10.23
2015			10.45	0.47		(0.13	)	0.34		(0.49		)	(0.18		)	(0.67	)		10.12
2014			10.07	0.51		0.65		1.16		(0.51		)	(0.27		)	(0.78	)		10.45
R-4 shares
2019	(b)		9.90	0.24		(0.16	)	0.08		(0.27		)	–			(0.27	)		9.71
2018			10.37	0.49		(0.46	)	0.03		(0.48		)	(0.02		)	(0.50	)		9.90
2017			10.21	0.48		0.23		0.71		(0.46		)	(0.09		)	(0.55	)		10.37
2016			10.10	0.49		0.18		0.67		(0.47		)	(0.09		)	(0.56	)		10.21
2015			10.44	0.50		(0.15	)	0.35		(0.51		)	(0.18		)	(0.69	)		10.10
2014			10.06	0.53		0.65		1.18		(0.53		)	(0.27		)	(0.80	)		10.44
R-5 shares
2019	(b)		9.95	0.25		(0.15	)	0.10		(0.28		)	–			(0.28	)		9.77
2018			10.42	0.50		(0.45	)	0.05		(0.50		)	(0.02		)	(0.52	)		9.95
2017			10.26	0.50		0.23		0.73		(0.48		)	(0.09		)	(0.57	)		10.42
2016			10.15	0.50		0.18		0.68		(0.48		)	(0.09		)	(0.57	)		10.26
2015			10.47	0.50		(0.12	)	0.38		(0.52		)	(0.18		)	(0.70	)		10.15
2014			10.09	0.53		0.66		1.19		(0.54		)	(0.27		)	(0.81	)		10.47
R-6 shares
2019	(b)		9.99	0.26		(0.16	)	0.10		(0.29		)	–			(0.29	)		9.80
2018			10.46	0.53		(0.46	)	0.07		(0.52		)	(0.02		)	(0.54	)		9.99
2017	(i)		9.91	0.35		0.53		0.88		(0.33		)	–			(0.33	)		10.46

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
Institutional shares
2019	(b)	$9.43	$0.18		$0.10		$0.28			($0.19		)	$–			($0.19	)	$	9.52
2018		9.74	0.33		(0.30	)	0.03			(0.34		)	–			(0.34	)		9.43
2017		9.87	0.35		(0.17	)	0.18			(0.31		)	–			(0.31	)		9.74
2016		9.76	0.30		0.13		0.43			(0.32		)	–			(0.32	)		9.87
2015	(g)	10.00	0.24		(0.25	)	(0.01		)	(0.23		)	–			(0.23	)		9.76
R-6 shares
2019	(b)	9.43	0.19		0.09		0.28			(0.20		)	–			(0.20	)		9.51
2018		9.74	0.34		(0.30	)	0.04			(0.35		)	–			(0.35	)		9.43
2017	(h)	9.49	0.23		0.23		0.46			(0.21		)	–			(0.21	)		9.74
SMALL-MIDCAP DIVIDEND INCOME FUND
Institutional shares
2019	(b)	17.92	0.13		(1.67	)	(1.54		)	(0.25		)	(1.89		)	(2.14	)		14.24
2018		16.65	0.39		1.92		2.31			(0.26		)	(0.78		)	(1.04	)		17.92
2017		15.01	0.41		1.61		2.02			(0.38		)	–			(0.38	)		16.65
2016		12.79	0.39		2.43		2.82			(0.34		)	(0.26		)	(0.60	)		15.01
2015		14.40	0.42		(1.38	)	(0.96		)	(0.34		)	(0.31		)	(0.65	)		12.79
2014		12.29	0.43		2.25		2.68			(0.31		)	(0.26		)	(0.57	)		14.40
R-6 shares
2019	(b)	17.98	0.13		(1.67	)	(1.54		)	(0.24		)	(1.89		)	(2.13	)		14.31
2018		16.66	0.40		1.94		2.34			(0.24		)	(0.78		)	(1.02	)		17.98
2017	(h)	16.17	0.33		0.22		0.55			(0.06		)	–			(0.06	)		16.66

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

Shareholder Expense Example
Principal Funds, Inc.
February 28, 2019 (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 (September 1, 2018 to February 28, 2019), unless otherwise noted.

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. R-1, R-2, R-3, R-4, and R-5 classes of shares may be purchased only through retirement plans. Such plans may impose fees in addition to those charged by the fund. These fees are not included in the table below. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on each fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in Principal Funds, Inc. and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as 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
					During Period				Beginning		Ending
							September		Account		Account
							1, 2018 to		Value		Value			Annualized
		Beginning		Ending			February 28,	September			February			Expense
		Account		Account			2019(a)		1, 2018		28, 2019		Expenses Paid	Ratio
Blue Chip Fund
Class J	$	1,000.00	$	992.99		$	4.45	$1,000.00		$1,020.33		$	4.51	0.90	%
Institutional		1,000.00		993.84			3.26		1,000.00		1,021.52		3.31	0.66
R-3		1,000.00		991.66			5.78		1,000.00		1,018.99		5.86	1.17
R-4		1,000.00		992.56			4.84		1,000.00		1,019.93		4.91	0.98
R-5		1,000.00		992.99			4.25		1,000.00		1,020.53		4.31	0.86
R-6		1,000.00		994.38			2.97		1,000.00		1,021.82		3.01	0.60
Bond Market Index Fund
Class J		1,000.00		1,016.73			3.20		1,000.00		1,021.62		3.21	0.64
Institutional		1,000.00		1,018.59			0.80		1,000.00		1,024.00		0.80	0.16
R-1		1,000.00		1,014.12			5.19		1,000.00		1,019.64		5.21	1.04
R-2		1,000.00		1,014.96			4.55		1,000.00		1,020.28		4.56	0.91
R-3		1,000.00		1,016.05			3.65		1,000.00		1,021.17		3.66	0.73
R-4		1,000.00		1,017.23			2.70		1,000.00		1,022.12		2.71	0.54
R-5		1,000.00		1,017.92			2.10		1,000.00		1,022.71		2.11	0.42
Diversified Real Asset Fund
Institutional		1,000.00		978.43			4.17		1,000.00		1,020.58		4.26	0.85
R-3		1,000.00		976.76			6.67		1,000.00		1,018.05		6.80	1.36
R-4		1,000.00		977.26			5.74		1,000.00		1,018.99		5.86	1.17
R-5		1,000.00		978.42			5.15		1,000.00		1,019.59		5.26	1.05
R-6		1,000.00		979.06			3.88		1,000.00		1,020.88		3.96	0.79
EDGE MidCap Fund
Institutional		1,000.00		972.15			4.40		1,000.00		1,020.33		4.51	0.90
R-6		1,000.00		972.39			3.72		1,000.00		1,021.03		3.81	0.76


				Shareholder Expense Example
							Principal Funds, Inc.
					February 28, 2019 (unaudited)

				Actual							Hypothetical
					Expenses Paid
					During Period			Beginning			Ending
							September		Account		Account
							1, 2018 to		Value		Value			Annualized
		Beginning		Ending			February 28,	September			February			Expense
		Account		Account			2019(a)		1, 2018		28, 2019		Expenses Paid	Ratio
Global Multi-Strategy Fund
Institutional	$	1,000.00	$	990.06		$	10.90	$1,000.00		$1,013.84		$	11.04	2.21	%
R-6		1,000.00		989.53			10.51		1,000.00		1,014.23		10.64	2.13
Global Multi-Strategy Fund (Excluding Dividend and Interest Expense on Shorts)
Institutional		1,000.00		990.10			8.09		1,000.00		1,016.56		8.23	1.64
R-6		1,000.00		989.50			7.70		1,000.00		1,016.96		7.83	1.56
Global Opportunities Fund
Institutional		1,000.00		982.81			4.18		1,000.00		1,020.58		4.26	0.85
International Equity Index Fund
Institutional		1,000.00		962.75			1.51		1,000.00		1,023.26		1.56	0.31
R-1		1,000.00		959.12			5.83		1,000.00		1,018.84		6.01	1.20
R-2		1,000.00		959.11			5.20		1,000.00		1,019.49		5.36	1.07
R-3		1,000.00		960.77			4.33		1,000.00		1,020.38		4.46	0.89
R-4		1,000.00		960.81			3.40		1,000.00		1,021.32		3.51	0.70
R-5		1,000.00		961.99			2.82		1,000.00		1,021.92		2.91	0.58
R-6		1,000.00		963.73			1.36		1,000.00		1,023.41		1.40	0.28
International Small Company Fund
Institutional		1,000.00		913.59			5.69		1,000.00		1,018.84		6.01	1.20
R-6		1,000.00		913.84			5.08		1,000.00		1,019.49		5.36	1.07
Multi-Manager Equity Long/Short
Fund
Institutional		1,000.00		969.68			10.26		1,000.00		1,014.38		10.49	2.10
R-6		1,000.00		970.97			9.87		1,000.00		1,014.78		10.09	2.02
Multi-Manager Equity Long/Short Fund (Excluding Dividend and Interest Expense on
Short Sales and Short Sale Fees)
Institutional		1,000.00		969.70			8.16		1,000.00		1,016.41		8.38	1.67
R-6		1,000.00		971.00			7.77		1,000.00		1,016.81		7.98	1.59
Opportunistic Municipal Fund
Institutional		1,000.00		1,018.04			3.90		1,000.00		1,020.93		3.91	0.78
Opportunistic Municipal Fund (Excluding Interest Expense and Fees)
Institutional		1,000.00		1,018.00			3.00		1,000.00		1,021.78		3.01	0.60
Origin Emerging Markets Fund
Institutional		1,000.00		945.41			5.93		1,000.00		1,018.70		6.16	1.23
R-6		1,000.00		946.72			5.70		1,000.00		1,018.94		5.91	1.18
Preferred Securities Fund
Class J		1,000.00		1,009.47			5.23		1,000.00		1,019.59		5.26	1.05
Institutional		1,000.00		1,011.49			4.04		1,000.00		1,020.78		4.06	0.81
R-1		1,000.00		1,007.66			7.91		1,000.00		1,016.91		7.95	1.59
R-2		1,000.00		1,008.37			7.27		1,000.00		1,017.55		7.30	1.46
R-3		1,000.00		1,009.25			6.38		1,000.00		1,018.45		6.41	1.28
R-4		1,000.00		1,010.24			5.43		1,000.00		1,019.39		5.46	1.09
R-5		1,000.00		1,010.75			4.84		1,000.00		1,019.98		4.86	0.97
R-6		1,000.00		1,010.98			3.54		1,000.00		1,021.27		3.56	0.71
Real Estate Debt Income Fund
Institutional		1,000.00		1,030.53			3.52		1,000.00		1,021.32		3.51	0.70
R-6		1,000.00		1,030.16			2.87		1,000.00		1,021.97		2.86	0.57
Small-MidCap Dividend Income
Fund
Institutional		1,000.00		928.25			4.11		1,000.00		1,020.53		4.31	0.86
R-6		1,000.00		928.55			3.78		1,000.00		1,020.88		3.96	0.79
SystematEx International Fund
Institutional		1,000.00		965.31			3.65		1,000.00		1,021.08		3.76	0.75
R-6		1,000.00		965.76			3.07		1,000.00		1,021.67		3.16	0.63
SystematEx Large Value Fund
R-6		1,000.00		963.87			2.05		1,000.00		1,022.71		2.11	0.42

Shareholder Expense Example
Principal Funds, Inc.
February 28, 2019 (unaudited)

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

As noted in the table provided below, certain of the Principal Funds made distributions for the months of December 2018, February 2019, and March 2019 for which a portion is estimated to be in excess of the fund’s current and accumulated net income. As of these month ends, the estimated sources of these distributions were as follows:

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

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

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

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

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

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

Under Maryland law, a Board of Directors oversees the Fund. The Directors have financial or other relevant experience and meet several times during the year to review contracts, Fund activities and the quality of services provided to the Fund. Each director also has the same position with Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds which are also sponsored by Principal Life Insurance Company. Each director holds office for an indefinite term or until reaching age 72. Directors considered to be “interested persons” as defined in the Investment 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	131	Durango Herald, Inc;
Director since 2004			McClatchy Newspapers, Inc.
Member, Nominating and Governance
Committee
1948

Leroy T. Barnes, Jr.	Retired.	131	McClatchy Newspapers,
Director since 2012			Inc.; Herbalife Ltd.; Frontier
Member, Audit Committee			Communications, Inc.
1951

Craig Damos	President, The Damos Company	131	Hardin Construction
Director since 2008
Member, Audit Committee Member,
15(c) Committee
1954

Mark A. Grimmett	Formerly, Executive Vice President and CFO, Merle	131	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	131	Focus Products Group; MAM
Director since 2005			USA
Member, Operations Committee
Member, 15(c) Committee
1951

Tao Huang	Retired.	131	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.	131	None
Director since 2014	Formerly, General Counsel, Investment Company
Member, Operations Committee	Institute
1961

Elizabeth A. Nickels	Formerly, Executive Director, Herman Miller	131	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.	131	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	131	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

Patrick Halter	Director, Morley Capital Management, Inc.	131	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	Vice President and Counsel (2017-2018)
Deputy Chief Compliance Officer	Assistant Counsel (2010-2017)
Des Moines, IA 50392	Assistant Secretary (2015-2018)
1973	Counsel, PGI (2017-2018)
	Counsel, PFD (2009-2013)
	Counsel, PLIC (2009-2018)
	Counsel, PMC (2009-2013, 2014-2017)
	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

Laura B. Latham	Counsel, PGI since 2018
Assistant Counsel and Assistant Secretary	Prior thereto, Attorney in Private Practice
Des Moines, IA 50392
1986


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

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


Name,
Position Held with the Fund,	Principal Occupation(s)
Address, and Year of Birth	During past 5 years
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)

Dan Westholm	Assistant Vice President/Treasurer, PGI since 2017
Assistant Treasurer	Assistant Vice President/Treasury, PFA since 2013
Des Moines, IA 50392	Director – Treasury, PFA (2011-2013)
1966	Assistant Vice President/Treasury, PFD since 2013
	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	Of Counsel (2017-2018)
Counsel, Vice President, and	Vice President (2016-2017)
Assistant Secretary	Counsel (2015-2017)
Des Moines, IA 50392	Vice President, PLIC since 2015
1961	Associate General Counsel, Governance Officer, and
	Assistant Corporate Secretary, PLIC since 2013

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 December 31, 2018, and the Statement of Additional Information dated December 31, 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 SEC website at www.sec.gov.

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) the annual review and renewal of the ManagementAgreement and various subadvisory agreements for all Funds; and (2) an amended subadvisory agreement with Principal Real Estate Investors, LLC related to the addition of a new investment sleeve and a change to an existing fee schedule for the Diversified Real Asset Fund.

Annual Review and Renewal of Management Agreement and Subadvisory Agreements

At its September 12, 2018 meeting, the Board performed its annual review and renewal process relating to the Management Agreement and the Subadvisory Agreements of seventeen series of PFI having a fiscal year end of 8/31 (each series is referred to as a “Fund”).

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

With respect to the ManagementAgreement for each Fund, the Board considered, among other factors, that the Manager, along with Principal Management Corporation (“PMC”), the previous investment adviser to the Funds that merged with and into the Manager on May 1, 2017, and its affiliates have demonstrated a long-term commitment to support the Funds, including undertakings to cap Fund expenses and/or waive fees for certain Funds. In addition, the Board considered the following factors, and made certain findings and conclusions with respect thereto, for each of the Funds. The Board concluded that a relationship with a capable and conscientious adviser is in the best interests of each Fund.

The Board considered the nature, quality and extent of the services provided under the Management Agreement, including accounting and administrative services, as applicable. The Board considered the experience and skills of senior management leading Fund operations, the experience and skills of the personnel performing the functions under the Management Agreement and the resources made available to such personnel, the ability of the Manager to attract and retain high-quality personnel and the organizational depth and stability of the Manager.

The Board concluded that appropriate resources were provided under the Management Agreement. The Board also considered that, during the periods reviewed, the Manager had delegated day-to-day portfolio management responsibility for certain Funds to the Subadvisors. The Board noted that the Manager’s process for the selection of subadvisors emphasizes the selection of Principal-affiliated subadvisors that are determined to be qualified under the Manager’s due diligence process, but that the Manager will select an unaffiliated subadvisor to manage all or a portion of a Fund’s investment portfolio when deemed necessary or appropriate based upon a consideration of the Fund’s investment mandate and available expertise and resources within the Principal organization. With respect to Funds with unaffiliated Subadvisors, the Board considered the due diligence process developed by the Manager for purposes of selecting a qualified unaffiliated subadvisor for a Fund. The Board considered the Manager’s due diligence process for monitoring and replacing Subadvisors and for monitoring the investment performance of the Manager. The Board also considered the compliance program established by the Manager for the Funds and the level of compliance attained by the Funds. The Board noted that they had previously reviewed the annual best execution and soft dollar reports and information regarding the research payment accounts for applicable Funds and included those findings in their consideration of the renewal of the Advisory Agreements. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Manager to the Funds under the Management Agreement were satisfactory.

The Board reviewed each Fund’s investment performance over longer-term periods, reviewing both the investment return during the three-year period ended March 31, 2018 and the blended investment return (50%/50%) of the three- and five-year periods ended March 31, 2018, and compared those returns to various agreed-upon performance measures, including peer-group data based upon a broad-based, industry

category determined by Morningstar, with certain exceptions. For the Diversified Real Asst Fund, a custom peer group recommended by the Manager and reviewed by the 15(c) Committee was used.

For Funds or Subadvisors that did not have a three-year or five-year performance history, the Board reviewed performance for a one-year or three-year period ended March 31, 2018, respectively, if available. The Board also compared each Fund’s investment performance over the one-, three- and five-year periods ended March 31, 2018, as available, to one or more relevant benchmark indices. The Board noted that certain Funds had commenced operations recently and, accordingly, no or limited performance information was considered. The Board also considered whether investment results were consistent with a Fund’s investment objective(s) and policies. For most Funds, the Board concluded that the Fund’s investment returns met acceptable levels of investment performance. There were certain Funds, and certain Subadvisors for multi-manager Funds, that had not attained during the relevant period(s) a level of investment performance considered satisfactory by the Board. For such Funds, the Board also considered other factors, such as the longer-term performance of each such Fund or Subadvisor, remedial efforts being taken to improve performance and/or the Manager’s explanation for the performance of such Fund or Subadvisor. The Board considered the Manager’s due diligence process for evaluating the performance of all Funds and all Subadvisors, for which they received regular reporting, and concluded that the Manager has in place an effective due diligence process to monitor investment performance, to encourage remedial action and to make changes in the Subadvisors at the appropriate time, if necessary.

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

For PFI Funds that did not offer Class A shares or if Class A shares represented less than 5% of the PFI Fund’s total assets, the information provided was based upon Class I shares (or, in the case of the PFI SystematEx Large Value Fund, Class R-6 shares).

In evaluating the management fees, the Board considered a variety of factors, including the amount of the fees, breakpoints, comparison to fees of peer group funds and other funds and non-fund accounts managed by the Manager, subadvisory fees paid, services provided, investment performance, total net expense ratios, profitability, the existence and sharing of economies of scale and expense caps and fee waivers. The Board considered that certain PFI Funds with similar investment strategies and policies have different management fees and noted the reasons cited by the Manager for the differing fees. In reviewing the fees of other accounts managed by the Manager, the Board considered information provided by the Manager regarding differences between the services provided to the Funds and the services provided to such other accounts. For most Funds, actual management fees were within the third quartile or better when compared to their Expense Group. For some Funds, although actual management fees were higher than the third quartile, total net expense ratios were within the third quartile or better. Discussion is set forth below regarding specific factors relevant to the Board’s review of certain other Funds.

The list of agreed upon expense caps and fee waivers also reflects new or revised fee waivers for the Opportunistic Municipal Fund, the Origin Emerging Markets Fund and the Real Estate Debt Income Fund, to be effective from December 31, 2018 through December 30, 2020; and for the Blue Chip Fund, to be effective from November 1, 2018 through December 30, 2020.

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

The Board reviewed detailed information regarding revenues PMC, the previous investment adviser to the Funds, and its affiliate PGI received under the Management Agreements and the estimated direct and indirect costs incurred in providing to each Fund the services described in the applicable Management Agreements for the year ended December 31, 2017. The Board also considered the returns on revenue generated in connection with the payment of subadvisory fees to affiliated Subadvisors (Columbus Circle Investors, Finisterre Capital LLP, Origin Asset Management LLP, Post Advisory Group, LLC, Principal Real Estate Investors LLC and Spectrum Asset Management, Inc.) and the aggregated return on revenue to PMC and its affiliates for the year ended December 31, 2017. The Board concluded that the management fee for each Fund was reasonable, taking into account the profitability information presented by the Manager.

The Board considered whether there are economies of scale with respect to the management of each Fund and whether the Funds benefit from any such economies of scale. The Board considered the Manager’s biennial breakpoint study that was received by the Board in March 2018 and the Manager’s representation that Funds are initially priced as though the Fund had reached scale, reflecting a sharing of economies of scale. The Board then reviewed the levels at which breakpoints occur, the incremental declines in management fees at each breakpoint and the amount of fee reductions that had been provided to shareholders as a result of these breakpoints. The Board considered whether the

effective management fee rate for each Fund under the applicable Management Agreement is reasonable in relation to the asset size of such Fund. The Board also noted management’s explanation of efficiencies in the Manager’s cost structure. The Board concluded that the fee schedule for each Fund reflects an appropriate level of sharing of any economies of scale.

The Board noted that the Capital Securities Fund does not pay management fees, although shareholders pay a separately managed account-level fee that covers, among other things, the expenses of the Fund’s Subadvisor.

The Board also noted that the management fees for the Bond Market Index Fund and the International Equity Index Fund do not include breakpoints, but each such Fund has a relatively low basis point fee (25 basis points or less) on all Fund assets. Considering all relevant factors, including the level of the fee, the Board determined that no breakpoints were necessary at this time.

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

For each Fund, other than the Capital Securities Fund whose Subadvisor does not receive a subadvisory fee, the Board received certain information from Broadridge comparing each such Fund’s subadvisory fee at current asset levels and at theoretical asset levels to subadvisory fees of subadvised funds in the Expense Group and, if available, the Expense Universe. With regard to Origin Emerging Markets Fund, the Board accepted management’s proposal to amend the Subadvisory Agreement to reduce the subadvisory fee schedule for Origin Asset Management, LLP and, for each such Fund, the Board considered both the reduced subadvisory fee schedule and the pro forma ranking of the reduced subadvisory fee in concluding that the Subadvisory Agreement, as amended, should be renewed.

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

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

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

On December 11, 2018, the Board considered for the Diversified Real Asset Fund (the “Fund”) the approval of a sub-advisory agreement (the “Subadvisory Agreement”) between the Manager and Principal Real Estate Investors, LLC (the “Subadvisor”) with respect to a new commercial mortgage-backed security single asset, single borrower investment sleeve of the Fund.

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

The Board considered the nature, quality and extent of the services expected to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadvisor, the investment approach of the Subadvisor, the experience and skills of the Subadvisor’s investment personnel who would be responsible for the day-to-day management of the Fund and the resources made available to such personnel. The Board noted that the Subadvisor currently provides subadvisory services for other PFI funds, and that the Board had reviewed and had approved for renewal those subadvisory agreements at its September 2018 Board meeting. In addition, the Board considered the Manager’s program for recommending, monitoring and replacing subadvisors, that such program emphasizes the selection of Principal-affiliated subadvisors that are determined to be qualified under its due diligence process and that the Manager recommended the Subadvisor based upon that program.

As the commercial mortgage-backed security single asset, single borrower investment sleeve is a new investment sleeve for the Fund, the Board did not review performance of the sleeve because no track record was available. However, the Board took note that the Subadvisor has managed real estate security strategies for other series of PFI, the performance of which is reviewed by the Board.

The Board considered the proposed subadvisory fee, noting that the Manager compensates subadvisors from its own management fee so that shareholders pay only the management fee. The Board considered whether there are economies of scale with respect to the subadvisory services to be provided to the Fund under the Subadvisory Agreement. The Board concluded that, although the proposed subadvisory fee schedule does not include breakpoints, the subadvisory fee schedule is appropriate at currently anticipated asset levels. The Board considered the Subadvisor’s representation that it does not have any advisory clients with a lower fee for the specific mandate that it will manage for the Fund and the Manager’s statement that it found the proposed subadvisory fee schedule to be competitive. The Board also considered that the Subadvisor’s appointment is contingent upon the Fund’s shareholders approving the Subadvisory Agreement, which will involve the costs of holding a shareholder meeting. On the basis of the information provided, the Board concluded that the proposed subadvisory fee was reasonable.

The Board also considered the character and amount of other fall-out benefits to be received by the Subadvisor. The Board noted that the Subadvisor does not intend to use soft dollars in this investment sleeve. The Board concluded that, on the basis of the information provided, the proposed subadvisory fee was reasonable.

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

Principal Real Estate Investors, LLC Amended and Restated Subadvisory Agreement

On December 11, 2018, the Board considered for Diversified Real Asset Fund (the “Fund”) the approval of an amended fee schedule under the subadvisory agreement (the “Subadvisory Agreement”) between Principal Global Investors, LLC (the “Manager”) and Principal Real Estate Investors, LLC (the “Subadvisor”) with respect to the global real estate investment sleeve of the Fund, which would result in a reduction of the subadvisory fee rate at all asset levels.

The Board reviewed materials received from the Manager regarding the proposed change in the subadvisory fee schedule. The Board considered the Manager’s representation that the change in the subadvisory fee schedule would not reduce the nature, quality, quantity or extent of the services provided by the Subadvisor to the Fund and that the Subadvisor’s obligations under the Subadvisory Agreement would remain the same in all material respects. The Board also considered that the Manager was not proposing any material changes to the terms of the Subadvisory Agreement other than to the fee schedule.

The Board considered that they had last approved the Subadvisory Agreement for the Fund during the annual contract renewal process that concluded at the Board of Directors’ September 2018 meeting. They noted that during the annual contract renewal process, they had considered the nature, quality and extent of the services provided by the Subadvisor under the Subadvisory Agreement and had concluded, based upon the information provided, that the terms of the Subadvisory Agreement were reasonable and that approval of the Subadvisory Agreement was in the best interests of the Fund.

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

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.

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


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


Registrant’s telephone number, including area code:		515-248-0156
Date of fiscal year end:	August 31, 2019
Date of reporting period:	February 28, 2019


			Percent of Consolidated Fund’s
		Net Assets		Net Assets
DRA Cayman Corporation	$	339,043		8.42	%
GMS Cayman Corporation		20,134		1.05


Table of Contents


Financial Statements	1
Notes to Financial Statements	35
Schedules of Investments	67
Financial Highlights (includes performance information)	243
Shareholder Expense Example	265
Supplemental Information	268

(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 C shares discontinued operations and converted to Class A shares on January 11, 2019.
(b)	Class A shares commenced operations on December 31, 2018.
(c)	Consolidated financial statement, see “Basis for Consolidation” in Notes to Financial Statements.

(a)	Period from September 11, 2017, date operations commenced, through August 31, 2018 for Class J.
(b)	Class T shares discontinued operations on August 24, 2018.
(c)	As of August 31, 2018, undistributed (overdistributed) net investment income (loss) totaled $638.

(a)	As of August 31, 2018, undistributed (overdistributed) net investment income (loss) totaled $5,996.
(b)	Period from December 31, 2018, date operations commenced through February 28, 2019 for Class A shares.


		Average Daily		Weighted Average
		Amount Loaned	Annual Interest Rate
Blue Chip Fund	$	12		2.57	%
Bond Market Index Fund		311		2.97
Diversified Real Asset Fund		255		2.98
EDGE MidCap Fund		32		2.92
Global Multi-Strategy Fund		1,176		2.93
Global Opportunities Fund		13		2.56
International Equity Index Fund		46		2.86
Preferred Securities Fund		77		2.97
Small-MidCap Dividend Income Fund		85		2.78
SystematEx International Fund		1		2.76


		Average Daily		Weighted Average
		Outstanding Balance	Annual Interest Rate
Blue Chip Fund	$	1,119		2.85	%
Global Opportunities Fund		97		2.76
International Equity Index Fund		11		2.72
Opportunistic Municipal Fund		94		2.90
Origin Emerging Markets Fund		360		2.75
Preferred Securities Fund		6,296		2.95
Real Estate Debt Income Fund		30		2.88
Small-MidCap Dividend Income Fund		1,264		3.04
SystematEx LargeCap Value Fund		4		2.99


		Average Daily		Weighted Average
		Borrowing Balance	Annual Interest Rate
Diversified Real Asset Fund	$	6		3.55	%
Global Multi-Strategy Fund		67		3.51
International Equity Index Fund		5		3.43
Multi-Manager Equity Long/Short Fund		75		2.39
Opportunistic Municipal Fund		3		3.55
Preferred Securities Fund		109		3.55
Real Estate Debt Income Fund		42		3.43
Small-MidCap Dividend Income Fund		90		3.53

^*	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 of Assets 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.


						FCM (Futures				ISDA (OTC	Total Deposits with
	Repurchase Agreements			and Cleared Swaps)				Shorts		Derivatives)			Counterparty
Diversified Real Asset Fund		$	—		$	2,668	$	—	$	10,891		$	13,559
Global Multi-Strategy Fund			4,803			26,325		245,132		87,055			363,315
International Equity Index Fund			—			283		—		—			283
Multi-Manager Equity Long/Short
Fund			—			4,011		71,007		12,070			87,088
Preferred Securities Fund			—			2,002		—		—			2,002


				Total Deposits from
	ISDA (OTC Derivatives)					Counterparty
Diversified Real Asset Fund		$	1,190		$	1,190
Global Multi-Strategy Fund			319			319
Multi-Manager Equity Long/Short
Fund			760			760


		Remaining		Payable for Reverse
Fund	Security Type	Contractual Tenor		Repurchase Agreement
Global Multi-Strategy Fund	U.S. Treasury and Agency Securities	Overnight and Continuous	$	400,226
Global Multi-Strategy Fund	Foreign Corporate Bond	Greater than 90 Days		52,338
	Gross amount of recognized liabilities for reverse repurchase agreements		$	452,564


		Unfunded Loan Commitment		Unrealized gain/loss
Diversified Real Asset Fund	$	179	$	1
Global Multi-Strategy Fund		113		1


	Total Percentage of
Fund	Outstanding Shares Owned
Blue Chip Fund	60.95	%
Bond Market Index Fund	84.98
Diversified Real Asset Fund	15.03
EDGE MidCap Fund	97.05
Global Multi-Strategy Fund	47.27
International Equity Index Fund	52.07
International Small Company Fund	89.65
Multi-Manager Equity Long/Short Fund	29.44
Origin Emerging Markets Fund	59.01
Preferred Securities Fund	7.88
Real Estate Debt Income Fund	92.70


					Net Assets of Fund
		First			Next			Next			Over
	$	500		$	500		$	500		$	1.5
		million			million			million			billion
EDGE MidCap Fund		.75	%		.73	%		.71	%		.70	%
Global Opportunities Fund		.85			.83			.81			.80
International Small Company Fund		1.05			1.03			1.01			1.00
Multi-Manager Equity Long/Short Fund		1.57			1.55			1.53			1.52
Opportunistic Municipal Fund		.50			.48			.46			.45
Origin Emerging Markets Fund		1.20			1.18			1.16			1.15
Real Estate Debt Income Fund		.55			.53			.51			.50
SystematEx International Fund		.60			.58			.56			.55
SystematEx LargeCap Value Fund		.40			.38			.36			.35


								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


		All Net Assets
Bond Market Index Fund		.25	%
International Equity Index Fund		.25

*	Prior to November 1, 2018, the contractual limit was .81%.
**	Prior to December 31, 2018, the contractual limit was .90% and .62% for Class A and Institutional, respectively.
^	Period from December 31, 2018 to February 28, 2019.
^^	Prior to December 31, 2018, the contractual limit was 1.75% and 1.25% for Class A and Institutional, respectively.
#	Prior to December 31, 2018, the contractual limit was 1.00% and .70% for Class A and Institutional, respectively.


					Period from September 1, 2018 through February 28, 2019
	Class J		R-1		R-2		R-3		R-4		R-5		R-6		Expiration
Bond Market Index Fund	.71	%	1.04	%	.91	%	.73	%	.54	%	.42	%	N/A		December 30, 2019
SystematEx LargeCap Value Fund	N/A		N/A		N/A		N/A		N/A		N/A		.42	%	December 30, 2019


			Expiration
Blue Chip Fund	.10	%^	December 30, 2020
Bond Market Index Fund	.10		December 30, 2019
Diversified Real Asset Fund	.03		December 30, 2019
Global Multi-Strategy Fund	.04		December 30, 2019
Opportunistic Municipal Fund	.06	*	December 30, 2020
Origin Emerging Markets Fund	.15	*	December 30, 2020
Real Estate Debt Income Fund	.01	*	December 30, 2020


	Shares		Dollars
Global Opportunities Fund	568	$	1,887
Opportunistic Municipal Fund	670		7,020

7. Investment Transactions


					Covers on Securities
		Purchases		Sales		Sold Short	Securities Sold Short
Blue Chip Fund	$	643,519	$	343,110	$	—	$	—
Bond Market Index Fund		682,553		543,168		2,350		1,410
Diversified Real Asset Fund		804,294		874,275		—		—
EDGE MidCap Fund		46,962		47,752		—		—
Global Multi-Strategy Fund		1,965,116		2,381,207		663,800		572,534
Global Opportunities Fund		42,986		708,572		—		—
International Equity Index Fund		156,107		140,673		—		—
International Small Company Fund		193,057		242,866		—		—
Multi-Manager Equity Long/Short Fund		354,250		396,946		124,869		108,592
Opportunistic Municipal Fund		38,007		36,980		—		—
Origin Emerging Markets Fund		136,655		188,309		—		—
Preferred Securities Fund		349,530		813,567		—		—
Real Estate Debt Income Fund		25,250		74,718		—		—
Small-MidCap Dividend Income Fund		261,043		529,972		—		—
SystematEx International Fund		2,556		2,667		—		—
SystematEx Large Value Fund		1,541		1,938		—		—


		Ordinary Income					Tax-Exempt Income^ Long-Term Capital Gain*
		2019		2018			2019			2018		2019		2018
Blue Chip Fund	$	344	$	1,717		$	—		$	—	$	218,577	$	65,155
Bond Market Index Fund		42,522		43,188				—		—		—		—
Diversified Real Asset Fund		126,294		89,016				—		—		—		—
EDGE MidCap Fund		9,632			2,589			—		—		25,893		7,165
Global Multi-Strategy Fund		90,848		66,313				—		—		49,328		12,311
Global Opportunities Fund		16,851		78,458				—		—		—		13,245
International Equity Index Fund		28,659		32,425				—		—		8,607		4,624
International Small Company Fund		24,797		45,565				—		—		44,174		4,754
Multi-Manager Equity Long/Short Fund		4,120		10,995				—		—		25,785		6,573
Opportunistic Municipal Fund		—			1		2,195			4,519		—		—
Origin Emerging Markets Fund		8,633			6,798			—		—		—		—
Preferred Securities Fund		148,563		286,109				—		—		—		8,667
Real Estate Debt Income Fund		2,753			6,873			—		—		—		—
Small-MidCap Dividend Income Fund		49,901		85,682				—		—		267,715		98,725
SystematEx International Fund		1,924			2,190			—		—		5,076		1,384
SystematEx Large Value Fund		218			194			—		—		439		327


		Short-Term		Long-Term		Total
Bond Market Index Fund	$	9,414	$	10,965	$	20,379
Diversified Real Asset Fund		121,809		—		121,809
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
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		)
Bond Market Index Fund		3,162			(3,162	)			—
Diversified Real Asset Fund		9,420			(2,895	)		(6,525		)
EDGE MidCap Fund		1,289			4,615			(5,904		)
Global Multi-Strategy Fund		(35,485	)		36,250				(765	)
Global Opportunities Fund		669			(669	)			—
International Equity Index Fund		438			(433	)			(5	)
International Small Company Fund		5,609			(4,401	)		(1,208		)
Multi-Manager Equity Long/Short Fund		2,151			(2,151	)			—
Opportunistic Municipal Fund		(190	)		190				—
Origin Emerging Markets Fund		(465	)		465				—
Preferred Securities Fund		(7,183	)		(712	)			7,895
Real Estate Debt Income Fund		(229	)		229				—
Small-MidCap Dividend Income Fund		(3,326	)		30,712			(27,386		)
SystematEx International Fund		136			(136	)			—
SystematEx Large Value Fund		1			274				(275	)


									Cost for Federal
		Unrealized		Unrealized			Net Unrealized			Income Tax
		Appreciation	(Depreciation)			Appreciation/(Depreciation)				Purposes
Blue Chip Fund	$	798,412	$	(62,412	)	$	736,000		$	2,776,616
Bond Market Index Fund		9,815		(32,144	)		(22,329	)		1,988,688
Diversified Real Asset Fund		170,771		(251,589	)		(80,818	)		4,107,846
EDGE MidCap Fund		109,137		(31,181	)		77,956			570,765
Global Multi-Strategy Fund		125,937		(166,826	)		(40,889	)		2,517,389
Global Opportunities Fund		1,312		(1,975	)		(663	)		20,077
International Equity Index Fund		176,321		(122,272	)		54,049			1,001,992
International Small Company Fund		94,905		(57,705	)		37,200			846,390
Multi-Manager Equity Long/Short Fund		30,127		(30,632	)		(505	)		288,505
Opportunistic Municipal Fund^*		2,747		(1,262	)		1,485			109,324
Origin Emerging Markets Fund		94,729		(25,112	)		69,617			479,715
Preferred Securities Fund		177,344		(126,497	)		50,847			5,167,517
Real Estate Debt Income Fund		2,174		(2,810	)		(636	)		133,173
Small-MidCap Dividend Income Fund		365,942		(193,604	)		172,338			2,139,747
SystematEx International Fund		5,256		(3,975	)		1,281			50,340
SystematEx Large Value Fund		1,681		(351	)		1,330			7,949

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities totaled $22,524 or 20.09% of net assets.
(b)	Credit support indicates investments that benefit from credit enhancement or liquidity support provided by a third party bank, institution, or government agency.
(c)	Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current 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.
(d)	Security or portion of underlying security related to Inverse Floaters entered into by the Fund. See Notes to Financial Statements for additional information.
(e)	Non-income producing security
(f)	Floating rate securities. The interest rate(s) shown reflect the rates in effect at February 28, 2019.


INVESTMENT COMPANIES - 3.11%	Shares Held Value (000's)
Money Market Funds - 3.11%
Principal Government Money Market Fund	17,090,552	$	17,090
2.33%^(c),(d)
TOTAL INVESTMENT COMPANIES	$		17,090
Total Investments	$		549,332
Other Assets and Liabilities - 0.05%			293
TOTAL NET ASSETS - 100.00%	$		549,625


INVESTMENT COMPANIES - 1.36%		Shares Held Value (000's)
Money Market Funds - 1.36%
Principal Government Money Market Fund		31,496,798	$	31,497
2.33%^(a),(b)
TOTAL INVESTMENT COMPANIES		$		31,497
Total Investments	$	2,312,085
Other Assets and Liabilities - (0.05)%				(1,187	)
TOTAL NET ASSETS - 100.00%	$	2,310,898

(a)	Affiliated Security. Security is either an affiliate (and registered under the Investment Company Act of 1940) or an affiliate as defined by the Investment Company Act of 1940 (controls 5.0% or more of the outstanding voting shares of the security). Please see affiliated sub-schedule for transactional information.
(b)	Current yield shown is as of period end.


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